Home buying thread

Joeboo

Joeboo

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Oh, I'm definitely aware of historical rates. My parents bought their first home in 1971 with an 18% interest rate, lol. Nowadays, thats like putting a house on a credit card. Ridiculous. Of course, the house was only like $30,000, so more like putting a car loan on a credit card for 30 years...but still, ridiculous(by todays standards)
 
Palum

Palum

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Doesn't that all depend on community property states, too? I don't think a bank will lend money where half the asset is not covered under the lien for the mortgage but for full ltv.
 
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Picasso3

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30k in 1971 is 175k today.

I do think home prices adjust to compensate for what people can afford in the monthly payment, though.
 
Joeboo

Joeboo

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Yeah I have to imagine that home loan lengths have increased over time. Hell, you can get 7 year car loans nowadays. 10-15 years ago anything more than 4-5 was unheard of, and 3 was still quite common.
 
Eomer

Eomer

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Unidin_sl said:
It's worth checking out your current bank as well if you have a good sized relationship with them. Generally they'll give you discounts on rates and closing costs.
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Go to a mortgage broker first. Then use whatever they come up with to beat down your own bank, since it's so much more convenient just having everything in one place. Kinda shitty to use and abuse the broker I guess, but when I needed a new mortgage the broker got me a better rate at my own bank than they'd offered when I asked them directly. So in the end it worked out as the broker got a commission and I kept all my shit at the same bank.
 
Big Phoenix

Big Phoenix

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Well buyer says he has gotten everything done. Appraiser has to come back out since water was turned off when he first came out.
 
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Unidin

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Palum_sl said:
Doesn't that all depend on community property states, too? I don't think a bank will lend money where half the asset is not covered under the lien for the mortgage but for full ltv.
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No. In a community property state, the spouse that's not on the mortgage will just have to sign a doc that allows the other person to take out the loan without them on it. It's the only doc they'll sign for the loan.
 
TJT

TJT

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Pretty sure I found the one. Will know today. Is a sort of "diamond in the rough" type of home. But it is an interesting situation, house is not a fixer upper, but people didn't see it for what it was. I've lost four offers in the North Austin area in the past few weeks on listings sold in under 2 days of listing. In the same area (within 1 mile), I found a similar property in my price range but surprisingly nobody had bought it after several days on market. Investigating it, I found it to be legally a "detached condo." Which is probably what spooked other buyers.

Further investigation (division declarent document) I got from their title company. It is a condo in name only and defines condo unit as the plot of land itself. Or in other words, as a fee simple plot. Exact wording is "division is divided into 596 fee simple lots designated as condominium units." Has a survey and land deed so I do not believe there is something fucky going on. Doesn't have any of the other stupid rules usually associated with condos like only owning the inside, high condo fees and such. This leads me to believe that the only reason they are "condos" is for some kind of financing leverage on the builders side or something. Went over the language of the division declarent document several times so I am confident I covered all my bases here. Price is about $15k less than others in the same area.

Improvements I know I can make immediately to it for significant price increase are cool too. Location is prime for North Austin, less than a half mile from a nice lake and some other things. Pretty happy with it. Now just need to rely on Austin's retarded growth for the next few years!
 
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Tenks

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I guess it depends on how much the HOA is. Mine is under $500/yr and they cut the grass and do all the common space landscaping. I feel it is pretty worth. But some condo HOA can be like $250+/mo or more which I find crazy.
 
Khane

Khane

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You guys saying Condos are shit and HOAs are stupid. Owning a house and doing all the maintenance and having to worry about all the shit HOA covers sucks. Condos are awesome.
 
Khane

Khane

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Tenks_sl said:
I don't have to do anywhere close to $250/mo in home maintenance.
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All it takes is one $13k retaining wall or a flooded basement to throw that number all off! And you don't have to worry about getting it done either!
 
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Tenks

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Do condos have a super like in an apartment? I never seriously looked into one. Or is it a case-by-case deal?
 
Borzak

Borzak

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I don't even pay $250/month to have the guys mow my yard and it's 2.5 acres and they have to make 2 passes. One with the thing they pull to pick up the pine cones and then to mow it. They mow once a week for 10 months out of the year and ocassionally twice a week if it rains a lot in the summer.
 
Khane

Khane

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Tenks_sl said:
Do condos have a super like in an apartment? I never seriously looked into one. Or is it a case-by-case deal?
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They have a homeowner's association. That's why it's called homeowner's association fees.
 
Cad

Cad

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Khane_sl said:
All it takes is one $13k retaining wall or a flooded basement to throw that number all off! And you don't have to worry about getting it done either!
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A lot of condos ask for capital contributions in those cases anyways.
 
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