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jomiel posted:Going to put in another offer in next week, we live in SF and were thinking about putting down all cash to be more competitive, and get a cash out refinancing later. (We lost our previous offer because someone else also agreed to the 10% increase counter-offer AND were able to close within 7 days--basically paying cash.) Has anyone done this or know how it works? From research it seems like the 60-day waiting period is not longer applicable, and we will be able to apply for the refinancing as soon as we close on the house. How would taxes work though? Would this be considered an equity loan instead of a mortgage? Then my tax deductions will go way down? Bloody Queef posted:There's a way to get fully approved so the bank can get the mortgage done in something like 6 days. I was talking to a loan officer about this and he recomends it for short sales where sometimes the approving bank gives you 10 days to settle. Delayed financing exception. It's a cash out refinance that skips the normal 6 month waiting period to be eligible to cash out on a newly purchase property. Fannie Mae's requirements (taken from https://www.fanniemae.com/content/guide/sel041514.pdf section B2-1.2-03): - The original purchase transaction was an arms-length transaction (parties to the purchase transaction didn't have pre-existing relationships) - The original purchase transaction is documented by a HUD-1 Settlement Statement, which confirms that no mortgage financing was used to obtain the subject property. (A recorded trustee's deed [or similar alternative] confirming the amount paid by the grantee to trustee may be substituted for a HUD-1 if a HUD-1 was not provided to the purchaser at time of sale.) - The preliminary title search or report must confirm that there are no existing liens on the subject property. - The source of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property). - If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the HUD-1 for the refinance transaction must reflect that all cash-out proceeds be used to pay down, if applicable, the loan (unsecured or secured by an asset other than the subject property) used to purchase the property. Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction. Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan. - The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV/CLTV/HCLTV ratios for the transaction). - All other cash-out refinance eligibility requirements are met and cash-out pricing is applied. Basically you need to document the funds you used to buy the property, can't have used any financing secured by the subject property, and can't get out more money than you initially bought the property for (except to cover additional closing costs possibly). A lot of lenders will have overlays on this (my old bank required 2 months worth of statements leading up to the purchase when usually only 1 would be required), so it's not a bad idea to have a lender lined up before the purchase. There is no requirement that your application has to be taken after the purchase closed. 6 days isn't doable, but you can get close - current compliance regs force a 7 day waiting period from the time that you are issued your initial TIL to the earliest day that you can sign closing docs, and after that you have to wait through a 3 day right of rescission if you're refinancing a primary residence until the loan can actually be funded.
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Apr 18, 2014 22:51
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Cranbe posted:I just bought in the south Denver area, though my experience was a little atypical because I got under contract in February, when the market wasn't as nutso due to seasonal reasons. Thanks a lot for this. In one instance, a house I went to view was available at 3:00PM in the afternoon before I left work, and by the time I completed the showing with my realtor around 7:30PM, was already listed as under contract and "taking backup offers". Yeah. So moving quickly on an offer is, I think, pretty critical around here, at least in the current market. That said, I was also advised by my realtor that you don't want to submit a backup offer on a place unless you're confident that it is 100% the house you want, since you are then held to the backup offer you submit, and you can only have one in at a time. I guess I don't want to send in an offer much lower than list and to have it then be snapped up by a better offer prior to being able to negotiate, given the way properties are being bought up. I think I just need to keep reminding myself to be patient.
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Apr 18, 2014 23:16
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$247.88/mo for MMI. gently caress. I had no idea it would be that much.
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Apr 18, 2014 23:18
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That 840sqft house I posted about above went for 930k. So more than 1100/ sqft. Good times.
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Apr 19, 2014 01:33
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a shameful boehner posted:My LO has told me that the payment I'm currently making for my apartment will only increase by a few hundred a month to cover a mortgage and insurance on a house, so to me it's a no brainer that it's time to move up. Keep in mind that your monthly mortgage+insurance payment is a lower bound for monthly costs, whereas rent is effectively an upper bound; additional maintenance and upkeep can add up quickly. Your LO only gets paid if you buy a house and may get paid more if you buy more; never listen to them or your Realtor about what you can afford. (I'm sure that any Realtors and LO officers in the audience are honest and make sure that their clients get the best option for their financial situation, but potential buyers should be aware that unscrupulous agents exist.)
