All Forum Posts by: Dagart Allison

Homebay seems to be a company that will make the FBSO process effective and easy. But of course looks can be deceiving. Has anyone used HomeBay before? And what was your experience? Worth it or would you recommend simply using an agent instead?

Thanks!!

@Shmuel Harris Yes, the lender will drop the PMI once I get to 80% value, but I do not want to put that much cash in. And no on the refinance PMI, this is a lender paid PMI, it results in lower monthly payments, but will be there for the life of the loan unless I refinance again. Thus not very advantageous for someone looking to keep their loan for a long time, but if you plan on keeping the loan for a short period it can be a benefit.

@Darren Eady did you mean to say it wouldn't be worth the savings?

Here is my current situation:

30-yr fixed at 4.25%, current loan amount $166200, monthly payment $1115 (PMI included), condo purchased 9/15

Refinance terms:

30-yr fixed at 4.25%, loan amount $172793, monthly payment $1007 

Is it worth it to refinance? The entire reason I though about refinancing was to remove the PMI because I had put in sufficient upgrades that I believed it would bring my loan to value ratio to 80%. The refinance is a lender paid PMI and my appraisal did not quite make it to 80% loan to value. Basically, the savings on the monthly payment accounts for the PMI ($100). The down side is I now have $6500 more debt and originally I was going to sell the place after a couple years to invest in a more expensive property. But if I plan to hold it longer (5+ years) then it is probably worth the refinance, otherwise no, right?

Hi,

I was wondering if anyone has a recommendation for a contractor who can do installation of an acrylic bath/shower in San Diego (near downtown). Home Depot's contractor estimated $8,000 that is more than double what I am looking to pay.

Thanks,
Dagart

 Good question. I will have to look into that. Thanks!

 The bathroom and kitchen will stay as tiled floors. The living room and bedroom are getting changed from tile to laminate. Thanks.

I am in escrow on a 1 bedroom condo that needs some work. The bathroom needs upgrades, primarily the bathtub/shower. I also plan on having the flooring redone from ceramic tile to laminate floors.

First off, what are some important questions that I should ask the contractor my friend recommended? I trust my friend, but he is more experienced and I don't know if this contractor will take advantage of a new buyer...

Secondarily, any other random advice for this topic? My plans are paint the interior myself, demo the ceramic tile floors and have pros put in the laminate floors, have pros demo and install the new bathroom upgrades (bathtub/shower, toilet, maybe new sink)

Thanks!!!

 Thanks Keith! Good advice!

Hi Zach,

I am interested in anything that I want to live in, needs work, and that I can improve upon. My pre-approval is up to $325K for a detached house. In the area I am interested in living, there are very few detached homes at that price.  In fact, I put an offer down on a 3bed, 1bath home for $319K, but was beat out by an all cash offer. That was a house that I was very interested in but also had my limit of what I wanted to spend on it.

In terms of the condo I am currently interested in, it's been on the market for a while and the seller has dropped the price three times. It is about 25K below what other nearby 1bd condos are selling. While I would prefer a house, this condo seems like an easy deal that I can do and turn a profit within 6 months - 1year. This would be my first one and so, it's also nice to know that it's comfortably withing my range of loan payments too. The main thing is I see this as a great way to get my feet wet, then in a year or two I buy the detached unit that I am actually after and I'll have more experience. 

Hopefully, that answers your questions about my mindset.