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mattfl posted:Back to the farmhouse decorating talk. Is anyone else's wife obsessed with Rae Dunn stuff? I swear to god every single room in my house has something Rae Dunn in it. Thankfully no. I didn’t even know Rae Dunn was a thing until I saw some TikTok videos about crazy rear end people beating down the doors at HomeGoods and getting into fights over the stuff. Wait until she levels up and gets a cricut and starts making her own stuff and half your bedroom turns into a vinyl cutting station with an industrial t shirt press. skipdogg fucked around with this message at 02:18 on Mar 19, 2021 |
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Mar 19, 2021 02:16
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lmao the tenant's lease isn't up until August 31 apparently she indicated she might be out by the end of June lol yeah I dunno my lawyer is already drawing up the "backup house" contract, I guess we'll see if they sign it because lord knows they can't sell that house to anyone else for the next three and a half loving months at minimum back to the house-hunt I guess 
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Mar 19, 2021 03:32
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Bro I can't imagine how nice this place is for you to want it that bad
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Mar 19, 2021 04:50
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Alarbus posted:You can replace the doors without changing the base cabinet. Or you could try frosting the glass? We'll probably be doing this; the cabinets in our place are kinda looking ragged and the previous owner babyproofed the poo poo out of the place. So rather than try to repair we'll probably just replace the faces of the cabinets. Inner Light posted:Bro I can't imagine how nice this place is for you to want it that bad Exactly. Zero loving chance this house is worth waiting five months to get the tenant out, and she's expected to be out in three months? You can't plan on that. Glad you have an easy out.
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Mar 19, 2021 04:55
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Throatwarbler posted:I've toyed with this idea too but I feel like interior designers are something that only the idle rich can afford, not people who work for a living like me. How much does it cost to hire one?
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Mar 19, 2021 07:30
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Not sure if this belongs here or in some other thread but I'll give it a shot. I'm planning to buy a condo this summer. I'm not in the US, so mortgages and condos work a bit differently here. There's two particular details about how things work here I think are relevant to my question. The first is that when you get a mortgage, you're required by law to cough up at least 15% of the price of whatever you're buying as down payment (you may be able to get an unsecured loan for a part of those 15% but let's not get into that). The second is that you can pin the interest rate for all or a part of your mortgage for a set period of time, usually at a slight premium on the interest rate. Right now though my bank is offering a 1.64% unpinned rate (meaning they can change the interest rate every three months depending on market rate), but a 1.54% rate if you pin it for anywhere between 1 to 3 years, and then slowly increasing rates up to 2.24% for pinning it at various periods up to 10 years. The interest rate goes down slightly if you put down more money; if I put down 20% it's basically 0.05% cheaper over the board compared to if I put down 15%. If I put down 25% it's about 0.2% cheaper. With that out of the way let's get to the actual question, which is: how big should my down payment be? With my budget I can afford more than the mandated 15% - I can do 20% and maybe even 25% if I buy something cheap. Interest rates on mortgages have been very low for a very long time now, so the common advice I see here is to put down the minimum amount (15% of the closing price) and just put whatever other money you have available into stock market index funds, which are on average going to give a better return than what the interest rate is going to cost you, and just pay off the mortgage at the minimum rate the bank and the law requires (usually a 40 year term). Isn't this just investing in stocks with leverage, though? I'm not sure if I feel comfortable with that. I'm not thrilled by the idea of just living with massive debt for the foreseeable future. Thoughts? fake edit: I have a buffer I'm comfortable with that I'm not touching, and I'm saving a decent amount for the long term in index funds already. The down payment is going to come mostly out of money I have set aside for the purpose but I could also dip into my general long term savings (not touching the retirement money though). Regardless of what I do, I plan on at least pinning the interest rate for at least 3 years to begin with because ~1.5% is about as low as it's ever been. TheFluff fucked around with this message at 11:30 on Mar 19, 2021 |
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Mar 19, 2021 11:20
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Inner Light posted:LOL. Here is a cropped image from the rando Chicago condo that I am purchasing. We have 3 of the mugs pictured here lol
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Mar 19, 2021 11:54
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Inner Light posted:Bro I can't imagine how nice this place is for you to want it that bad yeah it's looking like we will probably end up in a different house but my wife liked the backup idea and I like the idea of forcing the sellers to sign such an unfavorable deal as payback for putting me through this 
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Mar 19, 2021 13:51
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loquacius posted:yeah it's looking like we will probably end up in a different house but my wife liked the backup idea and I like the idea of forcing the sellers to sign such an unfavorable deal as payback for putting me through this 100% guarantee that the fact that you are technically "under contract" on the first house is going to be used by the sellers to leverage on offer they want to make wherever they are planning to move - "Sure, we need a home sale contingency, but it's ok - we're already under contract!" Ultimately not your problem of course, but it will be a fun potential series of chaos dominoes that start to fall once you bail out after you find a suitable house without a long term tenant who may or may not ever move out.
