Home buying thread
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Lanx
<Prior Amod>
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hey congrats dude, is it a fast move in on the first? or you doing inspections and shit now?
Lanx
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ver_21
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JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens
JPMorgan Chase, the country's largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.
I wonder how quickly this will spread.
Do you guys think the economic tilt from the virus fallout with impact housing similar to 2008? Trying to decide if it's worth buying now or wait this thing out. I've started to see some drops on houses already up to around 25k (CA).
Fogel
Mr. Poopybutthole
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I put my house up for sale mid march and have received very little interest in it. But with all things housing, that can be a combination of location, market, pricing, etc. This is in South Jersey for reference. My realtor commented that's it's been crickets pretty much across the board.
Asshat wormie
2023 Asshat Award Winner
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Not sure where this goes so its going here. Just received a memo from one of my title insurance underwriters. They expect the mortgage foreclosure forbearance of the CARES act to be challenged in court. As such, they are banning issuance of title insurance on properties where foreclosure sale occurred on or after march 27 and on all short sales as those are done in lieu of foreclosure. I am assuming all other title underwriters will follow suite as well as any attorneys issuing clear title opinions and whatever else that is equivalent across the country. So, no foreclosures and no sales in lieu of foreclosure. Lots of people are going to be living mortgage payment free for a while.
Pops
Avatar of War Slayer
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Fogel
Mr. Poopybutthole
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Can't really hurt, it's not costing me anything to have it listed. Might get lucky
Oblio
Utah
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I assume you are doing Virtual Tours only? If not, you are allowing strangers inside to tour your home and costs can come in different forms.
ver_21
Molten Core Raider
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I sold and bought between the start of March and last week and feel good about all of it--good prices on both ends and can't beat 3.25% on a new 30 year. When I decided to list a couple weeks before St. Patrick's Day, I was aiming to take advantage of low inventory and get the jump on listing competition. It definitely paid off, but who knew I'd be ahead of the Covid curve, too? Definitely lucked out with that. Two weeks later and things might have been messy.
I think your most insulated bet would be a lower-price house in a high-end neighborhood. But I think this might be more severe than 2008--too many ripple-effect things going on--uncertain tax revenue, unemployment, mortgage rate/requirement fluctuation, contamination fears...and who would want to get involved in a 55+ or assisted living facility right now?
Then again, low inventory in particular areas might keep some price drops in check. My main concern is that recovery might be fucked by tax revenue problems.
I dunno. Try to get a deal from a virus victim estate sale?
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moonarchia
The Scientific Shitlord
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I am going to get an asbestos abatement done and some touchups in my condo and list it next month. Denver area still has a lot of people wanting to buy places. Will see how it goes. As long as I break even I will be happy. I just want it off my hands so I can put that money towards my home with the parentals.
Asshat wormie
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Tenants for a newly constructed condo come in. Two clean, crisp gay dudes. Friendly, nothing visibly weird. Both claim to be employed, one for board of ed, another doing IT. At first glance, perfect tenants. Credit report comes in, 510 credit scores, 120k in credit card debt with numerous delinquencies. Thanks guys but get the fuck out of here with this shit.
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TJT
Mr. Poopybutthole
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Can someone explain to me exactly how home refinancing works? I understand that it would be beneficial to refinance for a superior interest rate even though mine is already very low. But I haven't really. bothered with it because I have not even $100k remaining on it.
moonarchia
The Scientific Shitlord
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Whatever bank you go through buys the current principal owed from current bank and re-amortizes it at the rate you can get and whatever period you want it set for. Depending on how far along on your mortgage this is you might or might not want to do this. You can find amortization tools online that will calculate all that for you.
Fogel
Mr. Poopybutthole
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A little over a week later and I saw a spike in people viewing the property on zillow, got a bunch of viewings this week, and signed a contract for full asking price yesterday. Light at the end of the tunnel if you have a property to sell. Not sure if it's a combination of people tired of the quarantine tied with the timing/season.
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