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Old 07-09-2012, 11:28 AM   #21
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Originally Posted by babytruck View Post
Short sales are exactly that. Quick sales. Just have to make sure that you read and understand all of the contingencies and issues because a lot of times, you are taking a house "as is".
Many in SoCal can take up to a year to close. A friend of mine just got rid of his house through a short sale. It took 2 years.
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Old 07-09-2012, 11:40 AM   #22
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Originally Posted by Zombie Runner View Post
You can get a house for 300K around here but it will either be very small (condo) or very far out. My parents are looking in Lake Elsinore where good sized homes are selling for around $350K (2500 sq ft). The biggest problem with that area is distance. They're about 70 miles from San Diego and it's much hotter there (July is predicted to have 99degree temps all month). They're retired though so it isn't as much of an issue for them.

My wife and I are buying a home in Escondido CA for $500K (2600sq ft and 1.5 acres of land).

She bought her 1000 sq ft condo in Rancho Bernardo for $307K 9 years ago. We just sold it for $240K. She put a huge down payment on it when she bought it so we were not upside down and still managed to get some money out when we sold it.
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Old 07-09-2012, 12:08 PM   #23
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Its crazy to me how expensive CA is!
My father-in-law owns a 270k home, its a very nice 2 story in a very nice neighborhood and he just bought some land behind his house, 4 acres with a small rent house on it for 150k.
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Old 07-09-2012, 12:36 PM   #24
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Originally Posted by XXXX View Post
Why? Do you have any facts to back that up? Pretty much all of Europe would disagree and our economy wouldn't be in the pisser if we didn't push everyone to own a home. I have to agree to totally disagree based on info I have seen written by economists. The worst financial and social mistake I have ever made was buying a house.



My real estate taxes have only risen 74% in 8 years and now are almost $500 a month for a house I paid $130k for
Holy shit, thats a lot! Not what has been the norm where I live at all. I totally see why you are thinking differently than
My logic is, if you like to do things around the house as enjoyment, you like to not have anyone dictate policy on you, you usually have fair warning on expenses, you DO gain equity over time over renting in the right area's, and if you use your head before buying you can do quite nicely. The economy is in the PISSER because of Wall Street speculation and credit default swaps, along with flat out corporate greed. I don't lease my car for the very same reasons I don't rent my house.
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Old 07-09-2012, 12:48 PM   #25
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Quote:
Originally Posted by Zombie Runner View Post
Its crazy to me how expensive CA is!
My father-in-law owns a 270k home, its a very nice 2 story in a very nice neighborhood and he just bought some land behind his house, 4 acres with a small rent house on it for 150k.
My 100 year old house is only 1600 square feet with a 1/4 acre lot= $510K
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Old 07-09-2012, 01:03 PM   #26
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Originally Posted by Leggo View Post
My 100 year old house is only 1600 square feet with a 1/4 acre lot= $510K
Gotta love Newton...

And that's the reason I'm an hour outside of Boston!
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Old 07-09-2012, 01:05 PM   #27
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i've rented for the last 2 years, now i'm looking to buy. I like the no maintence aspect and no repair cost etc but the main reason i'm looking to buy now is because it's just cheaper, tax write-off, and i can have more space. i'm also now getting married so it just makes more sence now anyways.
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Old 07-09-2012, 01:54 PM   #28
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Quote:
Originally Posted by babytruck View Post
Short sales are exactly that. Quick sales. Just have to make sure that you read and understand all of the contingencies and issues because a lot of times, you are taking a house "as is".
the first part, not true, but the last part is. Short sale means the bank selling the house short of what is owed on it. They are not quick at all by any means. Short sales are 2 months minimum if you're lucky. I got lucky and it only took me 2.5 months for from offer to closing.

My sister and bro-in-law took them 6 months for the same process. Just depends on the bank I guess. But yes you take the house as is..the current owner more likely than not wont fix anything.
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Old 07-09-2012, 02:00 PM   #29
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Here's what $800k gets you around here

8 bedroom, 9 bath, 14,000 sq ft

http://www.zillow.com/homedetails/52...68121353_zpid/



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Old 07-09-2012, 02:12 PM   #30
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Quote:
Originally Posted by macgyver View Post
Here's what $800k gets you around here

8 bedroom, 9 bath, 14,000 sq ft

http://www.zillow.com/homedetails/52...68121353_zpid/



My friend , who is not rich by any means , is selling his 4000 sqft , 4 bdrm house on 5 acres here for $900K
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Old 07-09-2012, 02:23 PM   #31
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House prices started rising in 2000. Meanwhile, average salaries have not increased during that same period. In many cases, they've dropped.

For long-term sustainability with no expectation of average salaries increasing, home prices need to drop to 1999 levels and people need to again start thinking in terms of owning their homes rather than simply making monthly payments.

