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SD Realtor
Participantsdr I had purposely been not reading this thread as I thought it was kind of a curious thread. Your right though I am totally salivating. I need to get a new keyboard. Since the kids are napping and I am bored I thought I would read it.
As for myself, and this thread, (two jobs) digital design manager and system architect for custom ASICs used in high speed networks. Small business owner of my own residential real estate brokerage. Make between 150k and 250k a year, (still much less then sdr so he is still on the hook for drinks) with a wife who also has her business, 2 kids and grandma at home. Renting now and have a pretty good sum in cash for a downpayment for a home.
SD Realtor
ParticipantRus I was laughing… you may have inadvertently gave me a plug…specially when I roll up to meet my clients in my big bad mudcaked murano with the two baby seats and my hockey equipment in the back that is absolutely filled with clutter…showing up in shorts a tshirt and beater hiking boots that need new laces… heheheheh…
Anyways I could not agree more with you.
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Pnelish –
Good for you. Let me tell you, I would not touch Savannah Terrace or La Cresta or any of those complexes with long stick right now. I think they have potential to really take a big hit. Also right now there are many places in Savannah Terrace listed. If you give it even just 1 year I bet you could get the same floorplan you are thinking about in the low 400’s. Right now even with all of the Savannah Terrace homes on the market there is only 1 single place in escrow. It is the one at 10820 Serafina listed at 468,900. It had been on the market for awhile as well. Anyways to be honest with you if you REALLY REALLY are set on buying there and you have to for whatever reasons, then lowball the heck out of them, don’t be afraid to walk away, then resubmit another lowball every 5-6 weeks or so. Again, my advice would be to hold off if you can. I think attached housing still has plenty of downside left.
SD Realtor
ParticipantRus I was laughing… you may have inadvertently gave me a plug…specially when I roll up to meet my clients in my big bad mudcaked murano with the two baby seats and my hockey equipment in the back that is absolutely filled with clutter…showing up in shorts a tshirt and beater hiking boots that need new laces… heheheheh…
Anyways I could not agree more with you.
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Pnelish –
Good for you. Let me tell you, I would not touch Savannah Terrace or La Cresta or any of those complexes with long stick right now. I think they have potential to really take a big hit. Also right now there are many places in Savannah Terrace listed. If you give it even just 1 year I bet you could get the same floorplan you are thinking about in the low 400’s. Right now even with all of the Savannah Terrace homes on the market there is only 1 single place in escrow. It is the one at 10820 Serafina listed at 468,900. It had been on the market for awhile as well. Anyways to be honest with you if you REALLY REALLY are set on buying there and you have to for whatever reasons, then lowball the heck out of them, don’t be afraid to walk away, then resubmit another lowball every 5-6 weeks or so. Again, my advice would be to hold off if you can. I think attached housing still has plenty of downside left.
SD Realtor
ParticipantOne other question Pnelish… Why do you think he was pressing you so hard to buy?
Was it one particular property your agent was pressing you to make an offer on? If so it could have been for some less then honorable reasons. Perhaps this was a listing he had? Perhaps this particular listing was offering a supersize coop brokers commission. If you want to post what street it is on I can let you know who is listing it and what commission they are paying.
Also as you know, if you could hold off for awhile I think you will get better pricing in the next few years. Specially if Poway, Sabre Springs, RP or RB is your pleasure. What part of Poway do you like?
SD Realtor
ParticipantOne other question Pnelish… Why do you think he was pressing you so hard to buy?
Was it one particular property your agent was pressing you to make an offer on? If so it could have been for some less then honorable reasons. Perhaps this was a listing he had? Perhaps this particular listing was offering a supersize coop brokers commission. If you want to post what street it is on I can let you know who is listing it and what commission they are paying.
Also as you know, if you could hold off for awhile I think you will get better pricing in the next few years. Specially if Poway, Sabre Springs, RP or RB is your pleasure. What part of Poway do you like?
SD Realtor
ParticipantDrunkle I don’t work in the lending industry so I “sincerely” do not know.
