49 posts
First, nothing political meant by any of this.
the housing market is absolutely crap, to my benefit. I'm moving from Atlanta to Concord NC. (job transfer, that was optional.) I absolutely hate Atlanta. Way to damn fast paced for me. I don't see how people deal with the traffic everyday year after year.
Anyway, check this out. I just bought a new construction home, 2700 sq ft, for 154,000. holy shit. the houses in the hood that are for sale, only 3, are mine, one in the 200k range and one in the 300k range. I am amazed that I got this house at this price.
Mine is the one on the bottom.
http://www.allentate.com/DesktopDefault.aspx?pageid=10&pagealias=Search&Address=&MLS=&Subdivision=bedford%20farms&From=QuickSearch
I just can't believe the house sold for that. I'm not bragging, just amazed. I couldn't have touched this house before the crash.
Can you believe that? Or, am I a little crazy? Is that not as good a buy as I think?
Crap for sellers, gold for buyers. Buy low, sell high... if successful means high and flat it's no fun.
Nice crib for sure. I looked at the details, and that is a nice house.
That's really amazing. Here's a link to a 5 bed house in UK from around my area (and not that great a-house either). In US dollars this is just over a million dollars. http://www.zoopla.co.uk/for-sale/details/13693844?featured=1&utm_content=featured_listing AND we are in the middle of a housing price slump at the moment. It's all to do with land space I suppose, UK being so small the land is in more demand.
Location, Location, Location Jon, my sister had a house on a resort island they just tore down. It was a shack when I lived in it 30 years ago and they just demolished it, it was worth 800 thousand US dollars, not because of the home but because of the land under it. She just spent 300 thousand building a new 5 bedroom 3 bath house on the land. They both are now worth over a million. For a house not much nicer than Hooks house. Although my nephew is the builder so she is getting a big break on the price. And the quality is top shelf custom built.
Roy, congratulations! Looks like a nice place, and a great buy. Being in the biz, I'm amazed every day at just how much of a buyers market it is in MOST places.
Here's the bad thing, not for me but...
Just think how pissed the people around me will be when they, or if they, find out how little I paid for the house. ;D
I think the sq footage is pretty close on all the homes in the hood. It seems to me that if the housing market recovers in 5 or 10 years I should come out really good. I'll have to do some work in the home over time. New counter tops, painting, little back yard work, fence, little stuff like that to get it a little more up scale. Hopefully I'll be in this home a while.
The story on the house goes like this. If you didn't notice, the house was built in Dec of 2009. Some guy had the house built, went out and bought some shit, then couldn't qualify for the mortgage when it was finished. It started out at 225k and is now 179K with a bunch of incentives. My deal was forget the incentives, lets just deal in price. At one point, the guy selling gave me a list of incentives and priced them at 21k. So I told him to take that 21k off, and offered him 148k to start and they ended up taking 154K. He really messed up giving me the incentives in writing with the so called value also.
Now I have my own inspector going through the house to make sure everything is ok. So if that comes out good, we close at the end of this month. I just have to hope that their isn't something crazy wrong with the home. With it being new, hopefully it's ok.
I'm so happy for you, man...and if you crave the big city (or want to catch a good concert or something), you can go to Charlotte.
Congrats! :)
Tripper
That is awesome Hook, congrats! We were lucky enough to buy a new house last year after years of renting. I've been wanting to post about it with pictures and everything but we have had so many damn things happen there really hasn't been time to sit back and take a breath.
Thanks for everyone's positive replies!!!!
Except Craig. ;D ;D
Hookbender — May 15, 2011Thanks for everyone's positive replies!!!!
Except Craig. ;D ;D
Hey, good for you! I'm just one of the many that got screwed to make the opportunity great for guys like you. I lost two houses and over $300,000 of my own money plus another $100k+ in equity... Uncle Sam got more than $70k and financial institutions took most of the remaining $180k. If I was psychic I would have rented until the bubble burst then bought a killer place flat out at a great price - but I'm not. I've moved on and much of it was for the better - I've learned how to live without money and credit with far fewer "things" which will benefit me greatly as I start to make money again (next month). If things turn out like they appear they will, I will have a lot of money coming my way in the next two years and should end up coming out of this looking far better financially than I was when the shit first hit the fan (albeit without my 811 FICO score, but I intend to only buy without using credit anyway).
As Janis Joplin once said, "I've been rich and I've been poor, rich is better!" ;)
Congrats. I went shopping for houses today. Makes me really appreciate where I am at. The housing market wasn't really affected in my area. In fact the houses around me are selling for $20,000-$30,000 more than what they were bought for.
