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Baddog posted:Hmm, its so hard to compare relative tax burdens between states because of stuff like this. Which also impacts real estate prices and trends which is why we all say "real estate is local". Baddog posted:Does tend to screw older fixed income people considerably though, they are hurting after this last re-assessment. Yes. It also impacts demographics because of things like this. And creates perverse incentives for empty nesters to hang on to 4+ bedroom houses......
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Sep 21, 2023 23:07
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Motronic posted:Here's a loan estimate for one of my properties in PA: Wild okay yeah way different. The first cool thing about buying in this market! The $12k or so of transfer taxes are apparently normally born by the seller here. TheBacon fucked around with this message at 23:42 on Sep 21, 2023 |
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Sep 21, 2023 23:38
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Motronic posted:The county does love to take its bite. We got out right as Delco did their reassessment for the entire county. Taxes would have gone from like 7k to 18k.
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Sep 21, 2023 23:53
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Baddog posted:Goddamn, almost 8K in "transfer taxes"? NYC transfer taxes are similar. And in NYC you pay income tax to the state AND to NYC. NYC income tax applies when you - Live in NYC Boarders and work in NYC. - Live outside NYC boarders and work in NYC. - Live inside NYC boarders and work outside NYC.
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Sep 22, 2023 00:00
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In Virginia on our $580k transaction we paid $13.5k at closing and sellers paid approximately $23k (they used a discount sellers agent which shaved $14k off their costs), with about $3k of transaction taxes paid to the county and state.
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Sep 22, 2023 00:47
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Motronic posted:Here's a loan estimate for one of my properties in PA: Now where in the hell is Dik Hz when you need him! That's highway robbery
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Sep 22, 2023 00:49
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GoGoGadgetChris posted:Now where in the hell is Dik Hz when you need him! That's highway robbery gently caress off with this poo poo stirring, Chris.
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Sep 22, 2023 00:52
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TheBacon posted:I paid $10.8k on a $625k purchase last month in WA. Including funding escrow for insurance and property taxes etc. Not sure where another $10-15k would come from? The sellers look to have paid $13k, primarily in state and local transfer taxes, but also in half the title-owner policy. This doesn’t have realtors fees on it, it looks like which I know was 3% for my agent at least. Yeah, we paid ~$6k in closing costs on $810k not counting prepaid property taxes and insurance in Washington State. Another $3500 for the property taxes. Our agent only charged us 2.25%, though, and we got $1000 in closing credits and a few fees waived because my co-buyer works for the FI we got our loan through (which also gets us a 1% discount on our interest rate). We also got a $15k credit from the sellers, and bought our interest rate down to 5.5% (we had an extra $500 left in credits we couldn't use for down payment or anything that would have gone down the drain if we hadn't used it to basically get a discount on buying off an extra couple of points). I don't think we got away with murder or anything, but I do think we landed on the good side when it comes to loans/closing terms. Ham Equity fucked around with this message at 01:14 on Sep 22, 2023 |
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Sep 22, 2023 01:10
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Motronic posted:(i've head of places that require a recent certificate of occupancy/inspection), Michigan is like this. The elderly person I recently helped move out of a place had to get her house inspected by someone from the county before it was listed, and they had a whole list of poo poo that needed to be fixed before they would issue a certificate of occupancy. Off the top of my head, the attic was full of some ancient dry-wall like material that was basically compressed cardboard rather than drywall that was a massive fire hazard and needed to be ripped out, a bunch of stuff about hand rails, and the front steps needed to be totally re-done because of something about tread height and depth. Some of it was fairly significant. The end result was that the house had to be sold "as is" with a disclosure that it would not be issued a CofO until some pretty major remediation was done, which drove the sales price down accordingly. Basically a forced inspection by the county, but that only looked at very specific things (they didn't give a gently caress about the electrical, for example, and I can tell you right now that there wasn't a GFI or even grounded outlet in the whole place).
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Sep 22, 2023 01:25
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Ham Equity posted:Our agent only charged us 2.25%, though, and we got $1000 in closing credits and a few fees waived because my co-buyer works for the FI we got our loan through (which also gets us a 1% discount on our interest rate). Did you pay your buyers agent 2.25% of the purchase price? Because, uh.. 
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Sep 22, 2023 01:37
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Cyrano4747 posted:Michigan is like this. I live in Michigan and have never heard of this being required before so I'm gonna guess this was a very township-specific requirement and/or there was some sort of extenuating circumstances during that sale.
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Sep 22, 2023 01:48
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Sirotan posted:I live in Michigan and have never heard of this being required before so I'm gonna guess this was a very township-specific requirement. Could be? This was in Dearborn.
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Sep 22, 2023 01:50
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Pilfered Pallbearers posted:Did you pay your buyers agent 2.25% of the purchase price? Oh, yeah, sellers paid that. Actually, sellers paid 2.5%, and our agent kicked us .25% as a friends and family discount.
