/biz/ - Business & Finance

[Anonymous No.57635698]

lmao

[Anonymous No.57635720]

lmao. roflmao even

[Anonymous No.57635732]

>>57635698
this is why you short sell before defaulting

[Anonymous No.57635740]

>>57635698
>Home mortgages—though generally recourse—are non-recourse in 12 states: Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington. If a homeowner defaults in one of these states, the lender can foreclose on the collateralized home but cannot go after the borrower’s other assets.

For California's many faults, it used to be a good State and as such still has a few very good laws relating to home ownership. Non-recourse mortgages and low property taxes.

[Anonymous No.57635745]

Canadians kek
Has there ever been a country more cucked?

[Anonymous No.57635776]

>>57635745
the only way to get into this situation on a mortgage is to both massively overpay for a property and also have almost no equity. the entire point of the mortgage underwriting process and down payment minimums is to prevent such a scenario. it costs a lender a lot of time and energy to get a judgment and try and collect so they won't do so unless it's a lot of money and they know you have it (which you don't if you just lost your house this way).

[Anonymous No.57635819]

>>57635776
That's basically everyone who bought in 21/22

[Anonymous No.57635834]

>>57635776
>massively overpay for a property
not on american continent, but how do you overpay for a property?

[Anonymous No.57635838]

>>57635698
need to make room for Indians

[Anonymous No.57635849]

In the past 3 years I have lived through different versions of the stripper scene in The Big Short at least a dozen times.

You wouldnt believe the amount of dumbasses who are severely overleveraged and will be fucked beyond belief if they were to lose their jobs.
The Big Short is a popular movie and most people still remember the 2008 financial crisis so it’s strange how so many people can’t see it

[Anonymous No.57635911]

>>57635698
Yeah but they get "free" healthcare and weed

[Anonymous No.57635917]

>>57635849
HOUSE NOW! GIVE HOUSE! I WANT NOW! GIVE IT ME HOUSE! NOW! NOW! NOW!

[Anonymous No.57635923]

>>57635834
If I am selling a property and you want to give me $100k more than someone else will, I'm happy to take your money. In that case you are overpaying. As you are the only sucker around, attempting to sell will not get you the price you paid but rather the fair price, $100k lower.

[Anonymous No.57635926]

>>57635834
In leafland there are bidding wars for houses. Common for vancouver or toronto properties to sell for 6 figures over listing price.

[Anonymous No.57635932]

>>57635849
in 2008 fiat wasn't dying yet

[Anonymous No.57635936]

>>57635849
The oldest valuation tool in real estate is to compare the cost of mortgage to the potential rental income. If it's significantly cheaper to rent in a location than it is to cover the mortgage, then the property is overvalued to the market. Right now the spread is ridiculous. Anyone with a lick of brains should be renting and waiting for the market to adjust.

I do not anticipate anywhere near 2008 level crash conditions aside from a few markets with heavy airbnb exposure, but a rush of supply is inevitable. The real estate market is not one market but overall it's clear that it peaked in the US last spring.

[Anonymous No.57635940]

>>57635698
>tfw just bought a 3-bedroom, 2k square foot house in a 99% white neighborhood for under $400k
>tfw cucknadians are paying more than that for a 600 square foot crack shack in the middle of nowhere

[Anonymous No.57635948]

>>57635940
the cool thing about buying in a market like we have right now is the properties you can get are much better than normal. all sorts of unique and somewhat rare things are for sale and often at much cheaper than you'd expect. times of distress and uncertainty lead to people selling houses/properties you could usually not get your hands on.

The uniqueness of what is for sale right now on Zillow is far better than you saw two years ago.

[Anonymous No.57635993]

>>57635940
Yeah, true. I was renting for years. It just made me upset to think of how I've spent over $150k since 2019 just on rent, which I can never get back. That alone would have been enough to pay off a house in full if I had bought before the COVID bullshit. The housing market might continue to crash from here, but I was starting to feel FOMO after a while

[Anonymous No.57635998]

>>57635993
meant to reply to >>57635948

[Anonymous No.57636035]

>>57635698
I don't believe this is real desu

[Anonymous No.57636059]

>>57635740
>arizona
Based

[Anonymous No.57636070]

>>57635993
Owning a house has far more expenses than typical renters think. It's not "wasting money" to pay rent, you're paying your costs. If you're renting somewhere you can get a house for $150k it's a cheap rent.

