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Does recasting your mortgage trigger an appraisal that would trigger new tax assessment, asking for a friend in CA
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Aug 21, 2020 02:03
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DaveSauce posted:Stupid refi question since I've never done it.
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Aug 21, 2020 02:10
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Hadlock posted:Does recasting your mortgage trigger an appraisal that would trigger new tax assessment, asking for a friend in CA No. Almost nothing does except a sale.
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Aug 21, 2020 02:24
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2 months post-purchase, two payments in, one resale of my mortgage to Fannie Mae, and the credit agencies still have no idea that I even have a mortgage. Go figure. Not that I need a credit score for anything now, but it's kind of funny that they find out almost instantly if I so much as think about requesting a CC limit increase, but actually go $660K into debt and it's like  .
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Aug 21, 2020 02:36
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Sundae posted:2 months post-purchase, two payments in, one resale of my mortgage to Fannie Mae, and the credit agencies still have no idea that I even have a mortgage. Go figure. Not that I need a credit score for anything now, but it's kind of funny that they find out almost instantly if I so much as think about requesting a CC limit increase, but actually go $660K into debt and it's like In contrast, I closed late last month and a week or so ago my credit file was updated with the mortgage. I haven’t even owed a payment yet!
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Aug 21, 2020 06:09
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Started looking at houses, and I have seen 8 in the last 2 days. I liked the look of two, but one was too small and the other too large. The too large one is getting an offer tonight. Now I'm going to have dinner with friends and mull over making an offer in the big one.
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Aug 21, 2020 21:55
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Hadlock posted:Does recasting your mortgage trigger an appraisal that would trigger new tax assessment, asking for a friend in CA Refinances don't even trigger a new tax assessment in california. Actually tax assessments in california happen annually anyway, but prop 13 nails your actual tax basis to the original sale price plus a maximum of 2% increase annually, irrespective of the assessed value determined by the county assessor; the main purpose of the assessment is to see if your tax might actually go down (such as happened between 2008-2011 for a fair number of property owners). It's probably bad for anyone who owns property in california to not understand how prop 13 works, considering it's an effective tax break for property owners that basically compounds annually forever.
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Aug 21, 2020 22:07
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Leperflesh posted:Refinances don't even trigger a new tax assessment in california. Actually tax assessments in california happen annually anyway, but prop 13 nails your actual tax basis to the original sale price plus a maximum of 2% increase annually, irrespective of the assessed value determined by the county assessor; the main purpose of the assessment is to see if your tax might actually go down (such as happened between 2008-2011 for a fair number of property owners). Note that it trails inflation. This means it slowly starves the government of taxes. My inlaws house pays half the taxes for twice the value as I pay on my house, because I bought mine 5 years ago and they bought theirs over 30 years ago. It also does this for commercial property which is a huge crock of poo poo.
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Aug 21, 2020 22:13
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Anyone have experience with NewFi lending? They're offering me the best refi terms at the moment but I'm not familiar with them. 2.625% with no points is the winner by a long shot for me so far
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Aug 21, 2020 23:58
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H110Hawk posted:Note that it trails inflation. This means it slowly starves the government of taxes. My inlaws house pays half the taxes for twice the value as I pay on my house, because I bought mine 5 years ago and they bought theirs over 30 years ago. It's also inheritable, and partially portable!
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Aug 22, 2020 00:21
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Leperflesh posted:It's also inheritable, and partially portable! It's insane! We are definitely going to step up that basis and keep the tax base forever.
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Aug 22, 2020 01:47
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Here in Oregon the increase in assessed value is capped at 3% per year and reassessment only happens of you do major renovations that increase the square footage. No assessment on sale either.
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Aug 22, 2020 03:00
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Leperflesh posted:It's probably bad for anyone who owns property in california to not understand how prop 13 works, considering it's an effective tax break for property owners that basically compounds annually forever. Yeah, we're planning on being here for more than 5 years, that's why we bought property rather than still renting. Owning property in California is an enormous racket
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Aug 22, 2020 06:54
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Can confirm that buying a house sucks all over the world, not just the USA which seems to be the focus of this thread. We've been speaking to a broker in France and he says they can only take my income into account, not my partner's due to Brexit, despite my income all being UK based and none of hers being UK based. He's been weirdly confused about the whole process though, we're trying to get more opinions but lots of organisations won't even looks at us since we're both technically self employed. The rates he offered seemed good though, 1.95% fixed for 30 years incl payment insurance, less for the 25 year!
