How many Piggs have bought?

Submitted by jpinpb on April 27, 2009 - 12:26pm
I'm still waiting
55% (34 votes)
I finally bought my dream home
29% (18 votes)
I'm sick of waiting so I settled for something
-2% (-1 votes)
I'm an investor and just keep buying
0% (0 votes)
I've been living for free for months in my McMansion
3% (2 votes)
I bought before the peak and I'm still okay
15% (9 votes)
Total votes: 62
Submitted by tc on April 27, 2009 - 12:46pm.

I had a great idea.
1) Buy a place with 0 down.
2) Don't pay anything ever.
3) Save like crazy.
I figure it will take over a year to get kicked out. By then with prices going down I might be able to buy a place all cash.

Submitted by SanDiegoDave on April 27, 2009 - 12:49pm.

Closed earlier this month.

Not a "dream home" - but a home we love, and that is a size & price well within our means and socioeconomic status.

40% down. 30-year fixed. 4.49%

Submitted by jpinpb on April 27, 2009 - 12:55pm.

SDD - you are a success story :)

Submitted by Lienyie on April 27, 2009 - 1:15pm.

I am a piglet.
There is a Huge Mormon Temple being built in Temecula Creek on south 79. How will this effect housing values. Will it help or hinder. I have not bought yet and still learning all the pros and cons of Temecula. Again I am a piglet...What little I research I found the lot was purchased three years ago and the Mormons pay cash. I am diversified and not worldly on investments and what to look for in surrounding area rather it be a church, temple, or strip mall. I would rather see a Temple than more homes or a CVS, but I have not taken investing 101.

Submitted by carlsbadworker on April 27, 2009 - 1:26pm.

Anyone who has bought the house and left this website please raise your hand!

Submitted by jpinpb on April 27, 2009 - 1:32pm.

LOL. Clearly this poll is for the sadist buyer who still frequents Piggs.

Submitted by Huckleberry on April 27, 2009 - 2:25pm.

How many people on the board actually know someone who is living free in their home, waiting for a work-out?

Submitted by HarryBosch on April 27, 2009 - 3:01pm.

For various reasons my target to buy is Spring 2010. Still saving money and paying down debt. And, yes, I do pay rent. Sold my house in very early 2008.

Submitted by SanDiegoDave on April 27, 2009 - 3:36pm.

jpinpb wrote:
SDD - you are a success story :)

Thanks jp!

On a side issue:

The home we closed on several weeks ago still shows "Sale Pending" at SDL.
Who or what triggers the listings in MLS/Sandicor/etc. to show up as closed? Does the selling agent or escrow company have any say over this? We have some theories as to why it still shows pending, but I'd like to know the process first because I sound too conspiratorial.

Submitted by jpinpb on April 27, 2009 - 3:41pm.

I'd like to know your theories.

SDL has some issues. Houserebate is showing MLS listings that are not showing up on SDL. I mean weeks go by and still not showing up for sale on SDL. I tried to just start marking them as for sale on SDL, even though they don't have it listed. Then, weird, it started not letting me do even that. It shows as "No longer listed" when it just listed that day. It won't let me post any comments on the property. In effect, blocking me from showing it's listed.

So, SDL is less than perfect.

Submitted by KIBU on April 27, 2009 - 4:09pm.

I have a similar experience too. 2 times a home was on the market for a while, pending, dropped out, re listed, pending again.....and SDL never had any record of theses or the fact that the home was on the market. Weird and unreliable.

Submitted by jpinpb on April 27, 2009 - 4:13pm.

Well, I know they don't indicate any sales on the courthouse steps, whereas Redfin, I think, does. I'm not going to complain too much, b/c it is the best we got and I'm glad to have that. But I rely on it for listings and now have had to sign up w/Houserebate to get the new listings funneled. It's a little deceiving to not show all the listings and it's disappointing.

Going OT on my own thread, lol.

Submitted by CA renter on April 27, 2009 - 5:00pm.

jpinpb wrote:
I'd like to know your theories.

SDL has some issues. Houserebate is showing MLS listings that are not showing up on SDL. I mean weeks go by and still not showing up for sale on SDL. I tried to just start marking them as for sale on SDL, even though they don't have it listed. Then, weird, it started not letting me do even that. It shows as "No longer listed" when it just listed that day. It won't let me post any comments on the property. In effect, blocking me from showing it's listed.

So, SDL is less than perfect.

We've seen the same thing, too. A listing will show up on Realtor.com or Redfin, but not on SDL. Weird.

BTW, saw another funny thing the other day. About 5 or 6 days ago, a whole bunch of listings in Solana Beach were removed and then relisted, but all the pictures were gone!

