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Jealous Cow posted:What does losing FHA status mean? Will that effect the resale value? Usually only a certain amount of condos are allowed to be purchased via FHA. Once that number is met, no other condos can be sold with FHA loans. I think it's supposed to help resale?
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Mar 28, 2017 16:47
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Since somebody asked me to update on the Home Warranty thing, I just got the check in the mail over the weekend. So from the time my old washer broke to getting the check was about a month (about 2 weeks after I bought a new washer and sent them a copy of the invoice). It would have been quicker if I'd chosen to take the washer they offered me but I'm glad I took the time to do some research and get a better reviewed one, even if I did end up kicking in some money on my own. Now time to call in and see if they'll do anything about the possibly collapsed drain pipe I discovered late last fall when snaking a clog... I always assumed those things were a scam so for once I was pleasantly surprised about something involved with buying a home.
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Mar 28, 2017 16:59
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Jealous Cow posted:What does losing FHA status mean? Will that effect the resale value? My loan is an FHA loan, so there may be some issues with me closing after the FHA expires on the condo.
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Mar 28, 2017 17:09
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TheWevel posted:Usually only a certain amount of condos are allowed to be purchased via FHA. Once that number is met, no other condos can be sold with FHA loans. I think it's supposed to help resale? There are a number of other factors too, like any pending litigation and overall financial well-being of the HOA that are considered.
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Mar 28, 2017 17:25
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Thoguh posted:Since somebody asked me to update on the Home Warranty thing, I just got the check in the mail over the weekend. So from the time my old washer broke to getting the check was about a month (about 2 weeks after I bought a new washer and sent them a copy of the invoice). It would have been quicker if I'd chosen to take the washer they offered me but I'm glad I took the time to do some research and get a better reviewed one, even if I did end up kicking in some money on my own. That was me. I am glad it worked out for you. Thank you for the update!
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Mar 28, 2017 17:30
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Thoguh posted:Since somebody asked me to update on the Home Warranty thing, I just got the check in the mail over the weekend. So from the time my old washer broke to getting the check was about a month (about 2 weeks after I bought a new washer and sent them a copy of the invoice). It would have been quicker if I'd chosen to take the washer they offered me but I'm glad I took the time to do some research and get a better reviewed one, even if I did end up kicking in some money on my own. I think the belief is less that they are a scam, more than you're better off putting the extra 1 grand a year away for your own repairs. I hear you though, we got a full coil replacement on our AC on the warranty dime and then dumped them the next month as the seller paid year was up. Sometimes you can get your money's worth, but more often than not, that's the exception, not the rule.
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Mar 28, 2017 20:37
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Ok, first-time-scared-as-poo poo homebuyer here, looking for some help. We met with a mortgage broker today who gave us a worksheet called the "good faith estimate." I believe he'll be coming back to us with a loan offer within the next day or two. In that meeting, we provided him with all of our paperwork. Now, I've also reached out to my bank, and while I haven't provided them our paperwork yet, they've offered a very competitive rate to what we were quoted by the mortgage broker. My question - I'm really unclear at what point we're "committed" to any one loan or the other. Are we already committed to going with the mortgage broker? N.B. - we haven't signed anything yet, besides our contract.
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Mar 29, 2017 03:39
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Photex posted:My loan is an FHA loan, so there may be some issues with me closing after the FHA expires on the condo. Why is the FHA status expiring? Or rather why is the association not able to meet the fha requirments and renew? This will affect your resale value.
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Mar 29, 2017 03:56
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MrBisco posted:Ok, first-time-scared-as-poo poo homebuyer here, looking for some help. You are only committed to the money you have laid out until you sign notarized documents the day of closing. Read every document given to you top to bottom, twice if it has places for them to fill things in or check boxes. (You can probably skim the ones that are 100% boiler plate from HUD or the State.) The other side of this coin is you won't get your house if you don't close before the contract expires. That being said, you should shop this to several people immediately and get the updated "Loan Estimate" form from each of them. Compare Box A to Box A, B to B, etc. Send the best offer you get to the second best offer person and tell them to beat it, then pick the cheapest one you believe will actually close on time.
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Mar 29, 2017 04:16
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I read the first 100 pages. We're still buying a home. Here's to to the audacity of hope.
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Mar 29, 2017 06:45
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ChinaBob posted:I read the first 100 pages. We're still buying a home. Here's to to the audacity of hope. Godspeed you crazy homebuyer.
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Mar 29, 2017 14:07
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Another first-time buyer question. So, the 1928 house we are in-contract on was inspected yesterday. The three biggest issues were the following: -Knob and tube wiring running through about half of the house -Asbestos insulation on heat pipes in basement -Mold on beams in basement I've read that even the first issue can be a $10,000-15,000 fix. The house is otherwise structurally in good shape. My question - is this just going to be a gigantic headache and we should back out of the contract now? Or worth it to press through and try to get remediation? I know that old houses usually have issues on inspection, but I just don't know when issues are "too many" versus "par for the course." Thanks!
