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Old 11-26-2007, 07:29 AM
 
2,141 posts, read 6,905,841 times
Reputation: 595

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I was just reading this and can't get over the dumb ass people that said they had no clue. Californians thinking the Florida market was the same as were they came from. If you buy at artificially high prices don't cry when you lose. "Realtors and mortgage brokers were thinking about commissions. Appraisers, title agents and lawyers were thinking about fees," That may be true but what about the easy money that went wrong. People who went into this market thinking it was sure thing had to learn. If you can't afford to lose it, don't do it. Easy come easy go I guess.


http://www.heraldtribune.com/article...TATE/711250436

Last edited by firemed; 11-26-2007 at 07:39 AM..
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Old 11-26-2007, 07:59 AM
 
2,313 posts, read 3,191,870 times
Reputation: 471
Quote:
Originally Posted by firemed View Post
I was just reading this and can't get over the dumb ass people that said they had no clue. Californians thinking the Florida market was the same as were they came from. If you buy at artificially high prices don't cry when you lose. "Realtors and mortgage brokers were thinking about commissions. Appraisers, title agents and lawyers were thinking about fees," That may be true but what about the easy money that went wrong. People who went into this market thinking it was sure thing had to learn. If you can't afford to lose it, don't do it. Easy come easy go I guess.


http://www.heraldtribune.com/article...TATE/711250436
The mentality people have to get over is that, sometimes you do lose. You hear them say, "I can't sell my house I have to wait for the market to come back or I will lose money". They don't get it, it's not coming back, at least any time in the foreseeable future. Cutting loses is what it is about and if that means selling for less then you paid you have to do it. I think a lot of it is people not wanting to admit they made a mistake. Until they actually sell the mistake has not happened and they can just linger in wishful thinking.

Martha Stewart knew that when she didn't do any appeals and went to jail. If she had used here resources to stall things and drag out what looked like the inevitable, it would still be going on. She would have no TV show now, her stock would still be in the toilet and she would have to wake up everyday with that the first awful thought in her head. Sometimes you have to do what you have to do and move on.
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Old 11-26-2007, 08:33 AM
 
2,141 posts, read 6,905,841 times
Reputation: 595
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Originally Posted by macguy View Post
The mentality people have to get over is that, sometimes you do lose. You hear them say, "I can't sell my house I have to wait for the market to come back or I will lose money". They don't get it, it's not coming back, at least any time in the foreseeable future. Cutting loses is what it is about and if that means selling for less then you paid you have to do it. I think a lot of it is people not wanting to admit they made a mistake. Until they actually sell the mistake has not happened and they can just linger in wishful thinking.

Martha Stewart knew that when she didn't do any appeals and went to jail. If she had used here resources to stall things and drag out what looked like the inevitable, it would still be going on. She would have no TV show now, her stock would still be in the toilet and she would have to wake up everyday with that the first awful thought in her head. Sometimes you have to do what you have to do and move on.
Easy come, Easy go!
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Old 11-26-2007, 08:38 AM
 
Location: Heartland Florida
9,324 posts, read 26,747,624 times
Reputation: 5038
My head is spinning just reading that story of Californicators in action. I guess fraud is seen as OK in a country with a fraudulent money system. When I look at property listings in California cities I think "these people are on some good weed" or "put down the crack pipe before pricing your property". The real estate craziness is just a symptom of a failed monetary system, and I hope the crash hurries up and hits so those of us who want to contribute to the future can finally get the opportunity. All I can say is "what are they thinking"!
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Old 11-26-2007, 08:39 AM
 
2,313 posts, read 3,191,870 times
Reputation: 471
Quote:
Originally Posted by firemed View Post
Easy come, Easy go!
Not really, "Easy come easy go" would refer to someone just losing some of the gained winnings and maybe at worst back to even. In this case a lot of it is "Hard come easy go" and the loss may hurt for a while. Those are the tough decisions people have to make.
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Old 11-26-2007, 08:47 AM
 
Location: East Tennessee
3,928 posts, read 11,600,605 times
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Reminds me of Black Monday...greed followed by panic.
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Old 11-26-2007, 09:44 AM
 
164 posts, read 652,681 times
Reputation: 88
IMHO This market will have to come to a point where people can afford a 30 yr fixed rate again. I myself would not buy in a area where there our empty homes I'm buying a community not just a house and I like to live with people that live and take care of there homes not high grass and empty homes.
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Old 11-26-2007, 10:13 AM
 
548 posts, read 540,839 times
Reputation: 126
Quote:
Originally Posted by macguy View Post
The mentality people have to get over is that, sometimes you do lose. You hear them say, "I can't sell my house I have to wait for the market to come back or I will lose money". They don't get it, it's not coming back, at least any time in the foreseeable future. Cutting loses is what it is about and if that means selling for less then you paid you have to do it. I think a lot of it is people not wanting to admit they made a mistake. Until they actually sell the mistake has not happened and they can just linger in wishful thinking.

Martha Stewart knew that when she didn't do any appeals and went to jail. If she had used here resources to stall things and drag out what looked like the inevitable, it would still be going on. She would have no TV show now, her stock would still be in the toilet and she would have to wake up everyday with that the first awful thought in her head. Sometimes you have to do what you have to do and move on.
That is the most amazing thing, you hear over and over again, "I can't sell at the reduced price and take a loss". That is what is causing prices to trickle down month after month instead of adjusting to where they need to be. But we all now how this will end, lower prices, sooner or later.

Many people are going to burn through their savings and 401ks, on top of what they will lose anyway when they do sell, all while waiting for the recovery some experts keep saying is next month, next month, next month.

One poster 3 months ago started a thread saying November was the big recovery, another says 2008 will be a "seller's market". Denial is a sad thing.
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Old 11-26-2007, 10:18 AM
 
2,313 posts, read 3,191,870 times
Reputation: 471
Quote:
Originally Posted by MINNIEMEME View Post
IMHO This market will have to come to a point where people can afford a 30 yr fixed rate again. I myself would not buy in a area where there our empty homes I'm buying a community not just a house and I like to live with people that live and take care of there homes not high grass and empty homes.
The high grass and empty houses is where the deals will be. So by the very nature of things it will be self correcting. Those houses will not stay empty forever and your purchase will appreciate possibily. No one wants to be the first anything. I made a small fortune buying building lots in high end gated communities.

I would be one of the first in, buying the best lots at the best price. The builders want their maps to show sales, that is what will kick-start the project, plus they get some money flowing. It is of course over, but It was like I had a printing press to make money. Like I said, everyone is afraid to be the first, but that is where the deals will be, or they won't, life has no guarantees.
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Old 11-26-2007, 10:43 AM
 
164 posts, read 652,681 times
Reputation: 88
Prices will have to drop to where people can afford a 30 yrs fixed loan. You can not really think prices will go up again now.YES THEY WILL GO UP AGAIN .But only when there is less inventory. And to get there prices have to come down imho Prices just rose to high to fast now it 's all gotta catch up
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