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Mister Fister posted:huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses Yeah, it's definitely a lot of waiting around twiddling your thumbs while people shuffle papers around. Once you find a house you like, your offer is accepted and you sign the contract, then you'll start the real mortgage application. The contract should be contingent on obtaining the mortgage.
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Aug 3, 2009 21:47
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Mister Fister posted:huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses
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Aug 3, 2009 23:17
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Mister Fister posted:huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses
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Aug 4, 2009 02:11
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I'm interested in buying a Real Estate Owned home in connecticut, are there any good resources to look for one?
Mister Fister fucked around with this message at 04:26 on Aug 4, 2009 |
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Aug 4, 2009 04:19
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Allow me to quote something from another house thread, now closed:quote:If you can finance the 20% down payment on your own, you can get a conventional mortgage for the house regardless of its condition. If you need to finance through FHA, they will require the home be in live-in condition and might not lend you the money. Go to a few banks and get pre-approved to see how much money you can get and from what sources. Is this really the case? I'm in the process of buying 2 houses conventionally (on the same tax parcel, one is basically a mother-in-law unit) where the main house is not in livable condition. There's some mold in the house, some knob and tube wiring, foliage against the outside, broken windows on the basement, some doors replaced with plywood bolted on, etc. Basically, it needs a lot of work, but work which I've budgeted for. The other day, things were progressing with our "mortgage guy", (the guy who ran our credit check, locked in our interest rate, and had us sign and initial 100 times) and we mentioned that the main house was not at present livable. He reacted with surprise and told us flat out that the lender will almost certainly not lend us the money. This took us by surprise, considering we've had the real-estate agents in the house with a couple times, for the general and plumbing inspections, and they never mentioned this "obvious" fact. Does anyone have any more information on this? I'm waiting on the results of the appraisal, which I should be getting today, but I'm nervous. I feel like I've got conflicting information from the mortgage guy and the real-estate agents. So, is it really true that if you put 20% down (which I am doing), then I can get a conventional mortgage regardless of the house's condition? By the way, I plan on living in the 560 sq.ft. mother in law, which is pretty much move in ready now, and then fixing up the main 3 bd/1bath and renting it out.
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Aug 6, 2009 17:26
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^^^^ Maybe he's worried about the appraisal not coming through? I thought that a conventional mortgage it didn't matter either, but I guess I could be wrong.
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Aug 6, 2009 21:08
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My conventional mortgage was contingent on a Certificate of occupancy. Maybe it's something new after the mortgage crisis?
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Aug 6, 2009 21:13
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dreesemonkey posted:^^^^ Do you mean that if the appraisal is greater than or equal to the amount loaned, the underwriter will just rubber stamp it? I would personally be shocked if the appraisal came in under what my mortgage amount will be, given the two houses, the lot, and just the cheap-rear end price I'm getting. My impression from the mortgage guy, though, was that NO lender will give you money for a house that isn't livable yet, even if it's a conventional mortgage, which was news to me. Goddamnit I'm just getting ansy partially because I know the appraisal happened a couple days ago and I haven't heard poo poo yet. ^^^^^^ What is certificate of occupancy? I plan on moving into the mother-in-law unit, which is currently livable.
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Aug 6, 2009 21:14
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Bong Goblin posted:Do you mean that if the appraisal is greater than or equal to the amount loaned, the underwriter will just rubber stamp it? Yea my thought was the mortgage guy hearing that the place needed work, he thought the appraisal would come back way undervalued to what he was assuming already.
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Aug 6, 2009 21:29
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I'm looking at a REO house... it looks like a good deal compared to non-reo/foreclosure listings i'm seeing around the area. I'm thinking of contacting the listing agent of the REO (i have yet to hire a buying agent), what are some questions i should ask her?
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Aug 7, 2009 17:32
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Just put a deposit down :> Hasn't set in yet...
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Aug 7, 2009 20:15
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For those who have been through the process of buying a short sale, what sort of time frame was involved from initial offer until close? I realize it will vary wildly depending on each individual situation, but I'm curious if it's feasible to close a short sale before December 1 in order to claim the rebate. The rebate will not be required for me to buy the home or easily put 20% down, but would be a nice bonus if I could make it in time.
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Aug 8, 2009 17:00
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Can anyone comment on how flexible the budgets for renovation mortgages are after closing? I'm considering purchasing a property with an additional renovation mortgage on top of the purchase amount. The amount of the renovation mortgage will be based on quotes from contractors likely to do the work, but I think that the budget will be conservatively high in some areas -- I'm hopeful that this will free additional money to handle some other improvements. Will the bank be scrutinizing this or be concerned if it happens?
