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Wife and I are considering buying a property for the land(@ roughly 50k) and tearing the shack down that is currently on it. Then having a modular home such as the ones here: https://www.avalonbuildingsystems.com installed on the property. Is this an awful idea?
lord1234 fucked around with this message at 00:43 on Aug 19, 2013 |
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Aug 19, 2013 00:30
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lord1234 posted:Wife and I are considering buying a property for the land(@ roughly 50k) and tearing the shack down that is currently on it. Then having a modular home such as the ones here: https://www.avalonbuildingsystems.com installed on the property. Is this an awful idea? A modular home will limit the number of potential buyers when you decide to resell. You can't get a VA loan on a modular home, for example.
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Aug 19, 2013 02:11
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That is a different type of modular home. You should check with a lender to see if it falls under the dreaded "modular home" aka double wide mortgage exemptions. The reason people can't buy them is because they can't get financing. Hmm, looking closer maybe those aren't different. I was thinking of the assemble on site panel homes. Edit again: Manufactured home, built to HUD specs, can be moved after initial install on its own frame just put the wheels back on. Modular home, built to local building code and inspected by local government, comes in on a flatbed not its own frame. Not mortgage restricted like a double wide or single wide. Elephanthead fucked around with this message at 15:58 on Aug 21, 2013 |
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Aug 19, 2013 16:01
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If it's anything like what my dad's old house was, they basically do the foundation on site and then deliver the house in two complete sections and then drop them on the foundation, tack them together and do all the finishing touches on site.
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Aug 19, 2013 19:25
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lord1234 posted:Wife and I are considering buying a property for the land(@ roughly 50k) and tearing the shack down that is currently on it. Then having a modular home such as the ones here: https://www.avalonbuildingsystems.com installed on the property. Is this an awful idea? You are considering a "modular home": these are built in sections in a factory, then delivered to the site like giant Lego pieces and completed, usually on top of a pre-dug foundation or slab. When completed there is not meaningful difference between a modular and stick-built home for insurance, mortgage or resale purposes. (Some folks would argue that the quality of workmanship on a modular home is in-fact better than stick-built, since they are built in a climate and quality controlled environment. What other posters in this thread are concerned about is a "manufactured home". That is basically a mobile home / trailer. And while some of these can be quite nice these days, they are subject to restrictions regarding resale, financing, etc. Check here is you want to know more details http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/mhs/fa Assuming Avalon (whichever builder you are considering) has a good reputation and has a dealer in your area (i.e. the company who will do the final assembly) you should be able to get something for a good bit cheaper than having something custom stick-built.
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Aug 19, 2013 20:15
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Iucounu posted:A modular home will limit the number of potential buyers when you decide to resell. You can't get a VA loan on a modular home, for example. rockcity posted:If it's anything like what my dad's old house was, they basically do the foundation on site and then deliver the house in two complete sections and then drop them on the foundation, tack them together and do all the finishing touches on site. I was specifically referring to Modular, not mobile homes. I will not live in a double wide... My wife and I have seen some really nice options from our local modular home builders.
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Aug 19, 2013 20:30
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^^^^ My dad's wasn't a mobile home, it was modular, but it came in two (maybe 4 pieces). It's a two story cape cod. I'm trying to find a photo of it, but I can't seem to. Just got our closing date of September 18th for the house we're having built! Can't wait to take ownership of it. Pavers for the driveway and entryway were installed yesterday. Most of the granite is in in the kitchen and a lot of the electrical was done over the weekend. It's really starting to take shape now. Sprinklers and landscaping should be any day now.
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Aug 21, 2013 03:18
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I got a call today from my agent that the house I was supposed to close on in 8 days fell through. It was an approved short sale. Offered the amount, got accepted, got a purchase agreement, and 35 days later it all ended. Apparently from what I gather, the seller is self-employed and his company's yearly finances just closed within the last 30 days, and with whatever amount he made he didn't qualify for the short sale. Agreed to purchase at 239k, apparently he owes something like 290k. I would think the selling bank would know this beforehand, so is it really the salary that he made last year that is keeping it from being able to be sold? If so, that is a huge load of poo poo and I am so goddamn mad, but I probably don't have any legal ground if it is a federal or state thing (or was written into the contract, I have no idea). I'm in Georgia. Should I even bother consulting a lawyer?
