[SD Realtor]

Because most all the posters bought houses?

[SD Realtor]

Yes there are plenty of different methods that appraisers can use to detect sales. I am sure you have seen plenty of good appraisals and some not so good appraisals and have been able to locate questionable comps in appraisals.

Let me restate the obvious then. Based on the sales price of this home verses the sales price of surrounding properties that are similar sized and would be considered comparable properties by any appraiser or realtor, in no way do I believe this sale is or will be, considered a comp. Regardless of whether the sale was found in the tax rolls, or on Zillow.

I would also speculate that based on how the transfer was done, that there are other factors involved in this sale.

[SD Realtor]

It is only used as a comp if it is considered a valid transaction. An appraiser would not even locate this sale as it was not on the MLS. Appraisers don’t file through Zillow looking for comps.

[SD Realtor]

Does it look like an arms length transaction to you?

[SD Realtor]

You may need chains. Just depends on how recent the snow has been. Usually the roads are fine, and if it has not snowed in the past 48-72 hours it should not be a problem. Investing 30 bucks in a pair of chains is a no brainer. If you have not been there before I would alot a little more then 2 hours. If you wanna be ultra safe you can go up the back way which is a longer freeway drive but less windy road then the front way. the last 45 minutes is nice regardless of the front or back way unless there is traffic up the mountain. Then it sucks.

[SD Realtor]

Do a little research about Dassons Real Estate LP.

[SD Realtor]

Agreed with what Dan Said completely…. and to add some of my own thoughts…

One of the primary obligations of any realtor involved on any side of a transaction is do disclose any and all material facts regarding the property. It does not matter how they came to know about the facts, whether by visual inspection, whether by working with the property manager that did updates to the home prior to it being listed etc…

So yes it seems that if you feel there are material facts that you are just now finding out about, that would have been important for you to know during disclosure then you should act. With that said, the burden of proof is on you to find out about these material facts to make sure they do exist. Sounds like finding out who the property manager was and trying to dig up what work was done on the home is the way to go but it will require legwork. I agree about talking to an attorney as well. However you will need to open your wallet.

Going back to what Dan was saying anyone that is going to work through the listing agent should take note that without an advocate for you, then you are on your own. Ed perhaps it didn’t occur to you then but maybe asking that listing agent point blank for a detailed list of any and all repairs that were done to the home since he obtained the listing may have been a good idea. Even asking him to put in writing that none were done or that he checked with the property management company and none were done may have really helped you. Also when extensive work is done, usually a good physical inspector will be able to point that out as well. So… perhaps the quality of your inspection may have been lacking as well.

[SD Realtor]

So far it looks like anyone who bought after the beginning of 2009 seems to be in decent shape if we are looking at a long term holding. I would not argue with your latest call with one exceptional wildcard.

I still believe that when interest rates run high (early 80s model) then that will spell depreciation for real estate. Consequently it will be much harder for those who need financing to obtain it so perhaps things scale. However in terms of the classic, I bought my home for $A and now I am selling it for $B if rates run up very high then B may very well be less then A. Lots of factors come into play.

[SD Realtor]

Or in other words….

Saving Money = Very Bad

and

Spending Money = Your obligation. So if our economy sucks it is your fault for not spending enough!!!

So really, the article above presumes that you are going to blow all your wages on more crap you don’t need rather then saving it, investing it wisely, or travelling abroad.

[SD Realtor]

FLU think of it like you are selling your home to somebody and then work out the following deal.

1 – You get to still occupy the home.

2 – They pay you an agreed to monthly payment based on a negotiated sales price of the home at a given interest rate.

******************

That is the most simplistic model. People who did a reverse mortgage in say 2004-2006 are laughing all the way to the bank.

I will be interested to hear some experts kick in some comments. However the play is that the homeowner will keel over before the entire payout is made. I would presume that the beneficiaries still get paid the remaining funds (100% of the balance? don’t know) and the presumption is also that housing will have appreciated so that the property is more valuable. I would also presume once you do the reverse mortgage you cannot back out and/or sell the home without full payback plus some penalty and accrued interest.

Benefits? Well say you are an elderly person/couple on a fixed income and love your home and don’t want to leave it? Well do a reverse mtg and perhaps then you get to stay plus you get some income.

I am sure that if I look into them in depth they are probably pretty sketchy. Surely they may be possible vehicles in certain situations for some people. I don’t think anyone qualifies for them either, you probably need to be a a bit older and there may even be a certain equity ratio you need to have to get one. Also I would presume owner occupancy is a must.

[SD Realtor]

Dont see a rapidly rising interest rate situation just yet. Someday but not imminent.

Examine your grocery bill from last year and the year before and you are already being victimized by inflation. Pretty much any basic foodstuff has increased in price and not by a trivial amount. Go look at your sdge bill and/or your wastewater treatment bill (water) and you will see your rates have also gone up compared to years past. It is also likely that soon you will be paying an increased state tax and/or sales tax.

I am sure we will soon have a predict the next year of housing price movement but as a preview, I read an interesting piece by JTR on his site and am inclined to agree. I think that the continued improvement in the employment situation in San Diego will simply provide further stability to certain submarkets. Combine this with the manipulation of inventory through lender shenanigans such as pricipal reductions, loan modifications, and even reo rental programs, it is very unlikely we will see large depreciation occur. I would even venture to say that we could see modest appreciation in CERTAIN markets. These markets include the usual more desired areas that mainstreamers like which have good school districts. Places like the I15 corridor as well as north county coastal.

[SD Realtor]

I would pay good money for a FBI profiler to read this thread and see what thier analysis concludes.

CE

The FBI profiler would have turned on ignore user by page 2

[SD Realtor]

except i don’t whine about it.

[SD Realtor]

I would agree with sdr, when I look at the total listings you have had and then look at the number of SOLDs it comes nowhere close to the numbers you are claiming.

That darn math…

[SD Realtor]

“I’m only seeking to recover the actual cash investment I have in the property, incl prudent improvements I have/will make plus my remaining mtg balance and closing costs.”

Maybe you get it and maybe you don’t. What you are seeking has ABSOLUTELY NO BEARING on the market value of your home. No matter how much you stomp and whine about all the conditions that have affected the market overall.

Don’t try to convince buyers your home is a good buy if it is not priced based on market conditions but rather what you need to get out of it.

[Author]

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