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PCjr sidecar posted:They don’t build them like they used to (this is normal, rebuild is frequently significantly higher than purchase.) They certainly don't. The Sub floor (not the actual hardwood) are all cut at a 45 degree angle for additional strength. It's a really cool house, Cant wait to move in!
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Apr 14, 2020 02:59
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PCjr sidecar posted:They don’t build them like they used to (this is normal, rebuild is frequently significantly higher than purchase.) That so? I'm getting a more than century old, brick place and the rebuild is half the purchase.
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Apr 14, 2020 03:49
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Zero VGS posted:That so? I'm getting a more than century old, brick place and the rebuild is half the purchase. Allow me to qualify: normal for non-slumlords not buying tenements. (Fourplex skews, also if you’re comparing purchase price including the lot in a dense non-depressed northeast metro, etc.)
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Apr 14, 2020 04:10
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couldcareless posted:Kicked off a refi early March, everything was settled and appraisal done, then LO decides to inform me right at the finish line that Fannie is giving them poo poo about my wife being self employed and that they are scrambling for anything they can label as additional income as they will no longer count hers at all. So that's fun and cool. Update on my refi, LO reached out to me, said my rate lock for 3.5 expired, but she locked me in for 3.125 for 60 days......so hopefully salons open in some capacity within the next 60 days so they can start considering my wife's income once again.
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Apr 14, 2020 05:49
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PCjr sidecar posted:Allow me to qualify: normal for non-slumlords not buying tenements. Sheesh alright, we really gonna chuck the S-word around like that? I'm gonna be living there too lol edit: yes I guess I called myself a slumlord jokingly in 2013 but since then I've developed some self-respect edit 2: Also I have a 2-fam in an expensive area (1.2 mil) and the total rebuild on that was 100k less than purchase Zero VGS fucked around with this message at 06:31 on Apr 14, 2020 |
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Apr 14, 2020 06:03
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Supposedly clear to close tomorrow. There's what they told us this time last week It is suspiciously 30 days from when we first filed our paperwork with them on Thursday. We only got one request for one document which was a two sentence signed letter explaining one $200 field on my wife's tax return from two years ago. We filed that the last week of March. On the plus side it's been nearly 60 days since we made the offer, between waiting for the deal to close and the pandemic we're not spending any money and have built up quite a bit of additional unexpected savings
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Apr 15, 2020 00:03
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Good lord my credit union is really mucking up my refinance. Was supposed to sign closing documents on Monday, then they missed some paperwork that my wife had to sign. Sent us paperwork at 10:30PM that we were supposed to fill out by midnight the same day that we missed. This pushes out to Monday now. I still dont have a total for the closing costs I'm supposed to pay them that day. My lender has said that whatever minions they have in the back putting these things together are all working 12-16 hour days, gotta get these loans in before the market collapses!
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Apr 16, 2020 20:43
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We got two additional letter of explanation today to sign, supposedly we are closing tomorrow I don't know what clowns they have running this but sure seems like 99.95% of all this stuff could be automated All of these letters of explanation could have been autogenerated into a single document and submitted on day one On the plus side the latest closing disclosure is ~$10k less cash to close than the last one, and we're gonna trim another $3k which will give us enough money to buy that new couch my wife wants and cover all our moving expenses with lots left over We shall see what happens tomorrow Edit: oh and the seller finally pulled their staging furniture out today apparently, so one less thing to worry about
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Apr 17, 2020 02:52
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Wired closing money today. Feels very, very weird to send out so much money. My mortgage company has been fantastic. No surprises. not only do I have my loan officer's cell phone but he encourages me to text him whenever I need to and were super helpful as I dealt with geico bullshit on the insurance side. Of course, now that closing is on the 22nd, the rest of the mess we are in is starting to catch up. Like every curtain and blind store I've contacted in the area being closed, home depot being the only place still doing appliance installations, etc.
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Apr 17, 2020 03:20
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I am selling my house and interviewed two realtors, and need help deciding between them. 1. Works for a small firm and has been in real estate for a year. Wife worked with him when he was a tech recruiter, he is very responsive and competent and seems to be very excited about the house. Would probably put more personal attention into it, and he is likable and knows lots of people in town. Fees would be 5%. 2. More experienced woman but she comes across as kind of kind of offputting. Works for a very large firm and has some kind of luxury certification (house is worth $650k which is a lot for the area but not like, ridiculously expensive or anything). Highlighted her network of luxury clients, and has a full time assistant but I get the impression she wouldn't be as available and as friendly/excited with people. She also seems more reluctant to have meetings in person, and would charge either 5.5% or 6%. 3. Interview someone similar to #2 who might be more personable but also has more experience? Is a realtor's network/"luxury certification" even worth anything? Both value the house about the same and think it would sell fast since it's nice and we did a decent job of staging and getting rid of clutter. I guess I'm just not sure how much the experience/big firm is worth compared to someone who seems better in person and will work harder, but has only been doing this for about a year and sold just 11 houses so far.
