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Kerafyrm posted:After waffling on and off about a house we found for about a week, we pulled the trigger yesterday and put a contract on it with a 60 day closing window. It's on the upper end of our price range, but we negotiated full closing costs paid by the seller. We've been preapproved for a loan at 3.25% for a 30 year and are just waiting to talk to them Monday to lock it. This whole process moved a lot faster than we thought it would, we weren't expecting to find anything until early/mid next year, holy crap. Where the heck did you find a rate that low?
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Dec 21, 2014 19:13
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| # ? May 21, 2024 00:52 |
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So that lot that my wife and I thought we bought, but actually didn't buy because the listing agent screwed up, fell through. So we decided at that point since the listing agent had screwed up so terribly that the seller must be ready to kill someone, so we came in with a lowball offer and attached no contingencies to it as a point of leverage. Long story short they wanted to lock it up before end of the year, so my guess was right and we were able to get under contract at 20% off the original listing price. Negotiation skills FTW. So we're back on track to build a prefab -- will let you guys know how it goes!
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Dec 21, 2014 20:09
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baquerd posted:Where the heck did you find a rate that low? Must have bought points or maybe it's an ARM
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Dec 21, 2014 23:08
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FYI: If you live in oilfield area study the effects on housing in the 1980's. Dallas, Austin, San Antonio, Houston will be a train wreck shortly. I live in an offshore area in south louisiana so I'll be in for a mess. IF I am still employed though I will be licking my lips after the retirement packages, contractors, and layoffs start up over the next year.
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Dec 22, 2014 04:49
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nebby posted:So that lot that my wife and I thought we bought, but actually didn't buy because the listing agent screwed up, fell through. So we decided at that point since the listing agent had screwed up so terribly that the seller must be ready to kill someone, so we came in with a lowball offer and attached no contingencies to it as a point of leverage. Long story short they wanted to lock it up before end of the year, so my guess was right and we were able to get under contract at 20% off the original listing price. Negotiation skills FTW. Hell yeah, that owns.
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Dec 22, 2014 05:02
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Christobevii3 posted:FYI: If you live in oilfield area study the effects on housing in the 1980's. Dallas, Austin, San Antonio, Houston will be a train wreck shortly. I live in an offshore area in south louisiana so I'll be in for a mess. IF I am still employed though I will be licking my lips after the retirement packages, contractors, and layoffs start up over the next year. I honestly don't think it will be that bad. (Here in Texas) San Antonio and Austin have a lot more going for it than just oilfield and energy jobs. Now if you tell me the Air Force is pulling out of San Antonio, yes, all hell will break loose. I can see some of the higher end Houston real estate market taking a hit, similar to when AT&T corporate moved from San Antonio to Dallas, the 500K+ home market was flooded by executives moving. It didn't put a dent in the middle class home market at all. Real Estate in Austin is loving nuts right now, I see little impact there. I'm unfamiliar with Dallas at all. South Louisiana could be rough though, I have a lot of family in the area that are involved with the plants and shipping there.
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Dec 22, 2014 23:42
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Four years ago, I briefly inspired a thread title.gvibes posted:Do never buy.
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Dec 23, 2014 01:42
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Geez I remember when people were thrilled about 11% 30 year fixed mortgages and what a good deal that was. Old man chat.
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Dec 23, 2014 04:47
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When I worked on the phones at a mortgage company I one time talked to someone with a 14% rate and a $10,000 monthly payment. I was just  the whole time. The hilarious part was he wasn't even behind on his mortgage, he was just calling for tax information.
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Dec 23, 2014 05:29
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Talking to guys that used to do sub primes, you hear stories about "18 and 8" loans. 18% apr interest rate and 8 points. And people were beating down their doors to get them.
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Dec 23, 2014 06:29
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We bought a home four years ago that is now worth 50% more than we paid for it. We feel the time is right to upgrade. However, we would be dependent on the sale of our current home to reach the 20% down on a new one. Does anyone have any advice or relevant blogs they can share about selling and buying at the same time? I'm sure people do this often and the biggest thing to be prepared for is moving out of our current home with weeks or months before getting into a new home but any advice would be appreciated.
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Dec 23, 2014 13:22
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baquerd posted:Where the heck did you find a rate that low? Canada maybe. We're hovering from 3.19% to 3.29% at our major banks and they will occasionally try to get you in the door with slightly lower rates. I got 2.99% back in August.
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Dec 23, 2014 15:49
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skipdogg posted:I honestly don't think it will be that bad. (Here in Texas) Yeah. A lot of those markets could take an pretty big wlhit without trending down. I love in Houston and I could see high end areas taking a hit to benefit cheaper areas. Jimmy James fucked around with this message at 16:44 on Dec 23, 2014 |
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Dec 23, 2014 16:41
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Antifreeze Head posted:Canada maybe. Canada doesn't do 30 year fixed rate mortgages though, right? If people are getting 2.99% with no points on a 30 year... I understand part of the Canadian bubble.
