“Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.”
i should have been more clear, i didn’t mean the lender had anything against you, rather, they didn’t like the house. ie., they don’t want to loan you the money to buy that house in north park. eg., they think the house is a high risk for depreciation. that is, the house will potentially lose some 15% value (at least), thereby necessitating the big dp. for example, if you bought the house with their money and got foreclosed on, they would be eating a loss if they didn’t have your dp. id est, they don’t want to buy the house. that is to say, they don’t want to loan you the money to buy the house since they’ll be on the hook for it. exempli gratia, you wouldn’t loan your 16 year old kid money to buy an 86 chevy camaro because of reliability, insurance and plain good sense, but that doesn’t mean you won’t help him buy a car at all. you know?
“A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.”
hmm… when i buy a place around here, let me know who this guy is so that i can resell to him for the half mil.
“A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.”
hmm… when i buy a place around here, let me know who this guy is so that i can resell to him for the half mil.
“A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.”
hmm… when i buy a place around here, let me know who this guy is so that i can resell to him for the half mil.
FWIW, I lived in NP and got out largely due to the crime. I was robbed at gunpoint (by the Albertsons) and my psycho neighbor tried to burn his house down (twice).
FWIW, I lived in NP and got out largely due to the crime. I was robbed at gunpoint (by the Albertsons) and my psycho neighbor tried to burn his house down (twice).
FWIW, I lived in NP and got out largely due to the crime. I was robbed at gunpoint (by the Albertsons) and my psycho neighbor tried to burn his house down (twice).
