Home Buying & Real Estate Thread

[ootherocoo]

My wife and I are in the home stretch of our home buying process.  The over process has been really smooth because our loan officer told us all of the information we would need, and he collected them all up front.  I'm sure we would have closed already, but the sellers were dragging there feet at the beginning until we threatened to pull out of the deal.

Some of you may already know, but my wife also gave birth to our first child, and I started a new job.  So I actually think that the sellers slowing things down at the beginning helped us.

Congrats! I see you're from NYC. Where did you guys buy your home ?

We bought a place in St. Albans, Queens. We live in Brooklyn now and prices are getting out of control. Prices of homes are just ridiculous.

 

[dam itz lou]

We bought a place in St. Albans, Queens. We live in Brooklyn now and prices are getting out of control. Prices of homes are just ridiculous.

I hear ya. Gentrification is working its way through my neighborhood in Queens. We're looking at places in Lindenwood. I really REALLY don't want move to the burbs. Taxes in LI are insane.

 

[ootherocoo]

We bought a place in St. Albans, Queens. We live in Brooklyn now and prices are getting out of control. Prices of homes are just ridiculous.

I hear ya. Gentrification is working its way through my neighborhood in Queens. We're looking at places in Lindenwood. I really REALLY don't want move to the burbs. Taxes in LI are insane.

Yea, in a couple years Brooklyn will be a very different place. It's already the most expensive borough.

Lindenwood is really nice too, but the taxes will be something serious.

 

[heliumclinton]

I'm telling y'all to invest in Bronx properties if you want a come up in a few years

Once they finish invading Brooklyn that's the next place they going

 

[slicknick951]

I'm telling y'all to invest in Bronx properties if you want a come up in a few years

Once they finish invading Brooklyn that's the next place they going

They already started in the Bronx. But its not too late to act

 

[dam itz lou]

I'm wondering what kind of affect would a shut down of the L train do to real estate in the area. I hope the hipsters go away.

 

[jthagreat]

In 2005 my college roommate worked at the airport made 12 bucks an hour and owned 3 homes valued at over 1.3 million dollars.


That my friends is why the housing bubble crashed.

Yup banks giving 750K loans to households with a 100K income was very common in the DC area.

I don't know how people can afford it, or even pay that bill monthly. All them government workers (that aren't also retired military) gotta be struggling in some of them house I seen.

 

[capital sb]

I don't know how people can afford it, or even pay that bill monthly. All them government workers (that aren't also retired military) gotta be struggling in some of them house I seen.

Yeah I think it might be a 50/50 thing. Some people purchased their home 20 years ago and now they are worth 1MM+, some people recently bought their 750K+ home.

There is also a lot of dual 6 figure income households out here too, so I guess they can afford it. It's definitely a lot of people "keeping up with the joneses" though.

 

[aepps20]

Yeah I think it might be a 50/50 thing. Some people purchased their home 20 years ago and now they are worth 1MM+, some people recently bought their 750K+ home.
There is also a lot of dual 6 figure income households out here too, so I guess they can afford it. It's definitely a lot of people "keeping up with the joneses" though.

This is why I think it is important for people to run their own race. There is absolutely no point in ruining your financial future (even when you can afford it) trying to impress people. With that said, I know DC and places like that are just very expensive no matter what you do.

 

[jthagreat]

false

Yeah I think it might be a 50/50 thing. Some people purchased their home 20 years ago and now they are worth 1MM+, some people recently bought their 750K+ home.
There is also a lot of dual 6 figure income households out here too, so I guess they can afford it. It's definitely a lot of people "keeping up with the joneses" though.

This is why I think it is important for people to run their own race. There is absolutely no point in ruining your financial future (even when you can afford it) trying to impress people. With that said, I know DC and places like that are just very expensive no matter what you do.

THIS.

I constantly think about getting a new car, (I drive an '04 Impala ss that was given to me.) I can afford, especially when I 'compare pockets' with others a better car, but I gotta stay true to me and my goals.

Don't even necessarily know what my goals are, but having a $500+ monthly payment for a 'regular car' just makes me cringe.

 

[capital sb]

This is why I think it is important for people to run their own race. There is absolutely no point in ruining your financial future (even when you can afford it) trying to impress people. With that said, I know DC and places like that are just very expensive no matter what you do.

It all depends how you decide to live your life. A lot of people are anti MD (I say anti black in most cases), but it is the cheapest area to live in around here (depending on location). You can make other life adjustments too to make things more affordable, but that is another topic for another thread.