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Aug 9, 2009 15:10
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I'll post this in here, as it mostly fits the topic. It's a bit of a 'what if' scenario. I currently own a house that, at current market prices, is worth about $100,000. Values haven't fluctuated as much in my area as they have others, so even if there's a housing rebound, I don't see it increasing more than a couple of thousand in value. Ideally, I'd like to live in a different part of the country. I'd like to purchase a house for about $200,000-$250,000. I am debt-free aside from my mortgage. If I were to have an extra $4,000 per month to put toward something, would it be wiser to throw it in savings, or to put it toward my mortgage? In 2 years, I could either have $100,000 in a savings account, ready to put down on a different house, or my house paid off and $25,000 ready to put down on a different house. With the first scenario, I would be looking to either renegotiate terms on my mortgage and rent the first house out, or putting the house up for sale. On the second, I wouldn't have to deal with a mortgage, so I'd be free to rent it out, which would cover a nice chunk of the new mortgage payment after insurance and tax...or I could just sell it, and put that toward the new mortgage. Each scenario seems to have its individual upside. What makes the most sense, financially?
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Aug 9, 2009 19:35
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PainBreak posted:I'll post this in here, as it mostly fits the topic. It's a bit of a 'what if' scenario. However, liquidity has great advantages if you're looking for a new house. If you can cover both payments for a bit, it might make the most sense to save up a 20% security deposit ($50k) and put the rest into your current mortgage.
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Aug 9, 2009 21:34
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IndyPunkOne posted:For those who have been through the process of buying a short sale, what sort of time frame was involved from initial offer until close? I realize it will vary wildly depending on each individual situation, but I'm curious if it's feasible to close a short sale before December 1 in order to claim the rebate. So you haven't made an offer that is accepted yet, I assume? If that's the case, I'd be absolutely shocked if you could close before Dec 1st. In some cases it might take a couple of months for the bank to even look at your offer. Mark Kidd posted:Can anyone comment on how flexible the budgets for renovation mortgages are after closing? Getting a renovation mortgage right after you buy a home is probably almost impossible now. Think about this from a bank perspective. "We got a new home buyer who just took a huge 200+ point credit ding that now God knows how much with almost no equity. Sure, let's give him $30,000 to make home improvements in one of the most crippled markets we've ever seen". If you did $30,000 worth of work, you don't get $30,000 of instant equity, so as far as a bank is concerned today they might as well be loaning you money to upgrade your stereo. PainBreak posted:I'll post this in here, as it mostly fits the topic. It's a bit of a 'what if' scenario. Even though we're in the middle of a real estate crisis, everyone I know lives in an area that hasn't lost value. Funny how that works. How much liquidity do you have now? If the answer is none, you need liquidity first. If you have a good amount of savings and could survive getting laid off tomorrow for 6+ months, then I'd start paying off my mortgage. Think of it this way; once that mortgage is paid off, your biggest monthly bill is now gone. The amount of freedom you'd have without having to worry about that is tremendous. It's all about financial freedom right now. That comes 1st and foremost in liquidity and secondly in decreased expenses.
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Aug 10, 2009 13:44
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Zombie Dictator posted:Getting a renovation mortgage right after you buy a home is probably almost impossible now. Think about this from a bank perspective. The loan officer is pretty convinced that this will go through. Let's assume it does, do you have any advice on the situation I described?
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Aug 10, 2009 17:08
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Zombie Dictator posted:Even though we're in the middle of a real estate crisis, everyone I know lives in an area that hasn't lost value. Funny how that works.
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Aug 10, 2009 19:05
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Northeast real estate prices haven't dropped all that much, drat developers didn't overdevelop over here 
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Aug 10, 2009 19:22
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Zombie Dictator posted:Even though we're in the middle of a real estate crisis, everyone I know lives in an area that hasn't lost value. Funny how that works. And everyone I know who has taken a vacation to Las Vegas has won. No wonder Vegas is doing so poorly!
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Aug 10, 2009 19:39
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So i should get pre-approval for a mortgage first before i actually go out and get a real estate agent, right? Any suggestions on which sites to use for that? Also, do you have to pay to get pre-approved?
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Aug 11, 2009 21:37
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Mister Fister posted:So i should get pre-approval for a mortgage first before i actually go out and get a real estate agent, right? It would suck to find your dream house and find out the seller requires buyers to be pre-approved before offering. I don't know how common that is, but you have nothing to lose by getting pre-approved. I just walked into a bank and sat down with a mortgage specialist. It didn't cost me a penny.
