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SD Realtor
ParticipantIt will be interesting to see what happens but what I have seen is that REO properties in certain areas have gone and gone fast. However I think other areas have very substantial REO inventory sitting at the bank. I think central San Diego is one of them.
Personally I like University Heights north of Adams but in that entire area that would be about it for me…
Anyways getting back to the main issue… I have tracked REO sales here in Scripps…Properties that went to auction and then went REO were put back on the market )MLS) and sold (at discounts) pretty darn quickly. I have also seen some REOs in 92009 (believe it or not) fairly high end as well and those suckers went very quickly.
However I would be willing to bet that there is alot of REO in less desireable and lower middle class homes. So it will be quite interesting to see how that unwinds.
SD Realtor
ParticipantThere are alot of variables in your question so it is hard to answer. Sounds like they how about 590k according to your post. Hard to say if the bank will take a short. Banks have been pretty cruddy about accepting shorts. However if the bank doesn’t take it then they will eventually foreclose. However generally it takes at least 3 missed payments before the lender starts to act. Also I find that lenders will not even look at short sale offers unless the home has been listed for at least 3 months. So.. it looks like you have some time, but make no mistake, eventually you will be needed to move.
SD Realtor
ParticipantThere are alot of variables in your question so it is hard to answer. Sounds like they how about 590k according to your post. Hard to say if the bank will take a short. Banks have been pretty cruddy about accepting shorts. However if the bank doesn’t take it then they will eventually foreclose. However generally it takes at least 3 missed payments before the lender starts to act. Also I find that lenders will not even look at short sale offers unless the home has been listed for at least 3 months. So.. it looks like you have some time, but make no mistake, eventually you will be needed to move.
SD Realtor
ParticipantArraya I know I have been watching it like a hawk.
PR I read caculated risk. Last week I posted a somewhat pertinent post “SD Realtor eats crow” where I in not such a clear way voiced my concern that the 10 yr yield was not as correlated to long term mortgages anymore because of the secondary market. Still though I did speak to a very close broker friend of mine and she did say that for very solid loans, under the conforming limit, very high credit score, full doc, strong ratios, etc… the rates have indeed dropped. I confirmed this with another broker. Still I kind of think they are blowing smoke.
The flight to quality though is quite interesting. No I would not call it a bond rally but man… it has been quite a little notch.
Guess we will see what transpires.
SD Realtor
ParticipantArraya I know I have been watching it like a hawk.
PR I read caculated risk. Last week I posted a somewhat pertinent post “SD Realtor eats crow” where I in not such a clear way voiced my concern that the 10 yr yield was not as correlated to long term mortgages anymore because of the secondary market. Still though I did speak to a very close broker friend of mine and she did say that for very solid loans, under the conforming limit, very high credit score, full doc, strong ratios, etc… the rates have indeed dropped. I confirmed this with another broker. Still I kind of think they are blowing smoke.
The flight to quality though is quite interesting. No I would not call it a bond rally but man… it has been quite a little notch.
Guess we will see what transpires.
SD Realtor
ParticipantI would pass on this property. Not the greatest part of North Park.
3544 Landis is a marginally larger home on a lot that is twice as large. 3544 is already bank owned. There is already a NOD filed on 3216, that is a Notice of Default that has already been recorded for the public so it is is a short sale. REO transactions are much less time consuming and easier then short sales.
Both 3544 and 3216 have been on the market since early June. The nice thing about 3216 is it is west of 805 (by only a few blocks) while 3544 is east of 805 by a few blocks.
Rustico can give you the details such as how much they owe on it and such.
ParticipantI would pass on this property. Not the greatest part of North Park.
3544 Landis is a marginally larger home on a lot that is twice as large. 3544 is already bank owned. There is already a NOD filed on 3216, that is a Notice of Default that has already been recorded for the public so it is is a short sale. REO transactions are much less time consuming and easier then short sales.
Both 3544 and 3216 have been on the market since early June. The nice thing about 3216 is it is west of 805 (by only a few blocks) while 3544 is east of 805 by a few blocks.
Rustico can give you the details such as how much they owe on it and such.
ParticipantFamiliar with Richland Hills?
SD Realtor
ParticipantFamiliar with Richland Hills?
SD Realtor
ParticipantIt will definitely be interesting to see what happens… Seems like the market is betting he actually will lower rates based on the bond market rallying… However I just do not see how he could lower them given the weakness of the dollar. Even if he does lower the rates I don’t think it will affect the housing market slide.
SD Realtor
ParticipantIt will definitely be interesting to see what happens… Seems like the market is betting he actually will lower rates based on the bond market rallying… However I just do not see how he could lower them given the weakness of the dollar. Even if he does lower the rates I don’t think it will affect the housing market slide.
SD Realtor
ParticipantMy advice, which is purely based on speculation and has no facts behind if, would be to wait if you can. As the housing market continues to cool, it would seem logical that associated businesses such as home remodel and construction will also grow more desperate. I bet those same contractors who laughed at you a few years ago may be a bit more accomodating now or will be as time goes on.
SD Realtor
ParticipantMy advice, which is purely based on speculation and has no facts behind if, would be to wait if you can. As the housing market continues to cool, it would seem logical that associated businesses such as home remodel and construction will also grow more desperate. I bet those same contractors who laughed at you a few years ago may be a bit more accomodating now or will be as time goes on.
SD Realtor
ParticipantYes your dream is very possible. It will depend on how much land you want with that home. If you want 4S then those homes have small lots (comparitively) to other areas in RB or Poway with similar sized homes. Both Poway and RB have a pretty wide variance when it comes to housing. Poway has some very high end homes on very large lots AND it has some pretty grim homes on small lots and plenty in between.
Nonetheless the basic answer to your question is yes and you will have plenty to choose from. In some cases it will take the 30-40% drop you are speaking of and in other cases it will not need to drop 30-40% as some meaningful depreciation has already happened. My sellers just closed escrow on a sale a few days ago in Poway for a smaller home then what you are looking for (low 2000’s sq ft, 5/3) for 565k in a decent Poway neighborhood. That was off almost 20% of the peak that they would have realized had they sold in late 04.
SD Realtor
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