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Apr 17, 2020 04:40
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this is the place for tales of regret and self loathing, right? started shopping casually about a year ago. we were in a month to month rental, so no pressure. want to find the right place. did a viewing here and there. nothing too serious. occasionally one would be a bit exciting, but never enough to make any moves. also, taking the time to get the financial situation in prime shape (increase our ability to overextend). beginning of 2020, feeling like we should find one this season. still not a rush, but ready. start to get bummed when houses that look intriguing are under contract before we can drive by to take a look. ok, guess we need to be ready to pounce when the right one comes along. made a low ball offer on a FSBO, but no traction. seeing a few that are looking close, but they need too much work and are at the upper end of the budget even before including remodel costs. starting to feel discouraged by our prospects. then a friend points out a coming soon. prime lot. good size for us. looks super nice. zillow says way past our budget. lets look anyway. the word from the realtor is, "immaculate care" "done it right" "surprising to find that anything needs work." ok so maybe if it doesn't need any work for a while, we can afford it! (i'm sure you can guess how that worked out) At the viewing, it indeed looks like it was done right. uh oh, they say an offer is already being tendered! better rush to the bank to see if we're cleared for this much. of course we are, they know we're good for it. ok, so, what are we doing? make an offer? be competitive? we're already way maxed, how do we do that? by saying "as is" of course. no, i don't like that, it's not a good move. ok fine, it's just money. roger, bombs away. bang, we're under contract, hooray. time for the inspection. should we get the guy we used last time? na, we're on a time crunch, just use the realtor's. (critical error 3? someone else count for me) the guy is just raving about the house. screw you buddy, we're paying you to tell us what's wrong with it. whatever, i guess it really is done right. sailed on through to closing, with the usual underwriting scramble, this time with a pandemic haze. time for our walk through; what color shall we paint this room? signed, got them keys, time for movin. sweet, new digs. ah, are those some water spots on the ceiling? well, they did have a leak they fixed, maybe that's just from before the fix. hmm, the replaced section of soffit has some spots on it too. eh, that gutter is backflowing a little, it's probably just that. maybe i'll just peak behind the soffit vents. uh, honey, the roof decking on half the north side of the house is blossoming with mold. gently caress. what the hell, they spent a bunch of money on the roof, how did they not fix the problem? who is this joker previous owner? let's look him up in the records. oh geeze, he's been involved in a lot of litigation. oh my, he and the owners before him were in court for years over this roof. jesus the rafters have been replaced twice in the last 20 years. and it appears that the problem has still not been solved. welp huh, typing that out helps. seems i'm not truly wishing to have take our down payment, quit our jobs, and lived in a van. and glad to not have a landlord anymore. weird. is this like stockholm syndrome?
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Apr 17, 2020 06:07
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I probably would have gotten a second inspector. Our inspector made my fiance very worried about all the poo poo he had listed (most of it is common poo poo in a house in our area that's 60 years old). Their job is to go look in the attic and say hey there's a bunch of mold on poo poo, hey this is a water spot due to an ice-dam probably. Not walk around and talk about how amazing the house is. I have probably 100+ projects here and there.. and ended up going about 4k over my initial thoughts on what a new furnace/ac would run (new main trunk, adding ductwork and a new power blower hot water tank). Geting poo poo done during a panemic sucks, this weekend I plan on having to go to home depot and buy a ton of poo poo for the small projects to do before we move in 2 weeks. I don't wanna own a home anymore and haven't even moved into it officially yet. Just been sitting in a cold non-furnace house while the Hvac guy works on getting everything done.
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Apr 17, 2020 12:38
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Droo posted:I am selling my house and interviewed two realtors, and need help deciding between them. #1 might make more mistakes from a paperwork side since they are new #2 might make more mistakes from a paperwork side since things are split between the agent and their assistant I've never heard of a luxury cert or that having one would matter and last year we purchased a house in the 600s FWIW. I would probably just go with my gut on the two - your post makes the first person sound like the better option IMO.
