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Got Goldies
09-11-2010, 11:18 PM
They fell into a pit I was once in in 1994. I'm on the way out, they are falling in at record numbers.


Should those estimates hold true, some 45 million people in this country, or more than 1 in 7, were poor last year. It would be the highest single-year increase since the government began calculating poverty figures in 1959.

http://news.yahoo.com/s/ap/20100911/ap_on_bi_ge/us_poverty_in_america

But that is what happens when you try to buy more home than you can afford.

nuts4gold
09-12-2010, 12:18 PM
I am thinking about buying a home but I do not want to pay in cash while I believe that housing prices will continue to fall. I guess rent to own is my only option...

Got Goldies
09-12-2010, 05:03 PM
Nuts for Gold, you know when its time to buy a house when you see bank REO selling for $300,000 cheaper than when it first sold. I've always wanted a home for under 100K.
You just know it time.

Why didn't other people know it time? They were 19 to 25 years old. They bought at the peak without even looking at the house.

wgadget
09-12-2010, 05:05 PM
Hey, Goldies.

Down the street here, there is a house that Zillow appraises for $140K going for $31K. I could buy it and let my college-age son live in it. He could get a couple of roommates to live with him and come out $500/mo ahead.

Would you spring for it?

Got Goldies
09-12-2010, 05:06 PM
Hey, Goldies.

Down the street here, there is a house that Zillow appraises for $140K going for $31K. I could buy it and let my college-age son live in it. He could get a couple of roommates to live with him and come out $500/mo ahead.

Would you spring for it?

Have it inspected, then decide. But that sounds car cheap! Heck, you could bull doze it and park a trailer on it.

Is it poverty?
http://www.youtube.com/watch?v=OBNLjQDYcv0

wgadget
09-12-2010, 05:22 PM
Have it inspected, then decide. But that sounds car cheap! Heck, you could bull doze it and park a trailer on it.

Is it poverty?
http://www.youtube.com/watch?v=OBNLjQDYcv0

My state ranks among the highest in bank shut-downs, so I'm not surprised that there are so many cheap houses around here...Sheesh.

Got Goldies
09-12-2010, 05:27 PM
My state ranks among the highest in bank shut-downs, so I'm not surprised that there are so many cheap houses around here...Sheesh.

Poverty is when you owe 140,000 on something that is 30,000. This is unadulterated poverty.

wgadget
09-12-2010, 05:38 PM
Poverty is when you owe 140,000 on something that is 30,000. This is unadulterated poverty.

Yeah, apparently the people selling REALLY want out. I've contacted the Realtor asking what the major issues are. There has to be something amiss.

Got Goldies
09-12-2010, 06:07 PM
Yeah, apparently the people selling REALLY want out. I've contacted the Realtor asking what the major issues are. There has to be something amiss.

The first question to ask is this an REO.

The second question to ask is when can I get it inspected. If there is something majorly wrong you can use it as leverage to reduce the price even further.

EDIT: REO properties are clean deed. No 2nd's, no back taxes, lien, etc.
I think anybody can afford 30K. You have to feel bad for the owners. They is in poverty.

wgadget
09-12-2010, 06:23 PM
The first question to ask is this an REO.

The second question to ask is when can I get it inspected. If there is something majorly wrong you can use it as leverage to reduce the price even further.

EDIT: REO properties are clean deed. No 2nd's, no back taxes, lien, etc.
I think anybody can afford 30K. You have to feel bad for the owners. They is in poverty.

REO stands for what exactly?

The people living there are Hispanic if that means anything. Probably heading back to the homeland...BTW, the realtor just called me and said they'd find out the gory details. She said believe it or not, that as a foreclosure, the bank probably just wants to get rid of it at any price. Wow.