Chris Jaffier

Hello Tina, did you sell your house? - Fri Aug 29 2008, 14:05

Good grief, Nicholas! Sorry to hear that, man.
But you see, you just proved my point. More of US need to be like YOU! Not living in smelly houses, but making the decision to not play the game. You are more knowledgeable than myself when it comes to current affairs. I know nothing of the stock market or futures. Only what they tell us on the news. I didnt see the signs and I'm sure many others didn't either. But guess what. It probably wouldnt have made a difference anyway because desire (disguised as may I say it, greed) gets the better of us. Not all of us.
This has been a learning experience. I read the papers now though. I'm on forums like this one connecting with good examples like yourself. Your situation makes mine look like a walk in the park.
My car is almost ten years old and is in bad need of a service (anyone out there willing to donate one of their 3 cars sitting on the driveway doing nothing, to me?) I pull up at the traffic light and look across at some nice rims and beaming new car thinking, one day. Then I think to myself, if I could refinance one more time and buy some new wheels, would I or wouldn't I. I can quite honestly say right now, I wouldn't. We have learned to live on less and it actually feels good.
Let me know if you need a place. I am in contact with investors who have properties available for rent. - Tue Aug 26 2008, 12:08

Perhaps 'greedy" was the wrong term. Also I didnt mean I was greedy or that everyone was greedy. Just those that are.
But I have to disagree. Its not complicated nor is it oversimplified.
Do you agree that people in general didnt expect the market to tank, and that house prices would fall, and that they expected to refi at a fixed rate at the end of the ARM? Cant predict the future, but who would of thought that gas prices would double in 5 years?

I'm speaking from personal experience. I live in a nice neighborhood, nice schools, decent sized houses. But builders in the area went crazy. Each new development saw larger houses, smaller lots (which is ridiculous), and starting prices always increased by at least 20%!! Wouldnt have happened if it werent for sub-prime lending.
Friend of mine is single, lived in a 4 bed house by himself (does he really need 4 beds? Another thread maybe), but then decided he wants a 5 bed (with a smaller lot). Without going into details he is now in foreclosure. Is that oversimplifying or complicated? Stupidity, ignorance, up with the Joneses?
That's just one example and you KNOW there are thousands more. The sub-prime lending saga and the lure of the American dream of home ownership made it easy for us to fall into this trap. Greedy realtors (not all), greedy loan officers (not all) and greedy builders (again not all). Simple.
Did we have this problem back in the old FHA 3% down 30yr fixed days?

Look. Your points are perfectly valid. My response is to those who purchase houses, cars and any other item they KNOW they cant afford but do it against their better judgement with or without expert council. My response is to those who have made or about to make mistakes. There is more than enough information out there now to make informed decisions. People from all walks of life and educational backgrounds are effected. We the people have the power. Xmas shopping profits was one of the worst in years according to the media. Because the people had no money or credit! Who manages your money and credit? The realtors, loan officers and banks? No. You do, I do, we do.
Just because you paint a pretty picture doesnt mean I have to buy it.
Yes, plenty of people want to do the right thing, but it looks like plenty of people don't. - Tue Aug 26 2008, 11:09

Wow! I dont think I've ever come across a thread with so many answers! 39 pages and counting..
Simple answer is this. Everyone needs to stop pointing fingers. I'm upside down because I signed on the dotted line. Not the realtor, not the bank , not GOD. Me, I signed it. I made my bed and now.....yada yada yada.
Folks, if we ALL live within our means this fiasco would probably not taken place. Greed will get the better of us EVERY time. We just have to choose wisely. - Tue Aug 26 2008, 08:44

Krista,
I believe there are a ton of folks who want your house. Problem is the banks have stricter rules for qualifying, even if you have A credit! Because of this, we now have a huge pool of potential buyers with no way of getting the funds they need to purchase a home. Folks in the DC metro have the income but that's not enough, as you already know.

I have a program that EVERYONE in or out of the RE business can use to finance deals.
Sellers can sell their homes quickly, at FULL MARKET PRICE! No need to reduce the price or offer buyer incentives.
Realtors, investors and builders can close more deals by helping their clients sell.

A house in my community has just gone under contract...after a year on the market! It could still fall through. But that wont happen with our program. Buyers are prequalified and deals are funded. Seller receives cash at closing.
Everybody on this thread owes it to themselves and their clients to at least TRY this program. No cost to buyers or sellers.
Go to my website and sell your home in the next 30 days. http://www.SellerWillFinanceNote.com

After you have sold your house, use the program again to buy your next house. - Mon Aug 25 2008, 05:48

To the divorcee and everyone on this thread. If any buyer is unable to qualify for a mortgage, consider using the Home Seller Assist program. Its designed to help sellers sell their house by providing the financing a buyer needs. Realtors, mortgage originators and investors can benefit from using this program. Request the book for full details from the website below. - Thu Aug 14 2008, 14:45