HDTenEightyP/NetNews huggingface dataset:
From: txl@dbs42.teradata.com
Newsgroups: misc.invest.real-estate,misc.consumers,misc.consumers.house,misc.legal
Subject: Repost question about refinancing
Date: 25 Jul 92 03:08:00 GMT
Reply-To: txl@dbs42.teradata.com ()
Distribution: world
Organization: ATT/NCR Teradata Business Unit
Originator: txl@dbs42

I am sorry for the previous post; the lines were too long and were truncated.
Thanks for the responses so far.

I am in the process of refinancing my 1st and 2nd mortgages.  The loan broker 
I am dealing with was referred by my credit union.  I have always had good
experience with the C.U.; that good feeling spilled over to this loan broker
when I started dealing with them.  At first the good faith estimate was at 
about $5100 for total closing cost.  In the process, I paid $325 for credit 
check and appraisal.  Now, we are very closed to the end; this broker sends 
me a final estimate for closing.  Lo and behold, so many new charges appears 
and so many previous estimates are raised with some item up to 100%.  The 
total estimated closing cost is now at $6500 excluding the fees I already 
paid.  I am really confused now and don't know what to do.

My question is that is it usual for a broker to raise closing cost between the
"good faith" and the final up to 33%?  The credit union is American Electronic
Association and the broker is Pacific Shoreline.

Any inputs about my question and any feedback about this loan broker?  I'm
almost certain that there are many AEACU member out there and some might have
dealt with this broker before.  Many thanks for your inputs.

Tuan
Newsgroups: misc.invest.real-estate
From: rcollins@encore.com (Roger Collins)
Subject: Re: Disadvantages with For Sale by Owner?
Reply-To: rcollins@encore.com
Organization: Encore Computer Corporation
Date: Fri, 24 Jul 1992 21:28:32 GMT

lgold@callahans.Cadence.COM (Lynn Gold) writes:
|> If you're selling and you can find a buyer without going through an
|> agent, you both get a better deal.

I heard an interesting strategy.  A couple was interested in a vacation
condo in a particular complex so they obtained the names and addresses
of the owners of each condo from the tax assessor's office and wrote them
each a letter explaining that they were looking for a condo there, explained
the RE commission savings that could be shared, etc. and got several takers.
(The competition for their sale probably let them have *all* the advantage
of the RE commission.)
Newsgroups: misc.invest.real-estate
From: chou@riscee.pko.dec.com (Jesse Chou)
Subject: no cost refinancing
Followup-To: chou@riscee.enet.dec.com
Organization: Digital Equipment Corporation, Maynard MA
Distribution: ne
Date: Fri, 24 Jul 1992 16:51:22 GMT


A while ago, I read something referring to "no cost refinancing".  I checked
with several banks yet without much success.  Could someone who is
knowledgeable on this send me the names of the banks in Massachusetts area
which are willing to offer such an option?  My address is
	chou@riscee.enet.dec.com

Thanks in advance.

Jesse
-- 
Jesse Chou	-- chou@riscee.enet.dec.com

These words are entered into net by the keyboard.
I am not responsible for them; neither is my employer.
Newsgroups: misc.invest.real-estate
From: gnreddy@cbnewsf.cb.att.com (G.Narotham Reddy)
Subject: New Low Mortgage Rates ( Weekend July 24 )
Organization: AT&T
Distribution: usa
Date: Wed, 29 Jul 1992 14:37:09 GMT


Source	: The Wall Street Journal
Date	: July 29, 1992


30 Year Fixed
---------------------------------------------------------------------
Metro Area       Lender               Rate     Points     Tel
---------------------------------------------------------------------

New York	Coastal Fed Mortgage   7.625    3.000    800 772 6278
Los Angels	Accubank Mortgage      7.875    1.875    714 782 3588
Seattle		Summit Savings	       7.875    3.250    206 451 3585
St. Lous	Home Fed Savings Bank  8.000    1.500    314 576 4500
Tampa. Fl	Molton,  Williams      7.750    2.125    813 963 1074

---------------------------------------------------------------------
** National Average	               8.190    1.850


15 Year Fixed
---------------------------------------------------------------------
Metro Area       Lender               Rate     Points     Tel
---------------------------------------------------------------------

