[temeculaguy]

I’ll try to address the various posts:

DWCAP-compared to last year, it’s a whole different world. 400k was my target last year and pickings were slim, I could get a 2,000 sq ft, 2 car garage on a small lot. Today, 300k gets you 3000 sq and a 3 car, but you have to fight for them and hit them on the day they are listed. I don’t even look at the smaller ones and I want a view, with a certain orientatio to the sun, not near busy roads and whole bunch of other things that i am suddenly picky about. The area is the same, I only look in small 3 mile radius and only a few tracts, I refuse to settle at this point.

Enorah-I always listen to my spirit guides, they have yet to fail me and are the only opinion I trust.

Running Bear-I’ve already taken that into account and don’t plan to tie up all of my cash, just enough for it to make sense. When financing time comes, I weigh the cost of going with less than 20% vs. the yield of that cash in another instrument vs. the pmi, then factor the comfort of keeping at least a year of mortgage banked and liquid, can’t say what I’ll do until the numbers of that day are analyzed because they fluctuate in these volatile times. As far as having or needing the ability to pack up and move to another area, it’s not a possibility or a necessity. Without going into too much detail I’m recession proof with local roots so deep I’m never leaving (4 generations of family in the same zip code, I’m never leaving).

Nor-La- No, You da man, none of have a crystal ball and you will be fine because you pay attention.

EX-SD, thanks brother, you summed up my reasoning perfectly.

FLU- you have earned the right to be jackass, so enjoy it, we all laugh anyway. I read the details of the indymac fdic reworks (which will be the model for all gov’t owned mort. reworks), nobody gets a free ride, they lien the property and get the forebearance back when you sell so nothing is really forgiven, they get to pay too much monthly and don’t ever get equity, some call that “rent.” They get to stay in their homes, but it never becomes theirs, so it’s a crappy deal, your method is still better, always will be.

Former-It is a no brainer, it’s just about finding the house that speaks to me.

Carlsbadworker-It’s damn close and as ren pointed out, examples are starting to show themselves. keep in mind that you will have to fix some things, turnkey homes go quick but labor and materials are cheap now, go with the best hood and just fix it. I have also noticed the quality of the repos is improving as we get to the alt a folks, the subprimers put no options or improvements in, they get better every day.

REN- you are the bomb, your examples and analysis mimmic mine, when I do go and if I fade away into home improvement and yardwork hell as opposed to playing on the computer, you get the torch.

Aecitia-I may miss the christmas deadline with this latest setback but I appreciate the sentiment. You of all people should know that I could care less about the debate, it’s all crap and pandering, blah, blah.

Peter-it isn’t a rationalation, it’s rational. No offense but my market is so different than S.D., it almost can’t be compared. Place the same formula on your market, if you could get buy in your favorite hood for half peak, 2001 prices that are no impact on your household economics, you would do it, regardless of the national economy, in fact it will be possible because of national economy, wait till the economy gets going and you will too late. Rewards require risks, for me there is no risk so I don’t need to talk myself into it.

mortgage3- we have never chatted unless you using a new moniker but I appreciate your words and agree with them because they feed my maniacal ego. That aside, I agree that 2001 is the target, less is better but I’m happy with 2001 prices.

cash- you are right, but my absence also has to do with other things, mostly personal. It looks like I was wrong, I was seeing things slow down but still got sucker punched by another buyer. Meadowview is awesome, stay with it, it will slow down, the high end in santiago and ranchitos has been taking huge markdowns (always a sign of no bids) my knowledge of anything outside of 92592 is weak since it is out of my zone and horse property is it’s own animal, pun intended.

Threadkiller, 3% is dead, 5% is still possible with FHA but limits, MI and condition are involved. regardless of area, you still need a lender and that is fluid situation right now. Credit score, income and downpayment is the new mantra.

Former-I couldn’t have said it better, fundamentals are fundamental and it’s nice to see them crawl back out from under that rock.

In summary, I will likely not get this exact one but mine will come, I was stubborn and the market was kind enough to come down to where I wanted it, I didn’t have to meet it half way, it is as simple as that. You San Diegans will see the same thing, just a year later. Bugs called it two years ago and it has been happening exactly as he predicted.

