[SD Realtor]

Yes I see and do agree with you on the math.

SD Realtor

[SD Realtor]

Yes I see and do agree with you on the math.

SD Realtor

[SD Realtor]

Perry if she purchased at price X and the house immediately depreciates and continues to do so, wouldn’t she be paying the reassessed value (assuming she petitioned the assessor to get the lower rate) until the market bottomed out then came all the way back up to her purchase price of 550k or whatever she paid for it?

I did not clarify my point well enough. The interest and HOA you cannot control. What you pay in property tax you can control. This is what I was trying, (and miserably failed at) to point out.

So yes let me ammend my post, you will be paying more in property taxes then your neighbor who bought lower and you will ALWAYS pay more, AS LONG AS the market value of your home is above what you payed for it. If the market value of your home is below what you payed for it, then you will pay based on what the current assessment is. Theoretically if your neighbor buys a house that matches your floorplan, you will pay the SAME as your neighbor IF you go to get your home reassessed using that home as a comp AND the assessor agrees to reassess your home to that value. You should then pay the same as your neighbor UNTIL the value of market comes back to what you originally paid.

Perry I “think” I got it right.

Thanks

SD Realtor

[SD Realtor]

Perry if she purchased at price X and the house immediately depreciates and continues to do so, wouldn’t she be paying the reassessed value (assuming she petitioned the assessor to get the lower rate) until the market bottomed out then came all the way back up to her purchase price of 550k or whatever she paid for it?

I did not clarify my point well enough. The interest and HOA you cannot control. What you pay in property tax you can control. This is what I was trying, (and miserably failed at) to point out.

So yes let me ammend my post, you will be paying more in property taxes then your neighbor who bought lower and you will ALWAYS pay more, AS LONG AS the market value of your home is above what you payed for it. If the market value of your home is below what you payed for it, then you will pay based on what the current assessment is. Theoretically if your neighbor buys a house that matches your floorplan, you will pay the SAME as your neighbor IF you go to get your home reassessed using that home as a comp AND the assessor agrees to reassess your home to that value. You should then pay the same as your neighbor UNTIL the value of market comes back to what you originally paid.

Perry I “think” I got it right.

Thanks

SD Realtor

[SD Realtor]

Seattle Relo –

I do agree with the points Perry made about interest and HOA cost. For the overpayment of property tax, the post was incorrect. If your home depreciates you can always go to the assessor and get it reassessed so you will not pay more in property taxes then the neighbor who lives next to you and bought at a lower price.

Additionally, I would suggest that if you are going to resell your home, that you really sit down and crunch the numbers. Don’t confine that number crunching to the cost of just selling your home either. Let me explain. Many people who post here do so before buying a home. They ask, should I buy the home. As you expect the standard answer from most everyone here is, no you should wait. Many posts have been made comparing renting to buying and lots of viewpoints are made with somewhat varying conclusions. Among the biggest point of conversation is, the cost of renting verses buying. The big topics there are of course the write off you get when you own AS WELL AS, the opportunity of investing the downpayment you would have made on the home you are considering buying.

So your case is unique. Not only have you put a downpayment into the home already, but you now have additional money you will be needing to spend to get OUT of the house.

There is no doubt that the market will continue to depreciate and it very much could hit the numbers that Perry used. It also may appreciate faster or slower after it bottoms out. Also yes if you look at the money you will pay in interest, and HOAs it adds up to potentially hundreds of thousands of dollars.

Yet here is my point. You guys made one move without REALLY thinking it out. Don’t make another one without REALLY thinking it out. I am going to type this out slowly… Go…talk…to…your…accountant…Run out a few different scenarios of what the future may hold. Compare holding onto the house verses bailing out and selling. You have numbers that you can use for estimating the cost of the sale so you know that value. Also use a few different scenarios for the depreciation cycle as well as the appreciation values in the other direction. Get information on the cost of renting so you can know what your rent will be. Your accountant can help you figure out what your tax savings or non savings will be.

I think you will find that yes, if you sell now and time your purchase correctly, that the best thing would be to indeed suck it up and bail out now. Many people cannot get over the admission of a mistake and if you did sit tight for many years and could afford the payments then you would be okay. You would be overpaying, of that there can be no doubt. Yet don’t do anything without really really knowing what the implications are.

SD Realtor

[SD Realtor]

Seattle Relo –

I do agree with the points Perry made about interest and HOA cost. For the overpayment of property tax, the post was incorrect. If your home depreciates you can always go to the assessor and get it reassessed so you will not pay more in property taxes then the neighbor who lives next to you and bought at a lower price.

