HDTenEightyP/NetNews huggingface dataset:
From: marsan@marsan.comm.mot.com (Mark Marsan)
Subject: Starker Exchange Questions
Reply-To: marsan@marsan.comm.mot.com (Mark Marsan)
Organization: Land Mobile Products Sector, Motorola, Inc.
Distribution: usa
Date: Wed, 22 Jul 1992 18:23:59 GMT

I have a question regarding Starker (sp?) non-simultaneous property exchanges. 
I currently own a 6 unit apartment with a nice positive cash flow. Managing the 
apartment has become increasingly difficult due to the location (30 to 40 minute
drive) and my parental responsibilities (2 toddlers, 3rd due in November), and 
as a result I am considering selling it.

I would like to avoid the capitol gain taxes on the sale, which could be 
considerable since we would not only owe taxes on the property appreciation 
but on previous depreciation and the deferred gain of a previous 2 unit property
(sold 2 unit and purchased 6 unit with a Starker echange).

I am considering doing another Starker exchange for a building much closer. The 
problem is I have not seen any desirable apartments close to home. Does the 
Starker exchange allow me to purchase a single family home(s), which I would 
then rent out? I recall rules regarding "like-kind" property. I have seen 
several homes in the area which need some work, but have potential appreciation 
if improved. I would then consider selling the home 5 to 10 years down the road 
and perhaps purchase another 6 unit (then force my kids to maintain it :-) ).

Any advice on the subject?

Mark Marsan
 
Newsgroups: misc.invest.real-estate
From: bobk@sequent.com (Bob Krull)
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: Sequent Computer Systems Inc.
Distribution: usa
Date: Wed, 29 Jul 92 21:23:45 GMT

In article <19123@fritz.filenet.com> asylvain@fritz.filenet.com (The Chipmunk) writes:
>Written in article <Bs2nC5.KyE@vcd.hp.com>
> by johne@vcd.hp.com (John Eaton):
>
>: jbutterf@mal-s1.gatech.edu (Jill Butterfield) writes:
>::
>:: I've always heard that home prices in CA were ridiculous, but this 
>:: amazed me! Are salaries that much higher than everywhere else?
>:---------
>: Not really. The trick was that once you took the plunge and bought a house
>: that you now had another source of income from the constant price hikes.
>: Some people even boasted that their houses made more that they did last
>: year. This "income" was fairly significant, taxfree and capable of being
>: used to buy a better house. You simply waited until your house rose 50 to
>: 100% in value and then traded up. 
>:
>: This of course fed on itself so that rising prices eventually created more
>: pressure for prices to rise. The resulting spiral continued until the supply
>: of new suckers willing and able to buy in dimished.
>
>This also increased demand for larger houses to move into.  I saw a
>graph in the _Daily_Commerce_ once some years ago which plotted size 
>and features of the average house, as well as the price adjusted for
>inflation.
>
>After WWII, for example, a typical house built in a tract housing
>project was 2 bds, sometimes 1.  As time went on, a 1 car garage was
>added, then 2 cars, then more bathrooms, etc. etc. etc.  The graph
>showed when features were added and increased.
>
>Nowadays it's difficult to find new construction with LESS than 4 bds, 3
>baths, 2 car gar, marble floors in the Modern kitchen, which is FULL of
>appliances, pfancy pfeister pfaucets on all the plumbing, jacuzzi (or
>access to one nearby), access to tennis courts, horse trails, swimming
>pools, etc.etc.etc.  Almost everything built caters to the move-up
>buyer.
>
>So the real affordability crisis comes out of the fact that a typical
>newlywed-type first-time home-buyer could probably well afford a nice 
>2bd 1bath tract house somewhere, if only somebody would build one!
>
>(Condos don't count.  Alas, they too are expanding in size and features
>and prices anyway, so they almost may as well count.)
>

This is an interesting phenomenon but it does not address another important
dynamic, which is the cost of land.  In all areas with which I am familiar,
lenders will require certain ratios between land cost and improvement costs
for new construction.  I've seen land/total cost in the range of 20-33%.
Thus you are unlikely to find anyone building a 90,000 2bd bungalow on a
$125,000.  You will find more affordable (smaller, plainer, lower construction
cost) new construction springing up farther from job centers because the
land cost is lower.  I hear that in the SF bay area now some folks commute
from places like Manteca and Livermore because thats where the cheap land
is (was).  Before that is was Benicia and Fairfield.

