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peter banana posted:Could we conceivably have 100% mortgages before that happens? It seemed unlikely a few years ago, but I'm kind of thinking anything's possible now. Oh lawd I hope so, I really truly hope so. 
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Jul 11, 2014 15:55
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peter banana posted:Could we conceivably have 100% mortgages before that happens? It seemed unlikely a few years ago, but I'm kind of thinking anything's possible now. Wasn't some guy saying you already had 97.5% mortgages with 5% cashback or something?
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Jul 11, 2014 15:58
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peter banana posted:Could we conceivably have 100% mortgages before that happens? It seemed unlikely a few years ago, but I'm kind of thinking anything's possible now. We did and do, when you account for cash-back mortgages. The bank will lend you your downpayment. It's common. Wasting fucked around with this message at 16:08 on Jul 11, 2014 |
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Jul 11, 2014 16:06
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LemonDrizzle posted:Wasn't some guy saying you already had 97.5% mortgages with 5% cashback or something? Yep, my local credit union offers one. 5% is really too high of a burden now that $500K is a starter condo. https://www.vancity.com/lang/fr/SharedContent/documents/MortgageHelper/down_payment_fact_sheet_2014.pdf Presumably they can skirt the rules due to being provincially regulated.
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Jul 11, 2014 16:07
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Purely curious: what sort of down payment do you need to give to get a rate and terms equivalent to someone covered by CMHC (and thus not a risk to the bank)? I've heard that walking in with 21% makes the bank, rationally, way less keen to deal with you than if you rock up with 5%. But presumably at a certain point north of 21%, their concerns are assuaged. Curious what that actual threshold is.
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Jul 11, 2014 16:11
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So a comedy thread in GBS got detailed into real estate and I wanted to share this particular example of homeowner thinking:Megaman's Jockstrap posted:Actually, if you rent a home you're going to get a nasty surprise when you go to retire and there's no equity for you to cash out on.
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Jul 11, 2014 18:37
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https://businessincanada.com/2014/07/11/canada-jobs-crisis-poor-employment-growth/quote:
 quote:As you can see, the last time this happened was during the Great Recession. Prior to that, the last two-month period in which the 12-month moving average for job growth fell below that of the growth in the core working-age population was November and December of 2001.
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Jul 11, 2014 18:37
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FrozenVent posted:So a comedy thread in GBS got detailed into real estate and I wanted to share this particular example of homeowner thinking: Hahaha link pls
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Jul 11, 2014 18:38
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FrozenVent posted:So a comedy thread in GBS got detailed into real estate and I wanted to share this particular example of homeowner thinking: This is basically literally what my low-info "leftist" friends rant on about and how the solution is that our generation needs to demand lower interest rates and more help from government to encourage ownership because EQUITY BUILDING. Buying a house is literally the only investment on the planet and is the only way to plan for retirement. It's absolutely a generation/cultural thing. Most of us have had parents who saw ridiculous increases in their home value, and at the time were idiot baby boomers who were house-rich but otherwise poor so had no real investments. That's at least my situation. My parents never saved, never investment, were always always in some form of debt, but their house went up about 700k since they bought it. It's their everything, it's their entire retirement. There's a lot of boomers in that boat. Why the gently caress invest in some stupid rrsp or retirement investment that's only doing a few percent a year and sometimes even goes down, while housing goes up faster and ALWAYS goes up and will go up forever. We're living in a post-financial age, it's all about land and houses now and forever. Baronjutter fucked around with this message at 18:54 on Jul 11, 2014 |
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Jul 11, 2014 18:46
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Cultural Imperial posted:Hahaha link pls Click the little name in the quote block.
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Jul 11, 2014 19:07
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Post crash make sure you don't pick up a cheap foreclosure that has been ravaged by fire ants.quote:Efforts to assess the full extent of B.C.’s European fire ant infestations are being frustrated by homeowners who refuse access to workers sent to confirm their presence. Get hosed, homeowners
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Jul 11, 2014 19:11
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Guest2553 posted:Post crash make sure you don't pick up a cheap foreclosure that has been ravaged by fire ants. I can't tell what's worse - buying an old home (possibly ravaged by one or more hidden nightmares like this), or a new one (possibly slapped together shoddily by a developer keen to make a quick, easy buck).
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Jul 11, 2014 19:21
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This is what a really really good inspection is for. Good inspectors are rare. I feel like you should be able to hire a home inspector inspector who inspects home inspectors to find out if they're lazy or on the REALTOR's take. Also don't be a stupid poo poo head and sign away your legal rights and buy a house "as is" ever ever ever. Or this can happen http://www.hoodwinkedhouse.com/#sthash.NFmOAc30.dpbshttp://www.hoodwinkedhouse.com/%23sthash.NFmOAc30.dpbs It's a horrible situation but oh god who signs away their rights  Also he tried to call the police when he found a missing beam... seriously read this through, it just gets worse and worse for him.
