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SD Realtor
ParticipantI think this is a pretty bizarre/pathetic topic to be honest.
I have a variety of clients, many of whom are Asian. Here is what I deduce…
Are Asians more bullish? No. In fact all of my clients who are Asians realized the market conditions and identified they were buying for personal reasons, not because they thought the market had bottomed.
Are Asians better qualified? Of all the Asian clients I have had, I think less then 5 of them needed to go FHA. Most of them had strong downpayments. Most of them had strong incomes, the majority of them dual incomes.
Are Asians idiots for buying? Not if they are buying for the right reasons.
In general there is not any difference between the race of any buyer. The original poster is probably seeing more Asian buyers because the buyers pool has weeded out the idiots who were not fiscally responsible enough over the last decade to save money, and work hard. So what you have left in the buyers pool are p responsible people who were not boneheads. Go figure, many of them are Asian.
ParticipantI think this is a pretty bizarre/pathetic topic to be honest.
I have a variety of clients, many of whom are Asian. Here is what I deduce…
Are Asians more bullish? No. In fact all of my clients who are Asians realized the market conditions and identified they were buying for personal reasons, not because they thought the market had bottomed.
Are Asians better qualified? Of all the Asian clients I have had, I think less then 5 of them needed to go FHA. Most of them had strong downpayments. Most of them had strong incomes, the majority of them dual incomes.
Are Asians idiots for buying? Not if they are buying for the right reasons.
In general there is not any difference between the race of any buyer. The original poster is probably seeing more Asian buyers because the buyers pool has weeded out the idiots who were not fiscally responsible enough over the last decade to save money, and work hard. So what you have left in the buyers pool are p responsible people who were not boneheads. Go figure, many of them are Asian.
ParticipantI think this is a pretty bizarre/pathetic topic to be honest.
I have a variety of clients, many of whom are Asian. Here is what I deduce…
Are Asians more bullish? No. In fact all of my clients who are Asians realized the market conditions and identified they were buying for personal reasons, not because they thought the market had bottomed.
Are Asians better qualified? Of all the Asian clients I have had, I think less then 5 of them needed to go FHA. Most of them had strong downpayments. Most of them had strong incomes, the majority of them dual incomes.
Are Asians idiots for buying? Not if they are buying for the right reasons.
In general there is not any difference between the race of any buyer. The original poster is probably seeing more Asian buyers because the buyers pool has weeded out the idiots who were not fiscally responsible enough over the last decade to save money, and work hard. So what you have left in the buyers pool are p responsible people who were not boneheads. Go figure, many of them are Asian.
ParticipantBearish lenders are not coming to any conclusion in my opinion. They have already won the war. What they do not get from homeowners they will get from taxpayers. So why would they foreclose. The govt has already cowed to the lenders and will lend them as much money as they need.
ParticipantBearish lenders are not coming to any conclusion in my opinion. They have already won the war. What they do not get from homeowners they will get from taxpayers. So why would they foreclose. The govt has already cowed to the lenders and will lend them as much money as they need.
ParticipantBearish lenders are not coming to any conclusion in my opinion. They have already won the war. What they do not get from homeowners they will get from taxpayers. So why would they foreclose. The govt has already cowed to the lenders and will lend them as much money as they need.
ParticipantBearish lenders are not coming to any conclusion in my opinion. They have already won the war. What they do not get from homeowners they will get from taxpayers. So why would they foreclose. The govt has already cowed to the lenders and will lend them as much money as they need.
ParticipantBearish lenders are not coming to any conclusion in my opinion. They have already won the war. What they do not get from homeowners they will get from taxpayers. So why would they foreclose. The govt has already cowed to the lenders and will lend them as much money as they need.
ParticipantSOunds to me like you really do not have any recourse other then to wait for the appraisal. If you do not believe the results of the appraisal then you can pay an appraiser and they can appraise it but it is not likely that you have much recourse. That is always an issue when you buy a home with that much of a lead time.
One thing that you have not brought up is in that same timeframe interest rates have also dropped a good deal.
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Some builders may have some terminology that protects the value of your home with respect to the phases. That is, if subsequent phases with matching floorplans sell for significantly less then you may have some recourse but don’t hold me to that.
This is the deal when you have a long lead time… Back in April the media told us the “recovery” was skipping right along and everything was fine. Now the media is telling you the sky is falling. The honest answer is everything was not fine then and the sky is not falling now. Things are bad and will be bad for awhile. If you really are super nervous and think things are going to really tumble then it is likely that the home you are buying now will be priced less then your deposit a few months from now. So bail and let the deposit go? Or hire an appraiser and see if that gets you anywhere. The problem is that if many of the homes in the phase close for price X then it will be challenging for an appraiser to price your home at price Y if you want Y to be much less then X.
