[kaycee]

I read an interesting article this weekend that I can’t find a link to. Maybe one of the more savvy internet people can find it. I thought it was in The New Yorker. But maybe it was the NY Times. Anyway, it was titled something like “How the New York Co-Op Board Saved the Housing Market”. It talked about how NY Coop Boards would not aprove a buyer who had anything less 20% down and would not approve financing with any of the new “exotic” mortgages. Even when the rest of the world began to consider that commonplace. Many require even more than 20% down. They go on to speculate that that may be why the Manhattan market is one of the few that is not going down and is still appreciating in some areas. An island of sanity in the insane world. Funny to think of Manhattan as the bastion of reason.

[kaycee]

I read an interesting article this weekend that I can’t find a link to. Maybe one of the more savvy internet people can find it. I thought it was in The New Yorker. But maybe it was the NY Times. Anyway, it was titled something like “How the New York Co-Op Board Saved the Housing Market”. It talked about how NY Coop Boards would not aprove a buyer who had anything less 20% down and would not approve financing with any of the new “exotic” mortgages. Even when the rest of the world began to consider that commonplace. Many require even more than 20% down. They go on to speculate that that may be why the Manhattan market is one of the few that is not going down and is still appreciating in some areas. An island of sanity in the insane world. Funny to think of Manhattan as the bastion of reason.

[kaycee]

I read an interesting article this weekend that I can’t find a link to. Maybe one of the more savvy internet people can find it. I thought it was in The New Yorker. But maybe it was the NY Times. Anyway, it was titled something like “How the New York Co-Op Board Saved the Housing Market”. It talked about how NY Coop Boards would not aprove a buyer who had anything less 20% down and would not approve financing with any of the new “exotic” mortgages. Even when the rest of the world began to consider that commonplace. Many require even more than 20% down. They go on to speculate that that may be why the Manhattan market is one of the few that is not going down and is still appreciating in some areas. An island of sanity in the insane world. Funny to think of Manhattan as the bastion of reason.

[kaycee]

The Navy moves packs and moves you for free, gives you a tax free moving allowances to pay for other moving expenses, and lets you borrow up to two months of your base pay interest free. That’s about it.

Many places do have housing available on base that is free. So you dont have to deal with housing at all. Just move into one of their houses. But it isn’t always available, and often when it is there is a waiting list, so you have to move twice. Also in many places the houses are so old and delapitated that they are depressing to move into. That is changing and is part of the problem in Beaufort for instance. The base housing is being rebuilt there and many new military people are now moving onto base when they arrive. Four years ago only people who had to live on base did.

My husband is a Dr. though and so we are stationed at Hospitals which usually have base housing only for the CO/XO .

[kaycee]

The Navy moves packs and moves you for free, gives you a tax free moving allowances to pay for other moving expenses, and lets you borrow up to two months of your base pay interest free. That’s about it.

Many places do have housing available on base that is free. So you dont have to deal with housing at all. Just move into one of their houses. But it isn’t always available, and often when it is there is a waiting list, so you have to move twice. Also in many places the houses are so old and delapitated that they are depressing to move into. That is changing and is part of the problem in Beaufort for instance. The base housing is being rebuilt there and many new military people are now moving onto base when they arrive. Four years ago only people who had to live on base did.

My husband is a Dr. though and so we are stationed at Hospitals which usually have base housing only for the CO/XO .

[kaycee]

I KNOW that lending bubble. It was a joke. Ya know, sense of humor.

And I actually disagree with you. Congratulations, you’re the first poster I’ve disagreed with.

My worst case scenario is they trash my house and I have to fix it. Possible but unlikely in this particular situation.

Or they walk away and I get my house back. Very possibly worth less but its a waterfront house with a view of Hilton Head Island in a military town. It will always have some inate value.

Neither is as dire as being smashed to bits by a train. More like missing a train.

[kaycee]

I KNOW that lending bubble. It was a joke. Ya know, sense of humor.

And I actually disagree with you. Congratulations, you’re the first poster I’ve disagreed with.

My worst case scenario is they trash my house and I have to fix it. Possible but unlikely in this particular situation.

Or they walk away and I get my house back. Very possibly worth less but its a waterfront house with a view of Hilton Head Island in a military town. It will always have some inate value.

Neither is as dire as being smashed to bits by a train. More like missing a train.

[kaycee]

Thanks I’ll need the luck. Haven’t had much up to now.

I did seek professional advice. Here’s what they said: Do they have a pulse? Are they willing to sign an agreement of sale? Wow You just won the lottery!

And I should say that the rent isn’t very low. I would say it is the low end of the range. Of course I had been adverising it for rent too and hadn’t been getting anywhere. The house was way too big for most people and they were scared by the utilities.

