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Monday, October 12, 2009
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30 comments:
Does anyone think there is a chance in hell that a bank would sign off on a 330K price? Its close to 495, but I would think the sound barrier and tons of trees would make it hard to hear the road...
http://franklymls.com/FX7180192
I bet that most of those trees are gone now that they have started building the HOT lanes on that section of 495.
Yeah, I'm gonna have to say that the width of 495 on that side has increased a good 20 feet. Though it might help the value of the house if you rent part of it out to the state to use as their toll booth.
Maybe hang a smart tag scanner from the roof...
I think it's the one across the street guys. Did you get a load of the McMansions built out to within inches of the lot lines right catty-corner behind it?
From the description it needs a lot of work, the electricity is off, which could create serious problems making this a better tear down than a fixer upper...
Cara-
I assume you are probably right that it needs a good bit of work. I would think you could entirely gut the house and renovate for under 100K as a flip. I am sure that you could easily sell it for 500K+ if it was fully remodeled making a pretty solid profit. It would also be the cheapest tear down on a half acre lot I have seen anywhere near that area.
Holy cow, those mcmansions are so close together that they might as well be townhouses. Really. I could comfortably stand with one foot on each roof.
It may indeed be a good buy for a flipper.
And if you don't mind condemning your future children to asthma and stunted growth, go for it. That is way too close to 495 for any risk-averse people who plan on having kids in the foreseeable future.
No electricity means no sump pump, so possible flooded basement with mold throughout.
TBW-
I couldn't agree more that the government is going to make money of TARP. I agree that banks took too much money and it sucks that the government had to bail them out, but you are correct the government it going to make billions if not tens of billions from the loans and free stock options they got.
The other thing the government is doing to help banks is keep money cheap so people can afford their debts. Although this helps banks out it helps the feds out significantly more seeing that the fed is going to borrow a couple of trillion dollars.
Cara, itttttta. I will not live within a mile of a major highway. Can't imagine sending my kids out for
"fresh" air so they can suck exhaust and damage their lungs.
I can't believe all the trees being ripped down on that section of the beltway now and south of the 66 interchange. And some houses are SO close to the new construction that I can't believe they haven't been condemned or bought-out or whatever. I wonder how close the highway can get to your property without VDOT offering you a buyout?
Well, clearly, the 8K is costing us. Bank stock losses and the fall-out across the economic spectrum cost all of us thru transfer payments (welfare), pension fund and 401 losses, municipal shortfalls, etc. etc.
Yes, the Banks were greedy and the Fed turned a blind eye. Counties and States spent with abandon. Individuals were greedy and stupid. Heloc's were spent on plasma and hummer's. If you look to the '80's as the time of conspicuous consumption; what were the early 2000's?
I resent the fact that those with their heads screwed on will pay the price. Their "losses" may not be patent but WILL be there.
The losses will be realized by whomever holds the mortgage backed securities. Some banks hold lots of MBS, mostly investors hold it, but isn't the Fed or the Treasury (sorry can't keep them straight to save my life) buying ton of it right now? Is all of that new issues? Aren't loan mods amongst the new issues????
So while I think it's odd to assign a different morality depending on who the owner of the loan is a bank, an investment fund or the Federal Reserve... If one were going to do so, then the least moral thing to do is get a mod, stick with it for a year and then default. I also was under the impression that for some tiny subset of these modifications the US government was paying for either interest rate reductions or sharing the losses on principal. Maybe that never truly came to pass, or maybe there are so few successful mods that it's a joke.
But everything that Fannie and Freddie currently hold, is backed by us, the taxpayer. While the TARP money is coming back over time and with interest, don't count on the smae thing happening for the GSE's and AIG, or FHA once it gets more blatantly tax-payer based.
I'd avoid a major road like the plague.
Hey, VA_investor, it's sort of like dating, isn't it? The sensible ones get left behind while the wild ones have all the fun! :-)
I'm on the fence about busy streets since you can get a big discount if you can live near a highway or on a busy neighborhood street. My main concern in addition to those you raised is that if someone's going to break in, they may be likely to pick a house on a main drag than to work their way deep into an otherwise safe neighborhood.
