Ask MetaFilter questions tagged with housing and house

Oh give me land, lots of land under LA skies above...

rileyray3000 — Wed, 11 Nov 2009 12:48:29 -0800

Say I want to buy some cheap land in the Los Angeles area: where would I find such a listing online? Basically it's time to go from a renter to buyer. Only given that a nice two bedroom in Compton is still over 300K I think I want to go a different way.

I've been looking at some amazing pre-fab houses that are 100-150 all in and all up. Now all I need is a piece of property to put one on. So where do you look for that? Craigslist? Landhunter.com? Lotsoffun.net?

Can we afford this $445,000 house? How can you tell?

Anonymous — Sun, 20 Sep 2009 15:16:38 -0800

Can we afford this house in California (just an example)? What "rules of thumb" or other measures should I use to determine what is "affordable"? I have used many of the on-line "calculators" but I feel like there are too many variables which are not explained and there is too much variation. Can you look at our situation and help suggest how much house we can afford while remaining fairly conservative? What other "rules of thumb" or standard rules should I consider when determining how much house we (or anyone) can afford?

Total income: $120,000/year
House price: $445,000
Loan: FHA with 3.5% down
(the down payment is not set at this amount but it is so common that we use it when making comparisons).

We're fairly frugal and save more than average. We're both local government employees. The house is in Northern California (Bay Area). The house included above is just an example.

Conservative rule of thumb for front end debt-to-income (DTI) ratio -
28% of your pre-tax income = reasonable annual payment (before considering tax benefits):
$33,600/year
or
$2,800/month

Conservative back end DTI ratio:
36% of pre-tax income minus other debt payments.
We have about $600 of debt (student loan) payments/month.
$43,200 - 7,200 = $36,000
or
$3,000/month

I have received several "Good Faith Estimates" (GFE) for a loan in these conditions - the highest GFE (with most fees filled in) places our monthly payments at $2950.

Is that reasonable based on our income? How do you make that decision?

The tax rate for the city at issue is 1% (low) and no flood insurance is required. This is included in the GFE above. We also have a reasonable emergency fund.

Email questions/suggestions/issues to canweaffordthishouse@gmail.com

Thanks mefites!

Short sale? Walk away? Run?

anthom — Wed, 15 Apr 2009 04:16:50 -0800

My wife and I need to get out of our house ASAP for reasons both financial and mental-health-related. I've been told we may need to look into a short sale, but researching the process is making my head explode. What, if any, are our options? (more inside, obviously) We bought this house 4 years ago, on two incomes, intending to start a family. Short version - it hasn't happened yet, and won't for the foreseeable future. This, and a few other stressors, helped bring my wife into a depressive spiral, which led to her leaving work indefinitely about a year ago.

We currently live on my salary plus a pittance from her long-term disability - we're working on getting more, but Social Security is notoriously slow to approve this kind of thing. We're not behind on any payments yet. We've got three loans for this house - we financed initially with an 80/20, and between the two have managed to pay down about 10% of the principal. We also have a loan through our town that we used to pay for a new well and replacement septic system. We have a little bit in savings, but if we continue to pay the minimum payments on all the loans (and eat, keep utilities current, etc.) it'll be gone in another 6 months or so.

Her counselor has mentioned that living here may well be an additional stressor for her, and that we might need to work on finding a way out to help her recover. It's an older house that, while livable, definitely needs a lot of work that we either can't afford to have done, or don't have the energy or ambition to tackle right now. We have an offer from a family member to stay with them if we need to get out, and neither of us is too proud to take them up on it.

I did the online credit counseling at 995-HOPE’s website, and the counselor there suggested putting the house on the market, but mentioned that we may need to consider a short sale. It’s highly unlikely, if we sell the place, that we’ll get anything close to what we owe on all the loans, and we really don't want to foreclose.

Where we’re not in arrears with either of our mortgage companies, is short sale even an option? How do we find an agent willing to put in the extra work for less money? Are there other options we haven’t considered? It’s all incredibly confusing and frustrating - if you can, please help us, hive mind!

I'm cute, buy the house

racingjs — Wed, 10 Dec 2008 12:41:04 -0800

Why do realtor often put their picture on "for sale" sign?

____ is a privilege, not a right!

sixcolors — Tue, 02 Sep 2008 10:13:59 -0800

What are some LESS obvious things that can disqualify someone from obtaning a job, car, or an apartment? I think it's well known that if someone has a criminal record, they'll have a lot of trouble finding employment. Or, if you get a DUI, your driver's license may be suspended or even revoked. But, I'm sure there's less obvious things that can cut off your access to housing, transportation, and employment.

