Coronavirus

[Indy]

That didn’t answer my question though. Who gets the 0% or does anyone really and that number? Short term loans like a month?

I felt like we won the Lotto selling my parents house for so much so fast and considering there is a National Emergency going on. Now we have our new set of problems.

The original plan was for them to get a loan, buy a house, move out, we fix up their house, sell it and they pay off everything with a little left over. My step dad is a little stubborn and grumpy and refused to get a loan and instead wanted to sell the house and use that money to buy a house. The plan worked better than I could have hoped for in the first phase. We fixed it up as they lived there and sold it for more than asking on day one.

Phase two is going to be harder. Now my parents are in a hurry to buy their new home. They get their cash when they move out in a month. You can’t buy a house with promised money. They have to wait until they get their money to buy a house. That means they have a month to move into a new place that isn’t their new home and they just now realized it. I found a great place close to us that is the same square footage with a two car garage even and told my mother about it. She said “We aren’t paying that kind of money to rent.” I said I could get you a studio apartment for cheaper. She wanted none of that. I said “You can move in with us for a little while.” She wanted no part of that. They should move into an assisted living place with the money. They want no part of that.

Back to reality. They will have to move out and somewhere else within a month and they will be pissed off at us for awhile for putting them through this. With the virus thing shutting down the world it is only going to make this more difficult. My plan is to find them a comfortable place like we mentioned close by for a few months and see where the market goes. From my perspective with the entire world going under quarantine for at least a month, maybe two or more, that is going to have serious repercussions on our global economy including housing in our area. If they can hole up for awhile, they may be able to find a great deal on a nice house close to is in a couple of months that will more than pay for rent at a rental for a few months.

that is a tough situation 'dack. I wish you and them the best.

[In2ition]

That didn’t answer my question though. Who gets the 0% or does anyone really and that number? Short term loans like a month?

I felt like we won the Lotto selling my parents house for so much so fast and considering there is a National Emergency going on. Now we have our new set of problems.

The original plan was for them to get a loan, buy a house, move out, we fix up their house, sell it and they pay off everything with a little left over. My step dad is a little stubborn and grumpy and refused to get a loan and instead wanted to sell the house and use that money to buy a house. The plan worked better than I could have hoped for in the first phase. We fixed it up as they lived there and sold it for more than asking on day one.

Phase two is going to be harder. Now my parents are in a hurry to buy their new home. They get their cash when they move out in a month. You can’t buy a house with promised money. They have to wait until they get their money to buy a house. That means they have a month to move into a new place that isn’t their new home and they just now realized it. I found a great place close to us that is the same square footage with a two car garage even and told my mother about it. She said “We aren’t paying that kind of money to rent.” I said I could get you a studio apartment for cheaper. She wanted none of that. I said “You can move in with us for a little while.” She wanted no part of that. They should move into an assisted living place with the money. They want no part of that.

Back to reality. They will have to move out and somewhere else within a month and they will be pissed off at us for awhile for putting them through this. With the virus thing shutting down the world it is only going to make this more difficult. My plan is to find them a comfortable place like we mentioned close by for a few months and see where the market goes. From my perspective with the entire world going under quarantine for at least a month, maybe two or more, that is going to have serious repercussions on our global economy including housing in our area. If they can hole up for awhile, they may be able to find a great deal on a nice house close to is in a couple of months that will more than pay for rent at a rental for a few months.

There is a good possibility that the housing market crashes again, like 2008. They may be best for them to wait it out and buy then. May find something even better for less.

[Flagrant Fowl]

She said “We aren’t paying that kind of money to rent.”

This part made me angry for you. I'd probably have to leave the room if I were in that situation.

[Nodack]

We were just talking to our real estate person and she said we are ok. We can look, find a house, make a cash offer on it and just make the closing date after the date we get our money from the first sale and I guess it’s ok. That means we can look for and buy a house now. That will make my parents happier. Now we have to find a place.

I would still prefer my other plan. I think that would save them a lot of money but, I could be wrong and I’m not the one’s being inconvenienced unless you consider doing everything inconvenient

[pickle]

Trump went out and called this a China virus... It figures.

[pickle]

We were just talking to our real estate person and she said we are ok. We can look, find a house, make a cash offer on it and just make the closing date after the date we get our money from the first sale and I guess it’s ok. That means we can look for and buy a house now. That will make my parents happier. Now we have to find a place.

I would still prefer my other plan. I think that would save them a lot of money but, I could be wrong and I’m not the one’s being inconvenienced unless you consider doing everything inconvenient

Dack, sorry to hear of your situation. Doesn't sound like your parents are being particularly rational. I'm with you, wait it out, this is gonna get much worse before it gets better.

I believe the interest rate Indy mentioned is the LIBOR, basically rate for overnight loans between banks. It's important because it's a measure of short term liquidity, but indeed it doesn't affect mortgage rates.

[Indy]

We were just talking to our real estate person and she said we are ok. We can look, find a house, make a cash offer on it and just make the closing date after the date we get our money from the first sale and I guess it’s ok. That means we can look for and buy a house now. That will make my parents happier. Now we have to find a place.

