Even the mortgage rate went down recently, it does not mean that we can afford to buy a house, especially in CA. The house price in Bay Area has dropped quite a bit but the average price of a house in SF is still over $600K. If you look for a better neighborhood, it can cost $1m easy for just a small house.
Recently, we have found a foreclosure house which has been abandoned for 5 years, definitely it needs to be completely torn down and be rebuilt. After we did some calculation, we consider it worthwhile. Says, buy a 2nd hand house = $500K + repair (likely $100K) = $600K and it's still a 2nd hand one
Buy this foreclosure house at say $150K + rebuild $300-400K = $550K and it's totally brand new
So, we asked our friend whos' a realty agent. He said that having a construction loan is almost impossible these days. Yesterday, we went to a bank and ask for advice, the PB said the same thing. He told me that he's stucked also with this same situation. The govt is spending the money and imposing law to help out those people who are facing foreclosure now. Many of them should not even own a house before as they would not be qualified under the new rules. We're paying our taxes to help these people out but we could not get help. Does it make sense? With our saving and earning, we can afford to buy a house of $600K but how come we cannot do it our way? It's really disappointing.
[ 本帖最後由 rose-mag 於 09-3-21 05:33 編輯 ]
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