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Mar 19, 2021 14:34
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > House-buying thread - I'm not thrilled by the idea of just living with massive debt for the foreseeable future
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Mar 19, 2021 14:58
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TheFluff posted:Not sure if this belongs here or in some other thread but I'll give it a shot. I'm planning to buy a condo this summer. I'm not in the US, so mortgages and condos work a bit differently here. There's two particular details about how things work here I think are relevant to my question. The first is that when you get a mortgage, you're required by law to cough up at least 15% of the price of whatever you're buying as down payment (you may be able to get an unsecured loan for a part of those 15% but let's not get into that). The second is that you can pin the interest rate for all or a part of your mortgage for a set period of time, usually at a slight premium on the interest rate. Right now though my bank is offering a 1.64% unpinned rate (meaning they can change the interest rate every three months depending on market rate), but a 1.54% rate if you pin it for anywhere between 1 to 3 years, and then slowly increasing rates up to 2.24% for pinning it at various periods up to 10 years. The interest rate goes down slightly if you put down more money; if I put down 20% it's basically 0.05% cheaper over the board compared to if I put down 15%. If I put down 25% it's about 0.2% cheaper. I don't know how things work over there, but in the US you will generally have to pony up closing costs equal to 2-3% the cost of the house. You will almost certainly have some stuff to fix up (or a lot of stuff if you're unlucky), new furniture and curtains to buy, etc. So you're going to want a decent chunk of cash on hand to splash around over and above the down payment, which means it probably doesn't make sense to stretch to put down extra money--by giving up more aggressive investment returns you're basically paying for peace of mind, but if you're just saving one sort of money woes by taking on another sort of money woes you're getting the worst of both worlds. Also, while you presumably don't have US style student loan hell, if you have any other debt that could be paid down (car, etc.) you are almost certainly better off taking the bigger mortgage and using the money you save to pay off those smaller, higher-interest loans. You're not increasing your leverage this way, you're just consolidating your debt at a much better interest rate. I'm fairly allergic to debt myself and my wife is even moreso, so we went 15% down on a 15-year loan. Putting down 20% would have scraped our savings to the bone and almost certainly require us to liquidate investments, and while we could have soaked the bank for more money we didn't feel comfortable increasing our leverage that much. Realistically we're probably leaving money on the table that way, but ultimately it comes down to what lets you sleep easiest at night.
