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Ex-SD
ParticipantThe lenders know that all properties in San Diego are severely overpriced and they want to stay away from the high-end until they are convinced that they’ve dropped near the bottom. I would bet that the Doctor is going to have to pony up close to a 40% down payment and still pay a high interest rate before he finds a lender because nobody knows just how far the housing market will drop.
ParticipantJust keep waiting. Homes like this in this area will eventually sell for $375k – $420k. That’s all they’re really worth.
ParticipantJust keep waiting. Homes like this in this area will eventually sell for $375k – $420k. That’s all they’re really worth.
ParticipantJust keep waiting. Homes like this in this area will eventually sell for $375k – $420k. That’s all they’re really worth.
ParticipantSince Countrywide has 10,796 homes for sale on their website (today) and 2361 are in CA………..and since they are in serious need of cash………………..you can bet that they’re gathering up the firewood to start the fire sale any day now. They’re going to have to really chop those prices if they want to move those homes. Many more foreclosures are coming over the next year back to Countrywide and other lenders and all of them will want to get them off their books because they’re sure not generating anything but more lost $$$ when they’re just sitting there empty.
So, my point is….although some areas have already fallen 20% and others have not shown much or any drop as of yet………….no zip code will be immune from the fallout when these foreclosures really start hitting the market at serious price reductions………….that’s when the term, “falling prices” will have some real meaning in the housing market.
ParticipantSince Countrywide has 10,796 homes for sale on their website (today) and 2361 are in CA………..and since they are in serious need of cash………………..you can bet that they’re gathering up the firewood to start the fire sale any day now. They’re going to have to really chop those prices if they want to move those homes. Many more foreclosures are coming over the next year back to Countrywide and other lenders and all of them will want to get them off their books because they’re sure not generating anything but more lost $$$ when they’re just sitting there empty.
So, my point is….although some areas have already fallen 20% and others have not shown much or any drop as of yet………….no zip code will be immune from the fallout when these foreclosures really start hitting the market at serious price reductions………….that’s when the term, “falling prices” will have some real meaning in the housing market.
ParticipantSince Countrywide has 10,796 homes for sale on their website (today) and 2361 are in CA………..and since they are in serious need of cash………………..you can bet that they’re gathering up the firewood to start the fire sale any day now. They’re going to have to really chop those prices if they want to move those homes. Many more foreclosures are coming over the next year back to Countrywide and other lenders and all of them will want to get them off their books because they’re sure not generating anything but more lost $$$ when they’re just sitting there empty.
So, my point is….although some areas have already fallen 20% and others have not shown much or any drop as of yet………….no zip code will be immune from the fallout when these foreclosures really start hitting the market at serious price reductions………….that’s when the term, “falling prices” will have some real meaning in the housing market.
ParticipantEven with it’s close location to the beach, it’s an odd property and in the real world, it’s really not worth more than $550k. I’m not saying that some sucker wouldn’t pay $900k in todays market and think that he stole it but it’s really not worth more than $550k with the buyer living in the larger unit and using the other unit as a rental. That’s all I would pay for it.
ParticipantEven with it’s close location to the beach, it’s an odd property and in the real world, it’s really not worth more than $550k. I’m not saying that some sucker wouldn’t pay $900k in todays market and think that he stole it but it’s really not worth more than $550k with the buyer living in the larger unit and using the other unit as a rental. That’s all I would pay for it.
ParticipantEven with it’s close location to the beach, it’s an odd property and in the real world, it’s really not worth more than $550k. I’m not saying that some sucker wouldn’t pay $900k in todays market and think that he stole it but it’s really not worth more than $550k with the buyer living in the larger unit and using the other unit as a rental. That’s all I would pay for it.
ParticipantThe owner is going to own that property for a long, long time (unless they walk away from it). No investor will pay anywhere near that price for that property because they would be upside down.
ParticipantThe owner is going to own that property for a long, long time (unless they walk away from it). No investor will pay anywhere near that price for that property because they would be upside down.
ParticipantThe owner is going to own that property for a long, long time (unless they walk away from it). No investor will pay anywhere near that price for that property because they would be upside down.
ParticipantFirst, I would call the landlord and ask him what he’s doing with the rent money that you’re paying him. Then I would contact the lender and tell them about the conversation with the landlord and ask them what you should do?
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