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David Dawson

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How could people pay so much for this old house?

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masayako

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Question refers to 12385 Rue Fountainbleau, San Diego, CA 92131
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April 06 2007 - Scripps Ranch
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masayako

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sblefridge,

Whatever you said is promoting people to buy they can't afford with money they don't have. THIS IS CALLED THE HOUSING BUBBLE. You are clearly misleading people and convincing them to buy houses with toxic loan program. Are you a realtor?
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June 05 2007
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sblefridge

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Location, location, location. People will pay premium for areas with good schools, nice size lots, and low crime. These perks are becoming less available, pushing up demand, which will in turn push up price probabilities. These areas are still sustaining or increasing in the market, but just at a slower rate than in the last few years.

A new mindset is not think about the total you are spending, but rather how much you can afford to pay a month. To get into the real estate market, you figure the amount you can pay for a mortgage a month and then search for a loan to accomodate that amount in the best location.

Also, if you want to begin investing, search for an unimproved property in a high rent district, make a few substantial upgrades/additions (bath & kitchen first), and resale at a much higher market value for a decent return on investment.
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3 Yes

April 13 2007
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Christine Beaur-Mortezaie, "C Beaur Mortezaie"

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Actually any owner with the help of their agent can establish the price of the house. But the market will tell you if it is priced right. Why do you thinks some homes stay on the market months after months?Often overpriced.
Buyers might offer the asking price if they see that value in the house. And as a buyer you can always count on the lender as a safety check - lenders do appraise the homes on which they lend money. If the lenders cannot confirm the home value agreed by sellers and buyers, the price will have to be renegociated or the buyers will have to pay the difference in cash.
As an agent I had a situation where a buyer was buying an investment property for cash. Since no bank was involved, I recommended that she pays for her own appraisal. She found out she was paying fair market value for which a bank would have loaned money.
So there was something in this old house that must have validated the purchase price.
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April 12 2007
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Kris & Steve Berg, "KrisBerg"

San Diego

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Actually, the home had a huge (by our standards) yard, which will command a premium.
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7 Yes

April 11 2007
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MARYMCKENNA13

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People don't realize that they are about to drop one million dollars-I would assume that someone probably talked them into it-
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April 07 2007
 

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