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That's kind of what I thought, but I wasn't sure. Is it bad logic to think an appraisal would come close to the assessed value? I guess I could always use an updated appraisal as leverage to contest the assessed value and pay less in taxes, worst case.
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Jun 4, 2014 00:21
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I don't know what state you're in or what your county/locality's assessment rules might be, but for my own house, my assessment is done annually in January and is based entirely on statistical data. It has very little relationship to a real estate appraisal and I'd be amazed if I could use either to affect the other in any way. But like I said it could be different where you live, I am not an expert on that.
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Jun 4, 2014 00:28
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spencer for hire posted:After having an inspection done on a house and checking out the attic I'm a little puzzled. It's a walk up attic with insulation "paneled in" to the roof with lovely 70s looking cardboard fake wood siding. There is no ridge vent or any other venting in the attic so where would the air even go from the whole house fan unless you open a gable window? It's a finished (or at least semi-finished) attic with a whole house fan and a bathroom fan exhausting into it? That's... interesting. Neither would be particularly expensive to fix, but it really calls into question the quality of the attic work... Exhausting a bathroom into the attic, ventilated or not, is bad news and can easily cause serious mold problems.
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Jun 4, 2014 01:10
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Leperflesh posted:I don't know what state you're in or what your county/locality's assessment rules might be, but for my own house, my assessment is done annually in January and is based entirely on statistical data. It has very little relationship to a real estate appraisal and I'd be amazed if I could use either to affect the other in any way. You're probably right. My assessed value has come up significantly since I purchased the home. It would be nice if I could use that to lower my mortgage payment, instead of just the opposite. Numbers going up should be a good thing! Year--Value 2015 --243,600 2014 --213,600 2013--191,300 2012*-173,900* 2011 --180,400 2010--180,400
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Jun 4, 2014 04:49
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Oh, sure, it's a good thing. You could sell your house for a big profit! Of course, then you'd have to go live somewhere. And that somewhere maybe costs more now that property values have risen. But what if you don't! You could move to Aruba. Or Saskatchewan!
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Jun 4, 2014 04:57
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Leperflesh posted:I don't know what state you're in or what your county/locality's assessment rules might be, but for my own house, my assessment is done annually in January and is based entirely on statistical data. It has very little relationship to a real estate appraisal and I'd be amazed if I could use either to affect the other in any way. Tax appraisals never affect market values much, but market values can indeed impact tax assessments depending on state law. My state (TX) requires the tax assessment to be the lower of the market value or median assessment of comparable properties. I was successful in my property tax protest least year because I had two appraisals done that showed the market value to be lower than what my tax assessment was.
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Jun 4, 2014 05:02
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Zhentar posted:It's a finished (or at least semi-finished) attic with a whole house fan and a bathroom fan exhausting into it? That's... interesting. Neither would be particularly expensive to fix, but it really calls into question the quality of the attic work... Yeah it is incredibly strange and making me seriously consider just walking away. I know I can ask for the owner to fix it or a credit but now I'm paranoid that there is more poo poo like that throughout the house.
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Jun 4, 2014 06:19
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In the process of buying a townhouse and I was looking for a little bit of advice on hiring an attorney. I have three recommendations from friends and my realtor about lawyers. I was wondering what questions I should be asking, and what types of answers I should be looking for?
