short sale in encinitas ranch – good value?

[RatherOpinionated]

BTW, here’s an additional scoop on the Brae Mar listing in this post:

“Offer must be made sight unseen. There is an uncooperative occupant who refuses to give access, and any sale will be subject to the rights of the current occupants(s) until lease ends in April, 2008.”

As of september, loan is in default $23,896

BTW, where do you show that WAMU owns it? Looks like short sale to me.

[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[SD Realtor]

If it is lender owned the tax roll on Realist does not indicate that.

To echo what RO said, the tax roll only indicates a NOD has been filed on it. Not only is it not lender owned there has not been a NOT filed yet.

Guys please can we at least say things like, “I think it is lender owned” or something to that effect if you are just making a guess or speculating on something.

Is it that hard to do?

*******

According to the listing agent currently there are 5 offers in on this home and they are all in the price range. New offers will only be sent to the lender that are in the upper end of the price range. Nothing has been sent to the lender, nor has the seller generated the documentation needed for the short sale package. So in essence they are simply collecting offers. Prospective buyers will get to look at the home after the lender has accepted any offer.

********

The NOD amount is 23896 but it was filed in September so it has most likely grown since then. The purchase price was 1.2M back in January of 07 and it was 100% financed. The NOD was filed on the 960k first. I would imagine there is or will be a NOD on the second but the second is out of luck.

I would say there is a bit of fishiness with regards to the original purchase. Okay the listing was listed with Keller Williams last year at 1.2M. Then on 1/9/07 the listing was cancelled. Then the home was sold (not through Sandicor so it was most likely a FSBO) at 1.2M on 1/18/07. Looks like the Keller Williams agent got screwed. Looks like the buyer got screwed (unless this was a fraud scam… and no I am not saying it was… it could be your standard back door deal) but again, there are not really any comps back at that time that support 1.2M for that home. At least not any that I can see. sdrealtor perhaps you can correlate it.

There is another sale at 610 Brae Mar on 1/16/07 of a home with a larger sf (not much but a little) at 1.050M.

**********

Now I think there is still an overtone of denial with regards to just how much money is on the sidelines here in town. I don’t mean just lots of kabillioniare types… Just people who have money… maybe they are engineers or attorneys or doctors or whatever… The point is that they have money and it is on the sidelines and when they see good deals like this or others they will pounce. They may not by a great deal (with the same ratio loss) in say San Marcos or the college area, but stuff like this? Absolutely. Do I wish properties like this would hit 98 levels? Of course. Do I believe they will? Not at all.

Another point to make is that first off, since 1998 astounding amounts of money have been made. Second, the wealth concentration is still highly uneven. The small majority owns alot of cash. Those people are smart and they will be the ones that buy these properties. They may not even wait for them to cash flow because they may purchase the property for an appreciation play. I am just trying to be realistic. Yes my statements are speculative and no I am not one of them sitting on the sidelines with 7 figures worth of cash laying around. Do I know many like that though? Yes I do.

I could very much be proven wrong and maybe there will be enough housing in highly desired areas like this to exhaust all those pockets… Under conditions like we have now I just don’t see it. What we would need to see would be substantial employment reduction in the engineering, biotech and medical sectors.

SD Realtor

[SD Realtor]

If it is lender owned the tax roll on Realist does not indicate that.

To echo what RO said, the tax roll only indicates a NOD has been filed on it. Not only is it not lender owned there has not been a NOT filed yet.

Guys please can we at least say things like, “I think it is lender owned” or something to that effect if you are just making a guess or speculating on something.

Is it that hard to do?

*******

According to the listing agent currently there are 5 offers in on this home and they are all in the price range. New offers will only be sent to the lender that are in the upper end of the price range. Nothing has been sent to the lender, nor has the seller generated the documentation needed for the short sale package. So in essence they are simply collecting offers. Prospective buyers will get to look at the home after the lender has accepted any offer.

********

The NOD amount is 23896 but it was filed in September so it has most likely grown since then. The purchase price was 1.2M back in January of 07 and it was 100% financed. The NOD was filed on the 960k first. I would imagine there is or will be a NOD on the second but the second is out of luck.

I would say there is a bit of fishiness with regards to the original purchase. Okay the listing was listed with Keller Williams last year at 1.2M. Then on 1/9/07 the listing was cancelled. Then the home was sold (not through Sandicor so it was most likely a FSBO) at 1.2M on 1/18/07. Looks like the Keller Williams agent got screwed. Looks like the buyer got screwed (unless this was a fraud scam… and no I am not saying it was… it could be your standard back door deal) but again, there are not really any comps back at that time that support 1.2M for that home. At least not any that I can see. sdrealtor perhaps you can correlate it.

