|
SchnorkIes posted:What's the deal with appraisal anyway? Like why is going over appraisal a big thing now? Shouldn't this be priced in to the appraisal? Are you asking why so many things seem to be going over appraisal lately? If so, that's just a common thing in markets that are rapidly getting more expensive. All of a sudden a 2 month old comp is ancient and irrelevant. Now add in low inventory turnover and exactly what do you have to base the appraisal on?
|
#
?
Mar 27, 2021 21:30
|
|
|
|
| # ? May 15, 2024 01:03 |
|
|
How can I get a sense of what something will appraise at as a buyer? Look at recently sold comparable houses on Zillow?
|
|
#
?
Mar 27, 2021 21:37
|
|
|
Motronic posted:Are you asking why so many things seem to be going over appraisal lately? If so, that's just a common thing in markets that are rapidly getting more expensive. All of a sudden a 2 month old comp is ancient and irrelevant. Now add in low inventory turnover and exactly what do you have to base the appraisal on? This plus as a mortgage buyer, the bank will not lend more than the property appraises for, so any discrepancy comes out of your pocket at closing, which prices out a lot of first time home buyers that aren’t rolling the equity from their previous home into the new purchase.
|
|
#
?
Mar 27, 2021 21:42
|
|
|
SchnorkIes posted:What's the deal with appraisal anyway? Like why is going over appraisal a big thing now? Shouldn't this be priced in to the appraisal? For me it's because the market in DC/NoVA has been absolutely supernova hot this last year and property values are hosed. Having to potentially cough up 50-70k *outside* of a down payment and other expenses is a tall order.
|
|
#
?
Mar 27, 2021 21:43
|
|
|
Vasudus posted:buyer's letter I keep hearing about these and my spouse and I were trying to figure out how we were going to convince someone to sell to us when we're white and high-earning and aside from being queer women, pretty privileged. And being a queer woman ten miles from SF is basically privilege in itself. So when I asked our real estate agent what we should put in our cover letter, she just kind of stared at us and said "What? You're not doing that. Money talks." She was right, though. We went in just high enough and it was accepted less than an hour later.
|
|
#
?
Mar 27, 2021 21:47
|
|
|
Maggie Fletcher posted:I keep hearing about these and my spouse and I were trying to figure out how we were going to convince someone to sell to us when we're white and high-earning and aside from being queer women, pretty privileged. And being a queer woman ten miles from SF is basically privilege in itself. So when I asked our real estate agent what we should put in our cover letter, she just kind of stared at us and said "What? You're not doing that. Money talks." She was right, though. We went in just high enough and it was accepted less than an hour later. IMO a buyer's letter is useful when it taps into the sellers existing biases. It probably helps if you paint a picture that reminds the seller of their own story. Obviously many sellers don't care though. Edit: worth noting this is a pretty lovely deal for underrepresented groups tho theratking fucked around with this message at 22:27 on Mar 27, 2021 |
|
#
?
Mar 27, 2021 21:57
|
|
|
vs Dinosaurs posted:How can I get a sense of what something will appraise at as a buyer? Look at recently sold comparable houses on Zillow? Yes, you can try and look at nearby properties that recently sold of similar square footage. Appraiser is just going to pick 3 or 4 houses that sold (in the same neighborhood, if possible, out a mile of not) then just adjust the price around those based on lot sizes, number of bedrooms, views, finish quality, etc. That being said, you still may or may not get anywhere close to the appraiser, and if a house in the neighborhood sells in the next week everything goes out the window and rebaselines again based on that (probably high) sale price. If you don't need to, I wouldn't worry about trying to guess the appraisal and just deal with it when you need to.
|
|
#
?
Mar 27, 2021 22:03
|
|
|
Yeah I’m not trying to write heartfelt letters that won’t get read because they’re not at the top of a stack that’s ordered from highest to lowest. Plus I’m a single fat nerd who doesn’t even have pets yet (been waiting to stop renting) so what would I even say? House buying is really a lot like dating. Can’t get attached unless they’re into you too.
|
|
#
?
Mar 27, 2021 22:03
|
|
|
theratking posted:IMO a buyer's letter is useful when it taps into the sellers existing biases. It probably helps if you paint a picture that reminds the seller of their own story. Obviously many sellers don't care though. Why would anyone care about letters? A house is like a share of stock, a fungible speculative asset, the value is what someone will pay for it. I'm not writing sappy letters to shareholders when I'm trying to buy shares in whatever. This is bizarre poo poo.
|
|
#
?
