patrick.net

All I can say is refer to my avatar!

and I have compromised my kids education

------------

At ages 5 & 7, when do you see this beginning to effect them? Surely any old American public school can babysit, and get the kiddos hooked on junkfood, just the same as the next, while teaching them the alphabet and simple arithmetic.

Unless its just a long winded way to say that you feel your failing them in the "good school" department, because now they will attend a school with blacks and mexicans

Dude chill! I never understand this obsession with the good school district from women. Now one does not want to go to a gangsta school district, but otherwise a moderate school is just fine.

The best school district is a two parent family (Dad and Mom) who are actively involved in their kid's education.

As far as the bad (gangsta) school districts, let's clean them up! What ever happened to reform schools?

JasonM says

Rent going to 4K, my family is crumbling, I am fucked!

Moral of the story:
Don't gamble with your Castle. You could end up losing the Castle and the Queen.

lostand confused says

Dude chill! I never understand this obsession with the good school district from women.

It's all about bragging rights.

Call it Crazy says

jvolstad says

The best school district is a two parent family (Dad and Mom) who are actively involved in their kid's education.

Yep... Many young parents don't get that and "think" they need to be in a good school system for junior to get a good education. The fact is, it starts at home, the school system doesn't matter if the parents do their job raising the kid right and teaches the kids how to be responsible.

It's not the school's job to raise the kids and make them good students, it's the PARENTS!

Good education does start at home, but does not end there. Good teachers, and friends are also critical.

errc says

because now they will attend a school with blacks and mexicans

All I know is a high ESL rate is no bueno. Wife is an educator & has been involved with the kids education since day 1, as have I.

you are not fucked. california's treatment of middle-class families with suburban values is. now is a wise time to leave the state.

It used to be against the law to raise rent by more than 10% a year. Probably still is...

errc says

Unless its just a long winded way to say that you feel your failing them in the "good school" department, because now they will attend a school with blacks and mexicans

If your kids could learn a second language (which in my opinion is an accomplishment), would you want it to be spanish or ebonics?

Preguntales or axe dem.

Move to a better place where you can live comfortably.

You will never know how good life can be if you settle to a single overpriced location.

Flip or die in Cali. Only people who think Flipper was a movie about a dolphin wind up moving away.

What Volstad said:

Study after study shows, it is Mom and Dad that is the #1 driver of good performance.

First, I think it is anybody's guess whether home prices in the boom areas will float, rise, or sink.

Am I the only one that noticed this time, in the boom areas, there were no auctions of homes that could be financed?
Remember the full page ads in the newspapers?
Even a transplant from Indiana here told me this !
If you could pay cash at any type of auction prior to 2012 or so, great, hundreds of thousands in profit was easy.

Didn't buy one of the few homes that was available at that time? I would not kill myself.
I have noticed many of those same homes are now rehabbed and being flipped, saying: 'Realtor Owned'

I think. The game was rigged.

Then look outside your school district!

I'm adding your story to my long list of reasons not to have kids.

JasonM says

Recently, someone bought my rental and informed me the rent is going to 3,800K

Who is making you live in CA? I live in Baltimore City, and I can tell you that housing here is really cheap right now.

Don't worry so much, our government is working hard to bring parity to the school system, soon all schools will suck equally.

Jason, Sounds like you are living in the bay area. We could well be in the midst of tech bubble 2.0 and could be a greater fools game. It will be interesting to see what happens when interest rates rise, if they ever do. This so called recovery is a federal reserve engineered policy that has far reaching repercussions and as we have seen, they have the ability to hold zero interest rates for a very long time. Take a look here: http://streettalklive.com/index.php/newsletter/current-issue.html?cat=x-factor-report

Not that any of this gives you any peace to your current situation but I agree w/ most of those here, parenting begins at home. My 7 year old is not in some high end school but she would be able to run rings around most of those kids simply because she is a keen, self motivated learner who willfully reads and writes everyday. Most of that is down to the kid, I would not be suckered into all that nonesense about schools just yet.

Call any Dumbass Democratic Or Republican official, they can surely help. The stupid fucking voters put their trust in this group of morons.

I'm writing in any "Pile of Shit" besides those listed on the ballot.

Fully agree David9! David9 says

First, I think it is anybody's guess whether home prices in the boom areas will float, rise, or sink.

David9 says

I think. The game was rigged.

I think so too. I bid 600K on a house that was shortselling. My bid was rejected and later found out the house sold for 500K. I think the owner and the agent, both were in on it.

That's nothing .. Wait till water is $38.00 a gallon in California. Then you'll get another chance to save the banks.

move out of state before it goes saharan...you will regain her trust and look like a genius...

JasonM says

She will have lost all confidence in my judgement

Waitup says

David9 says

I think. The game was rigged.

I think so too. I bid 600K on a house that was shortselling. My bid was rejected and later found out the house sold for 500K. I think the owner and the agent, both were in on it.

If the price of the home went for a super bargain, it must have been rigged. The only way to get that home is to:
Go through the listing agent.
Pay cash.
Bribe the listing agent/owner.
Close right away.
Trust me on this. Anything else, and your chances of getting that home drops like a rock.

Waitup says

I think so too. I bid 600K on a house that was shortselling. My bid was rejected and later found out the house sold for 500K. I think the owner and the agent, both were in on it.

What reason would the owner have to accept $100K less??? That makes no sense.