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Aug 11, 2009 22:18
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In our case, our realtor wouldn't even take us out looking without pre approval. Its easy and free. They basically just ask you a few questions like employer, do a little credit check, etc.
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Aug 12, 2009 00:24
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thanks guys, where can i find the lowest rate lender for a pre-approval?
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Aug 12, 2009 03:40
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bankrate.com and interest.com have rate searches. Go from there.
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Aug 12, 2009 03:48
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Mister Fister posted:thanks guys, where can i find the lowest rate lender for a pre-approval?
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Aug 12, 2009 04:18
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Plus, I personally found it drat near impossible to compare lenders based on rates, since each one changes almost daily, sometimes twice daily.. Then they tack on points, etc. Best to find a company with a reputation, and a broker that you feel comfortable.. Then compare closing costs.. Most banks will be following the daily rates anyway.
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Aug 12, 2009 04:34
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Yeah, for a pre-approval, don't worry too much about what bank you get it from. Choosing your actual lender is a hefty amount of work that requires a fair bit of investigation. You'll want to know not just what's the rate, but what're the closing costs, and what issues might you face from that particular lender like bad customer service, lengthy minimum close times, unusual requirements in inspecting the property, will they even lend to you, and so forth. That's something you might want to devote a little bit of time to every couple days throughout the process, so that by the time you get an acceptance, you have a list of banks you'd borrow from, and you can compare their rates on the day you formally apply for a mortgage to see who's the cheapest.
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Aug 12, 2009 19:43
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thanks again guys, you're all great 
Mister Fister fucked around with this message at 20:34 on Aug 12, 2009 |
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Aug 12, 2009 20:28
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Oh goddamnit. My conventional lending fell through because the mother-in-law house out back wasn't built "properly" back in the 60's, which is to say there's a "zoning issue." Which means that if it were to burn down, it couldn't be rebuilt. But it can be insured, so what the gently caress do they care!!!!!! I may want to run away anyways, because even if I do buy the property (with a cash deal, say) then when I want to sell it in 10 years the future buyer is going to have the same issue getting a loan because of the stupid loving zoning thing. On the other hand, the appraisal report came back, just including the main house, and is 18% higher than the selling price. Goddamnit I just want this to be over with. :/
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Aug 13, 2009 17:40
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Bong Goblin posted:Oh goddamnit. My conventional lending fell through because the mother-in-law house out back wasn't built "properly" back in the 60's, which is to say there's a "zoning issue." Which means that if it were to burn down, it couldn't be rebuilt. But it can be insured, so what the gently caress do they care!!!!!! So if you bought the place and fixed both of them up you still wouldn't be able to sell the property as multi-dwelling or whatever since it's not zoned for it? It may be more headache than it's worth. I suppose you could always look into what rezoning would entail, but I highly doubt it's a short or cheap process.
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Aug 14, 2009 14:19
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Quick question, i'm looking at a property that's in a dual residential/business use zone. A lot of the houses on the block are also businesses (there's a caterer, styling salon, tax planner, etc)... is there anything i should be concerned about if i decide to buy it as a home (i.e. future property values etc.)?
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Aug 14, 2009 14:44
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Our deal seems to be zipping along smoothly, just got off the phone with lender and he claims we're all set to sign on Friday. Is this when I'm supposed to get REALLY REALLY nervous? Because I am
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Aug 17, 2009 16:40
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Has anyone here owned a house, or known someone who owns a house, with a septic system? We are looking at purchasing a house which was built in 1978 and still has the same septic system. It just passed inspection with flying colors, but I know these things last 20-40 years. The cost to repair/replace looks like it ranges from $1500-$10,000 depending on the issue. So I'm really not sure how to work this into our offer. Any suggestions?
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Aug 18, 2009 16:48
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Strict 9 posted:Has anyone here owned a house, or known someone who owns a house, with a septic system? We are looking at purchasing a house which was built in 1978 and still has the same septic system. It just passed inspection with flying colors, but I know these things last 20-40 years. Did the septic pass the inspection or the rest of the house? If you didn't get the septic inspected, definitely do that as a first step. Our home that we just bought has one, and it was pumped and inspected (looked good) in January so we didn't do the inspection. Also our home was built in 1975. I've heard that people aren't allowed to do septic systems anymore, it's all sand mounds. Maybe that's only for new construction, though. This post isn't very helpful, sorry.
