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Afraid to Buy

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It’s hardly a surprise but in the midst of today’s terrible economy and the nation’s housing crisis, the majority of Americans say they don’t plan to buy a home anytime soon.

In fact, more than a quarter of homeowners worry that their home will lose value over the next couple of years, and one in seven mortgage holders are afraid that they won’t be able to make their monthly payments in time over the next six months.

People are worried that housing prices will continue to fall which is good news if you want to buy but obviously terrible if you have a house to sell.

In addition, we have record-high foreclosure rates and an estimated 9 million homeowners actually owe more on their homes than they are actually worth. If you’re in that situation, the best thing you can do is to sit tight if you can and try to weather out the storm.

If you’re one of the fortunate few who is looking to buy, you could hardly be in a better position. Shop around, find a house and make an offer. Chances are, any good deal will get accepted and if you have decent credit you should be able to get financing.

I think the housing market is going to get better and it’s going to get better fairly quickly. The market is depressed and that’s when you want to go in. So if you have the money, now’s when you want to go out and buy.

But that’s just my opinion. After all, what does Donald Trump know about real estate!

Donald J. Trump is Chairman of Trump University.

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15 Comments

[-] Posted by member1763065 on 05/12/2008 2:40 PM
Mr. Trump,

I agree w/you. I produce quality refurbished single family homes in Massachusetts. However, I have found many buyers willing to buy w/good credit, jobs, etc.... The financial lending market is what is hurting their motivation. The underwriters are scared to look at the whole financial package and just approve it. That seems to have rolled down on the brokers representing these buyers, which now are comping apples to oranges. I love producing my product, and giving people quality for a good price. Today, I'd be happy if I could just get an answer from a lender. I am by no means negative, just looking for another way and or answer in this market. I use Trump Financial. Great organization, w/great people. Please keep producing these folks, they are needed in our market. Always aprreciate your wisdom.

Best,
Mr Haley
[-] Posted by Business 2000 Foundation.com on 05/12/2008 3:33 PM
We agree with Mr. Trump!

Cash-flow and structure, it is a great time to purchase.
[-] Posted by member1795239 on 05/12/2008 6:03 PM
Mr. Trump,
You may not pay any atention to this but I very much agree with you about the fact that people are afraid to buy homes because they are afraid they dont have enougf cash.

Thank you Sir and Good Night
Sincerly,
Mrs. Redmond
[-] Posted by musicangel on 05/12/2008 6:13 PM
Mr. Trump,

I saw your article and had to write. A good friend of mine lost her son just before Thanksgiving when someone put a lethal amount on Xanax in his drink at a party. Unfortunately, he was helping her pay some of her bills, and his death resulted in the loss of half her income. Now she risks losing her home just six months after losing her son. Mr. Trump, I'm trying to put together a benefit concert to raise the money to help my friend, but I've never tried to do anything like this and could really use some help. What advice can you offer for me to help my friend? Can I count on you to donate some time or money towards helping my friend?
[-] Posted by member1385680 on 05/12/2008 9:42 PM
Donald,

You're brilliance is infinite.
But what about housing developers? Shouldn't they just stop making new houses for a while? I would really like to hear you on this.

Systems Engineer,
Prince Dudley
http://birdseyesview.blogspot.com
[-] Posted by PrimaDonna on 05/13/2008 12:40 AM
Ha-ha-ha!... Very funny, Mr. Guru : )

Refreshing to read YOU in these very confused real estate times
[-] Posted by E. Rizzo on 05/13/2008 1:46 AM
If you have the dinero, then, why be afraid? I would be buying up properties like playing Monopoly, if my $5 million weren't actually Monopoly money. No, seriously, I hope things shape up in a timely fashion for everyone. I just hope that this happens again, in about seven years...once I actually have the money to spend on buying properties. Well, not THIS...but, something similar...well, actually, not even anything remotely close to this, because so many are suffering. What I hope, is that by the time I have the money to spend on a home(s), I will have read every bit of literature that you and your faculty have written on the subject (and other topics), and I will be a very, very, very educated consumer/investor/entrepreneur.

Imagine how smart I will be in seven years if I keep paying attention to the right things! Thanks for the education, Mr. Trump! No student loans to pay back!
[-] Posted by The Anchor Guy on 05/13/2008 5:18 AM
Hi Donald.

