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February 24, 2008 at 10:51 PM in reply to: OMG: Bank of America Asks Congress for a $739 Billion Bank Bailout !!! #159563February 24, 2008 at 10:51 PM in reply to: OMG: Bank of America Asks Congress for a $739 Billion Bank Bailout !!! #159566
SD Realtor
ParticipantSo why is this surprising to anyone?
February 24, 2008 at 10:51 PM in reply to: OMG: Bank of America Asks Congress for a $739 Billion Bank Bailout !!! #159641ParticipantSo why is this surprising to anyone?
ParticipantAlways be specific in that request as ambiguity leads to problems. Make sure in the RPA you ASK for stove/range, dishwasher, etc… if you want then ask for the refrig, washer dryer and other stuff… including window treatments and even various things such as light fixtures or even custon built ins. I know it is kind of redundant but it cannot hurt to have the request in writing.
Similarly if you are a SELLER and you DONT want to include something like that MAKE SURE you specify that.
SD Realtor
ParticipantAlways be specific in that request as ambiguity leads to problems. Make sure in the RPA you ASK for stove/range, dishwasher, etc… if you want then ask for the refrig, washer dryer and other stuff… including window treatments and even various things such as light fixtures or even custon built ins. I know it is kind of redundant but it cannot hurt to have the request in writing.
Similarly if you are a SELLER and you DONT want to include something like that MAKE SURE you specify that.
SD Realtor
ParticipantAlways be specific in that request as ambiguity leads to problems. Make sure in the RPA you ASK for stove/range, dishwasher, etc… if you want then ask for the refrig, washer dryer and other stuff… including window treatments and even various things such as light fixtures or even custon built ins. I know it is kind of redundant but it cannot hurt to have the request in writing.
Similarly if you are a SELLER and you DONT want to include something like that MAKE SURE you specify that.
SD Realtor
ParticipantAlways be specific in that request as ambiguity leads to problems. Make sure in the RPA you ASK for stove/range, dishwasher, etc… if you want then ask for the refrig, washer dryer and other stuff… including window treatments and even various things such as light fixtures or even custon built ins. I know it is kind of redundant but it cannot hurt to have the request in writing.
Similarly if you are a SELLER and you DONT want to include something like that MAKE SURE you specify that.
SD Realtor
ParticipantAlways be specific in that request as ambiguity leads to problems. Make sure in the RPA you ASK for stove/range, dishwasher, etc… if you want then ask for the refrig, washer dryer and other stuff… including window treatments and even various things such as light fixtures or even custon built ins. I know it is kind of redundant but it cannot hurt to have the request in writing.
Similarly if you are a SELLER and you DONT want to include something like that MAKE SURE you specify that.
SD Realtor
February 24, 2008 at 7:23 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #159174ParticipantJosh yeah it will take awhile… just gotta sit tight… we will see what happens…
edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.
SD Realtor
February 24, 2008 at 7:23 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #159467ParticipantJosh yeah it will take awhile… just gotta sit tight… we will see what happens…
edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.
SD Realtor
February 24, 2008 at 7:23 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #159483ParticipantJosh yeah it will take awhile… just gotta sit tight… we will see what happens…
edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.
SD Realtor
February 24, 2008 at 7:23 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #159488ParticipantJosh yeah it will take awhile… just gotta sit tight… we will see what happens…
edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.
SD Realtor
February 24, 2008 at 7:23 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #159564ParticipantJosh yeah it will take awhile… just gotta sit tight… we will see what happens…
edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.
SD Realtor
ParticipantIt depends on your timeframe. If you have 2-3 years you can see potential substantial drops. Perhaps 20% or more depending on the housing type. I do not agree with your assessments that there has not already been some nice depreciation in these neighborhoods because there really has been. I can show you comps in each of the areas where recent sales are lower priced then similar floorplans in those same areas from the not so recent past. As someone who is very familiar with the I15 corridor I am quite certain of my statements.
I am not going to go into a rent verses buy number crunching exercise for you because in my opinion you cannot put a dollar value on home ownership.
I will say that I do believe that if you base the decision of renting verses buying ON NUMBERS ALONE, then in the long run waiting to buy is better. However there is a pretty vast differential in terms of opinions (on this board) about the price of home ownership.
Financially I have what I call a reserve and I have a downpayment fund for a home. My reserve is a sum of money I have in case of a calamity, job loss, or a sudden interruption of income. This reserve is not measured by a dollar amount but is measured temporally. That is, the reserve is used to pay bills and such for about 1 year in case I cannot generate income. My downpayment fund for a home is a totally seperate entity.
I realize that many people do not have such a savings structure. Raising kids is not cheap and basically it is really hard to save money these days.
Again, I do think there will be some potential big savings down the road. Perhaps 20%, perhaps more. Even if you can wait another year you may find a 5-10% savings.
This is just my opinion though and I know renting sucks because I rent and I would rather enjoy home ownership then renting. Still, I have to look at the numbers and for me I have not found anything that adds up.
SD Realtor
ParticipantIt depends on your timeframe. If you have 2-3 years you can see potential substantial drops. Perhaps 20% or more depending on the housing type. I do not agree with your assessments that there has not already been some nice depreciation in these neighborhoods because there really has been. I can show you comps in each of the areas where recent sales are lower priced then similar floorplans in those same areas from the not so recent past. As someone who is very familiar with the I15 corridor I am quite certain of my statements.
I am not going to go into a rent verses buy number crunching exercise for you because in my opinion you cannot put a dollar value on home ownership.
I will say that I do believe that if you base the decision of renting verses buying ON NUMBERS ALONE, then in the long run waiting to buy is better. However there is a pretty vast differential in terms of opinions (on this board) about the price of home ownership.
Financially I have what I call a reserve and I have a downpayment fund for a home. My reserve is a sum of money I have in case of a calamity, job loss, or a sudden interruption of income. This reserve is not measured by a dollar amount but is measured temporally. That is, the reserve is used to pay bills and such for about 1 year in case I cannot generate income. My downpayment fund for a home is a totally seperate entity.
I realize that many people do not have such a savings structure. Raising kids is not cheap and basically it is really hard to save money these days.
Again, I do think there will be some potential big savings down the road. Perhaps 20%, perhaps more. Even if you can wait another year you may find a 5-10% savings.
This is just my opinion though and I know renting sucks because I rent and I would rather enjoy home ownership then renting. Still, I have to look at the numbers and for me I have not found anything that adds up.
SD Realtor
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