It looks like the same brokerage because they have the "Top Ten Reasons to Buy Me" thing in the comments (also see this on their flyers) if you drive by. Like they are trying to force people to go directly through them to get **any** information at all, even pictures!

Submitted by ibjames on April 27, 2009 - 5:06pm.

if you bought a house, did you have to bid war? Did you have a super aggressive realtor that would meet you within 5 minutes of the listing being listed? If not I don't know how anyone is buying things these days

Submitted by eclipxe on April 27, 2009 - 5:16pm.

ibjames wrote:
if you bought a house, did you have to bid war? Did you have a super aggressive realtor that would meet you within 5 minutes of the listing being listed? If not I don't know how anyone is buying things these days

I bought a house (Jan), had a bidding war with 13 others. I was in front of the house the day it was listed after getting bank short sale approval. Offer was in 15 minutes later. Several offers came in after mine that same day. Agent was family friend. Seller's agent and I went to the same college (we didn't know during the sale - I met her after and she gave me details on the other offers once she knew we were both alumni).

Temecula

Submitted by jpinpb on April 27, 2009 - 5:19pm.

CA renter wrote:
It looks like the same brokerage because they have the "Top Ten Reasons to Buy Me" thing in the comments (also see this on their flyers) if you drive by. Like they are trying to force people to go directly through them to get **any** information at all, even pictures!

Well, that's a strategy. Just make it hard for someone to get info. Makes me just say f it. But I guess for those that want a challenge, it might work.

Submitted by patientrenter on April 27, 2009 - 7:07pm.

Sigh, in an ideal world, the people selling the homes would have a strong interest in getting the highest price. With that strong interest, they would advertise the home properly, and ensure that the highest (performing) bidder got the home.

But instead we have banks that don't care any more, because their net worth is already negative. Making it worse just increases the cost of the bailout for taxpayers. For people at the bank making decisions about how the homes are sold, that's irrelevant. If they lose their jobs because the bank was extremely insolvent, it's the same as losing their jobs because the bank is very insolvent. There is lots of apathy. And giving a buddy a good deal becomes one of the few ways to take action that feels positive.

This is a good example of yet another economic cesspool that needs draining. How? We need someone to gain from selling the houses for the most money for taxpayers. And that means quickly transferring management of the REO process for zombie banks to another organization that is professional and earns more money for quicker and higher-priced sales. But so many palms are getting greased now that it'll never happen.

Submitted by jpinpb on April 27, 2009 - 7:09pm.

Someone is living in their McMansion for free. All right. Out with it? Which Pigg is up living high on the hog?! LOL.

flu - is that you?

Submitted by flu on April 27, 2009 - 7:57pm.

jpinpb wrote:
Someone is living in their McMansion for free. All right. Out with it? Which Pigg is up living high on the hog?! LOL.

flu - is that you?

Nope. No choices really fit too well. Since I upgraded in 2004. No I don't regret that decision. What i do regret is not spending more on a home then....Stock market + crappy interest rate = would have been better off just spending more for me.

I keep saying, one of these days interest rates will be more than my fixed mortgage and inflation is eventually going to creep up. Hasn't happened yet....I'm about to give up and just pay the damn thing off.

It's getting close to 5 years since I bought. Still waiting deals 50% below my purchase price :(

Sincerely, frustrated saver.

Submitted by jpinpb on April 27, 2009 - 8:35pm.

Ugh. I tried to update it to add another choice and it sent everything back to zero. Didn't know that was going to happen. Crap.

Ok. Well, there were something like 42 votes casted and about 75% were waiting, and 1 that was living free in a McMansion, about 3 that bought their dream home, three sick of waiting that settled and 2 that are investors that keep buying, if I remember right.

Anyone w/incentive, recast your vote.

Submitted by Eugene on April 27, 2009 - 8:43pm.

Your options, "I finally bought my dream home" and "I'm sick of waiting so I settled for something", are fundamentally wrong. You're assuming that everyone could afford their dream home, if only they wait long enough. While the truth is, most people's dream homes will be out of reach at the bottom just as they are out of reach now.

Submitted by jpinpb on April 27, 2009 - 8:44pm.

Thank you, Eugene. 3 people bought their dream house before this poll was reset. Better let them know.

Submitted by flu on April 27, 2009 - 8:54pm.

jpinpb wrote:
Ugh. I tried to update it to add another choice and it sent everything back to zero. Didn't know that was going to happen. Crap.

Ok. Well, there were something like 42 votes casted and about 75% were waiting, and 1 that was living free in a McMansion, about 3 that bought their dream home, three sick of waiting that settled and 2 that are investors that keep buying, if I remember right.