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Sep 22, 2023 01:51
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Cyrano4747 posted:Could be? This was in Dearborn. Yeah seems so: https://cityofdearborn.org/services/residential-services/buying-a-home-in-dearborn My quick Google also tells me Inkster requires the same thing. Dunno about anywhere else in the state.
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Sep 22, 2023 01:56
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Ham Equity posted:Oh, yeah, sellers paid that. Actually, sellers paid 2.5%, and our agent kicked us .25% as a friends and family discount. Are you saying, your agent (buyer's agent) passed on a portion of their commission to you, the buyer, as a credit at closing?
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Sep 22, 2023 02:00
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GoGoGadgetChris posted:Are you saying, your agent (buyer's agent) passed on a portion of their commission to you, the buyer, as a credit at closing?
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Sep 22, 2023 02:02
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Pilfered Pallbearers posted:NYC income tax applies when you Small comfort but in scenario #2 you get the city tax refunded. The city income tax only hits you if you actually live in the city or Yonkers. Why Yonkers and not like, Scarsdale or other surrounding cities is something I never understood.
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Sep 22, 2023 02:44
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GoGoGadgetChris posted:Are you saying, your agent (buyer's agent) passed on a portion of their commission to you, the buyer, as a credit at closing? I’m pretty sure this is by far the easiest way to do discounts as a buyer’s agent. And discounts are increasingly common because 3% is somewhat insane as prices go towards a million bucks.
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Sep 22, 2023 02:56
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Cyrano4747 posted:Could be? This was in Dearborn. Not a surprise it's super local. I think someone said "glad I'm never buying in PA!" in response to my loan estimate. My LE doesn't reflect PA as a whole at all. The biggest number on there, the transfer tax, is COUNTY specific. Real estate is local, real estate is local, real estate is local. It probably shouldn't be for things like this, but that's a different discussion.
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Sep 22, 2023 13:55
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Living in New England is a blessing and a curse in that the county don't do poo poo but instead it's every single town doing whatever the gently caress.
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Sep 22, 2023 14:34
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Agronox posted:Small comfort but in scenario #2 you get the city tax refunded. The city income tax only hits you if you actually live in the city or Yonkers. Why Yonkers and not like, Scarsdale or other surrounding cities is something I never understood. The exciting part is that there's a lot of houses with zip codes and mailing addresses that are not in Yonkers but still pay the Yonkers city tax.
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Sep 22, 2023 14:42
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Ohhhh, it's sales tax. I finally understand why my closing costs don't align with rules of thumb people keep mentioning.GoGoGadgetChris posted:Now where in the hell is Dik Hz when you need him! That's highway robbery Dude hadn't posted since his last argument in here. I feel a little bad for ribbing him, even if I didnt love his posting. Hopefully he's enjoying life off the forums
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Sep 22, 2023 18:01
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Yeah that was my bad, a mod got me caught up  Last time I was really following this thread, it was just a silly, recurring butting of heads with gifs, memes etcI like to think he's in Posting Heaven with EAT FASTER!!! and Moneyball
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Sep 22, 2023 19:15
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KYOON GRIFFEY JR posted:Living in New England is a blessing and a curse in that the county don't do poo poo but instead it's every single town doing whatever the gently caress. Just wanted to say I thought this was brilliantly put and I enjoyed it
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Sep 23, 2023 00:03
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One thing to keep in mind when buying a house that I didn't realize is that your inspection can pass fine, everything seem good, and then insurance hits ya with a list of needed repairs that if not done in a few months causes you to lose insurance. Luckily we just have 3. New roof ridge, railing on deck, and remove some branches touching the roof. Still going to be like $1500ish.
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Sep 23, 2023 15:07
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Harminoff posted:One thing to keep in mind when buying a house that I didn't realize is that your inspection can pass fine, everything seem good, and then insurance hits ya with a list of needed repairs that if not done in a few months causes you to lose insurance. Those are all very obvious things and indicates that your inspector was......well, check the thread title.
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Sep 23, 2023 15:22
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Motronic posted:Those are all very obvious things and indicates that your inspector was......well, check the thread title. Oh it was in the inspection as things to look at, but not urgent urgent. I just didn't know that insurance would force it.
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Sep 23, 2023 15:28
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Harminoff posted:Oh it was in the inspection as things to look at, but not urgent urgent. I just didn't know that insurance would force it. The inspector should have called out that many if not most insurance companies would. This is very common, and as a supposed expert working in the industry you hired them for an opinion in they should have known this. An inspector is there to inspect, sure, but there are also there to produce leverage for negotiation. "This literally can't be insured" is some pretty great leverage they didn't give you. And it was right there, in front of their face. They even wrote it down but didn't know what it meant.
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Sep 23, 2023 15:44
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Every house that I have moved into, literally every single one, had branches touching the roof. Insurance has never cared, but it's something I take care of anyway
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Sep 23, 2023 16:11
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It is super unusual for insurance to not want to insure you for branches on the roof and railing on a deck (unless its a raised deck with no railing, in which case wtf?) State Farm told me they were perfectly happy to insure me despite the roof of the place I am buying having recently paid out a complete replacement claim and no replacement done. They just wouldn't cover roof damage. I'm not sure how an inspector could speak to what an insurance company does or does not want to do. All they can do is point out the stuff.
