Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Buying a home...What options are there?
09-07-2009, 08:15 PM, (This post was last modified: 09-08-2009, 05:40 PM by SiLVa.)
#1
Buying a home...What options are there?
Are there no other options but to run to the bank and get a mortgage? Seriously, I want to get my own place, and even though I can save a shitload of money, it seems there are no other options when it comes to getting a place to live?
Do any of you own your own place?
Or is renting the best way to go?
The only thing with renting is that you over pay for something you'll never own.
Its such shitty options available. I know outright ownership(allodial title) is damn near impossible. Especially here in NJ.

Any knowledgable advice would be appreciated.
"Listen to everyone, read everything, believe nothing unless you can prove it in your own research"
~William Cooper

DTTNWO!
Reply
09-07-2009, 09:09 PM, (This post was last modified: 07-02-2010, 01:19 AM by solar.)
#2
Buying a home...What options are there?
Quote:Are there no other options but to run to the bank and get a mortgage? ...
Carefully read what "Kentroversy" had to say about mortgages in his "blog" post, dated July 27, 2005.

The title of this "blog" post is MY MEETING WITH A MORTGAGE BROKER, and is posted at the following link.

As "Kentroversy" recommends, have your hand calculator ready when you talk with the bank's mortgage broker. Suspicious

You just may be surprised at the amount of "interest" that you will ultimately have to pay to the bank. Yikes

So, is paying a mortgage worth the federal income tax deduction on mortgage "interest"? Signs002

You decide after you have made your calculations of bank mortgage "interest" on your hand calculator. Shocked

Tell us what you think!! Dazed

Hope this helps, SiLVa. Wink

Hey ...

... are you still considering a possible move to, and a possible career change, in Arizona? Smile
Reply
09-08-2009, 01:08 AM,
#3
Buying a home...What options are there?
I'm sure that real estate is different there than here, but that is what I do here. 11 yrs lic but just about 2 years full time. Not exactly my 1st choice for employment but sometimes its ok.

Personally I don't like renting a house, but that is individual preference. Renting a building for business is different though, better tax break.

I don't care for owner financing either. Here most owner financing is done because the owner wants more than it will appraise or there are issues with it that would make the property not go a loan. There are at least 4 houses I know of where the people finance the property and have done that several times over, foreclosing at a whim.

Before we paid off our house we had a conventional loan. Look at the 15 and 20 yr loans. FHA loans (here anyways finance 97%. USDA loans are 100% in approved areas. THDA, I'm not sure if they are still 100%. All these are 30yr notes. There are things like "Dove Foundation", etc that get you in at 100% but use Vaseline, after they're done with the closing costs you'll need Pollygrip.

Anything over 80% is accompanied with MIP or Mortgage Insurance Premiums, no options to opt in or out. It is usually expensive and insures the bank that should the mortgagor default and the property not bring what is owed, it pays the difference plus expenses. It also keeps the bank from coming back to you to get the difference.

My suggestion is to but what you can afford on a conventional loan, probably about everything I have sold though people go government loans. Google an Amortization Chart, the end result will flip you out. I'd steer clear of Short Sales too, not quite what the news or real estate tells the people.

Foreclosures can be a good deal. I'm not familiar with the market prices there or the housing situation. It may be that you will have to get a 30yr note to get what you need, but if not, don't. Look at the land and the roof line. You may start out smaller than you want but one day add on. The roof line and how much room you have can be the difference between expensive and inexpensive. Remember, all you do there is shit, shave, sleep, and sex with occasional entertainment. A big house is just a bigger electric bill and tax bill. Wish I would have thought about that. Whatever you feel you csn comfortably afford, subtract from that amount mo less than 20%. Pay as much down as you can but remember to keep enough for payments should things get worse.
Reply
09-08-2009, 03:07 AM,
#4
Buying a home...What options are there?
Consider living with your own multi-generation family if you can get along or roomates you trust. I guarantee you will have more cash and/or free time for other things like reading, watching docs, going to citizen groups or posting on ConCen. I'd be working my arse off an extra 8 hours every day to make ends meet with my two kids if I had a place like a lot of people I went to college with (2 or 3 residents to a 500K House). Mind you 90% of places in my area are $350K to $600K. Really depends on the neighborhood. If you can deal with other people shared accommodation is the best way to go to not be a slave if you still want to be urban... and grow a garden if you got some land -- it'll cut down on the grocery bill.

