Home › Forums › Closed Forums › Properties or Areas › Major loss in Bay Ho ~25%!!!!
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GoUSC.
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June 21, 2007 at 4:57 PM #61181June 21, 2007 at 4:57 PM #61218
SD Realtor
ParticipantDefinitely not Bayho but you already know that. Radelow is it for owner occupancy or are you thinking of renting it?
Also if you are going to lowball it, which cannot hurt, you may want to find our how far along it is. Is it a NOT yet. Also you may want to check to see if the seller has had the hardship paperwork completed with the lender yet as well. Finally you may want to feel the agent out to see how the lender will feel about totally losing the second and barely recouping the first.
SD Realtor
June 21, 2007 at 5:40 PM #61191GoUSC
ParticipantThis is for a place for me to live. I rent a house down the street on Baker. I am VERY hesitant to buy a house right now but it might make sense at $400k
Based on foreclosure.com it is in “pre-foreclosure” Whatever that means. I will use the tour on Saturday to feel the broker out and get a better idea. I won’t be using a broker on my side so that might help with the pricing.
June 21, 2007 at 5:40 PM #61228ParticipantThis is for a place for me to live. I rent a house down the street on Baker. I am VERY hesitant to buy a house right now but it might make sense at $400k
Based on foreclosure.com it is in “pre-foreclosure” Whatever that means. I will use the tour on Saturday to feel the broker out and get a better idea. I won’t be using a broker on my side so that might help with the pricing.
June 21, 2007 at 5:43 PM #61193CMcG
ParticipantWell, I am the former “bayparkwatcher” (forgot the password and re-registered). As other posters have pointed out, this house is not in Bay Park or Bay Ho, which are further west. This one is in Clairemont, indeed, but only a mile or two from I-5 down Clairemont Drive. Very central location. I’m not biting, but I can see how others would be tempted at this price. I spent the first 10 years of my life living in Clairemont’s “Mountain Streets” area (further east) but my parents moved even further east (Del Cerro was “the sticks” in those days) to get more BRs/BAs. By the way, my parents’ first purchase of a home in San Diego was one of those duplexes on Clairemont Drive. I’m ancient. My dad can’t stand to see what those look like these days.
June 21, 2007 at 5:43 PM #61230ParticipantWell, I am the former “bayparkwatcher” (forgot the password and re-registered). As other posters have pointed out, this house is not in Bay Park or Bay Ho, which are further west. This one is in Clairemont, indeed, but only a mile or two from I-5 down Clairemont Drive. Very central location. I’m not biting, but I can see how others would be tempted at this price. I spent the first 10 years of my life living in Clairemont’s “Mountain Streets” area (further east) but my parents moved even further east (Del Cerro was “the sticks” in those days) to get more BRs/BAs. By the way, my parents’ first purchase of a home in San Diego was one of those duplexes on Clairemont Drive. I’m ancient. My dad can’t stand to see what those look like these days.
June 21, 2007 at 11:29 PM #61262ParticipantRadelow –
Let the broker know you will be representing yourself and not be represented by an agent. The MLS co-op is being advertised at 3% however all commissions need to be authorized by the lender since it is a short sale. you can use that 3% as a leverage point.
Preforeclosure is a generic term without precise meaning other then a NOD has been filed. Whether a NOT (notice of Trustee Sale has been set or not) will be up to you to find out. Similarly finding out the status of where the seller is with respect to getting things square with the lender for the short sale will be up to you.
Just to be honest with you, there will be no chance whatsoever that the lender will accept your offer. They only reduced the price on 6/13. I have also seen some cases of short sales advertised and not accepted at offers IN the price range. I do believe that is absolute stupidity by the lender but that is the way it is right now.
Anyways it is a good exercise for you to go over there and start to learn the process more.
SD Realtor
June 21, 2007 at 11:29 PM #61301ParticipantRadelow –
Let the broker know you will be representing yourself and not be represented by an agent. The MLS co-op is being advertised at 3% however all commissions need to be authorized by the lender since it is a short sale. you can use that 3% as a leverage point.
Preforeclosure is a generic term without precise meaning other then a NOD has been filed. Whether a NOT (notice of Trustee Sale has been set or not) will be up to you to find out. Similarly finding out the status of where the seller is with respect to getting things square with the lender for the short sale will be up to you.
Just to be honest with you, there will be no chance whatsoever that the lender will accept your offer. They only reduced the price on 6/13. I have also seen some cases of short sales advertised and not accepted at offers IN the price range. I do believe that is absolute stupidity by the lender but that is the way it is right now.
Anyways it is a good exercise for you to go over there and start to learn the process more.
SD Realtor
June 22, 2007 at 8:32 AM #61320ParticipantI know they won’t accept my offer… But I wanted to see the house anyway. I spoke to the broker last night and he said that it is “scheduled” to be foreclosed on next month. My price range is actually a bit higher but if I find something in the $400-$600k range I can do a 15 year mortgage and have a nice comfortable mortgage payment.
June 22, 2007 at 8:32 AM #61359ParticipantI know they won’t accept my offer… But I wanted to see the house anyway. I spoke to the broker last night and he said that it is “scheduled” to be foreclosed on next month. My price range is actually a bit higher but if I find something in the $400-$600k range I can do a 15 year mortgage and have a nice comfortable mortgage payment.
June 22, 2007 at 12:00 PM #61400DaCounselor
ParticipantThe interesting thing here is that the owner has no skin in the game other than their credit (assuming we are looking at original purchase $$ loans on the property), so the real loser is the lender/servicer/bondholder/etc. The owner will suffer the consequences of the credit ding, but avoiding going in the hole $60-100K and taking the credit hit probably works out in their favor.
June 22, 2007 at 12:00 PM #61439ParticipantThe interesting thing here is that the owner has no skin in the game other than their credit (assuming we are looking at original purchase $$ loans on the property), so the real loser is the lender/servicer/bondholder/etc. The owner will suffer the consequences of the credit ding, but avoiding going in the hole $60-100K and taking the credit hit probably works out in their favor.
June 26, 2007 at 2:56 PM #62253ParticipantRadelow how did it go this weekend? How did the home look?
SD Realtor
June 26, 2007 at 2:56 PM #62298ParticipantRadelow how did it go this weekend? How did the home look?
SD Realtor
June 26, 2007 at 4:02 PM #62275Participant40 footer. Everything looked good from 40 feet away but up close the quality/condition was not very good. The broker was a good guy though. He basically told me to wait and that many better deals will be available in a year or so. The seller is underwater, can’t make their payments, and are going to loose the house (it was on an ARM that adjusted and they can no longer afford the payments). Of course that didn’t stop them from having a 28+ foot fishing boat in the driveway that looked practically new. People never cease to amaze me.
Oh and what’s with people using their garages as disorganized storage units???? I HATE THAT.
Anyway, I will keep looking around.
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