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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Are we crazy to continue? WWYD?
DH and I have an accepted offer on our coop and will be in contract by the end of the week. I feel absolutely ridiculous doing this / saying we're doing this given the current state of affairs. The buyers already have a mortgage set up for them for our development (long story) and of course anything can happen but I believe they will more likely than not be fine to go forward.
Assuming they are, is it absolutely insane to do this right now?
WWYD?
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Posted 9/30/08 9:52 AM  |
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Prudential Douglas Elliman Real Estate
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Are we crazy to continue? WWYD?
If you are in a solid financial position, why wouldn't you do it? Good luck :)
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| Posted 9/30/08 9:53 AM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: Are we crazy to continue? WWYD?
I think for the seller, they should def want to sell soon, especially since they are saying that housing is going down (who knows though). I am on the other end, and all of a sudden getting nervous...I don't think there is ever going to be a perfect time though.
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| Posted 9/30/08 9:54 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Are we crazy to continue? WWYD?
Are you concerned about you being able to find a home after you sell? I wouldn't worry about the buyers--it's been more difficult to become approved in recent months, so if they were approved, I wouldn't worry.
But we're also house hunting, and there haven't been ANY new listings for the town where we are looking for the past month. It's definitely slowed down, and the only thing that would concern me is finding a home for you (unless you put in the offer contingent on you finding a home).
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| Posted 9/30/08 9:55 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Are we crazy to continue? WWYD?
Posted by want2beamom
I think for the seller, they should def want to sell soon, especially since they are saying that housing is going down (who knows though). I am on the other end, and all of a sudden getting nervous...I don't think there is ever going to be a perfect time though.
That's what I'm thinking - as the seller, I want to get out NOW if I'm even considering getting out any time in the next 4 years.
We will then, though, be on the other side as a buyer. Though having had a mortgage and both of us with credit scores well over 750 I *think* we'll be ok. This whole thing is just making me nuts 
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| Posted 9/30/08 9:56 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Are we crazy to continue? WWYD?
Why do you feel ridiculous... don't you want to sell? Are you selling for less than what you owe on the mortgage? Are you moving into a house or are you going to rent?
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| Posted 9/30/08 9:56 AM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Are we crazy to continue? WWYD?
As long as you can get pre-approved on the mortgage amount you would need, then I don;t think its a bad time. Good luck!
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| Posted 9/30/08 9:58 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Are we crazy to continue? WWYD?
Posted by nov04libride
Are you concerned about you being able to find a home after you sell? I wouldn't worry about the buyers--it's been more difficult to become approved in recent months, so if they were approved, I wouldn't worry.
But we're also house hunting, and there haven't been ANY new listings for the town where we are looking for the past month. It's definitely slowed down, and the only thing that would concern me is finding a home for you (unless you put in the offer contingent on you finding a home).
Honestly, I'm not sure what I'm worried about in particular  I just feel crazy in one breath lamenting Congress for not having passed this bill, for the Dow dropping 778 points in a single day, for the "no end in sight" and then "oh by the way, we're in the process of selling our co-op and buying a house" 
I agree on the lack of inventory but we have already narrowed it down to a few homes in the area we like. We won't be looking for our forever home so we're not constrained to that. As long as it meets our needs for the next 5-10 years, we'll be happy.
Thank you all for replying, by the way - you're helping put my mind at ease.
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| Posted 9/30/08 9:58 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Are we crazy to continue? WWYD?
Posted by CaMacho
Why do you feel ridiculous... don't you want to sell? Are you selling for less than what you owe on the mortgage? Are you moving into a house or are you going to rent?
Oh no no no - we'll be making about $85K above what we paid 2.5 years ago and the purpose is to get into a house.
I dunno, I just felt silly with the market doing what it's doing going out and selling / buying real estate right now 
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| Posted 9/30/08 10:00 AM |
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ready2ttc
LIF Toddler
Member since 8/08 383 total posts
Name:
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Re: Are we crazy to continue? WWYD?
I actually think that this is a good time to buy for those with excellent credit. Rates are great, and I don't see prices in the high demand areas lowering much in the future (though there may be a slight decrease like we saw in the past year or two).
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| Posted 9/30/08 10:09 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Are we crazy to continue? WWYD?
Posted by Leeners
Oh no no no - we'll be making about $85K above what we paid 2.5 years ago and the purpose is to get into a house.
I dunno, I just felt silly with the market doing what it's doing going out and selling / buying real estate right now
It seems like you are in a great position to sell/buy. Don't feel silly, you know what you can/can't afford and as long as you stay within your means you'll be fine!
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| Posted 9/30/08 10:14 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Are we crazy to continue? WWYD?
If you are making a profit on the sell of your property and can afford the mortgage on a new house, I would not worry too much.
Of course, there are risks. How "safe" do you feel in your both your jobs?
The main problem is for people with ARM, who bought houses they could not afford or work in Wall Street/finance businesss.
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| Posted 9/30/08 10:20 AM |
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