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Apr 19, 2014 01:56
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Lixer posted:I'm looking to buy a house nearly anywhere in South Austin (minus Dove Springs... Until they get another HEB at least) for under $175k. A friend of mine has approximately your budget and he just bought way south (south of Slaughter, east of Manchaca, down past Paredes Middle School) almost in Hays County. I think he panicked tho' and could've found something closer in. I've been seeing stuff around William Cannon and Emerald Forest that I think would be a decent buy. I bought in 2007 in Holly.  I thought I paid an insane amount but now I'd make at least $75k profit despite having done absolutely nothing to the house.
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Apr 19, 2014 03:46
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a shameful boehner posted:I guess I feel fairly lucky compared to some of these stories that I've read through with trying to afford a home in areas like SF/Austin/DC/NY, though my general experience to this point is that I can get a lovely beater with repairs needed for that price in and around Westminster, Broomfield, Northglenn and Superior or I can live 30 miles north in Longmont and get an updated home built in 1990s/2000s. There's a few popping up here and there that are nice but they are snapped up in what seems like just hours of them being listed. I'm trying to figure out how to submit offers more quickly. I work in Boulder so I'm trying to keep my commute 20 miles or less so I don't go crazy driving so much every day. My situation and yours are the same, except time-shifted by a couple months (looking in the same area, working in the same area). I started looking around Broomfield/north Westminster/Lafayette in November, and had very little luck with anything until late March (under contract now, closing in a little over a week with some luck). The market around here is very short on inventory (~9000 homes for the whole Denver area), especially in the 200-300k range. When I stopped looking last month, anything worthwhile listed mid-week and was under contract by Saturday, including the house I'm under contract on. The way I handled it was look at new listings on MLS in the morning and evening, so I could call my realtor and get a showing that day if a house looked worthwhile. I didn't learn that lesson early enough, and ended up missing an excellent house on the low end of my price range by a day, because I waited until Saturday to see it, and it was under contract by the time my realtor could get in contact with the listing agent. By the way Longmont is a really great place to live, and the commute into Boulder isn't bad at all. I've lived here for the last two years renting, and have really come to like the town. Be sure to avoid the areas that flooded last fall, though.
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Apr 19, 2014 05:39
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I'm putting in an offer on a house that was definitely built in like 1920. the insides have probably been painted over like 20 times, but I have a cat who loves ripping the poo poo out of the wood on basically every corner in our current place. like when we sell our place, I'm going to have to go through room by room and put paste over all the wood damage, sand it down, and repaint. how worried should I be about lead based paint damage to my health in this new (old) house? my cats?
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Apr 19, 2014 09:08
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Probably not very much to worry about. If you're not putting it into the air by sandblasting the stuff, the majority is going to be pretty well encapsulated, even if the cat is ripping the poo poo out of a few corners.
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Apr 19, 2014 12:09
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I'm putting an offer on a house, and it hinges on it not being in a flood zone. Is anyone adept at reading flood zone maps? It appears to be clear of the flood zone to me. Google Map Flood Zone Map
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Apr 19, 2014 21:18
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nebby posted:That 840sqft house I posted about above went for 930k. So more than 1100/ sqft. Good times.  That literally 10x the $/sqft rate I just paid for a house in the Phoenix area in a really nice neighborhood.
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Apr 19, 2014 21:26
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canyoneer posted:
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Apr 19, 2014 21:33
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Linco posted:I'm putting an offer on a house, and it hinges on it not being in a flood zone. Is anyone adept at reading flood zone maps? It appears to be clear of the flood zone to me. I'm a professional Flood Zone Map Reader, and quite proficient at reading Flood Zone Maps. In fact, if you google Flood Zone Map Readers I'll probably be near the top of the list. If you want me to professionally read that FZ Map for you (FZ is what we called Flood Zones in the business) then I can do it, just PM me your preferred form of payment and that FZ Map will be read in no time. Good luck!
