The second house we are bidding on accepted our offer... two houses down from the one the frau and I will be moving into come April/May... It has renters in it still, which is fine with me because the grandkids father won't be moving out here from Virginia until the end of Summer... It will be nice for the grandkids to have their father and their mother on the same block... and the parents get along fine, as does the father's girlfriend, so it should go well. Now to get my inspectors over there this month to tell me what I will need to fix. I don't know why the other houses we are bidding on want all cash at lower prices than what we are offering, but hey, I figure if the universe wanted me to have that one, I'd have it... Only $65K... how could we NOT buy it... it sold in 2005 for 1/4 mil... fenced in yards... clean inside with only a couple of cabinets to install to make it a place that I'd like to live in... I'm sure Mike will enjoy life there, when he finally gets his tail out here.
Cash offer usually can close within 10 days, loan application may take couple of months and risking buyer may fall through with insufficient credit score.
That's a great deal. My mom is buying a short sale in CO as we speak. Now is a great time to buy real estate.
We have had almost a half dozen of the houses we made offers above asking price go to someone with a cash offer for less than what we bid... It isn't our credit score that makes it slip through our grasp though, it's someone with a few more coins in their hands... We have credit to purchase almost anywhere in Cali with the exception of a few exclusive communities... we just want to buy here because, well... it's here... and everything around us is less than $100K a piece now, which wasn't true 20 years ago.
I wish you luck. My wife and I have been looking for a couple years now. We're extremely picky and this is a good time to wait for "the one."
+1. Jan/Feb is usually the low point for the national housing market. As demand picks up in the Spring, so do interest rates. Prices are low, rates are cheap, and in many places now, rentals can be decent investments without counting on appreciation.
The renters in the house now, are paying over 300% of what our note will be... and they want to sign a lease with me for the same...
My son is buying a single story North of Auburn on a short sale, the bank has been screwing around for over 2-3 months. AND he has the cash! So what is the banks problem? Take a paper loss, last, this or next year, and get rid of the place. The Fed will donate more money to your real estate fund. They borrow Dollars that they have paid pennies for and then they cry because they cannot receive the full balance on the note. The Fed should lend US Citizens dollars for pennies!
We have offers on two other places, but we have also let three houses go after 30 days of no communication...
Final papers will be signed tonight in our home at 7pm... They marked the house down to $54,000... Our note on the house will be less than $220 p/m... with property taxes and insurance, less than $400... Unfrikenbelievable... Less than the note on the Prius I bought in 08... Current renters want to stay, and want to pay what they are paying now... $1200 (they've been looking for another place and can't find one for under $1500 for their needs)... the kid won't be out here until later, so I'm thinking we'll let them... after they give me proof of insurance (because of their dogs) I will sign em for a 6 month lease... and tell them they will have to be out by or before Halloween. It took since last Thanksgiving before this short sale closed... well, it hasn't closed yet... that is at 7pm tonight. Now we're looking at another one across the street... my son and I will have our work cut out for us. It pays to have good credit and a bit of cash, and be willing to do some labor yourself... I'm running out of relatives to put in em though... :horn::whoo::bounce:
Now is the time to buy in certain locations. As you go into large cities it's still inflated, but in some locations there are at or below market value gems. Right now I'm closing on a really neat earth-bermed place in the inland empire. I was hoping it would appraise a little lower like yours did, but it's still a good deal for what's going to be a very nice place.
My mom closed on hers yesterday. The timing is very suspicious, as if the bank (Wells Fargo) wanted to wait for a new quarter to realize the loss.
Just installed a roof-mount central heat & air unit for the renters down the street, they are VERY happy... it is hot this week and they now have a cool house in every room... When I had the contractor remove the window mount air conditioner, the folks living there were thinking Now they are smiling big time sipping tea... They were wondering when I was going to raise the rent... I said I ain't going to. Maricela is making me some of her home-made chili colorado tonight... all from scratch... and all I have to do, is warm up some tortillas...
Hey its a good thing you are a corrupt public servant, otherwise how could you afford all these things?
Ha... if I took seriously all the grief tossed at me from naredowells and malcontents, I'd be spending the coins on therapy Bra... I figure a couple of more years as an auditor here in Cali, and I can sit down and rest... working this day job and then going home to repair the houses we own, takes a bit out of a body these days... I was glad to be able to hire someone to do the install for this little house.
