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Elephanthead posted:So if a HOA is capable of forcing a sheriff sale (a big if) are they willing to bid the mortgage owed plus their fees? It seems they would lose money going down this road. Keep your condo underwater with equity loans and never pay your fees. They can foreclose and take possession. Your lender still holds the title and can also foreclose. The dues owed are a lean on property.
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Mar 3, 2014 17:30
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As a former condo owner in Bellevue, WA, I can understand the benefits over renting an apartment, but I believe the circumstances where it works in one's favor ahead of an apartment are in the minority especially compared to other options like housing co-ops, townhouses, rowhouses, and many detached SFHs. If you think of your HOA as something as binding and serious as marriage, you're on the right track given that "divorcing" your HOA can easily bankrupt you in the wrong circumstances and that a really good one is like buying a set of apartments with some good folks that aren't trying to scam each other and are also responsible too. I'm going to defend condos a bit though because I roll as devil's advocate a lot.
If you look at the above pros though, these sorts of options mostly apply if you're the type to pay for lots of "life conveniences" (read: like spending money on decorations and consumption frequently). This is fine for fairly wealthy, childless people that value comforts and prefer paying to make problems go away over long-term financial stability and efficiency of capital like we tend to value in BFC being skewed toward the reality that most people are not able to afford such luxuries in attitude. I was in that situation myself though and still would rather have the money I lost out on than the secondary BS and inconveniences I went through merely by owning the sucker as a non-owner occupied unit. So basically, I think condos may be a good option if you're looking at a 2nd or 3rd home given that you're fairly established and you go into it with the intent that it's pretty much a luxury. This is related to why people get suckered into timeshares though and that's probably the bottom of the heap of the so-called real estate ladder if you ask me. My wife's from North Carolina and she's completely amazed at the idea of people making decent money owning condos because it's what poor people would buy there given even houses were like $100k (she had bought a house with her previous guy for ~$100k). Now, after having lived in big cities where educated people with good jobs regularly make $200k+ / yr, she's starting to get it, but it's still a mindfuck for her how anyone with millions would still buy a condo. Elephanthead posted:So if a HOA is capable of forcing a sheriff sale (a big if) are they willing to bid the mortgage owed plus their fees? It seems they would lose money going down this road. Keep your condo underwater with equity loans and never pay your fees. Orange_Lazarus posted:Is there some fundamental difference between a condo and a townhouse?
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Mar 3, 2014 17:43
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Captain Windex posted:When most people talk about condos they typically mean high rise type buildings with dozens or hundreds of units
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Mar 3, 2014 18:04
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Misogynist posted:I assure you this is a regionalism that only occurs near high rise buildings with dozens or hundreds of units. True, they do come in low and mid rise flavors as well and the number of units can vary greatly. I was referring to high rise specifically since it's the most high contrast to a detached single family house, but both can legally be condos depending on the developer.
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Mar 3, 2014 19:32
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Captain Windex posted:Townhouse is basically a design style, while condo is a legal designation that can also describe the style of the property. When most people talk about condos they typically mean high rise type buildings with dozens or hundreds of units, but in reality anything from a 500 unit 30 story building to 2 single family residences joined by an HOA can be legally classified as condos. They may call it a townhouse in the listing to describe the property, but legally it's probably either a condo or PUD. Isn't the main distinction the ownership of the freehold? AFAIK, a condo owner owns a share of the building's freehold whereas a townhouse owner will generally own the freehold outright.
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Mar 3, 2014 19:36
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necrobobsledder posted:My wife's from North Carolina and she's completely amazed at the idea of people making decent money owning condos because it's what poor people would buy there given even houses were like $100k (she had bought a house with her previous guy for ~$100k). Now, after having lived in big cities where educated people with good jobs regularly make $200k+ / yr, she's starting to get it, but it's still a mindfuck for her how anyone with millions would still buy a condo. One of the biggest advantages of condos for rich people is the ability to leave their house for weeks or months on end without worry when they go live in their other condos.
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Mar 3, 2014 19:40
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I'd much rather live in a condo near downtown than a house if it weren't for all the lovely HOA poo poo. I hate having a yard to take care of. I hate walking the drat trash cans up my long rear end driveway. I hate having to be concerned that if I don't take care of the exterior of my house that it might bring down neighborhood values. I hate having no one to sign for packages during the day. Can't stand the raccoon fight club that happens every night. I'd much rather just take an elevator down and walk a few blocks to food. I'd rather not own a car at all. I'd love for an on site gym / pool to be an amenity. My husband doesn't agree with the giving up a car thing and we almost have no yard around our house but I still have to be concerned about my idiot neighbors letting their blackberry bushes and ivy and golden arch angel destroy my siding. Let's plant every invasive plant on the books!
