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Moneyball posted:If I was on the title, I figure it would be easier to get approved to buy a new property. Not sure I entirely understand your plan here. Being on title to a property currently doesn't really help you to get a loan approval (in most cases), and actually may hurt overall since you'd typically have to qualify with the taxes and insurance amounts on the house in your ratios with the lender, amongst other concerns. If you're asking about going onto title so you can cash out on that property for a down payment on a new purchase, it's doable subject to some time constraints but it is generally speaking a bad idea.
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Mar 6, 2014 02:40
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I realize half of that was unrelated to quitclaim deeds, and maybe I was referring to the wrong type of document, but all the renovating and buying talk would only come into play after having ownership transferred to me, if possible. I will certainly have to look into it more. I was skeptical about the idea of just having property transferred over to me, but whatever my friend did worked for him, I guess. He doesn't have massive tax issues that I know of, but then again, I think he's on the hook for the mortgage if something were to happen. I guess I'll have to do it the old fashioned way, and *shudder* save up for it myself. I'm actually more than cool with that, I was just hoping to make the most of equity. Moneyball fucked around with this message at 02:48 on Mar 6, 2014 |
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Mar 6, 2014 02:45
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quote: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. Goons getting older I guess? Also the housing crisis sucked and changed everyone's perspective on home ownership and things aren't as bad as they used to be. I made a dumb decision (before getting an SA account.) and bought a house because "OBAMA IS GONNA GIVE ME 8 THOUSAND DOLLARS!" and was pissed when the value of my home nosedived after that. Now that I can actually sell my house and break even I'm not as negative about it anymore. I still believe "Do Never Buy" is good advice, especially in an OP since the average person is still living in 2006 and thinks a home is a great investment and renting is throwing away money. I still feel bad for Enrique.  Hank convinced him to stop renting and buy a home at the height of the market.Sephiroth_IRA fucked around with this message at 02:51 on Mar 6, 2014 |
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Mar 6, 2014 02:49
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I think the HOA chat is another variation on DO NEVER BUY especially if you're in an area where condos are about the only thing close to affordable for you. But the funny thing there is that if you can even dream of buying property in those areas, you can probably safely ignore a lot of the warnings in this thread anyway because you're probably wealthy enough to just throw money at problems without making huge sacrifices. But this is a "if you don't know if it applies to you, it almost certainly doesn't" scenario.
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Mar 6, 2014 03:11
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oxbrain posted:Amazing how smooth the process is huh? Oh this is awesome. I spent nearly 2 hours on the phone this afternoon and heard a lot of "In my years of experience this document has never been signed.." and "Well in MY years of experience its always signed!" Sellers bank as given us a 2 week extension to find a new lender. Hoo-loving-ray.
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Mar 6, 2014 03:29
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oxbrain posted:Amazing how smooth the process is huh? GanjamonII posted:Oh this is awesome. I spent nearly 2 hours on the phone this afternoon and heard a lot of "In my years of experience this document has never been signed.." and "Well in MY years of experience its always signed!" The appraiser should sign the appraisal, not the buyer, fwiw. Whoever says otherwise has a hosed micro-market or is being stupid. But the appraiser really should sign it.
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Mar 6, 2014 13:31
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Actually its the short sale approval document. Bank of America won't sign it, say they never sign it (except in Nevada?) and will not make an exception. Our lender says they always get it signed and won't fund the loan without getting a signed copy. The short sale processor is stumped by this because they never get it signed, and basically this is going nowhere fast right now. I have to fax the wire transfer request by 3pm today to get the money transferred to close tomorrow. Right now I am 99% sure we're not going to close. We thought we were at the end of the process and looking forward to get into the house and start painting etc. Instead now we probably have a minimum 2 weeks to redo the loan with a new lender who will accept BoAs paperwork as is, plus losing out on what we've paid so far for appraisal etc, and I suspect our current lender may want us to pay their application fee too regardless.
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Mar 6, 2014 14:41
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builds character posted:The appraiser should sign the appraisal, not the buyer, fwiw. Whoever says otherwise has a hosed micro-market or is being stupid. This is just me signing that I got a copy. Required by law.
