[Jack]

Have you considered other areas of SD such as North County or does it have to be RB/Poway?

I live in San Elijo Hills (zip 92078) which is about 20/25 minutes northwest of RB with my wife and 2yr old son. I would say most of the people that live on our street are in their 30’s and early 40’s. There are *at least* 30 kids on our street ranging in ages from 0 – 10 and quite a few stay-at-home moms. Our neighbors are super friendly, there always seems to be a weekend party somewhere, block parties during the summer, and the beach and Lego Land are about a 20 minute drive (though I have yet to go to Lego Land). My mother-in-law helps babysit sometimes and takes her 45 minutes from South OC. As a bonus, I’m only about 15 minutes from several breweries and Phil’s BBQ (a local fav that serves up the best BBQ I’ve found in SD so far).

Prior to SEH, we lived in Carmel Mountain/RB (zip 92128). My experience living there was that the families were on the older side, and kids were high-school+ aged. The location is ideal, centrally located to almost everything. We initially wanted to live in Carmel Mountain when we started looking for a home, however, all the homes we liked were out of our budget. At the time, we could buy a bigger, newer house in SEH for less. So far, that move has worked out great for us (though I had my doubts when I was having to commute to Mission Valley). Yes, we have Mello-Roos, but that only adds approx $150/month to our property tax bill.

RB is a nice area (I like Carmel Mountain), so I’m not trying to pursuade you otherwise. Just wanted to throw out another area that seems to mesh well with the criteria you listed. Best of luck on the move and the house hunting.

[Jack]

Have you checked out Aimloan? Their rates seem pretty consistent with absolutemortgage, but they have a calculator you can use to tailor to your situation (investment/non-investment property, condo, SF, etc) which then spits out different rate options and the rate/fees they would charge. I was thinking about using them for a possible purchase this year.

Have any pigs had experience with Aimloan or GoodMortgage (found this one on Mortgage Professor)?

[Jack]

[quote=Jack]Has anyone pursued legal action against a short seller for failure to live up to their part of the contract?

For example, if they will not pay for the HOA package, would we be able to force them to pay by court order or mediation? Not that I would (my time is worth more than that), but if every short sale is like this, then what is the point of a contract in the first place?

Seems to me that if I performed as I said I would and lived up to my part of the contract, then I should be able to force the seller to perform or pay some sort of penalty for breach of contract.

Bottom line is, how much teeth do these purchase contracts have? Will the courts enforce them?[/quote]

A lot has transpired since I made the original post. Here’s an update:

-We agreed to pay the $$ for the HOA package (splitting it 50/50 with the seller’s agent).
-Additional back HOA fees surfaced which we worked out with the agents to split 4 ways.

All that sucks, but it’s the least of our problems. What happened next I did not see coming…

We signed escrow & loan docs and made our downpayment. A few days later, the seller had still not signed and we finally hear that they have decided to let the house go into foreclosure because of a notice from bank #2 to pursue them for the difference (bank is Chase by the way and apparently this letter is standard operating procedure even though they don’t go after them).

Both banks agreed in writing to my offer price. Regardless of whether #2 decides to go after the seller does not change the fact that we have a good contract, am I right? The short sale addendum is only there to say the sale is contingent on the lender approval–once we have that we have an enforceable contract (at least that’s my understanding and my lawyer agrees).

As I mentioned above, I have secured the services of an attorney and am beginning the process of suing seller for specific performance. We called the seller, sent a letter, basically tried to give them the opportunity to fulfill the contract (we were nice about it too!). They’ve effectively stuck their head in the sand and are waiting for this storm to pass.

Thoughts…? Attorney and myself think I have a solid case. This being my first time buying a home and suing someone, I would appreciate any input you smart pigs have (hopefully it’ll make me feel better and boost my confidence).

I’ll let you guys know how it all turns out.

[Jack]

[quote=Jack]Has anyone pursued legal action against a short seller for failure to live up to their part of the contract?

For example, if they will not pay for the HOA package, would we be able to force them to pay by court order or mediation? Not that I would (my time is worth more than that), but if every short sale is like this, then what is the point of a contract in the first place?

