Yea, 220 is actually a damn good price, wonder why they are getting out so cheap.

Just saw a house across the street from one we were working on in Five Points that sold in two weeks on the market.

They listed it at $289,000 and had three buyers the first day. Buyers bid it up to like $335 and it sold in two weeks. For a 1250 sq ft bungalow. INSANE.

In fact all the housing going on inside the beltline is crazy right now.

2/21/2007 11:39:17 PM

Noen...I'd like to see pics of the concrete counters if you have any loaded. My girlfriend wants to build one for her island and I'm considering doing my kitchen at some point although I'm leaning towards copper right now.

2/22/2007 11:37:59 AM

Quote :

"Where are you and how much did you pay for your joint?"

paid a bit, but clearly a lot less than i should have

it's just outside oakwood

the listing goes like so:

custom home
inside the beltline
built 2006
2500 sq ft heated
1100 sq ft unfinished
1/3 acre

works out pretty well

2/22/2007 8:13:06 PM

I'm a homeowner!!

By the time I get done with this class for work and fly back down to Florida I should be ready to move in and they should be done with my black granite counter tops and travertine floor in kitchen and bathroom

The place only appraised for a couple thousand more than I am paying for it. That had me concerned because they sold a couple after mine... pretty much same unit with a worse view/location for $10k+ more than mine. I was told they do this because of either (1) the market sucks or (2) they did the appraisal strongly based on how much I am paying for the place

any experience with this? I am wondering if it'd be worth it getting the place appraised again in a little while (with the kitchen and bath)

2/28/2007 8:00:20 PM

option 2

(2) they did the appraisal strongly based on how much I am paying for the place

the bank pretty much just needs to make the 80% loan to value so if it goes bad they can get their money back

the appraisal was done for market value of the property, it's not going to change once the build further along

2/28/2007 8:18:50 PM

So even though other places in this same condo community with the exact same floor plan, a little smaller even and a different location (I picked the best location of the ones that were left at the time), are being sold for approximately $15k more this past month, my place won't appraise for what thiers will? I would assume that most of the 1bed/1baths with the same floor plan would appraise for the same. So the people who are buying for more... are they having their place appraise for more value than mine? How does that affect resale? I mean, I am pretty sure the value will go up once they open the road to this huge shopping center/outdoor mall and finish the condos up the street that are starting at $20k more.

Thoughts?

3/1/2007 10:23:19 AM

If other places are being sold for 15K more, then why did you get such a good deal if you claim these places are identical?

3/1/2007 10:30:01 AM

if all goes well in about a month i'll have my provisional brokering license.

3/1/2007 10:31:25 AM

the average salary for a real estate broker in north carolina is $18,000 per year...

3/1/2007 10:32:49 AM

That's because there are far more people who have a broker's license and don't use it than the number of active realtors. I can think of several people in my circle of friends who have broker's licenses and do not use it.

3/1/2007 10:35:50 AM

Quote :

"If other places are being sold for 15K more, then why did you get such a good deal if you claim these places are identical?"

These are the last few units for sale in the complex. They just started this promotion to sell $140k condos (that's what they were selling for last yr... I saw the sales prices when I was looking for tax info) for $132k. They now also started offering $17k in incentives (for upgrades... floors, granite, etc). I was able to take off $8k off the price to lower it to $124k. They tried to stop me from doing it, but I already had their VP of sales agree to it. I also get all my rent back $2950 and 1.5% of $124k back from the realtor. The sales people were trying to talk me into just putting all the money into upgrades, but I wanted to lower my payments and have them cover part of the closing costs (in addition to granite countertops and travertine flooring in the kitchen and bath). I saw some of the other contracts out there sitting on desks and they were selling for $140k on some of the units I turned down. My mortgage processor told me the unit would have to appraise for at least as much as I am getting the loan for. If this is the case for some of the other units, I don't see how their loans went through.

