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gvibes posted:Banks love offers without financing contingencies. Worst thing? Everything is moving so damned fast I haven't even been able to get a quote for insurance! Of course, a lot of that has to do with getting the confirmation after close of business Friday, but still.
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Apr 19, 2011 06:09
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Leperflesh posted:Yeah, the first house my wife and I bid on, our bid was $235k and another buyer got it for $210k cash. The bank was willing to take $25k less, just to avoid financing contingency. I got hosed on a short sale on a similar bid but the deal fell through and the bank asked me if I wanted to be a backup. That property's still on the market.
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Apr 19, 2011 09:13
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You guys are rich can I borrow some money?
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Apr 20, 2011 20:56
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You got it backwards, my friend. We've all got giant mortgages. We owe hundreds of thousands of dollars. We're impoverished; debt slaves for half our lives. Can I borrow some money Grem? I've got a mortgage to pay!
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Apr 21, 2011 00:18
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Me too, so no 
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Apr 21, 2011 17:52
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Grem posted:You guys are rich can I borrow some money? Got a ~$70k paper loss on my condo as well
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Apr 21, 2011 20:39
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Today I did some laundry and water started backing up into all the bathtubs. A man is coming tomorrow to take a bunch of money from me. Thread title confirmed!
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Apr 21, 2011 22:21
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sanchez posted:Today I did some laundry and water started backing up into all the bathtubs. A man is coming tomorrow to take a bunch of money from me. Thread title confirmed! Turned the AC on a few days ago and no cold air came out. A man is coming next week to take a bunch of money from me. Post confirmed.
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Apr 22, 2011 23:19
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The plug all my entertainment unit stuff is plugged into just decided to stop working on me. Replaced it and checked fuses. Turns out the problem is likely with one of the wires in the wall, which means I have to re-drywall the hole damned wall to re wire through every stud. We are shorting this bitch as we just bought a new place on the other side of town for a work transfer so I just capped the wires and put a flat plate over it...
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Apr 23, 2011 00:06
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Cmdr. Shepard posted:Turned the AC on a few days ago and no cold air came out. A man is coming next week to take a bunch of money from me. Post confirmed. This is me one month ago. A bunch of dudes took 6000 bucks from me so I could have cold air again. Do never buy. Do never buy. Do never buy.
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Apr 23, 2011 01:17
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Chuch posted:This is me one month ago. A bunch of dudes took 6000 bucks from me so I could have cold air again. Mine was the capacitor. $60 part + $100 callout fee + GST = $176 for something that, had I known the problem, was probably a $10 part.
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Apr 23, 2011 05:01
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Chuch posted:This is me one month ago. A bunch of dudes took 6000 bucks from me so I could have cold air again. In 2008 a bunch of dudes took $4500 from me so I could have cold air. In 2009 they came back and took a bunch of money from me to replace the refrigerant that bled out of the brand new system. In 2010 they came back and took more money to replace more refrigerant and tell me that my warranty will only cover half of the bill to stop the leak, which is still a bunch more money. I paid for just the refrigerant and the same large bill is coming up again soon. Also I'm in year 17 of a 15 year furnace. Just waiting for that one to conk out. Do never buy. Do never buy. Do never buy.
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Apr 23, 2011 07:34
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Was talking to my folks last night. They own a house in san francisco. Apparently the sewer line was made of ceramic and it is now broken and leaking. They have to have it dug out and replaced and concrete poured above it and they have to pay insane labor prices in the City. I didn't get an exact figure but I said "thousands?" and my mom said "Yes. Many, many thousands." Do. Never. Buy.
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Apr 23, 2011 23:30
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Those nasty storms that came through North Carolina the last couple of weeks tore up my roof. Today an adjuster gave me a check for $2,400 with another $3,200 on the way to get it all fixed. I hope I'll be able to get it done for much cheaper than that, but we'll see. DO BUY INSURANCE.
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Apr 24, 2011 02:49
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All of you are making me nervous. I'm hoping I can live in this house without major repairs for a good 5 years  . Perhaps I should do something about that growing pile of mouse turds at the bottom of my AC unit.
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Apr 24, 2011 05:12
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General rule I've heard is to budget 1% of your home's value per year to maintenance and repairs.
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Apr 24, 2011 05:58
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A year after buying my place I had to replace the siding for $3500 because the painted plywood was rotting away in several places. Replacing my corroded tub drain cost $250, and the plumber installed the emergency drain gasket incorrectly, causing water to leak through the ceiling in the hallway below. I've spent countless hours in my backyard and front yard and hundreds of dollars trying to bring back some awesome landscaping done by a previous owner that another previous owner let go to waste. I'll probably need to put down sod this year because one of the previous owners planted Kentucky Bluegrass in a northern Illinois climate, so large portions of my front yard look completely dead for about 8 months of the year. Do. Never. Buy.
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Apr 24, 2011 16:15
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Konstantin posted:General rule I've heard is to budget 1% of your home's value per year to maintenance and repairs. 1%? That seems generous, I've heard something like 2-3% honestly.
