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gently caress appraisers. lovely rear end scam artists. Closing on selling at the end of the month, and the appraiser from Quicken decided my property was worth 7.5% less than what buyers were willing to pay on the open market by comparing it to foreclosures the next county over with fewer bathrooms. Also by comparing raw acreage in the county to a perked subdividable sideyard in the city. gently caress that guy. Snipe those fuckers.
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Mar 17, 2020 13:19
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Academician Nomad posted:Sure wish I'd pulled the trigger on moving the remainder of my down payment into cash a few weeks ago, yikkkkessssss I got lucky and pulled ~150k after taxes in December as I am making more this year and wanted to pay the taxes on it last year. I might hold off on buying a place now and just re invest it.
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Mar 17, 2020 15:26
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3.375% sound good? Was hoping for a bit lower but I think things are in danger of freezing up if this goes on too much longer. Currently at 4.5% (yeah, bad).
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Mar 17, 2020 18:46
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Paul MaudDib posted:3.375% sound good? Was hoping for a bit lower but I think things are in danger of freezing up if this goes on too much longer. Currently at 4.5% (yeah, bad).
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Mar 17, 2020 19:49
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Paul MaudDib posted:3.375% sound good? Was hoping for a bit lower but I think things are in danger of freezing up if this goes on too much longer. Currently at 4.5% (yeah, bad). >1% improvement at nearly 0 points is almost a no brainer.
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Mar 17, 2020 20:12
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Paul MaudDib posted:3.375% sound good? Was hoping for a bit lower but I think things are in danger of freezing up if this goes on too much longer. Currently at 4.5% (yeah, bad). If my credit union is any indication, rates are swinging wildly day-to-day. Lowest I've seen them offer for a 30-year mortgage is 3.25%, but that was days ago and I haven't seen it since. But think about this: you're already cutting your rate by 25%. Waiting it to drop another 1/8 or 1/4 is trivial in comparison (2.7-5.6% respectively), and if you wait a day you might miss it and it'll go up instead of down.
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Mar 17, 2020 20:15
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We are in a weird situation, we are looking at doing a lovely rate now to close the deal (already in contract), eating a high % for 5-6 months and then refi in the fall. The market here is really competitive and we have a good deal on a large property we can actually raise a family in for 10+ years We can afford/absorb the lovely rate indefinitely, but a refi would give us a lot more breathing room I don't see rates going above 4% until next February? It's possible (anything is possible) but seems unlikely. If rates go to 4.5% over the winter, we will be fine we'll just have to skip the two week international vacation next spring I guess? Eating the high rate for a few months seems reasonable if we can comfortably afford it? Otherwise, we exercise our contingency and wait until ~September to begin the house hunting process from scratch again Hadlock fucked around with this message at 20:27 on Mar 17, 2020 |
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Mar 17, 2020 20:25
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I don't have a crystal ball on rates, but I wouldn't be surprised to see credit markets still all seized up on that timeline. Maybe they won't be, maybe they will be.
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Mar 17, 2020 20:41
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So if hypothetically we live in a 800 sq ft 1 bedroom apartment and have a baby on the way, eating the higher rate for 12 months is not totally unreasonable to move in to a 3bd/2bath? I feel like at the 18 month mark credit markets should un-seize, and, if they don't... then that would weight the decision towards buying now so we're not drowning in diapers and baby poo poo in our tiny box of an apartment? We are lucky enough to not work in the service industry so should be fairly protected.
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Mar 17, 2020 20:49
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I would eat the interest for 1-18 months. Assuming you aren't talking about credit card rates here.
