Posted on 07/15/2014 2:09:47 PM PDT by SeekAndFind
(Excerpt) Read more at businessinsider.com ...
The flowchart does not apply to Eric Holder’s people. It is illegal to deny them a loan. It is illegal to foreclose on them. Reparations!
Don’t get the question about “lived in the area before? “
Banks should be obligated to use this chart with potential mortgage customers.
I don’t either.
I also wonder about the phrase ‘be your own super.’ I think I know what the author means but i’m going to guess that it is a distinct regionalism.
A Super is a very common term used in dense cities like NYC.
Short for A “building superintendent” or “building supervisor” (often shortened to super) is a manager responsible for repair and maintenance in a residential building.
“lived in the area before? “
trying to say: don’t buy a house in city/town you’ve never lived in. Rent for a while to decide if safety/schools/locals
meet your expectations.
“be your own super”
trying to say: can you fix the stuff that will break or will you have to pay someone.
It’s as I presumed. I’ve lived in a few dense places but repairs were something I’ve always called in to ‘landlords’ or ‘maintenance.’
I bought because I could,, and they let me...
I rented a house for 8 years and basically bought the house twice what the house originally built and sold for...
Most stress free job in the world.
Free rent, no commute, and all you do is easy repairs, the big stuff you call in professionals.
One of them is near 70 and looks like he's 35.
I have nine years to go on my house. W00T!!
I’ve designed electronic circuitry that was much simpler and much more useful.
This chart ignores factors like whether home prices and/or interest rates are going up or down. Historically, buying was better because buyers could participate in appreciation while renters paid ever-increasing rents. Now I wonder whether I’ll be able to break even after improvements and paying real estate agent’s commission.
IMHO - The question about “have you lived in this area before” suggests that you are more likely to want to move away if you answer “yes”; thus, you should rent. Similar to the first question in its logic.
If you are brand new to an area, you may not be aware of very specific geographical items that affect home value. Some school districts look great on paper...but they really aren’t great, for example. Or the police are doing Mickey Mouse things with the crime stats, to hide the crime rate. Also, locals are more aware of which areas are soon to be annexed...or maybe scheduled to be part of a special tax district to pay for an intersection, etc.
Unless you're familiar with an area, you could be buying into an area with a lot of problems or problems on the horizon.
Rules I used when purchasing out-of-area:
1. If houses for sale aren't very rare in the area, be sure to know why. Also research how long it takes to sell a house around there. More than a few nearby foreclosures, be very careful.
2. A rule from a few years ago from Forbes: Know what's on all four sides of you.
3. I asked some teens how they liked the police in town. They said they hated them, so I bought the house.
It's simple. Would you want to jump into a 30-year mortgage in an area full of meth-heads, pit bulls, boom-boom music 24/7/365, rapists, car-jackers, murderers, car vandals, and other assorted Democrats?
Real estate critters do not disclose such critical info to potential buyers. The buyer would need to rent in an area to know if it is suitable for humans. Appearances are deceiving.
The cash tips for favors can be quite hefty for supers in Manhattan.
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RE: “Have you lived in the area before?”
In my neck of the woods (i.e. New York City and suburbs ).
Immigrants from a lot of Asian countries (e.g. China, Taiwan, Korea ) are usually familiar with an area even when they’ve just arrived for a few months.
They usually:
1) Look for the area with the best schools.
2) Look for the area where people of similar ethnicity tend to want to buy.
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