Mar 27, 2021 22:04
|
|
|
My sellers agent sends me an email an hour ago asking if I am going to have the gutters and roof cleared before Tuesday for pictures and oh did I get the landscaping done? Errrr you gave me numbers for your guys, I left a bunch of messages and they never got back to me, I left you messages and you said you would follow up with them. So no it won’t be done 
|
|
#
?
Mar 27, 2021 22:06
|
|
|
BigPaddy posted:My sellers agent sends me an email an hour ago asking if I am going to have the gutters and roof cleared before Tuesday for pictures and oh did I get the landscaping done? Errrr you gave me numbers for your guys, I left a bunch of messages and they never got back to me, I left you messages and you said you would follow up with them. Yeah, I'm guessing people must be ROLLING in work because I'm only about a 50% callback rate on landscapers. Roofers were better but half of them are like "I can get to you in 2 months" and I'm like "Uh, no, I think I'll be gone by then, thx tho"
|
|
#
?
Mar 27, 2021 22:09
|
|
|
SchnorkIes posted:Why would anyone care about letters? A house is like a share of stock, a fungible speculative asset, the value is what someone will pay for it. I'm not writing sappy letters to shareholders when I'm trying to buy shares in whatever. This is bizarre poo poo. This is my take, but the last time this came up and I said so it seems like people were saying "BUT IT CANT HURT!". I'll just come out and say I don't accept those letters. They're legal/discriminatory suit nightmares waiting to happen. But since most people are REAL bad at all of this I'm sure someone might read yours.......
|
|
#
?
Mar 27, 2021 22:10
|
|
|
There is a human element to the transaction. If two bids are literally identical it might make a difference? Thanks for the reply about appraisals!
|
|
#
?
Mar 27, 2021 22:10
|
|
|
I called probably 5 landscapers who work in town and iirc 6 contractors who have offered gutter cleaning in town and none got back to me. Only reason I am getting the paint and walls done I because I am using a guy who does it on the side in the evening. Was the same with people to come and dewinterize the hot tub where I got one call back and they did do a good job. Paint will be done tomorrow and I guess I am doing the gutters and getting a roof rake in the morning.
|
|
#
?
Mar 27, 2021 22:12
|
|
|
BigPaddy posted:I called probably 5 landscapers who work in town and iirc 6 contractors who have offered gutter cleaning in town and none got back to me. Only reason I am getting the paint and walls done I because I am using a guy who does it on the side in the evening. Was the same with people to come and dewinterize the hot tub where I got one call back and they did do a good job. I'm not sure how your gutters are, but my dad stumbled on a pretty slick gutter-cleaning method: https://www.lowes.com/pd/WORX-Unive...wE&gclsrc=aw.ds Because my roof is much taller than his, it was easier to do it with 2 people - on person on the ground supporting the pipe, and one on the ladder directing the nozzle in the gutter. Worked like a charm, though - probably the fastest I'd ever cleaned by gutters. If I were doing it again, I'd have found a short section of hose to attach to the top U-shaped joint so I had more flexibility while clearing the gutter. Edit: That looks like a leaf-blower attachment; we used ours on a Shop Vac and actually sucked the dirt out of the gutters, rather than blowing it around everywhere.
|
|
#
?
Mar 27, 2021 22:17
|
|
|
SchnorkIes posted:Raleigh, which is pretty overheated
|
|
#
?
Mar 27, 2021 22:19
|
|
|
Scarodactyl posted:You can still get a nice house in the 'burbs for a lot less than 600k lol. Yeah but I can't even start looking for another few months
|
|
#
?
Mar 27, 2021 22:19
|
|
|
My tools and stuff are packed and most of the crud in the gutters is wet pine needles so won’t blow out. It is up a ladder and gloves sadly. That is a cool idea tho, thanks for sharing.
|
|
#
?
Mar 27, 2021 22:20
|
|
|
BigPaddy posted:My tools and stuff are packed and most of the crud in the gutters is wet pine needles so won’t blow out. It is up a ladder and gloves sadly. That is a cool idea tho, thanks for sharing. Not sure if you saw my edit, but yeah, we were using it on a Shop Vac and sucking it out. Though, granted, not sure how a shop vac would do with wet pine needles. Mine was some small pin-needle things and a lot of roof mineral stuff. I want to say we did it in the early fall when it was pretty dry though. Kinda clumpy but brittle enough that it'd break off in chunks easily and get sucked up, where I assume it broke up further.
|
|
#
?
