Author Topic: Housing/Lending Market (Read 5634 times)

Migs · « **on:** December 22, 2008, 07:16:54 PM »

Feel free to post any questions or concerns about the housing market. Mortgage, home buying, staging, contract explanations etc. I am based in Georgia, however if you have questions about stipulations or wording in contracts feel free to ask and I will reply to the best of my knowlege.

Migs · « **Reply #1 on:** January 02, 2009, 07:34:04 AM »

epic failure sticky

BayGBM · « **Reply #2 on:** January 02, 2009, 07:42:03 AM »

Where's the bottom. Have we hit bottom yet?

Migs · « **Reply #3 on:** January 02, 2009, 08:28:43 AM »

Quote from: BayGBM on January 02, 2009, 07:42:03 AM

Where's the bottom. Have we hit bottom yet?

haha, thanks for posting! Personally I don't believe we have. Especially since unemployemtn rates will continue to get a bit higher. Even though lending restrictions have eased up a bit, for many it is still too late and the first tuesday of the month is always a day people either love or hate. People that love it can get great deals on the courtroom steps, while the ones who hate it just realized they can't reclaim their home. There's my serious answer. My unserious answer is only you would ask were the bottom is and have we hit it yet! lol

benz · « **Reply #4 on:** January 02, 2009, 08:32:43 AM »

Migs
Ive seen in the news that in sites such as realtor.com you can find houses for us$1000 and more. What is this? Is it the real price or you buy aswel the debt?

Migs · « **Reply #5 on:** January 02, 2009, 08:44:34 AM »

It depends. I know not the answer you want. There are two sepereate buying actions. One is buying the actual home for $1000, the other is buying the outstanding tax amount of the home. If you buy the tax amount, you have to give people a certain amount of time to repay you and depending on the state you can make 20% profit on it. So some people go and buy the outstanding tax amounts and turn a profit that way. There are house you can buy for an extremely cheap amount. However in my expereince you end up putting a lot of money back into the house to bring it up to code or make it livable. Also those houses are generally in bad areas or at least areas were many middle class people woundln't live. That being said, with some repairs and upkeep those houses can be a passive incoe producer for you as a low income housing rental or section 8. When you see a house for that price, always double check to see if it is the tax amount you are buying or the actual house. Also make sure to always get title insurance as well as check to see if you get that house if you are also responsible for any past due taxes associated with the home. It can really bite you in the end if you don't do your homework.

BayGBM · « **Reply #6 on:** January 02, 2009, 08:45:06 AM »

Quote from: Migs on January 02, 2009, 08:28:43 AM

haha, thanks for posting! Personally I don't believe we have. Especially since unemployemtn rates will continue to get a bit higher. Even though lending restrictions have eased up a bit, for many it is still too late and the first tuesday of the month is always a day people either love or hate. People that love it can get great deals on the courtroom steps, while the ones who hate it just realized they can't reclaim their home. There's my serious answer. My unserious answer is only you would ask were the bottom is and have we hit it yet! lol

I was asking about real estate.... you were thinking of muscle bottoms.

Not that there is anything wrong with that... I think of muscle bottoms every time I see a bodybuilder.

Migs · « **Reply #7 on:** January 02, 2009, 09:18:06 AM »

hey I have to keep this hip and happening board lively!

Eyeball Chambers · « **Reply #8 on:** January 02, 2009, 11:11:32 AM »

I PM'd you

Migs · « **Reply #9 on:** January 02, 2009, 09:20:16 PM »

you should have my PM back to you. Sorry for any typos but it's late! lol

Eyeball Chambers · « **Reply #10 on:** January 02, 2009, 09:24:59 PM »

Quote from: Migs on January 02, 2009, 09:20:16 PM

you should have my PM back to you. Sorry for any typos but it's late! lol

Thank you very much!

All the information you sent is extremely helpful!

