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Retrogression, priority dates and Visa bulletins Issues surrounding the retrogression of the priority dates for the various employment based categories

View Poll Results: People without Greencards: Is your house buying decision tied to your getting the GC?
no. I have not bought a house, but dont intend to even with GC 24 4.83%
no. I have already bought a house, even without GC 247 49.70%
yes, I will buy a house within 6 months of getting my GC 120 24.14%
yes, I will only buy a house sometime after 6 months of getting my GC 76 15.29%
GC is not tied to my home buying decision. I am waiting for other reasons. 30 6.04%
Voters: 497. You may not vote on this poll

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  #46 (permalink)  
Old 07-31-2007, 05:35 PM
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You "can" loose money in 2-3 years, especially in the present housing market slump. If you bought a house in 2004 and sold it in 2006 within 2 years, I would hardly say there would be any loss considering the 2005 housing bubble!


Quote:
Originally Posted by logiclife
Because homebuying is a risky proposition without stability of GC ... the reason...read my post above about amortization and how you can gain 0 equity and actually lose money if you buy and sell in less than 2-3 years or buy and abandon (foreclose) in less than 2-3 years.
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  #47 (permalink)  
Old 07-31-2007, 05:43 PM
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Quote:
Originally Posted by mangelschots
Home buying is always a risk, regardless of immigration status.................... Go to a communist country.



If you were here since 2000, and sat on your ass the whole time, it is your own fault. You had the chance to buy. It's the same for everyone: immigrant or citizen.
.....................
Consider using proper tone and language in future. Hind site is always 2020. There are success stories and sad stories in every thing in life and so is home buying. There are many considerations in buying a house and having a safe immigration state is one of the important ones. That is logiclife's point.

No need to preach or show off.

Last edited by priderock; 07-31-2007 at 06:00 PM.
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  #48 (permalink)  
Old 07-31-2007, 05:45 PM
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Default Agree with logiclife

Most people who bought houses have either forgotten the 01 recession or havent experienced it at all. H1 status is extremely brutal if you loose your job. You might think your job is safe, but it isnt... Your job is only as safe as the next recession, which I think is round the corner... esp now that the gravey train in housing has abruptly ended! Selling house isnt like selling a piece of furniture... It takes time... especially now... since we are experiencing the biggest slowdown in housing since late 80's/early 90's... Also, if your house has depreciated in value then not only have you lost your down payment but you might end up owing money to the bank!
The advantage of having the stability of gc could make a huge difference. You dont have to move immedietly... you can claim unemployment... most likely your spouse will be working (unlike h4 status)... your chance of gettin a job are better with a GC. Now I see all these fresh grads graduating out of school and buying BMW's and mercs and I wish I could knock some sense into them... I wish someone had done that to me back in the heady days of dot com boom! Searching for a job in December of 01 has taught me a lot of valuable lessons.. the biggest one being financial prudence and not taking things for granted!
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  #49 (permalink)  
Old 07-31-2007, 06:05 PM
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Quote:
Originally Posted by mrane1
Most people who bought houses have either forgotten the 01 recession or havent experienced it at all. H1 status is extremely brutal if you loose your job. You might think your job is safe, but it isnt... Your job is only as safe as the next recession, which I think is round the corner... .............ost likely your spouse will be working (unlike h4 status)... your chance of gettin a job are better with a GC. Now I see all these fresh grads graduating out of school and buying BMW's and mercs and I wish I could knock some sense into them... I wish someone had done that to me back in the heady days of dot com boom! ................not taking things for granted!
Well this is a different generation , I don't think there is anything wrong about fresh grads buying a BMW.Its about attitude , if it makes you feel good about yourself , do it.If it gives you confidence & inspires you to earn more / progess , why not?
Who made the rule of being defensive & careful in life?Even if you fail with your adventures , there is a good chance you will learn & become a stronger person.Stronger than somebody who never tried because of fear of failure.
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  #50 (permalink)  
Old 07-31-2007, 06:16 PM
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Quote:
Originally Posted by mrane1
Most people who bought houses have either forgotten the 01 recession or havent experienced it at all. H1 status is extremely brutal if you loose your job. You might think your job is safe, but it isnt... Your job is only as safe as the next recession, which I think is round the corner... esp now that the gravey train in housing has abruptly ended! Selling house isnt like selling a piece of furniture... It takes time... especially now... since we are experiencing the biggest slowdown in housing since late 80's/early 90's... Also, if your house has depreciated in value then not only have you lost your down payment but you might end up owing money to the bank!
The advantage of having the stability of gc could make a huge difference. You dont have to move immedietly... you can claim unemployment... most likely your spouse will be working (unlike h4 status)... your chance of gettin a job are better with a GC. Now I see all these fresh grads graduating out of school and buying BMW's and mercs and I wish I could knock some sense into them... I wish someone had done that to me back in the heady days of dot com boom! Searching for a job in December of 01 has taught me a lot of valuable lessons.. the biggest one being financial prudence and not taking things for granted!
once again...it depends where you are and based on that what the cost of the house is.

