- This topic has 75 replies, 12 voices, and was last updated 14 years, 8 months ago by 34f3f3f.
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October 25, 2009 at 8:47 PM #16555October 25, 2009 at 9:13 PM #473406NotCrankyParticipant
Sounds like you are begging for trouble to me.
If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.
Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.
October 25, 2009 at 9:13 PM #474250NotCrankyParticipantSounds like you are begging for trouble to me.
If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.
Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.
October 25, 2009 at 9:13 PM #474026NotCrankyParticipantSounds like you are begging for trouble to me.
If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.
Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.
October 25, 2009 at 9:13 PM #473948NotCrankyParticipantSounds like you are begging for trouble to me.
If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.
Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.
October 25, 2009 at 9:13 PM #473586NotCrankyParticipantSounds like you are begging for trouble to me.
If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.
Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.
October 25, 2009 at 9:56 PM #473624SD RealtorParticipantIf you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…
It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.
October 25, 2009 at 9:56 PM #474290SD RealtorParticipantIf you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…
It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.
October 25, 2009 at 9:56 PM #473446SD RealtorParticipantIf you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…
It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.
October 25, 2009 at 9:56 PM #473989SD RealtorParticipantIf you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…
It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.
October 25, 2009 at 9:56 PM #474065SD RealtorParticipantIf you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…
It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.
October 26, 2009 at 5:24 AM #473716pemelizaParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
October 26, 2009 at 5:24 AM #474382pemelizaParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
October 26, 2009 at 5:24 AM #474158pemelizaParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
October 26, 2009 at 5:24 AM #474082pemelizaParticipantTo me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.
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