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I prefer to have taxes and insurance under my control. Sure, it means I occasionally get angry letters that are all like "upload a PDF to this weird website or you DIE," but I've never had someone else over/underpay a bill and then take months to rectify it on my behalf. It's 4 payment interactions a year. I can handle that.
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Mar 2, 2021 13:07
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I got a preliminary rate quote of 2.625% today on a jumbo. Should I be running and screaming to lock that in?
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Mar 2, 2021 19:32
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Pilfered Pallbearers posted:I got a preliminary rate quote of 2.625% today on a jumbo. drat, 30 year? Par, no points? That’s a good deal.
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Mar 2, 2021 19:39
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FWIW our rates went up since we walked away from the house in January. I think we had a 2.7% and it went up to 3 in our last offer.
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Mar 2, 2021 19:40
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Residency Evil posted:drat, 30 year? Par, no points? That’s a good deal. It was a quick convo, but I'm pretty sure it's a 30 year with no points, yes.
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Mar 2, 2021 19:42
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Blindeye posted:Not a question I would have asked them, but something I'd recommend; home inspectors are not liable for any mistakes they make on their inspections, and certain repairs that are critical can be super pricey AND not be covered by home insurance unless you have a specialty policy. I purchased a sewer line inspection when I picked out a general home inspector but the sewer inspection guys were from a separate company. They thought the line looked good, but also mentioned that I can get a fairly low-cost insurance plan to cover any problems with where it connects to the city sewer line. The inspection seemed like it went really well in person but I still need to see the full report. No major problems pointed out by the inspectors, probably a couple grand worth of repairs needed soon or soon-ish but we budgeted for that. Might be able to get the seller to do the more immediate fixes which are the cheaper ones. That being said, with my wife and I currently renting at what part of the home-buying process can we safely tell our landlord that we're moving out? The planned closing dates and the end of our current lease are within the same week, I doubt he'd have a problem with extending us another month if I gave him 30 days' notice, but I don't want to say "hey we're definitely leaving" while there's still time for the house to fall through. Would it be best to not commit to moving out until we officially close?
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Mar 2, 2021 20:26
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Verman posted:FWIW our rates went up since we walked away from the house in January. I think we had a 2.7% and it went up to 3 in our last offer. I was on the phone with my mortgage lender rep Friday, and he said the pricing went absolutely insane last week. Like, rescheduled pricing several times in a day, which would normally be a year's timeline.
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Mar 2, 2021 20:46
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Residency Evil posted:drat, 30 year? Par, no points? That’s a good deal. I think that is a really good deal with no points. Not knowing what the future trend is going to be, mortgage rates the last two weeks have exploded (relative to the last couple months); we had a 2.25 with no points in Jan, but could only lock in 2.875 on Friday with no points.  Edit: quoted wrong post, but get that in an ILE with a lock that you can sign. We had one lender send us their ILE with a 2.25 rate but with no lock (I'm assuming to get us to pick them). PageMaster fucked around with this message at 22:02 on Mar 2, 2021 |
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Mar 2, 2021 21:59
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C-Euro posted:That being said, with my wife and I currently renting at what part of the home-buying process can we safely tell our landlord that we're moving out? The planned closing dates and the end of our current lease are within the same week, I doubt he'd have a problem with extending us another month if I gave him 30 days' notice, but I don't want to say "hey we're definitely leaving" while there's still time for the house to fall through. Would it be best to not commit to moving out until we officially close? Check your lease. The lease may require a 30 days notice to leaving, even with end of contract due to an automatic renewal. I just got screwed on this myself. And now need to pay half a months rent on an empty apartment.
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Mar 2, 2021 22:20
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PageMaster posted:I think that is a really good deal with no points. Not knowing what the future trend is going to be, mortgage rates the last two weeks have exploded (relative to the last couple months); we had a 2.25 with no points in Jan, but could only lock in 2.875 on Friday with no points. I have no idea what an ILE is, but I did confirm that’s the rate with no points. It was an already low rate and I got a discount for my employer, so I think it was actually 2.875 before the discount. I spoke to like 4 or 5 brokers today and every one of them was straight shocked that I got offered that rate. Like they didn’t even try to fight one. One dude told me straight up to go with them. They confirmed we can lock the rate as soon as the contract is signed. And the contract is bouncing back and forth between attorneys right now so  .
