[urbanrealtor]

[quote=raptorduck]

As for the “better brain” dialog. Perseverance, determination, and motivation are more valuable than genius, talent, and skill. It is true that you did nothing to get your genius, but struggle gives you the more valuable gifts anyway. The world is full of underachieving geniuses and educated derelicts. I am no genius, but I if you are twice as smart and I work 10 times as hard, I may just end up ahead.[/quote]

Yeah you’re a real hero, all right.

I consider it unlikely that you could do the same thing today, without government assistance.

FYI, college aid is government assistance.

The cheap food we have in the US is priced based on government assistance to food producers (thats why California exports Valencia oranges to Valencia Spain).

The cheap gas we have in the US is considered by most of the world’s economists to be effectively subsidized since the cost of vehicles to roads and infrastructure is largely hidden from drivers.

At a more broad and general level, the stable market that is the heart of American prosperity is facilitated by the government.

All of these programs are paid for with taxes. Your taxes.

I dare you to show me how a poor kid today could have the fairy-tale life you describe without government assistance.

I am not saying its impossible but again, I dare you to show me an example that takes place in the last 10 to 20 years.

[urbanrealtor]

[quote=raptorduck]

As for the “better brain” dialog. Perseverance, determination, and motivation are more valuable than genius, talent, and skill. It is true that you did nothing to get your genius, but struggle gives you the more valuable gifts anyway. The world is full of underachieving geniuses and educated derelicts. I am no genius, but I if you are twice as smart and I work 10 times as hard, I may just end up ahead.[/quote]

Yeah you’re a real hero, all right.

I consider it unlikely that you could do the same thing today, without government assistance.

FYI, college aid is government assistance.

The cheap food we have in the US is priced based on government assistance to food producers (thats why California exports Valencia oranges to Valencia Spain).

The cheap gas we have in the US is considered by most of the world’s economists to be effectively subsidized since the cost of vehicles to roads and infrastructure is largely hidden from drivers.

At a more broad and general level, the stable market that is the heart of American prosperity is facilitated by the government.

All of these programs are paid for with taxes. Your taxes.

I dare you to show me how a poor kid today could have the fairy-tale life you describe without government assistance.

I am not saying its impossible but again, I dare you to show me an example that takes place in the last 10 to 20 years.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

Great data.

Tomorrow I will throw some digits for the central area.

It really puts numbers to the increase in purchase volume we have seen.

Funny, apparently if its cheap it gets sold fast.

Eg: Mira Mesa

SD:
let me ask, given the choice, what would you do to control for he shorts with accepted offers??

Also, (rant alert) I must express frustration with the fact that I have had a verbal lender approval on a short listing for 2 days and still have not received a written notice. Grr. No escrow for Dan.

[urbanrealtor]

Great data.

Tomorrow I will throw some digits for the central area.

It really puts numbers to the increase in purchase volume we have seen.

Funny, apparently if its cheap it gets sold fast.

Eg: Mira Mesa

SD:
let me ask, given the choice, what would you do to control for he shorts with accepted offers??

Also, (rant alert) I must express frustration with the fact that I have had a verbal lender approval on a short listing for 2 days and still have not received a written notice. Grr. No escrow for Dan.

[urbanrealtor]

Great data.

Tomorrow I will throw some digits for the central area.

It really puts numbers to the increase in purchase volume we have seen.

Funny, apparently if its cheap it gets sold fast.

Eg: Mira Mesa

SD:
let me ask, given the choice, what would you do to control for he shorts with accepted offers??

Also, (rant alert) I must express frustration with the fact that I have had a verbal lender approval on a short listing for 2 days and still have not received a written notice. Grr. No escrow for Dan.

[urbanrealtor]

Great data.

Tomorrow I will throw some digits for the central area.

It really puts numbers to the increase in purchase volume we have seen.

Funny, apparently if its cheap it gets sold fast.

Eg: Mira Mesa

SD:
let me ask, given the choice, what would you do to control for he shorts with accepted offers??

Also, (rant alert) I must express frustration with the fact that I have had a verbal lender approval on a short listing for 2 days and still have not received a written notice. Grr. No escrow for Dan.

[urbanrealtor]

Great data.

Tomorrow I will throw some digits for the central area.

It really puts numbers to the increase in purchase volume we have seen.

Funny, apparently if its cheap it gets sold fast.

Eg: Mira Mesa

SD:
let me ask, given the choice, what would you do to control for he shorts with accepted offers??

Also, (rant alert) I must express frustration with the fact that I have had a verbal lender approval on a short listing for 2 days and still have not received a written notice. Grr. No escrow for Dan.

[urbanrealtor]

[quote=SD Realtor]Hi Econ –

I did a quick search on the MLS for 92104 under 150k. 28 listings came up and all are attached homes except for 1 detached home on Polk. Now whether they will fetch 1000 a month is something I am not sure of as I am to lazy to run rental rate comps AND work in HOA/Property taxes to calculate the true cap rate. Anyways I would imagine UR was referring to these homes[/quote]

Thats right.
I would also expand the zip to92116 and some very select parts of 92102 (though that is really more like south park).
I am sure of the rental rates because recently, I have been engaged to assist buyer in getting them rented.

