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SD Realtor
ParticipantCAR I think you are making immense speculation that plays to the average poster but I don’t believe is close to accurate. Show me ANY sort of proof at all of the 40% number. Any at all. Look through tax rolls all you want, post internet announcements of huge PPIP purchases here in San Diego, I would be more then happy to read about them. That is staggering. So places like Encinitas, 4S, PQ, Carlsbad, Scripps, Tierra Santa, PB, OB, UC… some entities somewhere are scooping up these large quantities of homes (that we dont know about) according to your premise… Sorry no way do I agree. Not in the least.
Second off, how can you even question what a lender will price an REO at? How can you figure a home that fetched 900k will magically even list at 750k, and if it is listed at 750k wouldnt it be a more accurate presumption that it will be bid up if it went pending at 900k? You are making this absolute leap of faith that any REO is priced well below market and it will not ever get bid up. Take a look at the Beechtree listing in Encinitas. It was priced incorrectly by the lender and got swarmed. In fact, flippers most likely have LESS liquidity benefits over institutional lenders and will be MORE likely to cut prices FASTER if a home doesn’t sell.
Third, taking risks doesn’t entitle anyone to any reward big or small. That was never said or implied. The essence of your argument is that EVERYONE should be entitled to EVERY home regardless of individual accrual of resources. That is an awesomely scary statement. The fact is that ANYONE can go to a trustee sale. If you don’t have the cash then you cannot. Why is that not fair? It doesn’t matter if it is a flip or not a flip. People who can buy for cash will have access to additional opportunities. It is a bit scary that you opine that individuals who have worked hard to accrue money should not be allowed to take advantage of that work. What if they were to buy for primary occupancy? Change the system, but do not penalize them. Or should they not even be allowed to buy for cash on the resale market either? Wouldn’t the cash offers they put out drive the market up because someone who finances would have to overbid to get the financed offer accepted?
Again, you are blaming individuals who are trying to make money rather then a system that is inept. A fair system would simply 100% NOT ALLOW people to buy homes who couldn’t afford them. You want equitable solutions then make everyone come in with 30% cash. Yet wouldn’t that eliminate alot of people from being able to buy a home? Stop FHA and low down loans. Prevent the problem by forcing large equity stakes. I think that is best but many would call that highly unfair, perhaps even racist since that could effectively kill the chances of many minorities to buy a home.
ParticipantCAR I think you are making immense speculation that plays to the average poster but I don’t believe is close to accurate. Show me ANY sort of proof at all of the 40% number. Any at all. Look through tax rolls all you want, post internet announcements of huge PPIP purchases here in San Diego, I would be more then happy to read about them. That is staggering. So places like Encinitas, 4S, PQ, Carlsbad, Scripps, Tierra Santa, PB, OB, UC… some entities somewhere are scooping up these large quantities of homes (that we dont know about) according to your premise… Sorry no way do I agree. Not in the least.
Second off, how can you even question what a lender will price an REO at? How can you figure a home that fetched 900k will magically even list at 750k, and if it is listed at 750k wouldnt it be a more accurate presumption that it will be bid up if it went pending at 900k? You are making this absolute leap of faith that any REO is priced well below market and it will not ever get bid up. Take a look at the Beechtree listing in Encinitas. It was priced incorrectly by the lender and got swarmed. In fact, flippers most likely have LESS liquidity benefits over institutional lenders and will be MORE likely to cut prices FASTER if a home doesn’t sell.
Third, taking risks doesn’t entitle anyone to any reward big or small. That was never said or implied. The essence of your argument is that EVERYONE should be entitled to EVERY home regardless of individual accrual of resources. That is an awesomely scary statement. The fact is that ANYONE can go to a trustee sale. If you don’t have the cash then you cannot. Why is that not fair? It doesn’t matter if it is a flip or not a flip. People who can buy for cash will have access to additional opportunities. It is a bit scary that you opine that individuals who have worked hard to accrue money should not be allowed to take advantage of that work. What if they were to buy for primary occupancy? Change the system, but do not penalize them. Or should they not even be allowed to buy for cash on the resale market either? Wouldn’t the cash offers they put out drive the market up because someone who finances would have to overbid to get the financed offer accepted?
