In article >,
Karen AKA Kajikit > wrote:

> On Mon, 27 Aug 2007 08:53:28 -0500, Omelet >
> wrote:
>
> >In article >,
> > "<RJ>" > wrote:
> >
> >> Given the state of the housing market,
> >> a smart buyer might be shopping for a house
> >> that has defaulted on the mortgage.
> >> And if it's a really good bargain,
> >> will you insist they take more money ?
> >>
> >> <rj>
> >
> >That is how I got my HUD repo' for 35K.
> >
> >Current market value is 79K. But, this was 20 years ago.
> >
> >Not sure that repo' houses are in the same class as mis-marked wine
> >tho'. ;-)
>
> I wouldn't ever want to buy a reposessed house or car... it would just
> feel so WRONG to me that somebody else should suffer just so that I
> could get a bargain... (I don't shop in pawn stores either!)

Karen,

By far the vast majority of people that lose houses were short on
priorities, not money.

Morgage always gets Paid FIRST. #1 priority in my world. I can live
without power and water if I have to (altho' that is the #2 bill
priority).

I have PERSONALLY known more than one person that did not do that.
People that owned multiple cell phones, laptop computers, I-phones, Mp3
players, TIVO, annual passes to Schlitterbahn water park, $60.00
aquarium fish (I kid you not) and they ended up with foreclosures. I
don't do ANY of that crap.

It's not all just "unfortunate" people.

There is no sin in purchasing repossessed property. Frankly, with my
finances when I got out of college, I would not have been able to afford
anything else. Closing fees were $1,200 on an HUD. I was able to save
that much. Initial morgage payments were $470.00 per month on a 30 year
loan at 12% interest. (I was making $8.25 per hour at that time).

I paid it off early then refinanced for debt consolidation and major
badly needed home repairs.

And again, Morgage is the FIRST bill paid.

One must keep one's priorities straight. I actually have it set up on a
debit so the money has to be there.

I owe 4 more years at $660.00 per month at 8.2%. I look forward to
paying it off. ;-)

It's not the same as taking advantage of an obviously mis-priced item.
Not at all.
--
Peace, Om

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"My mother never saw the irony in calling me a Son of a bitch" -- Jack Nicholson