Comments | kneesroverrated: Un-flippity

kneesroverrated

Un-flippity

Jul 26, 2007 10:33

After much too much waffling, a decision: I'm going to walk away from the flip house ( Read more... )

Comments 11

signeh July 26 2007, 17:20:30 UTC

Good reasons for stopping. Give the housing market six months to recover, but keep looking - open houses are great for ideas and don't waste anyone's time. Does the sheriff there publish foreclosure lists?

(The comment has been removed)

kneesroverrated July 31 2007, 00:50:51 UTC

At least some foreclosures are listed through realtors just like regular houses -- much of what I've been looking at has been "bank-owned". It's not a bad way to go, if you can wade through the extra bureaucracy of buying from a faceless corporation.

kneesroverrated July 31 2007, 00:52:12 UTC

Dunno about the sheriff; I should check into that.

And yeah, I really should start hitting open houses for research purposes.

signeh July 26 2007, 17:21:51 UTC

Also hope back is okay. It's been the kind of day when I hit post too soon.

kneesroverrated July 31 2007, 00:52:46 UTC

I should get the MRI results in the next few days.

treebones July 27 2007, 00:55:24 UTC

I don't know how useful it would be to you, but if you're going to be out in the Ann Arbor area, I should be set up to do bodywork soon. One of the reasons I got the two bedroom in Ann Arbor is so I can set up the massage table more or less permanently. I know Ann Arbor is a bit of a hike, but if it works out for you at some point, let me know.

kneesroverrated July 31 2007, 00:53:27 UTC

I suspect that the hour car ride home might counter any benefit, but I'll keep it in mind.

treebones August 1 2007, 17:41:05 UTC

Any results from the testing yet?

kneesroverrated August 1 2007, 18:09:33 UTC

Nothing yet. If the results don't show up by the end of the week, I shall have to call and nag.

otterwort July 27 2007, 02:25:14 UTC

It's a reasonable decision. Far be it from me to tell someone to rush into a house-buying, especially with the altered market. It doesn't hurt to keep one's eyes open, but taking a house in October, unless there was a lot of interior winter work to do, and a willingness to take the mortgage for a season or longer, would be problematic.

So are mortgage companies still doing the Cthulu mortgages? (Option ARMs, adjustable-rate loans with teaser rates and options to pay interest-only or even less each month.) I think they are, or some variation. For a house that's being flipped, they make some sense, because you certainly expect to be rid of the place before the rates go up.

I guess I'll just have to play with _your_ yard when I visit, then. Or your roof....

kneesroverrated July 31 2007, 00:56:49 UTC

I think the mortgages-of-doom are still out in force. I was looking at a conventional 30-year fixed, since my bank was lending me money based on my credit rating and not my actual income. But if I'm ever not broke, I'll definitely be looking at doom-mortgage options.

I guess I'll just have to play with _your_ yard when I visit, then.

Deep in my heart, that's one of the best things about passing on the flip. ;-)