|
Ugh, I'm finally ready to make an offer and my prequalification expired two days ago. My contact at the bank told me to submit a whole new application; last time, it took a week for that to go through. I'm guessing there's no wiggle room here if I were to try making an offer with the old letter, let her know that a new one's in the works? I'm just worried about getting beaten out by another offer, but I doubt she'd be able to accept the offer without a valid prequalification anyway.
|
#
?
Apr 23, 2015 16:11
|
|
|
|
| # ? Jun 4, 2024 06:20 |
|
|
As a Millennial I posted:Ugh, I'm finally ready to make an offer and my prequalification expired two days ago. My contact at the bank told me to submit a whole new application; last time, it took a week for that to go through. I'm guessing there's no wiggle room here if I were to try making an offer with the old letter, let her know that a new one's in the works? I'm just worried about getting beaten out by another offer, but I doubt she'd be able to accept the offer without a valid prequalification anyway. I'm not sure what the legal or correct answer is but I'm betting the seller doesn't care. If you submit the offer with the expired letter, your foot is sort in the door for your offer, conditions, price, etc. If they mention the expiration, say you've got another full application in the works, and go from there. Or be proactive and in your "why I want your house" cover letter thing, mention that the prequal is technically expired but another is in the works, and your financial situation has not changed since you submitted the original. I'm betting if you have the same number of Corvettes, Waverunners, timeshares, and original van Gogh paintings that you had when you put in the original application, it's going to come back with the same thing. I feel like any offer that will beat yours will probably beat it regardless of the tiny bit of uncertainty in an expired prequal letter.
|
|
#
?
Apr 23, 2015 16:25
|
|
|
Lyer posted:So what are the opinions on town houses? I've found a good one that's within my price range in a good area, but am wondering if there are any other negatives aside from the hoa (and what it covers or lack thereof). Are they considered to be the worst of both worlds? Or best of both worlds depending on your perspective. For me, I hate yardwork and building maintenance, shoveling my driveway and sidewalks, and stuff like that. My HOA fees cover landscaping, snow removal, water, sewer, garbage, roofing, siding, painting, paving/concrete, and insurance for the building. My personal insurance is drywall-in. I also get the benefits of owning in that I'm building equity, the mortgage is set and won't go up, (HOA fees can go up but not more than 10% per year), I can decorate how I want, I can have guests and pets if I want, nobody has a key but me, nobody can enter without my knowledge or permission, and nobody can kick me out for no reason. Some others in the thread don't see it that way, but I love it.
|
|
#
?
Apr 23, 2015 19:23
|
|
|
Thesaurus posted:house_buying.txt I had a really good homebuying experience.
|
|
#
?
Apr 23, 2015 20:43
|
|
|
Citizen Tayne posted:I had a really good homebuying experience. I did, too and even though I've only bought one home in my life I think it's because I used a mortgage broker. Or maybe it's because I used this particular mortgage broker. He was also my buying agent and he was awesome.
|
|
#
?
Apr 23, 2015 20:45
|
|
|
So the realtor took us out to see 5 more homes in the area today. First one was okay. I could live there, but I wouldn't love it. My husband really disliked it. Second one had an unfinished basement, so that was a deal breaker for us. Third one was nice! More expensive than the house we saw last week, but bigger bedrooms, and a lot more closet space. It's one to seriously consider. Fourth one we only stepped inside. There was a whole family in the house still and just stepping inside you could see how grungy it was. Fifth house also still had people and animals inside, but we didn't bother going in. Ther parking in front of the house was pretty much non-existent and the whole area seemed pretty sketchy. We'll be going for a second viewing of the two houses we liked with my father-in-law (he used to build houses) on Sunday. I think his set of eyes would be invaluable. He did tell my husband that we shouldn't get an older house, but those are really the only options in our price range in the area we want to live.
|
|
#
?
Apr 24, 2015 00:57
|
|
|
That's funny, my father in law used to build houses, and he was pushing us toward grungy old houses because he knew exactly how easy they'd be to fix up. Only downside was that he's super racist and wanted us to look only in the whitest suburbs, which got old fast. My agent confirmed what you guys said, we'll make an offer with the old prequal while we wait for the new one. Still need to go introduce myself to the neighbor first though, I'd like to know who I'm sharing a driveway with. Both houses have ample parking and as horrifying as all those /r/legaladvice property dispute stories were, this particular arrangement doesn't look too bad. Anybody have experience buying from an agent who also owns the house? In this case it's not a flip, she actually lived there for a few decades. She's also sold other houses on the same block recently so she has a pretty realistic idea of what it should actually be worth. I feel like I should be able to offer a couple thousand less (she's asking 115k) since she's not paying a seller's agent commission.
|
|
#
?
