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SD Realtor
ParticipantIt varies. If the home is a resale and it is not an REO then there is no way the sellers are absolved from all disclosure duties. True they may not agree to any request for repairs you may make as that is a right they have but you absolutely have a right to make that request as well.
Now for probate or trust sales it may be different. Say the owner dies and a relative is in charge of executing the trust so that the property is sold. Well the relative never lived in the home so there could be some exemptions from disclosure that the listing agent will ask your agent to pass on to you. As far as “as is” goes again, you have the right to due your diligence and make a request for repairs and they have the right to say yes, no, or compromise.
As far as REO or Bank Owned properties go these are most always not just an AS IS sale but you will be asked to sign pretty comprehensive documentation releasing the lender from liability of ANY AND ALL types with the exception of a clear title. Similarly you are entitled to request repairs it is 100% likely that the lender will say negative hit the road.
Regardless of the age of the home, whether it is an REO or normal resale, you should always perform a comprehensive due diligence whether you intend to request repairs or not. If you intend to buy an REO to save money then assume there will be work that needs to be done. In some cases substantial work so that is a better reason to really get strong due diligence.
SD Realtor
ParticipantIt varies. If the home is a resale and it is not an REO then there is no way the sellers are absolved from all disclosure duties. True they may not agree to any request for repairs you may make as that is a right they have but you absolutely have a right to make that request as well.
Now for probate or trust sales it may be different. Say the owner dies and a relative is in charge of executing the trust so that the property is sold. Well the relative never lived in the home so there could be some exemptions from disclosure that the listing agent will ask your agent to pass on to you. As far as “as is” goes again, you have the right to due your diligence and make a request for repairs and they have the right to say yes, no, or compromise.
As far as REO or Bank Owned properties go these are most always not just an AS IS sale but you will be asked to sign pretty comprehensive documentation releasing the lender from liability of ANY AND ALL types with the exception of a clear title. Similarly you are entitled to request repairs it is 100% likely that the lender will say negative hit the road.
Regardless of the age of the home, whether it is an REO or normal resale, you should always perform a comprehensive due diligence whether you intend to request repairs or not. If you intend to buy an REO to save money then assume there will be work that needs to be done. In some cases substantial work so that is a better reason to really get strong due diligence.
SD Realtor
ParticipantIt varies. If the home is a resale and it is not an REO then there is no way the sellers are absolved from all disclosure duties. True they may not agree to any request for repairs you may make as that is a right they have but you absolutely have a right to make that request as well.
Now for probate or trust sales it may be different. Say the owner dies and a relative is in charge of executing the trust so that the property is sold. Well the relative never lived in the home so there could be some exemptions from disclosure that the listing agent will ask your agent to pass on to you. As far as “as is” goes again, you have the right to due your diligence and make a request for repairs and they have the right to say yes, no, or compromise.
As far as REO or Bank Owned properties go these are most always not just an AS IS sale but you will be asked to sign pretty comprehensive documentation releasing the lender from liability of ANY AND ALL types with the exception of a clear title. Similarly you are entitled to request repairs it is 100% likely that the lender will say negative hit the road.
Regardless of the age of the home, whether it is an REO or normal resale, you should always perform a comprehensive due diligence whether you intend to request repairs or not. If you intend to buy an REO to save money then assume there will be work that needs to be done. In some cases substantial work so that is a better reason to really get strong due diligence.
SD Realtor
ParticipantHi Allan –
I am just a pup and do not have many connections at all in the banking/investment/lending industry. My evidence is simply from my low level view in the street. I have many lowballer buyers who have been looking for homes from Imperial Beach to Oceanside and I noted that starting later in the year, about November timeframe many homes that were REO or shorts started to go pending. Additionally my own short sale listing was accepted by a lender at an astronomically low price. Unfortunately the lender took so long to accept it that the buyer had bailed out. Similarly right now I have a buyer who just got an acceptance on a lowball offer down in Eastlake from an REO that surprised me.
On the other side of the coin some of my buyers have been frustrated by the fact that some of the REO or Shorts that they were eyeballing indeed went off the market due to accepted offers that were ABOVE where they hoped to come in at.
No again, I am not saying it is time to buy or anything but just my down in the trenches view.
