In article <[email hidden]>,
Karen AKA Kajikit said:On Mon, 27 Aug 2007 08:53:28 -0500, Omelet <[email hidden]>
Quoted message said:In article <[email hidden]>,
RJ said:Given the state of the housing market,
a smart buyer might be shopping for a house
that has defaulted on the mortgage.
And if it's a really good bargain,
will you insist they take more money ?
<rj>
That is how I got my HUD repo' for 35K.
Current market value is 79K. But, this was 20 years ago.
Not sure that repo' houses are in the same class as mis-marked wine
tho'. ;-)
I wouldn't ever want to buy a reposessed house or car... it would just
feel so WRONG to me that somebody else should suffer just so that I
could get a bargain... (I don't shop in pawn stores either!)
Karen,
By far the vast majority of people that lose houses were short on
priorities, not money.
Morgage always gets Paid FIRST. #1 priority in my world. I can live
without power and water if I have to (altho' that is the #2 bill
priority).
I have PERSONALLY known more than one person that did not do that.
People that owned multiple cell phones, laptop computers, I-phones, Mp3
players, TIVO, annual passes to Schlitterbahn water park, $60.00
aquarium fish (I kid you not) and they ended up with foreclosures. I
don't do ANY of that [censored].
It's not all just "unfortunate" people.
There is no sin in purchasing repossessed property. Frankly, with my
finances when I got out of college, I would not have been able to afford
anything else. Closing fees were $1,200 on an HUD. I was able to save
that much. Initial morgage payments were $470.00 per month on a 30 year
loan at 12% interest. (I was making $8.25 per hour at that time).
I paid it off early then refinanced for debt consolidation and major
badly needed home repairs.
And again, Morgage is the FIRST bill paid.
One must keep one's priorities straight. I actually have it set up on a
debit so the money has to be there.
I owe 4 more years at $660.00 per month at 8.2%. I look forward to
paying it off. ;-)
It's not the same as taking advantage of an obviously mis-priced item.
Not at all.
--
Peace, Om
Remove _ to validate e-mails.
"My mother never saw the irony in calling me a Son of a [censored]" -- Jack Nicholson