[temeculaguy]

I’ll try to address the various posts:

DWCAP-compared to last year, it’s a whole different world. 400k was my target last year and pickings were slim, I could get a 2,000 sq ft, 2 car garage on a small lot. Today, 300k gets you 3000 sq and a 3 car, but you have to fight for them and hit them on the day they are listed. I don’t even look at the smaller ones and I want a view, with a certain orientatio to the sun, not near busy roads and whole bunch of other things that i am suddenly picky about. The area is the same, I only look in small 3 mile radius and only a few tracts, I refuse to settle at this point.

Enorah-I always listen to my spirit guides, they have yet to fail me and are the only opinion I trust.

Running Bear-I’ve already taken that into account and don’t plan to tie up all of my cash, just enough for it to make sense. When financing time comes, I weigh the cost of going with less than 20% vs. the yield of that cash in another instrument vs. the pmi, then factor the comfort of keeping at least a year of mortgage banked and liquid, can’t say what I’ll do until the numbers of that day are analyzed because they fluctuate in these volatile times. As far as having or needing the ability to pack up and move to another area, it’s not a possibility or a necessity. Without going into too much detail I’m recession proof with local roots so deep I’m never leaving (4 generations of family in the same zip code, I’m never leaving).

Nor-La- No, You da man, none of have a crystal ball and you will be fine because you pay attention.

EX-SD, thanks brother, you summed up my reasoning perfectly.

FLU- you have earned the right to be jackass, so enjoy it, we all laugh anyway. I read the details of the indymac fdic reworks (which will be the model for all gov’t owned mort. reworks), nobody gets a free ride, they lien the property and get the forebearance back when you sell so nothing is really forgiven, they get to pay too much monthly and don’t ever get equity, some call that “rent.” They get to stay in their homes, but it never becomes theirs, so it’s a crappy deal, your method is still better, always will be.

Former-It is a no brainer, it’s just about finding the house that speaks to me.

Carlsbadworker-It’s damn close and as ren pointed out, examples are starting to show themselves. keep in mind that you will have to fix some things, turnkey homes go quick but labor and materials are cheap now, go with the best hood and just fix it. I have also noticed the quality of the repos is improving as we get to the alt a folks, the subprimers put no options or improvements in, they get better every day.

REN- you are the bomb, your examples and analysis mimmic mine, when I do go and if I fade away into home improvement and yardwork hell as opposed to playing on the computer, you get the torch.

Aecitia-I may miss the christmas deadline with this latest setback but I appreciate the sentiment. You of all people should know that I could care less about the debate, it’s all crap and pandering, blah, blah.

Peter-it isn’t a rationalation, it’s rational. No offense but my market is so different than S.D., it almost can’t be compared. Place the same formula on your market, if you could get buy in your favorite hood for half peak, 2001 prices that are no impact on your household economics, you would do it, regardless of the national economy, in fact it will be possible because of national economy, wait till the economy gets going and you will too late. Rewards require risks, for me there is no risk so I don’t need to talk myself into it.

mortgage3- we have never chatted unless you using a new moniker but I appreciate your words and agree with them because they feed my maniacal ego. That aside, I agree that 2001 is the target, less is better but I’m happy with 2001 prices.

cash- you are right, but my absence also has to do with other things, mostly personal. It looks like I was wrong, I was seeing things slow down but still got sucker punched by another buyer. Meadowview is awesome, stay with it, it will slow down, the high end in santiago and ranchitos has been taking huge markdowns (always a sign of no bids) my knowledge of anything outside of 92592 is weak since it is out of my zone and horse property is it’s own animal, pun intended.

Threadkiller, 3% is dead, 5% is still possible with FHA but limits, MI and condition are involved. regardless of area, you still need a lender and that is fluid situation right now. Credit score, income and downpayment is the new mantra.

Former-I couldn’t have said it better, fundamentals are fundamental and it’s nice to see them crawl back out from under that rock.

In summary, I will likely not get this exact one but mine will come, I was stubborn and the market was kind enough to come down to where I wanted it, I didn’t have to meet it half way, it is as simple as that. You San Diegans will see the same thing, just a year later. Bugs called it two years ago and it has been happening exactly as he predicted.

[temeculaguy]

I’ll try to address the various posts:

DWCAP-compared to last year, it’s a whole different world. 400k was my target last year and pickings were slim, I could get a 2,000 sq ft, 2 car garage on a small lot. Today, 300k gets you 3000 sq and a 3 car, but you have to fight for them and hit them on the day they are listed. I don’t even look at the smaller ones and I want a view, with a certain orientatio to the sun, not near busy roads and whole bunch of other things that i am suddenly picky about. The area is the same, I only look in small 3 mile radius and only a few tracts, I refuse to settle at this point.