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Dec 23, 2014 16:42
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Twerk from Home posted:Canada doesn't do 30 year fixed rate mortgages though, right? If people are getting 2.99% with no points on a 30 year... I understand part of the Canadian bubble. I haven't seen anything longer than a 10-year term in Canada. Most are 5-year (often fixed) on a 25-year amortization schedule. spoof fucked around with this message at 17:30 on Dec 23, 2014 |
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Dec 23, 2014 17:25
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How does that work, is there a baloon payment after 5 years and you have to refi into a 5 year loan with a 20 year schedule, etc etc?
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Dec 23, 2014 19:03
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Basically. You roll it into a new mortgage at then-current rates. You can see where this gets fun already. Good thing Canadians aren't leveraged to the hilt, say to 162% of disposable income, at historically low interest rates.
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Dec 23, 2014 19:48
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Pryor on Fire posted:Geez I remember when people were thrilled about 11% 30 year fixed mortgages and what a good deal that was. Old man chat. I got 7.5% when I bought my house in 98. When rates really go back up, it's going to be a rude awakening for a lot of people.
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Dec 23, 2014 22:23
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Doc_Uzuki posted:We bought a home four years ago that is now worth 50% more than we paid for it. We feel the time is right to upgrade.
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Dec 24, 2014 00:50
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You can put a contingency on your purchase offer that your current home must sell. That contingency however is a big black spot that will scare off a lot of sellers, particularly in a seller's market where there are so many all-cash no-contingency offers you're already competing with. So your other option is to find a month-to-month or extended-stay rental arrangement, put most of your furniture in storage, and get your current place fully sold before you make offers on a new one. This has the added advantage of giving you a better handle on your finances for your purchase (e.g., any last-minute expensive surprises with your sale have been taken care of).
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Dec 24, 2014 07:22
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If you are downsizing it shouldn't be too hard to swing the two mortgages especially in a market where time listed is lower then it was.
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Dec 24, 2014 08:58
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I feel like the easy answer to buying and selling at the same time is properly or even aggressively pricing your current home. We did this and probably could have gotten another 2-4% for our sale, but the peace of mind of getting an offer accepted within 3 weeks and not stressing out about having two mortgages to pay for an indeterminate length of time was worth it. The seller of the house we were buying would not accept the contingency so we just said gently caress it lets do this and priced the old home to sell. As for the actual logistics, we couldn't line up the closing dates so we wound up getting a storage unit and staying at my parents' tiny place for two months while they were at a little condo they have further south. Not everyone has this luxury, but we were prepared to just find a rental for the time in between.
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Dec 24, 2014 15:31
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I had that same problem, my last house sold in 2 days back in August way before I could find another so I had to move into a short term apartment and put most of my stuff in storage. Closed on a house on Sept 30 but it's still not ready to move into yet as it was a smelly 1980 mess that needed tons of updates and every contractor was a pita to actually get to show up and the minute they know you don't live there they start slacking and missing deadlines or not showing up to finish on the day they said they would, etc etc and the poo poo just gets dragged on and on. Jan 3rd is new move in date though! buy just so you can enjoy non-pasty white apt walls, formica counters and crappy appliances (bonus for loud kids everywhere screaming and smashing stuff although honestly that happened at my last suburban house too, I was surrounded by 8+ small kids in the 4 houses around me)
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Dec 24, 2014 16:57
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Buy so you can have your water heater tank break a couple months after the warranty expires. On Christmas Eve.
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Dec 25, 2014 21:28
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I need to replace the roof on my house that I bought short-sale a couple years back. Based on the single quote I've received so far (4 more are coming), it's going to run around $35k. What sort of options do I have for financing this? I've got around $80k equity in the house and $330k left in the mortgage, so I've been eyeing a home equity loan. If pay $10k in cash and take out a home equity loan for $25k, that would put my LTV at ~88%, which seems rather high. Would I wind up better overall if I did a $35k loan, even though it gets me >90% LTV? I planned on talking to my original mortgage broker about this on Monday, but I figure any input I can get ahead of time would help.
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Dec 29, 2014 08:24
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Holy poo poo thread. That lot I said we got for a Do. Never. Buy.
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Dec 29, 2014 08:33
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Duct Tape posted:I need to replace the roof on my house that I bought short-sale a couple years back. Based on the single quote I've received so far (4 more are coming), it's going to run around $35k. What sort of options do I have for financing this? What kind of crazy roof do you have that would cost $35K to replace? Based on my experience & some other friends I would say "typical" shingle roof replacement is in the 10K range. Wait until you get those other estimates before worrying too much about having to take out a loan.
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Dec 29, 2014 14:34
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Duct Tape posted:I need to replace the roof on my house that I bought short-sale a couple years back. Based on the single quote I've received so far (4 more are coming), it's going to run around $35k. What sort of options do I have for financing this? Are you getting slate mined from an asteroid personally by Kanye West or something? I think when I priced out architectural 25-year shingles for a 3.7ksf house in MA (fairly high cost of living area), it was like 13-15k. Also for the love of god let them bid blind, don't say "I HOPE YOU CAN DO BETTER THAN THE LAST GUY THAT QUOTED 35K..."
