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TheWevel posted:This is more of a home selling question: How much are you willing to lose chasing gains? CDs would give you a slightly higher risk-free return. Some kind of high-grade bond fund would probably be up next, slightly higher returns for slightly higher risks. A stock index fund would have potentially very big gains (the S&P 500 was up 11% for 2014 and nearly 30% for 2013)... but you could also get annihilated (47% drop in 2008). It should be easy to answer any questions from the mortgage people - just sell the funds and give them some brokerage statements. I gave them three months of statements and they were happy.
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Mar 23, 2015 07:27
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Sound_man posted:I got my home inspection done today, everything looks ok. The hot and cold water are switched in the master tub but that it not too big of a deal. Bring it up as a point of inspection. You're not limited to things that the inspector finds or writes in the report.
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Apr 1, 2015 18:32
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Adiabatic posted:Houses are horrible investment vehicles. 1 - Homes are non-portable and non-fungible. Even houses built on the same floorplan are not interchangeable, and you'll have a hell of a time moving your house with you when you move. Forget about a condo. 2 - They generate no dividends. In fact, they generate negative dividends, because you have to pay taxes on them every year you hold, and often there are HOAs attached. You might be able to make a few bucks with AirBNB or something, but there's no guarantee and that comes with its own headaches. 3 - Aside from generating negative dividends, they require upkeep. 4 - It's very hard to diversify. Even if you're in the stock-picking game, you can generally pick a few stocks and spread the risk around. Very few people can afford to buy multiple houses. 5 - Their high value means that homes are almost always leveraged investments. You can totally lose more than you put in. Forget about kissing your down payment goodbye; if things go really bad you may have to bring money to the closing table just to get out. You know what's worse than "throwing away money" on rent? Throwing away money on a personal loan to pay off the loss on a house you don't even own anymore. 6 - The transaction costs are enormous.
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Sep 16, 2015 20:36
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Elephanthead posted:A government tax subsidized low long term fixed rate leveraged investment is not a bad thing. This writer obviously went to a state school and majored in journalism. Leverage is how you get 5000% gains (and loses). That's true, but the tax subsidy does you no good if your interest doesn't take you over the standard deduction, and the popularity of ARMs shows how bad people can be about locking in that fixed rate thing. I think (like leverage in general) this point's less of an absolute drawback and more of a case where people take on a lot more risk than they really understand.
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Sep 17, 2015 16:32
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smackfu posted:My wife refinanced her condo a couple of years ago, before we married. I was adding it into Quicken and ran into something weird: the monthly payment we make, and that's on the GFE I dug out of our files, doesn't match what online payment calculators say it should be. It's off by $0.07 per month. Seven cents? It's probably the compounding period. If your bank calculates interest (say) daily and applies it monthly, it's going to be very slightly different than if they do both monthly, or something like that.
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Dec 30, 2015 22:53
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Leperflesh posted:Also, I think if you sell the house for a profit and don't use that money to buy another house, you'd have to pay long-term capital gains taxes on the money, right? If it's your primary residence, you can keep up to $250,000 ($500,000 if you're married) tax-free, regardless of whether you buy a new home or not. Above that, or for second homes or investment property, yes.
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Dec 31, 2015 20:14
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swenblack posted:Yeah, the per capita income of Detroit is around $15k/year. It just doesn't pass the sanity test. Claims Journal says ~$6000 "in some neighborhoods". The city government reports 545 carjackings and over 10,000 stolen vehicles for 2014, or a bit over 1.4 stolen vehicles for every 100 people (about seven times the national average). If those are clustered in certain zip codes, I could totally see insurance rates going through the roof for people unlucky enough to live there. For the whole city, though, no, that's just silly.
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Jan 13, 2016 06:10
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Pryor on Fire posted:Any amusing horror stories from the final walkthrough or something falling apart at closing? ENTERTAIN ME HOUSING THREAD From a WSJ story earlier this year: Joan Levinson posted:I go to close on a $3.25 million house in Paradise Valley and I am about to do the last walk-through with the seller. I get there first, walk in…and I smell [something] damp.
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Mar 28, 2016 04:20
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VendaGoat posted:Why would you express this temptation to the universe at large? Presumably, if something goes wrong enough he can escape the decision that got him here to begin with.
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Jul 20, 2016 01:10
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Ghostnuke posted:what the hell? where do you even get a pool of mercury Here's a first-hand account of a spill like that: https://www.jefftk.com/p/mercury-spill
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Jan 24, 2017 21:04
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Andy Dufresne posted:In most cases when a realtor represents both parties ("dual agency") they don't actually lower the commission, they just take the whole 6%, but your case as a buyer it wouldn't really matter. Maybe since you can assume the realtor is giving her boyfriend a discount you can negotiate lower. If you're confident dealing with the "dual agency" situation you're foolish not to ask for a 1.5-2% buyer's rebate (provided that your state allows this). The agent still walks away with more money, and you walk away with some extra cash in hand to make that first trip to the hardware store.
