|
Our realtor wasn't perfect by a long shot in retrospect but she really did approach it with the "owning a home is expensive and it is my job to keep as much money in your pocket as possible so you can pay for the repairs that will come up." She also says she likes to steer new buyers towards the middle of thier price range so they aren't broke and resentful later. She really beat up the sellers on price/closing credits.
|
#
?
May 10, 2015 18:45
|
|
|
|
| # ? May 31, 2024 03:45 |
|
|
Jose Cuervo posted:I just asked my realtor for clarification and apparently the reason he is concerned is that the sellers picked my offer because of my stronger financial situation, and the other offer was for the asking price as well but ''worse'' because of the weaker financial situation. So the realtor's concern is that the sellers could potentially refuse to give any closing credit knowing that if I walk away they still have another asking price offer (assuming the other people are still interested). If the issues are major, then make that clear. A) The other offer likely wasn't for the asking price no matter what the two realtors say. Realtors are often liars. B) Even if the other offer was the same as yours, a weaker financial situation represents more risk of the sale falling through. The seller doesn't want that. C) Even if the seller chooses to ignore the greater financial risk inherent to the other offer, rejecting your offer means that the seller starts over with another person who is probably also going to ask for a closing credit to repair the *major issues* that get revealed during the inspection period. In addition to that, that's about a month of additional property taxes, mortgage payment, etc that the seller has to put up with because the sale was delayed by going to another person. They're probably throwing away about the amount that you're asking for just by saying no. Point out the major issues that the inspector raised, ask for the closing credit to make the problem go away, and make it clear that you're willing to sink the sale over it because you take the issues very seriously. You shouldn't compromise just because the two realtors (who have the most to lose from you even asking) are afraid that the buyer's feelings will be hurt.
|
|
#
?
May 10, 2015 21:22
|
|
|
Yeah, my realtor would email me with like "Oh the buyer says they want $10k because they think a pool is buried in the backyard" and I replied back "well just put the house back on the market, market is looking good, I'm in no rush" and then magically he would convince the buyers to deal with it. Remember that the buyers' agent is pushing them to agree to stupid poo poo as well. UGH we found a house today that will probably go for $600k and I love it so muchhhhh. It's absolutely perfect, new septic, new roof. The last one we considered was a $450k house about half the size that was falling apart. I am going insane.
|
|
#
?
May 10, 2015 21:36
|
|
|
Jose Cuervo posted:I just asked my realtor for clarification and apparently the reason he is concerned is that the sellers picked my offer because of my stronger financial situation, and the other offer was for the asking price as well but ''worse'' because of the weaker financial situation. So the realtor's concern is that the sellers could potentially refuse to give any closing credit knowing that if I walk away they still have another asking price offer (assuming the other people are still interested).
|
|
#
?
May 11, 2015 03:25
|
|
|
gvibes posted:There is minimal chance they kill the deal because you ask for $2500. The worst reasonably likely thing they could happen is that they say refuse to give you a credit. If you are asking us whether you should kill the deal if they won't give you any money, only you can answer that question--depends on how much you like the house, what else is out there, etc. Thanks for all the feedback. I guess I was just wanting to check that asking for the full amount of the quotes as a credit was reasonable, which it seems to be. I know that walking away from the deal over $2500 is a personal choice.
|
|
#
?
May 11, 2015 12:16
|
|
|
The big thing to keep in mind is that any potential buyer is going to ask for compensation/repairs for major issues found during inspection. They aren't going to make more by going with the next buyer, they're just rolling the dice again. I got $1500 in repair credits on a house with 10-15 bids in the 24 hours it was on the market, and none of the issues would have been considered major.
|
|
#
?
May 11, 2015 13:39
|
|
|
Two months in, right on schedule. Weird protrusions (kinda looks like bolts) are sticking through the master bath ceiling and a slippery, blood-like substance is oozing down the adjacent wall. Hearing weird sucking sounds from the room at night. I only wish I was kidding, who does one even call about this?
|
|
#
?
