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Dwight Eisenhower posted:Lotta chat in this thread about how sellers are dicks for not taking up slack that buyers could have taken up themselves. I think it can be tricky, like friends of mine had to close on the home they sold and the home they bought on the same day and the mortgages couldn't overlap or some poo poo. Or if you're relocating to another city and don't have a backup place to sleep the night. But if you're coming from an apartment, by all means overlap your lease termination and your home closing. Otherwise it's no better than canceling your internet the same day your new service is being turned on and being surprised when Comcast misses an appointment or fucks up an install. Also people can be dicks buying and selling homes and you need to assume no one has your best interests at heart. When the sellers on a home my sister was buying got cold feet they decided to refuse basement entry for the home inspector and make vague comments about radon. She backed out and they immediately sold the house for like 10% more. Krispy Wafer fucked around with this message at 15:10 on May 2, 2018 |
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May 2, 2018 14:36
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axeil posted:A GWM tip: always leave a week or so on your old lease/owned home in case anything gets screwed up with the move. That's going to be tough if you need the money from the sale of your current home to purchase your new home. Content https://www.reddit.com/r/personalfinance/comments/8gbfw9/parents_lied_about_paying_my_student_loans/ quote:Hi reddit, I am trying to take complete control of my finances for the first time in my adult life but I just checked my credit score and it's poor because all through college my parents urged me not to worry about paying for school they would "take care of it" and did not do so. I owe a big debt that hasn't had a payment made on it in years. What should I do and where could I go from here. I know it seems absurd an adult is just checking on this stuff for the first time but my family purposefully never taught me how to be on my own so I could never leave them. We have a complicated relationship. How can I bring my credit score back up? Also, noticed I have a small old doctors bill I forgot... should I just pay that right now? Thanks in advance! How come I've seen this a bunch of times where the parents purposefully sabotage their kids finances?
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May 2, 2018 15:00
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Bird in a Blender posted:
People are terrible?
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May 2, 2018 15:05
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Krispy Wafer posted:I think it can be tricky, like friends of mine had to close on the home they sold and the home they bought on the same day and the mortgages couldn't overlap or some poo poo. Or if you're relocating to another city and don't have a backup place to sleep the night. Buying a home while selling an existing home is, of course, a very common situation - not everyone is coming from renting - and there are many reasonable and thought out processes for sales contingent on another sale closing. And as Dwight pointed out last page, it's the responsibility of the buyer to make sure their living arrangements during the closing period/move are handled correctly. I've done two cross country house buying moves as an adult (not counting when I was in the military) and they both involved a short stay in a hotel and some extra storage fees. If you are buying a new house and can't afford that relatively minor expense, or if you can but you just whiff planning for it, you probably shouldn't be buying a house. In any case it isn't on the seller to accommodate the buyers transition from old place to new. Maybe it seems like a hard world, but get your good nature taken advantage of just once and you'll see why. Bird in a Blender posted:How come I've seen this a bunch of times where the parents purposefully sabotage their kids finances? I feel like there is a lot more to this story than just "my parents said they had it covered than dumped it in my lap and I found out years later".
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May 2, 2018 15:20
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There's a tv in the locker room of the gym in my office building where I go to work out that's always running one of the bigger news networks. To be honest I don't pay attention to which. Most of the time when I'm in there it's running sports content, but occasionally (like this morning) they were going through their finance section. After that, this commercial ran: https://www.youtube.com/watch?v=KkI9rdf-HFc "Five Pitfalls of Mutual Funds." And I laughed, and I laughed, and I googled this guy. BWM is any person who has given him money, apparently: Chances Are You're Outperforming These 3 Well-Known Money Managers quote:Ken Fisher
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May 2, 2018 15:23
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One of my friends is a medical technician in a hospital and started making extremely good money with overtime + night shift differentials. The first thing he did was go out and buy a ~$42,000 Ford F-250 to commute down the highway to the hospital. It has a 48 gallon gas tank. If his tank is at least 2/3 empty, then he has to go to multiple gas stations to fill it up because of the $75 dollar limit on credit cards at gas pumps.
