I thought I made it clear that I was talking about separate debts. Lets say you have a 500 dollar phone collection and a 1000 dollar medical collection that you would think keep you from getting a loan until they are payed well this program would increase the loan amount by up to 3000 to pay of little debts like that.

2/11/2008 10:54:33 AM

Quote :

" that you would think keep you from getting a loan"

yeah, so in the wake of the subprime crisis, anything that you would think would keep you from getting a loan will keep you from getting a loan.

like AIDS.

2/11/2008 11:05:58 AM

^^ So basically you want to get a mortgage for over 100% to pay an unrelated debt?

Good luck in this day and age. You shouldn't be buying a place if you can't come up with $1500.

2/11/2008 11:34:57 AM

I have heard of new home companies giving "incentives" to go with a certain lender. Like, buy our townhome at asking price and use our preferred lender and we'll give you $5000 to spend however you please. You're probably getting torn a new one if you do that though.

The lady I bought my house from owed $140k on it when I bought it from her. That doesn't sound bad until you consider that she built the house in 1975 at a cost of around $35,000. Second mortgages ftl.

In other news, I got a home equity line at no charge with my refinance. 20%+ equity ftw. I don't plan on using it, but it's nice to know that it's there if I find a sound investment and need quick cash.

2/11/2008 2:22:02 PM

Quote :

"I have heard of new home companies giving "incentives" to go with a certain lender. Like, buy our townhome at asking price and use our preferred lender and we'll give you $5000 to spend however you please."

I've seen things like that too but usually its money to put towards upgrades or in my case, money that went to cover closing costs...

2/11/2008 2:29:44 PM

Yeah, usually its upgrades. But I did hear an ad on the radio for some big national builder that would give you a new car if you used their preffered lender, etc. Probably some cheap Kia, but still, you could sell it and have $Ohio

2/11/2008 4:08:20 PM

I saw a house down at Carolina Beach that came with a free Jeep Wrangler. What's $20k for a Wrangler if it seals the deal on a $million home?

2/11/2008 5:47:09 PM

I believe its 20k dollars.

2/11/2008 6:32:43 PM

some houses down there that once pre-sold for $1M are not selling at $600K now... sucks for whoever bought early

2/11/2008 7:23:25 PM

^ Yeah, I saw a cottage at Carolina Beach (between the main road and the beach...not on the lake side) for $205k or $215k not too long ago. Seemed a lot cheaper than what I was seeing last year even if it is pretty rough.

2/11/2008 9:17:14 PM

i'm waiting on a nice condo in FL for $50M once the market tanks...only $1.1MM to go on this one
http://www.viviun.com/AD-97448/

2/11/2008 10:37:40 PM

$50M?

2/11/2008 11:44:39 PM

M = 1000, industry convention, don't even realize i do it now, but i guess it looks like i'm a couple of orders of magnitude off what my budget is if you're expecting a k instead

[Edited on February 12, 2008 at 12:17 AM. Reason : k vs. M for bankers]

2/12/2008 12:16:19 AM

Baldwin homes gave this dude a Lamborghini when he bought a home they built up in wakefield plantation. I think it was an agreement of sorts to let Mr. Baldwin use the home as a model home for some amount of time. 2 of my friends had wedding receptions in it.

2/12/2008 7:16:54 AM

Quote :

"Lets say you have a 500 dollar phone collection and a 1000 dollar medical collection that you would think keep you from getting a loan until they are payed well this program would increase the loan amount by up to 3000 to pay of little debts like that."

I actually used to work with programs like this. They all went away around june of last year. Sorry.

Right now its pretty much cut and dry, FHA is the only option for those that don't have good credit and if you have bad credit that is within the last year you have little to no hope.

2/13/2008 1:22:13 AM

Quote :

"FHA is the only option for those that don't have good credit"

This is why there is a subprime problem

Quote :

"if you have bad credit that is within the last year you have little to no hope"

good

2/13/2008 2:14:22 AM

My market value reassessment appeal is tomorrow. Anyone ever done one of these?

2/18/2008 9:17:04 AM

I think it went well although I won't get my results until May.

[Edited on February 20, 2008 at 2:19 PM. Reason : ]

2/20/2008 1:56:30 PM

they say lots of people are winning their appeals.

