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So my parents went to florida today (cape coral) to buy a house for rental purposes... they're looking at ultra cheap houses (we're talking 60k and lower) to rent out. Is this a bad idea?
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Jun 26, 2009 15:06
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Grumpwagon posted:Can they afford it even if it sits vacant? How many houses are sitting vacant or for rent in that area? Yeah, they're going to pay with cash (i mean 60k, sheesh). The housing bubble pop in FL was particularly nasty... i just want to know if long term prospects are good there.
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Jun 26, 2009 15:42
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SlapActionJackson posted:If a few years is less than 5, I would not worry about needing to buy right now. The CA real estate market has a long way to go before this crisis is over: So based on this, the housing market won't recover until 2013 and i should not buy a house this year? 
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Jul 28, 2009 06:07
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newbie question here... i'm a 1st time homebuyer. I was wondering, before going out to look for a house, is it possible to get preapproved for a mortgage BEFORE you start looking for houses/negotiating with realtors? I understand the application process for a mortgage can take a while so it makes sense to me if you could get approved before you start haggling.
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Aug 3, 2009 18:54
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geetee posted:Yep, you sure can and mostly like should/need to. It's not really a thorough check and you'll still need to go through the long application/approval process later. It will give you some perspective though. huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses 
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Aug 3, 2009 20:41
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I'm interested in buying a Real Estate Owned home in connecticut, are there any good resources to look for one?
Mister Fister fucked around with this message at 04:26 on Aug 4, 2009 |
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Aug 4, 2009 04:19
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I'm looking at a REO house... it looks like a good deal compared to non-reo/foreclosure listings i'm seeing around the area. I'm thinking of contacting the listing agent of the REO (i have yet to hire a buying agent), what are some questions i should ask her?
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Aug 7, 2009 17:32
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Northeast real estate prices haven't dropped all that much, drat developers didn't overdevelop over here 
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Aug 10, 2009 19:22
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So i should get pre-approval for a mortgage first before i actually go out and get a real estate agent, right? Any suggestions on which sites to use for that? Also, do you have to pay to get pre-approved?
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Aug 11, 2009 21:37
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thanks guys, where can i find the lowest rate lender for a pre-approval?
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Aug 12, 2009 03:40
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thanks again guys, you're all great 
Mister Fister fucked around with this message at 20:34 on Aug 12, 2009 |
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Aug 12, 2009 20:28
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Quick question, i'm looking at a property that's in a dual residential/business use zone. A lot of the houses on the block are also businesses (there's a caterer, styling salon, tax planner, etc)... is there anything i should be concerned about if i decide to buy it as a home (i.e. future property values etc.)?
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Aug 14, 2009 14:44
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Is it possible to negotiate a short sale on a house with a mortgage from 1999? The FMV of the house is around 300-330K, but the existing mortgage was from 1999 at 190K. Based on the amortization, i calculated the remaining mortgage around 170K. It also sounds like the 2 owners got divorced and one moved out so this is why the short sale is happening. Would i be able to negotiate with the bank to just pay the remaining mortgage off?
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Aug 20, 2009 23:30
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Leperflesh posted:How is that a short sale, if the house is worth more than the outstanding mortgage? Isn't that just a straight-up normal sale? And if the fair market value of the house is over $300k, why are they selling it to you for less? It's listed as a short sale... presumably, the 2 owners got a divorce so i guess they both don't want to keep paying for it and they're forced to sell.
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Aug 21, 2009 05:33
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There's no guarantee that housing in CA won't stay down for an extended period of time, just look at Michigan.
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Aug 24, 2009 23:38
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What do most people consider the cutoff point between 'reasonable' and 'lowball offer' anyway?
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Feb 1, 2010 19:17
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Hey guys, i gotta question about mortgages. I had applied for a mortgage on a home a while ago but the deal on the home fell through. The mortgage was for 5%, 30 year fixed. I had put a contract on a short sale home recently and i think that the bank will actually approve the short sale soon. The mortgage guy said that i could transfer the mortgage application from the old home to the new home and it will still be locked at 5% until the 19th of this month. I doubt i could close by the 19th, but he said that i could also pay 1/8th of a point (about $313) to extended it past the 19th for 5 business days. His new rate now is 5.25 since mortgage rates have gone up since. Is it a good idea to stay with my 5% with the likely chance that i might have to pay the 1/8th of a point once or twice to get the mortgage at that rate, or just re-lock at 5.25%? edit: forgot to add the purchase price of the home is $363k if that makes a difference Mister Fister fucked around with this message at 16:33 on Apr 7, 2010 |
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Apr 7, 2010 16:29
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slap me silly posted:I think the break-even point on that is just a couple of years even if you have to pay total of half a point (4 extensions). ah cool, that helps a lot, thanks!