May 11, 2015 13:48
|
|
|
baquerd posted:Two months in, right on schedule. Weird protrusions (kinda looks like bolts) are sticking through the master bath ceiling and a slippery, blood-like substance is oozing down the adjacent wall. Hearing weird sucking sounds from the room at night. I only wish I was kidding, who does one even call about this? Ghostbusters at 555-2368? Do you have an AC unit located in your attic?
|
|
#
?
May 11, 2015 13:50
|
|
|
dietcokefiend posted:Ghostbusters at 555-2368? I know, right? But no, the only mechanicals should be fans. Just saw this last night, need to go up and look around today.
|
|
#
?
May 11, 2015 13:55
|
|
|
People who paint over metal hardware are human garbage. That is all.
|
|
#
?
May 11, 2015 14:05
|
|
|
baquerd posted:I know, right? But no, the only mechanicals should be fans. Just saw this last night, need to go up and look around today. So the air handler is in the attic then? Or are you talking normal ceiling fans that whirl around with a lamp?
|
|
#
?
May 11, 2015 15:09
|
|
|
baquerd posted:I know, right? But no, the only mechanicals should be fans. Just saw this last night, need to go up and look around today. Air handlers have more than fans in them if you have AC - and being you're in CA, I assume you have AC. It could be that your evaporator drain is clogged and causing a leak. Get up there and inspect it!
|
|
#
?
May 11, 2015 16:01
|
|
|
Citizen Tayne posted:People who paint over metal hardware are human garbage. That is all. How about people who paint hardwood floors?
|
|
#
?
May 11, 2015 16:04
|
|
|
Little over a year in our house now, it's termite swarming season. Last Thursday several termite holes appeared in the top corner of our living room wall. Termite contract guys come out, says probably a nest, cut through drywall, sure enough it's there. Lovely. They were slipping in between 2 cement slabs that comprised a walkway on the side of the house. Had them break that up and retreat as well as fill the wall up with foam treatment. What's weird is the nest was focused on some bizarre horizontal stud that looked like it was literally a tree with stubs of branches still protruding off. So this story might get even more interesting as we delve deeper into this after the treatment kicks in in a few weeks. Luckily it seems to be confined to just this one area and there doesn't appear to be any roof leakage or damage and no dripping pipes. Do never buy.
|
|
#
?
May 11, 2015 16:21
|
|
|
As a Millennial I posted:How about people who paint hardwood floors? I think a lot of old hardwood floors were painted as the house was finished because staining was expensive and it was expected that you'd cover most of them with area rugs, but that was a hundred years ago.
|
|
#
?
May 11, 2015 16:22
|
|
|
dietcokefiend posted:So the air handler is in the attic then? Or are you talking normal ceiling fans that whirl around with a lamp? I was just talking about bathroom ventilation fans. The AC is outside on the ground, and the inside coil and fan is in the basement as far as I know. Anyways, I'll report back tonight when I can get a look.
|
|
#
?
May 11, 2015 17:48
|
|
|
baquerd posted:I was just talking about bathroom ventilation fans. The AC is outside on the ground, and the inside coil and fan is in the basement as far as I know. Anyways, I'll report back tonight when I can get a look. Oh well in that case I'd be looking for roof leaks. Cross fingers its rusting metal bleeding through and not the damned coming to get you?
|
|
#
?
May 11, 2015 18:24
|
|
|
Old oil paint can weep a red, blood-like substance (which is actually the oil in the paint). Bathrooms obviously shouldn't be painted with that stuff (nothing should be painted with it any more, but esp. not bathrooms).
|
|
#
?
May 11, 2015 18:32
|
|
|
I'm getting insurance quotes for a 75 year old house that's worth barely over $100k and the premiums are higher than my coworker's insurance on a house that's worth five times as much. What the gently caress?
|
|
#
?