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May 9, 2018 01:02
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Motronic posted:Along with that day's batch of mail were THREE different notices from scammers telling me I basically need to pay right around what they said to get a copy of the deed. Did they include business reply envelopes? I always made sure to send them a random stuffing of other junk mail - grocery fliers, shreddings from other scammers, and stuff like that. They may or may not have gotten a couple shakes of glitter depending on what my mood was like that day.
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Sep 21, 2018 20:47
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Koivunen posted:Making 55-65k and wanting a 250k house is completely unrealistic. Even if you were making 100k, a 250k house should be at the very top of your budget, and even then it’s stretching it if you want to save money. The first part of this assessment seems pretty true, but the second seems... really conservative. Even a $250K mortgage at 5% is a payment of $1342, vs. a monthly take-home of $5500-6300 (depending on state and local taxes). You have room there to max your 401K and IRA, sock away a couple hundred bucks a month for eventual maintenance and repairs, and still be spending comfortably under 25%-of-take-home on your mortgage.
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Oct 8, 2018 03:07
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Koivunen posted:I get that not everyone likes to save as much as we do, but it just seems crazy to me to spend so much of your income on a mortgage. A lot more happens in life than house related stuff. That's the thing, though, even considering that, your numbers are really low; they're way past 'oh, you can spend paycheck to paycheck if you want, but we like to save a few hundred dollars a month'. Counting 401k and IRA, a modestly frugal single person (or even a couple) making $100K and carrying a $200K-250K mortgage can save a couple thousand dollars a month without much heartache. Obviously the numbers get tighter if you're raising two kids with PTA donations, soccer dues, and all that.
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Oct 8, 2018 05:27
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Dumb Lowtax posted:Ah good, thanks The highlighting is a Chrome-specific feature, not universal yet, so be aware that not everyone will be able to see what's going on.
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Jun 26, 2020 10:44
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Hadlock posted:I forget but I think Forbes website is just a blog aggregator, with very little direct connection with Forbes print magazine, they split and went seperate ways a decade ago? Maybe they made up and got back together, but long story short, most articles on Forbes should be taken with a grain of salt Forbes.com is both pieces at once. If you see "Forbes Staff" next to an article, it's from the magazine side, and you should be able to trust it about as much as you've been able to trust Forbes for the past 20-something years (which is to say, "only so much" - they started going to poo poo around the time that Steve Forbes decided he would make a good President and haven't really recovered). If it says "Contributor" or "Senior Contributor" it's worth exactly what you paid to read it, which is to say nothing but your time, and it probably has an agenda of some kind (particularly transparent where Bitcoin is concerned; that community has flocked to the thin veneer of credibility). If it says "Paid Program" it's even more of a shill than usual Forbes content.
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Aug 2, 2020 03:58
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Nice and hot piss posted:How often is it that someone puts down like, 5% of earnest money only to not get their mortgage approved? I mean losing 20 grand plus because some underwriter didn't like how much you made the last year and declines your loan would suck lol That would fall under your financing contingency; you'd get it back (unless you waived it, which would be... dumb).
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Jan 14, 2021 01:55
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ntan1 posted:3%, no contingency. I think the proper syntax is "No Contingencies, 3% only, Final Offer."
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Jan 14, 2021 03:24
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Crosby B. Alfred posted:Hilariously dumb stupid question, Christopher Flavelle has done some pretty interesting reporting on that, especially around Miami: cities are going to have problems that go far beyond the flood maps. Miami Will Be Underwater Soon. Its Drinking Water Could Go First posted:Barring a stupendous reversal in greenhouse gas emissions, the rising Atlantic will cover much of Miami by the end of this century. The economic effects will be devastating: Zillow Inc. estimates that six feet of sea-level rise would put a quarter of Miami’s homes underwater, rendering $200 billion of real estate worthless. But global warming poses a more immediate danger: The permeability that makes the aquifer so easily accessible also makes it vulnerable. “It’s very easy to contaminate our aquifer,” says Rachel Silverstein, executive director of Miami Waterkeeper, a local environmental protection group. And the consequences could be sweeping. “Drinking water supply is always an existential question.” The Nightmare Scenario for Florida’s Coastal Homeowners: Demand and financing could collapse before the sea consumes a single house. posted:On a predictably gorgeous South Florida afternoon, Coral Gables Mayor Jim Cason sat in his office overlooking the white-linen restaurants of this affluent seaside community and wondered when climate change would bring it all to an end. He figured it would involve a boat.
