by "JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
Published 05/16/2017 at 09:43
by "JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
Published 05/16/2017 at 09:43
No Tags
STARS: 8
Made an offer on a house/land.... First time home buyer.... I’m Freaken’ out man! Ahhh! What if it goes badly? What if it explodes? What if it goes WELL!!!???? /runs around in circles screaming
"pip bip - choose Corrour" (hhgttg69)
05/16/2017 at 09:45, STARS: 3
worst that can happens is you end up broke and get evicted
:)
"LOREM IPSUM" (lorem---ipsum)
05/16/2017 at 09:49, STARS: 2
Goodbye money, hello equity.
"merged-5876237249235911857-hrw8uc" (merged-5876237249235911857-hrw8uc)
05/16/2017 at 09:51, STARS: 1
No worries. Just relax, it’ll be fine.
"fintail" (fintail)
05/16/2017 at 09:53, STARS: 1
The first part is guaranteed, in some markets, not the second (much of Murka never recovered from the oughts bubble, especially in the southeast or rust belt).
Heck, I am in a decently warm to hot market and my old condo that sold in 2006 still isn’t worth anything more today. After HOAs, maybe not a great ROI, but it is a roof over your head.
"nermal" (nermal)
05/16/2017 at 09:54, STARS: 9
Things you need to know about buying a house:
1) Fees. There are fees for everything, even things that you have never thought of. Lien fees, title fees, appraisal fees, realtor sign fees, fees so the realtor can be a Realtor (tm) instead of simply a realtor. Just accept that you are going to get totally hosed by fees from every direction.
2) The bank will scrutinize every bit of your financial health for the past few months. Bank statements, credit reports, paystubs, etc. It’s kinda creepy.
3) GET A GOOD HOME INSPECTION. It’s one of the fees that is well worth it. Don’t use somebody that the realtor reccomends.
4) Leave plenty of time, and don’t expect everything to go smoothly. By leaving time and lowering expectations, you’ll end up with a better experience and less stress.
5) Don’t forget to pay your mortgage, or the bank will take your house.
"LOREM IPSUM" (lorem---ipsum)
05/16/2017 at 09:55, STARS: 4
Fuuuuuuuck a HOA.
Never, ever, ever, ever, ever.
I’d rather live in my car.
"fintail" (fintail)
05/16/2017 at 09:57, STARS: 0
Can’t get a condo without one (and couldn’t afford a detached house then or now, as the market for those here is insane due to money laundering/”investors” from places unspoken). The HOA was actually fairly well managed and not too intrusive, but it wasn’t free.
"OPPOsaurus WRX" (opposaurus)
05/16/2017 at 09:58, STARS: 1
well here is where I am:
i’m selling my house and buying another. the septic in my house failed unexpectedly basically becuase the guy who was suposed to inspect the system when I orginally bought my house 5 years ago was Asscrust and hid a huge problem. I have to put in a whole new system at the cost of $20k. The people who we are buying from are Vagcrust and are jiust trying to find every way to screw us. On top of that they just had thier property evaluated and Deed restricted to 3 bedroom. If this wasn;t the only house in town that fits our desires and can afford i’m just nuke the whole thing. O and i’d kill the mother fucker who screwed me over if he wasn;t already dead.
Well good luck.
"Tripper" (tripe46)
05/16/2017 at 10:01, STARS: 0
Congrats man! I hope everything goes smoothly for you!
"Lokiparts" (lokiparts)
05/16/2017 at 10:01, STARS: 1
Exactly this.
Take it from someone who just purchased their second house a couple months ago. After finally being able to sell the house that we owned for 9 years at a $15,000 loss....
"Tripper" (tripe46)
05/16/2017 at 10:15, STARS: 1
Straight up. My parents house growing up was/is a part of a super snooty HOA. Fuck that noise.
"ttyymmnn" (ttyymmnn)
05/16/2017 at 10:24, STARS: 0
What if everything works out fine? That could happen, too.
"Deal Killer - Powered by Focus" (dealkiller-ii)
05/16/2017 at 10:26, STARS: 2
Here’s a few tips from a seasoned real estate appraiser.
1. Know what you are buying. Does the listing Realtor or assessor state the home is 2,100 sq.ft.? Measure the home and be sure. Buy a 100' tape measure at the least and pull it around the home to verify the dwelling area. I’ve walked through 100's of homes which were either larger, or smaller, than public records or what a Realtor is stating.
