HDTenEightyP/NetNews huggingface dataset:
From: msb@tyler ( Mark Blumhardt)
Newsgroups: misc.invest.real-estate
Subject: Re: Disadvantages with For Sale by Owner?
Date: 24 Jul 92 22:21:39 GMT
Organization: U S WEST Advanced Technologies

I tried to go FSBO, and was quite confident it would work, given
the hot real estate market in Boulder.  However, I had a time constraint --
I had to sell our house within a time frame because we are having a
new house built.  Needless to say, we did not sell FSBO, and listed
with an agent.  We listed for more than our FSBO price, and got it!

There was one advantage to FSBO that most don't talk about:  We could
show the home on our schedule.  That is, if the house was messy, we could
schedule the showing after we had time to pick up.  

On the other hand, the real estate agency would
call at 1:00 nd leave a message something like "so and so
agency would like to show your house at 2:00 today -- if this is a
problem, let us know ASAP".  If you got the message at 3:00, your
house was being shown, mess or not.  It was very difficult to keep
the house immaculate all the time, especially with a 16 month old child.

There are many advantages to an agent, especially in the area of
counter offers and backup contracts.  We weren't really capable
to handle this on our own.

Mark

In article <1992Jul17.154612.21208@ee.gatech.edu> gardos@eedsp.gatech.edu (Tom Gardos) writes:
>
>  In conjuction with another article I've posted (cf: "Avoiding Realtor's
>commission") I would like to know the disadvantages of selling a house
>via "For Sale by Owner". Clearly, the advantage is avoiding the realtor's
>commission. Anyone have experience going this route?
>
>Thanks.
>
>-- 
>Tom Gardos, DSP Lab, Dept. of EE.......................gardos@eedsp.gatech.edu
>Georgia Tech, Atlanta, GA 30332..........................Phone: (404) 853-0093
Newsgroups: misc.invest.real-estate
Subject: Re: Monthly Mortgage vs. Biweekly Mortgage
From: asylvain@felix.filenet.com (The Chipmunk)
Date: 24 Jul 92 20:12:53 GMT
Reply-To: asylvain@fritz.filenet.com (The Chipmunk)
Organization: Foundation for the Increased Wealth of Chipmunks

Written in article <143530001@hpfcso.FC.HP.COM>
 by duanej@hpfcso.FC.HP.COM (Duane Jacobson):

:> I read somewhere that biweekly mortgages save money compared to 
:> monthly mortgages.  I did some quick calculations with a simple example
:> (shown below,) and found the saving is so marginal, I am not sure if
:> biweekly plan has any advantage over monthly plan.
:
: I looked at a semi-montly payment schedule, divide your payment in half and
: pay twice per month.  Lots of people get paid twice per month, so this makes
: some sense.

There's a difference between bi-weekly and semi-monthly.  Did you take
that into account?  Ie, there are 26 bi-weekly payments in a year, but
only 24 semi-monthly payments.

If you divide a monthly payment in half, then make 26 payments of that
amount, it's the same as making an extra (13th) monthly payment.  That
extra payment works towards reducing the principle faster.

: On the other hand, making small overpayments each month can make a dramatic
: difference.  As an example, paying an extra $32/month on a $100,000 mortgage
: at 10% will reduce the term of the load from 30 years to 25 years.

Work it out with a extra monthly payment each year, or, 1/12 of a
monthly payment each month.  I don't have a spreadsheet or a financial
calculater immediately available, so I can't produce accurate numbers on 
a whim; but here's an approximation:

10 % 100k = 10k/yr, or roughly $833/mn.

An extra monthly payment would be an additional $833/year, or $69/mn.

Now, if only $32/mn extra reduces the term from 30 to 25 yrs, what would
roughly doubling that to $69 do?  That's essentially what happens with
bi-weekly payments, or for throwing in an extra month each year.

