I’m gonna pick up my pom poms, dude, you are going to be fine barring finding any calamity with the hoa being in trouble financially. Let’s see, it’s bigger, you like the area better, it’s cheaper than renting, you are paying 33 cents on the dollar, the gov’t is going to give you free money and you will get a nice tax deduction to boot.
People will always tell you to wait, guess what, people told the knucklehead that paid 300k, to buy it. The previous owner had bad math, you have good math. You can fall back if needed, you can rent it for more than your monthly payment if needed, you can stay there and still save money even if it never appreciates. Of course there will be other repos and distressed properties in the complex, if there weren’t you wouldn’t be able to buy it for 2/3’s off. There are no sure things but I’m convinced this is as close to a sure thing you will find right now, you have my blessings and I wish you well.
There are plenty of areas that have not sustained the losses that chula vista has, you cannot compare them on the timeline, this is exaclty the scenario to look for, when it is cheaper to buy than rent without factoring the tax rammifications, then you are there. Most of us on these boards can look back a few years and only hoped things would return to the numbers you provided, it appears in chula vista, balance has returned to the market. The pain train is getting closer to the coveted areas, hope everyone is ready.