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Jun 4, 2014 15:53
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SlapActionJackson posted:Tax appraisals never affect market values much, but market values can indeed impact tax assessments depending on state law. My state (TX) requires the tax assessment to be the lower of the market value or median assessment of comparable properties. I was successful in my property tax protest least year because I had two appraisals done that showed the market value to be lower than what my tax assessment was. It sounds like I may have an opportunity get rid of the PMI with an appraisal. I would like to avoid a refi, because I would probably not be able to get a rate that would make it worth it (currently at 3.75%)
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Jun 4, 2014 17:28
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I Love Topanga posted:It sounds like I may have an opportunity get rid of the PMI with an appraisal. I would like to avoid a refi, because I would probably not be able to get a rate that would make it worth it (currently at 3.75%) Factor in the cost of the refi, as well. A refi can be anywhere from completely free, to several thousand dollars, depending on the whims of the market on any given day. It's the reason I haven't refinanced out of my own 3.75% FHA loan with MIP, even though I'm pretty sure my home would appraise for enough to put me above 78% LTV. Comparing the likely cost of the refi, plus the higher interest rates these days, vs. the amount of MIP I'll pay between now and when I hit 60 months, and it's likely a wash. It could be a loss, if I hold this house for a long time, or it could be a gain, if I sell it within the next four to six years, but I really don't know which of those will happen. So I'm gambling that I'll hold the house for longer, and just sticking with my super-low interest rate. If rates dropped down to 4% flat on a 30-year I'd do it. e. actually, rates dipped to 4.17% last week? Man, this is starting to look like I should probably refi. I've got to run the numbers again. Leperflesh fucked around with this message at 19:45 on Jun 4, 2014 |
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Jun 4, 2014 19:07
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Home inspection complete! Nothing at all major. There's some minor electrical poo poo that needs dealing with (a couple labeled GFCIs don't trip anything, and there are a few odd loose wires in the unfinished part of the basement but nothing major) and the one "big" thing is that the fan on the water heater, the bearings are shot, it makes a racket, gets really hot, and doesn't seem very reliable - we had to cycle the power to get it to run again after running it for a bit, draining the tank by running lots of hot water, and then waiting for it to turn on. 30 minutes later it needed a power cycle and then it went fine, so hopefully they'll get that fixed for us. I don't think they'll fuss much - it's probably covered by the home warranty from the looks of things, but I really don't have a clue how those work. Either way, everything important seemed pretty solid, so we're optimistic they'll just fix all the minor poo poo, or if I have to do it it'll be cheap and easy for me to do. Quite pleased at the moment. Got the bank their paperwork yesterday, so now it's basically just wait around for a while for that to get approved etc.
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Jun 4, 2014 19:40
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shortspecialbus posted:I don't think they'll fuss much - it's probably covered by the home warranty from the looks of things, but I really don't have a clue how those work. My experience is they excluded anything that is known to have problems based on the inspection report. I guess if you paid a lot more they will cover it though. My agent bought it for us as a gift.
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Jun 5, 2014 00:08
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God loving damnit. I got this from my loan originator earlier today: quote:I spoke with the investor and I misjudged the extension fee. While this investor has excellent rates, their extension fees are higher than the norm. The fee to extend the lock is $1368.00. If it was the seller that requested the date change, you might want to negotiate the fee with them or move the closing date and allow them to rent back for 2 weeks to mitigate the costs. The extension fees are 0.30% of the loan amount for a 15 day extension so closing the 30th would drop the extension fee to $684 (228,000 X 0.30% = 684). That is loving absurd. $1,368 just to extend the rate lock 30 days? That's 46% of the closing cost concession made by the seller to me. My rate with 5% down in a conventional loan is 4.375%. The fact that the seller had the option to extend the close date out 30 days was communicated to the originator at the outset of the process, so to all of a sudden be informed that it's now going to cost me almost $1,400 is just crazy to me. According to my realtor, the sellers have had a bad experience with a rent back in the past and that isn't a viable option. Given that the closing date on the property is still more than 30 days out (July 15th), should I immediately start looking for a different loan originator? What are my options here? I've let the guy know I'm not happy and I want alternatives, so I'll give him some time, but still. Frustrating as gently caress.
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Jun 5, 2014 03:13
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If you want my guys number in Denver just let me know. He was pretty awesome and had me all set in under a week. We locked everything in about 40 days out as well.
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Jun 5, 2014 04:14
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Interesting. My buddy extended a while (30-45 days) last summer without any charges, same rate lock. Then again he is at 4.25% and 5% down I believe.
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Jun 5, 2014 05:55
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I suspect rate lock costs vary and are based on recent volatility in mortgage interest rates. Many banks immediately sell loans they originate, but if they think rates may rise during the lock period, their ability to sell that loan drops and/or they'll have to take less money for it from the buyer. Have you asked the originator if they could just let the rate float and then lock it in in a couple weeks?
