Lakewood area housing bubble

amother

Caramel

Mon, Jan 03 2022, 12:12 pm

amother [ Maroon ] wrote:

Actually no doc mortgages are back. I recently went to contract and then my buyer was rejected from the mortgage company. We thought we needed to put our house up for sale again. Our buyer begged us to give them more time. I thought what planet are they living on. They were rejected, time to move on. Shocker of shocker, they came back approved for a no doc mortgage and we were able to close right away.

What kind of mortgage is that? We’re about to close on our house and were completely vetted by the bank. Credit, income, it was a whole process of providing previous tax returns, bank statements, w2 etc. I thought it’s a given these days.

amother

Mistyrose ↓

Mon, Jan 03 2022, 12:24 pm

amother [ Caramel ] wrote:

I would think the no doc mortgages are higher rates and require more loan to value

amother

↑ Maroon ↓

Mon, Jan 03 2022, 12:39 pm

amother [ Caramel ] wrote:

I was the seller. I only know what my broker told me. They got approved for a smaller mortgage but they didn't have enough money to put down to buy my house.

They came back with a different approval for a no doc mortgage. My broker did say it was a higher interest rate. I don't remember if she said if it was fixed rate or not.

I thought it was crazy of them. I can't imagine risking buying a house you really can't afford. But as the seller its not my business.

amother

Feverfew

Mon, Jan 03 2022, 1:04 pm

We are desperately looking to move . Currently living in a 2 br 1 bathroom apartment with 3 children bli ayin hara.

The problem is that no landlord wants us because we are not newly weds. We looked at renting houses but rent is crazy expensive on houses. We are trying to save up for a mortgage . Living as frugally as possible without making ourselves crazy hoping to be able to afford a house soon. It’s all up to HaShem

amother

↑ OP ↓

Mon, Jan 03 2022, 1:17 pm

amother [ Maroon ] wrote:

This was not necessarily that they weren’t approved for the loan, it probably meant the house didn’t appraise for the amount that they were paying you for the house so they would need to put down more money than planned. BTDT.

amother

↑ Peony ↓

Mon, Jan 03 2022, 1:19 pm

amother [ Feverfew ] wrote:

But it’s always been that way. Lots of my neighbors didn’t buy a house until they had 5 kids. Unless you went to westgate it’s always been pretty much impossible to rent for that in between stage when you grow out of your apartment and aren’t yet ready for a house. And houses have always had expensive rents. Not as crazy as they are now, but expensive.

amother

↑ Mistyrose

Mon, Jan 03 2022, 2:00 pm

amother [ OP ] wrote:

I would think this is super common today with the housing inflation.

amother

Lilac

Mon, Jan 03 2022, 2:10 pm

I know some families who are "house poor". Beautiful house, but when their car died they couldn't afford even a used one and had to go without for a while.

amother

↑ Maroon

Mon, Jan 03 2022, 2:43 pm

amother [ OP ] wrote:

Nope. My house was priced to sell and was appraised for asking price.

amother

↑ Amethyst ↓

Tue, Jan 04 2022, 11:51 am

amother [ Feverfew ] wrote:

What does the length of your marital status have to do with anything?

Is the issue that you have three children and presumably would be having more.

Since you are currently in a three bedroom home, what size place are you looking for.

Does family size impact whether a landlord will rent to you.

If I were renting a property I would not want to rent it to a large family because I would be concerned with excess wear and tear.

sweetdimples

Tue, Jan 04 2022, 12:00 pm

amother [ Taupe ] wrote:

Wow, OP, you've made it big!

https://hefkervelt.blogspot.co......html

how did that happen? for some reason, threads being posted on newsites makes me extremely uncomfortable

amother

↑ Peony ↓

Tue, Jan 04 2022, 12:00 pm

amother [ Amethyst ] wrote:

She’s in a 2 bedroom. and I’m guessing wants to move to a 3 bedroom basement? But that In between stage has always been an issue. Then people started buying in Jackson, then Manchester. Now it’s an issue again.

I stuck it out. It’s doable to live in a 2 bedroom with 5-6 kids. Everyone in Brooklyn does it.

amother

↑ OP ↓

Tue, Jan 04 2022, 12:01 pm

amother [ Amethyst ] wrote:

Not newlyweds in this sense = they have kids and the landlord is concerned about wear and tear. So yes the family size impacts whether a landlord will rent to them. It was just her wording that threw you off.

amother

Mustard

Tue, Jan 04 2022, 12:13 pm

sweetdimples wrote:

how did that happen? for some reason, threads being posted on newsites makes me extremely uncomfortable

This is a public thread. You're basically the news!

amother

↑ OP ↓

Tue, Jan 04 2022, 12:15 pm

amother [ Mustard ] wrote:

This is a public thread. You're basically the news!

Lol I wasn’t trying to make the news. I simply want to understand how everyone does it. (Which I don’t think I really found out lol)

amother

↑ Amethyst ↓

Tue, Jan 04 2022, 1:36 pm

amother [ OP ] wrote:

I kind of understood that it was in terms of children as opposed to the exact length of the marriage. Very Happy

I guess I didn't phrase my question that well either. 🤷🏼‍♀️

If there is a three bedroom apartment then presumably in Lakewood it would be rented to someone with more than two children - or even three children - and probably significantly more.

So if a landlord with a relatively large apartment doesn't want to rent to a family with four or five chlildren, who do they want to rent it to?

And what about even larger homes - e.g. four or five bedrooms. Wouldn't the market for these rentals be large families.

What threw me is why this would be harder than a larger family - or is that a really large family doesn't rent or can't find any rentals?