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central posted:Yeah, I feel pretty good about walking away. I thought it over a lot and it just seemed like a loss all around. Really appreciate all the advice. That's great to hear If you're looking to live in a house but don't want to buy, you should check the rental market. Some realtors actually double as "rental consultants" or whatever, so you could look into that. Look up the property management companies in the area, check craigslist, etc. My wife and I have had some great luck with the house rental market in several places
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Aug 21, 2015 20:11
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Just got my HUD-1 today, we close in a week. The totals are nearly 5% lower than the GFE was - happy weekend to me!
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Aug 21, 2015 22:35
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Submitting offer on a possibly not legal two flat today. Exciting! Tenant is month-to-month, put booting them down as a contingency, so the only thing the legality of the two flat effects is our down payment.
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Aug 21, 2015 22:38
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I own a house! Woo! The seller got rid of what we asked from the walkthrough...sort of. In the garage were two five gallon pails FULL of routing food that he must have wanted to compost but never got around to. Hard to describe the smell other than warmed over death. When we did the re-walkthrough right before closing, they were gone, so good, right? Nope. He must have been hiding them somewhere because there was no smell and I didn't see the buckets. Once we got back to the house after closing, were noticed the smell. EVERYWHERE outside smells like the most disgusting rotting food possible, back yard about twice as bad as the front. He just buried the 'compost' in the garden...and by buried I mean put in a pile and covered/mixed it loosely with some dirt. We shoveled as much as we could into a trash can, but since the dirt is all mixed in, it's nearly impossible to get all of it without just taking out all the dirt in the garden. I tried but by the time I got a trash can as full as I could get it and still be able to lift it into a truck with 2 people I barely made a dent. Not sure what to do at this point. I feel like he technically didn't do what we asked. But everything is signed and done. I think we're going to have to haul away the dirt in multiple trips and then fill it back in with topsoil, which isn't free.
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Aug 22, 2015 19:10
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The smell will probably be gone in a week. Now it's exposed to the soil, soil microorganisms and worms and stuff are going to have a field day converting into dirt.
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Aug 22, 2015 19:16
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DrBouvenstein posted:I own a house! Woo! Throw in some shredded paper bags, straw, dead leaves, anything that's mostly carbon at this point and the smell will go away pretty quickly. Plus you'll have some great garden soil next spring! Don't throw that stuff out!
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Aug 22, 2015 19:32
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Pucklynn posted:Throw in some shredded paper bags, straw, dead leaves, anything that's mostly carbon at this point and the smell will go away pretty quickly. Plus you'll have some great garden soil next spring! Don't throw that stuff out!
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Aug 22, 2015 20:02
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Oh ffs we just got a bid accepted in an "as-is" century-old two-flat. It's about $70k below market value and seems mostly solid, but it's up to our inspector to tell us if we're getting in over our head or not. Also the house is post-and-frame but the garage is brick because 
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Aug 22, 2015 23:23
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Finally got the keys to the new house today, so excited! The fiancee is totally freaked out and overwhelmed, but I'm pumped to have our own place finally. Movers come tomorrow, already got our boxes from Comcast so we should be good to go. Seller was even nice enough to leave us a 2-liter of Diet Sunkist, so that's awesome.
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Aug 22, 2015 23:47
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Omne posted:Finally got the keys to the new house today, so excited! The fiancee is totally freaked out and overwhelmed, but I'm pumped to have our own place finally. Movers come tomorrow, already got our boxes from Comcast so we should be good to go. Seller was even nice enough to leave us a 2-liter of Diet Sunkist, so that's awesome. There's an old saying that goes "one man's trash in another man's trash as well." Feel #blessed that it wasn't ten gallons of rotting produce.
