Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yep! They're still out there. See them every day (I'm a Realtor). It's amazing how many buyers get offended if you don't accept their low offers. There are plenty of motivated sellers out there, but what people have to understand is that if they're having financial difficulties, they probably bought their house with very little or nothing down, so if they have to sell a few years later, there's no equity, meaning they'll have to pay money at the table. Which they probably don't have.
Folks still think that we're the same as the national market though, and are making ridiculous offers that folks couldn't accept even if they wanted to.
That being said, there are still good buyers out there and lots of homes being sold. I've already closed two in December and have at least three more lined up before Jan 1.
I take offense at your generalization of sellers. We did use our VA loan-- regretably-- in 2006, BUT have paid double prinicipal payments 2 out of 3 months for 48 months. We did not finance our funding fee and paid a bit of closing. We could easily have, and did, qualify for conventional financing, but thought we would retire here and stay forever. Not to mention we were putting three kids through college with cash.
The reason we are underwater is because of people who were put into these homes that did not have jobs or good credit. Some of them are not even legal residents of the U.S.!!! And actually, I also take offense at your comment about assuming underwater people do not have the money to close. We make a fantastic salary and actually could have afforded much more house, and have a very good savings. We just CHOOSE not to drain our savings by giving the bank, who put unqualified people into homes, even more money. I get so sick of this attitude... you need to realize that when people walk away every other home in the neighborhood suffers right along with it. Our family thinks we are crazy for hanging on. Even after putting extra money toward the house month after month, we cannot build equity-- it's stupid to keep dumping money into a black hole. This has happened to many, many military buyers, who are now landlords just like we will soon be. I'll tell you another thing, the word is getting out that SA's housing market is not all sunshine and rainbows like realtors want people to believe.
I take offense at your generalization of sellers. We did use our VA loan-- regretably-- in 2006, BUT have paid double prinicipal payments 2 out of 3 months for 48 months. We did not finance our funding fee and paid a bit of closing. We could easily have, and did, qualify for conventional financing, but thought we would retire here and stay forever. Not to mention we were putting three kids through college with cash.
The reason we are underwater is because of people who were put into these homes that did not have jobs or good credit. Some of them are not even legal residents of the U.S.!!! And actually, I also take offense at your comment about assuming underwater people do not have the money to close. We make a fantastic salary and actually could have afforded much more house, and have a very good savings. We just CHOOSE not to drain our savings by giving the bank, who put unqualified people into homes, even more money. I get so sick of this attitude... you need to realize that when people walk away every other home in the neighborhood suffers right along with it. Our family thinks we are crazy for hanging on. Even after putting extra money toward the house month after month, we cannot build equity-- it's stupid to keep dumping money into a black hole. This has happened to many, many military buyers, who are now landlords just like we will soon be. I'll tell you another thing, the word is getting out that SA's housing market is not all sunshine and rainbows like realtors want people to believe.
Sounds like you're just looking for something to be offended by.
What I can tell you, from experience (closed about 30 deals this year) is that by and large, when folks sell after a few years, and they've used a VA or FHA loan, they have little to no equity in the home. The FHA down payment is 3% and the VA is 0%. The first several years you own a home, the majority of your payments are in interest. Those are facts. If you're offended by facts, well, that's too bad.
I see people walk away from their home everyday, and you're right, that sucks for everyone. Folks shouldn't do it and the foreclosures, which are heavy around the bases (because of the VA loans and not having equity) are killing folks.
I'm not saying that the market is booming, but people that are complaining here have no idea about the rest of the country, because we're skating by. We've dodged a HUGE bullet and houses are being sold every day, for very fair prices to both partied.
This doesn't mean everyone will make money when they sell, but by and large, most will. They may not make as much as they did in the past, but they'll make some.
My post was not titled "Hey, Stabart47 is losing money in a house". It was responding to someone asking about the market.
I know you seem to be very well schooled on the market, but it's what I do for a living. I've increased in production about $4 million a year for the last four years and sell more real estate than the vast majority of Realtors in town. My getting on City Data and blowing smoke will not affect my bottom line one bit. I just speak of what I know to be true.
Don't take offense at random message board posts. Life's too short.
And I speak of what I know to be true... it wouldn't have mattered if we had put 20% down... it would be gone! I'll tell you another thing... ironically, we trusted a realtor to guide us and SHE was horrible. Just out to make a fast buck at the top of the bubble. I can't even begin to list the lies we were told, but that's what you get when you have 3 days. Never again and we fully take responsibility for that. You seem to act like VA buyers are their own worst problem in the housing market. Maybe you should research what would happen to the SA market if military people stop buying homes here.
And I speak of what I know to be true... it wouldn't have mattered if we had put 20% down... it would be gone! I'll tell you another thing... ironically, we trusted a realtor to guide us and SHE was horrible. Just out to make a fast buck at the top of the bubble. I can't even begin to list the lies we were told, but that's what you get when you have 3 days. Never again and we fully take responsibility for that. You seem to act like VA buyers are their own worst problem in the housing market. Maybe you should research what would happen to the SA market if military people stop buying homes here.
Defensive much?
I'm pretty sure ANYONE who puts zero down "is their own worst enemy in the housing market". Don't act as if Kev was trying to bag on our military community.
And I speak of what I know to be true... it wouldn't have mattered if we had put 20% down... but that's what you get when you have 3 days. Never again and we fully take responsibility for that. You seem to act like VA buyers are their own worst problem in the housing market. Maybe you should research what would happen to the SA market if military people stop buying homes here.