As far as renting vs buying I wouldn't recommend owning anything that can be taken away with 3 days notice though in this economic climate. Try to room with someone that has rent control, I know a guy who has 4 tenants at any given time in his rent controlled apartment rooming with him and he hasn't had to work a day for the past 15 years.
There are no others, there is only us.
http://FastTadpole.com/
Reply
09-08-2009, 05:02 PM, (This post was last modified: 09-10-2009, 10:34 PM by SiLVa.)
#5
Buying a home...What options are there?
Thanks all - those that responded.
Solar... I read that blog you posted. Its funny because thats pretty much how I feel and his wife and my girl said pretty much the same thing. "Thats just how it is now. Everyone has to get a mortgage"
Ive told her, and sometimes she agrees, she can be a bit naive when it comes down to making a big purchase. I dont want to rush anything. And she's been in debt like me, but a little more than Id ever like to see myself in. Thankfully now things are better in that department, but I dont know if she gets it like I do. Sometimes even worse, I think she doesnt care- she just wants us to have our own place and I dont blame her, I want one too. I just dont want to get screwed, as I know that's usually the name of the game.

Quote:... are you still considering a possible move to, and a possible career change, in Arizona?

I wish I could. Unfortunately, at this time it doesnt make much sense to do so. Its a catch 22 on my end. One one hand, moving out there would be the best thing to do if I did it right now. With the real estate, big open lots of land, and the cost of things out there right now compared to here, it seems the best thing to do. But the thing is, my girl of 10+ years has just recieved tenure as a teacher in NYC and we've heard from friends out there that a lot of new teachers in AZ have been getting laid off so her career would then be at a stand still.
On top of that, my families business is in the process of a pretty big transition in our business model(developing our own water filter product for a change instead of just being an exclusive brand distributor). And being that Ive been working here with the family for over 10 years, no college degrees, it doesnt make sense to move until we can actually sell our own stuff nationally. Then we can go anywhere really.
AZ is one of my favorite new places here in the states, so I really do want to get out there when , and if I can. Just not looking so good for that at the moment.
Dont get me wrong, If I found a decent paying graphics design company willing to hire me out there, or something better than what I have here, I'd probably take a shot at it, but I honestly havent even bothered to check with me not having that "college credit". Plus, I do have a sense of loyalty to the family business, sometimes to a fault. My father's busted his ass to build the company, and with only me, my mother, brother and one other co-worker, we have a skeleton crew as it is right now. I feel like right now they do need me here.
What can I say, life sucks...:nuts:
----------------------------------------------------------------------------
Hilly, Thanks for your input, good to here from a realtor's perspective, and one Id trust to boot.
I will probably have more questions for you in the coming months. Im sure you'll see me in your PM box.;)
----------------------------------------------------------------------------
FastTadpole, I think renting would be the best thing for a short term, but renting prices here for a decent, clean 1 Bedroom Apt near mass transit are prety much the same as a mortgage would be for a small 2 BR house. Thats pretty much why I want to get out of NJ to begin with. Taxes and all that crap just keep getting higher and higher as well.


Thanks for the replies. Much appreciated
"Listen to everyone, read everything, believe nothing unless you can prove it in your own research"
~William Cooper

DTTNWO!
Reply
09-08-2009, 05:27 PM,
#6
Buying a home...What options are there?
I'd try to assume a mortgage. You might just find a house with a 25 yr mortgage, 15 years of which have already been paid off. You'd own it in 10 years outright.
Reply
09-08-2009, 05:42 PM,
#7
Buying a home...What options are there?
Quote:I'd try to assume a mortgage. You might just find a house with a 25 yr mortgage, 15 years of which have already been paid off. You'd own it in 10 years outright.

