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temeculaguy
ParticipantI am not in the business but i have one example. On the weekend while touring some models I noticed a few homes were being reduced because they were almost ready and the buyers failed to qualify. The selling agent was very candid and said that he’s starting to lose deals on 0% down buyers and complained that even with good credit and income, lenders are backing away from 0 down people. He added that four months ago at the start of construction he was able to pre-qualify these people but the situation is fluid. They were willing to chop an additional 30k if the buyer could show 20% down on a non contingent deal, so that is enough evidence for me that the playing field is changing. He said all this after I explained that his floorplans didn’t work for me at any price so I can see not alterior motive for his candid remarks.
ParticipantI am not in the business but i have one example. On the weekend while touring some models I noticed a few homes were being reduced because they were almost ready and the buyers failed to qualify. The selling agent was very candid and said that he’s starting to lose deals on 0% down buyers and complained that even with good credit and income, lenders are backing away from 0 down people. He added that four months ago at the start of construction he was able to pre-qualify these people but the situation is fluid. They were willing to chop an additional 30k if the buyer could show 20% down on a non contingent deal, so that is enough evidence for me that the playing field is changing. He said all this after I explained that his floorplans didn’t work for me at any price so I can see not alterior motive for his candid remarks.
ParticipantIn the grand scheme of things we all benfit from good economic times and are hurt by bad economic times but we can all lessen our hurt and increase our benefit by understanding the cycles. If you install an air conditioner in the dead of winter do you pray for a heat wave, no, but you do pat yourself on the back for correctly guessing the cycle. Nobody wants a big earthquake or fire but if you make the preparations of insurance, water, food and develop a disaster plan you feel good if it doesn’t happen but validated if it does. If you saw a storm or hurricane brewing and heeded the warnings by evacuating early you wouldn’t be happy if others became victims, just better because you made the preparations and heeded the signs. In fact you feel pity and anger at the same time toward those who ignored the warnings. The point is that there will always be ups and downs in stocks, R/E, employment, etc. Listen and learn, pay attention to people who are older and wiser (and don’t stand to profit from you following their advice) and you too will survive anything that happens.
That’s all many of these people are doing, they see the warning signs, this has happened before and will happen again, they even go out of their way to warn others to prepare and tell them how. Their frustration with those who ignore the signs of a recession or a R/E downturn aren’t wishful thinking they are warnings based on wisdom and frustration when others ignore the signs.
ParticipantIn the grand scheme of things we all benfit from good economic times and are hurt by bad economic times but we can all lessen our hurt and increase our benefit by understanding the cycles. If you install an air conditioner in the dead of winter do you pray for a heat wave, no, but you do pat yourself on the back for correctly guessing the cycle. Nobody wants a big earthquake or fire but if you make the preparations of insurance, water, food and develop a disaster plan you feel good if it doesn’t happen but validated if it does. If you saw a storm or hurricane brewing and heeded the warnings by evacuating early you wouldn’t be happy if others became victims, just better because you made the preparations and heeded the signs. In fact you feel pity and anger at the same time toward those who ignored the warnings. The point is that there will always be ups and downs in stocks, R/E, employment, etc. Listen and learn, pay attention to people who are older and wiser (and don’t stand to profit from you following their advice) and you too will survive anything that happens.
That’s all many of these people are doing, they see the warning signs, this has happened before and will happen again, they even go out of their way to warn others to prepare and tell them how. Their frustration with those who ignore the signs of a recession or a R/E downturn aren’t wishful thinking they are warnings based on wisdom and frustration when others ignore the signs.
ParticipantVrundy, don’t think I’m defending the fringe element (however they do add some spice) but this website’s predictions have not become reality. The bubble has not popped. Maybe I read your post wrong but in my opinion we have just started as far as the dip of this cycle goes. Some areas have seen little to no drop and the hardest hit have seen 10-15%. There is 20-40% still to come and these boards are even more interesting as the examples start showing up. As the decline gains steam it may very well break as many rules as the incline did and that is what keeps me coming back for more. Not everyone is rooting for it but since we saw it coming it is interesting to watch but make no mistake this football game is still early in the first quarter and this place is a front row seat.
ParticipantVrundy, don’t think I’m defending the fringe element (however they do add some spice) but this website’s predictions have not become reality. The bubble has not popped. Maybe I read your post wrong but in my opinion we have just started as far as the dip of this cycle goes. Some areas have seen little to no drop and the hardest hit have seen 10-15%. There is 20-40% still to come and these boards are even more interesting as the examples start showing up. As the decline gains steam it may very well break as many rules as the incline did and that is what keeps me coming back for more. Not everyone is rooting for it but since we saw it coming it is interesting to watch but make no mistake this football game is still early in the first quarter and this place is a front row seat.
