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SD Realtor
ParticipantOne thing I would say is that not having your 2009 tax return will be a potential impediment to ANY lender you will be working with. If you need to go to a different lender make sure you explain to them that you don’t have a copy of your return.
One thing you should be able to get from the IRS is a letter stating they did cash the check that you sent in. This is slightly better then nothing but you will need the return and you will have to submit it to the IRS anyways so you may as well do that immediately.
ParticipantOne thing I would say is that not having your 2009 tax return will be a potential impediment to ANY lender you will be working with. If you need to go to a different lender make sure you explain to them that you don’t have a copy of your return.
One thing you should be able to get from the IRS is a letter stating they did cash the check that you sent in. This is slightly better then nothing but you will need the return and you will have to submit it to the IRS anyways so you may as well do that immediately.
ParticipantOne thing I would say is that not having your 2009 tax return will be a potential impediment to ANY lender you will be working with. If you need to go to a different lender make sure you explain to them that you don’t have a copy of your return.
One thing you should be able to get from the IRS is a letter stating they did cash the check that you sent in. This is slightly better then nothing but you will need the return and you will have to submit it to the IRS anyways so you may as well do that immediately.
ParticipantHmmm I thought some posters said all the buyers pools had been exhausted.
You guys must all be ghosts of buyers gone past.
ParticipantHmmm I thought some posters said all the buyers pools had been exhausted.
You guys must all be ghosts of buyers gone past.
ParticipantHmmm I thought some posters said all the buyers pools had been exhausted.
You guys must all be ghosts of buyers gone past.
ParticipantHmmm I thought some posters said all the buyers pools had been exhausted.
You guys must all be ghosts of buyers gone past.
ParticipantHmmm I thought some posters said all the buyers pools had been exhausted.
You guys must all be ghosts of buyers gone past.
ParticipantI would have to know more precise information to give you a more informed response. Suffice it to say that we have done a flip down that way and I have some clients who purchased in San Miguel Ranch as well for a similar ppsf. Again without examining very close in proximity comps it is hard to say but I “think” you are doing pretty well. What are your MR and HOA fees? Also what is the condition of the home? I think that ALOT of inventory down there has already siphoned through the foreclosure pipeline which may bode well for you. Hopefully all those were replaced by more qualified homeowners. There was alot of fraud down there at the frenzy times and people were picking up multiple homes with no money down. We had picked one up that I think sold for 1.1 or 1.2 back in the day for 465k at trustee sale a little over a year ago but those deals are long long gone. So you have not bought at the local bottom but you are maybe 10-15% above it.
Only time will tell how much cushion you have. There will be plenty more foreclosures down there for certain HOWEVER I don’t see that affecting your pricing as much because the govt has shown they can effectively control that spigot. As with everything else I think the issue of credit will be the big catalyst to downward spiral in the future. That can happen a year from now but is very unlikely. I think maybe a few to several years out is much more realistic.
ParticipantI would have to know more precise information to give you a more informed response. Suffice it to say that we have done a flip down that way and I have some clients who purchased in San Miguel Ranch as well for a similar ppsf. Again without examining very close in proximity comps it is hard to say but I “think” you are doing pretty well. What are your MR and HOA fees? Also what is the condition of the home? I think that ALOT of inventory down there has already siphoned through the foreclosure pipeline which may bode well for you. Hopefully all those were replaced by more qualified homeowners. There was alot of fraud down there at the frenzy times and people were picking up multiple homes with no money down. We had picked one up that I think sold for 1.1 or 1.2 back in the day for 465k at trustee sale a little over a year ago but those deals are long long gone. So you have not bought at the local bottom but you are maybe 10-15% above it.
Only time will tell how much cushion you have. There will be plenty more foreclosures down there for certain HOWEVER I don’t see that affecting your pricing as much because the govt has shown they can effectively control that spigot. As with everything else I think the issue of credit will be the big catalyst to downward spiral in the future. That can happen a year from now but is very unlikely. I think maybe a few to several years out is much more realistic.
