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propertylender.c
1063 Posts |
 Posted - 05/15/2008 : 10:00:34 PM
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$795000 Beautiful Ventura Home
This Mediterranean Eye Stopper must go NOW!-Seller Motivated and presently in the HOT SEAT! Purchase as Short Sale about Two Hundred Thousand below market or purchase Subject to, Lease Option, or Land Trust. This Lovely Home was built 1990, it has been totally remodeled (2006), 4 Br. 3 Ba.+Formal Dining, Formal Living Room, Family Room, two double sided fireplaces facing Formal Dining Room & Family Room and one facing Master Bedroom and Study. 2,910 square foot livable and 3 car garage + RV parking (covered), located at the end of a cul-de-sac. Lot size 9,334 with 18 fruit trees (Orange, Lemon, Plum, Avocado, Tangerine, Grapefruit, Peach, Apricot, Pear, Apple and Lime). The Home Appraised for $1,250,000 in 12/2006.
Ocean Views from master, study, balcony and office. Granite counter tops in kitchen, hallway and laundry room. Stainless Steel Appliances (Viking 2 convection ovens + microwave)Dishwasher (Bosch), Stove (Kitchen Aid Commercial with Griddle), Stainless (Commercial Hood), Imported Marble floors in three entry’s, kitchen, bathrooms, laundry room upgraded light fixtures, recessed lighting, beveled mirrors, upgraded carpeting and pad, designer oak front door, custom paint interior and exterior, alarm system, water softener and water purification system, professionally lighted, landscaped front side and rear yard with auto sprinklers. Must see to appreciate!
Call Mark at (805) 644-4250 for more pictures or any questions. Coldwell Banker
http://losangeles.craigslist.org/sfv/rfs/682613567.html |
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mantixmortgage
2660 Posts |
Posted - 05/15/2008 : 10:47:51 PM
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because people bought nice expensive houses and now cant afford them?
theres plenty of reasons. |
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rtrefflich
2634 Posts |
Posted - 05/15/2008 : 10:56:22 PM
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| They stopped lending because people stopped paying. |
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nutesch
396 Posts |
Posted - 05/15/2008 : 11:02:00 PM
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| And because the homes were artificially infalted in value in the first place thru loan programs that allowed people that couldn't afford them to afford them (i.e. stated income, pay-options, etc.). |
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mantixmortgage
2660 Posts |
Posted - 05/15/2008 : 11:16:34 PM
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| :( |
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propertylender.c
1063 Posts |
Posted - 05/15/2008 : 11:23:37 PM
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| Also the baths the lenders are taking on all these foreclosures and shortsales. |
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mortgagemessiah
7837 Posts |
Posted - 05/16/2008 : 06:20:22 AM
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| He probably got it using a stated loan program. |
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Layne Jones
1478 Posts |
Posted - 05/16/2008 : 06:41:57 AM
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| Are the type of people that buy million dollar homes the same people that look for garage sales on craigslist? |
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propertylender.c
1063 Posts |
Posted - 05/16/2008 : 06:52:27 AM
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quote:
Originally posted by mortgagemessiah
He probably got it using a stated loan program.
Probably? |
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propertylender.c
1063 Posts |
Posted - 05/16/2008 : 07:50:27 AM
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quote:
Originally posted by mantixmortgage
because people bought nice expensive houses and now cant afford them?
theres plenty of reasons.
And they are? |
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ML
2113 Posts |
Posted - 05/16/2008 : 07:52:12 AM
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quote:
Originally posted by rtrefflich
They stopped lending because people stopped paying.
Banks are funny like that! |
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808
1859 Posts |
Posted - 05/16/2008 : 07:53:12 AM
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quote:
Originally posted by propertylender.com
Also the baths the lenders are taking on all these foreclosures and shortsales.
don't forget about the greed, incompetence, stupidity and pack mentality of the fly by night lenders. |
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propertylender.c
1063 Posts |
Posted - 05/16/2008 : 6:09:59 PM
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quote:
Originally posted by propertylender.com
quote:
Originally posted by mantixmortgage
because people bought nice expensive houses and now cant afford them?
theres plenty of reasons.