Please speak to Brett re: Anchor.

Thanks

Guy
[-] Posted by John Hoff - eVentureBiz.com on 05/13/2008 8:45 PM
My experience in this market I have found that while it is a good time to buy, the lenders are very cautious when it comes to giving you a loan - no matter how good your credit is. Just a couple of years ago anyone who had a job and decent credit could seem to qualify for a $300k mortgage.

However, if you're looking for a house these days, good credit alone isn't what it use to be. Lenders have switched from this model:

Good credit, no money = ok

to

Good credit, no money = not so great. We'll have to think about it.

Lenders like cash these days. They want to see you have actual $$ and you're willing to put your hard earned dollars down. They feel if they're going to risk <em>their money,</em> you should risk some of <em>your money</em>.

What I'm saying is these days, lenders prefer you to have cash more than they liked a couple years ago.

John
http://www.eventurebiz.com
[-] Posted by member1676172 on 05/14/2008 11:52 PM
Mr. Trump,
I did buy in South Jersey and now I am trying to rent it a nice 2 bedroom new kitchen single family home on a 100 X 100 lot and I cant rent what can I do
help
Josephine
[-] Posted by E. Rizzo on 05/16/2008 12:46 AM
Mr. Trump, I enjoyed your bit about "luck," and preparing oneself to "be lucky." I've been working diligently to build a solid, positive foundation, after floundering for so many years. I was brought up to believe that guys are smarter when it comes to finances and business. Even when I worked for businessmen, they brainwashed me into thinking that I could never grasp certain concepts because I spent too much time on personal maintenance, reading fashion magazines, keeping up w/pop culture, and the like. That was the "old days."

Once I began reading your work and attending "Trump U," even though I was teased and criticized for doing so, I began to expand my knowledge. I soon realized that many of the people I had worked for, kept things secret (things that they learned in college,or, at universities), because they didn't want me to learn TOO much. Guess they didn't want me to figure out what they were really up to - no good. Or, maybe they were afraid of my finding a better job. Sure, there are still things that go completely over my head the first time I read about them, but, I am gaining much needed exposure to certain things that looked completely "Russian or Japanese" before. I even began studying the Russian alphabet... I realize that once I give myself enough time to study and practice, I can learn anything. Japanese? That might be a bit more tricky.

A lot of tremendously wealthy, successful people are fearful of others learning what they know. They have this condescending attitude, like, "I've worked this long and hard to get what I have, why should I make it easy for you?!" That's just not nice. Those types just want to try to control others who are trying to make their way up in the world. They'll dangle carrots, and give half-truths, and do other things to throw people off course, because they no longer even read books! I know one guy who wins the lottery every time a case settles, and, he's not even an attorney - but, a consultant. He's in a niche market, but, he doesn't DARE share his secrets with anyone! I realize now, after seeing how you and Warren Buffet, Charles Koch, and others, are willing to educate people and share your knowledge with others, that this greedy person I just spoke about is really just a big dummy with a lot of contacts. That is the type that we need to steer clear of, because, eventually, his "false sense of security," will evaporate because everyone will see him for what he truly is - a scam artist. I first realized what a putz he was when he wouldn't read your book, "The Art of the Deal." I told him how amazing and inspiring it was, and, that he should read your book "Why We Want You to be Rich," with Robert Kiyosaki. You would have thought that I had suggested that he go jump off of a bridge or something. Such anger, this man had, toward you, for being a success in an honest way...and, even more anger toward me for liking you as a person, and believing what you wrote. He began to go on a tirade about how many people you've screwed over, that he knew them, personally. I asked him, "Did you read the book?" No, well, then, stick a sock in it and get back to me once you do. Ironically, he called me today...haven't spoken to him in months, but, I don't think it was because he read one of your books. It was his birthday. Guess what? I didn't answer his call, as I do not want to associate with angry, negative people. They're so exhausting! See what I'm getting at...and, my dad warned me about this man, as well...he's so miserable that he has to call people on his birthday to receive birthday wishes. The sad part is...all he has to do is read one of your books, and he can start to have a whole new outlook on life. Oh, well...you can lead a horse to water...