New York	Century Caital 	       6.875    2.750    914 623 9434
Los Angels	American Residential   7.250    2.000    619 535 4700
Seattle		Coast Mortgage	       7.375    1.500    206 775 2434
St. Lous	GMAC Mortgage 	       7.375    2.000    314 994 1440
Tampa. Fl	Margaretten & Co,      7.250    2.500    813 879 4000

---------------------------------------------------------------------
** National Average	               7.670    1.750


One Year Adjustable Rate
---------------------------------------------------------------------
Metro Area       Lender               Rate     Points     Tel
---------------------------------------------------------------------

New York	Directors Mortgage    4.250    2.500     800 572 0299
Los Angels 	Directors Mortgage    4.250    1.500     619 967 9000
Seattle         Metropolitan Fed S&L  4.500    2.250     206 625 1818
St. Louis	Mark Twain Mortgage   4.750    0.750     314 878 2000
Tampa, Fl       Anchor Mort. Svcs     4.950    1.000     813 969 0990
---------------------------------------------------------------------
** National Average	              5.330    1.650

Note: Rates for week ended July 24, 1992. Points are the percentage of
the loan paid as an origination fee.  Source: HSH Associates

			      * E N D *
From: bobk@sequent.com (Bob Krull)
Newsgroups: misc.invest.real-estate
Subject: Re: is buyer - agent agreement necessary?
Date: 30 Jul 92 23:02:57 GMT
Article-I.D.: sequent.1992Jul30.230257.29154
Organization: Sequent Computer Systems Inc.

In article <1992Jul30.163847.3946@usenet.ins.cwru.edu> bd670@cleveland.Freenet.Edu (Russell I. Dyreng) writes:
>
>It appears to me that no matter who pays the commision, (buyer or
>seller) that as long as the the commision is expressed as a
>percentage of the selling price, the agent's interests will always be
>tied to that of the seller.
>
>In other words, the more that I pay for a house the more profit 
>the seller makes and the larger the commsion to the agent.  Either
>way, you end up paying, whether directly, or indirectly via the 
>seller.
>
>The only way that a broker will truely work fro the buyer is to 
>a commision  that would increase as the sales decreases.  I am 
>not aware of anyone who has ever set up such an agreement.
>
>Russ


I can tell you've never been in sales ;-).  Ever hear the old
expression "half a loaf is better than none".  If pressuring the
seller to take a lower offer is what you think is really required
to close the deal, then you do it.  Yes it's true that the agent
has a fiduciary responsibility to the seller, but, as a commissioned
salesperson, they are always, ultimately, working for THEMSELVES.

-Bob Krull
Newsgroups: misc.invest.real-estate,misc.consumers,misc.consumers.house,misc.legal
From: gheim@eng.auburn.edu (Greg Heim)
Subject: Log Home info needed
Organization: Alabama Department of Tourism (NOT!)
Date: Fri, 24 Jul 1992 00:24:18 GMT


My dad and I are looking into putting a log home on a piece of lakeside
vacation property.  Can anyone give any information such as names of
suppliers, satisfaction/dissatisfaction, things to look out for, etc.
The land is near the Kentucky-Tennessee border if the suppliers are
generally localized.  As you can tell, we know nothing about this
type of thing.  We are interested in putting it together ourselves.
From what I understand, some places send a guy out for an afternoon
to get you started.  Can anyone elaborate?

Thanks for any info,

Greg



                    /~~~~~~~~~~~~~~~~~~~~~~~~~~\                A/~~\A
                    |    WELCOME TO ALABAMA    |               ((O  O))___    
                    |  Set  your  watch  back  |                 \  /     ~~~
                    |  an hour . . . set your  |  #              (--)\    #  
Greg Heim    --x---x|  calendar back 30 years  |--#---x---x---x---x---x---#---
USENET Junkie       \--------------------------/  #                    \  i_
gheim@eng.auburn.edu --| |--#---x---x---x-| |--x--#---x---x---x---x---x---#---
Sig. Copyright(c) 1991 | | )#(//  \\)(/  \| |(// \#(//  \|/   \\)|(/   \|)#(/
From: connors@hplabsz.hpl.hp.com (Tim Connors)
Newsgroups: misc.invest.real-estate
Subject: Re: Listing price of a home and a good offer
Date: 21 Jul 92 18:29:41 GMT
Article-I.D.: hplabsz.1992Jul21.182941.7887
Distribution: usa
Organization: Hewlett-Packard Laboratories Palo Alto,CA

In article <1992Jul20.185840.9166@adobe.com> hamachi@adobe.com
(Gordon Hamachi) writes:

>Second, if you look at the ratio of original list price to actual sales price,
>you may still be mislead.  Owners and realtors play lots of games with  
>listings.  When a house doesn't sell during a 6 month listing period, they
>will take the house off the market for a week, drop the price, then put it
>back on again and claim that it is a "brand new listing."  You must ask
>yourself if the "original list price" you have been given is REALLY the
>original list price, or simply the original list price for the most recent
>month that the home has been on the market.

