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recordsclerk
ParticipantWhat was the original purchase price? Was it $17,000? Is the $6,000 value a trade in value. Dealers will give less for trade-in value then if you sell it yourself. Since you still owe more then the value, I don’t think the bank will allow you to sell it. It’s not the kind of car you bought, it’s how you bought it. Many people buy american depreciating vehicles and don’t get in this kind of situation.
My suggestions:
Get a part-time job at night.
Pay off your balance.
Fix your credit, or live like this for the rest of your life.
If the car breaks down, start taking the bus.
Next time don’t buy a car because they let you buy it, get a pre-approved loan from your bank so you can make a cash offer.
Don’t buy a car because of the monthly payment.
Buy a car because you can afford it.
Make sure the term of your loan is not longer then the expected life of the vehicle.ParticipantI think we all get annoyed with door to door salesmen and telemarketers. Maybe their professions are annoying, but it is their profession. As long as people continue to make money going door to door or making cold call sales, it will continue to go on.
I also think Realtors make too much for easy transactions, but as long as there are people who waste realtor’s time and resouces, a 6% commision will remain the norm.
The art of advertising is to get you to remember the stupid sign.ParticipantBugs,
Thank for the info. So this part of Oceanside is called the backgate area.
“The good news, said Oceanside Police Chief Frank McCoy, is that gang crime was down 18 percent last year, and overall crime was down 12.5 percent.”
If gang crimes go down about another 50%, I might re-think about buying there. The drive to these new homes didn’t reveal the usual signs of a bad neighborhood. Not that much spray paint, only one liquor store. I’m usually very keen on these things.
ParticipantYou should at some point buy a home. If you’re lucky enough to buy at the bottom, that would be great. But without a crystal ball (one that actually works) we are all just guessing what the bottom is. Is it 3 years from now or next year or ten years? Will the bottom for a 1900 sq ft Harveston home be 400k or 200K? Most of us are hoping for 200K. The fundamentals are leaning towards some kind of drop, not sure how much, but some kind of drop. Everyone thinks they own a crystal ball, including myself (I’ve made many predictions).
You’ve presented us with enough information about your finanial situation and I definately think you can afford this purchase. I have been wondering why you haven’t been saving for a down payment, and this makes your monthly ability to pay a little sketchy. It is good practice to try and put away the difference between what you are currently paying and what you would be paying if you purchased a home. A six month period is advisable.
I’ve seen a lot of rent vs buy annalysis on this post and they are very accurate. At the begining you will always or most of the time pay more when buying vs renting. There will be a time during your mortgage when it is cheaper to buy then rent. Rents will always increase and if you have a fixed rate your mortgage will remain the same. It may be true that rents may drop in the near future, but in the long term rents will always go up. And if you ever pay off you mortgage you will be able to live rent free, and you would only have to pay taxes, insurance, and HOA. And if you move before paying off your home you should have some equity to trade in for a larger/better home (at some point maybe in the far future). There are also many other cost to renting and buying (too many to list).ParticipantI don’t think there is a right or wrong decision to your question. There are many positives and negatives to look at. You love the home, but it may be too small in the near future. You can always sell it to move up, but it may be hard to sell a home in Temecula in the coming years. If values go below what you owe, you won’t be able to sell it unless you come up with the difference, so you may be stuck in a home that is too small. Can you continue to live there if you’re stuck. Buying a home in this market may seem foolish to many people, but if you love this home and get a major discount, it may not be a bad choice. You may want to ask yourself, can I truly afford this home. Can you afford to make extra payments to buy down the principal and avoid being upsidedown. These homes will never go below $200K. Are you willing to take a $100K loss. On other hand these homes may only drop another 10-20% and you would be fine. You would be living in a home you love, you won’t have to move your family.
ParticipantBugs,
The neighborhood you pass on the way to the new housing, is that the one you are referring to with gang issues? I wasn’t sure what part of Oceanside if not all of Oceanside had gang problems. I’ve read a lot about gangs in Oceanside, just wasn’t sure about where the bad areas where. Your response would be very appreciated, since this was an affordable area that I had looked at.
ParticipantWhy would anyone loan money to someone who could not make payments for a traditional loan? The banks were banking on appreciation and so were the victims/homebuyers. There are no victims in gambling.
