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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who wrote (84674)8/11/2007 1:11:40 PM
From: TradeliteRead Replies (1) of 306849
 
<<Renting's a hell of alot better than buying when the roof leaks, or the washer breaks>>

Ownership does imply responsibility. Being responsible means having the money on hand to handle the cards that are dealt with ownership. Too bad so many unprepared folks thought buying a home would be an all-expense-paid trip, courtesy of their friendly local loan broker.

My younger son scared the daylights out of me not too long ago. He rents part of a townhome owned by his boss. His boss decided to buy another place, moved out, and is allowing my son to stay there without an increase in rent. Sounds like a pretty good deal if his boss will allow it to continue.

However, son said he was planning to move out and was thinking about buying something. I almost croaked. THIS IS EXACTLY THE TYPE OF BUYER WHO PROBABLY COULD HAVE GOTTEN A LOAN JUST A SHORT WHILE BACK, BUT DEFINITELY SHOULD NOT.

Doesn't make enough money. Doesn't know a thing about home maintenance and wouldn't have time for it anyway. Hasn't got much of a credit record at all; he's never been in debt but the flip side of that is, he has no creditors to prove he can pay a loan on time, so he'd probably have to pay a premium interest rate on that basis alone.

There is a time and place for a person to become a buyer and assume all the responsibility that comes along with it. Markets have gotten pretty messed up with wrong people at the wrong time.
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