OT: Buying a house...

Discussion in 'Overtime: Off-Topic Discussion' started by Ericthegreat, Jul 8, 2010.

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  1. Ericthegreat

    Ericthegreat Pipe Buster

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    I've asked many friends and people involved in real estate and whatnot, and the house I'm looking at sold for 3.5 times the price they're asking in 2005. The house is well within my budget & I've inspected it several time with professional help. It's 10 mins from work (2 miles further than my current place) and fairly close to freeway access.

    I cannot see this house's price dropping any further.

    Can anyone give me reasons not to buy right now? I figured atleast a few people on here may have some insight.

    And I'm sure it could matter, so it's located near downtown Tempe, 10 mins from arizona state university.


    Thanks.
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  2. BAdams421

    BAdams421 New Member

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    tbh, the only reason i clicked on this thread is because i thought it said "Buying a Horse"....

    that woulda been awesome.... im a lil disappointed
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  3. Ericthegreat

    Ericthegreat Pipe Buster

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    maybe i'll get a horse as well.
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  4. r3m0v3r

    r3m0v3r New Member

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    fuck I erased my post attempt. BUY BUY BUY. prices are bottommed. interest rate is stupid low.

    don't but a shitbox. there are too many good houses on mrket rigt now to get a shit1. don't get raped at closing.
    closing costs should be about 4grand ish.

    pick a mortguage broker that is willing to spend time with you..
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  5. KingFly

    KingFly *K.O.T.D.*

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    the market seems like its pretty stable and in fact prices seem like they might increase in the near future. if you like the house, why wait. make sure it has a big enough backyard for the horse though.
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  6. r3m0v3r

    r3m0v3r New Member

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    interest rates are about 3.5 BUT you'll prolly end up with 4.5 after all the bs.

    GET 15 year loan. even if it means getting a smaller house. ITS only a houndred or 2 More a month but it pays the princaple down lots right away.
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  7. misterteenwolf

    misterteenwolf Well-Known Member

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    you've already made up your mind. just get it
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  8. r3m0v3r

    r3m0v3r New Member

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    also. you can find out what he payed for the house on county tax websites. don't be afraid to send a lowball offer. you can always send another offer. the worst they can say is no.
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  9. Ericthegreat

    Ericthegreat Pipe Buster

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    I have a very close friend as a realtor.. closing costs should be at a minimum.

    I honestly was going to do a 15 year loan, and put 20% down... then I spoke with my father. I will be putting 25% down and he is paying cash for the rest. I will basically be using him as the bank & paying him monthly with no interest until he gets his money back.

    ^ I know that sounds bad, but when he offered, I couldn't say no.
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  10. Ericthegreat

    Ericthegreat Pipe Buster

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    That's what I'm thinking.. put in my offer a little lower than what the houses around it have sold for. Will that negatively affect the value of it in the future?
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  11. aelgborje

    aelgborje New Member

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    lmao i read the exact same thing
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  12. r3m0v3r

    r3m0v3r New Member

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    that fucking pwns!!!!!!
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  13. SiFu

    SiFu Burning Down Babylon!

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    if you got the downpayment then go for it!!!


    Nows such a good time to buy a HOME....or a long term investement imo...the prices might drop more when inflation catches up to people but if you have the down payment its better than paying rent...in fact its often cheaper to buy then rent (if you have that 20% down)....still tho here in SD 20% down is a lot for a decent house....you thinking 300k for what used to be a 450k house, thats still 60k needed to even get a morgage....I dunno the prices where you at but again, if you got it do it....live there for 5 to 10yrs then upgrade or rent it out or whatever init