Enorah-I always listen to my spirit guides, they have yet to fail me and are the only opinion I trust.

Running Bear-I’ve already taken that into account and don’t plan to tie up all of my cash, just enough for it to make sense. When financing time comes, I weigh the cost of going with less than 20% vs. the yield of that cash in another instrument vs. the pmi, then factor the comfort of keeping at least a year of mortgage banked and liquid, can’t say what I’ll do until the numbers of that day are analyzed because they fluctuate in these volatile times. As far as having or needing the ability to pack up and move to another area, it’s not a possibility or a necessity. Without going into too much detail I’m recession proof with local roots so deep I’m never leaving (4 generations of family in the same zip code, I’m never leaving).

Nor-La- No, You da man, none of have a crystal ball and you will be fine because you pay attention.

EX-SD, thanks brother, you summed up my reasoning perfectly.

FLU- you have earned the right to be jackass, so enjoy it, we all laugh anyway. I read the details of the indymac fdic reworks (which will be the model for all gov’t owned mort. reworks), nobody gets a free ride, they lien the property and get the forebearance back when you sell so nothing is really forgiven, they get to pay too much monthly and don’t ever get equity, some call that “rent.” They get to stay in their homes, but it never becomes theirs, so it’s a crappy deal, your method is still better, always will be.

Former-It is a no brainer, it’s just about finding the house that speaks to me.

Carlsbadworker-It’s damn close and as ren pointed out, examples are starting to show themselves. keep in mind that you will have to fix some things, turnkey homes go quick but labor and materials are cheap now, go with the best hood and just fix it. I have also noticed the quality of the repos is improving as we get to the alt a folks, the subprimers put no options or improvements in, they get better every day.

REN- you are the bomb, your examples and analysis mimmic mine, when I do go and if I fade away into home improvement and yardwork hell as opposed to playing on the computer, you get the torch.

Aecitia-I may miss the christmas deadline with this latest setback but I appreciate the sentiment. You of all people should know that I could care less about the debate, it’s all crap and pandering, blah, blah.

Peter-it isn’t a rationalation, it’s rational. No offense but my market is so different than S.D., it almost can’t be compared. Place the same formula on your market, if you could get buy in your favorite hood for half peak, 2001 prices that are no impact on your household economics, you would do it, regardless of the national economy, in fact it will be possible because of national economy, wait till the economy gets going and you will too late. Rewards require risks, for me there is no risk so I don’t need to talk myself into it.

mortgage3- we have never chatted unless you using a new moniker but I appreciate your words and agree with them because they feed my maniacal ego. That aside, I agree that 2001 is the target, less is better but I’m happy with 2001 prices.

cash- you are right, but my absence also has to do with other things, mostly personal. It looks like I was wrong, I was seeing things slow down but still got sucker punched by another buyer. Meadowview is awesome, stay with it, it will slow down, the high end in santiago and ranchitos has been taking huge markdowns (always a sign of no bids) my knowledge of anything outside of 92592 is weak since it is out of my zone and horse property is it’s own animal, pun intended.

Threadkiller, 3% is dead, 5% is still possible with FHA but limits, MI and condition are involved. regardless of area, you still need a lender and that is fluid situation right now. Credit score, income and downpayment is the new mantra.

Former-I couldn’t have said it better, fundamentals are fundamental and it’s nice to see them crawl back out from under that rock.

In summary, I will likely not get this exact one but mine will come, I was stubborn and the market was kind enough to come down to where I wanted it, I didn’t have to meet it half way, it is as simple as that. You San Diegans will see the same thing, just a year later. Bugs called it two years ago and it has been happening exactly as he predicted.

[temeculaguy]

I’ll try to address the various posts:

DWCAP-compared to last year, it’s a whole different world. 400k was my target last year and pickings were slim, I could get a 2,000 sq ft, 2 car garage on a small lot. Today, 300k gets you 3000 sq and a 3 car, but you have to fight for them and hit them on the day they are listed. I don’t even look at the smaller ones and I want a view, with a certain orientatio to the sun, not near busy roads and whole bunch of other things that i am suddenly picky about. The area is the same, I only look in small 3 mile radius and only a few tracts, I refuse to settle at this point.

Enorah-I always listen to my spirit guides, they have yet to fail me and are the only opinion I trust.

