So you think houses are going down soon.

---

Posted by MPAS

---

Posted by Espo22

---

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?

---

hmmm but people who want to sell should sell now, i just thought of that. So its bad news for sellers. Hmmm gotta tell FH's parents...They had it appraised recently and WOW we all couldn't believe what a high price it would sell for so maybe they should think soon.

Oh theres always listings for foreclosed homes

---

Would you have a good website for houses , buying and forcloseures since you are in that business??

---

hmmm not for foreclosed homes, here we just pool mortgages lol. I can definitely get some for you though

I agree that longer term, this is a good thing, especially if you will be looking to buy a home in a year or so.

The big problem that people are seeing now is that rates have sky rocketed, especially rates on so called 'jumbo loans' (anything over $417,000). There was a story about an investment banker with excellent credit who was looking to buy a $1.5 million home on LI. He initially got approved for a loan in the 7% range. When he went back last week to finalize the paperwork, they slapped him with a 13% interest rate!!!!

Let's face it, in this area of the country it's almost impossible to find a home for less than $400,000. My concern is that nobody will borrow at these inflated rates and the housing market in the Northeast will crash and burn.

Not a bad thing for those of us who will be looking to buy in the next year or 2, but who knows what the ripple effect will be......

---

Posted by iwannabmrsD

we're in the market now.. well officially in september and we are seeing prices going down.. plus there are soooo mmmaaannnyyy homes n the market u can find a neighborhood u love and find 8-10 houses for sale in that neighborhood.. so that also drives prices down..

---

The # of houses on the market makes the listing price REALLY flexible... our house was origionally listed 34K above what we bought it for. Friends of ours got their seller to come down almost 50K. So if you see something you like but it's a little out of your range, NEGOTIATE!!

Oh, and if your credit scores are good (650/700+) the 3% down is still a possibility.

---

Posted by Autumn08

---

Posted by megzzie

---

Posted by Autumn08

I certainly hope so. Once in awhile FH and I will go to open houses and I'm just stunned and what people are asking!

This weekend I'm actually going to visit a friend who moved to PA and out of curiosity she will take us to different neighborhoods and possible check out some open houses.

I don't exactly want to live in PA but my parents are thinking of moving there and if we can't afford a nice house here then I will consider moving out of state an option.

But I swear some people think ooh I dusted the house so let me raise my asking price 100K! LOL Ok that may be a little bit of an exageration but not by much.

---

I agree - prices people are asking are nuts! It's so true though, people will give their house a good dusting and raise the price lol.

My cousin just bought a house in PA and it's a mansion and he paid so much less than here!

Edited because I can't spell

---

OMG the taxes are sooooo low. I was looking at a beautiful house on 1.5 acres and the taxes were 1800.

---

$1800!? Wow, what the hell are we all doing here? lol. I mean, I love NY and can't imagine moving out of NY but prices/taxes here are ridiculous! How could you beat $1800 taxes!

yea, we'd like to move next summer
if we dont buy anything by then - we'll move into a 2 bedroom in the complex we are in now
they are gorgeous and 3 levels (basement)
i spoke to the super the other day when he was hear about the fridge to let us know if a 2 bedroom becomes avail.

---

Posted by Autumn08

---

Posted by megzzie

---

Posted by Autumn08

I certainly hope so. Once in awhile FH and I will go to open houses and I'm just stunned and what people are asking!

This weekend I'm actually going to visit a friend who moved to PA and out of curiosity she will take us to different neighborhoods and possible check out some open houses.

I don't exactly want to live in PA but my parents are thinking of moving there and if we can't afford a nice house here then I will consider moving out of state an option.

But I swear some people think ooh I dusted the house so let me raise my asking price 100K! LOL Ok that may be a little bit of an exageration but not by much.

---

I agree - prices people are asking are nuts! It's so true though, people will give their house a good dusting and raise the price lol.

My cousin just bought a house in PA and it's a mansion and he paid so much less than here!

Edited because I can't spell

---

OMG the taxes are sooooo low. I was looking at a beautiful house on 1.5 acres and the taxes were 1800.

---

FH's family has a house in the poconos...It is 5 bedrooms, 3 bathrooms, 2 living rooms and a wraparound deck. They've had it for like 15 years and got it for such a great price. The other day though FH told me they were thinking of selling it and buying another house in PA...if they do ill let ppl know

Keep in mind that with PA. The houses are somewhat lower, but the pay is also about 30% lower. FH and I had moved to PA 3 years ago .

