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Zero VGS posted:
I thought about something like that, but now that my REA has informed me what does and does not qualify for USDA RD loans in my area, I am pleasantly surprised that (just based on location, at least) almost every house I like qualifies. For some reason, I thought almost the entire county didn't' count. I'm still too early in the process to really start getting "Attached" to houses because it'll be another week or two before the refinance paperwork for y old house is done and I can 100% sign it over to my ex after getting some cash buyout. I guess agents don't want you even looking at places if your name is already attached to another mortgage and you don't make anywhere near enough to pay TWO mortgages.
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Jun 21, 2019 16:58
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I'm looking at a place that's a short sale and would need a lot of work, which (assuming the bones are OK) will be fine since I have another place to live right now. Is it odd to have a 3rd party take cash on top? I'm trying to understand the following language in the listing:quote:SHORT SALE. OFFERS MUST BE MADE ON SPECIAL SALE CONTRACT. Please attach Short Sale Rider to the Contract, Form #2176. In Special Agreements: "Buyer agrees to pay $5,800 to the 3rd party short sale negotiator at closing which is separate from and in addition to the sale price." I can't see the rider on Zillow; but I'm always paranoid about scammy behavior. Would this be a good time to use an RE attorney instead of feeding the realty cabal?
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Jun 21, 2019 20:40
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Hed posted:I'm looking at a place that's a short sale and would need a lot of work, which (assuming the bones are OK) will be fine since I have another place to live right now. Is it odd to have a 3rd party take cash on top? I'm trying to understand the following language in the listing: Some kind of wholesaler. You can look up the property ownership records and find out who the owner and bank involved are. No reason to involve yourself with this dummy. If the seller has some kind of contractual agreement then that is their problem.
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Jun 21, 2019 22:28
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Thanks! Just to make sure I understand you're saying since the bank is the one trying to do the short sale, just figure out the bank involved and work with the short sale wholesaler? I'll have to look for one in my area (new to town) but I appreciate it. You're the one who just did a big short sale as well right?
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Jun 21, 2019 22:49
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Zero VGS posted:Spill the beans, what bank gave you that? I'm rate shopping.
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Jun 22, 2019 06:05
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Hed posted:I'm looking at a place that's a short sale and would need a lot of work, which (assuming the bones are OK) will be fine since I have another place to live right now. Is it odd to have a 3rd party take cash on top? I'm trying to understand the following language in the listing: A realtor can see the mls notes and any attachments. An attorney would call the listing agent to get this, and you would need to pay the attorney
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Jun 23, 2019 02:56
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Anyone know anything about using carbon fiber strips to repair a bowing foundation wall? We are closing tomorrow and had our initial walk through yesterday. During inspection, there were a couple of issues with the foundation that the seller agreed to fix. A structural engineer recommended fixing a bowing wall by installing carbon fiber strips. The seller used the structural engineer's construction company to install them and the engineer provided an opinion letter that the work was done properly to correct the issue. I did some research on the carbon fiber strips for foundation repair and I've seen several places state that they must be installed properly to be effective. This means that the strips extend above/below the wall. In our walk through, we could see that they only extended to within a couple inches of the floor and ceiling. Should I trust that this was really fixed or did the seller spend $6000 for a bad install?
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Jun 23, 2019 12:25
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Bounded Empire posted:Anyone know anything about using carbon fiber strips to repair a bowing foundation wall? Hire your own structural engineer to assess it. Tell them who did the work and they can ask for the schematics and pull the permit. Edit: got a full price offer after one day on the market in a slow area. I’m being relocated so I was told what my maximum listing price could be, and I think it was too low, but they’re paying all closing costs including commissions so... yay? Jealous Cow fucked around with this message at 00:44 on Jun 24, 2019 |
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Jun 23, 2019 15:14
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Just reached out to my bank they're quoting 3.375 right now for 30 year notes for the highest tranche of credit scores.
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Jun 24, 2019 13:33
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EAT FASTER!!!!!! posted:Just reached out to my bank they're quoting 3.375 right now for 30 year notes for the highest tranche of credit scores.
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Jun 24, 2019 13:37
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Hoodwinker posted:How high is that? I've of course heard that "anything above 740 is the same" but I've also heard 800+ has its own perks. I told him it was over 800 before he bounced that number back at me.
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Jun 24, 2019 14:52
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Hoodwinker posted:How high is that? I've of course heard that "anything above 740 is the same" but I've also heard 800+ has its own perks. Middle score of 740 from a three credit bureau report is the prime credit standard for conforming loans, nonconforming may have slightly different and non FICO requirements.
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Jun 24, 2019 15:09
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EAT FASTER!!!!!! posted:Just reached out to my bank they're quoting 3.375 right now for 30 year notes for the highest tranche of credit scores. gently caress. My wife and I are on a 10/1 ARM right now at 4% that we got last year, with the caveat that it was a physician loan. Our lender DGAF, right? We'd have to go through refinancing with others? Do most home loan refinances have the same 20% requirement as standard loans? I'd be ok going to a standard 15-year mortgage if possible. Residency Evil fucked around with this message at 15:25 on Jun 24, 2019 |
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Jun 24, 2019 15:22
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Residency Evil posted:gently caress. My wife and I are on a 10/1 ARM right now at 4% that we got last year, with the caveat that it was a physician loan. Our lender DGAF, right? We'd have to go through refinancing with others? Do most home loan refinances have the same 20% requirement as standard loans? Refi's are super easy but yes they have the same general requirements. The big difference is that you don't need all the inspections, title insurance, that sort of thing. You can even get away with an automatic appraisal which costs less. There is also no time crunch and you have all the leverage.
