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Dec 6th, 2017
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Joined: May 2005
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I work for a mortgage company and I can tell you that there are plenty of good deals to be had if you know where to look. There are a lot of houses for sale by banks and quite a few short sales as well. Also, if you haven't walked away from a government loan, a bankruptcy doesn't look as bad as you think. After 2 years, with a good income (compared to the value of the house you want to buy) and reasonable level of debt (total Debt to Income ratio under 45%) you can get a good 30 year fixed rate around 6.5% right now. In January 2008, I was pre-qual'd for $299k at 5.125% by Citi® Bank. In June 2008, I was pre-qual'd for $205k at 6.50% by IndyMac Bank. In August 2008, I was pre-qual'd for $220k at 6.50% by Countrywide Mortgage. I was in escrow on a condo in July 2008 and pulled out due to the HOAs, but mostly, because the HOA was doing work on the property that I felt was shoddy. For $270/mo in HOAs - I could purchases $61k at 6.50% more in house - so that's what I am doing - looking to purchase a house. I was looking in this one neighborhood and by happy coincidence, my Realtor's associate was hired by a woman, just yesterday, who purchased a home in the very neighborhood that I want to buy into. The lady purchased the home in June 2008 at an auction - site, unseen - all cash. Well, it turned out once the CC&Rs were read, the home couldn't be rented out - it has to be owner occupied. So, the four of us met this morning, and I made an offer on the house and the house hasn't even listed yet. It'll be listed this afternoon with an offer already pending. Pretty cool. The lady just wants to walk away from the house. Fingers crossed... Meanwhile, another house that I made an offer on I had to be pre-qual'd thru the lender bank that owns that house - a company I've never heard of, so I did, and I'm waiting to hear back on that one as well. But... This morning I looked at this one house that was perfect for me - I am really big on landscaping and this property was totally decked out in landscaping. The backyard was terraced and had a really nice redwood deck. This house has been on the market for only four days. My Realtor made a call right then and there and found out there were 16 offers on the house. I was kinda bummed - that house was so what I could see myself living in...
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Here is an article by the ever witty and informative Dmitry Orlov. It pretty well contains everything you need to know in order to survive: Post-Soviet Lessons for a Post-American CenturyAlthough the basic and obvious conclusion is that the United States is worse prepared for economic collapse than Russia was, and will have a harder time than Russia had, there are some cultural facets to the United States that are not entirely unhelpful. To close on an optimistic note, I will mention three of these.
Firstly, and perhaps most surprisingly, Americans make better Communists than Russians ever did, or cared to try. They excel at communal living, with plenty of good, stable roommate situations, which compensate for their weak, alienated, or nonexistent families. These roommate situations can be used as a template, and scaled up to village-sized self-organized communities....
Where any Russian would cringe at such an idea, because it stirs the still fresh memories of the failed Soviet experiment at collectivization and forced communal living, many Americans are adept at making fast friends and getting along, and generally seem to possess an untapped reserve of gregariousness, community spirit, and civic-minded idealism. Secondly, there is a layer of basic decency and niceness to at least some parts of American society, which has been all but destroyed in Russia over the course of Soviet history. There is an altruistic impulse to help strangers, and pride in being helpful to others. In many ways, Americans are culturally homogeneous, and the biggest interpersonal barrier between them is the fear and alienation fostered by their racially and economically segregated living conditions.
Lastly, hidden behind the tawdry veneer of patriotic bumper stickers and flags, there is an undercurrent of quiet national pride, which, if engaged, can produce high morale and results. Americans are not yet willing to simply succumb to circumstance. Because many of them lack a good understanding of their national predicament, their efforts to mitigate it may turn out to be in vain, but they are virtually guaranteed to make a valiant effort, for "this is, after all, America." ____________
Last edited by numan; 08/14/08 12:28 AM.
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This far into a discussion about the pending economic collapse and yet no mention of peak oil???? The articles by Orlov go into it. ______________
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The United States of Ozymandias ------------------------------------------------------------------------ In Russia, normalcy broke down in a series of steps. First, people stopped being afraid to speak their mind. Then, they stopped taking the authorities seriously. Lastly, the authorities stopped taking each other seriously. In the final act, Yeltsin got up on a tank and spoke the words "Former Soviet Union." ---- Dmitry Orlov In regard to the USA, the first step seems well on its way to completion. I am a harbinger of the second. I await with interest the unfolding of the end of the present constitutional system of the United States. In the meantime, a preview of this exciting spectator event may be found in the writings of Dmitry Orlov, an intelligent Russian observer of both the Soviet collapse and the contemporary American scene. Thriving in an Age of Collapse------------------------------------------------------------------ I met a traveller from an antique land
Who said: Two vast and trunkless legs of stone
Stand in the desert ....Near them, on the sand,
Half sunk, a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them, and the heart that fed:
And on the pedestal these words appear:
"My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!"
