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cstine posted:The risk involved means that A) financing for rental properties is a lot harder to get than a primary residence and B) the interest can completely make it non-profitable - rental stuff is a complete pain in the rear end to deal with. This post is pretty much untrue in every line. It is possible to make money on a financed property, the numbers just need to be right. You need to screen your tenants better if poo poo like this happens, if tenants keep destroying your property it's because you didn't screen them well enough. Also eviction can be easy/next to impossible depending on your state. Commercial real estate has different realities than residential, it's almost a completely different animal. Don't listen to this dip and ask questions in the Real Estate thread. No offense, but cstine, you're having trouble reading closing costs for a refi, do you think you should be giving real estate advice? http://forums.somethingawful.com/showthread.php?threadid=3548312&pagenumber=1 E: Beaten
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Jan 20, 2014 01:18
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SlapActionJackson posted:Self-quoting from like 3 years ago in this thread about why escrow sucks. Not to mention that banks frequently overestimate the tax liability and get to hold your money with little recourse beyond a refund at the end of the year. WF overestimated my tax liability by almost $600 and my taxes are $1800 a year. Then they increased the amount of monthly escrow the following year. It's so annoying to be giving them a free loan, when they're charging me for a interest rate
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Jan 24, 2014 17:32
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You should have a Real Estate attorney at closing anyway. He will then add your wife on the deed after a few days. I had the same situation as you (me being the sole mortgage holder and then putting my wife on the deed, not the ex part) My attorney handled all of this and the closing for a fee of $150. It was an extra $10 for the state fee on issuing a new deed. A bank is not allowed to force repayment for estate planning purposes, this should cover adding your wife. If you get off the deed, however that will trigger repayment.
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Jan 31, 2014 03:14
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GanjamonII posted:
Lucky dog. We had to wait 6 months. And then the bank said "we close in 10 days or your bid gets rejected and we start all over" We closed in 11, but I had to browbeat the poo poo out of the bank officer to get that one day extension
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Feb 1, 2014 05:19
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Cenodoxus posted:charged me a fee I know people have boners over USAA, but what kind of lovely bank charges you for preapproval? Make sure their fees are in line with the market. Every single bank I've dealt with did free preapprovals and charging for one seems really loving shady.
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Feb 2, 2014 12:25
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Iucounu posted:USAA is a great bank, but for some reason their mortgage department is crap. At least they keep all the bad reviews up on their site though, and I knew to stay away. Then they're not a great bank. There are many credit unions that have the same benefits of USAA and don't act like scumbags in departments.
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Feb 3, 2014 19:01
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Cenodoxus posted:I do practically all my banking through USAA. I have two credit cards, an (already paid off) auto loan, and all my insurance through them as well, and I've never had an issue up until this point. In my experience the rates have been great as well, so Banks don't usually request statements during the preapproval process. Keep in mind it's a "If everything you told us is correct, and the winds don't change, we'll consider giving you an actual loan" E: But if you're happy with your relationship, it is nice to have your paycheck direct deposit into the same bank your mortgage comes out of, payments post immediately, etc.
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Feb 3, 2014 23:21
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LogisticEarth posted:Goddamn sometimes I hate the whole buyers agent/sellers agent incentive crap. We found a house last weekend, and our agent contacted the seller's agent last Sunday. Seller's agent said he expected another offer coming in, but wasn't going to present any offers to the sellers until close of business on Monday. Our agent tells him to expect an offer from us. So we put our offer together, but before we send it in our agent calls again to get a handle on how many offers we're up against to see if we should tweak the numbers. Seller's agent says "whoops sorry I presented the other offer already and have verbal agreement from the sellers". Try buying a short sale and dealing with buyer's agent, seller's agent AND the bank. It'll make your current situation seem like easy mode.
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Feb 7, 2014 15:00
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Toilet Tsunami posted:You'll want to be very clear with your lender on what the stipulations are regarding prepayment. Some allow a % increase in your payments per year, some allow a % lump sum payment per year, and some allow prepayment of the entirety of the mortgage at any time. Typically, the more "frills" you have in your product, the higher your annual interest rate will be. Hope this helps! Many states make prepayment penalties on mortgages illegal. A lot of times they are restricted to paying the entire note off in the first 5 years. What state are you looking in?
