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temeculaguy
ParticipantFLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.
My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.
If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.
My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!!
ParticipantFLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.
My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.
If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.
My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!!
ParticipantFLU, I like the LEH reference. The only difference is that you weren’t already renting a banking stock and you can ride it out in your banking stock.
My point is that the perfect time to lowball is when nobody else in their right mind would. I keep saying lowball, truth is that 10% off ask plus 3% closing costs isn’t really that aggressive of a lowball, however in this case the ask was fire sale low and two months ago it would have gotten a dozen offers in a few days, turns out with all the distractions, I’m the first to look at it.
If they say no or or I am outbid, so be it. But if I see the inside (have only looked through the ground floor windows thus far), like it, and buy it, it is very far from a stretch, mortgage is “rentlike” and I can keep living like a rockstar with 70% of my income earmarked as “disposable.” Please, don’t worry about ole TG, I did the heavy lifting and rode this thing pretty far, if in retrospect I got off a little early, it wont affect my ability to cover my bar tab.
My only worry is that my patience may have landed me in yard work hell, it is way too big of a piece of property and is fully landscaped. It’s borderline “riding mower” big. Patience may end up biting me in the arse, last year I was almost content plopping down 400k for a micro lot that could barely accomodate a spa, now I’ll be sentenced to a sizable fraction of an acre, egads!!!
ParticipantKIBU, it’s a lowballer’s paradise, nobody’s looking. Even with the bailout or without it, I will still have to rent. Double my sq ft at rent price, that’s the new goal, my only fear is that some idiot who is oblivious to the news outbids me, but as far as i can see, there’s never been a better week to shop.
In the grand scheme of things, I’m hedging. I completely divested in 2005. Even if my offer tomorrow is taken and things fall further, the plan is to buy a rental 6 months later. Even if i were to buy the primary at 280k and a rental at 120k with 1200 in rental income (which i could at today’s price), my investment is 200k less than what I divested at, the primary res is bigger and better and the rental is free. If things completely tank into Great Depression 2.0, then I got back in at .40 on the dollar on the primary and scrap the rental plans and hunker down, who cares at that point. There is also the very real fear of hyperinflation and double digit interest rates, I’ll be hedging against those. If they allow bankruptcy protection for primary residences, interest rates for homes will mimmic credit cards, prices will crash but payments wont.
It all goes to the theory that as soon as nobody wants to buy, it’s time.
ParticipantKIBU, it’s a lowballer’s paradise, nobody’s looking. Even with the bailout or without it, I will still have to rent. Double my sq ft at rent price, that’s the new goal, my only fear is that some idiot who is oblivious to the news outbids me, but as far as i can see, there’s never been a better week to shop.
In the grand scheme of things, I’m hedging. I completely divested in 2005. Even if my offer tomorrow is taken and things fall further, the plan is to buy a rental 6 months later. Even if i were to buy the primary at 280k and a rental at 120k with 1200 in rental income (which i could at today’s price), my investment is 200k less than what I divested at, the primary res is bigger and better and the rental is free. If things completely tank into Great Depression 2.0, then I got back in at .40 on the dollar on the primary and scrap the rental plans and hunker down, who cares at that point. There is also the very real fear of hyperinflation and double digit interest rates, I’ll be hedging against those. If they allow bankruptcy protection for primary residences, interest rates for homes will mimmic credit cards, prices will crash but payments wont.
It all goes to the theory that as soon as nobody wants to buy, it’s time.
ParticipantKIBU, it’s a lowballer’s paradise, nobody’s looking. Even with the bailout or without it, I will still have to rent. Double my sq ft at rent price, that’s the new goal, my only fear is that some idiot who is oblivious to the news outbids me, but as far as i can see, there’s never been a better week to shop.
In the grand scheme of things, I’m hedging. I completely divested in 2005. Even if my offer tomorrow is taken and things fall further, the plan is to buy a rental 6 months later. Even if i were to buy the primary at 280k and a rental at 120k with 1200 in rental income (which i could at today’s price), my investment is 200k less than what I divested at, the primary res is bigger and better and the rental is free. If things completely tank into Great Depression 2.0, then I got back in at .40 on the dollar on the primary and scrap the rental plans and hunker down, who cares at that point. There is also the very real fear of hyperinflation and double digit interest rates, I’ll be hedging against those. If they allow bankruptcy protection for primary residences, interest rates for homes will mimmic credit cards, prices will crash but payments wont.
It all goes to the theory that as soon as nobody wants to buy, it’s time.
ParticipantKIBU, it’s a lowballer’s paradise, nobody’s looking. Even with the bailout or without it, I will still have to rent. Double my sq ft at rent price, that’s the new goal, my only fear is that some idiot who is oblivious to the news outbids me, but as far as i can see, there’s never been a better week to shop.
In the grand scheme of things, I’m hedging. I completely divested in 2005. Even if my offer tomorrow is taken and things fall further, the plan is to buy a rental 6 months later. Even if i were to buy the primary at 280k and a rental at 120k with 1200 in rental income (which i could at today’s price), my investment is 200k less than what I divested at, the primary res is bigger and better and the rental is free. If things completely tank into Great Depression 2.0, then I got back in at .40 on the dollar on the primary and scrap the rental plans and hunker down, who cares at that point. There is also the very real fear of hyperinflation and double digit interest rates, I’ll be hedging against those. If they allow bankruptcy protection for primary residences, interest rates for homes will mimmic credit cards, prices will crash but payments wont.
