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razz posted:Where I live, month-to-month leases are quite common. Can you just find a house to rent for 3 months and then go from there? Maybe rent a smaller house than you think you "need", make kids share a bedroom and brother bunk with grandma for 3 months, that sort of thing? I mean it won't exactly be pleasant but it would only be temporary. It is an option, and likely what we will do, but I was trying to find a more permanent solution. We are speaking to banks directly, today. They have a few REO's that are willing to accept her credit and my income. The interest rate is a bit higher, though. AHHHHHHHHHHHHHHHHHHHHHHHH!
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Mar 5, 2012 16:12
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Ration posted:It is an option, and likely what we will do, but I was trying to find a more permanent solution. I think that, in this case, you have to choose the lesser of two evils: a higher interest rate and move in NOW, or shop for a lower interest rate and lose grandma to a nursing home in the meantime. Since you don't want your grandmother to move in to a nursing home, you'll have to take the higher interest rate. Do the math on it - will it be less than $200k for the time frame your grandmother is expected to live? Will your wife go back to work when she passes? (I'm thinking that as an RN, probably, and she can continue to make the same amount of money as before, so that point is moot.) Can you swing the higher interest rate on your income alone? And of course, the ultimate question: what happens if YOU lose YOUR job?
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Mar 5, 2012 17:45
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Welp, the bank decided not to sell me the house for 80K--after keeping me on the hook for a week, undoubtedly while they fished around for an idiot cash buyer. Guess they found one. I loving hate banks. Do Never Buy.
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Mar 5, 2012 17:52
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Ration, just how bad is your credit score? Sub 580? What state/area you are in would be helpful as well.
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Mar 5, 2012 18:16
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skipdogg posted:Ration, just how bad is your credit score? Sub 580? What state/area you are in would be helpful as well. Yeah, it's about 560. I've been single since adulthood, made much more money than I need and always paid cash for everything. The few things that I did have on credit were never substantial. As a result, anything that is negative appears ten times worse because I have zero history. I live in Ohio. DaggerDragon: I have a very stable job. I am protected. If I do happen to lose my job, I have a second lined up and am in school for a third. Worst case, I could care for Gram while my wife went back to work. Edit: To answer all of DaggerDragon's questions: We have based the budget on my income, non-overtime, alone. I do not know whether my wife will go back to work. We say that she will, but I know that she likes being home with the kids. I'm going to say, for safety sake, that she will not return to work. As for the higher interest rate, I'm not certain. We have an appointment at 4 PM today (In an hour) to go see a local credit union. My wife is family friends with the VP of the union and she said that she would take care of us... but I have no idea what that entails. We'll see. Ration fucked around with this message at 21:01 on Mar 5, 2012 |
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Mar 5, 2012 20:57
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I would never buy a house under time pressure. 3 months is absolutely nothing for the largest purchase of your life. Look for a short to medium term solution, if you can stretch your finances, signing up for a 6 month to year lease on a property in the right neighborhood would be ideal. The extra you pay now will be nothing compared to overpaying on a mortgage. Seriously, your savings will be massive once your credit is fixed and you are able to spend the time needed to find the right house without being under pressure.
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Mar 5, 2012 21:07
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Not only do I agree with not buying under time pressure, but I must also question a few other decisions. Why can't gran go to the home and your wife work? It is not that I want gran stuck in a place where she will be unhappy, but if your wife is a nurse, her salary should be plenty to put gran in a nice place with tons left over, and it will remove a burden from your household that is often a source of strife. If your wife really wants to stay home, I can understand that too. But, more to the point, what are the numbers you are looking at here? It is all well and good to assume that all your calculations are correct, but before anyone can offer solid advice, we would need to be sure.
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Mar 5, 2012 21:15
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Ration posted:If we do wait that long, grandmother will have to go into a nursing home. If she goes in, it will cost her nearly 200,000 dollars. archangelwar posted:Why can't gran go to the home and your wife work? It is not that I want gran stuck in a place where she will be unhappy, but if your wife is a nurse, her salary should be plenty to put gran in a nice place with tons left over Not quite sure what type of nursing home costs 200K. That said, why can't the uncle look after the kids and grandma? I translate "being in a bit of a rough spot" as "unemployed". Then your wife will be free to go back to work. I know she likes to be home with the kids but we are dealing with shoulds and musts right now, not likes.
