It's been 10 years since I have purchased property and the stacks upon stacks of papers that must be read and signed are horrendous. I kid you not. The stack measures 10 1/4 inches. Every one wants to cover their a-s with Disclosure Forms. 10 years ago we were talking about maybe one inch of paper work. The recent real estate debacle here in the U.S. is no doubt what has brought this about.
I really don't believe that young people buying homes today will enjoy the huge appreciation of their property that their parents enjoyed over the past 60 years and it's probably a sure fire bet that they will not be able to retire as early.
Paper Work Nightmare
Paper Work Nightmare
My daughter bought a house this year. The conveyancing and land registry and lawyer and estate agent and mortgage correspondence, including the bits that needed reading and signing, comes to around 240 pages - half a ream or an inch. So we're not as far up the paper explosion as you so far.
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
Paper Work Nightmare
Lon;1332186 wrote: It's been 10 years since I have purchased property and the stacks upon stacks of papers that must be read and signed are horrendous. I kid you not. The stack measures 10 1/4 inches. Every one wants to cover their a-s with Disclosure Forms. 10 years ago we were talking about maybe one inch of paper work. The recent real estate debacle here in the U.S. is no doubt what has brought this about.
I really don't believe that young people buying homes today will enjoy the huge appreciation of their property that their parents enjoyed over the past 60 years and it's probably a sure fire bet that they will not be able to retire as early.
Hi Lon,
Great post. Zerohedge just had a another comprehensive post on: Should You Buy A House Now last night.
As usual, the article was great - but the real entertaining part are the comments. For example here.
I really don't believe that young people buying homes today will enjoy the huge appreciation of their property that their parents enjoyed over the past 60 years and it's probably a sure fire bet that they will not be able to retire as early.
Hi Lon,
Great post. Zerohedge just had a another comprehensive post on: Should You Buy A House Now last night.
As usual, the article was great - but the real entertaining part are the comments. For example here.
Please use the "contact us" button if you need to contact a ForumGarden admin.
Paper Work Nightmare
Tombstone;1332318 wrote: Hi Lon,
Great post. Zerohedge just had a another comprehensive post on: Should You Buy A House Now last night.
As usual, the article was great - but the real entertaining part are the comments. For example here.
Thanks for the links-----------good material
The retirement community of 3100 individual homes in which I live has suffered a big, big drop in home values. The difference between our community and the outside community is the fact that 95 % of our homes have no mortgage and are free and clear. This is due to the fact that when retiring most of our residents were able to sell the homes that they had lived in for many years at a huge gain, pay cash for their retirement home and have $$$$$ left over to support pensions, social security etc. Those days are over.
Great post. Zerohedge just had a another comprehensive post on: Should You Buy A House Now last night.
As usual, the article was great - but the real entertaining part are the comments. For example here.
Thanks for the links-----------good material
The retirement community of 3100 individual homes in which I live has suffered a big, big drop in home values. The difference between our community and the outside community is the fact that 95 % of our homes have no mortgage and are free and clear. This is due to the fact that when retiring most of our residents were able to sell the homes that they had lived in for many years at a huge gain, pay cash for their retirement home and have $$$$$ left over to support pensions, social security etc. Those days are over.
Paper Work Nightmare
Lon;1332319 wrote: Thanks for the links-----------good material
The retirement community of 3100 individual homes in which I live has suffered a big, big drop in home values. The difference between our community and the outside community is the fact that 95 % of our homes have no mortgage and are free and clear. This is due to the fact that when retiring most of our residents were able to sell the homes that they had lived in for many years at a huge gain, pay cash for their retirement home and have $$$$$ left over to support pensions, social security etc. Those days are over.
Yes. It does appear the salad days of RE are over for large swaths of the country. (Say goodbye to pensions too from private companies.)
The people who are really feeling the pain are the ones who purchased somewhere in the range of 2005 through 2008. (Peak of bubble depending where you were.) I don't know anyone who is upside down on their homes (sans Detroit! and other catastrophic areas) who purchased their home before 2003. If anything, the home value is close to where they bought it.
Sure, there are exceptions to the rule, but those who bought to flip or upgrade within 2 years have a different mindset than people like me who were looking for a place to take root, settle-in, and hang out for the long haul.
It's definitely interesting and intriguing to watch all of this play out. My heart does go out for those getting squeezed due to bad economy and loss of jobs. Gives me the chills.
The retirement community of 3100 individual homes in which I live has suffered a big, big drop in home values. The difference between our community and the outside community is the fact that 95 % of our homes have no mortgage and are free and clear. This is due to the fact that when retiring most of our residents were able to sell the homes that they had lived in for many years at a huge gain, pay cash for their retirement home and have $$$$$ left over to support pensions, social security etc. Those days are over.
Yes. It does appear the salad days of RE are over for large swaths of the country. (Say goodbye to pensions too from private companies.)
