Denton, that is a good question. But they are trapped there. They do not have the option to move (even though they are professionally tied to the area). They can’t expand as their family expands. They are honorable about it and continue to pay (maybe more honorable than me and my sister and brother in law). It is not like they can sell the place and buy a cheaper house, because all their equity (their hard earned penny pinched cash) is completely, 100% gone.
ishtar, economists predict that homes will not be a person’s personal primary growth stock like they once were, or a growth stock at all, for at least 20 years
Seriously, ENY! And it sounds like they’re enjoying it! I may be cynical, but I feel like this attitude is becoming the norm, not the exception. Where is the personal responsibility?
DCB, it’s natural to have buyer’s remorse. everytime I got the lead in a juicy ppty, I have a little bit of buyer’s remorse. then bitchy when I find out got beat out by an all-cash bid.
1.21 is a good deal NOW. who knows what the future holds. but for now, 1.21 is a good deal – assuming the place is as solid as I remembered and the renov included some structural upgrades. not to diss my boy wasder but his area is more fringe than this and stuff there cost a little more than 1.2. dude, you got a good deal. don’t the risk of me rubbing it in your face later with a juicier deal sway you man – I’ll be offering you baked goods and drinks then to console you.
The worst in all of this is that for many people the house they live in is their primary source of income come retirement. I hope that doesn’t end up being my situation.
D-Cat, what do you know about your competition? Is there any you know of? I really like that house and it is tough to price it right because there isn’t too much in the way of comps. 1.2 is a little high in my opinion but judging by the appraisal I got almost around the corner. (And you have to do work on that place) But the people are up against it. Really, they are probably desperate to unload it due to the size of their mortgage. Did you get a preapproval? I think that you could have an out price wise becuase I don’t think it will get a bank to appraise it at the level they wish it was worth. That may be a point of negotiation. Relax about it. I think that people are human beings and that anything can be discussed. Also, this is a shocker but true — nobody respects anything until you actually go to contract. Not true elsewhere.
“The worst in all of this is that for many people the house they live in is their primary source of income come retirement.”
**
Not if you walk away from it.
Denton, that is a good question. But they are trapped there. They do not have the option to move (even though they are professionally tied to the area). They can’t expand as their family expands. They are honorable about it and continue to pay (maybe more honorable than me and my sister and brother in law). It is not like they can sell the place and buy a cheaper house, because all their equity (their hard earned penny pinched cash) is completely, 100% gone.
“I’d say Brooklyn Heights is the Upper East Side of Brooklyn… if you don’t think so, take a look at the dog run any morning.”
You obviously haven’t seen Biff’s and my friends and their dogs in the BH dog runs, Denton, lol, or you prolly wouldn’t say that. 🙂
ishtar, economists predict that homes will not be a person’s personal primary growth stock like they once were, or a growth stock at all, for at least 20 years
“You know some real quality people.”
Seriously, ENY! And it sounds like they’re enjoying it! I may be cynical, but I feel like this attitude is becoming the norm, not the exception. Where is the personal responsibility?
DCB, it’s natural to have buyer’s remorse. everytime I got the lead in a juicy ppty, I have a little bit of buyer’s remorse. then bitchy when I find out got beat out by an all-cash bid.
1.21 is a good deal NOW. who knows what the future holds. but for now, 1.21 is a good deal – assuming the place is as solid as I remembered and the renov included some structural upgrades. not to diss my boy wasder but his area is more fringe than this and stuff there cost a little more than 1.2. dude, you got a good deal. don’t the risk of me rubbing it in your face later with a juicier deal sway you man – I’ll be offering you baked goods and drinks then to console you.
The worst in all of this is that for many people the house they live in is their primary source of income come retirement. I hope that doesn’t end up being my situation.
D-Cat, what do you know about your competition? Is there any you know of? I really like that house and it is tough to price it right because there isn’t too much in the way of comps. 1.2 is a little high in my opinion but judging by the appraisal I got almost around the corner. (And you have to do work on that place) But the people are up against it. Really, they are probably desperate to unload it due to the size of their mortgage. Did you get a preapproval? I think that you could have an out price wise becuase I don’t think it will get a bank to appraise it at the level they wish it was worth. That may be a point of negotiation. Relax about it. I think that people are human beings and that anything can be discussed. Also, this is a shocker but true — nobody respects anything until you actually go to contract. Not true elsewhere.
“He bought two new cars before all the late payments hit his credit report. His family is forever taking vacations now.”
**
You know some real quality people.