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Leperflesh posted:I don't blame you for not reading back pages in a 475 page thread, I'm just quoting myself to save time. If you offer $500K with a financing contingency, and I offer $400K with no contingencies, and the seller accepts my offer, should the appraiser find that the house is worth $500K or $400K? I don't know how that's supposed to work, my guy didn't ask about other offers or elements of the sale (paying less in exchange for a better closing date, etc).
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Dec 8, 2016 02:45
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minivanmegafun posted:I didn't end up hugging my seller, though half way through signing documents she unceremoniously dumped a baggie full of keys and garage door openers on the desk and informed us that the pipes freeze and to let the faucets drip if the ambient temp drops below 20 outside. I didn't meet the sellers of my house, and ended up getting my single key 10 days after signing and paying escrow (still waiting on reimbursement for those days since the delay was due to the sellers not being able to settle with their bank on a payout price - no idea why they had me close on my end so early), and no garage door opener. Plus, I got a notice from the water company that the utility was put in my name 15 days before I even signed. Obviously there wasn't a lot of usage in that time, but still!
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Dec 8, 2016 02:47
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silvergoose posted:Just re-read your saga and man, wishing you so much luck. Pryor on Fire posted:Don't sweat it too much Rotten, every property has a hundred problems (even the new ones), sometimes you knock a few grand off for the big items, usually not. You'll be fine congrats. Thanks, although congrats are premature. One of the investors is dragging his feet on signing an addendum that will put us in contract. I hope it just means he's busy and didn't realize there was a second thing to sign (my realtor says she's getting no response from him), and that it's not a sign they're backing out...
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Dec 8, 2016 03:51
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Rurutia posted:Don't blame USPS, blame Congress for defunding it and putting crazy restrictions on it to this point. Jesus christ, stop reading whatever it is you're reading. We need to stop thinking like this.
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Dec 8, 2016 13:53
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Pryor on Fire posted:Jesus christ, stop reading whatever it is you're reading. We need to stop thinking like this. ??? My local USPS is great fwiw. 
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Dec 8, 2016 15:11
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Pryor on Fire posted:Jesus christ, stop reading whatever it is you're reading. We need to stop thinking like this. What? I mean, this isn't really the thread for it, but the pay-years-forward-health-care thing really did gently caress things up.
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Dec 8, 2016 17:12
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silvergoose posted:this isn't really the thread for it I totally agree!
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Dec 8, 2016 17:12
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We met with a contractor yesterday. Going to be fun to watch our resolution to do a few minor renovations snowball into a massive revamp.
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Dec 8, 2016 17:31
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Rated PG-34 posted:We met with a contractor yesterday. Going to be fun to watch our resolution to do a few minor renovations snowball into a massive revamp. We did that this fall. I haven't had a kitchen for 2.5 months but in less than two weeks I'll have a brand new kitchen plus a new tankless water heater, new NG furnace, new basement bathroom, new laundry room with new w/d, all new interior doors with matching casings, two bigger basement windows, new attic insulation, and a four-camera security system. It's gonna be like a brand new loving house. Hell yes I love my coffin.