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Feb 9, 2014 14:48
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mastershakeman posted:It surprises me that Illinois is the only (afaik) state where the condo/HOA can evict for non-payment of fees. Many states allow the HOA to foreclose on you for non payment of HOA fees.
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Mar 3, 2014 02:29
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mastershakeman posted:How does that work? In IL they evict you, rent out the place to another tenant for up to 13 months, then you can come back if the back fees were paid off, and the owner gets the leftover money. In other states, you lose the place forever? It is a similar process to a mortgage holder foreclosing on the house. They file a claim, if it's validated by a judge and all that other legal bullshit they can force your house to be sold in a foreclosure auction, take the fees they were owed plus all kinds of lawyers fees, etc. And whatever pittance is left (it will be less than 0) goes to you! Yay! Just search Google for HOA foreclosures, there's poo poo like this that comes up: http://news.msn.com/in-depth/dollar288-in-unpaid-fees-homeowner-association-took-her-home It's scary stuff, and while those are the extreme cases, I would never buy a home in a place where they told me what color I can paint my house or what type of grass I can plant in my front yard. HOAs can be absolutely terrible. On the other hand, they can be just a bunch of neighbors pooling resources so the trash gets picked up and the snow gets plowed. It's really situational.
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Mar 3, 2014 03:27
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Rurutia posted:We're contracting to put in bamboo hedges around a garden with a deck that's in the back and I'm super excited You're the rear end in a top hat that plants extremely invasive species on the property line, aren't you? Unless you're doing the whole concrete trench thing for the bamboo, it will spread into your neighbors' yards.
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Mar 5, 2014 00:26
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oxbrain posted:Amazing how smooth the process is huh? When I was doing loan poo poo, I signed a blank piece of paper and made an electronic stamp so I'd just stamp whatever pdf they gave me. Saved a ton of time
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Mar 5, 2014 17:48
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FrozenVent posted:There's been a lot of people around here ( You avoid all those issues by having a RE Attorney do the closing. They're generally less than $200 and well worth the cost, even if you're blowing 6% on a realtor.
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Mar 14, 2014 03:27
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) avoiding realtors, or using discounted do-it-yourself services. Apparently it has caused some problems with people using inadequate contracts and loving up the paperwork... But then the sources I've seen on that were mostly in the real estate business so
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Sephiroth_IRA posted:So the tenant (I should have known better) living at the house ran off with the key on Friday, and so they couldn't complete repairs to the home. The closing is on the 31st. The sellers signed this in the repair agreement: Get an attorney yesterday. They are the only person in the entire housing transaction that has your interests in mind. Your realtor does not want to lose the deal because at best they will have to spend more time finding you a house to get their $$ and at worst they won't get any $$ from you being a client. If the seller and their situation is making demands you should also be making demands. You're not their friend or family, you gain nothing be bring conciliatory.
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Mar 22, 2014 14:31
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Sephiroth_IRA posted:Ugh, I loving hate realtors. New thread title.
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Mar 22, 2014 15:22
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Bumming Your Scene posted:Their correction was to include MMI which made the APR go up. I need MMI and PMI? I'm doing conventional, not FHA. Websites I'm reading say MMI is for FHA, PMI is for conventional. I had an issue with this too. I had a 20% down conventional and my first TIL form had MMI selected and the rate was wrong because of the that. Then I emailed the dude, told him about the embarrassing mistake he made that almost cost his company my business and he sent me back a TIL with PMI selected! I sent the entire exchange along with the TIL forms to him and his supervisor explaining that I understand a mistake can happen once, but the lack of attention to detail makes me fear that they would screw something up that I didn't catch. I got a rate 0.25% lower at the next place I went so it worked out well, and hopefully that mortgage broker got a tongue lashing.
