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they will also filter out the riff raff applicants and verify wages and credit history
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Anonymous wrote:OP: I have gotten a couple of full price offers, but they are coming from buyers who are requesting a lot of concessions: odd financing arrangements, unfavorable closing date, etc. The negotiations are taking a long time and aren't ending in a ratified contract. Agent isn't really keeping me informed. I don't think I'm asking too much for the property, but I don't think my agent is a skilled negotiator.
Prime borrowers already bought their places a few years ago when rates were rock bottom but credit was tight due to ridiculously high standards. You're going to start seeing sub-optimal and first-time borrowers as the stragglers come into this market as lending standards relax. They're going to have odd financing and other issues because they're not prime and are not sitting on a boatload of cash.
Anonymous wrote:Anonymous wrote:If anything I think rental prices are too low. I have many neighbors who are renting for less than their mortgages
No that just indicates they overpaid. Rentals are getting harder to fill, every tom dick and harry aspire to be real estate tycoon with income producing assets.
Hint if rent is less than mortgage its not income producing. Instead everyone gambling on appreciation.
This was the biggest sign of the bubble in California, which was hit hardest during the Crisis. San Diego buyers were paying a monthly premium of 40% over going rents for the privilege of owning during the height of the Crisis. I'm sure we are nowhere near that right now in the DMV, but this is the key metric to keep your eye on. If you're paying $3500 in PITI but can only get $2500 in rent, you're in a bubble and it will pop. Rent-to-PITI ratio is what matters.
You guys would be prime candidates for a loan from NACA, which is a nonprofit housing group that directly makes loans to middle and low middle class buyers. No closing costs, no PMI, and a low rate. They're especially good at helping families such as yourselves into a home. However, the underwriting process is extensive and difficult. Lots of paperwork, training & personal finance sessions, and lots of follow up on your part. If you can contribute 1 or 2% of the home cost ($8K), you can buy down points on the interest rate with NACA (sub 3% fixed rate).
Don't borrow against your retirement. That's foolish. I would skip buying a new home and get an older home at a discount.
Don't borrow against your retirement. That's foolish. I would skip buying a new home and get an older home at a discount.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Desperately wish I could buy. But I have very little for a down payment and closing costs and I didn't come from an upper middle class family.
EVERY single one of my friends that have bought in the last three years have had downpayments paid by their parents. Hundreds of thousands of dollars. I'll never get there and I earn low 6 figures.
I'm the pp just after you. We were the same as you, and raided our retirement after working for about 5 years to make the purchase. We are still young enough that I think that's ok, but not ALL of us had parental help.
How did you raid your retirement savings? All my retirement savings are wrapped up in my Thrift (which has a good $60-70K in it) and I'd have massive penalties if I didn't pay it back within one year.
Or did you just take the penalty hit?
We took the penalty. That's one reason why the savings from buying are questionable. In the scenario we envision, we break even after 7 years. Hopefully following that, things continue to improve, but it's a gamble.
Definitely a gamble. Good luck with everything!
How did the penalty work? Do they take it out when you withdrew the money?
Why didn't you just borrow from your plan or did u cash out rhe whole thing? It makes no sense.
I'm the renter who wishes he could buy and was asking the OP these questions.
If you borrow from your plan, don't you have to repay within one year to avoid the penalties? If that's the case, I imagine anyone who has to borrow from their plan in order to afford buying would have a pretty tough time paying back their downpayment or closing costs within the span of a year. Also, I'm pretty sure the OP said they cashed out nearly the whole thing since they are so young.
Anonymous wrote:I hope monogamy becomes more fluid in my children's lifetime, because 30+ years of having sex with one person (or more often not having sex with them) after enjoying sexual freedom before marriage is a big loss for many.
I have some friends who have an open marriage. When I first got married, I was repulsed. 10 years later, I envy what they have and respect that they have figured out how to make it work.
That fluidity is already happening on a much larger scale than you realize. A lot of people under 30 are all about the open arrangements, especially when distance and work commitments are interfering with a healthy sex life. And they don't have to be ashamed about it or be tagged with the creepy "swingers" label.
The institution of marriage is going through radical change right now, and just not in regards to gay marriage.
Anonymous wrote:I just met this guy online whom I really like but as we continue talking I'm starting to realize some things
-He has a felony gun charge on his record which means no real job
-He seems to depend heavily on others (right now he has no where to go so he's hiding sleeping in his moms house without her knowing)
-It seems like there must be something going on with him and his family that he's not telling the whole story like I don't understand why he's always fighting with one of them, is hiding at his moms house instead of just asking her to let him stay, fought with his cousin got kicked out of there house it's just weird. I come from a family where no matter hat my family would never leave me in the streets.
-Already has asked me to help him fill out job applications for him and fully willing to give me all his info like his social and everything.
-Already asked me to move in with him
A little about me:
I'm 23 and I'm ready to no longer be single
My dating life sucks
I'm a very hard worker I work 3 jobs, 7 days a week and I expect someone to at least have work ethic
I have no record
I'm not perfect with money but very cautious and saving
I can be a but emotional at times (I'm being honest)
I can be bossy and I believe I need a guy with a bit stringer personality then me to balance it out
My question is Should I give him a chance or stop settling for left
Are you crazy? He obviously wants to use you and your resources. You'll be paying for everything. I understand that you're lonely, but you're young and life is loooooooooong when you let the wrong people into it.
Run - fast.
As a moderatlely-heavy drinker, I have a few thoughts:
1. It sounds like his tolerance is diminishing as he gets older but he hasn't adapted his drinking habits to this new reality. He doesn't seem to know where his limits are. I'd be very worried that he would get in a car, feel fine to drive, and then end up with a DUI (which can result in major fines, jail time, and perhaps irreparable harm to his career). Are there any medications he's taking that could be affecting his tolerance?
2. Set some hard limits for him. No more than two glasses of wine on a weeknight and no more than 4 on a weekend day. Make him agree to stick by this.
3. I feel that he might need a therapist, or at least a neutral person to talk to about his everyday issues. The sulking makes me think that he is moderately depressed. He might not need medication, but I think everyone needs a session "on the couch" with a therapist from time to time.
4. KEEP THE INLAWS OUT OF THIS. They definitely won't make the situation better. If it gets worse (abusive behavior, missing out on family responsibilities), then it might be necessary to involve them. Until then, keep this between him and you.
1. It sounds like his tolerance is diminishing as he gets older but he hasn't adapted his drinking habits to this new reality. He doesn't seem to know where his limits are. I'd be very worried that he would get in a car, feel fine to drive, and then end up with a DUI (which can result in major fines, jail time, and perhaps irreparable harm to his career). Are there any medications he's taking that could be affecting his tolerance?
2. Set some hard limits for him. No more than two glasses of wine on a weeknight and no more than 4 on a weekend day. Make him agree to stick by this.
3. I feel that he might need a therapist, or at least a neutral person to talk to about his everyday issues. The sulking makes me think that he is moderately depressed. He might not need medication, but I think everyone needs a session "on the couch" with a therapist from time to time.
4. KEEP THE INLAWS OUT OF THIS. They definitely won't make the situation better. If it gets worse (abusive behavior, missing out on family responsibilities), then it might be necessary to involve them. Until then, keep this between him and you.