[recordsclerk]

I would have to agree that there are not going to be many move up buyers who bought at the peak. I know people that bought at/near peak with enough down that can sell a small profit, but refuse to sell until the market goes back up. They want to move up, but can’t stand selling at a loss. You can add 2002-2004 buyers to the list depending on where they bought. Some areas are already selling at or near 2001 levels. Without equity these buyers will not have a down payment. Historically move-up buyers put 10% or more down and stay for about 7 years while paying principal payments and enjoying the benefit of wage increases.

[recordsclerk]

I would have to agree that there are not going to be many move up buyers who bought at the peak. I know people that bought at/near peak with enough down that can sell a small profit, but refuse to sell until the market goes back up. They want to move up, but can’t stand selling at a loss. You can add 2002-2004 buyers to the list depending on where they bought. Some areas are already selling at or near 2001 levels. Without equity these buyers will not have a down payment. Historically move-up buyers put 10% or more down and stay for about 7 years while paying principal payments and enjoying the benefit of wage increases.

[recordsclerk]

If you have the cash to buy one unit, why not buy 1 unit first. Then take out a HELOC on the property. You should be able to get about 75% LTV. Then save until you have enough to buy a second unit cash. You said you don’t have a current mortgage. Do you own a home outright. You could borrow against your home with a really good rate currently. If you are a renter, is it possible to live in the unit you purchase? You would be able to get a really good rate on a HELOC.

[recordsclerk]

If you have the cash to buy one unit, why not buy 1 unit first. Then take out a HELOC on the property. You should be able to get about 75% LTV. Then save until you have enough to buy a second unit cash. You said you don’t have a current mortgage. Do you own a home outright. You could borrow against your home with a really good rate currently. If you are a renter, is it possible to live in the unit you purchase? You would be able to get a really good rate on a HELOC.

[recordsclerk]

If you have the cash to buy one unit, why not buy 1 unit first. Then take out a HELOC on the property. You should be able to get about 75% LTV. Then save until you have enough to buy a second unit cash. You said you don’t have a current mortgage. Do you own a home outright. You could borrow against your home with a really good rate currently. If you are a renter, is it possible to live in the unit you purchase? You would be able to get a really good rate on a HELOC.

[recordsclerk]

If you have the cash to buy one unit, why not buy 1 unit first. Then take out a HELOC on the property. You should be able to get about 75% LTV. Then save until you have enough to buy a second unit cash. You said you don’t have a current mortgage. Do you own a home outright. You could borrow against your home with a really good rate currently. If you are a renter, is it possible to live in the unit you purchase? You would be able to get a really good rate on a HELOC.

[recordsclerk]

If you have the cash to buy one unit, why not buy 1 unit first. Then take out a HELOC on the property. You should be able to get about 75% LTV. Then save until you have enough to buy a second unit cash. You said you don’t have a current mortgage. Do you own a home outright. You could borrow against your home with a really good rate currently. If you are a renter, is it possible to live in the unit you purchase? You would be able to get a really good rate on a HELOC.

[recordsclerk]

I know of eight foreclosures/shortsales personally. All of them were able to make the payment but just decided that it was not worth it to stay or pay.
1. Bought equal type house for 40% discount from previously purchase, let previous home go into foreclosure.
2. Decided renting would be cheaper then paying mortgage. Lived rent free until kicked out. Did not save money while living for free.
3. Basically same as #2.
4. Currently living rent free and hasn’t paid property tax. 8 months and counting. Still getting housing allowance from Navy.
5. Currently living rent free (4 months), offering house as a short sale, has current offer. Has not paid 2008 prop tax. Bought new Lexus before credit gets ding.
6. Decided renting is cheaper then paying mortgage. Bought new SUV and moved into a rental.
7. Haven’t paid for 3 months, waiting to get kicked out. Trying to save money, but can’t resist shopping.
8. Haven’t paid for 10 months, hired a lawyer to stay in home longer. Have not paid 2008 taxes.
One common factor in all these foreclosures *little or no money down* and the anticipation of appreciation (AKA free money).

