Home buying thread

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Qhue

Qhue

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I feel when it comes to financial stuff you want a nice strong conservative-leaning finance guy. Had someone else go "well we can pull X amount of your 401k for the down-payment and then restructure the..." My current guy on the other hand was "rule 1: we don't touch any retirement funds unless you are going to be homeless." So my current strategy is to keep things very chill. Use what I have in checking for the downpayment and otherwise treat it like renting from the bank.

Even when driven by actual demand rather than easy access to garbage mortgages such a massive increase in home prices is just not sustainable given overall wage stagnation.
 
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Khane

Khane

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Uber Uberest said:
Went and saw it that night and offered her what she thought it was worth without using any agents.
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Be careful with something like this. Check to make sure it's even legal in MA. I don't believe it's legal to purchase a house without an agent in some states plus the slippery slope of he said/she said where the seller may later try to claim duress or some bullshit.
 
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Burnesto

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Khane said:
Be careful with something like this. Check to make sure it's even legal in MA. I don't believe it's legal to purchase a house without an agent in some states plus the slippery slope of he said/she said where the seller may later try to claim duress or some bullshit.
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I've read that some states require a real estate attorney for the transfer, but never heard this about an agent if you're purchasing or selling. Do you have a source for this?
 
Khane

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Burnesto said:
I've read that some states require a real estate attorney for the transfer, but never heard this about an agent if you're purchasing or selling. Do you have a source for this?
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I had thought it was a rule in CT but it looks like I was only required to have a buyer's agent because it was an FHA loan. And even then it looks like it may just be a case by case thing (mortgage company may require it)
 
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Burnesto

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Khane said:
I had thought it was a rule in CT but it looks like I was only required to have a buyer's agent because it was an FHA loan. And even then it looks like it may just be a case by case thing (mortgage company may require it)
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Oh that makes sense.
 
Blazin

Blazin

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I would never buy a property without a lawyer, people think a realtor is protection, I can assure it is not. When you are spending hundreds of thousands of dollars I can't imagine not spending $500 to be properly represented. The useless people at the table are the realtors.
 
Cad

Cad

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Blazin said:
I'm sure that is subject to geography and the simplicity of the transaction, which you know. But go ahead and argue $0 protection is better than $500
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I'd argue that proper title insurance is going to insure you against anything that $500 representation would discover anyway and proper title insurance is mandatory even in jurisdictions where attorneys are common in residential real estate transactions. So...
 
Blazin

Blazin

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Cad said:
I'd argue that proper title insurance is going to insure you against anything that $500 representation would discover anyway and proper title insurance is mandatory even in jurisdictions where attorneys are common in residential real estate transactions. So...
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ok thanks boss
 
Khane

Khane

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My real-estate attorney (for that purchase) was the one who told me a buyer's realtor was mandatory in CT. I never checked up on that because I was 25 and took shit at face value a lot more often back then.

Looking back on it the attorney was absolutely in bed with both my realtor and mortgage company.
 
Siliconemelons

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Noodleface said:
My brother bought his condo without a realtor on either side
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bought my house with seller finance through estate stuff...

My "closing costs" where 350$ - the lawyer looked at me during the signing and when I wrote the check and said "Have you bought a house before?" - I said yes - "How much was your closing costs? A few thousand right...well this is all it 'really' costs - all the other crap is banks and realtors making more money off you"

It was basically paying the law office to file the paperwork, that's it. Most "closing costs" are just like "dealer fees" on a car, stuff they put in to assure at least X profit from a deal.
 
Noodleface

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Khane said:
My real-estate attorney (for that purchase) was the one who told me a buyer's realtor was mandatory in CT. I never checked up on that because I was 25 and took shit at face value a lot more often back then.

Looking back on it the attorney was absolutely in bed with both my realtor and mortgage company.
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I like this slow realization. Not because I wish this type of thing on people, but because we can all see how scummy the business is.
 
Cad

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Xadion said:
bought my house with seller finance through estate stuff...

My "closing costs" where 350$ - the lawyer looked at me during the signing and when I wrote the check and said "Have you bought a house before?" - I said yes - "How much was your closing costs? A few thousand right...well this is all it 'really' costs - all the other crap is banks and realtors making more money off you"

It was basically paying the law office to file the paperwork, that's it. Most "closing costs" are just like "dealer fees" on a car, stuff they put in to assure at least X profit from a deal.
Click to expand...

I don't about your closing but 95% of the closing costs on my houses is the title insurance.
 
Blazin

Blazin

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In PA price of title insurance is controlled by the state, other than some filing fees the shittier rip off stuff tends to be connected to the lending. There is still a lot of nickle and diming with general documentation fees
 
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