Seems to me that if I performed as I said I would and lived up to my part of the contract, then I should be able to force the seller to perform or pay some sort of penalty for breach of contract.

Bottom line is, how much teeth do these purchase contracts have? Will the courts enforce them?[/quote]

A lot has transpired since I made the original post. Here’s an update:

-We agreed to pay the $$ for the HOA package (splitting it 50/50 with the seller’s agent).
-Additional back HOA fees surfaced which we worked out with the agents to split 4 ways.

All that sucks, but it’s the least of our problems. What happened next I did not see coming…

We signed escrow & loan docs and made our downpayment. A few days later, the seller had still not signed and we finally hear that they have decided to let the house go into foreclosure because of a notice from bank #2 to pursue them for the difference (bank is Chase by the way and apparently this letter is standard operating procedure even though they don’t go after them).

Both banks agreed in writing to my offer price. Regardless of whether #2 decides to go after the seller does not change the fact that we have a good contract, am I right? The short sale addendum is only there to say the sale is contingent on the lender approval–once we have that we have an enforceable contract (at least that’s my understanding and my lawyer agrees).

As I mentioned above, I have secured the services of an attorney and am beginning the process of suing seller for specific performance. We called the seller, sent a letter, basically tried to give them the opportunity to fulfill the contract (we were nice about it too!). They’ve effectively stuck their head in the sand and are waiting for this storm to pass.

Thoughts…? Attorney and myself think I have a solid case. This being my first time buying a home and suing someone, I would appreciate any input you smart pigs have (hopefully it’ll make me feel better and boost my confidence).

I’ll let you guys know how it all turns out.

[Jack]

[quote=Jack]Has anyone pursued legal action against a short seller for failure to live up to their part of the contract?

For example, if they will not pay for the HOA package, would we be able to force them to pay by court order or mediation? Not that I would (my time is worth more than that), but if every short sale is like this, then what is the point of a contract in the first place?

Seems to me that if I performed as I said I would and lived up to my part of the contract, then I should be able to force the seller to perform or pay some sort of penalty for breach of contract.

Bottom line is, how much teeth do these purchase contracts have? Will the courts enforce them?[/quote]

A lot has transpired since I made the original post. Here’s an update:

-We agreed to pay the $$ for the HOA package (splitting it 50/50 with the seller’s agent).
-Additional back HOA fees surfaced which we worked out with the agents to split 4 ways.

All that sucks, but it’s the least of our problems. What happened next I did not see coming…

We signed escrow & loan docs and made our downpayment. A few days later, the seller had still not signed and we finally hear that they have decided to let the house go into foreclosure because of a notice from bank #2 to pursue them for the difference (bank is Chase by the way and apparently this letter is standard operating procedure even though they don’t go after them).

Both banks agreed in writing to my offer price. Regardless of whether #2 decides to go after the seller does not change the fact that we have a good contract, am I right? The short sale addendum is only there to say the sale is contingent on the lender approval–once we have that we have an enforceable contract (at least that’s my understanding and my lawyer agrees).

As I mentioned above, I have secured the services of an attorney and am beginning the process of suing seller for specific performance. We called the seller, sent a letter, basically tried to give them the opportunity to fulfill the contract (we were nice about it too!). They’ve effectively stuck their head in the sand and are waiting for this storm to pass.

Thoughts…? Attorney and myself think I have a solid case. This being my first time buying a home and suing someone, I would appreciate any input you smart pigs have (hopefully it’ll make me feel better and boost my confidence).

I’ll let you guys know how it all turns out.

[Jack]

[quote=Jack]Has anyone pursued legal action against a short seller for failure to live up to their part of the contract?

For example, if they will not pay for the HOA package, would we be able to force them to pay by court order or mediation? Not that I would (my time is worth more than that), but if every short sale is like this, then what is the point of a contract in the first place?

Seems to me that if I performed as I said I would and lived up to my part of the contract, then I should be able to force the seller to perform or pay some sort of penalty for breach of contract.