I would still prefer my other plan. I think that would save them a lot of money but, I could be wrong and I’m not the one’s being inconvenienced unless you consider doing everything inconvenient

Dack, sorry to hear of your situation. Doesn't sound like your parents are being particularly rational. I'm with you, wait it out, this is gonna get much worse before it gets better.

I believe the interest rate Indy mentioned is the LIBOR, basically rate for overnight loans between banks. It's important because it's a measure of short term liquidity, but indeed it doesn't affect mortgage rates.

yes listen to people way smarter than me on this. I know so little about it; just happen to be in between accepted offer on a house, and closing date.

[virtual9mm]

Well, my parents insisted on going to church so I know how you feel.

Regarding 0% this is the rate at which the Fed loans money to the banks. Up to the banks to set a rate to lend to you.

[Mori Chu]

You know what's going to be really depressing? When the virus starts to run through jails, homeless shelters, and immigrant detention centers ("kids in cages" centers). They're going to suffer so greatly, and they'll get almost no help from the government or this administration. :-/

[Nodack]

L.A. County releasing some inmates from jail to combat coronavirus
https://www.latimes.com/california/stor ... oronavirus

JAIL BREAK Hundreds of prisoners escape Brazilian jail ‘and hold guards hostage’ in revolt over coronavirus crackdown
https://www.the-sun.com/news/547865/hun ... crackdown/

A Generational War Is Brewing Over Coronavirus
Scientists say lack of alarm among young people could hinder the fight against the virus and endanger elders
https://www.wsj.com/articles/a-generati ... 1584437401

[ShelC]

A Generational War Is Brewing Over Coronavirus
Scientists say lack of alarm among young people could hinder the fight against the virus and endanger elders
https://www.wsj.com/articles/a-generati ... 1584437401

Interesting because I remember a lack of alarm from some adults in our government just last week and this past weekend.

[virtual9mm]

For those of you interested in investing, I just bought SVXY because VIX has never stayed at these levels for more than a couple of weeks, even in late 2008 it retreated down to the 30s quickly. It will be the same I feel. Wonder how you gents feel about this.

[virtual9mm]

You know what's going to be really depressing? When the virus starts to run through jails, homeless shelters, and immigrant detention centers ("kids in cages" centers). They're going to suffer so greatly, and they'll get almost no help from the government or this administration. :-/

Or just the homeless folks up in the Tenderloin, who would refuse any help because they are mentally ill

[Nodack]

A Generational War Is Brewing Over Coronavirus
Scientists say lack of alarm among young people could hinder the fight against the virus and endanger elders
https://www.wsj.com/articles/a-generati ... 1584437401

Interesting because I remember a lack of alarm from some adults in our government just last week and this past weekend.

Yes, that is another story altogether. The partisan divide dictates that the party’s take opposite stances on everything and Trump took an early stance that this was a Democrat hoax designed to bring him down. His whole being has been focused on winning the political war since he started but, for the first time I think he is starting to realize that this is much bigger than his ego and realize his actions are critical to the success or demise of our country, not just his people. This is the part of a Presidency that ages Presidents.

[Superbone]

A Generational War Is Brewing Over Coronavirus
Scientists say lack of alarm among young people could hinder the fight against the virus and endanger elders
https://www.wsj.com/articles/a-generati ... 1584437401

Interesting because I remember a lack of alarm from some adults in our government just last week and this past weekend.

Yes, that is another story altogether. The partisan divide dictates that the party’s take opposite stances on everything and Trump took an early stance that this was a Democrat hoax designed to bring him down. His whole being has been focused on winning the political war since he started but, for the first time I think he is starting to realize that this is much bigger than his ego and realize his actions are critical to the success or demise of our country, not just his people. This is the part of a Presidency that ages Presidents.

If it got Trump to act beyond his ego, it was an amazing feat.

[ShelC]

Trump only cares about Trump, not the nation or the people. This is about his reelection, and, probably, his wealth and the wealth of his buddies (which are all tied to his ego).

And I wouldn't put it past him to use the outbreak as some excuse to put off the election if it looks like he's going to lose come summertime.

[Flagrant Fowl]

A Generational War Is Brewing Over Coronavirus
Scientists say lack of alarm among young people could hinder the fight against the virus and endanger elders
https://www.wsj.com/articles/a-generati ... 1584437401

Interesting because I remember a lack of alarm from some adults in our government just last week and this past weekend.

Or the perpetual lack of alarm from those same adults on basically everything involving the long term future of our species.

[Flagrant Fowl]

Trump only cares about Trump, not the nation or the people. This is about his reelection, and, probably, his wealth and the wealth of his buddies (which are all tied to his ego).

And I wouldn't put it past him to use the outbreak as some excuse to put off the election if it looks like he's going to lose come summertime.

Oh you know this has already been put on the table. I'm sure Fox News already has it all lined up.

[Mori Chu]

I like how he rated his own response to corona a 10 out of 10.

I also like how he said today that he was calling corona a "pandemic" far before anybody else. Okay, sure. There are only 15 cases, soon to be zero. It's a Democrat hoax. But you were early on it. Sure buddy.

[Superbone]

I like how he rated his own response to corona a 10 out of 10.

I also like how he said today that he was calling corona a "pandemic" far before anybody else. Okay, sure. There are only 15 cases, soon to be zero. It's a Democrat hoax. But you were early on it. Sure buddy.

His supporters will believe it.