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150k is a lot of money. That’s a house in a huge part of the country and an amazing down payment in a lot of it. For a ton of people that absolutely is life changing.
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Jul 20, 2018 15:16
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Sock The Great posted:I always thought the lender required you to have the home inspected prior to approving the loan. Who would borrow that kind of money without having the house inspected. I swear about 90% of the participants of those "save my hosed up house" shows from the mid 00's were people who impulse bought in during the bubble without getting an inspection. The results were...predictable.
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Jul 20, 2018 15:34
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Consumer protection, gwm? https://twitter.com/uscpsc/status/1020318077026791425?s=21
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Jul 20, 2018 15:49
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Sirotan posted:I swear about 90% of the participants of those "save my hosed up house" shows from the mid 00's were people who impulse bought in during the bubble without getting an inspection. The results were...predictable. Holmes on Homes (or its sister show, I forget) had a bunch of them. All I could think was “What did you expect would happen?!”
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Jul 20, 2018 16:01
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I am a freelance sandal repairman and my wife is a professional Monopoly money hoarder and our budget is $1.2 million.
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Jul 20, 2018 16:05
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zelah posted:150k is a lot of money. That’s a house in a huge part of the country and an amazing down payment in a lot of it. For a ton of people that absolutely is life changing. ... except a significant portion of those people will take that money, buy two new cars, go on multiple expensive vacations, buy a 75" TV, and end up in even more debt than they started with. Because they deserve nice things, you see.
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Jul 20, 2018 16:07
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$150k is a mindbogglingly large amount of money to just have (i.e., not sunk into investments or a home or whatever)
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Jul 20, 2018 16:15
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Does anyone remember the blog with the guy who bought a house without an inspection (because the seller's agent talked him out of it), only to find out the flippers did bare minimum everything and it was a huge scam? Highlights included: coax outlets with cables that only went about 6" into the wall, vents trimmed out with paint sticks, a beam holding up the entire house removed from the basement, and a can of Great Stuff exploding in his newly drywalled/carpeted bedroom, causing him to have to replace everything for a 2nd (or 3rd??) time? The guy should have walked away or used the hosed up wiring as an excuse to torch it for the insurance money, but instead spent months and $x00,000 trying to fix everything despite having no DIY skills at all. It's a great BWM read, but I've spent the last 15min trying to find it, and can't. Pretty sure he was in Minneapolis.
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Jul 20, 2018 16:31
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Hooded winked house is the one you are thinking of. Sites down but it's up on Twitter and Facebook still. Took me a bit to find to.
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Jul 20, 2018 16:52
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Sirotan posted:(because the seller's agent talked him out of it) Of all the people in a several hundred thousand dollar transaction I'd trust to have my best financial interests at heart.
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Jul 20, 2018 16:53
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UCS Hellmaker posted:Hooded winked house is the one you are thinking of. Sites down but it's up on Twitter and Facebook still. Took me a bit to find to. YES, thank you! The Wayback Machine has enough of the site saved for at least a bit of BWM schadenfraude: https://web.archive.org/web/20171226070347/http://www.hoodwinkedhouse.com:80/ Also just going to link the rest for posterity: https://www.facebook.com/hoodwinkedhouse/ https://twitter.com/hoodwinkedhouse Sirotan fucked around with this message at 17:03 on Jul 20, 2018 |
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Jul 20, 2018 17:01
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Sirotan posted:YES, thank you! The Wayback Machine has enough of the site saved for at least a bit of BWM schadenfraude: https://web.archive.org/web/20171226070347/http://www.hoodwinkedhouse.com:80/ He did get an inspection though, but it must have been a pretty crappy inspector to miss all the stuff that he had to deal with. I would have been calling my lawyer and see about a fraud complaint, although I have no clue how much you can really get on a real estate deal.
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Jul 20, 2018 17:17
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Bird in a Blender posted:He did get an inspection though, but it must have been a pretty crappy inspector to miss all the stuff that he had to deal with. I would have been calling my lawyer and see about a fraud complaint, although I have no clue how much you can really get on a real estate deal. Well poo poo, guess I misremembered that bit then. Less BWM and more BWL. Still recommended as a pro-read.
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Jul 20, 2018 17:21
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Yea, I remember reading most of it a while back, and I skimmed through it again. Honestly, with the list of problems this guy had, I probably would have just sucked it up and walked away. Assuming he put 20% down, he would have spent around $40k on the down payment and closing costs. His repairs were going to cost 2-3 times that.
