[lacrosse]

Thanks for the info.

[lvoc]

Originally Posted by lacrosse

Thanks for the info.

You have to take Scoops discussion with a grain of salt.

We listed a house in the borderline northwest for $150,000. Two weeks later we cut the price to a competitive $139,000. Within two days we had two offers. We accepted a VA offer. They have since inspected and provided a list of repairs which we are presently negotiating. We are scheduled to close on September 15 and will likely make it within a week of that date. So 6 to 8 weeks from start to end. And that is I think typical on low end property. Another listing is above $500,000 gets shown only every ten days or so and may well run 6 months to a year to close.

But expect any reasonably nice place to take about a month to close. A buyer who wants to can generally stretch it to two months. Above that it generally takes concessions like paying a little high or transferring the earnest money to get a way out close date.

Scoop buys garbage houses real cheap. These are often shorts or foreclosures and can be difficult to get closed. Today they are becoming hard to find. Most of them are in areas where you would not choose to be an owner occupant.

[ddrhazy]

There's no reason to rush. Rent while you take your time finding a house you really like.

[StinkieMcCain]

he 60 he aint got a whole lot of time left. i say rent till the end. or if you have to buy buy a condo.

[Raiderman]

Originally Posted by StinkieMcCain

he 60 he aint got a whole lot of time left. i say rent till the end. or if you have to buy buy a condo.

He could take out a 30 year mortgage and have a very good chance of being in the house when it's paid off. This isn't 1615, it's 2015...

[ScoopLV]

Why would a cash buyer with a pension take out a loan? The goal here is stability -- only food, utilities, insurance, tax money and incidentals going out; pension coming in; make sure income exceeds expenses. Easy life.

[Raiderman]

Originally Posted by ScoopLV

Why would a cash buyer with a pension take out a loan? The goal here is stability -- only food, utilities, insurance, tax money and incidentals going out; pension coming in; make sure income exceeds expenses. Easy life.

I was talking about life span.. it was an example. 60 is not "too old" to do anything.

[ScoopLV]

Originally Posted by Raiderman

60 is not "too old" to do anything.

Like join the French Foreign Legion? Win gold at Olympic gymnastics?


My point is that retirees have a different set of goals than people in the workforce.

[StinkieMcCain]

60 is not the new 45. life expectancy @60 may be 25-30 years but how much of that is a quality life?


If your mortgage maturity date is expected to end after you life you should not do it. ..................hahahahaha.

[skugelstadt]

If you are cash poor, why tie up a bunch of money by paying cash? Now you have depleted
your reserves. In some situations it might be better to make payments and have cash on hand