HDTenEightyP/NetNews huggingface dataset:
Newsgroups: misc.invest.real-estate

You may have seen my previous posting a few months ago about 
refinancing a house with Pacific Fidelity Mortgage Co.  
in Palo Alto, (415) 321-3333.

Recently I refinanced with them when I thought that rates were the
best that they would be.  Now rates have dropped even LOWER and they
have offered me a lower rate WITHOUT any closing costs.

Although my situation was a bit complicated Pacific Fidelity was able to
get me a loan quickly and easily, and their rates are GREAT.  
I would highly recommend going to them.  Their biggest advantage is in
getting a ***very LOW rate*** without having to pay closing costs.

I am not affiliated with Pacific Fidelity Mortgage.
They just make the re-fi process easy and they saved me money.

---------------------------------------------------------------------
|	  @..@    	Joey Doernberg
|	 (----)  	joey@hpl-opus.hpl.hp.com
|	< I  I >	(415) 857-6315
|	  "  "	
---------------------------------------------------------------------
Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: debt/income ratio
Organization: OSF Research Institute
Distribution: usa
Date: 26 Jan 93 13:04:09

eer@world.std.com (Eugene E Rosen) asked:

   >Could someone tell me the formula for debt-income ratio that
   >banks use to decide whether an individual meets the criteria
   >for refinancing? Please e-mail and Iwill summarize.

In article <heflin.727988847@cherokee30> heflin@rtsg.mot.com (Suzanne
Stratton Heflin) answers:

   I've always heard 28/36, meaning max. 28% of income for mortgage debt,
   and 36% of income for total debt.

Yes, this is typical.  Note though that the 28% are for TOTAL housing
cost, including repayment of principal and interest on the mortgage,
real estate taxes, and homeowner's insurance (but not maintenance).

The 28% can in fact be stretched to 32% or so, if everything else is
good (credit record, loan-to-value ratio, etc.).  36% for repayment of
overall indebtedness seems to be a pretty tight limit, though.

Anyway, all of this should be explained to you by the loan officer at
your bank or mortgage company.  The booklet that HSH puts out is
pretty good, too.

	-s
Newsgroups: misc.invest.real-estate
From: hamachi@adobe.com (Gordon Hamachi)
Subject: Re: Real Estate News Summary, Part 138
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Mon, 25 Jan 1993 18:36:37 GMT

Kirk Loftis writes
> Howdy Everyone,
> 
> About six months ago, I posted about Kaufman & Broad doing well in the
> San Jose's Cambrian area.  Well, they have sold nearly all of their 150
> homes at the first site (a handfull of homes are left and then they will
> sell the models).  They have done so well, that they have bought some
> more land about 1/2 mile west of the first sight and are deeming it
> "Montage II".  They open the first site around March for selling and
> quickly sold those homes along with price increases through August.

Right.

My wife and I were in Fremont yesterday so we stopped by Kaufman & Broad's  
"California Crossroads" development.  They have 3Br/2.5Ba homes from 260K and  
4Br/2.5Ba homes from $280K.

The funny thing was that, as soon as we walked in the front door they were  
offering us $10K back in our pocket, "to spend any way we wanted."  We had not  
yet seen the homes or even opened our mouths to bargain.

I guess things are going so well that they feel the need to spread the wealth  
by giving away money! :-)

As we drove over to our friend's home in another new development, we were  
surprised to see that many "For Sale" realtor's signs were up, since these were  
almost new homes.  Kind of makes me wonder why all these folks are leaving so  
soon, and where they are going.