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Jun 24, 2019 15:32
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Residency Evil posted:gently caress. My wife and I are on a 10/1 ARM right now at 4% that we got last year, with the caveat that it was a physician loan. Our lender DGAF, right? We'd have to go through refinancing with others? Do most home loan refinances have the same 20% requirement as standard loans? I'd be ok going to a standard 15-year mortgage if possible. He quoted me 2.875 for a 15.
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Jun 24, 2019 16:16
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Residency Evil posted:gently caress. My wife and I are on a 10/1 ARM right now at 4% that we got last year, with the caveat that it was a physician loan. Our lender DGAF, right? We'd have to go through refinancing with others? Do most home loan refinances have the same 20% requirement as standard loans? I'd be ok going to a standard 15-year mortgage if possible. You may be able to refi at a better rate with either your current lender or a new one, but the main factor may end up being if you qualify with something other than a physician loan.
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Jun 24, 2019 16:17
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gtkor posted:You may be able to refi at a better rate with either your current lender or a new one, but the main factor may end up being if you qualify with something other than a physician loan. You want to be at least 20% equity before you refi.
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Jun 24, 2019 16:19
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Gotcha. We're not at 20% currently, but hopefully something could work out. I email blasted a bunch of lenders so we'll see.
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Jun 24, 2019 16:21
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Just had an inspector go through the home I'm buying and now I'm spooked. I made a big mistake of not looking at the crawl space on my first go around (couldn't find the entrance, it was hidden by some stuff in the garage) and when we looked at it now it was wet clay down there. This home is in ND so its a huge deal that moisture is getting down there; it deep freezes in the winter and the ice pushes the foundation around. Supposedly it is getting in there because the grade on every side of the house is pretty much level, which is an easy fix, but now I'm worried about what damage has already been done. We can already see some of the foundation shifts in the unevenness of the garage and in some of the bedrooms. drat shame, the interior of the house is so good and the rest of it is in great condition, but the foundation is everything. Gonna have a foundation expert go in and get me as much detail as he can.
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Jun 24, 2019 16:37
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anyone had experience with making a lowball offer on listings that show "seller will entertain offers between LISTPRICE and LISTPRICE+30k"? especially any like this that have been sitting on the market at that price for months, in an area where listings typically flip to pending a week or two after being listed or price dropped.
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Jun 24, 2019 17:43
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Deceptive Thinker posted:anyone had experience with making a lowball offer on listings that show "seller will entertain offers between LISTPRICE and LISTPRICE+30k"? Never made a frankly disrespectful offer, but I've lowballed stale houses. Unfortunately with one we got pretty attached and ultimately were going to come up until another buyer rode in. We made them look so good that they ended up getting a steep discount (but not as steep as our "best and final.") It's not about offending the sellers, it's about not offending the realtor. They offered their client pricing advice, and despite that advice (which is always low), often sellers get ideas about what a house is worth, sometimes divorced totally from reality. Offer what you think is fair.
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Jun 24, 2019 17:54
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Residency Evil posted:Gotcha. We're not at 20% currently, but hopefully something could work out. I email blasted a bunch of lenders so we'll see. FYI I think those stated rates are still pretty far below most lenders, 2.875% in particular would be a multi-year low for jumbo lending
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Jun 24, 2019 19:37
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BEHOLD: MY CAPE posted:FYI I think those stated rates are still pretty far below most lenders, 2.875% in particular would be a multi-year low for jumbo lending Yeah that's what I'm finding. 2.875 seems super low. We're just above 4% but would obviously jump on something like that. What are you finding?
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Jun 24, 2019 22:17
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Residency Evil posted:Yeah that's what I'm finding. 2.875 seems super low. We're just above 4% but would obviously jump on something like that. What are you finding? Just closed 30 at 3.375% no points 3 weeks ago and that was way below anything else I saw by at least a half point, I would drop everything to lock and refinance another half point down to a 15 if that was being offered somewhere
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Jun 24, 2019 23:26
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How do lenders look at a situation where the purchase price of a house is significantly lower than the appraised value? We are mortgage shopping but we already have an agreed-upon ceiling for what we will buy the house for. We think that the appraisal could come back significantly over this ceiling, and I can't quite wrap my head around how that works. It seems good but I don't know how good, or how it affects things.
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Jun 24, 2019 23:57
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If you are buying the home from a relative it may matter a little bit, but in that scenario, it really only matters if they are current on their own lien they are paying off. If it is an arms-length transaction (which it probably isn't if you have already agreed a below market price prior to obtaining financing), lenders won't really care much on conventional loan programs.
