am i about to get screwed?

[(former)FormerSanDiegan]

[quote=walterwhite]and what is this”it’s the same as rent” thing? that statement is meaningless without determining what the down payment is. I mean, yoou could have bought the finest house in La Jolla at the peak of the bubble for same as rent. you just ahd to put 90% down. Sure, if I put a huge amount of money at risk, i can get it same as rent. but, yeah, with 20% down, it’s cheaper than renting that same place. If you could rent it. It’s almost too nice to be a rental. it would be a high end premium fancy rental.[/quote]

FWIW, I assumed it was for 10-20% down, when I posed the question.

But, your point is taken. A refinement for what was my simple point: If for $X down you can finance for ~ same as rent. Then in 30 years you will have essentially bought the house for the $X down (in 2010 dollars).

[(former)FormerSanDiegan]

Here’s a book to read :

[(former)FormerSanDiegan]

Here’s a book to read :

[(former)FormerSanDiegan]

Here’s a book to read :

[(former)FormerSanDiegan]

Here’s a book to read :

[(former)FormerSanDiegan]

Here’s a book to read :

[moneymaker]

Everybody gets screwed by someone eventually! Get a second loan lined up on the side, no need to tell agents brother, that’s what I did and I ended up using that plan B as agent’s recommended broker was dragging feet, hoping that as we got closer to close I would have no choice. Please don’t get yourself in that situation, have a plan B. Didn’t know you are an attorney, use your line item veto to make sure they don’t lock out your options. If the house is over $600K then you may be better off waiting anyway. Just my 2¢

[moneymaker]

Everybody gets screwed by someone eventually! Get a second loan lined up on the side, no need to tell agents brother, that’s what I did and I ended up using that plan B as agent’s recommended broker was dragging feet, hoping that as we got closer to close I would have no choice. Please don’t get yourself in that situation, have a plan B. Didn’t know you are an attorney, use your line item veto to make sure they don’t lock out your options. If the house is over $600K then you may be better off waiting anyway. Just my 2¢

[moneymaker]

Everybody gets screwed by someone eventually! Get a second loan lined up on the side, no need to tell agents brother, that’s what I did and I ended up using that plan B as agent’s recommended broker was dragging feet, hoping that as we got closer to close I would have no choice. Please don’t get yourself in that situation, have a plan B. Didn’t know you are an attorney, use your line item veto to make sure they don’t lock out your options. If the house is over $600K then you may be better off waiting anyway. Just my 2¢

[moneymaker]

Everybody gets screwed by someone eventually! Get a second loan lined up on the side, no need to tell agents brother, that’s what I did and I ended up using that plan B as agent’s recommended broker was dragging feet, hoping that as we got closer to close I would have no choice. Please don’t get yourself in that situation, have a plan B. Didn’t know you are an attorney, use your line item veto to make sure they don’t lock out your options. If the house is over $600K then you may be better off waiting anyway. Just my 2¢

[moneymaker]

Everybody gets screwed by someone eventually! Get a second loan lined up on the side, no need to tell agents brother, that’s what I did and I ended up using that plan B as agent’s recommended broker was dragging feet, hoping that as we got closer to close I would have no choice. Please don’t get yourself in that situation, have a plan B. Didn’t know you are an attorney, use your line item veto to make sure they don’t lock out your options. If the house is over $600K then you may be better off waiting anyway. Just my 2¢

[CA renter]

[quote=walterwhite]Dammit I wish someone would say dig in your heels 20 percent down is enough 22 percent is just too much! From my point of view any equity the seller has could vanish as the leaves drop from the trees and school begins so they ought to jump on my offer. I see your guys point but I say you’ve got to have a total limit. I drive the speed limit not a mile over and I’ll pay not a dime more … All sort of absurd as the house will be worth a third less in 2012[/quote]

Scaredy,

Reduce your bid, and pay all your own costs. You can even reduce the bid further and offer to pay some of the seller’s costs as well. Don’t pay taxes on “costs”.

[CA renter]

[quote=walterwhite]Dammit I wish someone would say dig in your heels 20 percent down is enough 22 percent is just too much! From my point of view any equity the seller has could vanish as the leaves drop from the trees and school begins so they ought to jump on my offer. I see your guys point but I say you’ve got to have a total limit. I drive the speed limit not a mile over and I’ll pay not a dime more … All sort of absurd as the house will be worth a third less in 2012[/quote]

Scaredy,

Reduce your bid, and pay all your own costs. You can even reduce the bid further and offer to pay some of the seller’s costs as well. Don’t pay taxes on “costs”.

[CA renter]

[quote=walterwhite]Dammit I wish someone would say dig in your heels 20 percent down is enough 22 percent is just too much! From my point of view any equity the seller has could vanish as the leaves drop from the trees and school begins so they ought to jump on my offer. I see your guys point but I say you’ve got to have a total limit. I drive the speed limit not a mile over and I’ll pay not a dime more … All sort of absurd as the house will be worth a third less in 2012[/quote]

Scaredy,

Reduce your bid, and pay all your own costs. You can even reduce the bid further and offer to pay some of the seller’s costs as well. Don’t pay taxes on “costs”.

[CA renter]

[quote=walterwhite]Dammit I wish someone would say dig in your heels 20 percent down is enough 22 percent is just too much! From my point of view any equity the seller has could vanish as the leaves drop from the trees and school begins so they ought to jump on my offer. I see your guys point but I say you’ve got to have a total limit. I drive the speed limit not a mile over and I’ll pay not a dime more … All sort of absurd as the house will be worth a third less in 2012[/quote]

Scaredy,

Reduce your bid, and pay all your own costs. You can even reduce the bid further and offer to pay some of the seller’s costs as well. Don’t pay taxes on “costs”.

[Author]

Posts