--Gordon Hamachi
Newsgroups: misc.invest.real-estate
From: jdawson@chaos.glv.com (Urthur Graeg)
Subject: Investors wanted
Organization: Encompass
Date: Thu, 28 Jan 1993 16:14:04 GMT

Three bed room townhouse in Laurel, MD, in middle of Baltimore - District of  
Coumbia corridor.  Now a rental property.  Original cost @$123,000, current  
outstanding loan @$115,000.  Need two investors willing to put up $3,000  
capital plus pay 1/4 closing (@$2000), or one investor ($10,000).  Investors  
will share upkeep expenses while house is owned by the group, share equally in  
proceeds when rental income exceeds mortgage costs or when the property is  
sold.  For more information, call Jim or Pat at 919-383-5451.
From: alvin@zany.mti.sgi.com (Alvin Oga)
Newsgroups: misc.invest.real-estate
Subject: Re: Query on Homestead filing
Date: 23 Jan 93 05:31:04 GMT
Reply-To: alvin@zany.mti.sgi.com (Alvin Oga)
Distribution: ca
Organization: Silicon Graphics, Inc.
NNTP-Posting-Host: zany.mti.sgi.com

In article <CHET.93Jan22131825@spock.retix.com>, chet@spock.retix.com (Chet Mazur) writes:
|> the CA there is a $7500 exemption for your primary residence for tax
|> purposes, so they basically, knock 7500 of the assesed value of your
|> house. file this w/ the county assesor's office...
|> --
|> 
|> Chet Mazur (chet-mazur@retix.com)
|> Lambda Consulting


UM.....sorry.,.... you may have mis-understood the question....

THe home owner exepmption is in the range of about $ 50,000 to $ 75,000
depending on whether you're single, married, blind, disabled etc....
That amount is exempt from attachment by other creditors and judgements.
It does not exempt you from bank loans.
Bottom line, you get to keep about $ 50,000 of your equity should you be
sued and lose and get a judgement against you.
Newsgroups: misc.invest.real-estate
From: J024330@LMSC5.IS.LMSC.LOCKHEED.COM
Subject: Re: Semonars are bad ? Why ?
Organization: Lockheed Missiles & Space Company, Inc.
Date: Mon, 25 Jan 93 06:54:27 PST

In Message-ID: <1993Jan22.205016.7169@nas.nasa.gov>
hahn@gigantor.nas.nasa.gov (Jonathan Hahn) writes

>What would have happened if you purchased title insurance on the
>property?  Would they have covered the $45K or not?  If not, what's
>the good of title insurance, if it doesn't cover all liens on the
>property?  And if it doesn't cover all liens, why isn't this a
>more widely known phenomenon?  I would think large numbers of people
>would get burned by this.

If I purchased the property from the owner in default, they would have
run an ID search on him and the lien in the form of a general lien would
have shown up.  They would have paid it through escrow to the IRS.  If I
purchased the property at the auction, the IRS would have the right to
buy the property from me at what I paid for it (so I wouldn't lose my ori-
ginal investment, but possibly any improvements done after the sale.

>Is the IRS in the business of divulging the info you mention to anyone
>who calls?

They will reveal tax liens on a property.  It could be a matter of public
record if they recorded the lien against the property.  They do cooperate
if you tell them you intend to purchase a property at a foreclosure sale.

>Stupid question: does a forclosure sale allow the buyer time to run a
>title search and obtain title insurance before commiting to the purchase?

Yes, you can purchase a preliminary title report prior to a sale, but you
will be hard pressed to find a title insurance company to insure title on
property you will be purchasing at auction.  Perhaps Lloyds of London :-)
Newsgroups: misc.invest.real-estate
From: alexg@austin.ibm.com (Alex Gurevich)
Subject: Re: debt/income ratio
Originator: alexg@madrid.austin.ibm.com
Date: Tue, 26 Jan 1993 22:52:27 GMT
Reply-To: alexg@austin.ibm.com
Organization: IBM Austin


In article <heflin.727988847@cherokee30> heflin@rtsg.mot.com (Suzanne
Stratton Heflin) answers:

   I've always heard 28/36, meaning max. 28% of income for mortgage debt,
   and 36% of income for total debt.

Here in Texas current FHA loan back end ratio is 39%. If you are 
underqualified shop around. It's possible to find lenders with higher 
ratios of up to 50%. 

Of course the money is more expensive, i.e. interest, points, fees
are higher.

