Home buying thread

Jysin said:

Think I found the solution to your divorce problem.

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When she's being edgy she tells me to down her in the pond but I told her the law doesn't care even if it's consensual

Sludig said:

It's not going on but was a risk in the past and I'm not leaving it to fate if it happens again just want to be informed. last we spoke at all in earnest about it she was just going to let me take over payments. But that's assuming it stayed an amicable split. obviously an issue if she goes to buy something of her own but in the Colorado market and these rates she's not going to get much on 80k even if she puts the about 100k shed have on it.

She still hates it here but has at least become more accepting, sees sobe of the positive

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Sounds like a potentially different situation, but my wife was grumbling quite a bit about the starter house I owned outright initially. What got her to finally come around was to take her to some open houses and calculate the monthly mortgage payment on one she liked, set that money aside, and bank it in a separate account. After a few months of seeing that number shooting up, suddenly the kitchen needing updates or some of the goofiness of the old house really stopped to matter. Good way to create a guilt free slush fund where you can travel to the city (or whatever her wild hair is) on a regular basis. This is all assuming that wherever she wants to move is going to cost a ton more.

Lanx said:

or...
you can cancel cable and not let her watch HDTV, 2gay dudes and a fixerupper again

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She prefers the ones with a husband and wife team where the husband does all the actual work and the wife shows shows up to boss him around, figure out which hardware to put on the cabinets, or perform some other inconsequential decorating task like arranging throw pillows.

Sludig said:

Not really anything in my immediate future of concern, but anyone know anything about mortgages with 2 people on the loan, and if one person bails. Be it divorce or whatever.

Is there any kind of refi to keep same terms due to "life event" or whatever vs a standard refi.

I'm good now, but for a while wife who hates it here was threatening moving back w/ out me. I can carry my mortgage/bills alone, but not if I go from 3% or whatever it is to 8%

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in texas, i had to show divorce papers in order to buy out my X. after the court finalized the divorce, we went to the loan office and signed the 'cash out refi'. the cash out amount was equal to half the equity, she took that cash. i became sole owner w/ a slightly higher than market interest rate due to cash outs having a higher rate. about a year later I refi'ed down to 3%, everyone goes through 4 mortgages on their home right? 3% to 8% would make a huge diff. in theory, 1-2 years at 8% shouldn't be too painful if you go full 30 years, then refi when rates come back down for 20/15 years depending on how much you can afford. when we originally bought the home in 08, rates were pretty high and we got a 30 year loan. we refi'ed a few years later and our payment went up maybe $100/month for a 15 year loan. Then my cash out I went back to 30, then 2nd refi i went to a 20. 15 wasn't much difference in rate and I wasn't sure I could swing it. when housing prices went to shit last year, my taxes went up a good bit and that really saved me.

the loan agent told us we couldn't cash out until the divorce was final, so all the paper work was lined up. in the divorce papers, we did it w/o lawyers, it stated the apprised value of the home and that she would get half the equity. If y'all remain married, depending on your state, there's no impact to remove someone from the mortgage, if your state has some sort of shared property rule.

10:00*(US) MAY PENDING HOME SALES M/M: -2.7% V -0.5%E; Y/Y: -20.8% V -20.5%E

Anecdotal and here in UK. Neighbors sale just fell through as the mortgage rate rise killed their seller. House is relisted -8% today.

I am really curious about the next 5 or so years. How quickly rates may ever get back down, or is this the new norm and prices might take a 25% cut across the board long term? It somewhat cemented us staying here, which is what I want anyways, but it makes it a bit less easy to jump to a different house in the area if we wanted.

I just fear for my parents a bit, they are looking into 4.5% accounts with banks for their liquid money after I told them. They have what I assume is kinda overcosted property in Denver area, 1acre like yuppy horse ranchhouse that's super old, but the land alone desirable. Bought at like 600k was valued up to a million before recent market stuff. Ditto with my childhood home down that road, was like 250k sitting around 5-600 before the rate hikes. Then they had rejected a couple business offers to buy their 10 acres or so up in Buena vista with a small 100 year old house. They are early 70's so not like they can safely plan on "oh in 10 years".

Not sure if they should bite the bullet now selling a couple for whenever they decide where to fully retire, or hold onto it. (Just for me I"m ok with leaving it in inheritance between my brother and I.)

Sludig said:

I am really curious about the next 5 or so years. How quickly rates may ever get back down, or is this the new norm and prices might take a 25% cut across the board long term? It somewhat cemented us staying here, which is what I want anyways, but it makes it a bit less easy to jump to a different house in the area if we wanted.

I just fear for my parents a bit, they are looking into 4.5% accounts with banks for their liquid money after I told them. They have what I assume is kinda overcosted property in Denver area, 1acre like yuppy horse ranchhouse that's super old, but the land alone desirable. Bought at like 600k was valued up to a million before recent market stuff. Ditto with my childhood home down that road, was like 250k sitting around 5-600 before the rate hikes. Then they had rejected a couple business offers to buy their 10 acres or so up in Buena vista with a small 100 year old house. They are early 70's so not like they can safely plan on "oh in 10 years".

Not sure if they should bite the bullet now selling a couple for whenever they decide where to fully retire, or hold onto it. (Just for me I"m ok with leaving it in inheritance between my brother and I.)

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I would think the Denver market will remain strong unless you have reason to believe tech salaries are in a bubble (I don’t but I am not in tech) OR there will somehow be a massive move of tech companies away from Denver (I also doubt).

I do also think (and people have disagreed with me on this here) that it is strongly possible that we see a market shift when the boomer generation starts to pass away or move into assisted living. How motivated will you and your brother (or me and my sister) be to sell that house for absolute top $ versus getting what we can out of it to liquidate and split inheritance to have it over with? It can be a pain in the ass to maintain your parents’ home in a town/city you moved away from.

Kithani said:

I would think the Denver market will remain strong unless you have reason to believe tech salaries are in a bubble (I don’t but I am not in tech) OR there will somehow be a massive move of tech companies away from Denver (I also doubt).

I do also think (and people have disagreed with me on this here) that it is strongly possible that we see a market shift when the boomer generation starts to pass away or move into assisted living. How motivated will you and your brother (or me and my sister) be to sell that house for absolute top $ versus getting what we can out of it to liquidate and split inheritance to have it over with? It can be a pain in the ass to maintain your parents’ home in a town/city you moved away from.

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knowing my loser brother I'm sure he'll want to move into one of them. Not on greatest terms, so that's on ongoing concern if things get messy there. parents havnt talked about what their will says etc. Though even if they take pity and give him 75% for all I care I'd still be getting a nice boost to my own retirement.