Question regarding home buying

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Re: Question regarding home buying

Postby TheHammer24 on Tue Aug 05, 2014 11:08 am

Hockeynut! wrote:Just move your stuff in and start living there. If anyone confronts you, just tell them, "Finders keepers, losers weepers."

That's actually the law if they take 10 years (or 15 or 20 depending on the jurisdiction) before they try to kick you out.
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Re: Question regarding home buying

Postby TheHammer24 on Tue Aug 05, 2014 11:11 am

Also, talk to a real estate agent about comps and what he or she thinks the house is worth without the liens.
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Re: Question regarding home buying

Postby mac5155 on Tue Aug 05, 2014 3:17 pm

I'm doing some more sleuthing. It looks like a foreclosure notice was served to the homeowners.
2014-07-10 AFFIDAVIT OF SERVICE OF COMPLAINT IN MORTGAGE FORECLOSURE


Would it be a bad idea to contact the plaintiff attorney to inquire about contacting the lender and purchasing the property before it reaches the market? Or am I overstepping here.
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Re: Question regarding home buying

Postby Troy Loney on Tue Aug 05, 2014 3:18 pm

Probably a waste of time.
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Re: Question regarding home buying

Postby Letang Is The Truth on Wed Aug 06, 2014 7:06 am

speaking of home buying - we have been talking to builders the last few months. the amount they try to keep hidden from you is a little startling. i imagine they are able to sweep a lot of upcharges by people who aren't paying attention/afraid to ask questions
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Re: Question regarding home buying

Postby no name on Wed Aug 06, 2014 7:51 am

You would need the current owners permission to buy the house off the Bank. Then you can submitt an offer to the bank, the bank would prefer a large down payment atleast 10%.
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Re: Question regarding home buying

Postby mac5155 on Wed Aug 06, 2014 10:47 am

The whole homebuying process in general seems scary to me.
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Re: Question regarding home buying

Postby Letang Is The Truth on Wed Aug 06, 2014 10:49 am

biggest purchase of your life - of course it will be scary!
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Re: Question regarding home buying

Postby KennyTheKangaroo on Wed Aug 06, 2014 11:05 am

There was something about the permenence (sp?) and the added responsability of being a homeowner that really caused this gentleman some anxiety.
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Re: Question regarding home buying

Postby mac5155 on Wed Aug 06, 2014 11:08 am

Yeah, I got anxious and did weeks of research buying a $15k car. I can only imagine how bad it will be when the house time comes. I also wish I had that thinking when signing the direct student loan papers.
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Re: Question regarding home buying

Postby PensFanInDC on Wed Aug 06, 2014 12:52 pm

KennyTheKangaroo wrote:There was something about the permenence (sp?) and the added responsability of being a homeowner that really caused this gentleman some anxiety.


Im actually looking forward to renting again even if its only for a year or two.
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Re: Question regarding home buying

Postby PghSkins on Wed Aug 06, 2014 1:04 pm

Thinking about refinancing. Entered my contact info at lendingtree.com. Phone blowed up. Next time I will target specific institutions.

Have 16 years left on a 20 year loan at 5.92% with my Credit Union. I'm a big CU advocate but they want $225 up front to apply for a refi. I think that's BS. Pretty sure I can get a rate in the 3s on a 15 year loan that will save me a lot - $10k+ over the long run and get it paid off a year sooner- it's counterintuitive though when I look at $3-4k in closing costs with the same institution just to change my term and rate. We do not plan to move anytime soon, if at all before it would be paid off.

