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SD Renter
ParticipantMy Internet research indicates that a deed-in-lieu-of-foreclosure and an actual foreclosure affect one’s credit the same. Therefore an actual foreclosure might be the more favorable of the two because one would get to occupy the property for longer and possible get paid “cash for keys” after the foreclosure to move out. A slight benefit to the deed-in-lieu would be fewer late pays, but for most people this very minor credit benefit would not offset the financial loss from moving out many months sooner.
A short sale is significantly more favorable on ones credit and would therefore be a better choice if one could be guaranteed to not get hit with a deficiency judgment afterward and guaranteed not to have to pay any IRS ordinary income tax on the lender’s shortfall. I’m a short sale expert Realtor and can make the above claims for 20 of my current 21 short sale listings. http://www.HomeAuctionAdv.com.
Yes, there is debate as to my ability to makes these claims. However, I am standing behind my research with confidence. Regarding taxation, the California Assc of Realtors legal team may disagree with me, but the US House of Representatives sided with me on Oct 4, and I’m confident the Senate and President will follow suit.
I’m not a frequent pigginton reader, so please don’t be offended if I don’t respond to any replies to this post. Thanks!
ParticipantMy Internet research indicates that a deed-in-lieu-of-foreclosure and an actual foreclosure affect one’s credit the same. Therefore an actual foreclosure might be the more favorable of the two because one would get to occupy the property for longer and possible get paid “cash for keys” after the foreclosure to move out. A slight benefit to the deed-in-lieu would be fewer late pays, but for most people this very minor credit benefit would not offset the financial loss from moving out many months sooner.
A short sale is significantly more favorable on ones credit and would therefore be a better choice if one could be guaranteed to not get hit with a deficiency judgment afterward and guaranteed not to have to pay any IRS ordinary income tax on the lender’s shortfall. I’m a short sale expert Realtor and can make the above claims for 20 of my current 21 short sale listings. http://www.HomeAuctionAdv.com.
Yes, there is debate as to my ability to makes these claims. However, I am standing behind my research with confidence. Regarding taxation, the California Assc of Realtors legal team may disagree with me, but the US House of Representatives sided with me on Oct 4, and I’m confident the Senate and President will follow suit.
I’m not a frequent pigginton reader, so please don’t be offended if I don’t respond to any replies to this post. Thanks!
ParticipantThe Case-Schiller price declines are extremely modest compared to the actual market, in my opinion. I wonder if the Case-Schiller algorithim excludes same-home sales that are in a state of foreclosure, surmising that these homes are in a significant state of disrepair making them unrepresentative of the market. If that is the case, Mr genius Schiller needs to re-program his computer. I hope those who invest in the Case-Schiller futures are intimately familiar with the algorithim as it may not be exactly perfect just yet.
October 21, 2006 at 7:22 PM in reply to: Bressi Ranch…16 new homes to be auctioned off 10/21/06 #38181ParticipantA “Dutch Auction” is where the auctioneer starts the bid at a high price and slowly lowers the price a set amount, say $10,000, every 10 seconds or so. The FIRST person to bid wins. Apparently this method is used in the flower market.
From what I’ve read hear it appears the Bressi Ranch auctioneers did both a Dutch auction and then tried to conduct a regular auction with that first highest bid as the opening bid – very odd! And then they plan on ‘negotiating’ with the highest bidder? Good grief! I’m sure the auctioneers are licensed so the $10k earnest money checks are safe. Any chance they’ll try to strong-arm someone into paying too much with the threat that they hold the bidders earnest money indefinately?
I’m a Realtor trying to get some lenders to approve some short sales, and, I must confess, the more stories of severe financial pain I have for these sorry lenders, the more likely the buyers short sale prices will be accepted. Thanks for your help, all!
ParticipantMost agents become Realtors for two reasons:
1) The salesperson has to carry the same designations as their employing broker. If the broker is a Realtor, all the salespeople affiliated with that broker must be Realtors. And vice versa.
2) In SD County, only Realtors have access to the extremely handy computerized forms. Non-Realtors have to drive to a service center, pay big money for the forms, and fill them out by hand. Hand written forms aren’t as professional looking.That’s why I became a Realtor today. I can’t believe it myself.
Participant$518k (Nov 2005) down to $482k (Aug 2006) is a 7% drop so far.
The one month drop from Jul 2006 ($487k) to Aug 2006 ($482k) was $5000. If we continue dropping $5000 each month, Nov 2006 will be $467k, a 10% drop from Nov 2005. I think SD will see double digit depreciation.
ParticipantI’m a licensed agent with MLS access. 25% of the three Vista ZIPs are listed as vacant. I don’t know how to search numbers greater than 250 at a time on the MLS yet. 33% seems pretty high to me. Then again, one would assume even at a 25% vacancy percentage that those 25% would be the most motivated and would price their homes to sell next. If I had county-wide access, I’d look at average list price of the vacants compared to the non-vacants. If I were a buyer’s agent, I’d only show my client vacants and put in low offers.
ParticipantI just checked the MLS for three Vista ZIPs and came up with 8.4 months of inventory. I’m glad to know about this. I had assumed everywhere reflected the 6 months of inventory reported by CAR.
The SD MLS is owned by Sandicor. Who owns Sandicor and how can we lobby them to modify the MLS software such that agents can’t reset with zero days on market?
Ok, that was hijacking the thread. Ignore it. This is just my first post on Piggington, and I got overexhuberant(sp?).
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