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amethystbliss posted:Can someone reassure me that my timeline is okay? lol, everyone giving you poo poo is on the opposite side of this transaction/has a conflict of interest. I don't know what market you are in or how it works, so if you have to beg to buy a place maybe I'm wrong, but gently caress all of them. (you need to specify your market, because it's actually possible you need to be a kiss rear end depending on where you are and how bad you want to buy a house)
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Mar 13, 2021 04:28
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Motronic posted:lol, everyone giving you poo poo is on the opposite side of this transaction/has a conflict of interest. New Haven County, Connecticut. It's competitive, but nothing like I'm seeing in this thread. We went $20k above asking and have inspection, well, septic and appraisal contingencies. Thanks for the validation. My instinct is also "gently caress all of them." Luckily we found an inspector who we really like so I guess we'll see how that goes. As of 5 minutes ago, lender finally agreed to the Loan Estimate Form by Monday.
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Mar 13, 2021 04:53
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Thanatosian posted:Yeah, if someone wanted to bail, the other person would have to buy them out, which realistically (at least in probably the first 15 or so years of the loan) would mean we'd have to sell the place. This may sound mean, but do either of you plan on getting a serious girl/boyfriend? Getting married? I can't imagine it makes sense to buy a place together unless you plan to live together long term. A serious significant other, let alone kids, will end this immediately and the transaction costs of buying/selling are substnatial.
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Mar 13, 2021 06:39
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Inner Light posted: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. This floor poo poo actually has me very uneasy. Is it typical to hide cosmetic damage to this degree, covering it with a rug and not disclosing it? Even if you're not legally obligated it seems sneaky and rude. I'm asking my agent if I should bring in a flooring contractor to verify it can be fixed by resurfacing, instead of having to completely replace all the wood. My concern is partly because if I go to sell in the future, other buyers are just going to say the same thing, possibly making this condo harder to sell. That is not OK with me :-/ At the same time I don't want the sellers to just say "well screw this guy" and cancel the deal as soon as I ask to bring in a flooring person. Let me know if I'm being anxious and/or dumb!
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Mar 13, 2021 07:27
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Has anyone done a pretty fancy custom home recently? The architect I am talking to said that most of his builds are at over 400/sq. ft these days, which seems a little crazy.
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Mar 13, 2021 07:31
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New construction in San Francisco is north of $1,600/sq ft now. I think the absolute cheapest in California you can get is $275/sq ft, but nobody builds that cheap because there are better, more profitable projects to bid on. It's a good time to be in construction.Inner Light posted:This floor poo poo actually has me very uneasy. Is it typical to hide cosmetic damage to this degree, covering it with a rug and not disclosing it? Even if you're not legally obligated it seems sneaky and rude. I dunno, different strokes for different folks, this would probably amuse me, personally, but I can see why it might bother the buyer. I lived in enough lovely rentals to just deal with crappy floors and cigarette burns, I'd be delighted if that was the only flooring issue after 20 years. There's a fun "bubble" in our flooring right in front of the hall closet that's just big enough for about 1 in 10 guests to comment on, in the house we bought. I'm kind of wondering if they hit the glossy bit with 2000 grit sandpaper and then buffed it to match the surrounding floor, would anyone notice there was ever an issue with the floor. Kind of looks like they painted over it with varnish or epoxy or something, to match the color, but never matched the texture.
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Mar 13, 2021 07:40
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gvibes posted:Has anyone done a pretty fancy custom home recently? The architect I am talking to said that most of his builds are at over 400/sq. ft these days, which seems a little crazy. Looking at the redfin housing data dashboards (which are awesome by the way) the median PPSF for a purchase nationally is $170. San Francisco is ~$950. That's for a purchase of something already built, so yeah, $400/sq ft is probably the floor for a custom build in a market that's worth living and not a metro.
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Mar 13, 2021 08:30
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Also my friend is saying the floor plan of the condo I chose is problematic because the master bedroom shares a wall with the 2nd bedroom. While not ideal would anyone think of this as a potential issue or Big Deal?
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Mar 13, 2021 09:05
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amethystbliss posted: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. Chase has a 21 day closing guarantee.
