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Twerk from Home posted:How is that number calculated? What's it's relevance if it's not supposed to represent actual value? Honestly, I have no idea but that's something determined by the local tax assessor and I imagine it's different for every state, county, and municipality. Probably answered by a simple phone call to city hall, township office, or local equivalent
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Apr 11, 2017 18:27
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Evil Robot posted:The question is why is it so much lower. Some places the "assessed value" is designed to be a fraction of the actual fair market value of the house. Illinois is one of those - my townhouse which was always worth about $150k had an assessed value of like $20,000. I have an old form from 2004 when I bought the place, here is literally what's on it: code:
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Apr 11, 2017 18:35
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Hashtag Banterzone posted:I think the easiest way is to find a local independant agent and have them give you quotes for every company they work with. Though for some reason "Independant Insurance Agent Near Me" doesn't seem to give many hits on google, so I had to search for "Insurance Agent" and then ignore all of the Allstate/Statefarm/etc reps Insurance Broker is the term that should work.
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Apr 11, 2017 18:37
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Comatoast posted:I found a piece of property that is possibly undervalued. It's just under 3 acres with a 40'x16' storage shed converted into a living space. It's got a septic system, water well and city electric. The price on the property is about what it would cost if the land was completely undeveloped. This is only a question your local city/county/whatever zoning board can answer. You could also just ask about getting a home loan yourself (no credit pull) on that address from a mortgage broker. I would try to find one that doesn't just do fannie/freddie loans. I imagine it's not zoned correctly and that living space isn't in any way correctly permitted.
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Apr 11, 2017 19:04
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I think around here we only get assessed every 4 years or if there's major permitted work done (not sure about the 2nd one, seems like that would incentivize unpermitted work) so most of Nashville is due for a huge increase in appraised value this year.
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Apr 11, 2017 19:30
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Thufir posted:I think around here we only get assessed every 4 years or if there's major permitted work done (not sure about the 2nd one, seems like that would incentivize unpermitted work) so most of Nashville is due for a huge increase in appraised value this year. Looks like prices in Nashville are up about 40-50% in the last 4 years. I'm having a hell of a time finding a house.
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Apr 11, 2017 19:32
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In most non-California states (Prop 13 messes with this), property tax rates aren't set from year to year. Your county, city, school district and various other taxing authorities will make their budget and then apply that to the taxable value of their district, subject to different property calsses having different assessed rates, in order to determine the tax bills. If residential is being categorically underassessed, some other property class may be paying an outsized proportion of the taxes. The assessed value as a percentage of market value shows up so that dofferent property types can be given favorable treatment, so owner occupied single family home and farmland can get a discount on their share of the total tax base.
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Apr 11, 2017 19:37
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Twerk from Home posted:Looks like prices in Nashville are up about 40-50% in the last 4 years. I'm having a hell of a time finding a house. Lowest inventory in at least 5 years apparently http://www.tennessean.com/story/marketplace/real-estate/2017/04/10/dwindling-home-supply-sparks-bidding-wars-around-nashville/100145172/
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Apr 11, 2017 19:39
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Thufir posted:Lowest inventory in at least 5 years apparently http://www.tennessean.com/story/marketplace/real-estate/2017/04/10/dwindling-home-supply-sparks-bidding-wars-around-nashville/100145172/ I'm buying anyway, rents are even more crunched with multiple years of 10% year over year increases. gently caress it.
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Apr 11, 2017 19:39
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Where I live the assessed value is 70% of the "actual" value, by statute. For some reason.
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Apr 11, 2017 19:42
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minivanmegafun posted:lol, really? What state are you in? My appraisal in Illinois is less than half of my purchase price. lol my appraisal in Ohio was more than 4 times my purchase price and I overpaid
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Apr 11, 2017 19:43
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Twerk from Home posted:I'm buying anyway, rents are even more crunched with multiple years of 10% year over year increases. gently caress it. Yeah it's pretty hosed, though I think the apartment market might have peaked for a while. Seems like some of the newer buildings are offering some incentives and I've read about some pre-construction projects cancelled. If it makes you feel any better, I biked around the Nations a month or so ago and there were over 100 infill houses under construction just in that 'hood (I counted), so there is probably a minor glut of $350-450k new construction about to hit (though most of it is probably HPR).
