Home Buying

[ravensfan7716]

Market is burning hot right now, so cash is king. Plus no inspections. Apparently there are companies out there that will loan you money to make it look like a cash offer, so that is one route you could persue if you want to buy and make your offer look better.

Cash is king only if you actually have the Cash.

Lenders are not lending jack shit right now and even right before Covid were not. I was a Wells Fargo customer for 20 years. I began looking into a refinance before Covid hit by almost a year and they would not give me money on a cash out refinance to do some improvements and I had plenty of equity.
Wells Fargo still will not lend cash out 2 years later.

I went with a new lender right around time Covid hit. I got lucky and got what I wanted, lower rate and some cash out.

But Steer Clear of SECU. They purposely devalued my home appraisale price by $80,000. They screwed me over for over 6 months of wasting my time going back and fourth before I had enough and told them to go to hell.
I hired a real estate agent, paid for a 2nd appraisal just to prove them wrong which I did and they still refused to change my appraisal report to reflect the accurate home value of my house.

They tried comparing houses to mine that were 1 level, and had no yard. My yard is more than half acre. They used comparisons of duplexes in their report. Their home appraiser purposely did that so they I guess could raise my interest rate or to only lend me small amount of money. Either way shit was wrong

[BustOfPallas]

Cash is king only if you actually have the Cash.

Lenders are not lending jack shit right now and even right before Covid were not. I was a Wells Fargo customer for 20 years. I began looking into a refinance before Covid hit by almost a year and they would not give me money on a cash out refinance to do some improvements and I had plenty of equity.
Wells Fargo still will not lend cash out 2 years later.

I went with a new lender right around time Covid hit. I got lucky and got what I wanted, lower rate and some cash out.

But Steer Clear of SECU. They purposely devalued my home appraisale price by $80,000. They screwed me over for over 6 months of wasting my time going back and fourth before I had enough and told them to go to hell.
I hired a real estate agent, paid for a 2nd appraisal just to prove them wrong which I did and they still refused to change my appraisal report to reflect the accurate home value of my house.

They tried comparing houses to mine that were 1 level, and had no yard. My yard is more than half acre. They used comparisons of duplexes in their report. Their home appraiser purposely did that so they I guess could raise my interest rate or to only lend me small amount of money. Either way shit was wrong

I have heard beach and vacation type properties have been on fire last 6 months or so which is surprising since what you said, which is something my wife had said last year, that lenders are not lending money. How are people getting load money for those properties? I am wondering if the pandemic just accelerated people close to retiring buying properties like that/trading out. I had heard/thought it might be white collar professionals/people got a taste for travel during covid and bught Verbo properties but am wondering if the thing driving the beach/mountain market is just people making that next move early. Or is it the fact people can work from anywhere now or a combination etc.. . I am a GenX so but early GenX and so right behind the boomer demographic wave and those trends. I think god for that because I was able to get into the market before things got stupid in the early 2000s.

[Ortizer]

Cash is king only if you actually have the Cash.

Lenders are not lending jack shit right now and even right before Covid were not. I was a Wells Fargo customer for 20 years. I began looking into a refinance before Covid hit by almost a year and they would not give me money on a cash out refinance to do some improvements and I had plenty of equity.
Wells Fargo still will not lend cash out 2 years later.

I went with a new lender right around time Covid hit. I got lucky and got what I wanted, lower rate and some cash out.

But Steer Clear of SECU. They purposely devalued my home appraisale price by $80,000. They screwed me over for over 6 months of wasting my time going back and fourth before I had enough and told them to go to hell.
I hired a real estate agent, paid for a 2nd appraisal just to prove them wrong which I did and they still refused to change my appraisal report to reflect the accurate home value of my house.

They tried comparing houses to mine that were 1 level, and had no yard. My yard is more than half acre. They used comparisons of duplexes in their report. Their home appraiser purposely did that so they I guess could raise my interest rate or to only lend me small amount of money. Either way shit was wrong

You know, I think I remember my parents saying wells Fargo was stringing them along for months on a refinance before they finally went with another company. Spoiler alert, when they went to close they found out Wells Fargo was already buying the loan from the new lender.

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[blueridgemtnman]

I have heard beach and vacation type properties have been on fire last 6 months or so which is surprising since what you said, which is something my wife had said last year, that lenders are not lending money. How are people getting load money for those properties? I am wondering if the pandemic just accelerated people close to retiring buying properties like that/trading out. I had heard/thought it might be white collar professionals/people got a taste for travel during covid and bught Verbo properties but am wondering if the thing driving the beach/mountain market is just people making that next move early. Or is it the fact people can work from anywhere now or a combination etc.. . I am a GenX so but early GenX and so right behind the boomer demographic wave and those trends. I think god for that because I was able to get into the market before things got stupid in the early 2000s.

