Markor
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So many people are going to walk away from loans, I doubt the consequences will be too severe. Lenders won't have enougth customers otherwise. They've got to ease up on conditions or tank eventually. I think they're waiting for prices to bottom, the…
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"Sell the house indirectly by selling the legal entity, hopefully no excise tax" Love this thinking! I passed on a house in part because it was owned by an LLC (which bought it at a foreclosure auction). The house had an oil tank the LLC was p…
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Seems like crime does pay when the thieves simply claim they own the place.
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Try Kirk Mulfinger at purchaselaw.com. He's a real estate attorney in Bellevue, very smart and professional, with budget prices. I'm sure he'd give you a free estimate on his costs. I don't see why the HOA would have a problem with you paying you…
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I'm in a similar boat. After owning, renting for ~3 years now. I'd buy today at the right price. But of course prices are still bubblish (2005). I don't want to eat $50-100K if I can help it. I'd consider buying something in the bottom 5% of prices …
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Try an image search on "brick tudor". Looks similar to me.
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The way I read it, if the tenant is "bona fide" then even a multi-year lease must be honored, unless the new owner will occupy the unit as a primary residence. In short, the lawyers get fed. Text of the The Protecting Tenants at Foreclosure Act o…
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Plus interest rates should be higher, putting further downward pressure on prices. 50% chance that all gov't housing programs will be extended during this election year.
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Good point. Yeah I'd stop paying, in lieu of losing the deposit and for the hassle. Doubtful mking would get kicked out early in that case.
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Wow. I hope you didn't have a big deposit.
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My understanding is that the lease comes with the house. The bank may try to bully you to leave, or have a law firm they contract with do that. If they don't want to honor the lease they can pay you to end it early. Maybe do some internet searching …
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If there's enough people walk away your credit should be less impacted, since that would optimize business profits. I suspect there will be two credit ratings standard in the near future: one with & one without mortgage default.
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How could she gain by selling and buying another one? She'd have to sell at 50% off, plus eat transaction costs, just to buy at 50% off. You mean a short sale? If so, how could she qualify for a mortgage for the next one? That would wreck her credit…
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I guess it's true that the supposedly savvy investors missed a free lunch then. It's obvious from a single pic of that house that it's likely worth more than $447K.
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TANSTAAFL (there ain't no such thing as a free lunch) strongly suggests that nobody bid higher than $447K at auction because doing so wasn't worth it. I wonder why. It's hard to fathom that dozens of super-savvy investors and services like Vestus co…
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Nobody but the lender could have bought it for as low as $447K at the foreclosure auction, right? Otherwise, why wouldn't it have sold for more there?
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Whether or not it represents a "general decline of morality", if people don't start treating their personal finances like businesses do, likely they can forget about retirement. My guesstimate of the number of extra years the average worker must wor…
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What if it costs $30K in terms of higher house prices to get that $8K? Cash is a powerful incentive to get people to take on extra debt.
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Guess they didn't like what the market told them at the auction.
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Thanks Ira. That'll be good to keep in mind.
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What would be ballpark for updating plumbing and electrical? Is it like $100K or closer to $20K?
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And the gov't recovered it all on its own, mind you.
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I would be unlikely to consider a house built outside of 1950-1980. The years in-between were the sweet spot in construction standards IMO. An earlier-built house tends to need too much work or (if renovated) be too expensive. A later-built house te…
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One of my favorite places is O.E.She in Factoria Mall. The other day it was just us there for the first time I can recall in 15+ years. On a weekend no less. That mall is getting deader every month it seems. I've been meaning to email them to sugges…
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A townhouse HOA isn't going to let you smash in a wall to put in A/C. From what you've said, I'd focus on a single-family house. To own one now vs. later would probably cost you an extra $100K above renting. Prices just haven't come back to reality …
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The program compatibility wizards looks nice. I liked XP from the get-go, despite some warts until SP2. I think that was a general consensus. Maybe it will be the same with Win7.
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Good report, thanks. Maybe I'll be an earlier adopter on Win7 then.
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deejayoh wrote: netbooks are going to flip to win7 in about 10 days. Win7 rocks on a netbook. xp will not be supported long term If history is a guide it'll be years before some stuff is supported on Win7, otherwise I'd be more interested (…
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Agreed. It's the moving around that makes me wary. CDs beat the S&P 500 from 1994 to 2008. I suspect it will be true again by 2011.
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Bank of America is up ~500% since March. Lots of stuff is way up. Keep in mind that when general inflation is -4%, a CD returning 1% is effectively returning 5%, and 80% of that gain is tax-free. (I like deflation! Except wage deflation!) CD mone…