Bank REO

[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

[jpinpb]

gary – sounds like you did good. I like the granny flat/rental helping w/the mortgage and to a trusted friend. I don’t follow Lakeside at all, but I would think that values must be closer to bottom there than along the coast. It was good that the bank negotiated w/you and you ended up in the end holding your ground. It somewhat tied up the property. I’m glad it worked out. Sounds like a success story. I think you’re right about places on the market for a while. People wonder what’s up. And if it goes pending and then back on, I wonder some more. Half an acre. Wow. Planning on doing some gardening 😉 That’s great.

[jpinpb]

gary – sounds like you did good. I like the granny flat/rental helping w/the mortgage and to a trusted friend. I don’t follow Lakeside at all, but I would think that values must be closer to bottom there than along the coast. It was good that the bank negotiated w/you and you ended up in the end holding your ground. It somewhat tied up the property. I’m glad it worked out. Sounds like a success story. I think you’re right about places on the market for a while. People wonder what’s up. And if it goes pending and then back on, I wonder some more. Half an acre. Wow. Planning on doing some gardening 😉 That’s great.

[jpinpb]

gary – sounds like you did good. I like the granny flat/rental helping w/the mortgage and to a trusted friend. I don’t follow Lakeside at all, but I would think that values must be closer to bottom there than along the coast. It was good that the bank negotiated w/you and you ended up in the end holding your ground. It somewhat tied up the property. I’m glad it worked out. Sounds like a success story. I think you’re right about places on the market for a while. People wonder what’s up. And if it goes pending and then back on, I wonder some more. Half an acre. Wow. Planning on doing some gardening 😉 That’s great.

[jpinpb]

gary – sounds like you did good. I like the granny flat/rental helping w/the mortgage and to a trusted friend. I don’t follow Lakeside at all, but I would think that values must be closer to bottom there than along the coast. It was good that the bank negotiated w/you and you ended up in the end holding your ground. It somewhat tied up the property. I’m glad it worked out. Sounds like a success story. I think you’re right about places on the market for a while. People wonder what’s up. And if it goes pending and then back on, I wonder some more. Half an acre. Wow. Planning on doing some gardening 😉 That’s great.

[jpinpb]

gary – sounds like you did good. I like the granny flat/rental helping w/the mortgage and to a trusted friend. I don’t follow Lakeside at all, but I would think that values must be closer to bottom there than along the coast. It was good that the bank negotiated w/you and you ended up in the end holding your ground. It somewhat tied up the property. I’m glad it worked out. Sounds like a success story. I think you’re right about places on the market for a while. People wonder what’s up. And if it goes pending and then back on, I wonder some more. Half an acre. Wow. Planning on doing some gardening 😉 That’s great.

[UCGal]

Gary – when you first described it I wondered if it was a multi-family I’d spotted a few months ago… I’ve been looking at 2-4 units for investment – saw a listing in Lakeside that looked good – but was a bit further away from our home for ease of maintenance/management. (We’ve got a 20 -30minute max from our house requirement for the perfect investment property.)

You did well. It looked like a neat property.

[UCGal]

Gary – when you first described it I wondered if it was a multi-family I’d spotted a few months ago… I’ve been looking at 2-4 units for investment – saw a listing in Lakeside that looked good – but was a bit further away from our home for ease of maintenance/management. (We’ve got a 20 -30minute max from our house requirement for the perfect investment property.)

You did well. It looked like a neat property.

[UCGal]

Gary – when you first described it I wondered if it was a multi-family I’d spotted a few months ago… I’ve been looking at 2-4 units for investment – saw a listing in Lakeside that looked good – but was a bit further away from our home for ease of maintenance/management. (We’ve got a 20 -30minute max from our house requirement for the perfect investment property.)

You did well. It looked like a neat property.

[UCGal]

Gary – when you first described it I wondered if it was a multi-family I’d spotted a few months ago… I’ve been looking at 2-4 units for investment – saw a listing in Lakeside that looked good – but was a bit further away from our home for ease of maintenance/management. (We’ve got a 20 -30minute max from our house requirement for the perfect investment property.)

You did well. It looked like a neat property.

[UCGal]

Gary – when you first described it I wondered if it was a multi-family I’d spotted a few months ago… I’ve been looking at 2-4 units for investment – saw a listing in Lakeside that looked good – but was a bit further away from our home for ease of maintenance/management. (We’ve got a 20 -30minute max from our house requirement for the perfect investment property.)

You did well. It looked like a neat property.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

[garysears]

Could be the same property. This one just listed mid February. I’m not sure how long ago the bank took it back. Redfin has a “sold” date of August 2008 of $208k but SDLookup doesn’t list that one, nor is it on the county assessor online search which it should be if the date is less than two years ago. That sale amount also doesn’t seem like a trustee sale either, but I guess it could be. I believe the last real sale which was foreclosed was 590K in February 2007. Probably no reason not to give the address but for some reason I’m reluctant.

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