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Oct 19, 2023 20:17
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| # ? Jun 6, 2024 15:32 |
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I removed it because it's not conductive to house buying and needlessly inflammatory
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Oct 19, 2023 20:21
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Hadlock posted:I removed it because it's not conductive to house buying and needlessly inflammatory (Opens the envelope on my forehead) "Closing statement of Burnett v. National Association of Realtors"
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Oct 19, 2023 20:46
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Woah, so I did not expect to cause 2 pages worth of debates here. Been a bit busy with work, but A. Appreciate all the feedback. Not sure why we have a Dave Ramsey debate, he just sucks Anyway, it’s been a busy day at work, but to emphasize: I’m certainly not surprised on the report of “it’s a bad time to buy.” Yeah I know. We aren’t looking to rush into things, and have been talking about hopefully going month to month on our lease after March. Hopefully our landlord will be open to that, that’s the big questions. For now I figure just visit xx places in the market, get a feel for what we are looking for, etc. My wife has a local job here, my current job is remote, but (fingers crossed) I’ve been interviewing for a local position , and if so then well, we’re here for quite a bit to say the least. I’ll get more down later, but work is as stable as could be for anyone for both of us.
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Oct 19, 2023 20:58
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Related to commission fees... I noticed that redfin realtors will only charge buyers 1% of transaction fee, vs 2.5~3% that all other realtors charge. Anybody buy/sell with redfin? If buyers fees are covered by the seller and redfin only charges 1%, do you get the extra 1.5~2% back at closing?
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Oct 19, 2023 20:58
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Lockback posted:I'd get this guy Motronic posted:It's a 12 step program for debt addicts who want to be/are treated like they will always be alcoholics so no mortgage, no car loans, no credit cards ever period no discussion no exceptions. Forever. Because you can't be trusted. Arsenic Lupin fucked around with this message at 21:09 on Oct 19, 2023 |
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Oct 19, 2023 21:05
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I know someone who bought with Redfin and that's exactly what happened, the extra 2% showed up as a credit towards the house price at closing. The people selling were apparently pretty grumpy about it.
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Oct 19, 2023 21:14
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Duckman2008 posted:Woah, so I did not expect to cause 2 pages worth of debates here. Mortgage brokers typically want to see a minimum of six months at an employer; two years, ideally.
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Oct 19, 2023 21:15
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Shifty Pony posted:I know someone who bought with Redfin and that's exactly what happened, the extra 2% showed up as a credit towards the house price at closing. The people selling were apparently pretty grumpy about it. We got a discount on ours, and were told we couldn't apply it to the price, only points or closing costs, I don't know why. Our closing wound up being very cheap, though.
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Oct 19, 2023 21:17
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Arsenic Lupin posted:Have fun buying your first house with absolutely no credit rating! Well ackshually our sponsor here can help you with a manually underwritten loan if you aren't praying hard enough to pay cash.
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Oct 19, 2023 21:52
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Jesus was my loan officer.
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Oct 19, 2023 22:12
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Ham Equity posted:Are you interviewing for an internal transfer to a local position, or are you interviewing for a job with a different company? Good question. Internal. I will probably die working for my dumb company. My wife has been at her current role just about 5-6 months. Income wise mine is quite a bit more than hers, so how that factors in of course I don’t quite know yet.
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Oct 19, 2023 23:44
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Duckman2008 posted:Good question. Internal. I will probably die working for my dumb company. In my experience they don't care about changing jobs, they care about changing careers. If you went form working for company A to company B and have the same or higher salary and the position titles pass the sniff test all is well. I refied when the gettin was good after a 2 year employment gap where I went into a similar position at a different company. Nobody in underwriting cared.
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Oct 19, 2023 23:49
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TheWevel posted:Jesus was my loan officer. Must be nice considering his position on usury.
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Oct 20, 2023 02:05
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This bread is my body... This wine is my blood... This stack of cash is your escrow
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Oct 20, 2023 02:10
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When the bank doesn't give you a good rate he brings some chains into the local branch and just goes HAM.