Baronjutter fucked around with this message at 19:35 on Jul 11, 2014 |
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Jul 11, 2014 19:26
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Reading through that GBS comedy thread reminds me of a lexical annoyance that's really gained some popularity. It seems that it's completely acceptable to do something financially stupid if it's done in the name of 'lifestyle choice'. Ignoring the financial risk of spending too much on a home is ok if it's a 'lifestyle choice'. Taking out a loan to buy a luxury car is ok because it's a 'lifestyle choice'. Abandoning your family to go study at a yoga retreat in Goa is ok because it's a 'lifestyle choice'. namaste
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Jul 11, 2014 19:37
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https://www.youtube.com/watch?feature=wxcK9Uc0Ujs
Rime fucked around with this message at 20:12 on Jul 11, 2014 |
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Jul 11, 2014 20:10
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Baronjutter posted:This is what a really really good inspection is for. Good inspectors are rare. I feel like you should be able to hire a home inspector inspector who inspects home inspectors to find out if they're lazy or on the REALTOR's take. Also don't be a stupid poo poo head and sign away your legal rights and buy a house "as is" ever ever ever. Oh sweet lord, and the story's still ongoing, too He's still updating. I can't feel anything but sympathy for the guy, that's all awful. Even if he was stupid to sign that waiver, I'd have to be a cold hearted libertarian randian nightmare person to think that means he deserves all this.
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Jul 11, 2014 20:21
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Baronjutter posted:This is what a really really good inspection is for. Good inspectors are rare. I feel like you should be able to hire a home inspector inspector who inspects home inspectors to find out if they're lazy or on the REALTOR's take. Also don't be a stupid poo poo head and sign away your legal rights and buy a house "as is" ever ever ever. Watching a little bit of Holmes on Holmes really woke me up to some of the dangers, but that poor guy...
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Jul 11, 2014 20:38
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Dr. Witherbone posted:Oh sweet lord, and the story's still ongoing, too He's still updating. Holy crap. Raze the whole thing and start over seems like the only possibility at this point.
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Jul 11, 2014 20:42
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Baronjutter posted:Or this can happen I clicked the link without reading the rest of your post... I kept thinking "oh well at least he's on the path to fixing it, surely it can't get worse" but it DOES, yeesh.
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Jul 11, 2014 21:06
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Baronjutter posted:Or this can happen
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Jul 11, 2014 21:40
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http://forums.somethingawful.com/showthread.php?threadid=3431884 This is a good thread about the pride of ownership. \/ I wish it wasn't still ongoing, I need some closure! Really hope it turns out ok for him, it's either that or a 2nd bankruptcy. Poor americans and their "oh I need some surgery, guess I'm bankrupt". Baronjutter fucked around with this message at 00:19 on Jul 12, 2014 |
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Jul 11, 2014 21:46
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Baronjutter posted:This is what a really really good inspection is for. Good inspectors are rare. I feel like you should be able to hire a home inspector inspector who inspects home inspectors to find out if they're lazy or on the REALTOR's take. Also don't be a stupid poo poo head and sign away your legal rights and buy a house "as is" ever ever ever. that was a hell of a read.
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Jul 12, 2014 00:13
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Just when you think things are gonna get better for him...nope. That is some heroic resilience right there.
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Jul 12, 2014 05:00
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Coylter posted:Just when you think things are gonna get better for him...nope. After one bankruptcy, I'll bet he's being driven by more than heroism.
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Jul 12, 2014 05:11
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Honestly, if I could get that place in that exact condition for that price in Vancouver... I would count myself lucky. Closed on my first house! $174,000 with 4 bedrooms, 2 full bathrooms, attached garage, and 2,170 square feet.
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Jul 12, 2014 05:14
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xerxus posted:Honestly, if I could get that place in that exact condition for that price in Vancouver... I would count myself lucky. http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13333154
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Jul 12, 2014 05:17
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ephori posted:Holy poo poo, I just read the whole thing. That is unbelievable. He needs to hire a witch doctor after things like new cement ending up being bad in a big rainstorm and also the exploding spray insulation can.
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Jul 12, 2014 05:22
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Coylter posted:Just when you think things are gonna get better for him...nope. I'm only through November 2013 and already he needs to quit throwing good money after bad.
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Jul 12, 2014 06:17
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more friedman units posted:he needs to quit throwing good money after bad. I don't claim to be an investment guru or any of that bullshit, but this is [i]undoubtedly the most important thing anyone can ever learn./i] There is no bigger mistake that you can make that chasing after money you've already lost. if you aren't out by the mid-five-figures, at least, you'd be better off doing pretty much anything else with your time and money, even if you're 100% sure you're in the right. Even if you are, you've got to do a serious CBA before you pursue a claim.
