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SD Realtor
ParticipantRus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.
Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.
You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.
SD Realtor
ParticipantRus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.
Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.
You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.
SD Realtor
ParticipantDW –
Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
SD Realtor
ParticipantDW –
Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
SD Realtor
ParticipantDW –
Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
SD Realtor
ParticipantDW –
Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
SD Realtor
ParticipantDW –
Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
SD Realtor
ParticipantDoug my read is something like what is currently being proposed today only on a larger scale…
That is the FHA will bail out distressed homeowners by purchasing the existing mortgage from a lender. The purchase will be made (HOPEFULLY) at a presently appraised value. The lender writes down the difference. The homeowner gets a new loan at a low rate pretty much directly from the FHA.
So no there is no new beauracracy, just the existing one that becomes responsible for oh… maybe 1-2 trillion worth of mortgages. So basically that is the plan. In short it is a very close step to nationalizing housing.
Who determines if the person is capable of repaying the loan? Why the FHA? Who backs the FHA
Your
Tax
Dollars
ParticipantDoug my read is something like what is currently being proposed today only on a larger scale…
That is the FHA will bail out distressed homeowners by purchasing the existing mortgage from a lender. The purchase will be made (HOPEFULLY) at a presently appraised value. The lender writes down the difference. The homeowner gets a new loan at a low rate pretty much directly from the FHA.
So no there is no new beauracracy, just the existing one that becomes responsible for oh… maybe 1-2 trillion worth of mortgages. So basically that is the plan. In short it is a very close step to nationalizing housing.
Who determines if the person is capable of repaying the loan? Why the FHA? Who backs the FHA
Your
Tax
Dollars
ParticipantDoug my read is something like what is currently being proposed today only on a larger scale…
That is the FHA will bail out distressed homeowners by purchasing the existing mortgage from a lender. The purchase will be made (HOPEFULLY) at a presently appraised value. The lender writes down the difference. The homeowner gets a new loan at a low rate pretty much directly from the FHA.
So no there is no new beauracracy, just the existing one that becomes responsible for oh… maybe 1-2 trillion worth of mortgages. So basically that is the plan. In short it is a very close step to nationalizing housing.
Who determines if the person is capable of repaying the loan? Why the FHA? Who backs the FHA
Your
Tax
Dollars
ParticipantDoug my read is something like what is currently being proposed today only on a larger scale…
That is the FHA will bail out distressed homeowners by purchasing the existing mortgage from a lender. The purchase will be made (HOPEFULLY) at a presently appraised value. The lender writes down the difference. The homeowner gets a new loan at a low rate pretty much directly from the FHA.
So no there is no new beauracracy, just the existing one that becomes responsible for oh… maybe 1-2 trillion worth of mortgages. So basically that is the plan. In short it is a very close step to nationalizing housing.
Who determines if the person is capable of repaying the loan? Why the FHA? Who backs the FHA
Your
Tax
Dollars
ParticipantDoug my read is something like what is currently being proposed today only on a larger scale…
That is the FHA will bail out distressed homeowners by purchasing the existing mortgage from a lender. The purchase will be made (HOPEFULLY) at a presently appraised value. The lender writes down the difference. The homeowner gets a new loan at a low rate pretty much directly from the FHA.
So no there is no new beauracracy, just the existing one that becomes responsible for oh… maybe 1-2 trillion worth of mortgages. So basically that is the plan. In short it is a very close step to nationalizing housing.
Who determines if the person is capable of repaying the loan? Why the FHA? Who backs the FHA
Your
Tax
Dollars
March 26, 2008 at 10:57 PM in reply to: RP – Expecting your valuable comments on this property! #176795ParticipantTheasian why did your agent tell you that the offer needs to be in the 520-530k range? Let me ask you a few things…
How long has the home been on the market? How is it priced compared to comps? Did your agent call the other agent to get information? If the home is really priced very aggressively then it would not surprise me if that is the case. If the home has been on the market for a few months at the price you are talking about then perhaps you are right.
Unfortunately looking at the last sale is meaningless. The lender doesn’t care about that. The lender will price the home at what the lender thinks they can get for the home. The process includes thier own analysis as well as the lender ordering a BPO, brokers property opinion. So take those things into consideration.
SD Realtor
March 26, 2008 at 10:57 PM in reply to: RP – Expecting your valuable comments on this property! #177146ParticipantTheasian why did your agent tell you that the offer needs to be in the 520-530k range? Let me ask you a few things…
How long has the home been on the market? How is it priced compared to comps? Did your agent call the other agent to get information? If the home is really priced very aggressively then it would not surprise me if that is the case. If the home has been on the market for a few months at the price you are talking about then perhaps you are right.
Unfortunately looking at the last sale is meaningless. The lender doesn’t care about that. The lender will price the home at what the lender thinks they can get for the home. The process includes thier own analysis as well as the lender ordering a BPO, brokers property opinion. So take those things into consideration.
SD Realtor
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