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May 18, 2012 at 9:45 PM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744112
bearishgurl
Participant[quote=markmax33®][quote=sdrealtor]Inventory stayed very stable. As much coming on as selling. Hopefully we can get some more inventory out here cause its pretty grim these for buyers.[/quote]
Worse than grim in my submarket. I’m watching few subdivisions for move up opportunity – there is simply nothing for sale, at any price. The cash-only condo complex that was an alternative destination for my savings went from ~10 listings to 2 in 6 months. I decided to spend a couple of weeks in EU to quench my spending drive for now. Greece should be fun destination this summer.[/quote]
Good for YOU! Have fun, captcha!!
May 18, 2012 at 12:23 PM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744098Participant[quote=flu]…I feel bad more so for people who are still renting and holding out…Because at least folks that made large down payments and got fixed rate mortgages still went through this with a nice low rate and probably ended up with a lower payment that renting by now…
Some (not all) that have been sitting out for a really really long time really, up to now, really got screwed…[/quote]
flu, I still don’t regret making a large DP and getting an adjustable rate mortgage. My payment has been going down nearly every month for the last few years. (Thank you, COFI!) It is currently just pennies from $1200 (P&I) for a 4/2 (2200 sf) SFR …. certainly cheaper than “rent.”
Your friends that have been sitting out and renting a long time should have bought by now. The “bottom” of the market has come and gone, IMHO. There is a saying that one doesn’t really know when it is the “bottom” of a market until it has already passed.
People who are renting but are qualified to buy and want to buy and have been “looking” for a few years are too picky, are lowballing too low and/or are trying to get a property in an area that is out of their league, IMO.
edit: The link I posted below, in error is (per the terms of BAC’s settlement) a description of the “mortgage forgiveness” portion of their loan modification programs. The “short sale incentive letters” are also part of that same settlement. Here is a link similar to what the OP posted.
http://www.cbsnews.com/8301-505145_162-57434884/bank-of-america-offers-up-to-$30k-for-short-sale/
I’m looking for “the rules” acc to the “horse’s mouth.” Sorry for any confusion.
May 18, 2012 at 11:57 AM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744094Participant[quote=briansd1]…The article said BofA will pay $13,000 to a guy for completing the short sale. He maintained the property and kept it good condition desirable to a resale. He kept the values in the neighborhood up and filled out the disclosure form for the buyer; and he’s doing all the things that BG mentioned. All of that has value more than $13,000. How much do you think BofA would have to pay lawyers and management companies in a foreclosure?…[/quote]
Thanks for bringing up the Transfer Disclosure Statement (TDS), brian. As an “institutional seller” a lender/seller doesn’t, by law, have to provide one of these because they don’t know what the seller/trustor knows about the property and so is exempt from providing it. A filled-out TDS IS worth something to a buyer but I’m not sure whether they would actually pay more for the property in a short sale as they would for an REO (where they wouldn’t get a TDS). If the short sale escrow goes smoothly and the entire process doesn’t inordinately string the buyer along, then obviously the property should sell for nearly market value. It will be interesting to see if these properties in which BAC is “paying” the short “seller” $12K+ for a smooth and successful closing are still selling at rock-bottom bargain-basement prices as they have been of late. My gut says no, unless massive amounts of foreclosures are dumped on a particular market at once. I’ve been reading lately that many metropolitan markets in the country (not just SD) now have RE inventory shortages and some are very pronounced.
Yes, the costs for lenders to “hold” property can be high. As foreclosing benes, they often get properties with 4’+ high weeds, broken windows, sewer lateral clogged, green pools, floors ripped out to (rotted) subfloor, fixtures stolen and they were squatted in w/o utils for months/years, etc. The dump fees alone on some of them have got to be >=$5K, not to mention the basic cleanup/fixup cost of readying them for sale.
May 18, 2012 at 11:23 AM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744087Participant[quote=briansd1]…But overall, I think that the BofA deal is win-win for the bank and homeowners who are underwater. Up to $30,000 is reasonable compared to the cost to foreclose, manage, maintain and resell the properties.[/quote]
They’re not even paying anywhere NEAR $30K for garden-variety conforming mortgages. The maximum of $30K would probably kick in on a non-performing “super-conforming” or jumbo product. I see most “eligible” borrowers in SD likely getting letters offering them $12K to $20K (+ $3K “walking money”).
For those that “cashed out,” ESP repeatedly, I see the foreclosure in process being expedited or foreclosure looming in the near horizon.