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Apr 17, 2020 21:01
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On the same vein we had phone calls with 2 realtors to see who should help us buy a house. Neither seem to be requiring us sign some kind of exclusivity thing but we don’t want 2 folks sending us the same houses. Doesn’t seem fair to them either. How long do you give each to decide between them?
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Apr 17, 2020 22:44
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Epitope posted:started shopping casually about a year ago.
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Apr 18, 2020 02:39
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That period between that moment the down payment wire leaves your account but hasn't hit the closing agent's account is, lets say, a weird emotional period, just thought I'd share that.
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Apr 18, 2020 03:04
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It doesn't help that all the instructions are like GO TO THE BANK WITH SOMEONE YOU TRUST, HAVE THE BANK AGENT CALL THE ESCROW COMPANY IN FRONT OF YOU AND MAKE SURE THEY ONLY SPEAK THE 3RD LETTER OF THIS PASSPHRASE!!!! It's like, suddenly Adult+ mode.
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Apr 18, 2020 03:11
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FilthyImp posted:It doesn't help that all the instructions are like GO TO THE BANK WITH SOMEONE YOU TRUST, HAVE THE BANK AGENT CALL THE ESCROW COMPANY IN FRONT OF YOU AND MAKE SURE THEY ONLY SPEAK THE 3RD LETTER OF THIS PASSPHRASE!!!! Heh, in my case our account is with Ally, so there isn't even a physical bank to go to. We did the wire transfer online, confirmed the numbers 100 times, and it has left our account.
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Apr 18, 2020 03:23
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Hadlock posted:Ok apparently we have been approved, Hadlock posted:should be on schedule to get keys Friday afternoon Hadlock posted:Supposedly clear to close tomorrow. There's what they told us this time last week Hadlock posted:We got two additional letter of explanation today to sign, supposedly we are closing tomorrow We have not closed yet
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Apr 18, 2020 04:27
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tangy yet delightful posted:#1 might make more mistakes from a paperwork side since they are new Thanks this is helpful, we will go with option 1 and hope to be out of this place ASAP 
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Apr 18, 2020 18:42
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Droo posted:Thanks this is helpful, we will go with option 1 and hope to be out of this place ASAP
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Apr 19, 2020 14:41
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Yea wire transfers always kept coming up that you must do this and that and watch out for scams etc. We did the cashier check method and while it was crazy having that much money in an envelope like that, not having it leave our side until we got the receipt from the Mortgage Company felt a little less nerve wracking for sure. I suppose that isn't an option with Digital Only banks.
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Apr 19, 2020 19:20
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EdEddnEddy posted:Yea wire transfers always kept coming up that you must do this and that and watch out for scams etc. We did the cashier check method and while it was crazy having that much money in an envelope like that, not having it leave our side until we got the receipt from the Mortgage Company felt a little less nerve wracking for sure.
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Apr 19, 2020 20:56
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I pretty much open the CERTIFID instruction sheet and my wire confirmation a few times a day to check again that I used the right number.
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Apr 19, 2020 21:17
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Bought my house last month. Still trying to get the post office to give me my keys. It's a new house that we bought from the developer, but the pre-made keys are mysteriously missing. The rest of the houses on the street have their keys though. For people who live in a sane area and don't know this, Houston mostly uses community mailboxes with keys instead of individual mail boxes. USPS manages the keys. When you move into a house, you have to notify the post office that you're the new resident, fill out some paperwork, and then they rekey the mailbox so the previous resident can't use it. It took them a few days the last time, so this long delay is pretty abnormal, even leaving aside them having lost the keys for this house and only this house out of all the other new houses in this development.
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Apr 20, 2020 19:47
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Closing attorney confirmed that they have our money, so at least the next couple of nights I'll be able to sleep. Next is buying the big item appliances we need (washer and dryer, wall oven, dishwasher). The part that sucks is that most of the big national stores that are running big promotions on those items right now are not doing installations, just delivery. Going to try to do a price match deal with the home depot around me that is still delivering and installing.
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Apr 20, 2020 20:10
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I was planning to buy in the denver area next year, and currently that plan is still on track. Are there any good like, graphs or something? Sites that make graphs? With average prices and stuff? I want to see if the price of real estate is being impacted right now.
