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Extreme weather events are likely to get more common rather than less.
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Mar 12, 2021 21:07
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All flood models are predicated on data that don't accurately account for global warming drastically changing weather patterns. Once in a hundred year floods/blizzards are showing up at a once per decade rate in many areas. That may increase. Even with insurance, are you ready to deal with repairing flood damage every ten years or more often?
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Mar 12, 2021 21:09
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Dross posted:Thoughts on buying in a 1% flood area? The home was part of a historic flood in 2010 but the seller states that all floor repairs were made and there have been no issues since. I didn’t notice any stains or anything during showing, and the house is priced very competitively so I’m guessing the seller is being realistic about it. I'd look long and hard at what global warming and rising sea levels are going to mean for the area around you if it's coastal or on a river big enough to be affected by tides. Climate change and flood chance is going to be a THING in the realestate market within a few decades. If it's a place you only plan on owning for a few years that's one thing, but then you're also dependent on finding someone else who's willing to hold the bag. Once a century floods are rapidly becoming once a quarter century / once a decade floods in areas. That said, none of that really applies if it's in a high flood area because it's in the flood plain of a river that's 500 feet above sea level. I mean, climate change is going to do all sorts of poo poo and god only knows what rainfall patterns will be in the future etc, but that's not as cut and dry as if you're looking at property in Miami.
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Mar 12, 2021 21:11
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Dross posted:Thoughts on buying in a 1% flood area? The home was part of a historic flood in 2010 but the seller states that all floor repairs were made and there have been no issues since. I didn’t notice any stains or anything during showing, and the house is priced very competitively so I’m guessing the seller is being realistic about it. I'm reading Disposable City along with The Water Will Come: Rising Seas, Sinking Cities, and the Remaking of the Civilized World but haven't finished. So far, it's thought that there are still at least a few or several residential real estate cycles left in Miami. Property in flood zones have mandated insurance and premiums will rise because it's not going to get any better.
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Mar 12, 2021 21:18
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Appraisal came back at $5k over our offer (which was 15% above asking) so we're good and should be able to close next week.  I also got with Citi about wire transfers and, indeed, they only allowed 50k per day unless I signed up for their next higher level account which I more than qualify for even after our closing wire is withdrawn so I got that going for me. Now to fret about Citi still loving something up even though I've done the due diligence to make sure this will work.
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Mar 12, 2021 21:22
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How terrible of an idea would it be to but a house with a friend? Assume I've lived with the friend for five years, so I know we can live together without issue.
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Mar 12, 2021 21:42
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Thanatosian posted:How terrible of an idea would it be to but a house with a friend? Mingling assets with a friend is a great way to end up short a lot of money and a friend. Just consider the different trajectories your lives might take. What if they get a better job in a different city? Can you buy them out? How do they sell their half of the house? To whom? Do you get a say in who the new half-owner of your house is? What if you get married? Does your co-owner want you to sign a pre-nup with your spouse to protect half of their investment? What if you two just get pissed at each other? Who moves out? How do you dissolve the relationship? Way, way better for one of you to buy it and just rent to the other one at a friend rate. I mean, being your buddy's landlord is also a recipe for loving up a friendship, but way less potential to destroy your finances.
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Mar 12, 2021 21:47
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Dross posted:Thoughts on buying in a 1% flood area? is this a terrible idea? Yes Did they modify the foundation/pad in any way to get it above the flood high water mark? If there's a 1% annual chance of flooding, assume it's going to flood once a decade. I've been alive slightly less than half my projected lifespan, and I've personally already sat through three "once in a century storms" If the house is pier and beam foundation, maybe you can jack the house up above the flood line, but that's a lot of work I wouldn't touch it, personally
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Mar 12, 2021 21:49
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Cyrano4747 posted:Mingling assets with a friend is a great way to end up short a lot of money and a friend. And yeah, I recognize that the solution to any problem we can't figure out a compromise on is likely to be "sell the house."