 

[aepps20]

false
THIS.

I constantly think about getting a new car, (I drive an '04 Impala ss that was given to me.) I can afford, especially when I 'compare pockets' with others a better car, but I gotta stay true to me and my goals.

Don't even necessarily know what my goals are, but having a $500+ monthly payment for a 'regular car' just makes me cringe.

I commend your discipline. So many people don't have financial discipline to put off what they want for the greater good. I know that everyone has a different financial situation and what's frivolous to one may not be for another but financial discipline no matter how much or little you have is important.

 

[trappstar]

I live in DC , and am looking to buy but am terrified of the prices. At the same time, I have been paying north of 2K/month for an apartment for the past three years. It's impossible to find a decent 2 br in the city for under 5-6. Given that the majority of the populace are government workers with capped salaries, it's hard being reassured of the old adage that prices never drop in DC. As crazy as it is, though, DC is just being resurrected. In ten years, the city will be another animal with all of the money that is being invested, so it's not far fetched to think prices will continue to increase.

 

[phillie]

I live in DC , and am looking to buy but am terrified of the prices. At the same time, I have been paying north of 2K/month for an apartment for the past three years. It's impossible to find a decent 2 br in the city for under 5-6. Given that the majority of the populace are government workers with capped salaries, it's hard being reassured of the old adage that prices never drop in DC. As crazy as it is, though, DC is just being resurrected. In ten years, the city will be another animal with all of the money that is being invested, so it's not far fetched to think prices will continue to increase.

Are you set in stone on living in DC?  Would you move to MoCo?  I live in Gaithersburg and while the prices are not cheap, for a $2000 a month mortgage, I have a 3 bedroom 3 bathroom townhouse at 2100 sq feet and a large deck with a backyard. 

 

[jthagreat]

I live in DC , and am looking to buy but am terrified of the prices. At the same time, I have been paying north of 2K/month for an apartment for the past three years. It's impossible to find a decent 2 br in the city for under 5-6. Given that the majority of the populace are government workers with capped salaries, it's hard being reassured of the old adage that prices never drop in DC. As crazy as it is, though, DC is just being resurrected. In ten years, the city will be another animal with all of the money that is being invested, so it's not far fetched to think prices will continue to increase.

That is crazy man. I wish it was appropriate to ask how much you make...with that said, government GS employees aint making money like that. DC has the nearly same locality as Detroit (Where im at) and I couldn't imagine everyone being gs 14 and above to afford that.

I am truly befuddled. I guess you would need to be married (dual income) to breath there.

Edit: notice all my posts are whining and full of complaints. lol my apologies

 

[trappstar]

Are you set in stone on living in DC?  Would you move to MoCo?  I live in Gaithersburg and while the prices are not cheap, for a $2000 a month mortgage, I have a 3 bedroom 3 bathroom townhouse at 2100 sq feet and a large deck with a backyard. 

I'm such a city boy at heart. I realize that I can move out but being a bachelor living outside of the city does not appeal to me. I also don't have a vehicle, and really enjoy not having one. Furthest I'd consider is downtown Silver Spring or Ballston, and those arent really that much better than city prices, so the value gained isn't really significant enough for me to consider it.

Crazy thing is, I was raised in the deep south, but I've lived in expensive cities the past five years, having moved to DC from San Francisco, so you get used to it. Not having a car probably offsets the high rental rates by $500/month, so you get some leeway from that aspect.

That is crazy man. I wish it was appropriate to ask how much you make...with that said, government GS employees aint making money like that. DC has the nearly same locality as Detroit (Where im at) and I couldn't imagine everyone being gs 14 and above to afford that.

I am truly befuddled. I guess you would need to be married (dual income) to breath there.

I'm blessed to make a comfortable salary so the egregious rental rates don't impact my quality of life but from a principal standpoint at times it becomes infuriating, especially because I don't think DC has the amenities and entertainment to justify the cost of living, though I truly enjoy being a resident. In SF, you have world renowned views and oceans, etc. at every corner you turn, so it's easier to rationalize the cost of living.

 

[Xennial]

Does anyone here know if Lofts generally hold value well or not?  We currently live in a 2 story loft in SF and my daughter's mother wants to buy a house in Sunnyvale which is the suburbs but I love lofts and would actually want to look at them if we're going to buy.

