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I've been using realtor.com to find houses in the area I'm looking at. However, out of sheer curiosity I checked out another MLS site today and there are some houses there that are NOT listed on realtor.com. Does realtor.com have an incomplete MLS list? Anyone know what's going on there and is there a better site to use?
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Mar 20, 2011 21:56
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UrbanFarmer posted:I've been using realtor.com to find houses in the area I'm looking at. However, out of sheer curiosity I checked out another MLS site today and there are some houses there that are NOT listed on realtor.com. Does realtor.com have an incomplete MLS list? Anyone know what's going on there and is there a better site to use? realtor.com seems to lag behind MLS by anything from a few days to several weeks. It is especially bad about removing houses from its list that have stopped accepting bids and/or gone into escrow. Our (live) realtor consistently found us houses to look at that weren't on realtor.com.
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Mar 21, 2011 04:02
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UrbanFarmer posted:I've been using realtor.com to find houses in the area I'm looking at. However, out of sheer curiosity I checked out another MLS site today and there are some houses there that are NOT listed on realtor.com. Does realtor.com have an incomplete MLS list? Anyone know what's going on there and is there a better site to use? I'm going to also assume its because Realtor.com is the website of the National Association of Realtors, and posts listings from members of the NAR. Real estate agents who are not members of the NAR, and people who self list, etc. most likely wouldn't be on there because the website is geared for "Realtors", a trade-marked name only used to be used be real estate agents who are members of the association. Business generated by them and the members makes them money.
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Mar 21, 2011 04:11
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UrbanFarmer posted:I've been using realtor.com to find houses in the area I'm looking at. However, out of sheer curiosity I checked out another MLS site today and there are some houses there that are NOT listed on realtor.com. Does realtor.com have an incomplete MLS list? Anyone know what's going on there and is there a better site to use? Free online MLS stuff is generally pretty not up-to-date. Since the market is pretty slow right now it might be more accurate than it usually is but still, to get the best information you're going to need to get an agent or someone with access to live MLS.
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Mar 21, 2011 20:09
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gvibes posted:My cabinets are literally disintegrating, my countertops are cracked in multiple places, and all my appliances are 15 years old and on the verge of death. I'm not sure what else to do with the kitchen. I replaced an entire kitchen, fairly large size, down to the subfloor for around 12k. The appliances were the most expensive part. You can do a nice kitchen remodel well under 40k by using stock and doing a lot of the easy work yourself (I always farm out plumbing and electrical). Hell, for 40k you better be getting granite, custom cabinets, and top of the line appliances. Otherwise, you are getting screwed.
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Mar 21, 2011 20:21
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idolmind86 posted:Free online MLS stuff is generally pretty not up-to-date. Since the market is pretty slow right now it might be more accurate than it usually is but still, to get the best information you're going to need to get an agent or someone with access to live MLS. Why is that? Why can't Redfin or Zillow have near-parity with live MLS? Is it some licensing issue where MLS just won't allow them to do it, or is it a technical problem?
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Mar 23, 2011 06:32
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Does anyone have recommendations for information resources regarding home building? My wife and I have been looking at buying a home for some time, and something I've been curious about is how the cost of buying existing homes compares with building new. I've spent some time searching for information but I can't seem to find any resources for estimating costs or comparing builders. Is the best option to simply begin contacting local builders?
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Mar 23, 2011 19:21
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adocious posted:Does anyone have recommendations for information resources regarding home building? My wife and I have been looking at buying a home for some time, and something I've been curious about is how the cost of buying existing homes compares with building new. I've spent some time searching for information but I can't seem to find any resources for estimating costs or comparing builders. Is the best option to simply begin contacting local builders? Building new has a ton of variables. The first and one of the largest is land. You can spend 15K on a small lot outside of town, or a prime lot in a good part of town can go for 300K. Location matters. Finishes matter as well. If you want a basic box to live in, you can do it for around $55/sq ft. If you want nicer finishes and features I'd say a nice middle class home goes up to around $90/sq ft. while higher end homes can reach $200/sq ft. There are just so many variables to building a new construction home it's impossible. As for building new vs. buying.... I would lean towards buying. There's some really nice resale homes out there with quality construction built in the 70's and 80's out there. They may need a little updating, but they will be in locations you simply can't build a new house in. Material and labor costs keep going up in new construction as well.