Apr 24, 2015 01:33
|
|
|
Nessa posted:Second one had an unfinished basement, so that was a deal breaker for us.
|
|
#
?
Apr 24, 2015 01:43
|
|
|
i feel bad for some of you folks. I've bought two properties and sold one in my life, and none of them have had any hiccups. All three transactions were pretty much started with a handshake and a signature and completed in the same way, on schedule and on budget.
|
|
#
?
Apr 24, 2015 03:40
|
|
|
moana posted:I also like houses with tenants because they look cluttered. Beware the pristine Ikea flips!  good point. Our house had a tenant and was priced real low. I kept expecting to find something horrible to explain the low price but in the end everything turned out fine.
|
|
#
?
Apr 24, 2015 03:45
|
|
|
moana posted:I'm actively looking for unfinished and grungy houses so that I don't pay the premium for what amounts to pretty cheap work in the end. I also like houses with tenants because they look cluttered. Beware the pristine Ikea flips! The house we saw with the unfinished basement was the same price as the house we saw with the finished basement that had a built in wet bar and a bathroom with a standing shower. I prefer older houses myself, having lived in both. Carpets can be ripped out to reveal the original hardwood floors underneath and they're generally constructed pretty solidly. The houses we saw and liked were built in 1943 and 1946, but both had a decent amount of renovations done over the years. The first house has 3 bathrooms, one on each level. Two with standing showers and the main floor bathroom with a claw foot tub. The upstairs bathroom even has a skylight. It's got a full back deck that just needs to be repainted. There's already an alarm system built in. And there's new windows and insulation throughout. The closets and bedrooms are a little on the smallish size, but there are also drawers built into the walls of the upstairs bedrooms, so that does save a bit of space. The second house has bigger bedrooms and massive closets. There's a half bath connecting the upstairs bedrooms and one full bathroom on the main floor. Just a regular tub though. The laundry room downstairs is fully finished with newer machines and there's a large storage room and small office area in the basement. The backyard has very little green space (the green is all in the unfenced front yard) and the stairway going up to the second level is very narrow. It's also $30,000 more than the first house. I lean towards the first house because I think it's loving precious and it's also a couple blocks closer to the trains and groceries. I'm looking forward to seeing both of them on the same day, since my opinion may have been swayed by seeing the first house on a lovely, sunny day and second house on a cold and rainy day.
|
|
#
?
Apr 24, 2015 04:58
|
|
|
Well guys, success. We closed on the house earlier today and drat I feel good but tired. After stressing for months on end through endless house hunting it feels like the down slump you get after a grueling race. Now here's hoping the moving company doesn't break too much of my stuff. There is always something broken when we receive our household goods from military storage. At least this is the last move!
|
|
#
?
Apr 24, 2015 05:53
|
|
|
I'm about to make an offer on a house and my realtor mentioned something about a letter to the seller. What should this include?
|
|
#
?
Apr 24, 2015 15:54
|
|
|
psydude posted:I'm about to make an offer on a house and my realtor mentioned something about a letter to the seller. What should this include? ...what? Do people actually do that?
|
|
#
?
Apr 24, 2015 16:05
|
|
|
By letter you mean the offer contract right?
|
|
#
?
Apr 24, 2015 16:16
|
|
|
We didn't but since we bought we've heard of it and personally we would have written one. I think giving a well considered and fair offer and giving careful reasoning with hard numbers behind your offer can help soften knee jerk reactions.
|
|
#
?
Apr 24, 2015 16:22
|
|
|
psydude posted:I'm about to make an offer on a house and my realtor mentioned something about a letter to the seller. What should this include? A drawing of a penis.
|
|
#
?
Apr 24, 2015 16:37
|
|
|
Letters are supposed to help make you stand out in multi-offer situations. The thinking is you can appeal to the seller emotionally with stories about wanting to raise a family, or a kid on the way, or giving your current kids a great house/great area to live in etc. Not sure what a letter without kids would look like. A friend of mine bought a house when she was pregnant and the seller decided to cover her closing costs without anyone asking for such a thing. Breeders are weird.
|
|
#
?
Apr 24, 2015 16:42
|
|
|
Jesus. If I were selling a house I would never read the letters, only the numbers.
|
|
#
?
Apr 24, 2015 16:48
|
|
|
psydude posted:I'm about to make an offer on a house and my realtor mentioned something about a letter to the seller. What should this include? 
|
|
#
?
