Legal discrimination

[shah269 0]

Legal discrimination
So many of you have read my posts lamenting my condo being located in "old lady land" and how much I hated it!
Well the other day I had my place appraised and was shocked to find out how much value I had lost.
Well I got lucky I met the person who did my appraisal at a party the other evening. And she indicated that the reason why my property had lost so much value was due to the vast number of unsold units...which according to her was due to the association not allowing first time home owners utilize the 3% FHA loans to procure.
Can you believe that! I mean I've hated old people all my life but now I have a really good reason to hate them!
But quick question....is this legal?
The person who did my appraisal said yes it is....I would like to argue it's not.
What are your thoughts?
Also yes me and the few young folks are planning on having a takeover of the board and turning the tables on the old fucks such that they either die or move out so we can recoup some of our investment!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[Southern_Man 0]

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Also yes me and the few young folks are planning on having a takeover of the board and turning the tables on the old fucks such that they either die or move out so we can recoup some of our investment!

Yes, because having a lot more units are the market is surely going to drive the prices higher

"What if there were no hypothetical questions?"

[shah269 0]

Less old ladies mean more young folks more young folks means more "life" in the community.
But if we kill off these older folks or make them move out and change the bylaws in the association we can and will allow young folks with good jobs buy these vacant properties with 3% down first time home owner instead of the 20% that is required now.

Hey it's nothing personal, it's just business. And if a few old ladies have to leave because it's too "young and hip" and "loud" for them or they die off due to the stress of seeing young folks BBQing and having a good time them so be it!

These old hags have passed a bylaw that prohibits people from washing their own cars using their own water....because it was "too loud"

Time to kill off the old fuckers!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[GeorgiaDon 340]

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Time to kill off the old fuckers!

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Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

Consistent much?

With 3% down the market just has to sneeze and you're under water. 20% down is a lot for people who haven't been working long enough to save up a big down payment. Maybe somewhere in the middle, say 10%, would be a reasonable compromise.

Were the other residents there when you bought your place? Were the "rules" there already, did you just assume they wouldn't apply to you? Somehow you don't come across as the best person to make the case that the rules are unnecessarily restrictive. So if you were to take control of the board, would you ban engineers? Women who are over size 8?

Don

_____________________________________
Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996)
“Education is not filling a bucket, but lighting a fire.” (Yeats)

[shah269 0]

It's not personal it's just business!
I have skin in the game....aka mortgage.
The old fuck bags have paid off their condos...and don't want any new young folks coming in and being you know...alive!
So they have a choice to make when me and a few of the younger folks who do have skin in the game take over the board....
DIE!
Or
GTFO!
Why? Simple...the longer these condos stay on the market and unoccupied the lower my property value will go.
And as for 3% vs 20%...I live in NJ. The price of the discount condo right now that has been on the market for a solid 12 months is $200k. Who the fuck has $40k cash to throw into anything? Now $6k...yeah we be talking!

So sorry old ladies and old dudes....it's not that I hate you...though I do detest you...but since you are killing my property value I have no choice but to kill you off......


Who knew legal discrimination would turn violent?

ps
I didn't know any better I took out an 80/20 loan, I barrowed 20% very dumb did not know any better I was young and in love....thus dumb!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[lawrocket 3]

They aren’t killing it – I think they are reacting to what did kill it. They’re looking to the long term. The unsold units may have a lot to do with people taking out mortgages they couldn’t afford, leading to foreclosures and unsold units that ruined their property values, too. For the short term it will suck having unsold units, but the system will place the community into a position of long-term benefit, leading to stability.

My wife is hotter than your wife.

[DrewEckhardt 0]

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Legal discrimination
And she indicated that the reason why my property had lost so much value was due to the vast number of unsold units...which according to her was due to the association not allowing first time home owners utilize the 3% FHA loans to procure.

But quick question....is this legal?

Legal and sensible.

Some one limited to a 3.5% downpayment is less likely to have the cash reserves to weather a loss of employment or other financial emergency so the association is more likely to need to cover their share of maintenance costs and deal with the lien and foreclosure process.

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What are your thoughts?

