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Old 05-04-08, 06:21 AM   #1
troie
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Buying a house, not a Banshee

An interesting turn of events took place this weekend. My wife and I have been looking at houses for the last four months and this weekend we finally put a reserve on a lot. As much as I want that new Scirocco, a washer and dryer is more important. Looks like I'll be keeping the HardRock after all. No matter, its a good frame and still works. Maybe next season. I probably wont be posting as much either since Ill be busy with the house.


Ride hard and have fun. Later.
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Old 05-04-08, 06:39 PM   #2
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Yer looking at it all wrong, talk the seller down 50 to 100 grand (heck, in todays market get them to drop it 200k) but finance an extras 25g's more then you need and buy yer self a few toys AS WELL AS the washer and drier.

Congrats on the house, same thing happend with me when we bought ours, I was lookin' to get a new cycle, both mountain and motor and we bought our house. :

DBD
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Old 05-04-08, 07:13 PM   #3
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talk the seller down 50 to 100 grand
I don't know that my whole house cost that when I bought it 5 yrs ago
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Old 05-04-08, 07:13 PM   #4
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I'm glad I'm still young, I wont be worrying about this for 10 years

Congrats on the new place!
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Old 05-04-08, 07:23 PM   #5
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I need a house soon (next 18 months), I like the prices, but the ability to finance is bad too. It is only a "good" market if you have a lot of money to put down.
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Old 05-04-08, 09:47 PM   #6
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Congrats on the house... While the mortgage might suck, it's better than renting (usually), and the interest is tax deductible...
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Old 05-04-08, 10:09 PM   #7
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I need a house soon (next 18 months), I like the prices, but the ability to finance is bad too. It is only a "good" market if you have a lot of money to put down.
Not necessarily. We put under $2800 down on ours including closing costs and financed FHA (first time buyer) got a 6% interest rate and bought the house at 50 grand under market value (bank repo, 5 years old and only needed paint and carpet).

It is a buyers market and if you have decent credit you can get financed with no problems. It is just a big headache and a lot of paperwork.
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Old 05-05-08, 07:30 AM   #8
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Yeah, the house is only 180k brand new. 1800 sq feet, 3bd + loft 2.5 bath, new master plan community Las Vegas. As long as I can ride every weekend, I think I wont go insane.
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Old 05-05-08, 08:23 AM   #9
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at 50 grand under market value .
That is probably tough to really say or know at this moment. 50 grand under what it was valued at by appraiser? When was that appraisal done? What were the price reference houses used in that appraisal? House values are dropping fast everywhere and really fast in many areas.

I do not doubt you got a solid deal, but right now if someone says that a house is on the market for XX under or over market value, one might wonder what data that is based on.

Houses in many areas are selling for $50k less than last year - and I am talking about houses in the 200-350k range.
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Old 05-05-08, 12:31 PM   #10
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What Slump?

No housing slump here in Austin. I bought my house last year for $180K, and there's a house down the street just like mine going for $199K. My house was on the market for one day. That other house has a contract pending after 3 days. Must be because of the close proximity to Walnut Creek Park, the Mecca of Austin mountain biking
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Old 05-05-08, 06:58 PM   #11
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That is probably tough to really say or know at this moment. 50 grand under what it was valued at by appraiser? When was that appraisal done? What were the price reference houses used in that appraisal?
$50 grand under what it was appraised at by the appraiser immediately prior to the purchase. it was referenced against homes with the exact same floor plan and built by the same builder in my subdivision and was based on what they had sold at as recently as 2 weeks before I got mine.
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