Forum Replies Created
-
AuthorPosts
-
October 14, 2007 at 12:29 PM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88968October 14, 2007 at 12:29 PM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88973
CoronitaParticipantI've been around long enough to know that Fat Lazy Union owns a nice house in Carmel Valley. He bought near the top; but he's open-minded enough to see the real estate market for what it is — overpriced.
patientlywaiting,
You're giving more credit than i deserve. Actually, my house is a POS stucco box… But relative to all other stucco boxes, it's probably about an average POS stucco box. In fact, I can't recall any new developments that aren't stucco boxes.
It was overpriced when i bought it, but at least the interest rate was really low. Right now, I think it's the worst of both worlds. Interests rates are up, particularly jumbos, but home prices haven't come down enough yet. Yes, I'm aware that it's still lower than other points in history. BUT, home prices haven't been this high at any points in history either. 1% difference on a jumbo is significant.
October 14, 2007 at 8:19 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88909CoronitaParticipantHLS, yes I am a Realtor. Are you a renter? You sound like the bitter renters I meet who think homeowners are idiots and get pissed off at your landlord because he has decided to sell and you have to move again.
meow-ouch..Catfight…catfight…
I definitely wouldn't be buying right now. 1) mortgage interest rate is well above the low of 5% days that allowed one to buy a high six digit home, 2)home prices have not fallen enough to offset the rise in a mortgage interest rate. Buying now would be worse than buying in 2004 or 2005 imho, because you get a crappy interest rate and haven't seen a correction large enough to offset that additional interest amount.
Why do some Realtor's always like to throw in…"Renter" card? Wow being a renter is soo bad? The big bad loser renter. There are different reasons to rent and buy at any time. And who really "owns" that home with an outstanding mortgage? Bank? Gessh.. I feel like I just walked into a BMW or Mercedes dealer. IE: arrogant sales pitches stating it's a privilege to drive that POS bangle-butt inspired design BMW or chrysler quality like 1/2 assembled in outside germany mercedes. Worse, I love seeing all the Mercedes and BMW drivers who take out ridiculous 4-5 year leases thinking they "own" a BMW/Mer…That's pretty funny too.
No, I'm not bitter, no I'm not a renter, and no I'm not jealous of people that drive BMW and Mercedes. (Although a bit jealous of those that can afford to drive and maintain things like a 997, M5, R8,).
October 14, 2007 at 8:19 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88916CoronitaParticipantHLS, yes I am a Realtor. Are you a renter? You sound like the bitter renters I meet who think homeowners are idiots and get pissed off at your landlord because he has decided to sell and you have to move again.
meow-ouch..Catfight…catfight…
I definitely wouldn't be buying right now. 1) mortgage interest rate is well above the low of 5% days that allowed one to buy a high six digit home, 2)home prices have not fallen enough to offset the rise in a mortgage interest rate. Buying now would be worse than buying in 2004 or 2005 imho, because you get a crappy interest rate and haven't seen a correction large enough to offset that additional interest amount.
Why do some Realtor's always like to throw in…"Renter" card? Wow being a renter is soo bad? The big bad loser renter. There are different reasons to rent and buy at any time. And who really "owns" that home with an outstanding mortgage? Bank? Gessh.. I feel like I just walked into a BMW or Mercedes dealer. IE: arrogant sales pitches stating it's a privilege to drive that POS bangle-butt inspired design BMW or chrysler quality like 1/2 assembled in outside germany mercedes. Worse, I love seeing all the Mercedes and BMW drivers who take out ridiculous 4-5 year leases thinking they "own" a BMW/Mer…That's pretty funny too.
No, I'm not bitter, no I'm not a renter, and no I'm not jealous of people that drive BMW and Mercedes. (Although a bit jealous of those that can afford to drive and maintain things like a 997, M5, R8,).
CoronitaParticipantI'll be curious to find out what really is behind this unit.
1) It could be seller is trying to sell $599-$669k with original purchase price of $494k.
or
2) $599k short sale, because of a $494k and a $150k second loan.
The former is hardly considered a desperate seller. The latter would be a desperate seller.
If I would bet money on it, I would say it's #1 more likely than #2. Furthermore, I'd bet that the couple would would rather rent at a loss versus take a bath in the sales loss. Hence, the hanging on to dear life expression i said in another thread. I'm not saying it's smart or dumb… You just have to understand the culture.
I'll bookmark this to see which way it entails. even at $600k, this home is still ridiculously overpriced per sqft…Don't know if any of you noticed, but it's around 1600sqft….
CoronitaParticipantI'll be curious to find out what really is behind this unit.
1) It could be seller is trying to sell $599-$669k with original purchase price of $494k.
or
2) $599k short sale, because of a $494k and a $150k second loan.
The former is hardly considered a desperate seller. The latter would be a desperate seller.