Running Bear-I’ve already taken that into account and don’t plan to tie up all of my cash, just enough for it to make sense. When financing time comes, I weigh the cost of going with less than 20% vs. the yield of that cash in another instrument vs. the pmi, then factor the comfort of keeping at least a year of mortgage banked and liquid, can’t say what I’ll do until the numbers of that day are analyzed because they fluctuate in these volatile times. As far as having or needing the ability to pack up and move to another area, it’s not a possibility or a necessity. Without going into too much detail I’m recession proof with local roots so deep I’m never leaving (4 generations of family in the same zip code, I’m never leaving).

Nor-La- No, You da man, none of have a crystal ball and you will be fine because you pay attention.

EX-SD, thanks brother, you summed up my reasoning perfectly.

FLU- you have earned the right to be jackass, so enjoy it, we all laugh anyway. I read the details of the indymac fdic reworks (which will be the model for all gov’t owned mort. reworks), nobody gets a free ride, they lien the property and get the forebearance back when you sell so nothing is really forgiven, they get to pay too much monthly and don’t ever get equity, some call that “rent.” They get to stay in their homes, but it never becomes theirs, so it’s a crappy deal, your method is still better, always will be.

Former-It is a no brainer, it’s just about finding the house that speaks to me.

Carlsbadworker-It’s damn close and as ren pointed out, examples are starting to show themselves. keep in mind that you will have to fix some things, turnkey homes go quick but labor and materials are cheap now, go with the best hood and just fix it. I have also noticed the quality of the repos is improving as we get to the alt a folks, the subprimers put no options or improvements in, they get better every day.

REN- you are the bomb, your examples and analysis mimmic mine, when I do go and if I fade away into home improvement and yardwork hell as opposed to playing on the computer, you get the torch.

Aecitia-I may miss the christmas deadline with this latest setback but I appreciate the sentiment. You of all people should know that I could care less about the debate, it’s all crap and pandering, blah, blah.

Peter-it isn’t a rationalation, it’s rational. No offense but my market is so different than S.D., it almost can’t be compared. Place the same formula on your market, if you could get buy in your favorite hood for half peak, 2001 prices that are no impact on your household economics, you would do it, regardless of the national economy, in fact it will be possible because of national economy, wait till the economy gets going and you will too late. Rewards require risks, for me there is no risk so I don’t need to talk myself into it.

mortgage3- we have never chatted unless you using a new moniker but I appreciate your words and agree with them because they feed my maniacal ego. That aside, I agree that 2001 is the target, less is better but I’m happy with 2001 prices.

cash- you are right, but my absence also has to do with other things, mostly personal. It looks like I was wrong, I was seeing things slow down but still got sucker punched by another buyer. Meadowview is awesome, stay with it, it will slow down, the high end in santiago and ranchitos has been taking huge markdowns (always a sign of no bids) my knowledge of anything outside of 92592 is weak since it is out of my zone and horse property is it’s own animal, pun intended.

Threadkiller, 3% is dead, 5% is still possible with FHA but limits, MI and condition are involved. regardless of area, you still need a lender and that is fluid situation right now. Credit score, income and downpayment is the new mantra.

Former-I couldn’t have said it better, fundamentals are fundamental and it’s nice to see them crawl back out from under that rock.

In summary, I will likely not get this exact one but mine will come, I was stubborn and the market was kind enough to come down to where I wanted it, I didn’t have to meet it half way, it is as simple as that. You San Diegans will see the same thing, just a year later. Bugs called it two years ago and it has been happening exactly as he predicted.

[temeculaguy]

So many responses, I’ll address them all after I’ve had a chance to digest them. Thanks to all for the love, appreciate it and right back at you.
So I got inside this morning and there were some “issues.” None that were a deal killer but the kitchen and bathroom cabinets all needed to replaced, it was laminate over mdf and was peeling (not just a few spots but all over), there were a few other things that had the cash register ringing in my head. I made the offer at 270k and asked for 3% closing costs, things looked good until two other offers came in within a an hour, one was below mine and one was for 300k and no closing credit, putting my offer 37k behind. The other offer had approval and more than 20% down so there is no chance they don’t qual. My only hope on that house is if they get cold feet, they looked at it at night, in darkness and made the offer, perhaps in daylight they will see some of the things I saw.