Mar 27, 2021 22:23
|
|
|
SchnorkIes posted:Yeah but I can't even start looking for another few months That being said, my neighbor across the street just sold his house to Opendoor, who did like one day of cleaning and have immediately relisted it for ~72k more than they paid, so maybe my sense of things from recreationally browsing zillow is outdated.
|
|
#
?
Mar 27, 2021 22:28
|
|
|
Can you use a U bend attachment on a pressure washer to blow that crud out? That's how I cleaned the tops of overhead pipes at my old job.
|
|
#
?
Mar 27, 2021 22:29
|
|
|
If I still had my air compressor at the house I would try using that to blow it out. Can’t find that hose extensions anywhere near me so I guess it is a seasonal thing.
|
|
#
?
Mar 27, 2021 22:47
|
|
|
SchnorkIes posted:Why would anyone care about letters? A house is like a share of stock, a fungible speculative asset, the value is what someone will pay for it. I'm not writing sappy letters to shareholders when I'm trying to buy shares in whatever. This is bizarre poo poo. People put value in things like sense of community and helping people they see as worth helping. Homes are very personal, unlike stocks or other financialized assets. I also wouldn't be terribly surprised if the letter acts as a proxy for your behavior when you're under contract, consciously or otherwise.
|
|
#
?
Mar 27, 2021 22:54
|
|
|
SchnorkIes posted:It makes sense once you become wholly unable to afford market rent, if you are attached to the area. Housing prices can drop, and have dropped within living memory. We're in a bubble and part of what makes a bubble is desperation that you'll get left out of the bubble. As it gets safer to go outside and move again housing inventory will return to normal levels, and the bubble market we're hearing about will get less wild. Prices probably won't crash like 2008, but the rocketship we're on has a limited amount of fuel and I have a feeling that people will be more inclined to live in cities once they have stuff to do in them again. SchnorkIes posted:Why would anyone care about letters? A house is like a share of stock, a fungible speculative asset, the value is what someone will pay for it. I'm not writing sappy letters to shareholders when I'm trying to buy shares in whatever. This is bizarre poo poo. I got my house because I was the highest competitive bid that wasn't an investor, and if I ever sell it I'm going to look for that, too. I'm not going to be looking for pictures of Braydennn or whoever, I just want it to go to a person/family who will live in it.
|
|
#
?
Mar 28, 2021 00:07
|
|
|
theratking posted:People put value in things like sense of community and helping people they see as worth helping. Homes are very personal, unlike stocks or other financialized assets. I also wouldn't be terribly surprised if the letter acts as a proxy for your behavior when you're under contract, consciously or otherwise. This. We are in the process of selling the house my wife grew up in and she still has deep relationships with half the neighborhood and she cares about who moves in next. I desperately hope we don't get any of those letters because I know there is a chance it will cost us some money in the end if we are, say, choosing between a family with kids and some kind of REIT or whatever, since she's the administrator of the estate, not me. I hope our realtor doesn't engage with any of that fluffy stuff so we never have to think about it (and I'm fairly confident she won't), but not every seller is a goon robot motivated solely by money and transaction risk. NJ Deac fucked around with this message at 00:19 on Mar 28, 2021 |
|
#
?
Mar 28, 2021 00:12
|
|
|
The rate difference between the local lenders and Bettermortgage is unreal. 3.018 vs. 3.217 APR.
|
|
#
?
Mar 28, 2021 00:15
|
|
|
drat you don't follow a thread for a few days and this masterpiece shows up? Amazing.
|
|
#
?
Mar 28, 2021 00:21
|
|
|
Motronic posted:"BUT IT CANT HURT!". Motronic posted:I'll just come out and say I don't accept those letters. They're legal/discriminatory suit nightmares waiting to happen.
|
|
#
?
Mar 28, 2021 00:47
|
|
|
SchnorkIes posted:What's the deal with appraisal anyway? Like why is going over appraisal a big thing now? Shouldn't this be priced in to the appraisal? Note: 90% LTV isn't a magic number or anything. Different banks have different standards and guidelines depending on market and your credit score and a bunch of other proprietary factors. Dik Hz fucked around with this message at 00:57 on Mar 28, 2021 |
|
#
?
Mar 28, 2021 00:54
|
|
|
Looking at Zillow estimates, it kind of blows me away that all of the ~4br homes in the very middle class neighborhoods in which I grew up on the Seattle Eastside are now worth $1.3M to $1.5M on average. Even the 3br/1ba 1000sqft houses in the less nice neighborhoods are approaching $1M. Makes me glad I never plan to have kids. Thankfully (some) condos are still within my reach, though I won't have time to seriously pursue a purchase until I finish up with a major piece of litigation in summer. That gives me plenty of time to practice the Zillow and Redfin browsing games.
|
|
#
?