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Mar 17, 2020 21:00
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What is the "lovely rate" you would potentially be stuck at? Also don't try to time the markets etc etc
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Mar 17, 2020 21:05
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My realtor is fed up with me. We’ve looked at like forty houses. I’ve had two under contract. One fell apart because of a collapsing garage, and one appraised for like 8% under asking and the owner, who thinks she’s sitting on a diamond, figures she’ll just wait for someone else to come along and overpay. That’s funny, because she’s asking nearly 250% of the median home value in that area, and it is not an area where anyone is coming in with a cash offer for that amount. The entire city has like three or four houses that have sold in that range in the past year, and those were all bigger and/or included commercial space. That house has since been pulled off the market and put back on twice. I’m going to guess it’s appraising too low. I’ve made offers on three others which were all snatched up by other buyers with five+ backup offers on day one or two, including one where I offered well over asking. I made a couple of other offers that were countered, but I wasn’t interested in their counters. It’s gotten real bad since the weather got nicer. I feel like I’ve been acting in good faith, but he’s pissed, lol. He sent me a text today with things like, “I think you should make a statement to the world by buying the best house you can afford. You can always sell it and take your profits.” He then recommended a house that is well outside the range we discussed. When I told him it looked great, but was out of my price range, he responded, “No. It’s not out of your approval range,” and followed up with, “You deserve to live at [expensive property],” and, “put 5% down and start enjoying life, or stay where you are and keep your landlord happy.” He also said I “certainly wouldn’t lose any money” for as long as I own it, which, come on... the area is hot, but we’re about to experience a global collapse, so... He’s salty.
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Mar 17, 2020 23:24
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Veni Vidi Ameche! posted:My realtor is fed up with me. We’ve looked at like forty houses. I’ve had two under contract. One fell apart because of a collapsing garage, and one appraised for like 8% under asking and the owner, who thinks she’s sitting on a diamond, figures she’ll just wait for someone else to come along and overpay. That’s funny, because she’s asking nearly 250% of the median home value in that area, and it is not an area where anyone is coming in with a cash offer for that amount. The entire city has like three or four houses that have sold in that range in the past year, and those were all bigger and/or included commercial space. That house has since been pulled off the market and put back on twice. I’m going to guess it’s appraising too low. I’ve made offers on three others which were all snatched up by other buyers with five+ backup offers on day one or two, including one where I offered well over asking. I made a couple of other offers that were countered, but I wasn’t interested in their counters. It’s gotten real bad since the weather got nicer. I feel like I’ve been acting in good faith, but he’s pissed, lol. Sounds like time to get a new realtor to me.
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Mar 17, 2020 23:47
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LLSix posted:Sounds like time to get a new realtor to me. But she never made us feel like an inconvenience or pushed for more than we had discussed. Dude wants a quick sale and doesn't give a poo poo about your budget. Drop him.
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Mar 17, 2020 23:57
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Dude's nervous that the entire market is about to collapse because of covid-19 and wants you to buy a house before you decide your job is toast or you can't afford it or you're just going to hunker down.
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Mar 18, 2020 00:09
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Leperflesh posted:Dude's nervous that the entire market is about to collapse because of covid-19 and wants you to buy a house before you decide your job is toast or you can't afford it or you're just going to hunker down. Yeah This came out of one of the two covid-19 threads Real estate people are freaking the gently caress out right now that winter is already here At least with the 2008/2009 crash, there was 3-6 months of warning; this time the entire universe just spontaniously imploded, and because it's viral, not financial in nature, AND it's not the flu.... nobody has any idea how long this is gonna last. 1918 flu looked like it was cured, but then after six months fall came around and killed 2x as many people Housing market is about to drop off a cliff Really looking forward to buying at the peak of the market instead of 8 months from now at the bottom 
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Mar 18, 2020 00:14
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Credit markets are already seized, the apparatus of the business has been mothballed, the equities markets are down 30 percent, unemployment could ride up to 20% and this guy works on commission. He sees the tsunami coming and he's hoping you'll go out and bring him back some shells before he gets absolutely wrecked. If he's still in real estate in 18 months it'll be a miracle.
