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Not a Children posted:Welp, my first offer on like the second house I saw was accepted. Put in asking, didn’t get outbid. Gonna get that inspection and appraisal rolling.  Not a Children posted:This is very scary. Don't worry, it gets worse!
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Jan 25, 2022 15:24
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What has been others experience with rates right now? We are getting 3.375 at ally with good credit. This is for thirty year fixed rate. 20 percent down payment. House is 719k. This is with no points and a small amount of lendor credits. We are gonna check with a few others. Just wanted to see if this is what others are seeing.
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Jan 25, 2022 19:51
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I recently closed on a condo with 3.25% (tend to be slightly higher rates than SFH, I think) through my credit union. No points, 30 year loan, 20% downpayment, 690k price.
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Jan 25, 2022 20:13
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Doctor Party posted:What has been others experience with rates right now? We are getting 3.375 at ally with good credit. This is for thirty year fixed rate. 20 percent down payment. House is 719k. This is with no points and a small amount of lendor credits. Inner Light posted:Average 30 year rate (for purchases not refis) as of Friday is 3.67% per Bankrate, which my friend pointed out is about 1% higher than in the depth of early pandemic time at the low point.
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Jan 25, 2022 20:21
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In Portland I locked in at the end of December with Better at 2.625% with I think ~3k in points to get it down that low, put 15% down on a 380k house. Credit between the three bureaus was as low as 744 and as high as 780, I'm the sole buyer. Sub-3% I would imagine could still be attainable. Better had far and away the best rates through my whole process beginning in August last year fwiw
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Jan 25, 2022 20:26
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doctorthefonz posted:In Portland I locked in at the end of December with Better at 2.625% with I think ~3k in points to get it down that low, put 15% down on a 380k house. Credit between the three bureaus was as low as 744 and as high as 780, I'm the sole buyer. Sub-3% I would imagine could still be attainable. Better had far and away the best rates through my whole process beginning in August last year fwiw Got ya yeah ally is through better basically. So I'd guess they're the same rate? I think sub three might be gone now without points. We can pay 11k for 2.87 with ally/better.
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Jan 25, 2022 21:17
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My lender gave me 3.625 fixed or 3.125 15-years w/arm for what that’s worth
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Jan 26, 2022 01:04
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House listing just came up in an ideal-ish area for me, I messaged my REA about it and from what she told me its pending a probate court date. Exact wording follows:quote:They have an FHA appraisal on file that the buyer did not get approved for that’s going to probate court Feb 9th…they’re waiting on a signed PA…Interesting situation… Has anyone seen this or heard of this before? I asked her if it means much of anything as well but I just wanted some more opinions. The house was also listed mid-2020 (August) but that was pulled a month later. Not seeing "Sold" on the history for that so its anyone's guess as to what happened there and if that should be considered as a red flag or not.
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Jan 26, 2022 01:51
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Probably a contentious inheritance situation?
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Jan 26, 2022 01:56
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jaffyjaffy posted:House listing just came up in an ideal-ish area for me, I messaged my REA about it and from what she told me its pending a probate court date. Exact wording follows: It's an estate. Unless you have a very flexible buying timeline dont' do this. Because this is an estate that is already contentious based on that. My estate story is a house listed for $1.2 I said it was a $750k house after looking at it. Estate wouldn't even respond to my offer. Eighteen months later (after I had bought another house) they sold it for $750k. This is just pre-pandemic for context. gently caress estate sales.
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Jan 26, 2022 02:02
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Motronic posted:It's an estate. Unless you have a very flexible buying timeline dont' do this. Because this is an estate that is already contentious based on that. Alright. List price on it seems pretty respectable for the area and its age but I'll definitely be weary if that is the case. Speaking of age it was built in '07 which could raise some concerns given how the housing market was at the time.
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Jan 26, 2022 02:34
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I bought from an estate and do not recommend. In Oregon for instance, and probably elsewhere, there is no disclosure required for estates even if there are known issues.