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Mar 5, 2012 23:28
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Well, the bank was surprising understanding. They offered the amount that we need for the home that we had chosen at a 4.4 on my income and credit. I don't qualify for PMI so, we get to put 20% down. I'll go into more detail when I'm not on my phone.
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Mar 6, 2012 01:33
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How do you guys feel about bringing my own representation to closing? My father keeps chirping in my ear about how it'd be stupid not to, but everyone else assures me I'm fine with just the one attorney through the lender (who I chose). Any thoughts?
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Mar 6, 2012 02:43
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Ration posted:Well, the bank was surprising understanding. They offered the amount that we need for the home that we had chosen at a 4.4 on my income and credit. I don't qualify for PMI so, we get to put 20% down. I'll go into more detail when I'm not on my phone. (PMI is a bad deal anyway, so put down 20% even if you do qualify!)
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Mar 6, 2012 03:26
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Does anyone have experience with leasehold properties? We've been looking at condos in downtown Vancouver, BC and the price difference between a leasehold and freehold has us torn. The properties we've seen are on lease until 2073. After that, the land goes back to the city and we lose all the value in our condo. This may or may not be a problem depending on when and if we decide to sell since there's going to be a point where the condo starts losing value as the end of the lease gets nearer. The big upside is that leasehold properties are significantly cheaper than freeholds. The condos we're looking at are in the low $200k range, if they were freeholds they would probably in the mid to high $300s. The minimum down payment for a leasehold is 20% however, which would clean out all of our savings and a lot of the units we've seen need maybe $7-8k of work (new appliances, removing carpet, installing laminate, repainting, removing popcorn ceiling). What it comes down to is do we want to exhaust all of our liquid cash on a large down payment and have a very small mortgage on a place that will stop appreciating in value at some point and is guaranteed to be worthless by the time we're in our 90s or do we put a smaller down payment on a more expensive place, have bigger mortgage payments but more liquid cash and a greater than zero percent chance that our property will continue gaining value? I've done some number crunching if anyone wants to see it, but any insights would be appreciated.
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Mar 6, 2012 04:24
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I've managed to find a house I really like, but am unsure on how much to offer. The house is 12 years old (as are the appliances), new HVAC 2 years ago, new windows last year. Only work it needs is new paint and get rid of the ugly drapes so no negotiating power there. The house is listed for 149.9k, comps from my agent recommend 140k or 145k if seller pays closing. Seems like houses in the neighborhood are selling relatively quick and I'll ask this afternoon if anyone else is looking at it. I can afford it at list price but paying less is always nice...where do I start? Edit: First time buyer, can put 20%+ down, pre-approved NitroSpazzz fucked around with this message at 20:38 on Mar 6, 2012 |
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Mar 6, 2012 19:47
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NitroSpazzz posted:I've managed to find a house I really like, but am unsure on how much to offer. The house is 12 years old (as are the appliances), new HVAC 2 years ago, new windows last year. Only work it needs is new paint and get rid of the ugly drapes so no negotiating power there. Hard to say, of course, but if your goal is between 140 and 145k, then start with 135 or so with the goal of meeting in the middle at 142 or 3 and see how they react. There are other factors involved, though, which could make your offer more or less attractive. More attractive factors include the fact that you aren't making a contingency offer (I am assuming, this reads like a first buy post). Less attractive factors include things like financing vs cash, if you're using an FHA loan, etc. You can make your offer as attractive as possible by providing a reasonable time to close, not having a contingency offer and making sure your agent passes on things like you're putting 20% down, have been preapproved, etc.
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Mar 6, 2012 19:57
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BoA came back with a counter offer of 60k and gently caress your seller's concessions. Also, you have 24 hours to accept or gtfo. Houses <3
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Mar 6, 2012 21:24
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NitroSpazzz posted:I've managed to find a house I really like, but am unsure on how much to offer. The house is 12 years old (as are the appliances), new HVAC 2 years ago, new windows last year. Only work it needs is new paint and get rid of the ugly drapes so no negotiating power there. New windows in a 12 year old house? That sounds odd and makes me think they were likely done wrong when the house was built which immediately makes me wonder what else is wrong with it. Not trying to dump you off it, but I'd make sure you get a good, thorough inspection. Kalli fucked around with this message at 22:12 on Mar 6, 2012 |
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Mar 6, 2012 22:10
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Ozmiander posted:BoA came back with a counter offer of 60k and gently caress your seller's concessions. Also, you have 24 hours to accept or gtfo. So does that mean you'd be on the hook for that $12k lien on the house? Are you going to take their counteroffer, or tell them to gently caress off?
