assuming I did it THAT way – with the seller “gifting” me the equity… would that open the door to only do an 80% first and avoid the 100% financing rates?
i am basically seeing that if I do an 80% loan…I am looking at 6% or so.
if I go 80/20… it’s more like 6.75% for the first, and roughly 9% or more on the second. using this method, it’s way too expensive..and it makes no sense to buy.
the 80% first brings carrying costs almost in line with rental costs….
we spent the day looking at homes up here in Temecula. We looked in Murrieta too. thre i a new development in Murrieta by Lennar called Spencer’s crossing. Nice. they had a beautiful 1 story 2600 sq ft, an EI “everything’s included” plan…fully upgraded, even appliances..for $440k.
not bad. just an interesting note. as I was speaking to the agent in the Lenna prpoerty..she asked the usual BS questions about what do you like, where do you live now, when would you want to move, etc. I candidly told her I live in another Lennar property in Temcula, and am renting, but am possibly buying from the owner. she asked which one, and she knew the prpoerty – she had worked there. knew the floorplan..etc. she asked what it was offered to me at..probably hoping to tellme what a better deal SHE had there. when i told her $350k, she gasped…and said..”what?” i told her 350 and she said, i’d love to sell you one of mine but if i were you, i’d buy that for that price..not mine.
how often do you see a realtor tell you to buy from the OTHER guy??? not that she is the expert..she’s a realtor…but at least in terms of relative current pricing..i’m pretty convinced the 350k is a good deal.
it’s only NOT a good deal if you expect more drops coming..substantial drops.
geez..i wish i had a crystal ball.
are the nicer parts of temecula, and murrieta, going to fall THAT low? take Greer Ranch..where there are 800-900k homes…the averagte home up there is probably 600-750k…. or most of Harveston..which is in the 400-800s…. are these thigns going to fall 50% and be 200-400?
if only i knew….
i’m torn between holding out for a better deal, and feeling like i let a good deal get away from me.
