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Re: Time to buy?
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that's the american spirit - real estate market be damned!

Quote:

FGJCNJ1970 wrote:
All I know is... with this foreclosure madness... Even if I stick around for 30 years... (so underwater, it would take that long to get back to when I bought)...

I really wonder if Chase would be able to really produce the deed/note to my condo. I don't think they have the note.

So after having done a calculator at www.youwalkaway.com, I am really thinking about walking away. I could stay here free for 1, 2, 3 years... pay off the credit cards... and live for free.

Sure my credit would be tarnished for 7 years, but why stick around for 27 more years and pay through the roof in ever and ever rising property taxes.

Over 30% or more increase since I bought in 2007. And with this reval coming. YIKES.

Why should I stick around when I am so underwater that I will loose money on my condo. Might as well cut and run.

FG

Posted on: 2010/10/11 14:59
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Re: Time to buy?
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I agree you shouldn't pay twice as much to buy something as it is to rent it. Just wait for market to go down more. It's likely to cost somewhat more to own verses rent but twice as much is bubble-land prices still. Owner-occupied two-families and 3-families can certainly tell their tenant they need to leave. They have to give them adequate notice or simply don't renew their annual lease. I don't know the law for larger apartment buildings but banking your security on the owner in today's " just walk away from your mortgage" environment, I would think, does create any feeling of long-term security for a tenant.
I think if you're really really underwater, it makes sense to walk away. I'm going to hang in there because I don't think it'll take 30 years for me to break even and I've put a lot of work into the house. So far as the property tax reevaluation, if you bought at the height of the market, your taxes should stay the same and if they raise them, then you appeal. A lot of people have been successfully appealing.

Posted on: 2010/10/11 14:21
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Re: Time to buy?
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Lowest interest rates in decades, hell yes it's time to buy. Probably not in JC nor NJ though.

Posted on: 2010/10/10 4:08
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Re: Time to buy?
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A point maybe not precisely germaine but touched upon by FGJ:
If a homeowner is protected by law, moratorium on eviction, or whatever you want to call it and be allowed to continue to live in his home without making any further payments, why then should ANYONE be allowed to be evicted by a landlord or a court for non payment of rent.

Either you must pay for what you have bought or rented or you need not...there should not be two seperate sets of rules/laws/regulations.

Owners have not been blessed by God nor renters cursed by Satan. Instead we are here to be ruled by equitable laws.

So "saving homeowners" often translates to saving deadbeats who have taken hundreds of thousands out of equity in refinancing and are now crying crocodile tears.
"Save me from the evil banks who MADE me take out $200 thou for the Lambourghini. Now I'm under water."

Posted on: 2010/10/9 17:45
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Re: Time to buy?
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Except for one thing Spider, how do you know your landlord will "take care of maintenance and other headaches"? I'm the best landlord I know. I get right on whatever the problem is, and I hire quality people to get the job done right. Your landlord will require 3+ request and several arguments only to hire some scumbag to do the least required to consider the "headache" "solved."

Posted on: 2010/10/9 3:08
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Re: Time to buy?
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Quote:

spider wrote:
unless i make the kind of money to buy a place with cash im going to rent til im dead. even if you pay off your mortgage thirty years from now how can you feel like you own something if you are still paying property taxes? might as well have a landlord to take care of all the maintenance and other headaches.

If you can rent something that equates water & sewage, insurance, taxes, repairs and maintainence then you've won because you can't get either back. The money you spend on the place is locked in till you sell it, and hoping you will at least break even with the sale.

Posted on: 2010/10/9 3:04
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Re: Time to buy?
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All I know is... with this foreclosure madness... Even if I stick around for 30 years... (so underwater, it would take that long to get back to when I bought)...

I really wonder if Chase would be able to really produce the deed/note to my condo. I don't think they have the note.

So after having done a calculator at www.youwalkaway.com, I am really thinking about walking away. I could stay here free for 1, 2, 3 years... pay off the credit cards... and live for free.

Sure my credit would be tarnished for 7 years, but why stick around for 27 more years and pay through the roof in ever and ever rising property taxes.

Over 30% or more increase since I bought in 2007. And with this reval coming. YIKES.

Why should I stick around when I am so underwater that I will loose money on my condo. Might as well cut and run.