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Mar 3, 2014 22:03
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Tigntink posted:I'd much rather live in a condo near downtown than a house if it weren't for all the lovely HOA poo poo. Which is why, for now, I rent a condo near downtown.
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Mar 3, 2014 22:05
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What really annoyed me about my HOA is that there were rule breakers down every street but I was one of the few people that had to follow the rules because I got stuck next to a window peeper with nothing better to do than write angry letters about the people that surrounded her. Seriously you drive down my neighborhood and every yard and driveway looks like complete crap until you got to our area.
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Mar 3, 2014 22:48
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Cranbe posted:I guess I don't understand why anybody would buy a condo instead of just renting an apartment. The biggest benefit to owning over renting a condo is the same as with a house: control. I control the appliances and such (even though I pay for it). My friends in one apartment ended up buying their own appliances because the complex they lived in only bought used and bottom quality new stuff when things broke or wore out. The oven the complex bought for them couldn't cook the same way twice due to its cheap thermostat and temp control. It'd come out undercooked or burned, and they cooked all the time. I control my decorating. Nobody can give me any restrictions on decorating and I don't have to undo it when I move. I can actually knock down walls if I want to, and the previous owner of my unit did, making some very nice changes that I agree with. Nobody can kick me out for no reason. Obviously I gave the HOA some power over me but that's only if I violate the rules. I'm not just going to show up near the end of my lease to find that I have 30 days to move. That will never happen. And I have had that happen to me in an apartment. I build equity. It's a thing that I own that has value, just like a house. Obviously lower value and lower growth, but still. I chose a townhouse over a regular house for the benefits of apartment living: No yardwork, no painting, no roofing, no snow removal, my HOA dues cover water, sewer, groundskeeping, garbage, structure insurance (roof, siding, foundation), and exterior maintenance. All things that would cost me way more than my dues in a SFH. Also I'm single so it's easier to afford, and I don't need so much space. It's just right for some people.
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Mar 4, 2014 02:14
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LloydDobler posted:The biggest benefit to owning over renting a condo is the same as with a house: control. LloydDobler posted:I control my decorating. Nobody can give me any restrictions on decorating and I don't have to undo it when I move. I can actually knock down walls if I want to, and the previous owner of my unit did, making some very nice changes that I agree with. LloydDobler posted:I'm not just going to show up near the end of my lease to find that I have 30 days to move. That will never happen. And I have had that happen to me in an apartment. LloydDobler posted:I build equity. It's a thing that I own that has value, just like a house. Obviously lower value and lower growth, but still. LloydDobler posted:I chose a townhouse over a regular house for the benefits of apartment living: No yardwork, no painting, no roofing, no snow removal, my HOA dues cover water, sewer, groundskeeping, garbage, structure insurance (roof, siding, foundation), and exterior maintenance. All things that would cost me way more than my dues in a SFH. Also I'm single so it's easier to afford, and I don't need so much space. LloydDobler posted:It's just right for some people. Cranbe fucked around with this message at 02:48 on Mar 4, 2014 |
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Mar 4, 2014 02:38
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I lived in a townhouse style condo for 8 years. It was pretty ok, I had a LOT more space for my dollar, my association was very small and easy to work with, I still had a yard but did not have to mow, and since the other owners had a common interest, it was kind of easy to get things done. On the other hand, it was hard to sell and there were a few big assessments in addition to my HOA fees, so it wasn't all roses. Either way, I probably wouldn't do it again for a primary residence, but you can bet your rear end for a weekend home or travel property, I would absolutely buy another condo. I could have left my condo for months and as long as I turned the water off before I left, I am sure I could have come back with no more problems than a few cobwebs.
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Mar 4, 2014 03:09
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Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread.
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Mar 4, 2014 04:23
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. Ask me in 6 months. I've always lived with a lawn and loved it, but the one is pretty big at the house I'm buying. (Unfortunately not big enough for a riding lawnmower, though.  )Oh, best part: The house is across the street from a small open field that's technically a city park, two blocks from a mid-size park (soccer field and smaller play areas); and three blocks from a huge park (soccer field, swimming pool, bike/running trail, par 3 golf course, and a stream). Not even really suburbia; it's just a block outside the city limits of the main city proper. So stoked about the location. Cranbe fucked around with this message at 04:34 on Mar 4, 2014 |
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Mar 4, 2014 04:30
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. I bought my house specifically with a lawn only for the dog to crap on. Otherwise, I don't care about the lawn and the fiancé is usually the one mowing it. It looks like crap, it doesn't get enough sunlight, and I want to get another job just so I can pay someone to rake the drat thing for me in the fall. Lawns are a pain in the rear end.