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Mar 13, 2021 09:14
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Inner Light posted:Also my friend is saying the floor plan of the condo I chose is problematic because the master bedroom shares a wall with the 2nd bedroom. While not ideal would anyone think of this as a potential issue or Big Deal? Are you planning on having kids older than 9 years old live in that room, or renting out the second bedroom to someone who likes to blast norwegian death metal at 3am? Are you planning on turning it into a rental when you decide to move out? If the 2nd bedroom is just going to become your nerd command center/home office, then go hog wild
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Mar 13, 2021 09:29
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Hadlock posted:Are you planning on having kids older than 9 years old live in that room, or renting out the second bedroom to someone who likes to blast norwegian death metal at 3am? Are you planning on turning it into a rental when you decide to move out? It is just going to be home office for now, but I am always tempted to think far ahead 5+ years and get worried. I would like to rent it out if life takes me away from that area and it's not currently a seller's market potentially, yeah. :-/
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Mar 13, 2021 09:35
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Inner Light posted:This floor poo poo actually has me very uneasy. Is it typical to hide cosmetic damage to this degree, covering it with a rug and not disclosing it? Even if you're not legally obligated it seems sneaky and rude. It's typical enough that my last home inspector lifted all the area rugs to check for hidden damage. Pictures on walls is another good way to hide damage. Drywall fixes aren't as big of a deal, but if a painting is hiding a massive ugly spot in a wall, repainting all the area back to a wall demarcation (because g/l matching an old paint) can be.
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Mar 13, 2021 14:44
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Inner Light posted:This floor poo poo actually has me very uneasy. Is it typical to hide cosmetic damage to this degree, covering it with a rug and not disclosing it? Even if you're not legally obligated it seems sneaky and rude. In the grand scheme of things it's not a big deal. Worst case scenario you'd have to replace a small section of wood, then sand and restain/refinish it all to match the rest of the floor. You can probably have that section refinished and it will look fine. My guess is making demands of the sellers to fix this issue or give you a credit aren't going to be successful, but it won't hurt to ask! Imho put a rug over it and forget it's even there. Sirotan fucked around with this message at 14:54 on Mar 13, 2021 |
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Mar 13, 2021 14:52
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Hadlock posted:New construction in San Francisco is north of $1,600/sq ft now. I think the absolute cheapest in California you can get is $275/sq ft, but nobody builds that cheap because there are better, more profitable projects to bid on. It's a good time to be in construction.
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Mar 13, 2021 15:42
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amethystbliss posted:Can someone reassure me that my timeline is okay? Most big lending companies target 21 days, and strong local lenders can do 14 if needed. Any lender taking 6 weeks (barring any unusual circumstances) is probably not one I would not work with. You have plenty of time to close, but verify you're not going to run into any risks with contingencies: some offers have a certain number of days for you to initiate the loan application process with a lender to keep the loan contingency in place, and if you have a quick appraisal contingency timeline you may need to find a lender sooner to get the appraisal ordered to be complete in time. Barring any issues with contingency timelines (which your agent should have warned you about by now), meeting the closing date of April 20 should not be a problem if you're comparing lenders over the next couple of days (or more). I personally would expedite it just because mortgage rates are still increasing and you can see some pretty large jumps in even just a week. PageMaster fucked around with this message at 18:10 on Mar 13, 2021 |
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Mar 13, 2021 18:03
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Inner Light posted:This floor poo poo actually has me very uneasy. Is it typical to hide cosmetic damage to this degree, covering it with a rug and not disclosing it? Even if you're not legally obligated it seems sneaky and rude. Sellers can't really cancel on you so do what you want to feel comfortable. Depending on the market you may be able to get credit for it, or the sellers may tell you no and the deal just moves forward as normal. We got a bunch of contractor quotes for work needed on a house we're closing on and asked to reduce the sales price for amount; sellers said no but offered partial credit and and we have peace of mind that we at least know exactly what we're getting into. PageMaster fucked around with this message at 18:27 on Mar 13, 2021 |
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Mar 13, 2021 18:24