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Mar 23, 2011 19:51
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skipdogg posted:Building new has a ton of variables. The first and one of the largest is land. You can spend 15K on a small lot outside of town, or a prime lot in a good part of town can go for 300K. Location matters. On the other hand, you could get labor pretty cheaply depending on your market, and if you put in some sweat equity you can put a lot more value into the home yourself. There are just too many variables. Only in crazy markets like NYC where construction costs are so much lower than retail pricing is there any way to say clearly which is a better deal (but in NYC you need to build a 40 story tower, so that doesn't really apply to you).
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Mar 23, 2011 20:45
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FISHMANPET posted:On the other hand, you could get labor pretty cheaply depending on your market, and if you put in some sweat equity you can put a lot more value into the home yourself. There are just too many variables. Good luck buying any land in NYC. While on the subject though, I live in NYC, and would like to do renovations, however I'm concerned about how much it will cost. I've seen people throw numbers around in this thread, however I don't know how applicable they are to NYC, since everything here is just so much more expensive. Can anyone ballpark how much stuff like a bathroom, kitchen, or redoing wood floors will cost here?
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Mar 23, 2011 21:20
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Looking to get some facts surrounding my situation. I accepted a new job 65 miles away from my home (same company, different city) and the commute is just brutal. I've pursued the short sale route (way upside down) and that fell through and am residing to just rent it out and try to breakeven. Through the short sale process I was preparing to find a home to rent on the side of town where I will be working and now that I won't be taking a major credit hit I'm re-examining the notion of purchasing another home out here. I have belonged to the "DO NEVER BUY" group, but after looking at the numbers, if I purchase a modest home (150-200) I should be actually saving 300-500/mo instead of renting due to the extremely hot rental market here in Ann Arbor/Detroit. What are the requirements to qualify for a second mortgage? I have very good credit (>750) and low debt to income ratio (assuming I'm calculating the right stuff, .25 currently). What items go into that ratio? What ratio begins to exclude me from getting the second mortgage? I have read that FHA has a higher limit, is this true? I will likely be putting 10% down after closing costs, assuming 2-5% closing costs. Is there a mandatory up front premium for PMI? I've heard anecdodetly of people paying $6k up front on an FHA, sounds ridiculous. I appreciate any feedback people can offer. Re: "DO NEVER BUY" - We are going into this purchase under the notion of not purchasing our dream home, but a home that will meet our needs and reasonable desires for 7-10 years that IF we got stuck with it, we'd be content riding out into the sunset in it. That being said, we're also going to be very tactical about the purchase. Going for the steal on a foreclosure that is solid and all around being very calculated about how we choose.
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Mar 24, 2011 17:05
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Getting an FHA loan on a 2nd home can be very tricky. You may fit into a loophole since you moved and the new home will be closer to your work than the old, but you may need to go conventional if you're insistent on purchasing a second home. Run the numbers on your break even point on purchasing the 2nd home. You might be saving 300 to 500 a month, but you really aren't. You're down payment, fees, and MI are all sunk costs. 300 a month in savings takes a long time to break even on 15K in sunk costs.
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Mar 24, 2011 17:17
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Being a landlord is tough enough to do profitably when you're not upside down on a mortgage, it's even more risky when you're upside down on a place. When you're barely covering your mortgage, the only "profit" is now in your deductions. Maintenance costs on houses in Michigan can be pretty brutal due to the harsh weather there affecting everything from roofs to siding and pipes. There's a reason why buying is much cheaper than renting in that area - nobody wants to set roots there if given the option. Almost everyone I know in Michigan or from Michigan has no plans to return or to stay. Honestly, I'd have to recommend giving up your plans, foreclosing on your current place, and sucking it up and renting for a while. It's heartbreaking and bittersweet I know, but almost everyone I know of in your position has gone back to renting after being so fed up with the downsides of home ownership, especially in a) a terrible economy b) a housing depression. House prices have fallen more than they have in the Depression (because they blew up more than they have in history), but they're still not where they should be to correct for the fact we still have double digit unemployment and decreasing incomes.