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Mar 2, 2021 23:43
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We put in an offer this morning. I can't decide if I'm more afraid of losing the bid or winning.Pilfered Pallbearers posted:I have no idea what an ILE is, but I did confirm that’s the rate with no points. It was an already low rate and I got a discount for my employer, so I think it was actually 2.875 before the discount.
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Mar 3, 2021 00:09
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spf3million posted:We put in an offer this morning. I can't decide if I'm more afraid of losing the bid or winning. My understanding is it’s highly specific on region, down payment %, etc. I’m lucky that I have very good credit.
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Mar 3, 2021 00:18
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How early is too early to start applying for a loan? I've already had my credit pulled for a couple of pre approval letters. I was planning on waiting until an offer was accepted. But does it hurt to have pre-approval processes started with a couple potential lenders prior to offer acceptance?
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Mar 3, 2021 00:33
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spf3million posted:How early is too early to start applying for a loan? I've already had my credit pulled for a couple of pre approval letters. I was planning on waiting until an offer was accepted. But does it hurt to have pre-approval processes started with a couple potential lenders prior to offer acceptance? Doesn't help you much at all. Maybe it'll make the actual application quicker once you go under contract, but other than that I don't know that there's any advantage to it. The only real reason you need a pre-approval is so you know how much banks are willing to lend, your ballpark rates, and that there aren't any surprises on your credit). You also want one because some sellers require them before they'll accept non-cash offers. But you only need 1. What you DO want to do is get a list going of the lenders that you want to deal with (at least 3). Once you go under contract, fill out applications for all of them right away and see what numbers they come back with on a Loan Estimate. Show the best numbers to the others and get them to beat them. Do this as many times as you're comfortable and then pick the best deal.
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Mar 3, 2021 01:08
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Kind of a long shot, but does anyone have experience with Family Opportunity Mortgages? From what I can tell, it allows you to get a mortgage to buy property for your parents, but with the same terms as a mortgage on a primary residence. My mom lives in a pretty crummy apartment off social security and COVID unemployment (unlikely to get re-hired after all this), and I have a pretty significant savings in mutual funds (4x my annual salary, 2.5x the budget I'm looking at). I'm basically going to end up paying most of her rent soon, so I thought maybe I could put that money towards equity in a condo where she could live. Ideally, she'd be able to pay the HOA fees while I pay the mortgage, taxes, and own the place. It seems complicated and I imagine I'll need a lawyer or a mortgage specialist at some point, but I don't really know where to start. I don't own any of my own property, and I plan to continue renting for the near future. Is this idea stupid or could it work?
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Mar 3, 2021 03:56
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Pilfered Pallbearers posted:It was an already low rate and I got a discount for my employer, This is key. I also worked with two different corporate lending teams at Rocket and US Bank and can't recommend them enough if you have access to them through work. They do not gently caress around. Settled on 2.625 with -0.8 points -- almost $4k -- applied towards closing.
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Mar 3, 2021 04:00
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Man, we saw a house in an area we liked for 550, we felt like putting an aggressive offer of 650 with 20k earnest and would accommodate their need for rent back or long closing just to be as accommodating as possible. It came with a thorough inspection so we waived it on our end to be competitive. Our biggest worry was a low appraisal and high sale price because we wouldn't be able to float an extra 50-100k cash in addition to our earnest/down payment if it superspeed that low. Aparrently 650 wasn't even close to the top 5 offers. gently caress this is getting frustrating. We're putting another offer in on another house tomorrow but it's already 660 and will likely go over our threshold of 700.
