serpentracer Posted July 28, 2013 Report Share Posted July 28, 2013 wow check this place out for only 42k http://allcincyhomes.com/a/sa/search?s_garage=&ob=&s_acres_max=0&submit_by=page_next&s_acres_min=0&lp=3&rgu=1&domain_id=7377&s_price_min=0&s_types[]=2333&s_types[]=2334&sort_order=&search_name=&s_ca=0&s_yb_min=&s_yb_max=&show_sf=&map_on=&go=go&s_baths=2&s_price_max=50000&email_notification_frequency=168&s_br=2&scroll_to_top=&s_query=#/?mls_listing_id=1000015993405 Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted July 28, 2013 Report Share Posted July 28, 2013 I just got a great deal on a vacation house in Hilton head. SC prices are still low but are recovering Quote Link to comment Share on other sites More sharing options...
max power Posted July 28, 2013 Report Share Posted July 28, 2013 Shitholes for sale!! Get yer shitholes here!! House prices were dirty cheap a few years ago. They are climbing right now....except for ratholes in Dayton and Hamilton. Quote Link to comment Share on other sites More sharing options...
Casper Posted July 30, 2013 Report Share Posted July 30, 2013 I wouldn't say climbing. More like frantically flailing around in quicksand. Quote Link to comment Share on other sites More sharing options...
max power Posted July 30, 2013 Report Share Posted July 30, 2013 House prices where I want to buy are definitely climbing. Too bad everyone with any sense wants to stay one step ahead of the approaching ghetto. Quote Link to comment Share on other sites More sharing options...
magley64 Posted July 30, 2013 Report Share Posted July 30, 2013 30 yr fixed interest rates seem to have bottomed out... And that is a pretty major factor in most peoples home expense calculation. Quote Link to comment Share on other sites More sharing options...
ReconRat Posted July 30, 2013 Report Share Posted July 30, 2013 I watch the websites that show the foreclosures and bank owned. Not sure about a recovery yet, since the number of properties appears to have doubled. And it wasn't good to begin with. If there appears to be a shortage, it's probably because the financial institutions cannot double in size to handle the load. Of course, that won't stop the rates from rising. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted July 30, 2013 Report Share Posted July 30, 2013 FYI, rates have gone up over 1.25% in the last 2 months... Just saying. 1 Quote Link to comment Share on other sites More sharing options...
Casper Posted July 30, 2013 Report Share Posted July 30, 2013 If I were a betting man, I'd say it's going to get even worse yet. I don't think we've see the bottom. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted July 30, 2013 Report Share Posted July 30, 2013 If I were a betting man, I'd say it's going to get even worse yet. I don't think we've see the bottom.Not even close, actually well nevermind I'm at work. That's all for now. 2 Quote Link to comment Share on other sites More sharing options...
serpentracer Posted July 30, 2013 Author Report Share Posted July 30, 2013 (edited) talked to someone from that site about that place today. basically a bank will not touch that place since it is a hud owned property and under what they are willing to lend for a mortgage. so unless you have 42k in cash you aint getting a loan for it. I don't understand a bank's though process. here is what a guy at work was telling happened to him, the lenders told him if you qualify for a 150k home, you can only choose a 150k home (in that ballpark) you cant use it to pick a 100k. it's 150k or nothing.does that make a bit of sense? this was coming from a guy that bought a home about 8 months ago. its like they are purposly putting people in over their heads. Edited July 30, 2013 by serpentracer Quote Link to comment Share on other sites More sharing options...
magley64 Posted July 30, 2013 Report Share Posted July 30, 2013 talked to someone from that site about that place today. basically a bank will not touch that place since it is a hud owned property and under what they are willing to lend for a mortgage. so unless you have 42k in cash you aint getting a loan for it. I don't understand a bank's though process. here is what a guy at work was telling happened to him, the lenders told him if you qualify for a 150k home, you can only choose a 150k home (in that ballpark) you cant use it to pick a 100k. it's 150k or nothing.does that make a bit of sense? this was coming from a guy that bought a home about 8 months ago. its like they are purposly putting people in over their heads.Then he needs to talk to a better lender, I qualified for $150,000 and could have purchased anything up to that amount. My lender advised me to scale back 10 to 15% AT LEAST, in case I had any unexpected expenses. I took his advice. He would have happily loaned me 40,000 as long as the house I wanted appraised for that much and passed FHA inspection. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted July 30, 2013 Report Share Posted July 30, 2013 Then he needs to talk to a better lender, I qualified for $150,000 and could have purchased anything up to that amount. My lender advised me to scale back 10 to 15% AT LEAST, in case I had any unexpected expenses. I took his advice. He would have happily loaned me 40,000 as long as the house I wanted appraised for that much and passed FHA inspection.This. No idea who you talked to Serpent, but that guy or the lender is a moron. Quote Link to comment Share on other sites More sharing options...
