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lendingbubblecontinues
ParticipantOff topic a bit, but…
Has anyone else seen the disgusting and disturbing pairs of “balls” that some pickup truck drivers dangle from their towing hitch?!?! This is truly sociopathic and sick!!
I’ve got virgin eyes and ears travelling in the car with me (little kids) and I swear I’d love to see someone throw said “balls” through the windshields of those redneck drivers’ gas-guzzlers.
So..to sum up…if YOU have a pair of these disgusting “balls” hanging from your pickup…remove them at once. Next…run, do not walk, to the loony bin and ask for a straight-jacket. Thank you.
ParticipantActually, PS…
If you have lived in your home for two years through today, for example, and then rent it out for three years, you will qualify for the cap gains tax exclusion, if you sell it before the end of the three years is up.
This is because you will have lived in your house for 2 out of the preceding 5 years, which meets the standard.
ParticipantLet's put this to bed, once and for all. Say a guy pays $2400 rent for a nice SFR that has "current" market value of $625,000 (which would cost roughly $4272 per month using a 5/1 Option ARM, including taxes). It is costing him $22,464 less per year to live in this home by renting it than buying it. Even if his rent went up by a ridiculous 25% to $3000 per month, he would pay $15,264 LESS per year to rent the home than he would to buy it. Finally, if the value of the house were to come down (as it will…duh) to 2001 prices or cheaper in the "overshoot" of this correction, it would come down by well over $200,000. I submit to you that losing $200,000 of value in your house (or perhaps MUCH more) hurts a LOT worse than having to pony up an extra $200 bucks a month in rent as you suggest may happen. Not buying any of the argument for higher rents…I will stay out of the ownership game until both rents and home prices are suffering dramatically…likely beginning late 2007/early 2008.
ParticipantNext offer that comes in:
Think long and hard before you decide to “counter”…I think people have been watching too much World Series of Poker and think they are good at gamesmanship. Not true. Very few people could negotiate their way out of a wet paper bag.
Good luck to you…keep us posted if you would kindly.
Participant“clearly they are just bottom fishing”-
When I went into the car dealer last January, I had done weeks of research into figuring the best possible price for the car I wanted. I knew exactly what I would pay, or else there would be no deal.
I had already driven the car I wanted and I knew it was available at several dealerships in the area. Once I learned that one particular dealership was changing ownership on a set known date, I went in there at 5:30 (they closed at 7:00) on the last day they were going to be owned by the “selling” ownership.
I made my offer..told them this was the car I was going to buy, whether they accepted my offer or not. I told them exactly how much I was willing to pay (to the penny) and that I would walk if they countered. This entry-level luxury car MSRP was close to $38,000 and I offered just over $33,000…”bootom-fishing, right?”. My wife stayed home because she figured the dealer wouldn’t go for it.
Guess what? I love my new car! And have been enjoying it since January ;)!!
Don’t let frustrated sellers diminish your research and determination.
Kaycee—if you need to sell…quit playing games and sell! There is a “tsunami” heading your way and I suspect your home will be well “underwater” (below the lowball offer you turned down) by this time NEXT YEAR!! Be thankful for anyone who is willing to buy your house from you, if you pocket any gains as a result! America is SLOWLY waking up from its’ drunken stupor to realize that prices are WAY TOO HIGH!
Good luck to you.
ParticipantAlright…
Enough with the “increase in rents and income” theory–you aren’t going to find many people on these forums who agree with you. The real estate market is simply not going to play out the way I interpret your posts and comments to read (no soft landing, sorry). Let’s check back on this one in a year to see who is right…
ParticipantI did not suggest that people who are foreclosed on don’t rent…just that they will not be renting in the same nice communities most of us live in…perhaps the landlords in National City don’t check credit, I don’t know-
Lose your house to foreclosure, though, and you will likely be renting a space from the KOA in Chula Vista, NOT a 4/3 SFR in Bonita.
ParticipantI’m not too concerned about those who will be foreclosed on pushing up rents…
They will be living in campgrounds or moving back in with “Mom and Dad” (assuming the parents are solvent, of course)….NOT competing with me for 2500 sqft. SFR’s in nice areas….who in their right mind would rent to someone who has just been foreclosed on?!?!?
Yawn….let the collapse continue…
Participantrolling on the floor, laughing my ass off!! (ROTFLMAO) Don’t feel too bad for the guy across the street…perhaps he will be in foreclosure soon enough himself 😉
I’ve been saying for awhile now…those signs will soon be changed from “I’m GORGEOUS inside” to “I’m SCREWED inside!!” or even worse “I’m F**KED inside!!”
ParticipantNeat-o Beebo….
Let me know when those cars down get down to a “buck” and then you’ll have my interest.
ParticipantLet’s see 3 lease renewals in the last four years and my rent has gone up….never. I feel so lucky to be among the 0.1% 😉
Don’t forget—the “outlying areas where people speculated” were purchased and financed by people who live in “areas that were desirable to live in”.
This is a zero-sum game and I know LOTS of people who live in “desirable” areas that took bus trips to Arizona to invest within the last year and a half…YEE-HA!!!!
ParticipantInteresting Daniel…
Very agressive indeed. Still, though, paying $581K for a “paired” home is absolutely ridiculous!!! You’d better hope you like the guy who buys nexts door to you, and hope he doesn’t resort to starting a meth lab in his bathtub to pay his bills when the ARM adjusts.
They should probably rename the development from “Cassero” to “Problemo”….same number of syllables, same POS over-priced houses….
ParticipantIt is this “stretching of the truth” that I have been railing against for the last three years.
Lot’s of nice, good people are going to burned as a result of the housing bubble’s equivalent to laundered money.
There has not been a “fundamentals” based transaction on a cookie-cutter home or condo since at least 2003, probably earlier. This is why we will see home prices back below where they were in 2003. Argue all you want with me, but this is how it’s going to be. The whole country is heading back to 2001 prices if you ask me. How can anyone know the true value of their home in these conditions, with so many fraudulent players, “painting the tape”.
Prove your point, with a sound case, and I will change my mind. Otherwise, grit your teeth, and sell real-estate and loans to people at your own peril, as they will most likely all end up in financial ruin as a result of your efforts.
Participantsdr…stirring the pot won’t change the outcome…a good indicator for you that the bottom is in is when people stop referring to homes as investments. period.
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