Jump to content

She Bought Her House As The Market Peaked. Now She Regrets It.


hegemony
 Share

The last post in this topic was posted 848 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts


Never quite sure what to do with a read like this ...

I imagine learn from other's mistakes and commiserate with their situation (whether a consequence of ill fortune or poor judgement)

 

My point is that while these sad sagas are largely related to current variables, a story like this can pretty much be pulled (to one extent or another) at just about any time.

 

Link to comment
Share on other sites

More sob stories.  The agenda of the writers comes through very quickly.  Bottom line is that every single one of them made a purchase they were not prepared to make and did not due the proper due diligence on what is arguably the largest purchase in a person's life.  The increase in rates falls in the s*it happens category, but the one who quit and now cannot get rehired must truly be lacking in professional skills given how many places cannot find people willing to work.  And almost all of them sound like people who were destined to be house-poor even in the days of sub-3% mortgages. 

 

But...there is always a writer ready to make the sob stories palatable to the hand-out generation...none of those SAF individuals would have made it in the late 70's when double-digit mortgages had become the norm.  I'd bet they are also the type who will drag out their car loan for seven years and then whine about being upside down as they trade again for the third time in five years...

Link to comment
Share on other sites

On 10/18/2022 at 10:48 AM, centex said:

Bottom line is that every single one of them made a purchase they were not prepared to make and did not due the proper due diligence on what is arguably the largest purchase in a person's life. 

That one sentence sums up my sentiments exactly.  A home (or other property) purchase should never be made on impulse and without doing adequate due diligence. 

Link to comment
Share on other sites

7 hours ago, Emperess said:

That one sentence sums up my sentiments exactly.  A home (or other property) purchase should never be made on impulse and without doing adequate due diligence. 

 Both what you and @centex said is why I am vehemently opposed to lenders giving mortgages to home buyers solely based on their paying the rent on time.  So many of the first time home buyers who are screeching the mantra "if I can pay my $2500 rent on time each month they shoukl just loan me $450k or more to buy a house" under the false belief that the principal mortgage paymen tis the only money involved.  Presuming they get past down payment, closing costs, appraisal, and actually do a reliable inspection the mortgage payment is a blip on the radar of expenses once the ink dries on the 3 inch stack of signed paper work and deed that is a home loan/purchase.  Shortly after the purchase the "wants" kick into full drive and they go on a spending spree for electronics and furniture.  In the short and long run the majority are not prepared for repairs and upkeep and because they don't do a proper inspection and give in to FOMO they buy property in need of full renovation if not at least 3 expensive repairs that they are fiscally unable to handle.  Buying a house is WAY more than making the payment each month.  It is a never ending list of stuff to do that you either have to be prepared and skilled to do yourself or have the money to throw at it to have it taken care of.

Link to comment
Share on other sites

17 hours ago, CreditSucksNot said:

Buying a house is WAY more than making the payment each month.  It is a never ending list of stuff to do that you either have to be prepared and skilled to do yourself or have the money to throw at it to have it taken care of.

 

That right there is the reason I'm still a renter at 57.  I've heard the whole "why pay X for rent when you can pay the same amount in a mortgage" mantra and never fell for it. I knew that I could make a mortgage payment (although qualifying for one at the time wasn't happening).  It was all the OTHER costs and responsibilities of homeownership that I wasn't ready to take on.  I want to move in the next year or two and am even considering homeownership even at this late stage of my life.  That said, I won't make that leap until my financial house is solid.  I want to enjoy homeownership and not be "house poor".

Link to comment
Share on other sites

The last post in this topic was posted 848 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      189761
    • Most Online
      2046

    Newest Member
    keithverdin
    Joined
×
×
  • Create New...

Important Information

Guidelines