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Mar 30, 2017 02:42
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Knob and tube replacement may be that cheap. But if there's asbestos in the walls around it or any trace it's going to cost a fuuuuuck ton more.
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Mar 30, 2017 04:04
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MrBisco posted:Another first-time buyer question. Those first two are "kill the deal unless they will do a repair escrow. " I'm not afraid of a little well contained (sealed) asbestos but future buyers sure as poo poo are and if you need to do any work on the asbestos coated stuff in the future it will be really loving expensive and a pain in the rear end. The mold could be anywhere from nothing to a big loving deal depending on why it is there ans how extensive it is. Having already bought a fixer, I would run away.
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Mar 30, 2017 04:57
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MrBisco posted:Another first-time buyer question. If that asbestos goes into the walls you're in for a hell of a time re-wiring. I would demand remediation from a certified company or walk, not credits. Amateur hour is how you wind up with a house dusted liberally with asbestos fibers and it still being in the walls. You will likely not get the house, but who knows now they're stuck disclosing it. If it's just in the basement remediation should be "cheap", then you can work out a $10k credit for the re-wire or accept as-is knowing how much better life will be once you re-wire.
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Mar 30, 2017 04:58
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If you even consider accepting with the knob and tube in the walls then please make sure you can insure it first. A lot of carriers won't touch it.
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Mar 30, 2017 05:18
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That is not a first time buyer house. I would suggest something below a level 8 in difficulty your first time out unless you are paying 10k for it or something.
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Mar 30, 2017 12:35
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MrBisco posted:Another first-time buyer question. Those first two are run, don't walk the gently caress away from this house if this is your first house.
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Mar 30, 2017 12:42
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You're talking cubic dollars to remedy those first two items. Bail!
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Mar 30, 2017 12:58
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I mean, it really depends on what he's looking at. Knob and tube isn't the death sentence people make it out to be. A good electrician can often replace it without completely tearing the place apart. The asbestos pipe wrap could be either very simple or super expensive. If he still has time in the inspection window it might be worth getting contractors in there to get estimates.
LogisticEarth fucked around with this message at 13:38 on Mar 30, 2017 |
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Mar 30, 2017 13:35
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LogisticEarth posted:I mean, it really depends on what he's looking at. Knob and tube isn't the death sentence people make it out to be. A good electrician can often replace it without completely tearing the place apart. The asbestos pipe wrap could be either very simple or super expensive. If he still has time in the inspection window it might be worth getting contractors in there to get estimates. Whole home rewires aren't "cheap" but they're not expensive either. If you already have a modern panel it saves a decent chunk of money. It takes a week to do and you could nominally have it done between possession and move-in. We had ours done on a 1250 sqft house for $10,410 including plaster + texture patching in Los Angeles County. It's not like you have to get the old wires out, just de-energized. Asbestos could be super easy, or it could unravel into an amazing clusterfuck of work. Having the sellers foot the bill and provide you with a certified report (and I assume insurance from that company) shields you from that uncontrolled cost spiral. You may still not get the house, but you've done a service to the world!
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Mar 30, 2017 15:41
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Our inspection came back saying everything was in good shape with the exception of the roof, which is at end of life. We kicked it back to the seller and asked her to replace it, and she's trying to put in an insurance claim for it. If that doesn't work, she's offering to give us a credit for half of the estimated replacement cost. At first blush this seemed fine with me, but after thinking it through some more I feel like it's not unreasonable for us to ask her to just pay it all. We offered over asking on the house and while some repairs were expected (it's over 100 years old), this seems like something she would have to disclose if it went back to market anyway (right?), and it shouldn't be our problem. Am I being unreasonable here? Also, the roof right now is structurally sound, so if we take the credit and then don't end up replacing the roof right away and then later on it begins to leak or whatever, would our home owner's insurance pay for the replacement at that point?
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Mar 31, 2017 00:25
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Mikey Purp posted:Our inspection came back saying everything was in good shape with the exception of the roof, which is at end of life. We kicked it back to the seller and asked her to replace it, and she's trying to put in an insurance claim for it. If that doesn't work, she's offering to give us a credit for half of the estimated replacement cost. How hot is your local market, what fraction of the sale cost is the new roof, and how badly do you want the house?
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Mar 31, 2017 00:42
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PCjr sidecar posted:How hot is your local market, what fraction of the sale cost is the new roof, and how badly do you want the house? Very hot, 1%, we love it and are attached. Ok, thanks for helping me not be a dick.
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Mar 31, 2017 01:32
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Mikey Purp posted:
I don't think homeowners would pay for roof replacement due to it being old, probably only for hail damage or if a tree fell on it or something.
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Mar 31, 2017 01:38
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Mikey Purp posted:Very hot, 1%, we love it and are attached. Isnt a roof like 15k max? You are buying a 150k house in a 'really hot' market? If thats near the price it isnt that hot. Standing seam for my roof is 22k, and it will be the last roof ever put on this house. gently caress, the paint alone is guaranteed for 30 years much less the steel.
