Tough call in Murrieta

[j]

If the $3000 is the total looks like it is about the same to buy as rent after taxes. But with 10,000 foreclosures a month in the Inland Empire prices will go down.

Make sure you are getting a good loan. Do not trust the broker; take your loan papers to your CPA. Look at all the fools that did not; it is worth a $100.

Plus, you will be stuck; it takes 6 to 18 months to sell.

[HLS]

Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.

You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?

If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.

If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.

Without knowing what you qualify for, it’s impossible to quote a rate or payment.

With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.

With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI

No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.

There are other creative ways to look at your situation.

J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.

J, Your generalizations are ridiculous.

[HLS]

Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.

You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?

If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.

If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.

Without knowing what you qualify for, it’s impossible to quote a rate or payment.

With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.

With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI

No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.

There are other creative ways to look at your situation.

J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.

J, Your generalizations are ridiculous.

[HLS]

Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.

You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?

If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.

If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.

Without knowing what you qualify for, it’s impossible to quote a rate or payment.

With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.

With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI

No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.

There are other creative ways to look at your situation.

J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.

J, Your generalizations are ridiculous.

[HLS]

Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.

You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?

If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.

If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.

Without knowing what you qualify for, it’s impossible to quote a rate or payment.

With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.

With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI

No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.

There are other creative ways to look at your situation.

J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.

J, Your generalizations are ridiculous.

[HLS]

Blue,
I’m in the mortgage biz in Murrieta and can give you the truth about your financing possibilities.
Anybody can say that, I’ll prove it to you.

You didn’t say exactly how much you have to put down.
Did you ask for any seller contribution to your closing costs ?

If it’s your dream home, it is already a whole lot less than you would have paid several years ago.
It is probably going to drop in value more, but monthly rents may not drop. It’s still going to cost you to live somehwere every month.

If you are willing to look at a non-recourse purchase loan for what it is, then you will just be renting from the lender for awhile, with a slight possibility of appreciation, maybe, someday.

Without knowing what you qualify for, it’s impossible to quote a rate or payment.

With 10% down, If you are looking at a fully amortized payment, fixed for 30 years, with MI, at the PAR rate, your net housing expense (PITI) per month will be over $3000 per month EVEN IF your situation/credit score/income is perfect.

With 20% down, a $360K loan at par TODAY would have payments of $2154 PI. + TI

No matter what you decide to do in CA, buying rental property for CASH is not a wise thing to do.

There are other creative ways to look at your situation.

J, Your comments are simply foolish.
I’ve had the same accountant who I respect and have used for over 25 years, and he doesn’t understand the first thing about originating a loan, nor does he want to review loan docs. That’s not his concern.
AND
A home can be sold on the first day listed if it is priced right.

J, Your generalizations are ridiculous.

[hipmatt]

450k seems a bit high. I see McMansions all day long in Murrieat for 350k…

I was also wondering what you are putting down, and your professions as well if you don’t mind sharing?

People can say this and that about predicting where home prices are going and when they are bottoming, and some of it is true.
But if you take a look at the UBER inventory levels of the IE, the fact that many in this are had RE related jobs and are now hurting, high gas prices affecting the few who do make big $$(commuting to SD/LA, etc, and that credit markets are tight and most likely will be for a while. Things don’t look too rosy for the IE at all. I will boldly go on record (as unpopular as it has become here at piggington)to say that prices there are going much lower.

You can keep renting and buy some local muni bonds that pay a tax free over 5%.

Good luck with your decision.

[hipmatt]

450k seems a bit high. I see McMansions all day long in Murrieat for 350k…

I was also wondering what you are putting down, and your professions as well if you don’t mind sharing?

People can say this and that about predicting where home prices are going and when they are bottoming, and some of it is true.
But if you take a look at the UBER inventory levels of the IE, the fact that many in this are had RE related jobs and are now hurting, high gas prices affecting the few who do make big $$(commuting to SD/LA, etc, and that credit markets are tight and most likely will be for a while. Things don’t look too rosy for the IE at all. I will boldly go on record (as unpopular as it has become here at piggington)to say that prices there are going much lower.

You can keep renting and buy some local muni bonds that pay a tax free over 5%.

Good luck with your decision.

[hipmatt]

450k seems a bit high. I see McMansions all day long in Murrieat for 350k…

I was also wondering what you are putting down, and your professions as well if you don’t mind sharing?

