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little lady
ParticipantI guess that depends where you are looking. In my neck of the woods, you can buy a decent, entry level house for around 400k. If it were to come down 10% that would be 360K, with just 10% down @5.68 (current standard interest rate according to bankrate @ http://bankrate.com/# ) that makes the payment around 1900 P.I., plus taxes and insurance. Rents around here are about 1800-2200 dollars so it makes rents a little closer to mortgage payments.
However, I DID say I thought house prices would stagnate. I believe this will happen until incomes catch up . Now I don’t KNOW anything, but I BELIEVE it will go something like that.
ParticipantI don’t have a lender.
I don’t know what interested rate the buyer has.
These are 2 DIFFERENT people/situations.
The person that told me that, was my husbands best friend-on HIS new house he is borrowing money for.
I BELIEVE him, he is getting a divorce from his wife, who is a manager at a credit union, she told me too.
Their old mortgage was at 3.9% because they got a discount due to the fact she worked for the company. However, I don’t believe he got any other discount than the buy down. Because THAT is what he told me.
ParticipantAbsolutely!
I hear gloom reports, I hear never ending bull reports….
What I believe is something somewhere in the middle, houses WILL drop at least another 10% and then the market will stagnate, until incomes catch up. To me that means mid 300k’s. Rents are at a mortgage payment of around 300k and when prices come down to where(mid 300k’s) they are close to renting/and it pays to buy rather than rent, that’s when the market will turn around. I think that time is what the SD realtor’s have been saying, FALL ’08. However, everyone is different and your needs are not mine. I will buy when I can get what I want and it makes sense, with a VA loan, fixed for 30 years.
It doesn’t make sense to me to wish for anything more, houses have always been a little more than we’d hope for.
In other words NOT cheap. I don’t expect miracles. I don’t expect to steal from some poor slob who can’t afford his house anymore. I expect to buy what I can afford at a fixed rate. I expect to get what I pay for.Goodnight,
Happy St. Patrick’s DayParticipantChris Johnston
Cardiff baseball
Thank you guys, I read both your comments often and always am enlightened by your information……
ttfn
Participant“May be you have a very good agent? My advice: Have your agent to confirm the source of fund/ down payment, credit & income.”
I see what your saying, and he says it looks good, and had some figures down on the forms I signed.(I think it said 12k and we talked about it, just didn’t seem too important to me) I could ask him for more details, but like you say I can wait and I am not that worried. I don’t HAVE to sell, I wan’t to sell.
My broker has been selling houses since ’72 and he is in the top 1% in the nation. He is famous around here for his excellence in his field. That’s why I chose him. However nothing is set in stone. If it falls through, so be it.
Thanks for the info though. I appreciate it and didn’t even think about all that.
March 17, 2007 at 12:46 PM in reply to: In California, Perris is at the epicenter of mortgage problems. #47896ParticipantI can’t make it big enough to read, any tips?
ParticipantWe are talking about 2 different people, I don’t know what the people buying my house have, but I think it’s at least 12k. MY FRIEND is buying a condo with a VA loan. Ever heard of a VA NO NO? It means you pay nothing. I did it on my current home, that I am selling.(that I bought in the bottom of the market last time around) However, he DID think he was GOING to have to put 10K down on it,…I don’t know why it changed.
ParticipantI am a big believer in “you reap what you sow”. Greed will getcha’, dishonesty will getcha’, karma baby……ttfn
ParticipantI will tell you the price after the sale goes through or I should say if …….He said he thought he was gonna have to put down 10k, but now it looks like 3k and he said he bought the interest rate down (I think 1 full percentage point) . I was floored when he said 4.4%.
By the way I will be a “happy renter” too, renting the house I grew up in from my mom……..
ParticipantThey have no house to sell. My husband’s best friend got a loan for a condo for 300k with a 4.4 interest rate VA loan…his payment with everything including hoa is 1900. He is getting the loan by himself and I think he makes around 70k a year so if they are making good money an got a rate like that they’ll be good to go…….we hope….
Participant“Something’s not right here, or somebody’s real dumb.”
He wasn’t the first……….and he won’t be the last……….TSUNAMI!!!!!
ParticipantMAKE NO mistake this is an AD I found that I thought would be of interest to some people on here…….I am not the one who posted the AD……
ParticipantSpeaking of flippers, two houses sold in my neighborhood last week. One I thought would NEVER sell because it was over priced(so I thought) and on the mls for over a year. The other was bought for 350k trashed about August ’06 I think, they gutted it- all new windows, flooring, bathroom’s, kitchen,granite, tile, ac, sod, the whole nine yard’s- smaller than mine and sold flipped for 489k in less than two weeks!
I COULD NOT BELIEVE they bought it instead of mine-which was way cheaper, bigger, on a less busy street, and very nice. They could have done upgrades themselves and still saved money!
Participantph90802
I read it too, infact it’s public information… here’s the link………..
biz.yahoo.com/rb/070309/subprime_countrywide.html?.v=2
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