Comments on: Ten Real Estate Mistakes, Part 1 http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 02:21:27 -0500 http://wordpress.org/?v=abc hourly 1 By: nickel http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/comment-page-1/#comment-2655 nickel Tue, 28 Mar 2006 19:36:07 +0000 http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/#comment-2655 Bruce: We're actually hoping to do the opposite... Sell and close on our house, but negotiate to rent back from the new owners for a little while. That way we'll have the money in our pocket, and will be in a better position when it comes to buying our new house -- no contingencies based on sale of our house, no funny business relating to bridge loans, etc. Bruce: We’re actually hoping to do the opposite… Sell and close on our house, but negotiate to rent back from the new owners for a little while. That way we’ll have the money in our pocket, and will be in a better position when it comes to buying our new house — no contingencies based on sale of our house, no funny business relating to bridge loans, etc.

]]> By: Bruce http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/comment-page-1/#comment-2651 Bruce Tue, 28 Mar 2006 16:46:38 +0000 http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/#comment-2651 My experience buying four houses and selling three is that the length of the process is usually overstated, especially if you are focused on making it go quickly. My last two houses listed, sold and closed within two weeks. That may be atypical, but it can be done. Also, every house I've ever purchased I've negotiated an "early move-in" deal, where I get to move in before closing. That makes the deal *seem* much faster. It means I can just move my stuff house-to-house and only impose on friends once. I'm a bit mystified that more people don't know about that, or think it is odd. You simply pay the pro-rata of the mortgage as rent per day early you move in. It is basically free money for the sellers, and they usually leap at the chance. My experience buying four houses and selling three is that the length of the process is usually overstated, especially if you are focused on making it go quickly.

My last two houses listed, sold and closed within two weeks. That may be atypical, but it can be done.

Also, every house I’ve ever purchased I’ve negotiated an “early move-in” deal, where I get to move in before closing. That makes the deal *seem* much faster. It means I can just move my stuff house-to-house and only impose on friends once. I’m a bit mystified that more people don’t know about that, or think it is odd. You simply pay the pro-rata of the mortgage as rent per day early you move in. It is basically free money for the sellers, and they usually leap at the chance.

]]> By: Madame X http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/comment-page-1/#comment-2530 Madame X Tue, 21 Mar 2006 22:01:47 +0000 http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/#comment-2530 Re. David Bach, I don't have the book handy but I think he says the national market has always been going up-- but local markets can go down for several years at a time, and Bach does stress that you should worry more about your local market, as that is where trends will most directly affect you. But still, as long as you're planning to own the home longer term, you'll always come out ahead by owning, regardless of the state of the market when you buy. Re. David Bach, I don’t have the book handy but I think he says the national market has always been going up– but local markets can go down for several years at a time, and Bach does stress that you should worry more about your local market, as that is where trends will most directly affect you. But still, as long as you’re planning to own the home longer term, you’ll always come out ahead by owning, regardless of the state of the market when you buy.

]]> By: Nick http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/comment-page-1/#comment-2526 Nick Tue, 21 Mar 2006 19:16:53 +0000 http://www.fivecentnickel.com/2006/03/21/ten-real-estate-mistakes-part-1/#comment-2526 I've been reading David Bach's Automatic Millionaire Homeowner that FMF has been giving away like crazy, and it definitely helped reverse my decision to wait for that "bubble" to burst. While prices in my area seem to be going down a tad, according to Bach, not once in the last 50 years has the average home price been down for the year. And with all the people being born and entering the country through other means, I'm starting to see the light that is home ownership. Good luck in your search for the perfect home. I look forward to reading more about your journey so that mine won't be so difficult! I’ve been reading David Bach’s Automatic Millionaire Homeowner that FMF has been giving away like crazy, and it definitely helped reverse my decision to wait for that “bubble” to burst. While prices in my area seem to be going down a tad, according to Bach, not once in the last 50 years has the average home price been down for the year. And with all the people being born and entering the country through other means, I’m starting to see the light that is home ownership.

Good luck in your search for the perfect home. I look forward to reading more about your journey so that mine won’t be so difficult!

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