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Oct 20, 2023 03:50
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Any rate is too high for Jesus, assuming he subscribes to Ezekiel's views on the subject Try telling that to your loan officer next time you see them
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Oct 20, 2023 04:16
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Hadlock posted:Having to drive 3.5 hours to see a building taller than 3 stories was pretty grim E:nvm hobbez fucked around with this message at 04:35 on Oct 20, 2023 |
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Oct 20, 2023 04:28
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TheWevel posted:Jesus was my loan officer. my child, when there was only one set of footprints in the sand, it was then that I sold your loan to another bank
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Oct 20, 2023 05:43
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Leperflesh posted:my child, when there was only one set of footprints in the sand, it was then that I sold your loan to another bank 
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Oct 20, 2023 06:58
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my child, when there was only one set of footprints in the sand, it was then that I went on a two-week vacation three days before your closing without mentioning that was going to happen at any point beforehand or having anyone substitute or anything, lol
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Oct 20, 2023 07:14
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Has anyone ever bought an abandoned property with unpaid back taxes? There should be some way to do it, but I don't know where to start. Here's the context: There is a house for sale in a neighborhood that is recovering from decades of urban blight. It has almost everything I want in a property: historic district construction, lots of internal space, biking distance from work+downtown, and fairly cheap. The only problem is that it doesn't quite have as much space as I want in the yard. One reason why it is cheap is that it is next to a house that has been abandoned and tax delinquent for at least 15 years after a fire. The unpaid taxes come to 32k and I assume the structure is unsalvageable. The plan is to buy it, knock down the ruin, and plant a garden on top. Budgetwise, this should be feasible. My target budget is 200-250k, I have 50k for a down payment. The main house has an asking price of 130k and I am pessimistically estimating 50k in renovations. So that is 180k total, I should be able to finance the mortgage + some renovations. Long term, I don't want to live next to the ruin and I am willing to pay for that privilege. Some quick searching (https://www.bobvila.com/articles/how-much-does-it-cost-to-demolish-a-house/) suggests that it would cost 18k to demo, maybe less if I do it in the off peak construction season. The ruin also does not have a basement, according to the tax records, which should also save costs. But I don't know what my options for purchasing the abandoned property are or where I should start looking. I assume the process is worse than I expect because $thread_title, but I don't know how much worse.
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Oct 21, 2023 03:25
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Who owns the ruined property?
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Oct 21, 2023 03:48
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QuarkJets posted:Who owns the ruined property? A 97 year old man who still lives there in secret or died in 2012. My guess is the latter since the obituary matches, but I haven't been able to track down the inheritance yet.
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Oct 21, 2023 04:03
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pointlesspart posted:Has anyone ever bought an abandoned property with unpaid back taxes? There should be some way to do it, but I don't know where to start. I do not think you have the budget or the connections to do this. Unless you can find the heir (also probably dead, hopefully they are listed in the obit) and where they give you the property for free for paying the tax debt (if they’re interested why wouldn’t they got rid of it already?) you’re probably looking at a tax foreclosure auction, which tends to attract investors. It isn’t clear to me that you could get a loan to cover it. Does the city have code enforcement? Don’t plant anything you want to eat in soil that has a century of lead paint and miscellaneous contamination in the soil. Do you have any construction experience? Any experience applying for demolition permits?
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Oct 21, 2023 04:32
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pointlesspart posted:Has anyone ever bought an abandoned property with unpaid back taxes? There should be some way to do it, but I don't know where to start. The historic district may not just let you demolish the structure despite the blight. It's going to be very difficult to get liability insurance for the property once you remove the house. Your best bet there is to get the two lots rezoned as one property but the difficulty will vary drastically from city to city. Both the city and the historic district will very likely fight any attempt to turn the parcel in question into anything other than a livable house. I did something similar when the falling down heap next door went up for sale but there are a lot of issues with your plan even if there is a willing seller.
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Oct 21, 2023 04:34
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I don't know your situation but you're gonna need to find a specialty lender who deals with tax sales. You're way way WAY outside of a standard loan, nobody will touch you because they know it's a waste of time. Whoever buys that (you?) Is going to be a cash buyer Expect to fight the historical society tooth and nail to demolish the house. They're tight with city hall so they have a lot of soft power to grind any and all progress to a halt. If you haven't already, show up at the historical societys president's doorstep in person with cookies and a seven slide presentation on how you want to reinforce the society and yes you do have cash to join the club today Source: I rented a house in a very active historical district that the president of the historical group used to own
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Oct 21, 2023 04:48
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in a well actually posted:I do not think you have the budget or the connections to do this. I figured I didn't have the connections for it, but it is at least worth asking. The city has an active land bank and several urban renewal initiatives. One of them is supposed to make it easy for property owners to buy lots adjacent to their existing homes, but the documentation on the website is poor. More information on that program is supposed to exist, but it may be difficult to get without actually owning an adjacent property. I haven't called them yet, they're closed for the weekend. The city is also supposed to enforce the code, but this is one of those midwestern auto towns with half of the population it had in 1970. So abandoned houses are a known problem with some existing solutions. Leviathan Song posted:The historic district may not just let you demolish the structure despite the blight. The ruin is not marked as a historic building, but the livable one is. What efforts did you go through and what issues came up? There several buildings around the district that have been demolished instead of renovated, so some (probably well connected) people have been able to do that.
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Oct 21, 2023 05:03
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Can perhaps talk to the treasurer, I'm not sure if they are supposed to divulge who they have been trying to send bills to. But somehow people were able to find out my address when my dad died and send me lowball offers (like 2K) for his piece of bumfuck scrubland. Even though we both have common as hell names, and the only place my address was connected to that land should have been the assessor/treasurer's records, when I said I'd take over the taxes.
