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carlsbadworker
Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
Participant[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
Participant[quote=asianautica]Didn’t you get the letter saying we get $7k instead? It’s $500 less than $7500 but we’re getting something for closing in 2008.[/quote]
What? The point is for what we are getting, we need to repay it back in 15 years. For those who closed this month, there is no need to repay the government.
Participant[quote=asianautica]Didn’t you get the letter saying we get $7k instead? It’s $500 less than $7500 but we’re getting something for closing in 2008.[/quote]
What? The point is for what we are getting, we need to repay it back in 15 years. For those who closed this month, there is no need to repay the government.
Participant[quote=asianautica]Didn’t you get the letter saying we get $7k instead? It’s $500 less than $7500 but we’re getting something for closing in 2008.[/quote]
What? The point is for what we are getting, we need to repay it back in 15 years. For those who closed this month, there is no need to repay the government.
Participant[quote=asianautica]Didn’t you get the letter saying we get $7k instead? It’s $500 less than $7500 but we’re getting something for closing in 2008.[/quote]
What? The point is for what we are getting, we need to repay it back in 15 years. For those who closed this month, there is no need to repay the government.
Participant[quote=asianautica]Didn’t you get the letter saying we get $7k instead? It’s $500 less than $7500 but we’re getting something for closing in 2008.[/quote]
What? The point is for what we are getting, we need to repay it back in 15 years. For those who closed this month, there is no need to repay the government.
ParticipantNor-LA-SD-guy, a deal on a house is not determined by price per square footage, but by getting what you want with as little as possible.
After all, the house you bought is now off the market so the comps don’t work exactly.When I started house hunting in August, my goal was to buy at the end of the year, and get 15% lower price than the market price at the time (I remember SDR questioned me at that time what makes me thinking that it would drop 15%). At the end, I think the price in Temecula did indeed drop about 15% on average and the house I bought (a short sale) was 22% cheaper than its listing price in Aug/Sep timeframe. Plus, the interest rate dropped which probably saved me over 10% as well. So I am happy with my purchase, no matter whether the overall market will drop or not. Like TG, I will just pick up a rental property if it indeed keeps on dropping to ridiculous levels (e.g less than x100 house/rent ratio)
ParticipantNor-LA-SD-guy, a deal on a house is not determined by price per square footage, but by getting what you want with as little as possible.
After all, the house you bought is now off the market so the comps don’t work exactly.When I started house hunting in August, my goal was to buy at the end of the year, and get 15% lower price than the market price at the time (I remember SDR questioned me at that time what makes me thinking that it would drop 15%). At the end, I think the price in Temecula did indeed drop about 15% on average and the house I bought (a short sale) was 22% cheaper than its listing price in Aug/Sep timeframe. Plus, the interest rate dropped which probably saved me over 10% as well. So I am happy with my purchase, no matter whether the overall market will drop or not. Like TG, I will just pick up a rental property if it indeed keeps on dropping to ridiculous levels (e.g less than x100 house/rent ratio)
ParticipantNor-LA-SD-guy, a deal on a house is not determined by price per square footage, but by getting what you want with as little as possible.
After all, the house you bought is now off the market so the comps don’t work exactly.When I started house hunting in August, my goal was to buy at the end of the year, and get 15% lower price than the market price at the time (I remember SDR questioned me at that time what makes me thinking that it would drop 15%). At the end, I think the price in Temecula did indeed drop about 15% on average and the house I bought (a short sale) was 22% cheaper than its listing price in Aug/Sep timeframe. Plus, the interest rate dropped which probably saved me over 10% as well. So I am happy with my purchase, no matter whether the overall market will drop or not. Like TG, I will just pick up a rental property if it indeed keeps on dropping to ridiculous levels (e.g less than x100 house/rent ratio)
ParticipantNor-LA-SD-guy, a deal on a house is not determined by price per square footage, but by getting what you want with as little as possible.
After all, the house you bought is now off the market so the comps don’t work exactly.When I started house hunting in August, my goal was to buy at the end of the year, and get 15% lower price than the market price at the time (I remember SDR questioned me at that time what makes me thinking that it would drop 15%). At the end, I think the price in Temecula did indeed drop about 15% on average and the house I bought (a short sale) was 22% cheaper than its listing price in Aug/Sep timeframe. Plus, the interest rate dropped which probably saved me over 10% as well. So I am happy with my purchase, no matter whether the overall market will drop or not. Like TG, I will just pick up a rental property if it indeed keeps on dropping to ridiculous levels (e.g less than x100 house/rent ratio)
ParticipantNor-LA-SD-guy, a deal on a house is not determined by price per square footage, but by getting what you want with as little as possible.
After all, the house you bought is now off the market so the comps don’t work exactly.When I started house hunting in August, my goal was to buy at the end of the year, and get 15% lower price than the market price at the time (I remember SDR questioned me at that time what makes me thinking that it would drop 15%). At the end, I think the price in Temecula did indeed drop about 15% on average and the house I bought (a short sale) was 22% cheaper than its listing price in Aug/Sep timeframe. Plus, the interest rate dropped which probably saved me over 10% as well. So I am happy with my purchase, no matter whether the overall market will drop or not. Like TG, I will just pick up a rental property if it indeed keeps on dropping to ridiculous levels (e.g less than x100 house/rent ratio)
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