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bearishgurl
ParticipantCouple of questions here, tugg.
How much will your HOA dues be?
Is the proposed property encumbered by Mello-Roos bonds?
You now state Monterey/Salinas area (not Monterey proper). Is the property actually in Salinas proper?
Do you actually NEED 3300 sf?
What’s stopping you from making an offer on an (older) “well-located” Monterey property without regard to size, age or condition? Don’t you think a property such as this might hold its value better than an HOA/poss MR encumbered property outside? Monterey?
Based upon this new thread, I see this seller squatting until her REO lender evicts her after trustee’s sale. Let THEM pay her “walking money” if they so choose, AFTER she purposely killed a bonafide short-sale buyer for the purpose of squatting longer! Based upon your previous thread, I DON’T SEE her vacating after she gets “walking $$” from you. What I DO SEE is YOU being manipulated into closing and THEN having to evict her yourself (yes, EVEN AFTER YOU PAY HER “walking $”).
This seller appears to have no intention on leaving until she is evicted.
tugg, if you MUST hang onto this deal, then DO NOT CLOSE UNDER ANY CIRCUMSTANCES until the seller has vacated the premises and left its condition to your satisfaction. NEVER pay her a dime in advance of those things happening in that order!! I don’t really even like the first months rent and deposit idea but if you had to do it, I would limit it to $3000. THAT’s ALL AN REO LENDER WOULD PAY HER before summarily having her evicted and setting her belongings on the sidewalk.
It is most disgusting to me that the “seller” is a “professional” and currently gainfully employed.
Do not worry about the VA rate being 3.75% or 4%. This is irrelevant to finding a suitable, straightforward deal.
Participant[quote=HiggyBaby][quote=bearishgurl]Congrats on your new (old) purchase, HiggyBaby! As time goes on, I know you will be able to make it just like you want!
And, 20 yo ovens work fine… until they don’t. Many ovens of the “early 90’s era” have “LED readout panels.” Most have undoubtedly “gone bad” by now (flickering portions of numbers and letters[/quote]
Funny, as I was just responding, our little one slapped the keyboard and it was gone. So, staring over…
Yeah, the LED display is out for one of the ovens (2 stacked). I plan to fix it myself if I can find replacement parts. Had an appliance guy from the manufacturer come out and turns out, they don’t stock parts for 20 YO appliances. But, I’m hopefull I can dig one up somewhere.
FLU – we expect you to be with us for a long time to come!![/quote]
HiggyBaby, since you have a (27″?) dbl oven, it will cost a bit more to replace than one 30.” You are fortunate in that you can fix it yourself if you can cobble together the parts. Try Appliance Parts Center, HQ in Nat’l City for many years. They have EVERYTHING … even after-market parts to get older appls up and running again. Local LL’s swear by them!
see: http://www.appliancepartscenter.com/
And flu, yes, it is not yet time for you to “throw in the towel.” Regardless of how things might currently seem, I believe you’ve got many years yet left in you before it will be time to “call it a day.” Stay the course, as you are, and you will soon begin to see what I mean :=)
November 24, 2011 at 12:13 PM in reply to: thankful for piggs contributions and…my first property #733397ParticipantThree or four-car CafeMoto? Or large metal outbuilding/workshop? How big is your lot? Mind sharing the zip??
Congratulations and Happy TK!
ParticipantCongrats on your new (old) purchase, HiggyBaby! As time goes on, I know you will be able to make it just like you want!
And, 20 yo ovens work fine… until they don’t. Many ovens of the “early 90’s era” have “LED readout panels.” Most have undoubtedly “gone bad” by now (flickering portions of numbers and letters), causing their owners to have to use portable thermometers inside the oven. This fix works … for about 3 years. Eventually, they will only cook at 500 degrees, burning everything! Then it’s time to replace them. (The panel replacement costs abt $350 – more than the oven is worth). 95% of the *newer* 27″ (dbl) and 30″ (single) wall ovens are now “convection” and are built with a large fan in the back, making the installation trickier and not suitable for all applications.
As you may surmise, I myself have traveled this road – more than once… :=0
If your oven is a 30″ single, it can now be replaced with a convection wall oven at =<50% of retail price, costing $1000 - $1200, if purchased out-of-box (as clearance or display sample). The best times to shop for these are New Years Eve (Sears Sherman St Outlet - look for newspaper coupon) and Dec-Jan (Lowes display removals). Other retail outlets may also be clearing this year's models out at this time.
I'm thankful today for my health, my home and my family. Happy Thanksgiving to all Piggs and "happy cooking" or safe traveling if that's what you're doing!
November 23, 2011 at 11:03 PM in reply to: Health Care: What do you think about Walmart’s(etc) smokers and fat tax for workers #733388Participant[quote=sd_matt][quote=briansd1]Treehugger, I understand your frustration.
I think our society coddles the majority. When the majority of people are fat-asses we all pay for their irresponsible behavior. Same thing goes in the real estate businesses.
