OMG I just want to buy a freaking house!

[briansd1]

Another reason for the “stickiness” is that folks only reluctant part with their pride and houses.

Look at this condo. Clearly the seller is losing money. But even an offer at full asking many not buy you that condo because of the emotions involved.

From the sellers’ point of view, where will they come up with the cash difference? Who pays closing costs, etc…

People don’t think of all that before they list houses for sale. They just wing it as it happens. You have to understand the psychology of the market.

http://www.sdlookup.com/Property-EC688DBE-500_W_Harbor_Dr_1706_San_Diego_CA_92101#87016

[an]

[quote=outtamojo]”patb wrote:

never get emotional

there are 7 million houses headed to foreclosure”

“I wholeheartedly agree.”

In San Diego?[/quote]
No wonder some people are pointing to shadow inventory as the cause for the next leg down. 7M houses is 583 times the current inventory and ~194 years of inventory.

[an]

[quote=outtamojo]”patb wrote:

never get emotional

there are 7 million houses headed to foreclosure”

“I wholeheartedly agree.”

In San Diego?[/quote]
No wonder some people are pointing to shadow inventory as the cause for the next leg down. 7M houses is 583 times the current inventory and ~194 years of inventory.

[an]

[quote=outtamojo]”patb wrote:

never get emotional

there are 7 million houses headed to foreclosure”

“I wholeheartedly agree.”

In San Diego?[/quote]
No wonder some people are pointing to shadow inventory as the cause for the next leg down. 7M houses is 583 times the current inventory and ~194 years of inventory.

[an]

[quote=outtamojo]”patb wrote:

never get emotional

there are 7 million houses headed to foreclosure”

“I wholeheartedly agree.”

In San Diego?[/quote]
No wonder some people are pointing to shadow inventory as the cause for the next leg down. 7M houses is 583 times the current inventory and ~194 years of inventory.

[an]

[quote=outtamojo]”patb wrote:

never get emotional

there are 7 million houses headed to foreclosure”

“I wholeheartedly agree.”

In San Diego?[/quote]
No wonder some people are pointing to shadow inventory as the cause for the next leg down. 7M houses is 583 times the current inventory and ~194 years of inventory.

[briansd1]

[quote=treehugger]
On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.[/quote]

Nice story.

But ask any mortgage broker who’s been around the block a few times.

It used to be that the VA mortgage program was rife with fraud because the loans were automatically assumable by anyone without qualification. They did away with that. But, before, Veteran were recruited as staw buyers/sellers.

[briansd1]

[quote=treehugger]
On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.[/quote]

Nice story.

But ask any mortgage broker who’s been around the block a few times.

It used to be that the VA mortgage program was rife with fraud because the loans were automatically assumable by anyone without qualification. They did away with that. But, before, Veteran were recruited as staw buyers/sellers.

[briansd1]

[quote=treehugger]
On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.[/quote]

Nice story.

But ask any mortgage broker who’s been around the block a few times.

It used to be that the VA mortgage program was rife with fraud because the loans were automatically assumable by anyone without qualification. They did away with that. But, before, Veteran were recruited as staw buyers/sellers.

[briansd1]

[quote=treehugger]
On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.[/quote]

Nice story.

But ask any mortgage broker who’s been around the block a few times.

It used to be that the VA mortgage program was rife with fraud because the loans were automatically assumable by anyone without qualification. They did away with that. But, before, Veteran were recruited as staw buyers/sellers.

[briansd1]

[quote=treehugger]
On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.[/quote]

Nice story.

But ask any mortgage broker who’s been around the block a few times.

It used to be that the VA mortgage program was rife with fraud because the loans were automatically assumable by anyone without qualification. They did away with that. But, before, Veteran were recruited as staw buyers/sellers.

[sdcellar]

[quote=fredo4]I feel your pain. My advice would be to do what we did and find a really great rental house (perhaps in the area where you’d like to eventually buy) and hunker down for the next few months (or years)until things are less weird. The truth is that nobody knows how this is all going to pan out with all of the government intervention. Why fight over the few crummy houses available to buy? Wait until buying conditions are more in your favor. It’s better to keep liquid in these uncertain times anyway.[/quote]

Good advice, fredo4. I think it’s funny that many buyers are willing to accept (or even seek) the crummy house. My only suggestion might be to rent the crummy house and hold out for the nicer place to buy.

I agree that it’s a nice idea to be able to get a sense for your target purchase area, but it might not be worth the money that can be saved. I came to this way of thinking precisely because of the uncertainty factor that you mentioned.

Well, that and because I have been renting the “nicer” place and finding it not quite worth it…

[sdcellar]

[quote=fredo4]I feel your pain. My advice would be to do what we did and find a really great rental house (perhaps in the area where you’d like to eventually buy) and hunker down for the next few months (or years)until things are less weird. The truth is that nobody knows how this is all going to pan out with all of the government intervention. Why fight over the few crummy houses available to buy? Wait until buying conditions are more in your favor. It’s better to keep liquid in these uncertain times anyway.[/quote]

Good advice, fredo4. I think it’s funny that many buyers are willing to accept (or even seek) the crummy house. My only suggestion might be to rent the crummy house and hold out for the nicer place to buy.

I agree that it’s a nice idea to be able to get a sense for your target purchase area, but it might not be worth the money that can be saved. I came to this way of thinking precisely because of the uncertainty factor that you mentioned.

Well, that and because I have been renting the “nicer” place and finding it not quite worth it…

[sdcellar]

[quote=fredo4]I feel your pain. My advice would be to do what we did and find a really great rental house (perhaps in the area where you’d like to eventually buy) and hunker down for the next few months (or years)until things are less weird. The truth is that nobody knows how this is all going to pan out with all of the government intervention. Why fight over the few crummy houses available to buy? Wait until buying conditions are more in your favor. It’s better to keep liquid in these uncertain times anyway.[/quote]

Good advice, fredo4. I think it’s funny that many buyers are willing to accept (or even seek) the crummy house. My only suggestion might be to rent the crummy house and hold out for the nicer place to buy.

I agree that it’s a nice idea to be able to get a sense for your target purchase area, but it might not be worth the money that can be saved. I came to this way of thinking precisely because of the uncertainty factor that you mentioned.

Well, that and because I have been renting the “nicer” place and finding it not quite worth it…

[sdcellar]

[quote=fredo4]I feel your pain. My advice would be to do what we did and find a really great rental house (perhaps in the area where you’d like to eventually buy) and hunker down for the next few months (or years)until things are less weird. The truth is that nobody knows how this is all going to pan out with all of the government intervention. Why fight over the few crummy houses available to buy? Wait until buying conditions are more in your favor. It’s better to keep liquid in these uncertain times anyway.[/quote]

Good advice, fredo4. I think it’s funny that many buyers are willing to accept (or even seek) the crummy house. My only suggestion might be to rent the crummy house and hold out for the nicer place to buy.

I agree that it’s a nice idea to be able to get a sense for your target purchase area, but it might not be worth the money that can be saved. I came to this way of thinking precisely because of the uncertainty factor that you mentioned.

Well, that and because I have been renting the “nicer” place and finding it not quite worth it…

[Author]

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