May 18, 2012 at 11:15 AM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744085ParticipantMy understanding from this program is that the borrower needed to be in default by 1/31/12. This provision is to prevent BAC borrowers from now deciding to strategically default in order to qualify for the cash payout upon a successful SS. The borrower has to follow their SS agreement to the letter. This likely means, deliver the property VACANT and broom-swept CLEAN. Do NOT STRIP fixtures appurtenant to the property or that you specifically agreed to convey to the buyers. GO TO THE DUMP to rid the property of your debris/junk before buyer’s final walk-thru. Remove your pets, any progeny they had and all their waste from the property. Remove your non-running vehicles, boats/trailers and non-running appliances from the property and the street. Evict or otherwise remove your “tenants” and all their junk before buyer’s final walk-thru and replace anything they took off with. Do not do anything to jeopardize the timely closing of your SS (incl filing for BK). If you are divorcing, get your spouse’s timely signature on ALL DOCS when asked by your escrow officer to do so. In short, do NOT spring any last-minute surprises on the buyer.
The reason I stated the above is because this is what BAC required of its “Deed-in-Lieu Plus” participants in 2008/09, two of which I assisted. They even sent local RE brokers to check the condition of the property and pick up the keys (IF in satisfactory condition) BEFORE accepting the Deed-in-Lieu from the borrower and giving them their $3K “walking-money” check.
This all seems like a “no-brainer” to responsible Piggs but is NOT the norm for the majority of “short” sellers. Most of them “accept” the SS offer and then try to scam their way out, taking what they think they can get away with and leaving truckloads of debris in the house and lot for the buyer to work to clear out and pay to dump. Following the SS contract seems to be a tall order for a lot of short “sellers.”
Also, it is unspoken in BAC’s “program rules” but I believe these letters are only being sent to bubble-era purchasers whose I/O or Option ARM mortgages were recasted or persons who refied since their “bubble-era” purchase for lower payments only (no cash) and then came upon a hardship and had to default (unemployment, death of spouse, divorce, etc). I seriously doubt BAC is sending these letters to those who “cashed-out” or have any junior liens at all, unless THEY are the servicer/note-holder and it was also purchase money. (It was common for Countrywide to loan for an 80/20 purchase with an 80% 1st TD and a 20% 2nd TD during the “bubble era.”)
If any Pigg hears of borrowers with Countrywide PM seconds which were sold to investors getting these letters, I’d be interested to know this.
One last caveat is that BAC must be both the note holder AND servicer of the mortgage. Letters were NOT sent to those borrowers where BAC sold their note(s) to FF. Most of these letters were likely sent to qualified Countrywide subprime borrowers (“inherited” by BAC).
http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1692738&highlight
Participantocrenter, that is a beautiful home for $799K in the link you provided (92084 zip). Being all one story (exc for “game room”) and very quiet, I think it would also make a great retirement home! Can’t find it on SDL so must be JTR’s exclusive listing?? Can’t determine if it lies within a CFD but am assuming it’s a custom or spec home. Perhaps it is in escrow or already sold.
Thanks for sharing.
Participant[quote=markmax33®]You don’t need to get on freeway to move around the area, but some communities (like the small gated community next to Trails mentioned by ocrenter) are 1/2 mile from 14 lanes of I15.
Another thing not mentioned that some find relevant – newer communities tend to be more racially diverse with significant number of recent immigrants. One of the reasons we like 4S. On the other hand a friend of mine decided not to buy in 4S and went to trails instead.
BG linked to a house in nice community (Rancho Arbolitos). Their swim&tennis club is nice and you can walk to stores and a couple of community parks. The schools might not be the best in the school district, some people send their kids to St. Michael’s a couple of miles away.
And what ocrenter says 🙂
Ivy Gate is nice and Romney’s would be your neighbors, but there is nothing available right now.[/quote]
Just saw this, captcha (inside joke) and thanks for pointing that out about some of the communities being too close to a 12-14 lane fwy (I-15). moscin, you have to go stand on the streets and experience for yourself the noise level. If they are higher than the fwy, you will likely hear the whir and echo of tires night and day, even inside the house in some instances and certainly with a window open. The higher the street, the worse it is. This is even true nine blocks to one mile from a wide fwy if the street is high enough and the wind is blowing a particular direction.
And thanks for pointing out the amenities and convenience factor in living in Palisades Poway!
Participant[quote=ocrenter]Got it. Yup, you guys will have no problems in Poway.
There’s a huge selection of 3000-5000 sqft homes with decent sized lots throughout Poway at that price point. Most probably around 20 years old. If you guys would like a pool and enjoy 6 month of swimming season, Poway is the place for you. May not have as many young families since the housing stock is older.
Samething with the Trails, except you are looking at even older homes on hilly lots. A lot of them were destroyed during the last fire, therefore there may be some newer customs there for sale. A lot of older physicians that work in Escondido own there.
There is a small gated community adjacent to the Trails, much newer, maybe circa 2003? The homes are 4000-5000, should have some young families.