People can say this and that about predicting where home prices are going and when they are bottoming, and some of it is true.
But if you take a look at the UBER inventory levels of the IE, the fact that many in this are had RE related jobs and are now hurting, high gas prices affecting the few who do make big $$(commuting to SD/LA, etc, and that credit markets are tight and most likely will be for a while. Things don’t look too rosy for the IE at all. I will boldly go on record (as unpopular as it has become here at piggington)to say that prices there are going much lower.

You can keep renting and buy some local muni bonds that pay a tax free over 5%.

Good luck with your decision.

[hipmatt]

450k seems a bit high. I see McMansions all day long in Murrieat for 350k…

I was also wondering what you are putting down, and your professions as well if you don’t mind sharing?

People can say this and that about predicting where home prices are going and when they are bottoming, and some of it is true.
But if you take a look at the UBER inventory levels of the IE, the fact that many in this are had RE related jobs and are now hurting, high gas prices affecting the few who do make big $$(commuting to SD/LA, etc, and that credit markets are tight and most likely will be for a while. Things don’t look too rosy for the IE at all. I will boldly go on record (as unpopular as it has become here at piggington)to say that prices there are going much lower.

You can keep renting and buy some local muni bonds that pay a tax free over 5%.

Good luck with your decision.

[hipmatt]

450k seems a bit high. I see McMansions all day long in Murrieat for 350k…

I was also wondering what you are putting down, and your professions as well if you don’t mind sharing?

People can say this and that about predicting where home prices are going and when they are bottoming, and some of it is true.
But if you take a look at the UBER inventory levels of the IE, the fact that many in this are had RE related jobs and are now hurting, high gas prices affecting the few who do make big $$(commuting to SD/LA, etc, and that credit markets are tight and most likely will be for a while. Things don’t look too rosy for the IE at all. I will boldly go on record (as unpopular as it has become here at piggington)to say that prices there are going much lower.

You can keep renting and buy some local muni bonds that pay a tax free over 5%.

Good luck with your decision.

[Anonymous]

Consider:
1) If you can continue to rent a similar house for $1,000/month less – well, there’s your answer.
2) Is your emotional attachment to this house (having previously selected it, put in the options etc.) playing a role in this decision?
3) Do you have a desire to ‘recover from past bad decisions’ that is driving this decision to buy?
4) Look to the current market weakness, not the price spread between what the home used to sell for and what it now sells for as your guide. EG: Just because it is now 200k less does not mean it is a good deal.
5) Do you have a false sense of ‘this was meant to be’ going on here? Coincidence of the same house you almost bought being up for sale again etc.

Just some thoughts, and emotional issues not normally discussed…

[Anonymous]

Consider:
1) If you can continue to rent a similar house for $1,000/month less – well, there’s your answer.
2) Is your emotional attachment to this house (having previously selected it, put in the options etc.) playing a role in this decision?
3) Do you have a desire to ‘recover from past bad decisions’ that is driving this decision to buy?
4) Look to the current market weakness, not the price spread between what the home used to sell for and what it now sells for as your guide. EG: Just because it is now 200k less does not mean it is a good deal.
5) Do you have a false sense of ‘this was meant to be’ going on here? Coincidence of the same house you almost bought being up for sale again etc.

Just some thoughts, and emotional issues not normally discussed…

[Anonymous]

Consider:
1) If you can continue to rent a similar house for $1,000/month less – well, there’s your answer.
2) Is your emotional attachment to this house (having previously selected it, put in the options etc.) playing a role in this decision?
3) Do you have a desire to ‘recover from past bad decisions’ that is driving this decision to buy?
4) Look to the current market weakness, not the price spread between what the home used to sell for and what it now sells for as your guide. EG: Just because it is now 200k less does not mean it is a good deal.
5) Do you have a false sense of ‘this was meant to be’ going on here? Coincidence of the same house you almost bought being up for sale again etc.

Just some thoughts, and emotional issues not normally discussed…

[Anonymous]

Consider:
1) If you can continue to rent a similar house for $1,000/month less – well, there’s your answer.
2) Is your emotional attachment to this house (having previously selected it, put in the options etc.) playing a role in this decision?
3) Do you have a desire to ‘recover from past bad decisions’ that is driving this decision to buy?
4) Look to the current market weakness, not the price spread between what the home used to sell for and what it now sells for as your guide. EG: Just because it is now 200k less does not mean it is a good deal.
5) Do you have a false sense of ‘this was meant to be’ going on here? Coincidence of the same house you almost bought being up for sale again etc.

Just some thoughts, and emotional issues not normally discussed…

[Author]

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