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Ugh, paused searching a few months ago, now we're trying to restart in a hurry because our landlord isn't renewing our lease, and Rocket Mortgage / Quicken is no longer offering Jumbo loans and say most other lenders aren't either. Now I have to try to rush through a pre-approval elsewhere. This process sucks.
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May 15, 2020 00:00
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| # ? May 17, 2024 05:24 |
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Cool, closed just now. 30 years of debt 
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May 15, 2020 00:12
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Henrik Zetterberg posted:Cool, closed just now. 30 years of debt
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May 15, 2020 00:34
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Academician Nomad posted:Ugh, paused searching a few months ago, now we're trying to restart in a hurry because our landlord isn't renewing our lease, and Rocket Mortgage / Quicken is no longer offering Jumbo loans and say most other lenders aren't either. Now I have to try to rush through a pre-approval elsewhere. This process sucks. Talk to Rocket about their "high-value market" loans and see if your targeted region applies. It's possible that's just a bay area thing, but out here they're processing gently caress-off-huge loans as standard conventionals because there's nothing conventional about the bay area market. The jumbo limit simply doesn't work out here, so I have a $750K verified approval on a conventional mortgage. Maybe your area applies too?
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May 15, 2020 00:45
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Re the inspected house, leme guess it was built in 60-70. Edit:whoops missed the date yep... Asbestos isn't terrible if it's tile that's not in poo poo shape just cover it up and don't turn it into dust and you are okay. The poo poo won't mesobook don't com you just by existing, it's when you make it airborne and breathe it in is when it becomes bad. Water in the crawl? Is there a sump? Mold in the attic is a bit concerning this means the roof has issues but also depends on if it's a bit or if it's on insulation etc. Cloth wire.. lots of 60s houses are still standing. Fuse boxes and breakers. Less than desierable but fixable and probably better than a stablock panel. Double tap? Welp time to upgrade the service or find room in the fuse box. There's a lot there though and straightening it out means $$ tater_salad fucked around with this message at 01:00 on May 15, 2020 |
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May 15, 2020 00:57
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Sundae posted:Talk to Rocket about their "high-value market" loans and see if your targeted region applies. It's possible that's just a bay area thing, but out here they're processing gently caress-off-huge loans as standard conventionals because there's nothing conventional about the bay area market. The jumbo limit simply doesn't work out here, so I have a $750K verified approval on a conventional mortgage. Maybe your area applies too? Even though it's the loving ridiculous Boston area market, nope. At least according to the email I got from the mortgage agent - all they're offering are conventional, up to $690k. Around here that might get you a 1BR if you're not picky, which doesn't work for me.
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May 15, 2020 00:58
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Just got the full report back from the inspector. Turns out that there is a crack in the foundation for both the unattached garage AND the house, on top of everything else. Time to look for somewhere new.
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May 15, 2020 01:10
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Academician Nomad posted:Even though it's the loving ridiculous Boston area market, nope. At least according to the email I got from the mortgage agent - all they're offering are conventional, up to $690k. Around here that might get you a 1BR if you're not picky, which doesn't work for me. Oof, that sucks.  Boston market is going absolutely bonkers right now, too. Sorry.
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May 15, 2020 01:20
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Sundae posted:Talk to Rocket about their "high-value market" loans and see if your targeted region applies. It's possible that's just a bay area thing, but out here they're processing gently caress-off-huge loans as standard conventionals because there's nothing conventional about the bay area market. The jumbo limit simply doesn't work out here, so I have a $750K verified approval on a conventional mortgage. Maybe your area applies too? 750k is within the conforming limit for san francisco county. 690k is the limit for suffolk county per https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx they're already taking the 'high value' market into account.