If your plan has anything to do with FOMO you need to get your head straight. Right now, having cash is a great position to be in. The key is that things are going to change, quickly. Your goal is to get through the next five years and you need to prepared to adjust. Owning a house to live in is good, provided you can genuinely afford it, but if you can afford your rent you are also good. The world will be quite different in 2030 and decisions that seemed wise in 2019 have no bearing on the coming years in America. Ignore everyone else - they are fucking clueless.

[Anonymous No.57636130]

>>57635740
this isn't even correct on the states, someone is peddling pre housing crash information. Nevada became a non-recourse state for mortgages after 2009 for all mortgages originated after 2009.

[Anonymous No.57636146]

>>57636070
People have been saying for years that there's going to be a catastrophic housing market crash, and they're starting to sound like bobos who were calling for Bitcoin to go to $10k. I made lots of money off crypto in the last 2 cycles so I think diversifying into land/property was the sensible choice.

[Anonymous No.57636158]

>>57636130
that special condition of post-2009 for Nevada is why it's left off the list probably. either way it's clearly a Western state thing. if you really care don't trust a biz greentext

[Anonymous No.57636167]

>>57636158
I dont really care, I'm just wondering where the hell he copied that information from and why is it out of date. I may ask the GAY-I to see if they have the same info.

[Anonymous No.57636173]

>>57636146
I do not expect a catastrophic housing crash. Sorry your puny brain can only handle extremes - either market stays the same or it crashes. This is not how things work in real life.

spend less time worrying about getting others to validate your choices like some kind of woman. the winning path for the coming years is to be flexible and have good information and the balls to apply it. If you own that land/property outright, good. If not, well well well look who's a norman.

[Anonymous No.57636185]

>>57635936
The spread in Canada isn't ridiculous. Rent is still near all time highs because 50000 Indians get off a flight every week and immediately line up for jobs and send rental applications

[Anonymous No.57636193]

>>57635849

This time its different anon. Housing market will keep mooning. Expect to see garage be worth 1million.

[Anonymous No.57636221]

>>57635932

[Anonymous No.57636296]

>>57636185
Canada is not a serious country. If you're Canadian you should move to the fucking woods. Vancouver Island has good weather.

[Anonymous No.57636345]

>>57635819
they fell for the fake pandemic followed by the rug pull setup trick.

[Anonymous No.57636385]

>>57635698
>Banks intrust that you’ll pay your mortgage back
>Bank takes risks
>You act like an ape and can’t pay
>Bank loses profit

I’m sorry but when did it become okay to just not be a fucking meme we of society? I don’t see anything wrong with this. And yes, they should go after 200k. Literally what the fuck is wrong with people. I think there’s even an arguement to be made to even go after her parents for shitty up brings. And yea that would be a good fucking thing. But I’ll stop there. As a RE investor and land owner. PAY YOUR FUCKING SHIT. For the love of G*d don’t be a POS

[Anonymous No.57636388]

>>57636173
>just wait the world will be different in 2030 B-)
>lol extremes don't happen in real life go figure it out kid B-)
Some useless posts you made

[Anonymous No.57636423]

>>57635834
English is retarded. It doesn't mean pay off more of the loan, it means pay a higher price than what the place is worth.

[Anonymous No.57636436]

>>57636070
Renting is retarded and throwing money away. You're literally building wealth for your landlord.
I make about €200/mo on my rental but if I hold it 10 years I can sell it tax free at usually 2-3x what I paid for. Its been 5 years and it's already up €500,000

[Anonymous No.57636675]

>>57636185
>The spread isnt ridiculous
>But it is
Go back jeet

[Anonymous No.57637139]

>>57636070
>The world will be quite different in 2030 and decisions that seemed wise in 2019 have no bearing on the coming years in America
>flexibility
i hope anons are paying attention...

[Anonymous No.57637143]

>>57636296
>Vancouver Island has good weather
i've been there. they look full.

[Anonymous No.57637188]

>>57636436
>holding another 5 years
Remember anon, houses can ONLY go up :^)

[Anonymous No.57637305]

>>57635698
With ____ you lose