Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just wondering if any of you trying to sell have thought of dropping it a little below the "right" price and get a bidding war started? I've seen this tactic used on some shows about selling a hard to move house and was wondering if anybody has actually tried it.
the price is so key. i used to be a mortgage consultant. Basically all the no income check loans and people who really couldnt afford a home were getting the loans approved . now so many of them are losing their homes. so now that all those products are gone there are alot less buyers right now.They only way to get a bite is to have the price listed at a steal.All the other first time homebuyers are alot more savvy than they used to be and are waiting on rates to drop.we are looking to sell my home but its gonna be hard to get the value. We actually didnt include our taxes and when they came due we culdnt come up with 10,000. so the bank paid them and now my mtg payment is 4,600 dollars.if we refinance we will lose at a minimum o 10,000 buck on closing fees and points. it just sucks. alot of people are going to NC or wherever but the pay rates there are alot less as well.Our friends just bought a brand new home out there and it was like 250k but their salaries are very low out there so they arent in a much better boat out there..maybe just a little.
the price is so key. i used to be a mortgage consultant. Basically all the no income check loans and people who really couldnt afford a home were getting the loans approved . now so many of them are losing their homes. so now that all those products are gone there are alot less buyers right now.They only way to get a bite is to have the price listed at a steal.All the other first time homebuyers are alot more savvy than they used to be and are waiting on rates to drop.we are looking to sell my home but its gonna be hard to get the value. We actually didnt include our taxes and when they came due we culdnt come up with 10,000. so the bank paid them and now my mtg payment is 4,600 dollars.if we refinance we will lose at a minimum o 10,000 buck on closing fees and points. it just sucks. alot of people are going to NC or wherever but the pay rates there are alot less as well.Our friends just bought a brand new home out there and it was like 250k but their salaries are very low out there so they arent in a much better boat out there..maybe just a little.
Geez, no wonder so many people are in trouble. Not to pick on you, but a mortgage consultant doesn't know to make sure you can afford to pay your taxes before you decide to buy a house? What the heck was prequalification for?
Geez, no wonder so many people are in trouble. Not to pick on you, but a mortgage consultant doesn't know to make sure you can afford to pay your taxes before you decide to buy a house? What the heck was prequalification for?
I know a handful of people in the mortgage business that all made the same moves. One of them says she won't be able to afford her LI house next fall when her rate adjusts, she's hoping the mortgage industry will "turn around" since her husband the "broker" can't close anymore liars loans, their well has run dry. Oh & her house would likely sell for 50-75 LESS than what she paid in 05. Now they are taking about running to NC too....
My wife and I have recently left Long Island and are nowe living in North Carolina. Things are much cheaper here with the exception of food and gas. I loved Long Island as a kid but found it impossible to survive as an adult. Making almost 100K combined we were unable to buy a home and would of probably wound up renting forever never being able to get ahead. We really miss our family and friends but know we will be able to go back and visit and have them come down. Its a shame they way long island has become to where people are forced to leave to maintain any quality of life. I know of many others who have left before us and numerous others leaving behind us. Good Luck to all in finding what you want.
Broke on 100k
Sucks
Millionaires and Migrant Workers by 2020.
Mark my words
C
Been gone since 1976 and never looked back. Many of the things mentioned like the beach are great and I do come back for a visit to take advantage, but on the other hand quite a bit of the places and things that made LI great years ago have disappeared or just been plain destroyed. Even though visiting can be expensive it comes nowhere near to the daily grind of trying to live day to day not to even mention trying to put aside money for the future.
Is it true that people who know they are going to lose there homes just do not pay for about 6 months then go elsewhere and buy homes for a lot less with the cash they saved by not paying the mortgage? A real estate person told my husband this who he works with part time.
Is it true that people who know they are going to lose there homes just do not pay for about 6 months then go elsewhere and buy homes for a lot less with the cash they saved by not paying the mortgage? A real estate person told my husband this who he works with part time.
Not if you need a credit history to buy the new house. 6 months of not paying a motgage won't be too kind to your credit score. Where are you going to buy a house for just 6 monthly mortgage payments? Forget about any equity you had in this home, who will give you an equity line of credit after missing 6 months of payments?
If you have any idea of buying anything in the next 7 years (house, car, etc) be careful about how you walk away from this house. Have you tried talking to your lender first? How much do you owe on the house, and what is it truly worth right now? THese are the most important questions to answer first.
Hang in there. I hope you can sell your home. I feel your pain. We had a home in 1996-1999--had to sell it due to deceptive real estate (they lied about our property and someone began building right behind our house), and our taxes shot up (again 'reassessment' on our summer porch, stupid other things). Only through the grace of God did we sell it. We could not afford it once my husband lost his job.
You know it's sad about people not affording life here with a nice income. Think how many live on a third of what you make...Yes, we are out here..
Good luck.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