ParticipantSOunds to me like you really do not have any recourse other then to wait for the appraisal. If you do not believe the results of the appraisal then you can pay an appraiser and they can appraise it but it is not likely that you have much recourse. That is always an issue when you buy a home with that much of a lead time.
One thing that you have not brought up is in that same timeframe interest rates have also dropped a good deal.
*********
Some builders may have some terminology that protects the value of your home with respect to the phases. That is, if subsequent phases with matching floorplans sell for significantly less then you may have some recourse but don’t hold me to that.
This is the deal when you have a long lead time… Back in April the media told us the “recovery” was skipping right along and everything was fine. Now the media is telling you the sky is falling. The honest answer is everything was not fine then and the sky is not falling now. Things are bad and will be bad for awhile. If you really are super nervous and think things are going to really tumble then it is likely that the home you are buying now will be priced less then your deposit a few months from now. So bail and let the deposit go? Or hire an appraiser and see if that gets you anywhere. The problem is that if many of the homes in the phase close for price X then it will be challenging for an appraiser to price your home at price Y if you want Y to be much less then X.
ParticipantSOunds to me like you really do not have any recourse other then to wait for the appraisal. If you do not believe the results of the appraisal then you can pay an appraiser and they can appraise it but it is not likely that you have much recourse. That is always an issue when you buy a home with that much of a lead time.
One thing that you have not brought up is in that same timeframe interest rates have also dropped a good deal.
*********
Some builders may have some terminology that protects the value of your home with respect to the phases. That is, if subsequent phases with matching floorplans sell for significantly less then you may have some recourse but don’t hold me to that.
This is the deal when you have a long lead time… Back in April the media told us the “recovery” was skipping right along and everything was fine. Now the media is telling you the sky is falling. The honest answer is everything was not fine then and the sky is not falling now. Things are bad and will be bad for awhile. If you really are super nervous and think things are going to really tumble then it is likely that the home you are buying now will be priced less then your deposit a few months from now. So bail and let the deposit go? Or hire an appraiser and see if that gets you anywhere. The problem is that if many of the homes in the phase close for price X then it will be challenging for an appraiser to price your home at price Y if you want Y to be much less then X.
ParticipantSOunds to me like you really do not have any recourse other then to wait for the appraisal. If you do not believe the results of the appraisal then you can pay an appraiser and they can appraise it but it is not likely that you have much recourse. That is always an issue when you buy a home with that much of a lead time.
One thing that you have not brought up is in that same timeframe interest rates have also dropped a good deal.
*********
Some builders may have some terminology that protects the value of your home with respect to the phases. That is, if subsequent phases with matching floorplans sell for significantly less then you may have some recourse but don’t hold me to that.
This is the deal when you have a long lead time… Back in April the media told us the “recovery” was skipping right along and everything was fine. Now the media is telling you the sky is falling. The honest answer is everything was not fine then and the sky is not falling now. Things are bad and will be bad for awhile. If you really are super nervous and think things are going to really tumble then it is likely that the home you are buying now will be priced less then your deposit a few months from now. So bail and let the deposit go? Or hire an appraiser and see if that gets you anywhere. The problem is that if many of the homes in the phase close for price X then it will be challenging for an appraiser to price your home at price Y if you want Y to be much less then X.
ParticipantSOunds to me like you really do not have any recourse other then to wait for the appraisal. If you do not believe the results of the appraisal then you can pay an appraiser and they can appraise it but it is not likely that you have much recourse. That is always an issue when you buy a home with that much of a lead time.
One thing that you have not brought up is in that same timeframe interest rates have also dropped a good deal.
*********
Some builders may have some terminology that protects the value of your home with respect to the phases. That is, if subsequent phases with matching floorplans sell for significantly less then you may have some recourse but don’t hold me to that.
This is the deal when you have a long lead time… Back in April the media told us the “recovery” was skipping right along and everything was fine. Now the media is telling you the sky is falling. The honest answer is everything was not fine then and the sky is not falling now. Things are bad and will be bad for awhile. If you really are super nervous and think things are going to really tumble then it is likely that the home you are buying now will be priced less then your deposit a few months from now. So bail and let the deposit go? Or hire an appraiser and see if that gets you anywhere. The problem is that if many of the homes in the phase close for price X then it will be challenging for an appraiser to price your home at price Y if you want Y to be much less then X.
ParticipantWith the way our city officials run things I think we would all be more surprised if it was NOT a former city official.
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