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SD Realtor
ParticipantYou make a good point cali. Unfortunately I don’t believe there is reliable data to quantify the effects of higher rates on the San Diego submarket.
I think it is very hard to predict what the San Diego housing prices of today would move to if we endured an environment comparable to say the late 70s and early 80s.
I do believe it is safe to say that no way in hell would prices be able to survive that sort of rate movement. Rates went from 3.5 to 4.5 and everyone moans and groans. How about rates at 8 or 9%. No friggin way a 4S Ranch home priced at 700k today could keep that value.
The question is, what will be the decline? Is it linear? Doubtful. Hard to say what it would look like. I don’t think looking back at say rates in the mid or late 90s is a good barometer either because that was a much more robust economy.
ParticipantYour realtor should be able to review the comps and tell you if the ppsf you quoted is above/below average.
You are purchasing at a time when the market has completed a significant leg up. Additionally your ppsf is to generic as ppsf varies based on home size. Average ppsf for a 2000 sf home in 4S will be much different then average ppsf for a 3500 sf home.
Yes there is a downside to Mello Roos but if you want to live in a relatively newer home then you will need to get used to it. Don’t count on MR fees going away or being paid off soon. I would not recommend paying them off early as you never know what curve balls life will throw at you. If for some reason you had to move in 4 years you would feel awfully foolish if you paid them out early.
Your guidance is work with your agent and demand a thorough analysis from them. That is what they do to earn your money. If you don’t trust them, go find someone you do trust.
ParticipantThe realist tax roll that is available to realtors has the info. Ask your realtor to send you the home you are curious about.
ParticipantGo down to county records and you can find out any recorded document on any parcel. In the case of what you want, find out when they closed escrow and see if there are any mortgage liens on the home. If there is, then that indicates a mortgage is on the home. If there is not, then odds are strong that the home was bought for cash. Pretty much any note where the home is the security for the note, will be recorded.
ParticipantWow HLS there is no secondary market? Whew when did that happen?
ParticipantIt could be also related to the number of homes you have. We have more then 10 properties so when we tried it, we couldn’t do it. However perhaps if you have less then 4 homes it may be a lot easier. I have not seen many people do it though. I did get email from someone who did do it although they said it was challenging, but they did get it done.
ParticipantCan be found. Basically find the homes that were purchased with cash, then look at the tax roll to see if there are any mortgage liens that were recorded after the sale.
I think it does happen, but not to the degree that people claim. Additionally it is alot harder then it used to be. For at least a few now, lenders have stopped giving cash out refi’s on rental properties. This is a huge blow to that strategy because alot of the rentals were purchased with cash. So that leaves owner occupants to get 80% cash out refi’s but usually the lender will require at least 6 months seasoning.
ParticipantI have already posted documented sales statistics debunking the claims that cash buyers are accounting for many sales.
ParticipantSome of those ATT commercials are pretty funny.
ParticipantIf it takes longer then expected you request an extension of the appraisal contingency. if the seller says yes no problem. If not then you get your deposit back and everyone walks away.
As I said above, if you have other contingencies to lean on and the home does not appraise then use one of the other contingencies. You do not have to be specific to the seller, there is no obligation. Just make darn sure you do it in the time frame you are alotted per the rpa.
Since you have removed the appraisal contingency then at day 17 or whenever your other contingencies expire you must fish or cut bait whether you have the appraisal number or not.
Your agent should have explained all this to you.
ParticipantI don’t feel strongly either way about how many lenders you use. You just need to hustle and make sure the lenders submits the order for appraisal to whatever appraisal management company is being used. If you think the appraisal will happen quick, then hold off on the physical inspection until after the appraisal to save some money.
ParticipantActually the RPA for the state of california is very buyer friendly. There are a wide variety of ways for you to back out of the contract however you must do it in a timely manner as specified in the contract. You define those timeframes when you submit the contract.
There are formal contingencies referred to as appraisal, inspection and loan, however within the inspection contingency there is a wide berth for you. You can back out due to any sort of HOA restrictions, you can back out because of certain disclosures made by the seller, you can back out because you dont like the color of the leaves on the trees in the yard.
The reason for backing out is pretty much moot. The timing of when you back out is crucial.
Homes that are subject to multiple bids may send out counter offers asking for the appraisal contingency to be removed. You can remove it and if the appraisal doesn’t come in you can still walk or try to renegotiate PROVIDED YOU HAVE OTHER CONTINGENCIES that have not expired temporally. The thing is that usually the appraisal is one of the last pieces of information that is delivered. So an astute listing agent will look at a contract, note the appraisal contingency has been removed but then ask that all of the other contingencies get pulled in to 10 days so the buyer cannot sneak out of the deal for any other reason.
There are plenty of ways to skin a cat.
There really should be no reason for you to remove the appraisal contingency unless there are several competing offers.
ParticipantReally now…
So the OP is saying that every active listing in Anaheim or in Fullerton under 400k is actually already sold… Even though they are active.
Yeah ummm…. right….
July 7, 2013 at 7:11 PM in reply to: how much equity can I take out in a home equity loan (not HELOC)? #763370ParticipantIt used to be that you could take out up to 80% of the appraised value of the home but that is the way it used to be. Not sure what the deal is now. Also you will need to show proof of income to get a loan unless you already have the heloc set up.
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