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Yeah and "theoretically enforced by the government" is an entire lecture series unto itself, depending on what city you live in, particularly on the west coast, which I have no interest in engaging in, but all I'll say is that it's been very eye opening as an adult vs how I thought things worked as a schoolchild
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Nov 13, 2021 02:24
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I have put in a backup offer on a house. What is the customary curse to cast if the current offer holds up?
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Nov 13, 2021 07:08
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alnilam posted:tl;dr you can't "own" things, maaaan
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Nov 13, 2021 07:29
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TheLawinator posted:I have put in a backup offer on a house. What is the customary curse to cast if the current offer holds up? I believe for a backup offer, since mercury is not in retrograde, it's a bucket of fried chicken drowned in mayonnaise
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Nov 13, 2021 08:17
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DaveSauce posted:I would assume that any 80%+ LTV loan that doesn't have PMI actually does have PMI, but the lender pays for it and they just jack up your rate to cover the cost. Or maybe they're "self insuring" in that they're jacking up the rate and pocketing it themselves, rather than paying for PMI, if they think you're low enough risk. The rate Citi gave us for 15% down was the same if we did 20% down and was the same other banks were offering for 20% down as well. No idea if the mortgage program was a loss leader for them or whatever but as far as I can tell that PMI cost wasn’t passed onto us anywhere.
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Nov 13, 2021 15:36
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egyptian rat race posted:Hooray, I'm officially a the drain on my freezer got clogged with ice when this happened, be aware
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Nov 13, 2021 17:10
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Me and my significant other think we just made a huge mistake and would like some advice. We found a house we really like, got accepted, loan accepted, however, once all the numbers were crunched by the bank it turns out our estimates are way off. (by about $400 a month) We are both struggling to see how we could make it work. What is the process of getting out of everything? We are ok with losing out of the 2.5k earnest money, but is there anything else we need to worry about?
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Nov 15, 2021 17:27
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You wanna explain how the numbers are off that much? Is it money meant for the escrow fund for your taxes/insurance? Did your rate change? What changed that made your monthly cost go up vs. just the cash to close?
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Nov 15, 2021 17:40
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Harminoff posted:Me and my significant other think we just made a huge mistake and would like some advice. We found a house we really like, got accepted, loan accepted, however, once all the numbers were crunched by the bank it turns out our estimates are way off. (by about $400 a month) We are both struggling to see how we could make it work. If you are serious about torpedoing the deal and have an inspection or financing contingency then I would talk to your agent about it. They will be sad but such is life. In the end you can call your loan person and tell them flatly "this is way more than we expected and we will not be able to make the payments." refuse further documentation. Have a friend tell you about rumor mill of layoffs at work, then relay that hear-say. You get the idea. But same question, where did the extra cost come from? Taxes and insurance? If so, now you know. And congrats on figuring it out now rather than later. Have you actually quoted insurance?
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Nov 15, 2021 17:52
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In all honesty, it all went by so fast. We calculated at 3.2 but they are saying 3.6. We miscalculated pretty much everything using Zillow and other sites numbers and then got the final number from the bank today. We are 100% at fault and made a bunch of mistakes. Another issue we found out is that we would have to pay double for a while (current place's rent until a tenant is found) We would like to take a step back, get a financial advisor, and take it a lot slower to make sure we know 100% of what is going on.
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Nov 15, 2021 17:52
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You're allowed to talk to more than one bank, see what a few others come up with. I would imagine you have some period of due diligence which is what that time is for.
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Nov 15, 2021 18:08
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There's also a possibility that your bank has turbofucked the estimate, so read through it super carefully. Someone at my bank seemingly got confused about "amount of real estate tax to be prepaid into escrow" and "amount of real estate tax to be collected monthly into escrow" and set both to the former, resulting in loan estimates coming back way high until I got them to correct that.
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Nov 15, 2021 18:26
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It's also worth mentioning that purchasing a home at the extreme upper limit of affordability is inadvisable for numerous reasons. Monthly payments are only part of the equation. You'll probably need to fill the empty house with crap and regularly pay a lot of cash to maintain the house (eg. new roof every X years, appliance/mechanical repairs, etc), plus have enough money left over each month to fund your lifestyle choices. I'm not sure if this fits your situation, but it sounds like it might be close.
