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Are HUD homes ever a good idea? They have a program allowing teachers to buy a house for half price if you stay there for 3 years.
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Dec 27, 2010 00:23
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Hopefully placing this question in here instead of starting a fresh thread is appropriate. My question for anyone who may know, is it possible to purchase a home under a ficticious name or under my own by somehow make the owner details private? The reason for my question is that my wife and I wish to purchase a home that needs some work, fix it up and live in up with our kids. The problem lies with my father in law. He is a crazy crazy man whom we actually moved to get away from in an effort to protect our children. He has made comments that he will find us and will basically kidnap our kids. Obviously, we would like to make it as difficult as possible for him to find us when we purchase a home. We have plans for utilities and such (using our business info, which he has never been aware of) but our concern is the home itself. We will not be taking any loans for the home or anything like that. Any help or ideas, or even a point in the right direction would be greatly appreciated.
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Dec 27, 2010 00:27
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Derek79 posted:Hopefully placing this question in here instead of starting a fresh thread is appropriate. My question for anyone who may know, is it possible to purchase a home under a ficticious name or under my own by somehow make the owner details private? I am fairly ignorant of the laws, but why couldn't your business buy the property?
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Dec 27, 2010 00:55
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senor punk posted:I am fairly ignorant of the laws, but why couldn't your business buy the property? This is absolutely something that we are considering. My question lies in exactly how something like that would work and if the business name would solely be listed as the owner of the property with my wife and I nowhere on the specific deed.
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Dec 27, 2010 02:26
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Derek79 posted:Hopefully placing this question in here instead of starting a fresh thread is appropriate. My question for anyone who may know, is it possible to purchase a home under a ficticious name or under my own by somehow make the owner details private? Contact a lawyer about setting up some kind of living trust. I see really expensive homes being sold and bought by trusts all the time. You should be able to setup a trust under whatever name you want and buy property with it. The only thing that should be listed is the 'XYZ living trust' or whatever.
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Dec 27, 2010 02:32
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Derek79 posted:This is absolutely something that we are considering. My question lies in exactly how something like that would work and if the business name would solely be listed as the owner of the property with my wife and I nowhere on the specific deed. Every apartment building I've ever lived in has been owned by whatever shell company the owner set up to deal with that property. My rent checks were always made out to "123 Main St Investor LLC blah blah blah". I don't see why your business shouldn't be able to buy the property. You should probably be asking a realtor, lawyer, and or accountant. In other news I found out this weekend that my attempt at refinancing my mortgage (which I started in September?) was denied. The paperwork didn't give much detail, but it sounds like the 3rd party appraiser appraised my apartment as being worth less than the mortgage, which is obviously a problem. I can afford the payments and anything, but as far as refinancing or trying to get another appraisal... pretty much hosed, right?
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Dec 27, 2010 02:37
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fivetwo posted:Are HUD homes ever a good idea? They have a program allowing teachers to buy a house for half price if you stay there for 3 years. I would look into the resale market. I know that some of these income-restricted / or otherwise special programs place limits on who you are allowed to sell the place to when you eventually move. This could make getting out of the house much harder. Might be different with this program, but you definitely want to look at what the restrictions are both on the front end when you buy the place and on the back end when you want to sell it
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Dec 27, 2010 21:48
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I've been reviewing the OP and I'm still quite thoroughly lost on how to determine if now is a 'good' time to buy a home, by which I guess I mean 'is the house value going to plummet again'. This is my first shot at buying a home so this is all new and scary to me  I am preapproved for $130k on a 3.5% down FHA loan, and there are plenty of options for that price in the form of single-family homes and condos that I like in the neighborhood I'm searching (Las Vegas, NV, far south part of town / east of the interstate). I have the down payment and worst-case closing costs for $130k ready, and the rainy-day fund and such, so immediate money's not an issue. I just don't know, despite the OP's assistance, what exactly to look for to determine if it really is a good time to buy a home or not. Can anyone offer advice, or even regurgitate the OP in a form a slow, stupid child like me could understand? Thanks. 