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Apr 11, 2017 19:46
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Just got my final closing cost its $1000 less than I expected and the seller has to cut me a check for $650 
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Apr 11, 2017 20:11
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Thanks for the selling-advice, guys  At the very least, I'll move ahead with the landscaping plans, since the back yard & bay windows up front have some ugly-rear end gravel (and possibly install rain gutters?? The last doofus ripped em off). I'll probably hold off on the window & sliding door replacements, given the price-tags involved. I've got a fair amount squirreled away, but I'd rather not spend money just to spend it, so to speak.
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Apr 11, 2017 20:55
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Thufir posted:I think around here we only get assessed every 4 years or if there's major permitted work done (not sure about the 2nd one, seems like that would incentivize unpermitted work) so most of Nashville is due for a huge increase in appraised value this year. A lot of Davidson county will be hosed by this, and there are a few proposals to block it or slow it down at least. Out here in Wilson county, my townhouse was just appraised like 2 years ago so I should still be good for a while.
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Apr 11, 2017 21:58
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DJCobol posted:A lot of Davidson county will be hosed by this, and there are a few proposals to block it or slow it down at least. Out here in Wilson county, my townhouse was just appraised like 2 years ago so I should still be good for a while. I mean, I'm sure people are going to complain a lot but I don't have a ton of sympathy since people either saw their property dramatically increase in value or, if they bought recently like me, should have known this would happen. I'm kind of curious how it will shake out with the state law about revenues needing to stay flat, but I'm expecting my property takes to go up at least 50%.
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Apr 11, 2017 22:23
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Thufir posted:people either saw their property dramatically increase in value That doesn't mean they can afford higher taxes. They do not generate income proportional to the market price of their homes, and they're not going to get a raise at work because real estate is booming. People who bought their places in 2009 may well not be able to afford a 50% increase in taxes over one year. If the increase above some fixed increase amount were deferred until sale, and the assessed value were reset to sale price then, we could have something workable.
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Apr 11, 2017 22:34
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Motronic posted:Do you really need purchase price coverage? This is supposed to insure your property for replacement value, which is surely less than what you paid for land+home. If you have some exceptionally valuable contents those are usually put on a rider (camera equipment, art, etc). Not purchase price, but replacement value. Not sure how to accurately determine that. I do know that the improvements number from the county appraisal will be too low.
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Apr 11, 2017 22:57
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Hi folks. I need to buy a home. I want to pay $90,000 max for a home, I'll put down 20%, and my credit score is about 780. Looking for 15-20 year mortgages. Nothing exciting. v vI've been searching this subforum for advice, but because I'm a moron I need someone to explain to me what a good mortgage rate is compared to its fees and closing costs. I know a low mortgage rate = good. But when I look at estimates from banks, the rates vary a bit while the fees for closing costs vary more. One bank had higher rates with tiny closing costs, while others were very similar to one another. I've only completed an application with the bank I use for my general banking. They quoted OK rates, but other banks' online rate checkers showed better rates and much lower closing costs. But is that because some of these banks are not showing me all the taxes and fees, or is my bank trying to make me pay for more crap? quote:$72,000 loan And here are some estimates I found online by looking for banks with local branches that publish their rates. Evidently they all use the same software since they all look the same. But the numbers are different. And why are my bank's fees so much higher when I'm asking for the same amount of money?  The loans I like are in red. They're similar, but different. Why? My brother says I need to pick up a phone and talk to an actual human and then demand that they tell me what rates they have for someone with good credit. But whenever I talk to a person they want me to fill out an application and there's always pressure.  I like to have things in a written format. So personally I want lenders that will publish their current rates. I don't know what I'm missing out on by being that way.
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Apr 12, 2017 01:26
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Subjunctive posted:If the increase above some fixed increase amount were deferred until sale, and the assessed value were reset to sale price then, we could have something workable. I'm guessing you're not from California?
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Apr 12, 2017 01:54
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Steve French posted:I'm guessing you're not from California? I lived there for 5 years, I know all about Prop 13. Not everywhere is that broken though.