Like I said that type of equation is harder to match in houses but here are some examples

Here is a conversion project that fell apart halfway through (its at 35th and Meade):
The cheapest 1 bedroom closed at 52k
080042852
The cheapest 2br closed at 80k
086017289
There were about 30 units in this complex that closed at similar prices.

In the resale (non-developer) department, here is one currently being rented out for more than 8% Cap.
081018371

As far as houses, here is one at 37th and Polk
086036982

Here is a house in a nice area west of the 805.
086017417

Like I said, the houses are rarer and somewhat more expensive.

However, as investments or homes go, they are not bad deals.

Barring true economic meltdown, they are fairly safe as investements.
All get at least 8% return consistently.
If such a meltdown occurs (no, I don’t buy that the current crisis qualifies) then foreclosure will be the least of our worries.

Regarding FHA loans, inspectors rarely ever show up and never after a couple months.
I use these loans pretty exclusively and I have more familiarity than many of the loan officers I deal with (eg: how many lenders understand 203k loans?).
I won’t help anyone do anything sketchy (like lie on a loan app) but I have had a few decide that renting made more sense after they closed on purchase.

On a side note:
As an agent, this means one can still make a living but the days of universally enthusiastic buyers and easy lending are way gone. For me this is great because I am better at discussing investment options and offer/negotiation strategies than I am at being a salesman in the classical sense.

[urbanrealtor]

[quote=SD Realtor]Hi Econ –

I did a quick search on the MLS for 92104 under 150k. 28 listings came up and all are attached homes except for 1 detached home on Polk. Now whether they will fetch 1000 a month is something I am not sure of as I am to lazy to run rental rate comps AND work in HOA/Property taxes to calculate the true cap rate. Anyways I would imagine UR was referring to these homes[/quote]

Thats right.
I would also expand the zip to92116 and some very select parts of 92102 (though that is really more like south park).
I am sure of the rental rates because recently, I have been engaged to assist buyer in getting them rented.

Like I said that type of equation is harder to match in houses but here are some examples

Here is a conversion project that fell apart halfway through (its at 35th and Meade):
The cheapest 1 bedroom closed at 52k
080042852
The cheapest 2br closed at 80k
086017289
There were about 30 units in this complex that closed at similar prices.

In the resale (non-developer) department, here is one currently being rented out for more than 8% Cap.
081018371

As far as houses, here is one at 37th and Polk
086036982

Here is a house in a nice area west of the 805.
086017417

Like I said, the houses are rarer and somewhat more expensive.

However, as investments or homes go, they are not bad deals.

Barring true economic meltdown, they are fairly safe as investements.
All get at least 8% return consistently.
If such a meltdown occurs (no, I don’t buy that the current crisis qualifies) then foreclosure will be the least of our worries.

Regarding FHA loans, inspectors rarely ever show up and never after a couple months.
I use these loans pretty exclusively and I have more familiarity than many of the loan officers I deal with (eg: how many lenders understand 203k loans?).
I won’t help anyone do anything sketchy (like lie on a loan app) but I have had a few decide that renting made more sense after they closed on purchase.

On a side note:
As an agent, this means one can still make a living but the days of universally enthusiastic buyers and easy lending are way gone. For me this is great because I am better at discussing investment options and offer/negotiation strategies than I am at being a salesman in the classical sense.

[urbanrealtor]

[quote=SD Realtor]Hi Econ –

I did a quick search on the MLS for 92104 under 150k. 28 listings came up and all are attached homes except for 1 detached home on Polk. Now whether they will fetch 1000 a month is something I am not sure of as I am to lazy to run rental rate comps AND work in HOA/Property taxes to calculate the true cap rate. Anyways I would imagine UR was referring to these homes[/quote]

Thats right.
I would also expand the zip to92116 and some very select parts of 92102 (though that is really more like south park).
I am sure of the rental rates because recently, I have been engaged to assist buyer in getting them rented.

Like I said that type of equation is harder to match in houses but here are some examples

Here is a conversion project that fell apart halfway through (its at 35th and Meade):
The cheapest 1 bedroom closed at 52k
080042852
The cheapest 2br closed at 80k
086017289
There were about 30 units in this complex that closed at similar prices.

In the resale (non-developer) department, here is one currently being rented out for more than 8% Cap.
081018371

As far as houses, here is one at 37th and Polk
086036982

Here is a house in a nice area west of the 805.
086017417

Like I said, the houses are rarer and somewhat more expensive.

However, as investments or homes go, they are not bad deals.

Barring true economic meltdown, they are fairly safe as investements.
All get at least 8% return consistently.
If such a meltdown occurs (no, I don’t buy that the current crisis qualifies) then foreclosure will be the least of our worries.

Regarding FHA loans, inspectors rarely ever show up and never after a couple months.
I use these loans pretty exclusively and I have more familiarity than many of the loan officers I deal with (eg: how many lenders understand 203k loans?).
I won’t help anyone do anything sketchy (like lie on a loan app) but I have had a few decide that renting made more sense after they closed on purchase.

On a side note:
As an agent, this means one can still make a living but the days of universally enthusiastic buyers and easy lending are way gone. For me this is great because I am better at discussing investment options and offer/negotiation strategies than I am at being a salesman in the classical sense.

[Author]

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