Even now for an avg house that costs 250k at a 6.5% mortgage rate fixed for 7 years (7/1 arm) your payment will be around $1264.

factor in county taxes and insurance = $350 a month

Total = $1614

I know for a fact that in the bay area this might be less than rent for a 2 bedroom house in many places...am i correct?

while this will buy you a 3-4 bedroom house in texas...again depending where u are...which suburb u r in.
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  #51 (permalink)  
Old 07-31-2007, 06:26 PM
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We bought our house even when my labor was pending.. Simple way of looking at it is - if you are staying in this country for a long time as a responsible alien, its just a matter of time.. everyone will get their green cards.. I'll say - be patient.. but we are not overly concerned when we were buying the house..we just made sure that we will be able to sustain with one income.. (the odds of both wife and husband losing the job at the same time are pretty high). Try not to buy a very expensive house just in case..
My 2 cents.
1MoreDesi!
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  #52 (permalink)  
Old 07-31-2007, 06:47 PM
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Here, you can buy a house double the size, but the mortgage will be the same as rent. What do you do? rent or buy? even h1? That's a no-brainer.
Quote:
Originally Posted by onemoredesi
We bought our house even when my labor was pending.. Simple way of looking at it is - if you are staying in this country for a long time as a responsible alien, its just a matter of time.. everyone will get their green cards.. I'll say - be patient.. but we are not overly concerned when we were buying the house..we just made sure that we will be able to sustain with one income.. (the odds of both wife and husband losing the job at the same time are pretty high). Try not to buy a very expensive house just in case..
My 2 cents.
1MoreDesi!
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  #53 (permalink)  
Old 07-31-2007, 07:12 PM
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Quote:
Originally Posted by inskrish
Does 'not having a GC' prevent you from buying a new house--which is the primary question?:-)
I bought my home with out GC. But I would have bought a home much early, if I had my GC. I know many of my friends waiting for GC to buy home.
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  #54 (permalink)  
Old 07-31-2007, 07:15 PM
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Smile Are July AOS filers in a safer position to buy a house?

I want to ask if July I-485 filers are in a safer position to buy a house.

Will they be out-of-status if laid-off now that they have filed 485?
If not, then they are safe....

So, I guess my question is will the july 485 filers be out-of-status if laid-off???
By the way, i am a July filer
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  #55 (permalink)  
Old 07-31-2007, 07:26 PM
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Quote:
Originally Posted by asharma
I want to ask if July I-485 filers are in a safer position to buy a house.

Will they be out-of-status if laid-off now that they have filed 485?
If not, then they are safe....

So, I guess my question is will the july 485 filers be out-of-status if laid-off???
By the way, i am a July filer
if you are laid off within 180 days of 485 filing, and your I-140 is also revoked, then its bye-bye everything. Post 180 days you only need to find a job in similar position to what you have now and you will continue to be safe. If your I-485 is denied, you go out of status (unless you have maintained your H1).

However people here are not talking about little one-off layoffs, but the mass layoffs (5k/10k or more) that occurred in 2001/2002. Several big companies closed their complete offices, laying off everyone with literally zero notice. hundreds of startups went under. And it was all not just the .com companies, several telecom networking companies (lucent/nortel) also laid off thousands. At the same time the general tech economy had tanked, and almost no one else was hiring.

Its that kind of a scenario (another recession as someone said) that scares some people without GCs from buying a house. Old timers in bay area might remember those days when traffic was light on 101, many buildings on 1st street were vacant, apartments were easy to get, there was almost no waiting time in any restaurant and rents were low.

anyway recessions have historically been periodic and the next one would be due in the next 3-5 years, lets see how this one pans out. Retrogression to Recession -> frying pan to fire.

Last edited by gc_chahiye; 07-31-2007 at 07:29 PM.
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  #56 (permalink)  
Old 07-31-2007, 08:26 PM
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Hey, thanks for the detailed reply...
If I may bother with one more question:
Is it that after 180 days, even if laid off, we are not out-of-status. Of course, we need to search for jobs with the similar position. But, during the job search, if it takes 1-2 months to get a new job, are we out-of-status for that 1-2 month period in between jobs, OR the fact that we have completed 180 days after 485 allows us to remain in status...

