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Nodack wrote: ↑

Mon Mar 16, 2020 1:25 pm

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.

Nodack wrote: ↑

Mon Mar 16, 2020 1:25 pm

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.

Nodack wrote: ↑

Mon Mar 16, 2020 1:25 pm

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

Nodack wrote: ↑

Mon Mar 16, 2020 5:27 pm

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 wrote: ↑

Tue Mar 17, 2020 1:36 am

Nodack wrote: ↑

Mon Mar 16, 2020 5:27 pm

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.

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

Mori Chu wrote: ↑

Tue Mar 17, 2020 8:14 am

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. :-/

ShelC wrote: ↑

Tue Mar 17, 2020 10:46 am

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.

Nodack wrote: ↑

Tue Mar 17, 2020 3:12 pm

ShelC wrote: ↑

Tue Mar 17, 2020 10:46 am

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.

ShelC wrote: ↑

Tue Mar 17, 2020 10:46 am

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.

ShelC wrote: ↑

Tue Mar 17, 2020 3:32 pm

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.

Mori Chu wrote: ↑

Tue Mar 17, 2020 5:48 pm

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.