Good question. I have a good Realtor friend and I'll ask him. They know everyone's business when it comes to that. The one case I mentioned awhile back was a couple (rather well-off) sold a beach property that they had (one of a few) and simply flipped the money over to a highly overpriced moneypit here. I do know they were all worried about the short amount of time they had to flip the money or get taxed, etc. So, no bank there to deal with. Having said that, it's highly unlikely that is the case all over. I also know of a couple houses being built nearby, but I think those folks are pretty well off, too. I think, as always, if you have some skin in the game, banks will give the loan. It's all about risk. Other than that, I have no idea where all the buyers are getting the coin. I will ask the Realtor, though. I have a feeling it's what I said....skin in the game/risk. But, we'll see what his answer is. I also think this bubble will pop later this summer (?), as it's just a matter of time until the banks not loaning that money (if that truly is the case), we'll see the repercussions. Home buying/building is a huge part of our economy.

[BustOfPallas]

Good question. I have a good Realtor friend and I'll ask him. They know everyone's business when it comes to that. The one case I mentioned awhile back was a couple (rather well-off) sold a beach property that they had (one of a few) and simply flipped the money over to a highly overpriced moneypit here. I do know they were all worried about the short amount of time they had to flip the money or get taxed, etc. So, no bank there to deal with. Having said that, it's highly unlikely that is the case all over. I also know of a couple houses being built nearby, but I think those folks are pretty well off, too. I think, as always, if you have some skin in the game, banks will give the loan. It's all about risk. Other than that, I have no idea where all the buyers are getting the coin. I will ask the Realtor, though. I have a feeling it's what I said....skin in the game/risk. But, we'll see what his answer is. I also think this bubble will pop later this summer (?), as it's just a matter of time until the banks not loaning that money (if that truly is the case), we'll see the repercussions. Home buying/building is a huge part of our economy.

I think I told you I spent the winter travelling to Dewey to renovate our family condo my wife and I share with my other two brothers and their spouses. We will be buying my one brother out this year I think. We paid like 90 and one of our units just sold for 430 to a young couple that has parents in Bethany. Theses are just two bedroom condos but they are beach block. As usual I wish my wife and I had been more aggressive and bought our own place 20 years ago but my father gave us all an offer we could not refuse and no one was ready to part with that place that has a lot of memories. So we have some skin but it would be nice if it was a little bigger. A three bedroom gives you a lot more options.

[ravensfan7716]

You know, I think I remember my parents saying wells Fargo was stringing them along for months on a refinance before they finally went with another company. Spoiler alert, when they went to close they found out Wells Fargo was already buying the loan from the new lender.

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That is what happened with me.

After dropping WElls Fargo, getting jerked around by the SECU I finally went with Bay Capital Mortagage which took 4 months to do a simple refinance. Before I made my first payment, they sold my loan to a Mortgage servicing company and they never verbally disclosed that to me. It was written in the contract but neither the lender or the title company informed me that was happening.

Point here. Do not trust any lender out there they are all 100% full of shit.

I loved Wells Faro from a convience standpoint but their customer service is terrible. They screwed me around a number of times over the years and I finally had enough. They would not lend to me with a credit score of 740, 20 years of being a customer and never one late payment and I had over $100,000 in equity on my house and was simply wanting $20,000 for some kitchen renovations.

[Ortizer]

That is what happened with me.

After dropping WElls Fargo, getting jerked around by the SECU I finally went with Bay Capital Mortagage which took 4 months to do a simple refinance. Before I made my first payment, they sold my loan to a Mortgage servicing company and they never verbally disclosed that to me. It was written in the contract but neither the lender or the title company informed me that was happening.

Point here. Do not trust any lender out there they are all 100% full of shit.

I loved Wells Faro from a convience standpoint but their customer service is terrible. They screwed me around a number of times over the years and I finally had enough. They would not lend to me with a credit score of 740, 20 years of being a customer and never one late payment and I had over $100,000 in equity on my house and was simply wanting $20,000 for some kitchen renovations.

That's insane. We refinanced last year to get out from under pmi, but didn't do cash out. Took I think a month. Our neighbor used the same lender, but wanted cash out and it took him way longer, and they made him do a formal appraisal which valued his house a decent amount lower than ours even though they're almost the same. Also took him a lot longer to close.

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[jonboy79]

That's insane. We refinanced last year to get out from under pmi, but didn't do cash out. Took I think a month. Our neighbor used the same lender, but wanted cash out and it took him way longer, and they made him do a formal appraisal which valued his house a decent amount lower than ours even though they're almost the same. Also took him a lot longer to close.

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Lenders really don’t like doing cash-out refi’s anymore. Most cases you are better simply getting a HELOC to suit that goal, when possible.


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[blueridgemtnman]

Lenders really don’t like doing cash-o it Reid’s anymore. Most cases you are better simply getting a HELOC to suit that goal, when possible.


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Great advice.

[Culex]

Market is burning hot right now, so cash is king. Plus no inspections. Apparently there are companies out there that will loan you money to make it look like a cash offer, so that is one route you could persue if you want to buy and make your offer look better.

Sounds like another real estate crash is on the horizon if many people are buying this way.

[bandc]

I just offered 36k over list plus fully covered taxes plus 10k appraisal gap and still nothing. I'm about to give up on this thing.

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[blah3]

I just offered 36k over list plus fully covered taxes plus 10k appraisal gap and still nothing. I'm about to give up on this thing.

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Waive inspections too