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Page 57 of 296

First

7 37 47 52 53 54 55 56 57 58 59 60 61 62 67 77 107 157 257

Last

06-26-2015 , 08:46 PM

#1401

Doc T River

Master of the Edit Line

Join Date: Sep 2007 Posts: 13,059

Quote:

Originally Posted by rageotones

Have they considered a realtor?

Yes, but they still wanted my opinion as they consider me highly intelligent.

Last edited by Doc T River; 06-26-2015 at 08:46 PM. Reason: got them fooled, don't I?

Quote

06-26-2015 , 09:33 PM

#1402

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Quote:

Originally Posted by rageotones

Have they considered a realtor?

If you try to sell without a realtor, no realtor will show their clients to you house right? So I've 80%+ of buyers never see it?

Quote

06-27-2015 , 11:23 AM

#1403

GooseHinson

Carpal \'Tunnel

Join Date: Feb 2006 Posts: 6,584

Some will still show it, but you'll be getting calls beforehand asking what you're paying for them to bring their clients (usually they'll ask for whatever the norm is in the area). Still many won't show it even if you're paying full buying commission as it's a big pain in the ass dealing with an unrepresented party.

Quote

06-27-2015 , 02:22 PM

#1404

ninetynine99

Carpal \'Tunnel

Join Date: Oct 2004 Posts: 9,238

Quote:

Originally Posted by gregorio

As a seller or buyer? Houses are deliberately priced like 5% under market value, knowing there'll be a bidding war and they'll get 10% above asking within a week of listing it. Everyone looking at those houses know they have to come in over asking, and most have lost bidding wars multiple times already.

Same here in Vancouver. Standard.

Quote

06-27-2015 , 09:29 PM

#1405

Booker Wolfbox

Carpal \'Tunnel

Join Date: Aug 2012 Posts: 38,654

Quote:

Originally Posted by eastern motors

If you try to sell without a realtor, no realtor will show their clients to you house right? So I've 80%+ of buyers never see it?

I've never had a problem selling a property by owner without a realtor, but I advertise that I'm willing to pay a buyer's agent commission and in some instances I've paid a nominal fee to get it on the MLS though a discount outfit. With Zillow etc I'm not sure that's even worth it any more for a good property in a hot market.

It's true that some buyer's agents won't deal with FSBO properties, but sometimes they don't have a choice when the client sees the property and insists on looking at it.

Quote

06-28-2015 , 10:55 AM

#1406

wombat4hire

in touch with humanity

Join Date: Oct 2008 Posts: 6,940

Found some interesting reddish orange stuff on a beam in my attic today during a routine walk-thru. Little droplet shaped things. Had no clue what it could be till I actually touched it - my first thought was it reminded me of bow rosin.

That's effectively what it is. (not my pic). Harmless stuff.

Learn something new every day in the adventures of home owning. I was just up there a couple weeks ago and didn't notice. Must have been the extreme 100+ heat the past two weeks. I'm sure its easily 130+ in the attic.

Quote

06-28-2015 , 05:55 PM

#1407

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

If I buy a duplex and rent half of it out, do I still get the homestead tax credit on the whole mortgage?

Quote

06-28-2015 , 06:02 PM

#1408

Booker Wolfbox

Carpal \'Tunnel

Join Date: Aug 2012 Posts: 38,654

Quote:

Originally Posted by eastern motors

If I buy a duplex and rent half of it out, do I still get the homestead tax credit on the whole mortgage?

Michigan:

1. Only half will get the principal residence exemption (homestead property taxes). You'll pay the higher non-homestead rate on the other half.

2. Only half is eligible for the property tax credit (form 1040-CR).

3. You would deduct half of the mortgage interest and property taxes on Schedule A, the other half on Schedule E (offsetting rent received).

Quote

06-29-2015 , 10:54 PM

#1409

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Anyone know if it is possible/hard to "convert" a multi-family home to a single family home for deed purposes? Need to do this so I can get a PMI-free mortgage (approved for 5% down, no-PMI, on single family house, not multi). House is not FHA eligible. It's not really a multi-family home, it's a bungalow with a tiny kitchen upstairs and an extra door.

Quote

06-30-2015 , 09:24 PM

#1410

rageotones

Pooh-Bah

Join Date: Jul 2005 Posts: 4,571

Way more interested in how you get a 5% down mortgage with no PMI.

