Mira Mesa dropping real fast, 10634 Kemerton Rd.

[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.

[briansd1]

[quote=pemeliza]
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.
[/quote]

I’ve looked around Mission Hills and it’s very true that the old houses all have those issues.

It’s hard to comprehend that, back during the peak, someone was crazy enough to pay $1 million for that old house — small, functionally obsolete without AC, insulation and modern comforts.

[quote=pemeliza]
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.
[/quote]

The 2000/2001 buyer has more equity and could refinance to today’s lower rates. I don’t see how today’s buyer is better off, unless prices continue to drop to below 2001 prices.

[quote=pemeliza]
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.[/quote]

I believe that the group of homeowners with equity will ride out the storm. They won’t be happy but they’ll do it.

I read somewhere that there would be 11 million foreclosures before all is done. So far we’ve had 8 million foreclosures (someone please correct my numbers if they are wrong).

The current wealth dampening effect of housing is not good for the economy. It causes people to save and consume less.

[briansd1]

[quote=pemeliza]
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.
[/quote]

I’ve looked around Mission Hills and it’s very true that the old houses all have those issues.

It’s hard to comprehend that, back during the peak, someone was crazy enough to pay $1 million for that old house — small, functionally obsolete without AC, insulation and modern comforts.

[quote=pemeliza]
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.
[/quote]

The 2000/2001 buyer has more equity and could refinance to today’s lower rates. I don’t see how today’s buyer is better off, unless prices continue to drop to below 2001 prices.

[quote=pemeliza]
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.[/quote]

I believe that the group of homeowners with equity will ride out the storm. They won’t be happy but they’ll do it.

I read somewhere that there would be 11 million foreclosures before all is done. So far we’ve had 8 million foreclosures (someone please correct my numbers if they are wrong).

The current wealth dampening effect of housing is not good for the economy. It causes people to save and consume less.

[briansd1]

[quote=pemeliza]
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.
[/quote]

I’ve looked around Mission Hills and it’s very true that the old houses all have those issues.

It’s hard to comprehend that, back during the peak, someone was crazy enough to pay $1 million for that old house — small, functionally obsolete without AC, insulation and modern comforts.

[quote=pemeliza]
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.
[/quote]

The 2000/2001 buyer has more equity and could refinance to today’s lower rates. I don’t see how today’s buyer is better off, unless prices continue to drop to below 2001 prices.

[quote=pemeliza]
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.[/quote]

I believe that the group of homeowners with equity will ride out the storm. They won’t be happy but they’ll do it.

I read somewhere that there would be 11 million foreclosures before all is done. So far we’ve had 8 million foreclosures (someone please correct my numbers if they are wrong).

The current wealth dampening effect of housing is not good for the economy. It causes people to save and consume less.

[briansd1]

[quote=pemeliza]
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.
[/quote]

I’ve looked around Mission Hills and it’s very true that the old houses all have those issues.

It’s hard to comprehend that, back during the peak, someone was crazy enough to pay $1 million for that old house — small, functionally obsolete without AC, insulation and modern comforts.

[quote=pemeliza]
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.
[/quote]

The 2000/2001 buyer has more equity and could refinance to today’s lower rates. I don’t see how today’s buyer is better off, unless prices continue to drop to below 2001 prices.

[quote=pemeliza]
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.[/quote]

I believe that the group of homeowners with equity will ride out the storm. They won’t be happy but they’ll do it.

I read somewhere that there would be 11 million foreclosures before all is done. So far we’ve had 8 million foreclosures (someone please correct my numbers if they are wrong).

The current wealth dampening effect of housing is not good for the economy. It causes people to save and consume less.

[briansd1]

[quote=pemeliza]
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.
[/quote]

I’ve looked around Mission Hills and it’s very true that the old houses all have those issues.

It’s hard to comprehend that, back during the peak, someone was crazy enough to pay $1 million for that old house — small, functionally obsolete without AC, insulation and modern comforts.

[quote=pemeliza]
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.
[/quote]

The 2000/2001 buyer has more equity and could refinance to today’s lower rates. I don’t see how today’s buyer is better off, unless prices continue to drop to below 2001 prices.

[quote=pemeliza]
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.[/quote]

I believe that the group of homeowners with equity will ride out the storm. They won’t be happy but they’ll do it.

I read somewhere that there would be 11 million foreclosures before all is done. So far we’ve had 8 million foreclosures (someone please correct my numbers if they are wrong).

The current wealth dampening effect of housing is not good for the economy. It causes people to save and consume less.

[Clifford]

[quote=CA renter][quote=recordsclerk]It’s not the upgrades as much as the type of flexible lending in flipped homes. Most buyers/1st time buyers in the under $400K market have marginal down payments and want a finished home they can just make payments on. Foreclosures and Short Sales usually only offer conventional lending and are missing out on large portion of buyers. That’s why the FHA/VA buyers gravitate towards the flipped homes. If you don’t have the money for a conventional loan, you won’t have the money to re-model after the purchase. This is how flippers are making a living. People like convenience and are willing to over pay for the service. There are a lot of concessions (down payment assistance, closing cost) that are not seen or recorded on a flip sale. The best deals are short sales, followed by foreclosures in today’s market.[/quote]

Agreed. Flippers are making money because buyers are financing the “upgrades” and flipper profits over 30 years.[/quote]

CAR & recordsclerk,

I see the point you are trying to make. But what about the appraisals ? How can the appraisals of the flipped houses (all fixed up) be signinficantly higher to warrant the higher price ?