Ciaphas fucked around with this message at 23:20 on Dec 29, 2010 |
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Dec 29, 2010 23:14
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Don't waste your energy trying to guess if prices are at the bottom or not. The best way to protect yourself against a loss of value is to have a larger down payment. If you put down 3.5% and pay the minimum every month, there are a lot of years ahead of you when you could find yourself upside down if you guessed wrong. Edit: You're the new car guy? Aw, dude. So here's the thing: just because the bank will give you loans doesn't mean you should take them. Are you saving money at all? Will you still be able to once you have a mortgage (and maybe another car loan)? slap me silly fucked around with this message at 23:37 on Dec 29, 2010 |
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Dec 29, 2010 23:29
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Yeah that car thread came out completely wrong, I wasn't giving the car any serious thought. Did need to have my perspective turned around right though, which, well, mission accomplished. (I'm gonna be carrying that thread with me forever here, aren't I  )As for the down, I know the recommended is 20%, but I'm not going to be able to get up 20-25k plus closing plus rainy-day within the next six months (which is when my family's lease on the current rental expires, and we had hoped to go our separate ways about then). I'm not at all opposed to renting if this means I'm not ready to buy, mind, though I would much prefer having a place I could call my own. (Not to mention, and I know I shouldn't think in these terms, but anyway, I'd be paying something like 40-50% more money monthly for an equivalent house as compared to buying, based on what I've been told by my lending guy.  )
Ciaphas fucked around with this message at 23:41 on Dec 29, 2010 |
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Dec 29, 2010 23:35
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Ledneh posted:I've been reviewing the OP and I'm still quite thoroughly lost on how to determine if now is a 'good' time to buy a home, by which I guess I mean 'is the house value going to plummet again'. This is my first shot at buying a home so this is all new and scary to me There may of course be local variations, though I would be terrified of buying anything in Vegas. See, e.g., http://dealbook.nytimes.com/2010/12/06/dr-doom-predicts-another-1-trillion-in-housing-losses/?src=twt&twt=nytimesdealbook http://www.bloomberg.com/news/2010-12-09/homes-in-u-s-poised-to-lose-1-7-trillion-in-value-this-year-zillow-says.html http://www.standardandpoors.com/ser...lobnocache=true http://www.marketwatch.com/story/us-house-prices-tumble-in-october-2010-12-28
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Dec 29, 2010 23:37
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Heh, were you here for the Cornholio saga? Trust me, your escapade will soon be forgotten. A house purchase depends on your whole financial situation - how much of a stretch is the 3.5% down payment? How much of your paycheck will be committed to the loan? Whoo - don't listen to your lending guy who probably has a vested interest in selling you a mortgage. Run the numbers yourself, and remember that the amount of interest you'll pay each month on a 3.5% down mortgage will be pretty high even if the rate is low.
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Dec 29, 2010 23:42
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Wasn't here for the Cornholio Saga, but I read about some of it afterward. Quite a thing. (Was it a happy ending at least?  )I bring home about $3000 after taxes (but before bills) every month. $530 goes to the car, about $150 to phone and internet, and right now $700 rent to yon mother (yes, still live with the parents  ). The bill for buying a $130k home, with some worst-case estimates (HOA fees, property taxes, insurance, etc) came out to about $980, so not a huge difference from the rent I'm already paying there. On a month-to-month basis, that's affordable. (and yes, I know poo poo like groceries, utilities, etc.)As realized, the only gotcha is my slim down payment (which won't stretch me to breaking; when I say it's all I can afford that's taking into account keeping some spare money and such). I guess what I COULD do is find an apartment to rent instead until I have about 20-25k saved for a down then try this again in however many years... (ed: that would give me the added benny of not having the car as a bill anymore. Hm, that sounds appealing, actually) Ciaphas fucked around with this message at 23:59 on Dec 29, 2010 |
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Dec 29, 2010 23:54
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Well, he sold the Mini and has a better job now so I'd call that a success.... Take a look at the amortization schedule for your hypothetical mortgage. Here's one online calculator: http://www.amortization-calc.com/ Rough estimates: if you have to sell, you're going to have to pay off the loan plus maybe $10,000 worth of fees and commissions. At 3.5% down and minimum payments, it looks like it would be at least 2013 before you'd be able to get all that money out of the house, and that's assuming its value doesn't change. Assuming you like to be responsible for fixing poo poo and therefore really do want to buy a house pretty soon, when you jump is going to depend on how you personally balance the risk and expenses. Just be sure you're doing it with good information, a cash safety net, and your eyes open. If the down payment and the monthly payment are both a stretch for you, it's probably not a good idea. Don't forget to budget extra for poo poo breaking in the house. Not having a car payment is REALLY nice and I highly recommend keeping the Civic for a few years so you can experience it firsthand.
