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February 1, 2007 at 11:07 PM in reply to: Sdrealtor, what are your thoughts on cash-back at closing? #44649
SD Realtor
ParticipantWhat you are proposing is fraudulent.
Appraisers are hired by lenders, you have no say on who the appraiser would be for the valuation of the home. You can go ahead and hire an appraiser but the lender will not care unless that appraiser is approved by the lender. This is no different then any of the fraud cases that have been the topics of many posts.
Generally lenders will not even underwrite the loan if you receive more then 3% of the sales price as a credit back.
Alternatives –
If the home is going to foreclosure then let it go. Attend the auction and put in a bid.
Sit on the fence and wait for a better deal.
January 31, 2007 at 10:32 PM in reply to: January Sales look strong some places and not so strong others #44574Participantsdr, I am seeing quite similar numbers in some of the zips off the I15 corridor. I am sure people will interpret the numbers in lots of different ways. My interpretation is that the market is normalizing to the price reductions… at least for now.
SD Realtor
Participantlbc – (other SD Realtor here)
I am not ready to make a final call on the market just yet. I am just reporting the stats as I see them without emotion. It is a trivial task to pick out sellers taking a bath on homes.
However please explain to me why the active/pending ratios are so much higher now then they have been in a long time for several zip codes. Note that I am not saying the number of sales are up, nor am I saying the median sales price is up. I am saying that inventory growth is slower, and the number of pendings are higher. Let’s see how the spring goes. My prediction is that 2007 will prove to be close to 2006, maybe a bit better, maybe a bit worse. It will depend on the zip code and the housing type. However it will not be as bad as 2006 was compared to 2005. I will put up 10 bones for that bet.
ParticipantMy comment is not necessarily disputing or backing a spring rebound but I will say this.
1 – Overall active inventory growth is WAY slower then I personally expected it to be by this time of year.
2 – In places like Scripps Ranch for instance the active to pending ratio is better then it has been for many many months, perhaps as far back as 05.
3 – From open house activity there are buyers out there at least looking. Again much more activity then we had seen in many months.
4 – It “appears” to me that the differentiation between types of housing and neighborhoods is GROWING. That is, downtown condos are still deadwood even in the face of this robust activity. Lower end neighborhoods are also still pretty dog slow.
I believe sdrealtor also noted more robust activity in his submarket as well.
I think this all can be explained by a combination of several factors which I don’t want to go into yet. Secular market trends ALWAYS have cyclical rallies in them. I still “believe” we are in a secular decline however it would not surprise me at all to see the market rally be it for a month or a year in the absence of a major catalyst to propel prices down. Yes we see lots of NODs and even the REO numbers are moving up. However it is such a small fraction of the inventory that it ALONE will not push prices down substantially. Without something radical the decline will happen but it will be slower with rally periods mixed in.
However, I do not agree with the statements that statistics are not backing up a more robust market because for certain housing types, in certain neighborhoods, indeed the market is much better then it was last year. The numbers do bear this out.
ParticipantPowayseller is doing well and I keep in touch with her via email.
January 27, 2007 at 12:24 PM in reply to: 1st Time Home buyer w/o a mortgage. Considering paying cash. #44286ParticipantHere for the ride it sounds like you have it pretty well thought out. I am not a fan of raiding pretty much the last bastion of tax deferred investment vehicles that the government lets us have (IRA and 401K). So my opinion is that I wouldn’t raid those funds but you have some valid points about not having a mortgage. Just consider that the first time buyer usually does not stay in the same home for more then 6-7 years. So your decision to tie all that money up in your home is something that personally I would not do but that is only me. I guess I am puzzled at why you couldn’t rent (using you non IRA savings) and try the other profession or field that you could make more money in to see how things work out? I know the renting lifestyle blows (being a fellow renter) and my wife is very much fed up with it. The quality of life with homeownership I think is a factor that is overlooked on this board.
You are young and you have alot of things ahead of you so do what suits you best.
ParticipantI think these will actually be a substantial portion of the inventory you will see this spring regardless of zip code.
January 25, 2007 at 9:44 PM in reply to: only the number of housing units sold in 2004/05 will impact the pricing? #44223ParticipantActually I read that the majority of the NODs reported were indeed for homes purchased in the last year and not due to resets. This is not to say that people are also losing thier homes due to bumbling refinancing and taking cash out. However there is some merit in your argument nestingcouple.
SD Realtor
ParticipantHi Lulu –
I would strongly advise that you offer a competitive cooperating broker commission in this market. There is a guy named Jeff Karchin who will do nothing but put your home on the MLS and you can decide the rest. You also are liable for pretty much all of the transaction. I wouldn’t recommend him but there are alternatives like him out there.
Also if you are considering Help U Sell you may be able to get a better deal by calling multiple Help U Sell franchises. The corporate policy is to let each franchise price independently. People would call my branch and ask why my pricing is different then this branch or this other branch and so on. Which is one of a few reasons why I sold my Help U Sell and started my own brokerage.
Also the Help U Sell fixed fee is interesting. The fee actually varies with the price of the home. On the average the fee is about 1.2-1.4% of the sales price so it is not quite as fixed as advertised.
I will say that there are alot of good people that own and operate Help U Sell franchises and work for them.
Anyways the point is, commissions are and always have been negotiable in the state of California.
ParticipantBreeze not just UTC….
Maybe other realtors/appraisers will comment but personally I have seen an increase in the active/pending ratio in addition to more pendings overall. I have seen this happen in Scripps, UC, Carmel Valley… I believe the reason is two fold, first off the properties that were well overpriced are finally dropping off the market, and second if they are not dropping off the market they are pricing competitively and selling. That is just a guess and we need to see how things look over the next few months.
SD Realtor
Participant066070818 pending
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066090409 pendingParticipantBreeze I will look em up later today –
SD Realtor
Participant***********Active Pendings
92117 — 80 39 (detached)
92118 — 114 18ParticipantUpdate for requested zip codes. Sorry but you guys will need to look at the previous posts in this thread to see if the numbers have gone up or down.
************Active Pending
92101 502 95 (attached)
92106 87 18 (detached)
92110 38 7 (detached)
92127 201 51 (detached)
92127 54 19 (attached)
92128 142 50 (detached)
92128 144 37 (attached)
92129 82 32 (detached)
92129 59 23 (attached)
92130 160 54 (detached)
92130 90 37 (attached)
92131 79 35 (detached)
92126 121 42 (detached)
92121 12 3 (attached) -
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