- Alex Gurevich            alexg@austin.ibm.com
Newsgroups: misc.invest.real-estate
From: nick@socrates.umd.edu (Nick Lemberos)
Subject: 10% down. how to avoid PMI
Followup-To: nick@socrates.umd.edu 
Organization: University of Maryland University College
Distribution: usa
Date: Wed, 27 Jan 1993 18:16:00 GMT


Getting ready to buy a house for the 1st time. It sounds like the
wize thing to do is to put down < 10% for a down payment, even
if you can afford more.  Of course if you dont put down 20% you
get hit w/ a pretty hefty Private Morgage Insurance.

I have heard of ppl get a morgage for 80% and a 2nd morgage for
10%.  While the 2nd will be at a higher interest rate you still
should come out ahead of the PMI costs.

Is anyone familiar w/ this techinque or have any other suggestions?


nick

-- 
Nick Lemberos					nick@socrates.umd.edu 
Academic Computing				     ^ sew-crates
University of Maryland				University College
Newsgroups: misc.invest.real-estate
From: grady@world.std.com (Dick Grady)
Subject: Re: First time home buyer
Organization: The World Public Access UNIX, Brookline, MA
Date: Sun, 24 Jan 1993 06:29:15 GMT

In article <1993Jan24.014006.20537@netcom.com> schmidt@netcom.com (Margret B Schmidt) writes:
>In California, all real estate brokerages must decide on a company policy
>that indicates WHO (buyer or seller or both) they represent in a transaction.
>The most common choice (and the one Coldwell Banker has chosen) is to represent
>the SELLER exclusively if they are taking a listing, and the BUYER exclusively
>if they are bringing an offer to purchase,   [...]

In the latter case, from whom do the "buyer's" agents get their fees?
Are they splitting the sales commissions with the selling agents?
If so, then their fee increases as the price increases, which is not in the
buyer's interest.  Hence, they are NOT representing the buyers.

-- 
Dick Grady           Salem, NH,  USA            grady@world.std.com
So many newsgroups, so little time!
From: garyp@rmtc.paramax.com (Gary Palangian [RMTC/ISP])
Newsgroups: misc.invest.real-estate
Subject: Re: debt/income ratio
Date: 26 Jan 93 16:29:58 GMT
Organization: Paramax Systems

In article <jaeastman-260193095335@jmac.msd.anl.gov>, jaeastman@anl.gov (Jeff Eastman) writes:
|> In article <108.1486.uupcb@pcohio.com>, david.cooper@pcohio.com (David
|> Cooper) wrote:
|> > 
|> > EER|Newsgroups: misc.invest.real-estate
|> >    |From: eer@world.std.com (Eugene E Rosen)
|> >    |Subject: debt/income ratio
|> >    |Message-ID: <C1C9Hs.81q@world.std.com>
|> >    |Date: Sun, 24 Jan 1993 03:25:03 GMT
|> > 
|> > EER|Could someone tell me the formula for debt-income ratio that
|> >    |banks use to decide whether an individual meets the criteria
|> >    |for refinancing? Please e-mail and Iwill summarize.
|> > 
|> > I believe it is real simple.  Add up all of your contracted debt (car 
|> > loans, average outstanding credit card balances, etc -- do not include 
|> > your current mortgage if you have one and will be selling it as part of
|> > your equity toward the new).  Next add up all of your regular income 
|> > (wages, average tips, etc -- do not include bonuses or income which is
|> > sporadic).  
|> > 
|> > Last step: ratio = total debt / total income.
|> > 
|> > If this number is below 36 percent, then you are a good candidate 
|> > for approval.  The lower the percentage the better.
|> > 
|> > .....d.cooper
|> > ---
|> >  . OLX 3.01 
|> 
|> Is this income before or after taxes?
|> 
|> _______________
|> Jeff Eastman
|> jaeastman@anl.gov
|> _______________


Before.