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Mar 12, 2021 21:53
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Cyrano4747 posted:That said, none of that really applies if it's in a high flood area because it's in the flood plain of a river that's 500 feet above sea level. I mean, climate change is going to do all sorts of poo poo and god only knows what rainfall patterns will be in the future etc, but that's not as cut and dry as if you're looking at property in Miami. This is the case. It’s in Nashville (elevation 600’ in a landlocked state) near the banks of the Cumberland River.
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Mar 12, 2021 22:00
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Thanatosian posted:If one of us could afford a big enough place to rent space to the other one, this wouldn't even be a consideration.
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Mar 12, 2021 22:00
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A MIRACLE posted:what if you bought a duplex and set up a housing co op We could buy two places for the price of a duplex.
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Mar 12, 2021 22:04
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Dross posted:This is the case. It’s in Nashville (elevation 600’ in a landlocked state) near the banks of the Cumberland River. The 2010 Tennessee flood is, to my understanding, considered a "1000 year" flood instead of a "100 year flood", which would change my personal risk assessment a bit. A quick poke around online suggests it was the result of 19" of rain in two days which is pretty drat unusual even as weather changes. (I've never personally seen more than about 12" in that time frame even with a hurricane.) If you can find out how high the water got, that'd be good to know, too. There's a significant difference between "an inch of water in the ground floor" and "six feet of water in the ground floor". Neither is good, obviously, but if it was the latter then the former is probably going to happen far more frequently. One factor with inland flooding that doesn't get as much attention as climatological factors is pavement. The more heavily developed an area is, the more water that's shed and less that's infiltrated into soil during rain events. That's started to get some attention in the New England area (where naturally it's being viewed as an opportunity to levy new taxes) but it's largely ignored in the rest of the country. If 80% of water infiltrates the soil and 20% runs off into rivers, but then you pave 50% of the area, suddenly you're looking at infiltration being halved and run off tripling, rivers getting higher, flooding becoming more frequent, etc.
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Mar 12, 2021 22:21
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poeticoddity posted:
There was a flash flood in Maryland either in 2019 or 2020 that was in large part due to that. I can't even find the link to it because if you google "maryland historic flash flood" you come up with results from 2016, 2018, 2019, and 2020 that I can find with thirty seconds of clicking old news links before I got frustrated. Tl;dr poo poo load of paved surfaces created a funnel through some historic district, turning it into a white water rapid. I think I remember it tearing down some old wall that was built to keep black people on their side of the town? So good work flood I can't remember I guess. I had a friend with a split-level house basically at the bottom of the funnel that had the bottom floor get just loving wrecked. And, you know, based on that googling I'd, uh, triple check to make sure that the flood we're talking about was really historic and once-in-a-millennium and not "historic" and "unprecedented" for the fourth year in a row.
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Mar 12, 2021 22:25
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Nashville has a lot of flooding even before climate change
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Mar 12, 2021 22:30
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Do you trust the local stormwater/ flood control authority to prepare for potential upcoming weather patterns? Are they going to do the things required to reduce the risk in the future, that may be perceived as infringing on property rights?
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Mar 12, 2021 22:35
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The house we're buying went through a flood event some years back but that was due to a fix the HOA neglected to make. They've since fixed it and updated the floors. That said, my town is slowly falling into the sea, which is why I'm not buying on the coastline or cliffs, regardless of the views. I can take in the views on my hikes. I did not sign up for additional flood coverage in the initial homeowners insurance policy, but I will probably get a second policy just in case. Fire and earthquake are more likely anyway. There *could* be a landslide, but the hills are on the other side of townhomes from me so it's unlikely our individual unit will be affected.Mackieman posted:Appraisal came back at $5k over our offer (which was 15% above asking) so we're good and should be able to close next week. This is a great reminder to me to check with the bank on daily transfer limits, so thank you. I still have close to 70k of a down payment required in less than two weeks and I want to make sure I can transfer it all on the same day.
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Mar 12, 2021 22:54
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You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings and thinking about how those new listings are better/cheaper than what you just bought?
