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Team_q posted:Went to 6 open houses today, the market is nuts around here. My wife fell in love with a nice 3 bedroom. BUT, it's a fuse box instead of breakers. Also the basement didn't look damp, but they did have a dehumidifier. Fuse box -> breaker conversion by itself wouldn't be too bad (probably a few thousand depending on where you are). The main issue there is all the outlets are likely ungrounded, which is going to be a very costly thing to fix (think rewiring the house)
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Nov 13, 2016 22:58
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All the economic indicators point at a downturn in the next 6-18 months. I hope we don't regret having signed the contract on a place... We will have some reserve funds at least.
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Nov 14, 2016 00:06
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Rated PG-34 posted:NYC Hope you've got hella reserve funds! Seriously though, best of luck.
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Nov 14, 2016 00:27
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So has anyone dealt with buying a house while having a pending I-751 application? They send you a notice saying your residency is being extended "for one year" when they receive the application but you actual have status indefinitely until they make a decision regarding your application. But as you might imagine the lender isn't really familiar with this process and is asking me to provide proof that we've extended my wife's residence another year, which isn't actually possible to do. I guess you can get a stamp for your passport and maybe that's what we'll end up needing to do. Ugh.
RICHUNCLEPENNYBAGS fucked around with this message at 04:13 on Nov 14, 2016 |
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Nov 14, 2016 04:11
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RICHUNCLEPENNYBAGS posted:So has anyone dealt with buying a house while having a pending I-751 application? They send you a notice saying your residency is being extended "for one year" when they receive the application but you actual have status indefinitely until they make a decision regarding your application. But as you might imagine the lender isn't really familiar with this process and is asking me to provide proof that we've extended my wife's residence another year, which isn't actually possible to do. I guess you can get a stamp for your passport and maybe that's what we'll end up needing to do. Ugh. Are you a citizen? Do you qualify for the mortgage without your spouse? It might be easier to remove her from the application altogether. Otherwise you may need to come up with a way to prove you will keep paying the loan when your spouse is deported by Trump.
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Nov 14, 2016 04:34
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H110Hawk posted:Are you a citizen? Do you qualify for the mortgage without your spouse? It might be easier to remove her from the application altogether. Otherwise you may need to come up with a way to prove you will keep paying the loan when your spouse is deported by Trump. Yes and maybe, respectively, but I'd consider that lea than ideal.
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Nov 14, 2016 14:03
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slap me silly posted:Hope you've got hella reserve funds! Seriously though, best of luck. Thanks, we have like 10% and we can liquidate our current place. But oh man if we thought 2016 was lovely.
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Nov 14, 2016 14:15
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Putting an Offer in, Hopefully this works out, I'm super nervous, we are going in over asking, as otherwise it should be perfect, Everything in this area is going over asking and I'm afraid the market is going to tank, oh man, I've never spent this kind of money before, oh mannnnnnnnn.....
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Nov 14, 2016 14:35
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Team_q posted:Putting an Offer in, Hopefully this works out, I'm super nervous, we are going in over asking, as otherwise it should be perfect, Everything in this area is going over asking and I'm afraid the market is going to tank, oh man, I've never spent this kind of money before, oh mannnnnnnnn..... Going in over ask doesn't bother us because it was underpriced and we managed to get a decent price by being a direct buyer (effectively bribing the agent). Also, I'm not that nervous given our asset reserves.  I hope poo poo works out for everyone here though. poo poo is going to be bad.
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Nov 14, 2016 15:07
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Rated PG-34 posted:Going in over ask doesn't bother us because it was underpriced and we managed to get a decent price by being a direct buyer (effectively bribing the agent). Also, I'm not that nervous given our asset reserves. What exactly does this mean?
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Nov 14, 2016 15:09
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Jealous Cow posted:What exactly does this mean? Only one agent representing both parties, at a guess...
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Nov 14, 2016 15:36
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Jealous Cow posted:What exactly does this mean? They don't have a realtor. This means the sellers agent (realtor) doesn't have to split the commission. The theory is the extra 2-3% payday for them will encourage them to see your offer as the best offer.
