Quote:
Originally Posted by Angelsty
Damn! Its sad! That's why I call my agent to put ma house for sale kia kia last year when my real estate friend tell me say yawa dey gas! And the nonsense mortgage loan option I been carry (interest only) was suicide!!! Thank God for good friends wey seriously insist on helping me make the whole thing faster! I love them for that!  |
......U did that 'Interest Only ARM' thing?ayayayayai!!!Na wah O!U know...I was driving past Glendale Rd(193) the other day and saw the new homes lined up along it(between Lanham Severn Road and Annapolis rd) being advertised for $750k!I was like..U gat to be kidding me!!!Buy a three-quarter million dollar home barely 15 minutes from LANGLEY PARK?I laff!!A lot of people grossly overpaid for their homes.Some condos where I dey work @ one point were going for almost $400k and some mumus were rushing them like no tomorrow...and I KNEW they were overpriced but how these folks bought into the real estate fad beats me.How can anyone feel comfortable knowing they're paying $100K more than a property is worth?I had a client like that that had a $150K SECOND MORTGAGE,on an interest only ARM...it was barely a month after she signed the paperwork that she read the fineprint and started getting agitated....like..duuuuh!!!I mean..it's one thing to be pissed off that U'll be paying almost twice as much without even reducing your principal balance after the rate adjustment but U might even lose your home cause U can't afford it..that's why I always think that in the face of a hype,wait for the market to cool down.Some babe was arguing with me the other day that a realtor is trying to get her to purchase a condo in Bladensburg for $90k...that it will be worth $120K in a year's time.First of all,I used to live in Bladensburg,I no sabi which kin rinkydink condo wey still dey go for $90k nowadays...even IF they did,as I told her,the realtor just committed a crime because U're not supposed to predict the market to expedite a sale.I told homegirl if she wants to buy to live there and hopefully build equity,that's fine..but if she thinks she's gonna become Donald Trump from a hasty purchase a la realtor who's watching out for his own pocket in a decline market,she's kidding herself.I feel bad for a lot of people sha...they did not make educated decisions in their purchase.
..as far as the shaded in red,did U have to sell the house or refinance it into a fixed rate mortgage?
Pa
Evidence Of Real Estate Slump!
na wah O!
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