It almost happened to me a few years ago. My father is one of those people who do not like to put his vehicle documents in his glove department or anywhere else in his car. He fears that if someone steals his car, they may steal his identity also, or the thieves may locate his address and stalk him. When I was younger, I let him talk me into doing same thing. Well, I got into a little fender-bender, and the cop asked me for my vehicle documents. I didn't have them, and the cop told me that was a somewhat serious offense. I asked what could happen. He said, depending on my record, I could lose my driving privileges for a year and have to pay a $1000 fine. We did NOT learn about this in drivers ed!

Fortunately, nothing happened, but it was a wake up call that the possiblity of me losing my driving privileges was a lot easier than I previously thought. As I am transitioning into "adult" life, the fear of me not being able access (or losing access to) transportation, housing, and employment is increasing.

So, what are some less obvious things:

1. That could prevent me from getting a job...or get me fired?
2. That could prevent me from buying a new car, having my license revoked/suspended, or having my car repossesed?
3. That could prevent me from renting out a house or apartment?

Do I want to live in Daddy Day Care?

andoatnp — Wed, 20 Aug 2008 07:56:42 -0800

What sort of agreements should I make or information should I consider before moving into an apartment that would be used as a daycare during the day when my roommate and I aren't around? I have a meeting in two days to potentially sign a lease for me and a friend to move into a 3 bedroom apartment as subletters. The apartment would be rented by young parents with a 1 year old son who live in a different apartment in that apartment building. During the day (from 7:30 to 4:30) they would hire a nanny who would watch that child and 3 other one year-old-children in the apartment in the living room and using one of the bedrooms. Theoretically, this will only be happening on weekdays when me and my roommate will both be out of the apartment at school. We would be able to make use of that third bedroom at night when they aren't around as some extra space.

Has anyone ever done anything like this before? What sort of agreements should we have in writing beforehand to guarantee a smooth year for us? After having four babies in our apartment for the day, when we get home at 5 do you think it would be immediately obvious that our apartment was a day care, or might we not even realize? [Is this an insane idea that we should avoid at all costs, and instead seek housing elsewhere?]

For what it's worth, we are in Israel, but all our previous real estate transactions have been similar to how they would be in America, so any advice that would apply in America would probably be helpful for us. I'm not looking for legal advice so much, as wondering about any agreements we should reach with the parents/subleasers beforehand that we should be sure to include in the lease. This is a slightly complicated situation, so please let me know if anything is unclear and I can clarify.

Any advice or comments about this situation would be a big help before we sign the lease in a couple of days. Thanks!

How low an offer should I take for my house?

Mom — Thu, 17 Jul 2008 16:56:45 -0800

How low an offer should I take for my house? 2 family house.

Bad: Has some knob&tube wiring, crappy, beat-up garage, kitchens haven't been renovated. Close to noisy road. 1 really awful neighbor that the city will take to court for basically being a dump. Built @ 100 years ago; I'm the 3rd owner.

Good: Has gorgeous period woodwork, pretty good location. Close to the ocean, shopping, bus lines, recreation, university. Replacement windows, insulation, recent roof.

Put it on the market at 325. Under contract at 305, buyer bailed out. Gave realtors 1 month extension of contract, reduced price 10% to 293.

There are are @ 50 2-family houses on the market, many more 3 & 4 family houses, and few buyers. Rents will cover my 1st & 2nd mortgages on the house. I have a new house, sick of being a landlord, would like to have cash to buy more land, and generally have better cash flow. Have negotiated an offer to 285.

My real question? How bad do you think the market will get? How bad do you think the economy will get? My town is healthy, real estate market is soft but hasn't really tanked. I tend to be quite pessimistic about the current state of affairs.

Thanks for your advice.

Buying through Redfin - does anyone have first-hand experiences they could share?

GuyZero — Wed, 26 Mar 2008 08:51:15 -0800

Buying through Redfin - does anyone have first-hand experiences they could share? I'm looking to buy a house in the Bay Area. I use the Redfin web site all the time, but is their limited human contact going to be an issue? I have bought and sold homes before (but not in California) so I am generally familiar with the home-buying process.

What should I know about buying a house in Japan?

zardoz — Sun, 02 Mar 2008 03:03:10 -0800

Calling all Japan MeFites as well as you real estate mavens...I'm thinking of buying a house here in Tokyo, and I need some advice. The nutshell: I've lived in Tokyo for about 4 years, and just married (a Japanese woman) last October. We live in a rental apartment close to Shinjuku, but it's both teeny-tiny and old, so we want to move.

We're paying Y90,000 right now in rent each month, so we figure we can invest in a house instead, pay roughly the same amount each month in mortgage payments, and have an asset to show for it.

We plan on moving back to the U.S. eventually, maybe 2 or 3 years from now. Here's my biggest worry--will I be able to SELL this house with no problem down the road? Of course, making a profit from that sale would be ideal, but at least breaking even is important.

