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housingfreefall
ParticipantRENT find an owner attempting to sell, call the agent and ask are your sellers willing to rent their place while it is on the market? we have been in our place 2 years with this strategy..very very nice place!!! very very cheap in comparison!!!
FYI In escrow or pending is not sold
Math 101:
Price $875000.00
30% $262500= $612,500 @6.75 3445.00
Taxes=$911.00 monthly insurance for the coast min $200.00 monthly
Grand total=
4536.00
Decline of 10% in 07 and ? 08 S&P confirmed yesterday
07 loss $87500 08 loss 5% $39375= $126875.00
Reduction in your personal capital priceless…why make a move now?ParticipantSdrealtor I have
http://www.housingtracker.net/askingprices/California/SanDiego-Carlsbad-SanMarcos/
week of 7/9/07
21,258 SFR and CondoParticipantSdrealtor I have
http://www.housingtracker.net/askingprices/California/SanDiego-Carlsbad-SanMarcos/
week of 7/9/07
21,258 SFR and CondoJuly 10, 2007 at 6:54 AM in reply to: House I am renting is about to go into pre-foreclosure – what to do? #64996ParticipantAre you in a position to buy the house? I do not mean now, but as this progress you are in the best position possible to take the property over before the foreclosure is eminent. This may be a great opportunity, especially if he is going to walk. I would wait it out. Prior to the court steps the owner can liquidate or in this case dump and in that window there is an opportunity to strike; you can approach the lender most probably with this guy’s approval. I would get ready do comps now and again just before the foreclosure, note any repairs, piece together articles of how housing is on the decline-Right off the bat you will have no agent that is a 6% reduction. You may have found a little screamer!!!
Based on a 650000 home *comp supported
Deduct 6% 39500.00
Deduct any repairs 1% 6500.00
Deduct 2-5% projected decline in housing lets say 2.5% 16250.00
= 587,750 Good area? Location? Schools?If this unravels between now and Nov you will have the advantage because lenders are preparing to write off bad debt which will place you in an even better position. Or wait and after the auction approach the lender. Beware: if it is a good property the sharks will be there to meet you.
Good luck..
On the rent side negotiate explain since he is not paying a mortgage you are willing to give him a grand a month for rent, and it will be taken out of the deposit he is holding. That translates to 2 month plus you will get a couple of month until the property makes it to the auction…I would not go any where until you must and any landlord will appreciate you were in a situation you had no control over.
July 10, 2007 at 6:54 AM in reply to: House I am renting is about to go into pre-foreclosure – what to do? #64935ParticipantAre you in a position to buy the house? I do not mean now, but as this progress you are in the best position possible to take the property over before the foreclosure is eminent. This may be a great opportunity, especially if he is going to walk. I would wait it out. Prior to the court steps the owner can liquidate or in this case dump and in that window there is an opportunity to strike; you can approach the lender most probably with this guy’s approval. I would get ready do comps now and again just before the foreclosure, note any repairs, piece together articles of how housing is on the decline-Right off the bat you will have no agent that is a 6% reduction. You may have found a little screamer!!!
Based on a 650000 home *comp supported
Deduct 6% 39500.00
Deduct any repairs 1% 6500.00
Deduct 2-5% projected decline in housing lets say 2.5% 16250.00
= 587,750 Good area? Location? Schools?If this unravels between now and Nov you will have the advantage because lenders are preparing to write off bad debt which will place you in an even better position. Or wait and after the auction approach the lender. Beware: if it is a good property the sharks will be there to meet you.
Good luck..
On the rent side negotiate explain since he is not paying a mortgage you are willing to give him a grand a month for rent, and it will be taken out of the deposit he is holding. That translates to 2 month plus you will get a couple of month until the property makes it to the auction…I would not go any where until you must and any landlord will appreciate you were in a situation you had no control over.
ParticipantScruffy…my man you have incited a bit of a riot on the site~ kudos to you and your stunning intellect.
Your post fell a bit short to stimulate me into thinking, because you see piggintons are fact center thinkers and do not ascribe to the sheep mentality. Your writing had familiar talking points and you strike me as a bit of a “media minder” meaning you believe what you hear and read. Worry not I was like you at one time but luckily I was blessed with a lightning bolt of thought and finally I asked myself, “is this what I really know to be true” It was painful to be ripped from the breast of security that mass consciousness provides, but today I am better off! Simply for the fact I have a “mind of my own. The agitation you experienced with responses to your post was probably triggered by the anti regurgitating nature we share here.