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Aug 21, 2013 04:05
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We're closing on our first house Friday. Our lawyer promised to get us the numbers for the check we'll need tomorrow so we can go to the bank and get it. But he recommended taking out a bigger check than the numbers he gives us just in case, because he said the numbers can change at closing. How does this happen? I can understand how the numbers could go down (this happened to my brother - sellers took kitchen appliances with them when they shouldn't have, this wasn't discovered until the final walkthrough, his realtor and the other side's went off to the side for a minute and then suddenly my brother and his wife had a slightly cheaper house), but I'm trying to figure out how we could end up owing money on Friday that nobody would have thought we'd need on Thursday. I mean, it's not going to make or break it, I just honestly don't know, and I'm not the one who talked to the lawyer, so I couldn't ask.
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Aug 22, 2013 01:13
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MaximumBob posted:We're closing on our first house Friday. Our lawyer promised to get us the numbers for the check we'll need tomorrow so we can go to the bank and get it. But he recommended taking out a bigger check than the numbers he gives us just in case, because he said the numbers can change at closing. How does this happen? I can understand how the numbers could go down (this happened to my brother - sellers took kitchen appliances with them when they shouldn't have, this wasn't discovered until the final walkthrough, his realtor and the other side's went off to the side for a minute and then suddenly my brother and his wife had a slightly cheaper house), but I'm trying to figure out how we could end up owing money on Friday that nobody would have thought we'd need on Thursday. I mean, it's not going to make or break it, I just honestly don't know, and I'm not the one who talked to the lawyer, so I couldn't ask. We were informed when we made our appointment on the day of signing what the total would be, and brought that. The massive 300 page contract is pretty number dependent. Once Title gets the mortgage paperwork there should be a solid dollar amount you can count on. I can't imagine my situation was unique.
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Aug 22, 2013 22:46
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MaximumBob posted:We're closing on our first house Friday. Our lawyer promised to get us the numbers for the check we'll need tomorrow so we can go to the bank and get it. But he recommended taking out a bigger check than the numbers he gives us just in case, because he said the numbers can change at closing. How does this happen? I can understand how the numbers could go down (this happened to my brother - sellers took kitchen appliances with them when they shouldn't have, this wasn't discovered until the final walkthrough, his realtor and the other side's went off to the side for a minute and then suddenly my brother and his wife had a slightly cheaper house), but I'm trying to figure out how we could end up owing money on Friday that nobody would have thought we'd need on Thursday. I mean, it's not going to make or break it, I just honestly don't know, and I'm not the one who talked to the lawyer, so I couldn't ask.
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Aug 23, 2013 02:12
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I registered with Redfin to get the complete MLS data for my area but now I have to agree that I am considering Redfin as my real estate agent. They point out I can opt out at any time, is there anything else fishy going on here I should know about before agreeing to it?
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Aug 23, 2013 03:32
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I believe that by agreeing to "consider them" you are giving them permission to market to you and/or give your contact info out to local real estate agents in your area, who probably pay the a referral fee for this.
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Aug 23, 2013 03:56
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Saint Fu posted:I registered with Redfin to get the complete MLS data for my area but now I have to agree that I am considering Redfin as my real estate agent. They point out I can opt out at any time, is there anything else fishy going on here I should know about before agreeing to it? You aren't locked into using them for anything unless you use one of their agents to put in an offer. Before that, you are free to tour with them, attend classes, etc. They don't appear to share your info with anyone. I never even got a call until I had toured several houses and emailed the agent they had assigned to me with a question. I've greatly appreciated the zero-pressure and fairly hands-off experience I've had with them (I can't stand salespeople-types). I think had I gone with a Windemere agent I would've known about more houses pre-market, but I have no idea how that might've affected what I bought in the end.
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Aug 23, 2013 04:09
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Should I be alarmed if my condo property value has increased by $50,000 over 3 months according to Zillow, or should I not take much value in the website?
