Another Greater Fool Averted – “She was trying to buy a house for $238k, with 5% down, on a 33k/year salary. There must be something working in the system these days, she didn’t get the financing required.”

“Update on the friend I spent the day trying to talk out of buying a house for $238k, with 5% down, on a 33k/year salary. Must be something working in the system these days, she didn’t get the financing required for the house (big surprise). They said she needs a cosigner to get that amount of mortgage. The relative she hit up said “No go”. And the CMHC owned house they bid on? Got an offer higher than asking, so they lost the bid. Another greater fool averted.”
pricedoutfornow at VCI 21 Sep 2012 8:53pm

Some people will not be allowed onboard, even though they had the full intention to buy.
This will turn out to have been in their favour, fortune triumphing over judgement.
– vreaa

9 responses to “Another Greater Fool Averted – “She was trying to buy a house for $238k, with 5% down, on a 33k/year salary. There must be something working in the system these days, she didn’t get the financing required.”

  1. I have a co-worker who is a Master’s educated health professional with a yearly income of about 65K, who has not been able to get approval for a SFH as her job is temporary full-time, not permanent full-time.

    I’m certain it doesn’t help that her BF is a musician (doesn’t have the most reliable of incomes) and that she graduated with a schwack of student loans, but I swear this person would have been approved with absolutely no difficulties last year. Interesting times.

    • > she graduated with a schwack of student loans,

      And she wants more debt? Really? What the fuck is wrong with people?

      It’s as if liquidity and freedom from debt are undesirable.

  2. Relaxed & Happy Islander

    Oh, dear, could be the making of another lonely & resentful resident…not to worry, the Mayor’s Task Force will fix it: http://www.theprovince.com/news/Vancouver+Mayor+Gregor+Robertson+soon+have+task+force+investigate/7296329/story.html

    Just have to ask – what the heck are they putting in the water over there?

    • From the article…”Many of the lonely people tend to be those living in high-density housing, and young adults who aren’t yet embedded in careers, Reimer said.”
      Chances that the task force will admit New Urbanism is a bust?

      • Cranston Snord

        They just aren’t using the bike lanes enough and buying lattes at the right places. That’s why they’re lonely. Maybe if they wore more yogawear they’d be happier too. That’s how Vancouver works, right?

      • Renters Revenge

        I think they could also be helped by quickly jumping into a car2go smart car and heading over for a few laps on the Grouse Grind.

  3. Must have been dealing with the wrong agent. The right agent would have found a way to do the deal, whether that involved falsified income, a second mortgage, a private lender, a straw buyer or what have you. Any day now some sellers are going to start advertising vendor take back financing.

    • I took a look at the website of her mortgage broker-can’t remember which one except it was some funky name, but on their website it said something like “No, we are NOT going to lie for you-we won’t make the numbers “work” for you. If they don’t, they don’t.” Huh. Mortgage brokers with ethics. Who would have thought?

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