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away. ---- Percy Bysshe Shelley ____________
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Rick, If you haven't claimed interest on an owner occupied property for the past 3 years you might want to look into getting a loan through this program: California Housing Finance Agency Sure, as with any Mortgage Revenue Bond programs in the country there are quite a few more pages to sign (as if there isn't enough anyway when you close a loan) but they can help you with down payment through 30 year 'silent' seconds (that means that they are only payable if/when you sell the house or if you refi). They have a few programs available but the rates are not as competitive right now (6.75% or even 7.00%) since they do allow financing up to 95%. I too plan on buying a house in the next 2 years and plan on using that program. The thing that really sucks is that due to my insider information, I am not allowed to buy any foreclosed home by my company. So what if I know how many bids are on a house... I don't really have a problem with it 
A gem cannot be polished without friction, nor a man perfected without trials. ~Chinese Proverb
The early bird gets the worm, but the second mouse gets the cheese. ~Jon Hammond
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Joined: May 2005
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So what if I know how many bids are on a house... I don't really have a problem with it I wish I had that information. I lost on a few killer homes - one with a really sweet yard. Should be in contract today or tomorrow on the house that's never listed. ...now to get a choice interest rate. I'm lookin' at 6.50% 30 year fixed at the moment - I'd like a lower one.
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So what if I know how many bids are on a house... I don't really have a problem with it I wish I had that information. I lost on a few killer homes - one with a really sweet yard. Should be in contract today or tomorrow on the house that's never listed. ...now to get a choice interest rate. I'm lookin' at 6.50% 30 year fixed at the moment - I'd like a lower one. With your income you will qualify for an FHA loan in CA. The problem with the house you want to buy is that the previous owner does not have the house for 90 days (90 days are measured from the day the deed is recorded in the previous owner's name to the date on the purchase contract not the last addendum or counter offer or when the loan closes). Because of that the government won't insure the loan thus any good lender would not originate an FHA loan on that property. You might also have so problems even if you close it as conventional because of the fast turnover of owners of that property and lenders are very wary of property flipping. Make sure your lender is well aware of that and if they tell you to hold off on making the offer do that.
A gem cannot be polished without friction, nor a man perfected without trials. ~Chinese Proverb
The early bird gets the worm, but the second mouse gets the cheese. ~Jon Hammond
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Joined: May 2005
Posts: 47,430 Likes: 373
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With your income you will qualify for an FHA loan in CA. The problem with the house you want to buy is that the previous owner does not have the house for 90 days (90 days are measured from the day the deed is recorded in the previous owner's name to the date on the purchase contract not the last addendum or counter offer or when the loan closes). Because of that the government won't insure the loan thus any good lender would not originate an FHA loan on that property.
You might also have so problems even if you close it as conventional because of the fast turnover of owners of that property and lenders are very wary of property flipping. Make sure your lender is well aware of that and if they tell you to hold off on making the offer do that. I understand this entire post. Hmmmm..... and yes my pre-approvals were to be FHA. Date of the contract, eh...hmmm... ...already made the offer. Signed it yesterday. Offer went to seller last night. ***ca rick places call to Realtor***
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The reason why this house is turning so fast is because the CC&Rs state no renting. This was an investor that bought this house. This house is only for owner-occupied per HOA. House bought at auction in June 2008. No CC&R read til taking possession.
Given that we are this far into the housing bust, there are not that many first-time buyers, and a shadoobie load of investors out there looking for rentals.
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***Just talked to Realtor***
Realtor states the ninety days goes from date seller took possession to date of closing escrow for me. Seller took possession on June 20, 2008, which means I have to close on or after September 22, 2008. (September 20th is a Saturday).
He's just worried about the appraisal since it's FHA and I'm asking for 6% in credits back because my offer is $7k over comps - which are REOs - in the neighborhood.
I pointed out this house is very "clean"; whereas, the others are REOs and need some fixing - and in some cases a lot of fixing - before moving in.
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