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Jun 25, 2019 00:01
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It's a rent-to-own contract. My co-borrower is friends with the owners and they began the contract 3 years ago. I am pretty sure they own the place outright. My dumb abstract-math brain sees the equation here and thinks a favorable appraisal that says the house is worth $X more is equivalent to having $X equity right off the bat, assuming that X is large enough. I know it's not equivalent to having a big down payment but I feel like the mortgage lender should look at it favorably somehow.
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Jun 25, 2019 00:17
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Lutha Mahtin posted:It's a rent-to-own contract. My co-borrower is friends with the owners and they began the contract 3 years ago. I am pretty sure they own the place outright. From a straight math perspective it's just "Loan-to-Value (LTV)". So if you agree to purchase a house for $100,000 and it appraises for $150,000 then you have: 100,000/150,000 * 100 = 66%. Anything below 80% is good, hence the suggestion of 20% down. This assumes the arms length transaction stuff doesn't cause you issues with the friend. Talk to a real estate attorney.
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Jun 25, 2019 00:20
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Lutha Mahtin posted:It's a rent-to-own contract. My co-borrower is friends with the owners and they began the contract 3 years ago. I am pretty sure they own the place outright. efb
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Jun 25, 2019 00:21
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H110Hawk posted:From a straight math perspective it's just "Loan-to-Value (LTV)". So if you agree to purchase a house for $100,000 and it appraises for $150,000 then you have: 100,000/150,000 * 100 = 66%. Anything below 80% is good, hence the suggestion of 20% down. This assumes the arms length transaction stuff doesn't cause you issues with the friend. Talk to a real estate attorney. Thanks. We will definitely be hiring a lawyer, and the sellers know this might happen. I was just curious in the general concept since I've never done this before.
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Jun 25, 2019 00:34
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Lutha Mahtin posted:It's a rent-to-own contract. My co-borrower is friends with the owners and they began the contract 3 years ago. I am pretty sure they own the place outright. The appraiser's opinion is largely to make the underwriters and the eventual repurchasers of the mortgage happy. You probably do not have instant real world equity in the property unless there is a very convincing factor in the transaction that makes you think you are paying significantly below fair market value. In this case that could be you exercising a purchase option at a price that was set 3 years ago followed by a significant market appreciation.
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Jun 25, 2019 01:09
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In fact it’s likely the appraisal comes in way under what you expect because that initial price that kicked off the rent to own, from which rent was deducted to get to the new agreed upon sales price, is not part of the public record, so the appraiser is going to see your offer and weigh that heavily.
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Jun 25, 2019 02:03
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Can I request closing documents ahead of time to review so I don't have to read thru 1000 pages on closing day?
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Jun 25, 2019 17:20
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The value the lender uses is the lower of the purchase price or the appraisal. A higher appraisal than the offer price does not reduce the amount of money you need for a down payment.
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Jun 25, 2019 21:34
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Was this already linked? I hope you all enjoy the future of competing for market value in houses against corporations that never die, only make all-cash bids, and can undercut you in any type of closing or repair costs. http://fortune.com/longform/single-family-home-ai-algorithms/ They'll own the majority of single family housing in the USA within 50 years if laws are not changed.
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Jun 26, 2019 00:16
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pmchem posted:Was this already linked? I hope you all enjoy the future of competing for market value in houses against corporations that never die, only make all-cash bids, and can undercut you in any type of closing or repair costs. Shared it in the landlord thread before it was gassed. This poo poo terrifies me.
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Jun 26, 2019 00:20
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A little terrifying, but I sorta want to invest with him There’s a clause in the contract and hoa docs when I bought my current home that it has to be owner occupied for the first 2 years. Neighborhoods around me have investors buying multiple new construction homes at a time to rent. It won’t happen here at least immediately.
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Jun 26, 2019 00:54
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My CPA just told me she "has no idea" if the sale of my townhouse is going to trigger a $30,000 capital gains tax bill or not Glad i pay her $700 a year for such expert advice
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Jun 26, 2019 00:54
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pmchem posted:They'll own the majority of single family housing in the USA within 50 years if laws are not changed. I guess I just don't see this as that scary. He/They are just using a computer to help find properties faster that match what most (smart) RE investors already do: if you can buy a place where it rents with positive cash-flow from day one, that's a good investment. It seems like something that, assuming supply isn't limited by restrictive zoning laws, will balance out as rents drop as the supply increases. It sounds like the one big advantage they have is being able to do renovations below-typical-cost, due to their scale. However, they would still be competing with DIY buyers or even some flippers who discount their own 'sweat-equity' labor to zero. I know it's antithetical to the 'House Buying Thread', but owning a house -- outside of certain areas and lucky conditions -- is hardly a guaranteed path to massive riches. If they're renting to people, and especially if they prefer long-term renters, it's not like people are homeless. They are less of a bottom feeder than most house flippers, who are just middlemen and add little long-term value to the housing market.
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Jun 26, 2019 02:09
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$100 on the bet that they’ll happily bottom feed just as much as anyone, they can just buy the cheap houses and do cosmetic upgrades at scale.
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Jun 26, 2019 02:24
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