[SD Realtor]

Hi Newbiz,

I would agree with what the others said about CV with regards to it coming down. In general CV is still stuck in ultra sticky mode because it is a desired destination but I do feel it has come down. Not much distress there though.

As far as Scripps goes I am just as frustrated. Essentially the 11494 Winding Ridge property that is in escrow right now is selling at a 2003 price level for that west side of Scripps that you are on, up on the hill. While that is not the price dump you want, that is still not bad. I do agree that CV is stickier then Scripps and I believe that CV is in general more desireable then Scripps due to location and proximity.

In the year of 2000 there were some sales for 3000+ sf homes in your area for 600 and up. By 2001 they were in the mid 700’s. Can they run down to the 600’s again in 3 years? Perhaps they can. I don’t think they will but ya never know… depends on employment. We have a big notch in the employment picture and a runup in rates, then yeah they MAY drop to that level.

SD Realtor

[SD Realtor]

Hi Newbiz,

I would agree with what the others said about CV with regards to it coming down. In general CV is still stuck in ultra sticky mode because it is a desired destination but I do feel it has come down. Not much distress there though.

As far as Scripps goes I am just as frustrated. Essentially the 11494 Winding Ridge property that is in escrow right now is selling at a 2003 price level for that west side of Scripps that you are on, up on the hill. While that is not the price dump you want, that is still not bad. I do agree that CV is stickier then Scripps and I believe that CV is in general more desireable then Scripps due to location and proximity.

In the year of 2000 there were some sales for 3000+ sf homes in your area for 600 and up. By 2001 they were in the mid 700’s. Can they run down to the 600’s again in 3 years? Perhaps they can. I don’t think they will but ya never know… depends on employment. We have a big notch in the employment picture and a runup in rates, then yeah they MAY drop to that level.

SD Realtor

[SD Realtor]

Hi Newbiz,

I would agree with what the others said about CV with regards to it coming down. In general CV is still stuck in ultra sticky mode because it is a desired destination but I do feel it has come down. Not much distress there though.

As far as Scripps goes I am just as frustrated. Essentially the 11494 Winding Ridge property that is in escrow right now is selling at a 2003 price level for that west side of Scripps that you are on, up on the hill. While that is not the price dump you want, that is still not bad. I do agree that CV is stickier then Scripps and I believe that CV is in general more desireable then Scripps due to location and proximity.

In the year of 2000 there were some sales for 3000+ sf homes in your area for 600 and up. By 2001 they were in the mid 700’s. Can they run down to the 600’s again in 3 years? Perhaps they can. I don’t think they will but ya never know… depends on employment. We have a big notch in the employment picture and a runup in rates, then yeah they MAY drop to that level.

SD Realtor

[SD Realtor]

Hi Double –

So generally the way short sales work are as follows. When the listing agent receives an offer, before the offer is submitted to the lender, the listing agent gets an estimated HUD from escrow so that the lender can see what things will look like at closing including commissions and closing costs.

For instance, I may receive an offer on a short sale listing I have for say 450k. I get a HUD from escrow that shows after commissions and closing costs associated with the sellers side of the home, including any liens. The lender looks at that and then comes back to me and says, okay we will take 430k for the first mortgage, and 1k for the second. That way everyone knows who needs to come to the table with what at closing. It has already been conveyed to the buyer that the sellers have no money for any repairs requested, etc…

Okay so getting back to this home, that was most likely the case. That the lenders most likely accepted 700k on the first, and about 20k on the second while the other 40k went to closing costs and commissions. Or as you said, the sellers came to the table with cash.

**********

Yeah the 925k sale in 05 makes me want to hurl. Do you know that home was on the market all of 4 days? I do agree with your optimism about this current sale being a big drop from 06 but my wife says I am only happy when I am crabby so I guess she is right.

**********

I have been eyeballing the home on Summerwood Ct. It is on a great cul de sac, and it backs up to Jerabak. I have been over there and it is not in the greatest condition inside but that doesn’t matter to me. Unfortunately the guy has not priced it well at all. It is not even worth me lowballing it. It is also a divorce situation which is always unfortunate. I am sure the home will sell if only because I really like it…

SD Realtor

[SD Realtor]

Hi Double –

So generally the way short sales work are as follows. When the listing agent receives an offer, before the offer is submitted to the lender, the listing agent gets an estimated HUD from escrow so that the lender can see what things will look like at closing including commissions and closing costs.