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Jul 12, 2014 07:10
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I'm just going to leave this here... http://news.nationalpost.com/2014/07/11/survey-of-fire-ants-in-b-c-blocked-by-homeowners-worried-about-property-values/
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Jul 12, 2014 16:02
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HookShot posted:I'm just going to leave this here... http://news.nationalpost.com/2014/07/11/survey-of-fire-ants-in-b-c-blocked-by-homeowners-worried-about-property-values/ Ongoing list of things less important than property values: - The care and comfort of the dying. - Human rights of transgendered teenagers. - Controlling invasive species.
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Jul 12, 2014 16:38
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Baronjutter posted:This is what a really really good inspection is for. Good inspectors are rare. I feel like you should be able to hire a home inspector inspector who inspects home inspectors to find out if they're lazy or on the REALTOR's take. Also don't be a stupid poo poo head and sign away your legal rights and buy a house "as is" ever ever ever. This is a very worthy read. I suspect that he's right when he states that the Realtor is in on the scheme too.
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Jul 12, 2014 16:54
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Coylter posted:Just when you think things are gonna get better for him...nope. I feel bad for him but I don't understand why he's doing so much work on the basement when he has so many other issues to deal with. He doesn't even have all his eavestroughs up and he's putting down carpetting, doors and levelling out the floor.
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Jul 12, 2014 18:11
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EngineerJoe posted:I feel bad for him but I don't understand why he's doing so much work on the basement when he has so many other issues to deal with. He doesn't even have all his eavestroughs up and he's putting down carpetting, doors and levelling out the floor. He had to throw out that carpet after he dropped the can of insulation stuff on it, but it wouldn't have mattered bc the basement flooded 
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Jul 12, 2014 18:30
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EngineerJoe posted:I feel bad for him but I don't understand why he's doing so much work on the basement when he has so many other issues to deal with. He doesn't even have all his eavestroughs up and he's putting down carpetting, doors and levelling out the floor. It's mainly because all the basic plumbing for things such as sewer hook-ups was incorrectly done, which require tearing all the bad pipes out of the basement area.
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Jul 12, 2014 18:47
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etalian posted:It's mainly because all the basic plumbing for things such as sewer hook-ups was incorrectly done, which require tearing all the bad pipes out of the basement area. Yeah, when you read his summary electical, plumbing and HVAC, most of which is usually done in the basement, are all 90% finished, and those are going to be a lot of his major concerns and make more than just like one room of his house liveable. I agree, I think the RE agency is in on it for sure.
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Jul 12, 2014 18:57
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PT6A posted:I don't claim to be an investment guru or any of that bullshit, but this is [i]undoubtedly the most important thing anyone can ever learn./i] There is no bigger mistake that you can make that chasing after money you've already lost. if you aren't out by the mid-five-figures, at least, you'd be better off doing pretty much anything else with your time and money, even if you're 100% sure you're in the right. Even if you are, you've got to do a serious CBA before you pursue a claim. The sunk cost fallacy is a powerful thing. Spending $65,000-$100,000 to fix a $173,000 house doesn't seem reasonable, particularly when he mentions multiple contractors looking at the place and going, "Forget it, too risky." It could very well have construction flaws that are so serious that it'd be cheaper to tear it down and rebuild. At one point he mentions putting some bills on his credit card...
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Jul 12, 2014 19:19
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This guy knows the hell of declaring bankruptcy and he's doing everything to avoid falling back into that trap. In the US, having a low credit score means much more than in Canada. Obtaining services like power, water utilities, internet, rent all become very difficult, if not impossible. And then you listen to all the prideful owner in Canada declaring, oh it's no problem if interest rates go up, I'll just declare bankruptcy. Good luck with that.
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Jul 12, 2014 19:23
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Hoodwinked House posted:Why don't you just walk away from the house and let the bank deal with it? Uniquely American! I guess his main mistake was not being more wary about the lack of post-2010 building permits. Those old MLS pictures would have been great to find before he bought the house.
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Jul 12, 2014 19:52
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more friedman units posted:The sunk cost fallacy is a powerful thing. Spending $65,000-$100,000 to fix a $173,000 house doesn't seem reasonable, particularly when he mentions multiple contractors looking at the place and going, "Forget it, too risky." It could very well have construction flaws that are so serious that it'd be cheaper to tear it down and rebuild. At one point he mentions putting some bills on his credit card... Despite all the work it's still a really messed up house with exterior problems such as a constantly leaking roof and also ice dam problems.
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Jul 12, 2014 20:11
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