House-buying thread - Why is everyone involved in this process so deeply stupid?

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > House-buying thread - Why is everyone involved in this process so deeply stupid?

poofactory: May 6, 2003; by T. Finn

Are there are lenders left doing 0 down jumbo loans?

# ¿ Jan 6, 2010 19:23

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# ¿ May 6, 2024 14:25

poofactory: May 6, 2003; by T. Finn

Strict 9 posted:

I kind of agree. I'm surprised that after the whole homeownership debacle of the past few years, with people losing their houses because they're underwater, that people are putting down the absolute minimum amount of equity into a house that with a slight change in the market would put them underwater.

Putting the min down is the best way to buy a house because it creates the least amount of risk to the purchaser. If the market goes bad, they can just walk away. If the market gets better they can make a lot of money. If they decide to stay long term, they can pay off the loan.

# ¿ Jun 30, 2010 16:26

poofactory: May 6, 2003; by T. Finn

I think it is hilarious that someone with $5k in savings and the ability to "save" $2k/year is going to "buy" a 100% financed house. I'm sure it will end well dude. Go for it.

# ¿ Jan 30, 2011 19:27

poofactory: May 6, 2003; by T. Finn

greasyhands posted:

A $40k remodel of your bathroom and kitchen is a personal choice (you can make needed repairs for much less than that), and if you want to do that, cool. It's yet another advantage over renting- you can do what you want with the place.

And, in my eyes, a condo is never a good investment and I can't understand why people buy them as anything other than a vacation home when they're already rich and don't really care about the numbers.

I have to say, I don't understand large cities and their real estate markets. They make no financial sense- sure wages are higher in those areas, but from what I've seen they don't come anywhere close to closing the COL gap. I guess for people in those markets the argument changes significantly. I live in Texas and I just bought a 1900 sq ft. 1967 house with a fireplace and a nice bulletproof concrete swimming pool and a new roof,new carpet, and new kitchen and bath (they're builder grade but new and solid) for $120k.

edit: I should say large *coastal* cities because my city has 700k people in it.

I like condos because I can live walking distance from work, grocery, school and practically anything else. No 1 hr commutes. I don't have to worry about maintenance. If a boiler breaks down or snow needs to be shoveled, it is taken care of for me. I don't have to worry about security. If my dishwasher breaks I can call the engineer and he'll fix it for me. There are no stairs - all the space is on one level. There are no huge energy bills.

# ¿ Feb 24, 2011 22:44

poofactory: May 6, 2003; by T. Finn

MrEnigma posted:

I lock in a refinance at 4%, and what happens, they offer 3.875%, oh well.

I have an ARM that has adjusted down to 3 1/8. My Dad told me I was nuts not to get a fixed rate back when they were offering 6% for the 30 yr but I have saved a bundle. I think penfed is offering 3.5 on a 5/5.

# ¿ Aug 18, 2011 16:52

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# ¿ May 6, 2024 14:25

poofactory: May 6, 2003; by T. Finn

Socratic Moron posted:

I've begun to get into the foreclosure purchase game so I can fix them up and rent them out for cash flow.

The amount of fraud surrounding these foreclosures is STAGGERING. I'm finding listing agents who are working with investors where the agent works both sides of the deal and never submits higher offers they receive from other agents to the bank. I'm also finding payoffs (and requests for payoffs) for low BPOs. And I'm finding, "Pay me $2000 and you'll get first look before the house even is listed on MLS and I'll hold other offers" requests.

People are so greedy and lacking in ethics. It's amazing.

I made an all cash offer of $950k (no contingencies, close in 30 days) on a short sale and was told by the agent that I was outbid. It closed two months later significantly under my offer (more than $25k).

# ¿ Aug 18, 2011 18:37

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > House-buying thread - Why is everyone involved in this process so deeply stupid?