The people who are really feeling the pain are the ones who purchased somewhere in the range of 2005 through 2008. (Peak of bubble depending where you were.) I don't know anyone who is upside down on their homes (sans Detroit! and other catastrophic areas) who purchased their home before 2003. If anything, the home value is close to where they bought it.
Sure, there are exceptions to the rule, but those who bought to flip or upgrade within 2 years have a different mindset than people like me who were looking for a place to take root, settle-in, and hang out for the long haul.
It's definitely interesting and intriguing to watch all of this play out. My heart does go out for those getting squeezed due to bad economy and loss of jobs. Gives me the chills.
Please use the "contact us" button if you need to contact a ForumGarden admin.
Paper Work Nightmare
Tombstone;1332328 wrote: Yes. It does appear the salad days of RE are over for large swaths of the country. (Say goodbye to pensions too from private companies.)
The people who are really feeling the pain are the ones who purchased somewhere in the range of 2005 through 2008. (Peak of bubble depending where you were.) I don't know anyone who is upside down on their homes (sans Detroit! and other catastrophic areas) who purchased their home before 2003. If anything, the home value is close to where they bought it.
Sure, there are exceptions to the rule, but those who bought to flip or upgrade within 2 years have a different mindset than people like me who were looking for a place to take root, settle-in, and hang out for the long haul.
It's definitely interesting and intriguing to watch all of this play out. My heart does go out for those getting squeezed due to bad economy and loss of jobs. Gives me the chills.
Foreclosures in California are widespread. I'ts hard to stay in a house that has a mortgage far in excess of it's market value, particularly if you are unemployed. This whole real estate fiasco will have negative economic consequences for years to come. Cash is King---and right now if you have some cash there are some great buys.
The people who are really feeling the pain are the ones who purchased somewhere in the range of 2005 through 2008. (Peak of bubble depending where you were.) I don't know anyone who is upside down on their homes (sans Detroit! and other catastrophic areas) who purchased their home before 2003. If anything, the home value is close to where they bought it.
Sure, there are exceptions to the rule, but those who bought to flip or upgrade within 2 years have a different mindset than people like me who were looking for a place to take root, settle-in, and hang out for the long haul.
It's definitely interesting and intriguing to watch all of this play out. My heart does go out for those getting squeezed due to bad economy and loss of jobs. Gives me the chills.
Foreclosures in California are widespread. I'ts hard to stay in a house that has a mortgage far in excess of it's market value, particularly if you are unemployed. This whole real estate fiasco will have negative economic consequences for years to come. Cash is King---and right now if you have some cash there are some great buys.
Paper Work Nightmare
There is a problem now with the first time buyers market. Many of these cant afford the massive deposits that are expected, to get their feet on the ladder. I was able to buy when I was young, with a manageable deposit but nowadays first time buyers may have to wait untill they are in there 40's or 50's
"He has all the virtues I dislike and none of the vices I admire."
Winston Churchill
Winston Churchill
Paper Work Nightmare
Snowfire;1332380 wrote: There is a problem now with the first time buyers market. Many of these cant afford the massive deposits that are expected, to get their feet on the ladder. I was able to buy when I was young, with a manageable deposit but nowadays first time buyers may have to wait untill they are in there 40's or 50's
There is no real problem here in the states for first time buyers. Typically a down payment of 10% and monthly income sufficient to make mortgage payments on a 30 year 4.5 % Loan. AND GOOD CREDIT REPORT CAN DO THE TRICK.
There is no real problem here in the states for first time buyers. Typically a down payment of 10% and monthly income sufficient to make mortgage payments on a 30 year 4.5 % Loan. AND GOOD CREDIT REPORT CAN DO THE TRICK.
Paper Work Nightmare
UK facing first time buyer crisis as lack of loans and need for huge deposits hamper property market
The average deposit is 24%, compared with just 10% in 2007. To buy in some areas, such as London, first time buyers need a deposit of nearly £100,000, which is four times the average salary. The report suggests that government attempts to help young people on to the property ladder have not worked. First-time buyers do not have to pay stamp duty on homes bought for £250,000 or less but this does not seem to have had much effect.
I have heard of much higher deposits than that.
House prices are much higher than those in the States. Land is of a premium on this little island of ours, especially in London. So first time buyers are limited to very small apartments and flats or maybe part rent part buy schemes.
You're right though a good credit rating will go a long way
The average deposit is 24%, compared with just 10% in 2007. To buy in some areas, such as London, first time buyers need a deposit of nearly £100,000, which is four times the average salary. The report suggests that government attempts to help young people on to the property ladder have not worked. First-time buyers do not have to pay stamp duty on homes bought for £250,000 or less but this does not seem to have had much effect.
I have heard of much higher deposits than that.
House prices are much higher than those in the States. Land is of a premium on this little island of ours, especially in London. So first time buyers are limited to very small apartments and flats or maybe part rent part buy schemes.
You're right though a good credit rating will go a long way
"He has all the virtues I dislike and none of the vices I admire."