Again, you are blaming individuals who are trying to make money rather then a system that is inept. A fair system would simply 100% NOT ALLOW people to buy homes who couldn’t afford them. You want equitable solutions then make everyone come in with 30% cash. Yet wouldn’t that eliminate alot of people from being able to buy a home? Stop FHA and low down loans. Prevent the problem by forcing large equity stakes. I think that is best but many would call that highly unfair, perhaps even racist since that could effectively kill the chances of many minorities to buy a home.
ParticipantCAR I think you are making immense speculation that plays to the average poster but I don’t believe is close to accurate. Show me ANY sort of proof at all of the 40% number. Any at all. Look through tax rolls all you want, post internet announcements of huge PPIP purchases here in San Diego, I would be more then happy to read about them. That is staggering. So places like Encinitas, 4S, PQ, Carlsbad, Scripps, Tierra Santa, PB, OB, UC… some entities somewhere are scooping up these large quantities of homes (that we dont know about) according to your premise… Sorry no way do I agree. Not in the least.
Second off, how can you even question what a lender will price an REO at? How can you figure a home that fetched 900k will magically even list at 750k, and if it is listed at 750k wouldnt it be a more accurate presumption that it will be bid up if it went pending at 900k? You are making this absolute leap of faith that any REO is priced well below market and it will not ever get bid up. Take a look at the Beechtree listing in Encinitas. It was priced incorrectly by the lender and got swarmed. In fact, flippers most likely have LESS liquidity benefits over institutional lenders and will be MORE likely to cut prices FASTER if a home doesn’t sell.
Third, taking risks doesn’t entitle anyone to any reward big or small. That was never said or implied. The essence of your argument is that EVERYONE should be entitled to EVERY home regardless of individual accrual of resources. That is an awesomely scary statement. The fact is that ANYONE can go to a trustee sale. If you don’t have the cash then you cannot. Why is that not fair? It doesn’t matter if it is a flip or not a flip. People who can buy for cash will have access to additional opportunities. It is a bit scary that you opine that individuals who have worked hard to accrue money should not be allowed to take advantage of that work. What if they were to buy for primary occupancy? Change the system, but do not penalize them. Or should they not even be allowed to buy for cash on the resale market either? Wouldn’t the cash offers they put out drive the market up because someone who finances would have to overbid to get the financed offer accepted?
Again, you are blaming individuals who are trying to make money rather then a system that is inept. A fair system would simply 100% NOT ALLOW people to buy homes who couldn’t afford them. You want equitable solutions then make everyone come in with 30% cash. Yet wouldn’t that eliminate alot of people from being able to buy a home? Stop FHA and low down loans. Prevent the problem by forcing large equity stakes. I think that is best but many would call that highly unfair, perhaps even racist since that could effectively kill the chances of many minorities to buy a home.
ParticipantCAR you and I have had this debate before and I don’t see the need to rehash it. I would point out a few things though… the purchases we make are at trustee sales and are all cash. The return we make is okay but the risk we take is substantial. I think it is VERY arguable that people like us who buy for cash at trustee sale are hardly reducing inventory and in fact are doing the opposite, making inventory more available at a faster pace then it would be in our absence. To say that the “average” homebuyer is one who buys for cash at trustee sales is simply not the case.
I think that your beef is with flippers and speculators who purchase homes and compete with the bulk of homebuyers. Fair enough. However as pointed out earliers, dont hate the players hate the game. True these types are gaming the system, using easy credit to finance the purchases and then flipping them. So you choose to focus your ire at them rather then the fcked up system that allows them to do this. From the government to the lenders to wall street who securitized those same mortgages. So yes there were/are players who gamed the system but I hardly attribute the vast blowup to them. We can agree to disagree there and I am ok with it as you are.
I think making a statement that 40% of the buyers on the market are flippers is laughable. When I went to Andalucia at 9:45 for a visit to look at the models and the place is friggin PACKED with engineers I bet you couldn’t find a single flipper there. Do you think people are swarming la costa valley right now are all flipping? Are PQ homes that are getting swarmed on being flipped? Yes I do see some people and have some clients who are buying homes as rentals but I hardly call them flippers or speculators. Nor would I lump them into the same category as those who bought in 04 simply to sell in inventory and realize 30% gains.
