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SlapActionJackson posted:I'm not. Most large banks' retail mortgage operations are hilariously uncompetitive with what a good broker can find for you. To complete the irony, it's often those same banks wholesale rates that the broker is rate shopping for you. I don't think GFE's are a thing here in Canada, but I will definitely get a few comparisons and compare fees and payment penalties and all that jazz. Thanks for the advice!
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Jan 4, 2012 23:35
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The OP of this thread should have all instances of house replaced with horse.
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Jan 5, 2012 11:04
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drat. My wife and I put an offer in on a really nice townhouse on Monday, the first day it was re-listed (previous offer fell through). It was on the smaller side, but a solid starter home, and easily affordable as the mortgage would be well under $1400/month. Three offers on the place, but our realtor said the two others were FHAs, so we were looking good with our conventional loan. Another offer comes in on Tuesday, cash offer, so naturally the seller goes with that. So what do we find on craigslist last night? The same townhouse being offered up as a rental for $2100/month. Washington DC area housing market... 
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Jan 5, 2012 15:38
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Voodoo posted:drat. Yeah, this place is crazy. You would not believe how many people I come across daily that think buying a new house with a loan and then turning around and renting it for $100/month more than their mortgage is a great idea. Because hey, free $100/month!
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Jan 5, 2012 16:16
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archangelwar posted:Yeah, this place is crazy. You would not believe how many people I come across daily that think buying a new house with a loan and then turning around and renting it for $100/month more than their mortgage is a great idea. Because hey, free $100/month!
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Jan 5, 2012 17:14
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But $700 is a much nicer margin. And someone will pay it... well because... Voodoo posted:Washington DC area housing market... I'm paying about four to five hundred more a month for a lease on my apartment compared to a 30 year mortgage rate for a place in building across the street with larger brand new condominiums. DC area market! 
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Jan 5, 2012 22:43
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Untagged posted:But $700 is a much nicer margin. Also it was apparently paid for in cash, so who knows what the margin really is.
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Jan 7, 2012 03:29
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Anyone have experience with Homepath loans? I placed a bid on a foreclosure after being pre-approved considering 10% down on a 160k loan. The home is being offered ~20k undervalued realistically and 15k under any other house on the street. It is the only foreclosure on the street of about 100 lots, only two other houses for sale. Typical neighbourhood DOM is ~30. I'm included to go with a conventional mortgage based on it will be the easiest path forward and not qualifying for any FHA benefits the FHA loan will be more expensive. Homepath seems to be a good avenue. Assuming the same down payment, I'd save on PMI and loan insurance. The downside is having to go through PNC for financing instead of many of the highly recommended local savings and loans. I suspect the previous bid on the house fell through since there's some weather damage a window and trim on the front of the house, which would have complicated the FHA inspection but is not required with HomePath. Any words of advice on shopping lenders?
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Jan 7, 2012 07:18
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giundy posted:Homepath seems to be a good avenue. Assuming the same down payment, I'd save on PMI and loan insurance. The downside is having to go through PNC for financing instead of many of the highly recommended local savings and loans. I suspect the previous bid on the house fell through since there's some weather damage a window and trim on the front of the house, which would have complicated the FHA inspection but is not required with HomePath. Any words of advice on shopping lenders? There's no MI, but the pricing adjustments for Homepath loans >80% are quite high and a higher interest rate hits you over the life of the loan, whereas the cost of MI typically falls off once you hit 78% equity. This is not to say Homepath is a bad idea necessarily, just something to consider when running the numbers of if you're truly saving over having a loan with MI. The main advantage is not having to pay for an appraisal and that you don't have to deal with the MI company overlays for qualification. While not every lender participates in Homepath that doesn't necessarily mean that your local credit union or whatever can't do it for you. A very large portion of local credit unions, S&Ls, whatever act as correspondents and sell the loans they originate to another, larger lender. Generally speaking, originating a Homepath loan is no different that a standard loan and in fact it's probably easier since you don't have to deal with an appraisal and everything else is essentially identical. As far as shopping around, I can't give much in the way of advice other than while it's important to shop around try to avoid applying with a large number of lenders. Each one is likely going to pull your credit and when you finally select a lender to go through the bank will have likely have the most recent report which will have all of the previous credit inquiries listed. Large numbers of recent inquiries is a huge red flag to your underwriter, and many lenders will decline your loan application if they consider it excessive.
