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poway_seller
ParticipantVulture, if you ask that type of question on a Forum like this, the answer will ALWAYS be the buyer paid too much and prices should be under $200, or under $150, or under whatever price was actually paid. So, your answer from someone named KamFongasChinHO should bear no weight – whatsoever!
IMHO, the winner here was both parties. The buyer got a great home in a great neighborhood for a really fair price. Whether they underpaid or overpaid is of little consequence over the long term for this buyer who likely will live there for a long time. The seller won as well because they likely paid just a few hundred thousand for the home a long time ago, enjoyed it for many many years, raised their kids in it, and now have over $1.1m to buy a downsized home to live out their retirement. The agents won because they got 5% or more on the deal. There were no losers on this transaction.
Lastly, to take a square footage price and use that as a benchmark for other purchases is not logical (at least not on a single property). Hence the term is ‘comps’, not ‘comp’
ParticipantVulture, if you ask that type of question on a Forum like this, the answer will ALWAYS be the buyer paid too much and prices should be under $200, or under $150, or under whatever price was actually paid. So, your answer from someone named KamFongasChinHO should bear no weight – whatsoever!
IMHO, the winner here was both parties. The buyer got a great home in a great neighborhood for a really fair price. Whether they underpaid or overpaid is of little consequence over the long term for this buyer who likely will live there for a long time. The seller won as well because they likely paid just a few hundred thousand for the home a long time ago, enjoyed it for many many years, raised their kids in it, and now have over $1.1m to buy a downsized home to live out their retirement. The agents won because they got 5% or more on the deal. There were no losers on this transaction.
Lastly, to take a square footage price and use that as a benchmark for other purchases is not logical (at least not on a single property). Hence the term is ‘comps’, not ‘comp’
ParticipantVulture, if you ask that type of question on a Forum like this, the answer will ALWAYS be the buyer paid too much and prices should be under $200, or under $150, or under whatever price was actually paid. So, your answer from someone named KamFongasChinHO should bear no weight – whatsoever!
IMHO, the winner here was both parties. The buyer got a great home in a great neighborhood for a really fair price. Whether they underpaid or overpaid is of little consequence over the long term for this buyer who likely will live there for a long time. The seller won as well because they likely paid just a few hundred thousand for the home a long time ago, enjoyed it for many many years, raised their kids in it, and now have over $1.1m to buy a downsized home to live out their retirement. The agents won because they got 5% or more on the deal. There were no losers on this transaction.
Lastly, to take a square footage price and use that as a benchmark for other purchases is not logical (at least not on a single property). Hence the term is ‘comps’, not ‘comp’
ParticipantVulture, if you ask that type of question on a Forum like this, the answer will ALWAYS be the buyer paid too much and prices should be under $200, or under $150, or under whatever price was actually paid. So, your answer from someone named KamFongasChinHO should bear no weight – whatsoever!
IMHO, the winner here was both parties. The buyer got a great home in a great neighborhood for a really fair price. Whether they underpaid or overpaid is of little consequence over the long term for this buyer who likely will live there for a long time. The seller won as well because they likely paid just a few hundred thousand for the home a long time ago, enjoyed it for many many years, raised their kids in it, and now have over $1.1m to buy a downsized home to live out their retirement. The agents won because they got 5% or more on the deal. There were no losers on this transaction.
Lastly, to take a square footage price and use that as a benchmark for other purchases is not logical (at least not on a single property). Hence the term is ‘comps’, not ‘comp’
Participantnada, zilch, nothing… I’ve even gone so far as to lookup the owners on Google and can’t find a record of them anywhere to ask them the status. looks like no further work has taken place there for quite some time. Surely they will soon default on their loan and eventually it will be foreclosed on (???). How does it work when there is no more house?
Seems to be little incentive for them to keep it after paying nearly a million for the house, then turning it in a an art project… to get it back to a home will cost hundreds of thousands more… and they will be in over $1.5M for it, and even at that point it will only be worth $1M or less.
am i missing something?
Participantnada, zilch, nothing… I’ve even gone so far as to lookup the owners on Google and can’t find a record of them anywhere to ask them the status. looks like no further work has taken place there for quite some time. Surely they will soon default on their loan and eventually it will be foreclosed on (???). How does it work when there is no more house?
Seems to be little incentive for them to keep it after paying nearly a million for the house, then turning it in a an art project… to get it back to a home will cost hundreds of thousands more… and they will be in over $1.5M for it, and even at that point it will only be worth $1M or less.
am i missing something?
