When in doubt, buy a house

[One Eyed Cat]

Amongst the "stimulus" package proposals: 15K tax rebates on down payments and 4% 30 year mortgages with good credit .... this is a republican proposal! Good policy? Fuck no. Good for some of us though. If you want to buy a house, I'd keep track of this. Even if it does not pass, low ball an offer around summer. The depreciation of houses in the Bay Area is stunning. Calculate at about 70% of what they're asking. Give it a month or 2.

I'm gonna.

OEC

[homicidal_kiss]

Amongst the "stimulus" package proposals: 15K tax rebates on down payments and 4% 30 year mortgages with good credit .... this is a republican proposal! Good policy? Fuck no. Good for some of us though. If you want to buy a house, I'd keep track of this. Even if it does not pass, low ball an offer around summer. The depreciation of houses in the Bay Area is stunning. Calculate at about 70% of what they're asking. Give it a month or 2.

I'm gonna.

OEC

my dad is in love with the low prices of houses in the bay. he's getting a place, even though he can't really afford it. he figures it's so cheap that it'd be a shame not to shop around. lol

[Ajax Knucklebones]

Amongst the "stimulus" package proposals: 15K tax rebates on down payments and 4% 30 year mortgages with good credit .... this is a republican proposal! Good policy? Fuck no. Good for some of us though. If you want to buy a house, I'd keep track of this. Even if it does not pass, low ball an offer around summer. The depreciation of houses in the Bay Area is stunning. Calculate at about 70% of what they're asking. Give it a month or 2.

I'm gonna.

OEC

Is it a rebate or a credit? I know that if you bought a house anytime after April 4, 2008, you can get a $7500.00 tax credit. The thing about a tax credit though is the government wants you to pay it back, starting in 2010. In 15, once a year, $500.00 payments.

[One Eyed Cat]

Is it a rebate or a credit? I know that if you bought a house anytime after April 4, 2008, you can get a $7500.00 tax credit. The thing about a tax credit though is the government wants you to pay it back, starting in 2010. In 15, once a year, $500.00 payments.

Dunno will have to find out. I'll do it regardless. I'm hoping the Bay Area crashes a bit more first.

OEC

[One Eyed Cat]

my dad is in love with the low prices of houses in the bay. he's getting a place, even though he can't really afford it. he figures it's so cheap that it'd be a shame not to shop around. lol

Yah. I may pick up one in Saint Paul too. I'll end up with a house and 2 shacks in 3 states but they won't be able to fuck with me there.

OEC

[athenahollow]

Is it a rebate or a credit? I know that if you bought a house anytime after April 4, 2008, you can get a $7500.00 tax credit. The thing about a tax credit though is the government wants you to pay it back, starting in 2010. In 15, once a year, $500.00 payments.

Yea, I'm totally going to be doing this. I only paid $8k for my place as it is, so even if we only get back 1500, it'd do a HELL of a lot of good around here.

[Ajax Knucklebones]

Yea, I'm totally going to be doing this. I only paid $8k for my place as it is, so even if we only get back 1500, it'd do a HELL of a lot of good around here.

You paid HOW MUCH for your house?

[Mr Karl]

yeah $8000 for a house?? or a place of any kind.....................we gotta see pictures af that

[athenahollow]

LOL it's a trailer guys, don't getting in a huff. Now, it was recently remodeled on the inside. The guy turned a 2 bedroom into 3 but taking out a little bit of the living room (Which is still big enough that if I set the tv on one end and a couch on the other, it's hard to read stuff on the TV lol). But it was so cheap because it was built in 73.

But the "new house" purchase isn't specifically for new houses. It's for new homeowners, which includes anyone who hasn't purchased a house in the past 3 years be it new, used; modular; mobile home or stationary.

It was originally 10k, but they knocked 2k off the price because he felt like being nice, and we paid 2k down. So yea... nice 2 year mortgage lease

[One Eyed Cat]

LOL it's a trailer guys, don't getting in a huff. Now, it was recently remodeled on the inside. The guy turned a 2 bedroom into 3 but taking out a little bit of the living room (Which is still big enough that if I set the tv on one end and a couch on the other, it's hard to read stuff on the TV lol). But it was so cheap because it was built in 73.

But the "new house" purchase isn't specifically for new houses. It's for new homeowners, which includes anyone who hasn't purchased a house in the past 3 years be it new, used; modular; mobile home or stationary.

It was originally 10k, but they knocked 2k off the price because he felt like being nice, and we paid 2k down. So yea... nice 2 year mortgage lease

Cool. I'll have to check how this new proposal might work regarding all those structures. Could get interesting if I (or friends) can just buy up all sorts of structures.

