HDTenEightyP/NetNews huggingface dataset:
From: drb@druhi.ATT.COM (BurrittD)
Newsgroups: misc.invest.real-estate
Subject: Re: Have they got a deal for me!?
Date: 7 Oct 92 17:05:22 GMT
Distribution: usa

in article <1992Oct7.153816.11129@gumby.dsd.trw.com>, lainhart@odel.stg.TRW.COM (Mike Lainhart) says:
> 
> In July I refinanced our home to take advantage of a few percent
> less in the rates.  Now, the mortgage broker that we used (a friend
> of a friend) has offered to refinance again for FREE!  It would
> lower our rate from 7.875% to 7.25% and our payments by about $80
> per month.  I must have asked them about every possible fee that
> they could have forgotten to tell me about.  I have received several
> (dozens) of reassurances from the woman handling my account that
> this is on the up-and-up AND I have recieved a good faith estimate
> that shows the costs to be only the odd day interest in the month
> that the loans switch.  Why do I feel so uneasy about this?  Is this
> anyway to run a business?  At this price who could say no.  Is there
> something that I should know about?
> 
> Thanks.

The reason they can do this (IMHO) is that they can probably re-use the
credit report, the appraisal, survey, etc., from the first re-finance.

Since mortgage brokers will just re-sell this note to an investor the
only person really getting screwed is the investor from the original
re-finance since he/she only got a couple of months interest from you.

If they were honest with you on the first re-finance I would have no problem
dealing with them on this one. Just remember they are not doing this out of the
good of their heart. They will make money from this transaction (nothing wrong
with that, is there??).

Seems to me that you could do all the paper work with no deposit required.
If they try to pull something at the end just don't go to closing. They
can't do anything about the first re-finance.

All in all, sounds like a pretty good deal to me.

-- Dave Burritt



From: duanej@hpfcso.FC.HP.COM (Duane Jacobson)
Date: Tue, 6 Oct 1992 15:50:33 GMT
Subject: financing land purchace
Organization: Hewlett-Packard, Fort Collins, CO, USA
Newsgroups: misc.invest.real-estate


A few questions on financing the purchace of bare land ...

1. I imagine that the interest rate on a loan for land is higher
   than for a mortgage on a primary residence.  What is the typical
   spread between the two (or what is the rate today for a loan
   to buy land only)?

2. Do lenders issue 30-year loans for land, or do they usually
   require a shorter term?

3. How do the closing costs differ (if at all) from those associated
   with a home mortgage?

4. Does it make a difference to the lender if I am buying the land
   as an investment, or as a building site, or for some other purpose.
   Will they be more reluctant to issue the loan under some particular
   cirumstances?
From: desilva@tikal.ced.berkeley.edu (Deanan Da Silva)
Newsgroups: misc.invest.real-estate
Subject: Special Studies Zones
Date: 8 Oct 1992 07:54:06 GMT
Organization: University of California, Berkeley
Distribution: world
NNTP-Posting-Host: tikal.ced.berkeley.edu

Does anyone know where to get the reports on special studies zones
and soil sliding reports?

Thanks,

Deanan
Newsgroups: misc.invest.real-estate
From: macrakis@osf.org (Stavros Macrakis)
Subject: Re: financing land purchace
Organization: OSF Research Institute
Distribution: usa
Date: 12 Oct 92 14:02:30

In article <1992Oct8.181112.19112@cbnewsi.cb.att.com> crenshaw@cbnewsi.cb.att.com (david.c.crenshaw) writes:

   Check the difference in the monthly payments on a 15-year, as opposed to
   a 30-year. Depending on the interest rate, a 30-year mort will cost you
   twice as much as a 15-year over the course of the loan. The monthly cost
   of a 15-year is only about 5-10 percent higher!! It's foolish to finance
   anything over 30 years.

