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August 21, 2007 at 12:00 PM #78896August 21, 2007 at 12:09 PM #78922waterboyParticipant
JES
It would have been nice to see realtors/brokers/lenders require their clients to fill a yearly expense sheet before they signed, but I guess it would have turned a client back into a prospect.
Some buyers would have lied anyway, but at least they couldn’t claim ignorance as many have
August 21, 2007 at 12:09 PM #78771waterboyParticipantJES
It would have been nice to see realtors/brokers/lenders require their clients to fill a yearly expense sheet before they signed, but I guess it would have turned a client back into a prospect.
Some buyers would have lied anyway, but at least they couldn’t claim ignorance as many have
August 21, 2007 at 12:09 PM #78902waterboyParticipantJES
It would have been nice to see realtors/brokers/lenders require their clients to fill a yearly expense sheet before they signed, but I guess it would have turned a client back into a prospect.
Some buyers would have lied anyway, but at least they couldn’t claim ignorance as many have
August 21, 2007 at 12:59 PM #78911kicksavedaveParticipantI don’t know if they are trying to blame everyone else. At least they are getting a second, and maybe third job, and say they want to keep the house. They made their bed, now they are lying in it, good for them.
August 21, 2007 at 12:59 PM #78931kicksavedaveParticipantI don’t know if they are trying to blame everyone else. At least they are getting a second, and maybe third job, and say they want to keep the house. They made their bed, now they are lying in it, good for them.
August 21, 2007 at 12:59 PM #78780kicksavedaveParticipantI don’t know if they are trying to blame everyone else. At least they are getting a second, and maybe third job, and say they want to keep the house. They made their bed, now they are lying in it, good for them.
August 21, 2007 at 1:43 PM #78948JESParticipantRunning the numbers is always a good idea, and I recommend Quicken’s budget feature to give you an idea of what you are budgeting and how your spending compares. I was shocked to see that I am spending $60,000/year in expenses, not including anything that I save like a 401k etc., and I live in Iowa.
August 21, 2007 at 1:43 PM #78929JESParticipantRunning the numbers is always a good idea, and I recommend Quicken’s budget feature to give you an idea of what you are budgeting and how your spending compares. I was shocked to see that I am spending $60,000/year in expenses, not including anything that I save like a 401k etc., and I live in Iowa.
August 21, 2007 at 1:43 PM #78798JESParticipantRunning the numbers is always a good idea, and I recommend Quicken’s budget feature to give you an idea of what you are budgeting and how your spending compares. I was shocked to see that I am spending $60,000/year in expenses, not including anything that I save like a 401k etc., and I live in Iowa.
August 21, 2007 at 2:29 PM #78813temeculaguyParticipantJES, your budget was pretty tight yet you still managed to hit the average american savings rate. You did have an IO loan so you really couln’t afford it even on your spartan budget. The only reason it worked was an appreciating market, now htat is no longer a near term option would anyone take the same risk. What you did was a risk because had you timed it wrong you would have had your loan reset and would have to handle the fully amortized rate, which would have sunk you.
August 21, 2007 at 2:29 PM #78944temeculaguyParticipantJES, your budget was pretty tight yet you still managed to hit the average american savings rate. You did have an IO loan so you really couln’t afford it even on your spartan budget. The only reason it worked was an appreciating market, now htat is no longer a near term option would anyone take the same risk. What you did was a risk because had you timed it wrong you would have had your loan reset and would have to handle the fully amortized rate, which would have sunk you.
August 21, 2007 at 2:29 PM #78963temeculaguyParticipantJES, your budget was pretty tight yet you still managed to hit the average american savings rate. You did have an IO loan so you really couln’t afford it even on your spartan budget. The only reason it worked was an appreciating market, now htat is no longer a near term option would anyone take the same risk. What you did was a risk because had you timed it wrong you would have had your loan reset and would have to handle the fully amortized rate, which would have sunk you.
August 21, 2007 at 3:32 PM #78840crParticipantJES,
That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.
But one question:
What did you do (or would you have done) after 7 years?
This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.
August 21, 2007 at 3:32 PM #78970crParticipantJES,
That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.
But one question:
What did you do (or would you have done) after 7 years?
This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.
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