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Jun 5, 2014 06:05
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Relative mortgage rates between the time you locked and the time that your lock expires has a lot to do with the cost of extensions. It's been a while since I worked the lock desk, but if I recall correctly at my old bank if rates were better (lower) you could extend 15 days for free or 30 for .125. If they were worse (higher) you'd pay anywhere from .250 - .500 for the same 15 or 30 days. Short version - when you lock with a lender they, in turn, lock the same commitment with the relevant GSE - Fannie, Freddie, or Ginnie (assuming it's a direct servicer) at some level of profit margin. You might be locking 4.5% at par, they lock it paying them 1% or whatever. When you extend your lock they have to extend the same commitment and are charged fees for doing so, whether the loan closes or not. They also have the option of breaking the commitment entirely for a fee, generally, but then can re-hedge the commitment based on the new rates. So if the rates are much better now they can potentially offer cheaper extensions because they have the option of breaking the commitment on their end, eating the fee for the broken commitment (say .2%), and then re-locking that same 4.5% that's now paying 1.5% instead of 1% at a profit. If rates are worse on the other hand they will generally charge flat rates based on how long you need in order to pass through the expense for the extension fee charged by the GSE. If you're not going through a direct servicer the same situation basically applies, but with an extra layer of hedging fuckery as the lender they're trying to out-hedge is also trying to out-hedge the GSE. There are other factors that come into play as well, especially if the lender you're going through is not a direct servicer. If they're a correspondent lender intending to sell the loan to another lender, they have the option of trying to lock you through another lender if current rates are competitive, but doing so can have a negative impact on their relationship with the existing lender so they may be hesitant to do so. Customers that had lovely lock fallout with us basically lost 0.250% on every deal they closed with us until they fixed the issue or were terminated. Lock policies are probably one of the most highly variable things in the industry so can't comment much on the ability to float the rate, but most policies I've seen required anywhere from 30-180 days of the lock having expired before they were eligible to lock at current market rates, assuming they had improved from the original lock position.
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Jun 5, 2014 06:41
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Leperflesh posted:Factor in the cost of the refi, as well. A refi can be anywhere from completely free, to several thousand dollars, depending on the whims of the market on any given day.
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Jun 5, 2014 11:56
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a shameful boehner posted:God loving damnit.
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Jun 5, 2014 12:39
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spwrozek posted:My experience is they excluded anything that is known to have problems based on the inspection report. I guess if you paid a lot more they will cover it though. My agent bought it for us as a gift. I don't know much (or care that much, honestly) about the home warranty - we found out that it existed and was bought by the sellers after we had already decided to buy the house, so it wasn't a selling point. The ~literal worst case~ scenario here is that we spend about $300 out of pocket to replace the stupid fan ourselves. It's probably cheaper than that, honestly, but I said ~literal worst case~ so I'm not going to sweat it much. The sellers thus far have been pretty cool about everything anyways, and the one I met was a pretty cool guy, so I wouldn't be surprised if they just get it fixed since it's borderline a required fix, as a major house component isn't really working properly. We'll find out I guess. I think the last tests remaining are the water tests and the radon test.
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Jun 5, 2014 14:40
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Captain Windex posted:Relative mortgage rates between the time you locked and the time that your lock expires has a lot to do with the cost of extensions. It's been a while since I worked the lock desk, but if I recall correctly at my old bank if rates were better (lower) you could extend 15 days for free or 30 for .125. If they were worse (higher) you'd pay anywhere from .250 - .500 for the same 15 or 30 days. I think it's the extra layer of hedging fuckery that's loving me, as I'm not working with a direct servicer, just a mortgage loan originator, so I think they'd be considered to be a "correspondent lender" as you called them. I understand that it's a highly variable policy in the industry, but if the loan originator had done his due diligence to inform that the fee to extend would be this high (0.30% of LV per 15 day extension, so .60%) I would have asked him to provide me with other options if the seller extended the closing date. I made it clear that it was the seller's option to extend from the outset. I've reached out to a friend's servicer that he recommended just to have a backup plan. Ultimately I could eat the $1,400 cost, but that would damage my financial position already weakened by the down payment/closing process and amounts to basically an entire month's mortgage payment. That's really not acceptable to me. The fact that I'm getting this SURPRISE, BITCH cost out of nowhere is so aggravating. I've gotten the property inspected, appraised, submitted to having a spotlight up my rear end for the last 3 months and read through reams of paper and I just want to start moving in already. 
