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Poll: Job relocation and the sub-prime debacle - RF Cafe Forums

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What's your situation?
No houses selling in my area - waiting for a recovery 25% [ 1 ]
Would sell at a loss 0% [ 0 ]
Would like 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
Author Message
RFendor
Post subject: Job relocation and the sub-prime debaclePosted: Tue Mar 04, 2008 8:18 pm

Lieutenant


Joined: Tue Mar 04, 2008 7:43 pm
Posts: 2
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 area.

Unfortunately the sub-prime mortage/credit crisis has thrown a kink in the works...


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Kirt Blattenberger
Post subject: Posted: Sun Mar 09, 2008 12:23 am

Site Admin


Joined: Sun Aug 03, 2003 2:02 pm
Posts: 308
Location: Erie, PA
Greetings RFender:

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.

A 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
RF Cafe Progenitor & Webmaster


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RFendor
Post subject: RePosted: Mon Mar 10, 2008 10:08 pm

Lieutenant


Joined: Tue Mar 04, 2008 7:43 pm
Posts: 2
Believe me, you are not alone in your frustration.


Top

wb9jtk
Post subject: Posted: Thu Mar 13, 2008 9:22 am

Captain


Joined: Tue Dec 26, 2006 5:39 pm
Posts: 10
Another poll I cannot answer.

Why no poll answers such as "I am going to make a bundle" ?




Posted  11/12/2012
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