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Oct 21, 2023 05:12
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pointlesspart posted:I figured I didn't have the connections for it, but it is at least worth asking. It's good news that it's not a historic building but depending on the regulations on the specific historic district you still may have restrictions on activities that affect the historic character of the district. Without knowing the specific district, you're only going to get wild speculation about how that affects your plan. Historic districts can vary drastically in their powers and aims. Most insurers don't want to insure a vacant lot and the ones that do are typically surprisingly expensive. The city won't want to simply increase the size of your current lot because that provides no new tax revenue. Most cities want someone to build a house that adds to the tax base. I ended up in a difficult to insure limbo where liability insurance on a vacant lot cost more than typical coverage on an occupied house next door. Most large corporate buyers don't have this issue because it falls under their corporate liability insurance. You on the other hand need insurance for that one property.
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Oct 21, 2023 05:28
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Leviathan Song posted:It's good news that it's not a historic building but depending on the regulations on the specific historic district you still may have restrictions on activities that affect the historic character of the district. Without knowing the specific district, you're only going to get wild speculation about how that affects your plan. Historic districts can vary drastically in their powers and aims. For what it's worth - I'm pretty sure the vacant lot insurance thing for this fact pattern is locality dependent - in some places I've lived (e.g. central Texas) it's very normal for larger houses to be composed of multiple adjacent/contiguous lots and the local insurance brokers are more than happy to write homeowners policies on that without much fuss. Agreed that the big problem is doing this with the amount of cash OP has. This is definitely one of those things where the best next step would be to find whoever runs property taxes (county assessor, etc.) and ideally go down to their office or, if not that, then call them up, mention that you're looking at the adjacent property and wondering if the owner would be interested in selling to get their taxes current. Generally the tax folks are going to be happy that they have someone who _wants_ to pay some taxes. The info they can give you is going to be state-dependent, but my experience is that they'll be more than happy to tell you what they can.
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Oct 21, 2023 16:56
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I wouldn't get your heart set on this plan until you can get more information about your historic district's regulations and requirements. I live in a historic district, and my home is considered "non-contributing" and I still have to jump through tremendous hoops to do anything to the exterior. Currently in my district a home that is older than mine and also considered non-contributing is trying to demolish a non-historic carport added to the home sometime in the 70's. The city attorney is requiring a public hearing before they can get approval from the Historic District Commission. If the home you're seeking to purchase has been sitting neglected for years it may be because the current owner cannot get approval to renovate due to the cost, and not that it is simply abandoned.
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Oct 21, 2023 17:29
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Yeah about six months ago we had a four page discussion here about how different a historic district if vs a hyper strict HOA
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Oct 22, 2023 00:31
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KYOON GRIFFEY JR posted:one neat trick: defer buying a house I posted in the wrong thread about this first but I take it this is the general consensus? Wife and I have a new baby and it's making our current (90% paid for, if you go by zwillow estimates) house feel crowded; plus I need a new car (because it isn't safe to put a baby in a pickup). So our initial thought was "sell current house, move to a bigger house in a better school district, take some equity out and buy a new car." Looking at interest rates right now though that seems like an extraordinarily bad idea? Any suggestions beyond "you have five years till the kid is in school, wait and watch" ?
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Oct 22, 2023 18:19
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I don’t own a house but if I were selling one and moving in to a new one I don’t think I’d throw equity at a car.
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Oct 22, 2023 18:22
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Yeah, it sounds like you have a comfortable amount of time to figure out the car situation, maybe even get it paid off, before you really need to move.
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Oct 22, 2023 18:28
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Hieronymous Alloy posted:I posted in the wrong thread about this first but I take it this is the general consensus? Trying to time the market/interest rates: Bad idea. If it's time to get a bigger house run the numbers and see if you can make it work right now or not. Trying to time the market is a good way to put strain on your life and still not get a good deal. There's no promise that interest rates will go down in the next few years, nor that housing prices will go down. Timing to get a better down payment is fine if you have a good plan to get there. Don't assume things will get better. Taking out home equity to buy a car: Almost certainly a very bad idea. If your pickup is no good then sell it and buy a used car that costs as much as you just sold your existing one for. I don't think that is a great idea when interest rates were low, seems really bad now.
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Oct 22, 2023 18:37
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In your situation moving to a bigger house is a good idea, as would moving to a better school district. That was a big part of our reasoning to buy (again) this last spring With that much equity the rate ought to be a concern, but not a crippling one. If you can sell your current house and use it as 50% down payment on a larger one in a different school district that's a good situation to be in I would roll your equity over into the new house to give you the most purchasing power, car loans are easy to get after you buy a house even if you have a big mortgage You should evaluate selling a house that's 90% paid off, and presumably was refinanced at ~3.5%, your current living situation is extremely low risk. That's going to be difficult to walk away from
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Oct 22, 2023 18:38
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It sounds like you need a different car now and a different home in the next 5 years, so you should get the different car now
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Oct 22, 2023 18:55
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| # ? Jun 6, 2024 15:32 |
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We've noticed a couple homes in our area have in the last few months sold for like a fourth of their value - Nice homes, not fixer uppers or anything. The most recent was a 3000 sq ft on five acres that sold a few years back for 450, and just sold for 150. Is there a common reason for things like that? Sold to family? Weird tax write off thing?
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Oct 23, 2023 01:22
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