I'll have to look into that a bit more. I wonder where I'd find that in this area.
It doesnt sound like a bad idea though, thanks.
"Listen to everyone, read everything, believe nothing unless you can prove it in your own research"
~William Cooper

DTTNWO!
Reply
09-08-2009, 05:53 PM,
#8
Buying a home...What options are there?
Quote:
Quote:I'd try to assume a mortgage. You might just find a house with a 25 yr mortgage, 15 years of which have already been paid off. You'd own it in 10 years outright.

I'll have to look into that a bit more. I wonder where I'd find that in this area.
It doesnt sound like a bad idea though, thanks.

I don't know if in the US you have what we call here, "MLS" listings for selling houses, but if they do, ask a realtor (sp?)
if they can show houses matching that criteria.
Reply
09-08-2009, 06:03 PM,
#9
Buying a home...What options are there?
Quote:
Quote:
Quote:I'd try to assume a mortgage. You might just find a house with a 25 yr mortgage, 15 years of which have already been paid off. You'd own it in 10 years outright.

I'll have to look into that a bit more. I wonder where I'd find that in this area.
It doesnt sound like a bad idea though, thanks.

I don't know if in the US you have what we call here, "MLS" listings for selling houses, but if they do, ask a realtor (sp?)
if they can show houses matching that criteria.
In french mortgage literally translates to "death contract". But if you can get on board a short term deal or buy something outright, go for it by all means. I just figured it would be prudent to have a group that pools resources to hedge against income fluctuations and job losses, a sort of small scale socialism amongst people you could tolerate living with.
There are no others, there is only us.
http://FastTadpole.com/
Reply
09-08-2009, 06:49 PM,
#10
Buying a home...What options are there?
Anytime you got questions feel free to ask, I'll help you all I can. Occasionally a guy stops in that owned a big realty company from NY. He sold it and moved back here, some kind of cancer, wanted to die with his family. I know the laws are different there than here, but that's every state. I can pick his brain next time he is in. He seems like a nice fellow.

Most company websites have an IDX feed to their mls they belong to (exception Va/TN MLS). You can usually search all the listed properties and when you find an honest Realtor, they can sell you the property no matter which company has it for sale (as long as they are licensed for that state). Here is an example http://americanhomesandrealtyinc.com/lakew...ertysearch.html.

Always drive all routes to and from a property you find and are interested in, some will bring you in the good way and hope you don't see what else is there from the other direction. Always sleep on it, if it gets gone overnight it wasn't meant to be. Don't be afraid to make a low offer, not an insulting offer if private owned, but a low offer, all they can do is say no. Never be afraid to low ball a corporate owned property. We work with some of the companies that manage foreclosures for larger banks, HUD, Fanny, & Freedie... right now they are (we're told) slowing down on foreclosures in order to keep the prices up. There are that many that they would flood the market. Courthouse steps was a good way to buy cheap, but banks have started buying back. Still good for Tax sales. Estate auctions are good, but watch what loan you get and make sure the property will go it. I'm not a big auction fan because you usually don't have a property disclosure.

The first thing though would be to find a good Mortgage Broker and get an idea what you qualify for, then go home and talk it over with your family and decide what you feel comfortable with. Don't limit yourself to that $ amount on a search though because you are going to offer a lot less. Ask the MB for a good faith estimate on total cost of borrowing. Watch underwriter's fees, points, etc. If a loan seems too good to be true it probably is, always a hook. Don't go negative amortization or balloon (now called creative financing). If you do buy from an individual or relaor either one, get title insurance in case there are any mechanics leans or other leans out there.