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Nov 14, 2016 15:37
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H110Hawk posted:They don't have a realtor. This means the sellers agent (realtor) doesn't have to split the commission. The theory is the extra 2-3% payday for them will encourage them to see your offer as the best offer. I love how the best outcome is that the person they're trusting to give them a deal has to be crooked to let it bias them.
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Nov 14, 2016 15:39
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baquerd posted:I love how the best outcome is that the person they're trusting to give them a deal has to be crooked to let it bias them. Being a buyers agent means getting paid by negotiating a split of the sellers fee, which is a % of the house sale price. Even if you hire an agent they are deep down inside, just a little bit, looking out for the sellers price. I assume this is part of the reason that concessions on sale price are less common than rebates on closing costs. It's the same money, but I assume the agents get a few more dollars. I haven't looked at the contracts though so I don't know for sure. We have only bought so far.
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Nov 14, 2016 15:47
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Jealous Cow posted:What exactly does this mean? If you feel like you know what you're doing negotiation-wise and just want an agent to do the paperwork, you can ask the selling agent if he would reduce his commission or offer a buyer's rebate if you used them as a dual agent. Edit: From what I've read, you want to bring it up by mentioning that since the agent wouldn't be able to help you negotiate, it's only fair for them to offer a discount.
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Nov 14, 2016 15:54
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H110Hawk posted:They don't have a realtor. This means the sellers agent (realtor) doesn't have to split the commission. The theory is the extra 2-3% payday for them will encourage them to see your offer as the best offer. Yes, it's effectively double the commission for the agent, so it makes a huge difference. The seller is disclosed the info that it's a direct buyer, so he ought to be aware of the conflict of interest. However, in our case, the seller didn't care that much probably because there was another conflict of interest. Turns out the seller was only selling the property due to a divorce court settlement, and the proceeds of the sale would go to the ex-wife.
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Nov 14, 2016 16:41
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baquerd posted:I love how the best outcome is that the person they're trusting to give them a deal has to be crooked to let it bias them. My wife who's a realtor theorizes that the people who get hosed the most in real estate deals are the sellers. An acquaintance of hers just outright bribes the agents with 10k or so to guarantee that they get the deal for ask price. Also, he bribes agents to sell properties such that he avoids capital gains taxes. There's all sorts of shenanigans that go on in the real estate industry (like all industries).
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Nov 14, 2016 16:49
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Rated PG-34 posted:Going in over ask doesn't bother us because it was underpriced and we managed to get a decent price by being a direct buyer (effectively bribing the agent). Also, I'm not that nervous given our asset reserves.
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Nov 14, 2016 17:45
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Rated PG-34 posted:(like all industries). This is one of those falsehoods people tell themselves to rationalize their own bad behavior. It is actually not the case that in every industry, people engage in fraud and graft. "Bad behavior" is a nebulous weasel word that is also useful for implying an equivalency when it isn't actually there. Not to pick on you, you're not the one engaging in bribery etc., this is just a pet peeve of mine. It's literally the mechanism by which systems become corrupted; individual actors rationalizing their own corruption by presuming their behavior is normal, and therefore, if they don't engage in corruption, they'll be at an unfair disadvantage.
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Nov 14, 2016 18:22
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Leperflesh posted:This is one of those falsehoods people tell themselves to rationalize their own bad behavior. It is actually not the case that in every industry, people engage in fraud and graft. "Bad behavior" is a nebulous weasel word that is also useful for implying an equivalency when it isn't actually there. Please name one industry that doesn't have lovely poo poo happening. I'm more of the opinion that the system of capitalism is inherently corrupt, but that's neither here nor there.
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Nov 14, 2016 18:54
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It's all corrupt so let's burn it down and take what we can get along the way, right? Trump/Pence 2016 I suppose.