Are there any pitfalls, traps, or general unpleasantness involved with buying a house in Japan? What's the best way to ensure a loan approval? (I'm American, btw)

Lastly, my wife and I looked at a really nice house today, priced at Y29,000,000. What questions should I be asking?

Moving somewhere affordable!

hamster — Thu, 14 Feb 2008 12:22:58 -0800

Can I sell my place if I'm on a repayment plan for its mortgage? I own a home, but have had trouble making payments on the mortgage--my parents talked me into buying it, but it's been too much to handle on my salary.

I worked out a payment plan with my lender to avoid foreclosure, and will be able to get things back to normal by May.

I'm planning to move across the country this summer, and want to list the place as soon as possible because I know the housing market's crap. How would this work if I'm not up on payments?

Also, my parents don't know that I've worked out a plan--this is a long story about family dynamics. They will be helping me to list the place, but I don't want them to find out what's happening. When will I need to come clean? When we have a buyer? Before I list it?

Thanks in advance.

Anyone got a two bed/one bath in san diego for rent?!?!

Anonymous — Wed, 22 Aug 2007 06:02:35 -0800

Renting - It's been a while and I'm afraid we're gonna look bad on paper. Mid/late twenty year olds (one a musician) without a huge amount of $$ or history - are we screwed? I'm out of college and have been working at a great, professional job for about a year. My roommate is out of college and also has a great, professional job. Together, we have been living in a house owned by my family. I've been paying no rent and he's been paying a paltry sum. Have I mentioned my family rules? They do. But, its time to leave.

Should I lie about renting from family for no money? Should I tell my family to act like I'm not kin (we have different last names)? I've been here about 7 years. I dont even remember who I rented from last. Do I really need to dig up that info?

Lastly, the third roommate is my boyfriend, who is a working musician and artist. He takes jobs that he can quit when he goes on tour. He's coming back from tour this week, so technically when we are looking for a house, he will be unemployed. Will a grand in savings be enough to convince the potential landlord? He'll have no problem finding a job soon enough, but we simply cant wait.

We'd be great tenants. We're considerate, kind, and would be consistent with the bills/rent. How can I get this across on a rental application?? There must be a best way for us to go about this.

Thanks everyone!

Do you have to make mortgage payments for the deceased?

salvia — Sun, 22 Jul 2007 18:49:19 -0800

Someone died. Does her family have to keep paying the mortgage payments? Does interest keep accruing? Can they rent it out during this period? There was no will. (This is in California.) The "can they rent it out" part becomes more crucial since they wouldn't mind keeping the house as an investment property, or at least holding it until the market strengthens. But getting their own mortgage for the property is only going to get harder (and ultimately be more burdensome) the more unpaid interest gets tacked on to what is owed. The house was bought fairly recently, and since it's not clear just how bad the market is now, it's not clear what profit (if any) would come from the sale of the house at this point. Could they stall until the market solidifies?

Though there was no will, no one is going to contest who should be the executor/administrator of the estate or who should inherit the property.

I would also appreciate any "simple guide to probate in California"-type resources. I've been even thinking about finding some law-school-cramming book. (The BarBri property guide?) They're going to hire a lawyer but it's going to take a couple weeks to do that.

(You would think this would be an easy question to Google, but "get a mortgage in Death Valley!" has been the least of my search result problems.)

Prefab pros and cons?

Kickstart70 — Mon, 21 Aug 2006 14:41:44 -0800

Pre-fab cabins and houses...can you tell me your positive and negative stories? In our case, we're considering one of the ones from cabins.ca. They look reasonably nice and I requested and received a price list from them (mostly $20-80k, suggested multiplying by 2.5 for an estimate of total cost including interiors, foundation, plumbing, electrical, etc.).

We're not looking for something super-fancy or large. We want a place to live that isn't going to suck. What are your experiences?

We just moved into a rental house, and found the place filthy! What do we do?