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Mar 6, 2014 15:25
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Moneyball posted:Does anyone have any experience with or knowledge of quitclaim deeds? I actually have experience with a quit-claim. I used it to give a house to my mother(that was supposed to be sold after the divorce) so she would sign over the 401k that my father was supposed to have updated his beneficiary forms on (he didn't). I didn't need to be responsible for the house he was living in (which is worth somewhere around the same amount as yours) AND one that was out of state. The one that was out of state needed substantial repairs. Quit-Claims are used to disclaim any interest or ownership in property or investments (IANAL though that is what my attorney told me). It would be possible for them to add you to the title and then they could do a quit-claim which would spell out that they are disclaiming the property and that you will be responsible for it. (At least that is what the one I signed stated). It would be FAR cheaper to do than if you tried to purchase the house from them. Keep in mind there may be tax implications, and there is a lifetime limit to what your parents can "gift" you for the purposes of estate planning. I would consult an attorney (maybe even an estate attorney), but it is doable. Edit: I only have experience with this from an estate perspective.
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Mar 6, 2014 15:32
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alternate.eago posted:I actually have experience with a quit-claim. I used it to give a house to my mother(that was supposed to be sold after the divorce) so she would sign over the 401k that my father was supposed to have updated his beneficiary forms on (he didn't). I didn't need to be responsible for the house he was living in (which is worth somewhere around the same amount as yours) AND one that was out of state. The one that was out of state needed substantial repairs. Quit-Claims are used to disclaim any interest or ownership in property or investments (IANAL though that is what my attorney told me). It would be possible for them to add you to the title and then they could do a quit-claim which would spell out that they are disclaiming the property and that you will be responsible for it. (At least that is what the one I signed stated). It would be FAR cheaper to do than if you tried to purchase the house from them. This will be a slightly pedantic post, but oh well. I'm not singling you out—just trying to clarify a few points. Most people have a slightly confused notion of how real estate title works, and what it means to "put somebody on the title". A deed (or an assignment, etc.) is the instrument by which you convey the interest in the land—i.e. you convey the title to the land to another person; you don't really "put them on the title" (a colloquialism that kind of misconstrues what actually happens). Most jurisdictions don't really have "a title" to the property, although some do have title certificates. In any case, it's not a separate process to deed the land vs. putting somebody on "the title". Also, you're not disclaiming the interest—you're quitclaiming it. It's the difference between "I own no interest in this property" (a disclaimer) and "whatever interest I own, if anything, is now yours" (a quitclaim). Also not a lawyer; just somebody who works with real estate title a lot. Edit to add something more practical: Because you're not simply "adding somebody to the title" but rather conveying an interest in the land to that person, that's why there are tax implications. You've effectively received an equitable interest in the property. (I'm also not an accountant or tax professional.) Cranbe fucked around with this message at 17:55 on Mar 6, 2014 |
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Mar 6, 2014 17:40
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Cranbe posted:This will be a slightly pedantic post, but oh well. I'm not singling you out—just trying to clarify a few points. Ah I understand, I misused the terms. It's been a crazy year, and some of the process was a blur. But in other news, Do Never Inherit a house that needs extensive renovations to the bathrooms to become habitable, even if the mortgage is way under market rent.
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Mar 6, 2014 20:18
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baquerd posted:Look at this abuser of power, literally getting fat off of HOA dues. Today cookies, tomorrow ice swan banquets. I think the association will appreciate the erotic ice sculpture I commissioned of myself. The likeness is uncanny.
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Mar 6, 2014 22:26
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As long as you bill it as an annual expense and get it added to the normal monthly dues so I don't get a big special assessment. e: Actually a hoa that did erotic it's sculptures every winter would probably be a pretty good place. At least you know it isn't a bunch of uptight jerks. oxbrain fucked around with this message at 23:07 on Mar 6, 2014 |
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Mar 6, 2014 23:05
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As someone who is regularly exposed to the Art World, I assure you that having, being interested in, commissioning, or making nude erotic art sculptures are definitely not proof that someone is not an uptight jerk. Quite possibly the opposite.
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Mar 7, 2014 00:05
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Leperflesh posted:As someone who is regularly exposed to the Art World, I assure you that having, being interested in, commissioning, or making nude erotic art sculptures are definitely not proof that someone is not an uptight jerk. Listen Leperflesh, I gave you a fair chance at the bidding process, but your concept art for the my titan-sized ice schlong simply failed to do it justice. I'd appreciate some professional courtesy in not badmouthing me here. Let's stay on topic — erotic ice sculptures.