Gary P.
From: david.cooper@pcohio.com (David Cooper) 
Newsgroups: misc.invest.real-estate
Subject: debt/income ratio
Date: 25 Jan 93 21:28:00 GMT
Distribution: world
Organization: PC-OHIO BBS - Cleveland, OH - 216-381-3320
Reply-To: david.cooper@pcohio.com (David Cooper) 

EER|Newsgroups: misc.invest.real-estate
   |From: eer@world.std.com (Eugene E Rosen)
   |Subject: debt/income ratio
   |Message-ID: <C1C9Hs.81q@world.std.com>
   |Date: Sun, 24 Jan 1993 03:25:03 GMT

EER|Could someone tell me the formula for debt-income ratio that
   |banks use to decide whether an individual meets the criteria
   |for refinancing? Please e-mail and Iwill summarize.

I believe it is real simple.  Add up all of your contracted debt (car 
loans, average outstanding credit card balances, etc -- do not include 
your current mortgage if you have one and will be selling it as part of
your equity toward the new).  Next add up all of your regular income 
(wages, average tips, etc -- do not include bonuses or income which is
sporadic).  

Last step: ratio = total debt / total income.

If this number is below 36 percent, then you are a good candidate 
for approval.  The lower the percentage the better.

.....d.cooper
---
 . OLX 3.01 
Newsgroups: misc.invest.real-estate
From: wcochran@rsal.gatech.edu (W. Allen Cochrane)
Subject: Re: Recently sold home price database
Followup-To: allen.cochrane@gtri.gatech.edu
Organization: Georgia Tech Res. Inst., Modeling & Analysis Lab
Date: Fri, 22 Jan 1993 23:28:08 GMT


The Atlanta metro area has at least two on-line data bases provided by
private firms.  The first is called REDLINK and is an
appraiser-oriented data base with histrical sales information also.
The second is called the Real Estate Data Concepts (REDC) data base
and has the metro county public records on line and lots of recent
sales info also.  REDC is available to groups of individual
subscribers and they can be reached at (404)451-2780.  I highly
recommend and use REDC.  It can be economical if a group pitches in
together.

-- 
W. Allen Cochrane                       Phone: (404)528-7630 
Georgia Tech Research Institute         Fax: (404)528-7883
Georgia Institute of Technology         Net: allen.cochrane@gtri.gatech.edu
Atlanta, Georgia 30332
Organization: Graduate School of Industrial Administr., Carnegie Mellon, Pittsburgh, PA
Newsgroups: misc.invest.real-estate
Date: Thu, 21 Jan 1993 16:59:50 -0500 
From: Bruce Kerr <bk22+@andrew.cmu.edu>
Subject: need info on Columbus market

I am looking to lease 7,000 to 9,000 ft. of space in an old warehouse in
downtown Columbus, somewhere near the University. Does anyone know of
any property that is available and how much I will most likely have to
pay.

I would like to open an entertainment complex with pool tables etc. and
possibly a bar.

Any comments would be helpful.

Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: Query on Homestead filing
Organization: OSF Research Institute
Distribution: ca
Date: 22 Jan 93 11:42:34

In article <1jn4ak$lah@agate.berkeley.edu> sandrar@garnet.berkeley.edu (Sandi Rollins) writes:

   How do you file a homestead notice on your house in California, 
   and what does it protect you from?

I can't tell you about California in particular, but the generic
answer is:

Homestead declarations protect your house from being sold to pay your
debts in case of bankruptcy.

They can be filed just before you file for bankruptcy.

There is apparently no advantage to filing them as a precaution, at
least not in Massachusetts.  And they apparently have no value except
in the case of bankruptcy.

As always, the above may vary by jurisdiction, and I am not a lawyer,
so you would be silly to take what I say as legal advice.

	-s
From: eder@hsvaic.boeing.com (Dani Eder)
Newsgroups: misc.invest.real-estate
Subject: Re: How can I find out who owns what?
Date: 22 Jan 93 14:32:37 GMT
Distribution: misc
Organization: Boeing AI Center, Huntsville, AL

jeff@dsp.sps.mot.com (Jeff Enderwick) writes:

>	Does anyone know of an easy way to look up who owns a
>particular house, using the records down at the courthouse? I looked
>around, but all I saw were deeds and grantor/grantee lists. There
>must be some easier way!