May 11, 2015 20:47
|
|
|
As a Millennial I posted:I'm getting insurance quotes for a 75 year old house that's worth barely over $100k and the premiums are higher than my coworker's insurance on a house that's worth five times as much. What the gently caress? Quotes are based on risk, not strictly assessed value. Your house is 75 years old and carries more potential risk as an investment for that insurer than a modern house.
|
|
#
?
May 11, 2015 20:58
|
|
|
As a Millennial I posted:I'm getting insurance quotes for a 75 year old house that's worth barely over $100k and the premiums are higher than my coworker's insurance on a house that's worth five times as much. What the gently caress? Are your deductibles the same? What about a bunch of stuff like personal property replacement extras?
|
|
#
?
May 11, 2015 21:03
|
|
|
Deductible's the same, every single bit of coverage is higher on hers than mine, some way higher. Asked the agent and he says credit score's a factor. I guess some actuary somewhere determined that people with lower credit scores are more likely to set their houses on fire.
|
|
#
?
May 11, 2015 21:20
|
|
|
As a Millennial I posted:Deductible's the same, every single bit of coverage is higher on hers than mine, some way higher. Asked the agent and he says credit score's a factor. I guess some actuary somewhere determined that people with lower credit scores are more likely to set their houses on fire. They are. And not just deliberately. Property owners who don't (apparently) have great finances are far more likely to neglect them in ways that put the structure at risk, but still would qualify for a claim. Moreover, people who buy property in less well-off neighborhoods are more likely to have their house burned down or whatever due to other poorer people in their neighborhood doing stuff. So the very fact your house is worth a whole lot less, without knowing anything else about your neighborhood, suggests you're in a much more at-risk neighborhood generally. Remember, with some exceptions, insurance companies generally have to compete for your business. They use actuarial tables to balance the sum of all of the premiums paid them against the total risk they've undertaken with the policies they've extended. If a given insurance company thought they could offer you a lower rate without taking on unacceptable risk for that rate, they would, because it'd be more likely to get your business vs. their competitors. So get multiple quotes, but don't be surprised if they're all more than your coworkers'.
|
|
#
?
May 11, 2015 21:30
|
|
|
As a Millennial I posted:Deductible's the same, every single bit of coverage is higher on hers than mine, some way higher. Asked the agent and he says credit score's a factor. I guess some actuary somewhere determined that people with lower credit scores are more likely to set their houses on fire.
|
|
#
?
May 11, 2015 21:35
|
|
|
Oh, it's also worth pointing out that hazard insurance isn't for the "value of the property" - it's for the cost of restoring the property. If the two houses are similar in square footage, their reconstruction costs are likely to be similar as well. And if a claim is for less than a total loss, the insurance company may find themselves having to shell out for extra work to bring damaged parts of a 75-year-old-house up to code (as required whenever it's worked on) vs. a much newer property.
|
|
#
?
May 11, 2015 21:37
|
|
|
Leperflesh posted:They are. And not just deliberately. Property owners who don't (apparently) have great finances are far more likely to neglect them in ways that put the structure at risk, but still would qualify for a claim. It makes sense, it just sucks. Looks like Travelers is the lowest so far.
|
|
#
?
May 11, 2015 21:38
|
|
|
As a Millennial I posted:It makes sense, it just sucks. Looks like Travelers is the lowest so far. At least you have multiple choices. My home is in a wildfire zone (it's not really that high a risk but I guess insurance companies are extra sensitive in SoCal these days). Out of 29 underwriters the only insurer who would offer is coverage was Chubb - at about an 80% premium over comparable houses. I'm paying around $2400/year.
|
|
#
?
May 12, 2015 03:10
|
|
|
Spamtron7000 posted:At least you have multiple choices. My home is in a wildfire zone (it's not really that high a risk but I guess insurance companies are extra sensitive in SoCal these days). Out of 29 underwriters the only insurer who would offer is coverage was Chubb - at about an 80% premium over comparable houses. I'm paying around $2400/year. Hehe, chubb
|
|
#
?