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Jan 7, 2012 08:00
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The figures I was given at the S&L was .9% margin for their loan vs 1.15% as of December for FHA, with interest rates of 3.87 and 3.75 respectively. However I would have to buy down to 3.75 or get a rebate and go up to 4.00 with FHA. I'm not sure if HomePath follows 1/8 or 1/4 points. edit: Interesting twist of events, after bidding $158,000 (LP 159,900) with 3k in closing and $400 towards a warranty, the listing was updated this morning to $152,900. We placed our bid Thursday at noon with a response due Monday. New bid entered just over asking price, but hello savings! giundy fucked around with this message at 20:20 on Jan 7, 2012 |
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Jan 7, 2012 18:25
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I'll just make this a new post. So Monday I was told by my agent the listing agency claimed there were multiple bids and to submit a best offer by Tuesday at noon. I figured this to be bullshit but asking some of the neighbors around the house there were several showings over the weekend and several there when I stopped by so it seemed plausible. We submitted a higher bid based on this and wanting the house. Today (Wednesday evening) I was informed the property was pulled from the listing agency and now longer owned by Fannie Mae. Now I don't know what the gently caress, it may come back on the market soon. Time to look elsewhere I guess.
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Jan 12, 2012 03:51
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My sister got a divorce and is now looking to short sale her house. Is it possible/worth-while to trade the house for another house? Does anybody have experience with this? Will it hurt her in any way if she decides to do a regular sale, but is then later forced to do a short sale if the circumstances change? Slam Pajamas fucked around with this message at 22:14 on Jan 14, 2012 |
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Jan 14, 2012 21:40
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This thread has been so helpful to me thank you so much to everyone giving advice. About two years ago (back on page 18-19) you guys talked me out of buying a new house because my wife was unemployed among various other reasons. A lot has changed since then, my wife and I both have stable jobs in teaching and health care respectively and bring in 80,000 a year pre-tax. In addition I have $200,000 that I was gifted many years ago that I have never touched (will use some for a down payment). So we are looking to put in an offer on a house very near where we rent currently that is up for $199,000. Its 4 bed 2 bath around 2100sq ft and my wife and I both really like it. It’s not a short sale or foreclosure. Zillow estimate is $206,500. I have some questions. Should we offer what they are asking if it seems fair? Is 20% down a good idea? Should we let the listing agent be our realtor? Should we get a load through my bank (BofA) or nova home loans? I have a credit score of 720 and my wife has 690, will this hurt us getting a loan? Please let me know if I’m making a mistake again but I just feel like the market is bottoming. We have a 2 year old and will probably have another kid in the next few years and we don’t plan on moving out of town in the foreseeable future. It just seems like a good time to buy but the idea of such a huge commitment is starting to freak me out.
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Jan 15, 2012 01:23
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Zfuut posted:Should we let the listing agent be our realtor? NO. They're there to get the seller the best deal they can. It's a conflict of interests, and is illegal, to boot. Is there a reason you want to take out a mortgage instead of just buying the house outright, since you have the cash for it?
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Jan 15, 2012 02:11
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daggerdragon posted:NO. They're there to get the seller the best deal they can. It's a conflict of interests, and is illegal, to boot. Well were going to put 20% down, so around 40,000. We like having money in mutual funds and other things, just in case something happens rather than have everything wrapped up in a house. On a weird note, so the listing agent showed us this house, now she is saying that we can't have our own Realtor and that she will be both the buyers and sellers agent, dual agency. This sounds fishy, this is Arizona by the way. Zfuut fucked around with this message at 02:50 on Jan 15, 2012 |
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Jan 15, 2012 02:31
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While paying all cash may be overkill, I'd put as much down as possible while still having strong savings and retirement plan contributions. You'll save much more on interest and costs then you will make having that money in most mutual funds, unless your investing strategy is extremely aggressive. Another option, if you don't want to move money out of your current investments, is to pay down your mortgage as fast as possible while cutting back on what you contribute to your portfolio each month.
