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bearishgurl
Participant[quote=flu][quote=jimmyle]Great deal, you can’t even find used 2011 Accords at this price.
[/quote]A good portion of late model preowned at dealers/etc are lease returns or loaners. Most of them are fully loaded (at the time of 2011). You’ll end up paying for options. Great if you feel you need those options. Others, folks don’t care for those options…Furthermore, there’s a change the following year, some of those “options” end up being standard equipment.
Depending on your equipment selection, you might end up doing much better new versus preowned…So if you stick to your guns and go easy on the options group, you might do considerably better with new versus preowned. Also, factory-dealer incentives galore might end up make an current year vehicle effective base price much less.
When I bought, it was the first year mid-cycle update. More items went into the standard equipment package than the year right before it. So while the 2010 model preowned about $2k cheaper than 2011…it didn’t have the updated turboed engine (had the older 3.0 N/A engine that was 40hp less), didn’t have Bluetooth/usb integration, didn’t have the roof rails/etc)…It had a bunch of other stuff like heated seats, etc that I didn’t care for. For me, (and again personal choice), it made sense for me to go with the newer model.
One wouldn’t really know unless one plays in the game.[/quote]
Heated seats and on-demand AWD are the sh!t! I drive in the snow so these options will be in my next vehicle, along with all the other goodies. Excepting that I would prefer paper maps over Navigation (with its annoying voice leading me down the garden path) and am a good parallel-parker so don’t need a “backup camera,” lol.
I don’t like newer Cadillacs because they talk too much and won’t shut up.
Participant[quote=maverick][quote=bearishgurl]maverick, did you list your present home for sale before and did not receive any good offers? Can you get out of your home-purchase transaction and begin to look again after you have sold your present home? This would substantially fix your problem.
If you haven’t listed before, I’m just wondering why you are in escrow to purchase another residence before attempting to sell your old one, ESP since you stated you do not want to manage it yourself. PM companies charge about 10% of the rent per month to manage your property and you stated you have a young family and want more child(ren). This means frequent extra and unexpected monthly expenses coming up for you in the coming years when life happens.
I don’t need to know the location of your present home but if you have spent substantial money to fix it up like you want it, it has no HOA/MR and the school district is so good, why do you want to move?
I guess I am unclear as to why someone in such a position would enter escrow on another purchase for a principal residence.[/quote]
Thanks for your reply. I wouldn’t describe our situation as a problem but instead more of an opportunity and evaluating it both ways.
We don’t need to sell our current home to buy the one we are in escrow for now.
We are moving because we need a better set-up for my mother in law, who is 80, and moving in with us. I grew up with my grandparents (extended family) and am very greatful for it. I also happen to be one of the few who really get along with their in-laws.
The home we are in escrow is sectioned in a way that gives her independence while living with us.[/quote]Thanks, maverick. Makes sense. But since you don’t want to manage yourself, I’m still with the Piggs who say you should list your current property ASAP. The “small loss” … or … you never know, maybe “no loss or slight profit” (due to tight available inventory) you may have upon the sale of your current home will be much preferable to dealing with intermittent vacancies in the coming years.
ParticipantI’m happy for you, scaredy, ESP that you got .09% financing and zero down! This is impossible to do with used or even Certified Used vehicles.
Except for navigation and possibly a “backup camera,” neither of which I care about, I LOVE as many options as I can get! So I would likely be gouged when making offers on new vehicles outfitted the way I would want them.
I’d prefer to buy a 6+ year old vehicle (due to price, annual reg fees and ins prems) that is safe, heavy and fully loaded.
Different strokes for different folks. Enjoy 🙂
Participantmaverick, did you list your present home for sale before and did not receive any good offers? Can you get out of your home-purchase transaction and begin to look again after you have sold your present home? This would substantially fix your problem.
If you haven’t listed before, I’m just wondering why you are in escrow to purchase another residence before attempting to sell your old one, ESP since you stated you do not want to manage it yourself. PM companies charge about 10% of the rent per month to manage your property and you stated you have a young family and want more child(ren). This means frequent extra and unexpected monthly expenses coming up for you in the coming years when life happens.
I don’t need to know the location of your present home but if you have spent substantial money to fix it up like you want it, it has no HOA/MR and the school district is so good, why do you want to move?
I guess I am unclear as to why someone in such a position would enter escrow on another purchase for a principal residence.
Participantscaredy, a cursory Auto Trader check of Accord EX-L (FULLY LOADED model) private party sales within 50 mi of Temecula (most in the OC) reveals these avail vehicles … for starters.
2006-2011 model years asking $14,900 to $25K. Ironically, some of the ones claiming the lowest mileage are the oldest model years! Why play games and haggle over $600 when you can have a fully loaded model where someone else paid for all the extra goodies and dealer prep?