You re not going to like most of 4S or Del Sur. too small with small lots. But maybe consider Ivy Gates in south 4S. These are larger homes around 5000 sqft, built during the peak, complete with large 1/2 acre lots. Definitely will have plenty of young families.
Just west of 4S is three gated communities known as Santa Fe Valley. These are also estate sized, large 1/2 acre lots, built circa 2000, so vegetations are mature as well. Most of these resales will likely have pools as well. There is also a new development in this area, Mission Ranch within your price range on average of 1/2 acre lots. Both of these will have plenty of young families.
Santaluz and Crosby lots are actually not as big, the true estates on 1 acre lots are going to be over your price range.
Stonebridge is Scripps Ranch zip but goes to Poway schools. New homes are still being built by Toll Bros and Standard Pacific, within your price range. There are also a good number of distressed homes. Most homes are on 1/3 to 1/2 acre lots. there are plenty of young families.[/quote]
Excellent suggestions, ocrenter. I suspected the (RB) Trails was full of boomers and beyond but did not have the time to do the research on it.
moscin, you might reconsider the Palisades Poway (the Trulia link I posted earlier in the day). The lots there are 1/3 to about 1.2 AC and they are now about 24 years old with no Mello Roos. I have been in two of the models (both one story) and all the rooms are VERY spacious. Backyards are pool-size and many have pools. The trees there are mature (more like what you would be used to on the east coast). Unfortunately, listings in that subdivision are rare and trickle out one by one. At times there are NO active listings in the development. But best of all, this area is in your price range and VERY conveniently located, well-established and close to all in Poway and the I-15 corridor.
Whatever you decide, best of luck on you and your family’s relocation to SD!
Participant[quote=The-Shoveler]OK to each their own.
You could probably find something close to that in TV or east county (maybe valley center) for around the same amount.
Me I would still choose that over Phoenix[/quote]I agree, Shoveler. If in SD County, it just likely wouldn’t be as *new.*
Hey, didn’t you used to be Nor_LA_SD_Guy and/or his twin, Nor_LA_SD_Guy2?
Participant[quote=sdduuuude]I spent the first 21 years of my life in Tucson. I’m 1/2 lizard and visit Phoenix regularly. Would rather have a house like this on a 13,000 sq. ft. lot for $325K in Awatukee than anything for $325K in Poway.
I have also lived in Poway for a year.
http://www.zillow.com/homedetails/2106-E-Taxidea-Way-Phoenix-AZ-85048/8160340_zpid/
[/quote]WOW, sdduuuude! There are actually GREEN lawns and trees around there … and several one-story models! I’ve driven thru there on I-10/I-17 several times but never really got very far off the fwy. These houses are MUCH bigger than a typical SD house, ESP in the $300-$400K range!
How much is a typical SFR water bill in Phoenix from April to October….for those with landscaping to water? Just wondering …. I have no plans to retire there but can kind of see why lots of people do.
ParticipantGlad to see CE can finally use spell check. All I can now say to him, based upon a multitude of his posts is, “Paranoia will destroy ya.” ;=]
Participant[quote=flu]…There’s always next month…[/quote]
flu, look at your papers again. You probably have at least a 3-month moratorium from refinancing :=0
May 17, 2012 at 11:27 AM in reply to: OT: If it sucks to be at a UC or CSU school now…Wait a few more months #743972Participant[quote=desmond]…College is very stressful now for parents with the high costs, you worry your kid will flunk a course and then have to go another semester and all sorts of crap runs through your mind. The schools never take into consideration what you are paying and really don’t care. Get that residency and just do the best that you can without going BK or crazy![/quote]
Completely agree, desmond. I think CSU actually PREFERS the student take 1-2 classes at a time and/or has to repeat a class (for whatever reason) so they will have to attend their campuses for 10 years or so to graduate because it is SO MUCH MORE $$ for them! Meanwhile, in trying to get all the classes for their major, the student is stuck living near campus for years and working jobs AROUND their class schedule. They can’t progress in life by getting FT work with benefits, like an on-time graduate can.
It should be the other way around, as it was in the past. That is, the student took classes AROUND their work schedule. Beginning the junior year, this is not doable anymore at CSU as the classes needed to satisfy major programs of study are only given sporadically (and not even every semester) and the student has to take them whenever they are offered, (even traveling to another campus, if necessary) to get these necessary credits.
I won’t go BK and my kid will NOT take out student loans. We have some benefits available (currently abt $4K per semester) and will just pay the difference, get done ASAP and move on.
Congratulations on both your kids’ successful graduation from college!
ParticipantEven at this late date, sdr STILL appears to be “clueless” as to what I do and don’t “have a clue” about.
Hey …. I thought he was supposed to be “ignoring” me …. :=D
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