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shortspecialbus posted:Our offer was accepted! We are so friggen excited right now. Now to finish financing, get inspections, deal with insurance, and everything else. Lots of work to do but we can at least relax about someone else swooping the house. Congratulations!
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May 29, 2014 16:46
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Elephanthead posted:How are you going to close in 4 hours if you don't have the settlement statement already? Just got a call from my LO. Apparently because I digitally dated something they can't send the documents over to my settlement agent. He's driving to my house to get me to hand write the date in so we can proceed. Apparently we will still be able to close on time. Hopefully my bank doesn't give me poo poo about such a large cashiers check.
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May 29, 2014 17:18
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Adiabatic posted:Just got the inspection report back on the house and aside from minor issues the big thing that has me worried is the HVAC system. It's a 2 year old A/C heat pump combo but the temperature was 67 upstairs and 53 downstairs. He's recommending an HVAC inspector. (EDIT: ambient was 84 at the time of inspection) You always have the recourse of walking away. If you have an inspection contingency (and you loving well should), a problem with the inspection gives you the right to walk away and get your earnest money back. If you do not feel that a major problem with your A/C would be enough to make you walk away, then you can decide now whether to pursue the A/C issue and potentially get that $1k, or wait until after you've bought the house and then figure out what, if anything, needs to be done. As an aside, a 2-year-old A/C system should be working perfectly. My system is 25+ years old and it still works perfectly. These systems are, or should be, very robust and built to last. If it isn't, it might still be under warranty from the original installer, so definitely get that info from the sellers if you can.
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May 29, 2014 17:30
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I'm in the process of securing the underwriting on my mortgage loan, getting closer and closer to the actual closing date, which the sellers have extended to mid July. That's actually a good thing, as I realized after I sent the signed contract back to the sellers with a June close date (with the option to extend to July as requested by sellers) my apartment lease end date was in loving August and I could have ended up eating a month and a half of rent + mortgage payment.  Check your termination dates on your current leasing/rental agreements, don't be me. I feel like I got lucky and will avoid having to deal with a lovely financial situation due to multiple housing obligations. Fortunately I got locked in a 4.375% with no closing costs through my LO, which seems like an insanely good rate historically. It feels a bit surreal to be moving out of the apartment I've lived in for the better part of the last 10 years and into a house, especially the one that I got. While it's lacking a cooling system other than ceiling fans (  ), it's otherwise in amazing condition and could be upgraded with a swamp cooler or A/C, completely updated in the last year, came through with a great inspection, is less than 5 miles from friends and family and less than 20 from my job...and I'm building equity, in a place that doesn't share walls with anyone else. Finally.feels good man. ex post facho fucked around with this message at 18:22 on May 29, 2014 |
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May 29, 2014 18:20
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a shameful boehner posted:I'm in the process of securing the underwriting on my mortgage loan, getting closer and closer to the actual closing date, which the sellers have extended to mid July. That's actually a good thing, as I realized after I sent the signed contract back to the sellers with a June close date (with the option to extend to July as requested by sellers) my apartment lease end date was in loving August and I could have ended up eating a month and a half of rent + mortgage payment. Do you have any improvements or repairs you can do to the house while still living in your apartment? My wife and I bought our house in February 2010, and didn't move in until late May. We were living in a rented house with a bunch of friends and the lease went until June, and we used the time to rip out carpets, redo the wood floors, take down wallpaper, etc, all before living there.
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May 29, 2014 18:49
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Yep, that's basically my plan. It actually works out nicely as I don't have to feel pressured to move all my poo poo out immediately and can gradually just start porting things over from my apartment while doing little fix-up work here and there, painting, etc. \/\/ - Wow, that's an incredible rate. I remember talking to my loan officer about interest rates and him recalling that mortgages carried 12-20% interest in the 1980s. Of course, your average home didn't cost $200,000 then either, but well.. ex post facho fucked around with this message at 19:19 on May 29, 2014 |
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May 29, 2014 19:06
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We're closing July 9 if memory serves and our lease goes til end of September. We'll either eat the rent or try to sublet starting Aug 1 for 2 months. It'd be nice to not lose $2700 to unneeded rent, but it won't kill us. Edit: looks like we're locking in at 3.125 for 15 year. Edit 2: August -> September ssb fucked around with this message at 15:10 on May 30, 2014 |
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May 29, 2014 19:14
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Leperflesh posted:If it isn't, it might still be under warranty from the original installer, so definitely get that info from the sellers if you can. I would advise against assuming that the warranty transfers to a new owner. It often does not. As for the issue, I am no HVAC technician, but I wouldn't be too worried about it cooling too much, since doing that requires most of the parts be in working order.
