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gn.
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July 12, 2007 at 11:03 AM #65503July 12, 2007 at 11:14 AM #65444
bobby
ParticipantI don’t get it. If the person is not upside-down (still has equity) and plan to sell below market anyway. Why does she need to borrow money?
July 12, 2007 at 11:14 AM #65507ParticipantI don’t get it. If the person is not upside-down (still has equity) and plan to sell below market anyway. Why does she need to borrow money?
July 12, 2007 at 11:26 AM #65448gn
Participant“I don’t get it. If the person is not upside-down (still has equity) and plan to sell below market anyway. Why does she need to borrow money?”
She’s probably thinking: I’m already behind on my mortgage payment. So, I need some cash to stave off the lender & buy myself some time to put the property on the market & sell it quickly.
The problem is: most people over-estimate the values of their properties by a large margin. So, even when they list their properties at “under-market prices”, it’s still overpriced. And they will keep chasing the market down without ever catching up to the market price.
July 12, 2007 at 11:26 AM #65511Participant“I don’t get it. If the person is not upside-down (still has equity) and plan to sell below market anyway. Why does she need to borrow money?”
She’s probably thinking: I’m already behind on my mortgage payment. So, I need some cash to stave off the lender & buy myself some time to put the property on the market & sell it quickly.
The problem is: most people over-estimate the values of their properties by a large margin. So, even when they list their properties at “under-market prices”, it’s still overpriced. And they will keep chasing the market down without ever catching up to the market price.
July 12, 2007 at 3:12 PM #65532stop_the_bubble_hype
Participantgn,
You nailed it. She thinks if she can get money to catch up that she will be able to sell quickly and exit with no credit dings.
We have decided not to help but I am referring her to someone else I know who does foreclosure deals regularly and is less averse to risk than we are.
July 12, 2007 at 3:12 PM #65595Participantgn,
You nailed it. She thinks if she can get money to catch up that she will be able to sell quickly and exit with no credit dings.
We have decided not to help but I am referring her to someone else I know who does foreclosure deals regularly and is less averse to risk than we are.
July 12, 2007 at 4:41 PM #65563poorgradstudent
ParticipantThere are a couple of old truisms about lending friends money.
“Don’t lend a friend money if you plan to keep either”
and
“Never lend a friend money you would miss if they never paid you back”Now, there may be a way for you to set up something legally binding that would help protect you from the second one. But such an arrangement WILL put stress on the friendship. About the only person on the planet I would agree to such an arrangement for is my own mother; I’d consider it with my brother and sister, but would still be hesitant.
So yeah, usually money and friendship don’t mix.
July 12, 2007 at 4:41 PM #65625ParticipantThere are a couple of old truisms about lending friends money.
“Don’t lend a friend money if you plan to keep either”
and
“Never lend a friend money you would miss if they never paid you back”Now, there may be a way for you to set up something legally binding that would help protect you from the second one. But such an arrangement WILL put stress on the friendship. About the only person on the planet I would agree to such an arrangement for is my own mother; I’d consider it with my brother and sister, but would still be hesitant.
So yeah, usually money and friendship don’t mix.
July 12, 2007 at 5:18 PM #65567drunkle
Participantish… took out equity loans and blew it all in an inflated market, divorced with a “bitter custody battle”, asking friends of friends for money…
yeah, sounds like a real winner.
July 12, 2007 at 5:18 PM #65629Participantish… took out equity loans and blew it all in an inflated market, divorced with a “bitter custody battle”, asking friends of friends for money…
yeah, sounds like a real winner.
July 12, 2007 at 5:41 PM #65571JWM in SD
ParticipantDamn, how desperate does one have to be if they are willing to ask a friend of a friend for money in such a circumstance.
It’s like putting on a dunce cap and asking strangers to lend you $100.
This is who was going out and buying overpriced RE folks and drove the market to stupid levels.
No Sympathy, only derision and well deserved at that.
July 12, 2007 at 5:41 PM #65632ParticipantDamn, how desperate does one have to be if they are willing to ask a friend of a friend for money in such a circumstance.
It’s like putting on a dunce cap and asking strangers to lend you $100.
This is who was going out and buying overpriced RE folks and drove the market to stupid levels.
No Sympathy, only derision and well deserved at that.
July 12, 2007 at 6:29 PM #65577Participantshe might do better if she had the technical readouts of an imperial battlestation… “help me, internet friend, you’re my only hope.”
July 12, 2007 at 6:29 PM #65639Participantshe might do better if she had the technical readouts of an imperial battlestation… “help me, internet friend, you’re my only hope.”
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