So… I do understand the type of flipper you are targetting. However I think that by far the people I see at trustee sale in no way are that type. I think they/we are taking a very valid risk and earning our return by doing so.
ParticipantCAR you and I have had this debate before and I don’t see the need to rehash it. I would point out a few things though… the purchases we make are at trustee sales and are all cash. The return we make is okay but the risk we take is substantial. I think it is VERY arguable that people like us who buy for cash at trustee sale are hardly reducing inventory and in fact are doing the opposite, making inventory more available at a faster pace then it would be in our absence. To say that the “average” homebuyer is one who buys for cash at trustee sales is simply not the case.
I think that your beef is with flippers and speculators who purchase homes and compete with the bulk of homebuyers. Fair enough. However as pointed out earliers, dont hate the players hate the game. True these types are gaming the system, using easy credit to finance the purchases and then flipping them. So you choose to focus your ire at them rather then the fcked up system that allows them to do this. From the government to the lenders to wall street who securitized those same mortgages. So yes there were/are players who gamed the system but I hardly attribute the vast blowup to them. We can agree to disagree there and I am ok with it as you are.
I think making a statement that 40% of the buyers on the market are flippers is laughable. When I went to Andalucia at 9:45 for a visit to look at the models and the place is friggin PACKED with engineers I bet you couldn’t find a single flipper there. Do you think people are swarming la costa valley right now are all flipping? Are PQ homes that are getting swarmed on being flipped? Yes I do see some people and have some clients who are buying homes as rentals but I hardly call them flippers or speculators. Nor would I lump them into the same category as those who bought in 04 simply to sell in inventory and realize 30% gains.
So… I do understand the type of flipper you are targetting. However I think that by far the people I see at trustee sale in no way are that type. I think they/we are taking a very valid risk and earning our return by doing so.
ParticipantCAR you and I have had this debate before and I don’t see the need to rehash it. I would point out a few things though… the purchases we make are at trustee sales and are all cash. The return we make is okay but the risk we take is substantial. I think it is VERY arguable that people like us who buy for cash at trustee sale are hardly reducing inventory and in fact are doing the opposite, making inventory more available at a faster pace then it would be in our absence. To say that the “average” homebuyer is one who buys for cash at trustee sales is simply not the case.
I think that your beef is with flippers and speculators who purchase homes and compete with the bulk of homebuyers. Fair enough. However as pointed out earliers, dont hate the players hate the game. True these types are gaming the system, using easy credit to finance the purchases and then flipping them. So you choose to focus your ire at them rather then the fcked up system that allows them to do this. From the government to the lenders to wall street who securitized those same mortgages. So yes there were/are players who gamed the system but I hardly attribute the vast blowup to them. We can agree to disagree there and I am ok with it as you are.
I think making a statement that 40% of the buyers on the market are flippers is laughable. When I went to Andalucia at 9:45 for a visit to look at the models and the place is friggin PACKED with engineers I bet you couldn’t find a single flipper there. Do you think people are swarming la costa valley right now are all flipping? Are PQ homes that are getting swarmed on being flipped? Yes I do see some people and have some clients who are buying homes as rentals but I hardly call them flippers or speculators. Nor would I lump them into the same category as those who bought in 04 simply to sell in inventory and realize 30% gains.
So… I do understand the type of flipper you are targetting. However I think that by far the people I see at trustee sale in no way are that type. I think they/we are taking a very valid risk and earning our return by doing so.
ParticipantCAR you and I have had this debate before and I don’t see the need to rehash it. I would point out a few things though… the purchases we make are at trustee sales and are all cash. The return we make is okay but the risk we take is substantial. I think it is VERY arguable that people like us who buy for cash at trustee sale are hardly reducing inventory and in fact are doing the opposite, making inventory more available at a faster pace then it would be in our absence. To say that the “average” homebuyer is one who buys for cash at trustee sales is simply not the case.
I think that your beef is with flippers and speculators who purchase homes and compete with the bulk of homebuyers. Fair enough. However as pointed out earliers, dont hate the players hate the game. True these types are gaming the system, using easy credit to finance the purchases and then flipping them. So you choose to focus your ire at them rather then the fcked up system that allows them to do this. From the government to the lenders to wall street who securitized those same mortgages. So yes there were/are players who gamed the system but I hardly attribute the vast blowup to them. We can agree to disagree there and I am ok with it as you are.