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MayakovskyMarmite posted:This may sound mean, but do either of you plan on getting a serious girl/boyfriend? Getting married? I can't imagine it makes sense to buy a place together unless you plan to live together long term. A serious significant other, let alone kids, will end this immediately and the transaction costs of buying/selling are substnatial. I have a list of things to discuss, and kids are #1 on the list, even though I know his long-term girlfriend and I both very strongly want no children (we're in our 30s, it's possible one of us changes our mind but I don't think terribly likely). The whole point in doing this is that the only thing within my reach reasonably is by myself is a studio condo, and together we can afford something waaaaayyy bigger (3-bedroom townhouse level). Insurance is also on the list (life, LTD, homeowners, and umbrella), pets, yard work (I want to do zero), location (near work or transit, near a grocery store, relatively near the central downtown core), the fact that house decisions will have to be made on a consent basis (i.e. both of us have to agree), the house has to be titled such that if one person dies, it goes to the other person, not to the estate of the person who died, etc. I lived with the guy for five years in a ~420 sq ft apartment, and for most of that time, we worked in the same place, relatively closely with one another (not the same department, but on a lot of the same projects, we had to troubleshoot problems together a lot, etc.). I definitely can't guarantee we won't have a falling out, but I feel like we've been in a pretty high-likelihood-of-falling-out situation, and we got along just fine. Ham Equity fucked around with this message at 19:23 on Mar 13, 2021 |
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Mar 13, 2021 19:13
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spf3million posted:Out of curiosity, where are finding the $1,600/sq ft number? Probably either socketsite, or one of a billion articles about the oceanwide building being sold while under construction because the construction company found out that they'd never sell the building for what it was costing them to build, or an article about the last few buildings going up in mission bay neighborhood It might not be exactly 1600 it might be $1700 The cost is so high because of seismic issues, or for larger buildings, post millennium building, having to tie the foundation into bedrock through 200+ feet of mud, or simply because construction workers won't drive three hours from their house to downtown SF one way for any price, so you end up paying them $80,000+/yr so they can afford to live reasonably close to the bay area. Even apprentice level tradesmen here make $80,000, anybody with any real trades experience is making more money than entry level engineers here The city of sf recently broke ground on an affordable housing project, small midrise building with ~30 units, the city's labor unions are suing the city because the whole building is prefab modular units which have been pre electric/plumbing at the factory to cut construction costs significantly, as each module is built at the very edge of the bay area where labor costs are much lower
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Mar 13, 2021 20:00
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30 Otis is ~398k at forecast cost of 115m, so just under $290/sqft. Units will of course list for $1290/sqft. I think the $1,600/sqft number is from stuff like 53 Colton which 96 "SRO" style units at a cost of nearly 53m. Assuming each unit is 350sqft you're at nearly $1,600. Each unit is probably closer to 250sqft, making the number even worse.
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Mar 13, 2021 20:42
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Toe Rag posted:30 Otis is ~398k at forecast cost of 115m, so just under $290/sqft. Units will of course list for $1290/sqft. I would love to see the floorplan on a 250 sq ft condo.
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Mar 13, 2021 21:54
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Imagine a bathroom with two sinks, an oven, a microwave and a hammock, and a 24" tv mounted above the door sfyimby has current build cost at $140 million as of dec 2020, with, wild rear end guess, $60 million for the three parcels of land they had to purchase, = $200 million for $500/sq ft @ 400,000 sq ft ,which i'll admit is lower than $1600
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Mar 13, 2021 22:05
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Walked away from the flood zone house, after my dad’s response to a paragraph long text of my thoughts about it was simply “No”. It sucked to have to do though, house was cute and very affordable and in a nice looking neighborhood with people walking dogs and stuff. Now I have a showing at 9 AM for a house on which all offers are due by noon. I am not enjoying this process.
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Mar 14, 2021 01:26
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Dross posted:dad’s response to a paragraph long text of my thoughts about it was simply “No”. You have a good dad, father's day isn't too far away Dross posted:house was cute and very affordable and in a nice looking neighborhood Pick any two
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Mar 14, 2021 01:53
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Dross posted:Walked away from the flood zone house, after my dad’s response to a paragraph long text of my thoughts about it was simply “No”. It sucked to have to do though, house was cute and very affordable and in a nice looking neighborhood with people walking dogs and stuff. There’s a reason you weren’t about to compete at that level, and that reason is the flood zone. Our agent offered to show us a place that was one block from the FEMA flood zone for NYC and my immediate response was no.
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Mar 14, 2021 02:01
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Housing is the new toilet paper, I have stocked up 13 houses just in case.
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Mar 14, 2021 02:13
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Here we go again. Just submitted another offer 30% over asking. Fortunately this one is lower priced and I was able to entirely waive the appraisal contingency. This one has a solid layout that hasn't been flipped by remodelers opening everything up, which should scare some buyers off, and fortunately our preference is a closed off kitchen and more walls
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Mar 14, 2021 02:24
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We saw a few more houses today. The best of the bunch was very similar to our current rental in sq footage, beds/baths, finishes/"niceness", neighborhood, etc. The PITI would probably end up being ~$900 more per month than our rent. Remind me why were house shopping again? Do never buy.
