I can see the whites of their eyes

[Running Bear]

TG,

I hope your decision pays off for you. I would just caution you that depending on the direction the economy heads and how bad it gets, tying up your cash in an illiquid asset might be the wrong choice. Right now as a renter you have the enviable position that depending on the local economy, you have the ability to leave if necessary. If you buy, you loose that freedom. Something to think about.

My2Cents

[Nor-LA-SD-guy]

TG Good Luck !!!

I probably overpaid by about 60K when I thought I had a good deal about a year ago (paid 360K) 3400 sqf nice upgrades Deck off master etc… backing to the forest. But I am not going anywhere for 10-15 years if ever either..

Anyway You Da Man !!! TG

Good luck to you !!!

[Nor-LA-SD-guy]

TG Good Luck !!!

I probably overpaid by about 60K when I thought I had a good deal about a year ago (paid 360K) 3400 sqf nice upgrades Deck off master etc… backing to the forest. But I am not going anywhere for 10-15 years if ever either..

Anyway You Da Man !!! TG

Good luck to you !!!

[Nor-LA-SD-guy]

TG Good Luck !!!

I probably overpaid by about 60K when I thought I had a good deal about a year ago (paid 360K) 3400 sqf nice upgrades Deck off master etc… backing to the forest. But I am not going anywhere for 10-15 years if ever either..

Anyway You Da Man !!! TG

Good luck to you !!!

[Nor-LA-SD-guy]

TG Good Luck !!!

I probably overpaid by about 60K when I thought I had a good deal about a year ago (paid 360K) 3400 sqf nice upgrades Deck off master etc… backing to the forest. But I am not going anywhere for 10-15 years if ever either..

Anyway You Da Man !!! TG

Good luck to you !!!

[Nor-LA-SD-guy]

TG Good Luck !!!

I probably overpaid by about 60K when I thought I had a good deal about a year ago (paid 360K) 3400 sqf nice upgrades Deck off master etc… backing to the forest. But I am not going anywhere for 10-15 years if ever either..

Anyway You Da Man !!! TG

Good luck to you !!!

[Ex-SD]

I think that TG’s area is within 10-15% of their bottom (if not at the bottom) right now. Mortgage rates are absolutely going to rise within the next year and beyond.
TG’s posts have always exhibited someone who was doing their homework and using logic and rationale rather than bending towards emotion towards buying a home.
That being said, I think he’s probably going to get a really good deal on a nice home and a low cost mortgage that is going to be way below what he will be able to get if he waits.
I hope it works out for you, TG.

[Ex-SD]

I think that TG’s area is within 10-15% of their bottom (if not at the bottom) right now. Mortgage rates are absolutely going to rise within the next year and beyond.
TG’s posts have always exhibited someone who was doing their homework and using logic and rationale rather than bending towards emotion towards buying a home.
That being said, I think he’s probably going to get a really good deal on a nice home and a low cost mortgage that is going to be way below what he will be able to get if he waits.
I hope it works out for you, TG.

[Ex-SD]

I think that TG’s area is within 10-15% of their bottom (if not at the bottom) right now. Mortgage rates are absolutely going to rise within the next year and beyond.
TG’s posts have always exhibited someone who was doing their homework and using logic and rationale rather than bending towards emotion towards buying a home.
That being said, I think he’s probably going to get a really good deal on a nice home and a low cost mortgage that is going to be way below what he will be able to get if he waits.
I hope it works out for you, TG.

[Ex-SD]

I think that TG’s area is within 10-15% of their bottom (if not at the bottom) right now. Mortgage rates are absolutely going to rise within the next year and beyond.
TG’s posts have always exhibited someone who was doing their homework and using logic and rationale rather than bending towards emotion towards buying a home.
That being said, I think he’s probably going to get a really good deal on a nice home and a low cost mortgage that is going to be way below what he will be able to get if he waits.
I hope it works out for you, TG.

[Ex-SD]

I think that TG’s area is within 10-15% of their bottom (if not at the bottom) right now. Mortgage rates are absolutely going to rise within the next year and beyond.
TG’s posts have always exhibited someone who was doing their homework and using logic and rationale rather than bending towards emotion towards buying a home.
That being said, I think he’s probably going to get a really good deal on a nice home and a low cost mortgage that is going to be way below what he will be able to get if he waits.
I hope it works out for you, TG.

[Coronita]

[quote=temeculaguy]FLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.

My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.

If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.

My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!![/quote]

TG, by all means I was being a jackass, like I usually am. By all means, you’re decision makes perfectly good sense to me, (except you don’t want me buying in temecula anytime soon, unless you want to see another 50% correction after I buy.)