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Mar 4, 2014 04:47
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. Why would anybody do drugs when they could just mow a lawn? I actually enjoy my yard and get immense satisfaction out of the work I do in it. The "no yardwork" perk of living in a condo or apartment always makes me laugh. I mean, I get that lots of people don't like doing it, but you can hire a maintenance company to do it for you, and you get to pick what they do and how often and and how much to spend on it in a single-family house. I lived with my girlfriend in her condo for a while before we bought our house and couldn't believe that anyone would willingly buy in to that place. The board was a joke, the maintenance was sub-par at best, and dues were high and ever-increasing. I think the worst part about buying in to a condo though is that even if you somehow determine that a given condo board is "one of the good ones", it can all change right after you move in and there might not be anything you can do about it. Right after my girlfriend bought into her condo complex, the board got itself involved in litigation that lasted over 5 years, effectively trapping her there. As soon as it ended there was basically a fire sale.
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Mar 4, 2014 17:33
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. After growing up mowing a quarter acre in the hot sun in the humid south i'd rather put a gun in my mouth than ever possibly mow a nest of bunnies or shoot a pile of dog poo poo all over the fence ever again, let alone just being another annoying chore. On hiring someone - This is a bit annoying because you want to make sure to get someone licensed, bonded, etc so if they hurt themselves on your property they don't sue you for damages and if they hurt your property you've got recourse. It was already annoying to find our gutter and roof demosser guy. Sure you could just do something like go down to home depot but it's really a bad idea. I get all the benefit of a yard by having a big 13'x10' deck that I have a table and chairs on. I've got a natural pnw yard which means I just let ferns and trees grow where ever (sans dealing with my idiot neighbors over growing invasive poo poo species) . If I ever have a kid and want to kick a soccer ball or what ever, there's 2 parks in a 3 block radius and I am happy for my taxes to pay the city to mow a big lawn for me. silicone thrills fucked around with this message at 18:28 on Mar 4, 2014 |
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Mar 4, 2014 18:19
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For me, it's not the lawn, it's being able to have that outdoors sanctuary that's totally private. We're contracting to put in bamboo hedges around a garden with a deck that's in the back and I'm super excited. We bought the house specifically so that it didn't have much of a front lawn and more just flower beds and shrubs so it's just a bit of maintenance couple times a year.
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Mar 4, 2014 18:29
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Rurutia posted:We're contracting to put in bamboo hedges around a garden with a deck that's in the back and I'm super excited You're the rear end in a top hat that plants extremely invasive species on the property line, aren't you? Unless you're doing the whole concrete trench thing for the bamboo, it will spread into your neighbors' yards.
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Mar 5, 2014 00:26
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Bloody Queef posted:You're the rear end in a top hat that plants extremely invasive species on the property line, aren't you? Unless you're doing the whole concrete trench thing for the bamboo, it will spread into your neighbors' yards. There's some clumping bamboos that are ok with a simple plastic barrier to contain them. We've got a little front window shield and in 5 years they haven't spread at all with zero fucks given by us. (The previous owners planted them and i've kept a very close eye) They've also never flowered so no problem there so far. edit: The next oval office in these United States who loving plants English Ivy deserves to be disemboweled. I cut a loving vine off of a tree in the back of my property that was bigger than my bicep. silicone thrills fucked around with this message at 00:35 on Mar 5, 2014 |
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Mar 5, 2014 00:31
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. Eh, I enjoy mowing a nice lawn with a riding mower like Hank Hill (I used to have to mow several acres back home) and my yard is big enough to justify a riding lawn mower but I wasn't going to buy/garage one because I planned to move so I had to use a push mower for everything. Push mowing isn't that bad (sometimes I like it) but my back yard is mostly uphill so it's even worse. I've also always hated weed eating because not only did I have to cut our ditch bank as a kid but the neighbors yard as well because "it makes our yard look bad". Anyway, mowing was probably the part I disliked the least. The part I hated the most was getting letters about my perfectly OK lawn because I wasn't dumping a lot of money into it like my immediate neighbors. Most of the lawns in the rest of the neighborhood were much worse than mine but because I lived next to a couple retired people with nothing better to do all day my lawn had to be perfect. Sephiroth_IRA fucked around with this message at 00:55 on Mar 5, 2014 |
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Mar 5, 2014 00:51
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FCKGW posted:Am I the only one who enjoys their lawn? I feel like Hank Hill every time I read this thread. I like having a lawn (and the space between adjacent houses that the lawn provides) and I don't even mind yard work that much but I don't know what the hell I'm doing with it 'cause I lived in apartments for years. I'm thinking of hiring a landscaper to plan out a yard for me and tell me what to buy and then I'll implement it myself. It's one more thing to worry about when you own a house.