Hint: when a PP vehicle-seller has a lien, you can get pre-approved at your bank or cc for loan in advance (if you wish to finance) and go to their lender (if local) to get their payoff from the horse’s mouth and pay them directly to consummate the transaction or arrange a wire transfer from your lender. OR, you can do the transaction from your bank during a biz day where your banking officer can get a faxed or telephonic payoff amt from the seller’s lender. The seller’s lender will then mail you (or your lender) the title in a few business days.
A PP seller often needs to get out of their vehicle loan ASAP for various reasons. Unlike the stealership, they don’t need to make a dime over that.
If what they owe is just under the PP Bluebook value and you are getting all the goodies (options) with it as well, why not go this route?
These PP sellers aren’t “trading in” because they either don’t want to replace the vehicle or must get out of the loan and can’t get enough on a trade in to do so or for both reasons.
Work it, scaredy. It’s what you do best … remember??
Participant[quote=spdrun]Better the devil you know than the devil you don’t…. And FYI, I just took a 1000 mile trip in a 30 year old car.[/quote]
spdrun, does your old Merc Diesel (do I have this right?) have hydraulics?
And can you hear it coming from up the street?
Participantscaredy, just tuck a couple of beach towels in the seats and tell your kids they can ride in the old car on the next road trip with their bare feet hanging out the windows.
And carry a pan with you to put under it when you park it so as to not mess up the friend or relative’s driveway whom you’re staying with :=0
And don’t forget to carry extra fluids, incl a few gallons of water for the radiator!!
Participant[quote=CA renter][quote=bearishgurl]. . . or join your anvil twin to the south.
What’s that supposed to mean??
As if I care. What gives YOU the idea that you are somehow “better off” than me? Is it because you might spend more … on a daily basis?
Pray tell, how does that make YOU better off than ME??[/quote]
Looks like sdr must have edited his post (assuming that’s who you’re respoding to here?) because I can’t see a quote about the “anvil sister” thing.
What did the arrogant ass say, BG? I’m dying to hear (yet again) about how great he is and how much better he is than anyone else. Just realize that he’s suffering from a severe case of Narcissistic Personality Disorder and ignore his posts when he starts making grandiose comments about himself or starts putting you or others down. He didn’t answer my question on another thread asking him why he goes on and on, ad nauseum, about his “upper middle class” upbringing and current social status. Other people here have come from the same or better backgrounds and have accomplished more in their lives than he has, but they don’t feel the need to bring it up in every other post like he does.[/quote]
CAR, I couldn’t edit it to properly “quote” sdr because I accidentally duplicated my post. He “claims” (lol) it’s not about me but it actually is!
http://piggington.com/more_public_pension_loony_tunes_now_providence_ri_is_in_trouble?page=1
It was about YOU and ME … LOL. He also “claims” to be “ignoring me” but if he was, he wouldn’t be trying to get in jabs at me after I post.
As you can see above, sdr didn’t answer my question, either. Why? He likely didn’t make any “predictions” on this site or any other. Why? Because, as he posted above, he reserves the right to “change his mind” depending on which way the wind is blowing. Well … ahem … in order to make a “coherent” prediction, one would have to type complete paragraphs, using correct spelling, grammar and proper sentence structure with references to links. That’s been a tall order for him … although he has been getting slightly better at this in recent months. He even created an image for himself … using the Geico Gecko. I’m actually proud of him for being able to do that! But WTH do I know? Maybe his kid inserted the lizard for him and he actually carries a dictionary in his back pocket now :=0
[quote=sdrealtor]…Haven’t had a glass of wine in 3 days. Too busy this week to slow down. Got a 3 day party to throw for 150 guests this coming weekend[/quote]
I thought you claimed you are having a Big Bash this weekend, sdr?
How are you going to be ready for all your High-Ranking Beautiful People guests when you’re sitting at your computer posting on Pigg? Aren’t you supposed to be coordinating with the caterer, deejay and lifeguard and accepting wine deliveries and porta-potti deliveries about now?? Well … get to it. Time’s a-wasting!
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As you may surmise, I’ve had a lifetime of experience dealing with folks like sdr. And that “experience” has served me very well, thank you!
Participantdup
Participant. . . or join your anvil twin to the south.
What’s that supposed to mean??
As if I care. What gives YOU the idea that you are somehow “better off” than me? Is it because you might spend more … on a daily basis?
Pray tell, how does that make YOU better off than ME??
Participant[quote=briansd1] . . . There are cyclical trends and there is location, location, location. Each market is different.
Oh, another thing about the long run, people in their 50s who bought at the peak who still holding on are pretty much screwed. Chances are they will die before they see a return.[/quote]
The first part you are correct on, brian. Each (micro)market is different.
If in this second paragraph, you are referring to me, you are in error. I bought an exceptional property in my forties in a very convenient location 11+ years ago with a 30%++ downpayment and am not underwater … by any stretch of the imagination.
I never took “cash out” in the interim and have never had a need to refi as the interest rate on my purchase-money mtg (1st and ONLY TD) floats with the current mtg market.
