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blarzgh posted:Arbitration is Court-Light, with summary proceedings, relaxed rules of procedure, evidence, trial, discovery, etc. The main reason lay people (pro se/pro per) get steamrolled in Court is because they don't know all the procedural pitfalls that can cause you to lose a case "on a technicality" or keep you from introducing important evidence. To add to this, the reason arbitration is usually bad for consumers is because the arbiters are generally essentially reliant on the company in question for their work, so there is an inherent conflict of interest. That probably isnt the case here (though the attorney may have the advantage of knowing or knowing about the arbiter in question).
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Oct 12, 2016 20:19
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Hello thread, thinking of trying to buy a home in the Bay Area ( ). Currently renting here.We've DINKed up and we've been saving for years so we can theoretically plop down roughly the entirety of our earthly possessions on the table as a down payment but good god is the market grim. Vox Nihili fucked around with this message at 11:23 on Apr 6, 2021 |
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Apr 6, 2021 11:21
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Anyone have any experience with this lender called "Guaranteed Rate, Inc."? It looks like theyre legit but any goon input is welcome. Just shopping around on rates and they claim to offer the best deal. I'm sure this stuff has been mentioned 10,000 times but I'm a complete noob here and I couldn't bring myself to read further back than GGGC's prenup posts (and the ancient OP itself), thanks.
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Apr 7, 2021 03:18
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Verman posted:Welp put an offer on a house we really liked in Shoreline (suburb just north of Seattle) for $600, we offered $700k, waived inspection since it came with a thorough inspection and all issues were addressed. Last night only 1 offer on the table but offers were due at 10am. Man I really hate this country.
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Apr 8, 2021 05:26
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Motronic posted:Yeah, seriously. Teslas are middle-class-gadget-obsessed bait, particularly on the west coast. The richest people I know personally only drive Teslas and advised us that "there are still good deals in the $5 million plus range" for houses. They're the kind of people who hire a home IV bag service when they're too hungover from partying. Nouveau riche types love this poo poo.
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Apr 8, 2021 22:38
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Hadlock posted:You'd probably get NIMBYd out of existence, but rather than dump a million bucks into the renovation, can you subdivide the lot and build four mcmansions on the land? And/or build a 8 plex condo on the land instead. Building four x $3mm mcmansions seems more profitable than flipping one $6.5mm house in poor repair In the rich hills around Palo Alto? You would quite literally be killed if you try to upzone a single-home residential property. VC guys with $5,000 cycling outfits would spawn just out of eyeshot like Oblivion guards and swarm you en masse then beat you to death with their $25,000 bicycles. Vox Nihili fucked around with this message at 22:49 on Apr 8, 2021 |
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Apr 8, 2021 22:45
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The craziest thing is knowing enough about the housing market, time value of money, etc. etc. in your early twenties or whatever it was to swindle some boomers who just bought a $1 million dollar house out of $3 million AND having the wherewithal to actually get that contract signed. I mean having $200,000 on hand at the right time to get that deal done is obviously enormously unbelievably fortunate on its own but the process stuff is wild to me.
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Apr 8, 2021 23:10
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SpartanIvy posted:They were swindling him up until recently. Think if the contract had come due in 2008. Probably would have been a wash at worst in that area.
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Apr 8, 2021 23:33
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GoGoGadgetChris posted:I just wanted to own my childhood home, and was complaining to my best buddy that I'd never be able to afford it. He works in finance, gave me the idea and said, "the worst that could happen is they say no!". When they countered my $160k with $200k, he told me to sign immediately and chipped in the other $40k. And did the paperwork. And did it so cleanly that they couldn't fight us in court. I really owe him! Good god 9 times out of 10 this type of story ends up resulting in primo content for the BWM thread. I guess it still kinda did, just for the other side. drat.
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Apr 9, 2021 00:30
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What sort of interest rates are people seeing for Bay Area-sized () jumbo loans? I just got my first pre-approval letter for 3.0% after uploading an entire ream of documents and want to see what's out there.
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Apr 9, 2021 20:35
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Johnny Truant posted:Alright house thread, what's up with this house? I'm totally unqualified to give any advice as to pricing and what not but I get strong grover house vibes from those windows and that siding. Not suggesting that it's shoddy construction, but the aesthetics could be driving people away.
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Apr 9, 2021 22:20
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a bit. The photos don't really have anything jump out to my untrained eye. My only guess is because it's technically in Fitchburg? 
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Man this thread is stoking some anxiety now. Am I FOMOing into the market at the worst possible time? Why not rent longer while rent is so low? Augh
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Apr 12, 2021 20:20
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Man I could get a really nice, brand new, upgraded upper unit 3-bedroom condo with a private garage located right on top of actual transit for the same price as a really, really lovely 60 year-old detached house with the shittiest looking kitchen imaginable in the same general area. But then I might miss out on some of that precious, precious appreciation!
