[XBoxBoy]

[quote=CA renter][quote=XBoxBoy]

stated purpose

[/quote]

Highlighted the key point there.

[/quote]

Yes, I wondered how many would catch that. In no way do I mean to imply that the government actually wanted what they stated. Just pointing out the irony of the situation.

XBoxBoy

[XBoxBoy]

[quote=CA renter][quote=XBoxBoy]

stated purpose

[/quote]

Highlighted the key point there.

[/quote]

Yes, I wondered how many would catch that. In no way do I mean to imply that the government actually wanted what they stated. Just pointing out the irony of the situation.

XBoxBoy

[XBoxBoy]

[quote=CA renter][quote=XBoxBoy]

stated purpose

[/quote]

Highlighted the key point there.

[/quote]

Yes, I wondered how many would catch that. In no way do I mean to imply that the government actually wanted what they stated. Just pointing out the irony of the situation.

XBoxBoy

[XBoxBoy]

[quote=aldante]The fed takes my tax money…drives up local real estate prices and forces my cost of living higher becasue real estate “should be worth X”.[/quote]

The incredible irony of this is that for many years the stated purpose of government housing policy was to lower the cost of houses so more people could afford them. Unfortunately, this policy didn’t work out as intended. And now the irony is that they are doing everything they can to keep prices high.

[XBoxBoy]

[quote=aldante]The fed takes my tax money…drives up local real estate prices and forces my cost of living higher becasue real estate “should be worth X”.[/quote]

The incredible irony of this is that for many years the stated purpose of government housing policy was to lower the cost of houses so more people could afford them. Unfortunately, this policy didn’t work out as intended. And now the irony is that they are doing everything they can to keep prices high.

[XBoxBoy]

[quote=aldante]The fed takes my tax money…drives up local real estate prices and forces my cost of living higher becasue real estate “should be worth X”.[/quote]

The incredible irony of this is that for many years the stated purpose of government housing policy was to lower the cost of houses so more people could afford them. Unfortunately, this policy didn’t work out as intended. And now the irony is that they are doing everything they can to keep prices high.

[XBoxBoy]

[quote=aldante]The fed takes my tax money…drives up local real estate prices and forces my cost of living higher becasue real estate “should be worth X”.[/quote]

The incredible irony of this is that for many years the stated purpose of government housing policy was to lower the cost of houses so more people could afford them. Unfortunately, this policy didn’t work out as intended. And now the irony is that they are doing everything they can to keep prices high.

[XBoxBoy]

[quote=aldante]The fed takes my tax money…drives up local real estate prices and forces my cost of living higher becasue real estate “should be worth X”.[/quote]

The incredible irony of this is that for many years the stated purpose of government housing policy was to lower the cost of houses so more people could afford them. Unfortunately, this policy didn’t work out as intended. And now the irony is that they are doing everything they can to keep prices high.

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

[quote=Eugene]It was still listed 3/23 and trustee sale took place 4/7 … wouldn’t it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?[/quote]

This brings up a question that I’ve been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That’s pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy

[XBoxBoy]

This house has a fairly checkered past over the last couple of years and is an interesting lesson for anyone who still thinks the coast is immune.

In March 2008 it was listed for sale for a mere 2.5mil. Over the course of the next year it was reduced in price to 1.5mil.

http://www.sdlookup.com/MLS-081019724-1415_Cottontail_Ln_La_Jolla_Ca_92037

Looks like NOD was filed in Dec. 2008, and now it has been foreclosed on. There were two loans, one for $1,280,000 and the second for $500,000

Interestingly, the listing on sdlookup shows the place as pending, but somehow I doubt that’s accurate if it was foreclosed on earlier this month.

I’m not sure if the 1,179,017 is just the bank taking it back or if someone bought it off the courthouse steps. Maybe SDR can clarify that.

Worth mentioning is that a neighbor is on the market at 1.45mil and also has NOD filed, so there might be another comp killer on this street if the bank takes that one back.

http://www.sdlookup.com/Property-B05D648F-1415_Cottontail_Ln_La_Jolla_CA_92037

Oh yeah, almost forgot. There was another bank REO around the corner on La Jolla Rancho that is now pending. Don’t know what it will close at, but it went pending at 1,949,000 which was a little more than 500k off the 2005 purchase price

http://www.sdlookup.com/MLS-080082556-942_La_Jolla_Rancho_Rd_La_Jolla_Ca_92037

[XBoxBoy]

This house has a fairly checkered past over the last couple of years and is an interesting lesson for anyone who still thinks the coast is immune.

In March 2008 it was listed for sale for a mere 2.5mil. Over the course of the next year it was reduced in price to 1.5mil.

http://www.sdlookup.com/MLS-081019724-1415_Cottontail_Ln_La_Jolla_Ca_92037

Looks like NOD was filed in Dec. 2008, and now it has been foreclosed on. There were two loans, one for $1,280,000 and the second for $500,000

Interestingly, the listing on sdlookup shows the place as pending, but somehow I doubt that’s accurate if it was foreclosed on earlier this month.

I’m not sure if the 1,179,017 is just the bank taking it back or if someone bought it off the courthouse steps. Maybe SDR can clarify that.

Worth mentioning is that a neighbor is on the market at 1.45mil and also has NOD filed, so there might be another comp killer on this street if the bank takes that one back.

http://www.sdlookup.com/Property-B05D648F-1415_Cottontail_Ln_La_Jolla_CA_92037

Oh yeah, almost forgot. There was another bank REO around the corner on La Jolla Rancho that is now pending. Don’t know what it will close at, but it went pending at 1,949,000 which was a little more than 500k off the 2005 purchase price

http://www.sdlookup.com/MLS-080082556-942_La_Jolla_Rancho_Rd_La_Jolla_Ca_92037

[Author]

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