OC

from this week the rates jump about 4% up. Whats the point of the feds cutting the rate and just make it jump so fast up again Well personally I was thinking the rates were going to continue to fall because of the conforming loans that will pass, I was dead wrong. There saying the bonds stocks crash. But it seems like there setting up all the people that are about to refinance and would have no choice and will refinance with the higher rates. The market is already slow on buyers, now they just raised the rates they just made a lot of people not want to buy again. - Fri Feb 22 2008, 09:15

would it be a good idea to offer 10% less of the property listing of any REO homes? lets say $300,000 and offer $270,000? But you guys are saying it all depends on the comparables on the area that the banks don't want to own properties but there just not going to sell them for a cheaper price... Thank you for all your replies its been a big help to us. - Thu Feb 21 2008, 11:04

I apologize to you Jim for my comment. I know a couple of people including family friends and coworkers that are losing their houses due to foreclosures. They borrowed what they could not afford and got influence by their realtor to buy houses they could not afford. You can not deny that realtors have a big influence on people purchasing their homes. Again sorry but thank you for your info about the banks.

I guess my pricing of 2100 sqft 4000-5000sqft lot house for $250,000 for the area is still off. I will just wait and see if the prices still fall. For now I have my 20% ,I do not want to pay for PMI. I will just save for our closing cost. It just doesnt make sense to pay $300,000 2100sqft for a used house when KB Khovs Lanar new houses with appliances and granite and brand new for the same price xcept with HOA. The banks need a better pricing system or all these houses will sit on the market... - Sun Feb 17 2008, 17:13

I see it this way. If I buy it from the bank and get the loan at the bank lets say at $250,000. With my $50,000 down. I will need $200,000 loan @ 5% for 30 years. The Bank would make $186,512 interest plus my $50,000. My total payment for the house $436,512 in 30years. So now another buyer offering $290,000 but with a different lender to pay off that amount, they would rather go for that buyer? I know its cash right away but they would be losing $146,512 assuming we keep if for entire loan. Do the bank want us buyers to lend from their own bank or just get paid off by another lender and get the house off their books?

I just see it as the bank wants more $ and realtors want us buyers to lend more $ to get a higher commisions. How about doing the right thing helping people and getting paid... What percentage of realtors do you think screwed home buyers from subprime loans and telling other people to loan more than they can afford. Foreclosures are first the buyers fault + realtors pushing them to loan and then lenders letting people borrow money they cant afford... Jim how many people have you screwed??? how do you sleep? - Sun Feb 17 2008, 00:44