Forum Post: Should we buy?
Posted 13 years ago on Nov. 5, 2011, 12:54 a.m. EST by volkss
(9)
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Should i feel guilty for buying a bank owned property? I have a growing family and we can't keep renting from these slumlords. At the same time, one of these houses could've been yours.
Buy.
If you don't buy it, it will sit and rot. Many foreclosd houses have been unoccupied for so long that they fall apart.
Take care of your family.
Life goes forward. It would be silly to leave empty homes to go to rot out of guilt. As horrible as it is for people to have lost them, they aren't coming back to them.
It's all bank owned anymore, anyways, right? If it's not in foreclosure, then its the 99% trying to sell away a bank note anyways. My belief (until further enlightened) is to get the mortgage back into a local community FCU.
You can't feel guilty, and you can't rent from slumlords anymore. I am in the same boat. G-d bless the people that lost their home and hopefully they are okay now and not suffering with crippling debt.
Understandable. I can't speak for everyone, but during those times, all I kept hearing was the bottom is going to fall out sooner or later. So how should one pick up the pieces and get this country moving again?
From what I can see all we can do is create communities, shop from local business, try growing some of our own food, support local farmers. We need to come together each with different skill sets. Sounds so simple huh? We have given control of our lives to others in many areas and we need to take back control over our lives. The big corporations have used us for their means and have now thrown us away ... think RED China, etc.. Don't forget this is a global financial situation. We need to learn more on how to take care of ourselves.
Think Globally, Act Locally. One of many reasons my family is seeking home ownership is a chance to use alternative energy and convert into a more environmentally efficient property. Lead by example and educate the curious. The battle for the worm farm still rages between husband and wife.
We are learning to cook with a Global Sun Oven and the food tastes so much better!
mmmm....sun flavor. I have been researching solar heaters. Some of the claims are that they can reach temps of 160. I believe that is enough to cook poultry, let alone heat a small structure. Trying to figure out a way to keep people warm at night as the movement thrives.
I have not looked much into solar heaters, but I do know that with solar the temps outside do not matter. All you need is the sun without clouds in front. (-;
I think our temperature reached 340 degrees (can be lower, but it will take longer to cook) when we cooked our first chicken. I am thinking (could be wrong) you need at least 190 degrees for safety reasons. You may want to look that up. Here are pictures of our first experience cooking with the GSO (Kennedy is my newly married name): http://karenkennedy.smugmug.com/Other/Here-comes-the-Sun/18687572_p9vwgs#1445170325_RvTbzz5
wow thats amazing. How long did it take to cook?
Actually, I do not know where my notes are, but I ACTUALLY overcooked it. I think it was 1.5 or 2 hours. I am still learning! Yes, it is amazing. (-:
I agree with happy. Do what you have to do. Just be careful. Don't get bank screwed.
The ugly truth about the housing market, Countrywide, predatory lending, and the endorsements of Oprah Winfrey, Ellen Degeneres, and Dr Phil. Ch'Ching!
The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest subprime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthy payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.
At this approximate time the worthless paper was sold to unsuspecting investors.
Oprah, Ellen, and Dr Phil were paid millions for their endorsements. Ch'Ching!
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enjoy your new home. You are helping the economy by getting that property off the banks accounting records.
Great point...it also helps the community. Banks are not good care takers of the propeties, plus empty structures become targets for vandelism and they become a safety hazard in the neighborhood. Banks may not pay property taxes which also hurts the community.
I have read that this is a bad time to buy any property because values are still falling. So your new house would start losing the price you paid for it right away. Personally, I would feel guilty about buying any foreclosed home thinking that some other family lost their jobs and home and may be living on the streets. I would opt to buy a regular house I guess, but myself I would not want to be stuck in a house. We have a house now that we can't get out of because we owe more than what the house is currently worth.
Absolutely buy. Someone else's loss is your gain.