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Mar 7, 2012 00:04
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Leperflesh posted:So does that mean you'd be on the hook for that $12k lien on the house? They ended up eating the lien. I'm assuming that's why they countered with no concessions. I told them i'll do half concessions.
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Mar 7, 2012 00:23
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Kalli posted:New windows in a 12 year old house? That sounds odd and makes me think they were likely done wrong when the house was built which immediately makes me wonder what else is wrong with it. Not trying to dump you off it, but I'd make sure you get a good, thorough inspection. They list them as new high efficiency ones so maybe the old windows were garbage. I'll mention that to the inspector though. Paperwork is signed and offer is in. $135k with them paying half my closing costs as well as replacing the shingles. Current ones are 12 years old with some missing and a ridge vent that is banged up.
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Mar 7, 2012 01:17
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Rockzilla posted:Does anyone have experience with leasehold properties? We've been looking at condos in downtown Vancouver, BC and the price difference between a leasehold and freehold has us torn. I don't see the problem with leasehold, as the fact that the value goes to zero at a specific point in the future makes it much easier to figure out how much it's worth. You just have to be careful with your retirement planning, as for many people property is one of the bigger assets they go in to retirement with and you won't have that with leasehold property. The bigger issue is the vancouver market in general (click for big):  The situation for condos is bad but not horrible, but if single-family homes crash then it could depress condo prices as well. It's a scary time to be buying. EDIT: The little dip in 2008 never ceases to amuse me. "Housing markets worldwide are in armageddon, better knock a few k off the prices. Ok I guess that was long enough, back to the new normal." big shtick energy fucked around with this message at 07:01 on Mar 7, 2012 |
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Mar 7, 2012 06:54
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NitroSpazzz posted:They list them as new high efficiency ones so maybe the old windows were garbage. I'll mention that to the inspector though. Yeah, it's just one of those things that makes you wonder, not enough to bail, but always worth talking to the inspector about. Like, same thing, if they used garbage windows to build the house as recently as 12 years ago, what else were they cheaping out on? Anyway, goodluck with your offer.
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Mar 7, 2012 17:26
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Public company builders build for the 10 year warranty period only. You are going to default on it in 4 years anyway so what difference does it make! Welcome to the new normal.
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Mar 7, 2012 17:56
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Kalli posted:Yeah, it's just one of those things that makes you wonder, not enough to bail, but always worth talking to the inspector about. Like, same thing, if they used garbage windows to build the house as recently as 12 years ago, what else were they cheaping out on? Elephanthead posted:Public company builders build for the 10 year warranty period only. You are going to default on it in 4 years anyway so what difference does it make! Welcome to the new normal. Some of the newer houses I looked at were just built like crap. A four year old house with cracks in the foundation, creaky floors and water damage. A two year old house with horrible drainage leading to lots of water damage. Pretty sad to see.
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Mar 7, 2012 19:09
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NitroSpazzz posted:They list them as new high efficiency ones so maybe the old windows were garbage. I'll mention that to the inspector though. "Them" paying your closing costs just means you are rolling the closing costs into the loan. The sellers aren't really paying for anything. You might already realize this, but I didn't until I was looking at making an offer myself and put 2 and 2 together.
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Mar 8, 2012 01:25
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I"m putting my house on the market next week and I'll be moving to a new state where we plan on building on some land out in the country in Texas. I already own the property. What is the most economical house plan I can choose to get maximum space per dollar? We want an open floor plan with a bar separating the kitchen and living room and the master on one side of the house with bedrooms on the other. Someone told me to keep it as square as possible to keep the cost down. My wife keeps saying crazy poo poo like 5 bedrooms (3 kids, us and a guest room), I don't think that she has a firm grip on reality.
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Mar 8, 2012 01:26
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Harp 2.0 refinancing for underwater mortgages was supposed to be ready in November. Someone in the thread pointed out it would be ready by March. What the hell is the problem now?
