OFFICIAL - Buying / Selling / Moving Thread (1 Viewer)

[urbanhack]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

Where are you looking to live back in Chicago?? which hood?

 

[krista4]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

Where are you looking to live back in Chicago?? which hood?

I find myself tending toward my old neighborhood or those adjacent - Wicker Park, Ukrainian Village, Logan Square, etc. - and also could do West Loop or West Town. I'd be open to places like Lincoln Square or Andersonville, but my mom would likely have a hard time finding a place to meet their needs up there, and if they end up in the Loop, Gold Coast, Streeterville-type area, I don't want to be so far away. There are actually some good possibilities for them in the Wicker Park/UK Village area, too.

 

[Chadstroma]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

 

[krista4]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

I've had a rough time today finding a local that works for everything I want. But then I convinced myself that this is stupid and I should not be putting this in place right now. Chicago market is not hot like it is here, and things aren't going to go crazy in nine months. I need to wait and just deal with it later anyway. NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

 

[Chadstroma]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

I've had a rough time today finding a local that works for everything I want. But then I convinced myself that this is stupid and I should not be putting this in place right now. Chicago market is not hot like it is here, and things aren't going to go crazy in nine months. I need to wait and just deal with it later anyway. NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

Yea... remember to breathe

 

[Mrs. Rannous]

Crap. I talked to my credit union, and while they do HELOCs, they have a maximum of $250k. That's not going to do it for the "buy using my HELOC and cash on hand" scenario. Does this seem unusual? When I did it before using a local bank, there wasn't a cap (or at least not one that I was borrowing enough to hit). I'm not sure where to go from here.

ETA: Nevermind, I've been researching others and see various caps. My credit union one is just very low. Going to have to find someone else to use.

Yea, there are other options and like I said before, all else fails with thr CU/banks, I likely have a solution.

Smaller CU's will have caps like that... larger ones and community banks should be good to go though.

I've had a rough time today finding a local that works for everything I want. But then I convinced myself that this is stupid and I should not be putting this in place right now. Chicago market is not hot like it is here, and things aren't going to go crazy in nine months. I need to wait and just deal with it later anyway. NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

Yea... remember to breathe

Look! It's Mister Miyagi!

 

[[icon]]

NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

I don’t believe you

 

[Chadstroma]

Update: Last weekend I went over to the estate sale to see the house. The master bedroom, bathrooms and basement were closed off during the estate sale. The bedrooms, family, dining, living, and kitchen areas were all as described by the realtor which is summed up by saying "in good condition but dated decor". I am assuming this will be the case for the bathrooms. My wife was not able to get over there during the estate sale with a busy weekend we had. We are set to see the house at 4pm today with the listing realtor. I believe, assuming a surprise from my wife or some drastic thing we see in the master bedroom, bathrooms or basement we will put an offer in.

My FIL apparently does not want to do give the cash and then us doing delayed financing so I am looking at us qualifying to hold both properties (I think we should be able to from eyeballing it) but my wife is not a very good customer as her credit is frozen and she has not responded to my efforts to communicate with her.

 

[Chadstroma]

Update: Last weekend I went over to the estate sale to see the house. The master bedroom, bathrooms and basement were closed off during the estate sale. The bedrooms, family, dining, living, and kitchen areas were all as described by the realtor which is summed up by saying "in good condition but dated decor". I am assuming this will be the case for the bathrooms. My wife was not able to get over there during the estate sale with a busy weekend we had. We are set to see the house at 4pm today with the listing realtor. I believe, assuming a surprise from my wife or some drastic thing we see in the master bedroom, bathrooms or basement we will put an offer in.

My FIL apparently does not want to do give the cash and then us doing delayed financing so I am looking at us qualifying to hold both properties (I think we should be able to from eyeballing it) but my wife is not a very good customer as her credit is frozen and she has not responded to my efforts to communicate with her.

My wife keeps throwing curve balls at me on this. I don't speak to her Dad about financial matters... not as a rule but just something that unless he approaches me, I am not going to approach him. So, she adds more info or isn't sure about something or doesn't know if she wants to do it this way.... etc. I have an offer typed up and waiting on her.

At the same time yesterday, I had a loan file that was stressing me out. The one thing that really is hard for me in this industry is I feel like I care more than others might. To make a long story short, my client had $16K in earnest money on the line and spent $4K in various aspects of the purchase (it is a 12 unit building). If we did not close today, they would lose the $16K and the $4K would have been for nothing.

I was stressed last night and my wife is like "You know, it is ok if we don't get it. If it is meant to be, it is meant to be." and I was like "I am not stressing about us buying this home, I am stressing about my clients loan!"

I am overjoyed to report that the docs are out and the client is wiring their funds on their way to their closing.

Now, to hear back from one of the worst clients ever.... my wife.

 

[[icon]]

Update: Last weekend I went over to the estate sale to see the house. The master bedroom, bathrooms and basement were closed off during the estate sale. The bedrooms, family, dining, living, and kitchen areas were all as described by the realtor which is summed up by saying "in good condition but dated decor". I am assuming this will be the case for the bathrooms. My wife was not able to get over there during the estate sale with a busy weekend we had. We are set to see the house at 4pm today with the listing realtor. I believe, assuming a surprise from my wife or some drastic thing we see in the master bedroom, bathrooms or basement we will put an offer in.

My FIL apparently does not want to do give the cash and then us doing delayed financing so I am looking at us qualifying to hold both properties (I think we should be able to from eyeballing it) but my wife is not a very good customer as her credit is frozen and she has not responded to my efforts to communicate with her.