The government shouldn't be assuming the risk and socializing losses for loans written by for-profit private companies, especially when the increased money supply leads to higher prices for everyone.

People just getting into the housing market are also better off with $150K properties with 10% down than making the same combined down-payment and FHA up front mortgage insurance premium on a $260K property.

With fewer new home buyers able to purchase $260K properties prices will stagnate and get back to normal.

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Also yes me and the few young folks are planning on having a takeover of the board and turning the tables on the old fucks such that they either die or move out so we can recoup some of our investment!

Recovering your investment isn't going to happen unless you wait for inflation to catch up because in expensive areas prices are out of line with incomes.

They'll be more more out of line when interest rates revert to historic norms with 50% higher mortgage payments and real US wages drop towards the developing world's where $6K/year is middle class and professionals can have live-in servants on 1/5 of the salary they'd earn in the US.

[Trafficdiver 8]

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Time to kill off the old fuckers!

I bet they would kick the shit out of you.

[marks2065 0]

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It's not personal it's just business!
I have skin in the game....aka mortgage.
The old fuck bags have paid off their condos...and don't want any new young folks coming in and being you know...alive!
So they have a choice to make when me and a few of the younger folks who do have skin in the game take over the board....
DIE!
Or
GTFO!
Why? Simple...the longer these condos stay on the market and unoccupied the lower my property value will go.
And as for 3% vs 20%...I live in NJ. The price of the discount condo right now that has been on the market for a solid 12 months is $200k. Who the fuck has $40k cash to throw into anything? Now $6k...yeah we be talking!

So sorry old ladies and old dudes....it's not that I hate you...though I do detest you...but since you are killing my property value I have no choice but to kill you off......


Who knew legal discrimination would turn violent?

ps
I didn't know any better I took out an 80/20 loan, I barrowed 20% very dumb did not know any better I was young and in love....thus dumb!

The association does limit many things with the bylaws they pass. I couldn't sell my townhome in 2008 so I decided to rent it, the board decided toi have a vote to not allow renters. I started doing some studying and found out alot of things I didn't know about in reguards to renting and buying property. the FHA loan is the easiest way for a young person to get a loan butmany bylaws in associations prevent FHA loans causing a huge drop in property values from not being able to sell units. to many younger people do not read the bylaws before buying, don't go to meetings and don't get involved on the board. become a board memeber and work to change the bylaws to alow FHA loans and you will see property values increase. Remember old people don't work and have alot of time to be board members to control their standard of living and are not concerned with property values as a result.

[Southern_Man 0]

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DIE!
Or
GTFO!
Why? Simple...the longer these condos stay on the market and unoccupied the lower my property value will go.
And as for 3% vs 20%...I live in NJ. The price of the discount condo right now that has been on the market for a solid 12 months is $200k. Who the fuck has $40k cash to throw into anything? Now $6k...yeah we be talking!

Again, for somebody who has an MBA with courses in finance and econ this is just breathtakingly stupid. Your plan to increase the value of your condo is to make it so inhospitable for the current occupants that they want to sell and thus flood the market with even more inventory. OK, enjoy when your condo loses another $50k in value.

"What if there were no hypothetical questions?"

[shah269 0]

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They aren’t killing it – I think they are reacting to what did kill it. They’re looking to the long term. The unsold units may have a lot to do with people taking out mortgages they couldn’t afford, leading to foreclosures and unsold units that ruined their property values, too. For the short term it will suck having unsold units, but the system will place the community into a position of long-term benefit, leading to stability.

Nope! These are empty because the old lady or old dude died and now the kids want to off load the property.


So yeah death caused the problem!
And now death will be the solution!

14 of the olf fucks died over the past two eyars....of the 14, 2 were sold at well below maket rate...the other 12 are now sitting empty for the past year.

That is what's killing my property value!
And now I'm going to work with my friends to kill a few of the old fucks.....die or move out....and have younger folks move in.

Can you believe the old fucks passed a rule that you can't wash your car infront of your garage! Can you believe that!

Well time to die old fucks time to die! I Shah will be the one true king of the condo complex!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[Rick 67]

So were the rules already in place when you moved in?

You can't be drunk all day if you don't start early!

