All Forum Posts by: Kessy Similien

Quote from @Chris Seveney:

@Kessy Similien

Why care - are you listing it for sale and it’s not correct? Every site has my house at 1/2 what it’s worth because we knocked down our old home and built new. Don’t worry about those sites

 No im not listing it for sale yet. You are right, I guess it doesn't matter. It does through off my assets in Personal Capital but I can manually add the title value as a separate item. I guess I was just curious how those systems track what's a leasehold vs a fee simple and if it was easy to update. 

Quote from @Sergey A. Petrov:

you can't just buy land in a leasehold condo. all condos share the land they are on, you'd have to buy everybody's land not just yours ("my land" doesn't exist in a condo, land is a common element owned by everyone in common).

Okay, well I down know how to explain it. As far as I know, you can buy a leasehold only but not the fee contract meaning after the terms of the leasehold the property reverts back to the title owner, or you can buy the leasehold with "fee available" meaning you own the title to the condo or fee simple which is pretty much leasehold + title. 

Redfin usually shows condos as either Leaseholds or Fee Simple. What i'm not sure about is if it's possible to have a property that was previously listed as Leasehold convert to Fee Simple on the MLS or wherever that information would be stored 

Yea so I purchased the fee / title, meaning I own the land. This should be reflected in the total price of the condo. How do I make that happen? 

I bought a leasehold condo but I also purchased fee which I believe converts it to a Fee Simple transaction. However, Redfin shows only the price of the leasehold as the value of my home. Is it possible to have Redfin and Zillow shoe the fee simple value from now on or is it stuck as is?

Hi everyone, 

This deal in including the fee contract. We're essentially buying the fee with the condo turning it into fee simple. Im not sure if that changes anything just want to make that clear. 

The monthly payment is $4000. I would probably need a roommate but per month I currently make 9k. So it's about 45% my net income. 

Quote from @Raymond J. Rodrigues:

@Kessy Similien that honestly does seem quite high for a primary residence. 

Yes! That's what I keep telling my lender but he's acting like my 718 score is the reason as if it's completely horrible and causing this massive rate when average is 5.5 at the moment. I guess my biggest concern is whether im willing to change lenders last minute, risk the buyer pulling out or refusing another escrow extension and losing the property, just so I can save ~1% on interest rate. 

I scared im falling into a pennywise pound foolish senario. But at the same time with the risk of a recession and the current state of the market, it might be a blessing in disguise. 

Hi,

Thanks for the responses, sorry I didn't include all this information right away. This is a first time home (condo) purchase in Hawaii as a Primary Residence. I Was planning on putting down 10% and they are quoting me $9K for closing costs.

Ah I can't edit my post I should have put my score there. It's around 718 last I checked. 

Yea it's a condo. 

Do you think buying points might make sense here? 

Hi, 

I entered escrow 30 days ago on a leasehold + fee available property. My lender said he could not lock down rates until he received the fee contract from the seller. This took almost 3 weeks to receive and in that time the rates shot up. Now he's saying the rate at 0pts is 6.75%.

When I google average rates im seeing 5.5% around the nation so im very confused why mine is so much higher when my score isn't that bad. 

He also offered me 5.99% for 1pt @ 4.5k or 5.45% for 2pts at 9k. I would most likely refinance this property if rates ever came down so i'm hesitant on buying points. 

This is a 2bd 1ba in waikiki recently renovated. 

We've already filed for an extension with the seller, I doubt we'll get another one so I don't have time to find another lender. 

Should I just bite the bullet and lock in 6.75? 

Should I buy the points? 

Or just bail and wait for the markets to cool over the years?