[garysears]

I think for the low end the “flooding” of the market was 2007-2008 for REOs. I could be wrong but I am currently buying anyway, so I have placed my bet.

I also want to take the opportunity to vent about the REO process as I see it. In general it appears most lenders are not taking offers unless you use a predetermined lender of their choice to do the pre-approval. I don’t even know how this is legal but apparently it must be since it is the rule and not the exception. I played the game for one property but then decided I was done. If my current pre-approvals were not enough to get into escrow I wasn’t interested. Even with 2 current pre-approvals from different lenders, BofA still demanded I get a pre-approval from BofA. I refused and vowed to never do any business with them if I can avoid it. There is no reason I should have to have my credit run by a different company each time I simply want to make an offer.

My other observation: Fraud, Deceit, and Misrepresentation appear to be the norm for real estate transactions, at every level of the process. There is no transparency. There is no honest market.

End rant.

[garysears]

If I ever close escrow that will be the signal for all the banks to flush all the inventory at once. Money flows to some people. I am not one of those people.

It is hard to be excited about closing when

1: I’m taking on debt which even if it is productive is not a reason to celebrate.

2: I see potential for my whole downpayment equity to vanish depending on how the mortgage delinquent problem is fixed or not fixed.

When I close I’ll post a thread warning everyone to hold off on buying.

[garysears]

If I ever close escrow that will be the signal for all the banks to flush all the inventory at once. Money flows to some people. I am not one of those people.

It is hard to be excited about closing when

1: I’m taking on debt which even if it is productive is not a reason to celebrate.

2: I see potential for my whole downpayment equity to vanish depending on how the mortgage delinquent problem is fixed or not fixed.

When I close I’ll post a thread warning everyone to hold off on buying.

[garysears]

If I ever close escrow that will be the signal for all the banks to flush all the inventory at once. Money flows to some people. I am not one of those people.

It is hard to be excited about closing when

1: I’m taking on debt which even if it is productive is not a reason to celebrate.

2: I see potential for my whole downpayment equity to vanish depending on how the mortgage delinquent problem is fixed or not fixed.

When I close I’ll post a thread warning everyone to hold off on buying.

[garysears]

If I ever close escrow that will be the signal for all the banks to flush all the inventory at once. Money flows to some people. I am not one of those people.

It is hard to be excited about closing when

1: I’m taking on debt which even if it is productive is not a reason to celebrate.

2: I see potential for my whole downpayment equity to vanish depending on how the mortgage delinquent problem is fixed or not fixed.

When I close I’ll post a thread warning everyone to hold off on buying.

[garysears]

If I ever close escrow that will be the signal for all the banks to flush all the inventory at once. Money flows to some people. I am not one of those people.

It is hard to be excited about closing when

1: I’m taking on debt which even if it is productive is not a reason to celebrate.

2: I see potential for my whole downpayment equity to vanish depending on how the mortgage delinquent problem is fixed or not fixed.

When I close I’ll post a thread warning everyone to hold off on buying.

[garysears]

“after paying in 12 years on a 30 y mortgage, he’d just be starting to make significant principal payments, seems odd to pay off the mortgage at that point.”

I don’t understand why paying off debt is considered strange. People should be congratulated for paying off debt, not get the rolling of eyes! Maybe that is why we are where we are today.

There are very good reasons to desire debt free living. Of course in 1980 it is likely CDs were paying a higher interest rate than the mortgage. In that case I can see the point. I just don’t get why it is odd paying off a mortgage just because you’ve had it so long. Reducing liabilities in my mind is HUGE.

[garysears]

“after paying in 12 years on a 30 y mortgage, he’d just be starting to make significant principal payments, seems odd to pay off the mortgage at that point.”

I don’t understand why paying off debt is considered strange. People should be congratulated for paying off debt, not get the rolling of eyes! Maybe that is why we are where we are today.

There are very good reasons to desire debt free living. Of course in 1980 it is likely CDs were paying a higher interest rate than the mortgage. In that case I can see the point. I just don’t get why it is odd paying off a mortgage just because you’ve had it so long. Reducing liabilities in my mind is HUGE.

[garysears]

“after paying in 12 years on a 30 y mortgage, he’d just be starting to make significant principal payments, seems odd to pay off the mortgage at that point.”

I don’t understand why paying off debt is considered strange. People should be congratulated for paying off debt, not get the rolling of eyes! Maybe that is why we are where we are today.

There are very good reasons to desire debt free living. Of course in 1980 it is likely CDs were paying a higher interest rate than the mortgage. In that case I can see the point. I just don’t get why it is odd paying off a mortgage just because you’ve had it so long. Reducing liabilities in my mind is HUGE.

[garysears]

“after paying in 12 years on a 30 y mortgage, he’d just be starting to make significant principal payments, seems odd to pay off the mortgage at that point.”

I don’t understand why paying off debt is considered strange. People should be congratulated for paying off debt, not get the rolling of eyes! Maybe that is why we are where we are today.

There are very good reasons to desire debt free living. Of course in 1980 it is likely CDs were paying a higher interest rate than the mortgage. In that case I can see the point. I just don’t get why it is odd paying off a mortgage just because you’ve had it so long. Reducing liabilities in my mind is HUGE.

[garysears]

“after paying in 12 years on a 30 y mortgage, he’d just be starting to make significant principal payments, seems odd to pay off the mortgage at that point.”

