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SD Realtor
ParticipantAgreed lending. In Scripps during the early spring I was bummed because the inventory had dropped to the low 70’s and held steady. As of yesterday the inventory was up to 94.
This is nice to see…
SD Realtor
ParticipantYes it is what our govt does. Usually, like the case you pointed out, our govt gets us into a mess, then makes us pay to get us out of the mess.
In this case, I am especially pissed because IMO the govt didn’t get us into this mess. Yes there are policies that may have been enabling mechanisms, however unlike IRAQ each person that is now facing foreclosure is in that situation because they ultimately signed the loan docs. Bush didnt make them do it, nor did Rumsfeld, or any of the democrats or other republicans.
So this is one of the few messes our govt is not actually 100% responsible for. Yet here comes our govt to mop it up.
Now I know alot of people will whine and blame bush or greenspan or whoever for generating and enabling mechanism. However in my mind this is just people saying the govt is responsible for making everyone in society wear a helmet because we all ultimately ride on the short bus.
SD Realtor
Participantsdr of course the dre link is useful when checking the status of a licensee. I use that all the time. However the DRE has no information on whether that person is a Realtor. That is the point I was making.
The guy in question is not a Realtor. Or shall I say not a member of SDAR (that I know of)
SD Realtor
ParticipantThe ramifications of this are horrific. This is a directive that our government condones and will take fiscal responsibility for consumers who cannot do it themselves. I cannot understate how reckless this is. It doesn’t matter if they bailout .1% or 100% of the foreclosures. A policy like this will ruin the efficiency of the market, and throw a total wrench in the mechanics of what should happen.
and we all get to finance this bailout.
SD Realtor
ParticipantThanks sdr –
I did a member search on Sandicor on the name in the tax roll but nothing came up. So yeah I figured he is a licensee or broker but not a Realtor. Also I think the tax roll recording on the mortgage was a little higher then the recorded sales price.
SD Realtor
ParticipantIf anything you have done a thorough analysis. You seem to have run the numbers well, and you are going in eyes wide open. One thing that none of us here can advise you on is, how will this purchase affect your family. If all things are equal but you have a higher quality of life, then you should take that into account. Don’t take that factor lightly. Also not having a landlord is nice as well.
SD Realtor
ParticipantHi Cardiff –
Looking on the MLS, the property sold on 3/5/07 for 560k. The seller was a guy named Pujji Rominder. Now I did a lookup on him. He is not a Realtor yet he was the listing agent. More likely then not he is a mortgage guy. (That is a speculative statement)
Now there is something kind of wierd because on 2/12/07 there was a sell, (not on the MLS) for a price of 425k. Interestingly enough there is a mortgage recorded for an amount of 454k.
Anyways… it is what it is…
SD RealtorParticipantLindi I am trying to work it out but it looks like a no go… Son number 2 is having his first birthday bbq that day…Sorry kiddo
SD Realtor
ParticipantMatt –
They definitely are alive and well. I have a few escrows going right now and in two of them the buyers are coming in at 100% financing AND getting close to 3% credit for closing costs. I am not sure these would be classified as sub prime because in both cases the credit scores are over 700s. The homes were in not the greatest areas and both of the sellers understood the risk. In both cases I explained the risks to the sellers and they accepted the offers and are crossing fingers that the loans do not crash and burn. In each case we tried to bolster the sellers position by asking that the deposit convey to the seller as soon as contingencies are released. Then upon successful close the deposit will be credited back by the seller as well. Also we tried to accelerate the contingency period to 12 days. In one case we could and in one we could not. Both these sellers just want to get rid of the properties. We also had a closing recently of another 100% financed home. So yeah it is still happening…
SD Realtor
ParticipantYep REO pricing is not near what it should be but it will come down eventually. I represented a buyer for an REO recently and while the release of liability documentation that they sent the buyer was quite substantial. It is not that they are released from the disclosure process. However, because they did not occupy the home, they have no clue about the disclosures so they have nothing to disclose. They do submit documentation to the buyer releasing them 100% from any future findings be it mold, any faulty construction, code violations, pretty much EVERYTHING…
Buyers of REOs should know this.
SD Realtor
Participant23 I think the chances of the home going down to 250-300 are better then 50/50. However I don’t think it will stay at that level for to long. I agree with other posters who say if you have to finance it 100% then you should not be buying. Plain and simple.
However I think the likelihood of the home being 250-300k 10 years from now is pretty low. I think it will be in that range 5 years from now, but should come back. Also I have two kids and no way would a 3/2 home work for us. That is me though. If you think that you WILL occupy this home for the next 10 years to ride out the fixed rate period of your loan, then you will be okay. IMO if you pitched the 700 a month into a savings account for the next 24 months that would give you 16k to have as a downpayment in two years when many of us think the market will produce homes in a much lower price range. That is 5% down for a 300k house. Not alot but better then nothing. I do believe Temecula/Riverside county will take a pretty good hammering.
The hardest part of this whole thing is trying not to get emotional about the opportunity.
SD Realtor
ParticipantHi Former SoCal –
Hard to say… I know both regions very well… The statement, if housing prices drop enough is a somewhat subjective remark. Everyone here agrees prices will drop though we have differing views as to how much how fast. What is your timeframe, and how close to the coast do you need/want to be?
SD Realtor
ParticipantChris Hanson is great. Did you see him also on the Nigerian Email trackdown story? Sorry about the offtopic reply here.
ParticipantAgreed with Perry, Bugs, Kev and in a more tactful lingo, kicksavedave.
I have no sympathy for the people who signed on the dotted line. They could have asked the realtor to be with them and analyze the loan for them. They could have asked an attorney to look at the loan docs. The could have NOT signed them if they doubted in any way shape or form that they couldn’t or wouldn’t be able to make the payments.
Furthermore, for the boneheads that refinanced themselves into a mess I have even less sympathy for as they had a 3 day right of recision and could have pulled out AFTER signing loan docs.
As Perry said, if everyone keeps the hands out of the mess, the market will cleanse itself.
Finally, no excuses about the press. If people are dumb enough to listen to the press all the time without examining how a financial decision will affect their well being then that is their own problem.
SD Realtor
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