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  1. #1
    Class of the clown GMichael's Avatar
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    Housing bubble part II, sell while you still can.

    As some of you may remember, I am having a house built. After all the talk about the housing bubble in the market about to pop, I still had to buy a home. They day after I signed the contract prices stopped going up. Tomorrow we are finally closing with the bank. So, if your looking to sell, do it now. Because once we sign you can count on the bubble bursting. Murphy loves to follow me around.

    Here is part one if you haven't seen it yet.
    Housing bubble..
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

  2. #2
    nerd ericl's Avatar
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    remember, don't fret unless you are purely in it for the speculation. If you want to live in that home for 10-20 years, you have nothing to worry about. If you want to sell it in one year, then you've got a problem.

    Congratulations on your new house!

    eric

  3. #3
    Forum Regular PAT.P's Avatar
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    GMicheal Congratulation on your new home.Its the same here in Canada ,price were going up but now they are stable.The only thing when its cheaper to rent then to own .Alot of older people are selling and renting instead.Their money is not tied down.Stock market was the same ,my better half is still mad at me .I stop her from selling her share in a company she was working for at$200+CND.Thank God she did sell some and put 40% on this house and the other one we rent out.Both home have double in price in 5 years.This is the best investment ,should of put all our money in real-estate.

  4. #4
    Class of the clown GMichael's Avatar
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    Thanks Pat & Eric,

    We do plan on staying there for a long time. The town of Milford PA is very nice. Still not sure how long before they even start building, let alone finish it. But it gives me plenty of time to plan my new HT room. What more could I want right?
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

  5. #5
    Forum Regular PAT.P's Avatar
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    Your paying for something thats not built?Hope this firm has a good reputation.Are you taking Open or lock mortgage?What the interest BTW in the U.S?

  6. #6
    Class of the clown GMichael's Avatar
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    Quote Originally Posted by PAT.P
    Your paying for something thats not built?Hope this firm has a good reputation.Are you taking Open or lock mortgage?What the interest BTW in the U.S?
    It is a good company with a good rep. But the bank only pays them for what they have done. It's a construction loan which is a little different than a normal morgage loan. Once the builder clears the land and digs the foundation the bank pays them for the land. Then when the foundation is built the bank send an inspector before the builder is paid for that. There are 6 steps alone the way. I pay interest payments only on what the bank has paid out until it's finished. That's when the full payments begin.
    We ended up with a 6% rate lock.
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

  7. #7
    Forum Regular PAT.P's Avatar
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    Quote Originally Posted by GMichael
    It is a good company with a good rep. But the bank only pays them for what they have done. It's a construction loan which is a little different than a normal morgage loan. Once the builder clears the land and digs the foundation the bank pays them for the land. Then when the foundation is built the bank send an inspector before the builder is paid for that. There are 6 steps alone the way. I pay interest payments only on what the bank has paid out until it's finished. That's when the full payments begin.
    We ended up with a 6% rate lock.
    Thats good ,I never bought a new home .I usally look for property thats not moving and bring price down.Both my properties were bought in winter when market is slow.The last one we bought took $11,000. off because it had a crack foundation and he was stuck with a Real Estate aggrement saying there was no structural damaged.Man did I work in between digging ,patching ,backfill .Turned out they had backfill with slate,rocks and was a bolder sitting on the corner of the footing.I added 3 feet of white sand.This year had fun with the roof

  8. #8
    If you can't run-walk. Bernd's Avatar
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    Quote Originally Posted by GMichael
    As some of you may remember, I am having a house built. After all the talk about the housing bubble in the market about to pop, I still had to buy a home. They day after I signed the contract prices stopped going up. Tomorrow we are finally closing with the bank. So, if your looking to sell, do it now. Because once we sign you can count on the bubble bursting. Murphy loves to follow me around.

    Here is part one if you haven't seen it yet.
    Housing bubble..
    Hi,
    I am wishing you lots of happy times in your new home. Great way to do it. We bought our home ten years ago from an old spinster for a really good price. Worked for over two years on it and now the value has trebelled. Don't get that at the Bank. Mortgage is almost payed off. When the time comes we will move to Scotland to retire. Loooooong way to go yet.
    Anyway lots of luck and may the B.O.T. shine on you.

    Peace

    Bernd
    "Let The Earth Bear Witness."

  9. #9
    Class of the clown GMichael's Avatar
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    Quote Originally Posted by Bernd
    Hi,
    I am wishing you lots of happy times in your new home. Great way to do it. We bought our home ten years ago from an old spinster for a really good price. Worked for over two years on it and now the value has trebelled. Don't get that at the Bank. Mortgage is almost payed off. When the time comes we will move to Scotland to retire. Loooooong way to go yet.
    Anyway lots of luck and may the B.O.T. shine on you.

    Peace

    Bernd
    Thanks Bernd,

    Good luck with that retirement. Long way off for me too.

    The B.O.T. was great today. But it still didn't get much over freezing. Hello Mr Winter.

    Well, that's it. It's done. Signed my life away today. Signed here, initialled there. again, again, again, .........,....... again?
    WARNING! - The Surgeon General has determined that, time spent listening to music is not deducted from one's lifespan.

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