My assumption that the great depression 2.0 would give me a free day of no competition was wrong, there is still a lot of activity, redhawk, no mello roos, low hoa, still brings them out of the woodwork. Things happen for a reason, so the quest continues. For another 37k, there are more options so I will not engage in a bidding war during the greatest economic meltdown of my lifetime, I’m just not that emotional. To be continued…

[temeculaguy]

So many responses, I’ll address them all after I’ve had a chance to digest them. Thanks to all for the love, appreciate it and right back at you.
So I got inside this morning and there were some “issues.” None that were a deal killer but the kitchen and bathroom cabinets all needed to replaced, it was laminate over mdf and was peeling (not just a few spots but all over), there were a few other things that had the cash register ringing in my head. I made the offer at 270k and asked for 3% closing costs, things looked good until two other offers came in within a an hour, one was below mine and one was for 300k and no closing credit, putting my offer 37k behind. The other offer had approval and more than 20% down so there is no chance they don’t qual. My only hope on that house is if they get cold feet, they looked at it at night, in darkness and made the offer, perhaps in daylight they will see some of the things I saw.

My assumption that the great depression 2.0 would give me a free day of no competition was wrong, there is still a lot of activity, redhawk, no mello roos, low hoa, still brings them out of the woodwork. Things happen for a reason, so the quest continues. For another 37k, there are more options so I will not engage in a bidding war during the greatest economic meltdown of my lifetime, I’m just not that emotional. To be continued…

[temeculaguy]

So many responses, I’ll address them all after I’ve had a chance to digest them. Thanks to all for the love, appreciate it and right back at you.
So I got inside this morning and there were some “issues.” None that were a deal killer but the kitchen and bathroom cabinets all needed to replaced, it was laminate over mdf and was peeling (not just a few spots but all over), there were a few other things that had the cash register ringing in my head. I made the offer at 270k and asked for 3% closing costs, things looked good until two other offers came in within a an hour, one was below mine and one was for 300k and no closing credit, putting my offer 37k behind. The other offer had approval and more than 20% down so there is no chance they don’t qual. My only hope on that house is if they get cold feet, they looked at it at night, in darkness and made the offer, perhaps in daylight they will see some of the things I saw.

My assumption that the great depression 2.0 would give me a free day of no competition was wrong, there is still a lot of activity, redhawk, no mello roos, low hoa, still brings them out of the woodwork. Things happen for a reason, so the quest continues. For another 37k, there are more options so I will not engage in a bidding war during the greatest economic meltdown of my lifetime, I’m just not that emotional. To be continued…

[temeculaguy]

So many responses, I’ll address them all after I’ve had a chance to digest them. Thanks to all for the love, appreciate it and right back at you.
So I got inside this morning and there were some “issues.” None that were a deal killer but the kitchen and bathroom cabinets all needed to replaced, it was laminate over mdf and was peeling (not just a few spots but all over), there were a few other things that had the cash register ringing in my head. I made the offer at 270k and asked for 3% closing costs, things looked good until two other offers came in within a an hour, one was below mine and one was for 300k and no closing credit, putting my offer 37k behind. The other offer had approval and more than 20% down so there is no chance they don’t qual. My only hope on that house is if they get cold feet, they looked at it at night, in darkness and made the offer, perhaps in daylight they will see some of the things I saw.

My assumption that the great depression 2.0 would give me a free day of no competition was wrong, there is still a lot of activity, redhawk, no mello roos, low hoa, still brings them out of the woodwork. Things happen for a reason, so the quest continues. For another 37k, there are more options so I will not engage in a bidding war during the greatest economic meltdown of my lifetime, I’m just not that emotional. To be continued…

[temeculaguy]

So many responses, I’ll address them all after I’ve had a chance to digest them. Thanks to all for the love, appreciate it and right back at you.
So I got inside this morning and there were some “issues.” None that were a deal killer but the kitchen and bathroom cabinets all needed to replaced, it was laminate over mdf and was peeling (not just a few spots but all over), there were a few other things that had the cash register ringing in my head. I made the offer at 270k and asked for 3% closing costs, things looked good until two other offers came in within a an hour, one was below mine and one was for 300k and no closing credit, putting my offer 37k behind. The other offer had approval and more than 20% down so there is no chance they don’t qual. My only hope on that house is if they get cold feet, they looked at it at night, in darkness and made the offer, perhaps in daylight they will see some of the things I saw.