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Apr 20, 2020 21:17
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redreader posted:I was planning to buy in the denver area next year, and currently that plan is still on track. Are there any good like, graphs or something? Sites that make graphs? With average prices and stuff? I want to see if the price of real estate is being impacted right now. https://www.zillow.com/denver-co/home-values/
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Apr 20, 2020 21:23
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Hadlock posted:We have not closed yet Underwriter sent a request about 3:45pm local underwriter time for irs tax transcripts, loan originator team forwarded the request to us at 4, we turned around the documents just shy of 5:00pm So almost certainly that's a two day delay for two documents that we could have turned around at any point in the last three weeks Supposedly they are working overtime to deal with the extra load, but I've yet to see anyone work past 5 or on weekends for anything. Meanwhile my mother contacts with the SBA and The SBA is working 12-14 hours a day, 7 days a week to close loans for small businesses Apparently the IRS has a massive backlog of sending off tax transcripts, so they've relaxed the rules and have let us provide the documents directly, or something. I dunno. Smells like bullshit to me but the economy has melted so anything goes, I guess
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Apr 20, 2020 23:22
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redreader posted:I was planning to buy in the denver area next year, and currently that plan is still on track. Are there any good like, graphs or something? Sites that make graphs? With average prices and stuff? I want to see if the price of real estate is being impacted right now. This is the long term housing prices for Denver: https://fred.stlouisfed.org/series/DNXRSA Keep in mind that price declines, if any, take a long time to be measured. Short term it is more likely that people simply pull listings for a while. I.e., price being "stable" for the next few weeks doesn't mean that there isn't a price drop, just that people aren't closing at cheaper prices. It took about 4 years for the real estate market to reach bottom after the 2008 crisis. Previous crises didn't see prices drop, just volume. This one will probably see a drop, but whether it is 08 levels of decline or maybe worse is something that no one knows. This also means that it is a fools errand to try to time the market if you are trying to buy a home to live in and are coming from a rental (as opposed to investment property).
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Apr 20, 2020 23:42
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My bank, the seller and I am all ready to close... we're just waiting on the appraisal, and the appraiser already got a tour of the house with the seller last Wednesday. Does it usually take this long for them to actually finish the report? It's making me antsy because it's the last step and the difference in me closing in a week or a month. Asked my lender if I can pay some kinda expedite fee and haven't heard back.
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Apr 20, 2020 23:51
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redreader posted:I was planning to buy in the denver area next year, and currently that plan is still on track. Are there any good like, graphs or something? Sites that make graphs? With average prices and stuff? I want to see if the price of real estate is being impacted right now. Zillow is pretty good for this, as others have mentioned. It has listing data, and estimates for all properties, not just the ones for sale, so you can figure out what the estimated value of houses in the neighborhood cost. If you drill down on any house you can find a generated graph of home value for the last ~5 years. I would definitely look at price per square foot for your slice of the market. I don't think prices are really being impacted just yet, I would expect downward pressure to begin starting first couple weeks of Q3. The economy hasn't really had a chance yet to properly tank. If you're looking for a killer deal, the end of real estate season usually wraps up around labor day, when schools reopen, and sellers start getting desperate after Thanksgiving. My bet is that the economy is going to flounder for a bit, then drop another 5% through Halloween as people's savings accounts start emptying out, and start seeing a bunch of distressed sales between Christmas and Superbowl Sunday (feb 2021) when seasonal sales drop to their lowest annual point. Zero VGS posted:My bank, the seller and I am all ready to close... we're just waiting on the appraisal, and the appraiser already got a tour of the house with the seller last Wednesday. Does it usually take this long for them to actually finish the report? It's making me antsy because it's the last step and the difference in me closing in a week or a month. Asked my lender if I can pay some kinda expedite fee and haven't heard back. The bank will order an appraisal, depends on the bank, and the state etc but in my city there's an appraisal dispatch service, and then rando appraiser XYZ goes and appraises it. I would check with your loan people to see when it was ordered, and if the appraiser has been to the building since then. They should have gotten a promised appraisal return date within 2-3 days of ordering it. The seller's agent will have gotten a call from the appraiser to schedule a viewing, so you can check with them. The appointment is needed to get interior photos primarily. We've done three appraisals on our property in question so far, I would expect no more than 2 business day turnaround. We've always gotten our appraisal back next business day, although sometimes it could take 3-4 days to schedule it. The appraisal is pretty simple, it's basically a stock form where they compare the standard ~20 features of other comparable properties in the area in a spreadsheet to justify the appraisal price. Looks like maybe an hour's worth of casual work on the couch with a glass of red wine. Hadlock fucked around with this message at 00:10 on Apr 21, 2020 |
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Apr 21, 2020 00:07
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Hadlock posted:The bank will order an appraisal, depends on the bank, and the state etc but in my city there's an appraisal dispatch service, and then rando appraiser XYZ goes and appraises it. Ok thanks, so the appraiser went through and photographed everything and can't find an hour to wrap up a report with comps. When my lender ordered the appraisal they got a due date of May 1 because of Covid but I'm gonna be pissed if they actually take that long.