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Apr 19, 2014 21:33
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Linco posted:I'm putting an offer on a house, and it hinges on it not being in a flood zone. Is anyone adept at reading flood zone maps? It appears to be clear of the flood zone to me. Yeah, you're outta the flood zone but wow, everything else is pretty much in it. If something serious happened, you'd be marooned. Maybe you should get a boat.
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Apr 20, 2014 00:57
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Lixer posted:I'm looking to buy a house nearly anywhere in South Austin (minus Dove Springs... Until they get another HEB at least) for under $175k. Lixer, why are you not checking out Arbor ridge? Yes its technically "Dove Springs" but its a gated community...We bought a 2k SF brand new home for 209 out the door...
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Apr 20, 2014 02:40
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Linco posted:I'm putting an offer on a house, and it hinges on it not being in a flood zone. Is anyone adept at reading flood zone maps? It appears to be clear of the flood zone to me. It's in the clear now, but the boundary is literally at the street. You should not be surprised if natural changes cause you to be in a flood zone in future FRMs.
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Apr 20, 2014 03:24
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nebby posted:Yeah this is the second place we've bid on with similar results each time -- it has pretty much sealed that we are going to rent next year. This market isn't really one that a average couple looking to buy a home can compete in, even if they both have steady reasonably high paying jobs. It's all speculators and high net worth individuals looking at homes as an asset class/income stream, not a place to live. The yield on these homes from a rent basis is hovering around 5% I think (completely ignoring expenses/management overhead), which is competitive with slightly levered bond funds, so at this point it's probably not even smart money bidding. It sounds like you are looking in the exact area my wife and I were looking for a house. We just closed last week, but we have been looking pretty hardcore the last 6 months or so in the area between and including Redwood City and San Mateo. There is some discount for bulk purchasing, where a 1000 sqft house could be $1m, while a 2000 sqft house might be $1.3-1.4m. Some areas are much more investor heavy, where it felt in Belmont half the houses were going for 30% over asking all cash offers, while San Carlos which is fairly similar seems like it is more traditional mortgages that were only 10-20% over. I was speaking to a realtor who said he goes to China every 3 months to give seminars about investing in the bay area and he was saying they get about 300 people per city (it is kind of like a tour that goes city to city), mostly middle class, who essentially pool money into a fund to buy houses here. I have no idea how accurate that is though.
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Apr 20, 2014 03:32
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You are receiving this broadcast as a dream...We are transmitting from the year one nine... nine nine ...You are receiving this broadcast in order t
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sklnd posted:The market around here is very short on inventory (~9000 homes for the whole Denver area), especially in the 200-300k range. When I stopped looking last month, anything worthwhile listed mid-week and was under contract by Saturday, including the house I'm under contract on. The way I handled it was look at new listings on MLS in the morning and evening, so I could call my realtor and get a showing that day if a house looked worthwhile. I didn't learn that lesson early enough, and ended up missing an excellent house on the low end of my price range by a day, because I waited until Saturday to see it, and it was under contract by the time my realtor could get in contact with the listing agent. Jesus christ. Yesterday, I went to a showing for a house in Broomfield in a perfect location near 36, right on the nose for my loan price range. Decent house, updated interior, recent roof, AC, etc. Really just a great little starter house. When I got there, there were no less than 4 other agents with about 12 other people in tow also viewing the house. I liked it enough after seeing a few other properties that I told my agent I was ready to put together an offer today and submit it to the listing agent tonight on Easter Sunday. While I was refreshing my browser this afternoon, the house disappeared off the site and is now listed on a few others as pending.  I spoke with my agent and she confirmed that the house had received an offer.I really don't know how I can move any quicker other than to submit an offer immediately after showing, or, gently caress, DURING the showing. Real estate moving at this speed feels impossible to keep up with. ex post facho fucked around with this message at 21:57 on Apr 20, 2014 |
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Apr 20, 2014 21:40
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a shameful boehner posted:Jesus christ. Are you not visiting the house with your realtor? When we made our offer, we had our guy with us and we decided on the spot how much to offer (which in our case was exactly the asking), and he called the listing agent on his cell to say he was about to submit an offer and find out the status. He sent over an offer as soon as he got back to his office, which was maybe an hour later. This was in a much less competitive market on a much less competitive house. I absolutely think you need to be faster than two days, even on the Easter weekend. If your realtor can't or won't get an offer in within hours of your decision, you may have to seek a new realtor.
