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golfproz
ParticipantMy wife’s a PA, trust me there are a lot of stupid doctors out there. One young doc at the hospital where she works is looking for houses because his mom, a realtor, told him there’s never been a better time to buy! WTF, she’s willing to screw her kid to make a sale OR she is a blind as he is to the current market.
SELL the freaking house. It’s not going to be worth any more than it is today for another 10 years. Get it appraised, price it 10% UNDER that and get it sold. If you try to get top dollar you will just chase the market down, all the while making BIG mortgage payments.
ParticipantMy wife’s a PA, trust me there are a lot of stupid doctors out there. One young doc at the hospital where she works is looking for houses because his mom, a realtor, told him there’s never been a better time to buy! WTF, she’s willing to screw her kid to make a sale OR she is a blind as he is to the current market.
SELL the freaking house. It’s not going to be worth any more than it is today for another 10 years. Get it appraised, price it 10% UNDER that and get it sold. If you try to get top dollar you will just chase the market down, all the while making BIG mortgage payments.
Participant500K, that’s nuthin’, I went by a new tract that just opened up in Riverside (Nandinia) and they start in the mid $900’s. There are two tracts with similar homes right next to this one (Bridle Creek and Alicante) that have empty homes sitting for months that they have been unable to sell even after discounting them $200k to around $700k. I just shook my head when I saw the prices. Unfreakingbelievable. The sales lady seemed to think the high end appliances made them worth the extra $200k. Ya, right. There is a REO right behind the models listed for $564k and that’s still too high. (These homes sit on 1 acre lots, that’s whey are a little spendy.)
Participant500K, that’s nuthin’, I went by a new tract that just opened up in Riverside (Nandinia) and they start in the mid $900’s. There are two tracts with similar homes right next to this one (Bridle Creek and Alicante) that have empty homes sitting for months that they have been unable to sell even after discounting them $200k to around $700k. I just shook my head when I saw the prices. Unfreakingbelievable. The sales lady seemed to think the high end appliances made them worth the extra $200k. Ya, right. There is a REO right behind the models listed for $564k and that’s still too high. (These homes sit on 1 acre lots, that’s whey are a little spendy.)
Participant500K, that’s nuthin’, I went by a new tract that just opened up in Riverside (Nandinia) and they start in the mid $900’s. There are two tracts with similar homes right next to this one (Bridle Creek and Alicante) that have empty homes sitting for months that they have been unable to sell even after discounting them $200k to around $700k. I just shook my head when I saw the prices. Unfreakingbelievable. The sales lady seemed to think the high end appliances made them worth the extra $200k. Ya, right. There is a REO right behind the models listed for $564k and that’s still too high. (These homes sit on 1 acre lots, that’s whey are a little spendy.)
October 17, 2007 at 6:06 PM in reply to: Bought for $466k in ’06 – can’t sell for $350k in ’07 #89758ParticipantThere are still new homes from the high $200s, well townhomes. The amazing thing is the Pinnacle Tract that starts in the Mid 600’s and goes to over $700k. I laugh out loud every time I drive past it and think of some poor schmuck paying that for a house in MoVal. MoVal is not a terrible city, in fact of all the way inland cities ( Moval, Perris, Hemet, San Jacinto ect) it’s probably the best but there is no way any home is worth that there.
October 17, 2007 at 6:06 PM in reply to: Bought for $466k in ’06 – can’t sell for $350k in ’07 #89766ParticipantThere are still new homes from the high $200s, well townhomes. The amazing thing is the Pinnacle Tract that starts in the Mid 600’s and goes to over $700k. I laugh out loud every time I drive past it and think of some poor schmuck paying that for a house in MoVal. MoVal is not a terrible city, in fact of all the way inland cities ( Moval, Perris, Hemet, San Jacinto ect) it’s probably the best but there is no way any home is worth that there.