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Dec 30, 2010 00:11
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slap me silly posted:Heh, were you here for the Cornholio saga? Trust me, your escapade will soon be forgotten. A house purchase depends on your whole financial situation - how much of a stretch is the 3.5% down payment? How much of your paycheck will be committed to the loan? If you can't afford to put 3.5% down, I would suggest not buying. You probably aren't going to miss out on any appreciation or anything, so there is no rush.
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Dec 30, 2010 00:27
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First, I agree with everyone else that you can't really hope to time the market perfectly. When it's time to buy a house should be more about when you're ready for the life-change of home ownership, than when is the perfect time to make that financial decision. Obviously in addition to being ready to own a home, you need to be financially in shape to do so, but what I mean is, try not to focus too much on the overall market. Because you should not buy a house as an investment. Houses are crappy investments! They depreciate and require maintenance and are subject to all kinds of externalizes and legal restrictions and have a huge expense for both buying and selling cost. Buying a house solely because you can do so for less (apparent or actual) cost of renting is a bad idea. Unlike renting, a house obligates you to a huge loan that you cannot escape if you're underwater; you also have potentially huge and unplannable maintenance expenses, and if you have to sell your house, you can expect to pay 6% of its final sale price in commissions, plus thousands more in other related costs. If you have any kind of inkling you might wind up wanting to sell in less than, say, seven or more years, renting is much more attractive than buying, financially, even if you have to pay more in rent than your mortgage payment would be. Assuming you've considered all of the factors in your life that apply to home ownership (your career plans; how much you want to stay in your town for the next decade+,;your family plans (marriage? children?); how much you like or hate doing home maintenance; your ability to absorb increases in ownership cost as taxes, HOA fees, and especially maintenance all can rise unexpectedly; your hobbies and lifestyle; your desired neighborhood and standard of living; and so on), then you should seek out the best deal you can find on a house you'll be happy with in a neighborhood you'll be happy with, and don't worry too much about the broad economic situation. Because if you stay for at least a decade, you'll have paid down enough principle to probably be OK even if the house loses a substantial amount of value. Nobody really knows if house prices will rise, fall, or be flat, in 10 years compared to today. And that's what matters, not so much what happens this year or next year; because there is no plausible scenario where you'll be deliberately selling your house in two years. (Unless there is, in which case, you should not buy, because you will lose a huge pile of money). When you are definitely ready to buy, buy something that is less than "the most you can afford". Focus on neighborhood first, because you can fix problems with your house but you probably can't fix the problems with your neighborhood. Anyway I agree that there's no rush. Prices may or may not fall in the next year, but they surely won't rise much. Leperflesh fucked around with this message at 01:54 on Dec 30, 2010 |
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Dec 30, 2010 01:51
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Thanks goons for the good advice. The 3.5% down isn't a stretch for my money by any means even right now, but the more I look at it and what you all have written down the more I think I agree now's not the time for me. Gonna start looking about for condos to rent tomorrow, I think--like I said earlier, I'm outta here in six months like it or not, and I'm off work all this week, so now's as good a time as any. It was nice to learn all this stuff though, and at least now I know I can damned easily get (pre)approved for a house loan on my credit (the 'score' was 780, for whatever that means). (As a side note, as of right now I could probably carry my current career straight to fuckin' retirement if I wanted to and be rich at the far end of it--this job is utterly secure. Plus I kinda like it here, despite the horrible ungodly summers; 'least it ain't humid)
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Dec 30, 2010 02:24
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diremonk posted:Does anyone have experience with Fannie Mae liens? Quoting myself to give a happy update for my situation. Two weeks ago I called my agent and told him to tell the seller that they needed to get Fannie Mae to deal with the lien. If they didn't get things done in three days, I was going to walk away from the deal and possibly talk to a lawyer. The next morning I got a call from my agent saying that Fannie Mae cut a check for the lien, that it was removed from the property, and that we would be closing on Monday at the latest. It ended up taking until Wednesday morning, but I'm now moved into my new place. Now I get to experience the joys of home ownership, including going to home depot every weekend. 