If you can find something close to the 1999-2001 price and you're planning on staying for at least 5-7 years, it could be a good buy. Otherwise, renting is the way to go while prices continue to correct.
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Old 07-09-2012, 06:10 PM   #34
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Quote:
Originally Posted by babytruck View Post
Short sales are exactly that. Quick sales....
incorrect
Quote:
Originally Posted by BamaToy1997 View Post
Short sales are not actually called "quick sales". In many cases it can actually take MONTHS to close on a short sale. What a short sale is, is where the purchase price of the home is less than what is owed to the bank, and the bank agrees to "settle"....
correct
Quote:
Originally Posted by Evil Monkey View Post
Many in SoCal can take up to a year to close. A friend of mine just got rid of his house through a short sale. It took 2 years.
I have seen this myself
Quote:
Originally Posted by rondog View Post
the first part, not true, but the last part is. Short sale means the bank selling the house short of what is owed on it. They are not quick at all by any means. Short sales are 2 months minimum if you're lucky. I got lucky and it only took me 2.5 months for from offer to closing.

My sister and bro-in-law took them 6 months for the same process. Just depends on the bank I guess. But yes you take the house as is..the current owner more likely than not wont fix anything.
correct
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Old 07-24-2012, 08:27 PM   #36
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Quote:
Originally Posted by macgyver View Post
Here's what $800k gets you around here

8 bedroom, 9 bath, 14,000 sq ft

http://www.zillow.com/homedetails/52...68121353_zpid/



Problem is that its in Canton GA and their aint shit to do other than freakin melt in the summer. I just moved out of the ATL area and yeah there are bargans, but the job market sucks, and theres not a lot to do other than sit in your big ass house. CA is expensive cuz the weather is nice, theres shit to do and everyone wants to be there.

Back to renting though, what pisses me off is that mostly what I find for rent is pretty much a dump, dont allow dogs, and the rent is about twice what the mortgage would be. Im looking to rent for 6 months before we buy, but finding a decent home that allows dogs is an issue. I might just suck it up and move to an apartment. Really dont wanna do that again.
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Old 07-24-2012, 08:34 PM   #37
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Quote:
Originally Posted by Evil Monkey View Post
Many in SoCal can take up to a year to close. A friend of mine just got rid of his house through a short sale. It took 2 years.
Quote:
Originally Posted by rondog View Post
the first part, not true, but the last part is. Short sale means the bank selling the house short of what is owed on it. They are not quick at all by any means. Short sales are 2 months minimum if you're lucky. I got lucky and it only took me 2.5 months for from offer to closing.

My sister and bro-in-law took them 6 months for the same process. Just depends on the bank I guess. But yes you take the house as is..the current owner more likely than not wont fix anything.
Quote:
Originally Posted by Larry View Post
incorrect


I stand corrected, thank you! Though I must have been lucky. My Short sale property closed in 30 days. And when it did and the keys were handed over, it was said to me, "this is the advantage of a short sale, you get the house faster!" Which led me to think along those lines. I just considered getting the house less than what was owed, a "loss sale". Thanks for the info, I learned something new today!
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Old 07-24-2012, 08:39 PM   #38
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i am currently house shopping and its awesome if you have patience (which i do not). we have a offer in on a short sale right now and if we get it, it will be a steal. but the waiting is effing killing me!
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Old 07-25-2012, 10:09 AM   #40
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Quote:
Originally Posted by sammy87 View Post
Problem is that its in Canton GA and their aint shit to do other than freakin melt in the summer. I just moved out of the ATL area and yeah there are bargans, but the job market sucks, and theres not a lot to do other than sit in your big ass house. CA is expensive cuz the weather is nice, theres shit to do and everyone wants to be there.
I take it you're not from the area originally? I've lived here my whole life (Grew up in Cobb County: Marietta, Powder Springs) and there's plenty to do here.

You're less than an hour drive to the North Georgia Mountains, 6-7 hours from the beach (FL, SC, GA), about 30-40 minutes drive to downtown Atlanta, Buckhead, Midtown. Lot's of work in the GA400 corridor and it's less than a 20 mile commute. The house posted is in a huge subdivision right on Lake Allatoona. Lake lanier is about 30-40 minutes away if you prefer Lanier over Allatoona. Downtown Woodstock which is two exits south of Canton has some great new restaurants and outdoor concerts during the summer. Cherokee County's property taxes are some of the lowest in the state (Mine are $1200 this year).

It does get hot here but I'll take the heat over freezing to death and not seeing the sun for months at a time up north. You don't freeze to death in the winter and don't have to shovel snow.

...California, No thanks. I'll just go visit occassionally if I want to. Too many crazy liberals and waayyy to high cost of living and taxes.
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