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Mar 19, 2021 15:15
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Straight White Shark posted:I don't know how things work over there, but in the US you will generally have to pony up closing costs equal to 2-3% the cost of the house. You will almost certainly have some stuff to fix up (or a lot of stuff if you're unlucky), new furniture and curtains to buy, etc. So you're going to want a decent chunk of cash on hand to splash around over and above the down payment, which means it probably doesn't make sense to stretch to put down extra money--by giving up more aggressive investment returns you're basically paying for peace of mind, but if you're just saving one sort of money woes by taking on another sort of money woes you're getting the worst of both worlds. Reasonable points. The only other debt I have is student loans, but it's not that much money and they're government loans that are basically the cheapest credit you'll ever get in your life (I believe the interest rate is currently 0.05%, yes the decimal point is in the correct place), so it makes absolutely no sense to pay those off in advance. TheFluff fucked around with this message at 15:48 on Mar 19, 2021 |
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Mar 19, 2021 15:46
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The house I inspected ended up having a main sewer line back up. When the inspectors ran all the water it caused one of the toilets in the basement to back up and flood. The inspector advised me to get a plumber to scope the main line to see what the issue and ask the sellers to fix it or compensate for the price it would cost. Anything I should specifically know about this issue to ask the plumber about when he comes to do the work? Is there any chance this is a chronic persistent issue I need to worry will occur again and again?
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Mar 19, 2021 17:45
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Megasabin posted:Is there any chance this is a chronic persistent issue I need to worry will occur again and again? Yes, and that will be determined by what the plumber who scopes the line finds. Could be and old line that's falling apart, crushed, have root intrusion, could be bellied so it will keep clogging, could have inadvisable bends in it causing clogging...... Anything can be fixed properly. The only question is "at what cost"?
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Mar 19, 2021 17:48
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Megasabin posted:The house I inspected ended up having a main sewer line back up. When the inspectors ran all the water it caused one of the toilets in the basement to back up and flood. The inspector advised me to get a plumber to scope the main line to see what the issue and ask the sellers to fix it or compensate for the price it would cost. I just watched a video about this. The plumber will use a video scope to check the entire line out to the main sewer, they'll be able to tell you everything that's wrong. As long as the problems are in the portion of the line that you're responsible for you should be able to get an accurate assessment of the cost, but if the blockage is in the public portion of the line, you should be worried as you'll have to get the local municipality to fix it. edit: here's the video that explained it. https://www.youtube.com/watch?v=Or3fVPc7YwY
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Mar 19, 2021 18:45
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skipdogg house found https://www.zillow.com/homedetails/616-E-Wall-St-Grapevine-TX-76051/97743912_zpid/
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Mar 19, 2021 18:49
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20 bucks says those people were not born in Texas. That was good for a solid laugh though edit: It's missing this 
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Mar 19, 2021 18:55
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Live laugh love, y'all. You know they put SO much thought into that design, each tile and piece of word art lovingly crafted or selected with care, and are so proud of their masterpiece. And yet, I could buy that house AND remodel it back to normal on less than I'm paying for my seaside townhome. Oh well.
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Mar 19, 2021 20:02
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God drat, finally got under contract in Austin, now comes the hard part.
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Mar 19, 2021 22:39
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What contingencies are commonly waved in Austin? Is your realtor telling you rent backs are standard in the market right now?
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Mar 19, 2021 22:51
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vs Dinosaurs posted:What contingencies are commonly waved in Austin? Is your realtor telling you rent backs are standard in the market right now? I waived appraisal and financing contingencies. Options period (or due diligence) is higher and only 3 days long. Fortunately I lucked out and got everything scheduled in the first day of options. The market here is absolutely bonkers, there are a lot of out of state second home all cash offers with everything waived. Rent backs are common, I've heard of a case where the family got to live in the house for a few months after for "free", which is lol. Fortunately the place I'm under contract on is vacant now biceps crimes fucked around with this message at 00:25 on Mar 20, 2021 |
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Mar 20, 2021 00:15
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A ton of houses we looked at had people who had no plans for moving out yet and were looking for rent backs to give time to find a new place they could buy with their home sale. Most rent backs were offered free as a way to sweeten your offer, but we were hesitant to do that because we weren't sure on the specifics on when a "rent back" becomes a "lease" and didn't want to risk a seller who decided not to move for whatever reason and could claim some COVID moritorium protections. Apparently this isn't a realistic scenario but short of hiring a real estate lawyer no one could tell us for sure.