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Jun 5, 2014 16:26
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Dik Hz posted:Please show us a completely free refi. This I'd love to see. My own refinance in October/November 2011 cost me absolutely nothing, when all was said and done. I even got to miss a payment in November. They were that desperate that week to get refinances that there was enough cash on the table in incentives to cover all of the expenses, as well as pay my broker. Bear in mind, it was a FHA streamline refi, so I didn't have to pay for an appraisal. e. I just checked my paperwork from back then to be sure. Basically, we owed $1400 at signing, but the refinance included cash to pay the first month of the loan, and our monthly payments at that time were over $1400 in principal + interest. So it was a wash - perhaps not technically "free" but it amounted to no extra dollars out of our pockets in order to drop from 5.125% to 3.75%. Leperflesh fucked around with this message at 18:50 on Jun 5, 2014 |
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Jun 5, 2014 18:02
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Sounds like the loan originator would be willing to re-lock me without a fee on the 23rd of June. That seems a lot better than $1400 out the door, but I'd be a bit worried about a spike in rates (they increased slightly this week IIRC) between now and then. Ultimately I wouldn't want waiting ~18 days to gently caress me over in the long run and end up costing me far more than $1400 if my rate jumps. Bankrate seems to suggest that 67% of the surveyed LOs believe that rates will either remain unchanged or go down over the next week. I would just need that to hold for the next two weeks. Decisions decisions.
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Jun 5, 2014 18:23
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Uh oh  Slab on grade. Home ownership. Sigh.
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Jun 6, 2014 01:09
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Jealous Cow posted:I'm a homeowner. Jealous Cow posted:Uh oh That was fast.
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Jun 6, 2014 01:14
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Leperflesh posted:That was fast. I don't really know how concerned to be. It's a floating slab so that isn't load bearing, all the walls sit on cinder blocks. It was like this all along just covered by vinyl flooring. I started pulling it up to put in engineered wood.
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Jun 6, 2014 01:20
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Sataere posted:In the process of buying a townhouse and I was looking for a little bit of advice on hiring an attorney. I have three recommendations from friends and my realtor about lawyers. I was wondering what questions I should be asking, and what types of answers I should be looking for? You want to know at minimum the details of the HOA's financials in terms of their reserves. I didn't know when I moved in that my HOA had $5,000 in reserves for about 180 units. So if a hailstorm hit and destroyed our roofs, we'd be out of pocket. The new board is pissing everyone off by raising the dues the maximum amount every year but at least we're on the way to being loving solvent now. I laugh when people bitch at the HOA meetings because it's typical financial idiot america. "I can't afford another $10 a month!" gently caress you, I can't afford to re-roof the whole complex. We're about 60% of where we ought to be right now. And that's at a minimum. I'd go door to door and ask other owners if they're happy with the HOA. Most won't be, but read their reasons between the lines. Most people just love to bitch about unimportant stuff. There are a few people who will bitch no matter what but overall our new board wins every vote because they're proactive and doing things right.
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Jun 6, 2014 02:12
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What is the threads opinion on throwing a "lowball" offer on a house that has only been on the market a few days? Looked at a house built in 1910 today that had almost all of the original woodwork, doors, windows, etc... that was gorgeous. The location is pretty good too. They're just asking too much money. They're at least $10-15k over what I think a more realistic price is(list is $190k). It has only been on the market 3 days and I think we're going to go with a sit back and wait kind of approach. Is that smart or should we just go in low? My realtor and I both think it's probably not going anywhere, but if it sells, it sells. I looked at 4 houses today, and all but one that needed significant work was overpriced by about $10-15k. When your house has been for sale for 3 weeks in the current market you should probably look at dropping the price. Especially when it needs some work.