As I wrote in my post… “Just my guess”
I don’t think I made any statements as to have insights as to knowing how those particular departments within the lending industry works.
Also why would someone look for alternative higher priced financing options, when the lender comes to them and offers something that could be a lower cost option. Similarly it would seem to me that the primary lender would rather not have other parties holding trust deeds on the home.
Finally Counselor thanks for portraying the terminology more correctly. The loan modifications will be as significant (pain reducing to the owner) as the entity servicing the loan can make them subject to whatever restrictions they may be under if they were sold as an MBS.
Once again…
Just my guess…
SD Realtor
ParticipantDrunkle I don’t work in the lending industry so I “sincerely” do not know.
As I wrote in my post… “Just my guess”
I don’t think I made any statements as to have insights as to knowing how those particular departments within the lending industry works.
Also why would someone look for alternative higher priced financing options, when the lender comes to them and offers something that could be a lower cost option. Similarly it would seem to me that the primary lender would rather not have other parties holding trust deeds on the home.
Finally Counselor thanks for portraying the terminology more correctly. The loan modifications will be as significant (pain reducing to the owner) as the entity servicing the loan can make them subject to whatever restrictions they may be under if they were sold as an MBS.
Once again…
Just my guess…
SD Realtor
ParticipantTalk to your friends, family, coworkers, and people you trust. Ask them if they have had good experiences with any realtors.
Once you have a couple of names and numbers interview all of them. Look them in the eye and get a feel for them. Ask them for references. Tell them you want to talk to the past 10 clients, regardless of they were sellers or buyers. Get that contact information and FOLLOW UP. Call those people, and see what they say.
Calling or emailing on references is a big pain in the butt but it is useful.
Now this is secondary but since you are buying rather then selling when you interview these realtors you may want to check about other intangibles. See if they have insights into interest rates, and your own affordability. Ask them what their outlook is on the market and why they believe it will go up or down. See what sort of thoughts they have about your own financing… Any good buyers agent will really go over your budget with you more for their own protection then anything else. The reason I say this is because many buyers have biggers eye then stomach… that is they want to see homes that in reality they cannot afford. So the agent shows them lots of homes only to find out they cannot afford it. This is the agents fault, not the buyers fault.
Anyways it is tough to find a good agent because there are alot of lame ones out there.
I am sure I will get pummelled for even answering this post.
Rustico please let me know if you see any slants.. 🙂
SD Realtor
ParticipantTalk to your friends, family, coworkers, and people you trust. Ask them if they have had good experiences with any realtors.
Once you have a couple of names and numbers interview all of them. Look them in the eye and get a feel for them. Ask them for references. Tell them you want to talk to the past 10 clients, regardless of they were sellers or buyers. Get that contact information and FOLLOW UP. Call those people, and see what they say.
Calling or emailing on references is a big pain in the butt but it is useful.
Now this is secondary but since you are buying rather then selling when you interview these realtors you may want to check about other intangibles. See if they have insights into interest rates, and your own affordability. Ask them what their outlook is on the market and why they believe it will go up or down. See what sort of thoughts they have about your own financing… Any good buyers agent will really go over your budget with you more for their own protection then anything else. The reason I say this is because many buyers have biggers eye then stomach… that is they want to see homes that in reality they cannot afford. So the agent shows them lots of homes only to find out they cannot afford it. This is the agents fault, not the buyers fault.
Anyways it is tough to find a good agent because there are alot of lame ones out there.
I am sure I will get pummelled for even answering this post.
Rustico please let me know if you see any slants.. 🙂
SD Realtor
ParticipantThanks to all who participated in this thread. I think it was a good one and best of all it was amiable all the way through. Patientrenter, Alex, Rus, good stuff all the way around. Patientrenter as my real job is a digital design manager I thought your tracking mechanism was excellent. I sucked in stats so I could feel the fog rolling in on my brain as I read your reasoning… What I really wanted to point out, without being able to explain it mathematically was that you could make approximations for the upper and lower bounds of the where the long bond may be in the future, say at least a month from now and then make worst case and best case approximations of where your loan “could” be at if you did have to float it…
I think one thing we all agree on is… “don’t float your loan rate!!!”
