Thread Drift

[indysteel]

Wow, Indy that's some crazy math.

Hopefully you will be there long enough for things to right themselves.

I just looked at the appraisal report. My only question is whether she had our square footage right. Beyond that, it is what it is. It's a grim reality.

I'll say this: If anybody is in the market to buy, do not do so unless and until you can put at least 20% down. I know you can still get loans with less money down, but I don't recommend them.

[Pax]

I just looked at the appraisal report. My only question is whether she had our square footage right. Beyond that, it is what it is. It's a grim reality.

I'll say this: If anybody is in the market to buy, do not do so unless and until you can put at least 20% down. I know you can still get loans with less money down, but I don't recommend them.

Our realtor told us recently (we were looking into condos), that condo loans can no longer be FHA, so finding qualified borrowers with 20% down for a conventional loan is becoming a huge challenge. Our best bet is to stay in our house until the market straightens out a bit. *sigh*

[indysteel]

Our realtor told us recently (we were looking into condos), that condo loans can no longer be FHA, so finding qualified borrowers with 20% down for a conventional loan is becoming a huge challenge. Our best bet is to stay in our house until the market straightens out a bit. *sigh*

I wonder why FHA is getting out of the condo market.

What scares me in my current home is our town is just rather small. Even during a "hot" period, I doubt a lot of homes were bought and sold. So, it will take that much longer for the market to recover. Ugh. I'm never going to get out of Franklin, Indiana.

The further irony in this: When bought the house, we could not talk the sellers down from their fantasy price. So, we made an offer that was contingent on the appraisal in that we agreed to pay up to a certain amount if the seller agreed to sell us the house down to a certain price. If the appaisal came in below that price, the seller had the option of walking, but he had to reimburse us for out of pockets. In making that offer, we had poured over the few available comps and felt that we knew what the house was "worth." This was right after the new appraisal rules had gone into effect, so we felt confident about how this would play out. As it turned out, the appraisal came back exactly--to the dollar--where we thought it would, and we got the house for exactly what we had offered in the first place (and the seller's had initialy rejected as "insulting."). Sometimes the comps work in your favor; sometimes they don't.

[bmccasland]

My house in Louisiana is for sale, and no-one has looked at it in over a month. At least it's rented out. But meanwhile, I'm stuck renting a house I don't want to stay in. For my sanity, I needed to leave my old office, but I hate being stuck with this current housing arrangement.

[KnottedYet]

I may b*tch and moan about how I want a house of my own, but actually I'm content being a renter right now.

I have no equity, but I'm not tied down to a money-sink either. I don't have my own dirt, but I can move if the neighborhood wanes or a better job beckons.

So, really, I shouldn't complain.

[indysteel]

I'd happily change places with you, Knott. I do think they got our square footage wrong, so I think we're going to challenge it. If we're successful, we might bump it by a $3-4k.

@Pax, I just saw your post about your brother. How awful. That really sickens me.

[Pax]

Thanks Indy, it's a pretty sad thing, we're all ten years or so from retirement and all of their plans are up in the air. I don't think any of us expected this.