[DaisyDuke]

I work in the Wells Fargo tower in Downtown Los Angeles right next to all the lofts. Your friend is (IMHO) an I D 10 T . . . sorry. But we can only wish him/her the best of luck.

[DaisyDuke]

Yes Desperate Buyer things are looking rosier by the minute . . .

http://www.nationalmortgagenews.com/nmn/frame.htm

2:30 pm : The bottom continues to fall out of stocks as concerns about sub-prime mortgage misfortunes spreading into the broader economy and signs of liquidity drying up continue to weigh on the proceedings.

Even though Fed Chairman Bernanke put to rest those fears in a Q&A session after speaking before the House Budget Committee on Wednesday, his words appear to have since fallen on deaf ears. Countrywide Financial (CFC 37.05 -0.39) has since reported in an SEC filing that delinquencies surged 19% last year while U.S. regulators today demanded tougher standards for sub-prime adjustable-rate mortgages.DJ30 -109.07 NASDAQ -31.43 SP500 -14.97 NASDAQ Dec/Adv/Vol 2211/750/1.66 bln NYSE Dec/Adv/Vol 2390/834/1.22 bln

[DaisyDuke]

Trust has nothing to do with any of this, especially with anymous people on the internet — Heck, you could be Richard Nixon incarnate. The best part is the market has it’s own momentum and we all will get to see who is right/wrong . . . or a combination of the two.

[DaisyDuke]

Thanks 4plexOwner for your information. I had wondered how the 40 year mortgages were going to slow this dripping iceberg from complete meltdown. I can see that the payment difference isn’t really that substantial. Tell me, Japan really had 100 year mortgages? Crazy! Certainly didn’t ameliorate, shorten or stop their crash. Facts are good! Knowledge is power!

Thanks so much! DaisyD

[DaisyDuke]

Having just gone through it, don’t buy anything else until your home sells. Risky buyers are out there so be prepared for “hoops”. One thing I would have done differently is that I would have written the escrow so that I had a longer time to move out after escrow closes. If you do that, you won’t have to commit yourself until you know it is going, going, gone! That was one of the scary things for me. I signed a lease on another piece 10 days before escrow was to close, had my stuff packed up and ready to go and the day it was to close it almost fell through but I guess the lender got tired of the whole thing and let the loan fund.

I was freaking out when I thought I’d have to continue to make my mortgage payment and a rent payment . . . so, I understand the fear of all those “flippers” out there I guess.

Good luck and keep us posted.

[DaisyDuke]

With rising inflation looming and the dollar’s value sinking, I don’t see the Feds lowering the rates.

[DaisyDuke]

Little Lady, I appreciate your need for anonymity, however, could you give us some details about your house.

Maybe general location (or not), asking price, square foot, number of rooms, special features? Anything you can give that won’t give up your info just so we can get a general picture of your piece of property.

I would love to track this too. I recently sold myself and got through by the skin of my teeth with a buyer who originally said they were putting 5% down and then changed mid-stream because they wanted some money to change a few things and put up a fence. Well, the sale indeed almost fell through because the lender at the last minute added some “credit” conditions. It closed. Anyway, we’ve kept in touch with the buyer as she is a young girl and this was her first home and we wanted to make sure she knew how to work things, and take care of the spa, etc., well, she has no money to put up a fence, she has no furniture, she has a small fridge in place of where a double door stainless steel fridge resided. We offered to sell her the fridge (which was relatively new.) but she said no. So much for wanting to keep some money back to fix some things.

My sale was in North Orange County.
My property was listed for $480,000
I received several offers and one actually at $490,00 and they asked us to carry closing costs. Lender would not allow the appraiser to appraise anything over the last sale in my complex. So, wanting to sell the dang thing, we took $477,000 and paid $7,000 in closing costs. We walked away with about $230,000 in the bank.

My property was 1670 sq. feet
3 Large bedrooms (which is hard to find)
2 1/2 baths
Good open floor plan
Completely remodeled inside with a new custom (not Home Depot) kitchen — all the pullouts you could imagine.
Huge association dues – $280.00 a month
Good, safe community with 230 units.

Despite the fact that I had to relinquish my beautiful kitchen, I am looking forward to a nicer piece of property that I can afford and not have to pay on a gazillion years. If I remodeled one, I can do it to another.

Daisy . . .

[DaisyDuke]

People who just walk away don’t worry about finding someone to assume their obligations either . . .

I’m not so certain this isn’t going to be a “trend” that we will see (a lot) more of.

I know this question was crazy, but I can’t help think people with these toxic loans who are going to be foreclosed on are going to get in a certain mindset and consider the house “disposable”. Okay, maybe it will screw up their credit for 7 years, but I’ve seen people file bankruptcy who have more stuff (house/cars/clothes/vacations) than I do.

[DaisyDuke]

Since the statistics in the US demonstrate that we are in “negative savings”, they certainly weren’t putting the $$ in CDs or other savings/retirement accounts.

[DaisyDuke]

Fremont announced today . . . .

http://www.calculatedrisk.blogspot.com/

[DaisyDuke]

Hmmm, how about a “Thing”?

[DaisyDuke]

You go BuyerWillEPB!! Don’t follow the masses!

[DaisyDuke]

My two cents to the original post . . .

Wait as long as you comfortably can. If you find the property you love and it is priced right, then perhaps that is the time to buy. I say “love” . . . so you better LOVE it.

My recipe as one who just left the OC homeownership club . . .

Generally, figure our the historical Year Over Year appreciation in your area for the last 10 to 15 years. Then, take the value of your property at the beginning of say 1998 and then calculate the Y-O-Y appreciation up to the current date. If you find that a property is “reasonably” within a comfort zone for you if you LOVE the property, then that might be the buy for you. If it is still out of the ballpark, then decide whether that piece is worth the added cost for 30 years. If so, buy the house. If not, wait awhile longer and save yourself another year’s salary.

DD

[DaisyDuke]

One last reply . . . Bush says the economy is strong.

Is this where I vomit?

[DaisyDuke]

W O W . . . I’ve got my homework to do. Having just been slammed with information, I’m at a loss for words. Much as you say I have quickly (I think) learned within the last 60 days some (minus the wine glasses at 11:00 p.m.) since entering the “seller’s/buyer’s” market after being blindly idle for 20 plus years . . . Them damn (_____)! Please, fill in the blank.

Okay, where do we start the new America?

[Author]

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