ok I have to ask..........................I happened to hear McHack claim at the last council meeting that 7 houses had been sold at the first open house...........I was skeptical...............then I read the same thing in the gazette a day or two later......................now I read it again............so.....................is it true?.........if so isn't that a good thing?.......................and how come nobody's posted that here.............just curious I guess.............(as he carefully opens a can of worms)...............
Success would be if at least three or four of the people who sold a house then stayed in Schenectady. If those seven all left and moved out of Schenectady county then nothing changed except we swapped seven for seven.
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
ok I have to ask..........................I happened to hear McHack claim at the last council meeting that 7 houses had been sold at the first open house...........I was skeptical...............then I read the same thing in the gazette a day or two later......................now I read it again............so.....................is it true?.........if so isn't that a good thing?.......................and how come nobody's posted that here.............just curious I guess.............(as he carefully opens a can of worms)...............
Yes it is a good thing and it sounds great....but let's remember that accepting an offer on a property and actually having itmake it through the bank process to obtain a mortgage is yet another issue.
Then the question will be........how many of those offers on those properties will actually be closed on?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Yes it is a good thing and it sounds great....but let's remember that accepting an offer on a property and actually having itmake it through the bank process to obtain a mortgage is yet another issue.
Then the question will be........how many of those offers on those properties will actually be closed on?
I agree...............and hopefully all the properties are closed on and seven families are gonna take a chance on Schenectady...............to me that's a good thing..........................with all the negative stuff we post here a little optimism would be nice................
I agree...............and hopefully all the properties are closed on and seven families are gonna take a chance on Schenectady...............to me that's a good thing..........................with all the negative stuff we post here a little optimism would be nice................
Can't agree more.
But here's the problem. Those that are looking at buying are existing residents who are existing renters in the city. The leaders need to report to the taxpayers what they got in return for spending their money on these tours, etc. Are the buyers people from outside the city and choosing to come in? Or are the buyers primarily existing city residents--renters--who buy.
Now, this program is supposed to virtually eliminate any requirement for a down payment. Then this program is supposed to allow people to get mortgages up to $50K over the appraised value of the house to take care of renovations and such.
This is going to prove very very interesting. Suppose a house is currently assessed for $150,000. The asking price has been reduced several times and is now at $110,000. In theory, the apprisal should be closer to what the selling price is, so the buyer can get a mortgage for $160,000. Will the city automatically lower the assessment to the appraisal value, in this example, $110,000? But then, after putting $50,000 of work into it, will it be reassessed up to the roughly $160,000? But then say two comps on the same street that are not part of this stupid Key to the City thing are totally renovated and sell on the open market for $110,000 each?
And here's another question. If the city and banks are jointly doing this and there's this money for the renovations/remodeling/updating, well, come on, do you think the city/bank will allow owners to choose any contractor that they darn well please? For sure the city and the bank will have to have some say, partically to insure that the owners are using a reputable contractor, and licensed where necessary. However, we only have to remember when the city administered a home improvement program, SHIP it was called for short, it was federal money, and the city had lots of say in the contractor(s) and one of the contractors they used was a guy who was convicted on a federal charge of laundering drug money through his contracting business, it was a half million dollars. So, if you are a homeonwer, are you coing to allow the city to choose for you?
Are buyers in this program mandated to live in the house for a certain period of time?
What happens if they default after all the money was spent on the renos?
So many questions that need answers
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
But here's the problem. Those that are looking at buying are existing residents who are existing renters in the city. The leaders need to report to the taxpayers what they got in return for spending their money on these tours, etc. Are the buyers people from outside the city and choosing to come in? Or are the buyers primarily existing city residents--renters--who buy.
Now, this program is supposed to virtually eliminate any requirement for a down payment. Then this program is supposed to allow people to get mortgages up to $50K over the appraised value of the house to take care of renovations and such.
This is going to prove very very interesting. Suppose a house is currently assessed for $150,000. The asking price has been reduced several times and is now at $110,000. In theory, the apprisal should be closer to what the selling price is, so the buyer can get a mortgage for $160,000. Will the city automatically lower the assessment to the appraisal value, in this example, $110,000? But then, after putting $50,000 of work into it, will it be reassessed up to the roughly $160,000? But then say two comps on the same street that are not part of this stupid Key to the City thing are totally renovated and sell on the open market for $110,000 each?