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Apr 12, 2017 01:55
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Evil Robot posted:About to put down a lowball $915k offer (never thought I'd say those words, thanks a lot Los Angeles...). Wish me luck! ...and my lowball offer (upped to $925k) with 20% down was rejected out of hand (no chance to counter) for a near full price offer ($950k) with >20% down. 
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Apr 12, 2017 01:57
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Evil Robot posted:...and my lowball offer (upped to $925k) with 20% down was rejected out of hand (no chance to counter) for a near full price offer ($950k) with >20% down. Why do they care how much downpayment you have? Isn't that between you and the mortgage provider?
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Apr 12, 2017 01:58
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Subjunctive posted:Why do they care how much downpayment you have? Isn't that between you and the mortgage provider? My downpayment was in my offer paperwork. Not sure why. It was a standard California Association of Realtors form.
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Apr 12, 2017 02:03
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Realtors always tell their sellers to go for the offer with the higher down payment and more cash as it's the "safer, more committed" deal. Sellers usually buy it.
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Apr 12, 2017 02:12
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My offer had that as well; one concrete reason is that if you demonstrate that you have the money to cover a significantly larger than 20% down payment, there is less risk of you backing out of the deal due to a low appraisal. I don't think that what you put in the offer is binding, either: so you can put 25% down in the offer and then adjust it down to 20% before closing if you'd rather keep the cash.
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Apr 12, 2017 02:16
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Oh, this is part of an offer contingent on financing? I guess that makes more sense then.
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Apr 12, 2017 02:21
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Ema Nymton posted:And here are some estimates I found online by looking for banks with local branches that publish their rates. Evidently they all use the same software since they all look the same. But the numbers are different. And why are my bank's fees so much higher when I'm asking for the same amount of money? OK so, I'm not an expert, keep that in mind. But first, without evaluating your credit, the bank can't quote you a better rate or lower cost for points or whatever. They also don't want to waste their time quoting people who will flat out not qualify for any loan. And of course, they want to get more information about you so they can try to sell you more products. Second: the variation between lenders on a bunch of those fees is to be expected.
Third, the exact deal that any given bank is offering (rate, cost of points, origination fee, and any credit offered against those costs) can change as often as twice a day. If you get quotes from different banks on different days, they may not be apples-to-apples comparisons. I often recommend to people to consider a mortgage broker. A broker will have a list of banks they usually work with - maybe ten to twenty - and will get your info from you and then spam them for quotes all at the same time. A good broker could do this for you repeatedly until you get a quote you like and lock it in, although having the luxury to wait for a better quote is usually reserved for people who are refinancing, not buyers. And the broker is paid by the bank that wins your business - which means the broker has an incentive to work with banks that pay him more, but the broker is still going to get quotes from a bunch of banks and there's bound to be one in there that is offering close to the best rate available to you on any given day, so it's kind of OK. If you decide not to use a broker, you can certainly comparison shop, but just be aware that it's best to get all your quotes at once, and it's a given that your quote is meaningless without giving the bank a package of your financial information and them making a soft hit on your credit. Leperflesh fucked around with this message at 02:51 on Apr 12, 2017 |
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Apr 12, 2017 02:47
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Subjunctive posted:Oh, this is part of an offer contingent on financing? I guess that makes more sense then. Even if it's not it can still fall through and they're just out the ernest money while you have to go back to finding a new buyer. When I had a bidding war on my condo in SF I took the all cash LLC just to wash my hands of it that much faster and sleep that much better.
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Apr 12, 2017 03:03
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Sab0921 posted:Not purchase price, but replacement value. Not sure how to accurately determine that. I do know that the improvements number from the county appraisal will be too low. I have to say this sounds off enough that either or both you are talking to the wrong people or they aren't explaining it well enough. You are not in a unique situation at all.
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Apr 12, 2017 03:12
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Subjunctive posted:Yeah, my tax appraisal (Ontario) is about 30% lower than my purchase price and bank appraisal. Seattle does not do this. My property taxes went up over $1000 yearly two years ago when they reappraised.