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May 29, 2014 19:46
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a shameful boehner posted:\/\/ - Wow, that's an incredible rate. I remember talking to my loan officer about interest rates and him recalling that mortgages carried 12-20% interest in the 1980s. Of course, your average home didn't cost $200,000 then either, but well.. 15 year rats are pretty solid. The 30 year rate is around 4.1% from our credit union ( http://www.uwcu.org/HomeLoans/Default.aspx ) It helps that we have a down payment that leaves us only getting $110k of mortgage on a $280k house - they don't really gently caress around with you at that point and the terms are really straightforward and easy to understand, at least so far.
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May 29, 2014 21:00
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I'm a homeowner.
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May 29, 2014 21:46
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Jealous Cow posted:I'm a homeowner. Congrats! How do you feel?
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May 29, 2014 21:52
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OneWhoKnows posted:Congrats! How do you feel? Broke.
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May 30, 2014 00:20
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A couple weeks ago, I was getting quotes from lenders, and one lender came in at 4.39% with 15% down, no PMI. Another lender said they could also give me 15% down, no PMI but with 4.25%. I told the first lender this, and they said they couldn't match that rate. Started working with the 4.25% lender, locked in my rate, and everything's at the underwriter now. Today, I get a call from a manager at the 4.39% lending company saying they could reduce their rate to 4.09%. Where the hell was this offer two weeks ago when I told you I was going with a different lender? At this point, I'm a bit too far into the process to comfortably switch. I hate lenders. 
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May 30, 2014 03:02
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Interest rates change daily and they've gone down in the last 2 weeks.
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May 30, 2014 03:08
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Sometimes twice a day. There's not much you can do about it. If it's any consolation, the difference between 4.39 and 4.09 in terms of your monthly payment is going to be pretty small, like five or ten dollars or something.
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May 30, 2014 03:39
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skipdogg posted:Interest rates change daily and they've gone down in the last 2 weeks. I said gently caress it and locked at 3.125 for the 15 year. It might go lower, but I'm not a gambling man and on $110k of mortgage over 15 years, I'm happy with the rate I got and it's not going to make much of a difference anyways. I thought about it, because they kind of are trending down, but it's probably not worth it in my case.
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May 30, 2014 04:20
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Hi house buying mega thread, I have a question about the USDA loan, the one for 100% financing in an eligible rural area. Anyway, can we use that sort of loan to buy rural land and build on it? I can't find an answer online. We are going to ask our mortgage guy tomorrow/soon, but I thought I'd pop in here in case someone knows.  Additionally, what do you think about buying a good sized lot (2+ acres) that has a manufactured home built on it? Is this house just going to continue to lose equity, or is it an ok choice? Home buying is making me crazy - the house we are renting it being sold out from under us this summer so I'm really looking at anything that will qualify for the USDA loan as we don't have a down payment saved. It's a great option, but houses are selling within a week of being put on the market so everything is stressing me out. We lost a house last week because someone else made an offer on the day we were viewing it, and even though we offered $10k over asking they took the other offer because they had a down payment.  We can't buy the house we're renting because it doesn't qualify for USDA and we would rather move to a better neighborhood anyway.
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May 30, 2014 07:29
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USDA doesn't do lot or construction loans. None of the big 4 do (conventional, FHA, VA, USDA), if you're looking for that you would be looking at private or portfolio financing most likely. Conventional and FHA have some renovation programs, but those require a pre-existing home that needs work, they're not intended for new construction.
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May 30, 2014 08:16
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Also, even though the USDA has a no-down program, buying real estate with zero down is usually a really bad idea. If you have little or no money saved, you are at very high risk of default because you have no safety margin to deal with the (extremely common) large expenses that come up unexpectedly with home ownership. You also have no emergency budget to handle your mortgage payments if you unexpectedly lose your source of income. Leaving all that aside, take a look at an amortization table. The less you put down as a down payment, the higher a percentage of your early home payments goes to interest. With zero down and ordinary payments on a 30 year note (no overpayments), it will be many years before you build significant equity. Without much equity, you can't sell, because you can't afford the commission, even if your home doesn't lose value. You may also be in a situation where your equity is less than your deductible on your insurance. In a total loss situation, the insurance payout minus the deductible fails to cover your mortgage, and now your debt is undersecured. Buying a house when you have not planned for several years to do so, and saved up lots of money to do so, is risky and usually ill-advised.
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May 30, 2014 08:23
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Jealous Cow posted:Broke. Haha, I am also a proud new owner of a house starting this week and besides all the excitement and planning the other thing I feel is broke  It's a house with smallish front and back yards in San Francisco, 3 bed 3 bath, newly remodeled. This was our 4th offer after seeing 5-8 houses every Sunday for 3 months, all cash, no contingencies, 7 day close. No contingencies is standard here as the sellers are expected to do tons of disclosures and paid inspections prior to putting it on market. If anyone is trying to buy a house in the city I'd be happy to try to help, but good luck, it is a crazy market right now and I don't see it getting better. I'm moving out of my apartment which was 2800 a month 4 years ago and rent control has kept it cheap so I didn't want to move unless I have a house. The new tenants will pay 3800.
