All Forum Posts by: Account Closed

Thanks @Carrie Anderson - your area was hit hard in the crash right?

I lived in LA from '02-05.  As part of a real estate class I took in law school we visited a KB Home development in Fontana (this would have been in late '04/early '05).  I distinctly remember the folks managing the project were raving about how quickly the prices were rising on their homes at the time - literally large % increases month-over-month.  Now that I have the benefit of knowing what happened a few years after, I can now appreciate that for what it was.

@Frank Jiang really good read.  I'll be honest, I can't imagine a commute longer than 10-15 mins each way.  Set aside the financial considerations, just feels like it would be soul sucking.

@David Dachtera good points - thanks for chiming in.

One point I found interesting was one made at the end of the article, regarding the real estate purchasing habits of millennials.  I've read elsewhere that, despite popular perception to the contrary, research is showing that millennials, once they reach a certain age and begin household formation, are acting just like the generations before them - buying houses in the burbs, spending money on the same things, etc.  As long as many of the public schools in urban centers continue to struggle, I suspect that will continue to be the case as well.

@Frank Jiang thanks for the insight.  What I would call trade up inventory in my area and the immediately surrounding areas, in the desirable pockets, seems very tight as well.  Lot of pocket listings or stuff under contract in the first weekend with multiple offers over list.

Bit of a click bait title, but interesting read from Business Insider.  The "crisis" as they describe it is lack of supply, particularly in starter homes, and how first time home buyers are getting crowded out of the market.  It includes a few tidbits on how investor activity is contributing to the current market dynamics.

Curious to hear everyone's thoughts on this - are you seeing these same trends in your individual markets? 

@Chris T. it's my understanding that in Illinois the seller typically pays for the buyer's (or owner's) title policy.  Even in a cash purchase (i.e. where there is no bank involved), the buyer will need title insurance in the event that there is a title defect that is discovered after closing.  In the event the buyer was using a third party lender and encumbering the property with a mortgage, the buyer would typically be responsible for paying for the cost of the lender's policy.

Thanks @Prashanth Mahakali - sent you a direct message.

I'm not sure how active he is in here right now, but @Casey Kleinhenz might have some ideas.

Can anyone recommend a good Chicago area architect who can turn around some plan revisions on an expedited basis? Thanks in advance.

Hi @Jean-francois Ndomb I'm not nearly as familiar with FHA 203k loans as many on here, so I'm not really qualified to answer whether a HELOC behind a 203k is doable. Assuming you could qualify however, off the top of my head I see no reason why you couldn't do a cash out refi of the 203k with a new conventional loan that would repay the 203k as well as allow you to take out some equity. But again, I'm no expert on 203k so please don't take what I say as gospel.