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With a population of 400, I wouldn't expect much in the way of a development community. If they exist and want it, go ahead, but I suspect the local realtor route is going to be the best way to dispose of the parcel. The local realtors may also be the local developers.
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Nov 23, 2015 21:54
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me your dad posted:I got a book from the library on home buying and it was published in 2003 (it's the 'Everything Home Buying Book'). I didn't realize its publish date until I got home. Will I be wasting my time with a 12 year old book? I don't know enough about the market prior to 2003 to say whether the book is any good or not, but Michael Bluejay's site from the OP is a great "everything home buying book" http://michaelbluejay.com/house/. Read them in order.
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Nov 24, 2015 00:50
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'Hi welcome to the neighborhood here's a fruit basket. Were you aware of the rules and regulations here?' Just happened. Of course, I lied.
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Nov 25, 2015 22:59
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If the fruit basket comes with terms and conditions I would refuse the basket.
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Nov 25, 2015 23:12
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mastershakeman posted:'Hi welcome to the neighborhood here's a fruit basket. Were you aware of the rules and regulations here?' Wasn't it no business activity in your house and no Jews?
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Nov 26, 2015 16:13
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Antifreeze Head posted:Wasn't it no business activity in your house and no Jews? The houses have to be white, colonial style etc. I don't like being regulated but at least our neighbor won't be like our last one-he had dozens of dolls and stuffed animals hanging from his trees and bushes and would rearrange them daily mastershakeman fucked around with this message at 21:05 on Nov 26, 2015 |
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Nov 26, 2015 16:19
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mastershakeman posted:The houses have to be white, colonial style etc. I don't like being regulated but at least our neighbor won't be like our last one-he had dozens of dolls and stuffed animals hanging from his trees and bushes and would rearrange them daily  This sounds like it needs its own thread.
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Nov 27, 2015 07:05
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Moving for job promotion, annual salary moving up to $63k; will have approx. $9k to put down. Middle credit score sucks (628), fico is 650. I am skeptical, but the relocation company my company uses did pre-approve me for $150k. I have about $7k in credit card debt, one car loan with $12k remaining and one lease with $7k remaining, and about $15k in student loan debt - amounts to about $1k a month in payments. This would be my first home purchase. Likelihood I will actually be able to close on something as high as $150k? I do not want to continue renting if I can help it, but also want to make the right move. We probably won't be in the same place in 5 years - company likes to relocate if I want to be promoted. My mind is melting. We meet with a realtor tomorrow.
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Nov 28, 2015 00:15
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150k will get you a mansion in someplaces and a crack den in others. So... maybe?
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Nov 28, 2015 01:00
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skylined! posted:Moving for job promotion, annual salary moving up to $63k; will have approx. $9k to put down. Middle credit score sucks (628), fico is 650. I am skeptical, but the relocation company my company uses did pre-approve me for $150k. I have about $7k in credit card debt, one car loan with $12k remaining and one lease with $7k remaining, and about $15k in student loan debt - amounts to about $1k a month in payments. This would be my first home purchase. Given closing costs and minimum down payments, I'm not certain that you'd actually be able to close on a $150k home. You need a minimum down payment of 3% ($4500), and at that price you're probably look at $5000 in closing costs at least. That's already more than you have in the bank. YMMV I guess but shooting for $150k with your current down payment is probably a mistake There are some other things I'd like to briefly raise: It's almost always a bad idea to buy a house with less money in the bank than 20% + closing + emergency money. The 20% down is obvious, you wind up paying way way more if you have less than 20% down. Needing to have your closing money is also obvious; the house doesn't close otherwise. The emergency money is more of a "just in case" fund; if you exhaust your funds simply buying the house, then you can always use credit to keep yourself in good shape, but this can be very costly in the long run. There are exceptions to the "don't buy without 20%+closing" rule, but it's usually a good rule to stick to. It's a bad idea to buy in a city that you've never lived in before; renting