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Mar 18, 2020 00:36
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How many lenders should I be looking at before I've done enough? I've filled out like 6 applications in the past week. Is that a little too crazy? I figured if there's no limit, I may as well apply to as many as I can. I've already ruled out Rocket Mortgage and another loan officer who told me to gently caress off when I asked if I could get more information about closing costs and fees. I am truly conflicted about if I should wait a month or two before jumping in. How long will it take for people who lose their jobs to put their homes on the market?
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Mar 18, 2020 00:47
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EAT FASTER!!!!!! posted:Credit markets are already seized, the apparatus of the business has been mothballed, the equities markets are down 30 percent, unemployment could ride up to 20% and this guy works on commission. He sees the tsunami coming and he's hoping you'll go out and bring him back some shells before he gets absolutely wrecked. If he's still in real estate in 18 months it'll be a miracle. This will again separate the wheat from the chaff in the realtor(R) market. The ones smart enough to know they're in a feast or famine industry will have a huge emergency fund set aside. The ones who were only scraping by because people refuse to fire back realtors are about to learn the hard way why they always struggled a bit. Sadly some good sales people will be lost to this because they don't recognize that a 100% commission job is going to have a extremely low-low's. Bioshuffle posted:How many lenders should I be looking at before I've done enough? I've filled out like 6 applications in the past week. Is that a little too crazy? I figured if there's no limit, I may as well apply to as many as I can. I've already ruled out Rocket Mortgage and another loan officer who told me to gently caress off when I asked if I could get more information about closing costs and fees. I would say a dozen is my max, but you should be seeing trends. Eventually you have to just have to plow forwards even if you could save a few bucks here or there. It's a crazy time in the mortgage market. H110Hawk fucked around with this message at 00:56 on Mar 18, 2020 |
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Mar 18, 2020 00:49
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Bioshuffle posted:How many lenders should I be looking at before I've done enough? I've filled out like 6 applications in the past week. Is that a little too crazy? I figured if there's no limit, I may as well apply to as many as I can. I've already ruled out Rocket Mortgage and another loan officer who told me to gently caress off when I asked if I could get more information about closing costs and fees. poo poo will not be anywhere near back to normal until June or July at the absolute earliest and that's IF we manage to implement effective national control measures.
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Mar 18, 2020 00:51
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Bioshuffle posted:How many lenders should I be looking at before I've done enough? I've filled out like 6 applications in the past week. Is that a little too crazy? I figured if there's no limit, I may as well apply to as many as I can. I've already ruled out Rocket Mortgage and another loan officer who told me to gently caress off when I asked if I could get more information about closing costs and fees. Are you buying or refinancing? If you are buying I’d probably wait 6 months, prices won’t have started to drop in earnest for a while. In the short term banks may get antsy about cash on hand and start cranking interest rates or stopping lending entirely, if the credit market freezes up then you won’t be able to get finance. In 6 months or so everything will have shaken out, banks still may tighten down on lending but if you’re credit worthy and have a good sized down payment that can be a good time to buy. If you’re refinancing now now now, before the credit market freezes up.
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Mar 18, 2020 01:00
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I can't imagine house shopping at all in the next 3 months unless the contract has already been signed or the price is an insignificant amount of money. I liked a couple of the houses that came up in my area over the weekend but there's too much uncertainty for me to schedule showings.
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Mar 18, 2020 01:02
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It’s basically a foregone conclusion that Q2 is going to be an economic disaster unless significant measures are taken to shore up both personal finances and business. There are huge sectors of the economy that we’re just shuttering for an indefinite period of time right now. That creates a business problem, demand lowers, businesses lay off or furlough employees, repeat until recession. At a macro scale this is crashing the market, as a result business hoard their cash and the credit market seized up. Like, United Airlines is looking at a 95% drop in revenue in the second quarter. The food service industry is basically now takeout only and that normally makes about 5% of revenue. I just got a message from Cinemark Theaters (big national chain) that they’re closed as of tomorrow. As bad as the last few weeks have been in the market, they probably still haven’t fully priced in a bunch of labor-intensive sectors taking 95% hits to revenue. And that means a lot of rent that’s not getting paid and a much smaller number of people looking to buy houses. It’s a pretty good bet the housing market will drop soon. If you haven’t signed the contract just wait a few months and you can knock the equivalent of several years off your mortgage.