[recordsclerk]

I know of eight foreclosures/shortsales personally. All of them were able to make the payment but just decided that it was not worth it to stay or pay.
1. Bought equal type house for 40% discount from previously purchase, let previous home go into foreclosure.
2. Decided renting would be cheaper then paying mortgage. Lived rent free until kicked out. Did not save money while living for free.
3. Basically same as #2.
4. Currently living rent free and hasn’t paid property tax. 8 months and counting. Still getting housing allowance from Navy.
5. Currently living rent free (4 months), offering house as a short sale, has current offer. Has not paid 2008 prop tax. Bought new Lexus before credit gets ding.
6. Decided renting is cheaper then paying mortgage. Bought new SUV and moved into a rental.
7. Haven’t paid for 3 months, waiting to get kicked out. Trying to save money, but can’t resist shopping.
8. Haven’t paid for 10 months, hired a lawyer to stay in home longer. Have not paid 2008 taxes.
One common factor in all these foreclosures *little or no money down* and the anticipation of appreciation (AKA free money).

[recordsclerk]

I know of eight foreclosures/shortsales personally. All of them were able to make the payment but just decided that it was not worth it to stay or pay.
1. Bought equal type house for 40% discount from previously purchase, let previous home go into foreclosure.
2. Decided renting would be cheaper then paying mortgage. Lived rent free until kicked out. Did not save money while living for free.
3. Basically same as #2.
4. Currently living rent free and hasn’t paid property tax. 8 months and counting. Still getting housing allowance from Navy.
5. Currently living rent free (4 months), offering house as a short sale, has current offer. Has not paid 2008 prop tax. Bought new Lexus before credit gets ding.
6. Decided renting is cheaper then paying mortgage. Bought new SUV and moved into a rental.
7. Haven’t paid for 3 months, waiting to get kicked out. Trying to save money, but can’t resist shopping.
8. Haven’t paid for 10 months, hired a lawyer to stay in home longer. Have not paid 2008 taxes.
One common factor in all these foreclosures *little or no money down* and the anticipation of appreciation (AKA free money).

[recordsclerk]

I know of eight foreclosures/shortsales personally. All of them were able to make the payment but just decided that it was not worth it to stay or pay.
1. Bought equal type house for 40% discount from previously purchase, let previous home go into foreclosure.
2. Decided renting would be cheaper then paying mortgage. Lived rent free until kicked out. Did not save money while living for free.
3. Basically same as #2.
4. Currently living rent free and hasn’t paid property tax. 8 months and counting. Still getting housing allowance from Navy.
5. Currently living rent free (4 months), offering house as a short sale, has current offer. Has not paid 2008 prop tax. Bought new Lexus before credit gets ding.
6. Decided renting is cheaper then paying mortgage. Bought new SUV and moved into a rental.
7. Haven’t paid for 3 months, waiting to get kicked out. Trying to save money, but can’t resist shopping.
8. Haven’t paid for 10 months, hired a lawyer to stay in home longer. Have not paid 2008 taxes.
One common factor in all these foreclosures *little or no money down* and the anticipation of appreciation (AKA free money).

[recordsclerk]

I know of eight foreclosures/shortsales personally. All of them were able to make the payment but just decided that it was not worth it to stay or pay.
1. Bought equal type house for 40% discount from previously purchase, let previous home go into foreclosure.
2. Decided renting would be cheaper then paying mortgage. Lived rent free until kicked out. Did not save money while living for free.
3. Basically same as #2.
4. Currently living rent free and hasn’t paid property tax. 8 months and counting. Still getting housing allowance from Navy.
5. Currently living rent free (4 months), offering house as a short sale, has current offer. Has not paid 2008 prop tax. Bought new Lexus before credit gets ding.
6. Decided renting is cheaper then paying mortgage. Bought new SUV and moved into a rental.
7. Haven’t paid for 3 months, waiting to get kicked out. Trying to save money, but can’t resist shopping.
8. Haven’t paid for 10 months, hired a lawyer to stay in home longer. Have not paid 2008 taxes.
One common factor in all these foreclosures *little or no money down* and the anticipation of appreciation (AKA free money).

[recordsclerk]

There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen.

[recordsclerk]

There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen.

[recordsclerk]

There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen.

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