FG

Posted on: 2010/10/9 1:57
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Re: Time to buy?
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Quote:

bunny22 wrote:
Rent plus utilities should be roughly the same as a mortgage payment in a non-bubble market. If this were the case, it would make sense to buy rather than rent. Rents will always increase over time. Mortgages decrease overtime (slowly at first because it's all interest which is also tax deductible). By the time I'm 65, I'd pay off the mortgage and be left with a few hundred a month for property taxes verses a few thousand...Also, when you own, as long as you cough up the cash every month, nobody can make you move. With a rental, you're at the mercy of the life decisions of your landlord--"You have to move because I'm selling the house" or "My cousin needs a place to live so I'm renting him your place. Sorry." If you own a dog and 2 cats (like I do) and need to suddenly find a new rental--that's a stressful situation. I'm also the type of person who cares deeply about wall colors and decorating and "nesting." I realize not everyone is so invested emotionally in their home.


i thought NJ rent law is usually sympathetic to tenants, not landlords. can they really just kick you out that easily?

Posted on: 2010/10/9 1:38
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Re: Time to buy?
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Bunny,

For some, me included, a lot of your reasons for ownership are quite valid but what if the very real situtation of mortgae, taxes, insurance and maintenance are more than twice the cost of renting the identical same place?
That situation pertains in a lot of Jersey City.

Posted on: 2010/10/9 0:28
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Re: Time to buy?
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Rent plus utilities should be roughly the same as a mortgage payment in a non-bubble market. If this were the case, it would make sense to buy rather than rent. Rents will always increase over time. Mortgages decrease overtime (slowly at first because it's all interest which is also tax deductible). By the time I'm 65, I'd pay off the mortgage and be left with a few hundred a month for property taxes verses a few thousand...Also, when you own, as long as you cough up the cash every month, nobody can make you move. With a rental, you're at the mercy of the life decisions of your landlord--"You have to move because I'm selling the house" or "My cousin needs a place to live so I'm renting him your place. Sorry." If you own a dog and 2 cats (like I do) and need to suddenly find a new rental--that's a stressful situation. I'm also the type of person who cares deeply about wall colors and decorating and "nesting." I realize not everyone is so invested emotionally in their home.

Posted on: 2010/10/8 18:49
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Re: Time to buy?
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Quote:

Crazy_Chester wrote:
Quote:

spider wrote:
unless i make the kind of money to buy a place with cash im going to rent til im dead. even if you pay off your mortgage thirty years from now how can you feel like you own something if you are still paying property taxes? might as well have a landlord to take care of all the maintenance and other headaches.


You think property taxes and maintenance aren't a factor in your rent?


Of course, but that's the landlords responsibility. You don't have to worry as much renting, and my rent+utilities is much cheaper than any mortgage payment, and that's before you throw in all the other costs of ownership. I'm just saying a lifetime of me renting could end up being half as much as buying. This is specific to me though, I'm just saying you aren't necessarily throwing away money if you rent.

Posted on: 2010/10/8 17:47
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Re: Time to buy?
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Quote:

spider wrote:
unless i make the kind of money to buy a place with cash im going to rent til im dead. even if you pay off your mortgage thirty years from now how can you feel like you own something if you are still paying property taxes? might as well have a landlord to take care of all the maintenance and other headaches.


You think property taxes and maintenance aren't a factor in your rent?

Posted on: 2010/10/8 17:34
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Re: Time to buy?
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unless i make the kind of money to buy a place with cash im going to rent til im dead. even if you pay off your mortgage thirty years from now how can you feel like you own something if you are still paying property taxes? might as well have a landlord to take care of all the maintenance and other headaches.

Posted on: 2010/10/8 15:51
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Re: Time to buy?
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Quote:

Xerxes wrote:
Yep,

If I could do it all over again, I would definitely be a banker or a Mafioso...or a Jersey City politician: the three best paying jobs, all of equal morality. The first two hold an edge because they can even tell PRESIDENTS what to do.

DRAG ME TO HELL was delightful with the old gypsy woman putting a curse on the annoying banker-chick.


Are you kidding me? I would become a police officer. 0 student loans, retire before 40, pension and legally killing thugs as well as free drugs!

Posted on: 2010/9/29 13:25
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Re: Time to buy?
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Yep,

If I could do it all over again, I would definitely be a banker or a Mafioso...or a Jersey City politician: the three best paying jobs, all of equal morality. The first two hold an edge because they can even tell PRESIDENTS what to do.

DRAG ME TO HELL was delightful with the old gypsy woman putting a curse on the annoying banker-chick.

