House Buying Thread

Postby **dodint** » Fri May 19, 2023 11:56 am

Weirder when they do the nasty in the same room.

My wife and I sleep in the same room her parents used, and her Mom died in. Took me about two weeks to get past it but it's fine now.

Postby **meow** » Fri May 19, 2023 12:08 pm

Postby **mac5155** » Thu Jun 01, 2023 10:07 am

So my buddy buying the Florida house's saga continues. His lender didnt lock in a 5.75 % rate a few weeks ago, at his direction. Almost like they gambled - is this legal? - anyway, they gambled and he lost. He has it in writing, emails, etc to lock in on a day in mid-May at 5.75% and they promised him rates were going down. He didn't care - wanted locked in. All they were concerned with was remote work and if he had that approved. Almost like a stalling tactic? So they called him early last week and said yep, your rate is now 7.2% and they had to lock in Friday cause they close this week. He's talked (read, yelled loud AF) to them, and they weer able to buy his rate down to like 6.45, and he has to pay $3200 for that. This ups his cash at close and overall P&I payment by like $400. As I understand, he can't walk away as he will lose earnest money, and the lender wont budge, the seller wont push close. It sounds like an absolute terrible spot to be in because the lender thought rates would go down and they never did. I'm sure I'm missing a ton of details, but yeah. Buying houses should not be this difficult.

Postby **mac5155** » Thu Jun 01, 2023 10:09 am

Oh and to make matters worse, he apparently unloaded ~50 shares of NVDA to pay for closing.. on May 8

Postby **robbiestoupe** » Thu Jun 01, 2023 10:30 am

sounds like your friend needs to

Postby **nocera** » Thu Jun 01, 2023 10:33 am

Florida...

Postby **mac5155** » Thu Jun 01, 2023 10:35 am

sounds like your friend needs to

Yeah, he said he has a consult tomorrow

Postby **dodint** » Thu Jun 01, 2023 10:37 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?

Postby **Troy Loney** » Thu Jun 01, 2023 11:02 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?

Sounds like TILA violations, except that cause this is a rich guy, the loan is above the threshold

Postby **mac5155** » Thu Jun 01, 2023 11:09 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?

He lives in PA right now and is purchasing the home in Florida. Not sure any of the details on the lender, the agent is obv in Florida.

Postby **mac5155** » Thu Jun 01, 2023 11:10 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?
Sounds like TILA violations, except that cause this is a rich guy, the loan is above the threshold

Am I correct that the threshold is $57,200?

So poor guys like us are above it too?

Postby **Troy Loney** » Thu Jun 01, 2023 11:16 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?
Sounds like TILA violations, except that cause this is a rich guy, the loan is above the threshold
Am I correct that the threshold is $57,200?

So poor guys like us are above it too?

No, mortgage loans is 500k. I think that 57 is for like auto loans and other unsecured, non real estate loans

Postby **dodint** » Thu Jun 01, 2023 11:25 am

Upon reading the story I immediately wondered if there is a RESPA violation here. Those are good cases to take as an attorney because they're fee-shifting, with little risk for the plaintiff.

Is this PA?
He lives in PA right now and is purchasing the home in Florida. Not sure any of the details on the lender, the agent is obv in Florida.

RESPA, if it applies, is a federal law so he's covered either way. But it's obviously easier to litigate closer to the defendants.

Postby **MR25** » Mon Jun 05, 2023 11:47 am

I'm officially looking for my first place (townhouse).

I hate this.

The cheaper stuff requires too much work/has a reason it's cheap. The stuff at the higher end of my range are overpriced for what they offer/how much work is needed/have terrible HOA/maintenance fees (the most recent one my agent sent me was $485 a month!)

Postby **NTP66** » Mon Jun 05, 2023 11:49 am

Yeah, this is an awful time to be buying a house if you're the buyer.

Postby **MR25** » Mon Jun 05, 2023 11:53 am

Still better than when I originally started looking (very softly) pre-COVID and early 2021.

Postby **mac5155** » Mon Jun 05, 2023 11:54 am

Just curious, why a townhouse?

Postby **NTP66** » Mon Jun 05, 2023 11:56 am

Is it? My house is apparently worth $120-150k more now than it did at any point in 2020 depending on which site you use (RedFin typically winds up being the most accurate, so $120k there).

Postby **MR25** » Mon Jun 05, 2023 11:59 am

Is it? My house is apparently worth $120-150k more now than it did at any point in 2020 depending on which site you use (RedFin typically winds up being the most accurate, so $120k there).

I think it's more "the market isn't as crazy/things aren't going for $50k over asking now".

Just curious, why a townhouse?

Affordability (at least, in the area I'm looking, it seems like the only options are townhouses), and there's only me. I don't need a ton of space.

Postby **dodint** » Mon Jun 05, 2023 12:00 pm

Buy a house on a golf course.

Postby **skullman80** » Mon Jun 05, 2023 12:01 pm

I just checked red fin and it shows are house worth about 90k more than we paid for it in June of 2020, and with our down payment and what we've paid off already we are probably about 120k+ even if that is a very rough estimate.

This is a crappy time to buy now though with interest rates and homes still priced higher than what they should be (IMO).

Postby **DigitalGypsy66** » Mon Jun 05, 2023 12:43 pm

lol mine is worth $303 more than what we paid for it 11 months ago.

OK then.

Postby **robbiestoupe** » Mon Jun 05, 2023 1:14 pm

House down the street from us went for sale less than a week ago and is already under contract. Listed price was more than $200k than we bought ours for 8 years ago. Not as big of a jump as other places but still 66% increase.

Postby **skullman80** » Mon Jun 05, 2023 1:27 pm

House down the street from us went up 3 days ago, and is under contract for 350k. It has one more bedroom than our house and a bit more sq footage, but is not updated much at all. Just crazy all around.

Postby **count2infinity** » Mon Jun 05, 2023 1:38 pm

My parents purchased the family farm in 1993 for $110,000. From all the normal sites, looks like it'd sell for ~$350,000. I'd imagine most houses or land have about tripled in that time. Maybe more, maybe less.

Average national salary in 1993: $26K. I'd imagine that salaries should track with home price, so 78K national average today right? I'm seeing somewhere between 55 and 60K as today's average?

The price of EVERYTHING seems to be outpacing salary. Eventually no one will be able to afford to live a "normal" American life.