ParticipantI would have to know more precise information to give you a more informed response. Suffice it to say that we have done a flip down that way and I have some clients who purchased in San Miguel Ranch as well for a similar ppsf. Again without examining very close in proximity comps it is hard to say but I “think” you are doing pretty well. What are your MR and HOA fees? Also what is the condition of the home? I think that ALOT of inventory down there has already siphoned through the foreclosure pipeline which may bode well for you. Hopefully all those were replaced by more qualified homeowners. There was alot of fraud down there at the frenzy times and people were picking up multiple homes with no money down. We had picked one up that I think sold for 1.1 or 1.2 back in the day for 465k at trustee sale a little over a year ago but those deals are long long gone. So you have not bought at the local bottom but you are maybe 10-15% above it.
Only time will tell how much cushion you have. There will be plenty more foreclosures down there for certain HOWEVER I don’t see that affecting your pricing as much because the govt has shown they can effectively control that spigot. As with everything else I think the issue of credit will be the big catalyst to downward spiral in the future. That can happen a year from now but is very unlikely. I think maybe a few to several years out is much more realistic.
ParticipantI would have to know more precise information to give you a more informed response. Suffice it to say that we have done a flip down that way and I have some clients who purchased in San Miguel Ranch as well for a similar ppsf. Again without examining very close in proximity comps it is hard to say but I “think” you are doing pretty well. What are your MR and HOA fees? Also what is the condition of the home? I think that ALOT of inventory down there has already siphoned through the foreclosure pipeline which may bode well for you. Hopefully all those were replaced by more qualified homeowners. There was alot of fraud down there at the frenzy times and people were picking up multiple homes with no money down. We had picked one up that I think sold for 1.1 or 1.2 back in the day for 465k at trustee sale a little over a year ago but those deals are long long gone. So you have not bought at the local bottom but you are maybe 10-15% above it.
Only time will tell how much cushion you have. There will be plenty more foreclosures down there for certain HOWEVER I don’t see that affecting your pricing as much because the govt has shown they can effectively control that spigot. As with everything else I think the issue of credit will be the big catalyst to downward spiral in the future. That can happen a year from now but is very unlikely. I think maybe a few to several years out is much more realistic.
ParticipantI would have to know more precise information to give you a more informed response. Suffice it to say that we have done a flip down that way and I have some clients who purchased in San Miguel Ranch as well for a similar ppsf. Again without examining very close in proximity comps it is hard to say but I “think” you are doing pretty well. What are your MR and HOA fees? Also what is the condition of the home? I think that ALOT of inventory down there has already siphoned through the foreclosure pipeline which may bode well for you. Hopefully all those were replaced by more qualified homeowners. There was alot of fraud down there at the frenzy times and people were picking up multiple homes with no money down. We had picked one up that I think sold for 1.1 or 1.2 back in the day for 465k at trustee sale a little over a year ago but those deals are long long gone. So you have not bought at the local bottom but you are maybe 10-15% above it.
Only time will tell how much cushion you have. There will be plenty more foreclosures down there for certain HOWEVER I don’t see that affecting your pricing as much because the govt has shown they can effectively control that spigot. As with everything else I think the issue of credit will be the big catalyst to downward spiral in the future. That can happen a year from now but is very unlikely. I think maybe a few to several years out is much more realistic.
Participantlpetit you will not see any sort of substantial drops in housing prices in such a short timeframe, certainly not in a month or 2 months. You may see some softening as we move into the fall and winter for homes that were NOT WELL PRICED to begin with. You see alot of hopeful sellers have used the past opportunity to price their homes in a more ridiculous manner as they feel they can get a premium that no longer exists. I know a listing that will come up in Palacio in another month or so that will be that way. Anyways as those homes sit on the market some of the sellers will realize they need to price better and will reprice.
Don’t expect a rash of bank owned homes to suddenly pop up in CV either. Yes you may see occassional CV homes dribble out as they go from the trustee sale to the beneficiary and back to the open market for sale but anyone that thinks a deluge is coming is irrational. Loan mods are indeed impacting things greatly. I just pulled a CMR home off the market because HUD worked out a loan mod with Citibank on a clients first mortgage. She was selling the home and was not even needing to short the first! She was only shorting the second.
So my advice is that if you think prices are going to drop substantially I do not believe they will. Yes we have had a serious runup, and no I do not believe next June you will see a 14% hike but you will not see a major drop either.
My belief is unchanged….that we will not see substantial price drops in San Diego until mortgage rates increase dramatically. We may see smaller price fluctuations and flatness as the market reaches a new yet manipulated equilibrium. However until our credit is disrupted by bond market distortions, it is happy times.
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