There is another sale at 610 Brae Mar on 1/16/07 of a home with a larger sf (not much but a little) at 1.050M.

**********

Now I think there is still an overtone of denial with regards to just how much money is on the sidelines here in town. I don’t mean just lots of kabillioniare types… Just people who have money… maybe they are engineers or attorneys or doctors or whatever… The point is that they have money and it is on the sidelines and when they see good deals like this or others they will pounce. They may not by a great deal (with the same ratio loss) in say San Marcos or the college area, but stuff like this? Absolutely. Do I wish properties like this would hit 98 levels? Of course. Do I believe they will? Not at all.

Another point to make is that first off, since 1998 astounding amounts of money have been made. Second, the wealth concentration is still highly uneven. The small majority owns alot of cash. Those people are smart and they will be the ones that buy these properties. They may not even wait for them to cash flow because they may purchase the property for an appreciation play. I am just trying to be realistic. Yes my statements are speculative and no I am not one of them sitting on the sidelines with 7 figures worth of cash laying around. Do I know many like that though? Yes I do.

I could very much be proven wrong and maybe there will be enough housing in highly desired areas like this to exhaust all those pockets… Under conditions like we have now I just don’t see it. What we would need to see would be substantial employment reduction in the engineering, biotech and medical sectors.

SD Realtor

[SD Realtor]

If it is lender owned the tax roll on Realist does not indicate that.

To echo what RO said, the tax roll only indicates a NOD has been filed on it. Not only is it not lender owned there has not been a NOT filed yet.

Guys please can we at least say things like, “I think it is lender owned” or something to that effect if you are just making a guess or speculating on something.

Is it that hard to do?

*******

According to the listing agent currently there are 5 offers in on this home and they are all in the price range. New offers will only be sent to the lender that are in the upper end of the price range. Nothing has been sent to the lender, nor has the seller generated the documentation needed for the short sale package. So in essence they are simply collecting offers. Prospective buyers will get to look at the home after the lender has accepted any offer.

********

The NOD amount is 23896 but it was filed in September so it has most likely grown since then. The purchase price was 1.2M back in January of 07 and it was 100% financed. The NOD was filed on the 960k first. I would imagine there is or will be a NOD on the second but the second is out of luck.

I would say there is a bit of fishiness with regards to the original purchase. Okay the listing was listed with Keller Williams last year at 1.2M. Then on 1/9/07 the listing was cancelled. Then the home was sold (not through Sandicor so it was most likely a FSBO) at 1.2M on 1/18/07. Looks like the Keller Williams agent got screwed. Looks like the buyer got screwed (unless this was a fraud scam… and no I am not saying it was… it could be your standard back door deal) but again, there are not really any comps back at that time that support 1.2M for that home. At least not any that I can see. sdrealtor perhaps you can correlate it.

There is another sale at 610 Brae Mar on 1/16/07 of a home with a larger sf (not much but a little) at 1.050M.

**********

Now I think there is still an overtone of denial with regards to just how much money is on the sidelines here in town. I don’t mean just lots of kabillioniare types… Just people who have money… maybe they are engineers or attorneys or doctors or whatever… The point is that they have money and it is on the sidelines and when they see good deals like this or others they will pounce. They may not by a great deal (with the same ratio loss) in say San Marcos or the college area, but stuff like this? Absolutely. Do I wish properties like this would hit 98 levels? Of course. Do I believe they will? Not at all.

Another point to make is that first off, since 1998 astounding amounts of money have been made. Second, the wealth concentration is still highly uneven. The small majority owns alot of cash. Those people are smart and they will be the ones that buy these properties. They may not even wait for them to cash flow because they may purchase the property for an appreciation play. I am just trying to be realistic. Yes my statements are speculative and no I am not one of them sitting on the sidelines with 7 figures worth of cash laying around. Do I know many like that though? Yes I do.

I could very much be proven wrong and maybe there will be enough housing in highly desired areas like this to exhaust all those pockets… Under conditions like we have now I just don’t see it. What we would need to see would be substantial employment reduction in the engineering, biotech and medical sectors.

SD Realtor

[SD Realtor]

If it is lender owned the tax roll on Realist does not indicate that.

To echo what RO said, the tax roll only indicates a NOD has been filed on it. Not only is it not lender owned there has not been a NOT filed yet.

Guys please can we at least say things like, “I think it is lender owned” or something to that effect if you are just making a guess or speculating on something.

Is it that hard to do?

*******

According to the listing agent currently there are 5 offers in on this home and they are all in the price range. New offers will only be sent to the lender that are in the upper end of the price range. Nothing has been sent to the lender, nor has the seller generated the documentation needed for the short sale package. So in essence they are simply collecting offers. Prospective buyers will get to look at the home after the lender has accepted any offer.