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Dec 30, 2010 11:27
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I'm currently in the excited/nervous state of being about to write an offer on a home that I really love in Minnesota. The asking price is $190k, but I'm opening with a lowball of $165k. This, based on the fact that the seller is moving to Florida in mid-January for a new job, and is presumably freaking out at not having an offer on the table yet. In fact, he's planning on donating most of his furniture to charity as he can't arrange to bring it with him. As a result, I'm also writing in some of the furniture on the offer. I'm trying to make a fair offer, but not be so low as to insult the seller and cause him to not even attempt a counter-offer, as he deems be to not be a serious buyer. As far as percentages below asking price go, does anyone have any input on what might be unreasonable in this circumstance? On an initial reading, does the first offer seem inappropriately low?
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Dec 30, 2010 19:21
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There's no set rule or real way to know, without looking at comps, and the results of the inspection report, and the other offers the seller has gotten. In a competitive situation the seller can take the best offer that he can attract, and that's literally "what the house is worth". The other side of the equation is whether your offer represents the most you're willing to pay, or not, for that house. In other words, how much do you want it? If the seller turns down your offer, will you increase it? You should never offer more than you are going to be OK with paying. Ultimately the price of a property is "what the market will bear". If you are the only buyer, you can offer anything you want (although the seller, even in his presumed difficult situation, of course does not have to accept it). So to answer your question directly: no, there's no rule.
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Dec 30, 2010 19:36
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Leperflesh posted:So to answer your question directly: no, there's no rule. Anecdote. The condo I bought was a shortsale listed at 95k, and I was about to offer 80k. My friend stopped me and said hey, I've been out househunting, offer 75k, the market's bad enough right now. Both the buyer and the bank accepted 75k without even attempting to haggle me, and the place was worth every penny. I treated me friend to an elaborate Subway sandwich. Don't think you're lowballing it. For all you know, the seller is trying to highball the place. Have some rationalizations for your offer (you drove by the place, and the small problems you see with the house/neighborhood are a big deal to you) and even lower stuff won't be scoffed at, especially when you're the only offer.
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Dec 30, 2010 20:44
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Zero VGS posted:Anecdote. The condo I bought was a shortsale listed at 95k, and I was about to offer 80k. My friend stopped me and said hey, I've been out househunting, offer 75k, the market's bad enough right now. Both the buyer and the bank accepted 75k without even attempting to haggle me, and the place was worth every penny. I treated me friend to an elaborate Subway sandwich. Thanks to you and Leperflesh. To my knowledge, the home has been on the market and hasn't really gotten a significant bite, so I definitely feel I have negotiation leverage. To me, the fact that he has an impending "must leave MN by" date, combined with his hurried disposal of furniture, leads me to believe that any offer will be considered. The worst thing they can do is just reject the offer, I suppose. And hey, if it's accepted, I might just be feeling good enough to buy some elaborate Subway sandwiches myself. Maybe cram a cookie or two in there too, as an added gesture of appreciation.
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Dec 30, 2010 20:51
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Stimulus posted:Thanks to you and Leperflesh. To my knowledge, the home has been on the market and hasn't really gotten a significant bite, so I definitely feel I have negotiation leverage. To me, the fact that he has an impending "must leave MN by" date, combined with his hurried disposal of furniture, leads me to believe that any offer will be considered. lowball and see what happens. The conventional wisdom is that if you lowball you will "upset" the seller and make them not want to deal with you again. But, if the property has really been languishing on the market and he has a hard move out date then you can give a lowball and feel more confident that you will at least get a counter-offer
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Dec 30, 2010 21:12
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Absolutely. And you can never tell what sellers are thinking when they set a price. Sometimes I think they're advised that in this market, everyone will lowball, so they'd better put an asking price well above what they actually want to get for the place. Other times, they may be advised to ask a much lower price than they really want, in order to attract multiple bids and (hopefully) a bidding war between two motivated buyers. And of course if the asking price was set a while back, the seller may be willing to take much less, but may have been advised not to lower the asking price because that basically screams "I'm desperate please lowball me". (Even if that's absolutely true!) There's enough conflicting advice out there about pricing that you just really can't assume. You make an offer that represents what you want to pay, and if it's rejected, well, it's a buyer's market! You can always find another nice place. They're not going to run out.