Apr 24, 2015 17:08
|
|
|
LabyaMynora posted:Letters are supposed to help make you stand out in multi-offer situations. The thinking is you can appeal to the seller emotionally with stories about wanting to raise a family, or a kid on the way, or giving your current kids a great house/great area to live in etc. Not sure what a letter without kids would look like. Lol at how hosed up our housing market is
|
|
#
?
Apr 24, 2015 17:18
|
|
|
"here's my life story, I hope you like it enough to agree to let me pay you hundreds of thousands of dollars"
|
|
#
?
Apr 24, 2015 17:18
|
|
|
A coworker had to write one, the sellers insisted. He sent them some bullshit about being a hard working immigrant wanting to start a family etc etc, I guess it must have worked as he got the place in a competitive bidding situation. Totally bizarre though. Could also be a way to make sure the "wrong" kind of resident doesn't end up in a neighborhood.
|
|
#
?
Apr 24, 2015 17:34
|
|
|
I would literally never write a letter with anything truthful in it. Like I want to give you more information to take to the negotiation table.
|
|
#
?
Apr 24, 2015 17:50
|
|
|
Citizen Tayne posted:"here's my life story, I hope you like it enough to agree to let me pay you FTFY
|
|
#
?
Apr 24, 2015 17:54
|
|
|
Spamtron7000 posted:I did, too and even though I've only bought one home in my life I think it's because I used a mortgage broker. Or maybe it's because I used this particular mortgage broker. He was also my buying agent and he was awesome. Me too. Nessa posted:So the realtor took us out to see 5 more homes in the area today. How many, total, have you seen? Your realtor would be delighted for you to pick one of maybe ten houses she's shown you, but you don't have to settle for that. For comparison, my wife and I looked at (as in, at least drove by) 50+ houses over the space of 7-8 months. We had our realtor take us to at least 30 or so houses, on alternating weekends over that period. We made one offer that was declined, and then a second offer a couple weeks later (different house) that was accepted. Our experiece was probably on the high side, you don't have to look at 50 houses, but I'm always astonished when I hear about people who go look at houses for one weekend, and then pick one of the five or six they saw and buy it. Like, I put more time and effort into decisions about what graphics card to buy for my computer.
|
|
#
?
Apr 24, 2015 18:18
|
|
|
Nessa posted:He did tell my husband that we shouldn't get an older house, As I've learned more and more about building science... I wouldn't want to buy a house built before the '90s unless I was planning to do some serious renovations. Before then, they had pretty much no idea how to build decent, efficient homes (not to mention a host of other problems). Of course, plenty of homes built during and after the '90s had ignorant builders that didn't do a whole lot better, but at least a lot of the worst ideas were filtered out and many of the problems are easier to fix. (really, this post quoted in the OP gives great pros/cons of new houses vs old houses)
|
|
#
?
Apr 24, 2015 19:48
|
|
|
Zhentar posted:As I've learned more and more about building science... I wouldn't want to buy a house built before the '90s unless I was planning to do some serious renovations. Before then, they had pretty much no idea how to build decent, efficient homes (not to mention a host of other problems). Of course, plenty of homes built during and after the '90s had ignorant builders that didn't do a whole lot better, but at least a lot of the worst ideas were filtered out and many of the problems are easier to fix. I agree with this completely, people were entirely incapable of building things before 1990.
|
|
#
?
Apr 24, 2015 19:56
|
|
|
Zhentar posted:As I've learned more and more about building science... I wouldn't want to buy a house built before the '90s unless I was planning to do some serious renovations. Before then, they had pretty much no idea how to build decent, efficient homes (not to mention a host of other problems). Of course, plenty of homes built during and after the '90s had ignorant builders that didn't do a whole lot better, but at least a lot of the worst ideas were filtered out and many of the problems are easier to fix. Ah yes, because all those subdivisions of characterless McMansions weren't made as cheaply as possible so the developer could make $texas. The only way you're going to get a well built, modern house is by building it yourself or accidentally stumbling across one. My dad was the general contractor for my parent's house and the only reason it's well built is because he spent the extra money to build it with geothermal, good roofing, high-quality insulation, and completely made of foam insulated concrete walls. The rest of the houses in their subdivision cost three times as much to heat and cool. It wasn't much more expensive to do, either. I prefer older homes because they have character and they're usually pretty soundly built, especially ones from before the baby boom after WWII. That being said, this based on personal experiences after living in older homes in Ireland, Norway, Australia, and now Detroit/Detroit Metro.
|
|
#
?
