[meadandale]

“Not true. Anyone who has heard housing analysis but buys right now at peak prices thinking they are going to make money in the next couple of years is dumb or stupid. ”

It is worth noting that a friend of mine who I tried to steer to this site (I doubt he ever even made it over) just bought a house in 4S (I posted about this a week ago).

No matter how much I might try to sway his decision, he ended up buying and paid almost 100% of the asking price in spite of the fact that recent comps for larger houses in the same neighborhood were 60-80k lower than the list price.

He sent me this little gem:

“We stopped at 700K plus some seller credit cash. It all works out to a
favorable position for us and them that also keeps the comps good in the
neighborhood. When you buy your upgrade house, don’t try to be cheap,
because you also need to consider the comps in the neighborhood. If we had
gotten down to 680K, then all of the homes in the are would have gone down
too. That would have made our floor value much more unstable. As it is,
none of the homes have resold for an unfavorable equity position yet.”

Note that my friend is a smart guy (he actually IS a rocket scientist) but the gist of his argument here was “overpay for your house cause it keeps the comps up”.

Trust me, there’s plenty of suckers out there still….

[meadandale]

“We don’t get them till July, but I would guess either 0, or at most 3%.”

I told you Josh, you need to start consulting….

[meadandale]

“We don’t get them till July, but I would guess either 0, or at most 3%.”

I told you Josh, you need to start consulting….

[meadandale]

11%

[meadandale]

11%

[meadandale]

“We assert that we believed we were dealing in legitimate real estate transactions.”

LOL!!

I’m thinking that if the fraudulent transactions had made you money, you wouldn’t think that anybody did anything wrong and you’d happily be spending that money. It’s only because you are left holding the short stick that you want some kind of recourse.

There’s an age old saying that perhaps you’ve heard: “If something seems too good to be true, it probably is”. You are in your predicament solely because of the bad judgment you exercised while you were in a greed induced fog.

If you’re looking for sympathy, it’s in the dictionary between sh** and syphilis….

[meadandale]

“We assert that we believed we were dealing in legitimate real estate transactions.”

LOL!!

I’m thinking that if the fraudulent transactions had made you money, you wouldn’t think that anybody did anything wrong and you’d happily be spending that money. It’s only because you are left holding the short stick that you want some kind of recourse.

There’s an age old saying that perhaps you’ve heard: “If something seems too good to be true, it probably is”. You are in your predicament solely because of the bad judgment you exercised while you were in a greed induced fog.

If you’re looking for sympathy, it’s in the dictionary between sh** and syphilis….

[meadandale]

I can provide you a couple of referrals. One guy specializes in poway, penasquitos and the like. The other specializes in Allied Gardens, Del Cerro area.

[meadandale]

I can provide you a couple of referrals. One guy specializes in poway, penasquitos and the like. The other specializes in Allied Gardens, Del Cerro area.

[meadandale]

I love all the dirt yards….

[meadandale]

I love all the dirt yards….

[meadandale]

Almost all purchase contracts have a contingency related to the ability to get financing.

They usually specify the loan amount and interest rate. If the buyer is unable to get financing for the specified amount and/or at the specified rate, they are released from any contractual obligations.

However IANAL and I haven’t read the contract that the buyers signed. If I were them, I’d reread it and see if there was a contingency for financing. They might want to spend a little money and take it to a real estate attorney for review.

Maybe now they’ll be a little less impulsive when they plunk down money to the builders chorus of “You better get in on this now, they’re going quick”?

[meadandale]

Almost all purchase contracts have a contingency related to the ability to get financing.

They usually specify the loan amount and interest rate. If the buyer is unable to get financing for the specified amount and/or at the specified rate, they are released from any contractual obligations.

However IANAL and I haven’t read the contract that the buyers signed. If I were them, I’d reread it and see if there was a contingency for financing. They might want to spend a little money and take it to a real estate attorney for review.

Maybe now they’ll be a little less impulsive when they plunk down money to the builders chorus of “You better get in on this now, they’re going quick”?

[meadandale]

On a side note, if a payment rise of only a few hundred dollars a month (200-300) on what is probably a 3-4k/month payment makes them unable to afford the house then they were buying WAAYYYY too much house in the first place.

I hope they can get their deposit back.

[meadandale]

On a side note, if a payment rise of only a few hundred dollars a month (200-300) on what is probably a 3-4k/month payment makes them unable to afford the house then they were buying WAAYYYY too much house in the first place.

I hope they can get their deposit back.

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