Did we do the right thing...not buying our condo...
OK...so in August we got a notice saying that our complex was being made into condos and all apartments would be renovated very nicely and be up for sale.
well if we wanted to keep our apartment we would have to move out for 1+ month for it to be done...so we tried to pick a unit that was similar...
we were pre-qualified by their mortgage company, but no contract was in place, b/c paper work was not totally completed...but move in would be available for the end of Oct...
well, we decided this weekend, as much as we would love to own a condo...that it isn't working out:
1. closing will not be until mid December...and they want us out of our unit so they can renovate it for whoever bought it...so we would have to move to another unit for one month and then move into our place
2. their mortgage company wants to charge us 7.25% interest!!! (this just came up last week)
3. We found out our 'backyard' will only be 1/3 of the size they show in the model...
4. we live on a canyon...which is beautiful...but the train runs through it...the commuter trains are fast and quiet...but the freight trains are awful (can't hear the TV if the window is open)
5. JETS!! we live near a marine air base...there are always very noisy jets going by
the Pros? 1. TOTALLY new and renovated...great kitchens...appliances, etc
2. we will not be losing money renting - but will be losing money on the astronomical interest rate..and will get some equity
3. familiar
shelzyp
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Re: Did we do the right thing...not buying our condo...
IMO there are too many cons, and they keep changing what they are saying. I saw look for another place, that has everything you want.
mlp924
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Re: Did we do the right thing...not buying our condo...
That is a very high interest rate!
Claud2001
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Re: Did we do the right thing...not buying our condo...
I think you are making the right choice...you will find something better!
Re: Did we do the right thing...not buying our condo...
hats Jenn...I'm so mad at the sales agent...when we went in to cancel...he had the nerve to say that because of the fires rents and home sales are going to be higher...I cannot believe that he would use the tragedy to get us to stay...especially since insurance only covers rebuilding the house...the people can't just leave their rubble and move on...
Wendy
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Re: Did we do the right thing...not buying our condo...
You already made your decision, but I'll add my two cents anyway. I think you definately did the right thing. Way too many cons on that list, plus the fact that you are so happy about cancelling sounds like you are relieved. Good for you!!!
Teri
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Re: Did we do the right thing...not buying our condo...
sorry to hear it didn't work out - sounds like you made the right decision though. We're renting near a busy train station now and it really SUCKS! It's so loud sometimes. That and the airplanes heading to JFK and I'm ready to pull my hair out! But at least it's a rental - I would NOT want to live here long term for these reasons.
Hang in there - you'll find your place soon enough
Jeanene
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Re: Did we do the right thing...not buying our condo...
It sounds like you really made the right decision. That interest rate is outrageous in today's market!!!
LisaT
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Re: Did we do the right thing...not buying our condo...
sounds like the right decision to me - the process sounded frustrating!
cooky11111
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Re: Did we do the right thing...not buying our condo...
Why did you have to go through their mortgage company? If you did want it, couldn't you go through any mortgage company? I don't think they can make you go through their mortgage company, they were most likely getting a kick back from that bank. We just got a mortgage at 5 1/2 %. Something smells fishy to me.
Re: Did we do the right thing...not buying our condo...
we had to be preapproved by their company to 'reserve' the unit...then we were just going to go with it...b/c it is a reputable bank (or so we thought) ...
Teri...I know what you mean about the airplanes...my aunt live by the friendly's on jericho and I feel like you can touch them from her backyard...
but nothing as bad as my friend in Jackson Heights...you couldn't hear the person you were talking to when a plane went over...
Re: Did we do the right thing...not buying our condo...
oh...and we are only renting for another 6 months....that should give us enough time to find a better place...so not throwing away too much rent!!!
michele31
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Re: Did we do the right thing...not buying our condo...
I think you need to do what is best for you and DH at this time. maybe an all new unit is great but right now is not the best time for you to have to move twice in one month. I would go with your gut- it will never fail you.
KarenG
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Yes! : )
Definately sounds like you made the right decision. Even though you might be able to tolerate the trains, they could be a hinderance when you look to resell your condo.
It sounds like it was a difficult decision for you - but sometimes the right ones for us are the 'road less travelled'.
Reward yourselves for having made the the right choice - and then begin the search!
Re: Did we do the right thing...not buying our condo...
Posted by KarenG
Reward yourselves for having made the the right choice - and then begin the search!
we are taking the $2000 that we put down (and is being refunded) and spending it on us!!!
papabear
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Re: Did we do the right thing...not buying our condo...
Posted by cooky11111
Why did you have to go through their mortgage company? If you did want it, couldn't you go through any mortgage company? I don't think they can make you go through their mortgage company, they were most likely getting a kick back from that bank. We just got a mortgage at 5 1/2 %. Something smells fishy to me.
Cooky makes a good point - prequalified or not, you shouldn't need to obtain a mortgage from them so that shouldn't be a con. Plus, all these things were factors when you rented there and even though you knew it was going to be temporary, you still thought it suited your needs so I'm not sure why those are cons either.
I know, I know, renting and owning are two different things but it didnt have to be long term that you lived there.
Some things you didn't mention was how much it was going to cost to buy the unit? Would you have to stay for any set period of time after you bought it or could you flip it based on appraisal values of other recent sales in the neighborhood? I don't even think you mentioned what town it is in - that plays a HUGE factor with certain suffolk towns seeing a 200% increase in home values over the past five years! I really don't think I would have been able to give you advice based just on what you said.
Overlooking a canyon seems nice and this is definitely a desirable place to be even if there are jets and trains nearby.
I mean, if they offered the place to you for $100,000 then I would have said hell yeah buy the place and watch your equity skyrocket - sadly enough, Long Island is not getting any cheaper. Knob Hill in Ronkonkoma saw a 30-40% increase in the past two years alone!!!!
You might have your deposit back and enjoy splurging on extravagance but remember that when you find a new place, they will probably want a deposit - and if you're buying a new home instead, putting that $2000 into the downpayment will save you about $120 a year in interest - not something to write home about but something.
In my opinion, and don't take it the wrong way but I think you asked a loaded question without giving out all the facts - but then again, I'm sure you didnt base your decision on a 100% feedback from voters who didn't know all the facts.