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Nov 14, 2016 19:18
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Rated PG-34 posted:Please name one industry that doesn't have lovely poo poo happening. I'm more of the opinion that the system of capitalism is inherently corrupt, but that's neither here nor there. You can probably find plenty of organizations where that's the case, even if their industry is corrupt. For instance, while there are non-profits that have been caught doing shady poo poo, there are also plenty of other non-profits that are legit and doing good work. "Hmm everyone else is probably embezzling so maybe I should start embezzling too" is how a good non-profit becomes a bad non-profit (and often results in people going to jail) My feeling is that the real estate industry is poorly regulated, with realtors often having little to no oversight unless someone can actually prove wrongdoing to the local realtor board (often a private group). This makes it easier for corruption to occur and to become normalized (because it goes uncaught and unpunished). Going back to the nonprofit case, their finances are public and get reviewed all the time, and they often face a lot of scrutiny, so it's harder to get away with something. QuarkJets fucked around with this message at 20:10 on Nov 14, 2016 |
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Nov 14, 2016 20:06
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Rated PG-34 posted:Please name one industry that doesn't have lovely poo poo happening. I'm more of the opinion that the system of capitalism is inherently corrupt, but that's neither here nor there. See, "lovely poo poo happening" is trying to draw a broad equivalence where there isn't one. We're talking about someone claiming outright bribery and graft between agents that are duty-bound to represent their customers is normal not only in their own industry, but all industries. If some other industry has some other "lovely poo poo" that isn't outright bribery and graft, then it's not the same thing. And it's not just "happening" but "normal." Any large industry will have some rate of "lovely poo poo happening," but the rate at which it goes on, and the severity of the poo poo, is important. Just hand-waving away bad behavior on the basis that it's normal is exactly how ostensibly good people perpetuate and expand corruption. You described a situation where someone who is paid thousands of dollars to represent the interests of their clients, accepts a bribe in exchange for intentionally and knowingly cheating those same clients, and described that as normal behavior across all industries. That is not the case, though. The "norm" is that you can hire someone to represent your interests and be reasonably sure they will not take a bribe from the representative of a competing interest in order to gently caress you over. When you hire a lawyer, the "norm" is that the lawyer represents you in a legal matter. It would not be normal for your lawyer to take a bribe from your rival's lawyer in order to screw you over in court. When you call the cops because someone has broken into your house, the "norm" is not for the cop to take a bribe from the burgler to make the whole thing just go away. When you buy meat at the grocery store, have you noticed that it generally doesn't make you sick? That's because the grocery store's employees, and the original ranch that raised the cattle, and the slaughterhouse that killed it, and the transportation companies that transported the meat, etc. have all cooperated with a regulatory environment designed and intended to ensure the meat in the package at the store is clean and healthy to eat. It is not "normal" and very very rare that someone along the line is bribing people in order to get them to ignore meat they know to be spoiled or contaminated. That's not "normal." Is there "lovely poo poo" happening in the legal, law enforcement, and meat industries? Hell yes there is, they're huge industries with millions of people involved, and some of them are doing lovely poo poo. There are systemic problems, as well, broad forces that cause those industries to do bad things, or prevent them from reforming. But direct, money-exchanging-hands to knowingly screw consumers? No, dude, that's actually not normal. And if it is normal in the real estate agent industry, that'd be an exceptional level of corruption, far beyond other US-based industries.
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Nov 14, 2016 20:41
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QuarkJets posted:You can probably find plenty of organizations where that's the case, even if their industry is corrupt. For instance, while there are non-profits that have been caught doing shady poo poo, there are also plenty of other non-profits that are legit and doing good work. "Hmm everyone else is probably embezzling so maybe I should start embezzling too" is how a good non-profit becomes a bad non-profit (and often results in people going to jail) I think at the end of the day, it comes down to the presence/absence of a sound regulatory regime, and not whether there are corrupt individuals in an industry. There are corruptible people in all industries. Most of the real estate agents we've met with seem to be on the up and up. However, if an industry is well regulated and there is an enforcement agency constantly policing, then shady poo poo is less of a problem. Your assessment of the real estate industry sounds fair. Most industries are not well regulated thanks to regulatory capture whereby the industry controls the regulators, and the fox ends up guarding the hen house. Regulatory capture is something that happens easily in America when you consider the large amounts of money required in politics.