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Jun 6, 2014 05:09
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fknlo posted:What is the threads opinion on throwing a "lowball" offer on a house that has only been on the market a few days? Looked at a house built in 1910 today that had almost all of the original woodwork, doors, windows, etc... that was gorgeous. The location is pretty good too. They're just asking too much money. They're at least $10-15k over what I think a more realistic price is(list is $190k). It has only been on the market 3 days and I think we're going to go with a sit back and wait kind of approach. Is that smart or should we just go in low? My realtor and I both think it's probably not going anywhere, but if it sells, it sells. Absolutely depends on the person. I was in negotiations for a farm with 40 acres that was on the market for 5 years (still is). I put in an offer at a fair price with land at the going rate, they put in a verbal acceptance and asked for a weekend to sleep on it. They came back that Monday with a counter-offer higher than their last counter. Word from the sellers agent who was very frustrated was that there was somebody in the seller's ear saying the land was worth 15k/acre. Your attitude of "if it sells, it sells" is the best way to go about it. The always say to keep emotion out of the process, but it can get tough sticking to that. To your situation, a lowball offer can cause a seller to clam up and you won't go anywhere with negotiations. You can either a) low ball, see where it goes and maybe revisit in a few weeks if it's still on the market b) low ball, they accept! c) wait a few weeks. Sometimes the price is where it's at because that's all they can afford to list the house for, too.
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Jun 6, 2014 05:21
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Why don't you throw out the lowball offer in just your wives name or a to be named buyers name or something and if it fails make a similar offer in a month in your name. 15k isn't to bad. My realtor suggested we overprice the house by 25K (6%)if we listed because sometimes people just have to have it. 25k is what $50 a month?
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Jun 6, 2014 14:30
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Elephanthead posted:Why don't you throw out the lowball offer in just your wives name or a to be named buyers name or something and if it fails make a similar offer in a month in your name. 15k isn't to bad. My realtor suggested we overprice the house by 25K (6%)if we listed because sometimes people just have to have it. 25k is what $50 a month?
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Jun 6, 2014 15:15
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This is like "Secrets of Power Negotiating" 101 stuff. Price higher than you want, accept lower than list while still getting yourself a touch more or at least what you originally wanted. You feel good because you got what you wanted (and maybe more), they feel good because they got a "deal." In my house purchase news we just had our official appraisal come in 25k higher than asking, which is to be expected. But the real good news is that a comp finally closed in the neighborhood, three doors down. Similar square footage, layout, amenities, everything. It sold for $60k more than the price of the house we are buying. Thank god the deal is finalized because if I were the seller I would be a bit peeved at this point. Once I do the pain, flooring, a few minor fixes, and drop in granite and stainless appliances I am pretty optimistic that I can shed PMI in record time- barring an economic catastrophe.
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Jun 6, 2014 15:42
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Turnquiet posted:This is like "Secrets of Power Negotiating" 101 stuff. Price higher than you want, accept lower than list while still getting yourself a touch more or at least what you originally wanted. You feel good because you got what you wanted (and maybe more), they feel good because they got a "deal." There seem to be a lot of people sticking to their super high price right now. I just don't want to piss the owner off by going in with an offer that's $20k under their asking right off the bat to negotiate up to where I feel comfortable with the price. I'm thinking of just seeing if it makes it through the weekend and going from there.
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Jun 6, 2014 16:13
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Every person is different and there is no magic formula, so trust your gut. If someone is irrational they are going to be pretty irrational at a reasonable price as well, let alone a lowball. For this house it stalled on the market at ~320k for four months. We got a huge packet of info detailing all the things the relo company found wrong with it, but no mention of remediation, so we offered 270. They clarified that some things were fixed, and we settled at 303. No one was butt hurt, fortunately. They then gave us additional cash concessions after our inspection, so I was pretty lucky to have someone who knew how to play ball. This is compared to a house down the street in the current neighborhood that languished for 6 months at 280k, then they got an agent and raise the price to 290k, and now they got a different agent and are at 285k. I suspect we are at the point where lots of bubble-buyers need to move for work but have a very hard floor in their sales price since things haven't gone back up to cloud-cookoo land prices of 2004-2006. That could explain some intransigence.
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Jun 6, 2014 16:25
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fknlo posted:I just don't want to piss the owner off by going in with an offer that's $20k under their asking right off the bat to negotiate up to where I feel comfortable with the price. On the other hand, a lowball offer now followed by a month of no bites could shake their confidence and cause them to accept something significantly lower than they would have otherwise.