********

The NOD amount is 23896 but it was filed in September so it has most likely grown since then. The purchase price was 1.2M back in January of 07 and it was 100% financed. The NOD was filed on the 960k first. I would imagine there is or will be a NOD on the second but the second is out of luck.

I would say there is a bit of fishiness with regards to the original purchase. Okay the listing was listed with Keller Williams last year at 1.2M. Then on 1/9/07 the listing was cancelled. Then the home was sold (not through Sandicor so it was most likely a FSBO) at 1.2M on 1/18/07. Looks like the Keller Williams agent got screwed. Looks like the buyer got screwed (unless this was a fraud scam… and no I am not saying it was… it could be your standard back door deal) but again, there are not really any comps back at that time that support 1.2M for that home. At least not any that I can see. sdrealtor perhaps you can correlate it.

There is another sale at 610 Brae Mar on 1/16/07 of a home with a larger sf (not much but a little) at 1.050M.

**********

Now I think there is still an overtone of denial with regards to just how much money is on the sidelines here in town. I don’t mean just lots of kabillioniare types… Just people who have money… maybe they are engineers or attorneys or doctors or whatever… The point is that they have money and it is on the sidelines and when they see good deals like this or others they will pounce. They may not by a great deal (with the same ratio loss) in say San Marcos or the college area, but stuff like this? Absolutely. Do I wish properties like this would hit 98 levels? Of course. Do I believe they will? Not at all.

Another point to make is that first off, since 1998 astounding amounts of money have been made. Second, the wealth concentration is still highly uneven. The small majority owns alot of cash. Those people are smart and they will be the ones that buy these properties. They may not even wait for them to cash flow because they may purchase the property for an appreciation play. I am just trying to be realistic. Yes my statements are speculative and no I am not one of them sitting on the sidelines with 7 figures worth of cash laying around. Do I know many like that though? Yes I do.

I could very much be proven wrong and maybe there will be enough housing in highly desired areas like this to exhaust all those pockets… Under conditions like we have now I just don’t see it. What we would need to see would be substantial employment reduction in the engineering, biotech and medical sectors.

SD Realtor

[SD Realtor]

If it is lender owned the tax roll on Realist does not indicate that.

To echo what RO said, the tax roll only indicates a NOD has been filed on it. Not only is it not lender owned there has not been a NOT filed yet.

Guys please can we at least say things like, “I think it is lender owned” or something to that effect if you are just making a guess or speculating on something.

Is it that hard to do?

*******

According to the listing agent currently there are 5 offers in on this home and they are all in the price range. New offers will only be sent to the lender that are in the upper end of the price range. Nothing has been sent to the lender, nor has the seller generated the documentation needed for the short sale package. So in essence they are simply collecting offers. Prospective buyers will get to look at the home after the lender has accepted any offer.

********

The NOD amount is 23896 but it was filed in September so it has most likely grown since then. The purchase price was 1.2M back in January of 07 and it was 100% financed. The NOD was filed on the 960k first. I would imagine there is or will be a NOD on the second but the second is out of luck.

I would say there is a bit of fishiness with regards to the original purchase. Okay the listing was listed with Keller Williams last year at 1.2M. Then on 1/9/07 the listing was cancelled. Then the home was sold (not through Sandicor so it was most likely a FSBO) at 1.2M on 1/18/07. Looks like the Keller Williams agent got screwed. Looks like the buyer got screwed (unless this was a fraud scam… and no I am not saying it was… it could be your standard back door deal) but again, there are not really any comps back at that time that support 1.2M for that home. At least not any that I can see. sdrealtor perhaps you can correlate it.

There is another sale at 610 Brae Mar on 1/16/07 of a home with a larger sf (not much but a little) at 1.050M.

**********

Now I think there is still an overtone of denial with regards to just how much money is on the sidelines here in town. I don’t mean just lots of kabillioniare types… Just people who have money… maybe they are engineers or attorneys or doctors or whatever… The point is that they have money and it is on the sidelines and when they see good deals like this or others they will pounce. They may not by a great deal (with the same ratio loss) in say San Marcos or the college area, but stuff like this? Absolutely. Do I wish properties like this would hit 98 levels? Of course. Do I believe they will? Not at all.

Another point to make is that first off, since 1998 astounding amounts of money have been made. Second, the wealth concentration is still highly uneven. The small majority owns alot of cash. Those people are smart and they will be the ones that buy these properties. They may not even wait for them to cash flow because they may purchase the property for an appreciation play. I am just trying to be realistic. Yes my statements are speculative and no I am not one of them sitting on the sidelines with 7 figures worth of cash laying around. Do I know many like that though? Yes I do.