Besides, the way I look at it is this. If the entire country is going to get screwed and the entire housing market is going to get nationalized, everyone might as well have some skin in the game. Hence, your decision to me means a “hedge” in more than one way 🙂 One mistake that I made though, comrade TG, is that I made the mistake of put close to 25% downpayment on a 30 year fixed. And then every month, rather than just making the minimum monthly payment, I’ve been adding $2000 extra in principle payments each month. My original intent was to turn this 30 year loan into more like a 15-20year loan, while my principle sits in a bank account hopefully earning interest..Except the joke really is on me now because now that I’ve been doing this for some time, I actually have some principle paid down it’s going to harder for me to ask for a bailout now from my comrade taxpayers…..That was pretty stupid, since I can’t simply tell the my creditor, “restructure my loan or I walk”. Of course they would let me walk. See what happens when you’re sort of financially more responsible? Perhaps I should try to take out a few helocs right now, but then I have to figure out a way of draining all my assets to overseas accounts. But I guess that would be fraudish…Well, at least when I do it, not when an institution does it….Lol…..

(Personally, I think folks are overreacting a bit about doom and gloom, but that’s something just another matter of my dumb opinion)…

One could only dream of picking up Pardee Homes “Derby Hills” Phase 3 in my neck of the woods for something like $150/sqft….Not that I particularly like Pardee or that development. Just so I can get all those CV Pardee H cheerleaders lecturing me regularly in the community park about things “holding value” to once and for all shut up.

Again, i think this is good move for you. Keep us posted!!!

As far as your having the big landscaping issue. Don’t worry about that. I’m sure pretty soon there will be a plethora of banking professionals that will be looking for work momentarily.

(…..just kidding, just kidding my fellow comrade americans…I know, it’s not that funny right now….Really, this economy is a serious matter…I know I’m taking it pretty seriously…. In honor of the latest events, I have given serious consideration to changing my handle from fat_lazy_union_worker to fat_socialized_homeowner, or “fatso” for short.)

Anyway, TG really best of luck. I hope you get a good deal out of this.

[Coronita]

[quote=temeculaguy]FLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.

My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.

If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.

My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!![/quote]

TG, by all means I was being a jackass, like I usually am. By all means, you’re decision makes perfectly good sense to me, (except you don’t want me buying in temecula anytime soon, unless you want to see another 50% correction after I buy.)

Besides, the way I look at it is this. If the entire country is going to get screwed and the entire housing market is going to get nationalized, everyone might as well have some skin in the game. Hence, your decision to me means a “hedge” in more than one way 🙂 One mistake that I made though, comrade TG, is that I made the mistake of put close to 25% downpayment on a 30 year fixed. And then every month, rather than just making the minimum monthly payment, I’ve been adding $2000 extra in principle payments each month. My original intent was to turn this 30 year loan into more like a 15-20year loan, while my principle sits in a bank account hopefully earning interest..Except the joke really is on me now because now that I’ve been doing this for some time, I actually have some principle paid down it’s going to harder for me to ask for a bailout now from my comrade taxpayers…..That was pretty stupid, since I can’t simply tell the my creditor, “restructure my loan or I walk”. Of course they would let me walk. See what happens when you’re sort of financially more responsible? Perhaps I should try to take out a few helocs right now, but then I have to figure out a way of draining all my assets to overseas accounts. But I guess that would be fraudish…Well, at least when I do it, not when an institution does it….Lol…..

(Personally, I think folks are overreacting a bit about doom and gloom, but that’s something just another matter of my dumb opinion)…

One could only dream of picking up Pardee Homes “Derby Hills” Phase 3 in my neck of the woods for something like $150/sqft….Not that I particularly like Pardee or that development. Just so I can get all those CV Pardee H cheerleaders lecturing me regularly in the community park about things “holding value” to once and for all shut up.

Again, i think this is good move for you. Keep us posted!!!

As far as your having the big landscaping issue. Don’t worry about that. I’m sure pretty soon there will be a plethora of banking professionals that will be looking for work momentarily.

(…..just kidding, just kidding my fellow comrade americans…I know, it’s not that funny right now….Really, this economy is a serious matter…I know I’m taking it pretty seriously…. In honor of the latest events, I have given serious consideration to changing my handle from fat_lazy_union_worker to fat_socialized_homeowner, or “fatso” for short.)

Anyway, TG really best of luck. I hope you get a good deal out of this.

[Coronita]

[quote=temeculaguy]FLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.

My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.

If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.

