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JJGittes
ParticipantBugs, I’m sorry, but I don’t get it. What you call mortgage fraud is being done big time by Buyside right now. Are they being prosecuted?
I can see fraud if the seller was kicking back money to the buyer after the transactions closes. But how is a sharing of commission by the buyer’s agent with his client fraud? The house is worth what it is worth, and the appraiser should be identifying that amount. Why is the sharing of a commission paid pursuant to a listing agreement fraud?
And regarding negotiating a lower commission…huh? The seller identifies the compensation amount when the house is listed. What exactly would the buyer be negotiating, and with whom? A rewrite of the MLS posting?
Anyway, really, I think this whole thing is like a cat chasing its tale. The system and the 6% commission structure has inflated everything by that much, and created the opportunity for all kinds of behind the secenes nonsense for a long time. It has been like an anchor around the neck of the RE marketplace, and its all the worse now with house prices in SD county for decent SFRs between $600k and a mill. However, I have to think with the internet, the wall is starting to crumble, slowly.
ParticipantIf it goes down another 5%, in my view that will be a solid 10-15% (maybe even more) drop from the 2004-2005 peak. Factor in 2-3 years of 3% inflation, and that it a real decline of 15-20% from the top. Yeah, it could just be the tip of the iceberg, but it ain’t bad from average buyers’ points of view and it could result in some activity.
ParticipantZip or Buysiderealty.com
Participant81 in my coastal n. county backyard today.
ParticipantSheesh, somehow I don’t get the vibe that this guy was the equivilent of those poofy haired 32 year old RE agent babes I see profiled in the UT every sunday as having now joined this or that firm, and that have been in the field for five years for the purpose of making a quick score with bad deals for their buyer clients, and leaving horrible messes in their wake.
I just can’t see any support for slamming the victim in this. I hope the perp gets the needle.
January 31, 2007 at 5:13 PM in reply to: January Sales look strong some places and not so strong others #44553ParticipantWhat is your view of price changes in those two areas?
ParticipantThe 9.3% Calif. rate kicks in very low. Regarding high services…….exactly, ah, like what for a middle to upper middle class citizen?
No thanks, I will definitely be an equity locust. Hopefully the RE cycle will cooperate.
ParticipantI will retire from SoCal to a state with no state income tax (Wash, Nevada, FL, Tx, AK, a couple other), or at worst a state with no sales tax like Oregon. All have nice homes that cost far less that Calif property. Heck, with global warming, maybe Alaska as my ‘primary’ res, with a ‘vacation’ condo in Hawaii for the winters. Alaska residents not only don’t pay state inc tax, they get money from the permanent fund from oil revenues back every year. Again though, I will be way done with California in 15 tears when I retire, for many more reasons than just the taxes.
ParticipantA very close friend of mine was recently in your position. He sold his house in early/mid 2006, pocketed a good chunk of $ (he’d owned it for 8 yrs), and had to decide what to do next. He rented back the house he sold for a few months, but when moving day approached, he decided he just did not want to be a renter again. He said his wife looked queasy when they were looking at a rental application on a house they were thinking of leasing. So, he bought in coastal north county. But he drove a hard bargain and made the seller meet a lot of demands, and even squeased the RE agents to make the deal happen. I saw him last weekend and he said sometimes he regrets that he did not rent for another year or two, but the reality for him was that he had school age kids that needed stability, he has pets that were an issue for renting, he did not want to move twice or even more, and he considered his down payment to be ‘house money’ that was simply moved laterally from the first house to the second house. Basically, six in one, half dozen in another. However, he also said that if he was closer to retirement (and moving out if SoCal)he would have viewed the profits from the first house less as simply a ticket into the next family house, and more as retirement funds to be preserved and even arbitraged.
Participant“Clinton was just a smarter and better looking version of Jimmy Carter.”
Perhaps like Mr. Obama? Oh yeah, I’m sorry, it’s all about a third way…..yawn
ParticipantI have never seen an online up to date compilation of upcoming open houses. In my experience, the best thing to do is look in the newspaper, on Craigslist, and ultimately go drive around the neighborhoods you are interested in on a sunday afternoon and look for the little flags. In any event, the online sites like realtor.com, ziprealty (very good, with days on market info), prudential and coldwell, are all kept pretty up to date with what is in the MLS. You can narrow your search in about 2 seconds using them, and then call the listing agent to see a particular house (might as well bother them since they will definitely get paid when (if) the thing sells).
Participantbgates, you forgot that little bit of nastiness in Bali too. Ah, but no doubt that was the fault of the evil Jews, and/or the USA by way of the oil we steal at $50-70 a barrel. Finally, it’s all clear to me now and I can get back to the doom and gloom of San Diego’s RE market.
ParticipantRegarding Clinton, I guess my question is: What did he do to piss off all those islamists? I mean, really, during his reign we had the first WTC bombing, the USS Cole, the bombing of our embassies in Kenya and Tanzania, and then the majority of the planning and preparation for 9-11. Clinton’s response during his presidency was limp at best, and to treat it all like a law enforcement issue. Yet, even though he was nice and civilized, they still escalated. Again, for the life of me, I just can’t figure out what he did to make the hate us sooo much…? Under the reasoning of the Left, thyey should have reciprocated with civility and kindness…right?
ParticipantIts hard to know who to feel sorry for in this story. Seems like all parties were greedy and deserve to go down in flames. I guess the real victims might be the regular folks who made the unwitting mistake of buying their (one and only) homes in neighborhoods where this went on and will now see their equity vanish as the repos are dumped by the banks.
I wonder if this went on it places like 4S and San Elijo and maybe the Carmel Valley/ 56 corridor area.
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