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Apr 21, 2020 00:25
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I’m scheduled to close a USDA loan on my first home on May 7th. As of Friday evening, my former LO and the company cut ties, so I met my new LO today and discussed where I’m at. I believe she’s mailing over a list of any additional items needed for underwriting, which I was told by my former LO probably wouldn’t be much if anything. Now I’m in this place regarding points and fees. The lowest fee is $7,960 which puts me at 3.5%. My new LO is checking on any potential lender credits because I do not have the additional funds to buy points. She’s also giving me hard numbers and estimates tomorrow. My former LO has been working to where I break even at closing, but how much of their work is carrying over, I’m not sure. This all feels like a weird situation to me. I’m not really sure how common it is to suddenly have a new LO with only a few weeks until closing.
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Apr 21, 2020 03:05
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Zero VGS posted:Ok thanks, so the appraiser went through and photographed everything and can't find an hour to wrap up a report with comps. When my lender ordered the appraisal they got a due date of May 1 because of Covid but I'm gonna be pissed if they actually take that long. Two business weeks is an absurd amount of time You're gonna be so pissed when you see that it's a double spaced, 6 page report and three of the pages are washed out cell phone photos I said it before, I'll say it again, I really wish I'd known what a low bar it is to become a residential appraiser, I totally would have done this as a side job straight out of high school. It's an absolute scam.
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Apr 21, 2020 06:37
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joepinetree posted:Closing attorney confirmed that they have our money, so at least the next couple of nights I'll be able to sleep.
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Apr 21, 2020 12:01
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FINALLY closed on my refinance yesterday. Got a %3.2 interest rate, the house appraised at $40k more than what I bought it for 2 years ago and PMI will drop off after a year, its only about $25 a month until then. Last minute gotchas this time included having to find a copy of my marriage certificate to send in for some reason and an explanation as to how/why a person would have two middle names. Fun stuff. Thanks for this forums recommendation to look into this. We'll save about $150 a month and like $50k over the course of the loan if we just stick to the minimum payments. Its incredible, we were paying $1600 a month for a 2 bedroom pet friendly apartment a few years back. Now our mortgage with insurance and taxes are like $1100 a month. Makes me really glad I was able to buy when I did even though I overstretched to do so, and it makes me feel bad for friends that cant come up with a down payment but have to keep paying exorbitant amounts in rent. We have some friends that live in the building we use to rent, they're paying $1800 a month now in rent, pet rent, a parking spot, and a storage closet, its insane and I dont know how people will afford to keep up with rent raises like that year after year.
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Apr 21, 2020 14:03
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BaseballPCHiker posted:I dont know how people will afford to keep up with rent raises like that year after year.
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Apr 21, 2020 14:23
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Closing is tomorrow, and they are restricting closings to just essential personnel, so our realtor won't be able to be there, but has offered to do a video call while we do it. How important/helpful is it to be able to talk to the realtor during closing?Dik Hz posted:A local handyman will install those appliances for less than half the installation cost that big box stores charge. And will actually bring the right tools to do a non-routine installation if there are any challenges. Guess how I know this.... My bigger concern is that many of the chains doing promotions are also restricting themselves to doorstep delivery and explicitly say that they don't go inside customer's homes. And when I called at least they said that "doorstep" is for the building, not the condo itself, and I really don't want to have to deal with dragging a washer and dryer from the front of the building into my 8th floor Condo. Not a terribly big deal, but I am willing to eat a couple hundred bucks difference not to have to schedule additional stuff or figure out additional stuff at the end of the semester.
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Apr 21, 2020 14:23
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joepinetree posted:Closing is tomorrow, and they are restricting closings to just essential personnel, so our realtor won't be able to be there, but has offered to do a video call while we do it. How important/helpful is it to be able to talk to the realtor during closing? joepinetree posted:My bigger concern is that many of the chains doing promotions are also restricting themselves to doorstep delivery and explicitly say that they don't go inside customer's homes. And when I called at least they said that "doorstep" is for the building, not the condo itself, and I really don't want to have to deal with dragging a washer and dryer from the front of the building into my 8th floor Condo. Not a terribly big deal, but I am willing to eat a couple hundred bucks difference not to have to schedule additional stuff or figure out additional stuff at the end of the semester.
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Apr 21, 2020 14:26
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