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Mar 24, 2011 17:58
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TraderStav posted:What are the requirements to qualify for a second mortgage? I have very good credit (>750) and low debt to income ratio (assuming I'm calculating the right stuff, .25 currently). When I bought a new place last fall while still owning my last place, the bank wanted to see: 30% equity in the old place. Total debt to gross income of <45% including full PITI on both places. 10% of the new loan amount in liquid reserves post-closing. In particular, that first item was their solution to the problem of people with good credit buying a new place and then defaulting on the old one. I'm not sure how that's going to work in your situation.
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Mar 24, 2011 21:28
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skipdogg posted:Getting an FHA loan on a 2nd home can be very tricky. You may fit into a loophole since you moved and the new home will be closer to your work than the old, but you may need to go conventional if you're insistent on purchasing a second home. I spoke to a lender and I am prequalified for more than the amount I need, using conservative income and debt numbers. You are correct in that the fact that I am moving closer to work will make it possible to do the 2nd home with FHA. You make good points about the fixed cost and savings and looking long term and being sunk costs. That is one of the tradeoffs with taking this option versus renting out and renting another place. The 10-15k is not all of my cash reserves, so it will not be maxing out my liquidity to get into the home. At this point, I think it's worth the tradeoff. necrobobsledder posted:Being a landlord is tough enough to do profitably when you're not upside down on a mortgage, it's even more risky when you're upside down on a place. When you're barely covering your mortgage, the only "profit" is now in your deductions. Maintenance costs on houses in Michigan can be pretty brutal due to the harsh weather there affecting everything from roofs to siding and pipes. I think this is absolutely terrible advice. If the net result of either of your situations is foreclosure, why in the hell would I not try to make this work and be profitable? The worst case scenario is ending up in foreclosure, which is what you're advocating I do by just rolling over and accepting it in advance. I already have a tenant on deck that is willing to pay $400 over my fixed costs on a monthly basis for my home. That is a decent margin, despite being in Michigan. My maintenance/vacancy reserve will quickly be filled there and I have income above both payments to work with any vacancies. Things are not as grim in the Detroit suburbs as Frontline and other media make it out to be. I would not make such a snap judgment based on that information alone. SlapActionJackson posted:When I bought a new place last fall while still owning my last place, the bank wanted to see: I've done some more diving and it appears that if you do not have the 30% equity, you must have 6 months PITI in reserve for both places. That is for conventional loans, and I am unsure if this applies to FHA. That is research I need to do. With the new loan, my Debt ratio is less than 42%, so the numbers appear to be working in my favor. I appreciate the feedback you guys have responded with, fortunately I was able to speak to a lender since posting this that clarified a lot of the questions I initially had as well. I'll post with any further developments. ps: FWIW: My career is in Financial Risk Management and also own a small Registered Investment Advisory. Making calculated decisions based on risk exposure is deep into my DNA, I'm a calculated mofo.
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Mar 25, 2011 14:01
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I saw this on a listing on a condo I'm considering. "Quarterly district fee of $321, $30 restaurant min., " Does that mean I would have to pay $1484 a year and eat out at least 4 times a year spending 30 bucks each?
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Mar 25, 2011 23:05
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singe posted:I saw this on a listing on a condo I'm considering. Are you sure it's a condo and not a country club? That's bizarre.
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Mar 26, 2011 07:33
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TraderStav posted:I think this is absolutely terrible advice. If the net result of either of your situations is foreclosure, why in the hell would I not try to make this work and be profitable? The worst case scenario is ending up in foreclosure, which is what you're advocating I do by just rolling over and accepting it in advance. I already have a tenant on deck that is willing to pay $400 over my fixed costs on a monthly basis for my home. That is a decent margin, despite being in Michigan. My maintenance/vacancy reserve will quickly be filled there and I have income above both payments to work with any vacancies. With regards to risk, I've seen what bad tenants can do to properties, and it can happen regardless of their credit history or employer, etc. For me, the risks wouldn't be worth a passive $300 / month. Only you can be the best judge of the potential costs and cashflow of your place. It's a safe assumption that most people underwater are in pretty grim situations though when they're thinking of moving for any reason.
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Mar 26, 2011 16:27
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My fiance and I found a house we absolutely love. They're asking $259,000, but the thing is, it's a short sale. When it comes to a short sale, how likely is a bank to accept a lower offer or do we need to just suck it up and offer full?