And they are?
Without a doubt |
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nowbroker
1058 Posts |
Posted - 05/16/2008 : 6:46:49 PM
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They do not do this stuff around here:
Are land trusts common in that area? Is financing available for them? |
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propertylender.c
1063 Posts |
Posted - 05/16/2008 : 10:10:49 PM
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quote:
Originally posted by 808
quote:
Originally posted by propertylender.com
Also the baths the lenders are taking on all these foreclosures and shortsales.
don't forget about the greed, incompetence, stupidity and pack mentality of the fly by night lenders.
And don't we wish they were back (LOL) |
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Tsnyder
7853 Posts |
Posted - 05/16/2008 : 10:33:41 PM
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Nah... banks stopped lending for one reason... investors
got tired of buying their crap overrated, underperforming
loans and shut off the cash flow.
Does anyone really think banks would have tightened loan
guidelines if their crap was still selling on the secondary
market? Does anyone really think that banks give a damn about
anyone or anything but themselves?
Tsnyder |
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808
1859 Posts |
Posted - 05/16/2008 : 10:44:09 PM
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quote:
Originally posted by Tsnyder
Nah... banks stopped lending for one reason... investors
got tired of buying their crap overrated, underperforming
loans and shut off the cash flow.
Does anyone really think banks would have tightened loan
guidelines if their crap was still selling on the secondary
market? Does anyone really think that banks give a damn about
anyone or anything but themselves?
Tsnyder
you mean the same investors who schmoozed the Bond Agencies to give AAA ratings on toxic subprime garbage so that they could dump it on the unsuspecting public. Don't stop at the banks, it goes a whole lot further than that |
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peter
3851 Posts |
Posted - 05/16/2008 : 10:55:36 PM
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Banks cannot survive if they stopped lending entirely 100%. Even now, business
of mortgage lending is very slow for most banks as the secondary market has been
in a trance. You can see the lossess suffered by IndyMac, Downey, Wachovia, Wamu,
etc.
I think the banks have no choie but to tighten up and to clean up the houses,
and until the secondary market is alive again, there won't be enough business for
the bank to turn around and make a decent profit either. So, most likely, it will
take a few years for banks to write down losses, lick their wounds, and find
other avenues of business. But mortgage lending has always been an integral part
of the bank's business, the bank will just have to concentrate on the cream of
the market, i.e. full doc borrowers with low LTV. The example of this is ING Bank
which now only does mortgage lending on full doc only and only up to 80% LTV.
Downey has also followed the lead of ING and now is only accepting full doc
borrowers just like First Federal Bank and Wells Fargo.
And the jumbo high-ltv SISA borrowers who bought million dollar homes on
fantasy incomes will become foreclosure carcasses in the coming months. They can't
refi and they can't sell even at 20% below costs now!
The industry is now waiting the rebirth of the liquidators -- the scavengers --
who will buy distressed properties in lots from banks and lenders at 30 cents to
a dollar. I just read from Bloomberg yesterday that this is happening now and
there are several liquidators who are making offers to banks who own REOs. Once
Wall Street figure out how to securitize them at fantastic high returns and sell
them to the sovereign funds of oil-rich countries, then we could see our massive
foreclosures being flushed out in the world's toilet faaster and normalcy could
return in the next few years once 70% of foreclosure inventories have been flushed out.
How about bartering American homes for oil with our foreign friends from OPEC?
Peter |
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808
1859 Posts |
Posted - 05/16/2008 : 11:04:39 PM
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quote:
Originally posted by peter
Banks cannot survive if they stopped lending entirely 100%. Even now, business
of mortgage lending is very slow for most banks as the secondary market has been
in a trance. You can see the lossess suffered by IndyMac, Downey, Wachovia, Wamu,
etc.