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Jan 15, 2012 04:11
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Zfuut posted:Well were going to put 20% down, so around 40,000. We like having money in mutual funds and other things, just in case something happens rather than have everything wrapped up in a house. If it was me, I'd put down much more than 20%, if not 100%, but YMMV, though. If the poo poo hits the fan, you don't want to be worrying about a mortgage. quote:On a weird note, so the listing agent showed us this house, now she is saying that we can't have our own Realtor and that she will be both the buyers and sellers agent, dual agency. This sounds fishy, this is Arizona by the way. No. No, no, no, no, and NO. Get your own realtor and tell them what this listing agent is doing. Find a way to report them to the NAR, as well. If the listing agent will no longer deal with you for getting your own realtor, walk away, because you don't want to deal with that level of crazy, trust me. You want someone to represent YOUR best interests and to help YOU get the best deal, hence the getting your own realtor. If they're worth their salt, they'll help you spot the crazies like this one and can steer you away.
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Jan 15, 2012 07:48
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Konstantin posted:While paying all cash may be overkill, I'd put as much down as possible while still having strong savings and retirement plan contributions. You'll save much more on interest and costs then you will make having that money in most mutual funds, unless your investing strategy is extremely aggressive. I disagree. Given his cash, 20%+ down, and (presumably) good credit, he'll be financing at like 4% for a 30-year fixed: lower for a 15. While one cannot predict the performance of mutual funds for certain, 4% per year is considered a fairly modest target. Most of the other costs of buying the house are there regardless of financing, so it's just the cost of originating the loan. There are some great deals out there. So I think if it's a matter of paying $4000 or something to avoid tying up most of one's worth in a single asset, and otherwise at least breakeven, yeah, that's well worth it. Aggressively paying down the mortgage is a good idea, though. Zfuut posted:On a weird note, so the listing agent showed us this house, now she is saying that we can't have our own Realtor and that she will be both the buyers and sellers agent, dual agency. This sounds fishy, this is Arizona by the way. There are two reasons why you shouldn't use this person as your realtor. 1: She's lying to you about you not being allowed to have your own realtor, and 2: She's the listing agent, and therefore, has a legal responsibility to her client to get them the best deal she can. While being both the listing and selling agent is not against the law in every state, it ought to be. It's an obvious conflict of interest. Your agent is paid-for out of a commission on the sale. That commission comes out regardless; if you choose not to have a commission, then the seller's agent gets it all. So there's a third reason this lying person wants you to do it - she gets paid twice as much. However, this arrangement also means that, when you get an agent, it costs you nothing at all. So there's really no reason to go without your own agent.
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Jan 15, 2012 08:03
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Zfuut posted:Zillow estimate is $206,500.........Please let me know if I’m making a mistake again but I just feel like the market is bottoming........ We have a 2 year old and will probably have another kid in the next few years and we don’t plan on moving out of town in the foreseeable future. It just seems like a good time to buy.......Arizona Zillow estimates are complete bullshit just fabricated out of thin air. The only way to 'estimate' the value of a house is to get some comparable from other sales in the neighborhood. The market in AZ is not bottoming, the shadow inventory and number of foreclosures still in the works in AZ is insane, and I don't think it's even close to being over with. DO NEVER BUY.