Here’s how I see it. Has anybody ever been to NYC and seen the “DON’T BLOCK THE BOX” signs. The idea is that gridlock is caused when one car or set of cars block the intersection. Then cars going the other direction can’t progress, blocking the intersection behind then, which causes a cascading effect. (Sorry if this is obvious, I know in So Cal people only drive on Freeways)

Well that’s whats happening. People cant sell their house so they can’t buy the next house. So the next house people cant sell their house. Soon all potential buyers are in gridlock. This is a way to get around this. Get houses off the MLS, lowering the inventory, and stabalizing the market.

I’m sticking my neck out to see if it works. I’m unblocking the box. I’m singlehandedly saving the housing market!! You may all thank me later. 😉

[kaycee]

Thanks I’ll need the luck. Haven’t had much up to now.

I did seek professional advice. Here’s what they said: Do they have a pulse? Are they willing to sign an agreement of sale? Wow You just won the lottery!

And I should say that the rent isn’t very low. I would say it is the low end of the range. Of course I had been adverising it for rent too and hadn’t been getting anywhere. The house was way too big for most people and they were scared by the utilities.

Here’s how I see it. Has anybody ever been to NYC and seen the “DON’T BLOCK THE BOX” signs. The idea is that gridlock is caused when one car or set of cars block the intersection. Then cars going the other direction can’t progress, blocking the intersection behind then, which causes a cascading effect. (Sorry if this is obvious, I know in So Cal people only drive on Freeways)

Well that’s whats happening. People cant sell their house so they can’t buy the next house. So the next house people cant sell their house. Soon all potential buyers are in gridlock. This is a way to get around this. Get houses off the MLS, lowering the inventory, and stabalizing the market.

I’m sticking my neck out to see if it works. I’m unblocking the box. I’m singlehandedly saving the housing market!! You may all thank me later. 😉

[kaycee]

Well phrased. I’ll keep the board posted on how it turns out. “what they become when things go wrong” is my new favorite phrase. That is true in all situations, isn’t it.

[kaycee]

Well phrased. I’ll keep the board posted on how it turns out. “what they become when things go wrong” is my new favorite phrase. That is true in all situations, isn’t it.

[kaycee]

That was basically my thoughts as well, FSD. If I refi now, I will automatically go into a higher rate than what I am guaranteed to have for at least the next two years.

But I did pull up and ck my note. (I promise that I knew my terms well at the time, they just got fuzzy over the years)

My Index is indeed the LIBOR. My rate is the LIBOR +2.25. My one year cap is 2% and and my maximum is 9.125.

I could not close escrow for two years. So maximum I guess I could get to is 8.625. But wouldn’t that be close to what I would have to refi into since I would be paying non-owner occupied rates?

My P&I at the highest end would be I figure about $2600. Obviously a lot more than I started out at but not beyond my ability to pay.

[kaycee]

That was basically my thoughts as well, FSD. If I refi now, I will automatically go into a higher rate than what I am guaranteed to have for at least the next two years.

But I did pull up and ck my note. (I promise that I knew my terms well at the time, they just got fuzzy over the years)

My Index is indeed the LIBOR. My rate is the LIBOR +2.25. My one year cap is 2% and and my maximum is 9.125.

I could not close escrow for two years. So maximum I guess I could get to is 8.625. But wouldn’t that be close to what I would have to refi into since I would be paying non-owner occupied rates?

My P&I at the highest end would be I figure about $2600. Obviously a lot more than I started out at but not beyond my ability to pay.

[kaycee]

gn,

I had lowered the price from originally $749,000 to $599,000. The other houses on my street (waterfront) are currently $749, $795, $850, $890. So I would say I tried that strategy.

As for equity: I paid $385,000 but I bought the house from a bankrupt builder so it still needed a ton of finish work. We have about $120,000 into it. But I have a 1st of about $300 and a 2nd of about $75. And I took $520. So I’ll clear $140 before commissions and transfer costs. All in all I guess I’m about even to a small loss? Not bad I guess.

I tried to cut the timeframe shorter. I even offered to lower the price if they would settle sooner. But they’re scared too that they won’t be able to unload their house. It is, after all in the same nieghborhood as mine so they have to face the same market.

[kaycee]

gn,

I had lowered the price from originally $749,000 to $599,000. The other houses on my street (waterfront) are currently $749, $795, $850, $890. So I would say I tried that strategy.

As for equity: I paid $385,000 but I bought the house from a bankrupt builder so it still needed a ton of finish work. We have about $120,000 into it. But I have a 1st of about $300 and a 2nd of about $75. And I took $520. So I’ll clear $140 before commissions and transfer costs. All in all I guess I’m about even to a small loss? Not bad I guess.

I tried to cut the timeframe shorter. I even offered to lower the price if they would settle sooner. But they’re scared too that they won’t be able to unload their house. It is, after all in the same nieghborhood as mine so they have to face the same market.

[Author]

Posts