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Mar 8, 2012 02:01
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Citycop posted:I"m putting my house on the market next week and I'll be moving to a new state where we plan on building on some land out in the country in Texas. I already own the property. You'll want a simple rectangle shape. Space per dollar is mostly going to depend on the finishes you choose inside the house. For example here's a modular floorplan that makes a very effective use of space. 5 bedrooms, 3 baths, 2 living areas split floorplan in less than 2000 sq ft. http://www.palmharbor.com/our-homes/floor-plans/sr-floor-plans/fp-15-tx-gimmie5-TLT564D2/
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Mar 8, 2012 02:10
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NitroSpazzz posted:Paperwork is signed and offer is in. $135k with them paying half my closing costs as well as replacing the shingles. Current ones are 12 years old with some missing and a ridge vent that is banged up. Don't have it in writing yet but just got off the phone with my agent. They came down 2k to 147.9, no assistance on closing costs and will replace the roof but it will be after closing...and they might only pay for half. Was really hoping for a smooth process but it looks like it won't be. Once we get their offer in writing I'm thinking of coming back at 137k, they assist on closing and replace the roof. If they won't budge and think their home is worth more than any in the neighborhood it isn't worth fighting over. drat
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Mar 8, 2012 03:11
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NitroSpazzz posted:Don't have it in writing yet but just got off the phone with my agent. They came down 2k to 147.9, no assistance on closing costs and will replace the roof but it will be after closing...and they might only pay for half. That's how it goes. They are looking at this with the exact opposite view of you. Either walk and come back in a month or make a counter at 137 like you said and be ready to come back in a month if you haven't found anything better. But start at the same price in a month. Edit: in my second scenario, what I meant was be ready to walk if they don't signal a willingness to meet you where you want after the 137 offer. Just as your initial offer was a play to see how much they were willing to give, their 2k change was the exact same play. So now they are looking to see what you are willing to do. Decide now exactly what you are willing to pay and work from there. Do not get emotional about it. let it mellow fucked around with this message at 04:03 on Mar 8, 2012 |
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Mar 8, 2012 03:32
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CatchrNdRy posted:Harp 2.0 refinancing for underwater mortgages was supposed to be ready in November. Someone in the thread pointed out it would be ready by March. What the hell is the problem now? It's "working" it's just slow as gently caress as there aren't enough people to handle the workload. My wife works harp poo poo for a large bank and things are a mess and getting worse as more people apply. They've been hiring temps like crazy for the past few months but they're barely staying above water. Some groups have mandatory overtime of 26+ hours which is pretty crazy for an hourly worker.
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Mar 8, 2012 04:29
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CatchrNdRy posted:Harp 2.0 refinancing for underwater mortgages was supposed to be ready in November. Someone in the thread pointed out it would be ready by March. What the hell is the problem now? The AUS updates are scheduled to go in the weekend of the 17th for both Fannie and Freddie.
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Mar 8, 2012 06:40
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Well thanks for the update. Well if its gonna be ready in a week I won't call and bother RichieHimself's wife and her colleagues.
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Mar 8, 2012 09:00
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So....question, any of you have experience in buying a mobile home? Anything to look for in particular, outside of the general structural stuff that applies to any building? I've been reading this thread on and off for a while as a "when I finally get rich" sort of thing, but I just found a place that is...well, too good of a deal to not at least look at and see what the catch is. also: is there a minimum amount you can mortgage? Or is it possible to use a cheap place like this to secure a personal loan? The place is selling for$8500...and well, I'd rather not be paying 9.22% for an unsecured personal loan if I could use the place to secure the loan and get a break on the interest rate. I'm thinking it would be treated more like a car loan than a mortgage. Dr Jankenstein fucked around with this message at 17:07 on Mar 8, 2012 |
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Mar 8, 2012 16:57
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jackyl posted:That's how it goes. They are looking at this with the exact opposite view of you. Either walk and come back in a month or make a counter at 137 like you said and be ready to come back in a month if you haven't found anything better. But start at the same price in a month. Yup that's the plan, should be hearing in the next hour or two what their decision is. My realtor thinks it's worth 142 max and that seems about right to me. If they come back with another BS counter offer I've got four more houses ready to tour and my realtor will let them know.
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Mar 8, 2012 19:05
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AA is for Quitters posted:So....question, any of you have experience in buying a mobile home? Anything to look for in particular, outside of the general structural stuff that applies to any building? I've been reading this thread on and off for a while as a "when I finally get rich" sort of thing, but I just found a place that is...well, too good of a deal to not at least look at and see what the catch is. Just buy it outright?