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May 2, 2018 15:32
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Leon Trotsky 2012 posted:One of my friends is a medical technician in a hospital and started making extremely good money with overtime + night shift differentials. I'm shocked that the $75 limit at pumps is still a thing, is this at tiny mom + pop gas stations? I thought that was a relic from the past. Tons of vehicles cost more than $75 to fill now.
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May 2, 2018 15:35
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Twerk from Home posted:I'm shocked that the $75 limit at pumps is still a thing, is this at tiny mom + pop gas stations? I thought that was a relic from the past. Tons of vehicles cost more than $75 to fill now. Shell, Exxon, Valero, and local stations all do it. The only one I can think of that might not do it is BP. Some of them "compromise" by having a $125 or $150 limit if you use a Visa and $75 for all other payment networks.
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May 2, 2018 15:37
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Leon Trotsky 2012 posted:Some of them "compromise" by having a $125 or $150 limit if you use a Visa and $75 for all other payment networks. This must be the behavior that I've been seeing. Thanks for the info!
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May 2, 2018 15:45
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You can always go inside the store and buy as much as you want. Going to multiple gas stations like that is Bad With Time.
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May 2, 2018 16:05
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Midjack posted:You can always go inside the store and buy as much as you want. Going to multiple gas stations like that is Bad With Time. When I've run into this I've just pulled out another card and continued along........ It's not rocket science.
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May 2, 2018 16:42
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Motronic posted:When I've run into this I've just pulled out another card and continued along........ Could you really not just finish that transaction and start a new one at the same pump? Or worst case just go to the next pump?
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May 2, 2018 16:51
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Hoodwinker posted:There's a tv in the locker room of the gym in my office building where I go to work out that's always running one of the bigger news networks. To be honest I don't pay attention to which. Most of the time when I'm in there it's running sports content, but occasionally (like this morning) they were going through their finance section. After that, this commercial ran: Hey, I mean, the pitfalls he listed are true! There's a lot of lovely funds out there with extraordinary fees! Tax efficiency is a thing some people need to think about! And uhh, I guess over-diversification could be a thing because it could throw your total portfolio balance out of whack and make you ineligible for Admiral shares or something if you're going really crazy. It just so happens that his solution is just as bad.
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May 2, 2018 16:53
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Elysium posted:Could you really not just finish that transaction and start a new one at the same pump? Or worst case just go to the next pump? Depends on the card. Lots of issuers will flag that and decline the second transaction from the same place in a very short time period. After that happened a couple times I just decided it was easier to rotate cards.
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May 2, 2018 17:13
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When we bought our house, there were 11 mortgages on it (Iceland pre 2008 was stupid silly about handing out loans without collateral). The owners agreed to our price, but the realtor had to spend weeks negotiating the 11 mortgage holders down to that price so they could all get paid and old owners could walk away debt free. All of this was too much for the realtor to get done in the allotted time, so we had to meet him and the current owners and sign a paper that said we could move into the house, but if a deal couldn't be made with those mortgage holders, we'd have to move back out. Luckily it all worked out, but we lived in our house for 2 weeks thinking we might get a call any day announcing his failure and us needing to move out. The day we got the call that he'd closed on the last one was such a huge sigh of relief.
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May 2, 2018 17:32
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Krispy Wafer posted:friends of mine had to close on the home they sold and the home they bought on the same day and the mortgages couldn't overlap No, they didn't have to close on the home they sold and the home they bought on the same day. They could have: a) delayed closing on the sale to give themselves breathing room b) made the purchase close earlier c) rented a storage locker and a hotel to cover the interval where they were in house limbo They CHOSE to close on the home they sold and the home they bought on the same day. Bird in a Blender posted:That's going to be tough if you need the money from the sale of your current home to purchase your new home. If you need the money from the sale of your current home to purchase your new home you maybe can't afford your new home, or should obtain a bridge loan, or should refinance your existing home to get the liquidity out of it. I mean I know this reeks of blame the victim, but buying a home is something a vast amount of people can't afford to do and that noone will force you to do so it's really not a blame the victim scenario, and if you have some financial literacy and an ability to plan thoughtfully the nightmare stories are totally avoidable and almost entirely self inflicted by the buyers. Often times those self inflicted miseries are out of a misguided attempt to be cheap.