It all goes to the theory that as soon as nobody wants to buy, it’s time.
ParticipantKIBU, it’s a lowballer’s paradise, nobody’s looking. Even with the bailout or without it, I will still have to rent. Double my sq ft at rent price, that’s the new goal, my only fear is that some idiot who is oblivious to the news outbids me, but as far as i can see, there’s never been a better week to shop.
In the grand scheme of things, I’m hedging. I completely divested in 2005. Even if my offer tomorrow is taken and things fall further, the plan is to buy a rental 6 months later. Even if i were to buy the primary at 280k and a rental at 120k with 1200 in rental income (which i could at today’s price), my investment is 200k less than what I divested at, the primary res is bigger and better and the rental is free. If things completely tank into Great Depression 2.0, then I got back in at .40 on the dollar on the primary and scrap the rental plans and hunker down, who cares at that point. There is also the very real fear of hyperinflation and double digit interest rates, I’ll be hedging against those. If they allow bankruptcy protection for primary residences, interest rates for homes will mimmic credit cards, prices will crash but payments wont.
It all goes to the theory that as soon as nobody wants to buy, it’s time.
ParticipantI will FLU. Nostra, my micro market is 6 months to a year ahead of yours, half off is childs play up here, the pain train just got fresh coal and is heading to your town sooner than you think but in my hood a 1500 sq ft condo rent is now the same cost of a 3000 sq ft mcmansion purchase after tax benefits are calculated. A hundred a square is the name of the game right now, in 1991 it was a hundred a square up here. With inflation, I actually think I’m going to pay pre 1991.
At 2x income, they could sell apples on the corner and have 20% unemployment and I wont care.
We aren’t that far away from the cover of TIME magazine decalring housing as dead.
ParticipantI will FLU. Nostra, my micro market is 6 months to a year ahead of yours, half off is childs play up here, the pain train just got fresh coal and is heading to your town sooner than you think but in my hood a 1500 sq ft condo rent is now the same cost of a 3000 sq ft mcmansion purchase after tax benefits are calculated. A hundred a square is the name of the game right now, in 1991 it was a hundred a square up here. With inflation, I actually think I’m going to pay pre 1991.
At 2x income, they could sell apples on the corner and have 20% unemployment and I wont care.
We aren’t that far away from the cover of TIME magazine decalring housing as dead.
ParticipantI will FLU. Nostra, my micro market is 6 months to a year ahead of yours, half off is childs play up here, the pain train just got fresh coal and is heading to your town sooner than you think but in my hood a 1500 sq ft condo rent is now the same cost of a 3000 sq ft mcmansion purchase after tax benefits are calculated. A hundred a square is the name of the game right now, in 1991 it was a hundred a square up here. With inflation, I actually think I’m going to pay pre 1991.
At 2x income, they could sell apples on the corner and have 20% unemployment and I wont care.
We aren’t that far away from the cover of TIME magazine decalring housing as dead.
ParticipantI will FLU. Nostra, my micro market is 6 months to a year ahead of yours, half off is childs play up here, the pain train just got fresh coal and is heading to your town sooner than you think but in my hood a 1500 sq ft condo rent is now the same cost of a 3000 sq ft mcmansion purchase after tax benefits are calculated. A hundred a square is the name of the game right now, in 1991 it was a hundred a square up here. With inflation, I actually think I’m going to pay pre 1991.
At 2x income, they could sell apples on the corner and have 20% unemployment and I wont care.
We aren’t that far away from the cover of TIME magazine decalring housing as dead.
ParticipantI will FLU. Nostra, my micro market is 6 months to a year ahead of yours, half off is childs play up here, the pain train just got fresh coal and is heading to your town sooner than you think but in my hood a 1500 sq ft condo rent is now the same cost of a 3000 sq ft mcmansion purchase after tax benefits are calculated. A hundred a square is the name of the game right now, in 1991 it was a hundred a square up here. With inflation, I actually think I’m going to pay pre 1991.
At 2x income, they could sell apples on the corner and have 20% unemployment and I wont care.
We aren’t that far away from the cover of TIME magazine decalring housing as dead.
September 25, 2008 at 10:16 PM in reply to: What would be decline price in San Diego with in 6 months? #275581ParticipantFDIC reworks for IDYMAC loans is supposed to be the model they use for the gov’t owned mortgages if there is a bailout. I read the details and it’s not much of a deal for the homeowner, walking away is better. The indymac reworks require full doc and they set the mortgage at .38 of gross income. They reverse the numbers to figure out what that payment would represent and the remainder isn’t forgiven, it becomes a lien, that they get first at sale or refi. Heloc’s are prevented because it is in the first position.
example: FB owes 500k on house worth 350k and makes 100k a year. can afford 3k a month but 3k is what a 375k loan would be (including impounds). Gov’t liens prop for 125k that they get back. FB keeps home but never builds equity until they break 500k after transaction fees. It would be better for them to walk away, pay 350k at a higher rate because the forebearance is not a gift in the current reworks, it just postpones the inevitable and forces them to “rent ” for twice the market because paying for shelter that you do not share in the appreciation is just that, “rent.”
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