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Jan 15, 2012 15:48
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Did anyone else use the calculators in the OP and get VERY spread out results? I've got estimates spanning $210K to $439K - I guess we'll go with the lowest estimate, because honestly, looking at what's available before calculating anything I like the size/age/location of a lot of stuff between 100-150k. With my new well paying job, his new raise, and our ridiculous energetic dog who neeeeeeeds a yard, we flew through steps 0, 1, and 2 in the OP. Our new year's resolutions were to put away money to pay off our loans and save up for a down payment. My monthly income increased about $1500, so I'm planning on hitting my $5K loans each month with $1K to be done by this summer, and putting the other monthly $500 into my new savings account. Once the loans are paid off I may up my monthly savings to $1000/month or all $1500, depending on how other expenses are going. He's doing the same or similar - I think in a year or two we could have a pretty decent down payment forming, and I could have a good idea if my new job will work out.
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Jan 15, 2012 17:36
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We're thinking of looking for a place in 2013 and have some questions about the home buyer plan for using rrsp money (Canada). Does anyone know if the per person withdrawal max ($25,000) can be applied to one RRSP or do both my wife and I have to have individual accounts? Also, can anyone comment on whether the application, withdrawal, etc process is a hassle, difficult or slow? You can only apply once you've entered into a purchase agreement so how does it work if your RRSP withdrawal was going to be used for the down payment? How does the mortgage process work if your downpayment is in your RRSP?
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Jan 15, 2012 18:55
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skipdogg posted:The market in AZ is not bottoming, the shadow inventory and number of foreclosures still in the works in AZ is insane, and I don't think it's even close to being over with.
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Jan 15, 2012 20:33
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daggerdragon posted:NO. They're there to get the seller the best deal they can. It's a conflict of interests, and is illegal, to boot. It's not illegal, it's called limited or dual agency. Most states recognize this type of agency and allow it. If there's agency established with both parties and there's a limited agency deal, the agent cannot help negotiate the price in favor of the seller OR buyer. Agents can't disclose personal confidences or opinions to the seller about the buyer, and the agent cannot disclose to the buyers that the seller will come down off the purchase price. In limited agency, unless the agent is an unethical prick, they AREN'T out to get the seller the best deal they can. They're trying to get both buyer and seller to come together on terms they can both agree to. Zfuut posted:On a weird note, so the listing agent showed us this house, now she is saying that we can't have our own Realtor and that she will be both the buyers and sellers agent, dual agency. Did you sign an 'exclusive right to represent buyers' form? That's not good on the agent's part to not let you find another realtor if you're not comfortable in the situation.
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Jan 16, 2012 16:05
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Guacala posted:It's not illegal, it's called limited or dual agency. Most states recognize this type of agency and allow it. http://www.lajuett.com/buyers/recognizedanger.htm I do NOT like the terms they lay out there. There's just too much incentive for a dual agency agent to be unethical, and really, if you don't know what you're doing (which most people don't), how are you going to know if they're really following the law or not? According to that list, they won't even tell you if something is wrong with the home, and once you buy it, it becomes your problem and you have absolutely no recourse against the seller. That's not fair, at all. Zfuut, please get your own realtor, one who is dedicated solely to you, if only so you can get all the information you can on a prospective house.
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Jan 16, 2012 16:31
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daggerdragon posted:I do NOT like the terms they lay out there. There's just too much incentive for a dual agency agent to be unethical, and really, if you don't know what you're doing (which most people don't), how are you going to know if they're really following the law or not? Most states have their own Real Estate Commission that set forth the guidelines of the agencies. There are state and association forms that spell out exactly the tenants of the agreement and it's the duty of the agent to explain those in perfect detail. If there are any questions regarding if they're following the rules, a quick call to the local real estate association board or the state's real estate commission will usually answer any and all questions, falling short of legal advice. And in essence, if you're worried about an agent being unethical in limited agencies, you shouldn't be trusting of that agent in ANY situation. If an agent has the capacity to screw you over in limited agency, he has the same capacity to do the same in single agencies (nondisclosure of facts, ect). quote:According to that list, they won't even tell you if something is wrong with the home, and once you buy it, it becomes your problem and you have absolutely no recourse against the seller. That's not fair, at all. Agents still have a duty to disclose any issues they know about and come across with the home. It's not in the agent's best interest to 'hide' problems with the property - they could be liable to be sued for nondisclosure of issues they 'should have known' about. The same goes with sellers, if there are issues with the home they know about and they don't disclose, they could be liable for nondisclosure. And you do have recourse. Guacala fucked around with this message at 17:18 on Jan 16, 2012 |
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Jan 16, 2012 17:10
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My brother in law is in Phoenix and tells me prices are definitely still declining. He had put 40% down on his place in 2004 and still had to do a short sale in 2009. While renting tends to come at a premium in markets where people are scared to buy, you can think of the premium as your insurance against your house value going down on a hypothetical house you'd be buying now. While it's great to have financial cushion and have a house paid off, it isn't exactly the end of the line when it comes to big financial decisions in life like paying for your kids' college education, for example.
