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Throatwarbler posted: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? Yeah, that's also not how this is done. Both of them need to get their OWN estate attorneys to hash out an agreement that meets both of their needs and wants, if those are advisable and possible. Putting the house in an LLC does nothing other than overcomplicate the situation. If they want to agree to something inadvisable like rights of survivorship I'd strongly suspect any reasonable estate attorney would suggest a trust.
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Mar 14, 2021 16:58
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Residency Evil posted: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 19:05
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Motronic posted:Yeah, that's also not how this is done. Why would rights of survivorship be inadvisable?
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Mar 14, 2021 20:56
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Thanatosian posted:Why would rights of survivorship be inadvisable? You want to give all of your equity to him if you die first and vise versa? That's equivalent to a tontine, a type of agreement which for very easy to understand reasons is illegal in nearly every western nation. If you really hate anyone who might be a beneficiary of your estate just put the both of you on the title as "LT" (life tenants). Your house mate doesn't automatically own the rest but the estate of whoever kicks it first gets to own and maintain a house with a tenant they can't kick out until death.
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Mar 14, 2021 21:20
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Dik Hz posted:Huh, I just met with a builder yesterday who quoted me $200/sq ft on a high-end custom build in the Raleigh/Durham market. It's very market dependent. Pros: Sounds French
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Mar 14, 2021 21:22
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Elephanthead posted:Pros: Sounds French Pros: A short 3.5 hour drive to Minneapolis, only 5 hours to Chicago!
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Mar 14, 2021 22:13
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I'm speechless. I don't think I've ever seen a house that could be described as "sex panther" before.   
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Mar 14, 2021 22:38
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Incredible
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Mar 14, 2021 22:40
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spf3million posted:Incredible
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Mar 14, 2021 22:41
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Residency Evil posted: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? Airbnb for several months seems like a weird choice. Just find a regular rental on craigslist or zillow with a month to month lease or a decent buy-out clause in the lease.
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Mar 14, 2021 22:59
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I know a Airbnb host and she loves getting long term tenants thru the site. Usually business dudes who sign up at the going rate because it’s TN and it’s cheap for them there
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Mar 14, 2021 23:11
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alnilam posted:Airbnb for several months seems like a weird choice. Just find a regular rental on craigslist or zillow with a month to month lease or a decent buy-out clause in the lease. Well, we're looking at furnished places to move in to while we get settled/look for a place to buy/etc. Not sure I need to unpack my lawn mower, and we just need a 1-2BR place for the two of us. https://www.hellolanding.com/ This is looking pretty decent. Essentially, they're using VC money to let you rent furnished apartments. Expensive, but we may do this. Man, I am getting really excited about not mowing the lawn, heating/cooling a home, paying for maintenance, etc by throwing away money on rent for a while. 
Residency Evil fucked around with this message at 00:24 on Mar 15, 2021 |
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Mar 14, 2021 23:49
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Offer #4 in, most aggressive yet — 35 over asking, 10 day close, pass/fail inspection, I pay all my closing costs and title. Based on how communicative the seller’s agent is being, it’s strong. Will probably know tomorrow. Nice cul de sac spot a mile from the train station (there’s only one commuter train in Nashville and it goes back and forth in one direction, and when my work reopens we’ll have moved into a new building downtown rather than the one on the outskirts that was a 10 min commute  ) with a fenced yard and well maintained late 90s house.My agent said he’d come down on his commission if he had to to make this work out. 
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Mar 15, 2021 00:31
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Residency Evil posted:Man, I am getting really excited about not mowing the lawn, heating/cooling a home, paying for maintenance, etc by throwing away money on rent for a while. I know it's been a while since you've rented so you may not remember, but usually tenants have to pay for heating/cooling costs  And even if you don't pay for gas/electric directly, you are sure as anything being charged for it in your rent.