My assumption that the great depression 2.0 would give me a free day of no competition was wrong, there is still a lot of activity, redhawk, no mello roos, low hoa, still brings them out of the woodwork. Things happen for a reason, so the quest continues. For another 37k, there are more options so I will not engage in a bidding war during the greatest economic meltdown of my lifetime, I’m just not that emotional. To be continued…

[temeculaguy]

paramount, stan pac is still 50-100k from the market. While my intended purchase is not in wolf I have looked there pretty closely. Asking price for 3200 sq 5/4 3 car non tandem is 299k, they’ll take 270k. stan pac still wants 305-330k for 2500 sq. Sorry, no deal, sub $100 a square or you get the middle finger from the repos a few hundred feet away. Laurel needs to be 220-270k, cottonwood the same and redwood from 300-400 because that is the market. In 7 days they lose the ability to assist with downpayments (new rules) and fico minimums are going up in declining regions for anyone below 20%. Consider them slapped in the face and 20k isn’t going to cut it. Wolf has 3k a year in mello roos, that’s 50k in pricing declines needed alone to compete with redhawk which is better positioned. Stay away from them right now, they are not included in my theory just yet.

[temeculaguy]

paramount, stan pac is still 50-100k from the market. While my intended purchase is not in wolf I have looked there pretty closely. Asking price for 3200 sq 5/4 3 car non tandem is 299k, they’ll take 270k. stan pac still wants 305-330k for 2500 sq. Sorry, no deal, sub $100 a square or you get the middle finger from the repos a few hundred feet away. Laurel needs to be 220-270k, cottonwood the same and redwood from 300-400 because that is the market. In 7 days they lose the ability to assist with downpayments (new rules) and fico minimums are going up in declining regions for anyone below 20%. Consider them slapped in the face and 20k isn’t going to cut it. Wolf has 3k a year in mello roos, that’s 50k in pricing declines needed alone to compete with redhawk which is better positioned. Stay away from them right now, they are not included in my theory just yet.

[temeculaguy]

paramount, stan pac is still 50-100k from the market. While my intended purchase is not in wolf I have looked there pretty closely. Asking price for 3200 sq 5/4 3 car non tandem is 299k, they’ll take 270k. stan pac still wants 305-330k for 2500 sq. Sorry, no deal, sub $100 a square or you get the middle finger from the repos a few hundred feet away. Laurel needs to be 220-270k, cottonwood the same and redwood from 300-400 because that is the market. In 7 days they lose the ability to assist with downpayments (new rules) and fico minimums are going up in declining regions for anyone below 20%. Consider them slapped in the face and 20k isn’t going to cut it. Wolf has 3k a year in mello roos, that’s 50k in pricing declines needed alone to compete with redhawk which is better positioned. Stay away from them right now, they are not included in my theory just yet.

[temeculaguy]

paramount, stan pac is still 50-100k from the market. While my intended purchase is not in wolf I have looked there pretty closely. Asking price for 3200 sq 5/4 3 car non tandem is 299k, they’ll take 270k. stan pac still wants 305-330k for 2500 sq. Sorry, no deal, sub $100 a square or you get the middle finger from the repos a few hundred feet away. Laurel needs to be 220-270k, cottonwood the same and redwood from 300-400 because that is the market. In 7 days they lose the ability to assist with downpayments (new rules) and fico minimums are going up in declining regions for anyone below 20%. Consider them slapped in the face and 20k isn’t going to cut it. Wolf has 3k a year in mello roos, that’s 50k in pricing declines needed alone to compete with redhawk which is better positioned. Stay away from them right now, they are not included in my theory just yet.

[temeculaguy]

paramount, stan pac is still 50-100k from the market. While my intended purchase is not in wolf I have looked there pretty closely. Asking price for 3200 sq 5/4 3 car non tandem is 299k, they’ll take 270k. stan pac still wants 305-330k for 2500 sq. Sorry, no deal, sub $100 a square or you get the middle finger from the repos a few hundred feet away. Laurel needs to be 220-270k, cottonwood the same and redwood from 300-400 because that is the market. In 7 days they lose the ability to assist with downpayments (new rules) and fico minimums are going up in declining regions for anyone below 20%. Consider them slapped in the face and 20k isn’t going to cut it. Wolf has 3k a year in mello roos, that’s 50k in pricing declines needed alone to compete with redhawk which is better positioned. Stay away from them right now, they are not included in my theory just yet.

[temeculaguy]

FLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.

My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.

If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.

My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!!

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