3/1/2007 10:42:52 AM

If you have less than 20% equity get it reappraised in a few years. Otherwise, I wouldn't worry about it.

3/1/2007 10:46:09 AM

a large majority only sell one house per year that do it on their own.

my realtor has sold 46 houses this year and he works full time at siemens...he's a hard worker

3/1/2007 11:23:01 AM

i'm trying to understand all the factors that go into home buying. i've been reading all the threads on here and other sites online, but in the meantime here's a couple questions i still have

1. what's the difference between a buyer's agent and a real estate agent? the buyer's agent represents my interests and the real estate agent represents the home seller's interests? if i, the buyer, go to a real estate agent, i don't have to pay them anything but i risk them giving me a bad deal, just so they can make the sale for their client, the seller. how much do buyer's agents usually cost? is it worth it? what other people are involved in this process? seller, buyer, lender, real estate agent, inspector, attorneys?

2. of all the fees and extra costs, what are typical amounts and who pays what?

3. are there any good resources to find out home builder reputations?

4. how long does this whole process usually take? i live in PA and am moving to charlotte in may/june. is now an ok time to start looking and how much more difficult will it be for me to deal with all this considering i'm still in PA

5. advice on finding a lender? should i just go with the bank i've used all my life and am familiar with or should i look into online places? does the rate you get from a lender vary with the down payment % you bring? like, if you put 20% down they might think you're less of a risk and give you a small break on the mortgage rate? or does it not work that way. is it uncommon for married couples to just put the mortgage in one person's name, to avoid the lower credit of the other person affecting the mortage decision or rate? what are points and how do they work?

thanks tww experts!

[Edited on March 4, 2007 at 1:26 PM. Reason : points]

3/4/2007 1:19:54 PM

1. what's the difference between a buyer's agent and a real estate agent?
From my understanding a real estate agent is someone who buys and sells real estate. A buyer's agent is the real estate agent for the buyer. The seller also has a seller's agent. The buyer's agent represents the buyers best interests. You, as a buyer, do not have to pay your agent. They are very good to have if you are a first time home buyer and have never been through this process. They also have lots of good resources for finding a home to your liking. Aside from the buyers agent and the sellers agent you will be working with a lender, attorney, inspector, sometimes a builder. I don't see any reason not to get a buyer's agent.

2. of all the fees and extra costs, what are typical amounts and who pays what?
The seller pays for the seller's agent and buyer's agent. Usually 6% of the sale price. The buyer will usually pay some earnest money upfront to show he/she is serious and that money will go towards the closing costs which usually run several thousand. It depends upon the price of the place you buy.

3. are there any good resources to find out home builder reputations?
I used to have a site. I'll see if I can find it.

4. how long does this whole process usually take? i live in PA and am moving to charlotte in may/june. is now an ok time to start looking and how much more difficult will it be for me to deal with all this considering i'm still in PA
It varies greatly. Sometimes it takes you a while to find a place you like. Sometimes even after you find a place you like the seller won't want to close for another few months. Other times the seller wants to close asap and the whole process could take only a few weeks. With your timeframe I would start looking right now.

5. I would look at the rates your bank offers in addition to several other banks and other institutions that specialize in mortgages. I've found the bank rates are usually higher. Yes, the rate does vary depending on down payment. The less down payment the more risk for the lender. Sometimes married couples put the mortgage in one person's name if one person has bad credit. It isn't unheard of. Usually people use both names so both incomes can be included.

One point is equal to one percent of your loan amount. Points can be purchased in order to lower your interest rate. For example, if you have a $200,000 mortage, you can pay one point upfront ($2000) to lower your interest rate a little so you might save $30 a month on your payments. Usually people do not advise you pay points. You end up having to stay in your place a while to break even.