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Mar 3, 2021 04:17
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Verman posted:Man, we saw a house in an area we liked for 550, we felt like putting an aggressive offer of 650 with 20k earnest and would accommodate their need for rent back or long closing just to be as accommodating as possible. It came with a thorough inspection so we waived it on our end to be competitive. Our biggest worry was a low appraisal and high sale price because we wouldn't be able to float an extra 50-100k cash in addition to our earnest/down payment if it superspeed that low. Jesus, do never buy man. I feel upset going 10k or 15k over haha.
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Mar 3, 2021 04:25
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Verman posted:Man, we saw a house in an area we liked for 550, we felt like putting an aggressive offer of 650 with 20k earnest and would accommodate their need for rent back or long closing just to be as accommodating as possible. It came with a thorough inspection so we waived it on our end to be competitive. Our biggest worry was a low appraisal and high sale price because we wouldn't be able to float an extra 50-100k cash in addition to our earnest/down payment if it superspeed that low. Are you in SoCal?
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Mar 3, 2021 04:28
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I was just about to ask! I think Seattle but not sure exactly where? I lived in Seattle 2008-2010 and you could buy a massive house in Capitol Hill for like 500k. Too bad I made no money. I think they’re like 3-4x the price now 
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Mar 3, 2021 04:30
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Yep Seattle-ish. We can't afford in the city anymore unless we go south so we are trying for Edmonds as we really like the area. But unless something changes in the market or we get a windfall of money by chance, we might be priced out there as well. I feel like we missed our home buying window by a year. My wife and I were really focused on paying down my student loans the last two years and thought once those got paid off we could afford a home. I wish we had just talked to a lender before then to get into something before the market got away from us. Verman fucked around with this message at 05:07 on Mar 3, 2021 |
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Mar 3, 2021 05:00
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Built 4 Cuban Linux posted:
Any reasons you can’t rent for her? Maybe I’m a callous bastard but my order of operations wood go out own my own place before buying one for family.
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Mar 3, 2021 05:27
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Cyrano4747 posted:Any reasons you can’t rent for her? A non-zero reason for me having kids was a form of social security, so it would be against my own long term interests to agree with you here. I think the guy should buy his family the biggest house he can realistically afford. Seems like a pretty good trade off, existing/raising you, and then when all that effort pays off, you pay for parents housing in old age That said, my brother in law bought a house and is renting it to my father in law below market rate, can't fault him there either
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Mar 3, 2021 06:48
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Verman posted:Yep Seattle-ish. We can't afford in the city anymore unless we go south so we are trying for Edmonds as we really like the area. But unless something changes in the market or we get a windfall of money by chance, we might be priced out there as well. I feel like we missed our home buying window by a year. We just gave up after 5 months of househunting in Seattle; moved here after giving up on San Diego assuming it would be cheaper here because I'm dumb and didn't do my research to find out it's 10 percent more expensive. Slowly moved further and further north to Lynnwood/Edmonds/Bothell and still couldn't get accepted with 80k over asking and we finally had to quit because the prices are rising so fast in a short amount of time. It's sad because it feels like bad luck because homes were doable at almost 100k cheaper just one year ago. We started to look south but be warned that Tacoma is now the hottest market in the nation. If you are interested still, we found that homes in Everett were way more(comparably) affordable and within 30 min of Seattle, but passed because of schools for our kid. PageMaster fucked around with this message at 07:29 on Mar 3, 2021 |
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Mar 3, 2021 07:17
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Verman posted:Man, we saw a house in an area we liked for 550, we felt like putting an aggressive offer of 650 with 20k earnest and would accommodate their need for rent back or long closing just to be as accommodating as possible. It came with a thorough inspection so we waived it on our end to be competitive. Our biggest worry was a low appraisal and high sale price because we wouldn't be able to float an extra 50-100k cash in addition to our earnest/down payment if it superspeed that low. Jesus I am so glad we bought 5 years ago. Our house was initially listed at 259 and by the time we saw it it had dropped to 245k and we offered 225k, they came back at 235k and that was it. The market wasn't as crazy as it is now and we aren't in a super hot area, about 30 minutes east of Orlando but it's a super nice community, on a golf course and 5 minutes from my job. 4/2 2300sq ft for 235k is unheard of in this area now though, the last house in my neighborhood that sold was a 3/2 1800 sqft for 310k on the next street over from me.