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Aug 23, 2015 00:40
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central posted:Haha! Not much gw2 lately - waiting for that expansion  Congratulations!! Finally, the thread has a happy ending!  DrBouvenstein posted:I own a house! Woo! Smart move doing the walkthrough the night before instead of keeling to the realtor's pressure to do it 45 minutes before closing only to discover that the sellers hadn't even begun to move out yet because they didn't read the contract that specified immediate possession on closing.
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Aug 23, 2015 02:42
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I think I found the house I want. It's in a solidly blue collar neighborhood and has an absolutely massive full fenced .8 acre back yard that is wonderful and has lots of trees. House will eventually need a new roof and a good amount of cosmetic work inside, but it is all stuff that I can totally do myself and it would be livable after a couple weekends. Assuming nothing major comes up on an inspection. The house was a foreclosure where the previous owner was finally evicted just a month or so ago. So the majority of the problems that I saw are neglect and lack of upkeep. Best part is the partially finished basement has a full bathroom that wasn't in the listing so I could totally finish the whole thing down there and rent out out and barely ever have to interact with whoever the renter is. Will also need significant work but nothing I can't handle there either. Gonna go have another look at it with my mom and a friend of mine on Tueday to get their opinion, and go from there. I am mega psyched about this bad decision atm.
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Aug 23, 2015 19:05
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 "Hey we accept your conditions, let's do this!" <24 hours pass> "Oh wait, would you be willing to accelerate the close but be stuck with kicking the tenant out? We'll let them know 10 days before closing that they have 30 days to leave"  "No, we put that contingency in for a reason" "oh, okay, that's fine"I guess I can give them credit for trying but that was a waste of time. The seller's been doing a really terrible job of keeping their cards close to their chest but that's fine by us!
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Aug 23, 2015 22:31
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In other news we're buying a two-flat with no intention to rent, which means that we have redundant appliances! And twice the furnaces and twice the electrical systems to break!
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Aug 23, 2015 23:20
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100 HOGS AGREE posted:I think I found the house I want. It's in a solidly blue collar neighborhood and has an absolutely massive full fenced .8 acre back yard that is wonderful and has lots of trees. 8 acres? That's a lotta land to upkeep and pay taxes on... hope you like spending 5-6 hours every week mowing, unless you're willing to spend a crap ton on a bush hog and utility tractor. Also, people don't really like living in basements (with the exception of Canada for whatever oddball reason). I would imagine that'd be really difficult to rent out, especially on the basis of "it has a bathroom down there", and doubly so with it being rural to begin with. Probably wouldn't even be legal to rent out without having a window, since you need proper egress to consider it a bedroom. Also, neglect and lack of upkeep get expensive, real quick, and usually it's a lot worse once you scratch the surface. Not trying to be a downer, just important things to consider. Edit:vvThanks, I'm a dumbass who doesn't apparently understand decimal points, ignore me Catatron Prime fucked around with this message at 03:35 on Aug 24, 2015 |
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Aug 24, 2015 02:53
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There's...there's a dot before the 8.
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Aug 24, 2015 03:00
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OSU_Matthew posted:Edit:vvThanks, I'm a dumbass who doesn't apparently understand decimal points, ignore me
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Aug 24, 2015 11:26
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OSU_Matthew posted:Edit:vvThanks, I'm a dumbass who doesn't apparently understand decimal points, ignore me No worries at all, we're now laughing with you. 
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Aug 24, 2015 14:18
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He's right about the basement egress part though. That said, most people just go full speed ahead with no regard to such things when renting a basement suite, so it isn't that big a deal. For the owner anyway, the person in the basement still dies in a fire.
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Aug 24, 2015 17:52
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The housing bubble in California will have crashed in the next 4 years, right? Because I was looking at jobs out there, and they DO NOT pay nearly enough to make up the difference in the mortgage payment.
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Aug 24, 2015 19:55
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Don't count on it, we're not even back up to pre-crash pricing yet in most areas. I'll cross my fingers, but it'll take more than a slowing economy to get California prices down again imo. Another tech bubble burst would help depress prices, maybe, but who knows when that's going to happen.