Participant“I settled on Linda Vista for affordability and easy commutes. I like the mid-century architecture, the diversity, and the sense of community”
My parents own a home in 92111 close to Balboa Ave, near the Albertsons. This is where I grew up and currently working in Linda Vista. I’ve known this area for 20 years and it has changed in many ways, some good some bad. There are many homes with nice views of the bay, there are many good neighbors. Linda Vista has a lot of charm and character. There is an Asian/Vietnamese Festival once a year on Linda Vista Rd. There are lots of venders from many ethnic backgrounds serving food from their regions. There is a very strong Vietnamese community pressence. Many stores and restuarants serve traditional Vietnamese meals/food.
There is a lot of low income housing and crime. This weekend while working overtime, two cars had thier tires slashed. Over the 17 years working here I have seen people running through our parking lot with shotguns, hand guns, and machine guns. The police parked their mobile station at the local recreation center to clean up the park. The park was(improved a lot)rampant with gang activity. Linda is home to many Asian, Hispanic and other gangs. At least once a week there is a begger that approaches me for a hand out. This area has been my home for 20 years and I have a lot of love and momories for this area. I just want my child to grow up in an area that is safe. I am just stating the facts. You can raise a family there, my parents did it.April 9, 2007 at 11:44 AM in reply to: Getting married in September 2007. When should we buy? #49575ParticipantThere is too much downward pressure on pricing right now. I would wait as long as you can. It’s nice to own a home before, or when you marry, but now is not a good time to buy.
ParticipantThis area has many builders and has a wide variety of homes. There are some new schools, but I’m not sure what. Oceanside has a bad reputation with gangs and bad schools. This area is very nice and at least a couple of miles away from the nearest apartments. I’ve gone to most of the models and they are nice. The price is very reasonable, but the commute is bad, unless you work locally. There are two communities built by KB Homes without Mello Roos. The other communities have mello roos at about 1.7% tax rate. All communities have HOA ranging around $150-$300. I think you would have to live there to notice noise.
ParticipantThere are lots of apt rentals near that area. There are rentals on Balboa and Charger (Clairmont). There are many rentals in Clairmont, you might want to shop around for pricing and amenities. There are rentals in Serra Mesa on Ruffin Rd and nearby streets. There are rentals in Linda Vista on Mesa College Drive.
I agree with some of the other post about the schools. Scripps Ranch and Tierra Santa do have better schools and are still within 30 minutes commute. I have a friend in Tierra Santa with school age kids (3) and he really likes the schools there. I also have a relative living in Scripps Ranch and they state the schools are also very good there. My sister lives in Rancho Penasquitas and the schools are very good there. Rancho Penasquitas is barely within the 30 minute commute on most days. The areas that I stated earlier are just Geographically closer to your job and are not really that bad, except maybe Linda Vista.
I personally plan to buy within the next 3-7 years and would like to buy in Scripps Ranch or Rancho Bernardo. Tierra Santa is real nice, but it is an older neighborhood and the newer homes were built in the 90’s unless you are buying the homes re-built after the fire of 10-2003. Rancho Penasquitas is a nice area also with mixed old and newer housing. I was also thinking of buying a home in other parts of the county with larger lots, but the schools are not that great and I would probably have to send my kid to a private school.
ParticipantMy co-workers and I earn about 30K a year, so we are nowhere near the 100k mark, but I can give some insight on how the lower income live/spend. I will start with the single people 25-35 years old. Most of them don’t have any savings. Most of them have some form of debt. Some drive cars that cost more then their annual salary. Most of them have no desire to save for the future or buy a home. With this income it’s very hard to save money or invest. Most of them live check to check. The few that are good with money, tend to work overtime when available and drive modest cars. The ones that are more in debt refuse to work overtime and are more concerned about what’s on sale at the mall. In my 17 years working here, there’s only been one person that bought a condo on their own.
For the married people between ages 25-35 with a spouse of the same income:
They are either saving for a house or already own one. Some have been saving for 5 years or longer and are in worse shape affordability wise then when they started. Most do not have any savings or investments. A few are still living check to check and in debt.ParticipantYou know the speculators won’t sell you thier cars cheap. They are going to expect at least 20% appreciation annually. You’re going to have to buy them from the bank if you want a good deal.
ParticipantWhen I bought my car, it was in a newspaper add with only two available at this price type deals. After many failed attempts of negotiating a better price, free floor mats. We finalized the deal. The Dealer (Toyota) made us pay that night due to the add special. We had to finance it with them at the same rate my credit union was offering or pay cash/check. They also allowed me to make a down payment up to $3000 on a credit card. We paid the car off without penalty after a 3 month period (via check). We were very suprised that they would allow us to make a down payment with a credit card without changing the original deal or charging a service fee.
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