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Mar 3, 2021 13:09
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Hadlock posted:I think the guy should buy his family the biggest house he can realistically afford. You realize this suggestion comes with the downpayment requirements and insurance of a rental property, even if you aren't charging sufficient market rent to get the tax break for rental, right? It's a real expensive way to go.
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Mar 3, 2021 16:03
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Just put in my second offer, on a mid-90s house that felt like a good compromise between my budget and my wishlist and has all my must haves, and has all new windows, floors, and appliances and seemed to be in really good condition (current owner is apparently a home inspector himself). Neighborhood is decently spaced out and not overcrowded with HPRs, and all the houses look well maintained. Offered 5.5% over asking so hopefully I don't get outbid with a cash offer again. Dross fucked around with this message at 00:54 on Mar 4, 2021 |
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Mar 4, 2021 00:52
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Dross posted:Just put in my second offer, on a mid-90s house that felt like a good compromise between my budget and my wishlist and has all my must haves, and has all new windows, floors, and appliances and seemed to be in really good condition (current owner is apparently a home inspector himself). Neighborhood is decently spaced out and not overcrowded with HPRs, and all the houses look well maintained. What is the point of putting in an offer for over asking as a first bid in some markets? If you put in a bid for say, 1% below list, can't they counter or come back for final/best if they receive multiple offers? Or are you banking on them possibly taking the biggest offer without wasting time on final/best? Which has happened to me!
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Mar 4, 2021 01:27
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Inner Light posted:What is the point of putting in an offer for over asking as a first bid in some markets? If you put in a bid for say, 1% below list, can't they counter or come back for final/best if they receive multiple offers? Offer #1: Sellers had 20+ offers within a day and a half, including at least 4 cash offers over asking. There was no final/best. Offer #2: Our agent told us that the sellers were taking final/best as of 4 PM the same day it got listed. Offer #3: Asking price was already a bit optimistic. We offered 5% over asking and the sellers just decided to leave the house on the market to fish for better offers. Thankfully this happened the week hell froze over and no one bit, so they eventually gave in and accepted. Still, I can't imagine even bothering to offer below asking in this environment. EDIT: I guess if you're willing to buy a lemon that's been sitting on the market with no takers you could try offering below asking since they'll probably come down eventually. But the only houses that sit that long have enough problems that lowballing a couple percent off asking is not going to be worth it, and they're probably in no hurry to take a big lowball. the holy poopacy fucked around with this message at 01:47 on Mar 4, 2021 |
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Mar 4, 2021 01:39
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Inner Light posted:... if they receive multiple offers? that is cute
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Mar 4, 2021 01:39
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I wonder if sellers are panicking over the rate increases, either they want to get buyers signed up before rate increases lock them out, or they want to lock in rates on their own subsequent purchases.
