Home Buying & Real Estate Thread

Bay Area pricing remains absurd.

Do I love where I live in terms of proximity to freeways? No, takes 15 mins or so. But at least am 10 mins from BART so the city is accessible.

But we owe less than 300k on our house on a 30yr @ 4.5%. So we're cash out refinancing and looking to do an addition which would create more living space. Refi into a 15yr at 3%. Will have the house paid down significantly in a few years. If money stays cheap will look to re tap into the equity and find a rental.
 
I might be working for a company headquartered in Oakland. Can you get a decent 3-4bd for $500K within 45 minutes of downtown?
 
Dam itz Lou said:
Anyone have furniture from Target ? They have some cool stuff.
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Used to have a coffee table. Decent quality. Great if you're planning to move often, but I'm not sure if it would hold up over time.

If you're patient and looking for deals, try Craigslist. Still have our dining room set that we bought from someone there 8 years ago for $100. Would go for at least $4-500 retail.
 
Craigslist is a great come up if you're in a large market too.

We are currently redoing our living room because of our young child and due to the configuration we just hired an interior decorator. My wife will still highlight certain pieces that we'll find at random stores and Craigslist.
 
The current owners of the house want to find a tenant so they can get rental income for August. They can't get anyone without our approval. The people they're getting though.:rolleyes

A chick with 2 kids with different last names, another dude in the picture, $25K in debt, and a bankruptcy on her credit report. They said they were highly qualified. yeahhhh....:rolleyes

Another guy with 5 kids with 2 different people, leaving 3 behind in PR, owns a few liquor businesses there, and wants to open one here. I can see the other 3 kids coming, staying a while, and then I got a mini day care center on my hands. He's related to one of the agents at my brokers place and my broker seems to be trying really hard for us to give him the place.
 
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damn...the mortgage lady called and had bad news on the house we won a bid on...i guess the sellers didn't own the home for at least 90 days so the contract fell through...plus they found a couple of liens that were on the house...the mortgage lady is assuming they are trying to price gouge the home for more than 10% because they can't come up with receipts for the upgrades...we lost $550 from the inspections/termite/foundation...plus the $100 option fee...me and my fiancee are heartbroken...

how does a realtor not know any of this info from their client before they put a house up for sale...playing with our emotions...
 
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Dreamer23 said:
damn...the mortgage lady called and had bad news on the house we won a bid on...i guess the sellers didn't own the home for at least 90 days so the contract fell through...plus they found a couple of liens that were on the house...the mortgage lady is assuming they are trying to price gouge the home for more than 10% because they can't come up with receipts for the upgrades...we lost $550 from the inspections/termite/foundation...plus the $100 option fee...me and my fiancee are heartbroken...

how does a realtor not know any of this info from their client before they put a house up for sale...playing with our emotions...
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Realtor is lazy. At the very least, they should have a copy of the tax record which would show when the ownership had changed hands. A lot of realtors will just take whatever they can get though, so I'm not particularly surprised...Sorry to hear about this though.
 
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Dam itz Lou said:
The current owners of the house want to find a tenant so they can get rental income for August. They can't get anyone without our approval. The people they're getting though.:rolleyes

A chick with 2 kids with different last names, another dude in the picture, $25K in debt, and a bankruptcy on her credit report. They said they were highly qualified. yeahhhh....:rolleyes

Another guy with 5 kids with 2 different people, leaving 3 behind in PR, owns a few liquor businesses there, and wants to open one here. I can see the other 3 kids coming, staying a while, and then I got a mini day care center on my hands. He's related to one of the agents at my brokers place and my broker seems to be trying really hard for us to give him the place.
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What's the backstory here? Specifically, why would the owners of a house need your approval before finding tenants?




...
 
SuperAntigen said:
What's the backstory here? Specifically, why would the owners of a house need your approval before finding tenants?
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We're buying the house and should have the keys by the end of the month.

My broker is starting to irritate us. When we started to look for a tenant we told him no more than 4-5 people and he agreed. I don't get why he's pushing so hard for them. There's an apartment available a few houses down. Same house & same layout.
 
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crcballer55 crcballer55 or anyone else, I'm buying a house and picking between two highly recommended lenders. Besides just comparing rates/APR anything else I need to be sure to consider?
 
206to813 said:
@crcballer55 or anyone else, I'm buying a house and picking between two highly recommended lenders. Besides just comparing rates/APR anything else I need to be sure to consider?
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Ability to close the loan on time and communication are big ones.

What kind of loan are you getting? If it's not a conventional, how often do they close that type of loan?

Will the loan be a portfolio loan (they will keep ownership of it), or will they be selling it to someone else? Personally, if I can get a loan that the lender will hold themself, I would go with them because I don't know who will own my note and how they will manage the loan should things go sideways. Working for an REO company for several years, I heard way too many horror stories from people who had their note bought by a bank and were given the runaround before being foreclosed on.

There are fees too, but those vary by lender. Try to play each lender against the other and see if they're willing to budge on some fees (which are part of the APR vs. interest rate).

Who are the two lenders? I would stay away from any of the large banks (Wells Fargo, Chase, BofA, Citi). Try to stick with a lender where you can have a single point of contact to deal with and actually hold them accountable if things go wrong.
 
Thx. Conventional. Both lenders are small local companies, at least they appear to be. Communication with both are top notch. They'll respond to a text at any time or day. I'm comfortable with both we'll close on time. I'll ask about if they'll sell the loan. I didn't know to ask that, I thought that's what's always done.
 
206to813 said:
Thx. Conventional. Both lenders are small local companies, at least they appear to be. Communication with both are top notch. They'll respond to a text at any time or day. I'm comfortable with both we'll close on time. I'll ask about if they'll sell the loan. I didn't know to ask that, I thought that's what's always done.
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Cool.

Ya, most of the time it is but like I said if I can avoid it I do. At least ask who they will likely sell the loan to. I went with our preferred lender to buy our house only to have them sell the loan to Chase (my LAST choice for owning my loan). Thankfully within 4 months I refinanced it and got out.
 
Fwiw i asked one about the sellingof the loan and he clarified to me he is the broker, vs the actual lender which makes sense. So yeah it could and prob would get sold..he didnt say that last part but that's what im thinking
 
LazyJ10 said:
Bay Area pricing remains absurd.

Do I love where I live in terms of proximity to freeways? No, takes 15 mins or so. But at least am 10 mins from BART so the city is accessible.

But we owe less than 300k on our house on a 30yr @ 4.5%. So we're cash out refinancing and looking to do an addition which would create more living space. Refi into a 15yr at 3%. Will have the house paid down significantly in a few years. If money stays cheap will look to re tap into the equity and find a rental.
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L lazyj10 at what age did you buy and what city are you in? Any advice for someone in their late 20s that's saving up in the Bay Area. Everything seems expensive. Also what areas are you looking at for your second purchase?
 
What would it cost to add a door leading outside with a few steps ? I asked my broker and he said about $10K, which seems like a lot. He said you have to get an architect involved which is the most expensive part and then you have the actual materials and labor.
 
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