I could very much be proven wrong and maybe there will be enough housing in highly desired areas like this to exhaust all those pockets… Under conditions like we have now I just don’t see it. What we would need to see would be substantial employment reduction in the engineering, biotech and medical sectors.

SD Realtor

[sdrealtor]

FYI, this is the property that was sold by the sleezy mortgage broker we talked about a couple weeks ago.

[sdrealtor]

FYI, this is the property that was sold by the sleezy mortgage broker we talked about a couple weeks ago.

[sdrealtor]

FYI, this is the property that was sold by the sleezy mortgage broker we talked about a couple weeks ago.

[sdrealtor]

FYI, this is the property that was sold by the sleezy mortgage broker we talked about a couple weeks ago.

[sdrealtor]

FYI, this is the property that was sold by the sleezy mortgage broker we talked about a couple weeks ago.

[Ex-SD]

SD Realtor: So, you think that people who are sitting on a wad of cash are going to throw it at the housing market? I am sitting on a large amount of liquid assets and I wouldn’t throw one nickel at the SoCal housing market until prices came into line with income. I have friends who have much more than myself and they also would not consider putting any money in the SoCal housing market until prices are in alignment with income. Call me stupid if you wish but there is a large house of cards that is steadily falling as I type and throwing money at that house of cards until it reaches a level that is monetarily sane just doesn’t make any sense to me.
If the average Joe Blow can’t afford a home in SoCal because he can’t qualify for an average home because they’re priced ridiculously high, who’s going to purchase all of these homes……….and how will they purchase them……………….and why will they purchase them if they’re over-priced? Doesn’t make any sense to me. When they were giving loans to people with marginal credit and the only qualification was that they could fog up a mirror, sign their X on the dotted line and lie about their income, it was a different matter. But that ain’t the case any more, is it?

[Ex-SD]

SD Realtor: So, you think that people who are sitting on a wad of cash are going to throw it at the housing market? I am sitting on a large amount of liquid assets and I wouldn’t throw one nickel at the SoCal housing market until prices came into line with income. I have friends who have much more than myself and they also would not consider putting any money in the SoCal housing market until prices are in alignment with income. Call me stupid if you wish but there is a large house of cards that is steadily falling as I type and throwing money at that house of cards until it reaches a level that is monetarily sane just doesn’t make any sense to me.
If the average Joe Blow can’t afford a home in SoCal because he can’t qualify for an average home because they’re priced ridiculously high, who’s going to purchase all of these homes……….and how will they purchase them……………….and why will they purchase them if they’re over-priced? Doesn’t make any sense to me. When they were giving loans to people with marginal credit and the only qualification was that they could fog up a mirror, sign their X on the dotted line and lie about their income, it was a different matter. But that ain’t the case any more, is it?

[Ex-SD]

SD Realtor: So, you think that people who are sitting on a wad of cash are going to throw it at the housing market? I am sitting on a large amount of liquid assets and I wouldn’t throw one nickel at the SoCal housing market until prices came into line with income. I have friends who have much more than myself and they also would not consider putting any money in the SoCal housing market until prices are in alignment with income. Call me stupid if you wish but there is a large house of cards that is steadily falling as I type and throwing money at that house of cards until it reaches a level that is monetarily sane just doesn’t make any sense to me.
If the average Joe Blow can’t afford a home in SoCal because he can’t qualify for an average home because they’re priced ridiculously high, who’s going to purchase all of these homes……….and how will they purchase them……………….and why will they purchase them if they’re over-priced? Doesn’t make any sense to me. When they were giving loans to people with marginal credit and the only qualification was that they could fog up a mirror, sign their X on the dotted line and lie about their income, it was a different matter. But that ain’t the case any more, is it?

[Ex-SD]

SD Realtor: So, you think that people who are sitting on a wad of cash are going to throw it at the housing market? I am sitting on a large amount of liquid assets and I wouldn’t throw one nickel at the SoCal housing market until prices came into line with income. I have friends who have much more than myself and they also would not consider putting any money in the SoCal housing market until prices are in alignment with income. Call me stupid if you wish but there is a large house of cards that is steadily falling as I type and throwing money at that house of cards until it reaches a level that is monetarily sane just doesn’t make any sense to me.
If the average Joe Blow can’t afford a home in SoCal because he can’t qualify for an average home because they’re priced ridiculously high, who’s going to purchase all of these homes……….and how will they purchase them……………….and why will they purchase them if they’re over-priced? Doesn’t make any sense to me. When they were giving loans to people with marginal credit and the only qualification was that they could fog up a mirror, sign their X on the dotted line and lie about their income, it was a different matter. But that ain’t the case any more, is it?

[Author]

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