We've hit a bump in the house buying road......

[scammer]

Cool. I just wanted to say it because WE didn't do it on our last house... and the resulting remodeling is the primary cause of the debt that is putting us into BK.

BINGO

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Below is not directed at Jeepmommy or anyone else, but if the shoe fits, wear it. I can tell that she doesn't want any help, good judgement isn't ruling here. Thats why I stopped posting this morning and walked away.
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The term is "upside down" and eventually someone pays. So little equity is built up in the first five years. Than add the fact that an individual buys at a premium is a disaster waiting to happen. Job transfers, lose job, downsze, upsize, or whatever these people are stuck in these properties and can't move.

It really comes down to who is the last fool in the chain of fools that goes down in flames, unfortunately it usually is the person with no money down, thinking someone has given them a break, and trusts people, lowers there guard, and grossly overpays. Sad..........

[scammer]

I have been lurking around following a few threads, I had to jump in. Did you hear a word scammer is saying. You are so emotionally in this deal, your not letting good judgement decide what to do. Many of the questions and info he asked you to obtain, you have yet to get. My personal feelings are people that have nothing to put into a deal, known as "no money down" are able to be manipulated by sellers. My brother tried to buy no money down, was successful, and bought someone else's bunch of problems. Appraising houses to a degree is a joke, unless it is in a subdivision and the builder has many of the same style. Finding the true value, is very subjective, and influenced by the pressure to complete a deal.

Good luck, and I hope this deal falls through, people with nothing down or savings for an energency shouldn't be buying $100,000 assets. My suspicion is you will get this deal, by stepping up, overpaying, and no worrying about the final price. My guess is your realtor is convincing you right now that the payment on thousands more is only a few dollars over thirty years. This country is all about the payment.


By the way, you didn't ask for any inspections on the offer to purchase did you?

Decent post BM, I just was to timid to stick my neck out that far. I am regulary coming across homes listed 30% to 60% above assessed. I won't look at anything above 10% assessed typically. Most of these over priced are due to "house flippers".

[JeepMom]

Deal is 75% likely dead.

[scammer]

Cool. I just wanted to say it because WE didn't do it on our last house... and the resulting remodeling is the primary cause of the debt that is putting us into BK.

As for the weight on the roof thing? Well, if the roof was properly designed then even 4 layers of roofing isn't going to overload it. Yes, roofing shingles are heavy... but 230 pounds spread out across the 3 square yards or so of roof is no big deal... or even 4 x 230 pounds. If a roof was that fragile, then it would collapse under the weight of snow... or you'd risk damaging it when you walked on it.

What I have seen is heavy sagging, it is only plywood between the 12 or 18 inches. With snow on top of it, ewww, I wouldn't want to be in there. I have a nice twin turbo Porsche, speedo goes to 180 mph, I don't think I want to be driving it to the edge of its limits. Same thing with the roof, maybe four layers with snow will hold...................maybe not, life is to precious, why chance it.

[JeepMom]

Our bank won't even touch this house unless the roof is fixed prior to close. We were going to escrow the money for the roof and the bank said no.

SO, these people are really screwed unless someone comes in and offers cash.

[scammer]

Hey Brokemommy, don't break promises

Were the hell are those boob pictures you promised to put up for me and the boys to evaluate. It is the least you can do since I am working a deal on your timeshare with other benefits 2 U.

[JeepMom]

I'm not the time share boob hussy.

[Danielle1981]

I think if it's in that bad of a condition you should let it go. Something else will come along.

[JeepMom]

They are completely repairing the roof before closing. Closing has been pushed back to 9/7/06.

[brokemommy]

One of only two things happened here;

1) Home is grossly overpriced and owner, doesn't care about throwing $10,000 into it and giving it away to new owners. Because they had so much extra fluff into the price already.



2) Purchaser in desperation overpaid, and came up on price, appraiser goes along, and raises phoney appraisel higher. The greater chain of fool theory.