Bottom line is, how much teeth do these purchase contracts have? Will the courts enforce them?[/quote]

A lot has transpired since I made the original post. Here’s an update:

-We agreed to pay the $$ for the HOA package (splitting it 50/50 with the seller’s agent).
-Additional back HOA fees surfaced which we worked out with the agents to split 4 ways.

All that sucks, but it’s the least of our problems. What happened next I did not see coming…

We signed escrow & loan docs and made our downpayment. A few days later, the seller had still not signed and we finally hear that they have decided to let the house go into foreclosure because of a notice from bank #2 to pursue them for the difference (bank is Chase by the way and apparently this letter is standard operating procedure even though they don’t go after them).

Both banks agreed in writing to my offer price. Regardless of whether #2 decides to go after the seller does not change the fact that we have a good contract, am I right? The short sale addendum is only there to say the sale is contingent on the lender approval–once we have that we have an enforceable contract (at least that’s my understanding and my lawyer agrees).

As I mentioned above, I have secured the services of an attorney and am beginning the process of suing seller for specific performance. We called the seller, sent a letter, basically tried to give them the opportunity to fulfill the contract (we were nice about it too!). They’ve effectively stuck their head in the sand and are waiting for this storm to pass.

Thoughts…? Attorney and myself think I have a solid case. This being my first time buying a home and suing someone, I would appreciate any input you smart pigs have (hopefully it’ll make me feel better and boost my confidence).

I’ll let you guys know how it all turns out.

[Jack]

[quote=Jack]Has anyone pursued legal action against a short seller for failure to live up to their part of the contract?

For example, if they will not pay for the HOA package, would we be able to force them to pay by court order or mediation? Not that I would (my time is worth more than that), but if every short sale is like this, then what is the point of a contract in the first place?

Seems to me that if I performed as I said I would and lived up to my part of the contract, then I should be able to force the seller to perform or pay some sort of penalty for breach of contract.

Bottom line is, how much teeth do these purchase contracts have? Will the courts enforce them?[/quote]

A lot has transpired since I made the original post. Here’s an update:

-We agreed to pay the $$ for the HOA package (splitting it 50/50 with the seller’s agent).
-Additional back HOA fees surfaced which we worked out with the agents to split 4 ways.

All that sucks, but it’s the least of our problems. What happened next I did not see coming…

We signed escrow & loan docs and made our downpayment. A few days later, the seller had still not signed and we finally hear that they have decided to let the house go into foreclosure because of a notice from bank #2 to pursue them for the difference (bank is Chase by the way and apparently this letter is standard operating procedure even though they don’t go after them).

Both banks agreed in writing to my offer price. Regardless of whether #2 decides to go after the seller does not change the fact that we have a good contract, am I right? The short sale addendum is only there to say the sale is contingent on the lender approval–once we have that we have an enforceable contract (at least that’s my understanding and my lawyer agrees).

As I mentioned above, I have secured the services of an attorney and am beginning the process of suing seller for specific performance. We called the seller, sent a letter, basically tried to give them the opportunity to fulfill the contract (we were nice about it too!). They’ve effectively stuck their head in the sand and are waiting for this storm to pass.

Thoughts…? Attorney and myself think I have a solid case. This being my first time buying a home and suing someone, I would appreciate any input you smart pigs have (hopefully it’ll make me feel better and boost my confidence).

I’ll let you guys know how it all turns out.

[Jack]

FormerSD, thanks very much for the detailed explanation. That makes sense.

[Jack]

FormerSD, thanks very much for the detailed explanation. That makes sense.

[Jack]

FormerSD, thanks very much for the detailed explanation. That makes sense.

[Jack]

FormerSD, thanks very much for the detailed explanation. That makes sense.

[Jack]

FormerSD, thanks very much for the detailed explanation. That makes sense.

[Jack]

I think they finance their own loans (not sure if it’s all of them)–wouldn’t that technically make them a lender…also?

[Jack]

I think they finance their own loans (not sure if it’s all of them)–wouldn’t that technically make them a lender…also?

[Jack]

I think they finance their own loans (not sure if it’s all of them)–wouldn’t that technically make them a lender…also?

[Author]

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