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Mar 15, 2021 01:04
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Cyrano4747 posted:I'm hearing this more and more from people my age (30s-early 40s). There's nothing wrong with an open concept home, it just has to be done tastefully. The open concept is still insanely popular and probably will remain something that a good portion of people want. When I did my remodel, I specifically put in special rockwool insulation to separate noise from all bedrooms with the living room, with an additional closing pocket door in the hallway for even more barriers against noise. One of the master bedrooms is above the garage and is far away from the great room, and the other master bedroom can accommodate a work desk. I think the new thing for folks is that houses need to be designed functionally; trying to randomly un-split the living room and kitchen without careful attention to details can often lead to a gigantic mess.
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Mar 15, 2021 04:07
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I wonder if the formal dining room will ever make a comeback
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Mar 15, 2021 04:18
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skipdogg posted:I wonder if the formal dining room will ever make a comeback God I hope not. I've never understood the point of wasting usable living space with a room that gets used to eat meals two or three times per year. A dining room is one thing, like the extension of the kitchen, but the whole other separate dining space just seems incredibly wasteful and a weird throwback to traditional wealthy homes with servants and poo poo. I recall having friends who weren't allowed in their formal dining or living rooms and I always thought it was weird. If I had children I would rather have multiple living/family areas so people can have multiple places to go hang out.
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Mar 15, 2021 04:47
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who's got two thumbs, a new house, and a roof leak the inspector missed?  this guy
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Mar 15, 2021 04:53
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Straight White Shark posted:who's got two thumbs, a new house, and a roof leak the inspector missed? Goondolences. When will the fire take place?
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Mar 15, 2021 05:23
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Verman posted:God I hope not. I've never understood the point of wasting usable living space with a room that gets used to eat meals two or three times per year. A dining room is one thing, like the extension of the kitchen, but the whole other separate dining space just seems incredibly wasteful and a weird throwback to traditional wealthy homes with servants and poo poo. Hey now, I love my dining room I’ll have you know <  >Our dining room was one of the things that sold us on this house. It’s huge and has a fancy fireplace and coffered ceiling. Super old school, but that’s what my husband and I were after because we do a lot old school dinner party entertaining (at least we did, in the before times). It’s the opposite of a waste of space because it’s the place where we eat literally every day. The kitchen is not eat-in, and will continue to be not eat-in after we remodel it because there’s not enough space/adequate layout to have both a functional workspace and space for eating. And I don’t remotely think that having a dining room this day and age is some weird throwback to the days of servants (  ), and I live in a house that was actually designed to accommodate servants. I just like a having a nice place to eat and to host guests that’s not surrounded by appliances and all the dirty dishes I generated in order to cook the meal. I still like dining rooms that are open to the living room (instead of the kitchen). My apartment had a huge living/dining front room divided by a colonnade and it was fantastic. Just because the dining room is its own room doesn’t mean it’s automatically some relic of the bourgeoisie. Maybe I just don’t like open concept voids.However, I hear you on the forbidden Formal Dining Room that everyone’s grandparents had that only ever got used at Thanksgiving, Christmas, and Easter, and never for any other occasion for any reason. My grandparents also had a separate formal living room that I think I sat in like three times in my entire life. These rooms are dumb and I don’t get the weird formal/casual divide you see in southern postwar grandparent houses. I grew up in a pretty formal house, but there was just one living room and one dining room and they got used regularly. On a tangentially related note, NYT ran an article the other day about proper foyers coming back in style due to the pandemic and people wanting an enclosed area where they can brush off the plague from outside before going into the rest of their house.
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Mar 15, 2021 07:04
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I tried my fireplace this weekend and rip, no gas. I'm not even sure where some sort of intermediary gas knob would be. I traced the line in the garage to a wall and then it just kind of disappears. Looks like come fall we'll have to get someone out here to take a look at it. That or I just do what the previous owner did and burn wood instead. Johnny Truant posted:We reinvented dorm life for the millionth time, this time for adults! I had a fun chat with my dad this past weekend about cleaning cigarette smells and he told me about how they had to do the same thing in my old childhood bedroom. Before they bought the house, the old lady who lived in that apartment chain-smoked daily. Which kind of brings me back to your point; the house I grew up in was a single family home turned into an apartment building, then turned back into a single family home. When they chopped up the house into apartments, they were weird and tiny. My childhood bedroom was probably only 10x12, with an average closet. It had this semi-outdoor room attached to it which was maybe 6x10. But that entire space was one apartment. This little old lady basically lived a 300 sqft apartment. There were in total maybe 5 apartments in the building that were all that size. The house's title had it written in that there would be no apartment in the basement, except that there definitely was 2 apartments down there, with questionable bathrooms. One was a full bathroom with shower and the other was basically just a toilet and a sink. I honestly never even saw the toilet/sink bathroom until we moved out; it was used as storage by my family and kind of just tucked away once the pipes were turned off. Lastly, there was another a apartment in the upstairs as well, despite only having one bathroom. It, too, was not a legal dwelling. I guess my point is, with millennials forced to buy these sub-500sqft condos due to economic reasons, nature is healing and we're going back a wonderful slum era.