Tpoppa Posted July 30, 2013 Report Share Posted July 30, 2013 I think home prices bottomed out for growing, desirable areas. For urban areas that were hit hard with foreclosures it's really hard to say. Quote Link to comment Share on other sites More sharing options...
John Posted July 30, 2013 Report Share Posted July 30, 2013 yeah its 42K but its also in blanchester ohio. who the f wants to live there? there are houses for sale for a dollar in detroit too... you could buy 42,000 of them! 1 Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted July 30, 2013 Report Share Posted July 30, 2013 yeah its 42K but its also in blanchester ohio. who the f wants to live there? there are houses for sale for a dollar in detroit too... you could buy 42,000 of them!John get out of here with your logic and reason Quote Link to comment Share on other sites More sharing options...
Revelstoker Posted July 30, 2013 Report Share Posted July 30, 2013 (edited) www.homepath.com That is the Fannie Mae website that has tons of cheap houses all over the country. There are no shortages and they have more homes not listed. I don't understand a bank's though process. here is what a guy at work was telling happened to him, the lenders told him if you qualify for a 150k home, you can only choose a 150k home (in that ballpark) you cant use it to pick a 100k. it's 150k or nothing. Ya, that is wrong. Pre-Qualifications are generally up to the pre-qualified amount. Lending standards have tightened and I used to have a spreadsheet that looks at debt-income levels ( 3 different ratios) for qualification. A general rule in the past was 28% of gross pay would determine your maximum monthly payment (mortage, pmi, insurance). Extrapolate that monthly value out to a 30yr term and you get your pre-qualified amount. The more debt service that you have (car, credit cards, school loans, ......), the less you qualify for. Personally, I use 25% of disposable income as a proxy for what one person (household) can afford. There is no reason to base payment off of money that the government is going to take and it also takes a more conservative approach for unexpected budget issues. Edited July 30, 2013 by Revelstoker Quote Link to comment Share on other sites More sharing options...
r1crusher Posted July 30, 2013 Report Share Posted July 30, 2013 John comes in to spew his financial intellect but stays for the cock gobbling. 1 Quote Link to comment Share on other sites More sharing options...
John Posted July 30, 2013 Report Share Posted July 30, 2013 Lol! Quote Link to comment Share on other sites More sharing options...
serpentracer Posted July 30, 2013 Author Report Share Posted July 30, 2013 see this is why I hate talking to some people. I wonder if it had anything to do with his loan because he was a first time home buyer and I do believe it was with fannie mae. Quote Link to comment Share on other sites More sharing options...
serpentracer Posted July 30, 2013 Author Report Share Posted July 30, 2013 www.homepath.com That is the Fannie Mae website that has tons of cheap houses all over the country. There are no shortages and they have more homes not listed. Ya, that is wrong. Pre-Qualifications are generally up to the pre-qualified amount. Lending standards have tightened and I used to have a spreadsheet that looks at debt-income levels ( 3 different ratios) for qualification. A general rule in the past was 28% of gross pay would determine your maximum monthly payment (mortage, pmi, insurance). Extrapolate that monthly value out to a 30yr term and you get your pre-qualified amount. The more debt service that you have (car, credit cards, school loans, ......), the less you qualify for. Personally, I use 25% of disposable income as a proxy for what one person (household) can afford. There is no reason to base payment off of money that the government is going to take and it also takes a more conservative approach for unexpected budget issues.would you be interested in helping me out? Quote Link to comment Share on other sites More sharing options...
serpentracer Posted July 30, 2013 Author Report Share Posted July 30, 2013 (edited) yeah its 42K but its also in blanchester ohio. who the f wants to live there? there are houses for sale for a dollar in detroit too... you could buy 42,000 of them!haha. I dont know the area too well where that house is. Id have to see it. I do know it's a bit of a drive from where I work and that is a deal breaker. I'd be spending too much going to work. now if I worked in mason or lebenon etc that could work. I'm not married to my job I have right now. I'm basically using it to ride out the shit storm. I'm down 12K a year from where I used to work because of the slow economy. they're picking up I hear but I don't like the new owners. so I will never be going back unless the sell it.mason is loaded with job ads. so I could possibly find something out that way easy. a 42k house payment isn't shit. I pay $800 for a condo right now and that's nothing for me to come up with. I would love a place like that and pay half what I do in rent right now. Edited July 30, 2013 by serpentracer Quote Link to comment Share on other sites More sharing options...
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