Couple tries to live beyond their means, banks say no and Toll keeps their $93k

[thetreble 19]

Live within your means and pay cash for everything.

Not possible unless you make a substantial amount of money. Don't know too many people my age (24) that have 244K to buy a townhouse. (which I just bought for that price) It also depends on where you live, too. There is a large difference in the cost of things state to state.

The idea is to live within your means and to gain equity the right away. If you can't afford the monthly payments, then the bank shouldn't be loaning you the money. Of course, that wasn't happening because of liar loans by that's another story all together.

Any way, shame for these people but that's life. I;d love to live in Hoboken too but...not going to happen.

[Ban Hammer 13,346]

Most buyer contracts contain a "contingent upon buyer receiving satisfactory financing" clause. What they are speaking about in the article is Earnest Money which is typically refundable if the buyer cannot achieve financing. I think that is the main subject of this story....or it should be. How can the developer keep the buyers earnest money if they cannot get a mortgage?

that's what i'm trying to figure out, especially when they met the financing requirements previously. something smells fishy in this story.

[mkg265 2]

Live within your means and pay cash for everything.

Not possible unless you make a substantial amount of money. Don't know too many people my age (24) that have 244K to buy a townhouse. (which I just bought for that price) It also depends on where you live, too. There is a large difference in the cost of things state to state.

The idea is to live within your means and to gain equity the right away. If you can't afford the monthly payments, then the bank shouldn't be loaning you the money. Of course, that wasn't happening because of liar loans by that's another story all together.

Any way, shame for these people but that's life. I'd love to live in Hoboken too but...not going to happen.

Why does everyone want to live in Hoboken? I find it a creepy Disneyland version of New York.

Congrats on the new house!!! I hope to be in the home buyers circle at 24 too.

[Craneman 2]

Precisely. This couple with only a 90k downpayment wanted to live in a near-million dollar property. Yuppie arrogance, is what it is. They could have afforded to live a few miles away but they had to live on the water in Hoboken. Well, I don't feel bad for them. They wanted what they could not afford. And they knew the risks (or should have).

I don't know. This doesn't sound legal to me. For example, let's say you wanted to buy this really nice guitar for 10g's at a local music store, and they said they'd hold it for you if you put down a $1,000 as a deposit. If you back out and decide not to buy the guitar, the music store should not be able to keep the entire deposit. I think they'd have to demonstrate a loss for them by holding onto the guitar. Keeping the whole amount they put down is over-reaching and shouldn't be legal. Not for the that amount of money.

This is probably where you learn about reading all the fine print.

Fine print though should not give a company the right to rob someone of their money, IMO. This is where individual rights vs. the rights of the business clash. I disagree with the concept that a contractual agreement can trump someone's rights or that someone can just willfully sign their rights away.

This has me curious. I'll try to find any court rulings on refund of deposit money.

[Craneman 2]

Virtually all realestate contracts are written that the "depoist is none returnable".

The last 3 houses I bought was with $100 deposit and downpayent on closing.

Do your homework!

Due diligence, read the contract.

[one...two...tree 2,762]

Virtually all realestate contracts are written that the "depoist is none returnable".

The last 3 houses I bought was with $100 deposit and downpayent on closing.

Do your homework!

Due diligence, read the contract.

$100 deposit is worlds apart from a < $90,000 deposit...good lawd.

[almaty 19]

also, that is not correct..my deposit for the 2 houses we bought was refundable ..written int he contract..or we would ahve walked from the deals..

[Craneman 2]

Virtually all realestate contracts are written that the "depoist is none returnable".

The last 3 houses I bought was with $100 deposit and downpayent on closing.

Do your homework!

Due diligence, read the contract.

$100 deposit is worlds apart from a < $90,000 deposit...good lawd.

Tha is right, bought a $250,000 house with $100 deposit downpayment upon successful mortgage application, do your homework.

Read the contract, make sure it is to your liking, if not walk away, WITH your money.

[Chica Yeyé 41]

AJ hates yuppies... it is a well known fact on VJ

[almaty 19]

hmmm. i think he has an issue, as he would be defined as a yuppie in south central mississippi

[Chica Yeyé 41]

hmmm. i think he has an issue, as he would be defined as a yuppie in south central mississippi

he needs to accept his yuppiness and move on. Humility is sooooo overrated

[almaty 19]

i agree..the joisey yuppie chopf##K

[PlatyPius 5]

Precisely. This couple with only a 90k downpayment wanted to live in a near-million dollar property. Yuppie arrogance, is what it is. They could have afforded to live a few miles away but they had to live on the water in Hoboken. Well, I don't feel bad for them. They wanted what they could not afford. And they knew the risks (or should have).

I don't know. This doesn't sound legal to me. For example, let's say you wanted to buy this really nice guitar for 10g's at a local music store, and they said they'd hold it for you if you put down a $1,000 as a deposit. If you back out and decide not to buy the guitar, the music store should not be able to keep the entire deposit. I think they'd have to demonstrate a loss for them by holding onto the guitar. Keeping the whole amount they put down is over-reaching and shouldn't be legal. Not for the that amount of money.

In a bike shop, if you put a bike on hold or in layaway, you have removed the ability of the shop owner to sell that bike. If you then decide to not buy the bike, you have forfeited your deposit. Some shop owners, if they know the customer, will return the deposit. Most will not. It is offered as a NON-Refundable deposit/layaway. If it has been in layaway for 3 months, the owner has likely ordered another bike to replace it. Now he has TWO of those bikes on the floor, likely near the end of the model year as well. That's just the way it goes.

[w¡n9Nµ7 §£@¥€r 123]

Not possible unless you make a substantial amount of money. Don't know too many people my age (24) that have 244K to buy a townhouse. (which I just bought for that price)

Pay cash for everything is asinine advice. Credit can be used wisely.

i agree..the joisey yuppie chopf##K

In my neck of the woods all the real yuppies live in Hoboken and little cardboard boxes (they call them apartments) in Manhattan

[Chica Yeyé 41]

Not possible unless you make a substantial amount of money. Don't know too many people my age (24) that have 244K to buy a townhouse. (which I just bought for that price)

Pay cash for everything is asinine advice. Credit can be used wisely.

i agree..the joisey yuppie chopf##K

In my neck of the woods all the real yuppies live in Hoboken and little cardboard boxes (they call them apartments) in Manhattan

Why do you hate New Yorkers???