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Jan 26, 2022 04:37
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therobit posted:I bought from an estate and do not recommend. In Oregon for instance, and probably elsewhere, there is no disclosure required for estates even if there are known issues. Known issues? Relatives of the deceased or the estate executor may have never stepped foot in the home. This is why you find a good inspector, estate or not, on the expectation that the owner of the home you're looking at is probably hiding something or is completely unaware of issues. If something is found, or is questionable, it's still negotiable or you can walk.
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Jan 26, 2022 06:05
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Yeah I consider it a massive bonus if anything actually comes up in a disclosure, always rely on your own inspections. It's so easy to pretend you don't know something unless there's a lot of documentation showing that you do.
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Jan 26, 2022 06:08
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alnilam posted:Yeah I consider it a massive bonus if anything actually comes up in a disclosure, always rely on your own inspections. It's so easy to pretend you don't know something unless there's a lot of documentation showing that you do. My buddy recently was losing his poo poo because the sellers didn’t disclose to him they have a water easement of some sort. I tried repeatedly to tell him you should always assume everything in the disclosure is at least possibly a lie but his mind was just blown at their audacity to not disclose the easement
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Jan 26, 2022 06:46
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jaffyjaffy posted:
Realtor speak is a delectable blend of jargon and obfuscation, with always the tease of ~opportunity~
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Jan 26, 2022 13:34
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Got my inspection scheduled. Actually mildly excited at this point, can’t wait for my hopes to be dashed
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Jan 26, 2022 14:53
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Looking at a house today that my realtor and I agree is probably 50k-70k overpriced. Any advice for making an offer significantly under asking? It just went on the market, so I'm guessing they won't want to take a lower offer, should I just wait till it sits for a month before making an offer?
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Jan 26, 2022 15:43
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Magicaljesus posted:Known issues? Relatives of the deceased or the estate executor may have never stepped foot in the home. This is why you find a good inspector, estate or not, on the expectation that the owner of the home you're looking at is probably hiding something or is completely unaware of issues. If something is found, or is questionable, it's still negotiable or you can walk. The family of the dead woman was living in the house, and there were a ton of issues that the inspector didn’t catch.
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Jan 26, 2022 16:28
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Thom Yorke raps posted:Looking at a house today that my realtor and I agree is probably 50k-70k overpriced. Any advice for making an offer significantly under asking? It just went on the market, so I'm guessing they won't want to take a lower offer, should I just wait till it sits for a month before making an offer? Figuring this out is literally your realtor's job if they are competent at all. What makes a good offer in your area is the most basic thing they should be bringing to the table.
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Jan 26, 2022 16:29
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Not a Children posted:Got my inspection scheduled. Actually mildly excited at this point, can’t wait for my hopes to be dashed 
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Jan 26, 2022 17:06
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therobit posted:The family of the dead woman was living in the house, and there were a ton of issues that the inspector didn’t catch. Like what?
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Jan 26, 2022 17:55
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Magicaljesus posted:Like what? They all moved in as soon as she died because they were poor and not gainfully employed. The place was really cluttered and they had to spend a lot of time throwing stuff away too. They wanted to do a rent back and my realtor said that while it is normal n our market, judging by the vibe of these people she thought we should insist on the place being empty before signing. The homeless son of the deceased ended up living in a truck in the next door neighbor’s driveway for about a year and a half after we bought the place. He was a nice guy and handy with cabinet making and carpentry when sober, but he was almost never sober and had done a ton of work in the house that I had to redo.
