How about bad judgment? If one paid too much for an over priced dwelling, I’d think it would be a lesson for the next purchase, pay what you think it is worth within your budget
Or idiots like myself who refinanced and "consolidated" my credit card debt, my truck payment, etc.
And then to add insult to injury they tacked on over 5,000 dollars in "closing" costs.
What closing costs!!!??? It took all of 15 minutes to sign something like 100 pages. How in the world could that cost 5,000 dollars.
Oh, well. I don't blame the mortgage guy. As I said, I was an idiot.
“How about bad judgment? If one paid too much for an over priced dwelling, I’d think it would be a lesson for the next purchase, pay what you think it is worth within your budget”
Must be nice to live in a perfect world.
For several years here in central Florida there were bidding wars for homes. Walk away without making an offer and you lost the house.
Think its overpriced? Wait a month and watch it increase 10%.
Want a place to live? Rent an apartment, pay for an overpriced home or find a bridge with room under it.
I remember in the old days when a bank's appraiser would veto a mortgage if he determined that a house was overpriced for the market. And that's why, in part at least, people had the feeling that the bank wouldn't "give them the money" if the house price was way out of line with prevailing prices.
As we all know, that kind of stuff stopped at about the same time that people actually had to qualify for a mortgage and put 20% down.