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Almost 70 acres in Lincoln county and a house that needs work that doesn’t really sound to bad in this market. I think it will get back into check but who knows this may be our new reality.
Trust me I REALLY wanted to buy it..........but........I needed another house like I need a hole in my head and going a half a million dollars in debt two years before I retire didn't seem real prudent.

I tried to get them to separate the house and 10 acres from the rest, and just selling me the timber, but they had no interest.
 

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Trust me I REALLY wanted to buy it..........but........I needed another house like I need a hole in my head and going a half a million dollars in debt two years before I retire didn't seem real prudent.

I tried to get them to separate the house and 10 acres from the rest, and just selling me the timber, but they had no interest.
Should have bought it and separated it yourself. Probably could have made out pretty good. Maybe the new buyers would sell the ground?
 
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California people are flocking to the Ozarks . They have crazy money and the first thing they do when they get here is look for land for family and friends back home to buy . We are being taken over around here and fast . Just like Mountain Home Is called little Chicago we will one day be called little California . Lol
 

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Cooler Semi-Elitist
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We put an offer on a house, lost it to someone who offered $165K over asking, cash, no contingencies.
 

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just a no body
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California people are flocking to the Ozarks . They have crazy money and the first thing they do when they get here is look for land for family and friends back home to buy . We are being taken over around here and fast . Just like Mountain Home Is called little Chicago we will one day be called little California . Lol
@ozarkpugs I have lots of kin in Mtn Home/ Cotter/Midway area..say now that the Chicago people have made it so expensive the locals cant afford to live there any more
 

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2 Corinthians 5:10
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The place on my south border just sold this week. Sixty-eight acres and a dated 70's home with two old outbuildings for $445,000.

I really wanted to buy it................but not that bad! :unsure:
Curious what the asking price was. Sell for full price?
 

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I think I'll sit tight on mine and wait for the fallout from fools spending way more than they can afford...
 

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Seems like just a dozen or so years ago the housing market went crazy , of course it can't cause all kinds of havock this time because we have learned from the past , right?
 

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Seems like just a dozen or so years ago the housing market went crazy , of course it can't cause all kinds of havock this time because we have learned from the past , right?
Well, it could always cause havic, but it wouldnt be for the same reasons this time as last.
 

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The whole market is nuts. I guess the only saving grace between what happened in 2009 and now is the restrictions on loans. I just want to know where all of these people are coming out of the woodworks to buy 500k homes?? Or are people just taking on a higher debt/income percentage.....
Debt to income ratio limits are actually lower now than they used to be. Typically you can have monthly debts up to 50% of your gross monthly income. A 500k loan will cost around 2300 a month right now so a family making 60k a year with no other debt would qualify.
 

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Over There
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Debt to income ratio limits are actually lower now than they used to be. Typically you can have monthly debts up to 50% of your gross monthly income. A 500k loan will cost around 2300 a month right now so a family making 60k a year with no other debt would qualify.
That's crazy. All of it. There was a house that sold near me for 500+k that would have been 350k at the most a year and a half ago. Do you see any sort of market adjustment? I guess the worst case scenario is you're out that equity?
 

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That's crazy. All of it. There was a house that sold near me for 500+k that would have been 350k at the most a year and a half ago. Do you see any sort of market adjustment? I guess the worst case scenario is you're out that equity?
In ways, I agree. Although I have worked with several people that didnt show much income but had a lot of money, or had lots of cash flow but not much provable income.

Market adjustments? I dont know really. Im sure prices will come down some at some point but there is a TON of pent up demand for houses. Im seeing houses with 20+ offers in one day, all over asking and many of them full cash. Those people just dont care and the risk is all on them obviously. Many are waiving appraisal addendums so in that case if the house doesnt appraise for the contract price they will make up the difference in cash. So lenders are protected. IMO about the only people getting contracts now are putting enough money down that theres not the risk there was in 2004-2008. Back then loans were 100% LTV and sometimes even higher. People had no skin in the game so they just walked away. Its not really that way now. Plus all i comes are documented unlike the stated income stuff back then.
 

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Where did all these folks suddenly get all the money? Houses, boats, land, and on and on. Hell I can't even find a trolling motor in stock.
 
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