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To: posthumousone who wrote (82206)	3/18/2001 9:32:41 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<Dont they just file bankruptcy and get to keep it all?>> DOHH! New bankruptcy law just passed by the Senate cuts the homestead exemption (I believe) to 100K. That won't buy much when yer living in a 3bd 2ba 1500 sf beauty in Palo Alto you paid 900K for 15 months ago! And just in time for the housing bubble to go "bust"<G> Personally, I'd wait 6 months or so and see what's up then. The impact of the recent refi boom should be wrung out by then, and I think you'll get "more for your money". But what do I know? Oh, "EV" means "economic violence" (as opposed to the physical kind, I suppose).

To: posthumousone who wrote (82206)	3/18/2001 9:59:10 PM
From: marginmike	Read Replies (1) \| Respond to of 436258

I bought buildings from Citicorp in 92-93. They were giving stuff away.

To: posthumousone who wrote (82206)	3/18/2001 11:08:53 PM
From: Ilaine	Read Replies (2) \| Respond to of 436258

Traditionally, at least during my lifetime (I'm pushing 50), people who wanted to buy houses had to put 20% down. The more you put down the more attractive the loan is, because it's secured by the property. The more you put down, the less the risk to the lender. If you can't make that down payment then the alternative is likely to be some form of social program, some type of loan where the market rate is transmogrified to put into effect social policies. First, there was VA for veterans. VA doesn't make the loans, it insures the loans so the lender is covered in the event of default. A VA loan may require as little as 3% down! Even if you are not a veteran there is a social program somewhere for you if you are a low income first time buyer. The government may be in the business of effectuating social policies, but banks are not. They'll go along with the social mumbo-jumbo as long as there is some form of guarantee. So no-equity and low-equity mortgages for risky borrowers can only take place when there is mortgage insurance. That environment was what I was talking about before. The questions you raise are really directed to different issues. Whether you should buy now or later is a question I can't answer. I don't have a crystal ball. I have no clue with respect to timing. I suggest that you take any and all advice about timing with a box full of grains of salt. A good friend of mine on this thread tried to talk me out of buying our house in 1999 asserting that interest rates would go down and housing prices would go down. He was wrong on both counts. But that doesn't really matter, because I made the effort to become an informed consumer and made my decisions based on my own due diligence. As for what happens to your house in bankruptcy, that depends on the state your house is in. The proposed new bankruptcy laws that are likely to be enacted this year will change all that, anyway. If you are looking now, I strongly suggest you find a buyer's agent, a good one. The seller's agent isn't going to help you one bit. Usually the agent's fee is 6%, which the seller pays, but if you get a buyer's agent, then 3% goes to your agent - in truth, you are paying the 6%, even though it comes off the price. Why not hire a buyer's agent to represent your interests? The transactions is going to cost the same anyway, why not let some of that money go to help you? If a seller's agent tells you they represent both you and the seller, that's BS. But be aware that a buyer's agent really is not your friend, either, they only get paid if the deal goes through and they get more money for every dollar that you pay.