Caught in the Real Estate CRASH & BURN!!!!

[baronrenfrew]

wow!

[Ontario Chick]

I still remember 18% interest back in the day - anyone else? I guess we just didn't buy what we didn't NEED back then.

Yup, same here, we had mortgages during historically highest mortgage rates. ;(
Once we paid it off, they started to go down.
When our oldest son purchased his house the rates just plummeted, all he ever got was letters from his mortgage company telling him how much sooner his is going to be paid off, because of lower rates.
Crazy times!

[goatgal35]

Very crazy times. Our Son and his family did okay selling their place, but the show they are going through trying to buy is crazy.

[Poultryprincess]

i remember the 18% and 22% mortgages! and 47% on credit cards!!!!!

Ha ha ha ha YES I remember it well!
Bought our 1st house (semi with NO parking) in 1976 for ......$46,000.!
$1,000 down, $450 a month + taxes, insurance & utilities.
1st mortgae 13.5% - 2nd was 15% - 3rd was 17.5%
6 room + 2 kitchens. unfinished basement.
Was a real FIXER UPPER & hubby lost his job 2 months after possession

We moved into the basement so we could rent out rooms
I had concrete laundry tub as a kitchen sink for a few years

When mortgage rates were on the rise, we paid the penalty & locked in for 12 %
( we felt RICH!!!! )

My sister & another set of friends LOST their house when rates went to 20%
When we sold it was during the boom & the people offered More than our asking price.
They sold 5 years later for a bit LESS than they paid us.... it's ALL about the timing!

We are NOT under the gun, we do NOT have to sell & hubby is happy as a clam "so far"
#1 came back this afternoon with an offer slightly higher, but NOT even close to their best.
( we do NOT expect the Bidding war offer, but NOT willing to take less than our price )

You want it BUY it, you do NOT want to buy it...eat or STOP the worthless, fake offers.
Mama "wants" a bigger farm, but that doesn't mean she gets it.
Just don't want to waste my time with needless