May 12, 2015 05:21
|
|
|
Citizen Tayne posted:Hehe, chubb 
|
|
#
?
May 12, 2015 06:09
|
|
|
Does PenFed usually take a goddamn eternity to get back to you? I applied for a refinance on April 22. The auto email said they'd call within 48 hours. Well, 20 days later and I have heard jack poo poo from them. Calls don't go anywhere. Emails to them just get canned responses back with a message to contact my "advisor," who has changed every single time I've emailed. These guys pulled my credit report and have done gently caress all for all I know. I would just go elsewhere but since I have no idea what's going on with my luck I'd find some other place then finally get a call from them with "hey we're all done pay us!" PenFed comes pretty highly recommended in this forum. I guess the rates are really good but I have absolutely no idea what the hell is going on with my application. Is this how it always is? Edit: I guess all it took was to be angry about it on the internet as they finally responded to me just now. 20 days later. Obsolete fucked around with this message at 15:10 on May 12, 2015 |
|
#
?
May 12, 2015 14:04
|
|
|
Anyone know wtf is going on with Progressive (or Ameriprise or whatever is the real backers) not insuring places with insert-style fireplaces in Texas and North Carolina? Another company insured it no problem for about the same rate, but the fireplace I got is installed pretty darn well and meets / exceeds code so I'm completely confused. My real estate agent and my home inspectors have been in the business multiple decades and neither ever heard about this kind of policy. I've repeatedly asked Progressive to ask their underwriter if they'd cover my fireplace with pictures included and gotten nothing, so I'm at a bit of a loss.Jewce posted:Edit: Just checked again cause what I wrote sounded off. I was wrong. The less the loan, the higher the rate, which makes sense. Still, I think location has a lot to do with it though.
|
|
#
?
May 12, 2015 16:56
|
|
|
Obsolete posted:Does PenFed usually take a goddamn eternity to get back to you? I applied for a refinance on April 22. The auto email said they'd call within 48 hours. Well, 20 days later and I have heard jack poo poo from them. Calls don't go anywhere. Emails to them just get canned responses back with a message to contact my "advisor," who has changed every single time I've emailed. You need to call them and get transferred to their mortgage dept. I've never had those types of probs with them with a mortgage and auto loan, they are usually calling you.
|
|
#
?
May 12, 2015 17:50
|
|
|
necrobobsledder posted:Anyone know wtf is going on with Progressive (or Ameriprise or whatever is the real backers) not insuring places with insert-style fireplaces in Texas and North Carolina? Another company insured it no problem for about the same rate, but the fireplace I got is installed pretty darn well and meets / exceeds code so I'm completely confused. My real estate agent and my home inspectors have been in the business multiple decades and neither ever heard about this kind of policy. I've repeatedly asked Progressive to ask their underwriter if they'd cover my fireplace with pictures included and gotten nothing, so I'm at a bit of a loss. NC has very tightly regulated homeowner's rates which leads to a ton of bitching and moaning from the insurers and VERY strict underwriting. I have had policies cancelled by stealth exterior inspections for 1) not having a handrail on a two step porch walk up that doesn't require a handrail by building code and 2) having leaves in my gutters on the particular fall say the inspector apparently came. I live in a forested lot with about 20 mature oak trees so I could sweep out my gutters every day in the fall and still have some leaves in them 
|
|
#
?
May 12, 2015 19:16
|
|
|
I have box gutters. they don't seem to clog.
|
|
#
?
