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(former)FormerSanDiegan
ParticipantDuck is correct. There will be an influx of dollars from insurance companies that was formerly going to buy bonds and other securities. In the short run this includes funds for temporary housing, as well as goods lost in the fires. Later on this will be funds for construction. This will be far greater than the temporary interruptions to businesses that are occuring this week.
So, although you are correct that it is a net loss globally, it’s a net plus for the region.
(former)FormerSanDiegan
ParticipantIn addition to short sale and foreclosure, you also might be able to do a deed-in-lieu of foreclosure to avoid taking a hit to your credit. This requires your lender to agree that the value of your home covers the balance (wink-wink).
If you can get the lender to agree to that, it’s the best option.(former)FormerSanDiegan
ParticipantIn addition to short sale and foreclosure, you also might be able to do a deed-in-lieu of foreclosure to avoid taking a hit to your credit. This requires your lender to agree that the value of your home covers the balance (wink-wink).
If you can get the lender to agree to that, it’s the best option.(former)FormerSanDiegan
ParticipantIn addition to short sale and foreclosure, you also might be able to do a deed-in-lieu of foreclosure to avoid taking a hit to your credit. This requires your lender to agree that the value of your home covers the balance (wink-wink).
If you can get the lender to agree to that, it’s the best option.(former)FormerSanDiegan
ParticipantYea those crappy undesirable areas in SD like Rancho Santa Fe, Fairbanks Ranch, and Olivenhain will probably drop like rocks in value – (insert sarcastic roll of the eyes here).
I never stated or implied that these were crappy and undesirable. However, I am not yet in the market for properties over $2 Mil in these elite areas. So communities like RSF are pretty irrelevant for me and my very biased south of the merge/ north of the 8, less than $1 Mil point of view.
(former)FormerSanDiegan
ParticipantYea those crappy undesirable areas in SD like Rancho Santa Fe, Fairbanks Ranch, and Olivenhain will probably drop like rocks in value – (insert sarcastic roll of the eyes here).
I never stated or implied that these were crappy and undesirable. However, I am not yet in the market for properties over $2 Mil in these elite areas. So communities like RSF are pretty irrelevant for me and my very biased south of the merge/ north of the 8, less than $1 Mil point of view.
(former)FormerSanDiegan
ParticipantYea those crappy undesirable areas in SD like Rancho Santa Fe, Fairbanks Ranch, and Olivenhain will probably drop like rocks in value – (insert sarcastic roll of the eyes here).
I never stated or implied that these were crappy and undesirable. However, I am not yet in the market for properties over $2 Mil in these elite areas. So communities like RSF are pretty irrelevant for me and my very biased south of the merge/ north of the 8, less than $1 Mil point of view.
(former)FormerSanDiegan
ParticipantThe fires have not changed my mind/strategy. I’ve never considered most of the areas that were severely impacted. My favorite parts of town are in Central San Diego and Central-coastal SD. Unfortunately, the fires just underscore another reason these areas are more desirable in the first place.
One more note: With the mortgage shake-out the past several months and now the fires, I would not be surprised if the lows in home sales (numbers sold, not price) for the current cycle in San Diego will be reached between August and December 2007.
(former)FormerSanDiegan
ParticipantThe fires have not changed my mind/strategy. I’ve never considered most of the areas that were severely impacted. My favorite parts of town are in Central San Diego and Central-coastal SD. Unfortunately, the fires just underscore another reason these areas are more desirable in the first place.
One more note: With the mortgage shake-out the past several months and now the fires, I would not be surprised if the lows in home sales (numbers sold, not price) for the current cycle in San Diego will be reached between August and December 2007.
(former)FormerSanDiegan
ParticipantThe fires have not changed my mind/strategy. I’ve never considered most of the areas that were severely impacted. My favorite parts of town are in Central San Diego and Central-coastal SD. Unfortunately, the fires just underscore another reason these areas are more desirable in the first place.
One more note: With the mortgage shake-out the past several months and now the fires, I would not be surprised if the lows in home sales (numbers sold, not price) for the current cycle in San Diego will be reached between August and December 2007.
(former)FormerSanDiegan
ParticipantYou need to speak to a lawyer. What exactly is a “loss mitigaiton specialist” ? Sounds like a term for an unlicensed entrepreneur who is trying to make a buck off your situation.
Run, don;t walk to a a real estate attorney. A realtor is not likely to be of much help, other than giving you an opinion on current price.
Nope, see a real estate lawyer.
Also to educate yourself look up the following concepts:Deed-in-lieu of foreclosure
Short Sale
1099 Debt forgivenessIs your current mortgage acquisition debt or did you do a cash out refi or have a second ?
(former)FormerSanDiegan
ParticipantYou need to speak to a lawyer. What exactly is a “loss mitigaiton specialist” ? Sounds like a term for an unlicensed entrepreneur who is trying to make a buck off your situation.
Run, don;t walk to a a real estate attorney. A realtor is not likely to be of much help, other than giving you an opinion on current price.
Nope, see a real estate lawyer.
Also to educate yourself look up the following concepts:Deed-in-lieu of foreclosure
Short Sale
1099 Debt forgivenessIs your current mortgage acquisition debt or did you do a cash out refi or have a second ?
(former)FormerSanDiegan
ParticipantYou need to speak to a lawyer. What exactly is a “loss mitigaiton specialist” ? Sounds like a term for an unlicensed entrepreneur who is trying to make a buck off your situation.
Run, don;t walk to a a real estate attorney. A realtor is not likely to be of much help, other than giving you an opinion on current price.
Nope, see a real estate lawyer.
Also to educate yourself look up the following concepts:Deed-in-lieu of foreclosure
Short Sale
1099 Debt forgivenessIs your current mortgage acquisition debt or did you do a cash out refi or have a second ?
(former)FormerSanDiegan
ParticipantRich – Thanks for providing a dose of sanity. Any homeowner with insurance knows (or should know) whether their insured value is cash value or replacement cost. They also should know the dollar value of the strcuture(s) covered and the cost to replace them. They also know that in San Diego, often the cost of a property is primarily the land, with the structure often being less than 50% of the property value.
There seem to be a rash of ignorant posters who do not understand this. An FB who paid 700K or so might get less than 300K to replace their property. In the best case scenario, a homeowner has a replacement cost policy AND paid for enough coverage such that the replacement cost is no more than 150% of the value of their policy coverage. (Replacement value insurance typically covers up to 150% of the policy coverage).
It is highly unlikely that in the current market a charred empty lot would command the kind of prices paid for the improved lot with a structure on it.Even in good economic times for housing, many in Scripps Ranch had to cough up significant funds to make themselves whole again after 2003.
A house burning down is not going to help an FB in San Diego.
However, it remains to be seen what the longer term effects of the follwing factors might be: lost housing stock, increased insurance costs, added construction jobs, and psychological effects on buyers.
Finally, my deepest sympathies go to those who have been displaced, lost their homes, apartments, and memories.
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