for a year will give you so much more information about the place that you're moving to. The amount that you're "pre-approved" for is almost always way higher than what a normal person would feel comfortable paying per month. YMMV but don't take a $150k pre-approval as a sign of how much house you can actually afford. What you can afford and what the bank is willing to lend you can be very different numbers. Instead, do what the OP says to do: look at your monthly income after expenses, figure out how much extra the house that you want will cost, and then start putting away the difference in a separate bank account to see how it feels. If you've found a nice $120k house and the monthly payment (including utilities, hoa fees, maintenance, etc) seems reasonable, then maybe buying is an okay choice. Consider looking at the rental market. Some areas have a lot of nice rental houses, giving you the privacy of home ownership with almost none of the financial responsibility. This may surprise you, but renting a house can actually be cheaper than the monthly cost of buying the exact same house (because people are often bad at math and bad at predicting the real costs of home ownership). Renting has a lot of downsides, but so does home ownership; the downsides are just different QuarkJets fucked around with this message at 02:07 on Nov 28, 2015 |
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Nov 28, 2015 02:04
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Here's the story: My mother in law currently owns a house. They want to get out of the ghetto they are in and judging from other houses on their street, they stand to make 15-20k in profits. My brother in Law is currently renting. Because of my history with budgeting and finances, they came to me but I'm not an expert on buying a house so I'm coming to you. My BIL has about 40k in credit card debt, but a credit score in the mid 700s and a decent income. My MIL has terrible credit. The plan they have currently hatched is for MY MIL to sell her house and my BIL buy one with an in law which they pay rent for. My MIL thinks they can't put their name on the house due to bad credit, but I think if all four of them do it it will still look good. So, how bad will the high credit card debt hurt? Should they put all four of their names on the mortgage?
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Nov 28, 2015 15:56
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Pillowpants posted:Here's the story: The credit card debt will affect how much home your BIL can qualify for. You can put whomever on the deed to the house. It doesn't have to be the same people on the note for the mortgage.
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Nov 28, 2015 18:00
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I've been lurking in this thread for about a year now. It's irritating to me that in a supposedly free country we cannot buy/sell houses without the myriad of realtors, insurance agents and other crap. 7-8% closing costs makes me fuming mad. Is there somewhere I can read about how we came to this situation? When was the last time I could legally buy a house on a handshake and a contract written on a napkin? For content: earlier this week I spotted a piece of property in an area I had previously been ignoring. I left a note on their door asking them to call me when they had some time to walk the property with me, and just this morning I got a call from a realtor. I don't want to talk to a realtor. I want to talk to the person that has been living there for the past seven years and I want them to walk the property with me. Comatoast fucked around with this message at 19:08 on Nov 28, 2015 |
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Nov 28, 2015 18:56
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Pillowpants posted:Here's the story: Comatoast posted:Is there somewhere I can read about how we came to this situation? When was the last time I could legally buy a house on a handshake and a contract written on a napkin?
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Nov 28, 2015 19:22
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Owning the Earth by Andro Linklater does a history of land ownership and why parts of the system are the way they are, but it's more of a macro level thing. Link: http://www.amazon.com/Owning-Earth-Transforming-History-Ownership/dp/1620402912 As far as specifc transaction costs, you can market the property yourself/represent yourself to reduce your brokerage fees, you are going to need your title report if you want to know that your seller actually has the right to sell that property, then your appraisal is going to be important if you want any form of finaning that isn't shady. The county is also going to charge you deed recording fees to record that you own that property now and will be the person they go to for property taxes. Edit: with the title report/insurance, those let you know that the person you are buying from is the actual owner and that there aren't any unknown encumbrances that would screw you later. In theory you could go to the county courthouse and read these things and develop your own opinion of title, but your lender again is going to want something more concrete if they aren't just a loan shark. crazypeltast52 fucked around with this message at 19:39 on Nov 28, 2015 |
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Nov 28, 2015 19:36
