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Bread Set Jettison posted:Appraisal came in 90k over our offer of 605k. Hilariously looking back at the listing price history, the owner listed it at 700k originally. Congratulations on... um... nothing unless you can sell it at that price point! Your previous owner sure didn't get appraised value for it. 
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Feb 24, 2023 18:54
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Our appraisal seemed like the junkiest of junk science intended as a rubber stamp so that our mortgage application would be approved. A bunch of fudged numbers here and there, wow the land is worth X so the improvements are magically worth (our offer) minus X, tada, our appraisal matches our offer!
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Feb 24, 2023 20:33
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illcendiary posted:Our appraisal seemed like the junkiest of junk science intended as a rubber stamp so that our mortgage application would be approved. A bunch of fudged numbers here and there, wow the land is worth X so the improvements are magically worth (our offer) minus X, tada, our appraisal matches our offer! Our appraiser didn't even visit the property. They went off the realtor photos, per the write-up, because COVID restrictions didn't allow for appraisal visits during the purchase period. 
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Feb 24, 2023 21:21
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Sundae posted:Our appraiser didn't even visit the property. They went off the realtor photos, per the write-up, because COVID restrictions didn't allow for appraisal visits during the purchase period. Hmmm, the exposure is all wrong. Clearly this home is worth 100k less.
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Feb 25, 2023 01:02
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Sundae posted:Congratulations on... um... nothing unless you can sell it at that price point! Your previous owner sure didn't get appraised value for it. the county can point to it for why they're raising the assessed value of the home for property taxes next year 
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Feb 26, 2023 22:23
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Inept posted:the county can point to it for why they're raising the assessed value of the home for property taxes next year And all of your neighbors, thanks all the leasing people around Austin that have bought up every house in our neighborhood and then rented them out for 1k over our mortgage a month. I think possibly one out of the twenty houses around me that was listed in the last three years since we moved in has been bought by an actual person.
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Feb 27, 2023 02:02
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Offer accepted on a 2 bed/1 bath condo just outside Boston, agent sending more details on next steps tomorrow, I think I'm gonna go have a heart attack in the meantime
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Feb 28, 2023 03:12
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4th offer declined. It’s the second time our realtor has said we’re the second choice. At this point I’m relieved
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Feb 28, 2023 22:50
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At this point it seems like the only way to get z house is to show up with a suitcase of cash.
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Feb 28, 2023 23:55
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https://www.nbcnews.com/news/amp/rcna72846quote:Mortgage... Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low. Posts per day in this thread are down to an average of less than six, a year ago we might be doing two pages a day
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Mar 1, 2023 14:27
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BFC posts are a leading indicator.
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Mar 1, 2023 14:31
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Hadlock posted:Posts per day in this thread are down to an average of less than six, a year ago we might be doing two pages a day And that's a good thing because a lot of those posts were generated by people FOMO'ing D and F grade garbage at premium prices with no inspection contingencies.
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Mar 1, 2023 14:34
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I'm closing on Friday morning. Stoked, can't wait for the plumbing to rupture Saturday morning.
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Mar 1, 2023 15:22
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Jesus In A Can posted:I'm closing on Friday morning. Stoked, can't wait for the plumbing to rupture Fixed that for you for maximum pain and inconvenience.
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Mar 1, 2023 16:12
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Motronic posted:And that's a good thing because a lot of those posts were generated by people FOMO'ing D and F grade garbage at premium prices with no inspection contingencies.
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Mar 1, 2023 16:29
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Douche4Sale posted:Fixed that for you for maximum pain and inconvenience. No no it's going to be next FRIDAY evening so that you have to pay extra to get somebody out on the weekend. But in actually they won't be available to the NEXT weekend.
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Mar 1, 2023 16:29
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We are revisiting the rent v buy convo. We're on the cusp of renting being almost a pain in the rear end and cribbing the lifestyle we want. Definitely approaching this with a lifestyle choice mindset and not investment. Some things pushing us: Solid plans of being in this city for at least 5 years and Portland rental prices keep climbing. Newer apartments are luxury apartments and this year's lease renewal has me thinking scared. Plus they don't make 3br apartments and would like to have a solid guest room for when my MIL visits, which is monthly. My partner is eligible for a VA loan (yay no PMI) so the down payment is already available to us as we could do 10% now with leftover emergency fund money. We don't even own a car so our fixed and variable expenses are super low. He has 20k in student loans, I have no debt. Both of us are in a good retirement savings range. We're just very conservative and have been in the "rent forever" mindset. cheese eats mouse fucked around with this message at 22:42 on Mar 1, 2023 |
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Mar 1, 2023 22:39
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cheese eats mouse posted:We are revisiting the rent v buy convo. We're on the cusp of renting being almost a pain in the rear end and cribbing the lifestyle we want. Definitely approaching this with a lifestyle choice mindset and not investment. Buying is a no brainer if you want to buy a house.