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Aug 19, 2009 13:28
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roadhead posted:Our deal seems to be zipping along smoothly, just got off the phone with lender and he claims we're all set to sign on Friday. I closed about 3 weeks ago, and had no extra nervousness, but I am about 8000 miles from my house still. Are you worried about buyers remorse, or unforeseen BS messing it all up?
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Aug 19, 2009 16:17
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First, let me say, what a wonderful thread I've just discovered. I wish I'd seen this two months ago, as it would have saved me a substantial amount of time doing research. My wife and I are buying a house in the SF Bay Area, which is daunting for several reasons; it's a weird and unusual market, we're shopping in the $250k and down range, which even now is still the low end of the market, and there is tremendous amounts of stupid investor activity making everything more difficult. Anyway, while I'm reasonably confident I've done my math right, I'm interested in opinions as to whether I'm shopping for the right price range, and whether I'm making a mistake looking at forclosed houses in this market right now. I'm 34 years old, I've had my current job for over 5 years, I have a degree and a career and here in the bay area, people with my experience level in my job are (still) at least somewhat in demand. Because of various details I don't need to go into, I feel my job situation is very secure. Moreover, my employer is very flexible about telecommuting and I already have approval from my boss to do so to whatever degree makes sense for where I move to. My wife and I gross just under $100k a year. We have $5000 in cash. I finished paying off my car last month, and I was paying almost $400 a month on that, so beginning this month I'm now saving about $400 a month - prior to that, I was basically breaking even every month after servicing my debt, all other expenses, and some comfortable quality-of-life expenses. My car is now 4 years old, in fantastic condition, and I will own it until it dies; so I do not expect a car payment for at least another 5 years, probably more like 10. Between the two of us we have about $40k in student loans, all of which are federal loans, so they're at very good interest rates. I also owe about $13k in credit card debt, all at rates of 5% or lower (in the past three years, despite my car payment, I've reduce that from over $18k at its peak). My wife makes about enough to pay her student loans ($35k of the total $40k), her own personal expenses, and that's it... so basically I'm buying the house on my own income. To help cover closing costs, my parents are offering a few thousand - basically whatever we need to cover those costs and any gap in the down payment. We have $45k in 401(k)s that we will not be touching for this, but, the bank sees it as an asset for qualifying for our loan, so they're not concerned with cash. Both of us have credit scores in the 740 range. We are pre-qualified for a $250k FHA loan at 3.5% down, and my finance guy says we're good to shop and could "easily" get a larger loan if we wanted to - say, up to $300k. Nonetheless I am adamant that my ceiling is 250k, given the costs of insurance, taxes, maintenance, and the FHA fees they add to the loan and tack on to the monthly payments. California real estate taxes are low - prop 13 sets the state taxes to 1% of the purchase price. There are local taxes that depend on the exact area, and we're casting a broad net, but I'm confident our property tax will be below 2% and probably more like 1.25%. We're seeing large numbers of listings in Oakland, Hayward, Richmond, and areas around those cities, in the East bay. Many are in terrible, hosed up neighborhoods, but we are getting advice from locals and finding tucked-away neighborhoods that are not so bad. On the peninsula, there are lots of listings in East Palo Alto, which is mostly a hosed up hellhole but nowhere near as bad as it was 10 years ago (the murder capital of the bay area at that time). We see a scant few listings in other cities on the peninsula - a handful in redwood city (in a little bitty ghetto we had no idea was there), sometimes one or two in south san francisco or millbrae or whatever. Those tend to be either tiny (550 sq. feet) or in seriously bad condition (or both). Realistically we're still going to keep looking in those cities but we don't expect to get something there unless we get very lucky. San Jose has tons of houses in our price range but is too far for my wife to commute into SF for her jobs. Really we think in the east bay, no farther south than hayward (maaaaybe union city for the 'right house'), no farther north than richmond (but only in the best parts of richmond). For the peninsula, we'd go as far south as maybe mountain view (but there are zero listings there at $250-). Right now I pay $1650/mo in rent, have been doing so for three years, and we're on month-to-month so we can leave at any time. We obviously want to get that $8k if we can, but it's not a deal-breaker, and it's really the only thing that adds urgency... although the weird market here could heat up even more (or collapse further). Everyone seems to have conflicting opinions about that. Some more interesting info: we've heard from multiple sources now, including people who 'would know' (an agent whose company works as a brokerage for banks selling forclosures, for example) that the banks are supposedly "holding on to inventory" - forclosing on houses but not putting them up for sale. The idea is