Shadow inventory finally being released ?

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[bearishgurl]

You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

I was a single parent earning under $50K per year when I purchased my current home 10 years ago. The prevailing fixed mortgage rate at the time was about 7.25% and this did not concern me at all. I do not regret this purchase today.

From your posts, the way I see your situation, your current tradeoff (to be a successful buyer in today’s 5% fixed rate mtg mkt) is to focus on properties where the bulk of the sellers have the ability to assist you, so you can keep back some cash reserves (and feel more comfortable about a home purchase). The way to successfully find that seller is to widen your consideration to properties more than 30 years old. The more “superficial” interior updating a property needs, the more likely the seller may be willing to help you purchase it, IMHO.

After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.

[bearishgurl]

You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

I was a single parent earning under $50K per year when I purchased my current home 10 years ago. The prevailing fixed mortgage rate at the time was about 7.25% and this did not concern me at all. I do not regret this purchase today.

From your posts, the way I see your situation, your current tradeoff (to be a successful buyer in today’s 5% fixed rate mtg mkt) is to focus on properties where the bulk of the sellers have the ability to assist you, so you can keep back some cash reserves (and feel more comfortable about a home purchase). The way to successfully find that seller is to widen your consideration to properties more than 30 years old. The more “superficial” interior updating a property needs, the more likely the seller may be willing to help you purchase it, IMHO.

After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.

[bearishgurl]

You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

I was a single parent earning under $50K per year when I purchased my current home 10 years ago. The prevailing fixed mortgage rate at the time was about 7.25% and this did not concern me at all. I do not regret this purchase today.

From your posts, the way I see your situation, your current tradeoff (to be a successful buyer in today’s 5% fixed rate mtg mkt) is to focus on properties where the bulk of the sellers have the ability to assist you, so you can keep back some cash reserves (and feel more comfortable about a home purchase). The way to successfully find that seller is to widen your consideration to properties more than 30 years old. The more “superficial” interior updating a property needs, the more likely the seller may be willing to help you purchase it, IMHO.

After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.

[bearishgurl]

You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

I was a single parent earning under $50K per year when I purchased my current home 10 years ago. The prevailing fixed mortgage rate at the time was about 7.25% and this did not concern me at all. I do not regret this purchase today.

From your posts, the way I see your situation, your current tradeoff (to be a successful buyer in today’s 5% fixed rate mtg mkt) is to focus on properties where the bulk of the sellers have the ability to assist you, so you can keep back some cash reserves (and feel more comfortable about a home purchase). The way to successfully find that seller is to widen your consideration to properties more than 30 years old. The more “superficial” interior updating a property needs, the more likely the seller may be willing to help you purchase it, IMHO.

After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.

[bearishgurl]

You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

I was a single parent earning under $50K per year when I purchased my current home 10 years ago. The prevailing fixed mortgage rate at the time was about 7.25% and this did not concern me at all. I do not regret this purchase today.

From your posts, the way I see your situation, your current tradeoff (to be a successful buyer in today’s 5% fixed rate mtg mkt) is to focus on properties where the bulk of the sellers have the ability to assist you, so you can keep back some cash reserves (and feel more comfortable about a home purchase). The way to successfully find that seller is to widen your consideration to properties more than 30 years old. The more “superficial” interior updating a property needs, the more likely the seller may be willing to help you purchase it, IMHO.

After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[bearishgurl]

[quote=Scarlett] . . . I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.[/quote]

Scarlett, if you are creditworthy, I see owners (with the wherewithal) who do not need the cash but need income carrying up to 70% of the purchase price. Banks are paying very little, if anything on savings/MM’s/CD’s right now and stocks are scary to invest in for a person who has no time to recover from a loss.

I see a deal of 50/40/10, 60/30/10, 70/20/10 or 80/10/10 on a $450K to $550K purchase very doable, with the seller’s contribution the middle of those numbers and their position subordinated to your 1st TD. If your OCB note is for 10 years (very doable), you will have ample time to pay it off or refi at that time and pay it off. Who knows, if the sellers are still alive in 10 years, they may give you a new note at that time!! I know I would if the note was performing :=]

Just some food for thought to consider in purchasing a property in an equally convenient location to where you are currently renting :=)

[bearishgurl]

[quote=Scarlett] . . . I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.[/quote]

Scarlett, if you are creditworthy, I see owners (with the wherewithal) who do not need the cash but need income carrying up to 70% of the purchase price. Banks are paying very little, if anything on savings/MM’s/CD’s right now and stocks are scary to invest in for a person who has no time to recover from a loss.

I see a deal of 50/40/10, 60/30/10, 70/20/10 or 80/10/10 on a $450K to $550K purchase very doable, with the seller’s contribution the middle of those numbers and their position subordinated to your 1st TD. If your OCB note is for 10 years (very doable), you will have ample time to pay it off or refi at that time and pay it off. Who knows, if the sellers are still alive in 10 years, they may give you a new note at that time!! I know I would if the note was performing :=]

Just some food for thought to consider in purchasing a property in an equally convenient location to where you are currently renting :=)

[bearishgurl]

[quote=Scarlett] . . . I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.[/quote]

Scarlett, if you are creditworthy, I see owners (with the wherewithal) who do not need the cash but need income carrying up to 70% of the purchase price. Banks are paying very little, if anything on savings/MM’s/CD’s right now and stocks are scary to invest in for a person who has no time to recover from a loss.

I see a deal of 50/40/10, 60/30/10, 70/20/10 or 80/10/10 on a $450K to $550K purchase very doable, with the seller’s contribution the middle of those numbers and their position subordinated to your 1st TD. If your OCB note is for 10 years (very doable), you will have ample time to pay it off or refi at that time and pay it off. Who knows, if the sellers are still alive in 10 years, they may give you a new note at that time!! I know I would if the note was performing :=]

Just some food for thought to consider in purchasing a property in an equally convenient location to where you are currently renting :=)

[bearishgurl]

[quote=Scarlett] . . . I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.[/quote]

Scarlett, if you are creditworthy, I see owners (with the wherewithal) who do not need the cash but need income carrying up to 70% of the purchase price. Banks are paying very little, if anything on savings/MM’s/CD’s right now and stocks are scary to invest in for a person who has no time to recover from a loss.

I see a deal of 50/40/10, 60/30/10, 70/20/10 or 80/10/10 on a $450K to $550K purchase very doable, with the seller’s contribution the middle of those numbers and their position subordinated to your 1st TD. If your OCB note is for 10 years (very doable), you will have ample time to pay it off or refi at that time and pay it off. Who knows, if the sellers are still alive in 10 years, they may give you a new note at that time!! I know I would if the note was performing :=]

Just some food for thought to consider in purchasing a property in an equally convenient location to where you are currently renting :=)

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