The MLS of the San Jose Board, has a way to query the database using
parcel number instead of "listing number."  This gives a complete history
of all the activity in the (MLS) database for a property regardless of the
dates, listing brokerage, or listing number.  I have a property listed
with an agent.  At his office he was showing off this feature, so I asked
him to check a random home I'd seen at an open house.  It had been for sale
about three times longer than the the current listing had been in effect;
it had been listed with at least three different brokerages and the listing
price had gone both up and down.  Its' current listing price was not the
lowest.  If your buying, ask your agent to run this program.

>Third, the realtors' statistics do not include all transactions they handle.  
>Look at the standard Peninsula Regional Data Service purchase contract and  
>you'll find that you can specify that your purchase price not be included in  
>the realtors' database of transactions.  When someone buys a house at a very  
>low price, it is likely to depress real estate prices in his own new
>neighborhood, unless he hides this information from other prospective  
>purchasers.  In a down market, I suspect that a lot of this goes on, so I
> would not rely on realtors' data on comparable sales in a given neighborhood.

Also, the comparable sales don't reflect any seller concessions.  Eg,
seller paying for points, closing costs, buy downs, favorable financing on a
second, new roof, moving expenses, even down payment money behind the
lenders back.

-Tim
Newsgroups: misc.invest.real-estate
From: waligora@hsi.com (Robert Waligora)
Subject: Re: Call me in a decade
Organization: 3M Health Information Systems, Wallingford CT
Distribution: misc
Date: Mon, 27 Jul 1992 11:11:29 GMT

In article <1992Jul23.005339.12568@clipper.ingr.com> ald@clipper.ingr.com (Al Date) writes:
>                                      Others have just walked away and
>left it to the bank.
>
I keep seeing this statement over and over. This makes it sound like, you
can just stop paying your mortgage and not suffer any. I thought that if
the bank forclosed on your house, they would auction it off, probably for
less than you owe on it, and then sue you for the rest. Is this true? If
so, it doesn't sound like you are just walking away, because it will follow
you.
-- 
+---->----> 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: bobk@sequent.com (Bob Krull)
Subject: Re: QUESTION ABOUT ARM
Organization: Sequent Computer Systems Inc.
Distribution: usa
Date: Fri, 31 Jul 92 16:54:06 GMT

In article <3178@ra.nrl.navy.mil> 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? 
>
>How exactly is the new adjusted monthly payment computed each
>year? 
>
>Thanks,
>
>Steve Michaels
>michaels@s6550b.nrl.navy.mil

Oh no, not... Xeno's paradox.  If you wish to ever have the loan balance go
to zero, you had better recalculate the amortization schedule based on a
loan term which decreases by 1 yr each year :-).

-Bob Krull
Newsgroups: misc.invest.real-estate
From: ajg@controls.ccd.harris.com (Arnold Goldberg)
Subject: Re: BOOKS
Followup-To: misc.invest.real-estate
Organization: Harris Controls and Compositions
Distribution: misc
Date: Tue, 21 Jul 1992 11:44:31 GMT

>>>>> On 21 Jul 92 00:23:56 GMT, sjk@strl.labs.tek.com (Steven John King) said:
	Steven> |> On the subject of books,
	Steven> |> 
	Steven> |> are there any good ones on commercial real estate investing ?

	Steven> Sounds as if Mr. Goldberg is volunteering to be the keeper of the FAQ
	Steven> on books.


I don't see the word volunteer in my message at all.  None of the words
even started with a v.

But, given that, I will start a FAQ on books if you want to mail me
some suggestions

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 
------------------------------------------------------------------------
Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: What to do with 2 houses
Organization: OSF Research Institute
Distribution: usa
Date: 30 Jul 92 16:06:57

In article <64672@hydra.gatech.EDU> jbutterf@mal-s1.gatech.edu (Jill Butterfield) writes:

   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!!!).