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Feb 23, 2021 19:36
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gvibes posted:I know the dual rep is a bad idea, but maybe I don't quite understand what you are proposing. A listing will state that it has a 2.5-3% buyer's agent fee, right? In this case, the buyer has no agent, so nobody on the buyer's side receives that fee. What does your attorney do? Is an offer just made with a statement that there is no buyer's agent and reflecting an equivalent reduction in price? Or does the attorney in effect serve as the agent and receives the agent fee instead (for transfer to the buyer)? This probably varies by state and custom, but the contracts I've seen specify a total agent fee (4-6% depending on place, value, etc) to the seller's agent, who then handles/offers a split to the buyer's agent. Most agents will split it 50-50 but that's ultimately between them (and the buyer, potentially).
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Mar 5, 2021 01:18
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stellers bae posted:Is it just me or is someone paying half your 20% down payment and then expecting half the proceeds in the future actually kind of a bad deal? There's nothing "kind of" about it.
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May 14, 2021 07:09
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eddiewalker posted:My real title agent gave me permission to gently caress with the fake scammer title agent. Say you went back to the bank and they gave you a replacement receipt. Scrawl a handwritten receipt signed Leonard J. Crabs, Esq. Include misspellings and transpose two numbers in the wire transfer number.
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Jun 3, 2021 17:25
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Glumwheels posted:So still no earnest money at the end of the day. Apparently, the buyers were told to submit a cashiers check or wire transfer and instead uploaded a personal check into the title company’s app or whatever. So the title company and the buyer hosed up, I told my agent we expect to be compensated for this gently caress up by someone since we’re a day past the due date now. I don't think you addressed this when it came up the first time - are those funds supposed to be released directly to you, or held in escrow until closing? You did say Glumwheels posted:In WA because the market is ridiculous, buyers typically provide 5-6% in earnest money immediately once under contract. Within 2 days after the contract is signed. but that's very different from you getting to pocket it in that timeframe. What happens if you spend it and the deal falls through? If it's going to be held in escrow until closing... it really doesn't change anything, does it? It'll clear by then.
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Jul 13, 2021 18:30
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Glumwheels posted:I told our agent I want money back from the title company or whoever but at this point we can’t walk or take a backup offer. We didn’t get many offers and it’s been over a week now. If we go back on the market it will be a hot mess and we’d probably get even less. I just want to be done and out of this house now but I want my drat money, I understand this is stressful and all, but I think ultimately the bolded part is your bottom line. If you didn't get many offers even in your red-hot seller's market... it's not that hot for you. What's your interest rate on the earnest money you paid out? At (for example) 3% nominal mortgage rate, a whole month's interest on $30,000 is... $75. Even at 10% personal-loan interest levels, a week's delay isn't going to add up to much. Complain all you want and see if the title company will give you something to shut you up, but I think your damages are pretty small.
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Jul 13, 2021 21:28
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CellBlock posted:Most of that "mixed stream recycling" is actually just shipped overseas to be sorted somewhere else. (It used to mostly go to China, but I believe they've stopped taking our poo poo and so it might be going elsewhere in SE Asia now.) Seattle does its sorting locally! The city's official numbers say that about a third of recycling (mostly paper, some cardboard) goes overseas. Of course, how much you can trust them on that is... dicey; there was a scandal a few years back where one of the "local recyclers" was just quietly most of their less-profitable stuff out the back door. Domestic recycling infrastructure has gotten a lot better since China started tightening up. e: whoops, lost track of which thread this was. But it's still true and I'm kind of proud of the city for doing it 'a little bit right'. Cassius Belli fucked around with this message at 21:29 on Aug 11, 2021 |
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Aug 11, 2021 21:19
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Dik Hz posted:It's funnier to imagine that it's not permitted, and that's why it got built so fast. The funniest part would be if the broker didn't get the property lines surveyed and recorded exactly right, given the way they appear to zero right up to the other house. Imagine what would happen if they accidentally sold off a foot or two in.