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Aug 24, 2015 20:33
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Yeah it's really just a thought. More likely I'll probably just finish it and not rent it because I'm lazy and value living alone. Anything I should specifically be watching out for here when buying a foreclosure? I'm def gonna get a good inspection and back out if there's too much expense to resolve major issues. I'm trying to be realistic here.
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Aug 24, 2015 22:45
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100 HOGS AGREE posted:Anything I should specifically be watching out for here when buying a foreclosure? I'm def gonna get a good inspection and back out if there's too much expense to resolve major issues. I'm trying to be realistic here. TITLE ISSUES first and foremost. There have been a number of cases where it was later discovered that a foreclosed home was foreclosed improperly, creating a cloudy title. Fixing this kind of thing is a mix of difficult, expensive, and impossible depending on the issue and depending on where you live. Ignoring it kills your resale value, and there's a small risk of losing the property outright the former owner comes along with a grievance. If your title insurance company catches a potential issue early, they may casually try to offer you insurance with this item as an exception. After that it's like all of the other steps of buying a house but with an extremely uncooperative seller, absolutely no seller's disclosure, and absolutely no maintenance being done for the last N months or years. The whole thing is way shittier to go through, and you're basically rolling the dice hoping to get a good deal and not a money pit (joke's on you though, all houses are money pits) Make sure that all of the utilities are on before scheduling your first inspection. This can sometimes be a nightmare, in some states you can't get specific utilities turned on without express permission from the bank, in others it's easy. If you submit a contract make sure to specify that you need utilities turned on before your inspection contingency period officially begins. Pay extra and get more than just a general inspection. Get a termite guy. Get an HVAC guy. Get a sewer guy. All of this poo poo needs to be scrutinized extra carefully since there has been no ongoing maintenance. There are also a number of cases where a former owners have maliciously hosed poo poo up in a foreclosed house, things like tearing out wiring, pouring concrete down drains, etc. You need to catch this sort of thing before you move in because the bank is going to spell out very clearly that you're buying the house as-is and not getting any guarantees on anything. Anticipate having to buy new appliances, fixtures, and things of that nature. Sometimes everything that you expect to be there is there and simply works, sometimes the previous owner decided that they were selling, stealing, or destroying everything including the toilets. QuarkJets fucked around with this message at 23:08 on Aug 24, 2015 |
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Aug 24, 2015 23:02
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No Butt Stuff posted:The housing bubble in California will have crashed in the next 4 years, right? Because I was looking at jobs out there, and they DO NOT pay nearly enough to make up the difference in the mortgage payment. Depends where you are. Places like the Inland Empire have prices roughly in-line with wages where neighboring LA and Orange Counties are out of control. We probably won't see a 2008-style housing crash for a very long time if ever. Normal strong/weak markets, sure.
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Aug 24, 2015 23:04
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Is it just my area, or is every "single family" house on Zillow a goddam townhouse?
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Aug 25, 2015 00:30
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It's your area. SFHs in Chicago are mostly unattached.
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Aug 25, 2015 00:52
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minivanmegafun posted:It's your area. SFHs in Chicago are mostly unattached. I thought SFH was unattached by definition. I was just assuming everyone in my area is trying to unload their stupid townhouses so they list it as single family just to bait people.
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Aug 25, 2015 01:02
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OSU_Matthew posted:Smart move doing the walkthrough the night before instead of keeling to the realtor's pressure to do it 45 minutes before closing only to discover that the sellers hadn't even begun to move out yet because they didn't read the contract that specified immediate possession on closing. And smarter still than doing the walkthrough after signing all the closing documents. I think I posted it earlier in this thread but that's what the buyer of my first house did. Signed the papers, we handed him the keys, and he said "I want to do one more walkthrough later today." I knew exactly what was coming but I said with lots of smartass vibe "walk through all you want, it's your house now". Of course he didn't like something I did between his first walkthrough and closing, and that night he tried to stop payment on the closing check. I knew that he wanted to move in fast, so I told my realtor "I'll do the changes he wants but it's going to take me 6 weeks". 10 minutes later my realtor called back informing me that everything was back on track.
