Mira Mesa dropping real fast, 10634 Kemerton Rd.

[CA renter]

[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]

If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.

[pemeliza]

“FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.”

The type of problems described here are routine for older houses. Of course if the windows were not replaced in 80-100 years, for example, you could say that there are problems with the windows. But again that is the case for the majority of houses around here especially in that price range. The listing also mentions an updated kitchen which may have happened after the 2001 sale.

I agree that the economy was far better in 2000-2001 than it is now even though the tech bubble was in the middle of an implosion.

On the other hand, interest rates were much higher as well so on a monthly payment basis today’s buyer is getting a much better deal than the 2000-2001 buyer as long as they plan on staying put.

“If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble.”

Ultimately how this group of homeowner’s reacts to the lower prices may be the key to the direction of the market over the next several years. If they start to bail in mass that could trigger another leg down. If they were prudent they could probably refinance into a 15 year fixed rate, lower their monthly payment, and ride out the storm. It remains to be seen how many of them were prudent and didn’t take out their equity during the bubble years.

[pemeliza]

“FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.”

The type of problems described here are routine for older houses. Of course if the windows were not replaced in 80-100 years, for example, you could say that there are problems with the windows. But again that is the case for the majority of houses around here especially in that price range. The listing also mentions an updated kitchen which may have happened after the 2001 sale.

I agree that the economy was far better in 2000-2001 than it is now even though the tech bubble was in the middle of an implosion.

On the other hand, interest rates were much higher as well so on a monthly payment basis today’s buyer is getting a much better deal than the 2000-2001 buyer as long as they plan on staying put.

“If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble.”

Ultimately how this group of homeowner’s reacts to the lower prices may be the key to the direction of the market over the next several years. If they start to bail in mass that could trigger another leg down. If they were prudent they could probably refinance into a 15 year fixed rate, lower their monthly payment, and ride out the storm. It remains to be seen how many of them were prudent and didn’t take out their equity during the bubble years.

[pemeliza]

“FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.”

The type of problems described here are routine for older houses. Of course if the windows were not replaced in 80-100 years, for example, you could say that there are problems with the windows. But again that is the case for the majority of houses around here especially in that price range. The listing also mentions an updated kitchen which may have happened after the 2001 sale.

I agree that the economy was far better in 2000-2001 than it is now even though the tech bubble was in the middle of an implosion.

On the other hand, interest rates were much higher as well so on a monthly payment basis today’s buyer is getting a much better deal than the 2000-2001 buyer as long as they plan on staying put.

“If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble.”

Ultimately how this group of homeowner’s reacts to the lower prices may be the key to the direction of the market over the next several years. If they start to bail in mass that could trigger another leg down. If they were prudent they could probably refinance into a 15 year fixed rate, lower their monthly payment, and ride out the storm. It remains to be seen how many of them were prudent and didn’t take out their equity during the bubble years.

[pemeliza]

“FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.”

The type of problems described here are routine for older houses. Of course if the windows were not replaced in 80-100 years, for example, you could say that there are problems with the windows. But again that is the case for the majority of houses around here especially in that price range. The listing also mentions an updated kitchen which may have happened after the 2001 sale.

I agree that the economy was far better in 2000-2001 than it is now even though the tech bubble was in the middle of an implosion.

On the other hand, interest rates were much higher as well so on a monthly payment basis today’s buyer is getting a much better deal than the 2000-2001 buyer as long as they plan on staying put.

“If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble.”

Ultimately how this group of homeowner’s reacts to the lower prices may be the key to the direction of the market over the next several years. If they start to bail in mass that could trigger another leg down. If they were prudent they could probably refinance into a 15 year fixed rate, lower their monthly payment, and ride out the storm. It remains to be seen how many of them were prudent and didn’t take out their equity during the bubble years.

[pemeliza]

“FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.”

The type of problems described here are routine for older houses. Of course if the windows were not replaced in 80-100 years, for example, you could say that there are problems with the windows. But again that is the case for the majority of houses around here especially in that price range. The listing also mentions an updated kitchen which may have happened after the 2001 sale.

I agree that the economy was far better in 2000-2001 than it is now even though the tech bubble was in the middle of an implosion.