I only have $182,000 in mine and it's nice. Went looking today at houses between $225,000 and $325,000 and was disappointed at some of those houses. I've got more yard and way better landscaping....they have a bit more house. So I'm thinking I can easily bump up in the next couple of years once I get the principal gig.
These prices make me laugh...
charger — May 19, 2011These prices make me laugh...
They make me cry....we get such a bum deal with property in the UK....and everything else really, fuel, vat etc etc. You just get so much house for you money over there. I've been looking for sometime now (2 or 3 years) at moving across the pond, it's just a matter of how I move my business to sustain the income.
charger — May 19, 2011These prices make me laugh...
They make me laugh too. I chuckle when I think of the land and square footage I get for the money versus what you get.
For $250,000 I can get 1+ acre of land. Around 3,000-3750 square foot of house. A pool. 3 car garage. A workshop. Bonus room. And tricked out amenities.
That won't get you a pot to piss in where you're at. That makes me laugh. ;D
What makes me laugh is how stupid your Governor is. ;D ;D And when your governor starts paying child support, you start paying higher taxes. ;D
What's funny to me is to here a liberal bitch about how bad something is in California. ;D
I hope you're savvy enough to know who the actual governor is in California right now, Hook.
If not, it just proves pretty much everything we've ever said about you over in Politics. :)
Tripper
I know, I just can't believe he would cheat on his wife. What else could you ask for? :)
"What's funny to me is to here a liberal bitch about how bad something is in California."
That was the point.
Fenderbender — May 19, 2011[quote author=charger link=1305241464/0#13 date=1305788823]These prices make me laugh...
They make me laugh too. I chuckle when I think of the land and square footage I get for the money versus what you get.
For $250,000 I can get 1+ acre of land. Around 3,000-3750 square foot of house. A pool. 3 car garage. A workshop. Bonus room. And tricked out amenities.
That won't get you a pot to piss in where you're at. That makes me laugh. ;D
We laugh so we don't have to cry.
Then again, we live in California...
How much would a home in California cost? Around 2500 sq feet?
Hookbender — May 21, 2011How much would a home in California cost? Around 2500 sq feet?
There are places in California where it would cost very little and places where it would cost a ton. In Citrus Heights or Elk Grove $200k buys you 2900 square feet. In El Dorado I found a 2500 sq ft house on 40 acres (!) for 265k. ( http://www.ziprealty.com/property/3015-FRESHWATER-LN-EL-DORADO-CA-95623/79890790/detail )
Like anywhere else, it's location. Closer you get to the ocean, civilization, amenities, and culture, the more expensive it gets.
In Santa Cruz, for 2500 sq ft + an acre, it's $770k, but that's living out in the woods. Get closer to town or the ocean? 1.15 million in town, 4.25 million near the ocean (these are half acre lots--no acre size lots outside of the forest here.
charger — May 20, 2011[quote author=Fenderbender link=1305241464/0#15 date=1305821912][quote author=charger link=1305241464/0#13 date=1305788823]These prices make me laugh...
They make me laugh too. I chuckle when I think of the land and square footage I get for the money versus what you get.
For $250,000 I can get 1+ acre of land. Around 3,000-3750 square foot of house. A pool. 3 car garage. A workshop. Bonus room. And tricked out amenities.
That won't get you a pot to piss in where you're at. That makes me laugh. ;D
We laugh so we don't have to cry.
Then again, we live in California...
Truer words were never spoken my friend.
If you want mad real estate - there was a time (80's before the Jap bubble burst) when the centre of Tokyo (imperial palace) was worth more than the whole of California
Just closed on my house Friday. Let me assure you, buying a damn home is not even remotely close to what it use to be. Documentation out the ass. every questionable penny questioned. Fuck, I'm glad that's over. I've got an 817 credit score so I thought it would be a breeze like last time. Thought fucking wrong. Nightmare. Example...I sold a motorcycle for $2900 dollars and didn't get a copy of the bill of sale. I had to call the guy I sold it too, get him to fax a copy of the bill of sale to me, call my insurance company and get the date I started insuring the bike and when I cancelled my policy. It's only $2900 bucks for christ sake. Give me a fucking break. Thats just one deposit I had to explain.
Looks like the ole government has changed things, and like usual, they fucked shit up big time. No wonder people aren't buying homes now. I came damn close to telling them to stick this house up their fucking asshole and while doing so to read a fucking book you ignorant cunt. But it was a girl handling this, so I didn't. ;D
Anyway, glad that stuffs over.
