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Coronita.
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April 9, 2012 at 8:20 PM #741332April 9, 2012 at 10:26 PM #741335
treehugger
Participant[quote=bearishgurl]
treehugger, I really think you will be able to land yourself a deal on something you like in O’side or Vista. If you don’t mind my asking, do you (or your spouse) work at Camp Pendleton?[/quote]I know i will get a deal, ’cause i am obsessive and we want a fixer upper, which most other buyers aren’t as eager for.
As for Pendleton…..Maybe…..Why do you ask?
April 9, 2012 at 11:04 PM #741340bearishgurl
Participant[quote=treehugger][quote=bearishgurl]
treehugger, I really think you will be able to land yourself a deal on something you like in O’side or Vista. If you don’t mind my asking, do you (or your spouse) work at Camp Pendleton?[/quote]I know i will get a deal, ’cause i am obsessive and we want a fixer upper, which most other buyers aren’t as eager for.
As for Pendleton…..Maybe…..Why do you ask?[/quote]
Congrats on being able to work with a fixer-upper, treehugger! Those are the most profitable properties to buy … at the right price, of course.
I asked because your zip code parameters are indicative of a Federal gov’t worker working at Pendleton … and you previously stated here that you worked for the Federal gov’mt.
It’s okay. I have no interest in who you are or what you buy … just curious :=]
April 9, 2012 at 11:17 PM #741342Participant[quote=SD Realtor]…It has been decided that the quantity is acceptable even if it takes 5, 10, maybe 20 years to liquidate it.[/quote]
So I take it that what you’re stating here is that, meanwhile, all these “defaulting trustors” get to live for FREE, on their neighbor’s dime, of course!
April 10, 2012 at 6:09 AM #741355SD Realtor
ParticipantOf course. What are you surprised by this? It has been going on for the past 3 years.
Wake up.
April 10, 2012 at 10:37 AM #741368Participant[quote=SD Realtor]Of course. What are you surprised by this? It has been going on for the past 3 years.
Wake up.[/quote]
Duh.
It doesn’t make it right. The laws in CA protect the lenders from these great losses. The lenders are choosing instead to fvck themselves at all of our expenses while these cunning “deadbeat homedebtors” are driving and vacationing with their “former pseudo-equity” and then later aided in “debt-forgiveness” by SS agents and attorneys.
It’s absolutely disgusting to the rest of us who have always lived within our means and whose home values have taken a nosedive … more than the “millenium-boom crash” of ’07/’08 warranted.
I don’t buy that SS’s are typically sold at market value. I believe they are sold 20-45% off the current market value, regardless of condition.
Why should the rest of our properties somehow be suddenly “worth” 1999-2002 prices today? Does that “make sense” to you? How do YOU think this “over-correction” happened??
Hint: It wasn’t due to REO’s which were fixed up and resold at market value.
April 10, 2012 at 11:03 AM #741371ParticipantSorry if you cannot figure it out, you will have to ask someone else to explain it to you.
April 10, 2012 at 2:50 PM #741391Participant[quote=SD Realtor]Sorry if you cannot figure it out, you will have to ask someone else to explain it to you.[/quote]
Oh, I have it “figured out,” all right. It just seems that many of those in the “biz” (you, for instance?) appear to be giving the impression here that you think it’s all okay and it’s “all going to work itself out” in 5, 10, 15 or 20 years.
Meanwhile, the value of your OWN properties have no doubt plummeted in the last five years.
I am aware that the RE lobby incl NAR/CAR believes in SS and debt forgiveness (even for those who took “cash out” of their properties). The reason is that it is good for biz and gives brokers and agents something to do (conduct SS’s) while we all wait with baited breath for the PTB to get their sh!t together and suspend all “extend and pretend” programs that aren’t working and will never receive the cooperation of the Big Banks. Why? Because banks only have to follow the laws and these failed “programs” aren’t codified into “law.”