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Apr 12, 2021 20:40
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vs Dinosaurs posted:Yeah, but you can’t BBQ in your condo backyard with all your buddies in true American form. I could BBQ on my rooftop terrace though. But without a lawn I would not be a True Homeowner (tm)
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Apr 12, 2021 21:09
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SchnorkIes posted:How are condo prices tracking with disability/long term care costs? I thought those were tracking above condos but below SFH, so that you can't count on the "good" nursing home or any inheritance or whatever if you're doing a condo I have no idea about any of the long-term stuff, but based on maybe 20 minutes of reading articles it sounds like COVID is pushing people away from condos and into detached homes in the short term, so condo prices are actually falling in some places.
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Apr 12, 2021 21:51
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SchnorkIes posted:Does a house even sell for more than a lot in the same market? Yes. Empty lots also take forever to move compared to about thirty seconds for a home. There are millions of people looking to buy even marginally livable homes (whether for their own use or to take advantage of others in that massive throng of buyers) and relatively few looking to actually build a house.
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Apr 13, 2021 22:42
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Sundae posted:Okay, looking at that shot, I see what you're talking about. I was confused in part because it's not even on the floorplan. Check it out. VVV Clearly that master bath is hosting the world's largest toilet. A mighty throne fit for the mightiest of goons.
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Apr 15, 2021 02:10
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Getting back to touring some houses again this weekend in the Bay Area. Full suck ahead
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Jun 10, 2021 00:00
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Glumwheels posted:We didn’t get the house today, and it’s insane. There were two offers at 1.4M but the sellers didn’t go for it, they selected a lower offer that was a 1031 exchange that’s letting the sellers live in the house at a reduced rent for 2 years lmfao. Two YEARS??? Good god
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Jun 10, 2021 00:02
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GoGoGadgetChris posted:What part? Let's save time & money and work out a little FSBO here Mostly Fremont and thereabouts, we do work on the peninsula but the prices out there are, what, devastating? Insane? Something like that.
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Jun 10, 2021 01:31
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Sundae posted:What sort of lifestyle are you looking for and what's your reasonable (not upper max limit, but reasonable) budget? Something like a 4-bedroom so we have some home office space and future kid space. Condo, townhome, single family home are all fine. I do have a vague preference for something standalone with a bit of a yard but having looked around some we're strongly considering condos/townhomes now. Looking at places mostly in the $1.5 range or lower. Not looking to buy myself a ton of bonus remodeling/repair/fixer upper poo poo if at all possible. We already work a ton. It seems like it may come down to a reasonably solid, spacious new build condo versus rolling the dice on a smaller, older, potentially crappy traditional home.
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Jun 10, 2021 02:23
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Spikes32 posted:What's wrong with Santa Clara? As someone who is potentially moving there later this year Setting aside the obvious price issues it's a really nice place to live unless you demand a big city environment, in which case you can always head up to SF on any given weekend.
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Jun 10, 2021 19:52
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Tunicate posted:I rescaled the bars linearly so each would cover the same number of years, instead of having 100+years/20 years / 20 years/20 years/10 years /6 years Is this just detached homes?
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Jun 11, 2021 00:49
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I'm probably going to borrow over $1 million ($1,000,000) to purchase a condo, and with it, the obligation to pay obscene HOA fees for as long as it remains in my possession. I am also purchasing a longer commute for myself (but it is right by key transit infrastructure, so my fiancee won't have to risk death by car commute due to epilepsy when we return to the office). It's a really nice condo. It's brand new and has a two-car garage connected directly to the unit, also plenty of space for our home offices. The facilities in the complex are very nice. I'm still early in the process but the entire thing already feels insane and borderline suicidal. But at least I won't be fighting against 30 young executive types for the right to bid 25% over list price on this one.
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Jun 18, 2021 00:52
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QuarkJets posted:My opinion on condos has softened over the years, a very important step though is to make sure that the association is sane and managing its finances properly. With a new condo association that may not be feasible, so I guess keep your fingers crossed. We've requested all the HOA documentation, so ideally we will get a good look beneath the hood on this. It's an enormous complex that has already been around for some time and is maybe 75% of the way built up at this point, so hopefully we won't be totally blind. It will be a bit sad not to have a yard, but we've been living in apartments for years without issue and the SFHs in our price range are generally 50-80 years old, smaller, in crappier areas, and oftentimes pretty wonky.
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Jun 18, 2021 01:48
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Epitope posted:4) Everyone pretends there is no issue. Everything is perfect, the best. Congratulations, you are now president  Working hard, thank you!
