congrats on mingling a bunch of unrelated shit again. Figured out why Australia is nothing like the UK yet? Hint: it’s not interest rates, it’s the best paying sector of the economy being in bumfuckistanQuote:
Originally Posted by RoooR
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congrats on mingling a bunch of unrelated shit again. Figured out why Australia is nothing like the UK yet? Hint: it’s not interest rates, it’s the best paying sector of the economy being in bumfuckistanQuote:
Originally Posted by RoooR
Apply with a mortgage broker. CU’s often only underwrite “portfolio” products which means they keep the loan and won’t sell it to another mortgage company. Sounds like some kind of internal control was triggered, that’s pretty unusual. Sometimes CU’s are competitive (my home loan is with one of our local CU’s) - but not always. Don’t let one lender change your plan.Quote:
Originally Posted by snapt
Huh? I never heard of a FTB program for FHA loans
We applied with several brokers (MIL works in real estate) and even with the friends and family connection nobody could touch Idaho Central. Our mortgage person is awesome and has worked super close with our agent on all of our offers. The wife has some old dormant USAA and other federal accounts we’ll explore. I’m just more curious now what that mean economically for our lender to suddenly suspend a FTH program.Quote:
Originally Posted by lowsparkco
Have a mortgage broker buddy who is clearly trying to close out a non abysmal Q4 by spamming his Facebook page with temporary buy down posts. Thought being, rate ratchets up each year and ultimately lands on the current rate in year 4 but you hope for a refi before then I guess. And I assume the seller basically “pays” for the buy down somehow, maybe dropping purchase price by a fraction that is rolled into this program for the buyers benefit but it gets the house sold in a tough market?
Curious what you dirt pimps know about this and if it is actually being used? Not in the market but was curious.
I’m getting timeshare math vibes from the guy.
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By the way, anyone want to buy a timeshare? If you can’t afford to own all of something, why not buy 1/200th for 70% of the total cost?
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Timeshares, baàahaahaàa.
I think an RE auction figured into an episode of Kath & Kim which is about my only point of reference for life in Australia. :)Quote:
Originally Posted by Ted Striker
The downward slide is startingQuote:
Originally Posted by Art Shirk
Advertising a 10k reduction in price is a joke when 5 years ago the house was worth/selling for 250k and today it's some how selling for 500k
Houses that need new roofs have dated leaky bathrooms and 40 year old kitchens aren't worth what people are asking.
Time for a correction
Agreed, just look on Zillow at the estimated value in October 2020 and that is where stuff should be at the most or GTFO sellers.Quote:
Originally Posted by fastfred
Points only make sense if you plan on staying in the home until the break even point. Crystal balling where rates will be at x point in the future is a fool's errand, and broker buddy is fishing for fools.Quote:
Originally Posted by Art Shirk
"Elaine" is working for a buyer with a VA loan, and they've made two offers with points/credits at closing that were easily beaten by stronger conventional offers. Getting fancy never beats cash - of which there's still plenty out there.Quote:
Originally Posted by Art Shirk
So, when does the correction happen? What month is the RE housing market going to correct?
I'm going to say January '25
Bragging rights for those that call it.
Define correction.
As long as the buyer qualifys and the bank will lend them the money I have never understood what difference it makes if the funds come from a bank or from the buyer who has cash as long as the vendor gets paid at closing ?Quote:
Originally Posted by Ted Striker
It's going to take a lot of boomer empty nesters to finally move out of their 4 bd/3 bath homes, or die, to get prices moving in that direction. But it won't be a correction like 2008-12.Quote:
Originally Posted by Toadman
For starters, people are weird. After that, the property needs to appraise at the selling price for the collateral side of the loan. When it comes up short someone needs to cough up some cash. Since everything is negotiable, the seller doesn't want to be in the position where the buyer needs a concession or the deal falls apart, and the property goes back on the market. Properties that return to market more than once raise people's suspicions and are harder to sell (kind of like blood in the water for sharks) and for some, time is money.Quote:
Originally Posted by XXX-er
It's a slow fade to stagnation
By Feb the market will start to feel it
The reality of higher taxes and higher ins costs are just starting to catch up
People have been riding the pig with helocs spent on consumer goods and over leveraging to buy multiple properties at inflated costs.
100% of the major metropolitan areas down 10%+ in the Chase Schiller index for the previous quarter and still headed down.Quote:
Originally Posted by Ted Striker
well i won't argue people are wierd and of course the buyer may not qualify or sft especialy if its not a super clean deal but I am talking about a clean deal and every deal is different of courseQuote:
Originally Posted by Ted Striker
Back when I was a coorporate animal I actualy did win a deal by a few thou where i wasn't the highest of I think 5 bids at once I didnt actualy have the money but it was a pretty clean deal
the agent said "he has a corporate transfer to Vangroovy, he is qualifyed SO you pick him ! "
We won our first house even though the competing offer was higher. Without getting into the details, they just liked us better.
working for IBM in the 80's was like being made by the Mafia
except that instead of Guido telling me he was gona make an offer I couldn't refuse
this greasy little christian businessman made me the lifetime job offer
and i had no idea wtf until 30 yr later and it is still paying every month
10% drop in the median price of a home.Quote:
Originally Posted by Ted Striker
That's awesome, and I have often thought that when we sell I will happily take less $$ from a local family with kids rather than the largest cash offer from some out of state speculator trying to profit off Montana.Quote:
Originally Posted by Ted Striker
Yes, buy downs are being used a lot right now. You got the gist of it. They are different than just buying points. It’s not what I do so I’m not going to go into it in a lot of detail, but as I understand it, buying points the money is spent and ultimately the longer you hold the note no refi the better the value for you. With these buy downs the money is held and credited so the quicker the rate change the better. You can roll the funds from the buy down into a refinance assuming the right rate environment.Quote:
Originally Posted by Art Shirk
Probably not just an abysmal Q4, a lot of mortgage brokers and real estate agents already are or will be pursuing new careers in the near future.
Nope, I have never seen a refinanced buy down early payoff result in a partial credit.Quote:
Originally Posted by lowsparkco