OEC

PS: 8K for a house though anyways folks? Oh yeah. Check out Cleveland. Livable ones even. It is that "bad" (albeit I'm starting to like this recession more)

[Mr Karl]

house prices aren't really much different here..........they've gone down a bit but people still want way more than they're worth........nothing for 8k though

[Morning Glory]

great idea, let's crash the real estate market again in another 4 years.

when are the going to realize that people buying shit they can't afford isn't good for the economy? They should be making it harder for people to buy houses, not easier.

[One Eyed Cat]

great idea, let's crash the real estate market again in another 4 years.

when are the going to realize that people buying shit they can't afford isn't good for the economy? They should be making it harder for people to buy houses, not easier.

1. I can afford it
2. Yes, I agree it is a bad policy. It is a good move for me though.

OEC

[Morning Glory]

well congrats on your new house!

[Buster Friendly]

$800 and less in Detroit.

[One Eyed Cat]

$800 and less in Detroit.

Damn. That's crazy. They have em like that in Cleveland too. These are just the cities we both happen to be familiar with. Probably a lot of places like that.

OEC

[Buster Friendly]

Cleveland even... damn.

[athenahollow]

I can afford my house. And can not only afford the extra $500/year, but my place is paid off in like 15 months. So, it's not like that money isn't something I can't afford. I just don't have the credit to get a loan and i can't refinance because of how old the place is.
I'm looking at this as a refinance.... If I get that full $7500, not only can I pay off what's left of my current mortgage, I can buy a fucking car. I don't need one that looks good as long as it gets me from point a to point b and has room for a stroller in the trunk LOL

[Ajax Knucklebones]

I can afford my house. And can not only afford the extra $500/year, but my place is paid off in like 15 months. So, it's not like that money isn't something I can't afford. I just don't have the credit to get a loan and i can't refinance because of how old the place is.
I'm looking at this as a refinance.... If I get that full $7500, not only can I pay off what's left of my current mortgage, I can buy a fucking car. I don't need one that looks good as long as it gets me from point a to point b and has room for a stroller in the trunk LOL

I'm amazed you got financing at all for a 1973 trailer....And I mean even before all this bad banking business came up. Was it owner financed?

[athenahollow]

I'm amazed you got financing at all for a 1973 trailer....And I mean even before all this bad banking business came up. Was it owner financed?

It was bought from the company who owns the park and owns their own finance company as well
So yes, it was owner financed.

[Ajax Knucklebones]

great idea, let's crash the real estate market again in another 4 years.

when are the going to realize that people buying shit they can't afford isn't good for the economy? They should be making it harder for people to buy houses, not easier.

The difference though is when it's money owed to the government, they don't let you slide. Come Hell or high water, you'll be paying them back one way or another. Besides, the $500.00 paid each year comes right from doing your taxes. The only way you can avoid this by not doing your taxes and if you want to fuck with the IRS, by all means. Celebrities who don't pay their taxes get benefit concerts to pay the government back. Schmoes like us get to go to jail.

[Ajax Knucklebones]

It was bought from the company who owns the park and owns their own finance company as well
So yes, it was owner financed.

I figured. I don't know any bank who'd finance that. In fact, now a days, most banks don't even want to finance brand new trailers.

[athenahollow]

I figured. I don't know any bank who'd finance that. In fact, now a days, most banks don't even want to finance brand new trailers.

Actually they are trying to change the laws on that right now, because of all the hype that's involved w/ trailers and not being safe. The past 10 years, most trailers built are just as safe as most houses that were built after 1985.
The problem is that the news always covers how damaged trailer parks get because of natural disaster, but never show the parks or trailers that survived without any damage at all. (This is mostly due to the fact that parks are built on flat land which lets tornadoes and the like move through them easily without cutting off any speed or wind flow).

[Ajax Knucklebones]

Actually they are trying to change the laws on that right now, because of all the hype that's involved w/ trailers and not being safe. The past 10 years, most trailers built are just as safe as most houses that were built after 1985.
The problem is that the news always covers how damaged trailer parks get because of natural disaster, but never show the parks or trailers that survived without any damage at all. (This is mostly due to the fact that parks are built on flat land which lets tornadoes and the like move through them easily without cutting off any speed or wind flow).

Well, from what I've always heard, the reason banks don't like to lend on trailers, is one, if they are foreclosed, it's a bitch for a bank to sell them and two, unlike houses, trailers are seen as something that depreciates with time...Not appreciates. Sure, houses are down big time in price right now, but as a long term investment, in the end, you usually will sell it for more than what you bought it for. Trailers are usually the opposite.

[Head Wreck]

waits for property to fully crash down there but doesnt hold breath, high probability of visa fees to be covered*