I think the banks have no choie but to tighten up and to clean up the houses,
and until the secondary market is alive again, there won't be enough business for
the bank to turn around and make a decent profit either. So, most likely, it will
take a few years for banks to write down losses, lick their wounds, and find
other avenues of business. But mortgage lending has always been an integral part
of the bank's business, the bank will just have to concentrate on the cream of
the market, i.e. full doc borrowers with low LTV. The example of this is ING Bank
which now only does mortgage lending on full doc only and only up to 80% LTV.
Downey has also followed the lead of ING and now is only accepting full doc
borrowers just like First Federal Bank and Wells Fargo.
And the jumbo high-ltv SISA borrowers who bought million dollar homes on
fantasy incomes will become foreclosure carcasses in the coming months. They can't
refi and they can't sell even at 20% below costs now!
The industry is now waiting the rebirth of the liquidators -- the scavengers --
who will buy distressed properties in lots from banks and lenders at 30 cents to
a dollar. I just read from Bloomberg yesterday that this is happening now and
there are several liquidators who are making offers to banks who own REOs. Once
Wall Street figure out how to securitize them at fantastic high returns and sell
them to the sovereign funds of oil-rich countries, then we could see our massive
foreclosures being flushed out in the world's toilet faaster and normalcy could
return in the next few years once 70% of foreclosure inventories have been flushed out.
How about bartering American homes for oil with our foreign friends from OPEC?
Peter
makes sense in that oil is pegged to the dollar however why would they want to mess around w those Toxic, non transparent products when banks like Citi are giving away big chunks of the farm. If they want high rates of return all they have to do is cut down the oil supply for 30 days. That's a lot less risk than the $45k Butcher living in a $500k house. |
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peter
3851 Posts |
Posted - 05/16/2008 : 11:32:35 PM
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808 wrote:
"would they want to mess around w those Toxic, non transparent products when banks like Citi are giving away big chunks of the farm. If they want high rates of return all they have to do is cut down the oil supply for 30 days. That's a lot less risk than the $45k Butcher living in a $500k house."
To cut down the oil supply for 30 days may require a vote on the OPEC board and
it becomes a political issue and an issue of the oil-producing country who is
exercising that right, if the right exists in the joint OPEC agreement. To buy
properties in the U.S. in the form of ownership of REITs and REIT securities
giving a high rate of return, say 30% or more, thru securitization would be a possible
marketing alternative. This means that our oil-rich friends will own thousands
of million dollar homes in the U.S. from California to Florida thru owning the
securities in the REITs or anyother investment vehicle. The return would have to
be attractive as much as oil, but oil business is a brick-and-motar business while
REITs securitization is just an investment banking innovation that can be designed
by Wall Street and the Fed's. This should be the job of Paulson and Bernake to
figure out with their Wall Street buddies instead of giving money left and right
without being program-specific with the end benefit identified to the public.
I am often disturbed when I read that the Fed is giving out loans to give liquidity
to the big banks and I wonder what the end uses of the Fed's giving will be -- to
help the banks stay in business while the banks are not helping with the housing issue?
Peter
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808
1859 Posts |
Posted - 05/16/2008 : 11:49:42 PM
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you mean those cant miss AAA securities that'll be rated by Standard & Poors and Moodys and pushed by mouthpieces on CNBC. They'll buy casinos and strip clubs before they touch that stuff.
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Tsnyder
7853 Posts |
Posted - 05/17/2008 : 12:20:35 AM
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quote:
Originally posted by 808
quote:
Originally posted by Tsnyder
Nah... banks stopped lending for one reason... investors
got tired of buying their crap overrated, underperforming
loans and shut off the cash flow.
Does anyone really think banks would have tightened loan
guidelines if their crap was still selling on the secondary
market? Does anyone really think that banks give a damn about
anyone or anything but themselves?
Tsnyder
you mean the same investors who schmoozed the Bond Agencies to give AAA ratings on toxic subprime garbage so that they could dump it on the unsuspecting public. Don't stop at the banks, it goes a whole lot further than that
Yes! Those very ones... LOL
I didn't mean to stop with just the banks but that
was the subject of the thread...