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Jan 26, 2022 18:47
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Good call requiring vacancy at signing. It's tough to be poor, and especially in a place like Portland. The neighbor was cool with a dude sleeping in his driveway? My neighbor isn't much different and often has rando friends/family sleeping over in their vehicles but they tend to keep to themselves and it's fine. I learned a lot from my first home purchase experience, and living in it for 6 years. The primary lesson is that you can't really trust anyone because [thread title], but that's a bit of a cop out. I think more to the point is that we should expect defects and build that into our budget. POs will lie, and inspector competence varies widely. I'm curious what the inspector's report said re: cabinetry that had to be ripped out. Was it an actual defect that the inspector should have seen (omission), or just shoddily constructed cabinetry? Either way, sorry to hear you had to redo a lot of his work. Magicaljesus fucked around with this message at 19:30 on Jan 26, 2022 |
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Jan 26, 2022 19:23
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Magicaljesus posted:Good call requiring vacancy at signing. It's tough to be poor, and especially in a place like Portland. The neighbor was cool with a dude sleeping in his driveway? My neighbor isn't much different and often has rando friends/family sleeping over in their vehicles but they tend to keep to themselves and it's fine. Oh it wasn’t the cabinetry that was the problem. It was the roof and the wiring and all the other crap he attempted. And my inspector missed obvious signs of water damage that I would have known to look for if I hadn’t been a first time home buyer, and said he had walked the roof but there were obvious issues with the flashing up there and there were soft spots that should have been visible to the naked eye. But having lived through this, if I ever buy another house there are a ton of things I am going to check myself before I even call in an inspector. I mean. Some of the closets he built were the wrong size and not super useful as a consequence , but I could see that with my own eyes. Oh and also the kitchen cabinets weren’t deep enough to hold a dishwasher or a normal sink, and when I tried to replace the tiny sink I was told that I couldn’t have a normal sink and would need to buy one made for an RV or mobile home. I am fully aware I made a ton of unforced errors in buying this house and should have bought something smaller and in better shape. My saving grace is that I bought in a good location and had family willing to help me get that sweat equity, and that I was able to chase promotions at work and get to where I could afford to do a really nice kitchen and bath remodel last year. As I slowly finish up the list of crap that needs to be fixed in this house, I enjoy it more and more and want to leave less and less. And the appreciation that I have seen since 2013 in the Portland market while being a mile from the light rail line that was still not built yet when I bought has been amazing. Since I like it so much more after the new kitchen I might never leave because of home prices here and the scarcity of listings. My neighbor’s daughter and her husband sold their home planning on buying a new place, but since they want to keep their kids in the same school they got caught out and had to move in with dad because there isn’t anything for them to buy that meets their requirements.
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Jan 26, 2022 20:03
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therobit posted:
Any tips for the first timers?
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Jan 27, 2022 01:15
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jaffyjaffy posted:Any tips for the first timers? do never buy
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Jan 27, 2022 01:19
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jaffyjaffy posted:Any tips for the first timers? The two happiest days in a home owner's life are the day they buy the house and the day they sell the house.
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Jan 27, 2022 01:26
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truer words have never been spoken
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Jan 27, 2022 01:29
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I'm a first time buyer. Here has been my last week: Wednesday - put in offer in 10% over ask Thursday - lose to a cash offer, schedule a showing for Friday at 8:30 am Friday - call from realtor at 8:00 am house sold the previous night Saturday - nothing comes in the market Sunday - nothing Monday morning - house comes up, set up showing for the afternoon. Arrive at the house. 3 minutes before showing our realtor is advised the house sold. They had 3 other offers, sight unseen. Tuesday morning - 3 houses come on the market. Try to set up showings for all 3 around noon. 1 sold, 1 requires 24 hours notice to schedule and 1 is only accepting offers the same day. We set up showings for the 2 available, like one and put in an offer 15% above asking and get beat out again by a cash offer. Wednesday - the 3rd house cancels our showing because they over booked.
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Jan 27, 2022 02:14
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My favorite part of house hunting was walking in to showings immediately before/after couples that were clearly way more pregnant than my wife/about to deliver and laughing about how desperate they had to be. And then how we were a few months away from being that couple.
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Jan 27, 2022 02:35
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Residency Evil posted:My favorite part of house hunting was walking in to showings immediately before/after couples that were clearly way more pregnant than my wife/about to deliver and laughing about how desperate they had to be. We saw us, sometimes us with a little kid, at every place we looked at. It was something, that is for sure. Not exactly house hunting but when we were looking for our last apartment 6 years ago I went to a showing that my GF couldn't make. The dude invited like 10 people to see the place at the same time. everyone just milling about, all thinking they had a private showing. it was kind of bonkers. The place sucked so I said so LOUDLY on the phone to my GF and headed out.