2/20/2008 6:15:27 PM

http://wral.com/news/local/story/2460072/

Quote :

"Majority of Property Owners Winning Revaluation Appeals Time Running Out to Appeal Tax Revaluations Posted: Today at 10:30 a.m. Updated: Today at 11:07 a.m. Raleigh, N.C. — Wake County property owners who appealed the new values placed on their homes, land and businesses last year are winning their cases more often than not, officials said Tuesday. County officials have heard 12,184 of the 28,867 appeals filed by the Jan. 1 deadline, and values in 7,291 of the cases heard so far have resulted in adjustments, said Ken McArtor, Wake County's appraisal manager. Most of the adjustments have resulted in lower property valuations, although a few appeals backfired for the property owners and ended in even higher valuations, he said. The adjustments have cut about $500 million from the overall assessed value of the properties involved in the appeals so far, McArtor said. The appeals process followed the county's first property revaluation in eight years. Average property values jumped 43 percent from 2000 levels, with higher increases seen inside the Interstate 440 Beltline and several suburbs. The Wake County Board of Commissioners voted last month to set a target tax rate of 53 cents per $100 of assessed value for the fiscal 2009 budget so the county wouldn't receive a windfall from the higher property values."

[Edited on February 20, 2008 at 6:54 PM. Reason : ;]

2/20/2008 6:54:15 PM

excellent!

2/20/2008 10:32:36 PM

My offer got accepted today! Should close March 27

[Edited on February 23, 2008 at 7:10 PM. Reason : http://southlandrealty.northcarolina.remax.com/listings/listingdetail_r42.aspx?LID=38548122#]

2/23/2008 7:02:02 PM

Anyone know of any neighborhoods with empty lots that can bring their own builder? Preferably in either Apex, Holly Springs, Garner, or maybe even Fuquay. Nothing big, .2 acre would probably be plenty. The lot doesn't have to be in a neighborhood either. Just something by itself would work too. Not planning to build anything big, just a cheap 1500-1600 sq ft ranch house so no "nice" neighborhoods.

2/23/2008 9:01:14 PM

if you are looking that small, why would you want to go through the hassle of building it yourself? you probably aren't going to live there forever, right?

2/24/2008 8:45:28 AM

so...i think im finally ready to start the whole house buying process.

can someone recommend a good real estate agent/company to go with?

as far as mortgages, i think im going to go with either SECU or BB&T, but we'll see. they seem to have pretty good first time homebuyers loan and are well established.


and yes, i realize this may have been answered somewhere in this thread, but im not going to sift through 23 pages to look.

2/24/2008 10:53:15 AM

I used this guy

http://www.hpw.com/OfficesAndAgents/AgentProfile.aspx?AgentMLSID=R27177

I'd shop around at a few more places when you decide to look for loans.

2/24/2008 11:00:31 AM

^^^ I'm building it myself. As in, I'm a superintendent for a custom home builder, and we're going to build it and I'm getting it at cost.

2/24/2008 2:32:52 PM

^makes sense.

2/25/2008 9:44:52 AM

Quote :

"My offer got accepted today! Should close March 27"

Congrats Dakota. Where are you working these days?

2/25/2008 9:52:50 AM

rates jumped up today. thankfully i had already locked in my refi.

2/25/2008 9:47:33 PM

BTTT for:

Quote :

"Anyone know of any neighborhoods with empty lots that can bring their own builder? Preferably in either Apex, Holly Springs, Garner, or maybe even Fuquay. Nothing big, .2 - .3 acre would probably be plenty. The lot doesn't have to be in a neighborhood either. Just something by itself would work too. Not planning to build anything big, just a cheap 1500-1600 sq ft ranch house so no "nice" neighborhoods. "

2/26/2008 8:36:11 PM

I have three lots for sale in Youngsville just barely in Franklin county. They are 4.4, 3.4, and 1.2 Acres. They are in a subdivision with pool, you can bring your own builder.

2/26/2008 11:53:07 PM

any guesses as to how difficult it will be to break even or generate positive cash flow by buying and renting out a house in New Bern/Havelock/Newport/Morehead City area?

I definitely want to buy a house in a few months when I get back to NC around June, but it looks like I'll be going to Iraq for 6 months around September or so...and as of right now, I'll be repeating this process every 6 months (Iraq for half the year, NC for half the year).

At the very least, I want to rent the place out for that first deployment. I don't plan on even moving into the house to begin with...I'll either rent a room from a friend, or live in a travel trailer for 2-3 months until deployment.

Think I'll cover my mortgage/expenses?

2/27/2008 3:26:21 AM

I talked to a guy who did really well with a vacation rental in Atlantic Beach. As I recall it was just a condo, but it came with a boat slip that he rented out separately for tons of cash.

2/27/2008 12:47:42 PM

yeah, i don't want to get in that deep financially (with waterfront property).

i'd rather stay in the 140-160k range or so...prob easier to make money on in renting, and there's no point in buying a super nice house, because i'll be either deployed or on training exercises over half the time.