Most government loans like USDA (sold a guy who got one) the government will pay part of your interest and X number of months should you get laid off. Then again, when you sell it you have to pay them back. A lot of government loans you either have to live there a certain number of years and pay back a portion of what they contributed.

This skims the surface and I'm attempting to just place what is national instead of state. It may seem overwhelming, especially when it gets deeper but stuff a buyer needs to know. There is more but this hits a few high spots. Just pm or call and I'll help you all I can. It's not as bad as it seems once you get the basics down.
Reply
09-08-2009, 06:57 PM,
#11
Buying a home...What options are there?
Almost forgot. You will see data saying that sales are up, which is true. What they won't tell you is that most sales are for under priced and foreclosures. Not from NAR data or RealTrac, but from real data. Foreclosures are expected to be heavy until 2011. Therein is some test information when selecting a Realtor. See which one answers with the truth.

There is one site (we work with these people for TN) that you can see Fanny Mae, Freddie Mac, & HUD foreclosures. bidselect.com. Just pick the state, etc. The agents listed on there (unless HUD) are optional, any agent in that state can work with you.
Reply
09-08-2009, 07:47 PM,
#12
Buying a home...What options are there?
Option 1: GET FUCKED!

Option 2: GET FUCKED!
In the 60's, people took acid to make the world weird. Now the world is weird and people take Prozac to make it normal.

As a reputed atheist, the reverential nature of his film was surprising, but Pasolini himself said &If you know that I am an unbeliever, then you know me better than I do myself. I may be an unbeliever, but I am an unbeliever who has a nostalgia for a belief.&


[Image: Copyofsoldier2.jpg]
Reply
09-08-2009, 10:18 PM,
#13
Buying a home...What options are there?
Quote:Option 1: GET FUCKED!

Option 2: GET FUCKED!

looooolz
Reply
09-08-2009, 10:34 PM,
#14
Buying a home...What options are there?
Quote:Option 1: GET FUCKED!

Option 2: GET FUCKED!

LOL yeah pretty much right? Its such a swindle really? It truelly seems like its Pre-U.S. Revolution land ownership going on, its just that the bank, and in turn the FED, have replaced the King.
"Listen to everyone, read everything, believe nothing unless you can prove it in your own research"
~William Cooper

DTTNWO!
Reply
09-09-2009, 01:26 AM,
#15
Buying a home...What options are there?
Quote:Option 1: GET FUCKED!

Option 2: GET FUCKED!

lol,
you mean:
1 with Vaseline

2 just raw
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Super-Taser shotgun that can knock down criminals from 100ft assessed by Home Office TriWooOx 4 1,779 04-26-2010, 07:32 AM
Last Post: Deathaniel
  TV pitchman Billy Mays found dead at Florida home mastermg 16 1,885 07-02-2009, 08:31 PM
Last Post: ---
  "Home" Movie to Debut - NWO Propaganda saturnino 1 648 06-02-2009, 09:42 AM
Last Post: rsol
  Time to shut up shop and go home ? drummer 36 4,779 05-12-2009, 09:49 PM
Last Post: ---
  Home of the Barricaded, Land of the ‘Fraid mothandrust 0 368 04-18-2009, 07:29 PM
Last Post: mothandrust
  War comes home to Britain TriWooOx 2 742 03-06-2009, 01:29 PM
Last Post: ---
  Former soldier held against will in care home 'treated like dissident in Stalin's Russia' --- 1 500 12-22-2008, 12:30 PM
Last Post: rsol
  The new wave in book buying stanteau 5 1,036 09-25-2008, 12:49 PM
Last Post: stanteau
  My Home Has Been 'Quietly Pilfered' By Operatives... Yakhont26 5 988 06-23-2008, 01:13 AM
Last Post: mexika
  Shadow Home Secretary David Davis stuns Parliament by resigning to fight by-election drummer 3 717 06-13-2008, 10:31 PM
Last Post: iamthelolrus

Forum Jump:


Users browsing this thread: 1 Guest(s)