It's foolish to equate a dollar today with a dollar thirty years from
now, as you do when you say "a 30-year mort will cost you twice as
much as a 15-year over the course of the loan".
Newsgroups: misc.invest.real-estate
From: tonyg@spock.retix.com (Tony "Salty Dog" Goulding)
Subject: Info on refinancing
Organization: Retix, Santa Monica CA
Date: Wed, 7 Oct 1992 15:22:05 GMT

I'm sure this has been covered already, in which don't please email
replies to me direct instead of boring the regulars.

I'm interested in refinancing and am looking for references.  I'm after
a deal that has a low start that stays fixed for something like 5 years,
and then adjusts.  Preferable would be no points, etc :-)

Thanks.
Tony.

-- 
Tony [All views expressed are mine - if anyone is to blame its me]
==================================================================
"What a waste it is to lose one's mind.  Or not to have a mind is
being very wasteful.  How true that is" Vice President Dan Quayle
From: crenshaw@cbnewsi.cb.att.com (david.c.crenshaw)
Newsgroups: misc.invest.real-estate
Subject: Re: financing land purchace
Date: 8 Oct 92 18:11:12 GMT
Article-I.D.: cbnewsi.1992Oct8.181112.19112
Distribution: usa
Organization: AT&T

In article <143530007@hpfcso.FC.HP.COM> duanej@hpfcso.FC.HP.COM (Duane Jacobson) writes:
>
>A few questions on financing the purchace of bare land ...
>
>1. I imagine that the interest rate on a loan for land is higher
>   than for a mortgage on a primary residence.  What is the typical
>   spread between the two (or what is the rate today for a loan
>   to buy land only)?
>
>2. Do lenders issue 30-year loans for land, or do they usually
>   require a shorter term?

Check the difference in the monthly payments on a 15-year, as opposed to
a 30-year. Depending on the interest rate, a 30-year mort will cost you
twice as much as a 15-year over the course of the loan. The monthly cost
of a 15-year is only about 5-10 percent higher!! It's foolish to finance
anything over 30 years. Plus, in most cases the interest is lower on a 15.

>
>3. How do the closing costs differ (if at all) from those associated
>   with a home mortgage?
>
>4. Does it make a difference to the lender if I am buying the land
>   as an investment, or as a building site, or for some other purpose.
>   Will they be more reluctant to issue the loan under some particular
>   cirumstances?
Newsgroups: misc.invest.real-estate
From: shawn@grok90.ColumbiaSC.NCR.COM (Shawn Shealy)
Subject: Re: MLS access
Organization: NCR Corp., Columbia SC
Date: Thu, 08 Oct 92 20:35:18 GMT

In article <9986@ncrwat.Waterloo.NCR.COM> jim@ (Jim Fare) writes:
>We recently bought a house.  In looking for the house we dealt with two
>agents.  Both of these agents had a huge stack of old MLS books in a back 
>room, gave us the previous week's copy, and said that they weren't 
>really supposed to give it to us but that we were special people.
>So, try walk into an agent's office, look interested, and they'll give you
>a copy. 

Is the MLS really distributed weekly?  (Does this depend on location?)
How much do the agents pay for them (ie, extra copies)?

Thanks!
Newsgroups: misc.invest.real-estate
From: tonyg@spock.retix.com (Tony "Salty Dog" Goulding)
Subject: Re: Info on refinancing
Organization: Retix, Santa Monica CA
Date: Wed, 7 Oct 1992 15:27:30 GMT

Whoops!
I forgot to mention that the house is in California - Ventura County
Thousand Oaks area.

Thanks
Tony.

-- 
Tony [All views expressed are mine - if anyone is to blame its me]
==================================================================
"What a waste it is to lose one's mind.  Or not to have a mind is
being very wasteful.  How true that is" Vice President Dan Quayle
Newsgroups: misc.invest.real-estate,nj.forsale,nj.market.housing,nj.market.misc
From: amichals@ieeefin.ieee.org (Alex Michals)
Subject: HOME AND OFFICE BUILDING-FOR SALE
Originator: amichals@ieeefin.ieee.org
Organization: IEEE Service Center, Piscataway, NJ
Distribution: usa
Date: Fri, 9 Oct 1992 17:15:07 GMT

MAIN STREET-SAYREVILLE, NJ
	
	-3 Bedroom Home with Living Room, Kitchen, Dining Room, and Bath
	-This home sits behind a brick 4 Room Office Building which is
	 currently grossing $700 per month.  Office Building has its own
	 bathroom and Central Air.
	-The 3 Bedroom home is currently grossing $650 per month.

