Riskiest Place to Buy a Home

Voice of San Diego ^ | 4/06/2006 | Will Carless

[ex-Texan]

"Some of the exotic loan products transfer a lot of the risks to the borrower, so you really need to gauge what amount of risk you are comfortable taking on. Are you comfortable having a lot of risk in your mortgage and a lot of risk in your market area?"

Yes or No, people? Are you willing to take a lot of risk in your mortgage by electing an exotic option?

Choise like picking an interest only loan or refinancing on a cheap teaser ARM rate being offered by slick radio advertising spokesmen with deep voices?. [Check the facts?] More to the point: Wait a few months before pledging your life away with a lifetime obligation to repay a lender. The choice is yours.

[Pukin Dog]

Thats right people, believe it. So get out of San Diego now!

(but sell your house to me, when you go) LOL.

[New Girl]

When are you going to stop advertising your personal website through doom and gloom real estate articles?

[roaddog727]

30 year, 20 year, and 15 year fixed mortgages are your friend.

Anything else is like playing Russian Roulette.

[ex-Texan]

Never!

[Pukin Dog]

Wrong.

Cash is your friend.

Locking yourself into a mortgage in this volatility is nuts.

If you don't have cash, RENT.

(but then, rent from me) LOL.

[Petronski]

Blog pimps never change.

[roaddog727]

"Wrong.

Cash is your friend.

Locking yourself into a mortgage in this volatility is nuts."

Unless of course you purchased both your primary dwelling and rental property (which, btw on which I am generating a POSITIVE cash-flow) below 6% in anticipation of just these events wea are currently experiencing.

:-)

Ahead of the curve by 9 months and 20 months respectively.

[Roverman2K]

Agreed, only wish I put all my cash in gold a year ago :(

[Tall_Texan]

Riskiest place to buy a home?

Easy. That town in Connecticut the Supreme Court said could use eminent domain for any dang reason.

[Pukin Dog]

You would be amazed at how little someone will take when they are underwater on a mortgage. :-)

[ex-Texan]

Justice Souter is loosing his house by the same device.

[starbase]

Blog pimps never change.

Yes, but I think I might start hitting the abuse button given the regularity of this. After all, it is against the rules to do self promotion here.

And one thread last week was from a "trade publication" that also sold gold, after the "article" concluded that gold was the thing people should by! That's just plain abuse, as is advertising an outside blog.

[roaddog727]

Gold....

(((((((SHUDDER))))))

When I see the gold commercials on TV I want to scream and run in the other direction. If these guys are pushing gold, we're probably on the brink of a gold bubble meltdown and these bozos want to dumps their holding and stick the poor schnooks with the goods..

NOOOOOOOOOOT me

[ex-Texan]

Er, uh, what da' ya mean, Pukin dog? Foreclosures are cool?? Maybe, I dunno. Do you?

[Serb5150]

San Diego is never going to become real estate quicksand, there's just way too many people that want to move here.

[roaddog727]

Amen brother.

I'm glad I'm not in that position.

[Petronski]

If you're taking up a petition to complain about his abuse, I can think of half a dozen folks who'd like to take part.


This crap makes the whole site look nutty.

[Pukin Dog]

No, foreclosers for losers who don't want to pay their bills.

Anyone in that position is usually also in serious credit card debt too. Those people are only too happy for someone like me to come along, who will pay off their bills and give them moving expenses to go anywhere in the U.S. they want, in exchange for the title to their home. They get a new start without having to file bankruptcy, and I get a house for almost nothing. Then I pay it off, toss in some GOOD tenants, and count my money. As another poster mentions, everyone wants to live here, so there is no shortage of renters available.

[New Girl]

Please count me in!