I know that had nothing to do with the topic at hand. TO JOSEPHINE: offer FREE COMCAST CABLE, if you n
[-] Posted by member1804339 on 05/29/2008 4:25 AM
A home if your not with children is only a place to accumulate useless junk. Bare land is a better investment for if all else is lost you can allways camp on it, set up a lemonaide stand.
[-] Posted by Cheryle on 06/03/2008 7:00 AM
Is it really that bad "out there?"
How depressing!

The problem in the USA is banking has become a "faceless business." Credit cards have been issued to people that lenders have never met. Mortgages are based on information from paper, that may or may not be accurate. Recentlly property where I live was appraised by "walikng around the outside of the building." When I went to classes for Real Estate in Connecticut, we had a checkoff list
and followed it. That included the inside of the property. Things like water heaters, air conditioning units, plumbing, etc.

If lenders did their job better, there would be fewer mistakes that the media could exploit.
Yelling "fire" in a shopping mall should frighten only the people that are in or near the mall, not the entire country.

Being afraid to buy means the media has created a national "bonfire" while the firefighters were sleeping. It doesn't mean the planet was attacked by aliens.

If lenders don't lend money, and borrowers don't pay what they owe, the country will go broke. Then what?
[-] Posted by TERESA SKINNER VA BCH member1784598 on 12/20/2008 5:56 AM
TRUMP MY ACE
DEAR MR. TRUMP:
I THINK IT IS AN EXCELLENT TIME TO BUY, ESPECIALLY PRE-FORECLOSURES, WHAT COULD BE BETTER?
NOW AS I STATED IN MY LAST COMMENT: I HAVE CREATED AN IDEA USING EDWARD BERNAYS FORMULA IN REVERSE: MY MISSION STATEMENT IS, AMERICANS CANNOT AFFORD TO HATE THERE JOBS.
YOU ARE FAMOUS FOR LOVING WHAT YOU DO. AT THE BOTTOM IS A QUOTE FROM JACKE O.
SHE STATES THAT IF YOU FAIL AS A PARENT ANY THING ELSE YOU ARE SUCCSEFUL AT DOESNT REALLY MATTER.
YOU ARE THE ONLY ONE TO QUALIFY PROVING THAT IF YOU LOVE WHAT YOU DO YOUR CHILDREN WILL BECOME WHOLE. I TIED THIS TO A PRODUCT I CREATED, WHICH IS UNIQUE AND INNOVATED. YOU SEE YOUR CHILDREN ARE A DIRECT RESULT OF YOU LOVING YOUR JOB. YOUR CHILDREN I RESPECTED....NO SEX TAPES, NO DUI'S JUST NO BAD PUBLICITY. THIS IS NOT AN EASY TASK. EDWARD BERNAY TALKES OF THE INVISABLE GOVERNMENT.......THERE IS AN OPENING FOR PRESIDENT, YOU WOULD BE PERFECT.THE INVISABLE GOVERNMENT IS THE MEDIA, YOU CAN HELP SWAY THE MASSES AND I HAVE A PRODUCT OF HOPE, AND MUCH MORE MR. TRUMP, MY PASSION, WHAT MOVES ME IS TO STOP CHILD ABUSE ESPECIALLY SEXUALLY CHILD ABUSE AND DO IT GLOBALLY
TERESA SKINNER


;
[-] Posted by TERESA SKINNER VA BCH member1784598 on 12/25/2008 6:02 PM
FROM TRUMP MY ACE:

DEAR MR. TRUMP:
I RECEIVED "THE ENTREPRENEUR"S SUCCESS CODE CD, RIGHT AROUND CHRISTMAS. I DID NOT ORDER IT AND I CONSIDER IT A GIFT. THANK YOU
I HAVE ORDERED MANY OF YOUR PRODUCTS INCLUDING JJ CHILDERS PACKAGE FROM WATCHING THE WEBINAR.

ONE OF MY NEW YEARS RESOLUTION IS TO BE MORE AWARE OF SPELLING WHEN I BLOG YOU. IT SUCKS WHEN I REVIEW MY INPUT TO THIS BLOG AND FIND I HAVE MADE SPELLING ERRORS RIGHT OUT THERE FOR EVERYONE TO SEE, GREAT NO WAY TO ERASE IT LOL.

MR. TRUMP, MR. CARMAN, MR. SEXTON, MR. CHILDERS,
MERRY CHRISTMAS AND HAPPY NEW YEARS
TERESA SKINNER
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