I think making a statement that 40% of the buyers on the market are flippers is laughable. When I went to Andalucia at 9:45 for a visit to look at the models and the place is friggin PACKED with engineers I bet you couldn’t find a single flipper there. Do you think people are swarming la costa valley right now are all flipping? Are PQ homes that are getting swarmed on being flipped? Yes I do see some people and have some clients who are buying homes as rentals but I hardly call them flippers or speculators. Nor would I lump them into the same category as those who bought in 04 simply to sell in inventory and realize 30% gains.
So… I do understand the type of flipper you are targetting. However I think that by far the people I see at trustee sale in no way are that type. I think they/we are taking a very valid risk and earning our return by doing so.
ParticipantCAR you and I have had this debate before and I don’t see the need to rehash it. I would point out a few things though… the purchases we make are at trustee sales and are all cash. The return we make is okay but the risk we take is substantial. I think it is VERY arguable that people like us who buy for cash at trustee sale are hardly reducing inventory and in fact are doing the opposite, making inventory more available at a faster pace then it would be in our absence. To say that the “average” homebuyer is one who buys for cash at trustee sales is simply not the case.
I think that your beef is with flippers and speculators who purchase homes and compete with the bulk of homebuyers. Fair enough. However as pointed out earliers, dont hate the players hate the game. True these types are gaming the system, using easy credit to finance the purchases and then flipping them. So you choose to focus your ire at them rather then the fcked up system that allows them to do this. From the government to the lenders to wall street who securitized those same mortgages. So yes there were/are players who gamed the system but I hardly attribute the vast blowup to them. We can agree to disagree there and I am ok with it as you are.
I think making a statement that 40% of the buyers on the market are flippers is laughable. When I went to Andalucia at 9:45 for a visit to look at the models and the place is friggin PACKED with engineers I bet you couldn’t find a single flipper there. Do you think people are swarming la costa valley right now are all flipping? Are PQ homes that are getting swarmed on being flipped? Yes I do see some people and have some clients who are buying homes as rentals but I hardly call them flippers or speculators. Nor would I lump them into the same category as those who bought in 04 simply to sell in inventory and realize 30% gains.
So… I do understand the type of flipper you are targetting. However I think that by far the people I see at trustee sale in no way are that type. I think they/we are taking a very valid risk and earning our return by doing so.
Participantqwerty – IMO there is nothing good that the govt does as all. Long ago I threw in the towel and instead of fighting the power, I chose to try to make money with the insane policy the power implements.
What you said is absolutely true. I healthy housing market with much lower prices would be the result of a policy that you recommended.
It makes to much sense though.
Participantqwerty – IMO there is nothing good that the govt does as all. Long ago I threw in the towel and instead of fighting the power, I chose to try to make money with the insane policy the power implements.
What you said is absolutely true. I healthy housing market with much lower prices would be the result of a policy that you recommended.
It makes to much sense though.
Participantqwerty – IMO there is nothing good that the govt does as all. Long ago I threw in the towel and instead of fighting the power, I chose to try to make money with the insane policy the power implements.
What you said is absolutely true. I healthy housing market with much lower prices would be the result of a policy that you recommended.
It makes to much sense though.
Participantqwerty – IMO there is nothing good that the govt does as all. Long ago I threw in the towel and instead of fighting the power, I chose to try to make money with the insane policy the power implements.
What you said is absolutely true. I healthy housing market with much lower prices would be the result of a policy that you recommended.
It makes to much sense though.
Participantqwerty – IMO there is nothing good that the govt does as all. Long ago I threw in the towel and instead of fighting the power, I chose to try to make money with the insane policy the power implements.
What you said is absolutely true. I healthy housing market with much lower prices would be the result of a policy that you recommended.
It makes to much sense though.
Participant4sranch_buyer go to sdccu. They are very competitive and do not have any problems with seasoning. I believe the change is effective 2/1/10.
pr – I was not referring to you. I was making a general statement because most people are not as informed and view flippers as a cause of alot of the problems.
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