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Is buying a house worth it?

alasdairm said:
^ only if you don't know the meaning of the word "extortion".

don't like it? stick it to the man and don't do it.

alasdair
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Extortion is commonly practiced by organized crime groups. The actual obtainment of money or property is not required to commit the offense. Making a threat of violence which refers to a requirement of a payment of money or property to halt future violence is sufficient to commit the offense but additionally, in its formal definition, means the infliction of something such as pain and suffering or making somebody endure something unpleasant..

I think the definition is close enough. I've been sticking it to the man for decades...
 
in what sense is any financial institution threatening customers with violence if they don't take out a mortgage?

answer: in no sense.

like i said, you don't really know what that word means.

don't like it. don't do it.

alasdair
 
you're the one whining about being forced to do something nobody is forcing you to do.

whysosrs?

alasdair
 
Please follow the bouncing ball... I never whined / complained about anything, nor did I state anything about being forced into anything. Bouncey Boumcy bounced!

Just made a comment that a trol jumped all over. Simple.

Love ya! Peace.
 
Show where or piss off, and stop trolling on another sincere posters thread. AKA: get a real life. This does not impress anyone.
 
^ correct.
Keymaker said:
Show where or piss off, and stop trolling on another sincere posters thread. AKA: get a real life. This does not impress anyone.
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still whining. and now insults. classy.

you stated that people were forced into taking out a mortgage when you accused banks of extortion.

i'm not trolling. my posts are both civil and on-topic. in summary, if you don't like the mortgage system, come up with $300,000 for a house some other way. nobody is forcing you to do it.

alasdair
 
the process of getting into the loan is not extortionate, although it could definitely be argued that interested third parties like realtors and car salesmen (i.e. not the lenders themselves, but profiting from money being lent) resort to tactics that could be seen as emotional extortion (e.g. "i have another five offers on the table, if you don't take this deal now you will jeopardize your ability to do so in the future").

now, the appropriate term for what happens when you go past-due would be coercion. because you are bound by contract, your ability to exercise your will becomes limited and the lender takes advantage of that to compel you to go and somehow scrape together the money owed.
 
Thank you.

For the average Joe (me), having that envelope full of blood, sweat, and tears every month is mentally, and physically exhausting.
It actually gets harder the closer you get to that "burn the paper" date. The fact that your "lender" can yank 20 - 25 - 29 years of your life out from under you is about the same feeling as having a shylok breathing down your neck.
That is all I was portraying .

I never even thought about the hundreds of thousands of buyers that wound up homeless, and penniless due in part to the less than honest third parties that were flocking like vultures.

Before that gets mis understood... Vultures are birds... I know. Birds don't kill people, Hammers do.

Thanks.
 
thujone said:
the process of getting into the loan is not extortionate...
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yep.
thujone said:
...tactics that could be seen as emotional extortion (e.g. "i have another five offers on the table, if you don't take this deal now you will jeopardize your ability to do so in the future").
Click to expand...
while i agree there are aggressive salespeople out there, it takes two to make a deal. keymaker seems to be implying that consumers have absolutely no responsibility to educate and inform themselves, and that they're somehow forced (with threats of violence no less) to take loans from banks.

it's laughable nonsense, really.

don't want it? don't do it. pretty straightforward...
Keymaker said:
For the average Joe (me), having that envelope full of blood, sweat, and tears every month is mentally, and physically exhausting.
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then why did you choose to do it?

alasdair
 
ReallY? I was hoping this was done, and the thread could gain traction.

Everything I have said is so completely wrong that my head will explode at 8:30 EST. I'll post the picts to prove it. Ok by you Sir?

crossing-your-fingers.jpg
 
It depends ... there are many factors involved. For ME, No… It's not worth it, but I do understand it could be for some.
The house I grew up in in Laguna Beach, after selling the spot on Long Island, is now going for a few million dollars.
It was $ 78,000 when I came into this world. Not sure how much my dad sold it for though. In Sf the prices have quadrupled. at least within 10 years. :\
 
I grew up in Hampton Bays L.I., and it's exactly the same thing there. 35k homes from the '70's are now 200 - 300k.

If you can buy a home do it.

I bought mine 5 years ago, and it is appraising today for 40k more than I paid. The key to staying on top (I believe) is saving enough to put 50% down, and like I posted earlier making regular "principle only" payments, and no pre payment penalties. In 5 more years (10 years total on a 30 year note) I will own mine outright, and I am paying Far less than any comparable "rental" in my area.
Due to the structure of a 30 year note, and the balance due on the loan, my mortgage payment is less than the car/insurance payments.

Yes you are paying more than the "sale price" of the home but that is just the way it works. Try to hedge your bets, and reduce the pain as much as you can.
(notice I didn't say extortion once?);)
 
Yeah, the prices are absurd to buy or even rent where I am. Albeit we have rent control (and it's still high), but the amount of $$ I have spent on rent during my life could equal a semi decent new home at this point. I'll probably continue to rent unless I ever leave the city.

That's great you were able to secure one and maintain the payments! That's what will get someone at times. Most folks my generation, don't own homes these days. I don't think I know one that does, even with money. It's so different coming from a lineage of folks that have always owned homes, parent, grandparents and so on. Times are a changing, is there a middle class anymore? Most folks I know are very poor or wealthy, not much in-between, but that's another topic. :)
 
Keymaker said:
For the average Joe (me), having that envelope full of blood, sweat, and tears every month is mentally, and physically exhausting.
Click to expand...
second time of asking: then why did you choose to do it?

alasdair
 
Seriously? No Trolling?

I bought my home as a three fold investment.

Primary residence bought at the bottom of the market collapse. (well below fair market value)
Residential / commercially zoned (future proofed zoning)
I own / operate a Marine Coatings application / fabrication company, and I use my property as a fabrication, and research facility.

I consolidated two separate properties to purchase where I am now. It reduced my monthly payments to less than 1/3rd of what I was paying, and cut my "paid in full date" by 15 years.

In lieu of that... I could rent an apartment, and get a job at Mickey D's. I chose to put up with it.
 
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