Mar 28, 2021 01:27
|
|
|
Dik - the LTV determines whether you need PMI right, so even if the loan isn’t tanked the appraisal can force PMI unless you have the cash to cover?
|
|
#
?
Mar 28, 2021 01:36
|
|
|
vs Dinosaurs posted:Dik - the LTV determines whether you need PMI right, so even if the loan isn’t tanked the appraisal can force PMI unless you have the cash to cover? On a conventional loan you'll typically be paying PMI until the LTV is <80% yes. FHA loans always have PMI until you refinance. Depending on how much cash you have on hand, you're balancing your down payment (which goes to the bank and reduces your mortgage amount) against your cash-over-appraisal (which goes to the seller). Down payment thus affects your LTV, COA doesn't -- it's just gone and is not part of the equity of your home except inasmuch as the sale price of your home and its comps affects future appraisal -- because the LTV is a ratio of your owed amount versus your home's appraised value, not its sale price.
|
|
#
?
Mar 28, 2021 01:55
|
|
|
vs Dinosaurs posted:Dik - the LTV determines whether you need PMI right, so even if the loan isn’t tanked the appraisal can force PMI unless you have the cash to cover? Banks will not lend above appraisal value. Anything above appraisal value, think of as slipping a $1000 bill to the bouncer at a club. It’s gone and no one knows it was there.
|
|
#
?
Mar 28, 2021 01:59
|
|
|
vs Dinosaurs posted:Dik - the LTV determines whether you need PMI right, so even if the loan isn’t tanked the appraisal can force PMI unless you have the cash to cover?
|
|
#
?
Mar 28, 2021 02:03
|
|
|
spf3million posted:It keeps us looking but every time we run the numbers on a potential offer, it never makes sense to trade a $2400/mo rent ceiling for a $3,500/mo mortgage floor for a house that's functionally identical to our rental. I rented the same house for 7 years with <10% total rent increases and I get it. However a fair comparison would be the ITI part of the mortgage payment rather than the whole thing, plus a maintenance allowance if you'd like, so you're comparing the cost to live in both. The part that goes to principal is net worth neutral.
|
|
#
?
Mar 28, 2021 02:28
|
|
|
In regards to letters, we didn’t write one but we didn’t have to - we got the house by virtue of throwing down the first offer after six months on the market. Our agent might have signaled that we were a nice couple buying their first home aka not shitbag property investors, if anything, but I got the idea that the seller was pretty checked out and probably didn’t care either way. That said, if we were to sell, all I’d care about is a statement from the prospective buyer saying that they would like to reside in the house as their primary residence and that they are not a property investor. I don’t give a gently caress if you have kids or what structure your family is or how this is your dream house or whatever, I just know I don’t want to sell to some property investor. I like this neighborhood and it already has a bad enough property investor problem and I wouldn’t want to make it worse.
|
|
#
?
Mar 28, 2021 02:41
|
|
|
Asking prices are finally starting to catch up so just put in a bid at "only" $60k over instead of the normal $200k over. We'll see what happens! And hell yes we're writing a letter to try to sway them that we've lived here for decades and will actually live in the house with our kids. And when we sell our current house, as long as the bids are fairly close, there's no way I'm hell I'm picking an investor. They've hosed up our housing market enough.
|
|
#
?
Mar 28, 2021 04:33
|
|
|
The saga to find out more information about this in-law basement apartment is still ongoing. We finally said that given the inlaw was misrepresented as a legal bedroom and they refuse to tell us who did the work (assuming unlicensed), we want $20k credit at closing or we walk. We're already past our original inspection contingency date, but got an extension until Wednesday. Apparently seller will get back to us before Monday, but we're doing a few more viewings tomorrow. I think the seller is pissed, so this can probably only end badly.
|
|
#
?
Mar 28, 2021 04:43
|
|
|
Found out our $15k-over-asking offer was rejected, but apparently we were a very close second. That's kinda heartening. We really love the area we're looking at and the house we put a bid on was insanely nice (and prooobably too large for us, in retrospect), so knowing we don't necessarily have to settle feels pretty good.
|
|
#
?
Mar 28, 2021 14:15
|
|
|
|
| # ? May 15, 2024 01:03 |
|
|
https://twitter.com/rcwhalen/status/1375955917351628800 this was a sacramento, CA suburb. 1400 sq ft.
|
|
#
?
Mar 28, 2021 14:29
|
|