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Mar 14, 2021 03:40
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El Mero Mero posted:Looking at the redfin housing data dashboards (which are awesome by the way) the median PPSF for a purchase nationally is $170. San Francisco is ~$950. Non high-end dude quoted me $125/sq ft today. Also, "market worth living" is highly subjective and prone to derails, so let's not go down that path. It doesn't end well. Let's just say that any debate that ends with listing the pros and cons of Des Moines isn't going to be productive. Dik Hz fucked around with this message at 04:19 on Mar 14, 2021 |
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Mar 14, 2021 04:16
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gay_crimes posted:Here we go again. Just submitted another offer 30% over asking. Fortunately this one is lower priced and I was able to entirely waive the appraisal contingency. This one has a solid layout that hasn't been flipped by remodelers opening everything up, which should scare some buyers off, and fortunately our preference is a closed off kitchen and more walls I'm hearing this more and more from people my age (30s-early 40s). I'm not about to declare the death of open concept, but I'm wondering if it might finally be falling out of favor as the easy home-run option for flippers.
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Mar 14, 2021 04:19
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Yeah I personally dislike having no division between kitchen and living area, though a counter is enough
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Mar 14, 2021 04:23
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Cyrano4747 posted:I'm hearing this more and more from people my age (30s-early 40s). The majority of houses matching most of our criteria fail on layout because they often have the kitchen opened up to the living room. Few of them are done well, we’d compromise on it but there are too many kitchen island ranges without range hoods, bad appliance placement, etc. It seems to eliminate a lot of functional storage for the sake of making our entire place smell when we cook. Wouldn’t be a big deal except we also want a smaller house (1250-1500 ideal, up to 1750) so the wasted space opening it up makes it less appealing to us. All personal preference btw, probably informed by us starting careers with small shared offices and cubicles and then being thrown into the hell that is open concept offices
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Mar 14, 2021 04:35
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MrLogan posted:I would love to see the floorplan on a 250 sq ft condo. With an SRO there are usually shared bathrooms and kitchens between multiple units. And generally they are public housing, not condos owned separately, at least partly because you can't get a conventional loan on a condo under 400 sq ft. So it is more like renting out separate rooms in an apartment building
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Mar 14, 2021 11:51
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lampey posted:With an SRO there are usually shared bathrooms and kitchens between multiple units. And generally they are public housing, not condos owned separately, at least partly because you can't get a conventional loan on a condo under 400 sq ft. So it is more like renting out separate rooms in an apartment building That's a lot less interesting, but it makes sense.
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Mar 14, 2021 12:33
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Hey Millennials! Life being delayed? Try Dorms for Adults! Avoid the hassle of splitting a 6 br with craigslist jokers, let our highly developed algorithms pair you with the perfect floor mates. Stop getting scowled at by yuppy neighbors for clogging up all the on street parking. Come build a 2 story beer bong with your 9 new best friends
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Mar 14, 2021 14:59
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We reinvented dorm life for the millionth time, this time for adults! It's like someone saw a single photo of a pod-style hotel and said "yes, this is good for people to live in, but permanently, while still paying exorbitant rent prices."
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Mar 14, 2021 15:37
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B-Nasty posted:It's typical enough that my last home inspector lifted all the area rugs to check for hidden damage. Pictures on walls is another good way to hide damage. Drywall fixes aren't as big of a deal, but if a painting is hiding a massive ugly spot in a wall, repainting all the area back to a wall demarcation (because g/l matching an old paint) can be. Also, a lot of times the seller was already “hiding” the damage from themselves when they were living there because they didn’t want to pay thousands to fix the floor when they could put a rug over it.
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Mar 14, 2021 15:43
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How would you get a mortgage for an LLC that owns a house? How about capita gains tax when you/the LLC sells? I can't imagine this is a common arrangement for single family residential housing.
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Mar 14, 2021 16:28
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Is my best bet for finding a short term rental (few months to a year) while we look for a new house going to be Airbnb and trying to contact the host directly?
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Mar 14, 2021 16:35
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Throatwarbler posted:How would you get a mortgage for an LLC that owns a house? How about capita gains tax when you/the LLC sells? I can't imagine this is a common arrangement for single family residential housing. That depends on a lot of factors, but I'm going to assume it's a brand new LLC made for this purpose: the taxes are easy. It's just an LLC. It follows those rules. The mortgage? Not so easy. In fact, it may be treated as a rental because a company can't be a "resident". But for sure someone with assets and the means to pay is going to have to personally guarantee the mortgage. Why are you doing this? Unless it's for a rental, where this is a well known path than any book/site that focus on rental property will walk you through it's not advisable. And you maybe be confusing this with putting a personal residence in a trust.
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Mar 14, 2021 16:51
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Motronic posted:That depends on a lot of factors, but I'm going to assume it's a brand new LLC made for this purpose: the taxes are easy. It's just an LLC. It follows those rules. I'm not doing it, I'm talking about the other guy above who's going to buy a house with his friend. On taxes, I'm specifically talking about the primary residence exemption on the sale proceeds. Is it still a primary residence if you don't own it?
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Mar 14, 2021 16:56
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