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Apr 24, 2011 17:42
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Got a quote on insurance. Less than I am paying now for coverage of 6x the purchase price!Leperflesh posted:Apparently the sewer line was made of ceramic and it is now broken and leaking. Konstantin posted:General rule I've heard is to budget 1% of your home's value per year to maintenance and repairs. Think I can get by on $300 a year for maintenance and repairs for the new house? :v I may end up spending $300 on PERMITS just to bring my new house up to code, and another $100 for the stuff to fix it. Sucks that I need to buy/fix a gas mower now too. Probably a riding mower (electric riding would be cool) (Yes, riding. 60'x300') DO NEVER BUY... unless you are willing and able to make most repairs yourself, or are rich.
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Apr 24, 2011 19:19
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Fire Storm posted:Got a quote on insurance. Less than I am paying now for coverage of 6x the purchase price! Is this for your Dwelling coverage? Because if you're paying for Dwelling coverage that is 6x times the cost of the property, you're not going to get anything extra from it. If your entire house burned down, you'd only get the replacement cost of the house, not 6x the purchase price.
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Apr 24, 2011 20:48
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I'm just doublechecking because I think this sounds like a terrible idea. Coworker just closed on a $225,000 house after putting about 3% down. He's looking at $1600/month before utilities or anything. He makes under 45k/year right now and with his (very rough) budget based on estimates and assumptions he's left with $20 a month. His fiance is a freelance wedding photographer with very sporadic income so some months they might have more, most probably less. This can't be a real thing, right? Like this is how the mortgage crisis happened, isn't it? Am I missing something or do banks not actually care if you can pay for your loan or not?
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Apr 25, 2011 05:09
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What's the actual take-home pay? Just estimating, for back of the envelope calculation purposes, that a quarter of that $45,000 goes to taxes/health care/other deductions from his paycheck, then that means he's taking home about $2800/month? If so, yeah, nearly 60% of his pay is going to the mortgage alone. Is he in an area with an astronomical cost of living? (And speaking of "like how the mortgage crisis happened," that reminds me of my former roommate who moved out of our apartment to buy a house in 2009 because "free $8000!" Of course, he couldn't actually afford the down payment on the house he wanted, so he was trying to get a loan from another bank to make the down payment with. Fortunately, the banks turned that down and he ended up having to get a less desirable, cheaper house.) P.D.B. Fishsticks fucked around with this message at 05:24 on Apr 25, 2011 |
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Apr 25, 2011 05:20
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zelah posted:I'm just doublechecking because I think this sounds like a terrible idea.
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Apr 25, 2011 05:51
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Yeah between 2600 and 2800 depending on deductions is what he'll top out at in 3-6 months (set pay scale at work) It's very southern Washington, I guess a suburb of Portland, so no I don't think the cost of living is too steep. From people I've talked to with the current topped out pay, decent credit, and at least 10-15% down I should be looking at like 175k tops. I feel like his (I imagine) inevitable crash and burn will either completely turn me off the idea of purchasing or just strengthen my desire to do it in an appropriate manner.
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Apr 25, 2011 05:54
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zelah posted:I'm just doublechecking because I think this sounds like a terrible idea. But what if something happens NEXT month? It's not like he will be able to have savings at that point. Maybe the credit card is used a few times, nothing too big. What if the fiancee has a dry spell at work or takes some time off because after they get married, she gets pregnant? Hell, what if they don't stay together? Or maybe he gets laid off. Yes, I am speaking from experience, and yes, parts of this happened to me. poo poo happens. If you are barely making it month to month, it WILL all fall down. 30% of income is a good max for mortgage, and he's playing around near 60% YOU can succeed as long as you aren't an idiot about it, do a decent down payment, get something closer to $150-$175k (or much less) range, have a 6 month of expenses savings and all that.
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Apr 25, 2011 06:37
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Nocheez posted:Those nasty storms that came through North Carolina the last couple of weeks tore up my roof. Today an adjuster gave me a check for $2,400 with another $3,200 on the way to get it all fixed. I hope I'll be able to get it done for much cheaper than that, but we'll see. I have insurance and after a few years of windstorms my roof was missing 8 or so shingles. The other shingles were all damaged and lifting but after a few roofers came out they all said it wasn't enough to get a full roof through insurance, and my deductible was $500, more than fixing the 8 shingles would cost out of pocket. So I ended up paying $7000 for a new roof with no help from insurance. Do not ever purchase.
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Apr 25, 2011 13:03
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zelah posted:I'm just doublechecking because I think this sounds like a terrible idea. Dude needs to find some additional income if he wants to avoid some major lifestyle changes.
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Apr 25, 2011 13:09
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whaam posted:I have insurance and after a few years of windstorms my roof was missing 8 or so shingles. The other shingles were all damaged and lifting but after a few roofers came out they all said it wasn't enough to get a full roof through insurance, and my deductible was $500, more than fixing the 8 shingles would cost out of pocket. So I ended up paying $7000 for a new roof with no help from insurance. I was missing 2 full shingles and bits and pieces broken off of another dozen. This was enough for my adjuster to total the roof. I was surprised that they totaled it that easily. It was worth the call to have them come check it out, at least.