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Mar 7, 2014 00:53
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This thread is now officially like living in an expensive Cap Hill condo. Thanks <3
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Mar 7, 2014 01:24
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So, we bought a brand new(new construction) home in a gated community. We're pretty psyched about it. The only downside is that the neighborhood around it is still on the edge of the gentrification line. Pro: cheap house, 200k for a 2000SF house 3 miles from downtown of a major metropolis. Con: decent amount of crime outside the gates of the development. Pro: Rent and mortgage are same(there is a 100$ premium on the mortgage, but that is because the HOA/Condo fee includes landscaping and such). Con: Tiny yard Pro: Game room Con: have to furnish game room! Con: Mortgage broker trying to dick me over with an extra point on my mortgage Pro: Me being savvy enough to catch it. Do Buy
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Mar 7, 2014 16:18
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lord1234 posted:So, we bought a brand new(new construction) home in a gated community. We're pretty psyched about it. The only downside is that the neighborhood around it is still on the edge of the gentrification line. Pro: cheap house, 200k for a 2000SF house 3 miles from downtown of a major metropolis. Con: decent amount of crime outside the gates of the development. Con: living near crazy conservatives who are willing to shoot anyone who looks unfamiliar. Also old people who obsess about everything. Gated communities are the worst.
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Mar 7, 2014 17:49
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lord1234 posted:Do Buy The real cons are the ones you don't know about yet.
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Mar 7, 2014 17:55
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Trillian posted:The real cons are the ones you don't know about yet. I've already owned a house...I know most of em.
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Mar 7, 2014 18:03
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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. My house was previously owned by an old couple, and a few months before they died and their children sold the house, they put in an astroturf front lawn. When I first bought the house, I was embarrassed about it and talked about redoing the front yard with a "real lawn." Four years later I've stopped caring and I've still never had to mow it.
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Mar 7, 2014 18:31
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lord1234 posted:Rent and mortgage are same(there is a 100$ premium on the mortgage How about taxes?
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Mar 7, 2014 19:27
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I'm actually legit pumped I get to weed, edge and mow my lawn this weekend. I was rained out last weekend but I took the opportunity to put some weed and feed down. I feel like you all have a hole in your heart that can be filled with a lawn.
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Mar 7, 2014 19:33
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FCKGW posted:I'm actually legit pumped I get to weed, edge and mow my lawn this weekend. I was rained out last weekend but I took the opportunity to put some weed and feed down. I feel like you all have a hole in your heart that can be filled with a lawn. My lawn is currently buried under 5 inches of snow and ice. Maybe someday the weather will turn. Do never buy in the frozen wasteland that is New England?
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Mar 7, 2014 19:35
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silvergoose posted:My lawn is currently buried under 5 inches of snow and ice.   from upstate NY.
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Mar 7, 2014 20:22
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Question about choosing a lender -- is there a website or something that lists major lender's fha rates w/ points and fees and closing costs and all that poo poo? Seems to be hit or miss on individual websites. Also, any problem with just going ahead and getting preapproval w/ local guy even if I'm not sure he's who I'd actually want to use when buying? I guess a potential second credit check ding but that probably won't matter.
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Mar 8, 2014 06:33
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PuTTY riot posted:Question about choosing a lender -- is there a website or something that lists major lender's fha rates w/ points and fees and closing costs and all that poo poo? Seems to be hit or miss on individual websites.
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Mar 8, 2014 06:42
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Misogynist posted:It doesn't matter much who you go with for preapproval. They expect you to rate shop, so you have a 14-day period in which you won't get dinged for multiple credit checks from lenders. Just make sure you get all your applications originated within 14 days and you're fine! The initial ding might cause you a slightly worse rate for every lender past the first if it puts you in a different FICO bracket, but I'm honestly not sure how that works or whether that's taken into account by lenders. No. Every credit inquiry within the last 90 days, at a minimum, will be reported on your credit report and most lenders will want to know what is going on with those. Currently undisclosed debt is the primary driver of repurchase demands in the industry so it's a rather big deal for lenders. I can't speak to the implications towards your actual credit score, but your lender will know who you talked to before them. At a minimum, they likely will ask for explanations as to the prior inquiries to determine that there isn't any undisclosed debt, and that explanation should make sense given the circumstances. Many lenders also cap out the number on inquiries that can be tied to mortgages directly as well, so while rate shopping is important try to not go overboard with it. Captain Windex fucked around with this message at 08:07 on Mar 8, 2014 |
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Mar 8, 2014 08:02
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Is a HUD home with insured escrow a Do Not Buy? Is there a big reason I shouldn't consider the $100 down payment incentive offered in my state?
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Mar 9, 2014 03:13
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Are there any decent, no-nonsense, appliance review websites? I need to outfit my new house with all the major appliances, as I'm going to sell the ones I own now to avoid moving them 1200km across the country - but I'm not sure what types of reviews to trust, what brands are good, and what to avoid.
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Mar 9, 2014 18:51
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mik posted:Are there any decent, no-nonsense, appliance review websites? Consumer Reports?