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Apr 20, 2014 22:05
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Leperflesh posted:Are you not visiting the house with your realtor? When we made our offer, we had our guy with us and we decided on the spot how much to offer (which in our case was exactly the asking), and he called the listing agent on his cell to say he was about to submit an offer and find out the status. He sent over an offer as soon as he got back to his office, which was maybe an hour later. I am visiting with my realtor, but yeah, I'm starting to see that I need a same day offer if I like a place. Its crazy to me that its moving that quickly. I was discussing with a few other people and they have all agreed that the market is incredibly tight at the moment. All of them also mentioned that they had at least a week after showing to submit an offer without issue, and that was just a couple years ago.
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Apr 20, 2014 23:00
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a shameful boehner posted:
It's not what I expected either. I do work work odd days/hours, so I might get lucky with something that hits the market on a Tuesday that I can get to before most other people.
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Apr 20, 2014 23:48
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a shameful boehner posted:I am visiting with my realtor, but yeah, I'm starting to see that I need a same day offer if I like a place. Just a couple years ago we were still in the midst of a horrific real estate crisis in this country, during which prices plunged and credit dried up. I'm not saying the situation you're experiencing now is necessarily "normal," but the situation two years ago is nothing to use as a basis for what is normal. Prices are rising in many or most markets in the US, as there are an increasing number of buyers and a shortage of inventory. Everyone should expect prices to go up month by month, especially now we're crawling out of a bad winter, and everyone should expect that particularly desirable properties will attract several bids and go into contract very quickly after being listed. I think it's good to set one's expectations realistically. If your budget is $250k, but you're in a market where overbids and multiple bids within a day or two of listing is common, you need to be looking at properties listed at $200k and below. Otherwise you're just wasting your time. And it may be that you have to adjust downward what you can expect to afford, in terms of neighborhood, square footage, condition, or some combination of those. This is not directed specifically at you, shameful: there have been a bunch of posts in the last five or ten pages from people who are frustrated at being constantly outbid. If you're being repeatedly outbid on every house you want, you're bidding on houses you can't afford.
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Apr 21, 2014 00:08
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Christ, the Denver real-estate market sounds like it was 13 years ago. It was that crazy up just up to the year before I took the plunge. I bought in Broomfield because my employer was located at Interlocken. It's a decent location for Boulder although 36 is hell during rush hours, even when it's not torn up like it is now. Be sure to bone up on the alternate routes if you haven't already. The low inventory is causing a similar situation in Vermont. My wife and I have been pouring over listings for several months we and signed on to an agent earlier this month. They confirmed that between $200-$250k, the market is crazy with initial day showings/offers. Luckily in our rage of $250-$275, it's not quite as bad. It's only taken us two houses (and numerous independent drivebys) to find what we were looking for. As of last night we're under contract! One thing that stuck out is the importance of preparing your house for sale. When I sold in 2011 I took suggestions from my realtor (new appliances, paint, staging). It cost around $4k and I felt it was worth every penny. For this place, this year's listing price was much lower than the original price from last year. Without spending much more than I did for similar preparation, I'm convinced it would have sold for the original price (and out of our range).
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Apr 21, 2014 13:56
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When I saw a house I thought I might bid on, my realtor would call the selling agent and ask when s/he would be presenting offers to the seller. That then let us know whether there was time to think about it, or whether we needed to hash out the details in the car outside the property.
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Apr 21, 2014 14:01
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lumbergill posted:When I saw a house I thought I might bid on, my realtor would call the selling agent and ask when s/he would be presenting offers to the seller. That then let us know whether there was time to think about it, or whether we needed to hash out the details in the car outside the property. This, also, I know at least once the sellers got an offer already but gave us some time to put together our own.