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Mar 31, 2017 02:30
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Spermy Smurf posted:Isnt a roof like 15k max? You are buying a 150k house in a 'really hot' market? If thats near the price it isnt that hot. Check yo math before you wreck yo math.
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Mar 31, 2017 02:35
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marjorie posted:Check yo math before you wreck yo math. I have decided to leave my stupidity for everyone to see. That being said, after fixing my math: Holy loving balls.
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Mar 31, 2017 14:10
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Spermy Smurf posted:I have decided to leave my stupidity for everyone to see. Haha yeah, I was a bit flabbergasted, even if the roof cost was on the lower side. Hot market indeed.
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Mar 31, 2017 14:27
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Welp, no 370K house for me while working on pre-qual/approval non-sense to put in an offer the price on the house jumped to 388K. Neighborhood was in closeout and the house was one of the last lots/houses left to sell and apparently is now the last one. Kinda sucks, estimate value after final closeout according to my realtor was in the 410 range which based on county valuation history and comps is about right. On the bright side I've convinced the wife that we're OK where we are right now for at least a year and by all accounts the value of our townhouse is likely going to increase in value by 2-3% over the next 12 months. Plan now is to eliminate what little debt we have entirely and save like mad men so we can avoid PMI's and poo poo as interest rates continue to increase. That's not a bad idea right?
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Mar 31, 2017 14:32
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Waiting to buy a house until you are debt free and have more money in the bank is never a bad idea.
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Mar 31, 2017 14:44
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I should clarify that the 1% calculation for the roof was our share after the seller paid for half, so it's more like 2% in reality. In any case, typing everything out put it into perspective for us. Unexpected expenses are never great, but as far as these things go I guess a roof isn't bad, especially if it's a replacement for wear and still structurally sound. So back to my second question, there's nothing wrong with us taking a credit for the roof but choosing not to actually do the replacement immediately, right? Or is that something that the lender/insurance agency would probably not allow to happen?
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Mar 31, 2017 15:00
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Unless it's an FHA loan your lender probably doesn't care. Your insurance company might care a little but in my experience they don't even bother looking at your house in person so whatever.
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Mar 31, 2017 15:02
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Not an FHA loan, so yeah maybe we activate Operation Wait for Hail.
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Mar 31, 2017 15:05
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Mikey Purp posted:I should clarify that the 1% calculation for the roof was our share after the seller paid for half, so it's more like 2% in reality. In any case, typing everything out put it into perspective for us. Unexpected expenses are never great, but as far as these things go I guess a roof isn't bad, especially if it's a replacement for wear and still structurally sound. So back to my second question, there's nothing wrong with us taking a credit for the roof but choosing not to actually do the replacement immediately, right? Or is that something that the lender/insurance agency would probably not allow to happen? See the thread title. I wouldn't be surprised if insurance would require you to get that done.
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Mar 31, 2017 15:07
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Mikey Purp posted:I should clarify that the 1% calculation for the roof was our share after the seller paid for half, so it's more like 2% in reality. In any case, typing everything out put it into perspective for us. Unexpected expenses are never great, but as far as these things go I guess a roof isn't bad, especially if it's a replacement for wear and still structurally sound. So back to my second question, there's nothing wrong with us taking a credit for the roof but choosing not to actually do the replacement immediately, right? Or is that something that the lender/insurance agency would probably not allow to happen? We have a somewhat similar situation. The house we are about to close on has some items that are near the end of their lifespan (roof, water heater, water boiler). The difference is that we paid well under asking price, so when we sat down to decide what to ask the seller for, we were content with knowing we would have to pay for these items ourselves. The total cost of these items would still be at or less than the asking price of the house. And they paid for a warranty for a year, and are leaving a bunch of stuff for us (ride on mower, huge swingset, etc...)
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Mar 31, 2017 15:51
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The reason they're leaving that stuff is because it's cheaper for them to do that than to try to actually get rid of it themselves. It's not because they're nice people.
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Mar 31, 2017 18:12
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I have made an offer on a house today and will not know until tomorrow if it has been accepted. This is a very very weird feeling, knowing that tomorrow I may be at any moment told that I have basically just bought a house.
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Apr 1, 2017 04:44
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HEY NONG MAN posted:The reason they're leaving that stuff is because it's cheaper for them to do that than to try to actually get rid of it themselves. Oh I'm aware. They are actually divorcing and trying to GTFO of dodge. They want out and nothing more to do with the house, which works great for us. It's literally thousands of $ worth of stuff that I don't have to spend now. Some of it is junk that I'll have to take care of, but I don't mind.
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Apr 1, 2017 15:45
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I explored this thread, which has been around since the throes of the great recession, for some insight into how people approach home prices. You can get insight into various long-term posters perspectives by seeing what they were advocating when the market was near bottom. Some of us are always more conservative than others, but there was a surprising amount of optimism around pages 65-85 when prices were at historic lows relative to their pre-crisis valuations. It was an interesting look backward.
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Apr 2, 2017 13:21
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