Comments on: Housing Misery Loves Company- Across the Pond http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/ Fri, 18 May 2012 02:39:21 +0000 hourly 1 http://wordpress.org/?v= By: JimAtLaw http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8413 JimAtLaw Tue, 30 Oct 2007 02:42:10 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8413 What does it matter what they're willing to put in their will anyway? If they spend it all, which they certainly will, knowing any remaining will go for the benefit of a stranger, you get zip (and that's putting aside the possibility of a new will!). What's stupefying is that a newspaper went to the trouble to print this "offer" as a story. What does it matter what they’re willing to put in their will anyway? If they spend it all, which they certainly will, knowing any remaining will go for the benefit of a stranger, you get zip (and that’s putting aside the possibility of a new will!).

What’s stupefying is that a newspaper went to the trouble to print this “offer” as a story.

]]> By: MikeC http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8412 MikeC Tue, 30 Oct 2007 00:51:38 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8412 Twist&tc: In the article, the guy claims that he'll let the buyer write his will, and then he and his wife will be happy to sign it. What the...?!?! I mean, what is to stop him from secretly writing up a new will the minute after he sign's the buyer-written will? I believe that in the case of multiple wills, the last will that has been written and signed is the one that counts! I guess this guy is getting a lot of attention - which I suppose is what any seller wants. Asset Hunter: >>I’m not sure how that would fit on a HUD-1 >>form!?!? Very small print? :) Twist&tc:
In the article, the guy claims that he’ll let the buyer write his will, and then he and his wife will be happy to sign it.

What the…?!?!

I mean, what is to stop him from secretly writing up a new will the minute after he sign’s the buyer-written will? I believe that in the case of multiple wills, the last will that has been written and signed is the one that counts!

I guess this guy is getting a lot of attention – which I suppose is what any seller wants.

Asset Hunter:
>>I’m not sure how that would fit on a HUD-1 >>form!?!?
Very small print? :)

]]> By: twist http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8411 twist Tue, 30 Oct 2007 00:03:51 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8411 TC- I remember that- didn't she end up being one of the oldest people in the world- well into her 100s as I recall? The gentleman in the photo did look rather healthy, didn't he? At 55, he could be around a long time. TC-

I remember that- didn’t she end up being one of the oldest people in the world- well into her 100s as I recall?

The gentleman in the photo did look rather healthy, didn’t he? At 55, he could be around a long time.

]]> By: tc http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8410 tc Mon, 29 Oct 2007 23:53:03 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8410 I don't think it's that original. I think I saw a 60 minutes bit on the oldest person in the world who at the time was a French lady. Some middle aged doctor bought her apartment from her in some sort of reverse mortgage where the house would convey to him after her death. That was when she was a spry 80-something. Decades after the doctor's demise, the old lady was still in the apartment enjoying her cigs and chocolate, and the doctor's money. I don’t think it’s that original. I think I saw a 60 minutes bit on the oldest person in the world who at the time was a French lady. Some middle aged doctor bought her apartment from her in some sort of reverse mortgage where the house would convey to him after her death. That was when she was a spry 80-something. Decades after the doctor’s demise, the old lady was still in the apartment enjoying her cigs and chocolate, and the doctor’s money.

]]> By: twist http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8409 twist Mon, 29 Oct 2007 23:42:38 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8409 MikeC- I thought I'd seen all the incentives out there- I gotta admit, this is a new one on me. I've seen deals where they've included TVs, cash or cars, but this is the first deal I've seen that you can get a set of grandparents with the purchase. MikeC-

I thought I’d seen all the incentives out there- I gotta admit, this is a new one on me.

I’ve seen deals where they’ve included TVs, cash or cars, but this is the first deal I’ve seen that you can get a set of grandparents with the purchase.

]]> By: formertitleguy http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8408 formertitleguy Mon, 29 Oct 2007 22:29:40 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8408 I know I can't be the only person on earth that has asked: "What could they possibly do for a living at 25 to afford that house?" My point to this is that in most cases (not all) "they" can't afford the $700k note... or whatever it may be. We have reached a considerable threshold. Actually, we broke way beyond the home price threshold and now must come back to the real world. People simply do not afford enough to sustain current prices. This is/will continue to be very painful until people let go of their pride, admit their mistakes and let the market correct accordingly like it will regardless. If you are in a similar situation with a liability that was supposed to be an asset, hang on tight. If you are young and have the time you will break even someday....maybe. However, if this was all supposed to be simple business to make quick cash, you have much more difficult decisions to make. Evidently, we are supposed to live in these so-called homes sometimes. Don't get me wrong, I have colleagues doing VERY well in this market (without screwing anyone). However, it's their only business and they can stick a very long time in a downturn (they call it operating costs). Most of them are very uncertain of how this mess will turn out, but the common verbiage is always "supply and demand." Demand will be low until more people can afford and qualify for a home. Perhaps I'm oversimplifying. I know I can’t be the only person on earth that has asked: “What could they possibly do for a living at 25 to afford that house?” My point to this is that in most cases (not all) “they” can’t afford the $700k note… or whatever it may be. We have reached a considerable threshold. Actually, we broke way beyond the home price threshold and now must come back to the real world. People simply do not afford enough to sustain current prices.