So scruff I pose you with a challenge, please post again but before you do spent some researching your facts. Lesson 1 this means mean visiting sites that provide accurate information about the state of our nation, copy and paste links to these sites in support of your position. After doing so by all mean lets have a debate.
Side note since you seemed to use assumptions in your post:
I have both a degree in psychology as well as a MS in education. I own my own business and am a 150K annual earner. I bought a house in San Diego in 1986 sold it in 2002, moved to 2 subsequent HOT markets, New York and Tampa, bought and flipped these properties for profit and came back home to San Diego. Personally I am not fond of wasting my money and am quite economically savvy and able to compare what I pay for rent as opposed to what I would pay for a mortgage lets just say the difference is staggering.
Scruffy have you researched the median income in San Diego? How about the performance of some key housing stocks? Housing supplies? The unemployment rate in California? Specifically the dramatic change in San Diego .These things can be researched most easily my friend and they are facts….and Truth can only be found within Facts…some thing brought you here?? Maybe your GUT can feel the housing market going downnnnnnnnnnnnnnnnnnnn…..!!!
ZBParticipantScruffy…my man you have incited a bit of a riot on the site~ kudos to you and your stunning intellect.
Your post fell a bit short to stimulate me into thinking, because you see piggintons are fact center thinkers and do not ascribe to the sheep mentality. Your writing had familiar talking points and you strike me as a bit of a “media minder” meaning you believe what you hear and read. Worry not I was like you at one time but luckily I was blessed with a lightning bolt of thought and finally I asked myself, “is this what I really know to be true” It was painful to be ripped from the breast of security that mass consciousness provides, but today I am better off! Simply for the fact I have a “mind of my own. The agitation you experienced with responses to your post was probably triggered by the anti regurgitating nature we share here.
So scruff I pose you with a challenge, please post again but before you do spent some researching your facts. Lesson 1 this means mean visiting sites that provide accurate information about the state of our nation, copy and paste links to these sites in support of your position. After doing so by all mean lets have a debate.
Side note since you seemed to use assumptions in your post:
I have both a degree in psychology as well as a MS in education. I own my own business and am a 150K annual earner. I bought a house in San Diego in 1986 sold it in 2002, moved to 2 subsequent HOT markets, New York and Tampa, bought and flipped these properties for profit and came back home to San Diego. Personally I am not fond of wasting my money and am quite economically savvy and able to compare what I pay for rent as opposed to what I would pay for a mortgage lets just say the difference is staggering.
Scruffy have you researched the median income in San Diego? How about the performance of some key housing stocks? Housing supplies? The unemployment rate in California? Specifically the dramatic change in San Diego .These things can be researched most easily my friend and they are facts….and Truth can only be found within Facts…some thing brought you here?? Maybe your GUT can feel the housing market going downnnnnnnnnnnnnnnnnnnn…..!!!
ZBParticipantGreat article. Your screen name says former did you leave before or after the boom?
ParticipantGreat article. Your screen name says former did you leave before or after the boom?
ParticipantDoggy camp?
Is a place (camp) we send our dog once a week. Basically the lady who owns it has an acre out in lakeside, she picks up a van full of dogs from the city and brings them to her property; they play and hang out and well act like dogs!! It’s a great place for us since we are held up in a condo waiting for the housing shift. No Yard!!
It is quite the business idea as she has capacity for about 15 dogs in the van, each occupied seat yields her $40 a day X 5 days a week. I have to add it is f*&^%* hilarious when she comes around the corner to the front of our place and you see ever kind of dog imaginable staring at you from the van windows.
ParticipantDoggy camp?
Is a place (camp) we send our dog once a week. Basically the lady who owns it has an acre out in lakeside, she picks up a van full of dogs from the city and brings them to her property; they play and hang out and well act like dogs!! It’s a great place for us since we are held up in a condo waiting for the housing shift. No Yard!!
It is quite the business idea as she has capacity for about 15 dogs in the van, each occupied seat yields her $40 a day X 5 days a week. I have to add it is f*&^%* hilarious when she comes around the corner to the front of our place and you see ever kind of dog imaginable staring at you from the van windows.
ParticipantHe is the black lab
ParticipantHe is the black lab
ParticipantHi Guys
The dogs name is Zander. During a home invasion he was either let out or dog napped. The owners are in deep distress and love their dog very much. Reason I know the story is my dog goes to doggie day camp and the lady asked if i would pass out flyers sine I live across from Balboa park.
Keep you eyes peeled and please know it is not a hoax.ZB
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