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Jun 6, 2014 17:02
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fknlo posted:There seem to be a lot of people sticking to their super high price right now. I just don't want to piss the owner off by going in with an offer that's $20k under their asking right off the bat to negotiate up to where I feel comfortable with the price. I'm thinking of just seeing if it makes it through the weekend and going from there. It's a seller's market right now. Unemployment is down, the economy is growing (somewhat), people are thinking that historic low mortgage rates aren't going to last. Obviously in your market it might be different, but given the churn I personally witnessed I wouldn't be comfortable lowballing a property unless I was absolutely sure it was something I would be completely fine walking away from.
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Jun 6, 2014 20:53
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My girlfriend and I are looking at buying our first house. We pay enough for rent and houses are cheap enough here (like, amazingly cheap to anyone from outside our market) that rent vs. buy calculators are telling me we'll save money by buying within a year and a half or so. I'm a little nervous about the whole process though. I think our real estate agent is OK, and I've got a line on a very good building inspector. My worries are that homes in the area we're looking are probably 1920's vintage or so and I don't really know how much of the way a house is on the inside can be just an "old house, happens" things vs. something that's legitimately worth worrying about. The house we're most interested in seems pretty nice on the inside and outside, but there are a few things I'm concerned about. There's definitely some bowing in the hardwood floors, it's got two prong outlets in about half of the house, the disclosure sheet shows that it's had a couple roof leaks that have been repaired, etc. Are these things you get inspected and figured out before an offer, or do you usually note them and have it written in that they're concern areas or something? My understanding is that houses at this price level go super fast and I'm trying to balance being prudent with moving quickly enough to get something.
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Jun 6, 2014 21:32
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powderific posted:The house we're most interested in seems pretty nice on the inside and outside, but there are a few things I'm concerned about. There's definitely some bowing in the hardwood floors, it's got two prong outlets in about half of the house, the disclosure sheet shows that it's had a couple roof leaks that have been repaired, etc. Are these things you get inspected and figured out before an offer, or do you usually note them and have it written in that they're concern areas or something? My understanding is that houses at this price level go super fast and I'm trying to balance being prudent with moving quickly enough to get something. Speaking as someone who had a bad inspector, get them inspected thoroughly and get an actual estimate to repair them, then that should factor into your negotiations. I don't know if its a done thing (only bought one house) but I wish we hadn't relied on our inspectors cost estimates and instead paid a contractor to come out and give an actual quote to fix. What we were told are normal 'old house things' like a slightly bowed floor turned out to be termite eaten sill plates which we now have to have repaired. Make sure you are comfortable with everything on the disclosure and in the inspection report. We rushed into purchasing this house because we had been looking for a while and it was the first house we saw that we both really liked. I wish I could go back in time and stop myself because we have spent thousands of dollars we did not expect to have to on this place.
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Jun 6, 2014 21:45
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a shameful boehner posted:It's a seller's market right now. Unemployment is down, the economy is growing (somewhat), people are thinking that historic low mortgage rates aren't going to last. Houses that are high on price generally aren't moving here at the moment. That said, what's overpriced to me isn't necessarily going to be overpriced to someone else. This house seems to be in good enough shape overall that they might get someone to bite on the asking price. That said, the only thing even remotely close in price is a 2 bed 1 bath house a few blocks away that's bigger(and naturally has no pics anywhere to compare) that is pending and was listed about $5k less than this house. Outside of that, nothing in this particular neighborhood seems to have ever gone for more than $150k. This particular house sold last for $149k in 2008. I think it's going to sit for a while, so does my agent. If it makes it through the weekend I might go in with a low offer next week. If it sells, it sells. There will eventually be more houses.
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Jun 6, 2014 22:00
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GanjamonII posted:Speaking as someone who had a bad inspector, get them inspected thoroughly and get an actual estimate to repair them, then that should factor into your negotiations. I don't know if its a done thing (only bought one house) but I wish we hadn't relied on our inspectors cost estimates and instead paid a contractor to come out and give an actual quote to fix. We have a friend who's going to be out nearing five figures on a first home due to something missed in inspection, so we're definitely looking to do that part right. The inspector we found gets great reviews and seems extremely thorough. They video tape their whole inspection and the samples they have online seem good.
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Jun 6, 2014 22:10
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