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Mar 5, 2014 01:11
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I don't mind my condo because I'm on the HOA board. My various tyrannical abuses of power include having a reserve study done and getting multiple quotes for a roof repair. MWAH HAHA TREMBLE BEFORE ME, MORTALS. THERE WILL BE FREE COOKIES AT THE NEXT MEETING
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Mar 5, 2014 04:39
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Bloody Queef posted:You're the rear end in a top hat that plants extremely invasive species on the property line, aren't you? Unless you're doing the whole concrete trench thing for the bamboo, it will spread into your neighbors' yards. We're doing steel trenches yes. I made sure it landscaping company had experience with bamboo and containment. We thought about clumping instead of running but because if where we live they won't do well. Rurutia fucked around with this message at 04:58 on Mar 5, 2014 |
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Mar 5, 2014 04:55
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Not sure the right thread for this. I bought a house two weeks ago in a different city than my current one, but am still technically living in my apartment until May. What is legally considered "residence" for tax purposes? The two addresses have different income taxes so I'd like to know if I can switch even if I haven't moved in yet.
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Mar 5, 2014 14:53
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Chin Strap posted:Not sure the right thread for this. I bought a house two weeks ago in a different city than my current one, but am still technically living in my apartment until May. What is legally considered "residence" for tax purposes? The two addresses have different income taxes so I'd like to know if I can switch even if I haven't moved in yet. Probably the wrong thread. Go for http://forums.somethingawful.com/showthread.php?threadid=3394641 . (I would be shocked if you weren't required to put your current residence, though)
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Mar 5, 2014 15:35
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Lender wont send closing documents until sellers bank signs some short sale approval paperwork. Sellers bank won't sign until the actual closing. 2 days until closing. Trying to work out if we have actual non-zero odds of closing on Friday. Argh.
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Mar 5, 2014 17:21
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Amazing how smooth the process is huh? I have to print out the appraisal, sign it, scan it, and e-mail it back. Their office is a mile away but I can't stop by and sign in person because.
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Mar 5, 2014 17:37
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oxbrain posted:Amazing how smooth the process is huh? When I was doing loan poo poo, I signed a blank piece of paper and made an electronic stamp so I'd just stamp whatever pdf they gave me. Saved a ton of time
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Mar 5, 2014 17:48
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Cocoa Ninja posted:I don't mind my condo because I'm on the HOA board. Look at this abuser of power, literally getting fat off of HOA dues. Today cookies, tomorrow ice swan banquets.
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Mar 5, 2014 18:13
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Bloody Queef posted:When I was doing loan poo poo, I signed a blank piece of paper and made an electronic stamp so I'd just stamp whatever pdf they gave me. My wife has an iPad app we've used to sign all the PDFs. Super easy, but I don't remember what its called.
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Mar 5, 2014 18:45
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oxbrain posted:Amazing how smooth the process is huh? Weird that they care at all, the only person who signs an appraisal is the appraiser. A simple disclosure is normally sufficient if they want to acknowledge you received a copy. GanjamonII posted:My wife has an iPad app we've used to sign all the PDFs. Super easy, but I don't remember what its called. DocuSign maybe? There are a number of e-signature platforms out there, depending on lender and type of loan you can e-sign lots of stuff these days. At my old bank on conventional loans we only had to ink sign 2 documents (due to IRS and SSA requirements at the time), everything else could be signed directly on your computer/tablet/phone. FHA and VA are lagging behind on that front still I believe.
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Mar 5, 2014 20:42
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Cranbe posted:My biggest problem with your post is that you're drawing a false dichotomy between buying a condo or renting a lovely apartment from a lovely landlord. Your friends' situation sounds like a lovely apartment with a lovely landlord. (To be fair, some markets and cities are skewed in favor of the landlord.) Well Denver is definitely skewed to the landlords. I was blown away when moving here from Oregon. That said, I've lost my rental twice in the past due to the lease ending and the landlord simply electing to not renew. The first was for a noise complaint, I had a busybody on disability move in below me and all she did was sit quietly all day and wait for us to make noise, and then document it. Three years as a model tenant and after 4 months of her complaining they kicked me out. The second time I was renting a house and the landlord decided to sell the house at the end of my lease term. Out, no negotiating. And if we're calling out false dichotomies, negotiating a 60 day moving notice is in no way equivalent to owning a place where I can plan to live indefinitely. I like my place and nobody can kick me out or force me to move, barring really extreme circumstances. I mean sure, if I lose my job and run out of safety net the bank can foreclose on me, but that's far removed from the landlord simply saying "yeah you can't live here anymore because." Oh and I should have pointed out that I only hate yardwork because I have gnarly grass allergies. I will never be able to do it myself comfortably regardless of where I live so that's why I list it as a benefit. Landscaping is cheaper in a multi-unit property.