Tsnyder |
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HMDApproved
586 Posts |
Posted - 05/17/2008 : 03:49:27 AM
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| Sounds like a nice house, can I make an offer???LOL |
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wsmb1
22 Posts |
Posted - 05/18/2008 : 11:05:23 AM
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Peter a very intellegent response.
A banker friend of mine went to a required seminar for his bank. The presenter was an ex- federal reserve govenor, who basically said the following: The Chinese and the middle east groups will be buying up the the largest banks in our country, now that they are so cheap, offer ridiculous rates of interest on mortgages etc...us americans will spend less on housing and more on...guess what... big cars, dvd players, electronics made by the chinese ..you know the higher profit margin items. Whats a couple of points on a rate of interest on a mortgage, when you can make 40% on a widget.
One thing about your post that I don't agree with, the banks are starting to rent out their properties - they are organizing big management companies (now that they've wrote down their assets) and keeping the real estate. The rental market in S. Fl is rocking, I know we took back several piece and instead of getting a 30% haircut at the sale, we are renting for a slim profit. Rented our properties within days of the courthouse steps. People are fighting for housing, not buyers..since there aren't lenders actually lending right now, but that will change. |
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lucky1s
3339 Posts |
Posted - 05/18/2008 : 11:18:26 AM
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I think he's referring to the needless upgrades.
I've been saying for some time now that middle class americans dont need granite countertops and sub Z fridges.
Those days are over.
Yet another industry about to go down the tubes.
Have you seen the "upgrades" that some of these empty houses have?
Seriously some people shouldnt be allowed to go to Home Depot without an escort.
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peter
3851 Posts |
Posted - 05/18/2008 : 11:10:21 PM
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WSMB1 wrote:
"One thing about your post that I don't agree with, the banks are starting to rent out their properties - they are organizing big management companies (now that they've wrote down their assets) and keeping the real estate. The rental market in S. Fl is rocking, I know we took back several piece and instead of getting a 30% haircut at the sale, we are renting for a slim profit. Rented our properties within days of the courthouse steps. People are fighting for housing, not buyers..since there aren't lenders actually lending right now, but that will change."
Good to know about this development. It's not happening yet in Los Angeles area,
except some downtown condo projects which can't sell and developers have turned
them into rental units. But rents have not come down markedly yet although LA
dense population needs housing very badly, especially during current times when
gas and food prices are eating into the wage earner's income. If the REO lenders
in Los Angeles will turn their unsold properties into rentals on a massive scale,
it will certainly help them with the cash flow and it will help towards more
affordable renting in Los Angeles area.
I am not certain if banking regulations would allow banks to hold on to REOs
as assets on their books beyond a certain level and beyond a certain time period.
Therefore, the banks will have to set up property rental companies and have their
own rental comanies buy REOs from them to rent out and to manage them. It's happening
in South Florida and the concept will most likely be followed through here, and this
will define the bottom line below which banks would rather rent out their REOs than
to unload them at 30 cents to a dollar to liquidators.
Peter
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homebroker@sbcgl
2055 Posts |
Posted - 05/18/2008 : 11:15:35 PM
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Rent out properties, really. We are in the hardest hit area in the counrty I have not seen a single bank rent a property as of yet.
quote:
Originally posted by wsmb1
Peter a very intellegent response.
A banker friend of mine went to a required seminar for his bank. The presenter was an ex- federal reserve govenor, who basically said the following: The Chinese and the middle east groups will be buying up the the largest banks in our country, now that they are so cheap, offer ridiculous rates of interest on mortgages etc...us americans will spend less on housing and more on...guess what... big cars, dvd players, electronics made by the chinese ..you know the higher profit margin items. Whats a couple of points on a rate of interest on a mortgage, when you can make 40% on a widget.
One thing about your post that I don't agree with, the banks are starting to rent out their properties - they are organizing big management companies (now that they've wrote down their assets) and keeping the real estate. The rental market in S. Fl is rocking, I know we took back several piece and instead of getting a 30% haircut at the sale, we are renting for a slim profit. Rented our properties within days of the courthouse steps. People are fighting for housing, not buyers..since there aren't lenders actually lending right now, but that will change.
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