-- 
The Chipmunk.
Opinions are mine, batteries not included, void where prohibited.
Any excuse will serve a tyrant.
    -- Aesop
From: ben@bailey.UUCP (Ben Bailey)
Subject: selling a mortgage
Newsgroups: misc.invest.real-estate
Date: 21 Jul 92 02:00:14 GMT
Distribution: world
Organization: Ben Bailey's Home..Tampa Fl.

Has anyone out there sold a mortgage to either an investor or
to a brokerage?  If so, what was the face value of the interest rate
for the note, (terms), and was was the note discounted to for the
sale (the effective yield)?

Thanks,

Ben

--
Ben Bailey                 ben@bailey.uucp -- bailey!ben@uunet.uu.net
12210 Shady Forest Dr.     ben@bailey.tscs.com
Riverview, Fl. 33569       -- A programmer without his computer is like a 
813-677-5021                  boy without his dog.
From: macrakis@osf.org (Stavros Macrakis)
Newsgroups: misc.invest.real-estate
Subject: Re: mortgage interest rates (rate locking)
Date: 24 Jul 92 18:10:02 GMT
	<1992Jul13.160811.24427@walter.bellcore.com>
	<55398@olivea.atc.olivetti.com>
Organization: OSF Research Institute

In article <55398@olivea.atc.olivetti.com> scotty@flash.ATC.Olivetti.Com (Scott Griffin) writes:

   ...to lock for a longer period you will have to pay a premium over
   the current rate...because the bank takes risk that the rates will
   rise after you lock in your rate....

Not quite true.  Banks manage risk both internally and by selling
30/60-day lock mortgages on the financial markets.

   If the rate goes up too far from the rate you are locked in for,
   its no big deal for the bank because the they don't HAVE to give
   you the loan.  The underwriter can simply reject your package for
   some technical issue and you are thrown out on the street to get a
   loan at the current rate.

Bad faith rejection is a breach of contract.  (And banks must give you
an explanation of rejection.)  Do you have evidence it happens, or are
you being cynical?  Why more about banks than brokers?

	-s
Newsgroups: misc.invest.real-estate
From: sherm@phx.mcd.mot.com (cassie)
Subject: Re: Monthly Mortgage vs. Biweekly Mortgage
Organization: Motorola Computer Group, Tempe, Az.
Date: Sat, 18 Jul 1992 00:59:24 GMT

>>       Annual Saving 
>>        = $6,920.28 - $6,917.56 
>>        = $2.72
>>          =====
>>
>>
>>
>
>Sure you do miss the entire point. Biweekly plan means that you are paying
>one half of the monthly mortgage every 2 weeks. In effect, 2 last payments go
>100% to the principal. In your example, your biweekly payment would be $288.05,
>and your effektive monthly payment would by 288.05*26/12 = $624.10, i.e. $47.41
>more than when paying monthly. However, you need onlu ~21 years to pay off the
>loan, and, in end effectm you save o lot of money in unppaid interest. In your

Another option is to simply take the 30 year loan and send them
the $624.10 a month.  And in the same 22 years and 5 months
your loan would be paid off.

>case you would save some $45K. 

Same overall money savings as the bi-weekly scheme.

>Other way of achieving the same goal is to take 20 years mortgage. The difference
>is that in biweekly scheme you CAN do the extra payments, whareas taking 20 years

I hadn't run across any lenders who would permit you to 
not send in the extra 2 payments.  In my experience
paying off a 30 year loan early is the only CAN option.
With the bi-weekly scheme you MUST make all 26 payments.