[lawrocket 3]

You know what I do for a living, bro. There is NOTHING that people do that I won’t believe. Especially homeowners associations.

My wife is hotter than your wife.

[rehmwa 2]

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You know what I do for a living, bro. There is NOTHING that people do that I won’t believe. Especially homeowners associations.

selfish, napoleanic board members of homeowners associations are a great little mini picture of the true character of politicians

(busy bodies that want to control where and how you wash your car, how long to cut your grass, what kind of street lighting you display, holiday decorations, color and nature of your drapes, where and how you park)

watching and learning


well, at least the national politicians aren't so petty, if they were, they'd be trying to tell us little pissy crap like what flavor light bulbs to use - thank goodness they aren't that bad

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[DrewEckhardt 0]

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selfish, napoleanic board members of homeowners associations are a great little mini picture of the true character of politicians

(busy bodies that want to control where and how you wash your car, how long to cut your grass, what kind of street lighting you display, holiday decorations, color and nature of your drapes, where and how you park)

You say that like it's always a bad thing.

One of our neighbors had an animated holiday display up that squeaked until they took it down.

Flood lights aimed at your bedroom windows aren't too pleasant either.

As long as the rules don't change after you moved in you know what you're getting into for better and worse.

[rehmwa 2]

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You say that like it's always a bad thing.

I phrased it like it's a bad thing. But, then, I'm working from cartoon stereotypes of the nosy neighbor wagging the 'association contract'


One man's "eyesore" is the other guy's "proudly owned 20 year old DZ camper they like to park on the street and block my view of the lake"

rules are interesting, but nothing replaces being friends with your neighbors and being willing to listen and not being scared to just talk to them directly

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[tmccann 1]

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And as for 3% vs 20%...I live in NJ. The price of the discount condo right now that has been on the market for a solid 12 months is $200k. Who the fuck has $40k cash to throw into anything? Now $6k...yeah we be talking!

First, it's 3.5%, so $7k, and second, they're worried that if someone can't scrape together a down-payment, they won't be able to pay their assessment when the building needs a new roof and your HOA doesn't have the reserves to afford it. IMO, it's a reasonable worry. If you don't have the discipline to save a few bucks while paying rent, how much saving will you be doing when you're covering an amortizing mortgage on 96.5% of the purchase price, plus mortgage insurance?

[DougH 270]

This is funny. How many times do we have to go over the same topic.

You couldn't come up with 20% down so you and your ex wife never should have been home owners.

There would have been no housing bubble if we only had 20% down loans. No MBS and subprime mess.

And you wouldn't be stuck with a albatrose house. At worst you would be bitching that the ex wife left you with a few months remaining on an annual lease agreement.

"Man this sucks, I don't want to be renting in the suburbs, it smells like dead people around here, I want to hate on women in the city"

You weren't ready to own a house, and you would be way better off right now if you came to that conclusion ahead of time.

Bitching about the banks, granny, the government, etc etc won't turnback the hands of time to stop you from making your bad choice!!!!!

"The restraining order says you're only allowed to touch me in freefall"
=P

[DrewEckhardt 0]

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rules are interesting, but nothing replaces being friends with your neighbors and being willing to listen and not being scared to just talk to them directly

Assuming your neighbors are reasonable like most people.

My wife and I had our bedroom below a psycopathic upstairs neighbor who'd leave her untrained (they got thrown out of obedience school for her daughter's poor behavior) dog home alone to bark for four hours straight and had her crotch fruit playing in the kitchen from 7am to 11pm running around with its shoes on and bouncing balls on the hardwood floor over our bedroom. Polite requests for wearing socks inside or taking the dog with them were ignored. One day after the demon spawn ran around my wife outside screaming I heard her ask her smiling mother

"Mommy, was I being loud enough?"

suggesting it was intentional.

Fortunately she was as inconsiderate of the landlord's property as she was us - little things like installing a dish washer without permission and doing a bad job so water was leaking out the garage ceiling and they started the eviction process (for at least the second time in her life) and began doing background checks on replacement tenants.

Unfortunately that took over a year of hell and we moved before she was gone.

I know other people with meth dealers/users living in the apartments above them.

