buying a home

EasyMoney · Nov 12, 2007

I know were not at the bottom of the market yet. But this is both funny and mean. I'm closing on a house later this week. The house I just bought is the exact same house as one of my best friends bought 2 years ago. The two houses are 6 streets away from each other. The difference in them is mine has granite countertops and a brick paver driveway. The other difference is he paid $216,000 two years ago. I bought this one for $130,000 today. A short sale is a good way to go in real estate today.
My buddy wasn't exactly happy when he found out what I paid.

BigAFan · Nov 12, 2007

WVU · Nov 12, 2007

of course he isn't happy. You are his closest comparable and you just decreased the value of his house. He will not be able to remortgage or cash out because of your purchase.

lapdance · Nov 12, 2007

Where In Florida?

Fishhead · Nov 13, 2007

Incredible drop in prices here in Tampa...........not quite to the extreme of your example, but seen close.

New townhomes down the street from me were sold for 339,000 18 months ago........they are now being sold for 259,000 with added incentives.

Imagine those people that paid 339,000 and are now witnessing their same house selling for 25%+ less and dropping more everyday.

Fishhead · Nov 13, 2007

Fishhead said:
Incredible drop in prices here in Tampa...........not quite to the extreme of your example, but seen close.

New townhomes down the street from me were sold for 339,000 18 months ago........they are now being sold for 259,000 with added incentives.

Imagine those people that paid 339,000 and are now witnessing their same house selling for 25%+ less and dropping more everyday.

These people that put 20% down or less now have a mortgage that is much more than the total value of their home...........and they are also paying crazy property tax, insurance, and hoa fees by living in Florida.

In Vegas, my total expenses on insurance, taxes, and hoa fees was less than $2000 per year.........the same comparable priced house in Tampa would be at the very least be $10,000 for these layouts.

Florida certainly is not the paradise many individuals claim it to be.

Dawoofdaddy · Nov 13, 2007

EasyMoney said:
I know were not at the bottom of the market yet. But this is both funny and mean. I'm closing on a house later this week. The house I just bought is the exact same house as one of my best friends bought 2 years ago. The two houses are 6 streets away from each other. The difference in them is mine has granite countertops and a brick paver driveway. The other difference is he paid $216,000 two years ago. I bought this one for $130,000 today. A short sale is a good way to go in real estate today.
My buddy wasn't exactly happy when he found out what I paid.

Who cares what he thinks and I dont suspect youll be happy when somebody else buys a similar house that you bought for less than 100k.

:tongue2:

BetIt · Nov 13, 2007

Don't see it rising anytime soon either.

Fishhead · Nov 13, 2007

DAWOOFDADDY said:
Who cares what he thinks and I dont suspect youll be happy when somebody else buys a similar house that you bought for less than 100k.

:tongue2:

Not even looking to buy until July of next year.........at the earliest...........if not broke by that time(50-50).

Holysmoke+ · Nov 13, 2007

Fishhead said:
These people that put 20% down or less now have a mortgage that is much more than the total value of their home...........and they are also paying crazy property tax, insurance, and hoa fees by living in Florida.

In Vegas, my total expenses on insurance, taxes, and hoa fees was less than $2000 per year.........the same comparable priced house in Tampa would be at the very least be $10,000 for these layouts.

Florida certainly is not the paradise many individuals claim it to be.

Fish, do you quote yourself often? I might try that.

Holysmoke+ · Nov 13, 2007

Holysmoke said:
Fish, do you quote yourself often? I might try that.

:toast:

WVU · Nov 13, 2007

Fish no one said paradise was going to be cheap. In fact before I moved to Florida I always assumed only the rich lived there

Holysmoke+ · Nov 13, 2007

I am lusting after the high end homes here. They are all vacant.

I want a pool on the canal to the gulf. I want tile roof, all the upgrades, 3 car garage, etc etc.

They have taken the worst hits in prices. why? because noone can qualify for jumbo loans now.

half million dollars gets you a home that was 2 million in the boom. banks are unloading their inventory.

I might take some pics of vacant homes for sale around me and post them here. They were built new in the boom, now just sit there with weeds to the roof and boarded up windows

Fishhead · Nov 13, 2007

WVU said:
Fish no one said paradise was going to be cheap. In fact before I moved to Florida I always assumed only the rich lived there

Not an overly huge fan of Florida..........nicer than most places though and 3x better than living in Vegas, except the gambling is limited and the food sucks here when compared to Vegas, unless of course one likes chicken wings and grouper in abundance.

Fishhead · Nov 13, 2007

Holysmoke said:
Fish, do you quote yourself often? I might try that.

Many times

:toast:

Holysmoke+ · Nov 13, 2007

Fishhead said:
Not an overly huge fan of Florida..........nicer than most places though and 3x better than living in Vegas, except the gambling is limited and the food sucks here when compared to Vegas, unless of course one likes chicken wings and grouper in abundance.

Where else can you go to the beach and watch girls playing nude volleyball?

cincy_ · Nov 13, 2007

EasyMoney said:
I know were not at the bottom of the market yet. But this is both funny and mean. I'm closing on a house later this week. The house I just bought is the exact same house as one of my best friends bought 2 years ago. The two houses are 6 streets away from each other. The difference in them is mine has granite countertops and a brick paver driveway. The other difference is he paid $216,000 two years ago. I bought this one for $130,000 today. A short sale is a good way to go in real estate today.
My buddy wasn't exactly happy when he found out what I paid.

QUESTION FOR WOOF AND OTHER EXPERTS:

Assuming he put 20% ($43,000) down (and most people don't) ... why should he not just walk away from that house?

He could buy the same thing for $86,000 less ... and he would be profiting even if they hiked up his rate for bad credit.

Would they screw up his credit so badly that he wouldn't qualify for another loan at all?

Dawoofdaddy · Nov 13, 2007

cincy_ said:
Assuming he put 20% ($43,000) down (and most people don't) ... why should he not just walk away from that house?

A couple thoughts I have.

First, most likely he didnt put that much down.

Second, if he did, he cant actually fathom that hes actually lost his entire investment owning real estate, since that contradicts the lies and myths hes been told and believes about it.

Holysmoke, homes that were 2 million are now selling for 500k and less in Miami area?

Id like to see some photos if you have time to post them here of homes with weeds growing up the sides of luxury homes.