Anyone w/incentive, recast your vote.

Are you going to give us a stimulus check if we revote? (It didn't hurt to ask).

Sorry...I think my response is probably one of the reasons why you edited your original poll. You can blame me for creating havoc. I'm usually pretty good at it....Take comfort.....Data centers around the world are thankful I'm not coding right now.

You sort of still don't have a choice for me since technically I bought before the peak peak, but it was still kind of the peak (2004 is considered peak in some areas)....Anyway, don't break your poll again...I'll just cast it there.

Submitted by jpinpb on April 27, 2009 - 8:55pm.

I'm not blaming you, flu. I should've thought of that choice in the first place! Duh.

Submitted by flu on April 27, 2009 - 8:56pm.

jpinpb wrote:
I'm not blaming you, flu. I should've thought of that choice in the first place! Duh.

You should be...In fact I just screwed up your poll again by cancelling my previous vote... It's showing a -1 now....

Sorry...

I'm trying to think of something witty to say about a -1 vote....Give me a second...

Submitted by Eugene on April 27, 2009 - 8:58pm.

jpinpb wrote:
Thank you, Eugene. 3 people bought their dream house before this poll was reset. Better let them know.

well, the poll was poorly worded. If someone bought less than their dream home (i.e. not a waterfront estate) but didn't expect to afford the waterfront estate anyway, that someone would have to choose between not voting and two options, neither of which represented their position. Some of them chose the dream house option.

Submitted by jpinpb on April 27, 2009 - 9:02pm.

Certainly if a choice wasn't there, they didn't have to vote. They didn't have to select dream home if it wasn't their dream home. They could have just not voted.

Thank you for your criticsm, though. I'll try to put better choices next time, if I ever do another poll. Maybe I'll consult w/you first.

Submitted by flu on April 27, 2009 - 9:22pm.

ibjames wrote:
if you bought a house, did you have to bid war?

Actually no... In 2004, we walked out all all homes for which there was a "multiple offers"....The home we ended up buying we bought on superbowl weekend. ...A home that fell out of escrow twice due to buyer's unable to perform, with a seller that made it difficult for buyer's to check the place out (no open house, weird showing hours).

Ended up paying about $60k below his asking, and about $20k below the two other buyers. We wrote an lower-priced offer that night, and the seller countered slightly up that night. We wanted to get a signed deal that evening and seller wanted to get it done too because they were sick of things falling out of escrow.

We had a really strong application, seller wanted us to cut down the contingency length, we countered with that being ok, but cut down the price by another $10k (since we were no hurry). Seller obliged, wanted to do a month's worth of rent back. (which he later ended up deciding not to do it because his rent payments would have been close $3700, which he didn't realize it would be that much since he was use to seeing all those buyers that did interest only instead of 30year fixed :))

It was a done deal the next morning....The funny part was the next day, we sort of went back to the home to inspect things for our sanity, and a few strangers knocked on the door and asked us if this home was still available and were willing to make a full price offer.(In hindsight, I guess we should have flipped it right after escrow).

In that circumstance, i guess it helped to have an RE agent that was a woman who didn't care about the Superbowl and a seller's agent who happened not to care about the two teams that were playing that year.

Our agent ended up rebating a good percentage of her commision back to us (because she sold another place of ours at the same time and made a hefty commision off of that) and both transactions were done quickly

Submitted by nostradamus on April 27, 2009 - 9:21pm.

jpinpb wrote:
LOL. Clearly this poll is for the sadist buyer who still frequents Piggs.

LOL but buyers are masochists IMO. :)

Submitted by jpinpb on April 27, 2009 - 9:36pm.

Well, I think my poll is broken. I count 4 votes but the total says 3.

Yeah. I plan to buy again some day, so at a minimum we're a glutton for punishment.

Submitted by aa on April 27, 2009 - 10:28pm.

jpinpb wrote:
I'd like to know your theories.

SDL has some issues. Houserebate is showing MLS listings that are not showing up on SDL. I mean weeks go by and still not showing up for sale on SDL. I tried to just start marking them as for sale on SDL, even though they don't have it listed. Then, weird, it started not letting me do even that. It shows as "No longer listed" when it just listed that day. It won't let me post any comments on the property. In effect, blocking me from showing it's listed.

So, SDL is less than perfect.

Are you sure Houserebate listings are accurate? I found some listings on Houserebate I couldn't find somewhere else. Also I found some listings on Ziprealty not showing up on SDL or Redfin.