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Nov 15, 2021 21:02
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That's exactly another reason why we are leaning towards holding off. We aren't terrible with money, do use ynab etc, but with us not being able to save extra each month for surprise expenses, we feel that it's not the right time. Going to focus hard on getting that 20%+ and wait a year so that we can do it comfortably and not have to eat rice and beans for a few years.
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Nov 15, 2021 21:44
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God help me I'm starting to seriously consider buying a place after renting for the last 12 years.
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Nov 15, 2021 22:27
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We went on our first series of tours last weekend. The "best" house had a few interesting details. It has a fair bit of brick work, inside and out where they made a choice to let the excess mortar sit and harden. The house was empty of belongings, with two exceptions. One room had a golfball-sized rock in the middle of the floor, and the master bedroom had a giant pile of poo poo in the middle. Like a good dinner's worth of fresh steaming poo poo. Our agent called the seller and they asked her to dispose of it, which she refused to do, naturally. In our mythology this house has become the Rockenpoop Manor. We also saw an outwardly very cute old home with rather shabby rooms that had this safe-like box in the wall. 
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Nov 15, 2021 23:28
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Just have your employer tell the bank when they verify that it is unlikely you will be employed there much longer. You can hasten this by demanding a $400 a week raise.
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Nov 16, 2021 01:01
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Anyone dealt with small property line issues before? We have a gravel driveway that wraps behind the house. I had a survey done on the property and the document notes that a corner of the driveway is "0.9ft over boundary". The driveway is 1-2ft away from the neighbor's fence along that entire side, so I'm not sure they've ever had it looked at since the neighborhood was built in the 70s. If there was a structure on or near it, I'd be worried but this doesn't seem to impact anything. Even if the neighbor relocated their fence tonight to take back possession of that area, the driveway is still wide enough for a car and walkway. E: I guess a better question would be, does this survey I commissioned telling me part of my driveway is almost a foot over a boundary compel me to do anything at the moment? egyptian rat race fucked around with this message at 06:23 on Nov 16, 2021 |
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Nov 16, 2021 06:13
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egyptian rat race posted:Anyone dealt with small property line issues before? We have a gravel driveway that wraps behind the house. I had a survey done on the property and the document notes that a corner of the driveway is "0.9ft over boundary". The driveway is 1-2ft away from the neighbor's fence along that entire side, so I'm not sure they've ever had it looked at since the neighborhood was built in the 70s. You already own the property, it doesn't impact anything now, wouldn't impact anything even if that strip of driveway got removed, and the neighbor either doesn't know or doesn't care? Sounds like there's not a good reason to do anything, unless it just really bothers you I guess
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Nov 16, 2021 07:21
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egyptian rat race posted:Anyone dealt with small property line issues before? We have a gravel driveway that wraps behind the house. I had a survey done on the property and the document notes that a corner of the driveway is "0.9ft over boundary". The driveway is 1-2ft away from the neighbor's fence along that entire side, so I'm not sure they've ever had it looked at since the neighborhood was built in the 70s. Some places might have a minimum property line setback amount for fences aka you can't build a fence directly on your property line. You might be able to look into that. There's also always the "this has been here and mutually agreed upon for years" argument that might help. Is it possible you have an easement for this driveway? Those are my only options. I guess if the fence is in, sounds like there's no going back.
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Nov 16, 2021 07:48
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How long ago was the fence/driveway installed? My old house had fencing pretty much all wrong around it making the lot at least a few feet wider than the recorded documents say it was. But it had been that way since the whole neighborhood was originally built and with multiple purchases of all properties involved over the past 20 years by now, I don't think anyone else has a claim.
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Nov 16, 2021 15:19
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IOwnCalculus posted:How long ago was the fence/driveway installed? The driveway dates back to the original build in the 1970's. The current fence is at least a decade old. My guess is neither the previous owner of my house or the neighbors ever gave a poo poo enough to "fix" it. We bought the home from the original owners, but I think the neighbors house has changed hands at least once egyptian rat race fucked around with this message at 16:13 on Nov 16, 2021 |
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Nov 16, 2021 16:09
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That seems like it'd be covered under adverse possession, then. Congrats on getting an extra foot of driveway.
