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Mother Effer: Housing related

We did not get the house.  And you wanna know why.  The winning bidder came in with ALL CASH (and higher than our bid).  No mortgage whatsoever.  How in the world could any semi-rational person compete with that? 

Oh well - back to the drawing board.

image Mabel the Loser.

Re: Mother Effer: Housing related

  • that seems like a stupid thing to do, investment-wise.   I'm pretty sure financially smart folk would look way down on that
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  • That sucks. I'm sorry. I hope you find something awesome soon!
  • aww, sorry november, I hope you find an even better house.  I bet it's haunted anyway.

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  • BOOOOOOOOOOOO!

    I'm sorry November.  But you will find your house!


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    The nerve!
    House | Blog
  • I think Tim Riggins just did that on Friday Night Lights.

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  • Thanks!  I totally agree, Sam.  It seems really dumb to tie up all of that cash in a house, especially when rates are so low right now.
    image Mabel the Loser.
  • that sucks. : (

    while I'd generally agree that the kind of cash flow used to purchase a house outright should be invested elsewhere, the general interest rates and market is so slow that it might be better to just avoid the 5 1/4-1/2 percent mortagage interest.  Especially if they are looking to move again in the next few years.

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  • Whoa, it is hard to compete with that.  Especially because they're clearly involved in the mafia. 
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    "That chick wins at Penises, for sure." -- Fenton
  • That sucks :( Hope you find something else soon!

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    Claire Elizabeth 12/31/2011
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  • I'm sorry. I heard it had mold,you don't want that stinky ol house anyway.
    image Ready to rumble.
  • why would it be bad to pay for a house in cash?  I have a pretty low interest rate on my house, and I'm still going to wind up paying over $200,000 in interest over the course of my 30 year mortgage. That sh!t really adds up. My heart almost stopped when I saw what the total amount of my payments would be over time. If you could avoid that, why wouldn't you?  I mean, a house is still an investment, so it's not like you're just tying up that money.

     

    Sorry about the house november, that really sucks. Hope you find something better soon!


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    Baby Boxer is coming! 5.23.12
    www.focushunting.com
  • I'm sorry, November, that sucks big time.  The same thing happened to us on a number of offers we put in.  What was even more annoying was a good friend of mine was house hunting at the same time and her father ended up buying her a $200K+ house and paying cash...and then did the same thing for her sister.  My cousin's boyfriend's parents also just bought them a condo and paid cash.  It was hard to excited for them because it just doesn't seem fair.  Especially since I don't have a fairy godmother giving me a couple hundred grand for a house. 
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    "Once I got a bath bomb that, once exploded, filled the tub with confetti. Little sharp metallic pieces of confetti. The product description said nothing about confetti. Oh look, there's a tiny, sharp metallic blue star stabbing me in the labia. HOW RELAXING. " - NoisyPenguin
  • The a-holes that backed out of our contract were making a cash offer.  As much as I want to kick them in the shins for getting our hopes up, I hope everyday that they change their mind and come back.  Cash offer = less closing costs.
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  • imageboxerfan:

    why would it be bad to pay for a house in cash?  I have a pretty low interest rate on my house, and I'm still going to wind up paying over $200,000 in interest over the course of my 30 year mortgage. That sh!t really adds up. My heart almost stopped when I saw what the total amount of my payments would be over time. If you could avoid that, why wouldn't you?  I mean, a house is still an investment, so it's not like you're just tying up that money.

     

    Sorry about the house november, that really sucks. Hope you find something better soon!


    I guess the thought is that the mortgage rates are hovering around 4.5% right now, so that's pretty cheap money.  You can (in theory, at least) earn enough if that money were invested well that it would work out better in the long run.  In general, it's always better to have cash on hand rather than wrapped up in an asset, especially if that asset may not be appreciating much (ie housing for the foreseeable future). 

    image Mabel the Loser.
  • That is a major bummer. I hope you find your house soon.
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    11/11/11 = 5 years. Woah!
  • I'm sorry Scrooge McDuck drained his money bin to buy your dream house.

    Seriously, though, I've "lost' a house before, and it sucks.  But something just as good, or better, is surely out there.

    image
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