My house has an accepted offer/sold in 45 days

[little lady]

I don’t have a lender.

I don’t know what interested rate the buyer has.

These are 2 DIFFERENT people/situations.

The person that told me that, was my husbands best friend-on HIS new house he is borrowing money for.

I BELIEVE him, he is getting a divorce from his wife, who is a manager at a credit union, she told me too.

Their old mortgage was at 3.9% because they got a discount due to the fact she worked for the company. However, I don’t believe he got any other discount than the buy down. Because THAT is what he told me.

[BikeRider]

The saying always holds true “A fool and their money are soon parted”. Lucky for you that a seller came along. This person is probably planning to stay a long time, or they don’t really watch the housing market or listen to the news. Not that the news would help them much, since they tend to shy away from the truth regarding the housing market. Hope your sale goes well. Too bad for your buyer. We’re going to see a litle run back up in pricing, then the bottom is going to drop out. That is my prediction.

[Bugs]

The VA terms are part of the entitlement programs we provide for our veterans. It’s not a subprime loan even though they do often have similar levels of foreclosures when times get tough.

A down payment of $12k isn’t even 5% in most price ranges around here, so I hope for your sake your borrower wasn’t relying on a financing program that has evaporated in the last week or two.

Unless you believe you can stay put in that house for at least another 5 years you probably should consider yourself to be in the “must sell” category. I say this not to be obnoxious, but because there is no indication that the current trend for price declines is going to do anything but pick up steam for at least the next couple years. Depending on how true to the long term trendline this market corrects to it may be years before prices recover to their current level.

You have nothing to gain by waiting unless you have both the will and the ability to sit tight for the duration.

[little lady]

“The saying always holds true “A fool and their money are soon parted”. Lucky for you that a seller came along. This person is probably planning to stay a long time, or they don’t really watch the housing market or listen to the news. Not that the news would help them much, since they tend to shy away from the truth regarding the housing market. Hope your sale goes well. Too bad for your buyer. We’re going to see a litle run back up in pricing, ”

bikerider, I couldn’t agree more.

I do think that they plan for the long haul, that they have enough to put down, that they have a good solid loan. The area is great for the middle/upper middle income young family’s .The school’s are some of the top around the area. We were there over 10 years, and I think that’s what there thinking too. I will never know for sure.

I think the run up now might be that realtor’s are trying to push as much through scaring folk’s with the changing lending practices that might “price them out forever” BS…

Bugs,
As for the 12k down, I don’t know exactly how much they have, but I am positive it is NOT a VA loan.

I was talking about my husband’s best friend who bought a condo,with a VA he said he got a 4.4% interest rate. HE didn’t put much down, 3K I think on 300k.

I AM NOT in a MUST sell situation. I put a lot of money into that house, so I don’t have a low mortgage, but by no means am I in a must sell situation, even if houses were to go down for less than what I owe, I can make my mortgage, and new car, and credit card payments, etc.. My husband takes home above the median income for San Diego, and I work too, though part time. Together, we make what works out to be about a 6 figure income,( hard to tell exactly,my husband is in the military and gets ALLOT of nontaxable income) probably a little over. I ultimately want to buy a BRAND NEW house. I believe that houses will come down another 10% and stagnate for a few years. I will buy when I think it makes sense, I want a move up house. I want more for my money.

BUT I can and will sit tight as long as that takes.

[Author]

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