-- 
	Sherm Epperson			Motorola Technical Systems Division
	sherm@phx.mcd.mot.com		2900 S.  Diablo Way
	uunet!asuvax!mcdphx!sherm	Tempe Az.  85282
	(602) 438-3015			Mail Drop DW278
From: waligora@hsi.com (Robert Waligora)
Subject: 30yr T-bill's
Organization: 3M Health Information Systems, Wallingford CT
Distribution: misc.invest.real-estate
Date: Mon, 27 Jul 1992 11:17:20 GMT

I'm working with a bank on a mortgage, and haven't locked in my rate.
I'm going for a 30 year fixed rate mortgage. The bank told me I could
lookup the rate in the Wall Street Journal, and that I should look for the
30 year Treasury bill Bond Rate. I looked, but couldn't find it. Can
anyone tell me what section to look in, and maybe how to interpret it?
-- 
+---->----> Robert Waligora ---->---->---->---->---->---->---->---->---->---->
| Yes it's "WALLY MAN", He dices,                  waligora@hsi.com
| He slices, He even makes julian fries.      {uunet, yale}!hsi!waligora
|                          - from WHAMMCO           (203)949-6481
Newsgroups: misc.invest.real-estate
From: bd670@cleveland.Freenet.Edu (Russell I. Dyreng)
Subject: Re: Need Info on Appraisal
Organization: Case Western Reserve University, Cleveland, Ohio, (USA)
Date: Thu, 30 Jul 92 18:26:26 GMT


If the cost of the appraial is broken out as separate line item
on your application, and you pay for it, it belongs to you.  I've
normally received my copy at closing.  

The las time that I refinanced the bank wanted me to sign a 
statement (it came from the appraiser I believe) that said 
something to the effect that my copy of the appraisal  was for 
my own personal information and that I agreed not to use the 
appraisal for any puropose other than personal information,
including to have my property taxes adjusted.  I had never
run into a situation like this one before.  I insisted that the 
appraial belongs to me legally and that I can use it for any 
purpose that I please and refused to sign the paper.  The bank
agreed with me and gave me the appraisal without signing the 
paper.

I think that this is just something that the appraiser must
have dreamed up on his own (I had the misfortune of having 
him once before, and he was pretty flakey then too).  Has 
anybody else been asked to sign a similar statemnt?

Russ
Newsgroups: misc.invest.real-estate,misc.entrepreneurs
From: kendall@adobe.com (Janice Kendall)
Subject: Re: vending machines
Organization: Adobe Systems Incorporated
Date: Wed, 29 Jul 1992 17:35:53 GMT

In article <THUNDT.92Jul28143455@jaguar.shearson.com> thundt@jaguar.shearson.com (Thomas M. Hundt) writes:
>[Pay phone in building?]
>From: jack@myamiga.mixcom.com (Jack Decker)
>|guaranteed not to loose money, it's risky business.  All it takes is one
>|knowledgeable tenant (or outsider with access to the building) to run up
>|hundreds of dollars in toll calls (quite possibly including 900/976 calls
>|and/or overseas numbers).
>
>Yikes!  How??  (By tapping into the line?)
>
>|One other thing you might consider, is that I have heard that in some areas of
>|the country organized crime uses vending machine companies to launder mob
>|money. Not the sort of folk I'd care to deal with, but your area may be
>
>Not to mention using pay phones for drug deals.  Might want to ask the
>police what they think.
>
>
>-Tom Hundt

There are pay phones, now, which will not RECEIVE phone calls.  If you install
one that way, it would sure be nice to put a big sign on it warning people who
have a legitimate reason for needing to have someone call them at that pay
phone.
   
 Janice Kendall    kendall@adobe.com    ...!{decwrl|sun}!adobe!kendall

	"Creativity overcomes violence."
			- John Bradshaw on "Homecoming"
Newsgroups: misc.invest.real-estate
From: ajg@controls.ccd.harris.com (Arnold Goldberg)
Subject: Re: Need Info on Appraisal
Organization: Harris Controls and Compositions
Distribution: usa
Date: Fri, 24 Jul 1992 13:59:41 GMT

>>>>> On 24 Jul 1992 02:20:50 GMT, alvin@zany.mips.com (Alvin Oga) said:
>Does the potential buy generally get a copy of the appraisal report (that
>they paid for)?  
>Do they generally get the report during escrow or at the closing?
	Alvin> Generally, NO, you do not get a copy if they get the appraisal done, as
	Alvin> opposed to your paying an independent appraisor.