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Comatoast posted:I've been lurking in this thread for about a year now. It's irritating to me that in a supposedly free country we cannot buy/sell houses without the myriad of realtors, insurance agents and other crap. 7-8% closing costs makes me fuming mad. You can buy a house with a handshake if you're also handing over the money in a briefcase. Gvibes couldn't you just use the deed to satisfy statute of frauds
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Nov 28, 2015 20:06
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Comatoast posted:I've been lurking in this thread for about a year now. It's irritating to me that in a supposedly free country we cannot buy/sell houses without the myriad of realtors, insurance agents and other crap. 7-8% closing costs makes me fuming mad.  There are very few legally mandated involuntary fees in the closing process and they're all really small. All of the things that you listed are completely voluntary, you're "free" to skip them. 1) If the seller didn't bother contacting you themselves then that's because they didn't want to contact you, so they told their realtor to do that instead. They're free to do that, just as you're free to not have your own real estate agent. You can't force them to not use a real estate agent 2) Insurance is not legally required. A lender will require you to have insurance if you need to borrow money to buy a house, but you're free to not borrow money and free to not have insurance 3) You're also probably talking about inspections, title report, etc.; a buyer doesn't need to get any of this stuff. It's a really loving dumb idea but you're free to skip that part and to just take it on faith that the property is fine. A lender might require some of those items, but again, you're free to not borrow money, in which case you're free to be an idiot and skip all of that useful poo poo So there's nearly all of the 7-8% right there: a bunch of completely optional stuff that people want because it's either a good idea or they need it because they want to borrow money. Freedom
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Nov 28, 2015 20:09
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Comatoast posted:I've been lurking in this thread for about a year now. It's irritating to me that in a supposedly free country we cannot buy/sell houses without the myriad of realtors, insurance agents and other crap. 7-8% closing costs makes me fuming mad. It's so complicated with such great quantities of money involved that I wouldn't want to do it without the assistance of someone who knows what the hell is going on and does this poo poo for a living. After reading this thread and looking at our current life situation/finances we've decided to put off house buying for a while but when we were seriously looking into it reading about everything that needs to happen in order to buy a house made my head hurt and I'm not sure we'd be able to do it properly alone even with being super diligent and doing tons of research. It's probably in that person's contract with their realtor that they need to point any potential buyers to the realtor. They could also just not want to deal with showing the house to people themselves since after all that's what they're paying the realtor for.
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Nov 28, 2015 20:16
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Comatoast posted:For content: earlier this week I spotted a piece of property in an area I had previously been ignoring. I left a note on their door asking them to call me when they had some time to walk the property with me, and just this morning I got a call from a realtor. I don't want to talk to a realtor. I want to talk to the person that has been living there for the past seven years and I want them to walk the property with me. Maybe you shouldn't try and force someone else to not use a realtor?
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Nov 28, 2015 20:31
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Comatoast posted:For content: earlier this week I spotted a piece of property in an area I had previously been ignoring. I left a note on their door asking them to call me when they had some time to walk the property with me, and just this morning I got a call from a realtor. I don't want to talk to a realtor. I want to talk to the person that has been living there for the past seven years and I want them to walk the property with me. Assuming I sell my current house at some point, I will be explicitly telling our realtor to rip up and/or ignore any notes or phone calls like this - I (and presumably the person you left the note for) will generally have hired a realtor to avoid the hassle of doing personal walkthroughs and other such things themselves. Why would you ignore that and assume you know better?
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Nov 28, 2015 21:27
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gvibes posted:This just sounds like a disaster in the making. Yeah, they asked us first but we just bought a house in 2014 and I don't want to deal with selling and buying at the same time. I think it's more to give my MIL support whenever her husband goes. If all four names are out on the mortgage would that hep despite two of them being in terrible shape credit wise?