I have two sets of friends who have houses separated from busy roads by a lot of trees. Unfortunately, the trees do not block the sound more than slightly (and in the winter, imperceptibly). They paid less for their houses because of it, but tune it out. Neither has pets (which might get out and run into the road); one has a small child though he's getting old enough to avoid taking chances. Another friend once said she actually thought a busy street her family lived on was LESS of a problem because her kids knew to be careful, but were more carefree (careless?) around less busy streets. Hmm - they did all survive to adulthood, so maybe she has a point, but she wasn't near 66 or 295, just a busy neighborhood through street.
Uh...Ace,
I was wild! I got expelled from grade school, my 5th grade teacher told my parents that I was a "clever instigator", I was sent to the pricipals office in first grade, I was banned from the library for all of 4th grade, I was kicked out of Girl Scouts...this just scratches the surface!
Ah, the good old days!
Way way OT, but my friend just emailed me this and I am way impressed by this realtor's moxie.
http://www.thesun.co.uk/sol/homepage/news/2660393/Estate-agents-fail-to-mention-the-two-power-stations-next-door-to-idyllic-cottage-for-sale.html
tbw???????
There is a difference between downpayment and being able to afford a mortgage. Take away FHA and you create a new renter class.
FHA actually underwrites loans. Income and debt is verified. There is no no-doc.
I should be happy about lifetime renters, being a landlord and all. I'm not. I think owning one's home is a bedrock of retirement. Look at where the vast majority of net worth lies. I, for one, don't want to pay for anyone's rent during their old age.
Yes, some very wise people may rent beneath their means and carefully invest the rest. I believe that most spend whatever comes in and I'd rather have it paying off a mortgage.
You will create a barrier to entry that is insurmountable to many people. Don't fool yourself and believe that mortgage fraud is something new. It's not. The problem was the total lack of underwriting - the no-doc loans. It made it ridiculously easy for borrowers and loan officers to lie.
I got an FHA in the early 80's and I recall people thinking that these loans were for poor people. In times like this where rental parity is achievable, I think people should buy. Not having 10 or 20% down doesn't mean you are living paycheck to paycheck.
Interesting article on Calculated Risk today about unemployment being the key to the Fed increasing interest rates. The article ties into a recent Paul Krugman article.
http://www.calculatedriskblog.com/2009/10/feds-bullard-falling-unemployment-rate.html
"There are homes even in this high cost area that are in the $100s and many in the $200s. People can save up $10-20k (10-20% of $200k) over their 20s and early 30s."
Usually there are several in my zip code but there's a temporary drought. These are older apartments that underwent condo conversion. Auburn Village is one.
There are several high rise buildings and some walk ups that could be converted but for some reason remain as rentals.
"Funny how often you complain about welfare and similar programs but basically you want the gov't to spend billions on bailing out FHA"
LOL!
tbw (and kevin),
Wow, you see selfish motives in everything I say. As I said, I will benefit if people are unable to buy. I honestly believe that DP is, by far, the biggest barrier to entry into the housing market. I do like the forced savings aspect of paying off a mortgage and I don't think FHA is welfare.
You want people to be forced to put 10 or 20% down. Fine. I never put more than 5% down on my first 6 or 8 personal residences. I didn't believe it prudent to tie up my cash.
I don't think it's smart to rent for 10 yrs at a cost equivalent to a mortgage.
So, ascribe any evil intent you want. You would have had a heart attack if you were around in the 80's when anyone could assume an FHA or VA for $40.00 - no credit report, no application, no income, no appraisal...
p.s. could it be possible that YOU don't want the competition from FHA buyers?
Va_investor,
I'd love it if I had less competition from FHA buyers. But I don't begrudge them buying what I'm trying to buy since, given that it's cheaper than renting, it should put them in a better financial position, not a weaker one. (eventually anyway). FHA is a reality at my price point.
I do object to the limit going all the way up to $700k something. That's asking for trouble, for both the borrowers and the FHA.
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