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Eric the Mauve posted:
At least 10% of the houses I have been to look at in New Hampshire have been in terrible shape and been listed as if they were perfect. If you try to talk sense into them they act as if you are low balling them as tell you to gently caress off. These are the ones that are still listed after a few months usually with no price drops. I am not sure if the selling agent is poo poo or if the seller is insane. Probably a mix of both.
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Oct 29, 2017 21:55
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BigPaddy posted:Sent removal of contingencies document off to the seller stating I want the money to replace the leach field as a credit on closing. Basically offering to take the other maintenance on and do all the running around with contractors myself so the current owner can retire in peace. It seems reasonable to me but we will see if they want to fix it themselves instead or something. I did this 12 years ago with my current house. I got quotes on the work and had the seller put that plus 20% in escrow. Worked out for both of us just fine. He even got like 10% back, I got the contractors I wanted and (thought I knew) the quality of the work. (One run of pipe was screwed up because the didn't compact soil properly under it, but solid after I fixed that)
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Oct 29, 2017 22:38
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Bonus pics of Schoolhouse: I don't even know what's happening here:  Basement shitter:  Hope the books come with it. You can almost reach them from the throne:  Man, that deck support doesn't look good. Hope the other one is okay:  Yeah, I'm gonna not stand under here anymore:  Back yard murdershack and hot tub included: 
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Oct 29, 2017 22:50
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Motronic posted:I did this 12 years ago with my current house. I got quotes on the work and had the seller put that plus 20% in escrow. I hope it works out as I don't mind calling around but I guess it depends how the sellers agent frames it to them. Playing chinese whispers is the most annoying thing IMO but I guess they deal with a bunch of crap I don't want to.
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Oct 29, 2017 23:30
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Hi all, my wife and I just put an offer on a house yesterday. $170,000 with the seller paying $3,000 in closing costs. Today, the seller counter-offered with two options: $178,000 and paying $3,000 in closing costs or $175,000 and paying nothing towards closing costs We intend to have the remaining closing costs rolled into the loan by the lender regardless. Which of these two would be a better idea?
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Oct 30, 2017 14:57
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If you are rolling closing into the loan then both options are the same. Just be sure it will appraise for that amount. Today I am learning that the worse part of buying a home is your own agent and mortgage broker. They have their assistants involved as well so there are 4 people asking for more or less the same stuff not talking to each other about how circumstances have changed due to the inspection findings so I have to call them all and tell them to talk to each other because I am paying them to handle this and am not their boss unless that is the relationship they are expecting so I can invoice for my time as well.
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Oct 30, 2017 15:57
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XxGirlKisserxX posted:Hi all, my wife and I just put an offer on a house yesterday. $170,000 with the seller paying $3,000 in closing costs. Today, the seller counter-offered with two options: "$165,000 with the seller paying $3,000 in closing costs." They'll likely say no. Followed by you not returning their calls when they cant' get anyone else to look at their shabby shack.
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Oct 30, 2017 19:39
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No need to be crazy, $166,000 no closing costs.
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Oct 30, 2017 20:02
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You run the risk of the house under appraising and increasing your LTV with a higher purchase price, right?
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Oct 30, 2017 21:03
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Also, all else being equal higher purchase price equals higher property tax assessment
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Oct 31, 2017 17:43
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Nifty posted:Also, all else being equal higher purchase price equals higher property tax assessment That depends on where you live. I live in a county where properties are not reassessed. I'd like to say "on sale" to make this less ridiculous, but they just aren't. Since 1972.
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Oct 31, 2017 20:07
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I live in a county where everything was just reassessed last year and the assessments were about 30% higher than any reasonable expectation of a sale price, pretty much across the board. EVERYONE was enraged by it and the county officials just didn't give a poo poo. I mean it was transparently an attempt at dramatically raising property taxes without officially raising property taxes.
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Oct 31, 2017 20:09
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Eric the Mauve posted:I live in a county where everything was just reassessed last year and the assessments were about 30% higher than any reasonable expectation of a sale price, pretty much across the board. EVERYONE was enraged by it and the county officials just didn't give a poo poo. I mean it was transparently an attempt at dramatically raising property taxes without officially raising property taxes. If EVERYONE is enraged by it, sounds like you need to vote the bums out?
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Oct 31, 2017 20:12
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AreWeDrunkYet posted:If EVERYONE is enraged by it, sounds like you need to vote the bums out? Yeah but the other guy had private email so what can you do
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Oct 31, 2017 20:12
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Eric the Mauve posted:I live in a county where everything was just reassessed last year and the assessments were about 30% higher than any reasonable expectation of a sale price, pretty much across the board. EVERYONE was enraged by it and the county officials just didn't give a poo poo. I mean it was transparently an attempt at dramatically raising property taxes without officially raising property taxes. This is why all property tax assessments should come with the option to sell at the assessed price.