We rented first then were going to buy a house, but the prices really were going up and it wasnt much of a bargain. Besides, to make what I make on LI, I had to go into NJ every day (62 miles EACH WAY). My BFF bought in PA, but sold a house in LI and made $100K back when prices were going up and up. STILL, her husband works in NYC and commutes every day. A LOT of people commute to NYC or Philly there. We were in Bethlehem.

---

Posted by Jess125483

---

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?

---

My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.

---

Was it easy for your parents to get that foreclosed house? Do you have to go to an auction or find them online? Were your parents happy with the price they got it for compared to buying a house on the market??

---

Posted by hb123

I agree that longer term, this is a good thing, especially if you will be looking to buy a home in a year or so.

The big problem that people are seeing now is that rates have sky rocketed, especially rates on so called 'jumbo loans' (anything over $417,000). There was a story about an investment banker with excellent credit who was looking to buy a $1.5 million home on LI. He initially got approved for a loan in the 7% range. When he went back last week to finalize the paperwork, they slapped him with a 13% interest rate!!!!

Let's face it, in this area of the country it's almost impossible to find a home for less than $400,000. My concern is that nobody will borrow at these inflated rates and the housing market in the Northeast will crash and burn.

Not a bad thing for those of us who will be looking to buy in the next year or 2, but who knows what the ripple effect will be......

---

FH and I purchased in 2002, and we locked into a 3/1 ARM. What a mistake. At the end of the 3rd year, we got a notice that our interest rate was doubling. Luckily, I'm financially saavy (meanwhile FH is an amazing creative mind that can barely add, lol) and I immediately moved to refinance for a fixed rate before the new payments took effect. Our payments still went up, but not as much because we were able to spread our principal back out over 30 years and eliminate some of our other debts.

---

Posted by Snowflake08

yea, we'd like to move next summer
if we dont buy anything by then - we'll move into a 2 bedroom in the complex we are in now
they are gorgeous and 3 levels (basement)
i spoke to the super the other day when he was hear about the fridge to let us know if a 2 bedroom becomes avail.

---

3 LEVELS wow sounds like a nice complex

---

Posted by Espo22

---

Posted by Snowflake08

yea, we'd like to move next summer
if we dont buy anything by then - we'll move into a 2 bedroom in the complex we are in now
they are gorgeous and 3 levels (basement)
i spoke to the super the other day when he was hear about the fridge to let us know if a 2 bedroom becomes avail.

---

3 LEVELS wow sounds like a nice complex

---

I've never seen/heard of a 3 level complex - that's really nice!

I think will wait forever for the houses to go down...

FH and I started looking.....they have gone down but.....very little

---

Posted by Jess125483

---

Posted by hb123

I agree that longer term, this is a good thing, especially if you will be looking to buy a home in a year or so.

The big problem that people are seeing now is that rates have sky rocketed, especially rates on so called 'jumbo loans' (anything over $417,000). There was a story about an investment banker with excellent credit who was looking to buy a $1.5 million home on LI. He initially got approved for a loan in the 7% range. When he went back last week to finalize the paperwork, they slapped him with a 13% interest rate!!!!

Let's face it, in this area of the country it's almost impossible to find a home for less than $400,000. My concern is that nobody will borrow at these inflated rates and the housing market in the Northeast will crash and burn.

Not a bad thing for those of us who will be looking to buy in the next year or 2, but who knows what the ripple effect will be......

---

FH and I purchased in 2002, and we locked into a 3/1 ARM. What a mistake. At the end of the 3rd year, we got a notice that our interest rate was doubling. Luckily, I'm financially saavy (meanwhile FH is an amazing creative mind that can barely add, lol) and I immediately moved to refinance for a fixed rate before the new payments took effect. Our payments still went up, but not as much because we were able to spread our principal back out over 30 years and eliminate some of our other debts.

---

This is waht i am talking about..



.....instead of putting up the 20%, people were putting up 5% and taking a loan on the 15% to make a 20% down payment...that loan had an adjustable rate...it adjusted higher in 1 to 5 years ....when the adjusted rate gows up people aren't able to afford the higher mortgage payment.. the bank will foreclose if they can't make the payment..

Good for you for being savy but so many people are loosing their homes b/c of this.

---

Posted by MPAS

---

Posted by Jess125483

---

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?

---

My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.

---

Was it easy for your parents to get that foreclosed house? Do you have to go to an auction or find them online? Were your parents happy with the price they got it for compared to buying a house on the market??

