I can see the whites of their eyes

[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.

[(former)FormerSanDiegan]

Buying at a time of excessive pessimism is usually, but not always a good long-term strategy.

Buying a house to live in at a price that is on par or less than renting where the payment is 15% or less of your income at a time of excessive pessimism is a no brainer.

[(former)FormerSanDiegan]

Buying at a time of excessive pessimism is usually, but not always a good long-term strategy.

Buying a house to live in at a price that is on par or less than renting where the payment is 15% or less of your income at a time of excessive pessimism is a no brainer.

[(former)FormerSanDiegan]

Buying at a time of excessive pessimism is usually, but not always a good long-term strategy.

Buying a house to live in at a price that is on par or less than renting where the payment is 15% or less of your income at a time of excessive pessimism is a no brainer.

[(former)FormerSanDiegan]

Buying at a time of excessive pessimism is usually, but not always a good long-term strategy.

Buying a house to live in at a price that is on par or less than renting where the payment is 15% or less of your income at a time of excessive pessimism is a no brainer.

[(former)FormerSanDiegan]

Buying at a time of excessive pessimism is usually, but not always a good long-term strategy.

Buying a house to live in at a price that is on par or less than renting where the payment is 15% or less of your income at a time of excessive pessimism is a no brainer.

[carlsbadworker]

TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!

[carlsbadworker]

TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!

[carlsbadworker]

TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!

[carlsbadworker]

TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!

[carlsbadworker]

TG, you do realize that Temecula 2001 median house price was 200-220k, 2002 price was 230-280k and 2003 price was 290-340k, right? DQNews still reports the current median house price at 325k. So I don’t see how you can get anywhere near 2001 price.
I have been using similar price range to hunt the house (for 3000sqft+ McMansions) but it has yet to yield any fruit (unless I want a fix- upper) for decent neighborhood (e.g. exclude pechanga area including wolf). I think the bottom could be at 250k but I am willing to pay 280k now but still there is no acceptance, let alone 2001 price. So I am actually pretty frustrated right now. I went out last weekend and my realtor said that he just submitted 10 offers the day before (well, have to have some grain of salts for words from a realtor), but there is still tons of foolish buyers out there. I say “foolish” because they are not really ready to buy a house like most piggies. They just want to jump in before seller-assisted-down payment plan go away or investors who have yet to realize that the current price could not provide positive cash flow (rental income for 3000+ sq ft house is $2000, add mortgage, tax, HOA, vacancy, insurance, maintenance, management fees in, it comes out negative at least according to my calculator).
Maybe I am not looking for the deal in the correct way, please enlighten me once you got your wonderful deal. Have a nice day!

[peterb]

I can undserstand there are many personal reasons for buying at this time, but consider the direction things are headed.

Unemployment is a real estate killer! And it’s getting up a head of steam right now.
we’re headed into the worst season for home sales.
An absolute deluge of distressed properties are coming in the next 12 months.

The only caveat I can think of is that loans will probably be more difficult to get.

If you can wait 2 to 3 months, there’s a good chance you’ll get another 20% off. I could be wrong, but I doubt it. I cannot find one factor that is not highly negative for the real estate market in the next year.

But, if you buy right now, at least your were getting it lower than 2 years ago. And there’s nothing wrong with that.

[peterb]

I can undserstand there are many personal reasons for buying at this time, but consider the direction things are headed.

Unemployment is a real estate killer! And it’s getting up a head of steam right now.
we’re headed into the worst season for home sales.
An absolute deluge of distressed properties are coming in the next 12 months.

The only caveat I can think of is that loans will probably be more difficult to get.

If you can wait 2 to 3 months, there’s a good chance you’ll get another 20% off. I could be wrong, but I doubt it. I cannot find one factor that is not highly negative for the real estate market in the next year.

But, if you buy right now, at least your were getting it lower than 2 years ago. And there’s nothing wrong with that.

[peterb]

I can undserstand there are many personal reasons for buying at this time, but consider the direction things are headed.

Unemployment is a real estate killer! And it’s getting up a head of steam right now.
we’re headed into the worst season for home sales.
An absolute deluge of distressed properties are coming in the next 12 months.

The only caveat I can think of is that loans will probably be more difficult to get.

If you can wait 2 to 3 months, there’s a good chance you’ll get another 20% off. I could be wrong, but I doubt it. I cannot find one factor that is not highly negative for the real estate market in the next year.

But, if you buy right now, at least your were getting it lower than 2 years ago. And there’s nothing wrong with that.

[peterb]

I can undserstand there are many personal reasons for buying at this time, but consider the direction things are headed.

Unemployment is a real estate killer! And it’s getting up a head of steam right now.
we’re headed into the worst season for home sales.
An absolute deluge of distressed properties are coming in the next 12 months.

The only caveat I can think of is that loans will probably be more difficult to get.

If you can wait 2 to 3 months, there’s a good chance you’ll get another 20% off. I could be wrong, but I doubt it. I cannot find one factor that is not highly negative for the real estate market in the next year.

But, if you buy right now, at least your were getting it lower than 2 years ago. And there’s nothing wrong with that.

[Author]

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