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Mar 26, 2011 20:58
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UrbanFarmer posted:My fiance and I found a house we absolutely love. They're asking $259,000, but the thing is, it's a short sale. Short sales are terrible. Avoid them if you possibly can. Expect it to take months before the bank decides whether or not to accept the short sale - and you basically can't make an offer on anything else during that time without rescinding your offer on the short sale. Having said that: every bank seems to have different policies on short sales and what they'll take, and it may vary by region as well. I suggest you offer what you're willing to pay and not a dime more. Whether that means undercutting them depends on how much risk you're willing to accept (beyond the already large risk) that the bank will fail to approve the sale, after dragging things out for ages first.
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Mar 26, 2011 22:18
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Leperflesh posted:realtor.com seems to lag behind MLS by anything from a few days to several weeks. It is especially bad about removing houses from its list that have stopped accepting bids and/or gone into escrow.
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Mar 27, 2011 15:54
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senor punk posted:Good luck buying any land in NYC. So far we’ve only redone our bathroom in our apartment. It was a down-to-the-studs reno, but was your typical small NYC bathroom (sink/toilet/bathtub and that’s it) and your typical subway tile/painted wall layout. We had a contractor friend do the work and didn’t move any plumbing (which always means permits and added costs) and the whole thing came to around $12,000 and took a week to do. Of course, things are always widely variable in the city as you know, but I would guess you could get away with a basic reno for $10 – 20k. As for more major work, we are currently taking bids on getting our kitchen gut renovated along with a bunch of other work. I don’t know what the final costs are at this moment, but my guess is that re-doing a typical (i.e. < 100 sqft) kitchen would run $30-50k depending on fixtures and the depth of the work being done. Though that would not include major items like moving plumbing (more permits there) and whether or not you want to get an architect in to do the plans for you. The kitchen stuff are just guesstimates on my part, as we’ve only just begun the process. As for getting floors redone, I’m not sure. The folks on Brownstoner may be able to give you more info on all this stuff too.
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Mar 27, 2011 17:14
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I'm confused, why are people performing renovations on an apartment? Apartment, to me anyway, implies that you're renting. Maybe in NYC it's different terminology but I would never sink the kind of money you guys are talking about into something that wasn't mine. I'm just going to assume it's an apartment that you own, basically a condo without the association fees and what not.
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Mar 27, 2011 17:19
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Lyon posted:I'm confused, why are people performing renovations on an apartment? Apartment, to me anyway, implies that you're renting. Maybe in NYC it's different terminology but I would never sink the kind of money you guys are talking about into something that wasn't mine. It’s totally different in NYC. Unless you’re super-rich (i.e. own a townhouse) or living further out in Brooklyn/Queens/Staten island where houses are more prevalent, if you want to buy a place then you are going to be buying an apartment. I’m not sure what the current figure is, but I believe apartment prices tend to start at least $700-800 a square foot and move up from there in the more desirable areas of the city. You can get better deals the further out you are, but nothing is cheap here. Also, while they are becoming more popular with new construction projects, condos aren’t a major part of the apartment market here. Most places are what are referred to as co-ops, where you basically own shares in a corporation that grants you the right to live in your apartment. However, you do not actually own the physical space of the apartment itself. You then pay monthly maintenance costs that go towards the buildings costs (taxes/insurance/utilities/staff costs/etc.). It’s very strange. Edit: If anyone's interested in the craziness of the NYC market, Corcoran (one of the largest brokers here) posts a lot of interesting reports on their site here: http://www.corcoran.com/guides/index.aspx?page=TheCorcoranReport Slow Graffiti fucked around with this message at 17:40 on Mar 27, 2011 |
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Mar 27, 2011 17:33
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But these massive renovations you're talking about... you own the place right? To some degree? Even if it is weird NYC stuff?
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Mar 27, 2011 18:25
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Lyon posted:But these massive renovations you're talking about... you own the place right? To some degree? Even if it is weird NYC stuff? Oh yeah, we own it. Sorry if I wasn't clear on that. I'd never do anything more than paint a wall if it was a rental.
