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SD Realtor
ParticipantHLS your points about the builders preferred lender cannot be understated. It is unfortunate but I would say over 95% of the home buyers looking to buy in the new developments go straight to the preferred lender because of the 20k or 30k incentive program. Pretty sad to see but people get hypnotized by the incentive program rather then seriously shop for a better loan, then run the numbers to see how much they could have saved in the long run.
SD Realtor
ParticipantThank you sdr. As you know, my mistakes were more typographical in nature because there is a 502 and a 503 as well as an 1802 and 1803 on the MLS. So call my dyslexic however not shoddy reporting.
So bottom line is that this was a 40% drop downtown!
SD Realtor
ParticipantThank you sdr. As you know, my mistakes were more typographical in nature because there is a 502 and a 503 as well as an 1802 and 1803 on the MLS. So call my dyslexic however not shoddy reporting.
So bottom line is that this was a 40% drop downtown!
SD Realtor
ParticipantIt was unit 503 and not 502.
sdr –
As you know, the tax roll is not updated in a timely manner sometimes. Perhaps you should call the listing agent like I did to verify the sale?
Perhaps you didn’t look at the sold listing entered by the listing agent who works for Remax. The listing closed escrow on 7/26/07. The deal was a cash deal so it went from the bank to the new buyer very quickly.
There is also a selling agent listed on the MLS as well.
Thanks for the accuracy of your speculative statements. Can’t wait to see your response.
SD Realtor
ParticipantIt was unit 503 and not 502.
sdr –
As you know, the tax roll is not updated in a timely manner sometimes. Perhaps you should call the listing agent like I did to verify the sale?
Perhaps you didn’t look at the sold listing entered by the listing agent who works for Remax. The listing closed escrow on 7/26/07. The deal was a cash deal so it went from the bank to the new buyer very quickly.
There is also a selling agent listed on the MLS as well.
Thanks for the accuracy of your speculative statements. Can’t wait to see your response.
SD Realtor
ParticipantHaven’t we had this conversation before?
SD Realtor
ParticipantHaven’t we had this conversation before?
SD Realtor
ParticipantYes I would imagine that if someone had a 100% financed loan and they want to refi that they may need to come in with cash now. Or find one of the few remaining lenders who will finance them. There are still some out there but the numbers are starting to dwindle.
SD Realtor
ParticipantYes I would imagine that if someone had a 100% financed loan and they want to refi that they may need to come in with cash now. Or find one of the few remaining lenders who will finance them. There are still some out there but the numbers are starting to dwindle.
SD Realtor
ParticipantJayeski definitely do not even consider buying downtown now. There is a REALLY great website that focuses 100% on downtown condos for a small fee. One of the posters here was posting about it and if you look back at previous posts you can find it. I will try to find the URL for you.
As Perry was saying the condo you will want will depend on the amenities you want. Discovery for instance has great amenities but you will pay close to 600 a month HOA for them. Also downtown has quite a variety of condos. There is the east side, there is Little Italy, there simply is ALOT to choose from.
Give it another 2 years and the same 2 bedroom condo you want will most likely be at least 20% cheaper then it is today. I have an escrow in Discovery that sold for over 600k 2 years ago and is in escrow today for 532 with a 7k credit to the buyers. My sellers are happy to get out with at about 6 figures when it is all said and done.
SD Realtor
ParticipantJayeski definitely do not even consider buying downtown now. There is a REALLY great website that focuses 100% on downtown condos for a small fee. One of the posters here was posting about it and if you look back at previous posts you can find it. I will try to find the URL for you.
As Perry was saying the condo you will want will depend on the amenities you want. Discovery for instance has great amenities but you will pay close to 600 a month HOA for them. Also downtown has quite a variety of condos. There is the east side, there is Little Italy, there simply is ALOT to choose from.
Give it another 2 years and the same 2 bedroom condo you want will most likely be at least 20% cheaper then it is today. I have an escrow in Discovery that sold for over 600k 2 years ago and is in escrow today for 532 with a 7k credit to the buyers. My sellers are happy to get out with at about 6 figures when it is all said and done.
SD Realtor
ParticipantRockem –
My wife and I are always hitting the open houses here in Scripps. Several weeks back we went to the one a few houses away from the home we are renting. The Prudential agent told me that it was a slam dunk that the home we were looking at would double in value in the next 10 years. He was quite serious! We just shook our heads in awe…
Sure it will…
SD Realtor
ParticipantRockem –
My wife and I are always hitting the open houses here in Scripps. Several weeks back we went to the one a few houses away from the home we are renting. The Prudential agent told me that it was a slam dunk that the home we were looking at would double in value in the next 10 years. He was quite serious! We just shook our heads in awe…
Sure it will…
SD Realtor
ParticipantLand Contracts used to be more popular in the 70’s and even in the 80’s then as financing standards got soft, they fell off considerably. Expect them to come back as the credit market tightens up.
Basically the buyer and seller enter into a contract that states that the seller shall transfer ownership of the property to the buyer after the buyer has fully paid the seller the agreed price per the terms of the contract. The buyer/seller can work out whatever terms they want regarding the downpayment, interest rate, etc… As you can see there are many potential advantages for both parties. There are also tremendous pitfalls… During the terms of the contract the buyer holds legal possession and occupies the property and the transfer of the property is NOT made until the full price has been received.
Now if the buyer misses any payment under the land contract, he may lose the property AND the seller may keep the money paid up to that point as rent! Different states have different laws regarding this issue.
Also a buyer may be in trouble if the seller gets foreclosed on. In that case the buyer may be obligated to pay off the mortgage in the case of a seller default.
Of course my post here is quite vague. I would encourage anyone who is getting involved with a land contract to run as fast as possible to a good strong real estate attorney.
SD Realtor
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