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Aug 23, 2013 04:44
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ETB posted:Should I be alarmed if my condo property value has increased by $50,000 over 3 months according to Zillow, or should I not take much value in the website? My house fluctuates about $70k in Zillow. The only way to get a true value is comps on recently sold homes in your area or hire an estimator. My house also has a $26k difference between Zillow and Trulia right now.
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Aug 23, 2013 04:57
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ETB posted:Should I be alarmed if my condo property value has increased by $50,000 over 3 months according to Zillow, or should I not take much value in the website? Zillow is terrible.
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Aug 23, 2013 05:04
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I've found Redfin's house estimator to be decent because it's semi-automated. It's gives you a rough value, then you pick from 5 recent sales in your area that are the closest to your current home's size, floorplan and condition. http://www.redfin.com/what-is-my-home-worth
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Aug 23, 2013 19:13
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FCKGW posted:I've found Redfin's house estimator to be decent because it's semi-automated. It's gives you a rough value, then you pick from 5 recent sales in your area that are the closest to your current home's size, floorplan and condition. I like this tool because it shows my house is worth $127k more than when I bought it in December, 2011. I don't believe the hype.
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Aug 23, 2013 19:21
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Isn't there an incentive to drive up prices since they get fees from agents/brokers?
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Aug 23, 2013 19:25
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Redfin can't even find my house, let alone the zip code. Zillow thinks my house has almost doubled in value. Trulia doesn't give me a house value, where do you find that?
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Aug 23, 2013 20:34
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I work for Redfin, and can answer some of these questions.Saint Fu posted:I registered with Redfin to get the complete MLS data for my area but now I have to agree that I am considering Redfin as my real estate agent. They point out I can opt out at any time, is there anything else fishy going on here I should know about before agreeing to it? The MLS has data, and attaches legal rules to how agents can use the data. Often, there are MLS data cannot be distributed to the public, but can be distributed to buyers or sellers working with the agent or brokerage. Redfin fought and won a lawsuit to allow users to say they are working with our brokerage solely through our website, instead of talking in person or on the phone. This allows us to share privileged MLS data with many more people than otherwise possible. However, we do need to prove that there's a relationship. Hence, the checkbox. Oliax posted:I believe that by agreeing to "consider them" you are giving them permission to market to you and/or give your contact info out to local real estate agents in your area, who probably pay the a referral fee for this. Absolutely not. Redfin is a brokerage. We do not offer any advertising space on our website. We do not sell contact information. We do have partner agents, agents who don't work for Redfin, but who allow Redfin track their clients' satisfaction. You can find them on our website, and ask them to go on tour or to make an offer, or just to get a cup of coffee and some advice. However, I don't think there's any way for a partner agent to initiate personal communication with a buyer or seller. rekamso posted:You aren't locked into using them for anything unless you use one of their agents to put in an offer. Before that, you are free to tour with them, attend classes, etc. Most places have rules that, one a broker/agent helps a buyer figure out what home they want to buy, another broker can't swoop in and offer to complete the deal, in exchange for a lower commission. It's often called "procuring cause," I think. (Not sure if the buyer gets sued, or if its the second agent.) If you're working with Redfin, you can stop working at them at literally any time. Instead of taking people to court, they'll probably send you a survey asking why you were dissatisfied with Redfin's service.
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Aug 23, 2013 21:34
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I signed up on Redfin after seeing a post in this thread about their MLS data being more up to date and can testify that no one has contacted me or tried to market to me at all.
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Aug 23, 2013 21:51
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I've been a registered Redfin user for many months, but have not requested to get in touch with an agent or view any houses. I've also never received any solicitation from Redfin or anyone affiliated with Redfin. Just the periodic Redfin newsletter (that is actually pretty good) that I opted in to receive.
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Aug 23, 2013 22:31
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FCKGW posted:I've found Redfin's house estimator to be decent because it's semi-automated. It's gives you a rough value, then you pick from 5 recent sales in your area that are the closest to your current home's size, floorplan and condition. I'm trying this tool out and it's kind of neat. But, when selecting the 5 comps, it's not including a house across the street that I know sold about a month ago. Is it just not in the site yet, or does the site not always pick up every recent sale? It's also bizarre that someone down the street recently (May) sold their house for $116k, when all the other comps are around $300k. All I can think of is that there was something terribly wrong with the home, like a hosed foundation or something? But including or excluding it has a significant impact on Redfin's estimate of my home's value. There's a few houses farther away with the same issue. A bunch selling at or near $300k, a handful in the low $100s. All 3br/2ba houses around 1200square feet on ~6000 sq foot lots, in similar neighborhoods and looking reasonably fine from the exterior photo. I'm like, gently caress, could I seriously have sold my house for $250k and bought one down the street for $120k and been like, drat, look at all this free money I just got! The answer has to be, no, not a chance, right?