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Mar 27, 2011 18:31
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Lyon posted:But these massive renovations you're talking about... you own the place right? To some degree? Even if it is weird NYC stuff? Yes, though as Slow Graffiti mentioned with NYC most buildings (certainly the majority of older buildings) that are not rentals are not condos, but Co-ops. I don't own physical property, I own 237 shares of the corporation, which represents my apartment. edit: Also, thank you Slow Graffiti. Time to figure out how much of a personal loan I could stand to take out  .
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Mar 28, 2011 03:15
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UrbanFarmer posted:My fiance and I found a house we absolutely love. They're asking $259,000, but the thing is, it's a short sale.
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Mar 28, 2011 09:34
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TraderStav posted:I spoke to a lender and I am prequalified for more than the amount I need, using conservative income and debt numbers. You are correct in that the fact that I am moving closer to work will make it possible to do the 2nd home with FHA. You make good points about the fixed cost and savings and looking long term and being sunk costs. That is one of the tradeoffs with taking this option versus renting out and renting another place. The 10-15k is not all of my cash reserves, so it will not be maxing out my liquidity to get into the home. At this point, I think it's worth the tradeoff. As a resident of Michigan for 30 years, just make sure you're going to keep your job for a few years. The biggest problem in this state isn't the weather but economy: we've been stuck in a depression for a decade now and it's not getting any better. One of the reasons I'd advise everybody not to buy a house here is because houses are doing to drop further and, as a result, crime is starting to increase in the suburbs. One of the nastier little facts about Michigan is that our governor is cutting police forces in the Ann Arbor/Ypsilanti area as part of his austerity push. Ann Arbor is by no means a 'hot market.' Ann Arbor is an isolated part of the state where a lot of crime is leaking in because of cuts to the police force. Living in Ann Arbor is like driving through a bad part of town in a brand new BMW, and you don't need to go far on Annarbor.com to see that burglary is one of the fastest rising crimes. Ypsilanti's robbery rate is increasing as well because people are getting desperate and police aren't always easy to find. In Ypsi, you'll be waiting for an hour or so before a lone cop car shows up. The only way I could really recommend buying a house in Michigan is if you're sure of your job lasting for at least a decade without any cuts in pay and if it's in a fairly secure area with a heavy police presence. But don't listen to the 'Ann Arbor is a hot market' nonsense. Ann Arbor is lucky because the University of Michigan is supporting it and it attracts a lot of talented and rich people who vanish after graduation. It's a very lucky place in the middle of a lot of badness.
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Mar 28, 2011 18:53
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Sorry if this is the wrong thread, but any ideas on KEEPING my current house? I owe $102K on a house that is likely worth $25K-$30K (houses in my area are selling for about 95% of their taxable value, and my taxable value is $30K). Mortgage is not worth paying anymore, and I can't really afford it anyway. I tried a re-finance with Citimortgage, but their offer was pathetic and wouldn't really help. We lost 2/3ds of our household income in the past year. The only good thing is my family is willing to give me $30,000 cash. I see no point in using it to help pay mortgage payments on this house, since it would be just wasting money on a short term solution to a long term problem. Is there any possible way I can use that money to keep my house, buying it from the bank outright before they foreclose/auction? Or should I just use the money to buy another house outright? (Obviously, all the houses in this price range are fix'er uppers... and some need a lot of work) I have offered Citimortgage the $30K to settle, but they said no. I'm just wondering if they are more likely to settle and sell me the house as foreclosure gets closer and closer. My wife's name is not on our current house, so any new house could be put in her name. I don't give a crap about my credit anymore, it's shot, so foreclosure would really just be a minor annoyance. And yes, I have accepted that I'm going to be losing my house. Dearborn (Suburb of Detroit), MI.
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Mar 28, 2011 19:55
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Talk with Citibank about a short sale and have your family put in a $30,000 cash offer, then have your family give you the house?
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Mar 28, 2011 21:42
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Mad Doctor Cthulhu posted:As a resident of Michigan for 30 years, just make sure you're going to keep your job for a few years. The biggest problem in this state isn't the weather but economy: we've been stuck in a depression for a decade now and it's not getting any better. One of the reasons I'd advise everybody not to buy a house here is because houses are doing to drop further and, as a result, crime is starting to increase in the suburbs. Fortunately, I'm not looking to buy IN Ann Arbor, but in the northern suburbs. South Lyon/etc. I work for a monopolistic regional energy company (I'm sure you know which one  ) which even despite terrible performance issues fails to terminate anyone. Not that I'm wrapping myself up in that ultimate security blanket, but as far as jobs in Michigan go, I wouldn't leave mine for the world due to the risk of other companies. I appreciate you letting me know about the crime in A2 though, I hadn't realized it had been creeping in!