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Oct 31, 2017 20:13
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Dwight Eisenhower posted:This is why all property tax assessments should come with the option to sell at the assessed price. That's actually a pretty elegant solution. Allow everyone to declare their own taxable property value, but you're forced to sell at the declared value (plus some percentage, if we're going to be reasonable).
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Oct 31, 2017 20:17
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AreWeDrunkYet posted:If EVERYONE is enraged by it, sounds like you need to vote the bums out? Would you be surprised to learn that the assessments were conducted about a month after primary elections, in a county which (like most counties in the U.S.) is effectively ruled by one major party and so primary elections are the only ones that matter?
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Oct 31, 2017 21:20
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Seller accepted my request for a max credit on closing and an extra $3k in escrow for the septic system. Guess I just bought a house 
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Oct 31, 2017 21:47
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BigPaddy posted:Seller accepted my request for a max credit on closing and an extra $3k in escrow for the septic system. Guess I just bought a house  I hope you got a good quote on the septic work.
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Oct 31, 2017 22:45
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I got 4 quotes all the same range. So yeah unless they all super lowballed for the work and I get hosed I should be ok. I won’t be ok.
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Oct 31, 2017 22:50
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BigPaddy posted:I won’t be ok. You're doing just fine at this home ownership thing.
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Oct 31, 2017 23:30
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Just did what was supposed to be a final walkthrough. Seller didn’t do half of the repairs that they said they would do on the RRRR. Ugh
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Nov 1, 2017 02:54
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AreWeDrunkYet posted:That's actually a pretty elegant solution. Allow everyone to declare their own taxable property value, but you're forced to sell at the declared value (plus some percentage, if we're going to be reasonable). That also works, though it reverses my idea. You'd get a lot more pitchforks in that direction because most local governments would not be prepared to accept the assessments ad hoc, so in a steeply valuating market you'd have a bunch of homes that people were compelled to sell under market because they declared a previously fair appraisal price during the last appraisal cycle that hasn't kept up with market demands. So long as the county could accept people re-assessing ad hoc along with a property tax check to make up the difference it would work. I was thinking more than the county would have to buy at the appraised price and then be left holding the bag to flip it. Assessments would be conservative consequently to reduce the amount of properties the county government was buying, but you'd implicitly get a check on enthusiastic sellers from how much of a pain in the balls it is to sell as house and move out. The contrapositive to the above problem is that the county government would get hosed pretty hard in the event of a real estate crash. But then they'd actually take the time to cover their asses with policies requiring reappraisal before sale that also move the tax liability...
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Nov 1, 2017 14:06
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I wish there was some transparency as to what the winning bid was for things. The first house that we put an offer in (and got turned down) for just sold for $14k under our bid. I prefer to think it’s because some horrible stuff came up on inspection and they had to renegotiate, but who the heck knows. It was probably just a big ol’ cash offer, given the metro area.
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Nov 1, 2017 15:43
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BadSamaritan posted:I wish there was some transparency as to what the winning bid was for things. The first house that we put an offer in (and got turned down) for just sold for $14k under our bid. It could be cash, appraisal issues, size of down payment, closing date, waived contingencies or a few other things. You (or your agent) should be able to see if it was cash.
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Nov 1, 2017 16:10
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Dwight Eisenhower posted:That also works, though it reverses my idea. You'd get a lot more pitchforks in that direction because most local governments would not be prepared to accept the assessments ad hoc, so in a steeply valuating market you'd have a bunch of homes that people were compelled to sell under market because they declared a previously fair appraisal price during the last appraisal cycle that hasn't kept up with market demands. So long as the county could accept people re-assessing ad hoc along with a property tax check to make up the difference it would work. This sounds like a really bad idea in all circumstances, whether the appraisals are low, high, or on the money, and would just result in fewer assessments happening
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Nov 1, 2017 22:28
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LogisticEarth posted:This is why I bailed on the southeast and moved home to the Lehigh Valley. Jooooiiinnnn Usssssss. I absolutely love that house. Not for small children, though...
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Nov 1, 2017 22:50
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BadSamaritan posted:I wish there was some transparency as to what the winning bid was for things. The first house that we put an offer in (and got turned down) for just sold for $14k under our bid. Real estate being a horrible morass of scam artists who profit primarily on knowledge not disclosed or discussed outside their cartel? Well, I never!
