| Author |
Message |
    
Ashear
| | Posted on Friday, March 9, 2001 - 3:42 pm: |     |
Check out www.loansearch.com for good rates with no points. That's where we got our loan when we bought our house. They send you to a small NJ bank that you otherwise would never have heard of. |
Mammabear
| | Posted on Friday, March 9, 2001 - 5:00 pm: | |
Townie- you are forgetting that people's home appreciated differently here in Maplewood. This difference in appreciation, combined with possible errors on previous revals, etc, has caused a situation where the tax burden is NOT distributed evenly. In other words, there was NOT a similar increase in property values across the board. Some people (like me) had the value of their home double in 4 years. Other people had a greater increase and others only appreciated $15-20K if that! I guess it all depends on what you bought and where you bought it.
Lydia- as for PMI, you are usually required to pay it for a minimun of a 2 year period, no matter how much your property appreciates. After that, most mortgage companies will provide you with their own "Approved Appraiser List". From that list, you can appeal your PMI by having your home appraised at your own cost. I would call them to clarify EXACTLY what you must do before you do anything. |
Townie
| | Posted on Friday, March 9, 2001 - 5:59 pm: | |
Mammabear,
I think you've got me wrong. Check again. I posted above:
"The fact that some [properties] appreciated in value less than others is what's causing some people to get large increases."
k. |
Lydial
| | Posted on Friday, March 9, 2001 - 6:22 pm: | |
Mammabear,Ashear, njjoseph - thanks for all of your suggestions and support. I gave up today and called my-sister-the-lawyer, she faxed Wells Fargo a few times throughout the afternoon and imagine my surprise to learn that it looks like my PMI is going to be deleted April 1. I guess sometimes all it takes is a little legal grease.
I'm half way there. Now I have to delete that pesky 330 phantom square feet! |
Joancrystal
| | Posted on Friday, March 9, 2001 - 7:12 pm: | |
Lydial:
Congrats! Glad to hear things are beginning to work out. |
Melidere
| | Posted on Friday, March 9, 2001 - 11:36 pm: | |
me too J |
Townie
| | Posted on Saturday, March 10, 2001 - 10:29 am: | |
. . . and likewise!
kathleen |
Nakaille
| | Posted on Saturday, March 10, 2001 - 6:45 pm: | |
Anyone remember that house my neighborhood that I've been reporting as being offered for $63K last spring? Got a new post card in the mail today from the realtor. LOWERED to 57K. Not 157, just 57. AFTER the reval. With what appears to be a finished third floor. And it is not in Irvington. I can't honestly say that prices are soaring around here. Or that the reval was too low in my neighborhood. Maybe a bit high here and there, though.
Bacata |
Mlj
| | Posted on Saturday, March 10, 2001 - 9:45 pm: | |
Bacata, that price is crazy. Have you seen the house or talked with the realtor as to why they are pricing it so low? There must be major problems with the home. |
Nicky
| | Posted on Sunday, March 11, 2001 - 10:45 am: | |
Bacata:
What's the name of the realtor. If that's the price and the house is in good condition--it's a great deal. I have a friend who's looking to buy her mom a house and she has a limited budget. |
Nakaille
| | Posted on Sunday, March 11, 2001 - 11:19 am: | |
Mlj: I'm sure there must be major problems, too. But you borrow double or even triple the price (still a good deal) and use the money to fix it up. How much do people spend just to redo their kitchens today?
Nicky, I'll post the realtor and phone # later. (Only because I'm being pulled away from the board by my four year old just now.)
Bacata |
Octofoil
| | Posted on Sunday, March 11, 2001 - 12:41 pm: | |
Borrow double or even triple the price? It would be interesting to see what a lender would say about that. Not saying that they wouldn't do it; it will depend very much on their own appraisal. But it would be very strange indeed if an independent appraisal valued this property at an amount that would permit any lender to fork over two or three times the value. Of course, a lender's first source of repayment consideration is the capacity of the buyer, so if the potential buyer has the income to service a debt that is two or three times the appraised value, perhaps one could swing it. But I think that most lenders would look askance at this proposition without some additional collateral. |
Nakaille
| | Posted on Sunday, March 11, 2001 - 7:46 pm: | |
Octo: if you don't like that scenario, I'll give you another. Sell that 500K house (not yours, of course), buy an equally nice one in Maplewood for 350K and take the balance to purchase, fix up and sell the 57K house and make a nice profit or just be a good landlord and rent it out for a nice sum.
Bacata |
John
| | Posted on Sunday, March 11, 2001 - 8:40 pm: | |
Bacata
Where is this house? And who is the realtor?
I just may know someone who is interested in buying it. Thanks!! |
Nakaille
| | Posted on Wednesday, March 14, 2001 - 10:15 am: | |
I finally located the post card with the house info and lo and behold I was wrong about the price. I OVERstated the price. It is not 57K, it is 54K.
You can contact Red Carpet Realty at 800-678-1320. The local number starts out 678-132_. The last number didn't print on the post card. The property is at 105 Woodside Road, Maplewood. Looks okay from the outside (I walked around it last week) but I'm sure there are problems inside. It appears that the attic (3rd floor) is finished. 1 bathroom and a 1 car garage. Small back yard.
Bacata |
Rssounds
| | Posted on Wednesday, March 14, 2001 - 2:03 pm: | |
FYI
That house on Woodside was a HUD house and was subject to bids. Winning bid was $140,777.00. |
Nakaille
| | Posted on Wednesday, March 14, 2001 - 2:35 pm: | |
Thanks for the updated info, Rssounds. I'm glad someone actually plans to do something with it finally. It's been empty for quite a while now.
Bacata |
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