SD Realtor
ParticipantHi Allan –
I am just a pup and do not have many connections at all in the banking/investment/lending industry. My evidence is simply from my low level view in the street. I have many lowballer buyers who have been looking for homes from Imperial Beach to Oceanside and I noted that starting later in the year, about November timeframe many homes that were REO or shorts started to go pending. Additionally my own short sale listing was accepted by a lender at an astronomically low price. Unfortunately the lender took so long to accept it that the buyer had bailed out. Similarly right now I have a buyer who just got an acceptance on a lowball offer down in Eastlake from an REO that surprised me.
On the other side of the coin some of my buyers have been frustrated by the fact that some of the REO or Shorts that they were eyeballing indeed went off the market due to accepted offers that were ABOVE where they hoped to come in at.
No again, I am not saying it is time to buy or anything but just my down in the trenches view.
SD Realtor
ParticipantHi Allan –
I am just a pup and do not have many connections at all in the banking/investment/lending industry. My evidence is simply from my low level view in the street. I have many lowballer buyers who have been looking for homes from Imperial Beach to Oceanside and I noted that starting later in the year, about November timeframe many homes that were REO or shorts started to go pending. Additionally my own short sale listing was accepted by a lender at an astronomically low price. Unfortunately the lender took so long to accept it that the buyer had bailed out. Similarly right now I have a buyer who just got an acceptance on a lowball offer down in Eastlake from an REO that surprised me.
On the other side of the coin some of my buyers have been frustrated by the fact that some of the REO or Shorts that they were eyeballing indeed went off the market due to accepted offers that were ABOVE where they hoped to come in at.
No again, I am not saying it is time to buy or anything but just my down in the trenches view.
SD Realtor
ParticipantHi Allan –
I am just a pup and do not have many connections at all in the banking/investment/lending industry. My evidence is simply from my low level view in the street. I have many lowballer buyers who have been looking for homes from Imperial Beach to Oceanside and I noted that starting later in the year, about November timeframe many homes that were REO or shorts started to go pending. Additionally my own short sale listing was accepted by a lender at an astronomically low price. Unfortunately the lender took so long to accept it that the buyer had bailed out. Similarly right now I have a buyer who just got an acceptance on a lowball offer down in Eastlake from an REO that surprised me.
On the other side of the coin some of my buyers have been frustrated by the fact that some of the REO or Shorts that they were eyeballing indeed went off the market due to accepted offers that were ABOVE where they hoped to come in at.
No again, I am not saying it is time to buy or anything but just my down in the trenches view.
SD Realtor
ParticipantHi Allan –
I am just a pup and do not have many connections at all in the banking/investment/lending industry. My evidence is simply from my low level view in the street. I have many lowballer buyers who have been looking for homes from Imperial Beach to Oceanside and I noted that starting later in the year, about November timeframe many homes that were REO or shorts started to go pending. Additionally my own short sale listing was accepted by a lender at an astronomically low price. Unfortunately the lender took so long to accept it that the buyer had bailed out. Similarly right now I have a buyer who just got an acceptance on a lowball offer down in Eastlake from an REO that surprised me.
On the other side of the coin some of my buyers have been frustrated by the fact that some of the REO or Shorts that they were eyeballing indeed went off the market due to accepted offers that were ABOVE where they hoped to come in at.
No again, I am not saying it is time to buy or anything but just my down in the trenches view.
SD Realtor
ParticipantDWCAP good posts. By the way I agree that CV will continue to depreciate. No argument there at all. How much? I am not sure, maybe down to 2001 pricing. Will a home like this go for 750k? Not in my opinion. The 25k number I used was from a post Bugs made for the totals. As for the timing, spring always has the larger number of closing as it is always a seasonal high point for activity. We will see where 2008 heads out to. I expect the volume in 08 to be below 07 by perhaps as much as 10-15% but I could be wrong. The option arm wave to me, will not start to swamp the market until 2009 and beyond by the looks of the chart. 2008 will continue to cope with the subprimers going down. The option arm wave worries me alot on two fronts. Yes it can really hurt the market much more then the subprime but it is also filled with more qualified homeowners who have the ability to float with the tide if some entity provided relief in the form of a 5 year freeze on the rates.
Again, I have no clue about if/when buyers will ever dry up at all. Maybe this year, maybe next year, maybe never. Demand has ABSOLUTELY gone way down which is great but even 25k sales in 07 still surprises me.