[billvon 2,427]

>Also yes me and the few young folks are planning on having a takeover of the
>board and turning the tables on the old fucks such that they either die or move out so
>we can recoup some of our investment!

And they probably want "flippers" like yourself discouraged - and discouraging FHA loans is one way to do that.

And careful there - if the people who live there find out that you want them "out of the picture" so you can make a few bucks out of their homes, they may get a little more draconian than just FHA restrictions.

[masterrig 1]

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You know what I do for a living, bro. There is NOTHING that people do that I won’t believe. Especially homeowners associations.

selfish, napoleanic board members of homeowners associations are a great little mini picture of the true character of politicians

(busy bodies that want to control where and how you wash your car, how long to cut your grass, what kind of street lighting you display, holiday decorations, color and nature of your drapes, where and how you park)

watching and learning


well, at least the national politicians aren't so petty, if they were, they'd be trying to tell us little pissy crap like what flavor light bulbs to use - thank goodness they aren't that bad

My wife and I live in a residential community with a property owners board, of which I am a member of. I gotta agree with you about the 'Napoleanic complex' members. We had a board president and one woman on our board who were out for 'control'. There was an item I wanted on the agenda about people letting their dogs run loose. We have a covenant that requires pets to be 'controlled'. The president refused to put it on the agenda. Long story short, I told him to 'go fuck himself and that he was so full of shit he stunk!' During the next meeting, I brought it up that he refused to put an item on the agenda. I sat-back and let the rest of the board chew on him. The next election, he got voted off! Now, I'm working on the controlling woman. With some folks, you'd think, they were running an entire city! Little people with a little power.


Chuck

[BIGUN 1,069]

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Time to kill off the old fuckers!

I bet they would kick the shit out of you.

He's never learned not to fight an old man, a one-armed man, or a drunk man.

Nobody has time to listen; because they're desperately chasing the need of being heard.

[rehmwa 2]

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My wife and I live in a residential community with a property owners board, of which I am a member of. I gotta agree with you about the 'Napoleanic complex' members. We had a board president and one woman on our board who were out for 'control'. There was an item I wanted on the agenda about people letting their dogs run loose. We have a covenant that requires pets to be 'controlled'. The president refused to put it on the agenda.

in this example, weren't you the one trying to enforce the arbitrary rule?

wouldn't it just be easier to shoot any loose dog that makes a deposit on your lawn rather than have some impotent rule in the 'covenant'


and the word "covenant" isn't that a bit pretentious? I mean, seriously, it's not like you'll release the plague or anything.

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[SivaGanesha 2]

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Hey it's nothing personal, it's just business.

If you want an investment that is strictly business, not personal, then play the stock market.

If you see your home as an investment, you need to understand that when it comes to people's homes, it is always personal. And sometimes people's personal stuff trumps business concerns. Deal with it.

"It's hard to have fun at 4-way unless your whole team gets down to the ground safely to do it again!"--Northern California Skydiving League re USPA Safety Day, March 8, 2014

[masterrig 1]

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My wife and I live in a residential community with a property owners board, of which I am a member of. I gotta agree with you about the 'Napoleanic complex' members. We had a board president and one woman on our board who were out for 'control'. There was an item I wanted on the agenda about people letting their dogs run loose. We have a covenant that requires pets to be 'controlled'. The president refused to put it on the agenda.

in this example, weren't you the one trying to enforce the arbitrary rule?

wouldn't it just be easier to shoot any loose dog that makes a deposit on your lawn rather than have some impotent rule in the 'covenant'


and the word "covenant" isn't that a bit pretentious? I mean, seriously, it's not like you'll release the plague or anything.

I was looking for a bit of 'advice' and or suggestions about what to do in regard to the guy's dog nipping at my horses hocks when we're out. I had spoken to the guy a couple times before about it. I didn't want my horse kicking the dog and etc.
Anyhow, our covenants and by laws are weak. We don't have too many restrictions and those we do have can only be enforced by going to court. I'm not the one who came-up with the title of covenant. Someone else did that back in 1973!
No matter where one lives in this country, there are rules, regulations and laws. Can't avoid them.


Chuck