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Mar 8, 2012 19:36
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AA is for Quitters posted:also: is there a minimum amount you can mortgage? Or is it possible to use a cheap place like this to secure a personal loan? The place is selling for$8500...and well, I'd rather not be paying 9.22% for an unsecured personal loan if I could use the place to secure the loan and get a break on the interest rate. I'm thinking it would be treated more like a car loan than a mortgage. Treat it like buying a car. Which is to say, it's a depreciating asset (guaranteed: as it gets older its value declines no matter what) which is expensive to move, you will have to pay rent to park it somewhere (unless you own some land?), and you will be living in your car and all your neighbors are people who live in their cars too. Also maybe your rent will help pay for a pool or some laundry facilities or something. I think the right answer is to buy it outright. If not, your loan will much more resemble a car loan than a mortgage. You can definitely get a loan that is secured by the mobile home itself (if you can get a loan at all, of course), but like a car loan the value of the home will decline and you at no point want to be upside-down on it unless you have paid extra for gap coverage on your insurance. All that said: there are nice mobile homes and nice mobile home parks. A friend of mine and her husband own a place they bought outright maybe 10 years ago (for I think around $80k). Their rent is something like $700 a month or so, the park is pretty upscale, and while their place is cramped (single-level single-wide) it's not that bad for two people. It has probably lost half its value since they bought it, though. Then again, so have a lot of houses that were bought 10 years ago...
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Mar 9, 2012 01:04
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DuckConference posted:I don't see the problem with leasehold, as the fact that the value goes to zero at a specific point in the future makes it much easier to figure out how much it's worth. You just have to be careful with your retirement planning, as for many people property is one of the bigger assets they go in to retirement with and you won't have that with leasehold property. One of the attractive things about the leasehold is that we'll have ample room to save with such a low mortgage. Putting $44k down on a $220k property leaves us with a $176k mortgage, maybe $900/month over 25 years, add maintenance fees and we're looking at $1250-$1300/month which is pretty much the same as paying rent for something comparable in our neighborhood. But yeah, the Vancouver market is hosed. My brother's in-laws just bought a house in northern Ontario for $68k. I want to know what that mortgage looks like.
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Mar 9, 2012 02:09
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sheri posted:Just buy it outright? I could, but it would completely wipe out everything in my emergency savings + require me to ask family to help out. Plus my credit is mediocre-to-poor (i was an idiotic 18 year old, and buying things outright since then has kinda boned me credit-wise) and I was thinking this would be something to improve it. Wells Fargo told me through their online loan app that I would be eligible for a 10k loan, so...there was that. Place reeked like mold and stale smoke anyway, which would explain why it was $3500 less than the other single wide 1 bedroom for sale in the park. Ah well, time to stick to renting and slowly but surely socking away $75/paycheck for a down payment on a place by the time I'm 30.
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Mar 9, 2012 03:32
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I debated where to post this, but the thread title did say 'house porn' so... We're getting ready to do a minor kitchen redo (under $5,000). I thought I'd post it here because we will be selling it eventually and want to make sure we don't do anything too quirky. Our kitchen is already pretty unique, which we like, but it needs a few minor tweaks. We want to do a number of things including: 1. replace the fake wood countertops with real wood 2. replace the ugly-rear end backsplash 3. put in a newer sink w/ garbage disposal 4. update our cabinets So, we're having trouble with #4. We will probably buy from Ikea for the cheapness and ease. But we originally thought we'd go with black upper cabinets (with glass doors to class it up a bit). Unfortunately, Ikea doesn't have black. So our other option is to get the white Ikea cabinets. I'm having trouble deciding if that would be weird to leave the lower cabinets black and have white uppers. On the other hand, maybe all black cabinets would make the kitchen seem too dark. So any opinions would be great. We're too close to the situation to make an objective call. Here's our kitchen as it is now: the upper cabinets are painted gray to match the walls. We'd be replacing the open shelves on the right with cabinets.  And here are two crappy photoshops with white cabinets:  And black:  Any thoughts? Or any other ideas?
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Mar 9, 2012 18:01
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slowfoot posted:So, we're having trouble with #4. We will probably buy from Ikea for the cheapness and ease. But we originally thought we'd go with black upper cabinets (with glass doors to class it up a bit). Unfortunately, Ikea doesn't have black. Are you saying they don't have black boxes or they don't have black doors? Because it's true that the boxes only come in white and birch, but none of that is visible with the doors and side panels, except when you open them. I wouldn't want a cabinet black on the inside, so that's alright with me. I haven't looked at their color offerings in a while, so they may not have black door fronts, but this is basically just a friendly reminder to forget everything you know about cabinets when shopping at Ikea.
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Mar 9, 2012 19:04
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