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As I said before if I cant clear the loan without writing a check then im not selling it, my wife has come to terms with this fact. We are not going to expose our family to wolves and shumcks who want something for nothing and are willing to exploit their neighbor. If worse came to worse and I lost my job I would let it go into foclosure before I wrote a check as I would need that money to live on and move and would declair bankrupcy if they went for a deficincy judgement. But im not going to give my house away to a scoundral.
Buyers are going to get what they are asking for, gang bangers on their streets and people selling drugs, loud music and parties. The cheaper the property the more rifraf comes in.
I don't understand where you get the idea that buyers are riffraff or are trying to cheat you. Your condo is worth what it's worth, whether you like it or not. If you're not getting offers at your listing price, it's overpriced. If your condo is reasonably or attractively priced, you will get offers. Whether that market price is what you feel you want to get out of it or not, who knows.
Sounds like you want to wait it out and see if prices will go back up. Probably the best thing to do, but who knows how long you'll be waiting.
I sure would enjoy you sharing whatever it is you're smoking.
You can have some ...... for the equity on your home and your first born child to work in a sweat shop so I can skim the profits and low ball competitors lol.
I don't understand where you get the idea that buyers are riffraff or are trying to cheat you. Your condo is worth what it's worth, whether you like it or not. If you're not getting offers at your listing price, it's overpriced. If your condo is reasonably or attractively priced, you will get offers. Whether that market price is what you feel you want to get out of it or not, who knows.
Sounds like you want to wait it out and see if prices will go back up. Probably the best thing to do, but who knows how long you'll be waiting.
Once the price of a property gets too affordable you start getting rifraf as there are no longer financial barrier to entry into that neighborhood. Alot of low income people are notorious for causing problems.
When the forclosures started and the banks started selling homes for cheap you started getting undesirables moving into areas that would have once been way too expensive for them to live, they started petteling drugs and causing a ruckus in what was once nice neighborhoods, now the remaining homeowners that are sunk to the bottom of the ocean underwater are having themselves and their kids exposed to this rifraf so they take a stratigic forclosure to get out of the neighborhood. I read alot of articles about this back when the bubble poped. If the bank goes after them then they have to conceal assets and declair bankrupcy. It is a very sad cycle.
The only reason im waiting is because my issue is soley an FHA issue otherwise my unit would have sold long ago, unit on my same street that ARE FHA are already sold at 10k more than mine is listed for and they are comperable properties. IF my property WAS FHA approved and I was not getting offers then that would be a whole different story. Also we dont have rifraf on our streets so im not too worried as its still a nice place to live.
Once the price of a property gets too affordable you start getting rifraf as there are no longer financial barrier to entry into that neighborhood. Alot of low income people are notorious for causing problems.
When the forclosures started and the banks started selling homes for cheap you started getting undesirables moving into areas that would have once been way too expensive for them to live, they started petteling drugs and causing a ruckus in what was once nice neighborhoods, now the remaining homeowners that are sunk to the bottom of the ocean underwater are having themselves and their kids exposed to this rifraf so they take a stratigic forclosure to get out of the neighborhood. I read alot of articles about this back when the bubble poped. If the bank goes after them then they have to conceal assets and declair bankrupcy. It is a very sad cycle.
The only reason im waiting is because my issue is soley an FHA issue otherwise my unit would have sold long ago, unit on my same street that ARE FHA are already sold at 10k more than mine is listed for and they are comperable properties. IF my property WAS FHA approved and I was not getting offers then that would be a whole different story. Also we dont have rifraf on our streets so im not too worried as its still a nice place to live.
Are you riffraff? Where I live, the price of your condo would put you smack dab in the middle of the hispanic ghetto.
I don't know that it's entirely accurate to judge people's character by how much house they can afford. Some people live frugally, buy what they can afford and keep their places clean, organized, and well maintenanced. Sometimes if you can't afford much it's all the more reason to have pride in what you do own or buy, because it took a lot of your income to get you it.
If you're equating people who have money to buy more expensive places to good, upstanding people and people who have less money to purchase a home "riffraff," I can't see why you're so obsessed with FHA. Those people you consider riffraff are the people who can only afford to put 3.5% down on a property and get approved with less strict ratios than conventional buyers. You say you mind if "riffraff" moves in next door. But obviously you don't care if riffraff buys your property and in your words, brings down the neighborhood for everyone else, as long as they're willing to pay you what you need to get out of your condo. Once you're gone, it's no longer your problem, right?
Real estate is not guaranteed to appreciate. You're not guaranteed to turn a profit on any property you buy. You buy a property making the best decision you can at the moment and hope for the best. You and your neighbors both bought under what you considered an acceptable price and loan terms. Just because the value has dropped doesn't mean you're entitled to break out even now, next year, or even five years from now.
This sort of thing happens all around the country. As others have said in this thread, other people would be ecstatic to be in your situation: to have the capital to write off what was a bad purchase with a relatively small hit that can be recovered from, rather than be denied the opportunity to get out from underwater, face payments they can't afford and then ultimately short sale or foreclose with their lender.
Are you riffraff? Where I live, the price of your condo would put you smack dab in the middle of the hispanic ghetto.
I don't know that it's entirely accurate to judge people's character by how much house they can afford. Some people live frugally, buy what they can afford and keep their places clean, organized, and well maintenanced. Sometimes if you can't afford much it's all the more reason to have pride in what you do own or buy, because it took a lot of your income to get you it.
If you're equating people who have money to buy more expensive places to good, upstanding people and people who have less money to purchase a home "riffraff," I can't see why you're so obsessed with FHA. Those people you consider riffraff are the people who can only afford to put 3.5% down on a property and get approved with less strict ratios than conventional buyers. You say you mind if "riffraff" moves in next door. But obviously you don't care if riffraff buys your property and in your words, brings down the neighborhood for everyone else, as long as they're willing to pay you what you need to get out of your condo. Once you're gone, it's no longer your problem, right?
Real estate is not guaranteed to appreciate. You're not guaranteed to turn a profit on any property you buy. You buy a property making the best decision you can at the moment and hope for the best. You and your neighbors both bought under what you considered an acceptable price and loan terms. Just because the value has dropped doesn't mean you're entitled to break out even now, next year, or even five years from now.
This sort of thing happens all around the country. As others have said in this thread, other people would be ecstatic to be in your situation: to have the capital to write off what was a bad purchase with a relatively small hit that can be recovered from, rather than be denied the opportunity to get out from underwater, face payments they can't afford and then ultimately short sale or foreclose with their lender.
Even someone in an FHA situation still has to have the means to make the payments. I understand not all low income are rifraf but statisticly that seems to be when the problems start. some people are low income because of no fault of their own and some are low income because they are bums. Thats just the way it is and the statisitcs prove it, anywere you have sect 8 housing you have high crime areas.
I am not saying rich people are nice guys, most of them are just as evil as the drug peddler BUT their crimes are not visible nor violent.
These threads snow balled because everyone is presuming that just because im a seller that I should take a monster hit in the shorts, housing values are area dependant and I started off just wanting to get some advice on FSBO and it turned into this tirade about how I need to face reality and sell my soul to get out of my condo, its like the theatrics were on right out of the gate shesh. Is trying to do an FSBO really that offensive? I dont care if someone wants to do their own engineering.
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