ParticipantIt may be too late, a good realtor may have helped him a few months ago if there was equity and credit to be saved but he is less than 30 days away from the foreclosure sale of the first and not much time to market, sell and close the deal without a drastically reduced price in search of a cash buyer. My guess is that the lenders won’t be in much of a mood to make a deal if they’ve been ignored for ten months. They don’t really want to foreclose, they just want their money but they have been given no option. R/E attorneys cost money and it doesn’t sound like he has any. If the sale ultimately ends up making both lenders whole and there is some left over he can get it but the problem with Zillow and comps from a few months ago is they are behind in a rapidly declining market and even if someone thinks it is worth a certain amount nothing is selling for than right now.
I was looking at one that went up at 200k below market with 20 days before it foreclosed and it wasn’t a short sale they actually had the equity. I didn’t have enough cash to write a check and apparently nobody else did because the bank took it back and my guess they will list it at just enough to make themselves whole and it will sell in a few days, it’s not their job to make some walking money for the defaulted borrower. I kept asking myself why didn’t they try to sell two months ago, giving buyers time to secure financing because they would have sold it.
ParticipantIt may be too late, a good realtor may have helped him a few months ago if there was equity and credit to be saved but he is less than 30 days away from the foreclosure sale of the first and not much time to market, sell and close the deal without a drastically reduced price in search of a cash buyer. My guess is that the lenders won’t be in much of a mood to make a deal if they’ve been ignored for ten months. They don’t really want to foreclose, they just want their money but they have been given no option. R/E attorneys cost money and it doesn’t sound like he has any. If the sale ultimately ends up making both lenders whole and there is some left over he can get it but the problem with Zillow and comps from a few months ago is they are behind in a rapidly declining market and even if someone thinks it is worth a certain amount nothing is selling for than right now.
I was looking at one that went up at 200k below market with 20 days before it foreclosed and it wasn’t a short sale they actually had the equity. I didn’t have enough cash to write a check and apparently nobody else did because the bank took it back and my guess they will list it at just enough to make themselves whole and it will sell in a few days, it’s not their job to make some walking money for the defaulted borrower. I kept asking myself why didn’t they try to sell two months ago, giving buyers time to secure financing because they would have sold it.
ParticipantO.K. I give up, what is it? What members only club has worship services, food and shopping? I only ask because you will encounter NIMBY if it’s not something the community wants and those are some strong communites. Nudist colony, homeless shelter or country club, in those areas only the latter will ever get approved.
ParticipantO.K. I give up, what is it? What members only club has worship services, food and shopping? I only ask because you will encounter NIMBY if it’s not something the community wants and those are some strong communites. Nudist colony, homeless shelter or country club, in those areas only the latter will ever get approved.
ParticipantNice Vid Matt, I had no idea Harveston was tanking so bad, I thought it would hold up better than French Valley or Murietta. For those of you unfamiliar with this enclave it is unique for Temecula and it is fairly new. The small lots and throwback rear garages or alley garages is not found in many places out here, this is one of the only ones I can think of up here. It does have a lake, lots of parks and walkways, it own school and an inordinate amount of common areas. They probably could have put the same amount of homes on standard or large lots if they eliminated all the common areas. It’s kind of a marketing experiment that I thought was kind of cool and six month ago there were few posters who were buying there because they dug the community. But alas, Shiff was right, it doesn’t matter who or where you are, it’s the financing house of cards that has been built and Harveston was primarily developed in the past five years making the lawns ripe for browning.
Despite the signs, have the prices moved down yet, I have never tracked that area with any regularity.
ParticipantNice Vid Matt, I had no idea Harveston was tanking so bad, I thought it would hold up better than French Valley or Murietta. For those of you unfamiliar with this enclave it is unique for Temecula and it is fairly new. The small lots and throwback rear garages or alley garages is not found in many places out here, this is one of the only ones I can think of up here. It does have a lake, lots of parks and walkways, it own school and an inordinate amount of common areas. They probably could have put the same amount of homes on standard or large lots if they eliminated all the common areas. It’s kind of a marketing experiment that I thought was kind of cool and six month ago there were few posters who were buying there because they dug the community. But alas, Shiff was right, it doesn’t matter who or where you are, it’s the financing house of cards that has been built and Harveston was primarily developed in the past five years making the lawns ripe for browning.
Despite the signs, have the prices moved down yet, I have never tracked that area with any regularity.
ParticipantEPIC, the last time I saw a classic craigslist post it was waitinghwak who posted it.
Who remembers a few months ago when 23109 wanted to buy his 3br rental for 350k or 360k because it already had 50-100k in equity despite wanting a 4br but he thought it would take years to get that low. Just found him a 4br on the lake in harveston asking 379k
He should have listened to you Hawk.
http://inlandempire.craigslist.org/rfs/376772141.html
Now this one could be hawk
ParticipantEPIC, the last time I saw a classic craigslist post it was waitinghwak who posted it.
Who remembers a few months ago when 23109 wanted to buy his 3br rental for 350k or 360k because it already had 50-100k in equity despite wanting a 4br but he thought it would take years to get that low. Just found him a 4br on the lake in harveston asking 379k
He should have listened to you Hawk.
http://inlandempire.craigslist.org/rfs/376772141.html
Now this one could be hawk
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