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Nov 14, 2016 21:27
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Leperflesh posted:See, "lovely poo poo happening" is trying to draw a broad equivalence where there isn't one. We're talking about someone claiming outright bribery and graft between agents that are duty-bound to represent their customers is normal not only in their own industry, but all industries. If some other industry has some other "lovely poo poo" that isn't outright bribery and graft, then it's not the same thing. And it's not just "happening" but "normal." Any large industry will have some rate of "lovely poo poo happening," but the rate at which it goes on, and the severity of the poo poo, is important. The public being hosed over by institutions and corporations is a very common event, normal even. It doesn't always take the form of direct bribery between two individuals. The Supreme Court has effectively legalized bribery by corporations of elected officials with the passing of Citizens United. This is how the American Airlines and US Airways merger went through for example. Rahm Emanuel got a sizable donation to his re-election fund by supporting the merger. If you think the law system isn't hosed, look at the recent justice department report about the Baltimore PD.
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Nov 14, 2016 21:50
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Rated PG-34 posted:The public being hosed over by institutions and corporations is a very common event, normal even. It doesn't always take the form of direct bribery between two individuals. The Supreme Court has effectively legalized bribery by corporations of elected officials with the passing of Citizens United. This is how the American Airlines and US Airways merger went through for example. Rahm Emanuel got a sizable donation to his re-election fund by supporting the merger. If you think the law system isn't hosed, look at the recent justice department report about the Baltimore PD. Be that as it may I tend to agree that we're talking about something different than taking a bribe to cheat someone who is paying you to represent their interests.
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Nov 15, 2016 00:07
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RICHUNCLEPENNYBAGS posted:Be that as it may I tend to agree that we're talking about something different than taking a bribe to cheat someone who is paying you to represent their interests. Yes, it's different in the sense of scale. At the end of the day, you're not really getting dicked over that much by a selling agent in the case I mentioned; he's still selling your property, just not at the highest price you could possibly get. The amount of corruption in the real estate industry is probably peanuts compared to elsewhere. The military industry complex comes to mind as an industry so rife with graft, it's mind boggling.
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Nov 15, 2016 00:29
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Rated PG-34 posted:Yes, it's different in the sense of scale. At the end of the day, you're not really getting dicked over that much by a selling agent in the case I mentioned; he's still selling your property, just not at the highest price you could possibly get. The amount of corruption in the real estate industry is probably peanuts compared to elsewhere. The military industry complex comes to mind as an industry so rife with graft, it's mind boggling. Scale meaning that he is "only" defrauding you of ~$10k in addition to the 3% he's charging you to represent you in the sale. Nobody should expect someone that they are paying as an agent to represent them to be ripping them off. It's the worst kind of dishonesty. Like I could potentially understand the OTHER agent trying to take advantage of me but it was my own agent, I'd want them in jail and disbarred for life. People do this are cockroaches and like Leperflesh mentioned are certainly not status quo.
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Nov 15, 2016 03:44
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Slappy Pappy posted:Scale meaning that he is "only" defrauding you of ~$10k in addition to the 3% he's charging you to represent you in the sale. Nobody should expect someone that they are paying as an agent to represent them to be ripping them off. It's the worst kind of dishonesty. Like I could potentially understand the OTHER agent trying to take advantage of me but it was my own agent, I'd want them in jail and disbarred for life. People do this are cockroaches and like Leperflesh mentioned are certainly not status quo. I agree that it's rather reprehensible, but on the list of things that are troubling me on the eve of our Brave New Trump World, it's low on my list.
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Nov 15, 2016 03:49
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Sorry to interrupt your argument about ethics but  IT HAPPENED I HAVE KEYS TO MY HOUSE Now I get to start working down the laundry list of fixes and improvements.
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Nov 15, 2016 03:54
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Rated PG-34 posted:Yes, it's different in the sense of scale. At the end of the day, you're not really getting dicked over that much by a selling agent in the case I mentioned; he's still selling your property, just not at the highest price you could possibly get. The amount of corruption in the real estate industry is probably peanuts compared to elsewhere. The military industry complex comes to mind as an industry so rife with graft, it's mind boggling. It's obviously a far more personal affront than padding the numbers in a new government contract.