Quote

06-30-2015 , 09:24 PM

#1411

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Quote:

Originally Posted by rageotones

Way more interested in how you get a 5% down mortgage with no PMI.

770 credit

Quote

06-30-2015 , 09:50 PM

#1412

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Quote:

Originally Posted by eastern motors

So that's basically impossible. Seller would have to rip out the kitchenette before I buy it. Doubt that happens even if I pinky swear.

Seller apparently might accept FHA.

Does it make any sense for me to pay ~$2700 upfront pmi and ~$1300/yr pmi to be able to rent out an upstairs apartment? Probably can get $600/month.

Quote

07-01-2015 , 05:59 AM

#1413

awval999

Election Monitor.

Join Date: Mar 2005 Posts: 6,269

Quote:

Originally Posted by eastern motors

can u do lmpi where you take a slightly higher interest rate?

Quote

07-01-2015 , 07:17 AM

#1414

RunDownHouse.

veteran

Join Date: Mar 2013 Posts: 2,605

Quote:

Originally Posted by rageotones

Way more interested in how you get a 5% down mortgage with no PMI.

Doctor mortgage.

Quote

07-03-2015 , 03:10 PM

#1415

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Quote:

Originally Posted by awval999

can u do lmpi where you take a slightly higher interest rate?

Had to do the FHA. I can refi in 6 months after doing whatever mods I need to do to get to a "single family home". Then if I am so inclined, undo those mods after re-appraisal. Planning to just rent to a friend and share the main kitchen.

Quote

07-03-2015 , 03:28 PM

#1416

pwnsall

CFBBPC

Join Date: Jun 2006 Posts: 65,636

if you price based on the actual condition of everything they will ask for money or work after inspection for the things you thought you priced in

Quote

07-03-2015 , 04:49 PM

#1417

Banana man

veteran

Join Date: Apr 2013 Posts: 3,423

Quote:

Originally Posted by eastern motors

i still dont understand how u were going to get no pmi with only 5% down. I've never heard of that

all of my pmi payments were tax deductable untill last year when i made 150k and wifey made 70k, then this deduction went away

Quote

07-03-2015 , 07:05 PM

#1418

eastern motors

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 9,213

Quote:

Originally Posted by Banana man

I'm happy to refer you to my Mortgage Broker. PM me if you want his contact info.

Quote

07-03-2015 , 07:19 PM

#1419

nyc999

Carpal \'Tunnel

Join Date: Sep 2004 Posts: 18,661

I got around PMI by getting a home equity loan for 5% of the purchase price that made up the difference between my 15% DP and the 80% mortgage

Quote

07-04-2015 , 05:21 AM

#1420

Minirra

old hand

Join Date: Mar 2015 Posts: 1,664

VA loans also

Quote

07-04-2015 , 07:37 AM

#1421

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 19,885

Quote:

Originally Posted by Banana man

i still dont understand how u were going to get no pmi with only 5% down. I've never heard of that

Second mortgage.

Quote

07-04-2015 , 04:58 PM

#1422

Booker Wolfbox

Carpal \'Tunnel

Join Date: Aug 2012 Posts: 38,654

That's the logical explanation, hard to find lenders that will do it though. I was pretty happy to find one that would do 80/10/10.

Quote

07-06-2015 , 11:16 AM

#1423

BuckyK

old hand

Join Date: May 2007 Posts: 1,315

Month Long Front Patio Project (Could only get work done on Weekends).

Dug a little too deep and ended up needing over 3 yards of rock and my truck can only haul 1/2 yard at a time.

Used Flagstone instead of standard pavers. Set on 1/4-minus instead of sand and infilled with 3/8" Pea Gravel.

Quote

07-10-2015 , 08:39 AM

#1424

Your Boss

Pooh-Bah

Join Date: Jun 2005 Posts: 3,821

Good friends mother recently purchased a home to renovate as her retirement home. Home was built in the 20's, bank owned when she purchased.

This week they were doing some work and discovered that the house has no foundation and never did. Built on a single layer of cinder block sitting on top of sand. Really terrible find obviously. Early quotes are 100k+ to fix, which would put her way underwater.

Thinking about options, I don't think the bank has any liability. If they knew about the lack of foundation it's something that would have to be disclosed, but doubtful they knew. Inspector didn't catch it, but not sure he has any liability either.

Any ideas?