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Mar 1, 2023 22:44
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Did the inspection today, things look fine aside from issues with the siding so I have my agent on a hunt to get more HOA meeting minutes and plans for maintenance on the complex Getting loan estimates with breakdowns out of lenders is like pulling teeth though. I'm trying to give you money come on!! (will take recs for Massachusetts lenders)
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Mar 1, 2023 22:56
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cheese eats mouse posted:We are revisiting the rent v buy convo. We're on the cusp of renting being almost a pain in the rear end and cribbing the lifestyle we want. Definitely approaching this with a lifestyle choice mindset and not investment. From a purely financial standpoint - ignoring the lifestyle choice parts of the decision that are frankly just as if not more important - you're basically making a long-term gamble that the price of renting will continue to increase faster than inflation. Getting a mortgage basically locks you into paying a fixed amount for housing per month* which can work out really nicely for you as rents increase. I know a few people with mortgages they signed in the 00s an 10s who would probably be priced out of their local rental markets these days. Now, that said, the asterisk up there is a loving huge one because you're responsible for a lot more than just the mortgage amount. poo poo like repairs etc., and that can be a considerable financial burden. There's another layer of analysis to look at too, namely what you could do with the money you're saving by renting instead of buying. For a while at least you're likely to be paying more in mortgage than you would in rent, even in a rapidly inflating rental market, and that's money you could be putting into retirement or other investments. Basically the math gets complex, fast, and it really depends on what, specifically, your local rental situation looks like, what your local housing market looks like, and how much work the housing stock in your area needs (e.g. what you're looking at having to pay on average annually in repair/maintenance), and how realistic it is that you'll actually save the money you save by renting rather than spend it. Ultimately it really does come down to lifestyle. Me, personally, if I 100% needed 3br I'd probably want to buy but that's just because at the point that i'm having a dedicated guest room I probably want to interact with that kind of space a bit more and make it a bit more mine. Put in a garden, paint a wall, etc. But that's just where I come down, which matters to exactly no one except me.
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Mar 1, 2023 22:57
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Starting to look for a house in the NYC suburbs and the premium for an easy commute into the city is massive. It's like 200k to have a 10 min walk to the train station instead of 30
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Mar 1, 2023 23:58
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Look at it as .63c a day to save 40 minutes of your life over 30 years. If I math’d right
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Mar 2, 2023 00:21
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cheese eats mouse posted:Look at it as .63c a day to save 40 minutes of your life over 30 years. you did not. $200,000 in incremental cost gets to $1,396 a month at current 7+% rates. So you'd pay about 69 bucks a day (20 working days a month) to save 40 minutes. (nice). That ain't cheap, though.
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Mar 2, 2023 00:36
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That's three hours of you life back every week If you spend 8 hours a day awake && not at work that's like an extra weekday of free time a month That 40 minutes a day is probably worth double when it's raining and triple when it's snowing
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Mar 2, 2023 00:44
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KYOON GRIFFEY JR posted:you did not. Man, I appreciate the 69/4/20! Nicely done. But 1K a month might be the more conservative approximation (6%/12 * 200K), so 50 a day. 50 for 40 minutes saved. Or $75/hour. Sounds pretty close to "median income of people looking to buy property in the vicinity of an NYC suburb train stop". Xyven, you might be thinking "ehh I'm getting my exercise in every day doing that walk, it won't be bad." But you're gonna end up *hating* it.
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Mar 2, 2023 01:11
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Baddog posted:Man, I appreciate the 69/4/20! Nicely done. My wife has a similar commute, so we're getting twice the value. I'd go nuts with an hour+ commute each day, so not really considering anything more than ~15 minute walk. Just getting a bit of sticker shock! Has anybody added central AC to a house that previously only had window units? Trying to figure out the cost/difficulty to add AC - with how hot summers have been getting, no AC is a deal-breaker.
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Mar 2, 2023 01:43
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Mecca-Benghazi posted:Did the inspection today, things look fine aside from issues with the siding so I have my agent on a hunt to get more HOA meeting minutes and plans for maintenance on the complex DCU has decent rates and retains servicing on their originated mortgages. I suspect closing costs might be a bit higher though. I'd definitely check them, though.
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Mar 2, 2023 02:02
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Xyven posted:
If you have forced hot air, you could upgrade to a heat pump or add an AC. It's not going to be cheap, and it may still not be very feasible. If you don't have forced hot air, then just get minisplits. In fact, even if you have forced hot air, minisplits might be a decent option.
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Mar 2, 2023 02:04
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Hadlock posted:That's three hours of you life back every week I strongly advocate paying the extra money to live closer to transit but it’s a choice and it’s important to have the number right.
