Comments on: Should you buy before you sell?

By: ARDELL

ARDELL — Thu, 20 Mar 2008 04:53:23 +0000

I’ll try to remember to start tracking Eastlake as part of my Sunday Night Stats. Maybe you could remind me on Sunday night or Monday morning to add the stats to the comment thread so we can track them. I’ve never sold anything in Eastlake, but I have a friend who owns a place there that she rents out. Space needle view I’m pretty sure, have never been there, she’s always come here. She moved up to Blaine and uses her place for short term rental mostly to tourists who want to stay in a real place instead of a hotel.

By: christiangustafson

christiangustafson — Thu, 20 Mar 2008 04:16:57 +0000

Good post and good advice, Ardell.

Some of the early shock-stories on Ben’s housing bubble blog were about people from [Minnesota, Long Island, Illinois, etc] who had bought a place in Florida before their first house had closed. As bad as those situations were in 2005 and 2006, they were in a much friendlier lending environment than people today. A few of these people managed to escape with a small loss or a good scare. Not so today.

I’m photoblogging the decline and fall here in Seattle. I’d like to nominate EASTLAKE as the first close-in neighborhood to show obvious signs of serious distress.

Please see http://deflationland.blogspot.com for a series of pics about Eastlake.

By: Santa Barbara Real Estate Voice

Santa Barbara Real Estate Voice — Wed, 19 Mar 2008 20:05:10 +0000

Thanks for the post. This issue has come up a lot in the last several months and we even talk about it at our marketing meetings. Lending is now different and the market is changing all the time. I would suggest to anyone who is thinking of buying a home, sell their home first…unless you have very good reserves that would dictate otherwise. I know of 2 stories of late where people had their home on the market and in escrow and purchased their new home. As they closed on their new home their home they were selling fell out in the last week…so they got the deposit back…not so fast. This is also up in the air and now they can’t get another offer on their home and have proceeded to be out on paper about $60,000.

By: For Sale By Owner

For Sale By Owner — Wed, 19 Mar 2008 09:56:37 +0000

Yes I definitely agree with you because without cash or money how would you be able to buy a new home. I think first of all one should sell its house on good price then go for buying

By: ARDELL

ARDELL — Tue, 18 Mar 2008 17:28:28 +0000

By: rob-u-blind?

rob-u-blind? — Tue, 18 Mar 2008 16:21:58 +0000

Last year, a friend of mine was lookign at obtaining a bridge loan when the perfect place came on the maket, but his old place hadn’t sold.

The broker told him he didn’t have enough income to qualify for the new mortgage while still paying the one on the old house.

Getting a bridge loan turned out to be too complicated, so he just stated his income was $40K/yr higher than it actually was, and he qualified for the second loan.

He’s one of 3 people I know personally that inflated their income to avoid using a bridge loan.