Trick number one: don't overspend on the wedding!!

   Then, using the lessons learned while selling his house, we may
   attempt to sell mine by owner.

Unless you are there when the selling agent is talking to potential
buyers, you will not be learning much.  And if you have an agent, part
of the reason is precisely so that HIS/HER salesmanship will work for
you.  You are hidden away and he can always tell the potential buyer
"I've got to ask the seller".

There are, however, books on selling a house yourself which may help.

   Also, say we sold his house at a profit, then sold mine at "break even"
   (so I didn't have any capital gains).

Huh?  You will presumably sell his house for the best price you can
get.  You will then sell your house for the best price you can get.
You may have to pay capital gains tax, up to 28% (depending on your
bracket); but the rest (72% or more) is yours to keep.  There is no
reason to lower the sale price just because you're going to have to
pay capital gains tax on your gains!!!

I can't help you with the other legal and tax accounting issues,
though.

	-s
Newsgroups: misc.invest.real-estate
From: kendall@adobe.com (Janice Kendall)
Subject: Need Info on Appraisal
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Wed, 22 Jul 1992 02:18:44 GMT


I am interested in knowing about the appraisal process.  If I am buying
a house, the lender will send an appraiser out to make sure the loan is
secured by the value of the house.  I will be billed for the cost of the
appraisal.  

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?

Thanks,
   
 Janice Kendall    kendall@adobe.com    ...!{decwrl|sun}!adobe!kendall

	"Creativity overcomes violence"
			John Bradshaw in "Homecoming"
From: guthrie@nb.rockwell.com (Karen Guthrie)
Newsgroups: misc.invest.real-estate
Subject: Re: 3% discount on houses
Date: 24 Jul 92 15:31:53 GMT
Article-I.D.: nb.1992Jul24.153153.12561
Organization: Rockwell International


In article <1992Jul23.235659.4311@intellistor.com>, wicklund@intellistor.com (Tom Wicklund) writes:
> In <1992Jul21.150351.9921@nb.rockwell.com> guthrie@nb.rockwell.com (Karen Guthrie) writes:
> 
> >OK, here is how you get around half of the realtors commission
> >when you buy.  
> 
> >3.  Now that you are talking to the listing agent who has something
> >    to gain by selling the property express interest in their listing
> >    at ... address.  Tell them that you are working without a realtor
> >    and that if you should buy this property you will expect them to
> >    write your offer but only to take the 3% due to the listing agent.
> 
> Since the seller pays the commission, realize that you're probably
> just reducing the selling price to the seller by 3%.
> 
> Real estate listing contracts I've seen (in Minnesota) specifically
> state that the agent gets 6% (or whatever) from the seller.  Legally
> the seller must pay the agent the stated commission.  The agent might
> agree with you but they can then go to the seller for the full 6%.
> 
> However, I have had an agent offer to reduce his commission in order
> to have a sale go through.  I basically said I wouldn't accept an
> offer if my share were less than a certain amount (in this case, the
> amount of my loss).  The agent reduced the commission a bit to stay
> within my constraints.
> 
> Personally I'd say you're much better off making an offer for about 3%
> less than the asking price.  Offers are often made for less than the
> asking price and unless the market is really hot you have a good
> chance of having the seller accept 3% under the listing price.
> 
> By the way -- you can't go directly to the seller to avoid the
> commission (at least, not legally).  Listing contracts prohibit the
> seller from cancelling the contract and then selling to anybody who
> expressed interest in the property while the contract was in force.  I
> assume that agents will scrutinize any quick sale of a property which
> had a recently cancelled or expired listing.

The agents can cut what they take at the time that the deal is being 
struck they just hate to do it.  This is when you take care of that.
You can't do it in advance you have to be buying the place for it to
make any sense.  I wasn't suggesting that you go to
the owners to avoid all 6% just to get them to rein in their greedy
realtor so as not to scare off a serious buyer.  That's all.