My wife keeps throwing curve balls at me on this. I don't speak to her Dad about financial matters... not as a rule but just something that unless he approaches me, I am not going to approach him. So, she adds more info or isn't sure about something or doesn't know if she wants to do it this way.... etc. I have an offer typed up and waiting on her.

At the same time yesterday, I had a loan file that was stressing me out. The one thing that really is hard for me in this industry is I feel like I care more than others might. To make a long story short, my client had $16K in earnest money on the line and spent $4K in various aspects of the purchase (it is a 12 unit building). If we did not close today, they would lose the $16K and the $4K would have been for nothing.

I was stressed last night and my wife is like "You know, it is ok if we don't get it. If it is meant to be, it is meant to be." and I was like "I am not stressing about us buying this home, I am stressing about my clients loan!"

I am overjoyed to report that the docs are out and the client is wiring their funds on their way to their closing.

Now, to hear back from one of the worst clients ever.... my wife.

Congrats on getting the deal closed. Following for updates on your saga!

 

[Chadstroma]

I put an offer in last night.

They already accepted an offer yesterday.

We will be in a backup position if something falls through with the property but I wouldn't expect that at all. It is fine. It would have worked out really well in a number of ways but at the same time, we were not looking and that means I keep my current mortgage rate.

 

[Chadstroma]

Dammit.... it gave me the itch.

I looked on Redfin for houses for sale in that neighborhood.

 

[krista4]

NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

 

[Chadstroma]

NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

Is there an update here that maybe someone should know about?

 

[ChiefD]

So, we closed today on our house in Wisconsin. I've been waiting to give details until that point, but here we are.

First off, I want to thank @Chadstroma . He spent a phone conversation with me going over a lot of information regarding mortgages and rates and costs and everything. Extremely, extremely nice human being. Answered every question and was very easy to talk to - like we had been friends for years. We even got through the whole Raiders/Chiefs thing with a lot of laughs. Ultimately, we decided to go with a local credit union in the town where we will be living.

This town is small - less than 8800 people. So we decided that we wanted to establish some roots there from a banking standpoint and just from a "let's do business with a local agent" scenario. That was really the only reason we did not choose Chadstroma. But I can honestly tell everyone here he was a professional through and through, and would recommend him to anyone here.

So, to tie things up in Kansas City, we closed on that house in early May, and the new homeowners were kind enough to let us stay in the house until this next week when the kids are done with school. We ended up with 19 offers and ended up with about 55K over asking. A windfall we didn't expect but which gave us enough funds to get what we really wanted: either lakefront or land.

We ended up with land. About three years ago my wife and I came up here to poke around so she could see the area. We hooked up with a local agent and she was kind enough to show us a couple of houses even thought we weren't quite ready yet. Fast forward to now and I reached out to her in the fall of 23 giving her a heads up that we were coming and we would like to use her as our agent. We kept in touch all winter and spring as our dates started to firm up. Lucky for me I found a job quickly and moved up here about a month ago and started work. I commute an hour each way every day from my uncles house, and we were bracing for a long house quest.

The market as also competitive as hell up here, and lakefront is getting really expensive unless you want a dump that needs a ton of work. About a week before I came up, she texted me that she had a place that she was listing in about 10 days, and the owners agreed to let me in to see it before we hit the market. It had some land and some outbuildings and sounded pretty good. So I was like "oh hell yeah."

Head over there, and its amazing:

4BR
2BA
8 Acres - 50% timber and 50% grassland
Two Outbuildings: one is 65' x 30', and the other is 20' x 45'. The big shop has a pellet stove in it.

House is completely finished - comes with all appliances including washer and dryer. All of the good stuff is on the main floor so we can retire comfortably here. Hardwood floors throughout. Pellet fireplace in the living room. Nice big deck. The house faces west for beautiful sunsets. And it's in the middle of nowhere. About 22 minutes from work and the school the kids will go to. I won't have to lift a paint brush in this house. A massive relief after remodeling every house I've ever lived in.

I love it here. Back to KC tomorrow to load up the house and family will come up next weekend. Onward and upward.

 

[krista4]

Well...we came to Chicago for five nights to show my mom and her husband around some neighborhoods and get a feel for what they might like when we move next year.

We arrived Tuesday.

By Wednesday I had made an offer on a place that was accepted.

By Thursday my Mom had made an offer, which was accepted today.

Sooooo much

I have to echo every amazing thing that's ever been said about @Chadstroma and his team. I put in to get a pre-approval with him before we left, just in case, and he was amazing. But even more impressive was that my mom had not done one, so when we had to scramble to get one yesterday, he and his team turned it around in a matter of a few hours, including having to be creative and discuss options. It was incredible. He was doing all of this while taking his son to appointments, to soccer practice, etc. Truly a superman.

Anyway, now we're moving in July.

 

[ChiefD]

I will add - within about a ten minute radius of our house is about 50 lakes or more. We truly get the best of both worlds. World class fishing all around us and there is nothing but county forest all around us.

 

[Mrs. Rannous]

NO BUYING A HOUSE IN THE NEXT FOUR WEEKS.

What did you do?

Never mind. I see you took the nuclear option.

 

[Chadstroma]

@ChiefD and @krista4, thank you for the very kind words! I will be requesting Google reviews soon enough!

I do work hard to deliver great value to clients and even potential clients so it is always nice for that to be validated.

Much appreciated!