Home › Forums › Closed Forums › Properties or Areas › Mira Mesa dropping real fast, 10634 Kemerton Rd.
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August 5, 2011 at 5:17 PM #716566August 7, 2011 at 12:48 AM #715628
CA renter
Participant[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.
August 7, 2011 at 12:48 AM #715718Participant[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.
August 7, 2011 at 12:48 AM #716318Participant[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.
August 7, 2011 at 12:48 AM #716472Participant[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.
August 7, 2011 at 12:48 AM #716827Participant[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.
August 7, 2011 at 1:32 AM #715633Participant[quote=DomoArigato][quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.[/quote]
Agreed, with the possible exception of the government backing mortgage loans for a **single, primary residence** only, and even then, there should be a minimum 20% down payment requirement, and 28/33% DTI ratios on fully-verified income, at most.
August 7, 2011 at 1:32 AM #715723Participant[quote=DomoArigato][quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.[/quote]
Agreed, with the possible exception of the government backing mortgage loans for a **single, primary residence** only, and even then, there should be a minimum 20% down payment requirement, and 28/33% DTI ratios on fully-verified income, at most.
August 7, 2011 at 1:32 AM #716323Participant[quote=DomoArigato][quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.[/quote]
Agreed, with the possible exception of the government backing mortgage loans for a **single, primary residence** only, and even then, there should be a minimum 20% down payment requirement, and 28/33% DTI ratios on fully-verified income, at most.
August 7, 2011 at 1:32 AM #716477Participant[quote=DomoArigato][quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.[/quote]
Agreed, with the possible exception of the government backing mortgage loans for a **single, primary residence** only, and even then, there should be a minimum 20% down payment requirement, and 28/33% DTI ratios on fully-verified income, at most.
August 7, 2011 at 1:32 AM #716832Participant[quote=DomoArigato][quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.[/quote]
Agreed, with the possible exception of the government backing mortgage loans for a **single, primary residence** only, and even then, there should be a minimum 20% down payment requirement, and 28/33% DTI ratios on fully-verified income, at most.
August 7, 2011 at 1:34 AM #715638Participant[quote=briansd1][quote=AN]Smaller house in similar community (smaller lot vs typical house in MM): http://www.sdlookup.com/MLS-110033144-11328_April_Leigh_Terrace_San_Diego_CA_92126
[/quote]
The deal the ninaprincess posted looks like a substantially better deal than this one.
recordsclerk is on to something about buyers willing to take the path of least resistence, and overpay for the privilege of a turnkey house with low downpayments.
I believe that there’s a danger of low-wherewithal buyers not being able to hold-on if we have a double-dip recession. If the economy takes a turn for the worse, we could see another wave of foreclosures.[/quote]
It’s guaranteed, especially with all the 3.5% FHA mortgages that have been doled out in recent years.
Taxpayers are 100% on the hook now, though. And that’s what really sucks with all the bailouts. The losses are still very much in the future.
August 7, 2011 at 1:34 AM #715728Participant[quote=briansd1][quote=AN]Smaller house in similar community (smaller lot vs typical house in MM): http://www.sdlookup.com/MLS-110033144-11328_April_Leigh_Terrace_San_Diego_CA_92126
[/quote]
The deal the ninaprincess posted looks like a substantially better deal than this one.
recordsclerk is on to something about buyers willing to take the path of least resistence, and overpay for the privilege of a turnkey house with low downpayments.
I believe that there’s a danger of low-wherewithal buyers not being able to hold-on if we have a double-dip recession. If the economy takes a turn for the worse, we could see another wave of foreclosures.[/quote]
It’s guaranteed, especially with all the 3.5% FHA mortgages that have been doled out in recent years.
Taxpayers are 100% on the hook now, though. And that’s what really sucks with all the bailouts. The losses are still very much in the future.
August 7, 2011 at 1:34 AM #716328Participant[quote=briansd1][quote=AN]Smaller house in similar community (smaller lot vs typical house in MM): http://www.sdlookup.com/MLS-110033144-11328_April_Leigh_Terrace_San_Diego_CA_92126
[/quote]
The deal the ninaprincess posted looks like a substantially better deal than this one.
recordsclerk is on to something about buyers willing to take the path of least resistence, and overpay for the privilege of a turnkey house with low downpayments.
I believe that there’s a danger of low-wherewithal buyers not being able to hold-on if we have a double-dip recession. If the economy takes a turn for the worse, we could see another wave of foreclosures.[/quote]
It’s guaranteed, especially with all the 3.5% FHA mortgages that have been doled out in recent years.
Taxpayers are 100% on the hook now, though. And that’s what really sucks with all the bailouts. The losses are still very much in the future.
August 7, 2011 at 1:34 AM #716482Participant[quote=briansd1][quote=AN]Smaller house in similar community (smaller lot vs typical house in MM): http://www.sdlookup.com/MLS-110033144-11328_April_Leigh_Terrace_San_Diego_CA_92126
[/quote]
The deal the ninaprincess posted looks like a substantially better deal than this one.
recordsclerk is on to something about buyers willing to take the path of least resistence, and overpay for the privilege of a turnkey house with low downpayments.
I believe that there’s a danger of low-wherewithal buyers not being able to hold-on if we have a double-dip recession. If the economy takes a turn for the worse, we could see another wave of foreclosures.[/quote]
It’s guaranteed, especially with all the 3.5% FHA mortgages that have been doled out in recent years.
Taxpayers are 100% on the hook now, though. And that’s what really sucks with all the bailouts. The losses are still very much in the future.
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