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La Jolla Renter
ParticipantI think shopping the loan is out of the question. He only makes 40k and even with the best loan and 90k down he ends up with about a 580k mortgage. He still can’t afford the house.
SD Realtor… Agree in principle, he should take responsibility.
Maybe I should have phrased the question… What would you do? vs… What should this guy do?
If he walks, at least his 90k stays in the San Diego economy. If he tries to refinance, he just delays the problem and his 90k goes to Wall Street.
This is the first person I know personally in this situation. Until now, I have just read about all the f’d borrowers. It puts a bit more inevitable reality into my opinion of the San Diego housing market.
ParticipantI think shopping the loan is out of the question. He only makes 40k and even with the best loan and 90k down he ends up with about a 580k mortgage. He still can’t afford the house.
SD Realtor… Agree in principle, he should take responsibility.
Maybe I should have phrased the question… What would you do? vs… What should this guy do?
If he walks, at least his 90k stays in the San Diego economy. If he tries to refinance, he just delays the problem and his 90k goes to Wall Street.
This is the first person I know personally in this situation. Until now, I have just read about all the f’d borrowers. It puts a bit more inevitable reality into my opinion of the San Diego housing market.
ParticipantLooking to get a 1.2M fixer in La Jolla. I will start getting serious with offers in the Fall. I think La Jolla is down 10% from the peak and hope to see it down another 10% this fall/winter. With a little luck I can negotiate another 5% below market value.
Can it go down more? Maybe, I am not looking to time the bottom perfectly.
ParticipantLooking to get a 1.2M fixer in La Jolla. I will start getting serious with offers in the Fall. I think La Jolla is down 10% from the peak and hope to see it down another 10% this fall/winter. With a little luck I can negotiate another 5% below market value.
Can it go down more? Maybe, I am not looking to time the bottom perfectly.
ParticipantI tend to think there is a lot more money sitting on the sidelines than most people here think.
If prices in La Jolla drop 30% off today’s price, I will be all in. I’m Probably a strong buyer when/if they drop 20%.
If they drop 50% like so many here like to predict, I’ll be buying 2! As will most in my circle of friends.
ParticipantI tend to think there is a lot more money sitting on the sidelines than most people here think.
If prices in La Jolla drop 30% off today’s price, I will be all in. I’m Probably a strong buyer when/if they drop 20%.
If they drop 50% like so many here like to predict, I’ll be buying 2! As will most in my circle of friends.
ParticipantIs it okay that I have heat and a/c in the leather seats as long as I paid cash and have zero debt?
ParticipantIs it okay that I have heat and a/c in the leather seats as long as I paid cash and have zero debt?
ParticipantBugs,
Can you tell if Barratt has sold their entire inventory at Seahuas… the condo complex in Birdrock (La Jolla). Construction was completed in 2005 and I don’t think they have completely sold out.
I think the flippers in this complex are about to take a bath.
$800k in 2005 for a condo that rents for about $2,900 a month.
ParticipantBugs,
Can you tell if Barratt has sold their entire inventory at Seahuas… the condo complex in Birdrock (La Jolla). Construction was completed in 2005 and I don’t think they have completely sold out.
I think the flippers in this complex are about to take a bath.
$800k in 2005 for a condo that rents for about $2,900 a month.
ParticipantThis just one of many Developer Tricks!
It’s just a shell game to hold up development pricing.
Developers would rather take a 100k- 300k loss on reselling your old home than take the 100k- 300k hit on your new home purchase. They don’t care about the comps in your old neighborhood, but they sure care about the comps in their current projects.
ParticipantThis just one of many Developer Tricks!
It’s just a shell game to hold up development pricing.
Developers would rather take a 100k- 300k loss on reselling your old home than take the 100k- 300k hit on your new home purchase. They don’t care about the comps in your old neighborhood, but they sure care about the comps in their current projects.
ParticipantJane Smith’s Total FDIC Coverage
Jane Smith Individual Account $100,000
Jane and John Smith Joint Account (50%) $90,000
Jane and Joan Smith Joint Account $10,000
Jane Smith Testamentary Account $300,000
Jane Smith IRA CD Account $250,000
Jane Smith Total FDIC Coverage at ABC Bank $750,000ParticipantI obviously have no problem giving them my social security number. I am just pissed that I have to have an inquiry on my credit report to deposit money.
It seems utterly #%&* ridiculous that my credit score would be penalized when I deposit 250k into a bank.
Banks will give you money with shity credit and no income, but try to give a bank money and they want to ding your credit.
The irony is priceless.
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