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Dec 8, 2016 18:20
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Rotten Red Rod posted:Thanks, although congrats are premature. One of the investors is dragging his feet on signing an addendum that will put us in contract. I hope it just means he's busy and didn't realize there was a second thing to sign (my realtor says she's getting no response from him), and that it's not a sign they're backing out... Still no response, apparently their own realtor hasn't heard from the investors (???). I'm still holding out some hope it will move forward, because they DID sign the contract - but why would they just go completely silent about the addendum? It just has some stuff regarding the rentback we're doing on there, which the investors already knew about. If it has something they object to, why wouldn't they, you know, say something? What dogshit, who does that? But sadly, ugh, every day it seems more likely this has fallen through. My realtor is searching for more investors now - I'd really like to sell right now instead of going on the market, it'll save me a lot of money. Rotten Red Rod fucked around with this message at 03:26 on Dec 9, 2016 |
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Dec 9, 2016 03:24
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Subjunctive posted:If you offer $500K with a financing contingency, and I offer $400K with no contingencies, and the seller accepts my offer, should the appraiser find that the house is worth $500K or $400K? I don't know how that's supposed to work, my guy didn't ask about other offers or elements of the sale (paying less in exchange for a better closing date, etc). Really good question. I doubt lack of a contingency is worth a 20% discount, but my guess is that when it is, those discounted offers are well under all the comps (assuming the comps sold at market value with contingencies...) and consequently, the appraiser would see what I call "strong evidence" that the final price is well below market. Generally, most accepted offers will tend to be near their comps. The appraiser, finding comps to be pretty near the accepted offer, should quote the house's value as exactly what the offer was. I've seen people post appraisals that came in like a few hundred dollars below or above, and that seems like an appraiser being pretty silly, to me. They have some formulas they use, which take into account each comp, how similar that comp was (square footage is probably the biggest factor), how old the data is, and the general trend of inventory and sales in the area. Those formulas spit out a number, and the appraiser should not just quote that number as the house's value, but rather, compare it to the sale price and if it's not much different, the sale price should prevail as the appraised price. But all that said, I do not actually know what the deal would be for cash offers well under market. As an aside, I also think sellers are crazy to accept cash offers that are wildly under market; if the house has serious hidden problems, it's probably worth it to fix them vs. lose 20%! If the house needs to sell quickly, it's probably worth accepting a delay, and whatever costs are associated with it, vs tens of thousands of dollars of lost value! If the financing contingency gets exercised and you have to go back on the market, that's still probably less expensive than losing huge piles of money! A small discount for cash makes sense, a huge one... ehh, I think they're crazy. But sellers are irrational.
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Dec 9, 2016 20:09
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Leperflesh posted:As an aside, I also think sellers are crazy to accept cash offers that are wildly under market; if the house has serious hidden problems, it's probably worth it to fix them vs. lose 20%! If the house needs to sell quickly, it's probably worth accepting a delay, and whatever costs are associated with it, vs tens of thousands of dollars of lost value! If the financing contingency gets exercised and you have to go back on the market, that's still probably less expensive than losing huge piles of money! A small discount for cash makes sense, a huge one... ehh, I think they're crazy. But sellers are irrational.
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Dec 9, 2016 20:22
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Yeah, I was just making up numbers, though I've heard of 5-10% swings in offers due to favorable terms. Thanks for the thoughtful reply.
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Dec 9, 2016 20:47
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How much of this stuff applies to renting a house? For example do I need to hire an inspector when renting? I've lived in apartments all my life but the town we're moving to is so small there are almost no apartments so we're going to be looking at rental houses as well. The prospect of not paying extra for a garage is pretty exciting but I'm nervous about pretty much everything else.
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Dec 9, 2016 23:49
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LLSix posted:How much of this stuff applies to renting a house? For example do I need to hire an inspector when renting? Nah, gotta read the contract; they'll replace and repair stuff as long as you didn't obviously trash it intentionally. How fast is up to the contract and how willing you are to threaten to breach it. 
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Dec 10, 2016 00:45
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Hey looks like the insurance companies have all forgotten about brush fire zones!!! When I bought 5 years ago I could only get a $2k/year policy with a $2,500 deductible from Chubb since they were the only carrier who would write. Today I called GEICO (been with them for 27 years auto insurance) and they got me written at the same coverage limits and a $1k deductible for $1,440. Only drawback is liability limit reducing from $500k to $300k but since I already carry a $1m umbrella policy with GEICO they assured me it didn't matter. (Hopefully I'm not being naive about that part). I guess SoCal people if you had to pay lovely high premiums like me maybe try again?
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Dec 10, 2016 01:01
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Just found out that the seller will be out of town for the holidays when closing was scheduled to take place. So, we moved the closing date up to the 20th this month. I had to call my insurance agent and have him void my policy and create a new one that takes effect three days earlier. This works out in my favor, since I'd like to close as soon as possible. But it still bothers me a little since the seller knew the closing date was scheduled on the 23rd and he made plans to skip town before confirming the new closing date. All in all, everything's been going smoothly, so it's not a big deal.
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Dec 13, 2016 22:42
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The original closing date for my house was a statutory holiday. In my defense, it wasn't a holiday in the country I was moving from. No other party to the transaction enjoyed that defense.
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Dec 13, 2016 22:46
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The fed raised interest rates. Glad we locked in a while back.
