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July 9, 2007 at 9:19 AM in reply to: House I am renting is about to go into pre-foreclosure – what to do? #64829
donaldduckmoore
Participantscruffydog, I just don’t understand your mind. I thought the discussion is going to die down. Did you just buy a house and now that you see the neighborhood house prices slide and you cannot accept that house market is going south is a reality? Unemployment data – if you think all of the house bubbles behave the same way, then we do not have to predict which way this market is going to. Reality – there is a house bubble and it is deflating. How fast is it deflating, no one knows. A lot of ppl here want to buy houses but they won’t and don’t want to buy a house when it is still at the peak or near the peak. We are not fueling anti-homeownerism!!!!!
Participantscruffydog, I just don’t understand your mind. I thought the discussion is going to die down. Did you just buy a house and now that you see the neighborhood house prices slide and you cannot accept that house market is going south is a reality? Unemployment data – if you think all of the house bubbles behave the same way, then we do not have to predict which way this market is going to. Reality – there is a house bubble and it is deflating. How fast is it deflating, no one knows. A lot of ppl here want to buy houses but they won’t and don’t want to buy a house when it is still at the peak or near the peak. We are not fueling anti-homeownerism!!!!!
ParticipantWho is really the loser in this kind of a deal? Why do they need to do that? The only end-result is the price jacked up, right.
ParticipantWho is really the loser in this kind of a deal? Why do they need to do that? The only end-result is the price jacked up, right.
ParticipantScruffydog, lots of piggingtonians here have houses. We, including me, are waiting to buy in the lower market because we all think that the housing market is crazy. Don’t worry, it will come. Housing market in the US (especially in SD) has similar symptoms (extremely inflated house price and stock price) as in those markets in Japan and Hong Kong before the bubble burst. We will all wait and see.
ParticipantScruffydog, lots of piggingtonians here have houses. We, including me, are waiting to buy in the lower market because we all think that the housing market is crazy. Don’t worry, it will come. Housing market in the US (especially in SD) has similar symptoms (extremely inflated house price and stock price) as in those markets in Japan and Hong Kong before the bubble burst. We will all wait and see.
ParticipantIf you are talking about long-run, buying a house is a good long-term investment. But in the short-term, you may lose. How much, I cannot tell you because it depends on how deep the house slump is going down and how long house recession is going to last.
ParticipantIf you are talking about long-run, buying a house is a good long-term investment. But in the short-term, you may lose. How much, I cannot tell you because it depends on how deep the house slump is going down and how long house recession is going to last.
ParticipantSD Realtor, I heard that Wellsfargo is getting things really seriously. But you have raised an interesting issue for consumers. Suppose a house is on sale for $500000, and someone bids to buy it for $490000, and another lowball bidder offers $420000. The seller accepts $490000 offer. If the appraisal said that the house should worth $450000, and Wellsfargo takes off 5% of the appraisal, ie $427500, then my question is will the transaction proceed? I suppose the loan will not be approved. Then, what will happen to both the property and the buyer? Will the buyer get a loan of less than $490000, or will the deal be given to a lowball bidder?
ParticipantSD Realtor, I heard that Wellsfargo is getting things really seriously. But you have raised an interesting issue for consumers. Suppose a house is on sale for $500000, and someone bids to buy it for $490000, and another lowball bidder offers $420000. The seller accepts $490000 offer. If the appraisal said that the house should worth $450000, and Wellsfargo takes off 5% of the appraisal, ie $427500, then my question is will the transaction proceed? I suppose the loan will not be approved. Then, what will happen to both the property and the buyer? Will the buyer get a loan of less than $490000, or will the deal be given to a lowball bidder?
ParticipantHaving a realtor does not mean you are not responsible when the buyer sues. Everyone along the line will get involved if there is a lawsuit.
ParticipantHaving a realtor does not mean you are not responsible when the buyer sues. Everyone along the line will get involved if there is a lawsuit.
ParticipantUnless you know all the knowledge about real estate, you need a good realtor, again, a good one.
ParticipantUnless you know all the knowledge about real estate, you need a good realtor, again, a good one.
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