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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: for any who thinks SD hasn't fallen yet... Posted by Craig in LA on October 10, 2006 at 9:53 PM In Reply to: Re: for any who thinks SD hasn't fallen yet... posted by Dan on October 10, 2006 at 9:26 PM : Crazy, isn't it? I'm up here in NorCal and haven't seen this much retrenchment in the market yet, and certainly : hope that it doesn't get as bad as this example. Please post the follow up on what happens. Sounds like the first : will end up taking a little bit of a hit, but the second........ Ouch! I'd put 50% odds down that say the second bids : in for $1 over the opening bid to protect their interest for the privilege of losing more money upon resell. The holders : of all the 20% seconds behind the 80% firsts are in for a bloodbath. : Dan : : Here's a story about a property scheduled for auction 10/11/2006. : : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : : These buyers got 100% financing in 8/2004. : : ~$685K First : : ~$295K Second : : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : : Now there are only 2 comps for homes that size within 1 mile per Realist. : : 1 sold for $936K and 1 for $740K. : : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : : I think I'll go to this auction. I want to see for myself how it plays out. We tried to do a hard money loan on a house in Azusa (at the base of the San Gabriel Mountains) which sold for $1.1 million in July 2005. Deal blew up when the appraisal came in at $750K and flushed the LTV. Appraiser told us McMansion prices in parts of the San Gabriel Valley are 30% off their highs; and the blood is not in the water yet. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Crazy, isn't it? I'm up here in NorCal and haven't seen this much retrenchment in the market yet, and certainly : : hope that it doesn't get as bad as this example. Please post the follow up on what happens. Sounds like the first : : will end up taking a little bit of a hit, but the second........ Ouch! I'd put 50% odds down that say the second bids : : in for $1 over the opening bid to protect their interest for the privilege of losing more money upon resell. The holders : : of all the 20% seconds behind the 80% firsts are in for a bloodbath. : : Dan : : : Here's a story about a property scheduled for auction 10/11/2006. : : : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : : : These buyers got 100% financing in 8/2004. : : : ~$685K First : : : ~$295K Second : : : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : : : Now there are only 2 comps for homes that size within 1 mile per Realist. : : : 1 sold for $936K and 1 for $740K. : : : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : : : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : : : I think I'll go to this auction. I want to see for myself how it plays out. : : We tried to do a hard money loan on a house in Azusa (at the base of the San Gabriel Mountains) which sold for $1.1 million in July 2005. Deal blew up when the appraisal came in at $750K and flushed the LTV. Appraiser told us McMansion prices in parts of the San Gabriel Valley are 30% off their highs; and the blood is not in the water yet. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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