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Mar 18, 2020 01:18
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I am not a natural optimist, and you’ve still managed to bring me down. On the upside, if I still have a job in six months, I might get me a smoking deal over in Ferndale.
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Mar 18, 2020 01:38
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Hadlock posted:Yeah LOL. Not that I advocate this approach, but the last thing you should do is deplete your cash to send in your rent early. If you lose your job, that money will be far more useful for, you know, food, and the eviction process will probably take months. That's assuming there isn't some program instituted to allow you to defer rent or whatever. Hell, the police in Philly are deferring arrests for non-violent offenses, so I doubt they're going to be wasting time evicting people.
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Mar 18, 2020 01:39
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City of san jose straight up banned evictions of renters for nonpayment of rent during the lockdown. A lot of places are going to follow suit. My broker just told me my refi application is approved by the lender - we were already locked, but I was getting nervous.
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Mar 18, 2020 01:46
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Andy Dufresne posted:I can't imagine house shopping at all in the next 3 months unless the contract has already been signed or the price is an insignificant amount of money. I liked a couple of the houses that came up in my area over the weekend but there's too much uncertainty for me to schedule showings. also a lotta houses are gonna be empty once the virus blows thru
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Mar 18, 2020 01:50
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Paul MaudDib posted:Are you buying or refinancing? If you are buying I’d probably wait 6 months, prices won’t have started to drop in earnest for a while. I'm buying. Our apartment lease will be up before the end of the year and we want to settle down into a home. I have good job security, so we may just plow forward. Especially since we're planning on settling down for a long time once we find the right location. I already have had a hard credit pull on my record. Doesn't that take a long time to recover from? Instead of trying to time it, I may just proceed as planned.
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Mar 18, 2020 02:07
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Bioshuffle posted:I already have had a hard credit pull on my record. Doesn't that take a long time to recover from? Regardless of whether you go through with it or not - no, not really. Especially if it doesn’t result in a new credit line/account, that is recognized for what it is, you wanted credit and didn’t go through with it. It’s still a factor, you don’t want to needlessly do it 27 times, but it is a minor factor. Biggest factor by far is outstanding balance.
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Mar 18, 2020 02:12
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Tunicate posted:also a lotta houses are gonna be empty once the virus blows thru Honestly hadn't considered the morbidity of that, but old people do have nice homes.
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Mar 18, 2020 02:28
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if this thing kills a million people that'd still only be 1/3 of 1% of the population, I don't think it's gonna free up vast amounts of real estate guys or if it does, like, holy poo poo, a million dead
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Mar 18, 2020 02:30
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Leperflesh posted:if this thing kills a million people that'd still only be 1/3 of 1% of the population, I don't think it's gonna free up vast amounts of real estate guys remember it's disproportionately more lethal towards old people, who have a lot more houses than young people
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Mar 18, 2020 02:45
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LLSix posted:Sounds like time to get a new realtor to me. Seconded. That realtor sucks. Mine basically told me in a roundabout way that I was going to offer way too much money for a house and was making a mistake. Good guy.