	- Live in home and let office income pay your mortgage !!

	ASKING: $149,900       FOR MORE INFO: (908) 390-8783
From: lainhart@odel.stg.TRW.COM (Mike Lainhart)
Newsgroups: misc.invest.real-estate
Subject: Have they got a deal for me!?
Summary: Refinance for free
Date: 7 Oct 92 15:38:16 GMT
Distribution: usa
Organization: TRW, One Space Park  MS O1/1061, Redondo Beach,CA 90278  (213) 813-0690

In July I refinanced our home to take advantage of a few percent
less in the rates.  Now, the mortgage broker that we used (a friend
of a friend) has offered to refinance again for FREE!  It would
lower our rate from 7.875% to 7.25% and our payments by about $80
per month.  I must have asked them about every possible fee that
they could have forgotten to tell me about.  I have received several
(dozens) of reassurances from the woman handling my account that
this is on the up-and-up AND I have recieved a good faith estimate
that shows the costs to be only the odd day interest in the month
that the loans switch.  Why do I feel so uneasy about this?  Is this
anyway to run a business?  At this price who could say no.  Is there
something that I should know about?

Thanks.
Newsgroups: misc.invest.real-estate
From: revesz@msc.cornell.edu (Peter Revesz)
Subject: Need Attorney for refinancing?
Organization: Cornell-Materials-Science-Center
Distribution: misc.invest.real-estate
Date: Thu, 8 Oct 1992 16:43:34 GMT

When refinancing an existing home some banks require, some others
(most of them) do not require that you have your own attorney.

Do you see any pittfalls to not having your own attorney, especially
when refinancing with the same bank (i.e. going from 10.5% to 7.5%)

Thank you for your advice.
    <<Peter Revesz>>

     revesz@msc.cornell.edu
Newsgroups: misc.invest.real-estate
From: andyh@microsoft.com (Andy Held)
Subject: Re: Reducing downpayment for investment
Date: 07 Oct 92 01:46:03 GMT
Organization: Microsoft Corporation

edwardz@ecs.comm.mot.com (Edward Zhong) writes:

>by the way, if don't have 25% downpayment, you can not afford the property. it
>is silly to think your investment will have 25% or better return.


i don't understand this at all.  plz explain.
Newsgroups: misc.invest.real-estate
From: grady@world.std.com (Dick Grady)
Subject: Re: Question about a clause in my closing agreement
Organization: The World Public Access UNIX, Brookline, MA
Date: Thu, 15 Oct 1992 04:46:36 GMT

In article <1992Oct2.235414.13150@novell.com> dougb@novell.com (Doug Barlow) writes:
>I closed on my first home about 2 months ago and have had something bother me
>ever since then.  There was an interesting clause in my 3 inch stack of
>paperwork to sign that said something like PAYMENT ON DEMAND CLAUSE.
>
>It stated that, at the option of the lender, they could give me a 30-day
>notice to payoff the loan in full or they could forclose on me.  

Sounds dangerous.  When interest rates go up again, they'll call the loan.

>I brought it up at closing and the title company agent said that it
>is very common today and the reason that no one ever gives notice is because
>it may make the bank look like it's out of money and would, in turn, cause
>a run on the bank. 

Typical sleazy tactics.  What did your lawyer say?  (You DID have a
lawyer, didn't you?)

>It sounded good at the time.  I then signed the rest of the paperwork 
>and now have my home.  
>
>DID I MAKE A BIG MISTAKE?

I think so.

>                           Is this a common clause in closing agreements? 
>If it isn't, should I refinance?

