Home buyer situation after job loss

[letstalk2024]

52 minutes ago, Thokkalee said:

Nowhere in the post he says he is in debt or he has no money…he is looking for some suggestions to minimize his losses… manollu chala mandi 20-30% down chesi houses kontaaru and they are scared of losing their credit history or close the door for coming back… foreclose chesthe aa 20% down payment, any renovations money kuda lose avtaaru.. 

iddaru working ante earning and savings bagane untayi.. they will be fine.. they will get out with some loss.. 

you cannot say that everyone who bought homes in the last 4-5 years are either arrogant or stupid.. 😁

+1

and need not be less technical as stressed by this so called perfectionist 

 

[Konebhar6]

54 minutes ago, Thokkalee said:

Nowhere in the post he says he is in debt or he has no money…he is looking for some suggestions to minimize his losses… manollu chala mandi 20-30% down chesi houses kontaaru and they are scared of losing their credit history or close the door for coming back… foreclose chesthe aa 20% down payment, any renovations money kuda lose avtaaru.. 

iddaru working ante earning and savings bagane untayi.. they will be fine.. they will get out with some loss.. 

you cannot say that everyone who bought homes in the last 4-5 years are either arrogant or stupid.. 😁

Sensible message. You cannot put a value on a first home as long as your finances support them. However there are a lot of ppl who bought homes on FOMO effect. They are in trouble. 
Anyways it’s a decision they took and they gotta own it and face consequences going forward. 
People who bought since 2021 are in trouble. Prices are poised to go back to pre COVID prices by 2026.

[thokkalobokkalo]

3 hours ago, Konebhar6 said:

Sensible message. You cannot put a value on a first home as long as your finances support them. However there are a lot of ppl who bought homes on FOMO effect. They are in trouble. 
Anyways it’s a decision they took and they gotta own it and face consequences going forward. 
People who bought since 2021 are in trouble. Prices are poised to go back to pre COVID prices by 2026.

House prices won't go back 6-7 years, not realistic. Blackrock, Chinese investors, Latinas, etc invested a lot on the high tide in 3% rate markets and they will hold long term potentially forever.

Max 5% corrections depending on regional market. It's just that American reality needs brokers and that costs  6-8% on top of said corrections, which makes it 10-12% under water that causes some pain. H1bs antha foreclosures chesina, it doesn't account for more than 2-3% of total markets. This is based on roughly 330M US population with 1/5th population owing their homes and another 1/10 population investor categories ani assuming. I don't think h1bs are even 1/100 th of us population. So market will not die because of h1b chaps foreclosing like crazy. 

Also this may not be applicable to Texas as supply is now 3-4 times demand, it's a big state. Reality companies are able to cut losses next year once the raw material supply stabilizes.

OP should rent out really cheap for the first year so that the tenants fall in love with the house and get really comfortable. Second year on, go with aggressive price increases. You might have to prepare for pumping in the gap between rent collected vs expenses by 20k or so but it will pay back in 3-5 years with interest. Just be confident. 

If you however were an app support with not much skills and don't see yourself coming back at all because of this setup, then you can try to cut your losses or escape even after first rent family vacate.