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May 30, 2014 10:13
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Adiabatic posted:HVAC chat If the home has an open design, any two story is a nightmare to keep the upstairs and downstairs the same temperature. You see builders know that spending 20k on a well designed HVAC system will not increase the price of the house over a $5,000 HVAC system. I can't speak for your particular house, but for my home the solutions involve either exchanging the air between the rooms more often, using additional return ducts and supply ducts to even out the temperatures, using zoning gates to manage the air supply and temps, or closing off the huge holes of the open design to prevent hot air from rising. (Stupid physics!)
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May 30, 2014 12:16
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Elephanthead posted:If the home has an open design, any two story is a nightmare to keep the upstairs and downstairs the same temperature. You see builders know that spending 20k on a well designed HVAC system will not increase the price of the house over a $5,000 HVAC system. Thanks for the reply. It is a pretty open floor plan and it's a tri-level. I've done some research and talked with a few people, and we're proceeding. I will probably get an HVAC inspector in just to be sure but the house is too perfect at too good of a price to be worrying about a 14° temp difference on a hot day with a 2 year old unit. I'll probably dick around with the vents and see if I can't get the upstairs more in line with the downstairs, but aside from blinds I think I'll just live with it.
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May 30, 2014 14:25
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Reading this thread I feel for a lot of you guys. I ended up unexpectedly in an extraordinary lucky and fortunate situation with a large down payment and the amount of liquid cash I'll still have at closing. A good friend of mine is closer to most of everyone's situation with a modest down payment and no real money left over afterwards, and it's a lot more of a struggle to do everything. gently caress, another friend and her boyfriend can't even buy a house at all, even with a significant down payment, because his credit is below the bare minimum for financing and her income isn't enough to cover any reasonable mortgage alone, so she can't buy it without him. His income is plenty though. It's a poo poo situation. Buying a home should be a lot loving easier for everyone to accomplish.
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May 30, 2014 15:08
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Captain Windex posted:USDA doesn't do lot or construction loans. None of the big 4 do (conventional, FHA, VA, USDA), if you're looking for that you would be looking at private or portfolio financing most likely. Conventional and FHA have some renovation programs, but those require a pre-existing home that needs work, they're not intended for new construction. Ok, that's what I thought. Thanks!
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May 30, 2014 15:19
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Jealous Cow posted:Broke. New thread title right here.
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May 30, 2014 15:38
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jomiel posted:Haha, I am also a proud new owner of a house starting this week and besides all the excitement and planning the other thing I feel is broke A house in SF? I don't think I want to know how much you paid!
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May 30, 2014 15:55
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Adiabatic posted:Thanks for the reply. It is a pretty open floor plan and it's a tri-level. shortspecialbus posted:gently caress, another friend and her boyfriend can't even buy a house at all, even with a significant down payment, because his credit is below the bare minimum for financing and her income isn't enough to cover any reasonable mortgage alone, so she can't buy it without him. His income is plenty though. It's a poo poo situation. Buying a home should be a lot loving easier for everyone to accomplish.
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May 30, 2014 18:04
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SiGmA_X posted:This seems like a blessing in disguise. Buying a house with someone you're unwilling to commit to? Really..?! This is a great big opportunity for a huge derail, so I'll just say this: it's possible to have a fully committed relationship but not get married. I did it for 11 years (and then got married, LOL).
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May 30, 2014 19:26
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Leperflesh posted:This is a great big opportunity for a huge derail, so I'll just say this: it's possible to have a fully committed relationship but not get married. I did it for 11 years (and then got married, LOL). Yep, 9 years here, not married....
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May 30, 2014 19:28
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On the other hand, some people meet and get married in like 6 months. Idiots! But the important point here is that people who aren't fully committed to each other should not buy a house together. I think we can all agree on that.
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May 30, 2014 19:33
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Leperflesh posted:This is a great big opportunity for a huge derail, so I'll just say this: it's possible to have a fully committed relationship but not get married. I did it for 11 years (and then got married, LOL). Among families with two high-income earners, it's sometimes smarter to not get married, tax-wise.
