They think that they have us right where they want us, making us believe that foreclosures will be flooding the streets any minute. When it doesn’t happen, they expect frustration and anxiety will set in, and buyers will eventually pay more as a result.
But is the bankers’ unwillingness to foreclose breeding indifference, instead of contempt?
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
Hat tip to MB for the article also seen on CR:
Rich are ‘More Ruthless’
I think what we’re seeing here is the new “normal”.
We’re entering the second dip of the double dip recession. Personally, I don’t think we got out of the first dip.
Anyway, all of our fundamentals are wrong. The stuff with the banks is just a slow dance that at some point is going to give way-collapse.
We’ve just got way, way too many people under water in their homes-basically home renters. We’ve got too many people losing their jobs or fearful of losing their jobs. We have way, way too much debt of all kinds and at all levels that will never be repaid in our lifetime. So defaults, strategic defaults, much more of this is coming.
Home sales will continue, but if you step back and look at the big picture, all of this is a line that’s going down. The whole question is how quickly.
22 postponed foreclosures = BS!
Let’s say on average mortgages cost around 2000 per month. (I’m sure this number is debateable)
Then let say on average the mortgages bring in $1500 per month to the banks. (Newer mortgages bring in more $$$)
$1500 x 22 = 33,000 per month in lost interest revenue for the banks. AND THIS IS JUST ONE CITY!
Banks are willing to take this loss becasue the taxpayer (through programs like TARP) GIVE them money at near zero percent interest.
When is this kind of thing going to piss you off?
Jim,
Was it karma that caused you to drive up on the car accident? A metaphor for our crashed economy?
“I’m Jim The Realtor” That’s funny. Good stuff.
Let me share with you the actual insanity down in the rabbit hole.
Through some digging, I find out who the “investor” is on a $1.15m option ARM mortgage that has been in default since February 2009 and that has had the trustee sale postponed for 9 months now. I write to tell them of a bidder ready to make a full credit bid at the trustee sale or who is prepared to buy the note at full face value. I summarize the history and explain why the investors interest is best served by liquidating the asset at auction or selling the note.
A guy from the major bank that is the “investor” calls me back to say that they’re just the trustee for the bondholders, and THEY DON”T MAKE DECISIONS OR APPROVE MODIFICATION, SHORT SALES OR ANYTHING. According to him, the servicer makes all those decisions and he’s not really sure at whose behest they make such decisions. His best guess is that they defer to the . . . wait for it . . . BORROWER!
Friends, my only stunned response is WTF? Is the system of securitized mortgages so badly organized that no one represents the interests of the actual owners of these nonperforming loans? Why would a servicer, who is supposed to just be an agent of the investor, be making decisions on whether or how to modify the loan or dispose of the asset backing the loan?
I am starting to realize that no one but the deadbeat borrowers seem to have any skin in this game, which is why the deadbeat borrowers are winning the war so far.
Totally, totally FUBAR.
My BIL is divorcing and the co-owned house is worth double the loan amount. The loan is not being paid. The bank started to foreclose immediately after the loan went into default. Profit is all the banks care about.
JTR,
1040 Sagebrush Rd
Carlsbad, CA 92011
Bought 06 paid 1.8m
Sold on 06/29/10 1.1m
Is this a real deal?
Could be some great deals coming up.
Maybe it’s just that people are finally losing the perception that buying a home is a “wealth building investment” and thinking of potential purchases in terms of what living experience they’d be getting for what they’d have to spend.
It seems to me that the population here is more heavily weighted toward investors than the population at large.
The losses on housing are so spread out (via CDO’s sold around the world), that likely no one instituion is taking that much of a loss. Also, by “extend and pretend”, this can go on for five years or more, so the writeoffs are only say 15% per year. With banks (and other financial institutions) borowing from the government at essentially zero, and loaning (to at least some borrowers),the profit margins are really pretty good. Add in all the “bank fees” these days, and I can see why the banks are in no hurry.
Time is also on their side – with almost no new houses being built, and the US population still growing, there could even be a housing shortage in 5 years. . .wouldn’t take much more than a 2% drop in unemployment to get things really hot again. Just my 2 cents.
Loved this video. I was wondering what the fsbo was going for, but never bothered to stop by and ask.
I wonder how long the big house, the one I it seemed like you wanted to stop by, will sit there rotting. There must be something wrong with it, or people really don’t want to live next to DMH road. I have seen lesser houses sell for more.
Your line at the end made me lol and wake my gf up.