*I* would refinance.

--
            Dick Grady               grady@world.std.com

       Do-it-yourself Term Limits:  Re-elect NO-ONE !
Newsgroups: misc.invest.real-estate
From: allen@lawnext.uchicago.edu 
Subject: Re: Review of "Buy & Hold Real Estate Strategy"
Reply-To: allen@lawnext.uchicago.edu 
Organization: University of Chicago Computing Organizations
Date: Mon, 12 Oct 1992 21:17:34 GMT

In article <BILLW.92Sep28122443@regal.cisco.com> billw@regal.cisco.com  
(William ) writes:
> 
>     Example 1. You own a property free and clear and it rises only with
>     inflation.  You are not making any money because the inflated price
>     has the same purchasing power as the price you paid.  You are not
>     losing any money either.
> 
> Huh?  If you sell the house, you pay income tax on "capital gains",  
which
> is (sale price - purchase price), with NO ADJUSTMENT for inflation.  So
> in the above example, you are losing money.
> 
> This is an argument frequently quoted by those in favor of preferrential
> tax treatment of capital gains.
> 
> BillW

But, if someone else is paying the mortgage down, then you will make that  
amount "What you owe, one day you will be worth" (or something like that.)  

To say that there is no loss or no gain is innacurate, in that there is a  
gain from loan reduction, and a loss from tax liability.


The author may be trying to pursuade us that holding for capital  
appreciation through loan reduction is the way to wealth. (cough cough...a  
slow road, anyway)  I seem to remember his book going into a fair amount  
of detail regarding market analysis and determining market conditions 15+  
years down the road.

I only gave the this book a "bookstore" reading, so any innacuracies are  
mine.

----------------------------------------------------------------------
Allen
regular and NeXTMail welcome
allen@lawnext.uchicago.edu
Newsgroups: misc.invest.real-estate
From: mmpjh@angelo.amd.com (Javed Hussain)
Newsgroups: misc.invest.real-estate
Subject: DOS Program to calculate ARM mortgage loans
Date: 15 Oct 92 21:42:02 GMT
Distribution: usa
Organization: AMD

I am looking for a DOS program to calculate ARM mortgage loans. Program 
should be capable of calculating and giving in tabular form variable rates
using rate, cap, spread etc., the usual ARM stuff. Any PD program will do.
Please email me or post hers.

Thanks,

Javed   mmpjh@amd.com
From: carr@acsu.buffalo.edu (Dave Carr)
Newsgroups: misc.invest.real-estate
Subject: Interest rates after election
Date: 16 Oct 92 16:56:09 GMT
Distribution: na
Organization: UB


    What is the general feeling on the net about how the interest rates will 
change after the election.  I've been told that they will go up immediatly 
after.  I can't see how this can happen without anyone spending any money.
Maybe this is local to Western New York.  I'm not sure who to  believe.  One
day I'll read an article about the rates moving up and then I'll see someone
saying that the "indicators" show that the rates will drop again.  Any insight 
into this would be a great help.

                    Thanks,

                     dave
-- 

David Carr                                               104D Computing Center 
carr@acsu.buffalo.edu                        University of New York at Buffalo
Newsgroups: misc.invest.real-estate
From: kayshav_dattatri@taligent.com (dattatri)
Subject: ARM: 1 Year T-Bill or 6 month CD?
Organization: Taligent, Inc.
Distribution: usa
Date: Wed, 7 Oct 1992 17:29:38 GMT





I'm in the process of closing a loan and I have decided on a ARM. I have 
two choices: I can get an ARM tied to the 6 month CD rate at a good rate 
(rate cap of 1% ecery 6 months). Or I can settle for a ARM tied to the 1 
year T-bill (rate cap of 2% every year). The T-bill has a start rate 0.25% 
higher than the CD rate. What is the recommendation of experts out there? 
I'm a first time buyer in Silicon Valley, California.  Shoudl I go with 
the 6 month CD or the 1 year T-bill. In all other respects both options 
have the same figures (like life time cap etc.)

