What's your situation?
No houses selling in my area - waiting for
a recovery 25% [ 1 ]
Would sell at a loss 0% [ 0 ]
to at least break even 75% [ 3 ]
I rent, so this poll does not apply
to me 0% [ 0 ]
I don't live in the US, so this poll does not apply
to me 0% [ 0 ]
Total votes : 4
subject: Job relocation and the sub-prime debaclePosted: Tue Mar 04,
2008 8:18 pm
Joined: Tue Mar 04, 2008
You are a qualified, experienced US based RF
engineer and stuck in a job where you're underutilized, tired of the
location or just ready for a change. You would love to relocate to another
Unfortunately the sub-prime mortage/credit crisis has
thrown a kink in the works...
Post subject: Posted: Sun Mar 09, 2008 12:23 am
Joined: Sun Aug 03, 2003 2:02 pm
We put our house on the market
a little over a week ago, mainly to test the waters in the area since
our asking price is a little on the high side. We instructed the real
estate agent that we don't want people coming through that are not pre-qualified
to pay the full price, in order to weed out riff-raff. This is a very
low cost housing area, so at $142,900 for a 1,500 sq.ft. house with
2-car garage (1 yr old), we're about in the middle of the market.
What we have experienced is quite eye-opening. We got an offer
the first day. The people were supposedly cleared by Bank of Amigo (er,
Bank of America), but after a couple days, we learned they then had
to finance not only 100% of the purchase price, but $2,500 in closing
costs, and then the next day another $3,400 for some other thing that
I'm not even sure what it was. We terminated the contract.
couple other people offered, but when we discovered they planned to
finance 100%, we refused. Honestly, I'm surprised we have been allowed
to be so discriminating. This is a pathetic microcosm of exactly what
is breaking the back of the financial industry right now, and here we
have the same practices continuing - people being allowed to get loans
that they cannot afford.
I understand people wanting to get
buy a house rather than rent, but the banks are still practically begging
people to take their money, even if they cannot afford it. When I bought
my first house in 1983 for $55,000, I could only get it because of a
VA loan, and then had to be able to put down 5% cash. The banks checked
to make sure I didn't borrow the down payment from another source that
would increase my total monthly obligation. I think at that time your
mortgage + taxes + insurance could not exceed 29% of your income. Of
course, that was back when the Fed wasn't as comfortable with just cranking
up the printing presses. Remeber fractional banking when bank had to
had $1 on deposit for every $9 it lent out? Ha! That went away with
protecting our borders against illegal aliens.
So as usual,
the government has created a HUGE mess, and now nobody has the political
courage to fix it. We spiral into the abyss while presidential candidates
promise to increase the size of the dole. Can you tell I'm utterly sickened
by it all?
- Kirt Blattenberger
Progenitor & Webmaster
RePosted: Mon Mar 10, 2008 10:08 pm
Tue Mar 04, 2008 7:43 pm
Believe me, you are not alone
in your frustration.
Posted: Thu Mar 13, 2008 9:22 am
Tue Dec 26, 2006 5:39 pm
Another poll I cannot answer.
Why no poll answers such as "I am going to make a bundle" ?