Short Sale

FromTexas

FromTexas

This Space for Rent
Patch Tuesday said:
After all that dogging you do on me, I'm glad people are getting to see just how lame you really are. How bad can you get, you don't even know what a short sale is...
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What is even funnier is that you didn't know the primary meaning of selling short (short sale) deals with the investment world...


and not real estate.

I guess when you don't have any money to invest, you wouldn't know the terminology. :lmao:
 
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czygvtwkr

Guest
Patch Tuesday said:
I can't wait to see the look on your face years down the road when it dawns on you that prices aren't going back up...

:yikes:
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Even if the price did go back up you are still loosing money on a house by waiting because you are paying interest.

The price you get for a house is often a psychological and not an economic decision.

For a $200,000 loan at 6% interest you loose about $1000 for every month you keep the loan instead of selling your house.

Its exactly like taking a loan out to buy a stock, you have to make sure the stock gain also covers the cost of the loan too.
 
FromTexas

FromTexas

This Space for Rent
czygvtwkr said:
Even if the price did go back up you are still loosing money on a house by waiting because you are paying interest.

The price you get for a house is often a psychological and not an economic decision.

For a $200,000 loan at 6% interest you loose about $1000 for every month you keep the loan instead of selling your house.

Its exactly like taking a loan out to buy a stock, you have to make sure the stock gain also covers the cost of the loan too.
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That is a poor statement. That would assume two things 1) that you had another place to live that was free 2) that as you pay principle down, your interest isn't declining every month.

Since most people who have a home are going to spend greater than a $1000 a month for rent and rent goes up - your argument becomes negated.

In owning stock, your not owning it is okay because you don't have to have your money invested in another place - it can be cash. You must live somewhere besides the streets, though.
 
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czygvtwkr

Guest
FromTexas said:
That is a poor statement. That would assume two things 1) that you had another place to live that was free 2) that as you pay principle down, your interest isn't declining every month.

Since most people who have a home are going to spend greater than a $1000 a month for rent and rent goes up - your argument becomes negated.

In owning stock, your not owning it is okay because you don't have to have your money invested in another place - it can be cash. You must live somewhere besides the streets, though.
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Not really, many people buy another house before they sell their current one. I also didn't even include the money in the bank (gaining interest over that month) if they are downgrading.

I got my house for the price that I wanted by showing the sellers how much they were loosing by waiting.

It's not a poor statement, the seller just has to not be too lazy to do the economic calculation, leave emotion at the door when buying or selling a house (and stock).
 
FromTexas

FromTexas

This Space for Rent
czygvtwkr said:
Not really, many people buy another house before they sell their current one. I also didn't even include the money in the bank (gaining interest over that month) if they are downgrading.

I got my house for the price that I wanted by showing the sellers how much they were loosing by waiting.

It's not a poor statement, the seller just has to not be too lazy to do the economic calculation, leave emotion at the door when buying or selling a house (and stock).
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So, it works if you caveat it to the point that it only fits a specific circumstance... someone already invested in another home or not living in the one they are selling. :yay:
 
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czygvtwkr

Guest
FromTexas said:
So, it works if you caveat it to the point that it only fits a specific circumstance... someone already invested in another home or not living in the one they are selling. :yay:
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No the math works every time, you run the numbers and go with the best economic choice every time and there is no argument which is best. Anything else is just opinion.
 
teambenya

teambenya

New Member
wkndbeacher said:
I read this forum earlier and was thinking to myself, its only a matter of time before Patchie shows up :lmao:
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Of course, Patch can't help himself when it comes to talking about a subject he spends all of his free time researching (for reasons still not fully understood...)
:whistle:

At least he tries to find good information....

Speaking of, Patch, gimme a call on my cell sometime, I have some info that will knock your socks off!
 
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wkndbeacher

Guest
teambenya said:
Of course, Patch can't help himself when it comes to talking about a subject he spends all of his free time researching (for reasons still not fully understood...)
:whistle:

At least he tries to find good information....

Speaking of, Patch, gimme a call on my cell sometime, I have some info that will knock your socks off!
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Hmm...you re someones MPD..Im going to have to go with Patche's
 
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wkndbeacher

Guest
Patch Tuesday said:
It's where the same person creates multiple ID's on here and runs around using different personalities...

Multiple Personality Disorder...

I don't bother having any, because I'm an ass all the time, and I'd be too easy to spot...

:popcorn:
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Damn, Patches you must be a carpenter, because you hit the nail right on the head :whistle: :otter:
 
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refi-rep

New Member
teambenya said:
Is that a loaded question?
:whistle:

Really, it's going as well as can be expected I suppose. It's going to take some time before the market returns to normal. Foreclosures are selling well though, lol.
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Yeah, foreclosure business is going well and so is debt consolidation.
 
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