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Nov 28, 2015 23:07
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Comatoast posted:I've been lurking in this thread for about a year now. It's irritating to me that in a supposedly free country we cannot buy/sell houses without the myriad of realtors, insurance agents and other crap. 7-8% closing costs makes me fuming mad. There are a lot of good reasons why the system is the way it is because many homes are bought with a mortgage. You need a public record of sales so that the local gov can tax the right people, and also to resolve disputes with ownership. The title insurance is a bunch of people looking through any public record to make sure there are no problems with the chain of ownership. There are inspections so that you are not getting ripped off buying something not as advertised. Realtors are needed because homes are not fungible and it is a competitive market. Insurance is needed as most people can not afford to rebuild their home after a disaster. If you are buying investment property or a foreclosure you can skip almost all of this and just deal with it yourself. If you want a handshake deal you could get some owner financed place from a retiring landlord. Pillowpants posted:So, how bad will the high credit card debt hurt? I would first decide of it makes more sense to rent out the home or sell it now. If you sell you will have to pay 6%+ in transaction fees. Even if you do for sale by owner, the buyers will just want to offer less money. This really comes down to your local market. Then you can decide of renting or owning a home makes more sense. If they do not intend on living in the same place for 5+ years they should rent. How much space do they need? If they don't need a lot of space now it can be a lot cheaper than buying. There are a lot of costs of home ownership that are paid by a landlord when renting and it is not always apparent. The buying and selling closing costs are a huge one, along with any long lasting items like a roof. I would have them strongly consider renting an apartment that is no larger than what they need. If they still want to buy a place, you will have to check with different lenders as they have different requirements. My lender would not do a mortgage with any outstanding judgments, some will allow them if you are on a payment plan. If these are not IRS/tax related judgements you will probably need to negotiate with the creditors to have them paid in full before getting a mortgage. If they are able to be put on a payment plan they can be treated like other debt. As a general rule for every dollar in debt you need 2 to offset it in income for a good ratio. So your brother would need $80k+ in income to qualify for a mortgage while paying off his credit card debt. My lender required having 50% pretax left over after paying mortgage, car loan, credit cards, and any other debt. Do any of these four have 2+ years of job history? Is your MIL's terrible credit from outstanding judgements? Who are the other two people besides BIL and MIL? Do they have a steady job history, good credit and low debt? Edit* Pillowpants posted:
lampey fucked around with this message at 00:59 on Nov 29, 2015 |
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Nov 29, 2015 00:52
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mastershakeman posted:Gvibes couldn't you just use the deed to satisfy statute of frauds
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Nov 29, 2015 03:34
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Looking for some mortgage advice/recommendations. I have kind of a unique situation and was hoping for some insight. I have lived for the last three years in my house which is owned by a family member and I pay the mortgage directly out of my bank account each month. My sister is convinced my relative is going to screw me on the home and is pushing me to do a purchase sooner rather than later. It's not a bad arrangement as I'm paying about 50% what equivalent rent would be in the area while carrying none of the risks of an FC, but there is going to be a point that I'll need to get the house into my name so I might as well look into it now. Here's my details: House - Worth around $250,000 value in great, highly competitive real estate market in Louisville, KY (value did not fluctuate during recession at all) - Current loan amount is $220,000 out of an original $246,000 loan amount. Lender shows a 93% LTV currently - Weird 40-year note currently at 2% but adjusts on a set schedule to 7% over the next decade. Caps at 7%. - Needs repair/maintenance, there are likely to be a couple thousand dollars in fixes needed to satisfy an inspection. Probably wouldn't impact appraised value. - Refinanced through HAMP (the original borrower was in default during the recession). I took over payments to "bail them out". $100k was forgiven. Borrowers - Husband and wife. Good credit, zero collections or derogatory items. Scores are over 700 and fluctuate around 720/740 for both - Two car notes, very low amounts (less than $7k for both) - $38k in available credit - $95,000 yearly income. Jobs are steady and >2 years for both - No savings to speak of. There's a few thousand lying around but not much. Everything extra has gone towards eliminating debt - Could scrape together 3-5k easily, 10k+ if absolutely required - DTI probably somewhere around 25%-ish - Never used first-time homebuyer credit I used to be an LO before the crash and back then 80/20 loans were easy and I know I could have gotten myself approved without a doubt. My sister is in real estate and she's telling me that 0% down loans no longer exist. I believe I would qualify for a FHA loan on the property which IIRC requires a 3-5% downpayment? I could probably scrape together that without too much trouble. Can I use the equity in the home instead? Basically I'm just wondering what my best approach is going to be to get approved for financing with as little down as possible. Since we technically have ~$30k in equity it would be good if we can make use of that but I'm unsure of the rules. As this is technically a purchase but more like a refi on my end I'd prefer to keep closing costs and out-of-pocket money to a minimum. I'd also prefer to stick with a 40-year loan even if the rate is a bit higher just to keep cash-flow up. What's our best approach?
