Real Estate Nirvana: I Love You Mr. Subprime

Great job! Must have been a absolute auction to get that deal, because at a reserve auction you would have not gotten the property at that price.

Congrats!

 

Pathus, I wouldn't buy anything for at least 6-9 months...we'll see how bad, or not bad, this mortgage crisis is going to get. It's going to get worse than they're saying now.

I do wonder how much the ARM resets and coming loan crisis is going to affect buyer interest...my guess is that buyer's will be screwing over sellers, opposite of two years ago.

It is my humblest opinion that you definitely wait 6-9+ months and you'll get something at a much much lower price.

good luck.

 

I guess the issue is whether or not I will save enough money to offset the cash I would be throwing away by renting.

 

Option ARM's do nothing but cause > defaults as you > duration. We still have 18months before this becomes 1929 redux.

 

Congratulations. You going to live in it or flip?

 

fconyer what can I say, welcome to ET. If you posted your RESPA statement, half of the board would still not believe it. No watered down drinks in this saloon. Giving winners and losers s**t is what traders do best; nothing has changed in this business, what a cynical lot. ROTLMAO.

 

10-15 months from now there will be hundreds of threads just like this one..

This is only the beginning.......

I'm keeping my eyes open for MIA baby!!!!!!!! SO beach here I comeeeeeeee..

People live in fear and hatred.. Anytime someone comes through with a deal this sweet he must be lying.. haha.. quit drinking on the Hatorade and be happy for another man for once. YOu'd be AMAZED at how great it makes you feel to TRULY, GENUINELY be happy for ANOTHER man besides yourself....

 

Hey Ratsass:

I see you're at it again. Sometime when I have the time I'll post what you actually said and what I said, once again. LOL! Your comments are always a good read if you're in the mood for a laugh.

In the meantime, I've been buying houses at the trustee sale longer than you are alive. It's unlikely that this story is accurate. Even if the house was bought at the $196K, I doubt it's worth anything even close to $900K. That said, don't let me rain on the parade here, I know it impresses you newbies. Especially those like you Ratsass, that are still living in a rental apartment tick f*cking for a living. LOL!

OldTrader

 

here, doubt this from reuters:

http://rattube.com/blog1/2007/03/20/houses-cheaper-than-cars-in-detroit/

“Folks, the ground underneath the house goes with it. You do know that, right?” he offered.

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: “The lumber in the house is worth more than that!”........

........ Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.

“I’m not sure it’s congratulations,” said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for $34,000. “My wife is going to kill me.”

Realtor Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction.


Old Fart... please post what we said two yrs ago..... this will be fun.

 

What's this got to do with my post ratsass? So what if they're buying houses cheap in Detroit? When someone turns around and immediately resells one these houses for more money, that's news. Make sure to post that when it happens. Until then, what we're talking about is an area devastated by job loss. This didn't start a year or two ago, ratsass...it's been going on for a while.

You guys all seem to be amazed by these houses in Detroit! I could show you areas all through the Midwest, areas in the 'hood where houses are selling for less than cars!

Now what ratass....did you predict the coming of the 'hood? LOL!

I'm not doubting that the guy in this post bought something for $192K...what I'm doubting is whether it's worth $900K. Quite unlikely unless there is major damage to the property. And, 2nd mortgage lenders don't forget to show up...and it's a legal requirement to notify or the sale can be set aside.

Let me know when you scape together enough cash to actually buy a house ratsass...any house. Hell, you think those are bargains in Detroit...go buy one and give us a post about it. You need to do something other than just talk.

OldTrader