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Jan 16, 2012 17:33
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Guacala posted:The same goes with sellers, if there are issues with the home they know about and they don't disclose, they could be liable for nondisclosure. Wait, what? Is this a state by state thing? Because we got told by a couple of real estate lawyers that this was not the case; in Virginia.
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Jan 16, 2012 18:43
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Splizwarf posted:Wait, what? Is this a state by state thing? Because we got told by a couple of real estate lawyers that this was not the case; in Virginia. Yes, real estate law is a confusing clusterfuck from state to state. Real estate law isn't really federalized at all outside of some environmental stuff and fair housing access. You both could be right. The general rule is that the older a field of law is, the more incomprehensible it is. Real estate is pretty old.
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Jan 16, 2012 19:01
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Splizwarf posted:Wait, what? Is this a state by state thing? Because we got told by a couple of real estate lawyers that this was not the case; in Virginia. Now that you ask, it's very likely it differs from state to state. What I've dealt with (South Dakota) has been if the home is owner-occupied, they have to fill out a property disclosure form. If the home is an estate, bank repo, they aren't required to fill one out. Those are the ones I can think of off the top of my head. Guacala fucked around with this message at 19:45 on Jan 16, 2012 |
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Jan 16, 2012 19:10
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Guacala posted:And in essence, if you're worried about an agent being unethical in limited agencies, you shouldn't be trusting of that agent in ANY situation. If an agent has the capacity to screw you over in limited agency, he has the same capacity to do the same in single agencies (nondisclosure of facts, ect). I disagree, at least when we're talking about the buyer and his agent. From the buyer's perspective, their agent has no reason or incentive not to "disclose" things about the property they're buying, but more importantly, they wouldn't have privileged access to information about that property anyway... because they have no preexisting relationship with the seller. For a seller, yeah, a limited agency situation isn't as bad. There's still the matter of price negotiation, where no matter what the law says, it's an extremely fine line for the agent to walk to properly serve the interests of both parties, but at least with pricing both the buyer and the seller do eventually have to directly agree on a price, so the agent's advice (if they give any) is not necessarily the deciding factor. But for a buyer, the incentive for the agent to get a higher commission by pushing for the highest price the buyer is willing to pay is effectively doubled (because the agent's commission is doubled). In addition, in the situation described (and I suspect in most cases where an agent acts as a limited/dual agent), they started out as the seller's agent and become the buyer's agent only after a buyer without representation already expresses an interest in the property in question. How did they get that position? Basically by selling themselves to the buyers. I think it's a questionable ethical position for the agent to be in, and for an agent to actively seek that situation really does strike me as highly dubious. So it may be legal, there may be strict guidelines in a given state to try to control how it works, but 1) there's no reason for a buyer to accept this situation and 2) regardless of the law, its a situation fraught with danger for the buyer. Far better to get your own agent. (Personally I think buyer's agents should work for some kind of fixed fee or from a pool of money rather than a direct commission on the sale, because no matter what the law says, it's bad for them to be earning more money by getting their customers to spend more on a house when they should be encouraging them to spend less. But it's tough to figure out an ideal way to make this work where you don't wind up having buyers pay the agent directly, and therefore, encourage them to not use an agent at all, which would be bad.)