    PEACE
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  14. Abyssthamc

    Abyssthamc New Member

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    me and my girl are closing on a house this wed., we got it for 240k and 3 years ago the previous owner paid 320k....so basically they got fkd and still owe the difference cuz it was a "short sale" but we benefited off their loss, so what im saying is that..., if you can afford any real estate, NOW is the time to buy.....we all probably wont see this real estate market & interest rate this low in our lifetime. We wouldnt be able to afford a $2600 mortgage (what my buddy pays for a 360k house), but ours is going to be $1500/month which is allot more affordable. In 5 years we will have it all redone and sell for over 350k (its on a lake) so look at the profit on that.......we are from Mass, i assume its pretty similar across U.S., hope this helped a bit...........btw....check out my music @ Abyss on MySpace Music - Free Streaming MP3s, Pictures & Music Downloads Good Luck,,,if you have any questions let me know, im no expert but just going through all the bullshit with lawyers & loan companys just gave me like a mini real estate education...
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  15. Eyerate

    Eyerate The Definition of Real..

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    tons of idiocy in this thread...

    im going to break this down simply. if you can afford this home, do it... but DO NOT expect to see a profit from it. abyss is in for a rude awakening.

    you would have had issues securing financing, but your father picking up the tab is a good look. just make sure to budget for your property taxes as you wont have an escrow paying them.

    real estate is not even CLOSE to bottomed out. commercial is next up on the crisis block, then the banks are going to drop all the deadweight foreclosures on the market.. were looking at the dow back down below 7k and gold near 2k.

    however, dont let that discourage you from buying. sifu is correct, owning has a host of benefits over renting including tax benefits. do not buy a home as an investment, buy it to LIVE IN. if you go into this thinking your going to make xxx in 5 years, you really are a fucking idiot with a SERIOUSLY cracked rearview mirror. understand that you wont see 2005 home pricing till 2020.

    i bought my place in 2008 at a 2001 closing price. im still in the red and will be for a while, but i didnt buy as an investment, i bought it because I LIVE THERE and intend to live there for years to come.

    dont be scared of mortgage rates either.. as long as the economy is dogshit the rates arent going to go anywhere. you'll see sub 5% loans all day with 7+ credit. the biggest thing you should be worried about is the rate small businesses are borrowing at. cant grow without capital and small businesses are being squeezed out leaving vacant retail space. trust me when i tell you, there is a FUCKTON of vacant commercial space right now. starbucks alone downsized 300+ stores. the only growth im seeing lately is chipotle/qdoba. caribou isnt building and neither is coldstone. one of my largest commercial clients is sitting on a massive complex @ 20% occupancy. when i say massive i mean 15 buildings that i would estimate around 300k sqft each. the only think keeping them into it is the fact that they cant sell it and they own it outright. they dumped the bowling alley/nightclub that was on the main street and its changed owners 4 times since they sold it 2 years ago.. this economy is NOT on the upswing, this is just the calm before the storm. hedge your investments, play the negatives, and prepare for economic shitstorm v 2.0. i wonder when the delayed inflation from all the bullshit with the bailouts is actually going to start setting in... hmmmm.
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  16. TsirhCitna

    TsirhCitna New Member

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    get someone you know to murder an enemy of yours in there and it'll be cheaper than ever!
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  17. heebs907

    heebs907 GS ICEY

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    im dying over here man.
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  18. SiFu

    SiFu Burning Down Babylon!

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    yea to reitterate what eyerate said....dont buy for an investment!!!! buy coz you want a home to live in!!!!

    PEACE
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  19. r3m0v3r

    r3m0v3r New Member

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    BRING ON THE INFLATION. I WANNA SEE LOTS AND LOTS AND LOTS OF INFLATION. FUCK YOUR INVESTMENTS. DO I WANNA MAKE MY MORTGAGE PAYMENTS REDICULOUSLY LOW. YOUR GODDAMNED RIGHT.
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  20. r3m0v3r

    r3m0v3r New Member

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    inflation is good for the working class and bad for the upperclass. loans and investment value's dissapear in high inflation. its what pushes interest rates up.

    its stagnant inflation (what we have been in for a while now riaisng cost with no rising wage) we should all be afraid of.
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