I believe social attitude must change. As a society, we look down upon those are not educationally or financially responsible. There should be similar stigma against unhealthy behavior.[/quote]
I often disagree with you. Not today. I too do not want to pay for the consequences of other people’s irresponsible behavior.[/quote]brian, I agree as well, and will take it one step further in that I consider good management of one’s own health (within the parameters of non-inheritable disease) a matter of personal responsibility. By the time one is moving thru their sixth decade, nearly all the previous decisions they and/or their peers made in the past (wrt their future health) have come home to roost. A person who is in good health (for the most part due to their prudent decisions they made through the years wrt to their everyday existence) should NOT be penalized for the transgressions of others in their “age group.” However, the way individual-plan pricing is set up is “usage by age group.”
Individual premium-pricing is actually based upon two factors:
1. state of health at time of application … as evidenced by medical record, physical examination and answers on application, and…
2. avg $ amt of health care usage by other policyholders in the same age group;
I think “2.” should be done away with. It isn’t fair to the fit and well to lump them in with the current and/or former drug user, tobacco user, junk food junkie and/or “non exerciser” for healthcare pricing purposes.
Participant[quote=flu][quote=bearishgurl][quote=svelte]i just use external usb drives. i have four for a total of 4 TB hooked up to my computer. i have another 4 TB for backups that i do monthly before i disconnect and move offsite. the beauty of this is that i simply move the usb to another computer (my laptop, wife’s computer, etc) when i need to, or when a computer goes belly up. i don’t store any files on the computers themselves…[/quote]
I feel the same way, svelte. I’ve had computer crashes before where I had saved what I was working on (for convenience until I finished it) in the HD and lost it (even if the rest of the case was in a separate HD).
In the past few years, NOTHING has been saved to my HD, EVER …
Even the cache and cookies, etc, are constantly cleared out.
Windows OS’s are so fickle. My experience has been that they could crash unexpectedly at any time (not so with MAC OS). Therefore, my personal (and professional) files will NEVER be mixed in with Windows OS and its programs … ever.[/quote]
Well, your first problem is that you use Windows….
I never use windows for anything important[/quote]
Completely agree, flu. I have to send docs to law offices who use WIN OS’s and the docs I send must be completely compatible with them (no glitches in opening/modifying/resaving, etc). I know the Macs in the 90’s had a “superdrive” that was compatible with WIN OS at the time. If I could find a way to purchase a (used) Mac with these reliable capabilities, the current specialized SW I use would work on a Mac and I could cobble together the $$ to buy one, I would do so in a heartbeat.
Windows sucks.
Participant[quote=svelte]i just use external usb drives. i have four for a total of 4 TB hooked up to my computer. i have another 4 TB for backups that i do monthly before i disconnect and move offsite. the beauty of this is that i simply move the usb to another computer (my laptop, wife’s computer, etc) when i need to, or when a computer goes belly up. i don’t store any files on the computers themselves…[/quote]
I feel the same way, svelte. I’ve had computer crashes before where I had saved what I was working on (for convenience until I finished it) in the HD and lost it (even if the rest of the case was in a separate HD).
In the past few years, NOTHING has been saved to my HD, EVER …
Even the cache and cookies, etc, are constantly cleared out.
Windows OS’s are so fickle. My experience has been that they could crash unexpectedly at any time (not so with MAC OS). Therefore, my personal (and professional) files will NEVER be mixed in with Windows OS and its programs … ever.
ParticipantWhen I travel, I lock up my external 500G e-SATA drive or take it with me. My desktop has programs only in its HD (“C” drive). Once you log in as a “guest,” there is nothing to “see” here so move on.
I have a major issue w/privacy, because I work on legal cases prior to trial. And I MUST have “house-sitters” because I have pets.
If I need photo files to show for leisure on a trip, I have 4 “thumb drives” (up to 4G) which I can take with me.
I have never used online backup systems.
edit: Oh, and my laptop has “programs only” in it. It will be boring to anyone who successfully “steals” it.
Participant[quote=Jacarandoso]Now,BG, I hope this guy didn’t get his hopes up for nothing! He was on fire about how BK was going to cramdown his debt on his house via “lien stripping”. I googled it, there are lawyers advertising that they can do it.[/quote]
Is the “law” sufficiently evolved such that this is possible now?? Lol, I must be asleep at the switch!!!!
I CAN tell you that persons who borrow on cc’s (unsecured) CANNOT discharge their cc debts in Chapter 7 unless it has been a full year since they used the card(s) in question!
Assuming arguendo that jr lienholders on real property can now be rendered “unsecured” (how can they do that??), the above (pesky) provision in the BK code kind of negates a debtor’s plan to take out a 2nd TD and not make payments (with the intent of future “cramdown” in a BK filing).
As we all know, it only takes 110-120 days to timely foreclose a TD in CA.
The “enterprising” debtor is going to run out of time if his lender is on the ball, dontcha think? Many of these “private” 2nd TD holders wouldn’t waste time in foreclosing (if there was any money in there at all for them)…
Wonder how much “up front” money these shysters want to begin a BK filing for their (douchebag) ad-answerers?