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Aug 24, 2013 01:53
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Leperflesh posted:I'm trying this tool out and it's kind of neat. But, when selecting the 5 comps, it's not including a house across the street that I know sold about a month ago. Is it just not in the site yet, or does the site not always pick up every recent sale? Good question. What happens when you type the house's address into Redfin's search bar? Is it marked as sold?
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Aug 24, 2013 02:28
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bartkusa posted:Good question. What happens when you type the house's address into Redfin's search bar? Is it marked as sold? Shows as sold, for $330k. 3br/2ba, 1655square feet. So maybe that's why it's not a comp? Too big in the Sq. Ft? I'm honestly surprised at the square footage. It must have an addition in the back or something, because all the houses in this 1950s development were originally around 1200.
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Aug 24, 2013 03:15
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bartkusa posted:I work for Redfin, and can answer some of these questions.
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Aug 26, 2013 05:08
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What's everyone's thoughts on a vacation property as your first home purchase? I live in Seattle and make decent money, but that still doesn't get me a hell of a lot of house in Seattle, at least not something that's interesting and I'd be proud to live in. My fiance and I have a great apartment downtown for a good price, but it's just a studio. That's never real bothered us and we just try to get out of the house as much as possible. Lately I've been having the biggest desire to make a transform a place of my own and I can get in to some pretty cool cabins in the area for a low as $150k (monthly payments would be about a third of my rent in the city). I'd hope to spent lots of time renovating and improving the cabin and eventually working with someone local to help me rent it out on AirBnB when I'm not using it. I've read a few articles of folks doing this sort of thing in places like NY, but isn't something that truly makes sense or just a reckless impulse I have?
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Aug 28, 2013 04:46
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So I found this thread when by house buying process was well underway, but I think I got a great deal. I moved for work about 6 months ago. I quickly learned that rents are astronomical out here (I pay $1350 for a very small 2 bedroom, 1 bath apartment). With rates rising and rent being so expensive, I figured it was a good time to buy a house. I qualified for a VA loan, so I didn't have to put anything down. I found a really nice older home built in 1981, with 1058 square feet, 3 bed, 1 bath, attached heated two car garage listed for $196,900. I offered $195,000 and asked the seller to pay all closing costs (around $3000) and my VA funding fee (this ended up being $4150, and while it's usually financed I figured why not ask for it). The seller accepted my first offer. The inspection went great, the seller immediately fixed the minor things that were found, the house appraised at $200K, the underwriting process was very smooth, and I ended up with an interest rate of 4.25%. Rates seem to have jumped around half a point since then so I'm glad I started this process when I did. Because I got a VA loan I have no PMI, and the loan is assumable in the future at the same rate for anyone who qualifies. If rates continue to climb this could be a huge selling point, especially since the house is very conveniently located near a large Army base. So I'm done paying $1350 a month for a poo poo apartment, and I'll be paying $1225 for a nice little house. My agent says a property like this could rent for $1600-1700 in this market, so when the time comes I may end up trying my hand at renting it out. Iucounu fucked around with this message at 04:30 on Mar 5, 2014 |
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Aug 28, 2013 06:04
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E: I'm not an expert, I should shut up.