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Mar 5, 2014 21:25
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LloydDobler posted:Well Denver is definitely skewed to the landlords. I was blown away when moving here from Oregon. I didn't come close to drawing an either-or between the control in buying a place vs. negotiating a 60-day notice on a lease. I was getting at the fact that you can and should negotiate the terms that are important to you in a lease—i.e. buying a place for the sense of control is less crucial if you take the effort and time to negotiate a more favorable lease. I'm not saying it's a non-issue, mind you—just not as crucial. Fair enough on the allergies, though. Hence why the considerations that go into it vary from person to person.
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Mar 5, 2014 23:17
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I've never heard of any rental company allowing you to negotiate the lease terms. You agree to their terms or you go somewhere else. Their terms will always allow them to terminate the lease with the minimum notice required by law. Buying a house and buying a condo are very different things. I don't think you could say one is always better or worse. For me it's no choice because a house carries a $100k premium. oxbrain fucked around with this message at 23:36 on Mar 5, 2014 |
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Mar 5, 2014 23:33
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oxbrain posted:I've never heard of any rental company allowing you to negotiate the lease terms. You agree to their terms or you go somewhere else. My experience is different, but I always rented from individuals, not Mega Corp Rentals Inc. Most of them were surprised that I even read the lease, but they were open to changing some terms.
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Mar 5, 2014 23:35
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Yeah I don't know about big management companies, but I've definitely negotiated lease terms with individuals and smaller agencies. But I purposefully avoid large apartment complexes run by corporate management companies for a whole lot of reasons.
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Mar 5, 2014 23:38
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Does anyone have any experience with or knowledge of quitclaim deeds? My parents have been sitting on a house that has been paid off since probably before I was born. They inherited it from my grandmother, and it was my father's childhood home. There are a ton of things they need to fix or replace (old furnace, drafty windows, bathroom remodel etc) but won't use the equity they have in the home due to fear of the unknown, even if the efficiency of the furnace alone would pay for itself in a few years. They've never had a mortgage or even a credit card. I think the first car loan they have ever had was in the early 2000s. I don't know the value of the home, but the median price of homes where I live is near $350,000 so that is a lot of equity sitting there. I offered to buy it from them via owner financing if they let me take it and divide it up into separate units- it's already set up to have two kitchens, but needs more separation. That would be a win-win. They would get more monthly income (on something they would just give to me anyways) and I'd get an asset in my name sooner than saving for years for a down payment (that not have to pay rent and rent out a room to a friend for extra money) My father would do it, but my mother refuses to live in less space. A friend of mine who lives at home told me his mother added him to the title, although they still have a mortgage. I didn't know that was possible. My father pretty much said he would give me the house right now if he could. I wanted to approach him at some point to see if he could use the equity in the home to help me get a condo (again, with extra rooms to rent out) but I read somewhere that money lent by family isn't helpful in being approved for a mortgage. If I was on the title, I figure it would be easier to get approved to buy a new property. It's a huge relief not having a mortgage to pay off, but it could be so useful... Moneyball fucked around with this message at 02:19 on Mar 6, 2014 |
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Mar 6, 2014 02:16
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My realtors submitted a repair request to the seller and once they get a quote from a contractor they want to know if its OK for an attorney to hold that money. Is there a reason why I wouldn't want an attorney to hold that money? Honestly I didn't expect the owners to respond to that repair request at all.
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Mar 6, 2014 02:28
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Moneyball posted:Does anyone have any experience with or knowledge of quitclaim deeds? What you're asking doesn't have much to do with quitclaim deeds. A quitclaim deed is just a means of conveying the real estate completely as-is. It's basically a legal document that says, "Whatever interest I have in this property, if anything, is now yours, in whatever condition it may be." (The other common type of conveyance is a warranty deed, which typically includes more thorough guarantees and available recourse for the grantee.) I'm not a lawyer. I just real with real estate title all day every day. Seek a legal opinion before you act on any of these thoughts. No idea whether it would help you get a loan, but I would guess probably not. Also, I'm almost positive you'd run into some significant tax situations. Edit: This post notwithstanding, does anybody else feel like this thread has really gotten away from "Do never buy"? I wonder why/when that happened.
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Mar 6, 2014 02:35
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