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Mar 15, 2021 07:46
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Straight White Shark posted:who's got two thumbs, a new house, and a roof leak the inspector missed? Depending on the age of the roof, you might be able to get that fixed for free by the original installers. I had a roof leak 10? days after I closed, which left a huge puddle on the wood floors I had just spent all weekend sanding, and was about to have a mental breakdown when I discovered my 4 year old roof had a 10yr no-leak warranty, and the company that put it on came out the next day bright and early to fix it. Check with your city for permit records to get the name of the person/company that put it on if you don't know it, you might get lucky.
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Mar 15, 2021 14:50
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Lost out on another one due solely to appraisal contingency. I don’t think I can compete in this market.
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Mar 15, 2021 15:48
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Dross posted:Lost out on another one due solely to appraisal contingency. I don’t think I can compete in this market. Try offering to pay $X over appraisa in your initial offer l if it comes in low; we wanted to stay with VA for the rates so we couldn't waive appraisal, but put that in our offer to get accepted a couple times. It doesn't take a lot (though this is relative to how much money you have to put down), and opened up a lot of doors for us.
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Mar 15, 2021 16:01
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Dross posted:Lost out on another one due solely to appraisal contingency. I don’t think I can compete in this market. I’m starting think the same thing. Even small houses are going way over appraisal here and I can’t compete with people who have 50% cash offers. My realtor keeps suggesting smaller and cheaper houses, which I don’t want because the main reason for me to buy a house is for more space. At the same time I’m afraid that when/if things return to “normal”, prices will have increased to the point that all I can afford is an undersized place and I’ll be paying more money for the same thing.
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Mar 15, 2021 16:14
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Straight White Shark posted:who's got two thumbs, a new house, and a roof leak the inspector missed? I bought a home with an old roof. Every rain, every heavy wind, I worry.
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Mar 15, 2021 16:38
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PageMaster posted:Try offering to pay $X over appraisa in your initial offer l if it comes in low; we wanted to stay with VA for the rates so we couldn't waive appraisal, but put that in our offer to get accepted a couple times. It doesn't take a lot (though this is relative to how much money you have to put down), and opened up a lot of doors for us. This seemed to do the trick for us. We only had to offer to eat $10k in appraisal difference on a $330k offer and our agent specifically told us this made the difference. Sirotan posted:Depending on the age of the roof, you might be able to get that fixed for free by the original installers. I had a roof leak 10? days after I closed, which left a huge puddle on the wood floors I had just spent all weekend sanding, and was about to have a mental breakdown when I discovered my 4 year old roof had a 10yr no-leak warranty, and the company that put it on came out the next day bright and early to fix it. Check with your city for permit records to get the name of the person/company that put it on if you don't know it, you might get lucky. Roof is only 2 1/2 years old but unfortunately it's changed hands twice and the warranty doesn't transfer to a third owner. Leak is slow and small enough that I kind of wonder if the previous owner didn't just say gently caress it, that seems to be their general attitude to a lot of maintenance. the holy poopacy fucked around with this message at 17:39 on Mar 15, 2021 |
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Mar 15, 2021 17:35
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My agent just texted “Get ready to have fun when we list.” She’s getting me hot and bothered. I’m preparing to be disappointed.
