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SD Realtor
ParticipantStop making so much sense CAR!
ParticipantStop making so much sense CAR!
ParticipantStop making so much sense CAR!
ParticipantConcho nice move buying last year. You and many Piggs who bought in 08/09 are proving to be prudent decision makers.
Bearish grinder meaning the area/condition of the home etc… lots of 92113s available and other like low end stuff. It is something I just don’t want to deal with. Not so much the neighborhood but the potential for major damage to the home and rehab. Forget about it. That is still where the margins are a bit wider but at this point we are okay. Bidding wars on the steps suck but anything of decent quality in areas we are shopping are gauranteed to have them. If it means I only take a 10% margin but I get a place in 92128 or 92129 rather then a 15% margin in one of the other areas I will take the hit on margin and get the location. Less work, I know the submarket better, and I know we will not get stuck with the property.
ParticipantConcho nice move buying last year. You and many Piggs who bought in 08/09 are proving to be prudent decision makers.
Bearish grinder meaning the area/condition of the home etc… lots of 92113s available and other like low end stuff. It is something I just don’t want to deal with. Not so much the neighborhood but the potential for major damage to the home and rehab. Forget about it. That is still where the margins are a bit wider but at this point we are okay. Bidding wars on the steps suck but anything of decent quality in areas we are shopping are gauranteed to have them. If it means I only take a 10% margin but I get a place in 92128 or 92129 rather then a 15% margin in one of the other areas I will take the hit on margin and get the location. Less work, I know the submarket better, and I know we will not get stuck with the property.
ParticipantConcho nice move buying last year. You and many Piggs who bought in 08/09 are proving to be prudent decision makers.
Bearish grinder meaning the area/condition of the home etc… lots of 92113s available and other like low end stuff. It is something I just don’t want to deal with. Not so much the neighborhood but the potential for major damage to the home and rehab. Forget about it. That is still where the margins are a bit wider but at this point we are okay. Bidding wars on the steps suck but anything of decent quality in areas we are shopping are gauranteed to have them. If it means I only take a 10% margin but I get a place in 92128 or 92129 rather then a 15% margin in one of the other areas I will take the hit on margin and get the location. Less work, I know the submarket better, and I know we will not get stuck with the property.
ParticipantConcho nice move buying last year. You and many Piggs who bought in 08/09 are proving to be prudent decision makers.
Bearish grinder meaning the area/condition of the home etc… lots of 92113s available and other like low end stuff. It is something I just don’t want to deal with. Not so much the neighborhood but the potential for major damage to the home and rehab. Forget about it. That is still where the margins are a bit wider but at this point we are okay. Bidding wars on the steps suck but anything of decent quality in areas we are shopping are gauranteed to have them. If it means I only take a 10% margin but I get a place in 92128 or 92129 rather then a 15% margin in one of the other areas I will take the hit on margin and get the location. Less work, I know the submarket better, and I know we will not get stuck with the property.
ParticipantConcho nice move buying last year. You and many Piggs who bought in 08/09 are proving to be prudent decision makers.
Bearish grinder meaning the area/condition of the home etc… lots of 92113s available and other like low end stuff. It is something I just don’t want to deal with. Not so much the neighborhood but the potential for major damage to the home and rehab. Forget about it. That is still where the margins are a bit wider but at this point we are okay. Bidding wars on the steps suck but anything of decent quality in areas we are shopping are gauranteed to have them. If it means I only take a 10% margin but I get a place in 92128 or 92129 rather then a 15% margin in one of the other areas I will take the hit on margin and get the location. Less work, I know the submarket better, and I know we will not get stuck with the property.
June 20, 2010 at 5:12 PM in reply to: OT-What a loan modification with principal reduction really looks like #567825ParticipantAgreed CAR. As taxpayers though we have not been given any choice. Nobody said to us, hey we would like your permission to bail out banks, a car company, AIG, and such. We were told this is how it will be. You and I know these decisions were made long before the crisis occurred. It is one thing to be an uber bear, like you I am one as well. It is another thing to keep saying this or that cannot happen because indeed they can happen. Foreclosures and employment or lack thereof will not bring the housing market to a crash. The govt has that game rigged. Thus what we have left are rates. That will happen and it will be a blow. I am not sure of the timeframe but I believe it was between Fall of 1979 and Spring of 1980 rates went up 4%. Can you imagine what a 4% rate hike would do in a span of 6 months? That my friend would be a crusher. I don’t see that happening in the near term. A few years from now? Well that will be interesting.