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Apr 25, 2011 13:27
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Just spent $4k on 3 new windows and a sliding glass door. The old door leaked and I have a moldy spot on/in the floor (that's not getting replaced until we move out). 1 window had a tiny leak that let water get in-between the panes, so there was a tiny spot of frostiness in the center. Well, you can't have mismatched windows, so they all had to be done. Do. Never. Buy.
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Apr 25, 2011 16:41
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Actually, on the place I bought in 2007 (yeaaahhhh) the owner replaced a couple of the windows with the gas leaks (steam / frosting) and while they were technically mismatched, I never noticed. Was the problem part of the seal with the frame or the window itself?
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Apr 25, 2011 18:26
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I spend 12% of my gross income on all housing-related expenses. When something leaks, breaks, or generally annoys me, I call someone and they fix it the next day at no additional cost to me. In the meantime, I can spend roughly 40% of my gross income aggressively paying down student loans and revolving debt (debt-free in two years!), and still have enough left over to party and eat nice things. 5'ish years from now, if I decide to get a house, I'll have 20% down, a 10k maintenance buffer, and 6 months of emergency expenses. Or I can say "gently caress the house" for another year and spend that maintenance buffer on a summer vacation to Europe. Do... um... Longer-Than-You-Think-You-Should Rent.
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Apr 25, 2011 18:31
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necrobobsledder posted:Actually, on the place I bought in 2007 (yeaaahhhh) the owner replaced a couple of the windows with the gas leaks (steam / frosting) and while they were technically mismatched, I never noticed. Was the problem part of the seal with the frame or the window itself? My wife made the 'all windows' call. The new ones are white vinyl, the old ones were dark aluminum, so it'd look very odd if 2 were still dark. Plus we had the 2 bedroom windows done 2 years ago ($3k), so now the windows match between rooms. And we want to sell this year, so every penny we spend on fixes is wasted (unless it's one that affects our quality of life, which the door frame leak would have). Jorath fucked around with this message at 19:23 on Apr 25, 2011 |
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Apr 25, 2011 19:19
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Jorath posted:And we want to sell this year, so every penny we spend on fixes is wasted (unless it's one that affects our quality of life, which the door frame leak would have). Actually... anything you don't fix now, you'll wind up fixing when the buyer demands they be fixed after inspections are done. Given the buyer's market that's likely to persist for the next couple of years, you'll either pay to fix things or pay via a lower sales price to compensate. Fixing stuff before you sell is almost always going to pay for itself.
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Apr 25, 2011 19:45
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I'm about to close this week on my first house and I'm pretty nervous. I saved for the last 4 years for the 20% down, and while I won't have my 6 month expense savings account as I'd like after all is said and done, I have family that are willing to help out in case something catastrophic happens until I've got my nest egg built back up. The seller has put about $20,000 worth of work into the place (it's an older, but very sturdy home) as a result of the home inspections, so that should save me a good deal of money in the long run. The boiler and heat are both 5 years old. My mortgage is ~27% of my take home pay, but my girlfriend will be moving in and paying rent so that will go a long ways towards paying for the rest of the housing expenses. All in all I budgeted my home purchase price so that I won't have to alter my standard of living at all from my current rental situation, and barring the plumbing exploding I should be on track to save about 25% of my net pay every month. Please someone tell me I'm in good shape, I haven't been sleeping well...
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Apr 25, 2011 20:07
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My insurance company (recently changed insurers, they sent an inspector) sent me a letter telling me I have 2 months to repair my driveway or they will cancel my policy. 3 grand in my hand i hardly knew ya. Do. Never. Buy.
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Apr 25, 2011 20:20
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IANAL posted:My insurance company (recently changed insurers, they sent an inspector) sent me a letter telling me I have 2 months to repair my driveway or they will cancel my policy. I'm sure there is a logical reason for their demand but I can't think of one. Why?
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Apr 25, 2011 20:24
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Anti-Hero posted:Please someone tell me I'm in good shape, I haven't been sleeping well... It sounds to me like you're in very good shape! Better shape than I was when I bought, that's for sure. Good luck!
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Apr 25, 2011 20:32
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sanchez posted:I'm sure there is a logical reason for their demand but I can't think of one. Why?
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Apr 25, 2011 21:23
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Leperflesh posted:It sounds to me like you're in very good shape! Better shape than I was when I bought, that's for sure. Good luck!
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Apr 25, 2011 23:08
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Jorath posted:Alos, now is not a bad time to buy (unlike 3+ years ago), since the crash has already happened your asset may actually appreciate within the next 10 years. I live in Alaska...we never crashed, but we never bubbled, either. Home prices have been steadily appreciating but not like the bubble down in the lower 48. Seems like lately home prices have been appreciating at about 3% per year from what my local research tells me. Thanks for the reassuring words guys, this has definitely been the most stressful decision I've made in my life. I'm ready to move in and move on with my life.
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Apr 25, 2011 23:14
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