PageMaster fucked around with this message at 01:45 on Mar 20, 2021 |
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Mar 20, 2021 01:41
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PageMaster posted:A ton of houses we looked at had people who had no plans for moving out yet and were looking for rent backs to give time to find a new place they could buy with their home sale. Most rent backs were offered free as a way to sweeten your offer, but we were hesitant to do that because we weren't sure on the specifics on when a "rent back" becomes a "lease" and didn't want to risk a seller who decided not to move for whatever reason and could claim some COVID moritorium protections. Apparently this isn't a realistic scenario but short of hiring a real estate lawyer no one could tell us for sure. You should probably have a real estate lawyer for your purchase. I’m no expert but you’re taking a huge risk by not having one.
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Mar 20, 2021 02:07
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My agent sent me some brand new listings this morning, after reviewing them and sending her the ones I liked she followed up on the good ones and sent me this:quote:#1 ( Already Pending with a 50% down payment offer) I'm going to be stuck in an apartment forever. 
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Mar 20, 2021 04:02
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Can you actually shop around for title services and fees, and if so, when as part of the process? We are past that stage and just got our closing disclosure and are a bit too late to do anything about this (I think) so this is more for the benefit of everyone else and my own knowledge, but I'm reviewing the title fees and there are a ton that I almost feel personally insulted by (though they may be normal). What drew my attention to them, though, is that they were listed under the box that says "services you shopped for," and we definitely did not shop around for them. I'm assuming they are a company that normally does business with my realtor or lender, but I'm trying to figure out what we could have done or if we'd be screwed with no matter which title company we go with.
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Mar 20, 2021 04:07
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Bucnasti posted:My agent sent me some brand new listings this morning, after reviewing them and sending her the ones I liked she followed up on the good ones and sent me this: Just look yourself on Redfin or whatever too and put together a saved search. I never got anywhere with realtors doing the MLS searches for me. It's going to be hell though.
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Mar 20, 2021 04:10
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Bucnasti posted:My agent sent me some brand new listings this morning, after reviewing them and sending her the ones I liked she followed up on the good ones and sent me this: I would not appreciate the realtor stoking me into a frenzy like that 
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Mar 20, 2021 04:37
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PageMaster posted:Can you actually shop around for title services and fees, and if so, when as part of the process? We are past that stage and just got our closing disclosure and are a bit too late to do anything about this (I think) so this is more for the benefit of everyone else and my own knowledge, but I'm reviewing the title fees and there are a ton that I almost feel personally insulted by (though they may be normal). What drew my attention to them, though, is that they were listed under the box that says "services you shopped for," and we definitely did not shop around for them. I'm assuming they are a company that normally does business with my realtor or lender, but I'm trying to figure out what we could have done or if we'd be screwed with no matter which title company we go with. Probably depends on the market but supposedly yes. You can certainly shop for a title company/title insurance but may not want to deal with one that is far from the house you are buying because you'll want to fo a final walkthrough just before going to close, for example.
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Mar 20, 2021 15:19
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In Austin under contract, we waived our option (not very normal), appraisal (basically required to waive this now), and financing contingencies. Lease backs are common right now because buying sucks so much, so sellers without multiple houses want extra time. As a buyer you can pretty much gently caress off if you don't like it. This was probably our 100th house and we viewed it multiple times so we were ok doing no option in this case, we think it helped us get a deal at a slightly less eye watering price. The market right now is willing to just absorb any amount of broken poo poo in these houses anyway. Although I will note we still had the seller pay the title policy, in some cases buyers are paying that now.