Just on this board, to say I am astounded by how many people post that they want to live in Temecula or Murrieta is a huge eye opener to me. I am not an elitist or anything of the sort but I had no idea of the demand for that area.
Similarly if banks continue to carve pricings out there at the present rate, those homes will pencil out sooner, much sooner then 2010-2012 and they will get purchased by savvy investors.I think that masses are somewhat driven by the talking heads but not as many as we think. This is the point where in my opinion, income level starts to take effect. Those making more money tend to listen to the heads less then those making less. That sounds snobbish but I find it to be true.
Personally I find the assessment you make to be pretty much correct. I tend to think 09 will be worse then 08 but I am certainly not saying 08 will not be worse then 07. I guess we will see. I still think for the home type I want it will be a longer haul into 2010-2012 for a bottom.
SD Realtor
ParticipantDWCAP good posts. By the way I agree that CV will continue to depreciate. No argument there at all. How much? I am not sure, maybe down to 2001 pricing. Will a home like this go for 750k? Not in my opinion. The 25k number I used was from a post Bugs made for the totals. As for the timing, spring always has the larger number of closing as it is always a seasonal high point for activity. We will see where 2008 heads out to. I expect the volume in 08 to be below 07 by perhaps as much as 10-15% but I could be wrong. The option arm wave to me, will not start to swamp the market until 2009 and beyond by the looks of the chart. 2008 will continue to cope with the subprimers going down. The option arm wave worries me alot on two fronts. Yes it can really hurt the market much more then the subprime but it is also filled with more qualified homeowners who have the ability to float with the tide if some entity provided relief in the form of a 5 year freeze on the rates.
Again, I have no clue about if/when buyers will ever dry up at all. Maybe this year, maybe next year, maybe never. Demand has ABSOLUTELY gone way down which is great but even 25k sales in 07 still surprises me.
Just on this board, to say I am astounded by how many people post that they want to live in Temecula or Murrieta is a huge eye opener to me. I am not an elitist or anything of the sort but I had no idea of the demand for that area.
Similarly if banks continue to carve pricings out there at the present rate, those homes will pencil out sooner, much sooner then 2010-2012 and they will get purchased by savvy investors.I think that masses are somewhat driven by the talking heads but not as many as we think. This is the point where in my opinion, income level starts to take effect. Those making more money tend to listen to the heads less then those making less. That sounds snobbish but I find it to be true.
Personally I find the assessment you make to be pretty much correct. I tend to think 09 will be worse then 08 but I am certainly not saying 08 will not be worse then 07. I guess we will see. I still think for the home type I want it will be a longer haul into 2010-2012 for a bottom.
SD Realtor
ParticipantDWCAP good posts. By the way I agree that CV will continue to depreciate. No argument there at all. How much? I am not sure, maybe down to 2001 pricing. Will a home like this go for 750k? Not in my opinion. The 25k number I used was from a post Bugs made for the totals. As for the timing, spring always has the larger number of closing as it is always a seasonal high point for activity. We will see where 2008 heads out to. I expect the volume in 08 to be below 07 by perhaps as much as 10-15% but I could be wrong. The option arm wave to me, will not start to swamp the market until 2009 and beyond by the looks of the chart. 2008 will continue to cope with the subprimers going down. The option arm wave worries me alot on two fronts. Yes it can really hurt the market much more then the subprime but it is also filled with more qualified homeowners who have the ability to float with the tide if some entity provided relief in the form of a 5 year freeze on the rates.
Again, I have no clue about if/when buyers will ever dry up at all. Maybe this year, maybe next year, maybe never. Demand has ABSOLUTELY gone way down which is great but even 25k sales in 07 still surprises me.
Just on this board, to say I am astounded by how many people post that they want to live in Temecula or Murrieta is a huge eye opener to me. I am not an elitist or anything of the sort but I had no idea of the demand for that area.
Similarly if banks continue to carve pricings out there at the present rate, those homes will pencil out sooner, much sooner then 2010-2012 and they will get purchased by savvy investors.I think that masses are somewhat driven by the talking heads but not as many as we think. This is the point where in my opinion, income level starts to take effect. Those making more money tend to listen to the heads less then those making less. That sounds snobbish but I find it to be true.
