Mira Mesa dropping real fast, 10634 Kemerton Rd.

[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.

[an]

[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]
I wouldn’t say the $400k is the limit, but I agree with what you’re saying with regards to 1st time buyers. Mira Mesa is a 1st time buyer area. I’ve seen an upgraded house get $60-90k more than an un-upgraded house, even when the upgrade could have easily been done for $30-40k. I watched HGTV shows and even buyers up to $800k wants move in ready. I think the mentality today is, they want move in ready and not have to do any fixing or upgrading.

[an]

[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]
I wouldn’t say the $400k is the limit, but I agree with what you’re saying with regards to 1st time buyers. Mira Mesa is a 1st time buyer area. I’ve seen an upgraded house get $60-90k more than an un-upgraded house, even when the upgrade could have easily been done for $30-40k. I watched HGTV shows and even buyers up to $800k wants move in ready. I think the mentality today is, they want move in ready and not have to do any fixing or upgrading.

[an]

[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]
I wouldn’t say the $400k is the limit, but I agree with what you’re saying with regards to 1st time buyers. Mira Mesa is a 1st time buyer area. I’ve seen an upgraded house get $60-90k more than an un-upgraded house, even when the upgrade could have easily been done for $30-40k. I watched HGTV shows and even buyers up to $800k wants move in ready. I think the mentality today is, they want move in ready and not have to do any fixing or upgrading.

[an]

[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]
I wouldn’t say the $400k is the limit, but I agree with what you’re saying with regards to 1st time buyers. Mira Mesa is a 1st time buyer area. I’ve seen an upgraded house get $60-90k more than an un-upgraded house, even when the upgrade could have easily been done for $30-40k. I watched HGTV shows and even buyers up to $800k wants move in ready. I think the mentality today is, they want move in ready and not have to do any fixing or upgrading.

[an]

[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]
I wouldn’t say the $400k is the limit, but I agree with what you’re saying with regards to 1st time buyers. Mira Mesa is a 1st time buyer area. I’ve seen an upgraded house get $60-90k more than an un-upgraded house, even when the upgrade could have easily been done for $30-40k. I watched HGTV shows and even buyers up to $800k wants move in ready. I think the mentality today is, they want move in ready and not have to do any fixing or upgrading.

[briansd1]

[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]

That’s very true.

Banks also want a return to low-downpayment, high-risk and high-fees loans.
http://hereandnow.wbur.org/2011/08/02/banks-fight-regulations

Another recession hits and we’ll see another round of foreclosures because the marginal buyers won’t be able to hang on.

In this current real estate crisis, before all is said and done we will see 11 million foreclosures, 1 in 5.

Military and government cuts might affect San Diego.

[briansd1]

[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]

That’s very true.

Banks also want a return to low-downpayment, high-risk and high-fees loans.
http://hereandnow.wbur.org/2011/08/02/banks-fight-regulations

Another recession hits and we’ll see another round of foreclosures because the marginal buyers won’t be able to hang on.

In this current real estate crisis, before all is said and done we will see 11 million foreclosures, 1 in 5.

Military and government cuts might affect San Diego.

[briansd1]

[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]

That’s very true.

Banks also want a return to low-downpayment, high-risk and high-fees loans.
http://hereandnow.wbur.org/2011/08/02/banks-fight-regulations

Another recession hits and we’ll see another round of foreclosures because the marginal buyers won’t be able to hang on.

In this current real estate crisis, before all is said and done we will see 11 million foreclosures, 1 in 5.

Military and government cuts might affect San Diego.

[briansd1]

[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]

That’s very true.

Banks also want a return to low-downpayment, high-risk and high-fees loans.
http://hereandnow.wbur.org/2011/08/02/banks-fight-regulations

Another recession hits and we’ll see another round of foreclosures because the marginal buyers won’t be able to hang on.

In this current real estate crisis, before all is said and done we will see 11 million foreclosures, 1 in 5.

Military and government cuts might affect San Diego.

[briansd1]

[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]

That’s very true.

Banks also want a return to low-downpayment, high-risk and high-fees loans.
http://hereandnow.wbur.org/2011/08/02/banks-fight-regulations

Another recession hits and we’ll see another round of foreclosures because the marginal buyers won’t be able to hang on.

In this current real estate crisis, before all is said and done we will see 11 million foreclosures, 1 in 5.

Military and government cuts might affect San Diego.

[briansd1]

[quote=ninaprincess]

http://www.sdlookup.com/MLS-110029301-10634_Kemerton_Rd_San_Diego_CA_92126
[/quote]

Interesting the buyer bought through Zip Realty.

The buyer found and bought this good deal throught a discount broker. They paid $10,000 under the list price. Who said you need a full service broker?

Also interesting to note that the previous owners bought the house on 09/10/1992 for $212,958 then refied/heloc and lost the house to foreclosure.

So much for paying-off the mortgage. Only if cashing-out in a refi were not so easy, these people might have been saved from themselves.

[briansd1]

[quote=ninaprincess]

http://www.sdlookup.com/MLS-110029301-10634_Kemerton_Rd_San_Diego_CA_92126
[/quote]

Interesting the buyer bought through Zip Realty.

The buyer found and bought this good deal throught a discount broker. They paid $10,000 under the list price. Who said you need a full service broker?

Also interesting to note that the previous owners bought the house on 09/10/1992 for $212,958 then refied/heloc and lost the house to foreclosure.

So much for paying-off the mortgage. Only if cashing-out in a refi were not so easy, these people might have been saved from themselves.

[briansd1]

[quote=ninaprincess]

http://www.sdlookup.com/MLS-110029301-10634_Kemerton_Rd_San_Diego_CA_92126
[/quote]

Interesting the buyer bought through Zip Realty.

The buyer found and bought this good deal throught a discount broker. They paid $10,000 under the list price. Who said you need a full service broker?

Also interesting to note that the previous owners bought the house on 09/10/1992 for $212,958 then refied/heloc and lost the house to foreclosure.

So much for paying-off the mortgage. Only if cashing-out in a refi were not so easy, these people might have been saved from themselves.

[briansd1]

[quote=ninaprincess]

http://www.sdlookup.com/MLS-110029301-10634_Kemerton_Rd_San_Diego_CA_92126
[/quote]

Interesting the buyer bought through Zip Realty.

The buyer found and bought this good deal throught a discount broker. They paid $10,000 under the list price. Who said you need a full service broker?

Also interesting to note that the previous owners bought the house on 09/10/1992 for $212,958 then refied/heloc and lost the house to foreclosure.

So much for paying-off the mortgage. Only if cashing-out in a refi were not so easy, these people might have been saved from themselves.

[Author]

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