June 20, 2010 at 5:12 PM in reply to: OT-What a loan modification with principal reduction really looks like #567920ParticipantAgreed CAR. As taxpayers though we have not been given any choice. Nobody said to us, hey we would like your permission to bail out banks, a car company, AIG, and such. We were told this is how it will be. You and I know these decisions were made long before the crisis occurred. It is one thing to be an uber bear, like you I am one as well. It is another thing to keep saying this or that cannot happen because indeed they can happen. Foreclosures and employment or lack thereof will not bring the housing market to a crash. The govt has that game rigged. Thus what we have left are rates. That will happen and it will be a blow. I am not sure of the timeframe but I believe it was between Fall of 1979 and Spring of 1980 rates went up 4%. Can you imagine what a 4% rate hike would do in a span of 6 months? That my friend would be a crusher. I don’t see that happening in the near term. A few years from now? Well that will be interesting.
June 20, 2010 at 5:12 PM in reply to: OT-What a loan modification with principal reduction really looks like #568425ParticipantAgreed CAR. As taxpayers though we have not been given any choice. Nobody said to us, hey we would like your permission to bail out banks, a car company, AIG, and such. We were told this is how it will be. You and I know these decisions were made long before the crisis occurred. It is one thing to be an uber bear, like you I am one as well. It is another thing to keep saying this or that cannot happen because indeed they can happen. Foreclosures and employment or lack thereof will not bring the housing market to a crash. The govt has that game rigged. Thus what we have left are rates. That will happen and it will be a blow. I am not sure of the timeframe but I believe it was between Fall of 1979 and Spring of 1980 rates went up 4%. Can you imagine what a 4% rate hike would do in a span of 6 months? That my friend would be a crusher. I don’t see that happening in the near term. A few years from now? Well that will be interesting.
June 20, 2010 at 5:12 PM in reply to: OT-What a loan modification with principal reduction really looks like #568531ParticipantAgreed CAR. As taxpayers though we have not been given any choice. Nobody said to us, hey we would like your permission to bail out banks, a car company, AIG, and such. We were told this is how it will be. You and I know these decisions were made long before the crisis occurred. It is one thing to be an uber bear, like you I am one as well. It is another thing to keep saying this or that cannot happen because indeed they can happen. Foreclosures and employment or lack thereof will not bring the housing market to a crash. The govt has that game rigged. Thus what we have left are rates. That will happen and it will be a blow. I am not sure of the timeframe but I believe it was between Fall of 1979 and Spring of 1980 rates went up 4%. Can you imagine what a 4% rate hike would do in a span of 6 months? That my friend would be a crusher. I don’t see that happening in the near term. A few years from now? Well that will be interesting.
June 20, 2010 at 5:12 PM in reply to: OT-What a loan modification with principal reduction really looks like #568811ParticipantAgreed CAR. As taxpayers though we have not been given any choice. Nobody said to us, hey we would like your permission to bail out banks, a car company, AIG, and such. We were told this is how it will be. You and I know these decisions were made long before the crisis occurred. It is one thing to be an uber bear, like you I am one as well. It is another thing to keep saying this or that cannot happen because indeed they can happen. Foreclosures and employment or lack thereof will not bring the housing market to a crash. The govt has that game rigged. Thus what we have left are rates. That will happen and it will be a blow. I am not sure of the timeframe but I believe it was between Fall of 1979 and Spring of 1980 rates went up 4%. Can you imagine what a 4% rate hike would do in a span of 6 months? That my friend would be a crusher. I don’t see that happening in the near term. A few years from now? Well that will be interesting.
June 20, 2010 at 8:43 AM in reply to: OT-What a loan modification with principal reduction really looks like #567632ParticipantNo the metaphor was meant for the uber bears who think, thought, continue to hope that the tsunami cannot be stopped. There are those believers that the govt will not go down with the ship. In reality the system has been forever changed and that the tsunami can indeed be diverted, reduced, or whatever you want to call it. There are plenty of people who can get workouts and mods, and will be able to maintain home ownership for quite awhile because of them. There are some who will default again. As long as the system can keep whittling down the numbers it will work. Walkways and jingle mail will happen as well but the system has shown resiliency and will let those people live for free until the system decides to deal with them individually.
What is quite interesting is the deal on the rates these people are getting in light of potential drastic interest rate hikes we can and will likely see in upcoming years. If you are saying Joe Buyer buys a home in 05, gets a loan mod in 09 or 10, has a 4.75 cap and in 2014 we are at 12% rates, he is doing pretty well. Screw it if he has to give his profits up if he sells. He is probably pretty darn happy.
Also I am quite skeptical of the ability of the banks to track owner occupancy as well.
I guess we will see!
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