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Mar 28, 2014 18:52
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Leperflesh posted:you can install GFCI outlets and get very nearly the same protection, and that's extremely easy to do. I have a house built in the 1890s and I went around the house installing GFCI outlets everywhere that wasn't grounded (90% of the outlets in my house) it's all plaster and it's saved me thousands because otherwise I'd have to rewire the whole place (Yay plaster making home improvement life misery)
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Apr 1, 2014 00:33
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Dilbert As gently caress posted:Has anyone here bought a house outright? I'm talking 'cash on the spot'? There's a big difference between a bank owned property and a property bought at foreclosure auction. Bank owned is not much different than buying from a traditional seller. Sure a few more forms, offers take longer, but the mechanics are the same. You can do an inspection, etc Foreclosure auctions are commonly done without allowing potential buyers into the house. People getting foreclosed upon can also do some heinous poo poo to the house like flushing quik crete down the toilets, taking a sledge hammer to the walls, and actually leaving steaming piles of poo poo. They think they're loving over the bank, when they're really loving over the people at the auction. You can get a great deal at the auctions, but it's a huge risk. I haven't bought from one, but I'm seriously considering going to an auction this weekend where the house sold for 150k in 2006 and the opening bid is 18k. The market didn't rise and crash that much here, so if it's in good shape, it might be worth 130k. If it has concrete in the pipes, it might be worth less than $0.
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Apr 2, 2014 21:38
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krysmopompas posted:Anyone with short sale experience that involved 2 lenders around? Both lenders want a payout, and my lender is only going to authorize the first lender to get that "settlement fee". I had a consultation w/a real estate lawyer and she indicated that, while this is illegal, it happens all the time and the 2nd lender usually squeezes it through the title company as some sort of charge that gets kept off the HUD statement. There isn't any risk to me because I'm still abiding by the letter of all the contracts and the price is still good. Try going to another lender. I had to drop my initial lender because they were dragging their feet. I was in the same exact situation you were (short sale with 2 mortgages on it) the next one I went with knew about the situation going in and seemed okay with it. Also good on you for getting an attorney involved. I'm a huge advocate for real estate attorneys. They make everything nice and keep you safe from your scumbag realtor.
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Apr 4, 2014 02:42
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Captain Windex posted:The only real difference is the appraiser completes the purchase contract subsection on page 1 which is basically just stating the date of contract, purchase price, seller concessions, and any other unusual terms of the contract. On its own there's not really a significant justification to adjust the value due to correcting the purpose type from refi to purchase. Yes, but an arms length agreed upon price does set a pretty strong data point for actual fair market value.
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Apr 5, 2014 15:14
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LogisticEarth posted:Well for one, I'm not in DC, I'm outside of Philly. Our household income is a good $30k above the area median. I work in Philly and where are you looking? The market here is very generally soft and unless you're talking main line or enormous houses, 250k is plenty to buy you something in the 3 bed 2 bath space. I'm one of those assholes who is purchasing rental properties, but the only reason I am is because they're dirt cheap and sitting on the market forever, and I haven't been using cash because rates are so low. I'd happily give you some advice on places to look if you want to PM me. E: Forbes listed the top 10 buyers markers recently and Philly was 2 or 3 And median income 81.5k, but that's the entire metro area so Camden, Wilmington and all the burbs are taken into consideration. Bloody Queef fucked around with this message at 03:07 on Apr 9, 2014 |
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Apr 9, 2014 02:59
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Blackjack2000 posted:Huh? Where is this? Are you talking about inside the city limits? There's still a lot of pockets in blue collar but non slummy areas where the majority of the houses on the market are short sales or foreclosures. I guess cheap is a relative term, and you're not going to necessarily live where you have tenants. Yo, gently caress Conshy. That place is a poo poo hole yet for some reason the housing prices are crazy. Lansdale is sort of a tough market for what you want. So much of the housing up there is condos they slapped together in the 80's and 90s. Or it's nice older homes that'll be too costly. It's not an area I frequent a lot when looking for properties as I live in North Wilmington and like to be 30 minutes from them.
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Apr 9, 2014 04:54
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jomiel posted:Going to put in another offer in next week, we live in SF and were thinking about putting down all cash to be more competitive, and get a cash out refinancing later. (We lost our previous offer because someone else also agreed to the 10% increase counter-offer AND were able to close within 7 days--basically paying cash.) Has anyone done this or know how it works? From research it seems like the 60-day waiting period is not longer applicable, and we will be able to apply for the refinancing as soon as we close on the house. How would taxes work though? Would this be considered an equity loan instead of a mortgage? Then my tax deductions will go way down? There's a way to get fully approved so the bank can get the mortgage done in something like 6 days. I was talking to a loan officer about this and he recomends it for short sales where sometimes the approving bank gives you 10 days to settle. Not sure what this is called. And interest from a home equity loan is deductible the same way mortgage interest is.