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Apr 21, 2014 14:18
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Yeah, the sellers are often in a hurry, but if they know another offer is coming, they're probably willing to wait a day or two for it. After all, sellers almost always want more money if they can get it, right? The worst thing is to take a couple days to get an offer together while also not informing the sellers that it's coming. They have no idea you're interested and may decide to jump on someone else's offer before it gets retracted, or in an effort to close before some upcoming deadline (especially if they're using the sale to buy another house).
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Apr 21, 2014 19:28
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nebby posted:That 840sqft house I posted about above went for 930k. So more than 1100/ sqft. Good times.  Yeah I'd say the situation has gotten out of hand again.
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Apr 22, 2014 00:33
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Uhhh, what? I don't think that chart is showing what you think it's showing (it appears to be a comparison of how much more a house in 2004 or 6 using stupid subprime adjustable rate interest-only financing cost, compared to 30 year fixed loans and current interest rates as well as current prices). It is not an apples-to-apples comparison of prices, except for the one AVG PRICE line there which shows a decline in price from 2004 to 2013? e. In fact I think the point of that chart is in praise of lovely interest-only loans because they lowered the income requirement and payment size for buyers. Which is dumb because as we all should know, that was a disastrous way to get people into houses they couldn't actually afford. Leperflesh fucked around with this message at 00:45 on Apr 22, 2014 |
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Apr 22, 2014 00:42
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Leperflesh posted:Uhhh, what? I don't think that chart is showing what you think it's showing (it appears to be a comparison of how much more a house in 2004 or 6 using stupid subprime adjustable rate interest-only financing cost, compared to 30 year fixed loans and current interest rates as well as current prices). nebby fucked around with this message at 01:35 on Apr 22, 2014 |
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Apr 22, 2014 01:32
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Yeah I think what that actually shows is that subprime and poor buyers were able to buy at all, due to predatory lending and liar loans and interest-only loans, on the basis that they'd sell again before 5 years went by and their payments ballooned. That chart shows only their payments before their ARMs detonate. Maybe that meant more buyers participating in the market which would drive prices up (it did) and maybe that would be a reason to think that today's prices are much more sustainable and non-bubbly (in my opinion, it absolutely does). If you believe like I do that today's buyers can actually afford their payments indefinitely, then even if we're in a bubble, the popping of the bubble should not result in another mortgage crisis. Which leads me to think that we're not actually in a bubble: maybe prices will decline at some point soon, but I think if they do, they'll do so gradually and sanely rather than in a bloodbath.
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Apr 22, 2014 02:15
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Of course a 30 year fixed is going to be more expensive than the first 5 years of a 5/1 option arm or interest only. However, people build equity and aren't surprised when their payment at year 8 is double what it was in year 1.
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Apr 22, 2014 03:26
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Leperflesh posted:Uhhh, what? I don't think that chart is showing what you think it's showing....shows a decline in price from 2004 to 2013 edit 3x: 8-7% is still high + wages are still stagnating or dropping while the cost of living (ie. housing, healthcare, college) rises dramatically. You need huge job growth + huge wage increases to justify today's prices. More McJob's won't cut it either which is almost entirely the sort of job that has been added to the economy during this 'recovery' and is largely responsible for the decline in unemployed that the chart is showing. \/\/\/\/\/ PC LOAD LETTER fucked around with this message at 15:43 on Apr 22, 2014 |
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Apr 22, 2014 15:23
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PC LOAD LETTER posted:Its not trying to make a apples to apples comparison. Its just showing the costs of commonly used 'cheap' mortgage loans (for the time periods) on a monthly basis. While its true prices haven't gotten as high as they have during the peak of the bubble the fact they've gone up as high as they have, or any amount at all really given the job/wage situation vs a couple of years ago, is a pretty clear indication of a bubble. You mean, the decline in unemployment rate of today vs. a couple of years ago? I think with increasing employment we should expect sustainable demand to go up.  source
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Apr 22, 2014 15:29
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The bathroom has been completed and we close in 6 days. Is it normal to be stressed out despite multiple inspections and covering all our bases that there is maybe some huge problem lurking behind the dry wall or under the lovely carpet we need to rip up?