2/29/2008 3:09:06 AM

Do you care if its in the ghetto part of new bern?

I would say if you are just looking for mainly a rental around there, go for something right around 100k, brick ranch if possible.

Just try to keep it as something easily maintainable while you are away, or else you could see a big headache in trying to manage that while gone.

Also, the 100k range gives you more flexibility with rental price.

2/29/2008 8:16:34 AM

I bought a house today I close in about 3 weeks

2/29/2008 1:47:48 PM

so you are buying the house in 3 weeks, not today.


i mean congrats.

[Edited on February 29, 2008 at 7:01 PM. Reason : ]

2/29/2008 7:00:54 PM

^^^ i don't know if i can find anything that I would want to live in for 100k...I was thinking more along the lines of 150k. Hopefully i can still break even or better on that when renting.


i wonder if the market (particularly in coastal NC---new bern, newport, morehead city, havelock) will be at a bottom by this summer when I get there, or if it would be advantageous to wait until I get back from iraq early next spring to buy.

3/2/2008 4:53:41 AM

^^ Yeah technically, but it is basically a done deal. The offer was accepted and signed Friday. Now I just have to do the walk-through and pick an insurance company.

3/3/2008 8:52:20 AM

^^Real estate friend of mine said that in his experience the market almost always gets better right after an election. Might not happen this year but I dunno if it'll get much worse, IMO..especially with interest this low. The beach market is still saturated as hell though--over 8000 condo's listed last time I asked my realtor.

In other news, I've got a nice as hell place for sell in little river, $159K 3bedroom condo on a golf course. I'm losing money at that price but I can't afford to keep it

[Edited on March 3, 2008 at 9:03 AM. Reason : same place sold for $240K minimum a year ago... ]

3/3/2008 8:57:27 AM

Quote :

"so you are buying the house in 3 weeks, not today."

Heh, beat me to it.

3/3/2008 9:33:42 AM

drawing up a contract today for a place.

3/3/2008 9:47:48 AM

Congrats. Link?

3/3/2008 9:48:32 AM

here

for about the last 8 months ive been trying to scope a place in my neighborhood.

i wanted to get a row home, primarily for the fact of having a little yard for the puppy.

however, after waiting for the market, and waiting for a steal to come available, its just not there.

I also, was limiting the price range to <300k, which, seemed to be the magic number, for a place that wasnt in the hood.

well, i've come to realization that i dont need a full house yet, nor do i really want to deal with the upkeep and hassle of doing so. the area im referring to is just wonderful, and this place is right in the middle of it. large parks, middle of the city, trendy shopping/eating/bar area, etc etc.

I've been looking more on the condo range for the last month, primarily in some of the high rises, but i dont know how well the pup would handle that. this place is a front unit on the 2nd floor of that building. the off street parking is a HUGE plus.

this place is actually owned by a professional aquainance, and she put it up very recently, at a price to move it quick... as she has already taken another job with another company. comparable places on the same street in ~the same price range are in drastically worse shape...

(she's actually moving to raleigh :beatup

the picutres are a little misleading on the size, and the openness of the place makes it seem larger than it is. I had concerns about the living room depth and viewing distance with my tv, but itll work.

the bathroom needs an update, prlly redo the cabinetry in the kitchen, and of course the quasi carolina blue carpet will be quick to go. at this price, can def. do some upgrades and not really worry about the $.

the location is optimal, the size is just right for me alone (it's essentially the same place im in now, except mine's in an older house that has not been kept up with for shit)

realizing that i could be happy with less responsibilies, and a ~100k less on a mortgage, im jumping on it.

my next place will prlly be in the burbs, the more conventional house with yard, fence, etc.. im just not ready to give up the city lifestyle.

[Edited on March 3, 2008 at 10:25 AM. Reason : compact that link!]

[Edited on March 3, 2008 at 10:32 AM. Reason : and it's obviously not going to be decorated like a girl's place.]

[Edited on March 3, 2008 at 10:33 AM. Reason : wtf tww]

3/3/2008 10:24:05 AM

Nice... def might as well spend $100K less and be closer to the bars for now

3/3/2008 10:38:05 AM

yeah

my favorite pub

i can see the front door from the bedroom window.

it's like a block and a half

3/3/2008 10:38:53 AM

haha that's awesome

you basically just saved money on mortgage to waste at the bar

[Edited on March 3, 2008 at 10:42 AM. Reason : and your taxes are half mine and my HOA's are $3600 a fucking year..]

3/3/2008 10:39:57 AM

yeah the hoa is like 1800/yr

3/3/2008 10:44:28 AM

Mine was $120 last year

3/3/2008 10:54:21 AM