And here's another question. If the city and banks are jointly doing this and there's this money for the renovations/remodeling/updating, well, come on, do you think the city/bank will allow owners to choose any contractor that they darn well please? For sure the city and the bank will have to have some say, partically to insure that the owners are using a reputable contractor, and licensed where necessary. However, we only have to remember when the city administered a home improvement program, SHIP it was called for short, it was federal money, and the city had lots of say in the contractor(s) and one of the contractors they used was a guy who was convicted on a federal charge of laundering drug money through his contracting business, it was a half million dollars. So, if you are a homeonwer, are you coing to allow the city to choose for you?
Are buyers in this program mandated to live in the house for a certain period of time?
What happens if they default after all the money was spent on the renos?
So many questions that need answers
oh yeah lots of questions looking for answers for sure......................time will tell I guess
"..with seven buyers and sellers signing purchase agreements on the spot, and several other deals consummated shortly thereafter."
After inspections, negotiations, obtaining a mortgage, etc...etc...let's see how many of these deals go through. That would be honest way to report a story...I mean get real proof to support one's statements. But we're talking Mayor McC and the Gazetto. Good luck finding the truth.
"..with seven buyers and sellers signing purchase agreements on the spot, and several other deals consummated shortly thereafter."
After inspections, negotiations, obtaining a mortgage, etc...etc...let's see how many of these deals go through. That would be honest way to report a story...I mean get real proof to support one's statements. But we're talking Mayor McC and the Gazetto. Good luck finding the truth.
agreed.....................still if these deals do go through then it's a good thing..................I guess the point I'm trying to make here, is we get accused of always being negative here, (and I'm close to the top of list in that respect)................we should at least applaud the good news however little there is............and I am in no way shape or form supporting the hacks that control the city, but rather cheering the folks that are taking a chance at owning property in the city.........
And another thing. One of the people interviewed on one of the TV news casts was quoted as saying something like "after renting all his life, so and so attended this event and decided to buy."
Not exactly those words, but I think most of the buyers are people who never considered buying a house. So they probably caught bits and pieces of information through the news, the points that speak to them such as no down payment, getting a mortgage for in excess of the value of the house (albeit to fund a reno), and the prices of the houses are so much less than other places.
So obviously, people who never thought about buying a house because they couldn't save up for the 20% down payment and they see a $175,000 house, now they are thinking, hmmm. $80,000, no need to have any savings, and "free money" for a reno. This last point, "free money" is probably the idea that comes to mine when such a program like this is explained that the mortgage "can be for $50,000 above value" for renos.
People see the news and the curiosity factor enters the picture. And off the people trot on a Sunday afternoon, visitng these houses, they haven't even hired a real estate agent yet.
Property virgins without a real estate agent and probably also the closest they've ever come to an attorney is when they went to gripe in court about a parking ticket and the defendant in line ahead of them had his/her own attorney. The "financial advisor" for most of these buyers is probably the data entry operator who asks them questions that appear on the computer screen and then "data enters" the person's responses --- at an H&R Block and similar places just before January 31 of each year.
.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Would seven houses of sold in the course of a couple of normal weekends? Also, how many people who will be getting these zero down deals will be able to be responsible enough to keep current. After all, these defaults and foreclosures (as much as the government controlled media and the leftists want you to believe) were the result of someone not paying their mortgage payments.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Would seven houses of sold in the course of a couple of normal weekends? Also, how many people who will be getting these zero down deals will be able to be responsible enough to keep current. After all, these defaults and foreclosures (as much as the government controlled media and the leftists want you to believe) were the result of someone not paying their mortgage payments.
all good questions..........................hopefully the new buyers will be responsible enough to dispel our skepticism........................I woke up yesterday and joined the ranks of the elderly and decided to try and be a bit more optimistic about things. .....................not cheer leading like ronnie the commie troll........just a little less pessimistic.................
These perspective new home owners were picked up by bus and taken to the homes. As of today....19 previously empty homes are now occupied(don't know which ones)......HOWEVER.....they are also trying to find a way that folks can be 'PRE-APPROVED' for a mortgage.
that's the word at the donut shop!.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
These perspective new home owners were picked up by bus and taken to the homes. As of today....19 previously empty homes are now occupied(don't know which ones)......HOWEVER.....they are also trying to find a way that folks can be 'PRE-APPROVED' for a mortgage.
that's the word at the donut shop!.
They couldn't possibly have closed that fast ... impossible!
They couldn't possibly have closed that fast ... impossible!
Sure did!!! When yer 'family owns the business'.......anything is possible!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Logged
and decided to try and be a bit more optimistic about things. .....................not cheer leading like ronnie the commie troll........just a little less pessimistic................. 