Thanks in advance


KD -- kayshav_dattatri@taligent.com
From: jim@ (Jim Fare)
Newsgroups: misc.invest.real-estate
Subject: Re: MLS access
Date: 8 Oct 92 13:38:05 GMT
Article-I.D.: ncrwat.9986
Organization: NCR Canada Ltd., Waterloo, Ont.

In article <21181@drutx.ATT.COM> drb@druhi.ATT.COM (BurrittD) writes:
>in article <4791@tivoli.UUCP>, dfavor@logan.tivoli.com (David Favor) says:
>> 
>> Deyoung:
>>>Does someone know how I (without a real estate license) can access the MLS to
>>>search for house for sale in the market?  Is there a place to register for
>>>this access with some fees?
>> 
>
>Don't know what they do with the old books but they come out every week.
>
>Dave Burritt

We recently bought a house.  In looking for the house we dealt with two
agents.  Both of these agents had a huge stack of old MLS books in a back 
room, gave us the previous week's copy, and said that they weren't 
really supposed to give it to us but that we were special people.
So, try walk into an agent's office, look interested, and they'll give you
a copy. 

                                     [J.F.]
Newsgroups: misc.invest.real-estate
From: pkrause@triton.unm.edu (Paul Krause CIRT)
Subject: Contrarian Indicator?
Date: Fri, 16 Oct 92 19:50:23 GMT
Organization: University of New Mexico, Albuquerque

I saw the posting asking for opinions on interest rate trends but didn't have
any.  So far as I know, no one has ever assembled a large fortune by 
correctly predicting interest rates over a long period.  Thus, I think
the trends are not predictable.

However, I do watch the shelf space bookstores devote to real estate related
books as a contrary indicator.  A few years ago any popular new bookstore 
would have at least 5-6 shelves of real estate books.  I noticed last night
the store was down to less than 12 inches on one shelf.  Anyone else notice
this trend and have any opinions as to its value in predicting that now is a
time to buy real estate?

Paul
From: cthorne@magnus.acs.ohio-state.edu (Charles E Thorne)
Newsgroups: misc.invest.real-estate
Subject: Re: Selling your own home
Date: 7 Oct 92 13:33:09 GMT
Organization: The Ohio State University

In article <4542@tivoli.UUCP> dfavor@logan.tivoli.com (David Favor) writes:
>John:
>>Actually it all sounds like real estate salesperson propaganda to me.
It probably is.

Let me at this time convey the real estate sales proposition as I see it.

First of all Real Estate is different than other property.  Unlike your
radio, tv, or stereo--it's not something you walk in and pay cash for and
then take home.  Real Estate is a permanent asset--lasting forever.  Thus
title goes back forever.

Secondly, Real Estate is usually the biggest purchase most people ever make
and may happen more than once in a lifetime (typically about every 7 or 10 yrs)
Thus the complications of transacting a sale involving real estate is not
simple.  In addition to finding someone who's willing and able to make a
large investment (including financing 80 or 90% of it), they have to be
assured (and their attorney) that they really own it.  The financing agency
also has requirements in this regard since their investment is usually even
greater.  Then there are the little things like surveys, gas line inspections,
termite inspections, roof and other building inspections, deed restrictions,
zoning encroachments, etc.

As a result of the complications and costs, real estate is not usually sold
by a dealer who owns the property in question (new houses are sometimes an
exception).  Real estate is usually sold by agents who represent the seller
and are licensed by the state.  If the agent works for someone else (the head
of the business being the broker), then there can be two.  If the buyer is
working with an agent who also has a broker, then there are two more.

To protect their investment in time and expenses (advertising, association
fees, multiple-listing fees, etc.) the broker (and agent) who has the right
to sell  your property gets that right in writing (a listing contract) which
(hopefully) gives them a period of time to collect for selling the property. 
State law allows the listing broker to share their commission with a 
cooperating broker and/or an agent "employed" by them--and no other persons.
The cooperating broker can also share their commission with an employed
agent.  Thus the commission can be split four ways.  Thus the selling 
commission for a $100,000 house might typically be $1500.  For this the agent
finds the buyer, shows them a number of properties, negotiates a contract,
and then arranges financing and all of the other details.  If they aren't
working with four or five people all the time, and selling at least a house
a month--they aren't even above poverty level in income.