I disagree. Around here, as part of the origination of a loan, there are
two up-front fees required.

1) credit report fee (50)
2) appraisal fee (250)

I would think that since I'm paying for it I'm fully entitled to get a copy
of it.  Of course, the timing of when I get is up to debate.  I've
never had a problem getting a copy of it.

This could just be a regional thing, though..


arnold

--
------------------------------------------------------------------------
Arnold Goldberg                            Email:  ajg@ccd.harris.com
Phone: (407)242-5051                       Snail:  Harris Corporation
Fax  : (407)242-4262                               407 John Rodes Blvd.
                                                   Melbourne, FL 32905

The opinions expressed are my own and do not in any way represent Harris 
------------------------------------------------------------------------
From: psb@matt.ksu.ksu.edu (Jr Phillip S Buckland)
Newsgroups: misc.invest.real-estate
Subject: Re: QUESTION ABOUT ARM
Date: 31 Jul 1992 08:37:50 -0500
Organization: Kansas State University
Distribution: usa
NNTP-Posting-Host: matt.ksu.ksu.edu

michaels@s6550b.nrl.navy.mil (Steve Michaels) writes:


>I have a question regarding ARMs and how the loan is amortized.
>Each year when the mortgage interest rate is adjusted, is the 
>new monthly payment calculated with 1 less year remaining? 
>or is the new payment always calculated as if you had 30 years
>remaining on the term of the mortgage? 

	ARM monthly payments are recalculated based upon the remaining term
	of the loan (i.e. each year, the term is 1 year less than the
	previous year).  At least, this is the way the ARM I have is done.


We read the world wrong		| Phil Buckland
and say that it deceives us.	| psb@eece.ksu.edu
Tagore, from Stray Birds	| psb@matt.ksu.ksu.edu
From: loftis@hpcc01.corp.hp.com (Kirk Loftis)
Date: Thu, 30 Jul 1992 15:58:21 GMT
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: the HP Corporate notes server
Newsgroups: misc.invest.real-estate


|>	Despite the gloom presented by the poster.  This area will have
|>an additional million residents by the end of the decade, with the
|>limited real estate available, I am sure that demand will keep the
|>values fairly high.
|
|Where are these million new residents going to work and how much will they
|be earning?  
|
|BTW: what is the CA market situation with multi-rental properties -- 
|especially apartments (but including N-plexes)?
|Has that sector been hit as hard as residential housing?
|
|--wayne (iba@ptolemy.arc.nasa.gov)
|----------

	I guess they are going collect unemployment.  I see most
manufacturing jobs moving away to other states (this has been the trend
for the last decade).  But for some reason, people still move into this
area to set up new companies.  This is still a good place to attract
Engineer types.  That is why so many startups like this area.  I guess
the jobs will be either Service or Professionals with some Corporate
Types as well.  This is what most people do in this area today.

	Kirk
From: macrakis@osf.org (Stavros Macrakis)
Newsgroups: misc.invest.real-estate
Subject: Re: Monthly Mortgage vs. Biweekly Mortgage
Date: 24 Jul 92 18:19:17 GMT
Organization: OSF Research Institute

In article <19048@fritz.filenet.com> asylvain@felix.filenet.com (The Chipmunk) writes:

   Similary, with the 15 year mortgages.  Instead of a 30 year mortgage, 
   you pay more per month, and the loan is paid off in 15 years.  Equity
   accumulates much faster, so even if you only stay but a few years, 
   you'll owe a LOT less on the house.

Interest rates are also slightly lower (about 0.25%-0.50% I think) on
15-years.

	-s
From: eroth@cbnewsf.cb.att.com (elizabeth.s.roth)
Newsgroups: misc.invest.real-estate
Subject: Appraisal fees
Date: 30 Jul 92 21:32:14 GMT
Distribution: usa
Organization: AT&T


My mortgage refinance records tomorrow.  Just found out today from
the appraisor that his bill for services rendered is $225.  The
mortgage brokers charged me $275.  Would I have a chance in h**l
of getting the $50 overcharge back?  Does it make any difference
that this is a HUD loan (i.e. any special regulations about what
the mortgage company can and cannot get away with)?