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Mar 12, 2021 22:55
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Throatwarbler posted:You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings and thinking about how those new listings are better/cheaper than what you just bought? Oh, that's easy. The only thing cheaper than what I bought are studio apartments in the gross adjacent cities. I'm just grateful we were able to buy anything in this market. I toured a barely livable house on a hillside with no parking in the worst town I've ever been in that was probably going to sell for $1.2MM. By the time I got back into my own town, I decided I'd rather rent for another year than overpay for a lovely fixer in a lovely town. I do look at my own house, though, and admire the big "pending/off market" signifier far too often. What I am struggling with is holding back from buying all the expensive new furniture and housewares I want to put in the new place. We're giving away a lot of our stuff and upgrading, but I can't spend any money yet because I want to make sure to leave some wiggle room for closing costs or covering for gaps in the appraisal (we are fairly confident on that but we offered no contingencies and I don't want to be unable to eat a $10K gap because I just had to have my new bed or whatever), and I can't charge anything right now because I can't let anything affect my credit score. So I'm throwing all my energy into packing and giving away all our crap, which we have far too much of, but luckily it's in good shape so it gets claimed fast, at least. But how in the world do you get rid of hangers? I don't want these old plastic things anymore but they're perfectly useful. NO ONE wants them, and goodwill won't take them.
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Mar 12, 2021 23:02
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Throatwarbler posted:You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings and thinking about how those new listings are better/cheaper than what you just bought? You can never really tell without seeing in person so for all you know they're lovely properties with good photos. Also turn off zillow emails or whatever.
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Mar 12, 2021 23:04
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Throatwarbler posted:You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings 2 and a half years later and I'm still getting alerts and looking at listings. You already got good advice on the second part.
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Mar 12, 2021 23:25
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Thanatosian posted:If one of us could afford a big enough place to rent space to the other one, this wouldn't even be a consideration. Although I don't advise it for the myriad reasons above. If you do, you should get a lawyer and contract up. Probably form an LLC with your friend or something to purchase the property through. Get everything in black and white and agreed to by all parties. That way the expectations if something does go wrong are already there. I've gone into business with friends twice, both times we formed LLCs, and in one of those cases it saved the friendship.
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Mar 12, 2021 23:30
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Throatwarbler posted:You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings and thinking about how those new listings are better/cheaper than what you just bought? imo confirmation bias went both ways. First, I was convinced I paid way too much because I kept checking recent sales in the city and finding most went for asking price. Then the 'recently sold' listings were updated and the majority of the homes we looked at or considered all sold for 3-6% over asking, and Zillow updated their Zestimate on my home to be 0.5% higher than what we paid 2 weeks ago. So I swung from one extreme to the other. I think you just need to channel your inner dad and stop obsessing over fantasy home buying and focus on what needs fixing around your new house. I'm halfway through my current project of painting the garage. I spent last weekend washing the walls with TSP and you all were right: watching the iced tea looking liquid drip from the walls was disgusting. After a day of washing, the garage smell improved dramatically and now we don't get headaches from the smell. Today I'm patching the screwholes from the shelves, and prepping the space for Zinsser and Kilz to seal off anything left. I imagine that once I'm done painting it on Sunday, it'll be like nobody ever smoked there before.
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Mar 13, 2021 00:02
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Throatwarbler posted:You guys who have just gone under contract/etc recently, how do you stop yourself from obsessively checking new listings and thinking about how those new listings are better/cheaper than what you just bought? I still check in case something happens before closing, but everything has only gotten more expensive so no worries there. The hard part is actually looking at the houses we missed a month ago closing with sales prices $60k less than the 'norm' today.
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Mar 13, 2021 00:14
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Cyrano4747 posted:There was a flash flood in Maryland either in 2019 or 2020 that was in large part due to that. I can't even find the link to it because if you google "maryland historic flash flood" you come up with results from 2016, 2018, 2019, and 2020 that I can find with thirty seconds of clicking old news links before I got frustrated. Tl;dr poo poo load of paved surfaces created a funnel through some historic district, turning it into a white water rapid. I think I remember it tearing down some old wall that was built to keep black people on their side of the town? So good work flood I can't remember I guess. I had a friend with a split-level house basically at the bottom of the funnel that had the bottom floor get just loving wrecked. If you are thinking of Ellicott City, MD, they got hit with two "100 year" floods in a three year period.