Homey, so much of that shit is the banks (especially the ones that guarantee the loans for the local banks), especially the MACs and MAEs. A friend of mine refinanced his house about 6 months ago to take advantage of interest rates. They had refinanced a few years earlier, and the process was pretty painless. This time around, not so much. They had so many more hoops to jump through this time. And he and his wife have great credit to boot also.
I am glad I am done with all that financing shit. It always irked me to have a, or several, monthly payments.
Hookbender — May 29, 2011Looks like the ole government has changed things, and like usual, they fucked shit up big time.
two words - Financial crisis.
http://www.reuters.com/article/2010/06/16/us-financial-regulation-housing-idUSTRE65F69I20100616
Hookbender — May 20, 2011I know, I just can't believe he would cheat on his wife. What else could you ask for? :)
"What's funny to me is to here a liberal bitch about how bad something is in California."
That was the point.
And you just proved mine. Arnold is NOT the governor. Jerry Brown is the governor. Since January, actually...
I love it!
Tripper
And again, I know. I just still referred to him as governor. Kinda like Bush is still referred to as President Bush....even though he isn't still President. A little typo on my part, that's all.
Hookbender — May 29, 2011Just closed on my house Friday. Let me assure you, buying a damn home is not even remotely close to what it use to be. Documentation out the ass. every questionable penny questioned. I'm glad that's over. I've got an 817 credit score so I thought it would be a breeze like last time. Thought wrong. Nightmare. Example...I sold a motorcycle for $2900 dollars and didn't get a copy of the bill of sale. I had to call the guy I sold it too, get him to fax a copy of the bill of sale to me, call my insurance company and get the date I started insuring the bike and when I cancelled my policy. It's only $2900 bucks for christ sake. Give me a fing break. Thats just one deposit I had to explain.
Looks like the ole government has changed things, and like usual, they f'ed sht up big time. No wonder people aren't buying homes now. I came damn close to telling them to stick this house up their fing asshole and while doing so to read a fing book you ignorant nut. But it was a girl handling this, so I didn't. ;D
Anyway, glad that stuffs over.
Welcome to my world. It's a serious hassle. Nothing is easy. The overdocument everything and then audit us repeatedly to make sure it's all done. Typical over-reaction by a govt that makes laws about things it is not an expert on. They are basically trying to regulate the clowns in the mortgage business out of the business. Those clowns were gone before the new regulations ever went into effect, meaning the only people dealing with them are the people who were legit all along.
What are the new gov regs?
Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Just saw a 4,750 sq. ft., gorgeous house, on a hill with a view in an exclusive neighborhood for sale yesterday. $420,000. Probably has at least a 1/2 acre of land as well.
*sigh* :'(
J, the lenders are being regulated to the point now that half of the good legitimate ones probably won't survive. They are trying to get rid of an element of our business, which is already gone. In doing so, they are making it very hard on the people who are left. and....
Charger, I'm not sure if you are referring to me or not, but... I'm not talking about lending guidelines, which have tightened considerably. I'm talking about exactly what Roy said. How hard they've made it to do loans. It got too easy, no question about it. But now as usual, they've over-reacted and made it too hard. Every minute detail of a persons financial history must be documented to levels that simply don't make sense. Again, not talking about actual lending guidelines getting tighter, I'm talking about all the things they make lenders do, which in turn makes the buyers do and provide more and more documentation...
I'm just curious as to what these regs are.
1st RULE: You do not talk about Loans.
2nd RULE: You DO NOT talk about Loans.
3rd RULE: If someone says "stop" or goes limp, taps out the application process is over.
4th RULE: Only two guys to a loan.
5th RULE: One loan at a time.
6th RULE: No shirts, no shoes.
7th RULE: Applications will go on as long as they have to.
8th RULE: If this is your first night at the office, you HAVE to apply for a mortgage.
charger — Jun 01, 2011Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Nope. No one wanted this. A good credit score and the down payment is all they should need. They don't need to know I sold a motorcycle and the money was deposited into my account. Note...not even a withdrawal. They don't need to know when I terminated the goddamn insurance, or when I took out the policy to begin with. And they don't need a copy of the bill of sale. Not even the greedy damn IRS wants any of that info. It's stupid and time consuming and shows nothing nor proves anything at all. It's $2900 dollars. It's $2900 dollars. It doesn't change my debt ratio at all, even if it were income. So why bother? Ignorant shit. This is a prime example of why I don't like the government messing with healthcare.