If I would bet money on it, I would say it's #1 more likely than #2. Furthermore, I'd bet that the couple would would rather rent at a loss versus take a bath in the sales loss. Hence, the hanging on to dear life expression i said in another thread. I'm not saying it's smart or dumb… You just have to understand the culture.
I'll bookmark this to see which way it entails. even at $600k, this home is still ridiculously overpriced per sqft…Don't know if any of you noticed, but it's around 1600sqft….
CoronitaParticipantbsrsharma,
Actually, lot's of people get a HELOC for emergency purposes.See, when you're currently well employed, well financially, tt's easy to get a loan, including a HELOC. But suppose you have a bad string of luck, out of a job, get into a big health issue and for some reason insurance isn't up to snuff. You're short on cash, you won't be able take a loan out at that point. Some people get HELOC's when they can, "just" in case. Trying to refinance equity out of a home when your unemployed and need money is not too easy.
It' very similar to dating or employment. When you have a significant other or have a job, it's much easier to find something else. When you really need a significant other or a job when you lose your previous one, it's just that much more difficult….
So several people i know have HELOCs with 0 balance. It's just added "just in case". I've been too lazy to get one myself, but one of these days I will. Ok, the real reason is that I froze my credit files, and forgot where I put the unfreeze pins to allow someone to pull a credit report. Oopps.
CoronitaParticipantbsrsharma,
Actually, lot's of people get a HELOC for emergency purposes.See, when you're currently well employed, well financially, tt's easy to get a loan, including a HELOC. But suppose you have a bad string of luck, out of a job, get into a big health issue and for some reason insurance isn't up to snuff. You're short on cash, you won't be able take a loan out at that point. Some people get HELOC's when they can, "just" in case. Trying to refinance equity out of a home when your unemployed and need money is not too easy.
It' very similar to dating or employment. When you have a significant other or have a job, it's much easier to find something else. When you really need a significant other or a job when you lose your previous one, it's just that much more difficult….
So several people i know have HELOCs with 0 balance. It's just added "just in case". I've been too lazy to get one myself, but one of these days I will. Ok, the real reason is that I froze my credit files, and forgot where I put the unfreeze pins to allow someone to pull a credit report. Oopps.
CoronitaParticipantLike I've been telling some of my younger coworkers. If you waited this long, why not wait a slightly longer?You got nothing to lose anyway.
If you stayed home waiting for the prom queen to drop by, wouldn't it suck if you fell asleep the minute she rang the doorbell? 🙂
CoronitaParticipantLike I've been telling some of my younger coworkers. If you waited this long, why not wait a slightly longer?You got nothing to lose anyway.
If you stayed home waiting for the prom queen to drop by, wouldn't it suck if you fell asleep the minute she rang the doorbell? 🙂
CoronitaParticipantSD R,
I'm curious. How did you figure out this would be a short sale. I show these folks are still the original owner, but I have no idea about their refinance history,etc….
CoronitaParticipantSD R,
I'm curious. How did you figure out this would be a short sale. I show these folks are still the original owner, but I have no idea about their refinance history,etc….
CoronitaParticipantThis house is owned by Chinese sellers (from what I can gather by their names). I only mention this because another poster stated that Asians will always hold on to dear life and never let go.
Once the Carmel's back is broken (I know, it should be camel), we'll know that we have entered the real period of adjustment. We're not there yet, but it's coming.
Didn't say "all". I said "most"…I can say though, this couple must be going through something tough, perhaps job transfer or something to swallow cough it up that. Note to self, check out this property.
CoronitaParticipantThis house is owned by Chinese sellers (from what I can gather by their names). I only mention this because another poster stated that Asians will always hold on to dear life and never let go.
Once the Carmel's back is broken (I know, it should be camel), we'll know that we have entered the real period of adjustment. We're not there yet, but it's coming.
Didn't say "all". I said "most"…I can say though, this couple must be going through something tough, perhaps job transfer or something to swallow cough it up that. Note to self, check out this property.
October 13, 2007 at 11:22 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88705CoronitaParticipantfat_lazy, I hate to break it to you but your street is not the sine qua non of life in San Diego.
People may not sell on your block but there will be plenty of deals out there that will make your purchase seem like an albatross.
It would be like paying today's prices for a 10 year old Mercedes. Give it 15 more year and the purchase won't look so bad.
I don't claim it to be. I was just pointing out most newer home owners that entered at a higher price will be more susseptiable to leaving and calling quits. If you have some family that's been living in the same house since 98, well then a 50% drop means nothing for a primary home imho. They're not going to sell to be foreclosed because they could buy something else equivalent. Doesn't make sense. There are exceptions to the rules, as a few families will go through unusual hardships, a few will be mismanaged and are living refinance to refinance. there will be deals a plenty all over the place. But the idea of buying another and letting the current one foreclose would to me only work if it's a new home buyer who paid something like $900k for something that's worth $550k now. Then you have to wonder if they really would qualify with a second home.
Anyway, if it happens, and we see 50% corrections, I'd be happy. More homes for me 🙂
-
AuthorPosts