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Mar 13, 2021 00:58
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Bucnasti posted:Although I don't advise it for the myriad reasons above. I don't know if we'll go full LLC, but we are absolutely going to talk to a lawyer and set up an ownership agreement. I'm also going to talk about life and LTD insurance with them, as well as an umbrella policy.
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Mar 13, 2021 01:29
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Cyrano4747 posted:There was a flash flood in Maryland...Tl;dr poo poo load of paved surfaces created a funnel through some historic district, turning it into a white water rapid. I think I remember it tearing down some old wall that was built to keep black people on their side of the town? So good work flood I can't remember I guess. I had a friend with a split-level house basically at the bottom of the funnel that had the bottom floor get just loving wrecked. This was Old Elliott city. The historic down sat at the bottom of a big hill. The top of the hill had been developed into cookie cutter neighborhoods and most of it was paved over with roads. Like you said, the roads and pavement acted as a funnel and unfortunately the main thoroughfare was the path of least resistance for a HUGE amount of water. Here a video of a recent flood. https://m.youtube.com/watch?v=Lo1nM0tv4Ds The county ended up condemning a portion of the town and ripping out the road to install a HUGE storm drain under the road so that a modest rainstorm wouldn’t destroy the town once a year.
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Mar 13, 2021 01:38
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Thanatosian posted:I don't know if we'll go full LLC, but we are absolutely going to talk to a lawyer and set up an ownership agreement. I'm also going to talk about life and LTD insurance with them, as well as an umbrella policy. Just asking cause my brother looked into this and bailed out, what agreement could you come to if someone wanted to leave? How can one party buy out the other if neither could afford the place alone? Would you just have a clause to sell the house if either party wanted to leave?
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Mar 13, 2021 02:00
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Thanatosian posted:I don't know if we'll go full LLC, but we are absolutely going to talk to a lawyer and set up an ownership agreement. I'm also going to talk about life and LTD insurance with them, as well as an umbrella policy. lol "full LLC" If your lawyer doesn't immediately tell you this is the minimum you need to find a better lawyer. Less Fat Luke posted:Just asking cause my brother looked into this and bailed out, what agreement could you come to if someone wanted to leave? How can one party buy out the other if neither could afford the place alone? Would you just have a clause to sell the house if either party wanted to leave? None when neither of you can afford the place. This is the entire problem. This is a large component of the reasons that divorce proceeding are such a pain in the rear end and have a whole set of rules and norms around them.
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Mar 13, 2021 02:12
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Oh yeah I agree, that's why my brother thought it was the most expensive way possible to lose a friend and bailed. Just curious if OP had some other exit strategy (murder or something)
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Mar 13, 2021 02:26
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I really don't understand why nobody is recommending that the two friends just get married; this seems like the most obvious solution to me  For content, I'm in the "sell the home" phase of relocation and the first realtor came over to look the place over today. Suffice to say that since I wasn't planning to move for 2 more years, it's nowhere near ready to list yet (even though my wife and I have been busting our asses for the last few weeks now that we know we're having a sudden life event, yay work) and I wasn't super into her opinion of the place. We'll see if the realtor tomorrow is any different. *begins counting on fingers* Probably needs a new roof, new flooring upstairs, repaint most/all the walls, fix the front step outside, new windowsill paint, new screens where necessary, find someone to haul all my firewood out of the backyard <  > , fix a gutter, and maybe get some sort of nursery/landscaping person to come out and tell me what I can do about my Bush Situation. Probably trim 'em all off even with the ground  Whew. It's gonna be a busy few weeks. Adulting is hard.
