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Old 07-31-2007, 04:42 PM
 
Location: TX
5,412 posts, read 14,055,447 times
Reputation: 1700

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Quote:
Originally Posted by drjones96 View Post
...

btw Anybody catch the article on CNN today about record foreclosures?
Yes, I read this article (broken link). I can't believe that in NV, 1 out of 40 homes are being foreclosed. Crazy! I'm kind of glad that "flippers" are feeling some pain. It's about time their greediness and "irrational exuberance" caught up with them.
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Old 08-01-2007, 08:15 AM
 
Location: Kansas
3,855 posts, read 11,476,315 times
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I don't think there is anything necessarily wrong with fixing up a house and selling it to make money. It's nearly the same as building and selling a home.

But man....some of the stuff that's going on in CA and the upper east coast is obsene. I mean I was watching HGTV or some other network the other day and these people were incredibly greedy when selling this home. It was freaking falling apart and looked like hell and they're trying to soak this poor family for $300k for it. And they only had about half that invested in it. I don't even think they had spent a dime to fix it up. They just bought it and were trying to resell it for double! Believe it or not the buyers actually went through with the deal!
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Old 08-01-2007, 08:58 AM
 
Location: TX
5,412 posts, read 14,055,447 times
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Quote:
Originally Posted by drjones96 View Post
I don't think there is anything necessarily wrong with fixing up a house and selling it to make money. It's nearly the same as building and selling a home.

...
I don't either. But many of these people got too greedy, bought up property by the handful, little or no money down, sub-prime mortgage promising very low interest rates for the 1st year or 2. Then a year or 2 goes by, interest rates blow up (re-adjust), and they need to sell, only they can't find buyers. That's just silly oversight on the greedy buyers. Flipping a house every few years is one thing, but snapping up property by the truckload in hopes of making 20-40%/yr. profit is another.
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Old 08-05-2007, 12:05 AM
 
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The high-end market has not slowed at all. And the location is a factor, as well.
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Old 08-07-2007, 10:20 AM
 
Location: TX
5,412 posts, read 14,055,447 times
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Quote:
Originally Posted by Toto2 View Post
The high-end market has not slowed at all. And the location is a factor, as well.
I disagree w/ you 1st sentence. A coworker's father-in-law has been trying to sell an expensive house in the Mira Vista community (Fort Worth) for just over $1 million (probably reduced to under 7 figures by now) and has had no luck in 9+ months.
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Old 08-07-2007, 11:17 AM
 
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I happen to agree with Toto2 on both, high end and location.
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Old 08-07-2007, 04:12 PM
 
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bet the house in Mira Vista has small lot and 2 car garage--that is not what people want for a million any more--they would take 2acre+lot/ house w/ 4 car garage or a large, penthouse condo downtown ...
and drjones--you can't really belive what you see on HGTV realty shows--lots of posts on IMDB and other related sites that those shows are rigged --that buyers are just actors brought on for the day--that most of rehab work done is sub-par and not up to code...so i would not put any stock in the "reality" aspect of that

was watching a show I had taped on HGTV without meaning to while I ironed--first time home buyers in Denver (where now there is a buyers' market because of slow market and foreclosures)...young couple--280,000 top range--supposedly could not find any homes in their target area--not true I imagine--they finally found house (of course) and financed 100% of the cost--first 10 years interest only--those kids don't have any business buying a house that expensive or maybe any house at all--they had a little money to put down but to them it made more financial sense because they were disciplined about money to finance all of it...
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Old 08-07-2007, 04:30 PM
 
Location: TX
3,029 posts, read 10,456,195 times
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our first home was a no money down loan financed by the VA. it was a true "starter home" older in need of work etc... it cost us 140k! The VA requires you to pay 3 years of PMI on any loan with zero down. But they would only qualify us at that time for 155K max... The local bank would give us up 250K! (they had to know that was way out of our budget!) I remember the first two years in athat house we were soooo house poor LOL our mortgage was....around 1100k a month!

anyway not all people who have to buy with zero down default on loans etc... it's the only way ALOT of first time home owners can get into a home. It's those spoiled people who feel they deserve a 3000sqft home (better than thier parents!) as a "starter home"!
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Old 08-09-2007, 08:33 AM
 
Location: TX
5,412 posts, read 14,055,447 times
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Quote:
Originally Posted by loves2read View Post
bet the house in Mira Vista has small lot and 2 car garage--that is not what people want for a million any more--they would take 2acre+lot/ house w/ 4 car garage or a large, penthouse condo downtown ...
and drjones--you can't really belive what you see on HGTV realty shows--lots of posts on IMDB and other related sites that those shows are rigged --that buyers are just actors brought on for the day--that most of rehab work done is sub-par and not up to code...so i would not put any stock in the "reality" aspect of that

was watching a show I had taped on HGTV without meaning to while I ironed--first time home buyers in Denver (where now there is a buyers' market because of slow market and foreclosures)...young couple--280,000 top range--supposedly could not find any homes in their target area--not true I imagine--they finally found house (of course) and financed 100% of the cost--first 10 years interest only--those kids don't have any business buying a house that expensive or maybe any house at all--they had a little money to put down but to them it made more financial sense because they were disciplined about money to finance all of it...
I don't know the details of my coworker's relative who has that expensive Mira Vista house.
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Old 08-09-2007, 01:12 PM
 
Location: Kansas
3,855 posts, read 11,476,315 times
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Quote:
Originally Posted by 5stones View Post
anyway not all people who have to buy with zero down default on loans etc... it's the only way ALOT of first time home owners can get into a home. It's those spoiled people who feel they deserve a 3000sqft home (better than thier parents!) as a "starter home"!
We put some money down on our house. (It was our first) But we were newly weds and we were trying to get out of our tiny appartment and get my wife's daughter into a decent school district. We had good income but no real savings...well some but it was just enough to pay closing costs and 5% down. After that we were SOOOO broke. But we got into a brand new 2000sq ft house.

Better than my parents? Probably since my parent's house was built in the mid-70's.

Feel spoiled? Honestly I do a little. But I went to college and started a job making more than them combined at retirement so I could justify it.

Since then we've had 2 kids and the house is now full! We bought it with the idea of having one more kid and having a spare room and now the room is no longer spare We're wishing we had really spoiled ourselves and had that extra 1000 square feet you're talking about.

@ loves2read - I realize some of that is staged but when they start talking what homes are selling for in particular areas....I'm talking tiny 1200 sq ft homes going for a MIL!.....it just gets to me. How can they possibly really be worth that much? The bottom will fall out of that market at some point and those poor idiots are going to be hurting.
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