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Nov 30, 2015 15:56
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House viewed and liked, pre-approval done. Offer submitted, counter received, counter accepted! Inspection set, appraisal scheduled. Oh god what is happening! My Redfin agent has been absolutely awesome so far, answering each and every question I have, even on weekends. Same with my lender, I sent him an email sunday afternoon with some questions and he called me within 10 minutes with answers. So far our closing is set for Dec 30th, so we're trying to get this done quick. This week is gonna be crazy with the inspection and appraisal happening I think. Wish me luck!
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Nov 30, 2015 15:59
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revmoo posted:My sister is in real estate and she's telling me that 0% down loans no longer exist. Thats not true. It really depends on the lender you go with. Financially, my fiancee and I are close to your situation. Good credit scores, no debt of any concern(couple thousand in CC's and a car loan thats fairly low) Our debt to income ratio is really good as our combined income is in the same ballpark as yours. Same situation without any real savings around. We could have scratched together 10k if we needed to. We were also looking for a purchase around the same price point as this house you are considering buying. Anyway, long story short. We used our state employee credit union first time home buyer program. They financed over 100% (paying closing costs) and approved us basically on the spot after running our credit and verifying employment. When its all said and done, we will have paid around $500 out of pocket for appraisals and inspections, but otherwise we wont pay a dime until our first payment. We also got a really good fixed rate and no PMI.
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Nov 30, 2015 17:12
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Yeah I've been researching all morning, and it looks to me like conventional and sub-prime lenders have completely ceased 0% down financing, but there are still some routes to getting it through credit unions, banks, government programs etc. I guess if I can get a loan for 3%-ish down that's workable--I just hate to put money down on a house I already live in. Same with closing costs, etc. It would be really nice if I could just use the equity in the house to pay for the whole deal. I figure our income will nearly double in 5-10 years so I'd much rather pay more than than now. Dropping ~10k on this house just to shuffle some papers is brutal.
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Nov 30, 2015 17:22
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I did 95% financing because I was young and stupid and kind of regret it now. I think I probably ended up not drastically worse off than renting and saving but: - My own credit union is only interested in refinancing at 80% or better ltv. I'm around 83% after starting to aggressively pay down the principle of the loan 5 years in. - You'll be paying for PMI, maybe in a lump some or maybe on a monthly basis, but lump sum you'll be paying for PMI you won't be using if you pay down principle early. On a monthly basis you'll have to be active to remove PMI from your monthly payments before you hit 78% LTV. I did the former and feel a little dumb for incentivizing myself to not pay down principal. - You've narrowed the pool of lenders considerably, so if financing conditions are good to reduce your interest rate, you might not be able to exercise those options. This is the source of most of my regret now, I could have gone from 6.5% financed in '08 to 3.15% this year if my LTV had been better. - For the first few years the equity you are building is pitiful. The principle portion of your payments will be on the order of $1-200 / month, with the rest of the money going into servicing interest. There's also the scale of costs that a house will incur upon you that you have to consider. Things can happen that leave you holding a bill for four or five figure repair bills that insurance doesn't or won't cover. If you can't save the 20% for a house, you probably also can't save the money needed to be able to cover these repairs. Home ownership comes with some great advantages too, some friends of mine renting a very good deal in Brooklyn recently had to move on a little less than a month's notice because their landlord decided to cash out his rental property, you have infinitesimally smaller odds of getting similarly hosed with eminent domain in a house, you get more autonomy, can own pets, etc. But you can get all of those advantages while being smart about pursuing the financing.
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Nov 30, 2015 17:37
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You're not wrong, but let's not get into a philosophical argument about the opportunity costs surrounding moving into a smaller house or making a large downpayment or renting or whatever. I don't have the timeframe to save up 20% before making a move, assuming the situation is what my sister claims (I kind of doubt it, but I'd rather do my homework now rather than later). The reality is I'm staying here if I can, and I want to pay as little as possible now for it even if it costs more in the long term. What I want now is to pay as little as possible on my mortgage so I can have cash on hand for other things (like high interest debt!) And of course none of this answers any of my questions such as; can I use equity in the house towards a downpayment? Because with that 8% + cash I could EASILY hit 20% down and it would probably only take me until Spring to get the cash together.
