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.
From the article:
The number of homes in the $1-million-and-up slice of the market that have become bank owned has tripled in the second quarter compared with the same period three years earlier in Los Angeles County, which has the majority of Southern California’s high-priced REO houses. And the trend has shown little sign of slowing, according to data from ForeclosureRadar.
“Three years earlier” would be second quarter 2007, not second quarter 2008.
What was the number in San Deigo County in 2007?
You got me.
2Q07 = 16
2Q08 = 33
2Q09 = 43
2Q10 = 73
4.5x
I did enjoy my 25 minutes of breathing room though.
Thanks for the update. 🙂
126 / .6667 (the year is about two thirds over) = 189
74 * 3 = 222
189 / 74 = 2.55
So, not quite there (up 255%, not 300%), but close.
Sorry to correct you so quickly. If I didn’t somebody else would have. (That’s my excuse and I’m sticking with it. 😛 )
Quickly?
25 minutes felt like vacation! 😉
I have a friend who hasnt paid a mortgage payment in over a year and has not even got a NOD.The lender was countrywide.They plan to leave after the bank boots them out.
I am assuming that they are still responsible for property taxes and hoa because the home is still in their names.
If they dont pay the taxes I’m assuming the county will place a lien on the property.I believe in CA they can sell the property after 5 years to pay taxes.
When the bank does foreclose I wonder if the bank will have to pay the back taxes to clear the title for a future owner?I guess the county could get a judgement against the original owner but that would involve court.So I imagine the bank would have to go after the owner for the taxes if they wanted their money back.
Do any of you have any experience with the property tax and hoa fees during and after foreclosure as I’m talking about?
jack,
Welcome to the club. We all know people like this.
It’s discusting and immoral. But banks are allowing it. Now that we gave them all our tax dollars (Tarp) to stay in business there’s not much we can do.
Why do you think the Fed is so against deflation? Does it really matter to those in a 30 year fixed? Or are bankers worried about losing value of their book “assets”.
Jack – HOA and Taxes are both senior liens against the PROPERTY…NOT PERSONAL.
Thus, whomever buys the house at the foreclosure auction is responsible for the back taxes (and should have already factored that cost into their max purchase price). Same with HOA.
In the end, its the lender who ultimately gets shafted for these costs as either they pay them, or the property’s sale price is reduced by these amounts at auction.
clearfund,
I bow to your professional knowledge, but…
I was under the impression that HOA lien was junior in CA, and got wiped out by the FC. Maybe I was thinking of another state, and in CA it is a senior lien?
I’ll admit to the HOA part being in the ‘unknown’ area of my mind…not 100% sure and I know there is conflicting data/posts on this topic.
I do know that it typically shows up on title as a recorded lien after taxes but before any mtg as it is in place before the home was sold to the buyer (probably many years ago).
Thus my assumption of it being senior to any mortgage…if not it should be!
HOA liens are junior from our experience, though if they were to file after the foreclosure, they might get lucky and the new bank owner not catch it at closing.
Just remember that even if an HOA lien is sold-out during foreclosure it does not wipe out the debt. The HOA can pursue you personally for the amount past due. And if the CC&R’s have an attorney fees provision, you are on the hook for the HOA’s attorney fees as well.
Thank you guys for the insight.