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May 2, 2018 17:45
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Those are less preferable options in an era of relatively cheap financing. Refinancing to take cash out of a property you intend on selling in very short order seems bad for a variety of reasons, bridge financing is not likely to allow for many more people to buy a home than contingent would, and is likely going to come at higher interest rates. Contingent sales, while tricky, are not uncommon at all. There are also likely plenty of people out there who go same day close and are called "contingent", just because it is easy enough to sign all your paperwork the same day. Sure plenty of people out there make poor decisions in an effort to save a buck, but it is just as likely it is something where people don't involve themselves in enough real estate transactions over a life time to ever actually get savvy at it.
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May 2, 2018 17:53
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Hoodwinker posted:There's a tv in the locker room of the gym in my office building where I go to work out that's always running one of the bigger news networks. To be honest I don't pay attention to which. Most of the time when I'm in there it's running sports content, but occasionally (like this morning) they were going through their finance section. After that, this commercial ran: My wife saw that ad, turned to me and said no way Im trusting that guy
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May 2, 2018 17:57
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gtkor posted:Those are less preferable options in an era of relatively cheap financing. I'm not saying that if everything goes smoothly there aren't preferable options. I'm saying that people who have nightmare move stories are making foolish, brittle decisions. What other decisions might be classified as foolish and brittle in this, the Bad With Money thread?
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May 2, 2018 18:11
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Just chiming in to thank everyone for this thread. I'm not that great with money but when I read these stories I realize I'm waaaaaay above bottom. To make a contribution: my mother-in-law insisted that her bank website "required" her to install the paid version of Adobe Acrobat in order to download her statements. Thank goodness she mentioned this in passing and I was able to cancel it, or she would have been on the hook each month for something she completely didn't need. She's gotten better over time. I've at least trained her to ask me before she signs on with telemarketers. She spent an hour on the phone with a student loan scammer before saying, "Oh wait, I'm supposed to check with my son-in-law on these sorts of things. Hey Macaroni, my student loan company says they can cut my payments way down! Can you talk to them?" "Hi there phone person, this is Macaroni. What student loan company did you say you were with again? [click] Huh, imagine that."
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May 2, 2018 18:41
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gtkor posted:Those are less preferable options in an era of relatively cheap financing. Contingent sales are quite common particularly where the contingency is the buyer needs to sell their current house first (in order to meet the down payment or other financing terms). However that is a completely separate thing from letting buyers under contract move in before close. Normally, the deal closes when the contingency is satisfied. Contingent sales are meant to allow the seller to accept a buyer's bid and go under contract with all facts understood, and normally require an escrow payment that is non-refundable if the deal falls through. I made $5k off this very scenario once from escrow (and luckily found another buyer a few days later). These short term rental agreements which get attached to contigency sales - which do happen - exist because buyers figure, well, why not rent short term where we are going to live, and then we can move in, etc. The agreements normally include provisions for not altering the house, repainting, etc. They are very convenient - for the buyer. GWM for them. For the seller, they are a potential nightmare and BWM: For consideration of additional money in the form of rent (say, 1m) which is usually pegged to the existing mortgage payment and thus doesn't result in much if any net income to the seller, they take on the risk that the close may fall through, and now they have short-term tenants fully moved in to what is still the sellers house. And if a close falls through in this scenario, odds are these aren't going to be good tenants. Hence a seller agreeing to this in any form, even just a day, is pretty BWM.