-Bob Krull
From: sutter@calvin.usc.edu (Carl Sutter)
Newsgroups: misc.invest.real-estate
Subject: Re: is buyer - agent agreement necessary?
Date: 21 Jul 1992 13:34:38 -0700
Organization: University of Southern California, Los Angeles, CA
Distribution: usa
NNTP-Posting-Host: calvin.usc.edu

Thanks for all the suggestions:  I can tell from most of the comments that
this agreement is an unusual thing.  To clarify a couple of points, I think
this realtor is a regular one, though he might specialize in working with
buyers, since he is part of a larger firm.  The 3% commission mentioned in
the contract is his regular share - but that would obviously be a problem
if the seller doesn't want to pay the full commission fee, or if a house
for sale by the owner was located (unlikely since that wouldn't appear on the
Multiple Listing Service).  Also, a seller using a flat fee service might
not be willing to pay the 3% buying agent fee.  All these possibilities
would presumaby force me to pay the commission - yuck!

Thanks again,

- Carl Sutter sutter@usc.edu
From: asylvain@felix.filenet.com (The Chipmunk)
Newsgroups: misc.invest.real-estate
Subject: Re: How to make an offer on a house??
Date: 22 Jul 92 19:03:00 GMT
Reply-To: asylvain@fritz.filenet.com (The Chipmunk)
Organization: Foundation for the Increased Wealth of Chipmunks

Written in article <1992Jul20.154536.33301@introl.introl.com>
 by ed@introl.introl.com (Ed Zhong):

: I am about to buy my first house.

CONGRATULATIONS!

: Unlike buying a TV, I feel 
: difficult to make an offer on a house because of the lack of
: comprison. The appraisal will gave out a value for the house as a
: reference of the mortgage loan, but the appraisal always comes after
: your offering time. The only reference I have is the assement value
: and the property taxes which "do not mean anything" according to 
: the realtor who I am working with.

Sometimes you can contact a local title insurance company and ask them
for a market evaluation.  So long as they're not obliged by their quotes
(and they'll tell you that) they sometimes let you have the information
for free.  (Btw, if they ARE nice enough to give the info for free, it
would only be fair to use them as your title insurance company.)

Sometimes you have to be a broker to do this.  However, what they don't
know won't hurt 'em, and they may neglect to ask.

-- 
The Chipmunk.
Opinions are mine, batteries not included, void where prohibited.
The Post Office doesn't really charge 29 cents for a stamp.  It's 2 cents
for postage and 27 cents for storage.
Newsgroups: misc.invest.real-estate
From: 18971@rhodes.aero.org
Subject: Re: What bottom?
Organization: The Aerospace Corporation, El Segundo, CA. USA
Date: 29 Jul 92 08:38:39 PST

In article <1992Jul29.033336.15952@Arco.COM>, dprlcm@inetg1.ARCO.COM (Larry Morley) writes:
> 
> Banks can take big losses on delinquent house mortgages if proceeds from
> the foreclosure sale are insufficient to cover the mortgage. If the 
> borrower does not declare personal bankruptcy then the bank can seek 
> judgement against the personal assets of the borrower for the amount of 
> the deficiency. In practice, most lenders won't bother with this step
> since they know that anyone who abandons their house is either -
> A) untraceable or B) insolvent.
 