I don’t understand why paying off debt is considered strange. People should be congratulated for paying off debt, not get the rolling of eyes! Maybe that is why we are where we are today.

There are very good reasons to desire debt free living. Of course in 1980 it is likely CDs were paying a higher interest rate than the mortgage. In that case I can see the point. I just don’t get why it is odd paying off a mortgage just because you’ve had it so long. Reducing liabilities in my mind is HUGE.

[garysears]

I agree that excessive speed can kill but it isn’t the main issue. The main issue is that idiot not paying attention who is about to do something irrational, for whom looking down the road is not the #1 priority. Driving slower wouldn’t necessarily mean fewer accidents. There are a ridiculous number of fender benders in stop and go traffic.

Most speed limits are overly conservative because they account for worst case scenarious with a HUGE margin thrown in. The fact is driving is really too easy. I am a more dangerous driver when I am mindlesslessly driving along on the interstate at 60mph because I go off into a daydream out of boredom. That lack of awareness is what kills.

Speed limits and fines are nothing more than a revenue generator for the state. They are set in such a way to really hamper the way the majority of the people would normally, safely operate vehicles. That restriction is why people resent and don’t respect speed limits. Fines don’t change behavior and frankly moderate speeding isn’t dangerous. It is more about relative speed (faster or even worse slower).

I think a better method of reducing accidents would be to just hold people accountable for failures. Absolutely hammer people at fault for any accident, no matter how minor. I’m talking several thousand dollar fine for a fender bender. Maybe license suspension/revocation if you are at fault in an accident. That incentive would make people pay attention and reduce fatalities while freeing drivers from the heavy hand of our nanny state.

[garysears]

I agree that excessive speed can kill but it isn’t the main issue. The main issue is that idiot not paying attention who is about to do something irrational, for whom looking down the road is not the #1 priority. Driving slower wouldn’t necessarily mean fewer accidents. There are a ridiculous number of fender benders in stop and go traffic.

Most speed limits are overly conservative because they account for worst case scenarious with a HUGE margin thrown in. The fact is driving is really too easy. I am a more dangerous driver when I am mindlesslessly driving along on the interstate at 60mph because I go off into a daydream out of boredom. That lack of awareness is what kills.

Speed limits and fines are nothing more than a revenue generator for the state. They are set in such a way to really hamper the way the majority of the people would normally, safely operate vehicles. That restriction is why people resent and don’t respect speed limits. Fines don’t change behavior and frankly moderate speeding isn’t dangerous. It is more about relative speed (faster or even worse slower).

I think a better method of reducing accidents would be to just hold people accountable for failures. Absolutely hammer people at fault for any accident, no matter how minor. I’m talking several thousand dollar fine for a fender bender. Maybe license suspension/revocation if you are at fault in an accident. That incentive would make people pay attention and reduce fatalities while freeing drivers from the heavy hand of our nanny state.

[garysears]

I agree that excessive speed can kill but it isn’t the main issue. The main issue is that idiot not paying attention who is about to do something irrational, for whom looking down the road is not the #1 priority. Driving slower wouldn’t necessarily mean fewer accidents. There are a ridiculous number of fender benders in stop and go traffic.

Most speed limits are overly conservative because they account for worst case scenarious with a HUGE margin thrown in. The fact is driving is really too easy. I am a more dangerous driver when I am mindlesslessly driving along on the interstate at 60mph because I go off into a daydream out of boredom. That lack of awareness is what kills.

Speed limits and fines are nothing more than a revenue generator for the state. They are set in such a way to really hamper the way the majority of the people would normally, safely operate vehicles. That restriction is why people resent and don’t respect speed limits. Fines don’t change behavior and frankly moderate speeding isn’t dangerous. It is more about relative speed (faster or even worse slower).

I think a better method of reducing accidents would be to just hold people accountable for failures. Absolutely hammer people at fault for any accident, no matter how minor. I’m talking several thousand dollar fine for a fender bender. Maybe license suspension/revocation if you are at fault in an accident. That incentive would make people pay attention and reduce fatalities while freeing drivers from the heavy hand of our nanny state.

[garysears]

I agree that excessive speed can kill but it isn’t the main issue. The main issue is that idiot not paying attention who is about to do something irrational, for whom looking down the road is not the #1 priority. Driving slower wouldn’t necessarily mean fewer accidents. There are a ridiculous number of fender benders in stop and go traffic.

Most speed limits are overly conservative because they account for worst case scenarious with a HUGE margin thrown in. The fact is driving is really too easy. I am a more dangerous driver when I am mindlesslessly driving along on the interstate at 60mph because I go off into a daydream out of boredom. That lack of awareness is what kills.

Speed limits and fines are nothing more than a revenue generator for the state. They are set in such a way to really hamper the way the majority of the people would normally, safely operate vehicles. That restriction is why people resent and don’t respect speed limits. Fines don’t change behavior and frankly moderate speeding isn’t dangerous. It is more about relative speed (faster or even worse slower).

I think a better method of reducing accidents would be to just hold people accountable for failures. Absolutely hammer people at fault for any accident, no matter how minor. I’m talking several thousand dollar fine for a fender bender. Maybe license suspension/revocation if you are at fault in an accident. That incentive would make people pay attention and reduce fatalities while freeing drivers from the heavy hand of our nanny state.

[Author]

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