is it safe to buy a house?
- Thread starter letsgetit
- Start date
Indian_in_USA
Registered Users (C)
Not a problem
I don't think you being in the final stages of green card has anything to do with buying a house. Investment on a house is a good thing. Especially since the price of houses are soaring high each year. I bought mine while in State LC. Very happy with the decision.
I don't think you being in the final stages of green card has anything to do with buying a house. Investment on a house is a good thing. Especially since the price of houses are soaring high each year. I bought mine while in State LC. Very happy with the decision.
Thanks for the quick replies folks.
I know this is the right time to buy the house. Leaving in Northern Virginia I know house price will never depreciate.
But -- I don't anticipate this at all in my case as my I-485 is straight forward with no employment changes at all - what if it is denied and I have to leave the country? Can I hand over the house to the bank?
Just thinking about the very worst.
Please let me know your thoughts.
I know this is the right time to buy the house. Leaving in Northern Virginia I know house price will never depreciate.
But -- I don't anticipate this at all in my case as my I-485 is straight forward with no employment changes at all - what if it is denied and I have to leave the country? Can I hand over the house to the bank?
Just thinking about the very worst.
Please let me know your thoughts.
Thanks for raising this question. Even I have the same question and I know the answer also. but you know fear of something negative action by BCIS is holding me to take a vital step. If i hear from BCIS which I dont want to hear and how much time will i get to settle the things. I work on EAD.
If you are having a straight forward case, then you will get GC. We have been in this forum for enough time to make this statement. It's only a matter of WHEN you will get the approval. There is no better place to buy a house than northern VA 
. I wish i find a job there. The prices will not go down there as long as you are buying it for < 500K. Now a days many H1B guys are also buying houses. This year will be the best time to buy houses because of interest rates. George Bush has thrown this country into such a deep pit that this country can't go down any further. Things should only improve in the coming years unless this guy comes back to power . Never mind, in the worst case, you will only lose a few thousand dollars , but the chances of the prices falling down are < 20% (my guess). So if there is a 80% chance of the prices going up, then i will definitely buy a house (and make money by selling it after a couple of years ) .
. I wish i find a job there. The prices will not go down there as long as you are buying it for < 500K. Now a days many H1B guys are also buying houses. This year will be the best time to buy houses because of interest rates. George Bush has thrown this country into such a deep pit that this country can't go down any further. Things should only improve in the coming years unless this guy comes back to power . Never mind, in the worst case, you will only lose a few thousand dollars , but the chances of the prices falling down are < 20% (my guess). So if there is a 80% chance of the prices going up, then i will definitely buy a house (and make money by selling it after a couple of years ) .I agree with dSatish that buying a house in the final stages is not risky. Your GC not getting approved has the same probability of you getting killed in a car accident.
On the contrary there is a lot of reason to believe that the house prices may go down. What happens when the interest rates go up and the rents are very much less than the mortgages? Never look at a house as an investment - treat it as a home.
Since you brought up George Bush - I would like to add that he has done great things with respect to the economy as much as I don't like his immigration policies. It will be good for the economy if he comes back to power again. Supply-side economics simply works.
On the contrary there is a lot of reason to believe that the house prices may go down. What happens when the interest rates go up and the rents are very much less than the mortgages? Never look at a house as an investment - treat it as a home.
Since you brought up George Bush - I would like to add that he has done great things with respect to the economy as much as I don't like his immigration policies. It will be good for the economy if he comes back to power again. Supply-side economics simply works.
ClownShantanuB
Registered Users (C)
Words of wisdom have been spoken.
Let him win another election and see the
new lows.
Wait for your GC man. You're not gonna make much on the house in 1 or 2 years. Just wait just like you wait for a million other things in life.
I think the prices of real estate will never go down in the near future. Even if interest rates go up. That's my opinion though. But lot depend's on location. I am from Northern Va and the way jobs are getting generated out here folks will have money to buy a house. I know lot of people who came here from other states for better jobs and had lots of money to buy a house by selling their old one. For houses which are more than half a million dollar the story is different.
But can anybody answer the question about what happens for us poor I-485 applicants if we have to leave the country? Do we just give the house to the bank? How much time normally one gets if the GC thing is denied?
May be these are difficult questions as situations like this never happened. But I just wanted to know the LAW!
Have a good weekend buddies.
But can anybody answer the question about what happens for us poor I-485 applicants if we have to leave the country? Do we just give the house to the bank? How much time normally one gets if the GC thing is denied?
May be these are difficult questions as situations like this never happened. But I just wanted to know the LAW!
Have a good weekend buddies.
letsgetit,
As frantic said, your chances of not getting a GC are as good as your chances of getting into a major accident. Now tell me, are you going to make all your decisions based on the probability that you may have a major accident in future ? Come on, everything has pros and cons.
To answer your main question, yes the bank will take the house if you declare that you don't have the money to pay the remaining balance, but they will calculate very low sell value and they will demand you to pay the rest of the amount. If you can't pay that amount, then your account will be reported to collection agency. You can always sell the house yourself for a better rate than what the bank calculates as the value of the house.
As frantic said, your chances of not getting a GC are as good as your chances of getting into a major accident. Now tell me, are you going to make all your decisions based on the probability that you may have a major accident in future ? Come on, everything has pros and cons.
To answer your main question, yes the bank will take the house if you declare that you don't have the money to pay the remaining balance, but they will calculate very low sell value and they will demand you to pay the rest of the amount. If you can't pay that amount, then your account will be reported to collection agency. You can always sell the house yourself for a better rate than what the bank calculates as the value of the house.