Participantnada, zilch, nothing… I’ve even gone so far as to lookup the owners on Google and can’t find a record of them anywhere to ask them the status. looks like no further work has taken place there for quite some time. Surely they will soon default on their loan and eventually it will be foreclosed on (???). How does it work when there is no more house?
Seems to be little incentive for them to keep it after paying nearly a million for the house, then turning it in a an art project… to get it back to a home will cost hundreds of thousands more… and they will be in over $1.5M for it, and even at that point it will only be worth $1M or less.
am i missing something?
Participantnada, zilch, nothing… I’ve even gone so far as to lookup the owners on Google and can’t find a record of them anywhere to ask them the status. looks like no further work has taken place there for quite some time. Surely they will soon default on their loan and eventually it will be foreclosed on (???). How does it work when there is no more house?
Seems to be little incentive for them to keep it after paying nearly a million for the house, then turning it in a an art project… to get it back to a home will cost hundreds of thousands more… and they will be in over $1.5M for it, and even at that point it will only be worth $1M or less.
am i missing something?
Participantnada, zilch, nothing… I’ve even gone so far as to lookup the owners on Google and can’t find a record of them anywhere to ask them the status. looks like no further work has taken place there for quite some time. Surely they will soon default on their loan and eventually it will be foreclosed on (???). How does it work when there is no more house?
Seems to be little incentive for them to keep it after paying nearly a million for the house, then turning it in a an art project… to get it back to a home will cost hundreds of thousands more… and they will be in over $1.5M for it, and even at that point it will only be worth $1M or less.
am i missing something?
Participantthe sellers have lived in that home for a very long time, kids are out of the house, likely just downsizing…probably not overly concerned with the amount left on the table by hiring a “friend”. If they didn’t get this price or higher, they very likely would have just taken it off the market and stayed in the home.
The Norman Ln place is likely to close around $950,000 soon, bank approved short sale (the current owner is Ensenada man who cashed out over $450,000 and although he never got his asking price that last few years, he did get to keep this extra $450,000+, minus the cost of ownership (mortgage and property tax). For him it was still a profitable deal – go figure!
Participantthe sellers have lived in that home for a very long time, kids are out of the house, likely just downsizing…probably not overly concerned with the amount left on the table by hiring a “friend”. If they didn’t get this price or higher, they very likely would have just taken it off the market and stayed in the home.
The Norman Ln place is likely to close around $950,000 soon, bank approved short sale (the current owner is Ensenada man who cashed out over $450,000 and although he never got his asking price that last few years, he did get to keep this extra $450,000+, minus the cost of ownership (mortgage and property tax). For him it was still a profitable deal – go figure!
Participantthe sellers have lived in that home for a very long time, kids are out of the house, likely just downsizing…probably not overly concerned with the amount left on the table by hiring a “friend”. If they didn’t get this price or higher, they very likely would have just taken it off the market and stayed in the home.
The Norman Ln place is likely to close around $950,000 soon, bank approved short sale (the current owner is Ensenada man who cashed out over $450,000 and although he never got his asking price that last few years, he did get to keep this extra $450,000+, minus the cost of ownership (mortgage and property tax). For him it was still a profitable deal – go figure!
Participantthe sellers have lived in that home for a very long time, kids are out of the house, likely just downsizing…probably not overly concerned with the amount left on the table by hiring a “friend”. If they didn’t get this price or higher, they very likely would have just taken it off the market and stayed in the home.
The Norman Ln place is likely to close around $950,000 soon, bank approved short sale (the current owner is Ensenada man who cashed out over $450,000 and although he never got his asking price that last few years, he did get to keep this extra $450,000+, minus the cost of ownership (mortgage and property tax). For him it was still a profitable deal – go figure!
Participantthe sellers have lived in that home for a very long time, kids are out of the house, likely just downsizing…probably not overly concerned with the amount left on the table by hiring a “friend”. If they didn’t get this price or higher, they very likely would have just taken it off the market and stayed in the home.
The Norman Ln place is likely to close around $950,000 soon, bank approved short sale (the current owner is Ensenada man who cashed out over $450,000 and although he never got his asking price that last few years, he did get to keep this extra $450,000+, minus the cost of ownership (mortgage and property tax). For him it was still a profitable deal – go figure!
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