Posted on: 2010/9/29 13:05
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Re: Time to buy?
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Quote:

Sutherland wrote:
The banks have definitely taken over the running of our country and the average citizen is pretty much disenfranchised in the traditional sense of the word. Our votes now really mean very little.


if you can't beat em, join em


Posted on: 2010/9/28 17:58
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Re: Time to buy?
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Don't be so obvious a twat, skepticalhook.

When was the last time you sent a loan application to Barney Frank or Chris Dodd. If a single democratic representative and a single senator can force banks to make loans with a Republican Administration, why then can they not do it NOW...answer, becasue your position is stupidly laughable.
Did you see a single word about this economic mess that blamed Republicans or Democrats in any of my posts.

Too bad posts like yours can't be shown in crayon to illustrate the second grade mentality of someone who has only a single channel on his TV...FOX NEWS!

But since you stupidly choose to play politics,

Can you recall who was the Treasury Secretery and his president when the bailout was proposed to congress; and can you recall the amount that was proposed to be used? Hint, the name rhymed with MAUL-SOME. The request was for an unlimited amount but "CERTAINLY" no more than $75 billion...remember, or did they skip that on Hannity?

The financial system was completely destroyed by 2008...and each and every law and regulation that engineered it and drove it off the rails was signed by George Walker Bush with Richard Cheney holding the crayon so he'd stay within the lines.
PS. Check the composition of the Senate between 2000 and 2008...Chris Dodd held no imperial power.


Bassface,
Yes it is SO heartening to know that banks will have weak regulations applied against them...and in 2019 to boot.
Just like the Big Pharma wrote the joke called Medicare D into law, Big Oil writes drilling regulations, Big Gas gets to route the pipelines, and the big banks engineered the bailout, so these same banks get to write their own regualtions.
So although the Tea Baggers are nothing more than the KKK who left their sheets at home, their ppoint is well taken that the country is indeed shot.

Posted on: 2010/9/28 12:53
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Re: Time to buy?
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The banks have definitely taken over the running of our country and the average citizen is pretty much disenfranchised in the traditional sense of the word. Our votes now really mean very little.

EXCEPT, we still hold one huge playing card. It would be totally significant to the redirection of the state of affairs of this country if all citizens banded together and went on a mortgage and credit card boycott for one month. This would entail no one making a mortgage or credit card payment for one month. This would be more significant than any goofy march on Washington. We would then demonstrate who actually CAN control the country.

Interestingly, too many people would be afraid of what this would do to their credit. Which is funny since we expect young men and women to jeopardize their lives for Bush's oil and Chaney's defense contracts, but fear of credit problems paralyzes people.

Posted on: 2010/9/28 3:14
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Re: Time to buy?
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I have never considered buying in JC for two reasons. In the early 2000s I didn't want to commit so much of my money to a place that I will eventually move away from and in the later 2000s the prices were insane compared to renting. Furthermore, I never trusted the JC government having essentially unlimited access to my checkbook (abated taxes delays this but a wise buyer would know that it ends at some point).

Even though prices have come down a bit, when I walk around downtown and look at the recently finished and ongoing construction I wonder where the buyers for so many $500K+ condos are going to come from.

The rent/buy decision is very personal and if "owning" via a mortgage means a lot to someone who never wants to move then it may make sense because it makes them happy. Conversely, for someone who sees "owning" as a long term commitment to pay rent (via property taxes) to the JC/NJ politicians, it's a deal breaker.

Quote:

Xerxes wrote:
I think housing prices in downtown Jersey City will continue downwards perhaps even accelerate because they have held up longer than other locales.

I would wait if I were interested in that particular market but I am not.

Unabated taxes in Jersey City are particularly unappealing.

But rent/buy decisions are personal and variable.My rent/buy decision is particularly easy and has been for some time..

Posted on: 2010/9/28 2:46
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Re: Time to buy?
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Xerxes wrote:
As far as banks paying back the taxpayer money. It ignores the mountain of toxic mortgages that were "bought" by the government at face value.
This largesse to Wall Street and the banking system made the TARP money look like cabfare. Officials, those few who understand an iota of economics, prefer not to dwell on this fact.

If we revalued this toxic debt to actuual value, the number would be BLINDINGLY high.

So, no, the banks that should have failed and the insurance companies that should have failed, and the mortgage companies that should have failed were bailed out for many many TRILLIONS and that debt to the American people will NEVER be repaid.

And as for inflicting pain, anyone who is jobless today can thank Wall Street's greed and fraud.


