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Old 02-21-2009, 08:38 AM
 
4 posts, read 3,131 times
Reputation: 17

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I rented for the past 3.5 years and what did my "bitterness" get me???

Sure the bubble-heads said I was flushing my money away making my landlord rich, but it's all cool....

My landlord subsidized my standard of living for 3 and a half years. I lived comfortably in a neighborhood I previously couldn't afford to buy into. I rented there for 60 percent the cost of owning. My LL paid top dollar for the property only weeks before I moved into it. Thanks landy, loved the new appliances!

Now three and a half years later, I purchased a foreclosed home in the SAME neighborhood for 65 percent the asking prices from 3-4 years earlier... goodbye bubble - hello 4.25% mortgage interest rate! Thank you speculators!!!

As if that wasn't great in itself, I get a $8000 check from the good ole US of A! Special shout out to Obama for allowing me claim the credit for 2008 even though I bought this year. Lest I forget, thank you legislative branch and fellow taxpayers!

Anyways, I digress, off to L'espalier for brunch. I know a couple of you direct messaged me, I'm heading out to the Cape for the rest of the weekend. I'll hit you up when I get back.

Last edited by bugmenot; 02-21-2009 at 08:51 AM..
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Old 02-21-2009, 11:21 AM
 
Location: Gallatin Valley
491 posts, read 1,138,950 times
Reputation: 408
Sweet! Have a great weekend! Questions:

How did you get the 4.25%, is that a brand new home?

I have also heard you can amend your taxes and get the money back this year. How long til you get a check? Aren't they breaking it up between 2 years? I also heard the stipulation is you have to put 5% down, is that true?

Anyhow, congrats!

I need to thank my landlord too. We moved up here 7 years ago and because of credit couldn't buy then. Rent was $725, went up to $750. After being there 3 years the bubble hit and they jacked it up to $900!! I could understand.

But what I could not understand was when they jacked my rent up this year to $1,000. The go between said they wanted to jack it up even more then that, but she cautioned for them not too cause we always pay on time, do all maintenance ourselves(its a house) and only 1 service call from them, it was for a water heater.

I was pretty irritated to hear we would be paying rent of $1,000 to live in a declining area where I could buy a comparable home right now for $55,000!!!

So the thank you comes in here where I decided I need to see what I can do to buy, even if it takes a year to clean up my credit, etc. Went in and found out our scores are high enough and we can pay off the few bills we owe in escrow.

So we are now actively looking to buy in a much better area then this.
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Old 02-21-2009, 02:18 PM
 
1,368 posts, read 1,628,090 times
Reputation: 1111
I love it! My brother said "Why do you want to pay someone elses mortgage by renting?"

Now I'm laughing at those poor mooks who listened to the greedy real estate "professionals".

Tah baby! Good luck begging for better terms. The banks will be giving them the boot faster than a Remax "You're gonna kick yourself" commercial.
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Old 02-21-2009, 02:46 PM
 
930 posts, read 2,121,788 times
Reputation: 1000
Thank you for sharing your story. That was really heartwarming!! I love happy endings.
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Old 02-21-2009, 04:01 PM
 
173 posts, read 436,906 times
Reputation: 148
It sure is good to hear that someone has made out well in this economic mess. I hope to follow down the same path in the next few months though I am leary yet curious about buying a forclosed home.
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Old 02-21-2009, 05:50 PM
 
Location: Censorshipville...
2,478 posts, read 5,993,818 times
Reputation: 1270
Congrats on your new home! I bought a home in 2003 with my brother and now going through the motions of purchasing a foreclosure too. This house sold for $389k in 2006, and I'm buying it for $162.5k and getting closing costs. I've got to put some money into it to rehab it, but I'm still going to come up ahead. Unfortunately since I had a home since 2003 (Too bad huh?), I don't qualify as a "New Home Owner" so no tax credit.

You got a really great rate! Did you have to pay any points? What lender are you using? I was only able to get 5% with .250 points, not bad but your 4.25% definitely trumps it.
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Old 02-21-2009, 06:08 PM
 
3,720 posts, read 4,441,413 times
Reputation: 4741
Quote:
Originally Posted by Desertrose34 View Post
Sweet! Have a great weekend! Questions:

How did you get the 4.25%, is that a brand new home?

I have also heard you can amend your taxes and get the money back this year. How long til you get a check? Aren't they breaking it up between 2 years? I also heard the stipulation is you have to put 5% down, is that true?

Anyhow, congrats!

I need to thank my landlord too. We moved up here 7 years ago and because of credit couldn't buy then. Rent was $725, went up to $750. After being there 3 years the bubble hit and they jacked it up to $900!! I could understand.

But what I could not understand was when they jacked my rent up this year to $1,000. The go between said they wanted to jack it up even more then that, but she cautioned for them not too cause we always pay on time, do all maintenance ourselves(its a house) and only 1 service call from them, it was for a water heater.

I was pretty irritated to hear we would be paying rent of $1,000 to live in a declining area where I could buy a comparable home right now for $55,000!!!

So the thank you comes in here where I decided I need to see what I can do to buy, even if it takes a year to clean up my credit, etc. Went in and found out our scores are high enough and we can pay off the few bills we owe in escrow.

So we are now actively looking to buy in a much better area then this.
Best of luck to you Desertrose34.
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Old 02-21-2009, 06:36 PM
 
Location: Colorado Springs, CO
1,570 posts, read 5,163,567 times
Reputation: 1388
Every side of a market has a bargain for someone. Now is a great time to buy!
Congratulations!
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Old 02-21-2009, 07:16 PM
 
Location: Gallatin Valley
491 posts, read 1,138,950 times
Reputation: 408
Thanx Trish! We have found our dream home and now if they will just officially put it up for sale and price it in our budget we can buy! lol
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