[Edited on March 4, 2007 at 1:36 PM. Reason : points]

3/4/2007 1:32:43 PM

http://www.newsobserver.com/167/story/552304.html

3/11/2007 4:59:55 PM

Countrywide stops no-money-down lending
http://money.cnn.com/2007/03/09/real_estate/countrywide.reut/?postversion=2007030917

3/12/2007 12:41:37 PM

18 days until I close

3/12/2007 12:47:21 PM

Nice, what are the rates going for these days?

3/12/2007 12:48:47 PM

I got locked in for 5.75 about a month ago through Wachovia

A co-worker who is buying said he got 5.625 a week or two after I locked in. Most places were trying to offer 6+, but Wachovia had a bunch of programs and I was able to put down 20% which I'm sure helped.

3/12/2007 12:53:07 PM

Damn, is that 30 year fixed?

3/12/2007 12:55:26 PM

Yes, sir.

3/12/2007 1:19:56 PM

Nice. What program of theirs did you use?

3/12/2007 1:34:17 PM

Bleh, looks like I'd have to pay for 2 points to get 5.625

3/12/2007 2:05:29 PM

So, can someone explain the advantage in taking points ...

Lets use this scenario ... I want a 300k home. I am putting 20% down, so the loan is 240k.

Interest rate is 5.75%

How do points work? Is there a standard amount of points for a normal loan? How do you decide between loans with different point values?

3/12/2007 2:13:14 PM

A point = 1% of the loan. So, if you bought one point it would cost you $2400. This would be added to your closing costs. It varies, but looking at Wachovia's current rates, 1 point will cause your rate to drop from 6.125% to 5.875%. Most people advise again paying for points. Although your monthly payments will be lower, the $2400 paid upfront has a high opportunity cost. You have to stay in the home a certain amount of years in order for points to start saving you money. There are many calculators on the web to help you determine this.

Here is the calc and some more links

http://www.bankrate.com/brm/mortgage-advisers/interest-vs-points.asp
http://www.bankrate.com/brm/green/mtg/basics3-5a.asp
http://www.bankrate.com/brm/news/dollardiva/20010419a.asp

[Edited on March 12, 2007 at 2:22 PM. Reason : links]

3/12/2007 2:18:46 PM

10 least affordable home markets
http://www.bizjournals.com/specials/slideshow/21.html?page=1

10 most affordable home markets
http://www.bizjournals.com/specials/slideshow/20.html?page=1

3/12/2007 2:50:20 PM

Real estate forecast for 30 areas in 2007 (including Raleigh)
http://bankrate.com/brm/news/real-estate/reminiguide07/30-city-forecast-a1.asp?caret=2

3/12/2007 2:53:16 PM

^good post

Quote :

"Raleigh is among several Southern cities not susceptible to a housing bubble, according to John Burns' Housing Cycle Barometer. The town has a strong 20- to 34-year-old population and well above-average annual growth in residents, Ingo Winzer says. The NAR finds that it's one of the strongest markets in the South, with median single-family prices in fourth quarter 2006 rising 14.5 percent over fourth quarter 2005. Ingo Winzer says a period of overbuilding and stagnant values is likely, however, in the short run."

Hooray for Raleigh.

3/12/2007 3:13:59 PM

I just sold my second lot! w00t!

and i have 2 other couples looking at 2 of my other 3

3/17/2007 12:17:31 PM

what kind of lots are these ...

I am interested in buying a lot that I can build on in a few years...

3/17/2007 12:19:21 PM

they are half acre, cleared in a residential neighborhood, near the Trent River

each lot comes with its own parcel, large enough to build a boat slip

they are in Jones county

3/17/2007 12:34:15 PM

getting approved for financing on a townhouse in mableton, ga - we'll see how it goes

3/17/2007 12:51:56 PM

very cool place.

i really like the stone facade

3/17/2007 4:49:11 PM

Is the Origination Fee tax deductable or are only Discount Points tax deductable?

3/19/2007 9:06:13 AM

ANYONE WANT TO BUY A SUBDIVISION IN DUNN?

COMMERCIAL LAND IN LILLINGTON?- WILL GRANT TIMBER RIGHTS TO RIGHT OFFER...