Infinotize fucked around with this message at 16:25 on Mar 20, 2021 |
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Mar 20, 2021 16:18
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TheFluff posted:
This comes down to "pay down the mortgage or invest". The answer depends on your next best alternative investment(or paying down other debt), and your risk tolerance. If your investment alternative is money in a checking account or anything that pays under 1.5%, paying down the mortgage makes more sense financially. If you expect to make 5% a year with the money the minimum down payment and investing comes out ahead
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Mar 20, 2021 17:06
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so does it really matter to the seller if the buyer has 20 or 25 or 50% down payment? they're still getting checks for the full amount right? not sure what the advantage is.
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Mar 20, 2021 18:28
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cycles posted:so does it really matter to the seller if the buyer has 20 or 25 or 50% down payment? they're still getting checks for the full amount right? not sure what the advantage is. There's some diminishing returns, but bigger downpayment = less risk the buyer's financing falls through and the deal falls apart.
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Mar 20, 2021 18:47
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Straight White Shark posted:There's some diminishing returns, but bigger downpayment = less risk the buyer's financing falls through and the deal falls apart. Does this still matter if the buyer can already show underwriting approval?
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Mar 20, 2021 19:02
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Dross posted:Does this still matter if the buyer can already show underwriting approval? Pre-approval means basically gently caress and all. They don't actually REALLY run the numbers in a serious way until the buyer is under contract and 100% asking for a loan for a specific amount. This is the whole reason financing contingencies exist. Sometimes people's finances aren't as firm as the cursory pre-approval look made it, and sometimes it falls apart when the lender figures out they're a bigger risk than they thought at first. Having a fat wad of cash on tap to make the loan smaller is a huge sign that the loan is going to come through fine. Not as good as having it all cash, but still way better than someone just barely making 20% and WAY better than someone coming in with a minimal down payment.
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Mar 20, 2021 20:07
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Saw this story on my feed come up today about sellers not leaving a house after the topic came up in this thread. It doesn't drive into details so I still don't know why the sellers would be protected as they are not tenants, but also not sure why you wouldn't see the sellers still living in the house on the final walkthrough and refuse refuse to close until they are gone.
PageMaster fucked around with this message at 21:10 on Mar 20, 2021 |
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Mar 20, 2021 20:34
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Having more cash also gives the buyer flexibility if the appraisal comes in lower than their offer. This is the problem I'm running into right now, inventory is so low that there's not enough data for appraisals to keep up with the current market. People are offering way above asking, and since I don't have much extra cash beyond my downpayment I can't compete.
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Mar 20, 2021 20:34
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Cyrano4747 posted:Pre-approval means basically gently caress and all. Pre-approval vs. actually having gone through the underwriting process (2 years of W2s, bank statements, hard credit pull, etc) and the lender saying you can close in 10 days from contract seems like two different things. The latter is where I’m at. Bucnasti posted:Having more cash also gives the buyer flexibility if the appraisal comes in lower than their offer. This is the problem I'm running into right now, inventory is so low that there's not enough data for appraisals to keep up with the current market. People are offering way above asking, and since I don't have much extra cash beyond my downpayment I can't compete. This too. I’m holding back cash for the inevitable low appraisal. Dross fucked around with this message at 21:28 on Mar 20, 2021 |
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Mar 20, 2021 21:25
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Same. We have a down payment and also don't want to deplete all our cash on hand so we're just trying to save more cash and possibly liquidate some of my company stock to have more on hand for low appraisal. We can go higher on a mortgage but low appraisals due to sales ridiculously over asking are killing us due to lack of cash.
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Mar 20, 2021 21:46
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PageMaster posted:I still don't know why the sellers would be protected as they are not tenants, but also not sure why you wouldn't see the sellers still living in the house on the final walkthrough and refuse refuse to close until they are gone. We've just seen another story in this thread where someone spotted multiple issues on the final walkthrough and went along to closing anyway for unspecified very good reasons. So, like always, the answer is that people either have a different risk profile than you or literally have no idea what they are doing.
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Mar 20, 2021 23:34
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Lol neighbor sold their house to opendoor and opendoor is gonna relist it for 40k more after cleaning it, not even repainting it or anything.
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Mar 20, 2021 23:36
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