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Mar 28, 2011 21:50
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While we're on the topic of Michigan housing, I'm beginning to think about buying a house within a few years over on the west side of the state - specifically, in Grand Rapids, MI. Anybody know anything about the market over there? I ask because there's a strange rent/housing price situation; namely, houses are so insanely inexpensive but rents don't seem to be lowering.
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Mar 29, 2011 12:40
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Well people who rent out apartments (and houses) have costs and the rent needs to cover said costs otherwise they're operating at a loss which might be feasible on a small scale but not a large. Housing prices are really low because of all the foreclosures, short sales, etc. There are a lot of empty houses for cheap so you're mortgage would be much less than those who bought around the top of the bubble. Anybody owning places to rent would have bought at the very least at a "normal" time and wouldn't have gotten the super cheap pricing available now so their mortgage is higher and rent can't fall below mortgage+taxes+up keep.
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Mar 29, 2011 16:03
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Feces Starship posted:While we're on the topic of Michigan housing, I'm beginning to think about buying a house within a few years over on the west side of the state - specifically, in Grand Rapids, MI. Anybody know anything about the market over there? I ask because there's a strange rent/housing price situation; namely, houses are so insanely inexpensive but rents don't seem to be lowering. You'll probably do alright. However, the vacancy rate is sky high in MI and you aren't the only one who has noticed the rent/own equation is out of whack- the situation will correct itself as it always does. The only question is "when?".
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Mar 29, 2011 17:54
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My sister currently owns a condo she purchased in 2006 for 150K which is now worth about 50k. Though technically our Aunt and Uncle own the condo, my sister has paid the mortgage each month. The condo is falling apart, her HOA is corrupt and charges something like 300 dollars a month, the neighborhood has gone down the drain, etc... She's stuck in the condo not only because it's worth 1/3 of what she paid for it but because our aunt and uncle are going through a bitter divorce and the condo is considered an asset. She can't sell, she can't short-sale, so here comes her great idea: Her plan is rent out the master bedroom in her condo, in addition to the two already rented out rooms. Next, she wants to purchase a foreclosed home in a younger, more historical part of town, for 180k. I don't know all the details but she's getting a double mortgage, one part for the down payment, the rest for the value of the home. Dad is willing to loan her 10,000 for the down payment but she will still come up short, about 5000 dollars or so. Am I crazy for thinking this is a really, really bad idea, particularly when she lives in Florida and the housing market is still falling?
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Mar 29, 2011 20:21
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Calculon: I don't foresee her even getting the loan when her debt to income ratio is likely to be so bad.
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Mar 29, 2011 20:51
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Nocheez posted:Calculon: I don't foresee her even getting the loan when her debt to income ratio is likely to be so bad. But its not, because if her Aunt and Uncle "technically" own the condo then the mortgage is probably in their name. Going $180,000 more in debt when you are on the hook for a $150K mortgage on a property worth $50K does sound pretty stupid to me. Unless she wants to gently caress over your aunt and uncle by not paying the mortgage and walking away (maybe even collect some rent too). That's a fresh start!
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Mar 29, 2011 21:38
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It's only a terrible idea because she obviously has a history of using other people's credit to make bad decisions. Tell her the internet says to just rent a place somewhere until she has the down payment saved up. If she can't afford to save a down payment, she sure as hell can't afford the maintenance on a house.
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Mar 29, 2011 23:01
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Nocheez posted:Calculon: I don't foresee her even getting the loan when her debt to income ratio is likely to be so bad. Arzakon posted:But its not, because if her Aunt and Uncle "technically" own the condo then the mortgage is probably in their name. LloydDobler posted:It's only a terrible idea because she obviously has a history of using other people's credit to make bad decisions. Tell her the internet says to just rent a place somewhere until she has the down payment saved up. If she can't afford to save a down payment, she sure as hell can't afford the maintenance on a house. Thanks for at least letting me know I'm not crazy, I feel like I'm the only voice of reason because everyone in the family seems to be on board.
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Mar 30, 2011 00:24
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