All Forum Posts by: Shayne Fee

@Chris Mason

Love the strategy Chris! As a realtor who's family has been working in the area for 30+ years I don't think I could pull it off quite like that but I get your point!

@Chris Mason

Wow. That sounds like a great strategy! But.......Listing agents don't just hand out disclosures to anyone who walks into an open house! A lot of agents (around here anyway) don't even have them filled out until they have an accepted offer...

Thanks @Wayne Brooks. Appreciate the clarity. 

Hey @Chris Mason thanks for the quick reply! 

So the 75% rule is true? Bummer. 

I know the comps inside and out (there are only a few to choose from). While our home is nicer than the recent sales, the appraiser would have to put us above anything that has sold recently for our size home. Seems unlikely...

Anyway, thanks again for the quick reply! At least I have clarity on the issue for now. I'll keep my fingers crossed for some high comps in the next few months!

I hate surprises.

I have always been told, get to 80% loan to value and you can remove your PMI.

I'm there.

I call my mortgage servicer and say I'd like to remove my PMI and they say nope! Got to be at 75% LTV! What!?

I closed this loan in August of last year and remodeled the home top to bottom. We're probably around 22-23% equity in the home right now. 

This is annoying! Does anyone know if this is BS? 

They said it's a Fannie Mae guideline for removing PMI early...if that was true I would think one of the multiple lenders I talked to about this during my loan process would have mentioned it...if anyone knows what the real deal is here or has any advice I would greatly appreciate it!

Thanks in advance!

A lot of people are taking a wait and see approach right now. With interest rates going up and the wild card president you mentioned volatility (real or perceived) is high. When people are unsure, what do they do? 

@Elliott Kim

First off -- great job getting in the game! I love FHA house hacks! A couple ways to succeed with this strategy:

1) As many other posters have said, find a property off market. Don't compete with all the sharks! But my favorite strategy is next.

2) Let me paint a little picture here...In a highly competitive market, Sometimes the best deals are hiding in plain sight. They are right there on the MLS. Everyone has seen them and the seller was totally unrealistic with the price. Maybe it's vacant and needs a ton of work and the seller listed it as if the home was perfectly remodeled and brand new (because it's a hot market). It's been sitting for 3-6 months with no recent price reductions. Still looks like a bad deal to everyone in the market who has already seen it and written it off. The seller was extremely stubborn at first and had a ton of traffic and rejected many reasonable offers. But a few things have happened as time passed -- the listing contract is close to expiration and the seller has lost hope of getting their high price. Its desperation time for the listing agent and the seller is just hoping he can get a decent offer. It's as easy as calling these listing agents and asking if there is any flexibility in the price. If there is, find their bottom dollar! It may not be an off market home run but you can definitely get a better deal than with a bidding war!

why do you want to buy it?

I'm surprised someone hasn't chimed in that knows the area well -- Any Seattle realtors out there know the Snohomish market? 

@Natalie Kolodij 

I'm not arguing with you at all. Maybe I misread the situation. I thought you mentioned previously the house was worth $265K based on the comps you were seeing (Owner said $315K based on comps as well). Now you're saying $260K. OK. I also got the impression you did like the house and wanted to stay. Your very nice landlord thinks it's worth $315K. Is he totally nuts? I don't know. 

I do know that on any deal there is a fair range where there is an equilibrium between buyer and seller dictated by the current market. Without looking at a single comp (I could be WAY off) I would guess that range for this home in it's current condition to be $275K - 295K. 

You and your landlord seem to be reasonably intelligent people with a case to be made. Compromise is how you buy this home and he sells it. If you don't want to buy this home at a price he's willing to accept you should let him know so he and you can move on. See, the problem is, he can list the home in a seller's market. If your price is to low, that's exactly what he will do. 

Just trying to help! Sorry if I'm assuming too much but doing my best with the info I have available!