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Dec 30, 2010 21:57
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Like I said above I've sacked myself from house-buying for the time being, but I'm curious about something. My loan officer mentioned, as one option of getting a larger down payment, 'borrowing' from my rollover IRA and repaying that over time. Is that different from withdrawing (i.e., eating the penalties and taxes)? My gut tells me this is a really lousy idea; is this so? On another subject, and I know this isn't the right thread for it but there doesn't seem to be one... any recommended sites for rental hunting, apartment, condo, house, or otherwise?
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Dec 30, 2010 23:30
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Ledneh posted:Like I said above I've sacked myself from house-buying for the time being, but I'm curious about something. My loan officer mentioned, as one option of getting a larger down payment, 'borrowing' from my rollover IRA and repaying that over time. Is that different from withdrawing (i.e., eating the penalties and taxes)? My gut tells me this is a really lousy idea; is this so? It is different; there is a specific rule that lets you borrow from a tax-advantaged retirement account for buying a house you'll be living in. It is usually advised against, though, because if for any reason you fail to pay back that loan, then you'll wind up owing the penalties and taxes. Also, you shouldn't jeapordize your retirement savings to buy a house because your retirement savings are probably a more secure investment. And I always looked for rentals on Craigslist.
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Dec 30, 2010 23:44
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Withdrawing from your IRA or borrowing against it to buy a house would probably be dumb, yeah. For rentals, I've had good luck with the local university housing listings if there are any where you're looking.
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Dec 31, 2010 03:06
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Thanks for the ideas. I'm off tomorrow so I'm also thinking I'll drive out (early, before the fuckin strip partygoers come out) and go get lost in the neighborhood I want a place in, see if I can find any For Rent signs and numbers. Uh... really dumb question, should I have a realtor's assistance for getting a rental? (Do they even get a commission for helping with rents?) 
Ciaphas fucked around with this message at 03:40 on Dec 31, 2010 |
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Dec 31, 2010 03:37
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slap me silly posted:For rentals, I've had good luck with the local university housing listings if there are any where you're looking. ughh, I shoulda done that. What a great idea. What landlord who is open to renting to college students wouldn't be thrilled to rent to a young professional instead. You might even get a better deal if you make yourself presentable. quote:Uh... really dumb question, should I have a realtor's assistance for getting a rental? (Do they even get a commission for helping with rents?) you can, but don't really need to. There is a separate database that realtors have access to that shows rentals on the market. But it does not contain "private" entries. In times past this wasn't a big deal, but today it doesn't include Craigslist which captures a huge chunk of the urban market. So in other words, even if you use a realtor to land a rental, you will still have to check Craigslist just to make sure you are seeing everything that is available.
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Dec 31, 2010 07:03
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I meant to ask if I should use a realtor's services to make sure I cross all my I's and dot all my T's in the legal sense, not so much for finding a place. I don't want to get screwed or scammed 
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Dec 31, 2010 08:44
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Ledneh posted:I meant to ask if I should use a realtor's services to make sure I cross all my I's and dot all my T's in the legal sense, not so much for finding a place. I don't want to get screwed or scammed just read over the lease. It should be self-explanatory. For comparison you can download some of the free rental agreements available on the web to get an idea of what a standard lease should look like
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Dec 31, 2010 09:42
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Happydayz posted:ughh, I shoulda done that. What a great idea. What landlord who is open to renting to college students wouldn't be thrilled to rent to a young professional instead. You might even get a better deal if you make yourself presentable. At the same time, there's a reason landlords open to renting to college students have trouble attracting professionals, and that's because they have to live in proximity to college students. When I got my first apartment after college, I went to one that mostly catered to college students, as I figured having just been in college, I would be fine with it. Having a career apparently changed me. Suddenly, being awakened at 3 AM on a weekday by loud party noise above me didn't work so well when I had to wake up at 6 for work. People having tailgate parties in my truck without inviting me (seriously, went outside one morning and found the tailgate down, and a bunch of empty beer bottles in the bed and on the ground behind it) weren't appreciated. It was kind of difficult to bring coworkers over when there was a beer bong perpetually hanging off the balcony above mine and the apartment next door to mine frequently smelled of non-tobacco smoke. The apartment complex basically ignored maintenance requests because pretty much nobody there read their lease agreement (they seemed really surprised when I insisted on reading mine in full before signing it, and I was able to finally get maintenance done quickly by sending maintenance requests certified mail, return receipt, quoting the parts of the lease agreement where it said they had to fix it). I'm sure some people can handle it, but I'm much happier now that I'm in an apartment complex that actually is targeted toward professionals. I found that college students aren't fun to live near when you're not one yourself.
