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October 10, 2007 at 7:58 AM in reply to: Debt Forgiveness Act (AKA screw those who sell their second home Act) #87732October 10, 2007 at 7:58 AM in reply to: Debt Forgiveness Act (AKA screw those who sell their second home Act) #87737
SD Realtor
ParticipantFLU as you know I am a betting man and I would even give you odds if you want them that this will pass. Your questions about implementation are quite valid. My understanding is that it would apply for properties purchased after 1/1/08 for second homes/investment properties. Again, your questions are valid but I do feel it will pass… It is a nice little barb at the end of the hook though isn’t it?
SD Realtor
ParticipantFarbet, I think your heart is in the right place but the practical aspects of what you mention need to be examined. First off, it is staggering how many people DONT know about getting their reassessments done to reduce the property taxes. Second, only those who purchased during say 03-05/06 will realize substantial reductions in county property taxes. Third, they have to get off their butts and do it. Fourth, if there is a family paying mello roos, that implies they bought a fairly newer home. If they could afford it in the first place, but cannot afford it now, they are in much deeper you know what then not being able to pay mello roos. Also mello roos does not vary with the value of the property, it is set by the number of homes in that particular mello roos district.
Anyways I understand your point but the reality of the situation will dictate that individual shortfalls due to MR or even property tax are dwarfed by the mortgage payment that the homeowner needs to choke through each month. So yeah these people are hoping for a bailout of the mortgage mess they got themselves into… Hopefully that will not happen.
SD Realtor
ParticipantFarbet, I think your heart is in the right place but the practical aspects of what you mention need to be examined. First off, it is staggering how many people DONT know about getting their reassessments done to reduce the property taxes. Second, only those who purchased during say 03-05/06 will realize substantial reductions in county property taxes. Third, they have to get off their butts and do it. Fourth, if there is a family paying mello roos, that implies they bought a fairly newer home. If they could afford it in the first place, but cannot afford it now, they are in much deeper you know what then not being able to pay mello roos. Also mello roos does not vary with the value of the property, it is set by the number of homes in that particular mello roos district.
Anyways I understand your point but the reality of the situation will dictate that individual shortfalls due to MR or even property tax are dwarfed by the mortgage payment that the homeowner needs to choke through each month. So yeah these people are hoping for a bailout of the mortgage mess they got themselves into… Hopefully that will not happen.
SD Realtor
Participant“The local governments will be hurting for money once property owners ask for reassessments en masse and the tax revenue growth dries up.”
Yes they will be hurting for money… so they will do other things… don’t be delusional and think that the local government will not take other means to raise money. There are plenty of ways for the local government to get more money out of the population that they supposedly serve. Now instead of homeowners bearing the brunt, everyone will get to share.
SD Realtor
Participant“The local governments will be hurting for money once property owners ask for reassessments en masse and the tax revenue growth dries up.”
Yes they will be hurting for money… so they will do other things… don’t be delusional and think that the local government will not take other means to raise money. There are plenty of ways for the local government to get more money out of the population that they supposedly serve. Now instead of homeowners bearing the brunt, everyone will get to share.
SD Realtor
ParticipantSurveyor I think you have captured the essence of what it takes very thoroughly. I can honestly say that I have known people who have both made and lost alot of money in the stock market and with property investment. However those that lost money in the real estate market did so because they did not put in the time and effort needed to find success. As you have pointed out, your individual needs should dictate what/where you buy. Conversely it does take alot of time and effort. My wife and I purposely have not taken the step to buy out of state because of this. Thus we are being lazy and just piling up cash to plunk down on the next home we buy. However I have done the research to identify the markets that we believe will fit our goals and the returns LOOK great. Yet I know that it requires alot more work beyond that so I cannot pull the trigger until I have the time to go get dirty. I am not anti stock market and have investments in it… still though… I do believe with the time and effort (which I do not have right now), personally I would get a more secure yield that I could rely on with diligent RE investing.