My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!![/quote]

TG, by all means I was being a jackass, like I usually am. By all means, you’re decision makes perfectly good sense to me, (except you don’t want me buying in temecula anytime soon, unless you want to see another 50% correction after I buy.)

Besides, the way I look at it is this. If the entire country is going to get screwed and the entire housing market is going to get nationalized, everyone might as well have some skin in the game. Hence, your decision to me means a “hedge” in more than one way 🙂 One mistake that I made though, comrade TG, is that I made the mistake of put close to 25% downpayment on a 30 year fixed. And then every month, rather than just making the minimum monthly payment, I’ve been adding $2000 extra in principle payments each month. My original intent was to turn this 30 year loan into more like a 15-20year loan, while my principle sits in a bank account hopefully earning interest..Except the joke really is on me now because now that I’ve been doing this for some time, I actually have some principle paid down it’s going to harder for me to ask for a bailout now from my comrade taxpayers…..That was pretty stupid, since I can’t simply tell the my creditor, “restructure my loan or I walk”. Of course they would let me walk. See what happens when you’re sort of financially more responsible? Perhaps I should try to take out a few helocs right now, but then I have to figure out a way of draining all my assets to overseas accounts. But I guess that would be fraudish…Well, at least when I do it, not when an institution does it….Lol…..

(Personally, I think folks are overreacting a bit about doom and gloom, but that’s something just another matter of my dumb opinion)…

One could only dream of picking up Pardee Homes “Derby Hills” Phase 3 in my neck of the woods for something like $150/sqft….Not that I particularly like Pardee or that development. Just so I can get all those CV Pardee H cheerleaders lecturing me regularly in the community park about things “holding value” to once and for all shut up.

Again, i think this is good move for you. Keep us posted!!!

As far as your having the big landscaping issue. Don’t worry about that. I’m sure pretty soon there will be a plethora of banking professionals that will be looking for work momentarily.

(…..just kidding, just kidding my fellow comrade americans…I know, it’s not that funny right now….Really, this economy is a serious matter…I know I’m taking it pretty seriously…. In honor of the latest events, I have given serious consideration to changing my handle from fat_lazy_union_worker to fat_socialized_homeowner, or “fatso” for short.)

Anyway, TG really best of luck. I hope you get a good deal out of this.

[Coronita]

[quote=temeculaguy]FLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.

My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.

If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.

My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!![/quote]

TG, by all means I was being a jackass, like I usually am. By all means, you’re decision makes perfectly good sense to me, (except you don’t want me buying in temecula anytime soon, unless you want to see another 50% correction after I buy.)

Besides, the way I look at it is this. If the entire country is going to get screwed and the entire housing market is going to get nationalized, everyone might as well have some skin in the game. Hence, your decision to me means a “hedge” in more than one way 🙂 One mistake that I made though, comrade TG, is that I made the mistake of put close to 25% downpayment on a 30 year fixed. And then every month, rather than just making the minimum monthly payment, I’ve been adding $2000 extra in principle payments each month. My original intent was to turn this 30 year loan into more like a 15-20year loan, while my principle sits in a bank account hopefully earning interest..Except the joke really is on me now because now that I’ve been doing this for some time, I actually have some principle paid down it’s going to harder for me to ask for a bailout now from my comrade taxpayers…..That was pretty stupid, since I can’t simply tell the my creditor, “restructure my loan or I walk”. Of course they would let me walk. See what happens when you’re sort of financially more responsible? Perhaps I should try to take out a few helocs right now, but then I have to figure out a way of draining all my assets to overseas accounts. But I guess that would be fraudish…Well, at least when I do it, not when an institution does it….Lol…..

(Personally, I think folks are overreacting a bit about doom and gloom, but that’s something just another matter of my dumb opinion)…

One could only dream of picking up Pardee Homes “Derby Hills” Phase 3 in my neck of the woods for something like $150/sqft….Not that I particularly like Pardee or that development. Just so I can get all those CV Pardee H cheerleaders lecturing me regularly in the community park about things “holding value” to once and for all shut up.

Again, i think this is good move for you. Keep us posted!!!

As far as your having the big landscaping issue. Don’t worry about that. I’m sure pretty soon there will be a plethora of banking professionals that will be looking for work momentarily.

(…..just kidding, just kidding my fellow comrade americans…I know, it’s not that funny right now….Really, this economy is a serious matter…I know I’m taking it pretty seriously…. In honor of the latest events, I have given serious consideration to changing my handle from fat_lazy_union_worker to fat_socialized_homeowner, or “fatso” for short.)

Anyway, TG really best of luck. I hope you get a good deal out of this.

[Author]

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