None of this is intended to convey the idea that you can't sell your own
house.  If you want to do all of the work--which is substantial--and
negotiate a price--which is more art than science, then you should.
From: asylvain@felix.filenet.com (The Chipmunk)
Newsgroups: misc.invest.real-estate
Subject: Re: house buy simple questions
Date: 14 Oct 92 19:28:10 GMT
Reply-To: asylvain@fritz.filenet.com (The Chipmunk)
Distribution: usa
Organization: Foundation for the Increased Wealth of Chipmunks

Written in article <1992Oct13.141218.27162@ncrcae.ColumbiaSC.NCR.COM>
 by shawn@grok90.ColumbiaSC.NCR.COM (Shawn Shealy):

: A couple of simple questions:
:
:- What rules governing MLS access?  Is it against some regulation
:	 for an agent to give out a copy of the MLS?
:
:- What rules govern defaulting on a mortgage?  In particular, what
:	 determines when someone has defaulted if they were previously
:	 paying off the mortgage at an accelerated rate (paying more
:	 than the required amount or more often than required)?
:
: Thanks in advance!

Unfortunately, these rules are 100% local to the state and/or county
and/or city where you live.  Your best bet is to re-post with location
information ("I live Columbia"), and/or cross-post to a more local 
newsgroup (columbia.general?), so that with luck someone nearby can give 
you the rules for your area.

-- 
The Chipmunk.
Opinions are mine, void where prohibited, taxed, licensed or regulated.
Bureaucrat, n.: A politician who has tenure.
Newsgroups: misc.invest.real-estate
From: johnm@cory.Berkeley.EDU (John D. Mitchell)
Subject: Re: DOS Program to calculate ARM mortgage loans
Organization: University of California, at Berkeley
Distribution: usa
Date: Fri, 16 Oct 1992 02:58:19 GMT

In article <1992Oct15.214202.4426@amd.com> mmpjh@angelo.amd.com (Javed Hussain) writes:
>I am looking for a DOS program to calculate ARM mortgage loans. Program 
>should be capable of calculating and giving in tabular form variable rates
>using rate, cap, spread etc., the usual ARM stuff. Any PD program will do.
>Please email me or post hers.

I believe that Jeff Duntemann (sp?) created his HCalc program for his
column in Dr. Dobb's Journal.  This has been a pretty recent thing (within
the last 4 months).

I'm currently working on a spreadsheet template that will compare variable
and/or fixed rate loans.  It will be a week or two before I get this worked
out though.

Good luck,
	John
From: kseshadr@oracle.uucp (Krishnan Seshadri)
Newsgroups: misc.invest.real-estate
Subject: Apt. for rent/sale
Date: 8 Oct 92 19:48:01 GMT
Reply-To: kseshadr@oracle.uucp (Krishnan Seshadri)
Distribution: usa
Organization: Oracle Corporation (Federal Division), Bethesda, MD
X-Disclaimer: This message was written by an unauthenticated user
              at Oracle Corporation.  The opinions expressed are those
              of the user and not necessarily those of Oracle.




			Apartment for Rent/Sale


Apt. for rent with option to buy in Silver Spring, Maryland (12 mi. from D.C.).

- 3 Bedroom, 2 baths
- Sun room
- Washer/Dryer/Microwave/Dishwasher   
- Convenient to MetroBus, and access to Metrorail
- Pool, Tennis.

Rent (w/ option to buy) - $850/month


Please call Krishnan at 301-913-5017        
Internet kseshadr@us.oracle.com
======================================================================
kseshadr@us.oracle.com     
(301) 913-5017
Newsgroups: misc.invest.real-estate