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May 2, 2018 18:45
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Dwight Eisenhower posted:No, they didn't have to close on the home they sold and the home they bought on the same day. They could have: I had to double check and make sure John Smith was still on ignore. There are other factors you know. In this case the buyers pushed up their closing date and they were trying to make everything work. Maybe they should have just hollered 'BOOTSTRAPS' and rode off into the sunset, but they worked with what they had. And I'm going to go out on a limb and predict most people can't afford to buy a home while paying on another. And even good credit probably can't support two mortgages. Lenders are just as worried about loaning money while there's still another outstanding mortgage as a home seller would be of letting a prospective buyer move in early. It's all cool if everything goes well, but if the situation goes sideways there are lots of problems.
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May 2, 2018 18:48
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Krispy Wafer posted:I had to double check and make sure John Smith was still on ignore. I'm no John Smith but I feel like you are still missing something. See my post above on how contingency sales normally work. People do them all the time, it isn't "the man" keeping the little fella down or some poo poo. Lots of people make them work. Buying and selling houses are processes people should take seriously, and not having a plan B for what happens if you (your friend in this case) move with all their stuff, and a sick baby, and the close gets delayed a day or two (which is very common) means not taking it seriously. Edit: Not to go on and on about it because this isn't the house-buying thread but one common solution to solving the move-time problem with contingency sales is the buyer of the new house who is selling their existing house sets a post-close move out date on that house - a week is common - and pays the new owner rent. You might be thinking, well, how is that different going the other way? The difference is there are far more protections doing it that way because the financial risk is shifted to the people still occupying the house, rather than the other way around. The new bank/lienholder of the house, for example, will kick them out if needed (and on the drop of a dime, too) vs. doing it on the other end, whereby definition there is no new lienholder/bank if the deal falls through. Ixian fucked around with this message at 18:59 on May 2, 2018 |
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May 2, 2018 18:52
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Good luck getting the seller to accept your offer around here if you load it up with contingencies. Most people don't even do inspection or financing contingencies any more. Seattle is nuts.
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May 2, 2018 19:20
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Krispy Wafer posted:I had to double check and make sure John Smith was still on ignore ... Maybe they should have just hollered 'BOOTSTRAPS' and rode off into the sunset, but they worked with what they had.
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May 2, 2018 19:30
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Krispy Wafer posted:I had to double check and make sure John Smith was still on ignore. welp i tried being civil and nice your stupid friends are bad with money and if you think they aren't bad with money, you are a bad with money too
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May 2, 2018 19:45
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Dwight Eisenhower posted:welp i tried being civil and nice
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May 2, 2018 19:50
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If you can't afford setting up contingencies then you can't afford to buy a home. Affording a home is about more than just being able to make mortgage payments.
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May 2, 2018 19:56
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I'm not even sure what we're arguing about anymore. I specifically said you shouldn't cancel one thing before the other with my brilliant Comcast analogy and that no one in the home buying/selling process has your best interests at heart so watch your rear end. But also buying houses can be messy. It's not always going to go the way you want and there's always going to be risk. At no point did anyone I know risk homelessness had paperwork not processed on time, but they definitely had to close on one home before the bank finalized their funding for the next.
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May 2, 2018 20:02
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Wait wait, so...financial illiteracy...bad?  e. This thread's premise is schadenfreude/smug superiority at the expense of those who make poor financial decisions, most of which could have been avoided. I'm sure it extends to houses as much as it does to 36% APR 96 month horse mortgages, but there's only so much victim blaming you can do when we're all the products of our idiot environments. Guest2553 fucked around with this message at 21:00 on May 2, 2018 |
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May 2, 2018 20:56
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Guest2553 posted:Wait wait, so...financial illiteracy...bad? The latest discussion started with the post about the friend who had to spend the night at the posters house, sick baby in hand, and had use their garage because they showed up with the moving van on the day of closing and due to paperwork it was delayed until the following day. In the absence of the poster's favor (and no one is saying there was anything wrong with that) said friend would have been up a creek sans paddle, etc. The poster opined that the sellers of the house were being dicks by not letting the friend at least store stuff in the garage, at which point several of us pointed out that it was the friend being dumb, and also BWM, by not having a simple contingency plan in place. From that point discussion veered widely around the topic but that isn't anything new here. Just like closings getting delayed at the last minute is nothing new either. Hence the point. As for it being a fitting thread topic, we're all just trying to get back to the original point the poster isn't grasping, not beating a dead horse....yet. gently caress I just said horse!
