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SD Realtor
ParticipantI would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.
As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.
Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.
SD Realtor
ParticipantI would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.
As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.
Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.
SD Realtor
March 18, 2008 at 11:02 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #172783ParticipantYour property taxes will be based on the assessed value of your home. When a home sells it gets reassessed. In the past we are all used to that assessment going up and thus property taxes going up. That trend is over. In your example above you posted some sample numbers that could indeed represent the new assessed value but the county assessor makes the assessment. If the assessor thinks the home sold for well below market then the assessor will value the home higher then the sales price. In this market I am not sure if that will happen. Your quote above seems reasonable but is not gauranteed.
SD Realtor
March 18, 2008 at 11:02 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173120ParticipantYour property taxes will be based on the assessed value of your home. When a home sells it gets reassessed. In the past we are all used to that assessment going up and thus property taxes going up. That trend is over. In your example above you posted some sample numbers that could indeed represent the new assessed value but the county assessor makes the assessment. If the assessor thinks the home sold for well below market then the assessor will value the home higher then the sales price. In this market I am not sure if that will happen. Your quote above seems reasonable but is not gauranteed.
SD Realtor
March 18, 2008 at 11:02 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173124ParticipantYour property taxes will be based on the assessed value of your home. When a home sells it gets reassessed. In the past we are all used to that assessment going up and thus property taxes going up. That trend is over. In your example above you posted some sample numbers that could indeed represent the new assessed value but the county assessor makes the assessment. If the assessor thinks the home sold for well below market then the assessor will value the home higher then the sales price. In this market I am not sure if that will happen. Your quote above seems reasonable but is not gauranteed.
SD Realtor
March 18, 2008 at 11:02 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173146ParticipantYour property taxes will be based on the assessed value of your home. When a home sells it gets reassessed. In the past we are all used to that assessment going up and thus property taxes going up. That trend is over. In your example above you posted some sample numbers that could indeed represent the new assessed value but the county assessor makes the assessment. If the assessor thinks the home sold for well below market then the assessor will value the home higher then the sales price. In this market I am not sure if that will happen. Your quote above seems reasonable but is not gauranteed.
SD Realtor
March 18, 2008 at 11:02 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173227ParticipantYour property taxes will be based on the assessed value of your home. When a home sells it gets reassessed. In the past we are all used to that assessment going up and thus property taxes going up. That trend is over. In your example above you posted some sample numbers that could indeed represent the new assessed value but the county assessor makes the assessment. If the assessor thinks the home sold for well below market then the assessor will value the home higher then the sales price. In this market I am not sure if that will happen. Your quote above seems reasonable but is not gauranteed.
SD Realtor
March 18, 2008 at 12:09 AM in reply to: Corporation Using UCC-1 to Stall Foreclosure for up to 36 months #172157ParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM in reply to: Corporation Using UCC-1 to Stall Foreclosure for up to 36 months #172490ParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM in reply to: Corporation Using UCC-1 to Stall Foreclosure for up to 36 months #172493ParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM in reply to: Corporation Using UCC-1 to Stall Foreclosure for up to 36 months #172516ParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
March 18, 2008 at 12:09 AM in reply to: Corporation Using UCC-1 to Stall Foreclosure for up to 36 months #172595ParticipantDeal Hunter I posted about a somewhat similar method with a recently sold home in Carmel Valley. This home recently went REO as the lender finally put a stop to it. So basically the homeowner would setup corporations in Los Angeles. He would then transfer a partial interest in the home to the corporation. Then he would try to shield the home from foreclosure because the corporation would declare bankruptcy. This served a purpose in forcing the lender to get a deficiency judgement in the county where the corporation was. Once the judgement was passed, the seller would then setup another corp and do the exact same thing. Again an attorney would be the officer of record.
For the Carmel Valley home I am talking about they were able to delay foreclosure by about 9 months. By the 4th time, the lender was able to show the county judge that the home could not be protected under bankruptcy protection.
SD Realtor
ParticipantNo I am sorry I didn’t see it… I am doing some research for someone who lives in Escondido and am attempting to show them that there is no way that the home they live in will sell for the price they want to sell at… anyways I am bopping in and out.
Just another normal listing appt…
ParticipantNo I am sorry I didn’t see it… I am doing some research for someone who lives in Escondido and am attempting to show them that there is no way that the home they live in will sell for the price they want to sell at… anyways I am bopping in and out.
Just another normal listing appt…
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