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Mar 4, 2021 01:43
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Inner Light posted:What is the point of putting in an offer for over asking as a first bid in some markets? If you put in a bid for say, 1% below list, can't they counter or come back for final/best if they receive multiple offers? I live in what is very much a seller's market, inventory is nowhere near demand. Something like 100 people move here every day. Sellers put in the listing that highest and best offers are due at X datetime and then they review and select their favorite. No counteroffers or negotiation if your offer isn't the best, you just don't get it. It's like an auction where they legally can't tell you what anyone else has bid, plus the market is full of investors running around making cash offers with no contingencies so they can capitalize on the rent rising 10% or more year over year. Believe me, I hate having to show my cards immediately. Part of me wants to move home to the town my dad lives in where I could pay less than $100 per square foot, but I really like my job and I would hate to end up regretting leaving it. Maybe in a few years I'll talk them into letting me be fully remote forever, and buy a whole rear end house there with the equity from this one. Dross fucked around with this message at 01:58 on Mar 4, 2021 |
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Mar 4, 2021 01:50
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Dross posted:I live in what is very much a seller's market, inventory is nowhere near demand. Something like 100 people move here every day. Sellers put in the listing that highest and best offers are due at X datetime and then they review and select their favorite. No counteroffers or negotiation if your offer isn't the best, you just don't get it. It's like an auction where they legally can't tell you what anyone else has bid, plus the market is full of investors running around making cash offers with no contingencies so they can capitalize on the rent rising 10% or more year over year. This element of the current housing market is what confuses me the most. I can only imagine how much additional money sellers are leaving on the table by allowing their realtors to prevent multiple offer rounds. Realtors love it, of course, because they get their volume. But I don't understand how sellers are looking at the market and going "yeah, i guess that 20% over asking is all I could get, better not ask these other 20 bids if they can do better"
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Mar 4, 2021 02:01
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El Mero Mero posted:This element of the current housing market is what confuses me the most. I can only imagine how much additional money sellers are leaving on the table by allowing their realtors to prevent multiple offer rounds. I guess they feel like they won't get much better than someone saying "I'll write you a check and close in 5 days for 275% of what you bought the house for 8 years ago"
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Mar 4, 2021 02:05
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Inner Light posted:What is the point of putting in an offer for over asking as a first bid in some markets? If you put in a bid for say, 1% below list, can't they counter or come back for final/best if they receive multiple offers? A number of places we offered on had so many offers they didn't want to counter each and every so they ultimately asked (either on initial submittal or to everyone after a couple of days) to just submit your best offer so everyone could be done with it. El Mero Mero posted:This element of the current housing market is what confuses me the most. I can only imagine how much additional money sellers are leaving on the table by allowing their realtors to prevent multiple offer rounds. I agree with this, and our realtor thought the seller's agent was doing them a disservice by not keeping the bidding going, but from what I saw in a couple cases: 1) Some sellers really did not want a lot of people walking through their house, especially with COVID; these houses were non-stop 15 minute showings for days at a time. 2) Some were already house-hunting and wanted to close quick to be able to beat housing price increases where they were looking while mortgages were still rock bottom. 3) Some buyers are also trying their best to get a place and if they don't feel seller is receptive to their offer they would assume they aren't competitive enough and cancel their offer to put it on another place they saw the next day instead. If someone's wiling to put $200K over appraisal in cash, I guess I would live with no regrets taking that offer (we sold for $10K under asking before the market blew up  )
PageMaster fucked around with this message at 02:22 on Mar 4, 2021 |
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Mar 4, 2021 02:10
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Yeah that's how the market I am shopping in is also with most sellers. Bring your best offer first because you won't get a chance to make another.
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Mar 4, 2021 02:13
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Also I really hope I get this one because I'm tired of being all excited to look at a house and then the air inside it is thick with animal piss. Do people not realize their houses smell like a chemical plant?
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Mar 4, 2021 02:17
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El Mero Mero posted:Realtors love it, of course, because they get their volume. But I don't understand how sellers are looking at the market and going "yeah, i guess that 20% over asking is all I could get, better not ask these other 20 bids if they can do better" I think the ceiling is lower than you might think. Non-cash offers stop having any meaning after a while because you're gambling on the appraisal coming in high enough, and cash buyers don't have to stretch that high (and investors aren't going to be personally attached enough, they're just looking for good value.)
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Mar 4, 2021 02:47
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Dross posted:Also I really hope I get this one because I'm tired of being all excited to look at a house and then the air inside it is thick with animal piss. Do people not realize their houses smell like a chemical plant? I do everything I can with air purifiers, non-dust cat litter and what not but... you get used to it 
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Mar 4, 2021 03:23
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While stuff has been selling pretty quickly, new ones also seem to be coming up pretty briskly as well. We've been frustrated so far, but every week there's been new places coming up that we generally like, so we're not too worried.
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Mar 4, 2021 03:24
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