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Jul 20, 2018 17:26
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Sirotan posted:YES, thank you! The Wayback Machine has enough of the site saved for at least a bit of BWM schadenfraude: https://web.archive.org/web/20171226070347/http://www.hoodwinkedhouse.com:80/ Another good one is the guy who bought a Ryan Home (High volume, low quality) bitched about it online then collected emails from other people who felt duped by NVR. http://ryanhomesnightmare.com/ryan_emails.html
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Jul 20, 2018 18:15
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Sock The Great posted:I always thought the lender required you to have the home inspected prior to approving the loan. Who would borrow that kind of money without having the house inspected. e: No inspection because I am planning on knocking it down shortly.
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Jul 20, 2018 19:14
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Appraisers are not physical condition investigators, so any appraisal will have a comment in it that they assume the building is structurally sound with no hidden defects
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Jul 20, 2018 19:33
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Don't appraisers just look at the offer price, write that down as the appraised value and then collect $500?
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Jul 20, 2018 19:54
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OctaviusBeaver posted:Don't appraisers just look at the offer price, write that down as the appraised value and then collect $500? How dare you suggest that someone involved in the real estate process is collecting rent while adding little to no value!
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Jul 20, 2018 19:56
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OctaviusBeaver posted:Don't appraisers just look at the offer price, write that down as the appraised value and then collect $500? A buyer and a seller have agreed upon the price for a specific property. What better indicator of market value could there possibly be?* *Assuming an arm's length deal with typical buyer and seller motivations for a property with a highest and best use of continued operation as currently improved canyoneer posted:How dare you suggest that someone involved in the real estate process is collecting rent while adding little to no value! Quality appraisals are an important line of defense to prevent another savings and loan crisis like we saw in the 1980s. (Emphasis on quality though!!!)
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Jul 20, 2018 20:38
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OctaviusBeaver posted:Don't appraisers just look at the offer price, write that down as the appraised value and then collect $500? Hey now, don't be unfair, most of the time they also spend 5 mins on zillow to check that houses nearby that seem kinda like yours also sold for kinda the same price. Maybe.
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Jul 20, 2018 21:12
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That's exactly what you want as a buyer though right? The appraisal is supposed to protect the bank, not you. A low appraisal is a mess.
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Jul 20, 2018 22:02
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I know someone who had an appraisal come up short because the appraiser didn't add all the lines. At the end of the report there was some math shown of all the different elements in the appraisal, grand total at the bottom. But the guy didn't add all the rows correctly and it was like $40k short, which caused some problems with the bank. It took a lot of convincing and phone calls for him to fix the dumb appraisers mistake because the guy fatfingered a simple addition problem.
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Jul 20, 2018 22:16
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I had an appraisal for a refinance by an ancient shriveled up old man and he appraised my house so low I couldn’t get the loan. Quicken tried again less than a year later and the same fucker did that appraisal and said my house had gained $100k in value. Both appraisals were very wrong in very different ways. boop the snoot posted:I am a freelance sandal repairman and my wife is a professional Monopoly money hoarder and our budget is $1.2 million. But those shows are usually in Canada so that 1.2 million is only about $900k in real money.
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Jul 20, 2018 22:50
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OctaviusBeaver posted:Don't appraisers just look at the offer price, write that down as the appraised value and then collect $500? Unless you're trying to refi or the appraiser isn't feeling well that day. They're unaccountable leeches on society, one of the few professions worse than a real estate agent.
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Jul 20, 2018 23:04
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I do wonder how the absolute hell a residential appraiser comes up with a value when it's not selling. Commercial property values are practically inarguable - the income is the income, the expenses are the expenses, and cap rate ranges tend to be pretty tight for a property type in a given region. But a house? You pay a price based on your emotional attachment. Two very comparable houses could attract offers $100k apart because Joe Homeowner thinks the colonial is just like the house he grew up in. How do you account for that? And yet the commercial appraiser gets $5,000 a job to the residential's $500
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Jul 20, 2018 23:12
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Auto-IRA programs could hurt the poor? What the gently caress is this poo poo.quote:Even modest savings in auto-IRA plans could disqualify tens of thousands of households from means-tested benefit programs such as food stamps, Temporary Assistance for Needy Families, Supplemental Security Income, housing subsidies and Medicaid, which have asset and income tests that can be triggered by as little as $1,000 in savings. Poor households would be forced to spend down their savings — perhaps paying a penalty for early withdrawals — before regaining eligibility for benefits. Some states: "Okay, how about auto-enrolling you into IRAs?" Economist, kramering into the room: "If we give the poor TOO many savings, we'll end up kicking them in the teeth. The solution here isn't to expand benefit programs, it's to reform social security." Exeunt economist, through a window. I feel sorry for Americans now.
