dmarc117 Posted March 3, 2010 Share Posted March 3, 2010 moved back to chicago from mi in 06. looked at realtor.com a few weeks ago and saw 2 houses that were for sale when we sold. they are 40% less and bank owned. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted March 3, 2010 Share Posted March 3, 2010 I just had a client make an offer on a condo in Vegas. The condo is on a golf course. The condo sold for $325,000 in 2007. Their offer of $135,000 was accepted. Just crazy... Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 3, 2010 Share Posted March 3, 2010 I just had a client make an offer on a condo in Vegas. The condo is on a golf course. The condo sold for $325,000 in 2007. Their offer of $135,000 was accepted. Just crazy... Actually, what's crazy is the PREVIOUS price, not this one. Those markets - FL, NV, CA, AZ - just got ridiculous as any fool who understands mortgages as a percentage of income could see. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted March 3, 2010 Share Posted March 3, 2010 I don't have my info regarding if my assessment has gone up or down, BUT I did review my homeowner's insurance. They have assumed an automatic 10% increase in value since I've owned the policy. I was over-insured by more than 100K. Not a bad idea to check on that. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 3, 2010 Share Posted March 3, 2010 I don't have my info regarding if my assessment has gone up or down, BUT I did review my homeowner's insurance. They have assumed an automatic 10% increase in value since I've owned the policy. I was over-insured by more than 100K. Not a bad idea to check on that. Careful......make sure you have enough for total reconstruction + at least 25% for overruns and sudden spikes in e.g. drywall. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted March 3, 2010 Share Posted March 3, 2010 Careful......make sure you have enough for total reconstruction + at least 25% for overruns and sudden spikes in e.g. drywall. Two insurance agents have confirmed this with replacement cost coverage. Including the dude that sold the policy. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 3, 2010 Share Posted March 3, 2010 Two insurance agents have confirmed this with replacement cost coverage. Including the dude that sold the policy. A lot of people are overinsured because they equate the assessed value with the rebuild cost, whereas you don't need to buy the land again plus the foundations are almost certainly still going to be in place absent an earthquake. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted March 3, 2010 Share Posted March 3, 2010 Actually, what's crazy is the PREVIOUS price, not this one. Those markets - FL, NV, CA, AZ - just got ridiculous as any fool who understands mortgages as a percentage of income could see. I can plainly see that. [/Groo] Quote Link to comment Share on other sites More sharing options...
whomper Posted March 3, 2010 Share Posted March 3, 2010 moved back to chicago from mi in 06. looked at realtor.com a few weeks ago and saw 2 houses that were for sale when we sold. they are 40% less and bank owned. My parents have a beautiful home in NJ. No mansion by any means but new siding and roof, hardwoods through, stained glass. all kinds of bells and whistles. They are mulling a move down to South jersey in an adult community. My dad has slowed down a lot and they dont really need all this house plus their taxes are about 8400 bucks. They have a friend that paid 90 K for a 2 bedroom in the adult community and taxes are about 2 grand. Problem is the town my parents live in is loaded with short sales. I worked with a client that was looking in their town 6 months ago and the short sales were 250-275 . Some even less. My mom thinks shes getting high 3's possibly 4. I feel bad for them. Quote Link to comment Share on other sites More sharing options...
TimC Posted March 3, 2010 Share Posted March 3, 2010 Whomper, almost every retired person I know from the North moved down here because they could no longer afford taxes. Sad really to have to leave your home. The people across the street are Pennsylvania refugees. Quote Link to comment Share on other sites More sharing options...
matt770 Posted March 3, 2010 Share Posted March 3, 2010 My wife said there was something on the Today Show this morning about how to sell if you are upside down on your mortgage. She had to leave for work but asked if I could find it. I did. Their advice was to save up and renovate your current home, because there are no programs that allow you to roll the extra debt into a new mortgage. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 3, 2010 Share Posted March 3, 2010 Whomper, almost every retired person I know from the North moved down here because they could no longer afford taxes. That won't apply to me. I don't think taxes are that much of an issue. The freakin' cold weather, however, definitely is. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted March 3, 2010 Share Posted March 3, 2010 That won't apply to me. I don't think taxes are that much of an issue. The freakin' cold weather, however, definitely is. Did your cane freeze to your leg the last time you pi$$ed yourself? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 4, 2010 Share Posted March 4, 2010 http://finance.yahoo.com/tech-ticker/housi...set=&ccode= Quote Link to comment Share on other sites More sharing options...
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