For instance, I may receive an offer on a short sale listing I have for say 450k. I get a HUD from escrow that shows after commissions and closing costs associated with the sellers side of the home, including any liens. The lender looks at that and then comes back to me and says, okay we will take 430k for the first mortgage, and 1k for the second. That way everyone knows who needs to come to the table with what at closing. It has already been conveyed to the buyer that the sellers have no money for any repairs requested, etc…

Okay so getting back to this home, that was most likely the case. That the lenders most likely accepted 700k on the first, and about 20k on the second while the other 40k went to closing costs and commissions. Or as you said, the sellers came to the table with cash.

**********

Yeah the 925k sale in 05 makes me want to hurl. Do you know that home was on the market all of 4 days? I do agree with your optimism about this current sale being a big drop from 06 but my wife says I am only happy when I am crabby so I guess she is right.

**********

I have been eyeballing the home on Summerwood Ct. It is on a great cul de sac, and it backs up to Jerabak. I have been over there and it is not in the greatest condition inside but that doesn’t matter to me. Unfortunately the guy has not priced it well at all. It is not even worth me lowballing it. It is also a divorce situation which is always unfortunate. I am sure the home will sell if only because I really like it…

SD Realtor

[SD Realtor]

Hi Double –

So generally the way short sales work are as follows. When the listing agent receives an offer, before the offer is submitted to the lender, the listing agent gets an estimated HUD from escrow so that the lender can see what things will look like at closing including commissions and closing costs.

For instance, I may receive an offer on a short sale listing I have for say 450k. I get a HUD from escrow that shows after commissions and closing costs associated with the sellers side of the home, including any liens. The lender looks at that and then comes back to me and says, okay we will take 430k for the first mortgage, and 1k for the second. That way everyone knows who needs to come to the table with what at closing. It has already been conveyed to the buyer that the sellers have no money for any repairs requested, etc…

Okay so getting back to this home, that was most likely the case. That the lenders most likely accepted 700k on the first, and about 20k on the second while the other 40k went to closing costs and commissions. Or as you said, the sellers came to the table with cash.

**********

Yeah the 925k sale in 05 makes me want to hurl. Do you know that home was on the market all of 4 days? I do agree with your optimism about this current sale being a big drop from 06 but my wife says I am only happy when I am crabby so I guess she is right.

**********

I have been eyeballing the home on Summerwood Ct. It is on a great cul de sac, and it backs up to Jerabak. I have been over there and it is not in the greatest condition inside but that doesn’t matter to me. Unfortunately the guy has not priced it well at all. It is not even worth me lowballing it. It is also a divorce situation which is always unfortunate. I am sure the home will sell if only because I really like it…

SD Realtor

[SD Realtor]

Hi Double –

So generally the way short sales work are as follows. When the listing agent receives an offer, before the offer is submitted to the lender, the listing agent gets an estimated HUD from escrow so that the lender can see what things will look like at closing including commissions and closing costs.

For instance, I may receive an offer on a short sale listing I have for say 450k. I get a HUD from escrow that shows after commissions and closing costs associated with the sellers side of the home, including any liens. The lender looks at that and then comes back to me and says, okay we will take 430k for the first mortgage, and 1k for the second. That way everyone knows who needs to come to the table with what at closing. It has already been conveyed to the buyer that the sellers have no money for any repairs requested, etc…

Okay so getting back to this home, that was most likely the case. That the lenders most likely accepted 700k on the first, and about 20k on the second while the other 40k went to closing costs and commissions. Or as you said, the sellers came to the table with cash.

**********

Yeah the 925k sale in 05 makes me want to hurl. Do you know that home was on the market all of 4 days? I do agree with your optimism about this current sale being a big drop from 06 but my wife says I am only happy when I am crabby so I guess she is right.