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Dec 14, 2016 20:52
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Yeah we didn't unfortunately, and we didn't have the equity at the time to refinance prior to this point. However, if we stretch I think we will be able to pay off our mortgage within the 5 years our ARM is guaranteed. Is this the smartest way to do this or should we suck it up and refinance into a 15? We picked the 5/1 because we are pretty sure we'll be moving up within the half decade but I don't know what the smartest way to save for this decision is versus putting money in the house for equity.
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Dec 14, 2016 20:57
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Your ARM (without prepayment penalties) is likely going to be at a pretty comparable rate to a 15 year. Assuming you can just pay extra to principal to pay it like a 15 year, there may not be a ton of advantage in a refi right now. Depending on the adjustment caps your particular ARM has, you might not be putting yourself into a ton of risk as 1) you believe you are likely to move during or the near the end of the initial fixed period and 2) You have the ability to pay the balance down to a figure that will make any resulting rise in interest more tenable in terms of a new monthly payment. Obviously you can keep an eye on things and determine whether or not sometime in the next 5 years you are more likely to stay, but 15 year rates are likely to remain among the lowest rates offered even as rates rise. You could always rearm in the future as well if rates are advantageous.
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Dec 14, 2016 22:01
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I've finally got a big boy job and have thought about possibly purchasing a condo in the next few years. Rent prices in South Florida are hitting criminal levels and it looks like I will be paying a minimum of $1500 a month for a 1/br. However, the interesting thing about my state is that sometimes we have dirt cheap condos in the $100K range. Some of the ones I've looked at have pretty low condo HOA maintenance(less than $300 a month) and really low taxes. There's got to be a catch. Based on my calculations of a 30 year mortgage, I would pay $700 a month for the mortgage+maintenance+taxes. This is looking very lucrative and I'm wondering what the main drawbacks to going this route are. I already know that there is a chance the maintenance fees will go up, and I may not be able to sell the condo fast if I decide to move to another state, but what else would I be getting myself into? So even if I count high, it's looking like $800 a month for something that will gain equity, or $1500 a month for an apartment that won't. This is all new to me, so please consider me a complete fool.
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Dec 17, 2016 19:27
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Cardboard Fox posted:something that will gain equity
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Dec 17, 2016 19:59
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A cheap condo is like a cheap apartment with a 30 year lease.
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Dec 17, 2016 20:01
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Alereon posted:A cheap condo is like a cheap apartment with a 30 year lease.
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Dec 17, 2016 20:10
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slap me silly posted:This is the most apparent failure in your calculations. There's no guarantee. Especially not for cheap condos in Florida. True, but even if it never gains equity, wouldn't the monthly benefits of paying half the cost of a similar apartment be worth it? Alereon posted:A cheap condo is like a cheap apartment with a 30 year lease. If there were cheap apartments in my area that were comparable to the monthly condo price, this wouldn't even be a discussion, I would just rent. Maybe I should just move to a better city like Houston or Raleigh. There are apartments in the heart of downtown for less than $1000 per month. You can't get a toolshed for that price down here.
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Dec 17, 2016 20:21
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Cardboard Fox posted:I've finally got a big boy job and have thought about possibly purchasing a condo in the next few years. Rent prices in South Florida are hitting criminal levels and it looks like I will be paying a minimum of $1500 a month for a 1/br. Even if it is worthless when you leave it should net out cheaper. The only problem comes if you can't unload it and must leave town. Then you might be stuck paying for it or bringing a pile of cash to the table to get the mortgage closed out. Make sure you read the HOA rules, look at their books, and actually verify their insurance/bank accounts/maintenance contracts/etc actually exist. Remember that if the roof leaks and rots out half of the frame you will be assessed the repair cost if their war chest doesn't cover it. HOA fees can be too low. H110Hawk fucked around with this message at 20:33 on Dec 17, 2016 |
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Dec 17, 2016 20:30
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Cardboard Fox posted:If there were cheap apartments in my area that were comparable to the monthly condo price, this wouldn't even be a discussion, I would just rent. Run the math on what your situation will be if the condo value drops by half and you need to sell. That's not a completely implausible scenario, because it has happened to others. Basically, get some more info before you leap.
