Monday, November 9th, 2009 at 10:52 AM
Another REO in RSF
The REO hits just keep on coming in Rancho Santa Fe.
We saw Lago Lindo list for $1,879,000 and receive eight offers, with bids over $2 million. These days the buyers roam from REO to REO, in search of the right deal, with only glimmers of hope that a regular seller will be reasonable on price.
Will this new REO listing get swept up in the frenzy?
Posted on Monday, November 9th, 2009 at 10:52 AM in Jim TV, REO Inventory, Thinking of Buying?, Thinking of Selling? | 20 Comments » | 
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Maybe Frank Lloyd Wrong!
Downturn | November 9th, 2009 at 11:29 amKnow whose house that new REO in RSF was?
beachbaby | November 9th, 2009 at 11:32 amJtR,
Can you write a little bit on how you actually make an offer more attractive to a bank / broker when you caught in a multiple offer scenario?
I know, offer more money…but that aside, most of us aren’t going to be able to offer 100% cash or even 50% cash, so having a larger downpayment (20%+) becomes interesting to a seller at what point – 30%? 40%?
Also offering a short escrow makes sense to a point but how short would you go (keeping your head on your shoulders that is)
Thanks
JK | November 9th, 2009 at 12:46 pmJK,
Great questions. Would love to hear answers on that, too.
Jim,
Why do you think Lago will go back on the market?
BAM | November 9th, 2009 at 3:45 pmThat’s a bad brick trip. Watch out for the brown brick.
Mike | November 9th, 2009 at 5:52 pmThe house is definitely on the eccentric side. A bit TOO eccentric to be worth 1.6 mil though.
Even if you tear it down, you pay the same amount for the land, and then you pay more to tear down the old house and build a new one.
Nope. Not worth it.
François Caron | November 9th, 2009 at 6:01 pmNice! Walls, window coverings and maintenance are for sissies apparently. This place is an amazing display of awkward creativity gone awry.
SD_suntaxed | November 9th, 2009 at 6:26 pmI think I had my 6th grade camp at that lodge…
Anonymous | November 9th, 2009 at 6:39 pmDo you think RSF is the kind of place Heinlein was writing about?
doug r | November 9th, 2009 at 6:42 pmhttp://en.wikipedia.org/wiki/%22%E2%80%94And_He_Built_a_Crooked_House%E2%80%94%22
That is some bad academically inspired 60s architecture right there.
I don’t see the Thunder Mountain connection. What it reminds me of are some of the original dorms at UCSD.
Blissful Ignoramus | November 9th, 2009 at 7:13 pmJK’s questions at #3:
Offering on a bank deal usually means trying to deal with a listing agent with tons of business, and many ducklings around to handle the sales duties on their behalf.
Get in tight with the assistants. They will determine your fate in a close race, and highest offers don’t always win.
Half of the competition will eliminate themselves due to shoddy realtor work, all you have to do is beat the other half of the field.
A short escrow isn’t that great of an idea to the banks, they’d have to move faster than usual. It’s 45 days on financed offers at B of A, with a per diem penalty of 1/10th of 1% of purchase price, but not less than $50 per day for being late.
30 days for cash deals, and the best I’ve seen is about $5,000 benefit for cash vs financed offers. If a financed offer is $10,000 or more higher than a cash offer, it’ll win – none of the servicers need the deal bad enough that there is any huge discounts being given for cash offers.
P.S. Want to choose your own title and escrow company? No problem at B of A, as long as you don’t mind paying both the buyer and seller shares (extra $1,500 to $3,000). You can bet that there will be buyer agents that don’t read the document, and insist on their favorite title and escrow ‘friends’ to do the work, and inadvertently stick their own clients with the higher bill.
Jim the Realtor | November 9th, 2009 at 9:00 pmI think I had my 6th grade camp at that lodge…
LOL
Jim the Realtor | November 9th, 2009 at 9:08 pmBlissful,
I need to implement the “stink-o-meter” for the camera – the house had the same smell as Big Thunder Mountain, plus the big wooden beams twisting every which way.
Jim the Realtor | November 9th, 2009 at 9:09 pmSuch a shame. That house has promise from the outside, but the layout/configuration is so bad that you’re almost forced to tear it down. And why do some builders/architects insist on putting stairs everywhere when it’s completely unnecessary?
CA renter | November 10th, 2009 at 12:12 amLots of privacy in that bathroom !
Franklin | November 10th, 2009 at 1:49 amThank you, Jim.
BAM | November 10th, 2009 at 6:28 amThe roof clearly needs/will shortly need extensive work, and the brick/adobe interior and tile flooring is very off-putting.
However, having grown up in Marin County surrounded by Eichlers and one of Frank Lloyd Wright’s crown jewels, I rather like the layout and general aesthetic.
ewhac | November 10th, 2009 at 6:18 pmHuh. I liked it, especially the windows in the kitchen, but it’s, um, a little out of reach. When you said “tear down” I nearly spewed my coffee.
Emma | November 11th, 2009 at 10:38 amWe saw the house on Tuesday. We actually liked the style but not sure about living there for 10-20 years. Also, the highest price we’d entertain paying was $1.1M. There really isn’t enough room to modify the structure to our liking. Also, having the Master Bedroom off of the dining room is kind of weird.
Jeeman | November 12th, 2009 at 10:36 amYou guys really like all the goofy angles that eat up half the space in each bedroom? And the indoor/outdoor bathroom? And all the farking stairs?
Geotpf | November 12th, 2009 at 3:21 pm