Signed contract right before the storm hit. With rates going up and the economy so bad do you think I should back out. I will lose my down payment(over 50k). Nothing makes sense right now. What should I do? If other people are in my position what are they thinking
I think over 50K is a lot of money to lose. If I were you I'd go ahead with it if the monthly mortgage payment would be easy and affordable and you plan to stay there for a while.
would knocking off a few extra k make it easier? the developer might prefer, at this point, to keep the sale rather than keep your deposit. you might be able to get them to knock some $ off, or cover closing costs at least? doesn't hurt to ask- worst they can say is no. talk to your agent, or lawyer.
If youre purchasing this place to be your home and not looking at it as just an investment then you should consider keeping it. Why just throw away 50k? But of course it depends on if you can comfortably pay your mortgage and still have enough money for other things. 50k is probably 1 year of your mortgage payments. But if youre at the brink of just walking away then you should just talk to the developer to see if they can cut some of your costs. You have nothing to lose. If it helps any, we're offering $2000 for Nforth buyers. sunny_hong@countrywide.com
We are offering a $2000 credit toward closing costs or rate buydown for those purchasing in Nforth. And yes, it might not be much for most people. But it might be a lot for some.
2 grand off a condo is not a lot to anyboby spending this kind of cash in this market.
Chasing the market down? I dont understand, I thought the credit crisis, speculation(which the WB area is based on),job loss, the drying up of euro investment are chasing down the market. These are only a few of the things that worry me
Money is not cheap.
As for countrywide giving only to the lucky nforth buyers. Again $2000 is not cause for dancing in the streets. Nice try countrywide.
I never said we're giving $2000 so everybody should jump up and down with joy. Better than $0, right? Not much better but better. And no its not just for Nforth. Its actually for low to moderate income areas. And now since everyone is complaining... no soup for you!
Hello mefindhome,
i really understand what you are feeling,i also have a contract signed on this bulding and a deposit paid !!!!i haven't already closed
we need to join our forces ,have you an email,i would prefer to communicate privatly ,i have some ideas
Compare the $50k loss to the expected loss on the apartment if you buy...
AND, you have to figure in cash.
Even if its a loser in terms of loss comparison, if its the only cash you have, and therefore the only way to buy.... perhaps buying now and taking a loss is better than not being about to buy for quite some time as you look to rebuild your down payment.
nyc10022: Please keep in mind. This building has a tax abatement. After 15 years, the taxes will be +/- 20k. It will be an impossible sell if the market doesn't go back up within the next 4-5 years.
nforth about to close thinking of backing out
Signed contract right before the storm hit. With rates going up and the economy so bad do you think I should back out. I will lose my down payment(over 50k). Nothing makes sense right now. What should I do? If other people are in my position what are they thinking
I think over 50K is a lot of money to lose. If I were you I'd go ahead with it if the monthly mortgage payment would be easy and affordable and you plan to stay there for a while.
see other threads on backing out
would knocking off a few extra k make it easier? the developer might prefer, at this point, to keep the sale rather than keep your deposit. you might be able to get them to knock some $ off, or cover closing costs at least? doesn't hurt to ask- worst they can say is no. talk to your agent, or lawyer.
If youre purchasing this place to be your home and not looking at it as just an investment then you should consider keeping it. Why just throw away 50k? But of course it depends on if you can comfortably pay your mortgage and still have enough money for other things. 50k is probably 1 year of your mortgage payments. But if youre at the brink of just walking away then you should just talk to the developer to see if they can cut some of your costs. You have nothing to lose. If it helps any, we're offering $2000 for Nforth buyers. sunny_hong@countrywide.com
sunny,
what does that mean? "$2000 for nforth buyers"
$2000 for what? would this be off the mortgage. It does not seem like much. explain a little more shong.
We are offering a $2000 credit toward closing costs or rate buydown for those purchasing in Nforth. And yes, it might not be much for most people. But it might be a lot for some.
Uh, Shong, c'mon, you can do better than that....
why just for nforth?
or for other buildings in WB also?
isn't this what got Countrywide into trouble to begin with? chasing a market down?
2 grand off a condo is not a lot to anyboby spending this kind of cash in this market.
Chasing the market down? I dont understand, I thought the credit crisis, speculation(which the WB area is based on),job loss, the drying up of euro investment are chasing down the market. These are only a few of the things that worry me
Money is not cheap.
As for countrywide giving only to the lucky nforth buyers. Again $2000 is not cause for dancing in the streets. Nice try countrywide.
I never said we're giving $2000 so everybody should jump up and down with joy. Better than $0, right? Not much better but better. And no its not just for Nforth. Its actually for low to moderate income areas. And now since everyone is complaining... no soup for you!
j/k
Hello mefindhome,
i really understand what you are feeling,i also have a contract signed on this bulding and a deposit paid !!!!i haven't already closed
we need to join our forces ,have you an email,i would prefer to communicate privatly ,i have some ideas
fignar,
Please e-mail me: johnfrankemail@gmail.com
Thanks,
John
Compare the $50k loss to the expected loss on the apartment if you buy...
AND, you have to figure in cash.
Even if its a loser in terms of loss comparison, if its the only cash you have, and therefore the only way to buy.... perhaps buying now and taking a loss is better than not being about to buy for quite some time as you look to rebuild your down payment.
nyc10022: Please keep in mind. This building has a tax abatement. After 15 years, the taxes will be +/- 20k. It will be an impossible sell if the market doesn't go back up within the next 4-5 years.