Reasons to hold off or have hesitation:
* The federal government holds a lot of houses that it is selling in bulk lots to institutional buyers. This will further lower prices, and those institutional buyers can rent or sell properties lower than anyone who buys on the open market. Unless you are buying a home to live in yourself, investment deals will be undercut by crony capitalism.
* There are liberals, mostly in California, talking about using eminent domain to seize properties and their mortgages. You should not buy a house if it could be taken away by the state for its cash flow.
* If Obama wins a second term, unemployment will increase further. Fewer buyers, fewer opportunities.
* Fannie and Freddie own a lot of properties and mortgages. In a second term, Obama may just give houses to his constituents. Or turn millions of government owned homes into de facto section 8 housing, all in the name of fairness.
* Until the courts clarify the MERS title mess, it is risky to buy a property from anyone whose property has touched MERS. Unless you are building new or buying from someone who held it for a decade, the chain of title is murky and risky.
Excellent points. The sneaky new program to sell foreclosed properties in bulk to institutional investors got my attention earlier. You’ve added several more to the pile.
Excellent points. The sneaky new program to sell foreclosed properties in bulk to institutional investors got my attention earlier. You’ve added several more to the pile.