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May 30, 2014 19:49
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Inverse Icarus posted:Among families with two high-income earners, it's sometimes smarter to not get married, tax-wise. That's part of it, also both of them have no interest in being married. It's completely unrelated to buying a house, because it wouldn't help them even if they were married. And, something was bound to go poo poo in my situation, and I think it just happened. I had been given confirmation over the phone by the telecom company that provides service to the house that they offered DSL that was fast enough for my needs for work/etc. They confirmed up and down that it was available and double checked. They've changed their mind and claim that all they offer for that location is dial-up, and they have no record whatsoever of my previous call. As decent internet was a "MUST HAVE" requirement for the house, we're now stuck buying a house with no internet. There's satellite, but that's not really going to work for what I need it for, so this is a complete loving disaster and I can't do anything about it. We didn't write "internet speed" into the contract anywhere, so I think we're just utterly and completely hosed. Of all the poo poo that could go wrong, this is probably near the top of the list because there's no real way to work around it. I'll have to find a way to make satellite work I guess, but it's not going to so ughhhhhh. ssb fucked around with this message at 20:49 on May 30, 2014 |
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May 30, 2014 20:43
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shortspecialbus posted:That's part of it, also both of them have no interest in being married. It's completely unrelated to buying a house, because it wouldn't help them even if they were married. I don't know about you, but I also work from home and this would be worth forfeiting my earnest money over.
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May 30, 2014 21:16
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Satellite is totally unusable for anything latency sensitive, which generally makes it even worse thanks dial up for most remote work needs. 4G internet service is probably viable (even if reception is poor you can easily triple the range with a good roof antenna), but you're likely to need to pay several hundred dollars a month for adequate bandwidth.
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May 30, 2014 21:56
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Yeah, that's worth walking away from a deal over. It's 2014, lack of broadband is like saying the house has no running water. If you're hellbent on buying the house, it is possible to pay a very large sum of money to convince a cable or telco company to extend their network. I read a story once of a guy who paid the local cable company about 10 grand to extend their lines 1/2 a mile down the road to reach his house.
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May 30, 2014 22:01
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We'll see what happens. It turns out it may have internet after all and the telco is just loving incompetent. They're going to do a survey shortly to try to figure it out - apparently this address doesnt exist in their system and the "nearest" has just dialup, but a non-existent address 6 numbers off, that in theory would be about 1/3 block away, has 15mbit DSL which would be just fine, although not ideal. I may also try to bribe them and see what happens, or try to figure out something with a microwave dish. I don't exactly work from home, but I work from home often enough that this is kind of a big problem. I can deal with latency, because a lot of what I do is just over terminal, which honestly dialup is nearly good enough for. I do occasional remote desktop to use the awful ticketing system though and that needs VNC. Which isn't really good on satellite either. I can just figure something else out for steam downloads and the like which is a lot of my traffic. The depressing thing is that we'd need to cancel netflix and hulu and NHL Gamecenter Live and the like. I guess we'll see what happens with the survey. I'm not sure if I have any legal recourse here because their website claims that the house has 15mbit service, so regardless of a call or not, the website loving says it if you look up the address. *sigh*
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May 30, 2014 23:20
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Leperflesh posted:Sometimes twice a day. There's not much you can do about it. If it's any consolation, the difference between 4.39 and 4.09 in terms of your monthly payment is going to be pretty small, like five or ten dollars or something. multiplied by 360 payments.
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May 30, 2014 23:26
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Leperflesh posted:But the important point here is that people who aren't fully committed to each other should not buy a house together. I think we can all agree on that. Inverse Icarus posted:Among families with two high-income earners, it's sometimes smarter to not get married, tax-wise. Zhentar posted:Satellite is totally unusable for anything latency sensitive, which generally makes it even worse thanks dial up for most remote work needs. 4G internet service is probably viable (even if reception is poor you can easily triple the range with a good roof antenna), but you're likely to need to pay several hundred dollars a month for adequate bandwidth. shortspecialbus posted:We'll see what happens. It turns out it may have internet after all and the telco is just loving incompetent. They're going to do a survey shortly to try to figure it out - apparently this address doesnt exist in their system and the "nearest" has just dialup, but a non-existent address 6 numbers off, that in theory would be about 1/3 block away, has 15mbit DSL which would be just fine, although not ideal. I may also try to bribe them and see what happens, or try to figure out something with a microwave dish.
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May 30, 2014 23:26
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Dik Hz posted:multiplied by 360 payments. 30 years later.
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May 31, 2014 02:45
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SiGmA_X posted:That sounds super annoying. My house had acceptable internet when I moved in. Then they oversold, and it went to poo poo (playing Diablo 3 at peak hours, my ping was never lower than 600-700ms and often jumped into the 2-3s range). They wouldn't tell me anything about when it might be fixed, and wouldn't give me anything more than a $5/mo discount (because my speed tests fell one tier lower than what I was paying for). And of course, there isn't anyone else I can switch to aside from the rather expensive 4G plans (even more painful because the apartment I moved out of could get 100mb cable). It finally got worked out after about 4 months, but really sucked while I waited.
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May 31, 2014 03:03
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