AN OFFICE CONDO ON SIX FORKS?

A FLEX BULDING OFF LAKE WHEELER?

A CHEAP INVESTMENT- RENTAL PROPERTY IN NORTH RALEIGH??


Let me know...I have all of the above available...

3/19/2007 10:52:02 AM

I have heard before that if you do not use a buyers agent you can sometimes negotiate for some or all of the 3% that would go to the buyers agent.


How common is that?


PS. If you're buying a house/condo through a builder always negotiate the closing costs. Be a jew, this shit is marked up and is remarkably easy to knock off.

[Edited on March 19, 2007 at 11:01 AM. Reason : a]

3/19/2007 10:57:40 AM

I have heard that before. I have also heard of services that split it with you.

3/19/2007 10:58:48 AM

Quote :

"Is the Origination Fee tax deductable or are only Discount Points tax deductable?"

Yes, these are considered part of the closing costs and are deductible. The gubment treats it just like interest.

Quote :

"I have heard before that if you do not use a buyers agent you can sometimes negotiate for some or all of the 3% that would go to the buyers agent."

The problem is, many selling agents simply won't deal with you as part of the "game".

I imagine if you could make a good case for why they should bother with you (ie, it won't be a waste of their time for dealing with an idiot, you'll split the buyers agent 3% with the seller) then they'll probably talk to you. The state of the market in this area is such, if the house is reasonably priced and it will move, then they (the selling agent) doesn't have an incentive to bother with you.

3/19/2007 11:22:53 AM

Quote :

"I have heard before that if you do not use a buyers agent you can sometimes negotiate for some or all of the 3% that would go to the buyers agent. "

If you are shopping new construction http://www.internest.com/ (iNEST Realty) will give you a 1% rebate if you buy from a participating builder. (most participate) You cannot do this if you have a realtor or have been working with one.

Keep in mind that 1% is probably equal to or less than one house payment for you. I strongly recommend consulting a realtor if you do not know the market or area thorougly.

3/19/2007 7:06:22 PM

what do you guys think about hardwood floors in the kitchen and living room? seems to me that hardwood floors are more likely to get ruined in the kitchen with dropping and spilling stuff (even with sealing or whatever) and it's gonna put more stress on your feet to be walking around so much on a hardwood living room floor. any of y'all ever tried either of these?

3/24/2007 10:13:59 AM

you won't stain hardwood...

i have dark woods in my living room, dining room, kitchen, and first floor bath (all across the first floor).

3/24/2007 10:31:07 AM

They had hardwood on the entire first floor of the model I looked at. I was surprised how good it looked. Just make sure you get a nice wood/countertop/cabinet color scheme for the Kitchen so it isn't too dark.

3/24/2007 10:45:44 AM

Quote :

"Nice. What program of theirs did you use?"

It was some first time buyer program, combined with the fact that I make under a certain amount while still living in the Raleigh city limits.

6 days until closing

3/24/2007 11:40:58 AM

http://www.mymoneyblog.com/archives/2007/03/considering-for-sale-by-owner-get-listed-on-mls-for-free.html

3/26/2007 12:35:03 PM

Anyone have any recommendations as far as plumbers/HVAC people go? I need to get a gas line run for my grill and I'm not sure which of the two I need to call and who in the area is good.

3/26/2007 12:37:22 PM

You have a natural gas grill?!

3/26/2007 12:47:21 PM

With a conversion kit, yes.

3/26/2007 1:23:00 PM

Homeowners are clueless about their mortgages (surprise surprise)

http://bankrate.com/brm/news/financial_literacy/March07_mortgage_poll_national_a1.asp

3/26/2007 1:38:13 PM

dammit, I am having no luck with houses

the first house that went under contract didn't do so hot on home inspection


and the duplex I just tried to buy failed home inspection too


I'm gonna go back to plan A I guess and just build me a damn house

3/26/2007 5:34:02 PM