And they shouldn’t anyway. It’s not good for them. But neither is sitting on their hands.
It’s all one big hobo show that the honest homeowners are watching from box seats.
Using my useless 851 FICO score as an example, in hindsight, I probably would have been a lot further ahead in life by taking $250K+ out of my property during the “boom” years and then giving “cash for keys” in 2007! I would likely have now been five years into a “deed-in-lieu” on my credit report, had lots of money in the bank and perhaps been on my way to qualifying for another home loan. Instead, I don’t believe I could recover my 30% downpayment from 11+ years ago and do not know WHEN I will be able to!
I KNOW people who have given deed-in-lieus in 2007 – 2008. Two actually STILL have $$ left under their mattresses and are still driving their late-model luxury vehicles (bought with pseudo-home-equity)!
Both are women and whenever I see them, they appear to have just stepped out of the salon (with hair/nails always freshly done) …. lol
Go figure ….. we can easily surmise why people are attracted to “strategic default,” ESPECIALLY if they have already extracted all the cash they were able to from their property.
April 10, 2012 at 3:02 PM #741392profhoff
ParticipantAll I can say is that after 4 years and one depressing SS experience that went nowhere, we are finally in escrow. Locked and loaded!
Thank goodness, because there is nothing but NOTHING out there and we found something nice. Kudos to JtR who made it happen after we had given up all hope.
Now, let’s just make it through the inspection…
April 10, 2012 at 3:05 PM #741394lpjohnso
ParticipantCongrats, prohoff! I wish you the best of luck!
April 10, 2012 at 3:21 PM #741396CA renter
ParticipantAwesome news, profhoff! 🙂
Good luck with your escrow. Let us know how it goes as things move forward.
It’s scary to see how little inventory there is.
April 10, 2012 at 3:35 PM #741398an
ParticipantBG, how do you have a FICO score that’s higher than the max of 850?
April 10, 2012 at 3:48 PM #741400ParticipantYes, congrats, profhoff! I’m hoping you can overcome the pet-allergen issue, which seems doable to me, esp since you stated here that your property in escrow does not have carpet/drapes.
http://piggington.com/pet_odors_what_are_my_options
I understand what you are saying about nothing being out there on the MLS to view/make offers on.
I haven’t yet studied the “low-inventory” situation in SD County zip codes I watch but nine days ago (as a “test”), I saved 10 *new* SFR listings (up to $800K) on realtor.com in four close-in bay area zip codes and yesterday checked back on the site.
ALL of my saved entries of 4/1/12 had been taken off the market. Entire cities in Contra Costa County have had 0-6 SFR active listings (merely a handful) priced under $800K on its MLS at any given time in 2012.
The avg market time until an accepted offer (for a “traditional” sale) there appears to be about 1-5 days. I’m sure the agents up there (with buyers at the ready) must be once again “door-knocking” and “cold calling” for listings.
The average age of a “scarfed up” property in the bay area zips in my “test” was about 55 years old. If properties in close-in zip codes in SD County are selling like this, then perhaps pricing IS picking up or will be soon :=]
April 10, 2012 at 3:55 PM #741403Participant[quote=AN]BG, how do you have a FICO score that’s higher than the max of 850?[/quote]
It is my current Experian score. The max is 900 for that repository, I believe.
The last time I checked my other scores, they were 804 (Trans Union) and 811 (Equifax). That was about 3-4 years ago but nothing has changed since then in my situation.
April 10, 2012 at 3:59 PM #741405ParticipantAN, what’s the point of stellar credit if you can’t even recover your downpayment from your existing property to retire elsewhere?
That’s why I stated I may have been better off removing $250K+ of my home “equity” back in 2004-2006. By the time I want to move away and “retire” (2014), the “deed-in-lieu” incident would have been 7-8 years behind me.
And I would have had the “mattress-cash” for a downpayment when my credit recovered :=}
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