Real Estate Crash thread

[4matic]

4matic, on the conventional offer, try and have the appraisal not a contingency of the deal. Then you don't care what it comes in at, they have to bring in cash if it is low. I am seeing lots of deals like that these days.

Good call. They wrote in "$5k over appraisal up to $400k" I'm good with that and depending on the market can reject it because I don't need to sell. I have two very experienced agents that offered their help and a lawyer to bring it home so I'm willing to take a chance. In my hood/barrio you don't see many really strong buyers although I did have an offer from Asian buyers at 20% down. House down the street is being bought with money direct from China using Chinese bank but the agent said it's one of the strangest deals he's done because they basically ignore the contracts.

[mud]

Loving this refi program though. Looks likely we will be able to close a Jumbo 30yr fixed at 3.375% and they are going to pay me $4k after all the closing cost BS! BooYa!

Who is doing the refi? That is a good rate if its a conventional Jumbo, if it's a VA Jumbo then it's about average.

[liv2ski]

Loving this refi program though. Looks likely we will be able to close a Jumbo 30yr fixed at 3.375% and they are going to pay me $4k after all the closing cost BS! BooYa!

So your saying the lender is giving you $4k and paying all your costs???? As in this is a rate and term loan, not a cash out loan? They can't give you that much cash in hand on a loan where the loan is rate and term. It will have to be applied against your present loan balance pay off, as a fyi. If you had applied for a cash out loan, for only $4k in your hand, you are getting a higher rate than if it was just rate and term refi.

Time to start a new thread, as the last year hasn't been crashing for most people.

[iceman]

No they're just happy for the business, they're giving him the $4k in unmarked twenties.

[liv2ski]

^^^Can't do it. Against the rules on a rate and term refi. Max cash allowed in hand is $2k, the balance is applied to his present pay off.

[iceman]

^^^Can't do it. Against the rules on a rate and term refi. Max cash allowed in hand is $2k, the balance is applied to his present pay off.

I was kidding, Poindexter.

[grrrr]

Interesting phenomenon here lately - since the fires last season, insurers are falling over one another to get out of this market. People from town are coming up and buying, then finding out they cant insure. Seems like something I would look into first, but that's just me.

[concretejungle]

Interesting phenomenon here lately - since the fires last season, insurers are falling over one another to get out of this market. People from town are coming up and buying, then finding out they cant insure. Seems like something I would look into first, but that's just me.

Glad I got out last summer. I was wondering how that would play out.

[comish]

Lender is Chase. Used best rate I could find online and then had them beat it. They have done this a few times for me now. Its a Jumbo jumbo. Not conforming Jumbo. Yes, rate and term refi, no cash out. Credit is going toward escrow for taxes since I'm crap at remembering to pay my property taxes ontime. 3 kids under the age of 5 will do that to the memory.

[4matic]

Bonds are getting raped beaten and shot today. I hope I can get my deal done in the next 30 days or so.

[13]

Closed this am, unloaded the Uhaul this pm, and the dog already christened his new back yard.

Bonus: Bought the house with only my name on the loan as my wife was to lose her job Nov '13. Found out Monday she is going to keep her job and get a raise.

Praise Jesus!

[liv2ski]

^^^^Schweet 13. Congrats on shit going your way.

[MontuckyFried]

Closed this am, unloaded the Uhaul this pm, and the dog already christened his new back yard.

Bonus: Bought the house with only my name on the loan as my wife was to lose her job Nov '13. Found out Monday she is going to keep her job and get a raise.

Praise Jesus!

Congrats!!! Isn't it the best feeling in the world to finally have those keys in hand?

[4matic]

Congrats!!! Isn't it the best feeling in the world to finally have those keys in hand?

I don't know. Signing a 30 year debt contract never left me feeling all giddy. There's a permanence to it that's unsettling.

[liv2ski]

I don't know. Signing a 30 year debt contract never left me feeling all giddy. There's a permanence to it that's unsettling.

