AB_skin_test wrote:There was a new rule on FHA loans that you had to stay a certain time period to get some perks that were being offered. It was specifically so that people wouldn't take the perks and flip their houses immediately.
But how is that enforced? The FHA can't stop someone from selling. They might be able to make you repay the perks, but if you are really in a position to sell, it might be worth it.
Still, unless you are going to leave the area or downsize to a rental, does rising home equity really do much for you? It seems to me that if you move out of your place, you would just have to buy another house, and the price of that one has probably gone up just as much.
Yeah. You have to repay, and you are correct it can be worth it. The point was, I think to stop house flippers from getting free money.
And equity can help if you wanted to get a home equity loan to improve or pay off consumer debt.
You know what you need? A lyrical sucker punch to the face.
I feel for Clevelanders and Detroiters, because they always cringe a bit after naming their home city, waiting to see if you'll respond with some sort of a wiseass remark.
HaulCitgo wrote:A good RE deal is still a solid place to park money. Stocks have run up too much. Low increasing rate environment makes bonds look unattractive. Tax advantaged retirement just freezes money too long. I do think you need to consider property taxes, mortgage interest (less 25-40% presuming a full tax deduction) and maintenance costs to get to an apples-to-apples rent vs. buy analysis but my calculation says buy.
As southeastern price points 30327 Atlanta is up at least 15-20% from the bottom... I bought in Dec 2011. My neighbor last week put their house on the market for 72% higher than I paid for my foreclosed property. Granted, its not a sale but another neighbor on my street has theirs for sale for more than the immediate neighbor and is pissed that the immediate neighbor is lowballing. I bet the immediate neighbor gets 90% of what she asks. A true sale across the street went for 55% higher than mine late last year. Each of those is nicer but not that much nicer. No more than 500 sq ft bigger. I bet I could sell 60k higher right now.
Unfortunately, I do own another place that im having to now rent for less than my mortgage because I cant sell yet. So generally current prices in a desirable area (but not top of the market) haven't yet caught up to 2003 purchase prices. The main builder in that old area has been finishing up all the lots he stopped work on in 2008. They've probably built 20 houses or so in the last year and no way that guy still has the pockets to front those costs. He has to be selling them.
For what its worth and because its interesting to get real price points, the immediate neighbor ending up selling her house after about 2 months. Cut about 65k off the price during that period. Still sold for $145k more than mine 1.5 years ago. The house down the street is still sitting after two months. That price is $400k more than mine. They are basically stuck, especially after the neighbors sale set the market far below their asking price. Id say prices are up 20% from winter 2011
HaulCitgo wrote:Id say prices are up 20% from winter 2011
Of course, every market is different. But things are still blazing hot in my part of the Bay Area (the mid-peninsula, south of SF, north of SJ, west of the Bay). My next door neighbor sold his house a couple weeks ago, and I was shocked at how much he got for it. He priced it high and got six offers, four of them over his asking price, a couple of them straight cash. I'm guessing he got 50% more than he would have gotten in the winter of 2011. Our little burg is known for good public schools, and being the junior varsity option for people who want but can't afford Palo Alto or Menlo Park.
HaulCitgo wrote:Id say prices are up 20% from winter 2011
Of course, every market is different. But things are still blazing hot in my part of the Bay Area (the mid-peninsula, south of SF, north of SJ, west of the Bay). My next door neighbor sold his house a couple weeks ago, and I was shocked at how much he got for it. He priced it high and got six offers, four of them over his asking price, a couple of them straight cash. I'm guessing he got 50% more than he would have gotten in the winter of 2011. Our little burg is known for good public schools, and being the junior varsity option for people who want but can't afford Palo Alto or Menlo Park.
I guess we can safely assume Randy Moss will be playing for the niners or the raiders, then.
You know what you need? A lyrical sucker punch to the face.
So is it uncouth to demand that the buyer come in with a briefcase full of bills? Id love to sit at a closing table with a briefcase full of money.
Unrelated story... somewhat shady client in the gas station "coin operated amusement" biz comes in 3 weeks ago to make payment of fees with a bag full of money. Im on vacation so the 110lb intern gets the pleasure of counting bills and then calling me to ask how to tell the large, well dressed, indoor shades type client that he shorted us.
I'm making an offer on a house! I shall update accordingly. It is damned sweet though.
As someone who came to an agreement on a house three weeks ago (and barely 48 hours after seeing the house for the first time), congratulations and good effing luck.
“All I'm sayin' is, he comes near me, I'll put him in the wall.”
The owners of the house we are buying are actually replacing the deck.
It was originally just built on the ground with no posts going underground. As a result, the primary support beam rolled, so water runs toward the house and creates a seepage issue.
I am stunned, but, I guess that, after a couple contractors came out, they figured that they could replace it for less than the appraised value.
“All I'm sayin' is, he comes near me, I'll put him in the wall.”
DSafetyGuy wrote:The owners of the house we are buying are actually replacing the deck.
It was originally just built on the ground with no posts going underground. As a result, the primary support beam rolled, so water runs toward the house and creates a seepage issue.
I am stunned, but, I guess that, after a couple contractors came out, they figured that they could replace it for less than the appraised value.
Correction: They are "making it whole" by fixing the seepage issue and replacing a few boards on the deck, as well as putting in some in-ground supports. This promises to be fun.
Added bonus: My wife is already packing. The moving truck shows up nine weeks from yesterday.
“All I'm sayin' is, he comes near me, I'll put him in the wall.”
We started packing about that far in advance and still had shit unpacked on moving day. Don't sleep on preparation. Also, don't sleep, period. More time to pack.
You know what you need? A lyrical sucker punch to the face.
AB_skin_test wrote:We started packing about that far in advance and still had shit unpacked on moving day. Don't sleep on preparation. Also, don't sleep, period. More time to pack.
Oh, I know. I plan on watching TV and being online the night before.
“All I'm sayin' is, he comes near me, I'll put him in the wall.”
Whoa, you never said anything about a bell tower. I totally wouldn't have tried to talk you out of buy the house. So tempted to walk up to the GF and say "do you come with the house?" [Simpsons reference for you youngins'.]
An honest to God cult of personality - formed around a failed steak salesman.
-Pruitt
The Sybian wrote:Whoa, you never said anything about a bell tower. I totally wouldn't have tried to talk you out of buy the house. So tempted to walk up to the GF and say "do you come with the house?" [Simpsons reference for you youngins'.]
Man, our new place doesn't have a bell tower. Got ripped off. Clearly.
“All I'm sayin' is, he comes near me, I'll put him in the wall.”