Actually, my friend - VA buyers can be their worst enemies. You said it yourself - you made your purchase after 3 days in the market. No research, no looking at options, etc. Please understand - I ain't baggin' on you (or anyone else) - I've Been There, Done That - and have t-shirts to prove it in a WIDE variety of colors and designs! We got caught in the S&L debacle of the 80's - and by sheer luck got out without losing everthing - only about $10-15k. Could've been a LOT worse, and I'm blaming no one but myself, because I wasn't smart enough to see the signs that would've warned me.
This downturn was a lot easier to predict - when novices can go in and "flip" houses successfully for large profits, there's a fundamental schism in the market, one that's gonna come back and destroy some folks. Kev and others like him - the folks on the front lines daily - can see the results. Don't blame him for reporting the facts, take the time to ask questions, learn what warning signs you missed, and therefore become better armed to defend yourself from the next time - because this will happen again and again, until such a time that folks learn to use their own heads.
We forget that our parents (usually) and grandparents (almost always) mistrusted banks and credit, understanding that you become enslaved to those that "own" your home. Sure, I thought I was smarter than them - after all, I'd read the books and listened to all the smart college-educated Financial Advisors - and Grandpa only had a 5th-grade education. He died with a paid-for home with enough in the bank to maintain Grandma well for her remaining 15 years. Dad graduated High School, but still - he was old-fashioned too, didn't see where my "smartness" with finances was good....he left Mom well able to survive, and upon her death she left behind enough to help all of us.
I didn't realize their intelligence until I was much older - about 10 years ago, that switch finally "flipped" in the hardened mass I call a brain, and now I SO wish I'd have learned & listened much earlier. As it is, we'll do okay - but I try every day to teach my own kids by sharing my mistakes with them, and it seems to be working. They still want the things today that they should wait for, but their mistakes (at least so far) don't have as many zero's on 'em that mine did.
Life's a hard task-master, and sometimes you just gotta sit back, realize you made a mistake and accept your own role in it rather than trying to find someone else to blame it on.
And I speak of what I know to be true... it wouldn't have mattered if we had put 20% down... it would be gone! I'll tell you another thing... ironically, we trusted a realtor to guide us and SHE was horrible. Just out to make a fast buck at the top of the bubble. I can't even begin to list the lies we were told, but that's what you get when you have 3 days. Never again and we fully take responsibility for that. You seem to act like VA buyers are their own worst problem in the housing market. Maybe you should research what would happen to the SA market if military people stop buying homes here.
Did you blindly trust your Realtor and not do any research for yourself? As a Realtor, we can NEVER promise people profits when they sell. I can show you exactly what homes SOLD for and are for SALE for currently. But in the end, the buyer is the one that decides what they want their payment to be and what they want to put down. The Realtor's job is to help them locate the right house, and then write a contract that protects their best interests. It's NOT to guarantee profits. You may have had a bad Realtor, but because you made a bad deal, THEY'RE only in it to make a buck? It's your fault for choosing a bad Realtor, or it's your fault for not doing your research. Either way, it's the constant.
I've got nothing against 100% financing. Nothing. It's a great way to get into a home without draining your accounts. But there are inherent risks to it, and sometimes it happens.
I've helped TONS of military folks use their VA loan. TONS. Many from this message board. We find a great house and negotiate it based on what the market is currently at. But NEVER do I promise them they'll make money, and never do they ask. And NEVER do they ask me to.
Buying a home has risks. It's up to YOU to have your Realtor and lender structure it in a way that works best for you. Blame whoever you want, but all I did was state simple facts. If you're offended, that's not my problem.
Where did I say that we put 0 down?... what I said is if we had put 20% down, it would be gone anyway. Also, I said we do take responsibility for buying this house in 3 days... but do NOT take responsibility for it being underwater. We, unlike many others, actually pay our mortgage. I hope all military people coming here read this and do not buy homes in SA; I hope they read this thread and see how much their contributing to the home sales by using their VA entitlements is so looked down upon. Let's put out the message that if you want to buy a home in SA, you better pay all cash up front or nobody wants your business! I'm done debating... all I can speak about is our experience and I cannot wait to move away! Good luck to all those who are staying and I hope your homes are worth something near what you paid when you go to sell.
Oh, and it's hard to do alot of research when your husband is coming off of a one year remote, you just had surgery, and your begged to get into base housing, but it's a one-yr. wait! Trust me, we did our best... I guess you can't rely on realtors to guide you. Where did I ever say that we wanted to "make" money? I never looked at our house as a bank! But I sure as heck never thought it would turn into a black money pit!
I'm not really sure what the point of your ranting and raving is. I haven't yet seen a point. I think this thread has run it's course.
To the OP, most of us agree that while the market isn't booming, except for certain pockets, it's stable. Some of us think something else that we really can't decipher.
I know that the realtor has deemed the thread completed, but I have to say I chuckled at his offense to lowball offers as being "ridiculous". Did you also find it "ridiculous" when buyers were expected to pay DOUBLE in San Antonio over the course of a few years? (Hmmmm, methinks not so much...) And I'm so sorry that realtors get annoyed at negotiating with a lowballer. I mean you earn thousands of dollars for pointing out where the bathrooms are and this lowballer is being nitpicky. Sheesh. Bummerama.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