Thx.


Susan

-- 
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>=<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
> Education never helped morals ... the smarter the |     (all the usual      <
> guy, the bigger the rascal.   --- Will Rogers --- |       disclaimers)      <
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>=<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
From: ed@introl.introl.com (Ed Zhong)
Newsgroups: misc.invest.real-estate
Subject: Questions on rental properties???
Date: 21 Jul 92 21:52:38 GMT
Article-I.D.: introl.1992Jul21.215238.40723
Organization: Introl Corp.

First I like to thank for the replies of my previous question about 
how to offer on a house.

I want to start something by myself and still keep my full time job,
the first thing popped out in my mind is to buy a rental property. I
will buy a 4-family house with positive cash flow. However, I have never
owned house nor manage a building before, so I don't know what is the 
potential problems I will have to face, please feel free to comment 
on anything which is related.(especially form landlords and ex-landlords)

I will buy a cheaper house which might need some work to realize the cash 
flow. I am ready to put money and time on it.  I don't know what location 
I want my house to be yet. I have to alternatives, either close to a 
university or a resident area (but not in downtown area). I think that it is 
easier to rent around universities, but the tenents are not stable... 
usually students move every year... and sometimes they demage
the house; in a resident area, the tenents usually live there for several
years, but may be it is hard  for me to find a renter. 

Please tell me that how taugh to be a landlord.

--ed

-- 
-------------			-----------------
||	Ed Zhong 		||	I make my money work for me.
||	ed@introl.com		||	I work to make my money work for me.
Newsgroups: misc.invest.real-estate
From: dprlcm@inetg1.ARCO.COM (Larry Morley)
Subject: Re: What bottom?
Organization: ARCO Oil and Gas Company
Date: Wed, 29 Jul 1992 03:33:36 GMT

In article <THUNDT.92Jul28143012@jaguar.shearson.com>,
thundt@jaguar.shearson.com (Thomas M. Hundt) writes:
> I wrote:
> > Anyway, one reason prices can only drop so fast is that a seller
> > is required ... to pay off his entire mortgage before title to the
> > property can transfer to a new owner.  So, the mortgage amount 
> > represents pretty much the lowest a seller can go. ...
> 
> From: turpin@cs.utexas.edu (Russell Turpin)
> |Here in Austin, Tx, a short walk down a busy street will let you
> ...
> |buy), any number of them will explain why "the mortgage amount" 
> |is NOT "the lowest a seller can go."
> 
> Which is why I used the language "pretty much".  Hey, I can offer a guy
> $5 for his $100,000-mortgaged house, and, if he's willing to pay the
> other $99995 of the mortgage, he can sell it to me!  In any case, the
> bank's lien must be satisfied before it will release the title.
> 
> Anybody have a comment on my statement that the entire remaining
> mortgage must be paid before the bank may release the title?  (I.e. it
> is not allowed to accept a loss on it.)  (Again, allegedly this is
> part of one of the Federal banking regulations.)
>
> Tom Hundt

Banks can take big losses on delinquent house mortgages if proceeds from
the foreclosure sale are insufficient to cover the mortgage. If the 
borrower does not declare personal bankruptcy then the bank can seek 
judgement against the personal assets of the borrower for the amount of 
the deficiency. In practice, most lenders won't bother with this step
since they know that anyone who abandons their house is either -
A) untraceable or B) insolvent.
From: jfm@med.unc.edu (John F. Miller)
Newsgroups: misc.invest.real-estate
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Date: 30 Jul 92 13:30:44 GMT
Distribution: usa
Organization: UNC School of Medicine, Dept. of Pharmacology

In article <KESSLER.92Jul29160701@sluggo.Eng.Sun.COM> kessler@sluggo.Eng.Sun.COM (Tom Kessler, Internet Spokesmodel) writes:
>yuh, but it rains all the time in oregon.