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Oct 20, 2021 20:18
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The biggest drawback to buying this house is that you become legally obligated to host D&D nights for your group, if you have one (and let's face it, if you buy this house you probably do). https://www.redfin.com/MI/Rochester/2009-Victoria-Hill-Dr-48306/home/99127390
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Nov 11, 2021 05:56
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actionjackson posted:when you say giant houses are loving cheap, cheap where exactly? The house that was linked to was over two million dollars Here are a few suggestions: https://www.redfin.com/CA/Bakersfield/6212-De-La-Guerra-Ter-93306/home/69886895 https://www.redfin.com/CA/Bakersfield/1009-Halterio-Ct-93309/home/69872256 https://www.redfin.com/CA/Bakersfield/1100-Calle-Extrano-93309/home/60503336 Of course, having grown up in Bakersfield, the most appropriate response to "I grew up in Bakersfield" is "I'm sorry", so... https://www.redfin.com/OH/Dayton/6960-Mad-River-Rd-45459/home/75958035 https://www.redfin.com/GA/Athens/105-Lavista-Pl-30605/home/124457193 https://www.redfin.com/FL/Lakeland/1314-Alameda-Dr-S-33805/home/46100316 https://www.redfin.com/FL/Lakeland/838-Woodward-St-33803/home/46245807
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Dec 5, 2021 22:03
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actionjackson posted:the home in the first link is 780 thousand dollars It is also $164/sqft, and one of the houses (the one in Dayton) is down at $110, on a 2.7-acre chunk of land. Too expensive? How about 4,902 sqft at $85/sqft and probably some negotiation room from there? Cassius Belli fucked around with this message at 22:11 on Dec 5, 2021 |
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Dec 5, 2021 22:06
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e: nevermind Here, have a derail bird Cassius Belli fucked around with this message at 22:34 on Dec 5, 2021 |
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Dec 5, 2021 22:31
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OldSenileGuy posted:Does the mortgage from Navy Federal really truly have no PMI? Or do they just advertise it as no PMI but really they hide it somewhere else like a lender-paid PMI where they just jack up your interest rate to cover the cost? In the past, Navy Federal has offered "15% down, no PMI" loans for rates competitive with anyone else's "20% down conventional", but I don't think that program has been active for a few years at least. At "5%-down or lower" the insurance is going to be baked into the rate, and I'm pretty sure a fairly high risk premium for OP as well. Aexo posted:They explicitly say no PMI. I assume it's baked into the interest rate. I asked for info about a $350K 30yr mortgage (This is so I know what the top end would be, but can guesstimate what a lower price would cost.) and this is what they ballparked me, didn't even ask my credit rating or income. Motronic posted:Those are all awful rates/fees and greatly exceed what you'd pay from a traditional lender with PMI. Assuming you have good credit. Navy Federal has always treated me right, and I tell everyone that they're my first stop for shopping around on mortgages. In this market, though, I will tell you, Aexo, those are "please don't make us do this" rates. Compare those rates to the "well-qualified buyer" rates they advertise, and realize they are quoting you much higher numbers because they they think you are (relatively) likely to founder and make them foreclose. If they didn't, your rates would be somewhere between 4.125% for the 5% conventional to 4.5% for the Homebuyer's Choice, and pretty near 3% if you were able to scratch up 20%.
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Jan 22, 2022 19:01
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Pollyanna posted:How come you only need to stay in a house for at least 3-5 years before you can come out on top of fees and such? Don’t you have to pay off your mortgage before you can at least get the full value of the house back? Or is my math all hosed up? When you sell the house, you pay the bank the balance on your mortgage and pocket the difference. Around 3-5 years in, assuming the value of the house stays even, you've 'saved up' enough equity to offset the transaction fees.
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Mar 7, 2022 20:41
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Pollyanna posted:Found a cool basement. Hey, sometimes you pay a lot more money to have rocks intruding into your house like that.
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May 14, 2022 20:21
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Residency Evil posted:https://www.redfin.com/CO/Denver/2787-S-Langley-Ct-80210/home/34167457 It was sold as a "pocket listing" before it ever hit MLS; it's now being listed after the fact so the pricing is public and other houses in the area can use it as a comp in appraisals. (https://smartmlshelp.zendesk.com/hc/en-us/articles/360004330911-Comp-Only-listings)
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May 18, 2022 13:07
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Motronic posted:You need to have a hell of a mortgage and/or a hell of a lot to itemize since the standard deduction is now well over $12k. SALT can bring the minimum interest for deduction down quite a bit, though. Presumably at the very least mortgage-holders have property taxes to pay; the mortgage interest just has to take you over the top. Cassius Belli fucked around with this message at 23:42 on Jul 14, 2022 |
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Jul 14, 2022 23:38
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Motronic posted:Also include them freaking out about things like vanguard old school mutual fund accounts only cutting statements quarterly. Which has been a thing since the 1970s. Vanguard has at least figured out how to ease their minds and will let you request a custom "on demand" statement for any date or time range you'd like, within the last two years. It does take up to 24 hours to process for some reason.
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Nov 17, 2023 02:02
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SpartanIvy posted:We put a low offer on a home after it's been on the market for 60+ days and we're now told there's another offer and to make our highest offer. Depending on how badly I wanted the house vs how much I wanted to signal that I wasn't putting up with that kind of bullshit, I would be tempted to add $5 and tell them I was looking at another house all offers would be void at 17:00.
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Mar 13, 2024 10:29
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Hieronymous Alloy posted:The obvious remedy, if the owner doesn't want to swap lots, is to demolish and remove the house, at the cost of whomever is responsible for the fuckup. And to restore the land underneath to its original condition. Shades of tree law go here, I hope.
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Mar 29, 2024 08:27
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