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Nov 30, 2015 18:01
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revmoo posted:Yeah I've been researching all morning, and it looks to me like conventional and sub-prime lenders have completely ceased 0% down financing, but there are still some routes to getting it through credit unions, banks, government programs etc. You should consult a lawyer, but assuming the property is in your name (if not, could you get the deed issued?), perhaps you could simply assume the loan in a manner similar to an heir assuming it? Then refinance? Might be a lot easier to do that.
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Nov 30, 2015 18:26
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It's not in my name, we just make the payments. Dumb I know but I also wasn't expecting a close family member to have a mental break. Our credit wasn't in shape to get anything back when we moved in so it was pretty win/win at the time. We're not super-screwed as the mortgage is cheaper than rent, and realizing the equity isn't like going to an ATM, so if we lost the house it wouldn't be the worst thing in the world, but still, I'd prefer to keep it.
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Nov 30, 2015 18:39
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It sounds like your bigger problem is going to be even buying the property. If they're on board with you taking it and them walking away that's a lot different than them wanting to sell it for a profit to you
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Nov 30, 2015 18:54
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revmoo posted:You're not wrong, but let's not get into a philosophical argument about the opportunity costs surrounding moving into a smaller house or making a large downpayment or renting or whatever. I don't have the timeframe to save up 20% before making a move, assuming the situation is what my sister claims (I kind of doubt it, but I'd rather do my homework now rather than later). The reality is I'm staying here if I can, and I want to pay as little as possible now for it even if it costs more in the long term. What I want now is to pay as little as possible on my mortgage so I can have cash on hand for other things (like high interest debt!) Depending on geographic location, quality of records for maintaining the property, and likelihood of the deeded owner trying to evict you, you could go for adverse possession and save a ton! 
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Nov 30, 2015 19:20
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mastershakeman posted:It sounds like your bigger problem is going to be even buying the property. If they're on board with you taking it and them walking away that's a lot different than them wanting to sell it for a profit to you Yeah I'm not worried about that.....yet. As of now, they're happy to sign over the house entirely to me with no money changing hands. Dwight Eisenhower posted:Depending on geographic location, quality of records for maintaining the property, and likelihood of the deeded owner trying to evict you, you could go for adverse possession and save a ton! Hah. That would be hilarious. Not sure how the mortgage company would feel about that though!
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Nov 30, 2015 19:34
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Would have to pay taxes on a gift of a house? I assume so but I don't know - have an answer to that question before you make a decision.
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Nov 30, 2015 20:13
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Jeffrey of YOSPOS posted:Would have to pay taxes on a gift of a house? I assume so but I don't know - have an answer to that question before you make a decision. You can't gift someone a house with a mortgage on it. You can however, "sell" it to them for whatever price you want to set.
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Nov 30, 2015 20:17
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revmoo posted:It's not in my name, we just make the payments. Dumb I know but I also wasn't expecting a close family member to have a mental break. Our credit wasn't in shape to get anything back when we moved in so it was pretty win/win at the time. You will have to negotiate a sale of the property with your family member. Given the circumstances you'll probably have to conduct the transaction at an appraised price with market comps and if the family member decides to gift you the proceeds of the sale then great. The equity in the house isn't going to help you finance the purchase because it doesn't belong to you. Contact a loan broker and carefully explain the situation and they can help you navigate the requirements of such a non-arms-length sale.
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Nov 30, 2015 20:18
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BEHOLD: MY CAPE posted:The equity in the house isn't going to help you finance the purchase because it doesn't belong to you. Right, but is it not possible for the mortgage company to allow a seller to cover a buyer's downpayment? I'm getting in touch with some lenders I just wanted to get a lay of the land.
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Nov 30, 2015 20:20
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Getting our down payment money into the same account - will writing a 20k check to my partner cause problems come tax time? We can do two separate wires if so, but I thought it would be easier to write a check and do just one wire
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Nov 30, 2015 20:21
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revmoo posted:Right, but is it not possible for the mortgage company to allow a seller to cover a buyer's downpayment? That's usually only possible with special loan terms. It's one of the advertised features of a USDA loan. I mean I guess it's possible that you could find a lender who would do that kind of thing on a conventional loan, but it's unlikely
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Nov 30, 2015 20:26
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