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Jan 16, 2012 19:32
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Thanks for all the advice, our offer was accepted after we asked for a $2000 reduction in price and for all the appliances to stay put. We originally asked for the move in date to be pushed back as our lease doesn’t end for another 4 months after the move in date however the seller won’t budge. $2000 will cover half our rent for that time. Hopefully though our landlord can find another renter quickly so we don’t have to pay rent for a home we not living in. our inspection and appraisal are this week (I will be going to the inspection). And our loan was approved so this is really happening unless the appraisal comes back way off. For those with questions about the dual agency, we could get a buyers agent, he just wouldn’t get paid because he didn’t originally show us the house. Realtors are apparently awful people who manipulate the system for every last penny; ours will be getting 6% for doing very little work.
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Jan 18, 2012 06:50
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I....just got a VM from my agent telling me BoA gave her verbal agreement and a tentative closing date to the short sale. She said to accept written agreement within the week and closing within a month. I'm not sure what to think now, hah.
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Jan 18, 2012 20:41
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Zfuut posted:Thanks for all the advice, our offer was accepted after we asked for a $2000 reduction in price and for all the appliances to stay put. We originally asked for the move in date to be pushed back as our lease doesn’t end for another 4 months after the move in date however the seller won’t budge. $2000 will cover half our rent for that time. Hopefully though our landlord can find another renter quickly so we don’t have to pay rent for a home we not living in. our inspection and appraisal are this week (I will be going to the inspection). And our loan was approved so this is really happening unless the appraisal comes back way off. While it sucks that you have 4 months in there, it's good to have some overlap... it'll let you do any initial work on the house that you might want to do, before you have to move in. You can paint, re-do the floors, etc. without having to throw tarps on all your stuff and lock the cats in a room and keep your kids out of the paint and etc. quote:For those with questions about the dual agency, we could get a buyers agent, he just wouldn’t get paid because he didn’t originally show us the house. Realtors are apparently awful people who manipulate the system for every last penny; ours will be getting 6% for doing very little work. If your realtor is doing "very little work", the right thing to do is fire them and get another. You have no obligation to stick with someone you're unhappy with. And I'm not too sure on that "didn't originally show us the house" thing. My wife and I viewed a number of houses by ourselves, and none of them would have disqualified our realtor from representing us and earning his commission. It sounds to me like the sellers' agent had decided that she had "shown you" the house as your representative even though you never agreed to that. I don't think there's anything special or legally significant about being the one to unlock the door and let you look at a place. Frankly it sounds like total bullshit to me, some kind of shady trick to try and keep you from getting a representative... I bet a lawyer would take her apart (assuming she didn't immediately back down when faced with the first letter from an attorney). But it worked out because you didn't go with that house, right?
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Jan 18, 2012 21:20
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Leperflesh posted:There are some great deals out there. Can you help define what makes a 'great deal'? I have an account with USAA and most people tell me they are pretty good but that's anecdotal. I'd like to know what quantifies a good deal in a mortgage origination?