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Aug 25, 2015 01:26
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Zillow has all sorts of problems with that. Half the SFHs in Evanston, IL are actually condos. I wish there were townhouses available, they at least have reasonable assessments.
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Aug 25, 2015 01:26
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QuarkJets posted:There are also a number of cases where a former owners have maliciously hosed poo poo up in a foreclosed house, things like tearing out wiring, pouring concrete down drains, etc. You need to catch this sort of thing before you move in because the bank is going to spell out very clearly that you're buying the house as-is and not getting any guarantees on anything. Ours had some of the wiring torn out, some of the wiring rewired. It was definitely malicious. According to the neighbors, there used to be an aboveground pool which the previous owners slashed. QuarkJets posted:Anticipate having to buy new appliances, fixtures, and things of that nature. Sometimes everything that you expect to be there is there and simply works, sometimes the previous owner decided that they were selling, stealing, or destroying everything including the toilets. They took all of the appliances except the dishwasher which I named "shocky" and replaced as well. I hit a sale at home depot (make sure you have measurements) and got everything I wanted fairly cheaply. Because it is a neighborhood water system there was buildup from the water everywhere, I also replaced the water heater and the faucets. I replaced the toilet seats because...$12 to sit where no one else has. QuarkJets posted:absolutely no maintenance being done for the last N months or years This one caused a few minor leaks in the plumbing which were easy and cheap to fix. All in all, I bought the house and assumed a month before move in. We did the repairs and repainted the place before moving in. I'm sure that the additional costs ended up being under 10k, which made this house WAY below what I could have expected to pay for what I got. I'm also confident that I could actually sell it at a profit at this point.
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Aug 25, 2015 05:23
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So has anyone shopped for title insurance? The title company usually just picks whomever gives them the most kickback but how do I shop for my own coverage? The buyer gets to decide what company to use. Thanks Obama.
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Aug 25, 2015 15:14
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QuarkJets posted:TITLE ISSUES first and foremost. There have been a number of cases where it was later discovered that a foreclosed home was foreclosed improperly, creating a cloudy title. Fixing this kind of thing is a mix of difficult, expensive, and impossible depending on the issue and depending on where you live. Ignoring it kills your resale value, and there's a small risk of losing the property outright the former owner comes along with a grievance. If your title insurance company catches a potential issue early, they may casually try to offer you insurance with this item as an exception. QuarkJets posted:(joke's on you though, all houses are money pits) Frankly, my view on this is after I live in the place for however long I intend to (which right now is long-term with no plans to relocate anytime soon even if I like get laid of or whatever) if the price of the house absolutely tanked at whatever nebulous future date I wanted to sell it, I really wouldn't care all that much. I'm pretty conservative when it comes to expectations for money poo poo like this. I'm buying a house I am comfortable paying $X for a month and want to live in and enjoy fixing up and maintaining, I'm not that concerned with the value in the long term. 100 HOGS AGREE fucked around with this message at 17:52 on Aug 25, 2015 |
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Aug 25, 2015 17:25
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Ughh, $25k for mold remediation, and that's if there's no asbestos (there will probably be asbestos).
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Aug 25, 2015 18:09
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100 HOGS AGREE posted:Quoting this so I can find it later, thanks. There's already no utilities in the house (save the hot water heater and furnace). I looked at it on Sunday, I'm going again today with one or both of my parents to get a second opinion from them, cause I get a little excitable sometimes, Power and water were removed from the house? You better get a big discount. Main line and power company drop and new wiring can be spends.