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Mar 2, 2023 02:09
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KYOON GRIFFEY JR posted:I strongly advocate paying the extra money to live closer to transit but it’s a choice and it’s important to have the number right. Yeah the very wealthy use private jets to claim back enormous amounts of personal time In the under 2mm/yr a year crowd the best you can do is buy a house less than 20 minute walk from your office You never ever get that time back. Commute time is peak waking hours time to spend with your family too so it's doubly valuable
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Mar 2, 2023 02:17
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KYOON GRIFFEY JR posted:I strongly advocate paying the extra money to live closer to transit but it’s a choice and it’s important to have the number right. Geeking out about it some more, it's actually the difference between expected return on 200k elsewhere (stock/bond mix) and 200k in a house, right? We just shorthand it sometimes to an expected RoR, but that's way less valid in this new fed/inflation environment. Probably less than a 2 or 3 percent difference there over 15-20 years. So maybe it's more like 25 or 30 an hour, and the average homebuyers in the area are just not valuing their time nearly enough.
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Mar 2, 2023 02:42
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Living closer to work and having an actual goddamn view are really hard to properly quantity. When I moved in with my then-girlfriend we splurged and paid an extra ~$800 a month on our one bedroom with a view of the bay bridge. Commuting an hour each way to suburbia wasn't much fun but there wasn't a single night I didn't super enjoy looking out the window to the bay and the bridge and living there is still a highlight of my early 30s Also living walking distance from a grocery store, pub, at least one decent restaurant etc is a huge quality of life multiplier. I started eating a lot more fresh meals, and actually eating fresh produce because you just go a block out of you way on the commute home, don't have to hassle with parking the car, loading/unloading the car just pick up a single bag of groceries 2-3 times a week You can assign a dollar value to this stuff, but also where and how you live is a very significant part of your life and dollar expense. If you're lucky enough to have the choice... The extra $200k extra is almost always going to be worth the price
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Mar 2, 2023 03:01
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Xyven posted:My wife has a similar commute, so we're getting twice the value. I'd go nuts with an hour+ commute each day, so not really considering anything more than ~15 minute walk. Just getting a bit of sticker shock! The real fun sticker shock comes at school district/area boundaries. Identical houses can literally back up to each other and with a price difference of $100k or more.
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Mar 2, 2023 03:46
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Xyven posted:Has anybody added central AC to a house that previously only had window units? Trying to figure out the cost/difficulty to add AC - with how hot summers have been getting, no AC is a deal-breaker. It can cost anywhere between $4,000 and $80,000. Most people who have heat that isn't already forced air will install mini splits. Some people will go with an HVLP system, which is very expensive but easier to hide. Other people live in a home that's not full of historic details and rather just a big box with one floor so they jam an evap and blower in the attic and run vents to the ceilings of each room. It all depends on specifics and budget.
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Mar 2, 2023 14:00
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Xyven posted:My wife has a similar commute, so we're getting twice the value. I'd go nuts with an hour+ commute each day, so not really considering anything more than ~15 minute walk. Just getting a bit of sticker shock! How long is a piece of string I lived in a ~1400 sq ft rental that was long and narrow with a sort of long dividing wall that split the front of the house into living room/kitchen, they just chopped a square at the top of each wall and then framed in a square "vent" with drywall and painted over it. Another tube ran back to the bedrooms and bathrooms. Looked like some guy knocked out the whole project in a day, worked really well. Adding AC to a 4500 sq ft sprawling mid century thing.... there's probably a reason why nobody attempted it until now Mini splits are awesome
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Mar 2, 2023 16:43
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Ornery and Hornery posted:I am curious because yeah the no PMI thing is what I’m looking for. A little late but I put 3.5% down on a $265k house and my PMI is $48/mo. A little annoying but better than saving up for another year to get to 20%
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Mar 2, 2023 18:28
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Remember that PMI depends on your credit score. If you have good credit the PMI estimates of online calculators will be wildly off.
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Mar 2, 2023 18:42
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Shifty Pony posted:Remember that PMI depends on your credit score. If you have good credit the PMI estimates of online calculators will be wildly off. To add to the pile of anecdata, my credit score was 807, I put 5% down on a $177,500 house, and my PMI is coming in at $33.73 a month.
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Mar 2, 2023 21:01
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Hadlock posted:Living closer to work and having an actual goddamn view are really hard to properly quantity He felt we overpaid for our current house because it was beside the sea. I am enjoying it every drat day we live here, and so is he. And if it sells for less than we paid for it, it's been worth it. (It might be, because it's harder and harder to insure land in California near trees, and we border on a state park.)
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Mar 2, 2023 22:03
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Views being so valuable must be because houses are prisons
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Mar 2, 2023 22:25
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