Winston Churchill
Winston Churchill
Paper Work Nightmare
Lon;1332186 wrote: It's been 10 years since I have purchased property and the stacks upon stacks of papers that must be read and signed are horrendous. I kid you not. The stack measures 10 1/4 inches. Every one wants to cover their a-s with Disclosure Forms. 10 years ago we were talking about maybe one inch of paper work. The recent real estate debacle here in the U.S. is no doubt what has brought this about.
I really don't believe that young people buying homes today will enjoy the huge appreciation of their property that their parents enjoyed over the past 60 years and it's probably a sure fire bet that they will not be able to retire as early.
Would you believe when I started selling real estate in 1976, in California, we had a one-page purchase contract, which quickly went to 2 pages, with no addendums. A listing agreement was one page. I just signed a listing agreement on property in Wyoming-20 pages and I'm not sure that was all of it!
I really don't believe that young people buying homes today will enjoy the huge appreciation of their property that their parents enjoyed over the past 60 years and it's probably a sure fire bet that they will not be able to retire as early.
Would you believe when I started selling real estate in 1976, in California, we had a one-page purchase contract, which quickly went to 2 pages, with no addendums. A listing agreement was one page. I just signed a listing agreement on property in Wyoming-20 pages and I'm not sure that was all of it!
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fuzzywuzzy
- Posts: 6596
- Joined: Mon Feb 02, 2009 5:35 pm
Paper Work Nightmare
amy;1332505 wrote: We don't have to put in a down payment over here... yet!
My boyfriend and I just bought our first place after living together in a rental flat for 3 years..
very exciting!! except;
The amout of paper work was like signing every page of the lord of the rings trilogy!
We put in the bid on the first of may (this year of course) it was accepted within the hour...
Couldn't think things could get better! .... then murphy's law popped in for a little visit ...
- My advisor got back to me saying that there was something wrong with my paysheet... corrected that..
- then my boyfriend paysheet was not in order... corrected that
- then the statement i got from my boss (don't know if you guys need something like that, just to say that you are working there etc etc) was wrong.. corrected that...
was wrong again... corrected that... was wrong again! big talk with boss, they could not correct it again etc etc... long email, more talking.. got it corrected in the end..
- then boyfriends statement from boss was wrong! (not on company paper, long story but its a small company..) anyway got that corrected in the end..
- then they suddenly wanted a paysheet from every company i worked at before.. got that done (thank god i keep all that sort of paperwork!)
- Then my advisor guy told me.. dont hold your breath, they are being very difficult, think its going to fall through...
So it all started the first of may.. and in july i got a phone call saying; They had nothing else to be difficult about so they have granted you the finances and you've got the house!
Can't help but wonder why they were being so difficult though... (my advisor guy said he's been working in this branch for 20 years and this has never happend!)
Was it our age (i'm 21 he's 25), we're not married or engaged, i earn the most.. anyway...
Although we're extatic that we finally got our first "real" property
the amount of stress, tears and paperwork was awful!
After the second correction ..that's the time you say . "keep your bloody house" You'll find things change very quickly . You'll learn with age .:-4
My boyfriend and I just bought our first place after living together in a rental flat for 3 years..
very exciting!! except;
The amout of paper work was like signing every page of the lord of the rings trilogy!
We put in the bid on the first of may (this year of course) it was accepted within the hour...
Couldn't think things could get better! .... then murphy's law popped in for a little visit ...
- My advisor got back to me saying that there was something wrong with my paysheet... corrected that..
- then my boyfriend paysheet was not in order... corrected that
- then the statement i got from my boss (don't know if you guys need something like that, just to say that you are working there etc etc) was wrong.. corrected that...
was wrong again... corrected that... was wrong again! big talk with boss, they could not correct it again etc etc... long email, more talking.. got it corrected in the end..
- then boyfriends statement from boss was wrong! (not on company paper, long story but its a small company..) anyway got that corrected in the end..
- then they suddenly wanted a paysheet from every company i worked at before.. got that done (thank god i keep all that sort of paperwork!)
- Then my advisor guy told me.. dont hold your breath, they are being very difficult, think its going to fall through...
So it all started the first of may.. and in july i got a phone call saying; They had nothing else to be difficult about so they have granted you the finances and you've got the house!
Can't help but wonder why they were being so difficult though... (my advisor guy said he's been working in this branch for 20 years and this has never happend!)
Was it our age (i'm 21 he's 25), we're not married or engaged, i earn the most.. anyway...
Although we're extatic that we finally got our first "real" property
the amount of stress, tears and paperwork was awful!
After the second correction ..that's the time you say . "keep your bloody house" You'll find things change very quickly . You'll learn with age .:-4
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fuzzywuzzy
- Posts: 6596
- Joined: Mon Feb 02, 2009 5:35 pm
Paper Work Nightmare
I bet!!! that's one of the reasons I'll never 'build' a house again . Example: That's the wrong window . Look at the plans!!! That's not the colour bricks I wanted . LOOK AT THE BLOODY PLANS MR BUILDER!!! Much easier and less stressful to buy an established home. Although in your case?