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Apr 7, 2010 18:35
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Should i consider getting a 10/1 ARM? I seei can get an interest rate of 3.625% by paying 2 points on a 10/1 I figure i'll stay in the house 7-10 years anyway.
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Apr 26, 2010 18:42
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Leperflesh posted:Can you be certain that you can definitely afford the payments after the rate adjusts? most ARMS have a cap on how high the interest rate can go up each year, right? What are the usual terms on that?
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Apr 26, 2010 18:55
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My significant other will be away on a business trip for 3 weeks and it's possible that the short sale we signed for will be approved by the other bank... if i need to get another mortgage or sign for documents, could this power of attorney document be ok enough to allow me to sign stuff on her behalf? http://www.free-legal-document.com/power-of-attorney-form.html
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May 7, 2010 05:36
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Hey guys, i'm closing on a house and i found a bank with a ridiculous rate (Example: 4.625 no points or 4.125 with 2 points ... 60 day lock... application fee (edit: aka origination fee) is like $600 or $700 i think?). They're one of the bigger banks in the country, but they have this promotion where they take .25 percentage interest rate off if you open a checking account with them. I'm kicking myself for not signing up with them sooner, but i had to get the tax credit by june 30th so i had to stick with the original bank i signed up with. I Just couldn't take the chance of congress extending the tax credit. Their rates beat even 30 day rate lock mortgage brokers In comparison, my current bank is offering 4.875 with no points and about the same application fee. PM me if you want the mortgage specialist's contact number (i'm not going to post their contact info in this thread). Mister Fister fucked around with this message at 12:59 on Jun 25, 2010 |
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Jun 25, 2010 00:40
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Leperflesh posted:
Application fee = origination fee... lenders call it different things i guess. 1/4 of a percent is still something over the long term... that's like $13,000 difference over the life of my 30 year loan (on a 250k loan).
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Jun 25, 2010 12:57
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chupacabraTERROR posted:If I wanted to dump my realtor and go it alone, how do I go about doing that? He has access to a bunch of forms (called CAR forms here in California), as well as MLS. I looked for the forms and couldn't download them for free, and Redfin is usually a day or two behind MLS in my experience, which matters in a hot market like mine. Do you have access to listingbook in your market? You basically get the same info as a realtor if you do. I bought my house with listingbook and no realtor representing me. Worked out great. Edit: Especially because the house was a short sale. The RE agent who represented the bank on the house ignored like 15 other offers that were put in before mine because I wasn't represented by an agent and she got the entire 4% commission lmao. There's no way i had the best offer either. Mister Fister fucked around with this message at 01:37 on May 5, 2016 |
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May 5, 2016 01:35
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Thufir posted:We stopped by an open house on Saturday that seemed really nice, but asking was over our budget by a fair bit so we weren't really considering it. Because I'm a bored busybody I looked up the property records via the city (to see if the renovations were permitted) and the place has been sold in 2011, 2012, 2014, 2015, and now 2016! Now I'm super curious. Is it haunted? Terrible neighbors? Flea infestation? Property records should give you the names of the previous owners right? See if you can hunt them down and ask.
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May 10, 2016 22:05
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I was looking to refinance my house on a 10 year mortgage and i noticed something weird: Fannie May 10 year fixed: 2.375%, 0 points, $1099 lender fees FHA $100 HUD Repo 203(k) 10 Year Fixed 2.375%, -1.25 points, -$151 lender fees I've never heard of the FHA 203k program before. I don't need any major renovations (maybe just to replace my deck which is sort of falling apart). Is there any reason why i shouldn't sign up for this program, even if i don't need much, if any, repairs? Are there any additional fees or restrictions that i don't know about?
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Jul 17, 2016 21:57
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QuarkJets posted:What's your loan amount? 1.25 points means that you're paying 1.25% of the loan amount as an additional fee up front. If your loan amount is greater than $75840, then the 203k option you've shown here is actually going to cost you more than the Fannie May option. Loan amount is 200k. But yeah, it's -1.25 points, so i'd be getting money back. I actually called the broker, and he says there's a mandatory 1.75% mortgage insurance premium i'd have to pay with FHA loans?
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Jul 18, 2016 15:26
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