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Jan 27, 2022 02:50
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jaffyjaffy posted:Any tips for the first timers? Always look up. Look closely at the ceilings for water stains but also for patches where the paint is newer. Look at the soffits under the eaves as well. Check the flashing around the windows. If the roof is safe to walk on, check that out. Go into the attics and crawl spaces. Make sure you invest in a decent battery powered light to make sure you actually CAN see this stuff. There should be something that works with the lithium ion battery system for your drill and driver combo that is either Milwaukie, DeWalt, Makita, or Ryobi. If you don’t have one, go ahead and buy one because you will probably need it. If you see an area rug, roll it up as far as you can to see what’s underneath. Run the furnace and air conditioning. Look under the sinks for rippling in the plywood of the cabinets below. Watch a bunch of YouTube videos about how to spot common problems. Measure stuff like cabinets if they are old or weird to make sure they are a standard depth and height if you plan on keeping them. Look at the lot grading if it’s a rainy climate to make sure you won’t have flooding or pooling. Above all, plan on spending twice as long and four times as much money as you think necessary to fix the place up. If there are major items or livability concerns make sure you have the money to fix those before you move in. It is a lot harder once you live there to fix stuff because now you have to move stuff out of the space and make do without it to fix anything. If a place seems lovely and like you don’t want to live there, and you don’t have the kind of cash needed to fix it, just move on and make other concessions such as a smaller house, a smaller lot, or a less ideal location to get someplace you want to spend time.
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Jan 27, 2022 02:57
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It is definitely one of the weirdest feelings seeing your 'competitors' when doing the buyer rounds for showings or open houses. I'm a glass half empty guy a lot of the times so I usually imagined how they would bid more than me and get the place handily.
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Jan 27, 2022 05:37
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Inner Light posted:It is definitely one of the weirdest feelings seeing your 'competitors' when doing the buyer rounds for showings or open houses. I'm a glass half empty guy a lot of the times so I usually imagined how they would bid more than me and get the place handily. "These people are so dumb they're going to offer a fortune for this dump" is definitely a thought I've had multiple times during open houses.
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Jan 27, 2022 05:42
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SpartanIvy posted:"These people are so dumb they're going to offer a fortune for this dump" is definitely a thought I've had multiple times during open houses. 100% and then saw it play out many times!
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Jan 27, 2022 05:48
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SpartanIvy posted:"These people are so dumb they're going to offer a fortune for this dump" is definitely a thought I've had multiple times during open houses. The guy we're pretty sure pushed the bidding war on our place was double booked when we had a viewing, and he spent a total of 5 minutes here. It was odd. He offered a lot more but didn't have earnest money.
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Jan 27, 2022 06:13
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Welp put in a bid and it got accepted. I am a little nervous. Inspection tomorrow afternoon. There are two bathrooms on bedroom level. One is jack and Jill, one is stand alone but neither attached to master. So it's definitely liveable but we may try and make an ensuite down the road. Otherwise it was very close to what we wanted in terms of price, location, number of bed rooms, kitchen being relatively updated and just a little smaller than what we hoped but not to bad. So I think over all we are really excited unless something is terrible in the inspection. Also the house was built in 1902. I really thought we would compromise a lot more or end up going over budget or something. So overall wife and I are really excited. That being said we are trying to expect the worst and at any time expect it to fall through due to inspection or end up finding out it needs a bunch of stuff fixed we can't afford or don't want to deal with etc.
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Jan 27, 2022 06:31
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First-time home buyers here, just had an offer accepted. I think I'm going to have a lot of questions about the finer points of financing. Are there any secret pros/cons to different term lengths? It seems like the main down side to e.g. a 15-year term is much higher monthly payments. If it seems like we can afford the higher payments for a shorter term at a lower rate, is there good reason to still stick with 30-year? Maybe just future risk of struggling with payments when you lose your job in the Upsilon COVID variant surge? e: or I guess, (not-so-)comedy take 30 year and put the difference into VTSAX option
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Jan 28, 2022 20:12
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fourwood posted:First-time home buyers here, just had an offer accepted. I think I'm going to have a lot of questions about the finer points of financing. Here is something to chew on: a 30 year rate might be an 1/8th of a percent higher than a 15 year mortgage. Nothing stops you from taking out a 30 year note and paying it back as if it was a 15 year note. That way if you get laid off, you can still afford the payments.
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Jan 28, 2022 20:27
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