When a borrower walks away, most banks have 2 options: pursue foreclosure by a
Trustee's Sale or sue to have a judicial foreclosure. Trustee's Sale is a lot
quicker, borrower cannot redeem to get the house back after the sale, and lender 
cannot ask for deficiency judgement. Judicial foreclosure takes a lot longer
and borrower has up to one year after the sale to re-claim the house by paying
the obligations, but the lender can ask for deficiency judgement. 
Guess with method is the preferred approach for a typical
lender? ( The correct answer is A)
Quan   
Newsgroups: misc.invest.real-estate
From: crepeau@rtsg.mot.com (Daniel B. Crepeau)
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: Motorola Inc., Cellular Infrastructure Group
Distribution: usa
Date: Tue, 28 Jul 1992 13:03:47 GMT

jbutterf@mal-s1.gatech.edu (Jill Butterfield) writes:

>In article <151jkkINNmml@agate.berkeley.edu> markh@sag4.ssl.berkeley.edu (Mark Hurwitz) writes:
>>
>>	As a followup to my previous posting about San Francisco
>>home prices...
>>
>>	-2 Br home offered at $279 K.  No takers.  Lowered to $249 K.
>>
>>	-1 Br home offered at $179 K.  Now at $159 K.  Still sitting.
>>
>>	-2 Br home offered at $269 K; now down to $239 K.  Still sitting.
>>

>I've always heard that home prices in CA were ridiculous, but this 
>amazed me! Are salaries that much higher than everywhere else? 
>So this same house would probably cost 3x that in CA. Would my salary
>be 3x higher out there? I have a master's degree in math, I work mostly
>No wonder so many people are leaving CA! 


	Your right about the prices being Outrageous....Your analogy that
  your income needs to follow home prices is incorrect(assuming price of other
  goods is the same). Lets say that 28% of your income is used for housing
  then that part has to triple. This shows that your income needs to be a 
  little more than 1.5 times.  Oh ....I forgot the Earthquake insurance.
Newsgroups: misc.invest.real-estate,misc.consumers,misc.consumers.house,misc.legal
From: ajg@controls.ccd.harris.com (Arnold Goldberg)
Subject: Re: Questions about Refinancing
Organization: Harris Controls and Compositions
Date: Fri, 24 Jul 1992 13:51:18 GMT

>>>>> On 24 Jul 92 00:10:38 GMT, txl@dbs42.teradata.com said:
	txl> My question is that is it usual for a broker to raise closing cost between the  "good faith" and the final up to 33%? 

No!


--
------------------------------------------------------------------------
Arnold Goldberg                            Email:  ajg@ccd.harris.com
Phone: (407)242-5051                       Snail:  Harris Corporation
Fax  : (407)242-4262                               407 John Rodes Blvd.
                                                   Melbourne, FL 32905

The opinions expressed are my own and do not in any way represent Harris 
------------------------------------------------------------------------
Newsgroups: misc.invest.real-estate
From: iba@kronos.arc.nasa.gov (Wayne Iba)
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: NASA/ARC Information Sciences Division
Date: Tue, 28 Jul 1992 23:33:18 GMT

loftis@hpcc01.corp.hp.com (Kirk Loftis) writes:

>	Despite the gloom presented by the poster.  This area will have
>an additional million residents by the end of the decade, with the
>limited real estate available, I am sure that demand will keep the
>values fairly high.

Where are these million new residents going to work and how much will they
be earning?  

BTW: what is the CA market situation with multi-rental properties -- 
especially apartments (but including N-plexes)?
Has that sector been hit as hard as residential housing?

--wayne (iba@ptolemy.arc.nasa.gov)
From: mmartin@nmsu.edu (Marilyn Martin)
Newsgroups: misc.invest.real-estate
Subject: Resale of vacation property
Keywords: resale, tax
Date: 23 Jul 92 23:49:03 GMT
Organization: New Mexico State University

If I sell a vacation property (a cabin in the mountains), is it treated
like a home? I don't own any other property. Do I have to pay capital
gains on the profits if I don't spend the money on another house?