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Dec 31, 2010 15:51
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Ledneh posted:On another subject, and I know this isn't the right thread for it but there doesn't seem to be one... any recommended sites for rental hunting, apartment, condo, house, or otherwise? I would love a renter's thread. I'd make one if I had any idea what to put in the OP...
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Jan 7, 2011 19:45
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My fiance and I are getting married in october, and we are also looking to possibly buy a house before that if the opportunity comes up (it's the one we are renting.) With a credit score of 735 and her 750, would it make a difference to the lender for us to wait until after the marriage to get a home loan? AND, how do you decide on what lender to use? It seems pretty vague when people talk about their financing in this huge thread! Also, it worries me to think about the possibility of not being able to negotiate a deal with the current owner/landlord since they bought it high (270k) in 2007 and now zillow values it at 190k
zantar fucked around with this message at 18:20 on Jan 8, 2011 |
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Jan 8, 2011 18:16
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Your marital status will not affect the loan application. You will have a choice of types of possession to take of the title, though, and I think that one or two of them aren't available if you're not married. I used a mortgage broker. Some people prefer just getting quotes from multiple lenders themselves. The actual rate you are quoted should be taken as a ballpark figure, because rates change on a daily basis. On the other hand if you get several quotes from different lenders within a day or two of each other, you can compare that. Pay more attention though, to the additional costs that are quoted, because some of them can vary quite a lot. I would strongly, strongly encourage you to actually shop for houses before settling on the one you're renting right now. There are a lot of houses for sale. Some of them are great bargains and some are not. Until you look at many houses and do some level of comparison shopping, you're in a poor position to tell the difference. From a negotiating standpoint you're in a much better position if the seller knows you could pick a different house if you don't like their price or don't get the conditions you want. If the seller lost money on the house, oh well. If they're underwater on a mortgage, though, then they are indeed in a bind - they'll have to get approval from their mortgage holder for a short sale, which will definitely take months and can take as much as a year and could easily end in a rejection rather than approval. You will be in limbo the entire time until final approval finally happens and in the meantime, pretty much unable to make another offer on a different house without withdrawing your offer on the current one. Zillow is a nice tool but you cannot use it to accurately price a house. You need comps. That's something your realtor should be able to help you with.
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Jan 9, 2011 23:52
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zantar posted:Also, it worries me to think about the possibility of not being able to negotiate a deal with the current owner/landlord since they bought it high (270k) in 2007 and now zillow values it at 190k
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Jan 10, 2011 01:51
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This might be too generic a question, but is it ever a good idea to sell a house and go back to renting? I seem to remember hearing advice along the lines of: once you own a home you don't want to go back to renting or else it'll be difficult to own again in the future. Not sure how valid a statement that is. My current situation is that my 1 bedroom condo that I own is getting to be way too small for my fiance and I. We can't afford to buy what we want, but could afford to rent something. I'd have to sell my place to do this since if I rented it out, there's no way I'd cover both the mortgage payments and HOA fees. Then there's the whole timing thing of having to both sell my place and find a place to rent at the same time to not be paying both rent and a mortgage. Oh God... 
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Jan 10, 2011 21:15
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necrobobsledder posted:You won't be negotiating with the owner / landlord, you'll be negotiating with their lender. The good news is that in some areas, lenders know that the market is basically trashed and they're lucky to get almost any offer on a place and will let it go for some ridiculously low price.
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Jan 10, 2011 21:37
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jerkstore77 posted:This might be too generic a question, but is it ever a good idea to sell a house and go back to renting? I seem to remember hearing advice along the lines of: once you own a home you don't want to go back to renting or else it'll be difficult to own again in the future. Not sure how valid a statement that is. You have to be disciplined about savings, as you aren't going to forced to dump equity into the house. Other than, I don't see that there would be any issue, other than potentially missing out on some appreciation (lol right).
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Jan 10, 2011 21:38
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There is a tax consequence. If you sell the home you live in, I believe you can roll profits you made on that house into the price of the next house you buy, and not have to pay capital gains taxes on those profits. I am not sure about that though, so you should consult an accountant.
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Jan 10, 2011 22:52
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