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Aug 23, 2020 19:44
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Bernie Panders fucked around with this message at 18:25 on Aug 25, 2020 |
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Aug 24, 2020 19:53
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I have discovered the simultaneous crushing regret and miraculous relief that comes with being outbid for a house I can't say I recommend it
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Aug 24, 2020 19:56
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Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it.
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Aug 24, 2020 19:59
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Currently needing to move to a different city due to my partner's job and was under contract to sell our current house and buy a different one. Everything on the selling side came out great, and the inspection on the purchase was good. Just found out that the purchase appraised for 18k less than the agreed price, and the selling agent doesn't think the seller will budge. Let the scramble to avoid homelessness begin!
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Aug 24, 2020 20:04
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Tremors posted:Currently needing to move to a different city due to my partner's job and was under contract to sell our current house and buy a different one. Everything on the selling side came out great, and the inspection on the purchase was good. Just found out that the purchase appraised for 18k less than the agreed price, and the selling agent doesn't think the seller will budge. Let the scramble to avoid homelessness begin! Not sure if I'm reading this right - The appraisal of the house you're currently in contract to buy came in $18k below your pending sale price? What's the problem? Is your lender requiring something from you as a result?
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Aug 24, 2020 20:15
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Inner Light posted:Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it. In terms of a real estate transaction, the only caveat I can think of is when my deed was signed it listed me as "Sirotan, a Single Woman" which felt like a bit of an attack imho
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Aug 24, 2020 20:17
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GoGoGadgetChris posted:Not sure if I'm reading this right - The appraisal of the house you're currently in contract to buy came in $18k below your pending sale price? What's the problem? Is your lender requiring something from you as a result? I worded it a bit odd. The price we agreed to purchase the new home for turned out to be 18k higher than what the appraisal came back at, and we don't have the cash to make up the difference.
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Aug 24, 2020 20:20
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Sirotan posted:In terms of a real estate transaction, the only caveat I can think of is when my deed was signed it listed me as "Sirotan, a Single Woman" which felt like a bit of an attack imho I think my deed has me as "Mr. Powers, Divorced"
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Aug 24, 2020 20:45
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Inner Light posted:Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it. I bought a place last summer on my own but my girlfriend lives with me and pays rent. Any specific concerns you have? If anything it's a simpler transaction as you only have to worry about proving your finances and having the closing costs covered.
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Aug 24, 2020 20:46
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Inner Light posted:Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it. Scheduling things is a bit more annoying because you are the only interested party. You also don't have a second set of eyes to tell you you're being stupid. I had my Dad come with me on a few visits and during the inspection to make sure I wasn't willfully ignoring things. My agent was able to pick up the ball meeting contractors there for estimates, which was a great help, but I'm not sure all agents will do that.
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Aug 24, 2020 20:47
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Kinda weird you all used your forum names on the deed.
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Aug 24, 2020 20:47
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Just did some maths and worked out that our transaction costs alone would be almost 4 years of rent where we are (not sure the properties are quite apples to apples). Really making us think hard about I'd we actually want to do this.
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Aug 24, 2020 20:58
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Sirotan posted:In terms of a real estate transaction, the only caveat I can think of is when my deed was signed it listed me as "Sirotan, a Single Woman" which felt like a bit of an attack imho Haha! I'm so glad someone else had the exact reaction I did to that wording. Inner Light posted:Any opinions on buying a house as a single person as opposed to with a partner (that you're ostensibly married to)? Might be too much of an individual type thing, but it seems like the large majority of posters are buying with a partner, and I wonder if there are caveats to buying as a single person I should be aware of if I'm considering it. To Inner Light: if you have the means, procedurally, there's no major difference in buying on your own versus with a partner other than it being somewhat simpler having only one set of financial history to consider. I mean I guess there's also the downstream consideration of a bit more risk versus a multi-income household (no cushion of a partner carrying you if you lose your job), but that generally falls under "if you have the means." Edit: I may've misread your question: if you're asking from the perspective of a married\partnered person whether there are considerations between buying on your own or jointly with your partner, I can't speak to that from personal experience. Though it seems the biggest thing is if you buy a house after being married, I believe it could end up being a messy asset for consideration if you ever split, depending on the circumstances, pretty much regardless of whether you buy it on your own or jointly. If you're not married, I think the thread's advice is pretty solidly: don't do a joint transaction. marjorie fucked around with this message at 21:10 on Aug 24, 2020 |
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Aug 24, 2020 21:01
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marjorie posted:Haha! I'm so glad someone else had the exact reaction I did to that wording. Mine was "Mr. Sundae, a Married Man." It feels really weird seeing that verbiage, like there's something seriously judgmental going on. "And this rear end in a top hat, A MARRIED MAN, is performing treachery by..." or like I've committed real estate adultery or something. While most of the poo poo we were doing when we bought our condo went fine, the weirdest part of the loan was that I could not get Quicken to understand that I was using only my income and finances to buy the place and did not want anything from my wife's finances included. (She makes next to nothing and what she does make is seldom documented properly since it's out-of-country freelance work most of the time. Inverse geo-arbitrage, where you live in an expensive country and everyone pays you in rupees.  ) They kept insisting they needed her tax records, income statements, etc etc, in order to do the loan. I kept telling them right back, "Don't consider her income. Base your review entirely on mine, drat it. She's a stay-at-home housewife / mother." In the end, the only way they'd do it was if I agreed to only put myself on the title in the sale.  Now I'm working with our trust to transfer the asset into it so that she has all the rights she ought to have anyway, but that they wouldn't acknowledge because apparently stay-at-home moms are a thing of mystery and wonderment to Quicken.
