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The Home Ownership Thread - Page 58

post #856 of 2579
^ word. Out of curiosity, does your lease say anything about this situation? Are you even obligated to let them update (not repair) during your tenancy?
post #857 of 2579
When I bought 2.5 years ago my place was appraised $40k over my purchase price. icon_gu_b_slayer[1].gif
post #858 of 2579

My girlfriend/soon-to-be fiance bought a townhouse last May.  She got them to accept a $245K offer even though they said a cash offer was higher.  It was recently appraised at $285K.  She found this place by looking through listings that were taken off the market and contacting the sellers to see if they were willing to sell.  The three people she contacted would all accept a lower price than those in the same subdivision that were on the market.  The one she bought was more updated than those that were on the market as well.

 

Other than a few minor hiccups we are finding in the place it was a great purchase.  Should have it paid off in a couple of years as well even though she has a 30yr loan.  I told her to keep the extra and invest it as a loan with a 3-4% rate will not be around for much longer.

post #859 of 2579
Quote:
Originally Posted by RedLantern View Post

^ word. Out of curiosity, does your lease say anything about this situation? Are you even obligated to let them update (not repair) during your tenancy?

I looked after the fact and didn't see anything about renovations. Something to think about next time I'm signing a lease.
post #860 of 2579
Quote:
Originally Posted by Ataturk View Post

Hail turned my car into a golf ball and tore up the roof on my house...

...my old house, which has a contract on it.

SOB.



Buyer wants a new roof, doubt the insurance will pay for it, since only one face of the roof seems to have really gotten it, but if they do, do I want to sell them the house with a new roof for the previously agreed purchase price?

Shows what I know. Took the adjuster about 10 minutes to decide the roof was totaled.
post #861 of 2579
^^ happened to me about 3 yrs ago. Insurance put a whole new roof on and then doubled my premiums.
post #862 of 2579
Our driveway looks like it was put in sixty years ago and then completely ignored. It's now a loosely-bound rectangular vaguely-flattish pile of rubble, only large enough for one car, whose western edge is less than a foot off the property line of our 50'-wide lot.

Wife and I would like to replace the driveway within the next year or so, preferably with something permeable like this. Terrain slopes to the property line such that we'd probably need to factor a retaining wall and drainage solution into the project. We are not good at or interested in renting a compactor and shoveling gravel to do it ourselves, so we'll get a few estimates from outfits recommended by the community listserv.

Any particular concerns we should be aware of?
post #863 of 2579
post #864 of 2579
oh, wow. That's... um...wow
post #865 of 2579
Thread Starter 
Absolutely hysterical.
post #866 of 2579
That is classic. Love it.
post #867 of 2579
How do you explain suddenly coming across a large sum of money to a loan officer you previously dealt with? There's a low limit on how much can be what they consider a "gift" so it obviously wasn't that... Trying to out together a larger down payment to save a lot of money.
post #868 of 2579
Quote:
Originally Posted by VLSI View Post

How do you explain suddenly coming across a large sum of money to a loan officer you previously dealt with? There's a low limit on how much can be what they consider a "gift" so it obviously wasn't that... Trying to out together a larger down payment to save a lot of money.

They are going to make you substantiate the down payment. You're going to have to provide records. I'm not sure why you have a low gift limit, can you explain? A gift letter is usually the way.

I think the answer is the truth. It doesn't really matter if you've dealt with him previously or not, why would it? He wants to do a deal and will advise you on how to substantiate it. If you've got a reason then find another broker. Unless it was ill gotten gain, of course.
post #869 of 2579
Quote:
Originally Posted by idfnl View Post

I think the answer is the truth. It doesn't really matter if you've dealt with him previously or not, why would it? He wants to do a deal and will advise you on how to substantiate it. If you've got a reason then find another broker. Unless it was ill gotten gain, of course.

No, funds are totally legit. When I had previously spoken with them, I was told only up to 5% could come as a gift. It's possible this only meant when they were evaluating how much money I had as cash on hand for obtaining my pre-qual? By the time I talk to them again, the money will be free and clear in my bank account.

In reading through this: http://www.nytimes.com/2012/12/30/realestate/mortgages-to-givers-of-down-payments.html?_r=0
Maybe I heard it backwards... that at least 5% had to be mine, which it is, by far. Can anyone clear this up for me?
post #870 of 2579
Bank had my wife open a checking account with interest then she moved a chunk of money into it. they ran a credit check for overdraft or some shit without her permission then in the months before the purchase she moved that chunk of money back. They made her supply statements for both accounts and asked for something in writing about the credit check. Prepare that kind of backup for all the money movements you've had. They get picky.
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