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Dec 17, 2016 20:43
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Cardboard Fox posted:There's got to be a catch. Incredibly high special assessments and very expensive/impossible to get flood insurance or hurricane insurance are two things that might account for the below market price.
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Dec 17, 2016 20:53
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That all makes a lot of sense, thanks guys. I didn't even think about the assessment fees.
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Dec 17, 2016 20:55
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You would pay less because the financial risks are much higher than an apartment, basically. Insurance is also a big expense that you left off
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Dec 17, 2016 23:56
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I agree with the other posters that the risk exposure is marginally higher with a condo you buy than an apartment you rent in Florida. I'm not so sure the risk impact is dramatically different: if you bring little to nothing to closing and are making your payments in a timely fashion, then your increased risk impact is you might need to walk away from the condo when a special assessment arises that you cannot or do not want to afford, on top the risk that your condo and all your possessions you house within it get trashed by a hurricane. This compares with you needing to walk away from your apartment you rent because it and all your possessions you house within it got trashed by a hurricane. Basically special assessments are the major risk. If you can find out what the history of assessments at that condo are then you can make an educated decision about if it is worth saving a few hundo a month on rent by getting a low-equity mortgage on a condo that will likely become worthless. Basically it's not the slam dunk you were initially thinking, but it's worth running the math and deciding what your risk tolerance is. Keep in mind walking away over a special assessment means incurring the transactional costs of moving and probably trashing your credit.
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Dec 19, 2016 15:17
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LLSix posted:How much of this stuff applies to renting a house? For example do I need to hire an inspector when renting? No, the point of an inspector is to figure out if there's anything wrong that could end up costing you money. As a renter you aren't liable for the type of stuff an inspector would look for.
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Dec 19, 2016 17:16
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My agent and I did our final walkthrough before closing. Everything was alright with the property, but I'm still kind of nervous seeing as the guy who lives there has a hell of a lot of packing left to do and he's slated to be out by the 22nd. Maybe he's just a huge procrastinator and he'll haul rear end out of there, but I fear this will become a problem with the holiday coming up. Especially since I have to be out of my apartment by the 31st. I really don't like depending on this guy. Closing is tomorrow. Good freaking Lord, I'm coughing up a lot of money for this. Then I can join the rest of you guys in this thread in complaining about being broke all the time! What fun. But seriously, I love this new place and I'm looking forward to start making it my own. I can't wait to move in. Wish me luck everyone.
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Dec 20, 2016 02:50
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Vinny the Shark posted:My agent and I did our final walkthrough before closing. Everything was alright with the property, but I'm still kind of nervous seeing as the guy who lives there has a hell of a lot of packing left to do and he's slated to be out by the 22nd. Maybe he's just a huge procrastinator and he'll haul rear end out of there, but I fear this will become a problem with the holiday coming up. Especially since I have to be out of my apartment by the 31st. I really don't like depending on this guy. I don't know how much is a hell of a lot, but our home was the same way where we take possession COE+2 or +3. They were gone, though they missed a lot of little nickel and dime stuff. Most of it we gave back, like their $48 ugly hanger: https://www.anthropologie.com/shop/eight-arms-hook?category=hardware-hooks&color=102 . They still had a whole wooden play equipment thing to disassemble, the cabinets were full, etc. They did not hire movers, I do not know how they did it all.
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Dec 20, 2016 02:56
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When I moved into my place I found a bunch of lighting equipment (ballasts, bulbs) in the attic and half a bong in the yard.
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Dec 20, 2016 04:19
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So the shower pan under the tile is leaking. Being quoted 8-10k to tear out existing tile, redo the waterproofing, and replace with new tile. That's nearly the same amount of principal I've paid down since purchasing. And we already really liked the design of the existing shower, so it's not even an opportunity to replace something lovely.
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Dec 23, 2016 02:45
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Do you have a 900 square foot shower? Seriously though, a job like that should be under $3000.
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Dec 23, 2016 02:58
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Yeah that estimate is insane unless you've got some crazy go nuts setup.
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Dec 23, 2016 03:34
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Earlier this year I was being quoted similar high four digit estimates for basically the same thing. Demo a tile 3x3 stall shower and replace with a fiberglass unit. Edit: four digits, not five. Jealous Cow fucked around with this message at 18:33 on Dec 23, 2016 |
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Dec 23, 2016 04:02
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