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Nov 2, 2017 02:29
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QuarkJets posted:This sounds like a really bad idea in all circumstances, whether the appraisals are low, high, or on the money, and would just result in fewer assessments happening Please tell us how this is a bad idea. Please also describe how this bad idea's consequences are worse than: the county appraises houses unrealistically to tax people above the stated property tax rate so that they can lie about their property tax rates.
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Nov 2, 2017 16:27
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Dwight Eisenhower posted:Please tell us how this is a bad idea. What happens when even just 1% of homeowners say "okay I like that price, I'm ready to move anyway" and force the county to buy their property upon a reassessment? That's a massive expenditure for no gain. Now it's the county's responsibility to pay even more money to sell those houses, and those houses are rotting in the meantime (as anyone who has bought REO can tell you). This would be a huge waste of money In the best case, this idea will result in either chronic undervaluation (which is bad) or no revaluations ever (which is also bad) in an attempt to avoid being on the hook for a ton of houses. And in some cases the county is going to wind up purchasing properties that people really just want to abandon. To what end? To prevent the rare cases where counties are significantly over-assessing properties? I'm sorry but this is a chronically bad approach to solving that problem.
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Nov 3, 2017 07:23
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QuarkJets posted:County tax scheme stuff Yeah, QuarkJets basically sums up why this is an a ridiculous idea. On one home, it sounds OK. When extrapolated over an entire county, it turns into a gigantic boondoggle. If something like 1-2% of homeowners decided to sell, we'd be looking at over $100 million dollars and 20 years of bonds or a huge tax hike to cover the purchase price.
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Nov 3, 2017 11:32
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Dwight Eisenhower posted:Please tell us how this is a bad idea. None of this matters the tax rate is based upon what needs to be collected. If everyone's house is inflated then the rate is just lower. The key is being equally under or over inflated as everyone else. Edit: So if you get your wish of lowering your assessed value in half they will just double the rate plus a little bit more for inflation.
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Nov 3, 2017 13:16
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If your county reassesses your home to a stupid level is there a way to appeal it? I mean we know any appeal board is going to be on the take as well but in an ideal world there should be some oversight of stuff like this.
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Nov 3, 2017 15:26
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BigPaddy posted:If your county reassesses your home to a stupid level is there a way to appeal it? I mean we know any appeal board is going to be on the take as well but in an ideal world there should be some oversight of stuff like this. In my county, the county commission's response was "sure, you can appeal it! On these two specific days next week between 9:00 AM and noon. Oh, you have to work and can't get time off on that short notice? Sucks to be you!"
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Nov 3, 2017 16:10
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I'm just going to chime in and say that my property taxes aren't highway robbery. I think this is another one of those situations where, like HOAs, you hear a lot from the small % who do get screwed. My property tax assessment goes up every year, but it's been about 10% lower than the value of my home for the 3 years I've lived here. They didn't raise it to match the sale price when I bought it. I know of family and friends who have successfully appealed appraisals and a couple who have unsuccessfully tried. Overall, I'm not convinced that the government is trying to be unfair at all in my neck of the woods.
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Nov 3, 2017 16:46
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Doing a final walkthrough tomorrow and closing Monday! All told things have gone relatively smoothly, though that doesn't mean without stress. Worst was finding some old knob and tube wiring and a couple other electrical problems that the seller fixed. (I know the general consensus is to get the credit instead.) Immediate things are to save for a new roof and a new furnace. Otherwise things seem in good shape. The whole process feels so abstract it's only really now sinking in that, barring and problems, Monday night we will be homeowners.
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Nov 4, 2017 19:22
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Put an offer in on our first home, 10th one we saw. Told my wife not to fall in love with it because our offer isn't going to be strong - 1% under ask but matches highest comp, we are using FHA and they have a competing offer at 20% but not sure if they lowballed. Hoping we get accepted, was an amazing home and it looks like they took great care of it.
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Nov 6, 2017 00:41
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Been 10 days since we handed over the money for appraisal. Loan officer isn't returning phone calls or emails from us or our agent. Selling agent says they haven't been contacted yet by the appraiser, meanwhile it's 22 days until our supposed closing date. How worried should I be getting?
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Nov 9, 2017 02:17
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Sudden Loud Noise posted:Been 10 days since we handed over the money for appraisal. Loan officer isn't returning phone calls or emails from us or our agent. Selling agent says they haven't been contacted yet by the appraiser, meanwhile it's 22 days until our supposed closing date. Abort.
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Nov 9, 2017 02:31
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Call another lender asap
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Nov 9, 2017 03:07
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