Apr 24, 2015 20:15
|
|
|
I love how VA loans seem to have no ability to contact the God damned appraiser. "I have the ladies order it. I can call them and see but the appraiser usually just goes out and uses the superkey to get in the house and then sends us a report." Yeah... but they'd still have to make an appointment. HATE HATE HATE HOUSE BUYING
|
|
#
?
Apr 24, 2015 20:19
|
|
|
Leperflesh posted:Like, I put more time and effort into decisions about what graphics card to buy for my computer. Sometimes people only have a couple months to move, and you need to pick a place quickly in that instance since it's not like you can get through closing in two weeks usually once you do find a place you like. Of course, I'd say better to rent in that situation, but some people are just dead-set against ever going back to renting. quote:HATE HATE HATE HOUSE BUYING Selling is a thousand times worse. -I listed my place February 17, after spending a year and a couple grand fixing it up and saving up for a relocation. -I realized in March I needed to replace a sliding glass door with a blown seal. I did so. -I received a lowball offer April 1. We went back and forth and settled on a price under asking price but something I was at least willing to do on April 6. As is the norm in Illinois, the contract said they would perform an inspection and serve notice by April 13. -On the morning of April 14, I received word that very late the previous night, they had asked until April 27 to perform an inspection  -I responded immediately that I would give them until April 20. No word back. -On April 18, they say they want to do the inspection April 19. Great! Inspection happens. -No word on the 20th. On the 21st, I get back their demands. It's mostly cosmetic issues they're asking for unreasonable replacements for and two minor electrical issues. -I immediately respond that I will take care of the electrical issues and grant them some credit for the other issues, because I just want it to go away. -No word back. I have my attorney serve notice at the end of the day April 22 that I want a response by April 23. -No word back. My attorney says both at the end of the day on the 23rd and this morning that I want a response immediately. -I tell my attorney at noon today to tell them that if I don't have a response by close of business, I am terminating the deal and putting the property back on the market. 18 days off the market is enough if we won't have a deal. God drat gently caress this process to hell. If one of you is this couple, I hope you die. Nail Rat fucked around with this message at 20:37 on Apr 24, 2015 |
|
#
?
Apr 24, 2015 20:29
|
|
|
Nail Rat posted:Sometimes people only have a couple months to move, and you need to pick a place quickly in that instance since it's not like you can get through closing in two weeks usually once you do find a place you like. Of course, I'd say better to rent in that situation, but some people are just dead-set against ever going back to renting. I had like a month to find something and get it under contract. I looked at probably 20 properties in person and another 20 via skype from 600 miles away. I was going to back to renting, but like you said, some people (my wife) are dead set against it.
|
|
#
?
Apr 24, 2015 20:30
|
|
|
Nail Rat posted:Sometimes people only have a couple months to move, and you need to pick a place quickly in that instance since it's not like you can get through closing in two weeks usually once you do find a place you like. Of course, I'd say better to rent in that situation, but some people are just dead-set against ever going back to renting. In some markets, it's more of a pain in the rear end to find a new place to rent than it is to just buy a house. Strange, but true.
|
|
#
?
Apr 24, 2015 20:31
|
|
|
No Butt Stuff posted:I would literally never write a letter with anything truthful in it. Like I want to give you more information to take to the negotiation table. I wound up writing some poo poo complementing them on how well maintained the house was and that I wanted to get a dog. Realtor said it was perfect. Idk whatever, anything that gets me to the contract so I can stop dealing with this crap.
|
|
#
?
Apr 24, 2015 20:39
|
|
|
That would be acceptable. I've just never heard of it.
|
|
#
?
Apr 24, 2015 20:42
|
|
|
No Butt Stuff posted:I love how VA loans seem to have no ability to contact the God damned appraiser. I can tell you a part of it is that there is no appraisal management company involved. With other types of loans there is a 3rd party that deals with the appraiser acting as an appraisal management company. With VA that isnt happening, so basically if whoever is calling has some other crap to do during the day, or the appraiser is off doing whatever, good luck.
|
|
#
?