This may be of use to the net generally, so here goes:

First you need to find the parcel number that identifies the
property for tax purposes.  Depending on the technology the
county has incorporated, this may take one of several methods.

The oldest method is the plat books.  These are high resolution
maps showing individual parcels of land.  You take down the parcel
numbers by looking at the map.  Then you consult the tax
records (which may be in a different office in the courthouse)
under that parel number, and find out who they send the
tax bill to.  This is the property owner.  Looking at the
tax assessment will also tell you what the county tax assessor
thinks the land and improvements are worth.  Note that in
some jurisdictions the assessment is on some fraction of
the market value.  Ask at the tax assessor's office if they
assess at full value or some percentage.

In an advanced technology courthouse, they should be able
to give you the parcel number from the street address, by
looking in a computer database, and do this over the phone.
Then, with the parcel number, or directly from the street
address, give you the name of the owner, the assessed value,
and the annual taxes.  All of the information is public
records anyway, so there is no reason not to give you
the data over the phone except in some jurisdictions they
can't be bothered to look it up for you, and make you 
come down and look it up yourself.

Dani Eder

-- 
Dani Eder/Meridian Investment Company/(205)464-2697(w)/232-7467(h)/
Rt.1, Box 188-2, Athens AL 35611/Location: 34deg 37' N 86deg 43' W +100m alt.
Newsgroups: misc.invest.real-estate
From: hahn@gigantor.nas.nasa.gov (Jonathan Hahn)
Subject: Re: Semonars are bad ? Why ?
Organization: Unetix Inc., NASA Ames Research Center, Moffett Field, CA
Date: Fri, 22 Jan 93 20:50:16 GMT

In article <93022.25271.J024330@LMSC5.IS.LMSC.LOCKHEED.COM> J024330@LMSC5.IS.LMSC.LOCKHEED.COM writes:
>Title searches do not guarantee free and clear title.  An owner can have
>a general lien placed against his name, which by default is attached to any
>and all property he owns.  Even the professionals (title insurance companies)
>can miss these.  That's why they sell TITLE INSURANCE.  I looked as a very
>promising property in Campbell, CA.  Market value of $225,000, in foreclosure
>for $150,000.  Just for the heck of it, I ordered a preliminary title report
>($200).  Every thing looked in order.  Then, I made a call to the IRS.  They
>had an unrecorded lien against the property because they had a deficiency
>judgement against the owner.  The lien was only $45,000.  But it was
>enough to make the property not worth investing in.

What would have happened if you purchased title insurance on the
property?  Would they have covered the $45K or not?  If not, what's
the good of title insurance, if it doesn't cover all liens on the
property?  And if it doesn't cover all liens, why isn't this a
more widely known phenomenon?  I would think large numbers of people
would get burned by this.

Is the IRS in the business of divulging the info you mention to anyone
who calls?

Stupid question: does a forclosure sale allow the buyer time to run a
title search and obtain title insurance before commiting to the purchase?

thanks,
-jonathan hahn
-- 
hahn@nas.nasa.gov					wk: (415) 604-4360
..!ames!amelia!hahn					hm: (408) 736-7014
Newsgroups: misc.invest.real-estate
From: jaeastman@anl.gov (Jeff Eastman)
Subject: Re: debt/income ratio
Followup-To: misc.invest.real-estate
Organization: Argonne National Laboratory
Date: Tue, 26 Jan 1993 15:54:03 GMT