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Apr 12, 2017 03:41
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Ema Nymton posted:My brother says I need to pick up a phone and talk to an actual human and then demand that they tell me what rates they have for someone with good credit. But whenever I talk to a person they want me to fill out an application and there's always pressure. You should talk to someone once. Have them explain the process to you. This is their job, they are paid to do it. You should be getting Loan Estimates (a proper noun for a form) from several different lenders. This means several different applications. Anything anyone tells you verbally about money is worth slightly less than posts on this forum, only trust things people are willing to put on HUD approved forms. These forms will have several boxes. Compare the total cost of your loan across several lenders. Have them bid against each other. Many of them will put things in Box A just as a cash grab, and plenty of people pay it. If Lender One has $1,000 in Box A and Lender Two has $2,000 in box A but everything else looks better, tell them to make it $1,000 in Box A because One has that. Get buyers title insurance. It should cost around $500 and if you ever need it will save you a massive amount of money. Shop the Lenders Title Insurance (Box C - Services you can shop for) as you should be able to get that down to around $500, but maybe that is just a Los Angeles County thing.
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Apr 12, 2017 03:52
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Our purchase contract states "The fee for real estate closing services must be paid at Closing by One-Half by Buyer and One-Half by Seller." What kind of closing services fees is it actually referring to?
Mikey Purp fucked around with this message at 16:03 on Apr 12, 2017 |
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Apr 12, 2017 16:00
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Is that the 6% ? 3 from seller, 3 from buyer?
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Apr 12, 2017 17:09
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Mikey Purp posted:Our purchase contract states "The fee for real estate closing services must be paid at Closing by One-Half by Buyer and One-Half by Seller." What kind of closing services fees is it actually referring to? That's something you will need to ask the people who drafted the contract to provide. We do not have nearly enough information. Make sure to ask these questions before signing contracts.
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Apr 12, 2017 17:21
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Thinking of buying a house and not spending the 250 dollars on an inspection of your sewer pipe? Check out the video Drain pro just sent me. We have been having some problems with a slow drain. It doesn't really get good until about the 2 minute mark. https://www.youtube.com/watch?v=HWwNHLm_lrQ&t=112s The part where the camera goes all weird is because it's going to through standing water. It turns out there are at least 3 different types of pipe and all the connections are coming apart. Not to mention the lovely thin PVC stuff that''s totally caved in.
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Apr 13, 2017 10:59
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So MY WIFE and I are getting ready to buy our first home. We have a sizable down payment saved ($60k), no debt, stable jobs, and the homes in our area aren't astronomically expensive ($180-$200, which is our range, gets you a nice place with a pool, or at least a community pool). The big question is - do we blow the whole savings, get a 15-year mortgage, and try to pay it off ASAP or pay the 20% on a 15-year and still have some money left over for incidentals? I like the idea of potentially owning under 15 years, but there's the whole "no savings/emergency fund" thing, which makes me slightly uneasy. We are pretty good at saving - typically, we save one person's paycheck each month in various streams (personal savings, retirement, kiddo's college fund), so we could try to build it back up in a few years. Thoughts?
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Apr 13, 2017 18:18
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IT BURNS posted:So MY WIFE and I are getting ready to buy our first home. We have a sizable down payment saved ($60k), no debt, stable jobs, and the homes in our area aren't astronomically expensive ($180-$200, which is our range, gets you a nice place with a pool, or at least a community pool). You're already really hustling by putting it on a 15Y note so I'd probably go with option B with some saved as a cash emergency fund, some dramatically increased retirement savings and owning it outright in 15Y.
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Apr 13, 2017 18:20
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Yeah I agree. You can always make extra payments (make sure there's no penalty for that, it's rare but not unheard-of) if you decide you want to pay the house off faster, but the cash reserves might prove really helpful.
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Apr 13, 2017 18:23
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IT BURNS posted:So MY WIFE and I are getting ready to buy our first home. We have a sizable down payment saved ($60k), no debt, stable jobs, and the homes in our area aren't astronomically expensive ($180-$200, which is our range, gets you a nice place with a pool, or at least a community pool). My opinion: If the interest rate spread is small between the 15yr and the 30yr, just go with the 30yr but make payment amounts as if it was 15yr. That gives you financial flexibility.
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Apr 13, 2017 18:30
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