This is/will continue to be very painful until people let go of their pride, admit their mistakes and let the market correct accordingly like it will regardless.

If you are in a similar situation with a liability that was supposed to be an asset, hang on tight. If you are young and have the time you will break even someday….maybe.

However, if this was all supposed to be simple business to make quick cash, you have much more difficult decisions to make. Evidently, we are supposed to live in these so-called homes sometimes.

Don’t get me wrong, I have colleagues doing VERY well in this market (without screwing anyone). However, it’s their only business and they can stick a very long time in a downturn (they call it operating costs). Most of them are very uncertain of how this mess will turn out, but the common verbiage is always “supply and demand.” Demand will be low until more people can afford and qualify for a home. Perhaps I’m oversimplifying.

]]> By: Asset Hunter http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8407 Asset Hunter Mon, 29 Oct 2007 22:20:55 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8407 MikeC - That is an interesting article!! I'm not sure how that would fit on a HUD-1 form!?!? :-) MikeC -

That is an interesting article!!
I’m not sure how that would fit on a HUD-1 form!?!? :-)

]]> By: MikeC http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8406 MikeC Mon, 29 Oct 2007 20:06:43 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8406 I just saw this story...and didn't see it on the sidecar. Some sellers ar becoming very *creative* in their desperation to sell right now: "Bob and Ricki Husick came up with a more creative twist: Whoever buys their four-bedroom, 31/2-bath home on Fountain Hills Drive in Pine would get their money back after the Husicks die." And in other news, I have a bridge to sell anybody that is interested! http://www.post-gazette.com/pg/07302/829344-30.stm I just saw this story…and didn’t see it on the sidecar.

Some sellers ar becoming very *creative* in their desperation to sell right now:

“Bob and Ricki Husick came up with a more creative twist: Whoever buys their four-bedroom, 31/2-bath home on Fountain Hills Drive in Pine would get their money back after the Husicks die.”

And in other news, I have a bridge to sell anybody that is interested!

http://www.post-gazette.com/pg/07302/829344-30.stm

]]> By: toysarefun http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8405 toysarefun Mon, 29 Oct 2007 18:07:53 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8405 Jeez, now the CEO's and the big shots are starting to whine. The impact seems to be that it's not as easy to screw the little guy today as it has been the last few years. Or maybe the little guys are tapped out. Jeez, now the CEO’s and the big shots are starting to whine. The impact seems to be that it’s not as easy to screw the little guy today as it has been the last few years. Or maybe the little guys are tapped out.

]]> By: JimAtLaw http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8404 JimAtLaw Mon, 29 Oct 2007 15:33:50 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8404 AZMiller - They are saying, wait, you'll see, it'll turn around next year and we'll be right back to 20% a year appreciation - you should buy quick while prices are down a little bit! However, it appears that along with those of us who have been paying attention for a while, <a href="http://www.irvinehousingblog.com/2007/10/28/housing-valuations" title="Irvine Housing Blog, October 28" rel="nofollow">Goldman Sachs now disagrees</a>... AZMiller – They are saying, wait, you’ll see, it’ll turn around next year and we’ll be right back to 20% a year appreciation – you should buy quick while prices are down a little bit!

However, it appears that along with those of us who have been paying attention for a while, Goldman Sachs now disagrees…

]]> By: azmiller2008 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8403 azmiller2008 Mon, 29 Oct 2007 13:32:59 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8403 Why would anyone get into an investment to lose money every month? When I lived in the Bay area a few years ago, the wisdom was to buy a house, rent it out and lose $1,000 a month. That was OK, because homes had been appreciating by $10,000 a month. So you were really making money by losing money. Now they are turning south by the rate of $5,000 a month, I would like to hear what those folks are saying now. Why would anyone get into an investment to lose money every month?

When I lived in the Bay area a few years ago, the wisdom was to buy a house, rent it out and lose $1,000 a month. That was OK, because homes had been appreciating by $10,000 a month. So you were really making money by losing money. Now they are turning south by the rate of $5,000 a month, I would like to hear what those folks are saying now.

]]> By: sequoia512 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8402 sequoia512 Mon, 29 Oct 2007 11:59:20 +0000 http://housingdoom.com/2007/10/29/housing-misery-across-the-pond/#comment-8402 I read somewhere that 70% of all UK wealth is in RE. If that is true they are screwed. I read somewhere that 70% of all UK wealth is in RE. If that is true they are screwed.

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