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Jan 18, 2012 22:02
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Alright, I think this is the right place/thread to ask for some advice. THE SCENARIO I bought my current condo in Charlotte, North Carolina six years ago (seven come June). Long and short of it is it's worth about $70K and I owe a little over $60K now. I make around $50K/yr but that's self-employed, and with my current debts (and past financial stupidity) I don't really have any spending money. The unit is old (1979) and needs some work (new A/C unit, new carpet). I've also made some improvements (new washer/dryer (really nice that the on-sight laundromat has been closed), new dish washer, new tub/shower via Bath Fitter). Of the needed improvements, the carpet is the big one. About a year or two ago, my mother-in-law and wife, more-or-less behind my back, sealed the deal on a new condo to be built on the lakeshore in Toronto, Ontario. My MIL assures me that when it comes time to make the formal mortgage, she/her friend can get it at $150K @ 2%. With some loose number crunching, it should cost the same monthly as my NC condo (loosely). It should be completed/we'll be required to move in towards the end of the year. THE PROBLEM First off there's the issue of me having no money. I'm working on that - cutting costs, pinching pennies, working two jobs, etc. Secondly, with the mortgage on the NC condo, I'm kinda stuck. And the real estate market, last I heard, was soft. I need to sell/move by the end of the year. So I need to sell a place that will be a hard sell (market/carpet) that I can't improve (no money) in a limited time (less than a year). THE IDEA I've seen ads for "We Buy Ugly Houses" and the like where it looks like the company just buys your property. I'd like to think with the improvements I've made, I could at least break even and get out from under the mortgage. From there I'd move into an apartment, save a bit of money, and have the freedom to move when the time came. THE QUESTIONS 1) Does that sound even remotely like a good idea? 2) Are these "Ugly Houses" purchasers usually legit? And do they make reasonable offers on property? (again, profit would be nice, but I'd be content to break even) 3) Would selling the mortgage in NC and renting in NC reflect badly on my credit score/when I apply for the mortgage in Canada? I'm kinda boned at the moment, and any insight would be appreciated. I'll try to supply more info if it would help/I left out something. Thanks in advance.
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Jan 19, 2012 19:27
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ElPottoGrande posted:Alright, I think this is the right place/thread to ask for some advice. We buy houses ads are always scams. If you insist upon buying a 150K loonie condo, I would not, get your current condo listed for sale ASAP. I think you are going to find out that the 2% mortgage is both adjustable, and subsidized by the builder for a very limited time, usually one year, at which point you will see your payment double. So 1) No 2)Always a SCAM 3)Less debt is always better, no one cares if you rented or owned before. 4)Is Toronto not a huge bubble real estate market that has yet to burst?
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Jan 19, 2012 19:52
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A co-worker of mine dumped his house on those HomeVestors / We Buy Ugly Houses people and they paid about 30% less than market value. He wanted out of the house as we had relocated, and didn't want to deal with getting it ready to be shown. Joke is on them though, 4 months later the real estate bubble popped and the house lost a poo poo ton of value, so in the end my co-worker probably came out ahead. They will buy your house but it will be a hilariously low offer.
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Jan 19, 2012 19:55
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ElPottoGrande posted:So I need to sell a place that will be a hard sell (market/carpet) that I can't improve (no money) in a limited time (less than a year). If the carpet looks that bad, get someone to install some cheap stuff that doesn't look terrible (or put down throw rugs on the worst spots) and then put it on the market. Even in a bad market, if you price it right, someone will buy it, and really ~11 months is a good amount of time to have to sell a home in. Don't sell to people/companies that advertise that they'll buy your home. They'll low-ball the poo poo out of you because they want a guaranteed profit with as little work as possible.
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Jan 19, 2012 20:25
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HOA question: I'm in the process of buying a home. It's a new home - the builder built 2 houses on 1 big lot in hopes of having the lot divided, but the city (Austin) just came back and said "no". So essentially it is now a condo, technically speaking, and an HOA must be set up for just the two houses. This news is very upsetting, and I'm considering backing out of the deal. I do not want a condo or an HOA. I'm supposed to meet with a lawyer and my realtor to discuss setting up the HOA. What kind of questions should I ask? So far I have: 1) Can we set up an HOA with no dues? The only common property is the fence between the houses, which I couldn't care less about. I'd rather just agree to split the cost of repairing the fence if it explodes or whatever the gently caress. 2) Can there by no bylaws, other than the city ordinances already in place? This is my home - I do not want to ask permission to paint my house, change my landscaping, do whatever the gently caress I want on my property. What else? Has anyone gone through this process of creating an HOA before? CheddarGoblin fucked around with this message at 20:50 on Jan 19, 2012 |
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Jan 19, 2012 20:37
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Associations suck, but really small associations suck much worse.
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Jan 19, 2012 20:47
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