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Nov 15, 2016 04:14
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RICHUNCLEPENNYBAGS posted:It's obviously a far more personal affront than padding the numbers in a new government contract. True, so I advise anyone selling to try and ensure their agent is on the up and up. Maybe have a friend attend an open house or two. We felt like we could tell if the agent was playing some sort of game by just attending the open house.
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Nov 15, 2016 04:18
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Alereon posted:Sorry to interrupt your argument about ethics but Congrats man! I'm two months into my house owning life, and while the house still has a lot of work to be done, I wouldn't change a thing for the world. I should have bought a house sooner.
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Nov 15, 2016 04:29
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Alereon posted:Sorry to interrupt your argument about ethics but Congrats! Now comes the expensive part!
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Nov 15, 2016 05:30
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Is this also the thread to talk about selling a house? I'm considering selling in a timeframe between ASAP and next spring and while I have a general gameplan - try to move out to a short term lease place and repair the place before I put it on the market and hope my savings last long enough for me to sell/get a job - I might have questions because this is the first time I've done this and I don't really have anybody who I can talk to about this, and I'd rather not get taken for a ride out of ignorance.
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Nov 15, 2016 13:50
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KirbyJ posted:Is this also the thread to talk about selling a house? I'm considering selling in a timeframe between ASAP and next spring and while I have a general gameplan - try to move out to a short term lease place and repair the place before I put it on the market and hope my savings last long enough for me to sell/get a job - I might have questions because this is the first time I've done this and I don't really have anybody who I can talk to about this, and I'd rather not get taken for a ride out of ignorance. This sounds like a lot of moving parts. That isn't a condemnation that it won't work, but the only way I've seen this kind of plan executed is if you can really clearly draw a line between every dollar you have, every day between you and the sale and every thing that needs to be done. Without this level of planning and accountability, it sounds like a recipe for financial disaster. and speaking of financial disaster congratulations Alereon on the purchase of your new home!
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Nov 15, 2016 14:55
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Alereon posted:Sorry to interrupt your argument about ethics but Congratulations. First on the list should be "buy more paper for the list." I've found that it steadily grows, no matter how hard you work to cross things off.
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Nov 16, 2016 15:33
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The wife and I are currently under contract for a short sale property going to closing in 4 weeks. We've set aside enough for 20% down + closing costs. Our lender has ordered the appraisal and we are waiting on the results. My projection is that the appraisal will come back HIGHER than the sale price based on the sellers being under distress and on comps in the surrounding area. If the appraisal comes back higher, can we leverage this to reduce our amount required at closing? For example, if the appraisal price reduces our LTV to 70%, could we reduce our downpayment below 20% of the sale price to be 20% of the APPRAISED price? I know longer term this is bad from a total interest perspective, but would keep more money in our pockets now or allow us to invest the excess money and yield a higher ROI. Thanks!
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Nov 17, 2016 16:46
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tjh5122 posted:The wife and I are currently under contract for a short sale property going to closing in 4 weeks. We've set aside enough for 20% down + closing costs. Our lender has ordered the appraisal and we are waiting on the results. My projection is that the appraisal will come back HIGHER than the sale price based on the sellers being under distress and on comps in the surrounding area. LTV is calculated on the lessor of appraised or sales price.
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Nov 17, 2016 17:12
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I'm planning to refi our home loan once I get my buyback money from VW from this TDI scandal. Currently I have one credit card with 0% interest and 9k balance that i'm paying down 1k or more a month and will completely pay it off when I get the money from VW. I have great credit and the money from the settlement will pay off the rest of the auto loan and clear up the credit card debt. I have no intent of using the credit card after it's paid off but i want to know how long my credit report will be impacted by the balance I was carrying, since it will probably factor somewhat into my refinance. Should I wait a month or two after paying it off before I refinance? I'm hoping to take advantage of current rates before they go up or trump decides to gently caress this country up. OBAMNA PHONE fucked around with this message at 19:07 on Nov 17, 2016 |
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Nov 17, 2016 19:04
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