Home › Forums › Closed Forums › Properties or Areas › Mira Mesa house went into pending, should I close?
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an.
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March 10, 2012 at 10:35 AM #739692March 10, 2012 at 12:06 PM #739695
briansd1
GuestBearishgurl, those seniors have houses paid for free and clear, so what are they complaining about? They can make believe
the bubble never happened. They’ll be in a better world anyway.The kids who inherit the houses should be thankful.
March 10, 2012 at 12:26 PM #739697profhoff
Participantsdrealtor wrote:
“…short sales are prevalent and priced at or below comps to keep buyers interested during the wait…”So what happens after the wait is over and SS goes through? Does the low price stick or does the bank come back and jack it up?
March 10, 2012 at 1:11 PM #739698SD Realtor
ParticipantIf the short sale goes through that means the bank accepted the offer and escrow begins.
Sometimes the banks accept, sometimes they counter the short sale offer. It depends on a variety of factors. The bank does a bpo and an appraisal. They also may or may not factor in the costs of continuing to hold the property. Property taxes may incentivize the bank to accept the short sale. The last thing a bank wants to do is lose a home due to a tax default.
You just never really know what the bank will do. Also I keep saying bank but in reality the investors holding the paper give the short sale negotiator the thumbs up or down.
March 10, 2012 at 2:14 PM #739702bearishgurl
Participant[quote=briansd1]Bearishgurl, those seniors have houses paid for free and clear, so what are they complaining about? They can make believe
the bubble never happened. They’ll be in a better world anyway.The kids who inherit the houses should be thankful.[/quote]
brian, reread my post. No one is “complaining” here. I have a concern that due to the very advanced age of some of my neighbors, that their homes may have to be sold in the next two years (or turned into rentals, which is preferable right now) for a variety of reasons. They are very charming, well-built homes but most are smallish and dated with wall heaters and sash windows. The vast majority of the survivors of the “greatest generation” don’t give a whit about these things.
If their children/heirs do not live in this county and will not return, they will likely just dump these properties on the market “as is” when they or the owners’ estate takes possession because they have nothing to lose except the “Prop 13” tax treatment. All will likely sell for $250K to $285K. This doesn’t bode well for the asking price I want so I would prefer all this happens AFTER I wish to sell and move … not before.
Of course, we can’t control these things, lol …. I’m always free to rent my property and go (instead of sell), as well. The $400-500 mo probable positive cash flow will come in handy as I wait for a “better day.”
March 10, 2012 at 3:53 PM #739707ParticipantThanks, SDR. We have an accepted offer on a short sale and are in the dreaded waiting period. Bank has done the BPO, I believe, but that’s all we know. The waiting is a pain. But of course, it’s not like there are a lot of other houses out there to choose from!
March 10, 2012 at 3:54 PM #739708sdrealtor
ParticipantWell contrary to what our LETDLITA would have led you to beleive the Bennington house lasted a precious few hours back on the market. It is my belief that pokepud walked away from an easy $50,000 short term profit. Here is almost certainly what happened and will happen. As soon as the property went back on the market it showed up in the email boxes of the all the buy and flip investors. Within 12 hours they had 5 to 10 no contingency, 10 day close all cash offers at or slightly above list price. As soon as it closes the investor will throw a quickee 10 to 20K remodel at it. It will go back on the market within 30 days of closing with a list price above $350K and will sell in 30 days or less. Truthfully I am probably being over conservative as it will most likely go quicker and for more. Gotta love our brilliant LETDLITA!
March 10, 2012 at 4:08 PM #739710ParticipantGosh …. I’m so sorry to hear your “client” wasn’t able to get an offer in on it. You must have been too late getting over to that “circus,” no?
May 29, 2012 at 4:49 PM #744508ParticipantSo its back on the market. Let see how close I was. It went back on the market when pokepud walked and was back into contingent status within hours. It took 30 days for the new buyer to approved on the short sale. It went all cash though there are some liens on it so probably a hard money lender. It closed 3 days after it was approved for $270K with the new buyer.
It took 45 days for the quickee remodel. They probably threw about $20 and certainly no more than 30K of remodelling at it.
My prediction was a list price of $350K and selling in 30 days or less. It is actually priced at $394,000 and depending upon how greedy they are it could take a little longer to sell.
We still have to see the final sales price, but I am confident the OP walked away from an easy $50 to 100K profit on this one.
May 29, 2012 at 9:32 PM #744514an
Participant[quote=sdrealtor]My prediction was a list price of $350K and selling in 30 days or less. It is actually priced at $394,000 and depending upon how greedy they are it could take a little longer to sell.[/quote]
My prediction is they’ll get their asking price of $394k w/in 30 days.May 30, 2012 at 10:37 PM #744578ParticipantThis one just went pending after just 12 days: http://www.sdlookup.com/MLS-120025756-10510_Parkdale_Ave_San_Diego_CA_92126
If that was able to go pending after 12 days (assuming they get their full asking price), I have don’t think the Bennington house will have any problem with $394k.
May 31, 2012 at 10:19 AM #744620Wah-Wah
Participantpardon my ignorance but this one in better location has been listed for 3+ months and no taker.
http://www.redfin.com/CA/San-Diego/8811-Menkar-Rd-92126/home/4799290
May 31, 2012 at 10:27 AM #744621Participant[quote=Wah-Wah]pardon my ignorance but this one in better location has been listed for 3+ months and no taker.
http://www.redfin.com/CA/San-Diego/8811-Menkar-Rd-92126/home/4799290%5B/quote%5D
Not sure what’s going on with this property but based on what I see from other closing, it shouldn’t have any problem closing at its current listed price. After all, the property I just posted is in worse location and smaller house is pending for only $6k less.May 31, 2012 at 10:38 AM #744622ParticipantThe problem is the house on Menkar itself. i’ve been in it before and after remodelling. They removed all the walls in the living area. You walk in the front door and its one big room that serves as teh living/dining/family room and kitchen. Its really odd and has a very uncomfortable feel to it.
May 31, 2012 at 10:41 AM #744624Participant[quote=sdrealtor]The problem is the house on Menkar itself. i’ve been in it before and after remodelling. They removed all the walls in the living area. You walk in the front door and its one big room that serves as teh living/dining/family room and kitchen. Its really odd and has a very uncomfortable feel to it.[/quote]
Isn’t that the in thing these days where it’s one big giant room? That’s how the new “small” houses are in Del Sur. You walk in and the entire 1st floor is 1 big giant room. -
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