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Apr 18, 2014 21:39
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Zhentar posted:the buyer's agent should be focused on your best interests. They're compensated only if you buy a house, so they are not at all focused on your best interest. They also want to get you to buy a house with minimal time and effort on their part, so they're not your advocate AT ALL. Keep that in mind with all your interactions.
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Apr 25, 2014 21:22
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Loutre posted:Blargh. I'm in the middle of buying a house, and three days from close my lender asks for an extra two weeks because their underwriters are backed up. If you can get two weeks from the seller, do so and then dump your lender, plenty of lenders can close in 14 days.
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May 1, 2014 21:41
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LogisticEarth posted:I've been watching the "dumb money" cash trend, and with Q1 GDP going negative, I'm wondering if it isn't a bad idea to just suspend our search for a year, keep our powder dry, and see how things develop. At the very least we'd have a much larger down payment. This is all region dependent, but I've noticed in my area that prices have gone up a bit, and then supply of homes available for sale has skyrocketed. Which will put downward pressure on the rising prices. I don't think waiting a year will price you out of the market.
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May 11, 2014 12:06
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http://www.bloomberg.com/news/2014-05-13/fannie-freddie-overseer-easing-loan-buybacks-mortgages.html So glad that we've learned from our mistakes. Predicting house prices to rise sharply for 5 years and then crash terribly.
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May 14, 2014 10:38
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gtkor posted:Fair enough on arms, they are not for everyone. The reason they are in vogue now is no preypament penalties (so you can refi if you decide you are staying) but you new payment in year 11 is based on that loan amount at that point in time. So if you take your monthly savings and apply it to principal, you mitigate your risk by a large amount. In most cases in June 2014, ARMs are not a good idea. Interest rates are near their historical lows, and while there is a possibility they will go down, the more likely direction is up. So when you refi, rates will be higher. ARMs only make sense when interest rates are high and you expect them to go down. Banks would love to avoid being locked into a 30 year mortgage at these low rates. So that's why banks are pushing ARMs. Yeah, they make sense in some cases, but edge cases shouldn't be considered for the average buyer.
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Jun 12, 2014 00:47
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gtkor posted:This isnt necessarily true. For a borrower like leperflesh, who at least has an idea he may upgrade in the future, the 30 year fix is essentially taken at above par rate, insuring his or her payment cannot rise in the future. If he does not need tha security, the spread in interest rates is better in his or her pocket than a bank. Please see the last sentence in my post.
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Jun 12, 2014 11:10
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skipdogg posted:I couldn't have said this better if I wanted to. This should be stickied at the top of the thread and referenced anyone even thinks about buying a condo. Buying a condo is like leasing a car. In all but the most edge cases it's a lovely financial decision, yet it appeals to many people.
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Jul 1, 2014 02:17
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necrobobsledder posted:Otherwise, you're more or less forced into the situation just due to sheer lack of housing supply that can work for your living standards. I'm going to keep rolling with my car lease analogy. If you can't afford to buy an S class Mercedes, you don't lease it, you go buy a Honda or maybe the new CLA class. Same thing with housing in a high end area. If you can't afford a house that you want in a nice area, change the area or go smaller. If you have to buy a condo to be where you want and the size of house you want, you can't afford it and should reassess.
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Jul 1, 2014 14:18
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Leperflesh posted:That would not have helped him if he cannot even identify the contractors. And, as has been discussed previously, contractors routinely fold their businesses and start new ones in order to use the corporate liability limitation to avoid responsibility for their fuckups. Negligence and fraud will generally pierce the corporate veil since in a contractor's LLC it's most likely the owner doing/overseeing the work. The liability insurance may not pay out in this case, and the dude probably doesn't have much in the way of assets. Which is the reason the home owner probably won't get dick.
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Jul 14, 2014 12:27
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fknlo posted:I've got a few people to ask. A couple of people I work with are realtors on the side and probably know someone. Another guy I work with has a few rental properties and has a guy for everything. Then there's another guy who told me he has a guy that's the best, but I don't trust this persons judgement. At all. I'll get something figured out. I know I'm the "RE agents are scumbags" alarmist, but really don't trust your realtor for recos. There is potential for kickbacks and I've seen people get boned on contractor referrals when they're getting an estimate for inspection issues. The agent will go for a low ball contractor so you pass on asking for more, or so the seller will gladly give the credit and the closing goes through quickly. E: herp derp. Didn't see these were people you knew who were also Realtors, not your agent.
