Profile picture for CubsfaninWA

CubsfaninWA

Advice

  • (544 Contributions,
  • 4 Best Answers,
  • 158 Helpful)

Contributions are sorted newest to oldest.

I am wondering why my Zillow price estimate is dropping so faat compared to other homes in my area?

Answer

Serious Question:What affect does a Zestimate have on a home's value?Another Question:Does it make any difference, other than maybe to a seller or someone that might be trying to refinance (and those two things are a completely different conversations)?  So what that the Zestimate went down?  Are you trying to sell your home and are upset because some website doesn't agree with your assessment of your property value or are you upset because your home isn't the highest value in the neighborhood?The people that are attempting to sell their home have a beef, one that I disagree with, but at least their is some basis to their arguement.I wonder if people are upset because Zestimates hurt their ego more than anything else.

  (0)
Having seller do extensive repairs before taking possession....

Response

This is just me looking in from the outside:Walk away.  Now let me clarify my statement.  There is too many "yeah buts" here. "Well the house has this many things wrong with it.  Yeah but they said they could fix it if we pay them to do the work""The house won't appraise at what is owed on.  Yeah but they do the repair it will be fine.""The current can't afford to make the repairs.  Yeah but they are contractors can do the work if someone will pay for it."You see where I'm coming from.  Too many things can go wrong and too many strikes agaisnt the home to start with.  If it was me, I'd walk away.  There must be a home that is similar to this one, in today's market, that don't have as many variables involved in it.Just my $.02

  (0)
Strategic mortgage defaults: Is walking away morally/ethically wrong?

Response

I can tell you the story about the home I rented recently:We relocated from Kansas to Washington and decided to rent a house will we looked for one to purchase.  After searching around we found a nice home that would fit in our budget and contacted the landlord to see if the place was still available and if we could tour the house.  We arrived at the house a little and waited for the landlord to show up and she pulls up in a Benz and aplogized for being late but she had some paperwork to finish up at her job at a bank where she worked.  As we toured the home we asked the normal questions like, how does the fireplace work, where is the filter's for the furance and such.  She had no clue about anything in the home as informed us that she lived on the lake not far from here (an exclusive part of town) and bought this property as an investment.  We signed a year long lease and moved in.  About 3 months later we found a home and was ready to "bite the bullet" and see how much it would cost us to break our lease.  I contacted the landlord to ask about the cost of breaking our lease and she stated that there would be none since she was placing the property up for sale anyways.  I was thrilled to hear this and didn't give it a second thought, until....I recieved a notice from the sheriff that the house was in foreclosure and would be auctioned off in two months.  It seems that the landlord stopped paying the mortgage in Dec (two full months before we even moved in.  The previous occupants had moved out just a week before.)  The landlord had been collecting rent for 8 months with no intention of paying the mortgage.After I did some research I discovered that the home was purchased for way more than the current value and she just decide to stragically default and collect the money till they took the property away.Now does this seem fair?

  (0)
ARTICLE: LENDERS PURSUE MORTGAGE PAYOFFS LONG AFTER DEFAULTS

Response

I say good.  Are you telling there shouldn't be anything that happens to people that just walk away?  There needs to be something to force these people to pay for their commitments.  Of course I'll get flamed for say this but it isn't right that people can just walk away with no pentalties and act like their is nothing wrong with it.

  (0)
Underwater, Walk away or Refinance?

Answer

Paying your mortgage is doing what you said you would do.  If banks stop believing in people, they will make it harder to get a loan in the future because now no one's word is good enough.

  (0)
Bottom in House Prices a Decade Away?

Response

LC everything I see you post more or less states that everyone should just default on their mortgage and send the keys back.  It doesn't matter if they can afford it or not.  I'm trying to find out what your end state is if people followed your advice.Yes your home may be under water, but you signed a contract that said you would be a certain amount for a certain time.  You made a deal with a person, if nothing changes other than the value of the home fell (you still getting paid the same amount or more) why should you default?  Has the house stop providing shelter to you?  Does the house no longer have all the cool stuff you wanted when you bought it?For arguement sakes let's say 70% of homes have a mortgage (your numbers) and lets say of that 70% that 33% are underwater ( 23%).  What would happen to the economy of the US if those 23% defaulted on their mortgage?  What would happen to your value if those 23% went into foreclosure?  Wouldn't the value of the homes be depressed even more?

  (0)