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May 15, 2020 02:02
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gwrtheyrn posted:750k is within the conforming limit for san francisco county. 690k is the limit for suffolk county per https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx they're already taking the 'high value' market into account. Yep, and behold the magnificent estates you can get for $690k near me: https://www.zillow.com/homedetails/364-Marlborough-St-APT-B2-Boston-MA-02115/59167295_zpid/ https://www.zillow.com/homedetails/393-Marlborough-St-APT-3-Boston-MA-02115/59169088_zpid/ https://www.zillow.com/homedetails/127-Beacon-St-3R-Boston-MA-02116/2079624197_zpid/ https://www.zillow.com/homedetails/43-Westland-Ave-UNIT-810-Boston-MA-02115/295324858_zpid/ https://www.zillow.com/homedetails/170-Tremont-St-APT-1106-Boston-MA-02111/59164802_zpid/ Academician Nomad fucked around with this message at 02:14 on May 15, 2020 |
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May 15, 2020 02:12
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Academician Nomad posted:Yep, and behold the magnificent estates you can get for $690k near me: Honestly I wish I'd bought a lovely 320 sq ft studio when I was 22 rather than pay rent for the last 14 years and piss it all away towards my landlord's corvette and kid's soccer lessons
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May 15, 2020 02:30
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gwrtheyrn posted:750k is within the conforming limit for san francisco county. 690k is the limit for suffolk county per https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx they're already taking the 'high value' market into account. There are a bunch of lenders who aren't acknowledging those limits, though. NFCU and Better declined to consider those conforming and insisted on using the national limits that only have exclusions for AK/HI. To them, it was Jumbo or nothing for the bay area, and their interest rates reflected it.
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May 15, 2020 03:08
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Sundae posted:There are a bunch of lenders who aren't acknowledging those limits, though. NFCU and Better declined to consider those conforming and insisted on using the national limits that only have exclusions for AK/HI. To them, it was Jumbo or nothing for the bay area, and their interest rates reflected it. Yeah, just because your county is counted as high cost, doesn't mean whatever lender cares, especially if they're not local. Local brokers / credit union are more likely to know respect that, while not-local places are less likely to give a poo poo because they either want to just have one limit for their entire market or because they don't generally do business in your area Academician Nomad posted:Yep, and behold the magnificent estates you can get for $690k near me: Are you putting 0% down? Isn't the limit based on the loan amount and not the purchase price?
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May 15, 2020 05:25
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gwrtheyrn posted:Are you putting 0% down? Isn't the limit based on the loan amount and not the purchase price? That is correct, loan amount is where it's capped for jumbo.
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May 15, 2020 07:06
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The limit for jumbo is the loan limit, 20% down on a 690k limit is 862k. There are still lenders doing 20-25% down on jumbo loans. Check with a mortgage broker or just call around more. Regional lenders will do jumbo with less than 20% down. Like Patelco in the bay area.
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May 15, 2020 07:19
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Academician Nomad posted:Yep, and behold the magnificent estates you can get for $690k near me: The place I'm buying is 10+ bedrooms and 6 bathrooms for a little over a mil and it is literally 11 minutes from the address you listed. Just get the hell out of Boston proper and look at like Revere/Chelsea/Everett, or suck it up and go to stabbyville in Boston. Everyone is being pushed further out and these places are getting rapidly gentrified. On top of that, time and space are rapidly losing meaning in this post-covid world; a lot of white collar work is realizing just how much can be done remotely and I'm thinking once everyone has a taste it's going to be transformative to real estate. edit: also lol at the Beacon st apt, I have a friend who owns one of those, but that's because he's a professor and MIT bought him a 2 million dollar apt to keep him from working at a competing college Zero VGS fucked around with this message at 08:03 on May 15, 2020 |
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May 15, 2020 07:55
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tater_salad posted:Re the inspected house, leme guess it was built in 60-70. We have water in the crawl space of my cottage, but I am knocking that fucker down "soon."
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May 15, 2020 17:16
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it all comes down to scope of issue etc. a spot of mold here or there isn't going to kill anyone but if it's the entire attic or a huge portion that may indicate roof issues then it's not bad.. if its kuz he fan's not veted / no attic ventilation that's a bit better than a new roof. My GF flipped her poo poo when our inspection report came through and I was like most of this poo poo is easy weekend warrior type stuff or things in areas we plan on changing anyways.
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May 15, 2020 17:57
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gvibes posted:"soon." Feelin this pretty hard
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May 15, 2020 19:17
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I've had the living room walls primed since February, been putting off buying paint due to Covid but in reality it's a case of "soon".
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May 15, 2020 19:55
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Should I buy a house? Thanks in advance.
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May 15, 2020 21:17
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vs Dinosaurs posted:Should I buy a house? Thanks in advance.
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May 15, 2020 21:19
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Buying a house sucks. But it sucks like 5-10% less than renting.
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May 15, 2020 21:27
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vs Dinosaurs posted:Should I buy a house? Thanks in advance. Do you plan to live in it for a while? Are you in an area of the country where anyone under 60 is trying like hell to escape? Bought my first condo 3 weeks ago. Fixing all the minor things once you move in is a lot of stress. But even estimating pretty high repair costs and just a flat value appreciation (instead of the double digit increases of the past decade), a very conservative 10 year estimate is mid 5 digits in terms of savings and/or additional equity.