Which is like impossible to do if you are buying a phase release from a builder that will not be completed for a few months….
SD Realtor
ParticipantThanks to all who participated in this thread. I think it was a good one and best of all it was amiable all the way through. Patientrenter, Alex, Rus, good stuff all the way around. Patientrenter as my real job is a digital design manager I thought your tracking mechanism was excellent. I sucked in stats so I could feel the fog rolling in on my brain as I read your reasoning… What I really wanted to point out, without being able to explain it mathematically was that you could make approximations for the upper and lower bounds of the where the long bond may be in the future, say at least a month from now and then make worst case and best case approximations of where your loan “could” be at if you did have to float it…
I think one thing we all agree on is… “don’t float your loan rate!!!”
Which is like impossible to do if you are buying a phase release from a builder that will not be completed for a few months….
SD Realtor
ParticipantUnderstood Drunkle… Unfortunately most parenting when your kids become school age, and I cannot speak from experience cuz mine are still toddlers, probably consists of undoing alot of the bad things kids pick up from their friends in the environments at school or just from hanging out with other friends. So your point about sending them to a boarding school may be valid for that reason. I look back at my own childhood and in no way shape or form will I allow my kids to grow up doing the things that I did. I was much to unsupervised. I am hoping that will make me a better parent today. However, I can remember lots of arguments that my parents had, a totally screwed up sister, lots of drugs in the family with my brothers and stuff… all kinds of unmentionables… I don’t know if boarding school would have helped.. In reality, I think exposure to that stuff helped me understand it alot more. I don’t know it is hard to describe. I do know that there are times when having the family physically there near you, loving them and hating their guts at the same time, was important in retrospect. I went to UCSD and turned out okay. Do I think all families are as f’d up as mine was… I doubt it but I bet there are plenty of those out there who had their share of family fun. Hey you love your family for the good and the bad right?
Like you I want my kid to be better then me. I think I can raise them to be that way. If I had a transitional job or a situation where I didn’t believe I could spend alot of time with them then no I would not have had kids to begin with. I think that the upbringing you had would result in your own parenting to be top notch. The fact that you would not even think of bringing a child into this world unless you had an ideal situation speaks volumes of your parenting abilities already.
SD Realtor
ParticipantUnderstood Drunkle… Unfortunately most parenting when your kids become school age, and I cannot speak from experience cuz mine are still toddlers, probably consists of undoing alot of the bad things kids pick up from their friends in the environments at school or just from hanging out with other friends. So your point about sending them to a boarding school may be valid for that reason. I look back at my own childhood and in no way shape or form will I allow my kids to grow up doing the things that I did. I was much to unsupervised. I am hoping that will make me a better parent today. However, I can remember lots of arguments that my parents had, a totally screwed up sister, lots of drugs in the family with my brothers and stuff… all kinds of unmentionables… I don’t know if boarding school would have helped.. In reality, I think exposure to that stuff helped me understand it alot more. I don’t know it is hard to describe. I do know that there are times when having the family physically there near you, loving them and hating their guts at the same time, was important in retrospect. I went to UCSD and turned out okay. Do I think all families are as f’d up as mine was… I doubt it but I bet there are plenty of those out there who had their share of family fun. Hey you love your family for the good and the bad right?
Like you I want my kid to be better then me. I think I can raise them to be that way. If I had a transitional job or a situation where I didn’t believe I could spend alot of time with them then no I would not have had kids to begin with. I think that the upbringing you had would result in your own parenting to be top notch. The fact that you would not even think of bringing a child into this world unless you had an ideal situation speaks volumes of your parenting abilities already.
SD Realtor
Participantgreat line about if you ever have the misfortune of having kids…
IMO as a parent, having kids and a family is about being with the family not being away from the family. For better or for worse. It is the parents job to prepare a child for adulthood not the schools job. The school is for educating the child. I am not advocating private or public schools. I am advocating strong parenting and a close family. Not sending a child away from the family, otherwise, you shouldn’t have had them in the first place.
SD Realtor
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