**********

I have been eyeballing the home on Summerwood Ct. It is on a great cul de sac, and it backs up to Jerabak. I have been over there and it is not in the greatest condition inside but that doesn’t matter to me. Unfortunately the guy has not priced it well at all. It is not even worth me lowballing it. It is also a divorce situation which is always unfortunate. I am sure the home will sell if only because I really like it…

SD Realtor

[SD Realtor]

Hi Double –

So generally the way short sales work are as follows. When the listing agent receives an offer, before the offer is submitted to the lender, the listing agent gets an estimated HUD from escrow so that the lender can see what things will look like at closing including commissions and closing costs.

For instance, I may receive an offer on a short sale listing I have for say 450k. I get a HUD from escrow that shows after commissions and closing costs associated with the sellers side of the home, including any liens. The lender looks at that and then comes back to me and says, okay we will take 430k for the first mortgage, and 1k for the second. That way everyone knows who needs to come to the table with what at closing. It has already been conveyed to the buyer that the sellers have no money for any repairs requested, etc…

Okay so getting back to this home, that was most likely the case. That the lenders most likely accepted 700k on the first, and about 20k on the second while the other 40k went to closing costs and commissions. Or as you said, the sellers came to the table with cash.

**********

Yeah the 925k sale in 05 makes me want to hurl. Do you know that home was on the market all of 4 days? I do agree with your optimism about this current sale being a big drop from 06 but my wife says I am only happy when I am crabby so I guess she is right.

**********

I have been eyeballing the home on Summerwood Ct. It is on a great cul de sac, and it backs up to Jerabak. I have been over there and it is not in the greatest condition inside but that doesn’t matter to me. Unfortunately the guy has not priced it well at all. It is not even worth me lowballing it. It is also a divorce situation which is always unfortunate. I am sure the home will sell if only because I really like it…

SD Realtor

[SD Realtor]

citydweller the listings are real and not a mirage. Amy Green at Prudential has alot of foreclosure listings and they are all on the MLS. Here office uses the price in the basement mentality to get alot of offers and eventually they all get bid up. I would very much imagine this is the case for the Rancho Mission listing. At 119k this is home absolutely pencils out. So my read is that this is getting bid up as we type. The Friars Rd listing as you pointed out is a short sale and it will take much longer to process. It may indeed also have offers on it already.

SD Realtor

ps – where you been rus?

[SD Realtor]

citydweller the listings are real and not a mirage. Amy Green at Prudential has alot of foreclosure listings and they are all on the MLS. Here office uses the price in the basement mentality to get alot of offers and eventually they all get bid up. I would very much imagine this is the case for the Rancho Mission listing. At 119k this is home absolutely pencils out. So my read is that this is getting bid up as we type. The Friars Rd listing as you pointed out is a short sale and it will take much longer to process. It may indeed also have offers on it already.

SD Realtor

ps – where you been rus?

[SD Realtor]

citydweller the listings are real and not a mirage. Amy Green at Prudential has alot of foreclosure listings and they are all on the MLS. Here office uses the price in the basement mentality to get alot of offers and eventually they all get bid up. I would very much imagine this is the case for the Rancho Mission listing. At 119k this is home absolutely pencils out. So my read is that this is getting bid up as we type. The Friars Rd listing as you pointed out is a short sale and it will take much longer to process. It may indeed also have offers on it already.

SD Realtor

ps – where you been rus?

[SD Realtor]

citydweller the listings are real and not a mirage. Amy Green at Prudential has alot of foreclosure listings and they are all on the MLS. Here office uses the price in the basement mentality to get alot of offers and eventually they all get bid up. I would very much imagine this is the case for the Rancho Mission listing. At 119k this is home absolutely pencils out. So my read is that this is getting bid up as we type. The Friars Rd listing as you pointed out is a short sale and it will take much longer to process. It may indeed also have offers on it already.

SD Realtor

ps – where you been rus?

[SD Realtor]

citydweller the listings are real and not a mirage. Amy Green at Prudential has alot of foreclosure listings and they are all on the MLS. Here office uses the price in the basement mentality to get alot of offers and eventually they all get bid up. I would very much imagine this is the case for the Rancho Mission listing. At 119k this is home absolutely pencils out. So my read is that this is getting bid up as we type. The Friars Rd listing as you pointed out is a short sale and it will take much longer to process. It may indeed also have offers on it already.

SD Realtor

ps – where you been rus?

[SD Realtor]

Couldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.

Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.

SD Realtor

[SD Realtor]

Couldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.

Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.

SD Realtor

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