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Nov 16, 2021 17:16
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Local laws vary. In some places you may literally own that slice of land now. In others you do not and your neighbor can technically come tell you to remove your slice of driveway now or any time in the future. But they likely won't, there are tons of situations like this where nobody ever cares and it just gets left unsaid. You're not going to get in trouble just for having it there if nobody has told you to remove it. I know in my case it turned out our neighbors' garden intrudes slightly on our property line along our driveway, but we don't care. We just confirmed that state law did not grant them actual ownership after X years as it does in some cases, sort of a squatter's law thing that exists some places. It does not here. If it had, we would have just had them sign a document saying "yes we will let you garden here for now but you acknowledge that it is our land and we can revoke this any time."
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Nov 16, 2021 17:29
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Adverse possession is different from a prescriptive easement, the latter being what I would guess is happening here. That said, again state laws vary quite a bit. In any case, I think proving either of the above is pretty tough and expensive in most cases... it's rarely as simple as "I've used it for 20 years so it's mine now." IMO if you're not all that concerned about that 1' of driveway someday disappearing (at your cost) then I wouldn't worry. Obviously the current owner doesn't care. Maybe when they sell and the buyer gets a survey done it might become an issue, but probably easier to deal with it later since it may never come up while you own the place. That said, I certainly wouldn't pave over it. If you want a concrete/asphalt driveway installed instead of gravel, don't go beyond the property lines. That'll be much more expensive to fix in the event you get called out on it.
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Nov 16, 2021 17:48
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Harminoff posted:Me and my significant other think we just made a huge mistake and would like some advice. We found a house we really like, got accepted, loan accepted, however, once all the numbers were crunched by the bank it turns out our estimates are way off. (by about $400 a month) We are both struggling to see how we could make it work. Pull up the registered sex offender map and inform them that you’re not comfortable raising a family near so many sickos.
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Nov 16, 2021 21:57
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My parents just sold their house in PA and are moving to be closer to me and the grandkids in CA. They have not purchased a new home yet. I am an only child and my parents are going to want me to be the sole beneficiary of their estate. Currently my wife and I have a revocable trust setup for our own kids and our house is in that trust. What should my parents do now they are in the market for a new house? Should we add them to our existing trust and put their new house into that trust(making it a 3 generational trust)? Should my parents and I spin up a new trust and put the new house into that? Eventually all the stuff in these trusts will go to my 2 children.
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Nov 16, 2021 23:29
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Sounds like a great question for the attorney who already set up your first trust.
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Nov 16, 2021 23:32
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I think we did one of those boiler plate internet trusts. There was no attorney.
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Nov 16, 2021 23:37
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Shaocaholica posted:I think we did one of those boiler plate internet trusts. There was no attorney. Sounds like a great question for an attorney who can also fix the problems in your existing template trust.
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Nov 16, 2021 23:59
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Shaocaholica posted:My parents just sold their house in PA and are moving to be closer to me and the grandkids in CA. They have not purchased a new home yet. I am an only child and my parents are going to want me to be the sole beneficiary of their estate. Currently my wife and I have a revocable trust setup for our own kids and our house is in that trust. What should my parents do now they are in the market for a new house? Should we add them to our existing trust and put their new house into that trust(making it a 3 generational trust)? Should my parents and I spin up a new trust and put the new house into that? Eventually all the stuff in these trusts will go to my 2 children. Absolutely not re: adding them to your trust. Have them hire an estate planning attorney to do theirs. Couple grand gets it done. Then they can dump their house into their trust when they buy it, and put their bank accounts in it immediately. Yours may or may not be fine. You might want to compare it to whatever comes out of your parents attorney. Being 100% safe you would just both get it done. Do you have powers of attorney? Advanced medical directives? Wills? Are they all properly witnessed or notarized?