Yeah where is ThomasWong and "RE Prices to be at nominatl 1975 prices soon" poster?
Helloooo ,1975, I want my nominal RE prices!!!

So here is a question for the board=

WIth prices at these 2015 levels in coastal cali, does it make sense to 'wait out the new current bubble and buy at some future possible bottom'?
The OP just missed the last bottom!
We are talking 'bottoms' of RE market being probably 15 years apart!
Prices bottomed in 95/96 and also in 09/10/11 and next is unknown.

If I can't live in style with no money amongst the vainglorious richfucks, freedom has no meaning.

Call it Crazy says

tatupu70 says

Waitup says

I think so too. I bid 600K on a house that was shortselling. My bid was rejected and later found out the house sold for 500K. I think the owner and the agent, both were in on it.

What reason would the owner have to accept $100K less??? That makes no sense.

The owner doesn't accept anything. It's the bank that determines the final sale price on a short sale.

Yup. Which is why you bribe the listing agent/owner. To gain their full cooperation in keeping other buyers willing to pay a lot more at bay.
Ofcourse, you don't call it a bribe.

PockyClipsNow says

WIth prices at these 2015 levels in coastal cali, does it make sense to 'wait out the new current bubble and buy at some future possible bottom'?

The OP just missed the last bottom!

And history will repeat itself and you will be sorry.
Prices are not determined by what anyone thinks they should be. They are determined by what buyers are willing to pay.
I think home prices in coastal California are too cheap.

Call it Crazy says

The owner doesn't accept anything. It's the bank that determines the final sale price on a short sale.

I missed where he said short sale. But, I don't think that's really true anyway--on a short sale the owner still accepts the offer.

You could try throwing a huge saw blade into your landlords car:

On short sale bank approves offers.
Owners and agents job is to collude so that they bank only see the offers from #1- the chosen buyer (who is either a friend or relative AND /OR kicking back $). and #2 - the bank also sees offers that are LOWER in price than the chosen offer.
So when you offer 600k, and the place sold for 500k - the bank never saw your offer.

This situation is whats called making money. In fact, I think its completely legal! RE listing contract (standard car form) says the listing agent must show all offers to the seller (who is not the bank) no one is required to submit all short sales offers to the bank. There may or may not be a 'short sale agreement' where you promise to submit all offers (ha!).

It used to be short sales were rare, done on hardship only, and mostly only when the bank couldnt realisticly forclose and make same or less money by foreclosing than allowing a short sale. And the bank had rules too like 'arms letgh transaction' (cant short sell to mom).

Now you can legally buy YOUR OWN short sale. and banks know about and allow it.

Anyway good luck waiting for another crash - it cannot happen again the same way without MAJOR job losses. Too many ways to hide inventory now, the whole RE market is now an experiment in Gov interventionism, no longer any kind of market forces.

PockyClipsNow says

On short sale bank approves offers.

Yes, but only AFTER the seller has accepted the offer.

"Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale."

http://realtormag.realtor.org/sales-and-marketing/handouts-for-customers/for-buyers/making-offer-short-sale-what-you-need-know

Now, in real life, realtors that do lots of short sales probably short circuit the process and take the seller out of the transaction as they usually only care about getting the sale done. But, the seller does accept the offer before it goes to the bank for their approval.

" I waited for FUCKING YEARS and NOW I AM LOSING EVERYTHING – HOW IS THIS POSSIBLE!?!?!?!"

You mean to tell me that Patrick was wrong that If I save all that money from rent, I would be able to buy the house in cash and come out way ahead? Patrick is a fine example that strategy is disastrous and burn that buy/rent calculator as it's a buy in the ghetto calculator.

Out of curiosity, have the gatling gun shacks in west Oakland being scooped up by overseas investors too?

To be fair, the feds changed the rules on Patrick.
He 'woulda coulda shoulda' been right, had all those bailouts, law chages, foreclosure help, harp, hamp, CA save your home, etc not been put in place.

The new rules will not go away. It takes 3 years now to foreclose in CA, it was 11-12 monthes pre 07.

In some ways, patrick WAS correct. For example it was thought house prices long term could only be at 'what the average occupant can afford to pay'.
HOWEVER this was ammended by the feds via ZIRP+mananging supply heavily into "House prices will only go to what the average occupant can afford to pay.....IN RENT TO A HEDGEFUND LANDLORD".

People are buying up crapshacks and condos to get 2-3% cap rates. Tons of money chasing rentals now. the 'mortgage market' is no longer the determinant of RE prices as much as 'the rental market'. So for the 'next crash' we need HIGH UNEMPLOYMENT to crash RE and not much else would do it.

SFace says

You mean to tell me that Patrick was wrong that If I save all that money from rent, I would be able to buy the house in cash and come out way ahead? Patrick is a fine example that strategy is disastrous and burn that buy/rent calculator as it's a buy in the ghetto calculator.

Well, if you invested the difference in the stock market starting in 2008, how much money would you have today?

Well, if you invested the difference in the stock market starting in 2008, how much money would you have today?

----------------

A big bank WFC
A big US automaker F
A big "tech" AAPL
A big grocer KR

Had anyone put their house savings, down payment from when patrick started the site ten years ago, they could afford to buy as nice a piece of American real estate as they'd like. Maybe not in SF, but what idiots give a fuck. Theres literally millions of better places to live

Save money, what is that? Some kind of cabalistic ritual?