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Mar 18, 2020 02:47
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Yeah, that realtor sucks, time to find a new one. Probably correct that he’s in panic mode and trying to land one last commission before the market craters but that’s his problem, not yours. I would say that if you’ve seen 40 houses and put an offer in on like two that you might be jerking him around a little bit too... but he may not be showing you the right houses if you’re only getting a 1 in 20 “hit” rate. That’s part of his job too, to keep an eye on the MLS listings and know what’s being listed that meets your interest criteria, and it’s really important that you both be responsive here because things go on and off market very quickly these days (well, pre-Coronavirus). One Sunday afternoon I went to two newly listed open houses and they were both under contract... sold in less than 36 hours. I would say that is normal in a lot of markets (pre-Coronavirus). The stuff that’s sitting around is sitting around for a reason, either there’s something drastically wrong with it (location or structural) or the seller just wants too much money (either they’re not getting offers, or if you see it going under contract and then back on the market it’s not appraising to that value and buyers can’t get it underwritten). In my own experience looking at houses I liked a total of one house that had been on the market for more than a day and it turned out to be the “wanted too much money and wouldn’t budge more than $500” variety (it later went under contract and failed appraisal, and after doing some looking I’m pretty sure the guy overpaid/was underwater himself and wouldn’t budge because he was trying to get his money plus realtor fees out). I had a very very low hit rate on anything that was sitting around on the market and in hindsight should not have wasted my time. You probably know this stuff. But yes, time to find a new realtor. Paul MaudDib fucked around with this message at 03:37 on Mar 18, 2020 |
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Mar 18, 2020 03:08
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My realtor basically told us lots of houses would hit the market in April and understood why we weren’t going to make an offer tomorrow on a house we really liked. I’m super curious to see what it sells for.
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Mar 18, 2020 03:11
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Tunicate posted:remember it's disproportionately more lethal towards old people, who have a lot more houses than young people Right but even taking that into account, you're looking at like what, a 1% increase in inventory, if we have a horrific swathe of deaths? And don't forget those houses mostly go to probate/get inherited, they don't all wind up on the market immediately or at all. I think the "houses of people killed by COVID-19" factor gets massively overwhelmed by the "lost job, can't pay mortgage, getting foreclosed" factor by this summer: with the worse the outbreak is (and thus the higher the death rate), the worse the economic damage is (and thus the higher foreclosure rate).
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Mar 18, 2020 03:35
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I think the bigger impact in terms of houses on the market will be people losing their jobs and not being able to afford their mortgage, and fuckwad Airbnb hosts who can’t afford to pay mortgages on a half dozen empty condos.
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Mar 18, 2020 03:36
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B-Nasty posted:Hell, the police in Philly are deferring arrests for non-violent offenses, so I doubt they're going to be wasting time evicting people. The police department isn't involved in civil law. You're thinking of the sheriff's department.
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Mar 18, 2020 03:40
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Paul MaudDib posted:I would say that if you’ve seen 40 houses and put an offer in on like two that you might be jerking him around a little bit too... but he may not be showing you the right houses if you’re only getting a 1 in 20 “hit” rate. That’s part of his job too, to keep an eye on the MLS listings and know what’s being listed that meets your interest criteria, and it’s really important that you both be responsive here because things go on and off market very quickly these days (well, pre-Coronavirus). One Sunday afternoon I went to two newly listed open houses and they were both under contract... sold in less than 36 hours. I would say that is normal in a lot of markets (pre-Coronavirus). I had two under contract. I made offers on several. I was willing to make offers on two that we saw in a single day last week. By morning both the one I had actually made the (above asking price) offer on, and the one I had planned to make an offer on if the first fell through, were sold with multiple backup offers.
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Mar 18, 2020 03:44
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+1 on getting a new Realtor. Ours has been in the game for many years and was always patient, friendly, and gave an honest opinion on a house we would go to check out. He would point out ones that would pop up that he knew we're close to what we wanted, and even when we botched a visit for a new home visit (Apparently your relator must be with you in the First visit for them to be a part of the sale) he was ok if we went through with it without him, but even still helped us find out details about the place. Over an above service really and I would highly recommend him if anyone is in need of a good relator in the Sacramento area. Onto our home buying fun, the loan funded and the recording office has recorded our purchase. So I guess we're officially Homeowners now. Because we closed a few days early in case they were going to close the Recorder office, the owner still has a day to get the remainder of his stuff and himself out so no keys until Thursday morning but still, can't wait. (We got a contract for the day of rent and a deposit before the walkthrough so hopefully things just continue normally otherwise.) Don't think it's going to hit me until we physically have the keys and am inside our place alone and empty... Guess we will see.
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Mar 18, 2020 05:46
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