If I spend the money on another house, do I have to pay taxes anyway?

Thanks
Marilyn
Newsgroups: misc.invest.real-estate
From: floydb@sun01.admin.rpi.edu (Barry B Floyd)
Subject: REIT and Mortgage Investment equities
Summary: Request for information
Keywords: reit
Date: Tue, 28 Jul 1992 18:49:54 GMT

I have surveyed the NYSE listing in Barrons for high yield and low
price stocks. As it turns out, many of the dozen or two stocks with
dividend yields greater than 8.5% and stock prices less than $10
per share are involved in realestate investments and/or mortgage
investments. Most of them pay dividends on a monthly basis and
their trading range for the past 52 weeks is plus or minus 10%.
 
I would like to learn more about the individual companies. 
 
Is there a REIT newsletter or buyers guide service? I checked the
July 10th Value Line and didn't see any of the companies. I haven't
gotten by hands on an S&P guides and stock almanac yet.
 
I am looking for fundamentals (earnings history, cash on hand, debt
ratios, etc.).
 
Any suggestions please post to the list. If I get the fundamentals I
will post the stock list with accompanying data to this list.
 
barry
 
ps
 
please don't ask me to post the list as is. I haven't got it on-line
and won't until I get more data.


-- 
+--------------------------------------------------------------------+ 
| Barry B. Floyd                   \\\       barry_floyd@mts.rpi.edu |
| Manager Information Systems - Admin.\\\             floydb@rpi.edu |
+-Rensselaer Polytechnic Institute--------------------troy, ny 12180-+
From: michaels@s6550b.nrl.navy.mil (Steve Michaels)
Newsgroups: misc.invest.real-estate
Subject: QUESTION ABOUT ARM
Date: 31 Jul 92 12:56:52 GMT
Distribution: usa
Organization: Naval Research Laboratory, Washington, DC


I have a question regarding ARMs and how the loan is amortized.
Each year when the mortgage interest rate is adjusted, is the 
new monthly payment calculated with 1 less year remaining? 
or is the new payment always calculated as if you had 30 years
remaining on the term of the mortgage? 

How exactly is the new adjusted monthly payment computed each
year? 

Thanks,

Steve Michaels
michaels@s6550b.nrl.navy.mil
From: 18971@rhodes.aero.org
Subject: Re: Housing in California (used to be One Man's Survey..)
Organization: The Aerospace Corporation, El Segundo, CA. USA
Date: 29 Jul 92 08:29:30 PST

In article <1992Jul28.233318.21125@kronos.arc.nasa.gov>, iba@kronos.arc.nasa.gov (Wayne Iba) writes:
> loftis@hpcc01.corp.hp.com (Kirk Loftis) writes:
> 
>>	Despite the gloom presented by the poster.  This area will have
>>an additional million residents by the end of the decade, with the
>>limited real estate available, I am sure that demand will keep the
>>values fairly high.
> 
> Where are these million new residents going to work and how much will they
> be earning?  
> 
> BTW: what is the CA market situation with multi-rental properties -- 
> especially apartments (but including N-plexes)?
> Has that sector been hit as hard as residential housing?
> 
> --wayne (iba@ptolemy.arc.nasa.gov)
More than half of the predicted population growth in California is due to the
difference between births and deaths. The remaining portion is from influx of
immigrants from foreign countries.  The current rate of residential
construction is still far below the rate of household formation, hence the
prediction of housing shortage. Of course it remains unclear at this time what
the future job growth and income would come from. The housing shortage is quite
artificial since buildable lands are plentiful, but affordable houses are rare.

Regarding rental properties, Orange County California is experiencing record
high unemployment ( between 4% and 5%), and record high vacancy (about 4%).
Apartments are not selling and prices are dropping. Apparently, people double
up or moving back to live with parents to save money. My tennants are either
public housing assistance recipients, or independent service providers.
 
