Palisades Homes...CANT SELL, very frustrated. Hard community to sell anything! (Tryon: refinance, credit)
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Location: livin' the good life on America's favorite island
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Quote:
Originally Posted by CouponJack
Is 2.50 the maximum it could go up?
My point is that it may not be as crazy as you make it sound to pay a little more now, however you'll have the piece of mind that you won't be facing a steep rate jump in case things don't work out to your plan.
I know you've done the research, however you never know....something to think about (piece of mind)
More accurately in 7/2012 the rate is based on LIBOR and the rate will adjust to 2.250 above LIBOR. The maximum increase from year to year is 2% and rate will not go over 9.125%.
There is no question we will move when kids go to college, we don't need big house to start and wife want to live either downtown or Hilton Head. We have never owned house more than 5-7 years. We have been in current house for 5 yrs so this will be longest tenure home.
I have said this many times, Thank you Ani--unfortunately there are those on here who just happened to not have the unlucky hit like others did and like you said by no fault of their own. It is unfortunate that those who have not had the bad luck has to just be completely negative and believe everybody has problems because they were not smart enough to do the right thing. BTW, I am hanging very tight. We have already had three houses go to auction in our neighborhood and two short sales as well as two rental units but we are still hanging strong!!!
Is buying a home and home ownership worth all this that you are going through?
I don't own a home and never had the strong desire to like others, but hearing lots of stories like yours makes it seem like it isnt worth it. Am I wrong?
Your last sentence hits the nail on the head in regards to answering your Why question. It depends upon the ARM. Many homeowners are shocked to find out their assumptions on how and how much these things will reset when it happens were completely wrong. This is especially true of ARMS that had a lot of discounting up front.
Then quite honestly they deserve it. It's called READ THE CONTRACT before you sign for $100k+. DUH. And get your own copy.
Oh yes... a quick note for all the people who lost their sympathy for my situation...
I became a REALTOR 1 year ago-BECAUSE of my situation. I was tired of feeling un-educated about housing and predatory lending. I took 90 hours of class at night WITH a full time job to get licensed because I didn't want this to happen to me again and so that I can do true research of a neighborhood myself for the future.
Oh yes... a quick note for all the people who lost their sympathy for my situation...
I became a REALTOR 1 year ago-BECAUSE of my situation. I was tired of feeling un-educated about housing and predatory lending. I took 90 hours of class at night WITH a full time job to get licensed because I didn't want this to happen to me again and so that I can do true research of a neighborhood myself for the future.
GABRIELLE: I hope things will fall in place for you. Maybe you should consider checking out a different lender? You may get a better answer. Just a thought I had while reading back over some of these posts.
Oh yes... a quick note for all the people who lost their sympathy for my situation...
I became a REALTOR 1 year ago-BECAUSE of my situation. I was tired of feeling un-educated about housing and predatory lending. I took 90 hours of class at night WITH a full time job to get licensed because I didn't want this to happen to me again and so that I can do true research of a neighborhood myself for the future.
You don't need a piece of paper or a "license" to get educated. It does open some doors if you belong to the NAR, however most information is available and out there if you just do your own research on the web and talk to people....
Oh yes... a quick note for all the people who lost their sympathy for my situation......
I commend you on getting education, there is nothing wrong with that. However you are asking for sympathy for not demonstrating, IMO what used to be called good old common sense. I suppose it isn't really that common now or we would not have so many people who bought far more home than they can afford and didn't have any contingency plan should things go wrong.
I grew up in the days when math was still done with a sheet of paper and a pencil but even then, people could sit down and figure out the mathematics of buying something they simply can't afford. With today's electronics, internet and instant access to anything you need to know, it shouldn't take more than 30 minutes to figure out what purchasing something for $450,000 really means. Most people in the USA simply can't afford it. Of course one first has to be willing to ask the question.
Just curious. Does anyone have any information that would suggest that the situation in the Palisades is any different from other, similar neighborhoods?
Location: livin' the good life on America's favorite island
2,221 posts, read 4,397,723 times
Reputation: 1391
I don't think you can take a broad brush that other similar neighborhoods are facing the same situation. I've read on this forum about problems in Providence Downs (South?) but I believe their problems were due to different circumstances. I live in a neighborhood with over 500 homes in Weddington/Matthews area, the development started in 2004. There are probably 3-4 foreclosures that I am aware of to date. Most homes are $350k-750k range. Very strong HOA with >$200k in Homeowners reserves. Neighborhood has top shelf ammenities as does Palisades. I consider this very stable neighborhood, and desirable.
Just curious. Does anyone have any information that would suggest that the situation in the Palisades is any different from other, similar neighborhoods?
Dave I think a majority of high end new construction neighborhoods are seeing similar fates. This was the market that was most over-inflated and is having to make the most adjustments, though fortunately there are some exceptions.
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