On the other hand, interest rates were much higher as well so on a monthly payment basis today’s buyer is getting a much better deal than the 2000-2001 buyer as long as they plan on staying put.

“If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble.”

Ultimately how this group of homeowner’s reacts to the lower prices may be the key to the direction of the market over the next several years. If they start to bail in mass that could trigger another leg down. If they were prudent they could probably refinance into a 15 year fixed rate, lower their monthly payment, and ride out the storm. It remains to be seen how many of them were prudent and didn’t take out their equity during the bubble years.

[CA renter]

Okay, I was guessing the window issue might be related to the foundation issue — perhaps they don’t open or close because the house is so misaligned (not sure that’s the right term, but the right one isn’t coming to mind)?

[CA renter]

Okay, I was guessing the window issue might be related to the foundation issue — perhaps they don’t open or close because the house is so misaligned (not sure that’s the right term, but the right one isn’t coming to mind)?

[CA renter]

Okay, I was guessing the window issue might be related to the foundation issue — perhaps they don’t open or close because the house is so misaligned (not sure that’s the right term, but the right one isn’t coming to mind)?

[CA renter]

Okay, I was guessing the window issue might be related to the foundation issue — perhaps they don’t open or close because the house is so misaligned (not sure that’s the right term, but the right one isn’t coming to mind)?

[CA renter]

Okay, I was guessing the window issue might be related to the foundation issue — perhaps they don’t open or close because the house is so misaligned (not sure that’s the right term, but the right one isn’t coming to mind)?

[SD Realtor]

Rught CAR so what did you do about it besides complain?

Did you go to either broker? Did you go to the listing broker? Did you go to the selling agents broker? Did you check to see if it was a cash deal? Did you check to see what type of financing it was? How high the downpayment was?

Did you complain to SDAR? Did you go to the DRE?

Or did you do nothing tangible and complain in a blog?

There is no offense taken by me and I doubt any of the other realtors as well.

Like I said, easier to complain and do nothing rather then dig into the facts and make a stink about it. You want it to go on, it will keep going on. Now if you did report her immediately like you posted then that is great. Also going right to the broker immediately to find out what is happening is a good first step.

[SD Realtor]

Rught CAR so what did you do about it besides complain?

Did you go to either broker? Did you go to the listing broker? Did you go to the selling agents broker? Did you check to see if it was a cash deal? Did you check to see what type of financing it was? How high the downpayment was?

Did you complain to SDAR? Did you go to the DRE?

Or did you do nothing tangible and complain in a blog?

There is no offense taken by me and I doubt any of the other realtors as well.

Like I said, easier to complain and do nothing rather then dig into the facts and make a stink about it. You want it to go on, it will keep going on. Now if you did report her immediately like you posted then that is great. Also going right to the broker immediately to find out what is happening is a good first step.

[SD Realtor]

Rught CAR so what did you do about it besides complain?

Did you go to either broker? Did you go to the listing broker? Did you go to the selling agents broker? Did you check to see if it was a cash deal? Did you check to see what type of financing it was? How high the downpayment was?

Did you complain to SDAR? Did you go to the DRE?

Or did you do nothing tangible and complain in a blog?

There is no offense taken by me and I doubt any of the other realtors as well.

Like I said, easier to complain and do nothing rather then dig into the facts and make a stink about it. You want it to go on, it will keep going on. Now if you did report her immediately like you posted then that is great. Also going right to the broker immediately to find out what is happening is a good first step.

[SD Realtor]

Rught CAR so what did you do about it besides complain?

Did you go to either broker? Did you go to the listing broker? Did you go to the selling agents broker? Did you check to see if it was a cash deal? Did you check to see what type of financing it was? How high the downpayment was?

Did you complain to SDAR? Did you go to the DRE?

Or did you do nothing tangible and complain in a blog?

There is no offense taken by me and I doubt any of the other realtors as well.

Like I said, easier to complain and do nothing rather then dig into the facts and make a stink about it. You want it to go on, it will keep going on. Now if you did report her immediately like you posted then that is great. Also going right to the broker immediately to find out what is happening is a good first step.

[Author]

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