itchi23 — Mon, 31 Jul 2006 20:36:30 -0800

We just moved into a rental house, and found the place filthy! What do we do? This past weekend, my wife and I moved cross-country to Charlotte, North Carolina. It was a pretty arduous trip - I drove a crazy, rickety moving van and the heat was unbearable, among other things. After a two-day trip, we arrived to find our rental house in an almost uninhabitable state.
It was filthy. Everything needed to be scrubbed within an inch of its life with bleach and everyother anti-bacterial, anti-microbial cleaner we could find. My wife's hesitant to use the kitchen! Holes in the walls, stains on carpeting, etc.
We saw the house about a month and a half ago, and while we saw it definitely needed a good washout, we were assured by the "property manager" that it would be given a good cleaning before we arrived. In fact, if given a good hardcore scrubbing and basic maintenence, the house would be really great. There were some other issues we needed to have taken care of before we arrived (knobs and handles missing from various appliances, some maintenence, etc.) and we noted them on the lease when we signed. Most of those things were taken care of, but our biggest issue is how dirty the house is.
Our landlord lives out of town, but explained that most of the day-to-day and maintenence issues would be taken care of by the "property manager." I only use that term in quotes because I'm not sure exactly her official role or title. Apparently, the landlord and the "property manager" used to have some kind of relationship, and after it ended they remained friends. He now lives out of town and left his ex-girlfriend to take care of this property for him. She was the one who told us that she'd "clean it up really well" and the place would look great once we arrived.
Once we did arrive and saw the places wasn't clean, we called our landlord and briefly explained the situation. He said he paid the "property manager" a lot of money to clean it up, and was interested in knowing how she did. It could seem like the "property manager" just didn't realize that we were moving in on that date - but I'm not sure.
Now here's where we don't know how to proceed.
We'd like to maintain a pretty amicable relationship w/ our landlord. He wasn't around to supervise the prep for the new tenants. All we would like is for the place to be cleaned real well and a fresh coat of paint. We'd be willing to do the work ourselves, and receive a discount in rent if he can't get someone to clean and paint. How would we address this in a way that will ensure we get some results, yet still maintain an amicible relationship? That's key for us, because our landlord hinted that he may be interested in selling the house in a year or two, and if that's the case, we might be interested in buying (if it passes inspection) and don't want to burn our bridges in this crazy housing market.

Social stigma in rich people's housing

acoutu — Fri, 28 Apr 2006 16:06:27 -0800

Will a child face social stigma for living in a condo? I live in Vancouver, Canada. The housing market here has gone wild. The average house price in the metro area is 757,750, but, in "nice" neighbourhoods, it's now about $1M. You could live further out, but the housing prices remain high, since people want more for their money. Also, living further out means you'd need 2 cars instead of one -- so add another $500+ a month.

My friends and I both currently live downtown. The schools downtown are pretty bad, so this isn't where we want to stay with our small children. Today, at a toddler group, a couple of us were discussing whether it made sense to move to a nice area and live in a condo, instead of a house. My friend (psychiatrist married to a chartered accountant) was concerned that her son would face social stigma for living in a condo when all the other families had houses. She was worried he'd be treated like a poor kid. I said that the people I knew who lived over there -- even the ones who'd bought before the upswing and had just $500k or $600k mortgages -- were struggling under the strain of their payments, rising interest rates, increasing fuel costs, and the like. I said her son and my son would be in a much better position to be the kids with nice clothes, vacations, trips to museums and all the things that you'd hope upper-middle class families would enjoy...except for a house. Meanwhile, the other kids would be from house poor families. However, I don't know if this is true. My husband and I are not originally upper-middle class and we grew up in small towns where everyone had houses.

So, what does AskMefi think? Will a child face social stigma for living in a swanky 2BR condo on the nice side of town, if their friends live in houses?

Is it cheaper to buy a house or build one from scratch?

designbot — Mon, 14 Nov 2005 11:14:58 -0800

Is it cheaper to buy a house or build one from scratch? As we all know, housing prices have shot up like crazy in the last few years. It seems like the cost of labor & materials can't have gone up as fast. Is it cheaper to build a house than to buy a pre-existing one? Is it difficult to find unused lots around major cities? How much do architects/contractors/etc. cost? Does anybody know some good resources for learning about the process? I'm in the market to get my first home soon, and it seems like it would be great to get exactly the layout & features I want instead of hunting around for an overpriced place that's "almost good enough." I'm not a handy person, so I don't think I'd want to be my own contractor, or remodel an existing home. If anybody has experiences with getting a home built, I'd love to know what you think the advantages or disadvantages are.

Road to Nowhere

figment — Mon, 22 Nov 2004 20:46:29 -0800

My SO's long-held family house looks like it will soon have a 6 lane highway built through it. Is there anything that can be done or said that could have a bearing on the route? (MI) The Pacific Highway is to be upgraded in the North of NSW(OZ). They have released the study area(house is opposite Newrybar, to the right of the existing road) and there seems little doubt they intend to go through their land. There have been community meetings but they appear to have been nothing more than lip service to concerns. The homestead is 100+ acres and is in original (rare) condition. They have told they cannot sub-divide the land, as it is a water catchment for a nearby town, so can they put a highway through it? Is there anything that can be done? Does anyone have any experience with this? I thought this sort of thing onhly happens in the movies. Very distressing.

Seeking recommendations for gay-friendly community with affordable homes & good schools in CA

nakedcodemonkey — Sat, 31 Jul 2004 13:32:45 -0800

RealEstateFilter Any recommendations for a gay-friendly community in California where three bedroom single-family houses with reliable broadband access can still be found for <$125k in a safe, good school district?