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ocean
Participant4-plex……you are one tuff negotiator…..100k???????
I’ve been a broker since 73,seen a few of these downturns,granted,this one feels like the big one,But I don’t see the properties dropping that far.History has shown that 10 times the gross on houses is about as far as it usually goes…..but hey…it might be different this time……actually I hope you are right….Participant4-plex……you are one tuff negotiator…..100k???????
I’ve been a broker since 73,seen a few of these downturns,granted,this one feels like the big one,But I don’t see the properties dropping that far.History has shown that 10 times the gross on houses is about as far as it usually goes…..but hey…it might be different this time……actually I hope you are right….ParticipantI’d buy it for 175k…hoa fees are 189,I think….
ParticipantI’d buy it for 175k…hoa fees are 189,I think….
ParticipantI’d buy it for 175k…hoa fees are 189,I think….
ParticipantI’d buy it for 175k…hoa fees are 189,I think….
Participantocean…..Having been in your situation in the early 90’s,I can understand your concerns.I do have to agree with porkman on this.Is a short sale a possibility?If not ,I would bite the bullet now,clean up the place and send the keys to the lien holder.One ding on your credit isnt the worst thing in life.You should be able to get another loan,a well written letter of explanation,and a meeting with the right lender does wonders.I even had lenders tell me that they had more respect for the individuals that realized they made a bad investment and decided to move on.I was able to get new loans,at market rates,but did have to pay 20% down.It did take 7 years to drop off my credit,and now the fico is 816.Throwing good $$$ after bad makes no sense to me. I learned a lot from my experiences,and now have NO debt.Just something to think about.I’m NOT suggesting to follow this couse of action,but do realize to aren’t alone,and certainly no lesser of a person because you made a bad investment.
Participantocean…..Having been in your situation in the early 90’s,I can understand your concerns.I do have to agree with porkman on this.Is a short sale a possibility?If not ,I would bite the bullet now,clean up the place and send the keys to the lien holder.One ding on your credit isnt the worst thing in life.You should be able to get another loan,a well written letter of explanation,and a meeting with the right lender does wonders.I even had lenders tell me that they had more respect for the individuals that realized they made a bad investment and decided to move on.I was able to get new loans,at market rates,but did have to pay 20% down.It did take 7 years to drop off my credit,and now the fico is 816.Throwing good $$$ after bad makes no sense to me. I learned a lot from my experiences,and now have NO debt.Just something to think about.I’m NOT suggesting to follow this couse of action,but do realize to aren’t alone,and certainly no lesser of a person because you made a bad investment.
Participantocean…..Having been in your situation in the early 90’s,I can understand your concerns.I do have to agree with porkman on this.Is a short sale a possibility?If not ,I would bite the bullet now,clean up the place and send the keys to the lien holder.One ding on your credit isnt the worst thing in life.You should be able to get another loan,a well written letter of explanation,and a meeting with the right lender does wonders.I even had lenders tell me that they had more respect for the individuals that realized they made a bad investment and decided to move on.I was able to get new loans,at market rates,but did have to pay 20% down.It did take 7 years to drop off my credit,and now the fico is 816.Throwing good $$$ after bad makes no sense to me. I learned a lot from my experiences,and now have NO debt.Just something to think about.I’m NOT suggesting to follow this couse of action,but do realize to aren’t alone,and certainly no lesser of a person because you made a bad investment.
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