October 17, 2007 at 1:05 PM in reply to: Bought for $466k in ’06 – can’t sell for $350k in ’07 #89649ParticipantYes, the IE is getting a real estate enima. That guy in MoVal has ZERO chance of selling that home. There’s something like 4 years worth of inventory in MoVal. I’ve seen REO’s selling for $325k that are twice the size of that guys house and much newer. Leo Nordine (foreclosure guru) predicts 65% fall in the IE in the LA Times blog today. I’ve already seen some prices very close to 50% off and this thing is just getting started. The IE did not start imploding until earlier this year. To see prices falling that far that fast is a little frightning. Gonna buy me a castle in Riverside next year if this keeps up!
October 17, 2007 at 1:05 PM in reply to: Bought for $466k in ’06 – can’t sell for $350k in ’07 #89657ParticipantYes, the IE is getting a real estate enima. That guy in MoVal has ZERO chance of selling that home. There’s something like 4 years worth of inventory in MoVal. I’ve seen REO’s selling for $325k that are twice the size of that guys house and much newer. Leo Nordine (foreclosure guru) predicts 65% fall in the IE in the LA Times blog today. I’ve already seen some prices very close to 50% off and this thing is just getting started. The IE did not start imploding until earlier this year. To see prices falling that far that fast is a little frightning. Gonna buy me a castle in Riverside next year if this keeps up!
ParticipantOn a $ per sq/ft basis small home are always going to cost more than big homes. The land value and other factors remain the same whether it’s a big house or a small house. I doubt a home that small will hit $100 sq/ft or anywhere near it. Of course he’s still overpriced and has no hope. You can get a much bigger home for that price or a bigger new home for that price.
The other one does look like a new home. Pulte seems to have a few tracts around the IE where they have the same dellusional pricing.
ParticipantOn a $ per sq/ft basis small home are always going to cost more than big homes. The land value and other factors remain the same whether it’s a big house or a small house. I doubt a home that small will hit $100 sq/ft or anywhere near it. Of course he’s still overpriced and has no hope. You can get a much bigger home for that price or a bigger new home for that price.
The other one does look like a new home. Pulte seems to have a few tracts around the IE where they have the same dellusional pricing.
ParticipantI have a puzzle: If the house was a trailer/mobile /manufactured home and the borrower moves away the house, what can the lender do?
Read the whole article. They talk about a guy in the last bust that did that exact thing. He disassembled the entire house right down to the slab and hauled it all away. Now that’s funny $#it, I don’t care who ya are, that’s funny.
Here’s the part…..
Travis remembers in the mid-1980s, he was sent to inspect an Orange County home. He couldn’t find it. He returned a few times with different maps. Upon close examination, he found a large slab on the ground surrounded by trees.
“I talked to the neighbors,” Travis said. “They said, slowly but surely, this guy had dismantled the house and taken it with him.”
They told him the man had carted away the pieces on a truck.
ParticipantI have a puzzle: If the house was a trailer/mobile /manufactured home and the borrower moves away the house, what can the lender do?
Read the whole article. They talk about a guy in the last bust that did that exact thing. He disassembled the entire house right down to the slab and hauled it all away. Now that’s funny $#it, I don’t care who ya are, that’s funny.
Here’s the part…..
Travis remembers in the mid-1980s, he was sent to inspect an Orange County home. He couldn’t find it. He returned a few times with different maps. Upon close examination, he found a large slab on the ground surrounded by trees.
“I talked to the neighbors,” Travis said. “They said, slowly but surely, this guy had dismantled the house and taken it with him.”
They told him the man had carted away the pieces on a truck.
October 11, 2007 at 11:50 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88104ParticipantThat was common practice in the last crash, at least in the IE. I had at least a half dozen people on my street do that in the early 90’s. When the builders started selling new homes at 40%-50% off they all bought new bigger homes that cost way less than the ones they were living in. Then they just let the old ones go back to the bank. There credit was toast for a few years, but really, how much does that matter if you have a home and a few credit cards already. You’re gonna get hit with higher rates if you buy a car but other than that there are few problems.
It’s would not surprise me to see it happen again.
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