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Aug 24, 2020 21:43
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No, that's fairly typical actually, if her name is on the title the bank wants to know whether she's a giant credit risk or not. Because she could incur debts which become liens on the house which is their collateral. Even someone with no income, if they're on the title the bank wants to see their zero income on their tax returns etc.
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Aug 24, 2020 21:48
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Leperflesh posted:No, that's fairly typical actually, if her name is on the title the bank wants to know whether she's a giant credit risk or not. Because she could incur debts which become liens on the house which is their collateral. Even someone with no income, if they're on the title the bank wants to see their zero income on their tax returns etc. How would someone do that if (our case) they've filed jointly for taxes? The reported income matches my W2s+1099s, and she has none.
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Aug 24, 2020 22:00
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Sundae posted:How would someone do that if (our case) they've filed jointly for taxes? The reported income matches my W2s+1099s, and she has none. They want to know if she has massive credit card debt or other liabilities that could be held against the home. When reporting your finances to be put on the title you're not just proving your income is enough to make the payments, you're proving that you're not a huge risk to default or incur more debt.
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Aug 24, 2020 22:32
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Sundae posted:How would someone do that if (our case) they've filed jointly for taxes? The reported income matches my W2s+1099s, and she has none. Basically your taxes plus your credit reports and bank statements for everyone who is on the title. Your other post implied you were not willing to provide those things for her, but if you did, then yeah they're asking for nonexistent W-2s or something?
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Aug 24, 2020 22:44
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Is the home buying guide in OP still a good resource? Were looking to buy our first home and am also curious if there is a good calculator out there for comparing different types of loans side by side (e.g. see conversation a month back on 30 year loan but overpaying so its effectively a 20 or 15)? https://michaelbluejay.com/house/ that guide
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Aug 24, 2020 23:28
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File under: more data points that Zillow zestimate and redfin estimates are wildly inaccurate Zillow is showing our unit up 20k since two weeks ago, three weeks ago it was 20k down Redfin is showing our unit down 20k since two weeks ago, three weeks ago it was up 20k It's still way less than 5% off but impressive that both sites moved in opposite directions by the same amount within days off each other Found out that a previously planned new building, was approved, and they're going to start construction soon. It's on the opposite side of the building from us, and it's at least 2x taller than our building, so it's gonna ruin a lot of people's sunset views of downtown, plus shade those units, plus the six months of noise of driving piles before that happens etc etc Curious if this is going to accelerate the fire sale prices on that side of the building. Also curious if the new construction will drag up my property values over the long term, the new building will be a good 20+ years newer when it's done
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Aug 24, 2020 23:56
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Mr. Crow posted:Is the home buying guide in OP still a good resource? Look at this guy and tell me his advice isn't timeless: 
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Aug 24, 2020 23:58
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Guy plays a mean accordion though
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Aug 24, 2020 23:59
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True story, I used that guy's blackjack website for years before I even considered buying a home. I got a huge kick out of him being an expert on that too
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Aug 25, 2020 00:19
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Hadlock posted:File under: more data points that Zillow zestimate and redfin estimates are wildly inaccurate
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Aug 25, 2020 01:17
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today has been a day. - the inspection items were repaired to a standard that looks fine, with photos and reciepts and will be reinspected - the appraisal came in 8k under the contract price, which the seller agreed to anyway because they need to sell - reinspection scheduled - homeowners quotes in progress wrt reinspection i might be buyin a house 
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Aug 25, 2020 01:20
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Houses are a great hedge against inflation because they'll ensure you never have any cash to worry about
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Aug 25, 2020 01:36
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