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XBoxBoy
ParticipantEarlier in this thread there was discussion of when we could get a 3br 2000sqft house with ocean view in LJ for under a million. One that was mentioned was 1034 La Jolla Rancho Rd, which was an REO listed at 999,000. See it here:
http://www.sdlookup.com/MLS-086024374-1034_La_Jolla_Rancho_Rd_La_Jolla_CA_92037
At the time the house was just pending, and supposedly there had been numerous offers on the place. Looks like it closed, at $1,175,000.
http://www.zillow.com/HomeDetails.htm?zprop=16855370
That’s $505,000 (or 30%) off the 2006 sale price of $1,680,000.
But, to the question, when can you get a 3br 2000sqft house with ocean view in LJ for under a mil? We don’t seem to be there quite yet, but we are close. And if you drop the ocean view there are a couple of places you can find that probably fit that bill.
LJ may not be dropping like outlying subprime neighborhoods, but it definitely is dropping.
XBoxBoy
ParticipantEarlier in this thread there was discussion of when we could get a 3br 2000sqft house with ocean view in LJ for under a million. One that was mentioned was 1034 La Jolla Rancho Rd, which was an REO listed at 999,000. See it here:
http://www.sdlookup.com/MLS-086024374-1034_La_Jolla_Rancho_Rd_La_Jolla_CA_92037
At the time the house was just pending, and supposedly there had been numerous offers on the place. Looks like it closed, at $1,175,000.
http://www.zillow.com/HomeDetails.htm?zprop=16855370
That’s $505,000 (or 30%) off the 2006 sale price of $1,680,000.
But, to the question, when can you get a 3br 2000sqft house with ocean view in LJ for under a mil? We don’t seem to be there quite yet, but we are close. And if you drop the ocean view there are a couple of places you can find that probably fit that bill.
LJ may not be dropping like outlying subprime neighborhoods, but it definitely is dropping.
XBoxBoy
Participant[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)
To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.
The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.
Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.
XboxBoy
Participant[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)
To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.
The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.
Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.
XboxBoy
Participant[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)
To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.
The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.
Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.
XboxBoy
Participant[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)
To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.
The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.
Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.
XboxBoy
Participant[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)
To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.
The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.
Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.
XboxBoy
ParticipantYou can also get the UT/Dataquick data at:
http://sdhomes.signonsandiego.com/area_homesales/pastyears-2008.php
You have to click through based on what part of the county you are trying to track to get individual zip codes.
Also, if anyone is interested, I’ve started a thread on SDLookup’s forums concerning differences between Dataquick’s numbers and other’s numbers for La Jolla.
But I’d welcome anyone who has the energy to check other zips numbers to join in too! I’m not much for conspiracy theories, but I find that Dataquick’s numbers are always higher than any body else. I’d love to hear any good explanations of why.
XBoxBoy
ParticipantYou can also get the UT/Dataquick data at:
http://sdhomes.signonsandiego.com/area_homesales/pastyears-2008.php
You have to click through based on what part of the county you are trying to track to get individual zip codes.
Also, if anyone is interested, I’ve started a thread on SDLookup’s forums concerning differences between Dataquick’s numbers and other’s numbers for La Jolla.
But I’d welcome anyone who has the energy to check other zips numbers to join in too! I’m not much for conspiracy theories, but I find that Dataquick’s numbers are always higher than any body else. I’d love to hear any good explanations of why.
XBoxBoy
ParticipantYou can also get the UT/Dataquick data at:
http://sdhomes.signonsandiego.com/area_homesales/pastyears-2008.php
You have to click through based on what part of the county you are trying to track to get individual zip codes.
Also, if anyone is interested, I’ve started a thread on SDLookup’s forums concerning differences between Dataquick’s numbers and other’s numbers for La Jolla.
But I’d welcome anyone who has the energy to check other zips numbers to join in too! I’m not much for conspiracy theories, but I find that Dataquick’s numbers are always higher than any body else. I’d love to hear any good explanations of why.
XBoxBoy
ParticipantYou can also get the UT/Dataquick data at:
http://sdhomes.signonsandiego.com/area_homesales/pastyears-2008.php
You have to click through based on what part of the county you are trying to track to get individual zip codes.
Also, if anyone is interested, I’ve started a thread on SDLookup’s forums concerning differences between Dataquick’s numbers and other’s numbers for La Jolla.
But I’d welcome anyone who has the energy to check other zips numbers to join in too! I’m not much for conspiracy theories, but I find that Dataquick’s numbers are always higher than any body else. I’d love to hear any good explanations of why.
XBoxBoy
ParticipantYou can also get the UT/Dataquick data at:
http://sdhomes.signonsandiego.com/area_homesales/pastyears-2008.php
You have to click through based on what part of the county you are trying to track to get individual zip codes.
Also, if anyone is interested, I’ve started a thread on SDLookup’s forums concerning differences between Dataquick’s numbers and other’s numbers for La Jolla.
But I’d welcome anyone who has the energy to check other zips numbers to join in too! I’m not much for conspiracy theories, but I find that Dataquick’s numbers are always higher than any body else. I’d love to hear any good explanations of why.
XBoxBoy
ParticipantJimmyle – First and foremost I would say that this situation is in such turmoil right now that I don’t think anyone can give you an answer that is much more than a guess. There are strong arguments to be made for higher rates in the next year or two, and there are strong arguments for why rates will be lower. While many experts might try to convince you to think they know what’s going to happen, trust me, no one knows what’s going to happen.
Having said that, I’ll give you my best guesses. Yes, loans will be harder to get. Have no idea if rates will be higher or lower. Prices will continue to decline regardless. If your uncle is buying in the < $500k price range, we might be getting close to a bottom in that arena. In the $500-1mil range, I think we've still got a ways to go, but if the pace of declines picks up this fall, (as I suspect it will) maybe this fall or even next year might be okay to buy into. (But will have to wait to see) If your uncle is thinking of more than a mil for a place and he's got cash, tell him to get comfortable and relax, cause he's still got a bit of a wait. 'Course this advice is worth exactly what you paid for it. XBoxBoy
ParticipantJimmyle – First and foremost I would say that this situation is in such turmoil right now that I don’t think anyone can give you an answer that is much more than a guess. There are strong arguments to be made for higher rates in the next year or two, and there are strong arguments for why rates will be lower. While many experts might try to convince you to think they know what’s going to happen, trust me, no one knows what’s going to happen.
Having said that, I’ll give you my best guesses. Yes, loans will be harder to get. Have no idea if rates will be higher or lower. Prices will continue to decline regardless. If your uncle is buying in the < $500k price range, we might be getting close to a bottom in that arena. In the $500-1mil range, I think we've still got a ways to go, but if the pace of declines picks up this fall, (as I suspect it will) maybe this fall or even next year might be okay to buy into. (But will have to wait to see) If your uncle is thinking of more than a mil for a place and he's got cash, tell him to get comfortable and relax, cause he's still got a bit of a wait. 'Course this advice is worth exactly what you paid for it. XBoxBoy
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