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I rented for the past 3.5 years and what did my "bitterness" get me???
Sure the bubble-heads said I was flushing my money away making my landlord rich, but it's all cool....
My landlord subsidized my standard of living for 3 and a half years. I lived comfortably in a neighborhood I previously couldn't afford to buy into. I rented there for 60 percent the cost of owning. My LL paid top dollar for the property only weeks before I moved into it. Thanks landy, loved the new appliances!
Now three and a half years later, I purchased a foreclosed home in the SAME neighborhood for 65 percent the asking prices from 3-4 years earlier... goodbye bubble - hello 4.25% mortgage interest rate! Thank you speculators!!!
As if that wasn't great in itself, I get a $8000 check from the good ole US of A! Special shout out to Obama for allowing me claim the credit for 2008 even though I bought this year. Lest I forget, thank you legislative branch and fellow taxpayers!
Anyways, I digress, off to L'espalier for brunch. I know a couple of you direct messaged me, I'm heading out to the Cape for the rest of the weekend. I'll hit you up when I get back.
How did you get the 4.25%, is that a brand new home?
I have also heard you can amend your taxes and get the money back this year. How long til you get a check? Aren't they breaking it up between 2 years? I also heard the stipulation is you have to put 5% down, is that true?
Anyhow, congrats!
I need to thank my landlord too. We moved up here 7 years ago and because of credit couldn't buy then. Rent was $725, went up to $750. After being there 3 years the bubble hit and they jacked it up to $900!! I could understand.
But what I could not understand was when they jacked my rent up this year to $1,000. The go between said they wanted to jack it up even more then that, but she cautioned for them not too cause we always pay on time, do all maintenance ourselves(its a house) and only 1 service call from them, it was for a water heater.
I was pretty irritated to hear we would be paying rent of $1,000 to live in a declining area where I could buy a comparable home right now for $55,000!!!
So the thank you comes in here where I decided I need to see what I can do to buy, even if it takes a year to clean up my credit, etc. Went in and found out our scores are high enough and we can pay off the few bills we owe in escrow.
So we are now actively looking to buy in a much better area then this.
It sure is good to hear that someone has made out well in this economic mess. I hope to follow down the same path in the next few months though I am leary yet curious about buying a forclosed home.
Congrats on your new home! I bought a home in 2003 with my brother and now going through the motions of purchasing a foreclosure too. This house sold for $389k in 2006, and I'm buying it for $162.5k and getting closing costs. I've got to put some money into it to rehab it, but I'm still going to come up ahead. Unfortunately since I had a home since 2003 (Too bad huh?), I don't qualify as a "New Home Owner" so no tax credit.
You got a really great rate! Did you have to pay any points? What lender are you using? I was only able to get 5% with .250 points, not bad but your 4.25% definitely trumps it.
How did you get the 4.25%, is that a brand new home?
I have also heard you can amend your taxes and get the money back this year. How long til you get a check? Aren't they breaking it up between 2 years? I also heard the stipulation is you have to put 5% down, is that true?
Anyhow, congrats!
I need to thank my landlord too. We moved up here 7 years ago and because of credit couldn't buy then. Rent was $725, went up to $750. After being there 3 years the bubble hit and they jacked it up to $900!! I could understand.
But what I could not understand was when they jacked my rent up this year to $1,000. The go between said they wanted to jack it up even more then that, but she cautioned for them not too cause we always pay on time, do all maintenance ourselves(its a house) and only 1 service call from them, it was for a water heater.
I was pretty irritated to hear we would be paying rent of $1,000 to live in a declining area where I could buy a comparable home right now for $55,000!!!
So the thank you comes in here where I decided I need to see what I can do to buy, even if it takes a year to clean up my credit, etc. Went in and found out our scores are high enough and we can pay off the few bills we owe in escrow.
So we are now actively looking to buy in a much better area then this.
Thanx Trish! We have found our dream home and now if they will just officially put it up for sale and price it in our budget we can buy! lol
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