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Jul 21, 2018 00:21
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Lol that “short-sighted and risk averse lawmakers in Congress now” is something that has ever been or ever will be different
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Jul 21, 2018 01:15
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Cacafuego posted:Lol that “short-sighted and risk averse lawmakers in Congress now” is something that has ever been or ever will be different we have the benefits in the first place cuz of actually good-rear end dems in the lbj and fdr eras
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Jul 21, 2018 01:29
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As a heads up, a home inspection as part of a sale is not a ton of protection. It's really easy to get certified to be an inspector and they usually go through it pretty fast. They can catch obvious stuff but it's not like you're getting a thorough digging on every facet. I'd also strongly recommend walking with the inspector while they are going through, you'll get more info than what's on the report. You should always get an inspection but just don't think it's some infallible guarantee.
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Jul 21, 2018 01:35
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Don’t tell me this. I just bought a house 1,000 miles away without seeing it Edit: whoops. This is not the home chat thread. Umm, my buddy has a trust fund. He bought a $65,000 truck cash. Fast forward a few years and he’s out of money and can’t afford to fix whatever went wrong with the truck so now it just sits and his girlfriend drives him. Loan Dusty Road fucked around with this message at 04:15 on Jul 21, 2018 |
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Jul 21, 2018 01:52
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Please tell me it’s a Ford Raptor
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Jul 21, 2018 02:02
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I believe it's chevy's version of that (black widow edition or something). He traded in a $60,000 luxury chevy truck for this one that he bought 2 years prior because he wanted something that looked more manly.
Loan Dusty Road fucked around with this message at 04:19 on Jul 21, 2018 |
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Jul 21, 2018 04:17
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What's the scoop on this mythical Ford Raptor??
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Jul 21, 2018 04:24
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It's a truck that's better for off-road than normal trucks. The real thing is that it let's man children pretend they are Ivan Stewart driving a million dollar off road race truck on the freeway.
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Jul 21, 2018 04:30
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GoGoGadgetChris posted:What's the scoop on this mythical Ford Raptor??
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Jul 21, 2018 04:54
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I once had a friend close on a new home, but the property taxes had been calculated on the empty lot, not with a house built on it. They lived there for like 5 months before they received a letter from the city notifying them of the reassessment. Their mortgage ended up nearly doubling and they went deep into debt trying to keep up with the new payments. Ultimately they were able to sell the house, but they were way underwater and had to bring a huge check to the closing. It was a situation where GWM would have been to have declared bankruptcy, but their pride took over and they took the hit.
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Jul 21, 2018 12:35
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https://www.reddit.com/r/personalfinance/comments/90mri2/200k_in_student_loans/quote:After doing undergrad and grad school, I am now $200K in debt. These are mostly federal loans and I have been doing IBR for the past three years since graduating school. Now I'm ready to get serious about my money situation but I'm not sure if my plan makes sense. He went to physical therapy school. https://www.reddit.com/r/personalfinance/comments/90k2hd/63k_in_credit_card_debt_and_not_sure_what_the/ quote:I'm about 63k in credit card debt across 8 cards and I'm barely able to pay minimums and living expenses. I'm fed up. I know I need to take various steps if I want to improve my situation like 1) create a realistic pay down plan and 2) review/change my monthly budget. What am I missing or is there a better way to approach this? I know I'm to blame for making poor spending choices and now I'm sick of it and completely disappointed in myself.
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Jul 21, 2018 14:52
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Oof. Both of those hurt. $200k in debt and $63k salary?? What an ROI! Only way that'd make sense is if it was a clear path to huge income, but it does not sound as if that's the case here.
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Jul 21, 2018 15:14
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Olive Branch posted:Auto-IRA programs could hurt the poor? What the gently caress is this poo poo. Wait, retirement accounts are included as assets for food stamps and other assistance? So basically gently caress poor old people and gently caress poor people who want to make sure they don't have to eat cat food when they're old.
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Jul 21, 2018 16:20
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