Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
Jim, this video proves what I (and other bubbleinfo addicts already know): you are the best “street detective” in real estate land…
PS I’m emailing you so you can see the house I am about to close out-of-state. Yep, it’s a one-story on a cul-de-sac and was hard to find…
Noticed this today, MLS#100061590. Looking for slightly less than 200K, back on in less than 3 weeks.
Kudos to the flippers.I’m glad they made some cash.
I don’t understand the logic in paying that much more if you could have simply bought it from the bank originally for much less, unless there actually were significant repairs or upgrades involved.
It’s my understanding that banks prefer to deal with the flippers because often they’re cash deals, always ‘as-is’, no pest cert, and typically fast close. So a fipper can come in and offer less money but no strings where Joe and Jane Homeowner almost always at least need financing. Joe and Jane can’t compete a lot of the time with that. Here’s an example, and one that I was very interested in as a homeowner/buyer.
http://www.redfin.com/CA/Carlsbad/2858-Esturion-St-92009/home/3758075
Listed at $480k, sold for $460k, renovated (paint, carpet, appliances, garage doors, clean up the landscape), and flipping 1 month after prior close for $630k. Now it’s out of my league. I was willing to renovate just like the flippers, do not expect the bank to squate. This is why I think the banks should just clear out that inventory everyone talks about. I think it would benefit traditional buyers, flippers, and eventually traditional sellers because the healing process could start sooner.
I need to proof better! In post #5, last paragraph, 2nd sentence, where I say ‘do not expect the bank to squate’, should have read ‘do not expect the bank to DO squat.’ Spelling and well, potential double meaning/Freudian slip perhaps :).
The government will finance houses at any price nowadays. I’m just surprised they’re not doing “cash back” yet.
John, comment #7, while I could probably find unique and creative ways to finance above what we set as our max home purchase price, one does (or at least this one :)) have to make the payment. Call me an old fashioned girl, I only do standard conventional lending (30 yr fixed), I’d rather not sweat the payment every month, and stay married to my husband, not the house :).
Deb, I feel the same way! I locked on a 4% 30-year fixed with 20% dp, and didn’t consider any other loans. I’m ecstatic it’s not 10 1/2 % like our first home was! I doubt I will even prepay it as it’s cheap money in the future. Good luck in your home search; mine took 4 1/2 years! Believe it or not, about $20K of my down payment came from grocery hounding…
Thanks Susie-I’m adding to our downpayment and ‘fix it up’ fund from the previous house sale by stuffing all my company expense checks into it. That and I ‘laid off’ the housekeeper. Congrats on finding your home and moving! Please do share with us what’s up with the CA recycle cops! Hope you’re out of the pokey ;).
Just to let you know about the Paseo Del Norte House…no Jim, it was not a 1031. I actually purchased it on the day they went to list it. First, they had done a extensive refurnishing of the house…basically gutted it with new kitchen, floors, appliances, roof, paint and washrooms…everything brand new.
and although they got a very good deal on the courthouse steps, we also feel we got a great deal as cash buyers. The house is now for rent and I personally have got calls from over a dozen people wanting to BUY it with offers as high as 850K even thought I picked it up for 765K 2 weeks ago. Besides the view and the house the property has about a acre lot which the city seems open to letting the remaining property be used for townhouse development. Lets see what happens going forward…