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May 2, 2018 21:30
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https://www.reddit.com/r/movies/comments/8gi6l0/moviepass_goes_back_to_offering_movieaday_monthly/dyc989s/quote:About three weeks ago a friend and I were talking about how great Movie Pass was doing, and how they must have a master plan. After about 17 beers we got overly excited and decided the next morning we would buy a bunch of stock. So we followed through, at noon that variety story came out. Instantly lost half of our money. Literally within two hours of buying the stock. If only I had slept in that day.
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May 2, 2018 22:51
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MisterOblivious posted:Oh, hey, while we're still sorta on the topic of "guys hauling not-street-legal-cars to the racetrack," how about this goon? This one has looped back around to become a bit more BWM: http://www.espn.com/racing/nascar/story/_/id/23383493/nascar-issues-indefinite-suspension-spencer-gallagher-failed-drug-test
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May 3, 2018 00:24
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Teeter posted:This one has looped back around to become a bit more BWM: If your dad is CEO of the company that sponsoring your car I'm not sure how much it matters
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May 3, 2018 00:33
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Ixian posted:I'm no John Smith but I feel like you are still missing something. See my post above on how contingency sales normally work. People do them all the time, it isn't "the man" keeping the little fella down or some poo poo. Lots of people make them work. Buying and selling houses are processes people should take seriously, and not having a plan B for what happens if you (your friend in this case) move with all their stuff, and a sick baby, and the close gets delayed a day or two (which is very common) means not taking it seriously. This exactly. Best scenario ever for anyone buying a house in some weird sales situation. The people we were buying from needed the equity from the house to put the down on their new house so they wanted some kind of 10 day rent back which I was fine with. However our realtor (about the only thing the realtor was useful for) structured it so that they paid us up front for a 30 day rent back and we would prorate back to them based on the amount of days they stayed. She said these things always take longer than expected and we would end up getting screwed over an extra 5-10 days. Gave them some incentive to gtfo and also protected us and allowed us to time out apt notice better. I think they ended up staying 17 days, partially partly because they didn't have to rush out, but just made it easy for everyone. Also I trust a seller who is trying to move out to get out much more than a buyer who is trying to move in with no other option.
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May 3, 2018 01:11
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It came from r/relationships: Gf's [26F] new job brings in 0 income, but leaves her too tired for her regular chores/responsibilities. What to do? quote:We've been together for a little over 3 years and we've been living together for 8 mths. quote:[]LowElephant [S] 492 points 13 days ago
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May 3, 2018 02:38
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Haifisch posted:It came from r/relationships: Thank you for staggering this one a couple weeks so I'm not reading it in 2 threads on the same day.
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May 3, 2018 04:09
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Haifisch posted:It came from r/relationships:  It's not going to get better
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May 3, 2018 04:13
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Massive debt spiral incoming: (JP) Moving from US with debt, now in Japan but accumulated even more debt. Not sure what's next. https://www.reddit.com/r/personalfinance/comments/8gqw4j/jp_moving_from_us_with_debt_now_in_japan_but/ quote:We're family of 3 (me, wife, 1.5 y/o son). I was let go of my job in US (which sponsored my H-1B) after 5 years. Since there was only 1 year left, we thought it made sense to move outside US to find a job and refresh my visa (I need to be outside US for a year).
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May 3, 2018 16:09
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It's hard to know where to start. I suppose that even I know that cost of living in Japan is sky high.
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