Hookbender — Jun 03, 2011[quote author=charger link=1305241464/25#33 date=1306959310]Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Nope. No one wanted this. A good credit score and the down payment is all they should need. They don't need to know I sold a motorcycle and the money was deposited into my account. Note...not even a withdrawal. They don't need to know when I terminated the goddamn insurance, or when I took out the policy to begin with. And they don't need a copy of the bill of sale. Not even the greedy damn IRS wants any of that info. It's stupid and time consuming and shows nothing nor proves anything at all. It's $2900 dollars. It's $2900 dollars. It doesn't change my debt ratio at all, even if it were income. So why bother? Ignorant shit. This is a prime example of why I don't like the government messing with healthcare.
Did Hooky just pull one of those ADHD jumps there? You know, when you're all talking about one subject then... "Squirrel!!!" :D
Sheep, can I copy that for my office wall?
lol!
thought you might like that.
Hookbender — Jun 03, 2011[quote author=charger link=1305241464/25#33 date=1306959310]Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Nope. No one wanted this. A good credit score and the down payment is all they should need. They don't need to know I sold a motorcycle and the money was deposited into my account. Note...not even a withdrawal. They don't need to know when I terminated the goddamn insurance, or when I took out the policy to begin with. And they don't need a copy of the bill of sale. Not even the greedy damn IRS wants any of that info. It's stupid and time consuming and shows nothing nor proves anything at all. It's $2900 dollars. It's $2900 dollars. It doesn't change my debt ratio at all, even if it were income. So why bother? Ignorant shit. This is a prime example of why I don't like the government messing with healthcare.
You can have a very good credit score and no steady income.
I agree it's a major pain in the ass. However, I also think this is going to
dramatically reduce bad loans and foreclosures going forward. I've refinanced two houses under the new rules and while I did have to provide a ridiculous amount of documentation, I was able to do it fairly quickly. I was actually less thrilled when I bought the second house under the old rules, and my loan guy "stated" my income, and with that, my credit score, and some signatures I was able to finance almost 400k...
CraigBert — Jun 03, 2011[quote author=Hookbender link=1305241464/25#39 date=1307066671][quote author=charger link=1305241464/25#33 date=1306959310]Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Nope. No one wanted this. A good credit score and the down payment is all they should need. They don't need to know I sold a motorcycle and the money was deposited into my account. Note...not even a withdrawal. They don't need to know when I terminated the goddamn insurance, or when I took out the policy to begin with. And they don't need a copy of the bill of sale. Not even the greedy damn IRS wants any of that info. It's stupid and time consuming and shows nothing nor proves anything at all. It's $2900 dollars. It's $2900 dollars. It doesn't change my debt ratio at all, even if it were income. So why bother? Ignorant shit. This is a prime example of why I don't like the government messing with healthcare.
Did Hooky just pull one of those ADHD jumps there? You know, when you're all talking about one subject then... "Squirrel!!!" :D
Your weird
Charger...
Yeah, add verifying income to my post. I can understand that. Show your tax records for a few years or so, which I had to do. Problem is, it didn't stop there.
My boss also had to fill out 2 forms, sign them, and fax them to MY mortgage company. What if my employer said fuck that, buy your house yourself? That's not my problem? Why are my tax records not good enough? Jesus...
I also couldn't use my wife on the loan. She's been employed for 10 years as a RN. She hasn't found a job yet in NC but is currently employed in Atlanta. The income couldn't be used because she wasn't employed in the state the house was in. So, I guess people can't buy investment properties in a different state anymore???? This isn't an investment property but my wife has never been unemployed and is currently working now right. I can kinda understand this to a degree but damn.
Hookbender — Jun 04, 2011[quote author=CraigBert link=1305241464/25#40 date=1307076693][quote author=Hookbender link=1305241464/25#39 date=1307066671][quote author=charger link=1305241464/25#33 date=1306959310]Note that a couple years ago, same folks were blaming Fannie and Freddie for giving everyone a loan, even if they didn't deserve it. Guess what? now only people who can actually pay can get loans... this is what you wanted and asked for. You won. Why complain?
Nope. No one wanted this. A good credit score and the down payment is all they should need. They don't need to know I sold a motorcycle and the money was deposited into my account. Note...not even a withdrawal. They don't need to know when I terminated the goddamn insurance, or when I took out the policy to begin with. And they don't need a copy of the bill of sale. Not even the greedy damn IRS wants any of that info. It's stupid and time consuming and shows nothing nor proves anything at all. It's $2900 dollars. It's $2900 dollars. It doesn't change my debt ratio at all, even if it were income. So why bother? Ignorant shit. This is a prime example of why I don't like the government messing with healthcare.
Did Hooky just pull one of those ADHD jumps there? You know, when you're all talking about one subject then... "Squirrel!!!" :D
Your weird
My weird what? ;D