[Clifford]

[quote=CA renter][quote=recordsclerk]It’s not the upgrades as much as the type of flexible lending in flipped homes. Most buyers/1st time buyers in the under $400K market have marginal down payments and want a finished home they can just make payments on. Foreclosures and Short Sales usually only offer conventional lending and are missing out on large portion of buyers. That’s why the FHA/VA buyers gravitate towards the flipped homes. If you don’t have the money for a conventional loan, you won’t have the money to re-model after the purchase. This is how flippers are making a living. People like convenience and are willing to over pay for the service. There are a lot of concessions (down payment assistance, closing cost) that are not seen or recorded on a flip sale. The best deals are short sales, followed by foreclosures in today’s market.[/quote]

Agreed. Flippers are making money because buyers are financing the “upgrades” and flipper profits over 30 years.[/quote]

CAR & recordsclerk,

I see the point you are trying to make. But what about the appraisals ? How can the appraisals of the flipped houses (all fixed up) be signinficantly higher to warrant the higher price ?

[Clifford]

[quote=CA renter][quote=recordsclerk]It’s not the upgrades as much as the type of flexible lending in flipped homes. Most buyers/1st time buyers in the under $400K market have marginal down payments and want a finished home they can just make payments on. Foreclosures and Short Sales usually only offer conventional lending and are missing out on large portion of buyers. That’s why the FHA/VA buyers gravitate towards the flipped homes. If you don’t have the money for a conventional loan, you won’t have the money to re-model after the purchase. This is how flippers are making a living. People like convenience and are willing to over pay for the service. There are a lot of concessions (down payment assistance, closing cost) that are not seen or recorded on a flip sale. The best deals are short sales, followed by foreclosures in today’s market.[/quote]

Agreed. Flippers are making money because buyers are financing the “upgrades” and flipper profits over 30 years.[/quote]

CAR & recordsclerk,

I see the point you are trying to make. But what about the appraisals ? How can the appraisals of the flipped houses (all fixed up) be signinficantly higher to warrant the higher price ?

[Clifford]

[quote=CA renter][quote=recordsclerk]It’s not the upgrades as much as the type of flexible lending in flipped homes. Most buyers/1st time buyers in the under $400K market have marginal down payments and want a finished home they can just make payments on. Foreclosures and Short Sales usually only offer conventional lending and are missing out on large portion of buyers. That’s why the FHA/VA buyers gravitate towards the flipped homes. If you don’t have the money for a conventional loan, you won’t have the money to re-model after the purchase. This is how flippers are making a living. People like convenience and are willing to over pay for the service. There are a lot of concessions (down payment assistance, closing cost) that are not seen or recorded on a flip sale. The best deals are short sales, followed by foreclosures in today’s market.[/quote]

Agreed. Flippers are making money because buyers are financing the “upgrades” and flipper profits over 30 years.[/quote]

CAR & recordsclerk,

I see the point you are trying to make. But what about the appraisals ? How can the appraisals of the flipped houses (all fixed up) be signinficantly higher to warrant the higher price ?

[Clifford]

[quote=CA renter][quote=recordsclerk]It’s not the upgrades as much as the type of flexible lending in flipped homes. Most buyers/1st time buyers in the under $400K market have marginal down payments and want a finished home they can just make payments on. Foreclosures and Short Sales usually only offer conventional lending and are missing out on large portion of buyers. That’s why the FHA/VA buyers gravitate towards the flipped homes. If you don’t have the money for a conventional loan, you won’t have the money to re-model after the purchase. This is how flippers are making a living. People like convenience and are willing to over pay for the service. There are a lot of concessions (down payment assistance, closing cost) that are not seen or recorded on a flip sale. The best deals are short sales, followed by foreclosures in today’s market.[/quote]

Agreed. Flippers are making money because buyers are financing the “upgrades” and flipper profits over 30 years.[/quote]

CAR & recordsclerk,

I see the point you are trying to make. But what about the appraisals ? How can the appraisals of the flipped houses (all fixed up) be signinficantly higher to warrant the higher price ?

[recordsclerk]

Flipped homes use flipped comps. The system just feeds itself. We did a flip back in 2009 when prices were going up and had offers way above what we thought the home would appraise for. The VA appraiser was able to use recently closed flipped comps and looked at the multiple offers (22 offers above list price). The VA appraiser was also able to factor in the mandated seller concessions.
I have talked to other flippers about getting the appraisal numbers needed to close. They prepare a list of work completed and hand it to the appraiser.

[recordsclerk]

Flipped homes use flipped comps. The system just feeds itself. We did a flip back in 2009 when prices were going up and had offers way above what we thought the home would appraise for. The VA appraiser was able to use recently closed flipped comps and looked at the multiple offers (22 offers above list price). The VA appraiser was also able to factor in the mandated seller concessions.
I have talked to other flippers about getting the appraisal numbers needed to close. They prepare a list of work completed and hand it to the appraiser.

[recordsclerk]

Flipped homes use flipped comps. The system just feeds itself. We did a flip back in 2009 when prices were going up and had offers way above what we thought the home would appraise for. The VA appraiser was able to use recently closed flipped comps and looked at the multiple offers (22 offers above list price). The VA appraiser was also able to factor in the mandated seller concessions.
I have talked to other flippers about getting the appraisal numbers needed to close. They prepare a list of work completed and hand it to the appraiser.

[recordsclerk]

Flipped homes use flipped comps. The system just feeds itself. We did a flip back in 2009 when prices were going up and had offers way above what we thought the home would appraise for. The VA appraiser was able to use recently closed flipped comps and looked at the multiple offers (22 offers above list price). The VA appraiser was also able to factor in the mandated seller concessions.
I have talked to other flippers about getting the appraisal numbers needed to close. They prepare a list of work completed and hand it to the appraiser.

[Author]

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