“Emotions” have nothing to do with it. I have never purchased RE on “emotion” in my life and never will. Due to my extensive RE education, I knew better than to do that since “day one.”
I’m looking forward to selling in a couple of years at a substantial profit or renting it out … again … at a substantial positive cash flow.
Participant[quote=briansd1]BG, that’s why it might be a good idea to buy in the hard-hit ares, if you can find some good deals. And if you believe those areas will come back.
In many areas, the housing collapse took on a life of its own and prices dropped below fundamentals, well below replacement cost. As an example, the replacement cost of my house in Vegas is more than double purchase price. USAA will insure the house only on condition of inspection because they don’t want a claim on a trashed house. Many insurance companies charge high premiums because of the claims in that market (because of foreclosures, short-sales, etc..) . . . [/quote]
I understand all this, brian. But WHO is going to rent YOURS or MY house in Lodi, for example, when there are now nearly twice as many living units as actually needed in that area?
And more importantly, how much can a long-term tenant there afford to pay (consistently) in rent?
I can see buying for clearance prices in a place like LV as even though it is overbuilt, it still has Nellis AFB and large government contractor-employers as well as it being the center of the gaming industry with a large tourism base. These sectors alone employ hundreds of thousands of people.
Los Banos and Brawley residents don’t have all these well-paying, benefitted jobs available to them. And when Norton AFB closed, it literally decimated the employment base of SB.
With contaminated groundwater, no residential building (thankfully) took place on Norton’s land (which was turned over to the City). Instead, distributor warehouses for retail and mfrs were built there after some mitigation work was undertaken by the City.
see: http://www.dtsc.ca.gov/Success/upload/Norton_AFB.pdf
(wait to load)Those forklift drivers for Kohl’s can’t possibly be making as much (salary and benes) as those thousands of GS-4 thru 9, GM-11 thru 14 and WG-5 thru 9 DOD jobs they replaced.
Not by a long shot.
ParticipantDeclines of 60% or better hit the likes of Stockton, SB, parts of RIV Co, parts of Sac Co, Lodi, Merced Co, Fresno Co, Los Banos, Salinas, Bakersfield, Campo and Imperial Co., etc. This was all due to massive overbuilding during the millenium boom (in conjunction with loose lending).
The portions of other cities/counties where massive overbuilding took place fared slightly better due to proximity to well-paying jobs, tourism AND/OR coastal locations.
Agree that location DOES matter but CAR stuck her neck out on these “predictions” and they turned out to be VERY accurate, to say the least.
Did YOU make any similarly-detailed predictions in ’06/’07 which we can access online now, sdr??
Hindsight is 20/20.
ParticipantIt seems “Prophet CAR” hit the nail on the head … down to the last detail every time she posted!
However, no one really knew the depth and breadth of the “free money” that would later be “given away” to FB’s!
Here’s the latest. Hopefully these “offer letters” will NOT be sent to the FB’s who took cash out of their properties :=0
The first batch of Bank of America’s (BofA’s) principal reduction offers was sent out to 60,000 qualified borrowers in the U.S. this May. Borrowers at least 60 days behind on their mortgage payments were offered an average $150,000 cramdown. BofA is expected to make a total of 200,000 principal reduction offers by August.
These cramdown offers are part of BofA’s efforts to meet the terms of February’s $25 billion national industry settlement resulting from the epidemic of fraudulent home loan originations and subsequent foreclosures. BofA has remained closed-lipped as to the precise criteria for electing which lucky borrowers are given the offer.
It seems that 200,000 floundering homeowners are in store for an unexpected windfall. However, the response from borrowers so far has been nothing short of uncanny: eerie silence.
Over half of the qualified borrowers solicited have not responded to BofA’s cramdown offer, even though a cramdown is an economically viable option in light of foreboding foreclosures.
Many are speculating about the lack of enthusiasm from BofA’s borrowers. Theories range from previous unpleasant customer service experiences with BofA, to a simple case of borrower fatigue. Many homeowners behind on mortgage payments whose previous calls for assistance went unanswered may be fed up with the taxing process of seeking help, believing BofA’s offer is among a large list of other modification offers which never come to fruition, or shortsale strategies that are just too good to be true.
BofA also has a somewhat notorious reputation for losing paperwork and poor administration, leading to a sense of mistrust among their disgruntled borrowers…
(emphasis added)
My take is that the low response rate, ESP in CA (where most of the letters were likely mailed to, due to higher overall values and a “captive audience”), is due to being able to “squat” ad infinitum. An “average” of $150K “cramdown” to sign a modification and begin paying on the modified mortgage is not that alluring to an FB who has been squatting for years. These borrowers’ credit is already shot and they simply feel they’ll make out better by calling B of A’s bluff and continuing to squat until another (bogus) offer comes along or they are evicted after foreclosure with perhaps some “walking money” ($3K?).
These offers also do nothing for the borrower who owes well over $150K more than their property is worth.
It’s as simple as that.
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