Submitted by AN on April 27, 2009 - 10:37pm.

jpinpb wrote:
Thank you, Eugene. 3 people bought their dream house before this poll was reset. Better let them know.

I was the one of the three who voted for that choice. It's closest to what applied to me. It's not my ULTIMATE dream home, but I don't think I will EVER afford that home. However, what I bought, based on my age, current variables like income, family size, affordability, etc., is my ideal home. The reason why it's called a dream home, is because it should be just that, a dream. My dream home is 20k sq-ft on 5 acres with 270 degree ocean view and w/in walking distant to the beach. The weather has to be w/in 20 degrees year around. That house probably will cost hundreds of millions.

Submitted by CA renter on April 28, 2009 - 12:21am.

patientrenter wrote:
Sigh, in an ideal world, the people selling the homes would have a strong interest in getting the highest price. With that strong interest, they would advertise the home properly, and ensure that the highest (performing) bidder got the home.

But instead we have banks that don't care any more, because their net worth is already negative. Making it worse just increases the cost of the bailout for taxpayers. For people at the bank making decisions about how the homes are sold, that's irrelevant. If they lose their jobs because the bank was extremely insolvent, it's the same as losing their jobs because the bank is very insolvent. There is lots of apathy. And giving a buddy a good deal becomes one of the few ways to take action that feels positive.

This is a good example of yet another economic cesspool that needs draining. How? We need someone to gain from selling the houses for the most money for taxpayers. And that means quickly transferring management of the REO process for zombie banks to another organization that is professional and earns more money for quicker and higher-priced sales. But so many palms are getting greased now that it'll never happen.

IMHO, this is why a **well-regulated** govt agency (even Fannie or Freddie) should handle ALL REOs and short-sales that belong to any bailed-out or "too big to fail" institution. If the taxpayers are the ones at risk, then the taxpayers should control the entire process, and we should not have to deal with shady deals or large commissions that suck more money out of taxpayer's pockets.

These listings should be listed on a government auction website that enforces full transparency regarding previous sales and mortgage histories. Also, ALL bids, and identities of the bidders (which can include bidding/purchase history and current bids placed, etc.) should be shown. Bidders would be pre-qualified through the govt entities (Fannie/Freddie), and all sales would be binding and final. Bidders could have a deposit on file with the GSEs, to ensure they are held accountable.

After a specified period of time (30-60 days, or so), the highest bidder wins.

Easy, clean, and less open to fraud...which is exactly why they aren't doing it already, IMHO.

Submitted by Nor-LA-SD-guy on April 28, 2009 - 6:46am.

Yes I bought The home I live in about a year ago (a little early), but to be honest there is more difference between what my neighbor paid in Landscaping than the REO that closed down the street last month.

Submitted by jpinpb on April 28, 2009 - 7:23am.

CAR - I totally agree. It's the best and most effective way. It's a real shame that method is not being applied. It would alleviate and expedite the course of this whole mess.

Submitted by jpinpb on April 28, 2009 - 7:36am.

aa wrote:

Are you sure Houserebate listings are accurate? I found some listings on Houserebate I couldn't find somewhere else. Also I found some listings on Ziprealty not showing up on SDL or Redfin.

I asked SDR to check a couple of listings I saw as new in Houserebate, but not on SDL in his MLS and he said they show up as new in the MLS. He said there's a lag time and that explains the delay getting listed on SDL. But some listings on Houserebate are now weeks old and still not on SDL or Redfin.

Now they are showing up on SDL, when I enter the address to mark them, as "This listing is no longer on the market."

I asked him just now to check what the deal is. Maybe they're all selling in one day, but still, it should show as "pending." So I don't know what to make of it.

Submitted by hibiscus on April 28, 2009 - 7:57am.

I bought in January after shopping for a year. It was no fun getting a super jumbo, but I bought for 40% less than the house's original asking price.

We made 4 REO or short sale offers, and got fed up with that whole ridiculous process. We ended up buying a house that was owned by an investor who just wanted to unload. We made a ridiculous offer (which apparently no one had done on this house), and we were able to come to an agreement on a price quickly.

Submitted by jpinpb on April 28, 2009 - 8:04am.

hibiscus - you sound like another success story. 40% off sounds good. Best of all, sounds like after your previous attempts, you sort of fell into this one by luck.

Where's raptorduck? Didn't he buy his dream home? I remember all those tales. He should have written a book. He's long gone now, I suppose.

We had 42 votes last time. Hopefully people will re-cast their vote.

Submitted by Rt.66 on April 28, 2009 - 8:30am.

Grab your realtor and run (don't walk) to that new listing. Put in the biggest bid you can afford. The 2009 market bottom won't last long. Your realtor can help you.