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May 15, 2020 21:38
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Why is my ‘cost-to-replace’ quote 3 times the buildings assessed value?
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May 15, 2020 21:52
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street doc posted:Why is my ‘cost-to-replace’ quote 3 times the buildings assessed value? You probably have an older home with things that would be really expensive to reproduce (woodwork, actual hardwood floors, etc).
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May 15, 2020 22:15
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vs Dinosaurs posted:Should I buy a house? Thanks in advance. Do you hate money? And having it? Your answers will light your path.
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May 15, 2020 22:31
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Motronic posted:You probably have an older home with things that would be really expensive to reproduce (woodwork, actual hardwood floors, etc). Code upgrades and depreciation as well. I don't know if it's cheaper to do a raised foundation, but I assume my house would become a slab. Labor is also a heck of a lot more expensive now than even 15 years ago, let alone 50+ years ago.
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May 15, 2020 22:32
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And "assessed value" is not the same thing as "actual value", in some areas it can be a wildly, hilariously different number with no connection to actual sale value.
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May 15, 2020 22:35
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street doc posted:Why is my ‘cost-to-replace’ quote 3 times the buildings assessed value? We went with a "like or worse" not "like or better" quote, if our condo unit gets eaten by a black hole somehow we'd only get linoleum floors and laminate kitchen countertops (these things are explicitly called out in the policy) and unpainted drywall our quote went from like $300/mo to $60/mo but met the underwriter's requirements Probably not for everyone, we can afford to take the hit if the black hole emerges in the living room, and I do all my own repair work because I don't trust repair people to do it right
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May 15, 2020 22:41
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my house had the following problems when I bought it: attic had rat feces over ducting was broken asbestos tile on the floor drywall was broken in parts near the kitchen the kitchen dish faucet was leaking a huge insane amount of trash left in the back there were two different toilets in the backyard the entire backyard was overgrown there was a giant 'made by previous owner' wooden wagon thing in the front of the house the gutters were broken
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May 16, 2020 00:59
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Is that a haiku?
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May 16, 2020 03:05
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ntan1 posted:my house had the following problems when I bought it: Parents were both Charles Manson (long story)
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May 16, 2020 03:38
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"Siri, show me a portal to hell within my price range." $799,950.     quote:2 Separate Living Spaces With a BREATHTAKING BAY VIEW? YUP! (Sundae edit: Nope. There is no bay view unless you cut down the trees.) Live in one and rent out the other! 3/1 Upstairs and 2/1 plus a small den downstairs! Home has been freshly painted inside and out! Brand new plush carpeting throughout! Very cool Sun/bonus Room off of kitchen. Newer roll up garage door! Lots of cool little extras throughout. Home can easily be turned back into 1 SFR (stairway still there). ( The huge lot is 0.17 acres, btw. I desperately want to ask my buyer agent to get me the disclosures on this for the laughs, but the last one I asked her to send me literally had dead bodies and she added "You sure do know how to pick them, Sundae," so I'm going to give her a break on this one.  (In the disclosures, multiple members of the family had died of natural causes in various rooms of the house. Not like "built on top of their graves" or anything, but still.)
Sundae fucked around with this message at 04:24 on May 16, 2020 |
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May 16, 2020 04:20
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) Huge lot offers many options! Must See to believe!
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Sundae posted:(In the disclosures, multiple members of the family had died of natural causes in various rooms of the house. Not like "built on top of their graves" or anything, but still.) This is nuts. Is that a standard disclosure??
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May 16, 2020 05:09
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Inner Light posted:This is nuts. Is that a standard disclosure?? Yeah, there's a section in the disclosure form that asks if any deaths are known. The answer was yes, with "Multiple family members (natural causes)." Given the age of the house, I expect it's just one of those things where Grandpa and Grandma both kicked it in their sleep.
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May 16, 2020 05:10
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What is the standard remediation for poltergeist infestation? Asking for a friend.
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May 16, 2020 06:59
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Just get rid of the gravestones, and no one's ever the wiser.
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May 16, 2020 07:27
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i aint moving bodies unless you pay body moving money
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May 17, 2020 00:34
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I would guess that prior to the modern era of basically everyone dying in hospitals, a lot more people died in their home; and also of course the older the home, the more time there's been for people to get old and die there. It's odd that it was disclosed. But yeah if you buy an older house, probably someone died in it.  that's life
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May 17, 2020 00:41
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