 

[capital sb]

 
Does anyone here know if Lofts generally hold value well or not?  We currently live in a 2 story loft in SF and my daughter's mother wants to buy a house in Sunnyvale which is the suburbs but I love lofts and would actually want to look at them if we're going to buy.

Looking to buy a true loft with no bedrooms? Or a 1 bedroom with a loft? 

 

[monstar]

Does anyone here know if Lofts generally hold value well or not?  We currently live in a 2 story loft in SF and my daughter's mother wants to buy a house in Sunnyvale which is the suburbs but I love lofts and would actually want to look at them if we're going to buy.

Lofts in sunnyvale? Where would they be, as there arent to many structures that would be considered loft style condos or townhomes

 

[Xennial]

Lofts in sunnyvale? Where would they be, as there arent to many structures that would be considered loft style condos or townhomes

I meant loft in the city rather than house in sunnyvale

 
Looking to buy a true loft with no bedrooms? Or a 1 bedroom with a loft? 

We rent a 2 story loft right now where upstairs is the sleeping area and everything else is downstairs, what is that considered?

 

[capital sb]

 
I meant loft in the city rather than house in sunnyvale

We rent a 2 story loft right now where upstairs is the sleeping area and everything else is downstairs, what is that considered?

To me that is a true loft, but there are some lofts with one bedroom down stairs and a loft upstairs.

I would say that it would hold its value depending on the location. Just know that when you are looking to sell you will only attract a specific demographic of people.(Single, no kids, etc).

A 3 bedroom, 2 bathroom house is the most marketable home.

 

[eugenile gts]

bay area folks looking to buy..

GOOD LUCK. #dead

 

[jthagreat]

Anyone have any experience with a Broker Price opinion vs an appraisal?

Trying to get the PMI from my loan taken off. The company im with states to do a "borrower requested cancellation based upon current property value" it would need to showcase a LTV of 75% and not 80-78% which i believe is typical.

Basically i can pay $105 for the BPO or 445$ for a full appraisal.

Should or has there been instances where a full appraisal brings back a higher value than a BPO ?

Id rather pay for the BPO and get a high (or as high) of an estimate as the appraisal.

what are your thoughts? The value has went up based on quick comparables my bank did, and zillow/sites...

anyone got any thoughts?

 

[crcballer55]

Anyone have any experience with a Broker Price opinion vs an appraisal?

Trying to get the PMI from my loan taken off. The company im with states to do a "borrower requested cancellation based upon current property value" it would need to showcase a LTV of 75% and not 80-78% which i believe is typical.

Basically i can pay $105 for the BPO or 445$ for a full appraisal.

Should or has there been instances where a full appraisal brings back a higher value than a BPO ?

Id rather pay for the BPO and get a high (or as high) of an estimate as the appraisal.

what are your thoughts? The value has went up based on quick comparables my bank did, and zillow/sites...

anyone got any thoughts?

BPO's are typically done on foreclosures by the bank to determine the price they want to sell the property at and are done either at the broker's desk just basing the property value off comps or by driving by the property. An appraisal though is the person actually coming out to the property to see the condition of the home along with any upgrade and/or issues and then basing that on the other home sales in the area. That's why the price is so different. If you've done upgrades to the home to make it more valuable those probably won't be in the BPO since the Realtor/Broker has no way to determine that.

 

[jthagreat]

Anyone have any experience with a Broker Price opinion vs an appraisal?


Trying to get the PMI from my loan taken off. The company im with states to do a "borrower requested cancellation based upon current property value" it would need to showcase a LTV of 75% and not 80-78% which i believe is typical.


Basically i can pay $105 for the BPO or 445$ for a full appraisal.


Should or has there been instances where a full appraisal brings back a higher value than a BPO ?


Id rather pay for the BPO and get a high (or as high) of an estimate as the appraisal.


what are your thoughts? The value has went up based on quick comparables my bank did, and zillow/sites...


anyone got any thoughts?

BPO's are typically done on foreclosures by the bank to determine the price they want to sell the property at and are done either at the broker's desk just basing the property value off comps or by driving by the property. An appraisal though is the person actually coming out to the property to see the condition of the home along with any upgrade and/or issues and then basing that on the other home sales in the area. That's why the price is so different. If you've done upgrades to the home to make it more valuable those probably won't be in the BPO since the Realtor/Broker has no way to determine that.

The BPO according to the paperwork will include them coming inside.
My question is, SHOULD I expect a huge difference between the two. Should i assume the full appraisal will bring back a higher price? thanks for the above info.