---

You can learn about foreclosures in the local newspaper and online. The traditional foreclosure takes place in the Supreme Court in your county. It happens very quickly and you have to be financially prepared and ready to act. A court attorney will read off the property addresses, a rep from the bank will stand up and state the outstanding balance of the mortgage, and then you will bid. If you ever go just to watch, you'll see a lot of the houses just go back to the bank and nobody bids on them. This is because sophisticated bidders have researched, know the house is in bad shape, know the house is in a bad area, etc. Then you'll see bidding wars on other pieces of property. Essentially, you really have to research before you go there. There are no pictures of the property during the auction or anything, you have to know beforehand. You also have to be able to turn around and go immediately to your bank, get a bank check and come back that same day to leave your deposit.

My Dad is a lawyer, so for him buying a foreclosed piece of property was fairly easy because he knew the procedures. They got a great price, BUT - parts of the ceiling were falling in, the carpets needed replacement, the pipes to the pool were cut, the tiles in the kitchen were cracked, etc, etc. My parents were in a financial state to repair these things, so it was good for them. But, if you just barely have enough money to buy a house, then this would NOT be good idea.

Newsday had an article a few weeks ago about the housing bubble bursting. Its good for buyers, but not for sellers. All the people who got equity loans and all are upside-down on their mortgages and will lose $ if they sell. (well, not all, but some). Nassau and Suffolfk were listed as places that prices were supposed to go down abuot 6% over the next few years.

I think it was Delta Funding and another mortgage co that went under last week, right? They got busted on predatory lending, I think.

Foreclosures are up. A lot of banks I work with are creating departments just to deal with mortgagors and keep them out of foreclosure. The bank stands to lose between $30K and $50K per home in a foreclosure so they eally dont want people to go into foreclosure.

The problem with buying a foreclosure is tht you cant see the inside of the house. It could be gutted and destroyed and yuo dont always know what you are getting. Also, a lot of them are recent mortgages and are high b/c of the banks giving hight refis in the last couple of years.

So if the bid starts at the mortgage balance plus atty fees and costs, its alreay up there and not always worth it.

if enough people default on their loan.......there will be more sellers than buyers and the house prices will go down

people will either sell their home to avoid forclosure by the bank (because it meese up ur credit big time) or the banks will forclose and sell to make bag the original money they loaned out



THEY SELL FAST AND CHEAP and thats what we are looking for!

---

Posted by Jess125483

---

Posted by MPAS

---

Posted by Jess125483

---

Posted by MPAS

My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?

---

My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.

---

Was it easy for your parents to get that foreclosed house? Do you have to go to an auction or find them online? Were your parents happy with the price they got it for compared to buying a house on the market??

---

You can learn about foreclosures in the local newspaper and online. The traditional foreclosure takes place in the Supreme Court in your county. It happens very quickly and you have to be financially prepared and ready to act. A court attorney will read off the property addresses, a rep from the bank will stand up and state the outstanding balance of the mortgage, and then you will bid. If you ever go just to watch, you'll see a lot of the houses just go back to the bank and nobody bids on them. This is because sophisticated bidders have researched, know the house is in bad shape, know the house is in a bad area, etc. Then you'll see bidding wars on other pieces of property. Essentially, you really have to research before you go there. There are no pictures of the property during the auction or anything, you have to know beforehand. You also have to be able to turn around and go immediately to your bank, get a bank check and come back that same day to leave your deposit.

My Dad is a lawyer, so for him buying a foreclosed piece of property was fairly easy because he knew the procedures. They got a great price, BUT - parts of the ceiling were falling in, the carpets needed replacement, the pipes to the pool were cut, the tiles in the kitchen were cracked, etc, etc. My parents were in a financial state to repair these things, so it was good for them. But, if you just barely have enough money to buy a house, then this would NOT be good idea.

---

Yeah, you need to pay 10% down at auction to the referee and then be able to close on the house within 30 days or you default on the DP.

I really hope the prices go down soon...FH and I have been keeping our eyes open even though its early but everything in the areas we like is sooo expensive Not to mention that the houses that we can afford are so small and not worth the money. We really didnt want to have to start off in an apartment wasting money on rent but thats what I think we are going to have to do. Maybe we will stay in an apartment for a year and use the wedding money plus whatever we save up adding to that for our down payment.

They do say you dont have to put a down payment if you are a first time buyer but we dont want to get killed on our mortgage payment.

Has anyone ever heard of renting with the option to buy?