The Home Ownership Thread

Discussion in 'Fine Living, Home, Design & Auto' started by Douglas, Jan 31, 2012.

  1. RedLantern

    RedLantern Senior member

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    ^ 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?
     
  2. patrickBOOTH

    patrickBOOTH Senior member Dubiously Honored

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    When I bought 2.5 years ago my place was appraised $40k over my purchase price. :slayer:
     
  3. jbarwick

    jbarwick Senior member

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    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.
     
  4. Joffrey

    Joffrey Senior member

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    I looked after the fact and didn't see anything about renovations. Something to think about next time I'm signing a lease.
     
  5. Ataturk

    Ataturk Senior member

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    Shows what I know. Took the adjuster about 10 minutes to decide the roof was totaled.
     
  6. idfnl

    idfnl Senior member

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    ^^ happened to me about 3 yrs ago. Insurance put a whole new roof on and then doubled my premiums.
     
  7. random-adam

    random-adam Senior member

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    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?
     
  8. imschatz

    imschatz Senior member

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    Last edited: Apr 10, 2013
  9. Thomas

    Thomas Senior member

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    oh, wow. That's... um...wow
     
  10. Douglas

    Douglas Stupid ass member

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    Absolutely hysterical.
     
  11. aravenel

    aravenel Senior member

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    That is classic. Love it.
     
  12. VLSI

    VLSI Senior member

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    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.
     
  13. idfnl

    idfnl Senior member

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    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.
     
  14. VLSI

    VLSI Senior member

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    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?
     
    Last edited: Apr 13, 2013
  15. mike1445

    mike1445 Senior member

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    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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