May 12, 2015 19:30
|
|
|
My fiancee and I are in the midst of buying a house in a Detroit suburb. We were the first to place an offer, which then went to "highest and best". We bid 5% over asking and budged on the seller's responsibility for concessions, and our offer was accepted. We're pretty loving excited -- we looked at dozens of homes, and this is the only one that spoke to us. It's drat near perfect for us. Tomorrow we're going through a home inspection (someone independent, not referred by our realtor or the seller), and after that we have to finalize our mortgage. We have two competing offers from banks, and they really only vary significant in one aspect. One is offering 3.625% with $2650 toward closing costs; the other is offering 3.75% with $3750 toward closing costs. The difference in mortgage payments is a paltry $14/mo for the higher interest rate and more cash up front. I think it's better to take the extra cash, as it would take us 6.5 years for that $14/mo to catch up with us, and we will likely be selling before then when my surgical residency ends. Is this the right logic? How does taking more cash now affect the principal that we will pay at the time of sale (if we sell in say, five years)? Also, this is probably a better question for the investment thread, but from what I understand, there was a huge drop in mortgage rates on Friday. Should we lock in our rate ASAFP in anticipating of rates rising back up?
|
|
#
?
May 13, 2015 02:23
|
|
|
Aggro posted:Tomorrow we're going through a home inspection (someone independent, not referred by our realtor or the seller), and after that we have to finalize our mortgage. We have two competing offers from banks, and they really only vary significant in one aspect. One is offering 3.625% with $2650 toward closing costs; the other is offering 3.75% with $3750 toward closing costs. The difference in mortgage payments is a paltry $14/mo for the higher interest rate and more cash up front.
|
|
#
?
May 13, 2015 02:53
|
|
|
Aggro posted:I think it's better to take the extra cash, as it would take us 6.5 years for that $14/mo to catch up with us, and we will likely be selling before then when my surgical residency ends. Is this the right logic? How does taking more cash now affect the principal that we will pay at the time of sale (if we sell in say, five years)? Firstly, if you're planning on moving in 6 years or less, you probably shouldn't be buying, you're just breaking even on renting in most locations but bear a ton more risk. Predicting mortgage rates is like predicting the stock market. Do you have any tea leaves?
|
|
#
?
May 13, 2015 04:39
|
|
|
No one knows if you are going to lock at the perfect time or not. The truth is, if you can get both banks to offer the same terms, you have already won more from the lender who is currently giving you the worse deal than you are likely to pick up in the market in a small window. The market is in a very good spot. Truth is, locking without knowing how quickly each lender is going to be able to close the loan is backwards. You should be most concerned with being able to close up on the schedule that matters to you, as these deals are very close and you likely can get them equalized. Who cares about the hypothetical 200 bucks you save* when you need to get an extension and the sellers are having a hard time budging? It isn't worth the stress, in an already stressful transaction. If you are lucky enough to hit the market on the perfect day great, if not those are both very good offers. *assuming that one of the lenders is unable to match the other by a small amount (insert whatever number makes the idea make sense to you)
|
|
#
?
May 13, 2015 04:44
|
|
|
Aggro posted:My fiancee and I are in the midst of buying a house in a Detroit suburb. We were the first to place an offer, which then went to "highest and best". We bid 5% over asking and budged on the seller's responsibility for concessions, and our offer was accepted. We're pretty loving excited -- we looked at dozens of homes, and this is the only one that spoke to us. It's drat near perfect for us. You're getting 3.625 and 3.75 with negative points? What kind of loan is this? Not a 30 year fixed is it?
|
|
#
?
May 13, 2015 05:26
|
|
|
|
| # ? May 31, 2024 03:45 |
|
|
I hope you have a very large down payment, or that 6.5 years of paying mostly interest coupled with the short-term risk of a still pretty volatile housing market means you're taking a significant chance of losing money on this house (once you factor in all of the costs of buying and selling, taxes, maintenance, etc.) We usually tell people in this thread that they need to have a prospective 8-10 year ownership period as a minimum, before it makes a lot of sense to buy. The more cash you put down, the less interest you pay in the early years of a mortgage, though, so that helps to build equity faster and somewhat mitigate things.
|
|
#
?
May 13, 2015 05:32
|
|