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SD Realtor
ParticipantWell we already know I will be working for you someday…
For sure a lender will not refinance while you are on the market. However I have not heard of a lender refusing to refinance altogether once the home has been taken off the market. Definitely a question for HLS/Pasadena Broker or other mortgage brokers who frequent the site.
SD Realtor
ParticipantWell we already know I will be working for you someday…
For sure a lender will not refinance while you are on the market. However I have not heard of a lender refusing to refinance altogether once the home has been taken off the market. Definitely a question for HLS/Pasadena Broker or other mortgage brokers who frequent the site.
SD Realtor
ParticipantNot a good deal at all… someone paid 455k in 04. The lot size is less then 2k sf…It should find it’s way below 300k when we bottom out. It may take awhile though.
SD Realtor
ParticipantNot a good deal at all… someone paid 455k in 04. The lot size is less then 2k sf…It should find it’s way below 300k when we bottom out. It may take awhile though.
SD Realtor
ParticipantWell said Rustico…
My advice would go as follows….If you are going to go for the buyout, try to get the best deal you can. She will most likely balk because she most likely does not know how bad the situation is down here. So if you cannot get a good deal, try to actually put it on the market and sell it at whatever you were going to buy her out for plus all of the closing costs/commissions. If the house sells then great…if the house does not sell, then buy her out for an even better price.
The reason I suggest this strategy is that the appraisal process for a home that is not in escrow may be a bit rosier then the reality of the market. This is no offense to Bugs or other appraisers at all. It is just that I think you can get a better deal if you take your time on it. The caviot would be that if you can just get a SMOKIN deal on the buyout without putting it on the market then maybe take the deal… just realize that even with the buyout, you are purchasing a depreciating asset. Maybe try to for sale by owner it?
SD Realtor
ParticipantThanks Herewego! Sorry about that… yeppers lots of 919ers in there…
SD Realtor
ParticipantUnfortunately farbet you are correct. Many more buyers out there then people care to acknowledge. I am not saying they will prop up the market….they are out there though.
SD Realtor
ParticipantI would absolutely agree with sdr about the season…Fall is a good time to buy as that is seasonally when the most price adjustments are. Also as previously mentioned in this thread it is good to see price drops but something to consider is how realistic were the original list prices to begin with?
In general I have REALLY been puzzled by the resale pricing that homeowners in 4S Ranch have been starting with considering the abundant stock of new housing available at much lower pricing. If I were a reseller at 4S I would try to undercut them if anything but then again, they probably cannot afford to do that.
Finally in terms of stickiness, I think the builders have been continuing to set the bar at 4S pricing and will continue to do so. As long as buyers keep buying there, (albeit at a slower pace) the stickiness in pricing will remain. If I were a buyer at 4S I would hold off until some of the distressed properties start showing up. Once we get ALOT (more then a single property here or there) of foreclosures and then REOs then the pricing will really start to move.
SD Realtor
ParticipantRus I didn’t recommend a 1031 because of the parameters of the original post, that the girls friend or ex friend wanted her money back. As I understood it, the question was should I buy her out and keep it or sell.
SD Realtor
ParticipantI know of a perfect one in Black Horse!
SD Realtor
October 6, 2007 at 4:30 PM in reply to: Biggest percentage loss in San Diego, purchased price vs. list or sold price #87196ParticipantTrue… it will happen… eventually…
SD Realtor
ParticipantFLU, FSD is real good at these questions as is Surveyor but yes I believe if the owner did go back to live in the home she would be able to get the cap gains exemption. I “don’t think” she would be able to lose the recap on depreciation though I could be wrong…I don’t think it would be a major problem though. To me, depreciation is like a loan that uncle sam gives to you and comes to take back no matter what…
Even with the recap, she would still be below the 250k so she would be okay…Also I am not sure of the sublet question…
FSD your assistance please…
SD Realtor
ParticipantHmmmm what you need to do is keep the property and get rid of her…
Personally I do see the dollar getting devalued but it’s descent may not outpace real estate so you may be alright… it will be an interesting race.
Tough call about buying her out or not… only you can run the numbers to see if that is possible…personally I would do all I can to save money so I would say build up as much cash as you can to get a place where you want to live rather then scratch out life in a place that you called chaotic. Just make sure you can pay the rent wherever you live…
SD Realtor
October 5, 2007 at 10:47 PM in reply to: Biggest percentage loss in San Diego, purchased price vs. list or sold price #87155Participanttg I knew it… that brothel analogy of yours had to be a late night post…i read the post but didn’t look at the timestamp…then i checked the timestamp.. if you didn’t live in temecula I would have bet you were down in south mission at the beachcomber sloshing around, only to come home late at night and post a gem like that…
anyways, my point is not that it will not happen, but that it will happen, albeit at a slower point then some people suggest and that most people want. however let us return to your analogy.
Lets say that the lines in the house of ill repute in this case are not populated by single men… in fact they are populated by couples. lets explore shall we…perhaps (I just had to delete what I typed and you can guess why) some of the males have wives who are bisexual… most of these wives will not allow a buydown as you have offered up in your example…in fact they may DEMAND that the husband stay in line for the prime cuts… furthermore maybe some of these wives only like some of the working women of certain race, or certain locations…some of them may even force the husband to upgrade! can you imagine that, thus keeping a demand for the higher end working women and propping up the market for a longer period of time….perhaps the demand will stay strong for the working women from a certain part of town?
the horror!!!
anyways back to reality… yes the market will drop in the desireable areas… yes we will be able to pick and find certain good deals in the desireable areas as well… hey there are more now then there were last year and there will be more next year then this year…I still think it will happen but not with the ferocity that some claim and that we all hope for…
lots of good deals but perhaps not lots of great properties… yet…
SD Realtor
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