Not this year, it doesn't!  This year has been bone-dry in Portland, and
they have gotten very serious about water-rationing.


-- 
  John Miller (jfm@med.unc.edu)
  Department of Pharmacology, UNC-CH School of Medicine
  1026A FLOB  (231H) CB#7365, Chapel Hill, NC  27599    Tel: (919) 966-6966
Newsgroups: misc.invest.real-estate
From: stgprao@xing.unocal.com (Richard Ottolini)
Subject: tax deduction for home sale loss
Originator: stgprao@xing
Organization: Unocal Corporation
Date: Thu, 30 Jul 1992 00:05:23 GMT


This was one of the proposals of Bush's State of Union message
and it passed one house of Congress last week.
It is not a straight deduction.  It is a carry-through deduction applying
to a gain on a future home.  Also the size of the deduction is reduced by 10%
of the person's income (at time of loss sale or tax realization?).
This is incentative to get people buying houses again, knowing that their
losses can be attenuated.
Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: Monthly Mortgage vs. Biweekly Mortgage
Organization: OSF Research Institute
Date: 22 Jul 92 21:45:43

ben@bailey.UUCP (Ben Bailey) and sherm@phx.mcd.mot.com (cassie) both
have conventional monthly 30-year loans, but pay biweekly, voluntarily.

Interest is still compounded monthly, so paying half the payment two
weeks early doesn't reduce the interest you pay.  Interest is (I
believe) assessed in arrears, so you actually will have a higher
average bank balance.

If you pay half the monthly payment biweekly, you'll pay off the loan
faster, since that's 8.3% more per year: ((52/2)/2)/12.

So why not just pay 8.3% more on each monthly payment and save the
stamp?

	-s
From: jbutterf@mal-s1.gatech.edu (Jill Butterfield)
Newsgroups: misc.invest.real-estate
Subject: What to do with 2 houses
Date: 30 Jul 92 14:36:12 GMT
Distribution: usa
Organization: Georgia Tech Res. Inst., Modeling & Analysis Lab

I am getting married in October, and my fiance and I are currently 
trying to decide what to do with two houses. He's been in his house
for 4 years, I've been in mine for 2. Both houses were purchased new.
His subdivision is almost complete (2-3 lots are currently under
construction, which leaves 1-2 empty lots), mine is about half-way done.
We really want a different house than either of these two, but that's
unrealistic right now (we'd lose money selling mine if we used an agent).

The current thought is to sell his (via an RE agency) and move into
mine for a year or two (while we pay off wedding bills!!!). Then,
using the lessons learned while selling his house, we may attempt to
sell mine by owner. Does anyone have any better ideas on what to do?
We really don't want to end up sitting on two houses for awhile, but
I guess these days we may end up having to do that. 

Also, say we sold his house at a profit, then sold mine at "break even"
(so I didn't have any capital gains). Then if we purchased a new house
for what we sold his house for or more, we wouldn't have to pay capital
gains tax. Is that right? What if we both made money on our houses. Would
we have to buy a house worth more than the SUM of our houses, in order
to avoid the tax? (oh, i know that capital gains is based on purchase
price of home AND allowable home improvements, so I don't need any info
on how that's figured -- I also realize that the money made from the
sale of his home has to be spent in 2 yrs to avoid the tax).

Is it best to leave each house in our own names, or should we add each
other to them? What's involved in adding someone's name onto the house?

In other words -- help! Making wedding plans is mind-boggling enough
without having to worry about this, too!                  

Thanks,  
Jill
-- 
Jill Butterfield, Research Scientist       EMAIL: jbutterf@mal-s1.gatech.edu
Georgia Institute of Technology, GTRI Modeling and Analysis Lab
"Happiness is excitement that has found a settling down place..."
-E.L. Konigsburg, _From the Mixed-up Files of Mrs. Basil E. Frankweiler_
Newsgroups: misc.invest.real-estate