Foreclosure Under Contract and COVID19

[awaken470]

Update: We are still going forward with the purchase. Wife and I feel that the housing market will probably not be effecting until 6-12 months down the line if it does come to that with layoffs/foreclosures.



Added to this, our lender has stated they have halted all jumbo loans which do not have a rate locked in already, so the uncertainty of waiting, finding/competing for another house and only to find out we can't get financing or the rate is higher than what we locked for it is another risk.


Also, I believe the residents of Manhasset Hills is majority composed of professionals (health care, IT, etc.) who are likely not the ones filing for unemployment and can weather this storm better than the general population and would not be willing to sell their houses at steep discounts in the near future

[Oldandtireddad]

P.T Barnum send his regards.

[awaken470]

Originally Posted by Oldandtireddad

P.T Barnum send his regards.

I missed the reference

[Oldandtireddad]

Originally Posted by awaken470

I missed the reference

Yes you missed the reference.

[markjames68]

Originally Posted by awaken470

I missed the reference

A fool and his money don't bother paying their mortgage, if I were to paraphrase.

[Oldandtireddad]

Originally Posted by markjames68

A fool and his money don't bother paying their mortgage, if I were to paraphrase.

There is a sucker born every minute. You are doing the equivalent of buying fleet of new Porche Panamera's for use in a demolition derby.

Or buying a vastly overvalued house on Long Island before a crisis.
Then totally ignoring the effect of a crisis. I can say this with 100% confidence, this crisis WILL AND HAS destroyed real estate values for years to come. You just cannot make stupid up.

My advice, go to the bank and get a stack of $100 bills and light them on fire. That is the only way you will be more efficient in destroying your wealth than the course you chose.

[Oldandtireddad]

Originally Posted by Oldandtireddad

"There is a sucker born every minute." PT Barnum You are doing the equivalent of buying fleet of new Porche Panamera's for use in a demolition derby.

Or buying a vastly overvalued house on Long Island before a crisis.
Then totally ignoring the effect of a crisis. I can say this with 100% confidence, this crisis WILL AND HAS destroyed real estate values for years to come.

My advice, go to the bank and get a stack of $100 bills and light them on fire. That is the only way you will be more efficient in destroying your wealth than the course you chose.

There are lots of folks in total denial about a whole lot of things. Assets staying in an overvalued state is part of the political imperative here. Getting folks back to work is another.

[Oldandtireddad]

https://youtu.be/z0QPHYYxGmQ