that they're trickling them out to the market to avoid having too many properties up at once, which depresses prices. IF that is true, we should expect to see an ongoing but not high availability of forclosed properties for the next year or more... but it seems a bit stupid, because it means these banks are sitting on empty properties that depreciate by the day as they go unmaintained, and they have to pay property taxes on them, and there is no guarantee that default rates will not continue or even climb which would then gently caress them over worse. On the other hand, if the banks really believe that the end is in sight in, say, 18 months or so, then they might use this strategy to get better values for their forclosed properties. To me it smacks of anticompetetive fuckery because they'd all have to do it for it to work, and I don't get how that's remotely legal, but what do I know. Another One more annoying thing; we're looking for an agent and it seems everyone has their area of specialty, so we'll probably have to get two different agents, one for the peninsula and one for the east bay. And neither is going to be happy about that situation because they'll have a fairly high chance of doing lots of legwork for us and then not making a dime on it when we go with something offered by the other agent. But everything I read says that you want an agent that specializes in a smaller area, because they'll know that area and it's properties much better and therefore find you a better house. Anyway, what do you guys think. Am I an idiot for buying at all? Am I looking to spend too much? Or do you agree with every pro I've spoken to that I could "easily" afford $300k? And I'm particularly interested in opinions about the SF Bay Area market and it's unique peculiarities.
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Aug 19, 2009 22:02
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Leperflesh posted:My wife and I are buying a house in the SF Bay Area, which is daunting for several reasons; it's a weird and unusual market, we're shopping in the $250k and down range, which even now is still the low end of the market, and there is tremendous amounts of stupid investor activity making everything more difficult. Investor activity is really pissing me the gently caress off right now. You're absolutely right, they're running around throwing cash offers on all kinds of homes in my price range, and I've lost out on 3 offers so far to cash deals when all I have is FHA with 3.5% down. Leperflesh posted:My wife and I gross just under $100k a year. We have $5000 in cash. I don't know if I'm reading this correctly, but you make $100,000 a year and you only have $5,000 in savings on hand? If this is the case, you don't even have enough money for the MINIMUM down payment, let alone the closing costs on top of this. I'm not a financial expert, but I make $35k a year and I have $15,000 in savings, and I'm prepared to just about blow all of it on a down payment, closing costs, and up front maintenance and repair costs. Leperflesh posted:Between the two of us we have about $40k in student loans, all of which are federal loans, so they're at very good interest rates. I also owe about $13k in credit card debt, all at rates of 5% or lower (in the past three years, despite my car payment, I've reduce that from over $18k at its peak). My wife makes about enough to pay her student loans ($35k of the total $40k), her own personal expenses, and that's it... so basically I'm buying the house on my own income. All of this debt, combined with a very small amount of cash in savings, is adding up to paint a not very pretty picture. Just my opinion, I think you need to take some more time and focus on paying down debt and increasing your savings, I'm pretty sure this is the same type of basic advice anyone will give you in this thread. Leperflesh posted:To help cover closing costs, my parents are offering a few thousand - basically whatever we need to cover those costs and any gap in the down payment. 3.5% down on a $250k house is $8,750. Add in closing costs and FHA fees and I'd be willing to bet you're pushing $13,000 - $15,000 on closing costs. Are you willing to throw down your entire $5,000 in savings, and put your parents on the hook for potentially $10,000? Leperflesh posted:California real estate taxes are low - prop 13 sets the state taxes to 1% of the purchase price. There are local taxes that depend on the exact area, and we're casting a broad net, but I'm confident our property tax will be below 2% and probably more like 1.25%. I suppose that's one of the little joys in buying out in that market. The last offer I put in had a tax rate of 4.3%... Leperflesh posted:...banks are supposedly "holding on to inventory" - forclosing on houses but not putting them up for sale. The idea is that they're trickling them out to the market to avoid having too many properties up at once, which depresses prices. I wouldn't put it past them. Banks are the loving worst when dealing with them from a real estate angle. Leperflesh posted:Another Don't worry, I have a suspicion that home sales are only SLIGHTLY up right now due to investor activity and 1st time buyers utilizing the 8k credit. Next year we will see the 8k credit fade and with that, even fewer first time buyers. Unemployment will still be high, people will still be foreclosing, and these investors will be sitting on houses they can't get rid of. It may work in our favor. gently caress investors. Nothing would make me happier than to put in a lowball offer on an investor-owned home and having them sell it to me because they have no other option. That would be a great "gently caress you" in my opinion. Leperflesh posted:neither is going to be happy about that situation because they'll have a fairly high chance of doing lots of legwork for us and then not making a dime on it when we go with something offered by the other agent. If the realtor isn't working for you, just a get a new one. If they treat you like more of an annoyance than a customer, forget about it. I lucked out and just picked a random realtor and she has been great to work with so far. The Shep fucked around with this message at 22:31 on Aug 19, 2009 |