In article <108.1486.uupcb@pcohio.com>, david.cooper@pcohio.com (David
Cooper) wrote:
> 
> EER|Newsgroups: misc.invest.real-estate
>    |From: eer@world.std.com (Eugene E Rosen)
>    |Subject: debt/income ratio
>    |Message-ID: <C1C9Hs.81q@world.std.com>
>    |Date: Sun, 24 Jan 1993 03:25:03 GMT
> 
> EER|Could someone tell me the formula for debt-income ratio that
>    |banks use to decide whether an individual meets the criteria
>    |for refinancing? Please e-mail and Iwill summarize.
> 
> I believe it is real simple.  Add up all of your contracted debt (car 
> loans, average outstanding credit card balances, etc -- do not include 
> your current mortgage if you have one and will be selling it as part of
> your equity toward the new).  Next add up all of your regular income 
> (wages, average tips, etc -- do not include bonuses or income which is
> sporadic).  
> 
> Last step: ratio = total debt / total income.
> 
> If this number is below 36 percent, then you are a good candidate 
> for approval.  The lower the percentage the better.
> 
> .....d.cooper
> ---
>  . OLX 3.01 

Is this income before or after taxes?

_______________
Jeff Eastman
jaeastman@anl.gov
_______________
Newsgroups: misc.invest.real-estate
From: garyp@rmtc.paramax.com (Gary Palangian [RMTC/ISP])
Subject: Help for my first
Organization: Paramax Systems
Date: Tue, 26 Jan 1993 00:54:09 GMT


I have an opportunity to buy a single bedroom condominium in
a nice complex for $30,000.  The HOA is in very good financial
shape and has been since the complex was built in the late
1970's.  The HOA dues are $95/month for this unit.  They have not
gone up since 1988 when they were dropped from $100/month.  The
HOA fee history looks pretty good.  

Servicing the 80% loan will cost about $175/month.  Taxes and
insurance will cost another $40/month.

The total monthly negative cash flow is $310 + maintainance.  
An acquantaince owns several one bedrooms in the complex and 
is renting them for $425.  I feel the rental market will be
very good here during the next 5-7 years at least. 

The questions:

1) How much should I expect in maintenance for this unit?  It
can't be as high as a house, can it?

2) Is this a good deal from the financial angle in the short
term (i.e. 5-7 years)?


I have already gotten the word about bad HOAs and how condos
are evil because of them.  I would not appreciate more data along
these lines, but I would appreciate any other data regarding condo
investments as rentals.

Party On...


Gary P.


I will post a summary.
Newsgroups: misc.invest.real-estate
From: heflin@rtsg.mot.com (Suzanne Stratton Heflin)
Subject: Re: debt/income ratio
Organization: Motorola Inc., Cellular Infrastructure Group
Distribution: usa
Date: Mon, 25 Jan 1993 19:07:27 GMT

eer@world.std.com (Eugene E Rosen) writes:

>Could someone tell me the formula for debt-income ratio that
>banks use to decide whether an individual meets the criteria
>for refinancing? Please e-mail and Iwill summarize.

>thanks
>gene


I've always heard 28/36, meaning max. 28% of income for mortgage debt,
and 36% of income for total debt.

>-- 
>Eugene E. Rosen                                           GENIE: erosen
>22 Riverside Road                                       COMPUSERVE:74066,3444
>Sandy Hook, Ct. 06482-1213                              AOL: Gene Rosen

Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: How can I find out who owns what?
Organization: OSF Research Institute
Distribution: misc
Date: 25 Jan 93 10:55:36

jeff@dsp.sps.mot.com (Jeff Enderwick) wrote:

   >	Does anyone know of an easy way to look up who owns a
   >particular house, using the records down at the courthouse?

In article <1896@hsvaic.boeing.com> eder@hsvaic.boeing.com (Dani Eder)
writes:

   ...First you need to find the parcel number... you consult the tax
   records (which may be in a different office in the courthouse) ...
   Looking at the tax assessment will also tell you what the county
   tax assessor thinks the land and improvements are worth....

All this appears to be very dependent on the locality.  In
Massachusetts, assessment and tax collection is a TOWN, not a COUNTY
responsibility.  On the other hand, tax records are typically
organized by address, so you don't need the parcel number.

Note also that whether assessments are nominally 100% or not, they are
often not very accurate estimates of value.

	-s

Newsgroups: misc.invest