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Mar 15, 2021 17:39
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Dross posted:Lost out on another one due solely to appraisal contingency. I don’t think I can compete in this market. This has been us in Seattle. We've been pretty conservative on what we can afford and we want to buy a house we can afford on a single income in case one of us loses or job. Our problem comes down to cash on hand. Looking at more expensive houses, where appraisal wouldn't be an issue, they end up going way over budget. So we look at cheaper houses that we can easily afford the mortgage. They still go 100k+ over which is fine on paper but we get screwed by the low appraisal contingency. Even having 20k for low appraisals knock us out of the running every time because there's usually a remaining gap of 80-100k above asking that we don't have in cash. I might liquidate company stock today to try and give us a cash boost, problem is we'll get hosed on taxes as I won't have owned it for a year or more.
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Mar 15, 2021 17:54
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Straight White Shark posted:Roof is only 2 1/2 years old but unfortunately it's changed hands twice and the warranty doesn't transfer to a third owner. Leak is slow and small enough that I kind of wonder if the previous owner didn't just say gently caress it, that seems to be their general attitude to a lot of maintenance. well that blows
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Mar 15, 2021 17:56
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I wanted a home to call my own, but I don't really want an HVAC system to call my own. The gas furnace and A/C in the condo under contract are both 19 years old. Going to need to keep $5k+ around just for replacing each when they fail  is that what everyone else does with old HVAC?
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Mar 15, 2021 18:14
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Inner Light posted:I wanted a home to call my own, but I don't really want an HVAC system to call my own. The gas furnace and A/C in the condo under contract are both 19 years old. Going to need to keep $5k+ around just for replacing each when they fail At that age they aren't worth putting any money into for even medium sized repairs, so yeah. Yes to replacing caps/contactors/draft sensors/flame sensors maybe even a blower motor. No to anything involving coils or refrigerant. But do have them serviced to get as much life as you can out of what's there.
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Mar 15, 2021 18:25
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Yeah plan on a 20 year design life and be ready with savings or a credit card etc Selling a 19 year old house or boat is a great idea, you get all the use out of it, with only minimal upkeep maintenance, and then offload all the mechanical issues/replacement onto the new owners while getting a "like new" price for the property. HVAC, roof, hot water heater etc good luck
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Mar 15, 2021 19:15
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Our appraisal came in, down to the penny, exactly what we offered. Whew! I was prepared to pay for a $10K gap. After more and more comps came in I felt more confident, but wasn't expecting it to be exact. Our realtor is either a genius or just really, really knows her stuff. Now I get to worry about how much closing costs are going to run me. I'm seeing low teens (calculators) to mid-forties (6% of home value). I can pay mid-teens in closing costs, but I do not have $40K in liquid cash, at least not after making the down payment. But our lender knows our entire financial situation, so I doubt they'd have suggested the down payment we're making if it's going to leave us in the red on closing costs. Two weeks till closing, fingers crossed!
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Mar 15, 2021 19:30
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97% of appraisals come in exactly at the offer price, there's no science to it, appraisal coming in at offer value is simply the appraiser rubber stamping for the bank that you're probably not trying to scam the bank out of a lifetime worth of money
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Mar 15, 2021 19:44
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Here we go again.
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Mar 15, 2021 19:45
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Can we bitch about flippers being obsessed with Agreeable Gray or something lighthearted instead?
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Mar 15, 2021 19:50
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Queen Victorian posted:Can we bitch about flippers being obsessed with Agreeable Gray or something lighthearted instead? We can always bitch about that. I get they need a bland palate for maximum appeal, but zzzzzzzz
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Mar 15, 2021 19:56
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We went 30% over and were beaten by two offers last minute that beat us by 1k. I'm thinking the listing agents are telling people about our offer and seeing if they can fish for higher. I wonder if it would be better to submit our offer closer to the deadline
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Mar 15, 2021 20:18
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gay_crimes posted:We went 30% over and were beaten by two offers last minute that beat us by 1k. I'm thinking the listing agents are telling people about our offer and seeing if they can fish for higher. I wonder if it would be better to submit our offer closer to the deadline It's possible, but it's more likely the winning offers used an escalation clause
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Mar 15, 2021 20:20
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