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Aug 19, 2009 22:29
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Cmdr. Shepard posted:I don't know if I'm reading this correctly, but you make $100,000 a year and you only have $5,000 in savings on hand? If this is the case, you don't even have enough money for the MINIMUM down payment, let alone the closing costs on top of this. I'm not a financial expert, but I make $35k a year and I have $15,000 in savings, and I'm prepared to just about blow all of it on a down payment, closing costs, and up front maintenance and repair costs. We're paying too much in rent, basically. If we buy a house for $200k, even after insurance, taxes, FHA fees, higher energy costs, and maintenance... we'll still be lowering our monthly housing cost. Also, with my car paid off, I have another $400 in my monthly budget. I'd have far more cash savings if I hadn't been paying for a car, hadn't been paying down debt as aggressively, and hadn't just got married last year (after a 10 year breaking-in period, haha). quote:All of this debt, combined with a very small amount of cash in savings, is adding up to paint a not very pretty picture. Just my opinion, I think you need to take some more time and focus on paying down debt and increasing your savings, I'm pretty sure this is the same type of basic advice anyone will give you in this thread. You are correct. When I graduated in 2000 I made some poor financial decisions. I lived beyond my means for three or four years and, although I've always been able to service my debt and still live quite comfortably, I should have been more frugal and kept my house in better order. And in 2005 I should not have bought a brand new car (although I got a good deal, a very low rate, paid a good down, and will never sell this car). The car is now paid off, my debt is lower, my income is higher, and I'm done paying $1650 a month in rent. quote:3.5% down on a $250k house is $8,750. Add in closing costs and FHA fees and I'd be willing to bet you're pushing $13,000 - $15,000 on closing costs. Are you willing to throw down your entire $5,000 in savings, and put your parents on the hook for potentially $10,000? Yes. I sat down with the paperwork and my folks are willing to put up $10k, give or take. They have the money and want to do this for us, and although I'd have been more comfortable waiting, we're basically going to get $8k back within a few months, which I'll give back to them. And if we can't close in time and don't get the $8k, that's OK with them as well. In fact my parents specifically said "we'd rather you reached for a higher price and got something in a safer neighborhood, and we'll help you with a higher down-payment/closing cost if it'll do that". We vacillated for three months on this issue, and it's still something we're not just shrugging off. I've proven the ability to save cash several times in the last decade... we're not spendthrifts, we no longer buy anything with credit cards, we have a comfortable $600/month margin in the budget as of right now, and if we buy for under $250 my math says that'll increase to more like $800. And I'm 34 years old. If I want to retire at 65, it'd be nice to know I'll have a paid-off house by then. I'm done living in apartments and duplexes, dealing with lovely landlords, lovely loud neighbors, not being able to have a gas stove because my landlord put in the cheapest electric Sears sells, having ugly-rear end wall-to-wall carpeting, hating the landscaping but having no power to change it because the landlord hires her gardners that she likes and won't change, having lovely pipes under the tub but not allowed to do anythign more than clean them out, etc. etc. etc. I've been renting now for 12+ years and I'm done with it. We never thought we'd be able to buy a house in the bay area. Two years ago the median price was over $500k, and the cheapest, shittiest houses in the worst neighborhoods were still $350 and up. Yes, I'm going to buy regardless of advice here, I understand that... but I am interested in whether folks think I'm going too high with $250k (or could go a wee bit higher), and what you guys think will happen in the next 5 years in the Bay Area. Edit: let me qualify that a bit. I'm going to buy, but if I am shown with real actual math that $250k is probably too much, we'll drop our cieling futher. We've seen houses below $200k, not our favorites but they're out there. My detailed calculations do make assumptions. I've tried to be conservative, but it's hard to know exactly what earthquake insurance will be on a given house, what we'll be able to get a seller to do, or what the exact rate is we'll get if we close in two months. Leperflesh fucked around with this message at 23:19 on Aug 19, 2009 |
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Aug 19, 2009 23:13
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| # ? May 14, 2024 04:47 |
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How much is your rent?
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Aug 20, 2009 02:25
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