Thanks for your patience

Quote:
Originally Posted by gc_chahiye
if you are laid off within 180 days of 485 filing, and your I-140 is also revoked, then its bye-bye everything. Post 180 days you only need to find a job in similar position to what you have now and you will continue to be safe. If your I-485 is denied, you go out of status (unless you have maintained your H1).
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  #57 (permalink)  
Old 07-31-2007, 09:34 PM
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Quote:
Originally Posted by yabadaba
it depends on the cost of your house. if ur buying a house for 250k and u put down 50k and the whole cost of mortgage/realtors is 7% ...then ur house needs to appreciate by 17.5k which is not too difficult.

If ur buying a house for 700k and u put ur entire savings of 140k and pay 7% costs = 49k...that is more difficult in a tight market.

true....i think depends on where u buy a house...in west coast u better have a million dollars....in east coast half a million to get in to a place with good school district...i guess location plays a lot...
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  #58 (permalink)  
Old 07-31-2007, 09:58 PM
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Quote:
Originally Posted by asharma
Hey, thanks for the detailed reply...
If I may bother with one more question:
Is it that after 180 days, even if laid off, we are not out-of-status. Of course, we need to search for jobs with the similar position. But, during the job search, if it takes 1-2 months to get a new job, are we out-of-status for that 1-2 month period in between jobs, OR the fact that we have completed 180 days after 485 allows us to remain in status...

Thanks for your patience
completing 180 days post 485 simply allows you to use some other GC sponsoring employer instead of the one who did your LC+140. So at any point after that you need to be holding atleast an offer letter for employment from some employer. If USCIS comes up with an RFE or you get approved, you better have that job offer on hand. YOu might get lucky (laid off, then find a job in 3 months, meantime no news from USCIS)
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  #59 (permalink)  
Old 07-31-2007, 10:15 PM
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Quote:
Originally Posted by mrane1
Now I see all these fresh grads graduating out of school and buying BMW's and mercs and I wish I could knock some sense into them... I wish someone had done that to me back in the heady days of dot com boom! Searching for a job in December of 01 has taught me a lot of valuable lessons.. the biggest one being financial prudence and not taking things for granted!
Financial prudence at times can be relative. If you are driving a Kia and saving 65% of your take-home pay, then that does not necessarily make you more financially prudent than the guy/gal who is driving a BMW and saving 35% of his/her take-home pay. It's a case of priorities so while you might be spending on iPods, iPhones, etc,. this guy/gal is spending on his/her BMW.

Personally, I believe that anyone who rents rather than owns is just flushing money down the drain. But I cannot make this blanket statement and apply it for all scenarios since people have certain circumstances, reasons and priorities for the things that they do.

So let these fresh grads drive their BMWs and Mercs if that makes them happy and they know what they are doing. For all you know, they invested in Berkshire Hathaway stock when the were in their early teens, so they might be much better off financially than what you were when you graduated. Not very likely, but still possible! :-P

Thanks,
Jayant

Last edited by PD_Dec2002; 07-31-2007 at 10:37 PM.
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  #60 (permalink)  
Old 08-01-2007, 01:00 PM
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Quote:
Originally Posted by PD_Dec2002
Financial prudence at times can be relative. If you are driving a Kia and saving 65% of your take-home pay, then that does not necessarily make you more financially prudent than the guy/gal who is driving a BMW and saving 35% of his/her take-home pay. It's a case of priorities so while you might be spending on iPods, iPhones, etc,. this guy/gal is spending on his/her BMW.

Personally, I believe that anyone who rents rather than owns is just flushing money down the drain. But I cannot make this blanket statement and apply it for all scenarios since people have certain circumstances, reasons and priorities for the things that they do.

So let these fresh grads drive their BMWs and Mercs if that makes them happy and they know what they are doing. For all you know, they invested in Berkshire Hathaway stock when the were in their early teens, so they might be much better off financially than what you were when you graduated. Not very likely, but still possible! :-P

Thanks,
Jayant
Ok a fresh grad driving BMW in late 20's has different opinion than a person driving kia in early to mid 30's. It's all priorities. Why save money in early ages? Why drive kia at 25? Just so that you can drive a bmw or merc when you are 60? People think different and driving a 3 series in late 20's is more fun than driving a 7 series in late 50's or 60's. I do agree that renting is throwing away money but to buy a house you would need substantial cash 50k for eg. and a new grad would save 3-4 years of his 6 figure income to get there after living miser for this years and watching other's ipods and blackberrys and satisfying himself . It all depends.

No offense but can't take this as a fresh grad
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