Personally I find the assessment you make to be pretty much correct. I tend to think 09 will be worse then 08 but I am certainly not saying 08 will not be worse then 07. I guess we will see. I still think for the home type I want it will be a longer haul into 2010-2012 for a bottom.
SD Realtor
ParticipantDWCAP good posts. By the way I agree that CV will continue to depreciate. No argument there at all. How much? I am not sure, maybe down to 2001 pricing. Will a home like this go for 750k? Not in my opinion. The 25k number I used was from a post Bugs made for the totals. As for the timing, spring always has the larger number of closing as it is always a seasonal high point for activity. We will see where 2008 heads out to. I expect the volume in 08 to be below 07 by perhaps as much as 10-15% but I could be wrong. The option arm wave to me, will not start to swamp the market until 2009 and beyond by the looks of the chart. 2008 will continue to cope with the subprimers going down. The option arm wave worries me alot on two fronts. Yes it can really hurt the market much more then the subprime but it is also filled with more qualified homeowners who have the ability to float with the tide if some entity provided relief in the form of a 5 year freeze on the rates.
Again, I have no clue about if/when buyers will ever dry up at all. Maybe this year, maybe next year, maybe never. Demand has ABSOLUTELY gone way down which is great but even 25k sales in 07 still surprises me.
Just on this board, to say I am astounded by how many people post that they want to live in Temecula or Murrieta is a huge eye opener to me. I am not an elitist or anything of the sort but I had no idea of the demand for that area.
Similarly if banks continue to carve pricings out there at the present rate, those homes will pencil out sooner, much sooner then 2010-2012 and they will get purchased by savvy investors.I think that masses are somewhat driven by the talking heads but not as many as we think. This is the point where in my opinion, income level starts to take effect. Those making more money tend to listen to the heads less then those making less. That sounds snobbish but I find it to be true.
Personally I find the assessment you make to be pretty much correct. I tend to think 09 will be worse then 08 but I am certainly not saying 08 will not be worse then 07. I guess we will see. I still think for the home type I want it will be a longer haul into 2010-2012 for a bottom.
SD Realtor
ParticipantDWCAP good posts. By the way I agree that CV will continue to depreciate. No argument there at all. How much? I am not sure, maybe down to 2001 pricing. Will a home like this go for 750k? Not in my opinion. The 25k number I used was from a post Bugs made for the totals. As for the timing, spring always has the larger number of closing as it is always a seasonal high point for activity. We will see where 2008 heads out to. I expect the volume in 08 to be below 07 by perhaps as much as 10-15% but I could be wrong. The option arm wave to me, will not start to swamp the market until 2009 and beyond by the looks of the chart. 2008 will continue to cope with the subprimers going down. The option arm wave worries me alot on two fronts. Yes it can really hurt the market much more then the subprime but it is also filled with more qualified homeowners who have the ability to float with the tide if some entity provided relief in the form of a 5 year freeze on the rates.
Again, I have no clue about if/when buyers will ever dry up at all. Maybe this year, maybe next year, maybe never. Demand has ABSOLUTELY gone way down which is great but even 25k sales in 07 still surprises me.
Just on this board, to say I am astounded by how many people post that they want to live in Temecula or Murrieta is a huge eye opener to me. I am not an elitist or anything of the sort but I had no idea of the demand for that area.
Similarly if banks continue to carve pricings out there at the present rate, those homes will pencil out sooner, much sooner then 2010-2012 and they will get purchased by savvy investors.I think that masses are somewhat driven by the talking heads but not as many as we think. This is the point where in my opinion, income level starts to take effect. Those making more money tend to listen to the heads less then those making less. That sounds snobbish but I find it to be true.
Personally I find the assessment you make to be pretty much correct. I tend to think 09 will be worse then 08 but I am certainly not saying 08 will not be worse then 07. I guess we will see. I still think for the home type I want it will be a longer haul into 2010-2012 for a bottom.
SD Realtor
ParticipantThe power lines cut right through Summerset via the easement as they cross the preserve on the other side. For me it would be an issue as would the traffic noise. For others it is not.
Jimmy sit tight man. I always recommend to people that stepping up is the way to go for home purchases. Trying to hit the home run on a first purchase leads to people stretching beyond their means which then leads to stress and financial issues. If you have the time or can find something in CV that floats your boat then that is great. Be patient man.
SD Realtor
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