Forum Replies Created
-
AuthorPosts
-
(former)FormerSanDiegan
ParticipantCheck out the data provided by a Pigg (esmith, I think). This shows the relative strength of some of the areas (e.g. Carmel Valley, Scripps, 4S Ranch, Carlsbad, Encinitas, Penasquitos/ RB).
Note that more recently RB/PQ may be starting to show steeper declines.
Participant[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
[/quote]Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
Just my opinion.
Participant[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
[/quote]Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
Just my opinion.
Participant[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
[/quote]Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
Just my opinion.
Participant[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
[/quote]Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
Just my opinion.
Participant[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
[/quote]Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
Just my opinion.
Participant[quote=fat_lazy_union_worker][quote=PadreBrian][quote=patientlywaiting]That property tax bill has a $7,000 homeowners exemption.
If this is indeed a rental, and GC does not live on the property, then GC is committing fraud and the County needs to prosecute him.
[/quote]
What is this exemption from? How did he claim this?[/quote]Maybe I’m mis-reading your question. But…If you’re wondering what the homeowner exemption is…
Anyone who is a homeowner that uses that property as a primary home of residence can claim a 7000 exemption from prop tax assessment. Deduct 7000 from the assessed value, and your prop tax is computed from that. [/quote]
This amounts to a grand total of about $75 in savings per year.
Participant[quote=fat_lazy_union_worker][quote=PadreBrian][quote=patientlywaiting]That property tax bill has a $7,000 homeowners exemption.
If this is indeed a rental, and GC does not live on the property, then GC is committing fraud and the County needs to prosecute him.
[/quote]
What is this exemption from? How did he claim this?[/quote]Maybe I’m mis-reading your question. But…If you’re wondering what the homeowner exemption is…
Anyone who is a homeowner that uses that property as a primary home of residence can claim a 7000 exemption from prop tax assessment. Deduct 7000 from the assessed value, and your prop tax is computed from that. [/quote]
This amounts to a grand total of about $75 in savings per year.
Participant[quote=fat_lazy_union_worker][quote=PadreBrian][quote=patientlywaiting]That property tax bill has a $7,000 homeowners exemption.
If this is indeed a rental, and GC does not live on the property, then GC is committing fraud and the County needs to prosecute him.
[/quote]
What is this exemption from? How did he claim this?[/quote]Maybe I’m mis-reading your question. But…If you’re wondering what the homeowner exemption is…
Anyone who is a homeowner that uses that property as a primary home of residence can claim a 7000 exemption from prop tax assessment. Deduct 7000 from the assessed value, and your prop tax is computed from that. [/quote]
This amounts to a grand total of about $75 in savings per year.
Participant[quote=fat_lazy_union_worker][quote=PadreBrian][quote=patientlywaiting]That property tax bill has a $7,000 homeowners exemption.
If this is indeed a rental, and GC does not live on the property, then GC is committing fraud and the County needs to prosecute him.
[/quote]
What is this exemption from? How did he claim this?[/quote]Maybe I’m mis-reading your question. But…If you’re wondering what the homeowner exemption is…
Anyone who is a homeowner that uses that property as a primary home of residence can claim a 7000 exemption from prop tax assessment. Deduct 7000 from the assessed value, and your prop tax is computed from that. [/quote]
This amounts to a grand total of about $75 in savings per year.
Participant[quote=fat_lazy_union_worker][quote=PadreBrian][quote=patientlywaiting]That property tax bill has a $7,000 homeowners exemption.
If this is indeed a rental, and GC does not live on the property, then GC is committing fraud and the County needs to prosecute him.
[/quote]
What is this exemption from? How did he claim this?[/quote]Maybe I’m mis-reading your question. But…If you’re wondering what the homeowner exemption is…
Anyone who is a homeowner that uses that property as a primary home of residence can claim a 7000 exemption from prop tax assessment. Deduct 7000 from the assessed value, and your prop tax is computed from that. [/quote]
This amounts to a grand total of about $75 in savings per year.
Participant[quote=ocrenter]formerSD, sorry, I read your question wrong. you didn’t have to pay. here’s the link:
http://arcc.co.san-diego.ca.us/services/propchar/search.aspx
enter the parcel number and the address should come out.[/quote]
Cool. I guess I donated 4 bucks to the county.
Participant[quote=ocrenter]formerSD, sorry, I read your question wrong. you didn’t have to pay. here’s the link:
http://arcc.co.san-diego.ca.us/services/propchar/search.aspx
enter the parcel number and the address should come out.[/quote]
Cool. I guess I donated 4 bucks to the county.
Participant[quote=ocrenter]formerSD, sorry, I read your question wrong. you didn’t have to pay. here’s the link:
http://arcc.co.san-diego.ca.us/services/propchar/search.aspx
enter the parcel number and the address should come out.[/quote]
Cool. I guess I donated 4 bucks to the county.
-
AuthorPosts