K
Newsgroups: misc.invest.real-estate
From: bd670@cleveland.Freenet.Edu (Russell I. Dyreng)
Subject: Re: Questions on rental properties???
Organization: Case Western Reserve University, Cleveland, Ohio, (USA)
Date: Thu, 30 Jul 92 18:38:19 GMT


As far as the university/residential option goes, if it is 
a possibility in your area, you may want to consider owning r
rental property near a military base.  You have a large number of
people coming in and they typically stay around for 2-4 years.
They receive a housing allowance, the base has a free housing referral OAreferral service that you can use, and if there are any 
serious problems with your tenants you have some recourse 
through their commander.

Russ
Newsgroups: misc.invest.real-estate
From: hlin@cbnewsi.cb.att.com (hua.t.lin)
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: AT&T
Distribution: usa
Date: Tue, 28 Jul 1992 19:58:15 GMT

In article <Bs2nC5.KyE@vcd.hp.com> johne@vcd.hp.com (John Eaton) writes:
>Not really. The trick was that once you took the plunge and bought a house
>that you now had another source of income from the constant price hikes.
>Some people even boasted that their houses made more that they did last
>year. This "income" was fairly significant, taxfree and capable of being
>used to buy a better house. You simply waited until your house rose 50 to
>100% in value and then traded up. 

Only problem is price can move either way. It is possible to lose all
equity in a house if it drops 20% in price.

>This of course fed on itself so that rising prices eventually created more
>pressure for prices to rise. The resulting spiral continued until the supply
>of new suckers willing and able to buy in dimished.
>
>John Eaton
>!hp-vcd!johne
From: faigin@aero.org (Daniel P. Faigin)
Newsgroups: misc.invest.real-estate
Subject: FHA loans for home improvement
Date: 29 Jul 92 18:59:52 GMT
Distribution: misc
Organization: The Aerospace Corporation, El Segundo, CA

I understand that there is a class of FHA loan available for home improvement
that is not equity-based. Does anyone know lenders that provide such loans:
I'm thinking of some major upgrades.

Right now, the normal home equity route is out of the question. Given the way
California's housing market has dropped :-(, I'm afraid that I might be in a
negative equity position.

Daniel
--
[W]:The Aerospace Corp. M1/055 * POB 92957 * LA, CA 90009-2957 * 310/336-8228
[Email]:faigin@aerospace.aero.org              [Vmail]:310/336-5454 Box#13149
   "You can't be a rationalist in an irrational world. It isn't rational!"
	       Dr. Rance, in Joe Orton's "What the Butler Saw"
From: loftis@hpcc01.corp.hp.com (Kirk Loftis)
Date: Tue, 28 Jul 1992 16:07:53 GMT
Subject: Re: One Man's Survey of Recent San Francisco Home Prices
Organization: the HP Corporate notes server
Newsgroups: misc.invest.real-estate

	Hello Jill,

	Congradulations on your home, it sounds nice.

	No salaries in California are not that much higher than the rest
of the country for engineers, programmers, mathematicians, etc.  It is
higher for the hourly workers.  

	San Francisco is mostly union, so someone working at Macy's will
be making a good salary.  I live south of San Francisco, (San Jose area)
where it is mostly high-tech.  The problem down here is that everyone is
making this same salary (not everyone, but quite a few).  Therefore
there is a lot of competition for homes.  This competition plus many
foreign investors who pushed up the values (many Chinese/Japanese
investors would buy a house cash, some 10% over the asking value just a 
few years ago).  This pushed many of the locals to commute from long
distances (over 100 miles) just to work and afford a house.  There is
still some demand for homes, but nothing like the late 80's.  

	What the poster stated is basically true.  Most of the homes
that are up for sale are usually people who bought the home at an
inflated amount.  They are usually over-mortgaged trying to get out.
The others are enjoy their low payments and low property taxes.  

	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.

	As far as all those people leaving the state.  Well, if you had
lived here the last 30 years.  You would have noticed so many people
from out of state moving in.  This volume of people helped inflate the
prices of homes.  

|So this same house would probably cost 3x that in CA. Would my salary
|be 3x higher out there? I have a master's degree in math, I work mostly
|with engineers (doing a lot of the same work they do), and I specialize
|in stationary target detection methods using radar signal processing
|techniques. I also do acoustic modeling. I've been a full-time research
|professional here at Georgia Tech for 7 years. The average salary for
|co-workers in my rank is about $50k. So, if I were in CA, would I be
|earning $150k????
|
|No wonder so many people are leaving CA! 
----------