San Jose, CA
Followed by 0
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In United States
Registered Oct 24, 2011
SparrowBell's most recent comments:
- On 14 Jun 2013
In housebuying, cash is king again,
Well, given the houses are seriously overpriced and rising much faster than appraisal could catch up ... Those with financial contigency run higher risk than the cash buyers ... Cash buyers don't get the nasty shock like buyers with mortgage, are you willing to buy a house with 200K difference between price and apprisal even if you can afford the house ...
From the standpoint of the buyers, all deals are settled by "cash".
the point of all this but to say "no contingency" which is undue
This is just another way to dump down the buyers ...
- On 20 May 2013
Best real estate within drive from bay area?,
Buy one where the *potential* high speed rail may connect close to it. Sacrememto? Folsom?
- On 6 May 2013
bmwman91's Buying Adventure Log,
Only as a proof of reserve, not withdrawal, which is not necessary now.
But, I am also very surprised by the need of half a million for a 1 million dollar loan. I haven't heard about this from friends who bought recently. It seems most ony require 12-month of cash reserves. Maybe, it has more to do with your wife is self-employed.
Can you not use your 401k? Wellsfargo seems to offer very good rate lately ...
IMO, it's really dumb to raid your 401k for any reason. This is money you need for retirement when your income is low or zero. Those of us retiring in 20-30 years likely won't get a dime from social security.
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