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Sep 23, 2023 17:49
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Lockback posted:It is super unusual for insurance to not want to insure you for branches on the roof and railing on a deck (unless its a raised deck with no railing, in which case wtf?) State Farm told me they were perfectly happy to insure me despite the roof of the place I am buying having recently paid out a complete replacement claim and no replacement done. They just wouldn't cover roof damage. Real estate is local. The inspector is local. They should know what happens locally. If this doesn't happen in your area, great! But it's super common everywhere I've every lived. Insurance is typically VERY concerned with roof quality/age. It's the #1 reason to fail an insurance inspection (condition) as well as the #1 reason to be denied coverage outright (age). This includes trees touching it. Or dead trees near it. Or the siding. They know how much water claims cost, they know how much "dead tree falls on house" claims cost. They are also very concerned about liability, so things like railings are in fact a big deal.
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Sep 23, 2023 17:59
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Harminoff posted:One thing to keep in mind when buying a house that I didn't realize is that your inspection can pass fine, everything seem good, and then insurance hits ya with a list of needed repairs that if not done in a few months causes you to lose insurance. I’d guess they’re being sticklers about the branches cause they’re already making you do work on the roof. It’s possible they’d ignore it if there wasn’t other roof issues.
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Sep 23, 2023 18:08
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Deck is 4 steps up. I get it, and was going to anyway, just need to sooner now than I planned. The branch thing is weird as it's litterly a small branch just barely touching the roof. Easy enough to trim down though. 
Harminoff fucked around with this message at 18:14 on Sep 23, 2023 |
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Sep 23, 2023 18:09
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Lockback posted:State Farm told me they were perfectly happy to insure me despite the roof of the place I am buying having recently paid out a complete replacement claim and no replacement done. They just wouldn't cover roof damage. State Farm told me to gently caress off because of my roof. Switched insurance companies, saving quite a bit of money, the roof is going to be replaced 3 days after I closed.
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Sep 23, 2023 20:25
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Harminoff posted:Deck is 4 steps up. I get it, and was going to anyway, just need to sooner now than I planned.  You are going to be having to trim branches budding off that junction forever, might as well be one and done.
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Sep 23, 2023 20:41
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We have some really big silver maple trees close to our house and had them trimmed and cabled by certified arborists to not only keep branches off the roof but to help keep the top weight down and help balance the weight of the tree so the likely points of failure in a storm are less likely to crush my house. They come out to check and trim every three years I think. We live in the Midwest and usually have a pretty big storm or two come through each summer that has the wind speed for potential significant tree damage. Not the cheapest way of dealing with it but it was well worth the money for peace of mind. Hard to tell from the angle of the photo if that tree is above the roof line or not.
marchantia fucked around with this message at 21:03 on Sep 23, 2023 |
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Sep 23, 2023 20:54
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Harminoff posted:Deck is 4 steps up. I get it, and was going to anyway, just need to sooner now than I planned. Anyone who sees those tiny steps and starts screaming about no railing is psychotic, sorry that your insurance person turned out to be crazy The branches are good to take care of, that's one of the many things to check yearly anyway. It doesn't make a home uninsurable, but it's easy to fix to make your chosen insurer happy. How high up are those branches? Looks too tall for a typical pole saw, you might get a rope saw for those
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Sep 23, 2023 21:07
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QuarkJets posted:Anyone who sees those tiny steps and starts screaming about no railing is psychotic, sorry that your insurance person turned out to be crazy Typical posting from you. They aren't "psychotic", they're aware that it doesn't meet code and causes an undue safety risk. Not everyone is an able bodied adult, and they can't control who uses the property.
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Sep 23, 2023 21:11
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QuarkJets posted:Anyone who sees those tiny steps and starts screaming about no railing is psychotic, sorry that your insurance person turned out to be crazy Haha what? It's a literal code in lots of (most?) places in the U.S. I got an FHA loan for my first house and they wouldn't even service the loan until a railing was put up for the three small steps leading off of the slider in the master to the backyard. Efb by Motronic, but I'll leave it for additional colour from a mortgage servicing perspective.
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Sep 23, 2023 21:18
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Motronic posted:Typical posting from you. I'm a relatively fit, able-bodied adult, but one with a bad knee. Could I walk up and down those? Sure, but especially on the down-hill I'd be extra careful. I, for one, would certainly appreciate a hand-rail and use it, just because if my knee does decide to just randomly stop holding my weight I won't go face first into the dirt. edit: by bad knee I mean I can walk around just fine, but stairs loving suck and if I'm going to be walking more than a mile or so in a day I throw a brace on. Not because I won't be able to walk further, but because it makes life so much better the next day if I did.
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Sep 23, 2023 21:23
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