05-12-2006, 11:05 AM
quote:
From my perspective, here in Wisconsin, if I can not afford housing in one area, say, Madison, I simply move a few miles and the housing is MUCH cheaper. That seems to be less true there. To get truely cheap housing you have to move off island or live in less than standard conditions, which it is possible to do.
Well moving off island will not help you much as Puna is already the most affordable place in Hawaii.
In regards to scammer. I agree with leilaniguy that land contracts could be a blessing for people who would otherwise not be able to own land at all.
And I agree with John that people need to know what they are doing and signing. If you don't have an attorney, ask a friend, ask a guy on the street, go on the web, or have a friend go on the web.
There are scammers out there no question. Everywhere. And sometimes they call themselves mortgage company. Friends of mine have bought their house on an interest only loan. That's all they qualified for. If they can't pay, the house will be foreclosed. Is there much difference to a land contract. With a land contract you might be able to fall back with your payment sometimes - depending on the seller - with a big mortgage company you will probably loose no matter what.
But having all this said - they have a house and maybe one day they will be able to refinance. And I think that it's better than paying rent. Agree?
michael
http://www.punaguide.com