Migs · « **Reply #11 on:** January 03, 2009, 10:43:56 AM »

That's why I'm here. oh and for the sex board

alejandro_torres · « **Reply #12 on:** September 17, 2009, 01:48:10 AM »

I have a question about buying a house in miami

Im planning to move to miami and be there every two weeks and then two weeks here im paraguay, im from paraguay, Do i need a green card to be able to live in miami? Meaning, I will not be working there, I will be spending money in miami, I want to go to miami to be able to enjoy the beach, the things you have to do, just like the place. Will I have a problem living in miami?? how can I solve that out??

Im also planning on buying a house, I was talking to some people and they told me to go take a loan out, cause its going to give me references. I can pay the house I want cash, but would it be better to take a loan out???

Migs · « **Reply #13 on:** September 27, 2009, 08:23:56 PM »

Quote from: alejandro_torres on September 17, 2009, 01:48:10 AM

I have a question about buying a house in miami

Im planning to move to miami and be there every two weeks and then two weeks here im paraguay, im from paraguay, Do i need a green card to be able to live in miami? Meaning, I will not be working there, I will be spending money in miami, I want to go to miami to be able to enjoy the beach, the things you have to do, just like the place. Will I have a problem living in miami?? how can I solve that out??

Im also planning on buying a house, I was talking to some people and they told me to go take a loan out, cause its going to give me references. I can pay the house I want cash, but would it be better to take a loan out???

To live in the US you need either a greencard or some sort of visa whether a resident visa or something like it. Being that you aren't a citizen the loan process is different and it's requirements. It is harder to qualify for the loan. If you have the cash to pay for the house go with the cash. For one, you have the home outright and can do whatever you want with it. You can always get a home equity line afterwards if you want to build credit here in the US. Also since you have cash ready, you can negotiate harder on the price and close faster and possibly save some money.

240 is Back · « **Reply #14 on:** October 30, 2009, 08:19:37 AM »

it's looking like moving abroad might be a better and better idea every day

BayGBM · « **Reply #15 on:** October 30, 2009, 08:22:34 AM »

Quote from: 240 is Back on October 30, 2009, 08:19:37 AM

it's looking like moving abroad might be a better and better idea every day

cynic!

This is a great time to buy, assuming you have cash, good credit, and good job security.

Migs · « **Reply #16 on:** November 02, 2009, 07:16:31 PM »

assuming you have those things then yes it is a great time!

BayGBM · « **Reply #17 on:** April 29, 2010, 07:59:49 AM »

Have we hit bottom yet? I think we have!

Migs · « **Reply #18 on:** May 05, 2010, 08:40:18 PM »

eh, depends where you are at. some places are still getting hit. Commercial real estate is going too

Brixtonbulldog · « **Reply #19 on:** May 05, 2010, 08:45:41 PM »

I just bought a house.

Does that make me cool?

Migs · « **Reply #20 on:** May 05, 2010, 08:50:52 PM »

not if you didn't buy it from me.

congrats by the way! don't default on it!

Brixtonbulldog · « **Reply #21 on:** May 05, 2010, 08:59:59 PM »

Quote from: Migs on May 05, 2010, 08:50:52 PM

not if you didn't buy it from me.

congrats by the way! don't default on it!

sheee-it

i put 30 percent down on a $200k house and an apr of 5.25 fixed, and that's after the construction company paid the $12k of my closing costs since i went with their lender on a new construction townhouse.. if i default i give any getbigger permission to stone me at the pillary

Migs · « **Reply #22 on:** May 05, 2010, 09:02:36 PM »

not bad. Wow 12k for closing costs??? Seems high. Where did you buy?

Brixtonbulldog · « **Reply #23 on:** May 05, 2010, 10:27:05 PM »

Quote from: Migs on May 05, 2010, 09:02:36 PM

not bad. Wow 12k for closing costs??? Seems high. Where did you buy?

about 8 miles south of baltimore. yeah.. land be pricey round these parts

my buddy bought a tiny ass condo (also new construction) near here for than $220k and top of the ridiculous condo fee they didn't pay squat towards closing

..and i gots me a garage!! lol

Migs · « **Reply #24 on:** May 06, 2010, 04:43:38 AM »

generally i factor about 3.0 - 3.5 percent of purchase price as an estimate of closing costs and that is usually enough to cover and then some..