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Apr 22, 2014 19:14
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couldcareless posted:The bathroom has been completed and we close in 6 days. Is it normal to be stressed out despite multiple inspections and covering all our bases that there is maybe some huge problem lurking behind the dry wall or under the lovely carpet we need to rip up? That happened to me exactly. I posted about it here several pages back. Relax, though. Nothing you can do about what you don't know other than plan for the worst and hope for the best.
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Apr 22, 2014 19:37
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Cranbe posted:That happened to me exactly. I posted about it here several pages back. The good lesson that if you are selling your house, be sure it's in shipshape or else you'll create difficulties for buyers with certain loans, which shrinks your buyer pool.
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Apr 22, 2014 19:43
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Never trust realtors: A unit is for sale in the condo that I currently rent in. My girlfriend and I were walking back to my place and an open house for the for-sale unit was apparently just wrapping up. The realtor was in the lobby when we entered and started chatting us up a bit, assuming that we are owners in the building. "Just crazy, 32 people attended the open house, we're probably going to get multiple offers and we'll really be able to jack the price up. You guys [the owners] deserve to 'recover' more. Just what a great building, great building!" Yes, a great building that has had repeated/ongoing incidents of water damage that still haven't been resolved, a garage that has flooded twice during heavy rain due to a failed sump-pump system, and multiple break-ins due to shoddy security. I'm really glad I'm only renting and don't own a unit in this building. I want to warn whatever poor suckers are about to bid up the already high (IMO) 310k asking price, but... well you can't stop a market gone full retard.
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Apr 22, 2014 19:44
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couldcareless posted:The bathroom has been completed and we close in 6 days. Is it normal to be stressed out despite multiple inspections and covering all our bases that there is maybe some huge problem lurking behind the dry wall or under the lovely carpet we need to rip up? There is always a huge problem. You will soon arrive at the conclusion that finding them is normal.
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Apr 22, 2014 19:47
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canyoneer posted:The good lesson that if you are selling your house, be sure it's in shipshape or else you'll create difficulties for buyers with certain loans, which shrinks your buyer pool. I was referring specifically to the damage and issues hiding behind walls and under lovely carpet discovered after closing. Closing for me was a piece of cake—the inspection didn't uncover anything serious, and the lender didn't have any issues.
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Apr 22, 2014 20:00
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So what is everyone's opinion on taking out a loan against your 401k to help fund the downpayment for a house? We're already pre-approved and everything so this will just be for trying to get to 20% down to avoid PMI. I'm 29 years old. Got 40k in my 401k. I can withdraw 20k of that. Max pay back period is 10yrs. I pay 4.25% interest to myself with no tax implications. If I am let go I can still continue with my payment plan, but I'd have to set up the payment plan myself or whatever. Here's the scenario: We're looking to bid 390k on a house. We can afford to put down about 17% or about 66k. So $12k short of 20% down. We don't want to entirely wipe out our savings after closing costs. It would take us 33 months to get to 20%. So $100 PMI a month means $3,300 gone. What I could try to do would be take out a $7k loan on my 401k. Paying that back over a 10 year period would mean monthly payments of $72 a month. The remaining $5k I could get as a "gift" from my twin brother who's still living at home, mooching off my parents. Even though he's been working for almost seven years. Pfff. Anyway, he obviously has money saved up and is not buying anything any time soon, so he said he could loan me that dough. Now that would lower my mortgage payments by $58. Sure I would have to pay $72 a month for my 401k loan plus some undisclosed amount to my brother. But I'd avoid the $100 PMI! Plus my payments will be lower for the remainder of my mortgage. Now hopefully I could pay back my 401k loan after my annual bonus next March. The money I'll owe my brother. Ehhh he'll be flexible. So, does anyone have any advice on this? It seems like if I could get it to all come together it would totally be worth it. Or is taking on even more debt not a good idea? I figure paying interest to myself beats paying it to some bank. I know my investments could earn better than the 4.25% I'm paying myself. But I'm not worrying about that much. But avoiding PMI and lowering my mortgage seems like a good deal. Is there anything I'm overlooking here?
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Apr 22, 2014 21:16
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