Is “debt-planning” a new “legal specialty” now (similar to “estate planning”)?
Am I missing something here?? SK, pablo, fat erik please chime in. Lolol….
November 20, 2011 at 12:40 PM in reply to: I am shocked. Shocked! Conforming limits going back up. #733280Participant[quote=flu]Ok..I’ll be the one to ask this question which I’m sure some others are thinking…. How the heck do we (as an individual) benefit from this…(strictly in terms of a financial/investment perspective)? Anyone offer some ideas on how to get some $$$$ from this? Please educate some of us dumber people (inclusive)….
Is the idea to basically wait an let a lot of people take out these loans, and possibly assume them if the later turn out to become distressed??
Inquiring minds want to know.[/quote]
flu, lets presume an original maximum 97.5% FHA mtg at $729,750 in 2012 is offered as an assumption to you in 2015 (after being paid down for three years). Would you REALLY WANT a 95-103% mtg (depending on RE values at that time) which has over $400 mo in MIP built into it NOT paying down any principal?? Do you honestly believe the FHA lender will let you out of the monthly MIP payment (esp if an appraisal is not even required at that time). By not getting an appraisal upon purchase, the buyer is essentially accepting that the property was “worth” at least the loan balance, no? An appraisal is for the buyer’s protection.
Even if rates go up (and values stagnate or go down), as a buyer it is better to have an appraisal and borrow less than it is to be underwater on a 4% “assumed” mortgage, IMHO.
You can refi the “rate” later when it goes down again … as it eventually will. You can’t change the amount you borrowed.
Participant[quote=Jacarandoso]]…People file chapter 13 and get a second that is not backed up by any equity wiped out on the basis that is is technically and unsecured loan do to no collateral?..[/quote]
Rus, a note secured by a 2nd or succeeding TD is technically backed up by “collateral,” even if there is no value there to support it.
Chapter 13 filers file under this program specifically to go on a monthly “repayment plan” overseen by a third party for ALL their debts (secured or unsecured). I believe that non-adherence to their repayment plan will get their Chapter 13 dismissed, in short order. When Chapter 13 filers are threatened with dismissal and they still want BK “protection,” they have no choice but to file under Chapter 7.
ParticipantWhether or not the debtor is already behind in the payments to their 2nd TD before filing a “Chapter 13,” they must have their 2nd TD holder in their “repayment plan” if they are not currently giving up the property in foreclosure. I’m not a BK specialist so not sure if Chapter 13 debtors can “reaffirm” any debt (debt secured by real property incl) in a Chapter 13 filing. In Ch 13, I believe NO debt is discharged and just the terms of the debts modified (if the lender agrees). I DO know a debtor can (and may later be forced to if they cannot adhere to their “payment plan”) turn their Chapter 13 filing into a Chapter 7 (we used to refer to these debtors as “Chapter 20’s,” lol).
A “Chapter 13” filing, in and of itself (or even a Chapter 7 filing) is NOT going to protect ANY debtor from foreclosure in the long term. This oft-used tactic is basically just a blip on the radar screen, designed to buy the debtor more time to “squat.”
It is up to the affected beneficiaries to exercise their timely right to non-judicial foreclosure in CA and follow through with it, if the trustor is not making their payments. If there is any $$ from a trustee’s sale that is left over after the foreclosing (sr) lienholder is paid, the jr lienholder (if applic) receives the balance (if their representative is on the steps at the time of sale, bids the opening bid amt and there are no other bidders). If a jr lienholder forecloses because the sr lienholder is being paid timely and they aren’t, they are free to foreclose and take the property back on the steps, taking the sr lienholder debt “subject to” after the “sale” date. This has been the process throughout history (Chapter 7 or 13 filing be damned). There are ways around BK and the institutional lenders have long ago figured all this out and have attorney(s) at the ready.
The only reason to effectively “lien strip” as Rus is referring to here, would be to buy more time to “squat” (1-4 mos if the affected lender is on the ball). Obviously, victims of “successful lien-stripping” should have never loaned the $$ in the first place if there was not enough collateral present to protect them :=0
A “home-debtor” who plans in advance to go thru all this just to squat and live off the proceeds of their 2nd TD will most certainly fvck up their credit beyond recognition for at least 10 years, IMO. I’ve seen this before and all I have to say now is, “more power to them!”
Lol …
November 19, 2011 at 11:57 AM in reply to: I am shocked. Shocked! Conforming limits going back up. #733262Participant[quote=urbanrealtor]This sums up my thoughts on this conversation.
http://www.garfunkelandoates.com/music/clips/18/this-party-took-a-turn-for-the-douche-official/
Not really but I just like linking to that video.[/quote]
Lol, UR, how did all my kids’ FB “friends” end up in there??
November 19, 2011 at 9:22 AM in reply to: I am shocked. Shocked! Conforming limits going back up. #733259Participant[quote=sdrealtor]For the record I dont think BG is dumb. To the contrary she’s pretty bright and never bought into the bubble. She’s just more than a bit loony…[/quote]
For the Piggs Saturday morning viewing pleasure, I present:
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