Single Family Resident above a million dollars are still selling like hot cakes!
Quan
From: S897713@UMSLVMA.UMSL.EDU
Newsgroups: misc.invest.real-estate
Subject: Muti-family maint. programs
Date: 22 Jul 92 21:03:32 GMT
Organization: UM ST. LOUIS

I am looking for something that probably does not exist, but that is why
everyone is here.  Right?  I am looking for a multi-family maintenence
program.  Handling various functions like when repairs were made on a
particular unit, expenses incurred, last inspection date on things like
the roof, heating and cooling systems, water heater etc. etc..  Mainly
a preventive maintenence program is what I am looking for or anything
close.  Any ideas?  Shareware? Or do I go the custom route.  Help!!!
 
 
Dean Humphrey
Office of Computing
S897713@UMSLVMA.BITNET
Newsgroups: misc.invest.real-estate
From: fisk@netcom.com (Benjamin Fisk)
Subject: Re: Followup: Deadbeat 2nd mortgage
Date: Mon, 27 Jul 92 17:09:58 GMT
Organization: Netcom - Online Communication Services  (408 241-9760 guest) 
Summary: Fleecing One Another


   I have a friend who retired from Cupertino to Ashcan, Wi.  He sold his
   house in 1989 for more than 400k.  He found some stupid yuppy scum from
   Apple to buy into it.  Apple subsequently had its big lay-off (boo hoo)
   and the yuppy buyer then walked away from the house.  My friend subsequently
   had a heart attack, he was stuck with both the house in Cupertino and
   the mansion he was building is Ashcan.  Eventually he sold his Cupertino
   house and recoverd from the heart attack.

   I feel sorry for my friend but I can't blame the yuppy for walking away
   from the second mortgage.  My friend sold him the house at the top of the
   bubble and was hopping to get outrageous profits for his stucco box in
   Cupertino.   The yuppy got back at him when things got tough.  It seems
   fair that you get burned if you play with fire.  
-- 
Ben Fisk : fisk@netcom.COM
From: tony@hgc.edu (Tony Gialluca)
Subject: Re: is buyer - agent agreement necessary?
Organization: Hartford Graduate Center
Distribution: usa
Date: Tue, 21 Jul 1992 13:56:07 GMT

In article <l6ma5tINNa8@calvin.usc.edu>, sutter@calvin.usc.edu (Carl Sutter) writes:
|> In article <1992Jul20.200600.2967@rice.edu> rep@is.rice.edu (Robert Pietsch) writes:
|> >A Real-estate agent works for the seller not the buyer. 
|> >In fact.... if you tell the agent you will go as high as $xxx,xxx.00
|> >he/she is obligated to tell the owner.
|> 
|> I've received a couple of replies to this effect.  I guess it's not clear
|> to me who my agent represents, since he is mostly showing me houses that
|> are not being sold by his company.  If I decide to buy a place being listed
|> by another agent, I was assuming my agent would bargain on my behalf.
|> Is that right, or do both agents work for the seller at that point?
|> 
|> Thanks,
|> 
|> - Carl Sutter   sutter@usc.edu
|>  
|> 

	Here in Connecticut the realtors ( even the buyers ) represent the seller.  When
me and my wife started looking at houses and we went to a realtor he was required by law
to give us a document and get our signatures on it.  This document stated that he is 
represents the seller.

	However, I have heard of "Buyer Brokers" ( or is it " Buyer Realtors" ).  I asked
but they are not common in Connecticut ( If such an animal exists :-] ).

	Good Luck all......



-- 
   Anthony B Gialluca, System Administrator       (203) 548-7868 or
   The Hartford Graduate Center                   (203) 548-2407
    275 Windsor St.                               Inter-net:
    Hartford, Ct.  06120-7887                      tony@mstr.hgc.edu
Newsgroups: misc.invest.real-estate,misc.entrepreneurs
From: thundt@jaguar.shearson.com (Thomas M. Hundt)
Subject: Re: vending machines
Organization: Lehman Brothers, Inc.
Date: Tue, 28 Jul 1992 19:34:55 GMT

[Pay phone in building?]
From: jack@myamiga.mixcom.com (Jack Decker)
|guaranteed not to loose money, it's risky business.  All it takes is one
|knowledgeable tenant (or outsider with access to the building) to run up
|hundreds of dollars in toll calls (quite possibly including 900/976 calls
|and/or overseas numbers).

