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THE LOBBY A gathering place. Introductions, sports, showin' off your ride, birthday-anniversary-milestone, achievements, family oriented humor. |
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#121
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That house for 1.6 mil is in escrow,5 people were on it.Crazy!Tom
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#122
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I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ? How does that work when you pay $300,000 more than it is listed / appraised for ? Are the banks just rolling over and feeding these overboard deals ? |
#123
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These people are paying cash over asking. Banks not necessary then…
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#124
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I was told it went for over asking price.Tom
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#125
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Quote:
__________________
1965 Pontiac LeMans. M21, 3.73 in a 12 bolt, Kauffman 461. |
#126
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Sad story: Went to gun shop a couple days ago. When somehow real estate here came up, young fellow at counter said he was bummed. No debt, saved money for house, and keeps getting outbid, last time recently 60K. On the plus side, know 2 people who bought homes at list, in spite of 50K over competing offers. The sellers wanted a deserving buyer. Both were women who they wanted to have it. I think walking away from 50K is pretty kind.
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72 Bird |
#127
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I respect this considerably. I've had a few houses that didn't go to me when trying to buy because the seller liked another buyer who "had a young family" that they wanted to get into the house. I don't mind losing out on a house because of this - I mind the giant conglomerates\investors who just throw millions around because they can and me losing out because I am not made of money.
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The Following User Says Thank You to Ben M. For This Useful Post: | ||
#128
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Along thoses lines...
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__________________
“Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan Press On! has solved and always will solve the problems of the human race.” ― Calvin Coolidge |
#129
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I still think this comes down to the wealthy (individuals and corporations) see that significant inflation (maybe not hyper, but significant) is coming and the last place they want their money is on a bank account spreadsheet while tangible assets increase.
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#130
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Have a hedge against inflation, is called a 3% fixed mortgage. Heard of people recently getting even better rates.
Prices in O'town seem to be flattening. May be because northeners are discovering what summer is like, sales usually are strongest in winter. Could not duplicate my home anyway, will probably be in estate sale or on CarProperty.com. |
#131
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I've had a sub 3% mortgage for years. I can get below 2% right now.
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#132
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But that 3% is against standard inflation.
Without getting political there are questions as to what kind of inflation we are going to see over the next few years ranging from above average to insane. And most of these people aren’t financing the property, they are just pulling the cash out of the banks. I’m not a banker by any means- will it cause a problem when a significant amount of $$ is pulled out of private banks? Does it make a difference if 100 people have 10k in the bank vs 1 person having $1M? |
#133
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Quote:
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My money talks to me-it usually says goodbye! |
#134
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I don't have anywhere near a million dollars in the bank, but I pay absolutely ZERO fees. I have no fee checking, a sub 3% mortgage (obtained 5 - 6 years ago and get paid 1.5% interest on the balance (up to $15,000) in each of our 2 checking accounts. Over $15,000 only get .2% interest. I could get a sub 2% mortgage right now with no closing costs, but as noted earlier in this thread, we just sold our house (closing on or about 1 November). Pick the right financial institution and learn their programs. Don't bounce checks and pay your mortgage/car payments on time and you shouldn't have any fees to worry about. |
#135
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Mortgages.... yuck. Debt free, and determined to stay that way. Best thing about debt is getting rid of it.
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Clutch Guys Matter _______________________________________ 53 Studebaker, 400P/th400/9" 64 F-85 72 4-4-2 Mondello's VO Twister II 84 Hurst/Olds #2449 87 Cutlass Salon 54 Olds 88 sedan |
#136
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I won't argue that debt free is good. But if you have debt, a home mortgage is the best debt to have. In most cases, a home appreciates.
Owing money on CC's is never a good thing. Owing money on daily driven vehicles is not a good thing. Owing money on boats, motorcycles, campers and motor homes is not wise. I cringe every time I see an ad promoting "no money down"... Bottom line, if you can't sell an item for more than you owe on it, it's like a noose around your neck. |
#137
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Been using a credit union for years (it has changed more than I have). Have a 3% mortgage as a hedge, hear people are getting 2.5% recently. Also have a low interest line of credit that just keep alive in case (loans are not taxed)
Once retired and concerned about RMDs and IRMAA and MAGI, plus Parts A-D. particularly if been saving all your life, things get complicated. For example if MAGI is too high then Medicare premiums go up. Is a juggling act with several agencies waiting to pounce. Is worse if have an empty nest. Can get to a point where any income would cost more in taxes and premiums than you receive. Modern times. |
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