Go here and look at this chart. It clearly shows a 2009 bottom for loan resets.

http://www.howestreet.com/articles/index...

(Or you could wait for the 2011 peak?)

Submitted by ibjames on April 28, 2009 - 8:39am.

Eugene wrote:
jpinpb wrote:
Thank you, Eugene. 3 people bought their dream house before this poll was reset. Better let them know.

well, the poll was poorly worded. If someone bought less than their dream home (i.e. not a waterfront estate) but didn't expect to afford the waterfront estate anyway, that someone would have to choose between not voting and two options, neither of which represented their position. Some of them chose the dream house option.

HAHAHA Piggington is the only forum I have ever seen people go crazy if you create a poll and it doesn't cover every option under the sun..

GET A LIFE ALREADY

Submitted by New_Renter on April 28, 2009 - 9:08am.

Kind of like AN, it isn't our Dream Home (his/her description is perfect!), but it's perfect for our current situation. Bought below market in October. Not worried about any further depreciation in the market value as we plan to stay 8-10 years and for us it is affordable. Guess I need to change my login name, eh? Now looking to buy some rental property over the next couple of years. I'm still a pigg because still in the market to buy rentals.....but maybe a little bit of a masochist as well! ;-)

Submitted by NotCranky on April 28, 2009 - 9:14am.

I am very pleased with my housing situation which is a little bit above average, probably low average for Piggs. I would never prioritize my life, nor I would make the sacrifices now to have anything better than this... so I guess I have my dream house.I do want a wood burning sweat lodge though.

If I were to move I wouldn't aim higher,maybe just different. Point Loma looks nice and is more expensive, but I wouldn't need a better house.Bay Park/Clairemont could be a trade I'd make when the kids finish school.I might buy that as a fixer/rental within a few years because I think my primary is a keeper.

Since I closed escrow in Dec. 2003 and am building another rental, I could answer that I have never stopped and am an investor.Especially since I have never bought or even considered, a property that didn't have a speculative/sweat equity component to the deal and I never will.

Submitted by jpinpb on April 28, 2009 - 9:18am.

Ok. Now we have 2 Piggs living high on the hog!

Out with it. Out with it. Who's living for free in a McMansion. Last poll before reset was 1. Now we've got 2 piglets infested w/McMansion-free living. lol

Submitted by UCGal on April 28, 2009 - 9:31am.

I'm not living free in a McMansion... but if I pay off my mortgage, will that count? Oh wait, it's not a McMansion.

Like Russell, I feel like my house is above average for San Diego, but below average for Piggs. It's not new. (45 years old). No granite or stainless appliances. In fact the kitchen is original - very 60's retro. But it's in a great neighborhood with good schools and my location works incredibly well for my commute.

I bought in 2003 - so not peak, but still frothy. I'm refi'ing now and expect the value to have gone down a lot. But no worries because we put a lot down, and will have it paid off in 9 years. (I'm just trying to capture the one aspect of the bailouts I qualify for - lower interest rates, hence the refi.)

I'm interested in making it sustainable long term - improvements on energy efficiency, zero scaping, etc... since I plan to retire in this house. If it's sold after I die, then I won't care about the market price. That's my kids' problem.

Submitted by nostradamus on April 28, 2009 - 10:24am.

I bought pre-bubble in the last trough and inshallah will do the same again when ready. Thanks for the poll!

Submitted by peterb on April 28, 2009 - 10:26am.

Wait a second. I coulda sworn there was about 17 votes yesterday that said they were still waiting.

Submitted by sdrealtor on April 28, 2009 - 10:49am.

Peter
Arent you paying attention? they got bailed out and changed their votes;)

Submitted by donaldduckmoore on April 28, 2009 - 11:01am.

tc wrote:
I had a great idea.
1) Buy a place with 0 down.
2) Don't pay anything ever.
3) Save like crazy.
I figure it will take over a year to get kicked out. By then with prices going down I might be able to buy a place all cash.

Yes, it is better than renting.

Submitted by poorsaver on April 28, 2009 - 11:13am.

Huckleberry wrote: "How many people on the board actually know someone who is living free in their home, waiting for a work-out?"

I know five people who haven't paid a payment in over a year and haven't even got a NOD from their lender! Bastards!

Submitted by jpinpb on April 28, 2009 - 1:48pm.

peterb wrote:
Wait a second. I coulda sworn there was about 17 votes yesterday that said they were still waiting.

I added another choice and it re-set all the votes back to zero. So those who already voted have to I guess, cancel their previous vote and re-vote. There were a total of 42 votes yesterday before the re-set.