SD Realtor
ParticipantSurveyor I think you have captured the essence of what it takes very thoroughly. I can honestly say that I have known people who have both made and lost alot of money in the stock market and with property investment. However those that lost money in the real estate market did so because they did not put in the time and effort needed to find success. As you have pointed out, your individual needs should dictate what/where you buy. Conversely it does take alot of time and effort. My wife and I purposely have not taken the step to buy out of state because of this. Thus we are being lazy and just piling up cash to plunk down on the next home we buy. However I have done the research to identify the markets that we believe will fit our goals and the returns LOOK great. Yet I know that it requires alot more work beyond that so I cannot pull the trigger until I have the time to go get dirty. I am not anti stock market and have investments in it… still though… I do believe with the time and effort (which I do not have right now), personally I would get a more secure yield that I could rely on with diligent RE investing.
SD Realtor
October 9, 2007 at 2:12 PM in reply to: Sandicor MLS Statics are out and it really ain’t pretty #87600Participantraptor sounds like you are in good shape.
bsr – I would not classify clairemont as a rundown area. 92117 is pretty diverse with mid level and more lower/mid level housing stock. It is also characterized as somewhat older housing stock. There is alot of attached housing stock as well.
I think 92117 will be a good candidate for larger drops due to alot of speculative and/or risky purchases. By the same token there are alot of equity rich folk there as well. None of the 92117 housing stock is near the landfill or miramar.
SD Realtor
October 9, 2007 at 2:12 PM in reply to: Sandicor MLS Statics are out and it really ain’t pretty #87605Participantraptor sounds like you are in good shape.
bsr – I would not classify clairemont as a rundown area. 92117 is pretty diverse with mid level and more lower/mid level housing stock. It is also characterized as somewhat older housing stock. There is alot of attached housing stock as well.
I think 92117 will be a good candidate for larger drops due to alot of speculative and/or risky purchases. By the same token there are alot of equity rich folk there as well. None of the 92117 housing stock is near the landfill or miramar.
SD Realtor
October 9, 2007 at 9:21 AM in reply to: Sandicor MLS Statics are out and it really ain’t pretty #87515ParticipantBSR it is indeed unfortunate when a listing agent does not give a seller the complete picture of the local market where the seller intends to sell. It is absolutely important to consider ALL of the statistics including the local sales volume (on a yoy basis), the months inventory, the active pending ratio, the local competition, and of course the expired/cancelled/withdrawn statistics. That way the seller can get a very informed picture of the situation.
As far as buyers go, Raptor make sure that any home you are really interested in is researched thoroughly. Please consult with your agent as to what he/she should gather for you. It makes a huge difference.
SD Realtor
October 9, 2007 at 9:21 AM in reply to: Sandicor MLS Statics are out and it really ain’t pretty #87522ParticipantBSR it is indeed unfortunate when a listing agent does not give a seller the complete picture of the local market where the seller intends to sell. It is absolutely important to consider ALL of the statistics including the local sales volume (on a yoy basis), the months inventory, the active pending ratio, the local competition, and of course the expired/cancelled/withdrawn statistics. That way the seller can get a very informed picture of the situation.
As far as buyers go, Raptor make sure that any home you are really interested in is researched thoroughly. Please consult with your agent as to what he/she should gather for you. It makes a huge difference.
SD Realtor
ParticipantBSR you may want to point that question to people like Surveyor… Surveyor has keen insights as to rental property locations in the country. I agree with the assessment HLS gave… finding the location is where there is work.
SD Realtor
ParticipantBSR you may want to point that question to people like Surveyor… Surveyor has keen insights as to rental property locations in the country. I agree with the assessment HLS gave… finding the location is where there is work.
SD Realtor
ParticipantFor small jobs like that, the best thing to do if you have several yards you need, is to get a guy that has a bunch of other work and will come over if he has extra soup in the truck…kind of on an ad hoc sort of thing.
SD Realtor
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