Profile picture for 80smusicrox

80smusicrox

Advice

  • (420 Contributions,
  • 0 Best Answers,
  • 121 Helpful)

Contributions are sorted newest to oldest.

Short Sale w/ GMAC & Citi?

Response

With our short sale purchase, we did get our offer of 36% less (or 64% of) the seller's loan balance approved by the lender.  Only one lender and the it took 35 days from offer to bank approval.  But this was July 2008. A lot depends on the property's individual situation...the house we bought short was a 2 year-long vacant flip/investment property that had been on the market for a little over TWO years.  The out-of-area sellers were unsuccessful selling this property at a wide range of asking prices...and unavoidably could no longer carry the $3400 a month payment (it was 100% financed including the closing costs!)  Sellers were months in default and facing foreclosure....and then we came along when the asking price was outrageously low.  The sellers bought a discounted (for 2006 anyway) fixer-upper and fixed it up (with another loan I'm sure)...and we got the house for 36% less than they paid with a complimentary whole interior renovation.  And 30% less than the 2008 appraisal.  

  (0)
What happens to property taxes in California on a resale now?

Response

I just got a property tax bill on the bubble-time assessed price (based on the previous owner's assessed property value.  The county still has the house valued at $404,000 and I'm responsible for paying taxes on that assessed value (punishable by fines, if I don't) until the assessor reassesses the property which may not be until July of 2009! (We purchased the property for $285,000 in July 2008, in CA).  We will get a refund for the overage in taxes we *must* pay now, but not until the assessor gets their lazy butt out here and processes the information...but that is what's most annoying.  Obviously they *know* the property changed ownership and for significantly lower price than previous sale. So here we are...paying property taxes monthly in our impound morgage payment (based on previous assessed value.  We've got a tax bill due in Dec and April based on the old higher value....and we must pay!  With the promise to get a refund sometime later next year.    

  (0)
Are "Electronic Gopher Repellers" Effective?

Response

If they were...I'd think I'd hear more about it.  We have a gopher and mole issue in my area...not to mention other pests like rattle snakes and wild hogs. I lived near a private golf course that had a problem with gophers and moles...traps were the only solution.  Unfortunately, the traps also reduced the squirrel population. I know someone mention cats as a solution for rats...not so, but cats are very good at catching gophers and moles.  I have 3 outdoor cats, and 4 others who hang out and eat at my house every morning (I won't claim them)...and they are catching gophers left and right.  They can hear them under ground and they lay in wait.  Even after they've just polished off a plate of 9-lives...there's always room for fresh gopher.  It's weird though...half the cats hunt for sport, and the other half hunt for food.   

  (1)
Are "Electronic Gopher Repellers" Effective?

Response

If they were...I'd think I'd hear more about it.  We have a gopher and mole issue in my area...not to mention other pests like rattle snakes and wild hogs. I lived near a private golf course that had a problem with gophers and moles...traps were the only solution.  Unfortunately, the traps also reduced the squirrel population. I know someone mention cats as a solution for rats...not so, but cats are very good at catching gophers and moles.  I have 3 outdoor cats, and 4 others who hang out and eat at my house every morning (I won't claim them)...and they are catching gophers left and right.  They can hear them under ground and they lay in wait.  Even after they've just polished off a plate of 9-lives...there's always room for fresh gopher.  It's weird though...half the cats hunt for sport, and the other half hunt for food.   

  (0)
lowball

Response

Yes, I'd say 300k is lowball.

  (0)
Short Sale Closing Costs

Response

Hmmm.  I dunno.  Buying a short sale is not buying a normal sale from real homeowners...really not much room for negotiation, let alone communication.  We paid all of our closing costs with our short sale purchase....not to mention all the inspections (even those which are typically seller-paid).  Short sales are generally "as is".  As a buyer, don't expect to get much interest in your wants or needs.  The seller's bank(s) could care less what you want... they just want their bottomline.

  (0)
Short sales...verbal approval pending signed documents?

Response

Our short sale purchase was with Emc Mortgage. we received the written approval one week following verbal approval....and the bank's written approval also stated a set closing date of no later than 3 weeks from the dated approval.  We were dealing with a very fast moving machine once we got their written approval...trying to beat the next scheduled auction date.

  (0)
Great feedback, tons of showing but no offers !

Response

Lookers said it was priced right and liked the house...but no offers? Either not priced right enough or not liked enough...could be priced right for today, but tomorrow?  Next month and thereafter?    I think that's what most potential buyers have at the top of their minds....seems like a fair price now, but it may be too much considering the direction of the market.  They may be tinkering on an offer, but they're considering how much lower you might accept.  They might be contemplating a purchase offer, but feel if they wait (and you wait) long enough they may be able to get it for much less.  Buyers aren't feeling any urgency...more than likely they know, the property will be sitting for a while if it's not priced  well *below* market value. And getting a loan approved, even with a hefty down and good FICO isn't as it was even a month ago.  My in-laws have a buyer who's got good credit, a 30% down payment and Bank of America is taking 5 weeks to get the loan  *hopefully* approved!  Normally, it'd be a no-problem loan in under two weeks. You could get an offer, eventually, but getting the sale to close could be another story.

  (0)
A little help

Response

When you say all other properties in the area are between 100-115, are these asking prices or selling prices?  And if they are sold prices, how long ago did they sell?  What they would sell for even 3 months ago may not be what they would sell for today.  If these are asking prices, houw long have they been on the market and is there a lot of competition in that price range?  If most have been on the market 6+ months and there is a lot of inventory with little to no movement...then you are in a position to lowball or wait (maybe a good while) until sellers get realistic about their home value (or in some cases walk away under distress/imminent foreclosure -- don't know seller's motivation). Azrob's right...don't fall in love or get emotionally attached to any house.  You don't want to overpay....a better house at a better price could be on the market down the road.  In most cases, it's a sure bet. 

  (0)
Painting a brick fireplace surround

Response

I gotcha about the painting idea.... I should also add that the brick covers an area of about 8ft H x 14ft wide (surround)...a rather over-sized wood stove surround.  Tile?  Not sure...to me tile is for bathrooms, kitchens and floors.  This is more like a big section of wall....focal, fireplace wall.  Should be stone or brick or something. If I were to "tile" or apply a stone veneer....would I need to first apply wire mesh or would you go right over the brick?  Is this a job for a specialist?

  (0)