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Nov 17, 2021 01:13
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By boiler plate I mean my wife did the Suze Orman The Protection Portfolio thing. I believe it's pretty comprehensive if not generic. Are these types of trusts 'problematic'? In what way? Anyway it sounds like we're getting into a lot of assets that are stacking up to be a lot of money we should just pay a lawyer.
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Nov 17, 2021 06:57
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Hadlock posted:Any recommendations on Wilmington, NC realtors? Also I found the NC thread the other day, looking forward to reading through the last 500 pages or so This house just popped up on the market, seems grossly overpriced, but we like the location, half a block from market @ 5th Ave. Close enough to downtown to be interesting, easy to walk to restaurants/bars/the river, without all the foot traffic of actually being on front street Price seems pretty outrageous for being east of third street, seems like $775 or $850 is pretty reasonable. Assuming the doctored up photos are at all close to reality, looks move in ready? https://www.zillow.com/homedetails/11-S-5th-Ave-Wilmington-NC-28401/54301747_zpid/ How is that part of Wilmington? We've been driving and walking around that neighborhood for a while now looks and feels nice. Some guys in the NC thread seem to indicate the area around 3rd and Orange is pretty solid as far as neighborhoods go. Not sure if two streets east of 3rd makes a tremendous difference. The boomer we talked to near 3rd @ nun said the neighborhood peters out around 7th st which seems to match our observations
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Nov 17, 2021 07:15
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Shaocaholica posted:By boiler plate I mean my wife did the Suze Orman The Protection Portfolio thing. I believe it's pretty comprehensive if not generic. Are these types of trusts 'problematic'? In what way? Would your trust be accurately described as like 20 pages or a tome? Ours is 19. It is nothing special. Equal shares to our kids, unless they're also dead in which case it's equal shares to some relatives.
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Nov 17, 2021 07:17
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DarthRoblox posted:God help me I'm starting to seriously consider buying a place after renting for the last 12 years. We're spending our first night in our house after renting for ... 22/23 years. We're sleeping on an air mattress and the movers aren't bringing the furniture until Saturday but we had to move the cats over early and my older girl is having a ball running around. It feels pretty good.  Meaning, it's terrifying and stressful and *taps at thread title* but we're also looking forward to doing homeowner stuff.
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Nov 17, 2021 07:44
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That first night is a fun one. New smells. New noises. New ways for a house to break. Fun stuff
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Nov 17, 2021 08:09
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Verman posted:That first night is a fun one. My favorite thing was noticing the indian cooking smell in the kitchen after closing because of mask requirements.
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Nov 17, 2021 08:14
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Our cupboards/pantry had a really strong spice smell when we moved in and some kind of flavored oil (maybe sesame) that spilled and sat for a while. Nothing tops my childhood house. My pet hamster escaped the cage and jumped into an open heater vent and never came out. The smell. There's no describing it and it was still there when we moved. I'm guessing it still has a bit of a funky smell of mummified hamster 30 years later unless they had the vents cleaned which is doubtful.
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Nov 17, 2021 10:54
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Hadlock posted:This house just popped up on the market, seems grossly overpriced, but we like the location, half a block from market @ 5th Ave. Close enough to downtown to be interesting, easy to walk to restaurants/bars/the river, without all the foot traffic of actually being on front street
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Nov 17, 2021 13:51
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Shaocaholica posted:By boiler plate I mean my wife did the Suze Orman The Protection Portfolio thing. I believe it's pretty comprehensive if not generic. Are these types of trusts 'problematic'? In what way? I'm just some rear end in a top hat on the internet with no particular expertise in anything, so take all this with a grain of salt. But, to my mind when dealing with a trust that you're building to house presumably at last six figures - if not more - of assets for your children in the event of something tragic happening to you and your wife it's worth throwing a few bucks at a lawyer to make sure everything's good to go. Even if the lawyer doesn't do anything but read the existing trust and say "yeah, this is a competently written document without any major problems" I'd still count it worth it, just to hedge against the possibility that it's hosed up some how. It's one of those things where even if the risk of something being wrong are low, the consequences of not catching a problem are really loving high so you do it anyway.
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Nov 17, 2021 14:13
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