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Jul 23, 2014 03:47
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Spermy Smurf posted:Water heaters are about $1000 for electric and only last about 8-10 years if you have hard water, so that would need replacing too most likely. I'd like to counter this price. I've spent my whole life in fear of plumbing and this past weekend just replaced a hot water heater myself (with the help of my wife to help lift the new unit into the basement because I was paranoid of dropping it) There is now a product line called shark which replaces the need to solder copper pipe. Sure they're $12 a joint, but it's a lot cheaper than a plumber. All in I spent $500. I bought a bunch of extra shark connections and haven't returned them yet, so it's probably close to $475. Total time was 2 hours and that includes the trip to Home Depot to buy the first heater, and then exchange it when I noticed a large dent on the side. I am not handy at all and having a plumber charge you 1200 to replace (the quote I got) is Highway robbery. Considering most plumbers will sell you a hw heater for $750 that you get at HD for $450. I am not handy at all.
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Jul 30, 2014 04:32
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skipdogg posted:I would recommend to stop doing this and talk to a local independent insurance agent. I pay 480 dollars a year for homeowners insurance from a local insurance company that only writes policies in Texas for newer construction homes... therefore it's almost half price from what I was paying Allstate before I switched. Keep in mind that when you're talking to an insurance agent, he gets a pretty solid commission on your policy in perpetuity. You're paying for this in the premiums. They don't really add much value unless you have some insanely complicated life situation. When buying a home, many mortgage companies require A rated companies for a reason. Some cheap fly by night insurance company may decide to close up shop if a disaster hits a region they insure.
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Aug 7, 2014 12:11
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Ranma posted:Not sure if this is the best place for this but - I'm thinking about replacing the windows in the house I recently purchased. The home was built in 1924, not sure when the windows were last replaced. The current ones are fairly drafty, so higher heating/cooling bills plus if you sit near them it is uncomfortable. More importantly for me, they let in a lot of noise, and my neighbor likes to sit on his front steps and chat (city rowhome, his front steps are connected to mine). Finally, some of the windows have broken sashes so they have to be propped open, and two have broken locks. Idiot who bought a house built in 1890 checking in. I'm currently in the same predicament. I'm about to order a few replacement windows (at $250-350 per ...ouch) and install them to give them a trial. What is relatively easy, however, is fixing the sashes. You have to get specially made sash cord (not cheap, but nothing terrible), use clothing line and it will stretch and you'll be back at square one. Either watch some This Old House or youtube videos. DO NOT do chains. 1) They're loving lame and you have a sweet old house, keep the character and 2) They're noisy. When you have a properly fixed window sash you will be able to open and close with 1 finger. It's loving glorious and way nicer than the modern vinyl windows. This Old House also has recos for replacement wood windows that you install in your existing frame yourself, I'm on the road, but just poke around their FAQs.
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Aug 21, 2014 01:13
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particle409 posted:If you decide to sell, the next buyers may not forgo a Radon test, and will squeeze you for a lower a purchase price. Yep. We have one http://forums.somethingawful.com/showthread.php?threadid=3548312 Why are you driving around doing paper checks and mailing paper statements. Though I guess that's why you're asking for a solution. Sparkrent is what I use and it allows tenants to do automatic payments and it emails them on whatever day you request with the amount they owe and when. They can pay rent online like a bill. Sparkrent charges you $1 per transaction, but I think its well worth it. There's another solution that's a fixed fee per month that is only like 50 cents a transaction and it integrates your P&L and all that poo poo into it as well. I will go back into my notes and look it up. The fee is around $50 a month and until I have 50 units, sparkrent is still the best solution for me because I like to keep my own books. Bloody Queef fucked around with this message at 01:17 on Aug 23, 2014 |
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Aug 23, 2014 01:07
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I'm also closing on Thursday! It's a rental property and the day I don't have nausea and anxiety the week before a close is the day I get the gently caress out if that business.
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Aug 27, 2014 00:24
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Jastiger posted:I'm going to spend thousands on refi because the VA is possibly stopping our financing due to a lapse in employment. The fridge is secondary to getting the house. At closing, make a big fuss about this. If the seller won't kick in the extra hundo, make the RE agents split it. Remember, you're buying this house, not every goon in here. $100 is $100
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Sep 5, 2014 01:20
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