Willing to shop around but I don't want to talk to everybody and his brother about it. Refi thoughts/good lenders anyone?
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Re: Question regarding home buying

Postby dodint on Wed Aug 06, 2014 3:49 pm

Just treat it like a business decision, map it all out and see what is cost effective. The $225 is only a rip off if it is. Don't forget to see if $4K sunk into your current loan as principle makes any kind of difference as well, though probably not with 14 years of payments already in.
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Re: Question regarding home buying

Postby Shyster on Sat Aug 09, 2014 7:55 pm

I originally took out a 30-year loan about six years ago, but last year I refinanced down to a 20-year (which I'm paying as a 15). My lender offer me a refi through the Home Affordable Refinance Program (HARP), which is nominally supposed to be for people who are upside-down on their loans or can't get other refinancing. I'm certainly not behind or upside-down. The HARP interest rate I was offered was a little higher than the market rate at the time, but at the same time my lender was offering to eat all of the closing costs, and no inspection or appraisal would be required, so I took the opportunity. My only out-of-pocket expense for taking around 2% off my interest rate and four years off the term was the Allegheny County filing fee, which was something like $200. They even sent a notary to my office with all of the paperwork, so I literally barely had to get off my butt for any of it.
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Re: Question regarding home buying

Postby PghSkins on Tue Sep 09, 2014 3:00 pm

Got my re-fi. House appraised out $17k above what it did in 2010. Reduced rate from 5.95% to 3.125%. Cut from 16 years left on 20 year fixed to a new 15 year fixed. Got $15k out for improvements and payment stayed the same. Good deal.
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Re: Question regarding home buying

Postby mac5155 on Tue Sep 09, 2014 3:05 pm

The tax sale that I originally made this thread about was actually yesterday. I wonder what happened with the property.
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Re: Question regarding home buying

Postby meow on Tue Sep 09, 2014 3:12 pm

It won't be mac's humble abode?
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Re: Question regarding home buying

Postby mac5155 on Tue Sep 09, 2014 3:18 pm

It had a $100k mortgage and $95k federal tax lien on it. Sadly, no(t yet). The foreclosure process has begun. I'm hopeful it runs its course and I have a chance to buy it free and clear.
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Re: Question regarding home buying

Postby mac5155 on Tue Sep 09, 2014 3:19 pm

p.s. any tips for that kind of thing? I know you had tax sale experience. I gather it's likely PNC bank (lienholder) paid the taxes.
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Re: Question regarding home buying

Postby PensFanInDC on Tue Sep 09, 2014 3:21 pm

We're looking into auctions as well. Although I did find a really nice 11 acre farm for $120K...
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Re: Question regarding home buying

Postby dodint on Tue Sep 09, 2014 3:35 pm

My buddy just bought a foreclosed property down here. It took like 10 months because the government shut down happened in the middle of it and his whole application got rebooted, but in the end he got a lot of house for what he paid. Tons of red tape though.
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Re: Question regarding home buying

Postby mac5155 on Tue Sep 09, 2014 3:53 pm

We're not in a huge hurry to buy, but this place is perfect for what we want. I'm guessing in about 6-9 months it will be on the market.
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Re: Question regarding home buying

Postby meow on Tue Sep 09, 2014 3:55 pm

PensFanInDC wrote:We're looking into auctions as well. Although I did find a really nice 11 acre farm for $120K...

Where? Make sure the O&G comes with it and jump on that. Actually, don't jump on.


Just curious...where is this farm?
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Re: Question regarding home buying

Postby mac5155 on Tue Sep 09, 2014 4:17 pm

What is a solid "what will my payment be" or "how much can I afford" calculator website? One place says my monthly as entered on $150k w/20% down will be $1000, another says $750. I must be missing something.
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Re: Question regarding home buying

Postby PensFanInDC on Tue Sep 09, 2014 4:43 pm

meow wrote:
PensFanInDC wrote:We're looking into auctions as well. Although I did find a really nice 11 acre farm for $120K...

Where? Make sure the O&G comes with it and jump on that. Actually, don't jump on.


Just curious...where is this farm?


Actually all mineral, gas, and oil rights come with it as well...

Armstrong County. What is even better is that the home and barns needs almost no work aside from personalization. We could move in and start raising livestock immediately. Chickens first, then goats.
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