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Aug 28, 2013 13:21
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Thuel posted:I've read a few articles of folks doing this sort of thing in places like NY, but isn't something that truly makes sense or just a reckless impulse I have? Well, it sounds like you have split motives for making this purchase. You want this cabin to be some kind of cash generator AND you want it to be a weekend/summer escape. I know plenty of people who have a vacation house that they rent, and it's almost never a profitable venture. At best, you cover a chunk of the cost for a portion of the year. At worst, you become an unpaid property manager. The problem, of course, is that when people want to go on vacation to rent a cozy cabin in the woods also tends to be when YOU want to use it too. So I would think hard about your expectations for this home. Do you really intend to "turn a profit?" If so, you should give up on the idea that you'll be able to enjoy this home for yourself. Also, if you want to get into property management, you should think more about the kinds of properties you'd want to own and manage. Buying something that's 4 hours away as a vacation home is one thing, but being on the hook to drive 4 hours every time one of your tenants clogs the toilet is another. However, if you just want a nice cabin as a vacation home, with the potential for maybe renting it out a month every year to help cover the mortgage (but not depending on it for income) - and mostly using it yourself, then I don't see a problem if you have the money to spend.
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Aug 28, 2013 15:20
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tiananman posted:However, if you just want a nice cabin as a vacation home, with the potential for maybe renting it out a month every year to help cover the mortgage (but not depending on it for income) - and mostly using it yourself, then I don't see a problem if you have the money to spend. The latter for sure. No thoughts that this will actually start generating an income, just thinking of renting it out to help cover some of the expenses and make the mortgage less of a liability. My biggest concern is just having money tied up in a cabin when I don't even own a home in my own city and could keep building a larger nest egg for an eventual down payment years down the line. However, the cost is comparatively low and will hopefully fill that need to actually "own" your space and invest time in making it your own. Think this might make me much more content renting something below my means in the city and just escape to my mountain property whenever I get a chance. Anyone else have experience buying a vacation home? Something you're still happy you did, or maybe wish you'd just spent that money on various vacation rentals instead?
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Aug 28, 2013 17:28
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My aunt and uncle have had a vacation condo in northern MI for years and it's been fairly lucrative. It's in a really desirable area though and the place they bought it in has a management company that runs the rentals for them and it's really hands off. There are times where they can't use it when they'd like to, but any time they know they want to use it they can block out those dates ahead of time, so they always blockout the 4th of July and things like that. I have no idea how much they end up making off of it, but I know it's been a worthwhile venture. They're actually selling that one now because they just bought two adjoining units that are right on Lake Michigan. On good note for my home build, we just got out appraisal back and it's for pretty much dead on the purchase price so that's good news. We're closing 3 weeks from today on it. I went the other day and the landscaping is done now, sod is down, carpet is in and the granite is finished in the kitchen. The only big things left to install are the glass tile backsplash in the kitchen and the mirrors in the bathrooms and the rest of it is basically touch ups and fixes on things that got banged into and what have you. All our paperwork is in order for the mortgage and we're finalizing our insurance shortly. Now I'm just trying to get all my ducks in a row with things that need to be taken care of right away like fencing the sides of the yard. I'm getting quotes on that now so I should have that narrowed down soon. I'm also trying to make a list of things that need to be done right away in the house like paint, ceiling fans, garage door opener, possible epoxy floor coating for the garage, etc.
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Aug 28, 2013 20:09
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Just closed today on our first house. My wife is due Tuesday with our first baby. Holy poo poo life changes fast. Seeing a 600k mortgage (... California) on the bank account hasn't hit me yet, but I'm sure that will soon.
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Aug 30, 2013 22:14
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Haydez posted:Holy poo poo life changes fast. Seeing a 600k mortgage (... California) on the bank account hasn't hit me yet, but I'm sure that will soon.
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Aug 31, 2013 17:41
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It's not as bad as it sounds since wages out here are much nicer, but still. My down payment is as much as my mother's house was in North East Pennsylvania. Crazy stuff. We closed on Friday but can't move in until about the 18th. We did a "rent back" agreement since we needed to close fast to get our employee rate. (Under 2.5!) We're going to tent it for termites and then move in afterwards. Already painting the canvas wit money.
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Sep 2, 2013 00:22
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$600k for a house that needs to be tented?  Cali needs to make it easier to build housing.
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Sep 2, 2013 01:56
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FISHMANPET posted:$600k for a house that needs to be tented?
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Sep 2, 2013 05:07
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FISHMANPET posted:$600k for a house that needs to be tented? It's not hard to build housing in California. It's hard to find a place to build housing where someone would actually want to live. They had no problem building miles and miles of housing out in Victorville!
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Sep 2, 2013 05:12
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