Apr 24, 2015 22:55
|
|
|
Leperflesh posted:How many, total, have you seen? Your realtor would be delighted for you to pick one of maybe ten houses she's shown you, but you don't have to settle for that. Just the 6 so far. That's not to say we won't see more, but there are pretty slim pickings in our area. We don't drive, so walkability is important for us, and being close to amenities is especially important because of our long, cold winters. When being outside is physically painful, you don't want to walk 20 minutes to get to your bus or train. This is also why if we're going to buy a house this year, we're going to want to move by the end of summer or early fall at the latest, or wait until next spring. It is really settling if you find a place that meets nearly all of your criteria for a perfect home? My husband is worried that someone will scoop up the house we like if we spend too much time looking at other places before coming back to it. We've never done this before, so we honestly don't know what we're doing! If you looked at over 50 houses, how many of them did you really like? If you really liked 10 of those houses, how did you decide between all of them? What if your spouse liked one house the most and you liked another house the most? How did you decide? I've spent a lot of time on the MLS listings website, which is how we saw the first house. I compared it to a number of different houses in our price range that met our basic criteria, wrote down lists of pros and cons for each house and requested a viewing of the house that came out on top. I think when we go back for our second viewings on Sunday, we will both have a more critical eye. We'll measure our large furniture and measure room sizes. Maybe upon the second viewings, we'll discover that we don't like the houses anymore and will have to move on, or wait for something better to come along. Zhentar posted:As I've learned more and more about building science... I wouldn't want to buy a house built before the '90s unless I was planning to do some serious renovations. Before then, they had pretty much no idea how to build decent, efficient homes (not to mention a host of other problems). Of course, plenty of homes built during and after the '90s had ignorant builders that didn't do a whole lot better, but at least a lot of the worst ideas were filtered out and many of the problems are easier to fix. I think the worst houses are those built in the 70's and 80's. My mom's house was built during that time period and it's had a million problems. Wiring issues, plumbing issues, sump pump issues and the interior doors are just thin MDF boxes. Also, the linoleum and carpets found in those homes are gross. My grandparents house on the other hand, was built in the 1930's and has not had any issue with the doors or cupboards falling apart. It's got it's own set of problems, but considering it hasn't have any major renovations done since the late 60's (an addition to add an interior bathroom), the house is doing pretty well for itself. Tusen Takk posted:I prefer older homes because they have character and they're usually pretty soundly built, especially ones from before the baby boom after WWII. That being said, this based on personal experiences after living in older homes in Ireland, Norway, Australia, and now Detroit/Detroit Metro. I also like the character of older homes. And the fuckin' hardwood floors and real solid wood used for stairways and doors. Why anyone likes carpet in their house is beyond me. Just get a nice area rug if you care about warm feet so much. Easier to clean, maintain and replace.
|
|
#
?
Apr 24, 2015 23:46
|
|
|
Nessa posted:Just the 6 so far. That's not to say we won't see more, but there are pretty slim pickings in our area. We don't drive, so walkability is important for us, and being close to amenities is especially important because of our long, cold winters. When being outside is physically painful, you don't want to walk 20 minutes to get to your bus or train. This is also why if we're going to buy a house this year, we're going to want to move by the end of summer or early fall at the latest, or wait until next spring. I think what he was getting at is that it is hard to know what your criteria even are before you start to see and consider several houses. I know that when my fiancee and I started looking our expectations were very different from how they were at the end of our search. We've lived in our house for 18 months now and I already have a whole different set of priorities I'd consider if we could move again. If you found a great house then good for you. But many people experience this shift of priorities during their first house hunt. The other thing to keep in mind is that a "perfect house" does not exist, and the fact that you found a good one right away means that you won't have any trouble finding a good one later, too. So: what if someone snaps that one up right away? Then you'll buy another house. The number one pitfall in house hunting is getting emotionally involved. HGTV shows make this worse. You need to stay detached from each house: they all have problems, they all cost a lot and they all represent a huge risk on your part. Falling in love with ~*ThE OnE*~ makes you more likely to overlook the leaking pipes, shifting foundation and missing roof shingles because you "got that homey feeling" when you walked in. Keep your emotions out of it and you can view the houses with their flaws, negotiate properly and make logical decisions. Your realtor may push you, asking emotional questions like "How does this one feel? Can you see yourself living here?" Just tune them out; you can let your emotions out once the papers are signed.
|
|
#
?
Apr 25, 2015 00:56
|
|
|
Nessa posted:I think the worst houses are those built in the 70's and 80's. My mom's house was built during that time period and it's had a million problems. Wiring issues, plumbing issues, sump pump issues and the interior doors are just thin MDF boxes. Also, the linoleum and carpets found in those homes are gross. Actually, I think you'll find that humanity was incapable of building a good house before 1990.
|
|
#
?
Apr 25, 2015 01:13
|
|
|
|
| # ? Jun 4, 2024 06:20 |
|
|
gtkor posted:I can tell you a part of it is that there is no appraisal management company involved. With other types of loans there is a 3rd party that deals with the appraiser acting as an appraisal management company. With VA that isnt happening, so basically if whoever is calling has some other crap to do during the day, or the appraiser is off doing whatever, good luck. Apparently it was appraised yesterday and we will have the report on Wednesday.
|
|
#
?
Apr 25, 2015 01:45
|
|