Yikes!  How??  (By tapping into the line?)

|One other thing you might consider, is that I have heard that in some areas of
|the country organized crime uses vending machine companies to launder mob
|money. Not the sort of folk I'd care to deal with, but your area may be

Not to mention using pay phones for drug deals.  Might want to ask the
police what they think.


-Tom Hundt
From: alvin@zany.mips.com (Alvin Oga)
Newsgroups: misc.invest.real-estate
Subject: Re: Need Info on Appraisal
Date: 24 Jul 92 02:20:50 GMT
Reply-To: alvin@zany.mips.com (Alvin Oga)
Distribution: usa
Organization: MIPS Computer Systems, Inc.
NNTP-Posting-Host: zany.mips.com

>Does the potential buy generally get a copy of the appraisal report (that
>they paid for)?  

>Do they generally get the report during escrow or at the closing?

You only get a copy IF YOUR purchase contract stipulates that you get a
copy if you paid for it....But if the banks pay for it...it's theirs appraisal
report until you 'refund' them the 'bank appraisor's fee'...but at this
point you usually have gotten a loan anyway...so you may or may not
care about the appraisal...
If on the other hand, you don't get the loan, and they 'claim' the appraisal
came in too low...you probably was paying too much for the house or the
bank didn't have the money to lend you or "you didn't qualify'...

Bottom line, put it into the purchase contract and at a minimum, put it
in as part of the escrow instructions if you want a copy of 'anything'.

Generally, NO, you do not get a copy if they get the appraisal done, as
opposed to your paying an independent appraisor.

Good luck
alvin
Newsgroups: misc.invest.real-estate,alt.appalachian
From: uk09365@nx11.mik.uky.edu (robert i kesten)
Subject: Re: Libertarians & the environment
Organization: University Of Kentucky, Dept. of Math Sciences
Date: Fri, 24 Jul 1992 19:19:40 GMT
Distribution: usa

In article <1992Jul22.193524.5598@techbook.com> szabo@techbook.com (Nick  
Szabo) writes:
> Another libertarian idea, which addresses this problem and the problem  
of
> original ownership, is to create a concept of "genetic rights" based
> on the concept of the mineral rights.  Many pieces of rural land were
> originally owned by extraction companies, and when they sold the land
> it was with the caveat that they retained right to any minerals
> discovered in the future on that land, including the right to reclaim
> the land for extraction activities.  These mineral rights are mantained 
> indefinitely whoever owns the land, unless the mineral company itself
> comes back and sells it.

	Several generations ago in eastern Kentucky many of the
residents entered broad-form deed agreements similar to what is
mentioned above.  These were not enforced for several decades.
When the mining companies that held the mineral rights came back
in the last 20 years to excercise these options it raised an
intense political / social uproar as people were being evicted
and their homes destroyed because of contracts their grandfather
or the previous owner signed 50+ years before.  The claim was
made that many of those deeds were the result of fraudulent
dealing on the part of mining companies, but the issue also
involved quite a bit of pure emotionalism, too.

	The voters overwhelmingly passed a referendum to
amend the state constitution to void these deeds (about 1988).
The mining companies are currently challenging this in
federal court.

	From a libertarian standpoint my first inclination
was to say "enforce the deeds," but with indications that many
were the result of fraud or coercion on the part of the
mining companies, I admit I changed my opinion.

Robert K.
 
Xref: sparky misc.invest.real-estate:304 misc.consumers:14459 misc.consumers.house:9797 misc.legal:14802