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PCinSD.
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January 15, 2009 at 8:34 PM #330112January 15, 2009 at 8:34 PM #330195
patientlywaiting
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
If he got public assistance for the purchase, is he not obligated to reside in the condo or payback the loan?
January 15, 2009 at 8:45 PM #329681thebazman
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
January 15, 2009 at 8:45 PM #330021ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
January 15, 2009 at 8:45 PM #330094ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
January 15, 2009 at 8:45 PM #330122ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
January 15, 2009 at 8:45 PM #330205ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
January 15, 2009 at 9:46 PM #329697DWCAP
ParticipantWhat I find crazy is that according to that chart these places have not seen any appreciation since 1990.
January 15, 2009 at 9:46 PM #330036ParticipantWhat I find crazy is that according to that chart these places have not seen any appreciation since 1990.
January 15, 2009 at 9:46 PM #330109ParticipantWhat I find crazy is that according to that chart these places have not seen any appreciation since 1990.
January 15, 2009 at 9:46 PM #330137ParticipantWhat I find crazy is that according to that chart these places have not seen any appreciation since 1990.
January 15, 2009 at 9:46 PM #330220ParticipantWhat I find crazy is that according to that chart these places have not seen any appreciation since 1990.
January 15, 2009 at 10:01 PM #329717sdrealtor
ParticipantWhat i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.
FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.
January 15, 2009 at 10:01 PM #330056ParticipantWhat i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.
FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.
January 15, 2009 at 10:01 PM #330129ParticipantWhat i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.
FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.
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