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Aug 25, 2015 18:42
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LloydDobler posted:And smarter still than doing the walkthrough after signing all the closing documents. I think I posted it earlier in this thread but that's what the buyer of my first house did. Signed the papers, we handed him the keys, and he said "I want to do one more walkthrough later today." I knew exactly what was coming but I said with lots of smartass vibe "walk through all you want, it's your house now". Just outta curiosity, what was the modification? Regardless, that guy is an idiot, unless you set aside some of the seller's money in escrow specifically for that kind of contingency, there's nothing he can do once the check is cut and closing papers signed. 100 HOGS AGREE posted:cause I get a little excitable sometimes, Are you a first time home buyer? Because it's really easy to underestimate the scope of work that needs done. Also, a house is not like an apartment, it isn't something you can simply walk away from. If you foreclose and walk, the consequences will follow you the rest of your life in the form of backtaxes, worthless credit, you name it. And renting is definitely cheaper in the scope of two years, no matter how you slice it once you factor in closing costs. If you're not confident in your income remaining steady in the short term, you should probably just keep renting. Edit: Also, there's nothing worse for a house than it being unoccupied because then no-one is there to fix the leaks, so small maintenance problems turn into big ones, not to mention that the lack of heating during winter can lead to all sorts of problems, eg weird settling and frozen/leaky pipes. I could be wrong, but I've always been under the impression that most insurers won't cover a house if it's been unoccupied for more than a year. Catatron Prime fucked around with this message at 19:23 on Aug 25, 2015 |
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Aug 25, 2015 19:03
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I'm entertaining the idea of bidding on a foreclosure at auction. One is coming up at the county sheriff auction from an unpaid mortgage that looks like its at least worth checking out. I can do most electrical, plumbing and general carpentry work, so I'm not too concerned about that. Starting bid is about half of what it would go for on the open market right now. It looks to be in good condition from the exterior. I plan on walking by in the next couple days to see if I can take a look at the interior. Would you guys knock on the door? Some sites suggest knocking and seeing what happens. I guess the guy could agree to sell to me in order to avoid foreclosure. Public doc search reveals a deed from 2006 when it was sold. A mortgage from 2006 that was then removed in 2009. A new mortgage in 2009 (looks like a refi that paid off the 2006 mortgage), and then a new mortgage in 2015. I'm concerned that both the 2009 and the 2015 mortgage (maybe one is a 2nd mortgage) might have liens against the property since neither has a mortgage cancelation doc in the county system. I'm hoping the county recorder can tell me about current liens. Chances are that the bank or some investor is going to go way above what Im willing to pay, but I'm thinking I might at least attend the auction.
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Aug 25, 2015 19:27
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Does anyone here have experience buying in the Colorado foothills (Evergreen, Conifer, Indian Hills, etc.)?
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Aug 25, 2015 19:37
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Hashtag Banterzone posted:I'm entertaining the idea of bidding on a foreclosure at auction. One is coming up at the county sheriff auction from an unpaid mortgage that looks like its at least worth checking out. I can do most electrical, plumbing and general carpentry work, so I'm not too concerned about that. Starting bid is about half of what it would go for on the open market right now. It might be different in your state, but the auction may well require you pay in full within 24 hours. Also you can contact the law firm representing the plaintiff and see if they'll disclose the opening bid.
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Aug 25, 2015 19:40
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Auctions are generally cash basis and have no contingencies. Buying at auction sometimes means you have no way of getting skilled inspectors in to check out the house before you own it. You may well be good at carpentry and plumbing, but how do you feel about foundation work? Can you be confident of a clean title? There's a lot of risk.
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Aug 25, 2015 19:56
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mastershakeman posted:It might be different in your state, but the auction may well require you pay in full within 24 hours. Also you can contact the law firm representing the plaintiff and see if they'll disclose the opening bid. It's 10% of appraisal down and then 30 days to pay in full. Opening bid is $180k. I doubt I will call the law firm thats representing the mortgage company, I can't imagine he would give me any info.
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Aug 25, 2015 20:04
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