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Dec 29, 2014 15:18
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GoreJess posted:What kind of crazy roof do you have that would cost $35K to replace? Based on my experience & some other friends I would say "typical" shingle roof replacement is in the 10K range. uwaeve posted:Are you getting slate mined from an asteroid personally by Kanye West or something? I think when I priced out architectural 25-year shingles for a 3.7ksf house in MA (fairly high cost of living area), it was like 13-15k. My roof is 34 squares, plus three 2'x4' skylights, and I'm switching from shake to shingles so I need to also install the plywood underneath. That being said, I agree that it seemed stupidly high, which is why I have four more quotes coming  I just wanted to be prepared for the worst-case scenario, but I suppose I'm jumping the gun until I get some more reasonable quotes.And yes, I'm definitely letting them bid blind. Holy poo poo that would be a nightmare if I let them know each other's estimates.
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Dec 29, 2014 18:44
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Duct Tape posted:I need to replace the roof on my house that I bought short-sale a couple years back. Based on the single quote I've received so far (4 more are coming), it's going to run around $35k. What sort of options do I have for financing this? Nnnnnnnnnnnno. Roofs are not costing $35k to replace unless you're going slate. My 13 square roof in NY was $7.2k with metal instead of shingles, one rotten area replaced, and 3 layers of tear-offs and disposal.
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Dec 29, 2014 19:35
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Thats a big-rear end roof. Really high pitch?
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Dec 29, 2014 19:40
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nebby posted:Holy poo poo thread. This has been a really fun rollercoaster.
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Dec 29, 2014 19:45
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Duct Tape posted:My roof is 34 squares, plus three 2'x4' skylights, and I'm switching from shake to shingles so I need to also install the plywood underneath. You will do way better if you can stay below 90%. You basically at 80% now, so that isn't an option, but you would do a lot better below 80%. A lot of places don't like to go to 90%, but some will. Almost no one goes above 90% and if they do it will almost be usury; so bad you would be better cash advance on the rest if you are a little short. Or pay cash, which is the best. How bad is it? Is this an emergency, i.e. leaking now, or something that you know is coming up, but your not an emergency yet?
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Dec 29, 2014 19:47
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blarzgh posted:Thats a big-rear end roof. Really high pitch?  Zeta Taskforce posted:You will do way better if you can stay below 90%. You basically at 80% now, so that isn't an option, but you would do a lot better below 80%. A lot of places don't like to go to 90%, but some will. Almost no one goes above 90% and if they do it will almost be usury; so bad you would be better cash advance on the rest if you are a little short. Or pay cash, which is the best. I've got emergency funds that could cover about $25k, but I was hoping to save that for more of a life-or-death type of emergency. However, if the other quotes come in low enough, I might be able to do cash outright.
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Dec 29, 2014 20:44
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Duct Tape posted:5/12 pitch, based on the first contractor's measurements. I also thought 34 squares seemed rather high, even accounting for waste. The house itself is only 2600 square feet, though there are some odd outcroppings. If you can get a reasonable rate on an equity, something like Prime or not much over, or a fixed in the 4 or 5% range, that would be my first step. But if the value comes in low and can't do it, or you end up being stuck with something like 6%, you might need to suck up the higher insurance, and between you continuing to save, values increasing, and paying down the mortgage, hopefully things will align better for you soon.
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Dec 29, 2014 21:06
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That is a big-rear end roof, alright, and 34-36 squares sounds right. But $100/square is a little high, even with replacing all the decking and flashing.
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Dec 29, 2014 22:46
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That roof is going to be a pain to do. Every 6 feet there is going to be a stop to do a valley, ridge, or edge of the roof. $100 per square is definitely high. If the roof was totally flat and straight with one ridge you could get much lower, but that roof is going to be time consuming. Also thats a huge loving house. Edit: my credentials are that I did twenty roofs over a few summers and just had mine done and quoted a shitload. So yes, this is taken straight from my rear end.
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Dec 30, 2014 00:44
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I'm a gross Cat Person and my hundreds of cats have ruined the carpet in my townhouse. Has anyone ever recarpeted a townhouse and can help me ballpark how much I'll have to spend to get the house ready to list? It's your typical 3-story townhouse with garage level 1/kitchen and living room level 2, and bedrooms on level 3. About 1,250 SF with carpet on the entire top floor and on both stairwells.
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Dec 30, 2014 00:50
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At least $1 per square foot for new carpet and pad. You'll likely have to put down some killz to seal the smell into the subfloor after you pull up the carpet. If it's really bad you will have to replace all the wood under the carpet, which would be very expensive.
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Dec 30, 2014 02:30
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Got a second quote for my roof, this one coming in at only $21k , which seems substantially more reasonable. Plus this company has done roofs for a couple of my neighbors, and they seem pleased with their new roofs. Also, the first company is raising a few more red flags with me. They contacted my wife out the blue earlier today, asking to schedule a follow-up meeting with us to see what they could do to lower their quote. It seems like any amount of "lowering the quote" should have been done before they gave it to me initially. A new roof on my house isn't really something I want to haggle over.
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Dec 30, 2014 05:33
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