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There's no need for you to point a blame to an innocent person, it hurts our feelings greatly. We now live in a corrupted society these days where profits come first before people. Ask any Black-American families that can't get into homes yet with the lowest home ownership percentage, and they will find your response so appalling.
I just wish it was the 1980s, that's all I can say (and this thread wouldn't exist), and people wouldn't speak like this. I have to look to the future and see what's best work for me. It's only a low 20% chance that I will not be approved. I'm still working on it... Keeping positive...
I started buying properties in 1971. Things are no different now than in the 1980’s. Just much more transparent and sensationalist due to the internet.
I started buying properties in 1971. Things are no different now than in the 1980’s. Just much more transparent and sensationalist due to the internet.
But home ownership rate was much higher back then, and much lower prices too. Those were easy times... I would be easily approved for full amount in 1971 too, even with a much lower salary of my same job in 1971 dollars.
The 3,500 sq. ft. home I'm trying to close originally costed only $20,000 in 1971 (if it was built in 1971). Today, it's valued at closer to $920,000 by August 2021. My mortgage total price for everything is $720,000, a gain of $200,000 (pending) equity that I've earned will be returned (stolen) back to the builder.
But home ownership rate was much higher back then, and much lower prices too. Those were easy times... I would be easily approved for full amount in 1971 too, even with a much lower salary of my same job in 1971 dollars.
The home I'm buying originally costed only $30,000 in 1971 (if it was built in 1971). Today, it's valued at closer to $920,000 by August 2021. My mortgage total price for everything is $720,000, a gain of $200,000 (pending) equity I've earned that will be stolen back to the builder.
They were NOT easy times. My first house cost $28,500. Our combined income was under $14K. The mortgage requirements were 20% down and income had to be no less than 2.5 x the price of the house. Its way easier today. Our first mortgage interest rate was 7.8%
You sure like to use inflammatory language. You have no idea what life was like back in the 1980’s or even the 1880’s unless you lived it. Tell me, what were the interest rates in 1980?
They were NOT easy times. My first house cost $28,500. Our combined income was under $14K. The mortgage requirements were 20% down and income had to be no less than 2.5 x the price of the house. Its way easier today. Our first mortgage interest rate was 7.8%
They were actually EASY times. It's well-documented on YouTube comments by real people and Baby Boomers on how great and affordable housing was back then in the old days. Just pay full-cash, that's all. It only took 2-3 years to come up with $28,500 in 1971. Today, it takes 10 years and more to get $700,000.
Still looking for more experts here to answer my concerns carefully...
It's a brand new 3,500 sq. ft. house that I'm trying to close for $720,000 price (with all options, including mandatory "stupid" $25,000 solar from $609,990 base price) in overpriced California area. Today, the base price shows $712,990, solar not included, now already over $100,000 equity earned so far. It's expected to appreciate in value, closer to $920,000, by August 2021.
Which means, some applicants in California (because of higher home prices) do ask for down payment assistance from their family members or friends, which is actually kind of normal.
...But my parents appear to back away a little, sadly, or showing some kind of weird facial expressions. Not official yet, and it's only 20% chance that they will say no. I don't qualify at all for the full $720,000 loan amount. I know I need to prepare for the worst, and I'm scared. The greed takes away all my profits.
Do I understand all this correctly? You signed a no contingency new build contract a year ago but the terms didn't seem to be finalized. Plus, you didn't secure either the loan or your down payment. Time marched on as it always does, the pandemic hit, and the price to build your house went up probably due to skyrocketing building and supplier costs. Sounds as if you bit off far more than you could chew in signing a contract for this house. You simply can't afford it and probably never could afford it. If you didn't understand the contract obligations you should have asked a real estate attorney to explain them before you signed. Now that reality is looming on the horizon you are trying to blame your troubles on everyone else. Whatever happened to personal responsibility? Who exactly has cheated you? No one.
You made a poor decision and hope your parents will rescue you. What horrible pressure to put upon them! This isn't the "good old days". Moaning and wringing your hands about the past won't change the present. The times were only relevant to themselves. The contract decision you made was made in the present day, not 40 or 30 years ago.
Why must you buy a brand new 3500 sq ft house "with all the options" in the first place? You have nothing good to say about the area. You must have known what housing cost before deciding to buy anything. Don't blame your trouble on the place. It is what it is and it was that way a year ago. If you couldn't afford to buy a house last year, why not save your money and rent instead? I don't understand all the stuff about "your" equity. The house doesn't exist yet and even if it did, it isn't your property so it isn't your equity. Greed taking away "your" profits???? What profits??? How can you profit on something that doesn't belong to you? Its OK for YOU to want profit but it is corrupt and evil for a business to do the same? That's quite a double standard OP.
Last edited by Parnassia; 04-03-2021 at 05:28 PM..
There's no need for you to point a blame to an innocent person, it hurts our feelings greatly. We now live in a corrupted society these days where profits come first before people. Ask any Black-American families that can't get into homes yet with the lowest home ownership percentage, and they will find your response so appalling.
I just wish it was the 1980s, that's all I can say (and this thread wouldn't exist), and people wouldn't speak like this. I have to look to the future and see what's best work for me. It's only a low 20% chance that I will not be approved. I'm still working on it... Keeping positive...
There was more discrimination towards minorities in the 80s. You need to study US history.....and get a second job. This house and state is too expensive. Maybe you should check out the south?
They were NOT easy times. My first house cost $28,500. Our combined income was under $14K. The mortgage requirements were 20% down and income had to be no less than 2.5 x the price of the house. Its way easier today. Our first mortgage interest rate was 7.8%
My parents bought their house in 1979. 25% minimum required. Could not be gifted at all. Had to prove income which was much lower than today. Interest was 11%. There was no escrow so you were on your own to pay for your home owners insurance and property taxes. Nothing at all like today.
You need to let go of this idea that you have somehow earned $200k and the builder is trying to steal it from you. The house is not yours yet. It doesn't even exist yet. Any potential gain in value is speculation. You have a contract that says they will build and sell you a particular home for $720k providing you can pay them for it. You haven't provided anything indicating that they won't hold up their end of the deal, only that you might not be able to hold up yours. I'm not trying to be harsh, but you come off as entitled by fixating on this "earned equity" that is somehow being stolen from you.
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