I had to laugh, as I totally agree. 30 years of debt servitude gives me the willies these days. To be young where 30 years is nothing is a beautiful thing.

[MontuckyFried]

I had to laugh, as I totally agree. 30 years of debt servitude gives me the willies these days. Buy below your means and pay that shit off is my philosophy.

I hear ya, and totally agree. No way am I in this thing for 30 years, though. Wife and I are really good about hurrying to pay stuff off, so I'm not too worried about it. We drive old paid-off cars, and have no debt besides the mortgage, so that helps a lot. It's also nice that the new house's mortgage is cheaper than the rent I've been paying for the past few years! I now have a house literally 4 times the size of the first place I rented in Montana for less money, and in a WAAAAAY better location now. Only possible due to a crappy market and being a foreclosure, but a real win nevertheless. Rent is stupid expensive these days. As much as I did like the flexibility of renting, I'm tired of being gypsy and it'll be nice to settle down for a little while.

[Danno]

Interesting phenomenon here lately - since the fires last season, insurers are falling over one another to get out of this market. People from town are coming up and buying, then finding out they cant insure. Seems like something I would look into first, but that's just me.

Hmmm, that might explain why just about the only houses available on the MLS are ones up in the hills. There is no inventory at all, like none, nada, zilch, in town.

I had to laugh, as I totally agree. 30 years of debt servitude gives me the willies these days. To be young where 30 years is nothing is a beautiful thing.

Eh, 30 is just a number. Either I pay it off, sell somewhere in the middle, or walk away if the market crumbles and my life shits the bed.

[cramer]

Closed this am, unloaded the Uhaul this pm, and the dog already christened his new back yard.

Bonus: Bought the house with only my name on the loan as my wife was to lose her job Nov '13. Found out Monday she is going to keep her job and get a raise.

Praise Jesus!

Awesome dude! When i bought, same kind of boat. Uncertain future, but i was like fuck it, lets pull the trigger. Whats the worst that happens? we renting like we already are.

[cramer]

I don't know. Signing a 30 year debt contract never left me feeling all giddy. There's a permanence to it that's unsettling.

I dont know, it was the top 3 days of my life. Married #1, Kid #2, House #3. It was kind of a "you are on the right track" kind of day. Paying anywhere from 1500-2000 in rent for someone elses house for the last 10 years and start paying on your own place kind of seals the deal. That and the tax write offs. We'd be getting raped right now without those.
"

[4matic]

I dont know, it was the top 3 days of my life. Married #1, Kid #2, House #3. It was kind of a "you are on the right track" kind of day. Paying anywhere from 1500-2000 in rent for someone elses house for the last 10 years and start paying on your own place kind of seals the deal. That and the tax write offs. We'd be getting raped right now without those.
"

Because you ended up buying right which, after all, is timing and luck. Had you bought wrong you'd be getting raped in other ways.

[Benny Profane]

People are really going to change their tunes when interest rates rise.

[ColMan]

People are really going to change their tunes when interest rates rise.

Until then sellers will continue to cash in. And the best part is the fat check you're walking away with is typically tax free.

[Shredhead]

People are really going to change their tunes when interest rates rise.

How the condo search coming?

[Bobby Finstock]

People are really going to change their tunes when interest rates rise.

LOL...low interest rates are the only thing keeping the ponzi scheme rolling. Rates aren't going anywhere but down.

[El Chupacabra]

LOL...low interest rates are the only thing keeping the ponzi scheme rolling. Rates aren't going anywhere but down.

Why "ponzi scheme" - ?

Even if rates continue to decrease, they just can't get much lower: mathematically, when you're already at 3-4%, it just can't get a whole lot cheaper.

If you're able to buy, and interested in buying, the housing market can't get a whole lot better than it has been for the past 6-12 months. Rates are at or near all-time lows. Prices seem to be on the upswing, so current buyers probably missed the "bottom" of the market.