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Jun 19, 2021 01:24
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Anyone have experience with HoA assessments, builder subsidies, and inevitable rugpulls? We are being quoted $X/month for HoA assessments for the new build condo we are looking at. That amount is reasonable and fine given the context of the gym, extensive grounds, pool, etc. it goes to maintain. On review, it looks like that $X/month is after applying the subsidy of $Y/month by the builder, which continues through a number of phases until build-out is complete (expected late 2022 or early 2023). At that point, the HoA assessments are anticipated to be spread across many more units, and therefore should theoretically remain relatively level thereafter even without the subsidy. Obviously, this is all coming from the builder/seller, so I'm taking it with a grain of salt. How worried should I be? This is a huge complex in a high CoL area with a name brand builder, if any of that matters. The starting monthly HoA assessment (after subsidy) is roughly 1/10 of what our monthly mortgage payment would be. Vox Nihili fucked around with this message at 01:32 on Jun 19, 2021 |
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Jun 19, 2021 01:29
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H110Hawk posted:Have it analyzed by a real estate attorney. They should be able to point to what's going to happen better than we can. Is there any accounting being provided to you or do you just think that those services are worth $x00? How much of that is funding the reserve? Based on the provided documentation a huge portion of the assessments is dedicated to funding the reserve. Is there a specific document I should be requesting to get ongoing/monthly/yearly financials versus forward-looking estimates? The first home in this complex was finished circa 2019, so they've been running for a couple years now.
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Jun 19, 2021 01:52
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GEMorris posted:I'm not posting the petty details because honestly it would be boring. But my lender seems to make loving things up their hobby. Thus I feel the need to warn the thread against using LoanLock. We're using the same big, name brand bank that I have used for decades and the idiot we've been working with has managed to gently caress things up a few times already. But at least their rate seems good.
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Jun 20, 2021 01:31
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tumblr hype man posted:I’ll just leave this Redfin article about Seattle, here. In the Bay Area I'm hearing $200k-$250k over ask is common now
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Jun 23, 2021 20:44
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The condo we're looking at in the Bay Area has HOA fees in the $500-$600 range. But it also has a big gym, central clubhouse with nice spaces that can be reserved, a big pool, 2 spas, and extensive grounds and landscaping, plus if the financial projections are to be trusted much of that is earmarked towards building reserves for big 20/30 year repairs and refits down the road. I would assume an older townhome with high HOA fees is maybe trying to raise money for scheduled exterior repairs or something.
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Jul 9, 2021 08:53
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Alright it's happening, we're actually buying a condo in the Bay Area. Accordingly, I assume that the real estate market here will now have its first proper crash in ages.
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Jul 12, 2021 02:13
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What's the general consensus on locking in an interest rate for a mortgage on a pending sale? Context: We've signed an agreement of sale for a new build condo in the Bay Area that is still under construction, albeit scheduled for an August or September move-in (these are approximate dates). We have a few irons in the old mortgage fire, and one of these lenders is offering us the opportunity to lock in a 2.75% interest rate for "90 days, or 150 days, I can do both it's really the same thing here blah blah..." The issue is that due to the nature of the purchase (new build still under construction) we do not have a locked in closing date. We really, really hope to wrap this up by sometime in September, but the builder essentially makes no guarantees. One related question--when dealing with lenders, is it wise to let them know about competitive rates that you already have in hand? E.g., should I tell Online Lenders B and C about the 2.75% interest rate Big Bank A is offering? This is a big, fat "jumbo" mortgage, if that matters.
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Jul 14, 2021 06:09
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The builder is saying they can do a 9/9/21 close. Hopefully our potential lenders can get things done in that timeframe. This would work out amazingly for us, since our lease is up at the start of October. Oh, and we also have our wedding in October, so it's going to be an insane couple months (we are already legally married, so we are set for purposes of buying property). Now let's throw in a new COVID wave for added drama.
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Jul 15, 2021 22:31
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Is there any consensus on preferred/in-house lenders when buying from a big builder? In our case, they are offering a $5,000 incentive to use their lender and sound confident they can match or beat the rates we're getting quoted elsewhere. I just want to make sure we wouldn't be loving ourselves by potentially going with this option. In this case, it's my understanding that they are majority owned by the builder, so it's essentially a true in-house financing option. The sum of my knowledge on this so far is basically the top five search results on Google.
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Jul 15, 2021 22:39
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Thanks. Appreciate the advice from everyone so far.
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Jul 15, 2021 22:51
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Looks like mortgage rates may be set to fall a bit more? The 10-year treasury yield fell bigly today. This may explain why lenders were frantically pushing us to lock in interest rates over the weekend.
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Jul 19, 2021 20:25
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Hello intrepid home-buyers. We are on the cusp of locking up our mortgage rate for our new-build condo. One of our lender options (the in-house lender for the builder) is saying they need an $800 appraisal fee paid within a day of locking the rate. They further claim that this fee would be reimbursed if we were to ultimately go with a different lender. Is this normal? The other lenders we have been working with have not mentioned anything like that.
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Jul 20, 2021 01:29
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Perhaps unsurprisingly, the online lender we're talking to is able to consistently beat both the brick & mortar bank and the builder's in-house lender. Making them all compete against each other for my business is an amazing feeling.
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Jul 20, 2021 03:28
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Big shout-out to Guaranteed Rate for saying they are locking me at a particular rate and reneging the very next day.
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Jul 23, 2021 18:57
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