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Old 03-06-2011, 05:49 PM
 
30,395 posts, read 21,215,773 times
Reputation: 11957

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Quote:
Originally Posted by Irishiis49 View Post
I would have a small mortgage(100,000) so how much insurance would the bank force me to take?? If I could get a home on the water( for about a third of its price that it was on 05-06) and I wasn't required to have a huge amount of insurance on it, I think it might be a smart move?
I paid 600k in 04 for my house on the water with two extra lots, i paid in cash so i was not forced to have Ins. The lots and house was worth 800k in 04. Just sold the house for 220k and the lots are worth nothing now.

Best to pay cash and not deal with Ins cost. Wait another 3 yeasr and you can buy that $375k house for 100k or less.
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Old 03-06-2011, 06:33 PM
 
121 posts, read 385,531 times
Reputation: 35
Wow Chasls2 that was a big hit. You must be a high roller paying $600,000 on the spot. Yeah, the housing market has not bottom out yet, so it's better to lay low until next year. My brother said there's still tons of foreclosure occurring around Tampa Bay area, so prices are still falling due the market being saturated.
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Old 03-06-2011, 07:14 PM
 
Location: tampa bay
7,126 posts, read 8,647,422 times
Reputation: 11771
Quote:
Originally Posted by CHASLS2 View Post
I paid 600k in 04 for my house on the water with two extra lots, i paid in cash so i was not forced to have Ins. The lots and house was worth 800k in 04. Just sold the house for 220k and the lots are worth nothing now.

Best to pay cash and not deal with Ins cost. Wait another 3 yeasr and you can buy that $375k house for 100k or less.
Wow, that was a big hit!Sorry!I think I'll wait at least a year and see what happens. Thanks!
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Old 03-06-2011, 11:48 PM
 
147 posts, read 354,402 times
Reputation: 82
We are not in a hurry to buy a second home and will wait for at least another months at a minumum. I have been tracking certain homes that caught our interest last summer and most of them are off the market or reducing the asking price. I've been looking at the county appraisers web site and making notes on what people paid for the property around 2000. I've noticed that some of the homes on the market were purchase between 05 and 08 and they are now taking a bath. I believe that Star is correct in stating that foreclosures will be driving the prices down even further for the next year.
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