Home › Forums › Housing › 2 questions, Are short sale prices just fantasy? and Where are the fence sitters?
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SD Realtor.
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February 24, 2008 at 10:14 AM #159299February 24, 2008 at 10:37 AM #158941
SD Realtor
ParticipantJosh as you can see I took your post quite literally. The property you mentioned is not beachfront. I consider beachfront to be you open your sliding glass door and walk out onto your yard and there is nothing between you and the beach… Perhaps a rock breakwater wall.
Yes this property “MAY” indeed fall all the way to the sales price of the 332k that it sold for in 1998. I bet it does not but I guess we will see. However it is not a beachfront condo.
SD Realtor
February 24, 2008 at 10:37 AM #159235ParticipantJosh as you can see I took your post quite literally. The property you mentioned is not beachfront. I consider beachfront to be you open your sliding glass door and walk out onto your yard and there is nothing between you and the beach… Perhaps a rock breakwater wall.
Yes this property “MAY” indeed fall all the way to the sales price of the 332k that it sold for in 1998. I bet it does not but I guess we will see. However it is not a beachfront condo.
SD Realtor
February 24, 2008 at 10:37 AM #159246ParticipantJosh as you can see I took your post quite literally. The property you mentioned is not beachfront. I consider beachfront to be you open your sliding glass door and walk out onto your yard and there is nothing between you and the beach… Perhaps a rock breakwater wall.
Yes this property “MAY” indeed fall all the way to the sales price of the 332k that it sold for in 1998. I bet it does not but I guess we will see. However it is not a beachfront condo.
SD Realtor
February 24, 2008 at 10:37 AM #159252ParticipantJosh as you can see I took your post quite literally. The property you mentioned is not beachfront. I consider beachfront to be you open your sliding glass door and walk out onto your yard and there is nothing between you and the beach… Perhaps a rock breakwater wall.
Yes this property “MAY” indeed fall all the way to the sales price of the 332k that it sold for in 1998. I bet it does not but I guess we will see. However it is not a beachfront condo.
SD Realtor
February 24, 2008 at 10:37 AM #159329ParticipantJosh as you can see I took your post quite literally. The property you mentioned is not beachfront. I consider beachfront to be you open your sliding glass door and walk out onto your yard and there is nothing between you and the beach… Perhaps a rock breakwater wall.
Yes this property “MAY” indeed fall all the way to the sales price of the 332k that it sold for in 1998. I bet it does not but I guess we will see. However it is not a beachfront condo.
SD Realtor
February 24, 2008 at 11:11 AM #158956
barnaby33ParticipantBeach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
Josh
February 24, 2008 at 11:11 AM #159249barnaby33ParticipantBeach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
Josh
February 24, 2008 at 11:11 AM #159261barnaby33ParticipantBeach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
Josh
February 24, 2008 at 11:11 AM #159267barnaby33ParticipantBeach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
Josh
February 24, 2008 at 11:11 AM #159344barnaby33ParticipantBeach front it is not, at least by your definition. It is a 5 minute walk to the beach. I don’t anticipate it falling back to its 98 purchase price, but back to its assessed value seems pretty in the ballpark, on a similar unit.
The whole point of this exercise was to state that, dear lard, if there are zip codes that are already 70% REO and short sales, even the lilly white parts of town are going to take a severe beat down. Its just going to take longer.
If I’m wrong, well then I still have my dream. If I’m right then all my years of living in sub-standard areas (Northpark currently) will have been repaid.
Josh
February 24, 2008 at 5:52 PM #159144Anonymous
GuestForgive me if these are stupid questions but….. dont the majority of these short sales involve mortgages that had compulsory mortgage insurance? If so then isnt the bank going to foreclose and collect for $ mortage – sales price? from the insurance co? If that is so why would the bank ever accept a short sale. Is the bank just stringing the seller along to keep collecting payments? and is just going to foreclose eventually when the payments stop? or does mortgage insurance cover difference between short sale $ and full loan $ ? If the homeowner can beg-borrow-raise from family a few more payments is this just money in the bank ?
February 24, 2008 at 5:52 PM #159440GuestForgive me if these are stupid questions but….. dont the majority of these short sales involve mortgages that had compulsory mortgage insurance? If so then isnt the bank going to foreclose and collect for $ mortage – sales price? from the insurance co? If that is so why would the bank ever accept a short sale. Is the bank just stringing the seller along to keep collecting payments? and is just going to foreclose eventually when the payments stop? or does mortgage insurance cover difference between short sale $ and full loan $ ? If the homeowner can beg-borrow-raise from family a few more payments is this just money in the bank ?
February 24, 2008 at 5:52 PM #159455GuestForgive me if these are stupid questions but….. dont the majority of these short sales involve mortgages that had compulsory mortgage insurance? If so then isnt the bank going to foreclose and collect for $ mortage – sales price? from the insurance co? If that is so why would the bank ever accept a short sale. Is the bank just stringing the seller along to keep collecting payments? and is just going to foreclose eventually when the payments stop? or does mortgage insurance cover difference between short sale $ and full loan $ ? If the homeowner can beg-borrow-raise from family a few more payments is this just money in the bank ?
February 24, 2008 at 5:52 PM #159459GuestForgive me if these are stupid questions but….. dont the majority of these short sales involve mortgages that had compulsory mortgage insurance? If so then isnt the bank going to foreclose and collect for $ mortage – sales price? from the insurance co? If that is so why would the bank ever accept a short sale. Is the bank just stringing the seller along to keep collecting payments? and is just going to foreclose eventually when the payments stop? or does mortgage insurance cover difference between short sale $ and full loan $ ? If the homeowner can beg-borrow-raise from family a few more payments is this just money in the bank ?
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