Keep your head in the sand and keep drinking the dems coolaid. Thank Barney Frank and Chris Dodd for the mess. ?Do you really think the repubs were behind minority loan programs that ignored credit scores?

Posted on: 2010/9/28 1:24
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Re: Time to buy?
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I found VERY IMPORTANT Information that, in my opinion, verifies my original contention that it IS NOT the time to make ANY major purchases right now. The last paragraph blew me away!


TIGHTENING THE NOOSE ON CREDIT - CLICK HERE!

Posted on: 2010/9/27 18:12
>>> IT'S TOO LATE.....<<<
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Re: Time to buy?
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As far as banks paying back the taxpayer money. It ignores the mountain of toxic mortgages that were "bought" by the government at face value.
This largesse to Wall Street and the banking system made the TARP money look like cabfare. Officials, those few who understand an iota of economics, prefer not to dwell on this fact.

If we revalued this toxic debt to actuual value, the number would be BLINDINGLY high.

So, no, the banks that should have failed and the insurance companies that should have failed, and the mortgage companies that should have failed were bailed out for many many TRILLIONS and that debt to the American people will NEVER be repaid.

And as for inflicting pain, anyone who is jobless today can thank Wall Street's greed and fraud.

Posted on: 2010/9/27 13:16
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Re: Time to buy?
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Are you aware that "the fed" is no more federal than federal express? The fed is a consortium of private banks. Wall street is a bunch of private companies.

You Wrote:
"the fed and "wall street" - while certainly related"

Are you kidding me? These guys are married, divorced, remarried, divorced with an upcoming wedding.


You seem to be under the impression that these crooks are on the up and up. They are not. They are scammers, thieves and banksters, not in any particular order. You are a very trusting soul. I wish you the very best.

I stand by my original premise. I would NOT make ANY major purchase right now, period.

Posted on: 2010/9/27 0:53
>>> IT'S TOO LATE.....<<<
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Re: Time to buy?
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the fed and "wall street" - while certainly related - are not usually used interchangeably though. the videos seem to indicate that the fed is stealing(?) money.

also regarding the goldman sachs part of it, they were one of many banks that took and repaid TARP money. in some instances, the firms were solvent enough that they didnt even want to take money in the first place, , but were essentially forced to (JPMorgan). most of these banks have already repaid the money though - with interest.
http://bailout.propublica.org/list

Posted on: 2010/9/27 0:38
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Re: Time to buy?
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Rbnyfan, I hope this explains just a bit of this theft for you.


CLICK HERE & SEE HOW THEY RIPPED YOU OFF TOO!



HERE'S SOME MORE FOR YA!

Posted on: 2010/9/27 0:09
>>> IT'S TOO LATE.....<<<
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Re: Time to buy?
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not sure i follow bassface - what exactly did wall street steal from you, and how did they do it?

Posted on: 2010/9/26 23:06
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Re: Time to buy?
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BUY LAND NOT AIR SPACE when looking for a house

Posted on: 2010/9/26 22:37
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Re: Time to buy?
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Great points, Xerxes! Funny that you mentioned Krugman. I just heard an interview on the radio an hour ago with serial adulterer Newt Gingrinch. Here is his quote, "Krugman doesn't understand the economy"!

So much for the Noble Prize!



Posted on: 2010/9/26 15:28
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Re: Time to buy?
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I agree with Bassface wholeheartedly.

I have wondered for decades what will happen when the last job disappears and there is nobody able to buy ANY goods. Henry Ford had the good sense to realize that to sell cars he had to pay his workers enough to AFFORD them.

And Krugman's line is hard to ignore. To paraphrase it went something like : "For a decade or more the entire economy of the United States has consisted of selling houses to each other at ever increasing prices."

Posted on: 2010/9/26 13:16
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Re: Time to buy?
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I wouldn't make a major purchase right now, period. The US economy is in much worse shape than many people realize. There has been a grand theft and transfer of wealth that has never been seen in history. I wonder how many understand that there are currently almost 750 TRILLION Dollars in bets that have been placed by the crooks and banksters in Wall Street. When they come due soon, there will be no more to steal from us. Then we are in BIG trouble!

Look, we now have crook billionaires, who got billions in taxpayer bailouts, telling us to "get over our anger"!

It's way too late folks, time to get away from the TV!



Taxpayer Bailed-Out Billionaire Gives Us Advice - CLICK HERE!!

Posted on: 2010/9/26 7:57
>>> IT'S TOO LATE.....<<<
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