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Mar 13, 2021 02:46
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Can someone reassure me that my timeline is okay? We asked our realtor for references for lenders. Contacted all 3. Ruled out first guy because he was a sexist rear end in a top hat. Got preapproval letter from second lender and he seemed decent enough. At that point, didn't bother going forward with anyone else since we had letter in hand. We saw a house last weekend and put in an offer. It was accepted on Sunday 3/7 and we're now under contract. This week we arranged inspections and asked lender for a loan estimate form. He's being cagey about it. Talked to the third lender, and they seem annoyed/surprised that we're shopping around. They pulled a credit check but didn't otherwise really seem to care about getting our business. Realtor is also acting surprised that we haven't picked lender, saying time is of the essence. Closing date is 4/29. Do I need to have a lender selected yesterday, or is now the appropriate time to be shopping around? Inspections are on Monday.
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Mar 13, 2021 03:00
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Alright, had the 2/2 condo inspection today. Most stuff is fine! Some light switches are hosed so I will get those replaced, I guess. The biggest issue is there is an area of significant cosmetic damage to the engineered hardwood floor. The damage was conveniently covered up by an area rug and not disclosed prior to my inspector finding it. Unfortunately, the damage is easily noticeable from all angles and is right in a main area. Unless it's covered up of course. I've never owned a home before. Apparently per my agent and inspector, this type of condo would cost around $3K to have the floors refinished. Any opinions? Would you live with it and cover with a rug, or cough up to have the entire condo refinished? Photos:   If I had to guess it was some dog pee that sat on a rug. In my market, my agent said we can ask for $1,500 credit to cover half but the seller will likely deny. For context in case it makes any difference, this building was built in 2004 and we doubted the floors have been refinished. Inner Light fucked around with this message at 03:10 on Mar 13, 2021 |
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Mar 13, 2021 03:06
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Is the damage that the floor looks polished there or what, it's hard to tell I can't imagine a seller giving you a credit to redo the floors Budget $6000 to get them re-done, be pleasantly surprised if you get change back
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Mar 13, 2021 03:19
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Hadlock posted:Is the damage that the floor looks polished there or what, it's hard to tell Yeah there's like a 2foot x 2foot spot where the floor looks permanently really shiny. Not sure what they did to try and fix whatever it was but I'm guessing that's the result.
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Mar 13, 2021 03:21
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Would poo poo like this be covered by most home insurance? For the seller of course, you the buyer are obviously sol
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Mar 13, 2021 03:25
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Throatwarbler posted:Would poo poo like this be covered by most home insurance? For the seller of course, you the buyer are obviously sol Probably not, and even if it was, you wouldn't want to make a claim for something like that. This is my opinion/feeling on home insurance. It's for catastrophic claims only. You really don't want to be making small claims against a policy if you can avoid it. Anything less than 10K should just be paid for some other way. It's not worth putting the claim on your record for something small, especially considering the higher homeowners deductible. My deductible is 1% of my houses value or about 3600 dollars. It makes no sense in filing a 5 or 6 thousand dollar claim and jacking my insurance rates for the next 7 to 10 years so I can pay 3600 dollars and insurance pays 2400 dollars on a 5K claim. Now god forbid a grease fire takes out my kitchen and it's going to cost 60K to remediate, then you file a claim, or a hail storm runs through and destroys a bunch of windows and my roof. Don't file a claim on little stuff though. Don't even call your insurance company and ask if you should file a claim, they can count that against you as well.
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Mar 13, 2021 03:54
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Do I go 30% over list on a house I really want after losing another one at 26% over asking, or do I just sit around for some event where the housing market stops being nuts?
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Mar 13, 2021 03:57
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Less Fat Luke posted:Just asking cause my brother looked into this and bailed out, what agreement could you come to if someone wanted to leave? How can one party buy out the other if neither could afford the place alone? Would you just have a clause to sell the house if either party wanted to leave?
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Mar 13, 2021 04:01
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| # ? May 29, 2024 19:14 |
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gay_crimes posted:Do I go 30% over list on a house I really want after losing another one at 26% over asking, or do I just sit around for some event where the housing market stops being nuts? Ignore the list price. Look at comparable sales
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Mar 13, 2021 04:01
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