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Mar 9, 2014 19:49
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There are only 3 or 4 manufacturers, GE is trying to sell off the business so I would avoid them. I have decided to buy the cheapest whirlpool ones on sale at Lowes and just throw them out every 5 years.
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Mar 9, 2014 22:40
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mik posted:Are there any decent, no-nonsense, appliance review websites? I need to outfit my new house with all the major appliances, as I'm going to sell the ones I own now to avoid moving them 1200km across the country - but I'm not sure what types of reviews to trust, what brands are good, and what to avoid.
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Mar 9, 2014 23:59
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moana posted:Go to Sears and get one of the display models, is the best advice I've heard on that. They'll be dinged up and half-off but otherwise brand new, and the warranties are good. http://www.searsoutlet.com/ has inventories
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Mar 10, 2014 00:15
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We closed, the final HUD was delayed again due to lender fuckery and we ended up paying about 300$ in fees that SHOULD have gone to the seller, but apparently our lender insisted on it going to us, and their credit was larger than they told us.. so we didnt argue too much. two days painting, we're all tuckered out.
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Mar 10, 2014 03:15
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What's the most effective way to look for a mortgage lender? There are an astounding amount. We have our credit union, and are considering going through them, but I'm trying to do my due diligence to see if they're actually a smart option. Is the mortgage rate search on Zillow a terrible place to start? For what it's worth, we're already pre-approved through Wells Fargo, but we picked them just because they're a big name that a potential seller would recognize so they knew our qualification wasn't poo poo.
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Mar 10, 2014 11:19
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We went through zillow, then read reviews online about the bank we ended up choosing. What I found is that you can get better rates online, and get some (or better) lender closing credits. We saved ~#2800 upfront plus 0.125% APR by going with an online lender rather than a local mortgage broker, but we had to follow up on everything ourselves instead of having someone run interference for us. That said, if I was doing it again I would try find a good local bank/CU who I felt had the experience and commitment to making it as painless a process as possible. Things like not having to provide the same document multiple times and taking initiative to work with ours and seller agent directly etc instead of going through us all the time. Edit - this doesn't sound like a huge hassle and honestly it wasn't that bad, but there is something to be said for being able to do business in a more personal manner and in your local community. I appreciate that a lot more now that I've gone through it once.
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Mar 10, 2014 16:51
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What special considerations do I need to have for a house that's been sitting unoccupied since July? It has been winterized. Obviously we'll send in an inspector before we bid, but anything they/we should look out for specifically?
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Mar 10, 2014 22:00
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LogisticEarth posted:What's the most effective way to look for a mortgage lender? There are an astounding amount. We have our credit union, and are considering going through them, but I'm trying to do my due diligence to see if they're actually a smart option. Is the mortgage rate search on Zillow a terrible place to start? Credit Unions are pretty good, they will also usually price match. As far as giant banks go Wells Fargo is one of the least terrible. Finding a competent mortgage broker would be a good third opinion as far as what market rates are but there are good ones and bad ones.
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Mar 10, 2014 22:10
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Elephanthead posted:Finding a competent mortgage broker would be a good third opinion as far as what market rates are but there are good ones and bad ones. I did this and it was a very good thing. When you are comparison shopping lenders and rates, you have to do it all at exactly the same time, because rates/costs/incentives change daily and even twice a day. A good broker checks rates at a dozen or more banks and lenders all at once, and then gets you the best package he can. He's also paid by the lender (which means only lenders that work with brokers are going to be considered, but that's basically all of them), so it costs you nothing to work with a broker. The main drawback is that some less-good brokers will just go with whatever "favorite" bank offers them the best compensation, but I'm not sure if that's even legal in some/many states. In my case I went with a broker recommended to me, who specialized in FHA loans (my loan was FHA), and we did great. We used him again when we re-financed in 2011, and since I had a big window, he was able to just check rates every day or three and then we jumped on a specific day when there were lots of incentives... my refi wound up costing me nothing because of the cash-back incentives, so I basically got to drop my interest rate to 3.75 for free. Never would have gotten that kind of deal if I'd been trying to shop for rates myself. In both cases (the original purchase and the refi), Wells Fargo bought my loan immediately. You should keep that in mind when shopping for your own lender (whether you use a broker or not): it's usually the case that your loan may be bought, so don't go with your own credit union solely based on your desire that they be the ones you send your mortgage check to, unless they can provide a guarantee that they won't sell the loan (and getting such a guarantee might well cost you money).
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Mar 11, 2014 01:12
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