Additionally, I would suggest that if you are going to resell your home, that you really sit down and crunch the numbers. Don’t confine that number crunching to the cost of just selling your home either. Let me explain. Many people who post here do so before buying a home. They ask, should I buy the home. As you expect the standard answer from most everyone here is, no you should wait. Many posts have been made comparing renting to buying and lots of viewpoints are made with somewhat varying conclusions. Among the biggest point of conversation is, the cost of renting verses buying. The big topics there are of course the write off you get when you own AS WELL AS, the opportunity of investing the downpayment you would have made on the home you are considering buying.

So your case is unique. Not only have you put a downpayment into the home already, but you now have additional money you will be needing to spend to get OUT of the house.

There is no doubt that the market will continue to depreciate and it very much could hit the numbers that Perry used. It also may appreciate faster or slower after it bottoms out. Also yes if you look at the money you will pay in interest, and HOAs it adds up to potentially hundreds of thousands of dollars.

Yet here is my point. You guys made one move without REALLY thinking it out. Don’t make another one without REALLY thinking it out. I am going to type this out slowly… Go…talk…to…your…accountant…Run out a few different scenarios of what the future may hold. Compare holding onto the house verses bailing out and selling. You have numbers that you can use for estimating the cost of the sale so you know that value. Also use a few different scenarios for the depreciation cycle as well as the appreciation values in the other direction. Get information on the cost of renting so you can know what your rent will be. Your accountant can help you figure out what your tax savings or non savings will be.

I think you will find that yes, if you sell now and time your purchase correctly, that the best thing would be to indeed suck it up and bail out now. Many people cannot get over the admission of a mistake and if you did sit tight for many years and could afford the payments then you would be okay. You would be overpaying, of that there can be no doubt. Yet don’t do anything without really really knowing what the implications are.

SD Realtor

[SD Realtor]

There are currently 6 actives right now. 1 is an REO. The other 5 are being listed by Prudential and they are representing the developer. All comments say call the sales office. These are not being sold any owners

SD Realtor

[SD Realtor]

There are currently 6 actives right now. 1 is an REO. The other 5 are being listed by Prudential and they are representing the developer. All comments say call the sales office. These are not being sold any owners

SD Realtor

[SD Realtor]

Counselor, Westwood is a subdivision in Rancho Bernardo on the I15 corridor.

Seattle Relo – Sorry to hear about your case. Whenever anyone relo’s to a different city there is no good reason not to rent before buying period. You need to acclimate and learn about the new city.

Unfortunately you guys ran into a sales agent who pretty much saw easy money. If this was a company relo then the guys that work in the relo departments for many real estate brokerages love it when buyers like yourselves come to them.

That said, if you sell you will pay your commission. Add in another 1% for closing costs that are typical sellers side closing costs including splitting escrow 50/50, paying for the buyers title insurance, paying for a home warranty, county transfer tax which is $1.10 per $1000. Now the unfortunate thing is that many buyers are demanding that the sellers help finance the buyers side of the closing cost ledger. I received an offer on a listing in Oceanside today where the buyer is asking for 2% of the purchase price for their recurring and non recurring closing costs.

So the price to sell is

sales price – commissions – 1% estimate for your closing costs – [other possible closing cost requests] – [any prepayment penalties for your loan]

Sorry to hear about what happened… Hang in there. If you are happy in the long run you will be okay… but long run is going to be many years.

SD Realtor

[SD Realtor]

Counselor, Westwood is a subdivision in Rancho Bernardo on the I15 corridor.

Seattle Relo – Sorry to hear about your case. Whenever anyone relo’s to a different city there is no good reason not to rent before buying period. You need to acclimate and learn about the new city.

Unfortunately you guys ran into a sales agent who pretty much saw easy money. If this was a company relo then the guys that work in the relo departments for many real estate brokerages love it when buyers like yourselves come to them.

That said, if you sell you will pay your commission. Add in another 1% for closing costs that are typical sellers side closing costs including splitting escrow 50/50, paying for the buyers title insurance, paying for a home warranty, county transfer tax which is $1.10 per $1000. Now the unfortunate thing is that many buyers are demanding that the sellers help finance the buyers side of the closing cost ledger. I received an offer on a listing in Oceanside today where the buyer is asking for 2% of the purchase price for their recurring and non recurring closing costs.

So the price to sell is

sales price – commissions – 1% estimate for your closing costs – [other possible closing cost requests] – [any prepayment penalties for your loan]

Sorry to hear about what happened… Hang in there. If you are happy in the long run you will be okay… but long run is going to be many years.

SD Realtor

[SD Realtor]

drunkle – aye caramba… nevermind…

[SD Realtor]

drunkle – aye caramba… nevermind…

[SD Realtor]

Yep I am… I am always surprised that most people are not aware of what drives long term mortgage interest rates.

SD Realtor

[SD Realtor]

Yep I am… I am always surprised that most people are not aware of what drives long term mortgage interest rates.

SD Realtor

[SD Realtor]

Lost Kitty don’t know why they don’t pay…I am one of those anal types who has to make sure everything is paid the second I receive the bill…

SD Realtor

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