2. Make your Realtor work for you. Have him/her show you what other, similar homes are selling for in that neighborhood. They should be able to show you several homes that would be comparable to the home you are interested in, which should be within a reasonable range of the price the seller is asking.
3. No matter what you eventually offer, an appraiser is going to use comparable sales to form an opinion of value for the property. If it is a hot market, and you get into a bidding war, expect to cough up additional cash to cover an difference between market value and the final price.
4. Just like when buying a car, don’t get emotionally attached to a property. This is especially difficult when buying a house, but be prepared to walk away from a bad deal/home.
5. Exterior, adverse conditions, such as a nearby railroad track, busy road or commercial area, may not affect a properties value much when the market is on the upswing. But when values start to decline, and they will eventually, these things will kill the appeal and price when buyers are more choosy. Take a drive around the neighborhood. Take note of unkempt lawns/homes.
6. If you are feeling especially bold, ask a prospective neighbor about the area. When my parents bought there new home last year, after 50+ years in the same house, I asked a woman across the street about the HOA, lawn service and neighbors. She was very forth coming, and put my parents at ease about buying the home.
Sorry if this is a bit much, but this is definitely in my wheel house of expertise.
"adamftw" (adamftw)
05/16/2017 at 10:28, STARS: 1
Yikes.
"MasterMario - Keeper of the V8s" (mastermario)
05/16/2017 at 10:44, STARS: 0
Check the age of appliances/furnace/water heater/etc/etc and budget for them accordingly
When we bought our house I knew most of the stuff would need to be replaced fairly soon, even with that knowledge it cost much more much sooner than i was expecting.
In the first 2 years I have fixed the refrigerator, fixed the dishwasher, installed an iron filter, replaced the water softener, replaced the water heater, replaced the pressure tank, replaced the well pump, and replaced the septic pump (those last 2 were expensive since they aren’t exactly DIY type stuff)
"Tekamul" (tekamulburner)
05/16/2017 at 10:45, STARS: 1
Congrats and good luck!
"Chariotoflove" (chariotoflove)
05/16/2017 at 10:53, STARS: 1
Congrats! You’re a grownup now!
"190octane" (admiralcb)
05/16/2017 at 11:10, STARS: 0
Even if the value stays the same, you still get the mortgage interest and property tax write offs and you’re paying down the mortgage which adds equity as well.
Those write offs might not matter as much to some people, but if you’re up in the 20-25% bracket, it makes a big difference.
"Future next gen S2000 owner" (future-next-gen-s2000-owner)
05/16/2017 at 11:11, STARS: 0
You should have lots and lots of ways to get out before you sign on the line. Once you see the pay off date, that is when it hits you.
"smobgirl" (smobgirl)
05/16/2017 at 11:20, STARS: 0
I got outbid on SO MANY properties before I ended up with my house. Not sure of your market but don’t be too disappointed if things don’t go great right away.
"HFV has no HFV. But somehow has 2 motorcycles" (hondasfordsvolvo)
05/16/2017 at 11:24, STARS: 0
We did that a few weeks ago. Put ina lowball offer in a house, because it needs a ton for refurbishing/finishing. The seller didn’t even respond so I guess they didn’t like our lowball.
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:42, STARS: 1
1) We’re essentially buying $150k worth of land with a $50k house on it. Built 1811.
2) We’ve seen what else is in the area, this is the only one with open land that meets our needs at less than $500k... (sheep farm)
3) see above, that’ll be tricky... The market in that area is luke-warm at best, so thats a plus.
4) I feel fine with that, i just have to keep my partner sane.
5) middle. of. no. where.
6) we’ve asked them about who hays thier fields and if they’re happy with the current guy...
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:47, STARS: 1
bright spot: The furnace, well pump, water heater, expansion tank, etc are all less than 7 years old, so that’s good. The fridge and washer/dryer are “fine” the cook stove, dishwasher and wood stove all need to go, and we’re taking that into account in our initial offer, as well as the sorry state of the electrics. We’ll see if the inspection nets us additional leverage...
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:48, STARS: 0
our big concern here is the Amish sweeping in and offering cash... Market is luke-warm.
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:49, STARS: 0
THANKS.
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:50, STARS: 0
*breathes into a paper bag*
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 11:51, STARS: 0
but... But... But then I’d own a house and 90 acres of land!!! Then what!!??? (sheep farm, sheep farm, there’s a plan... *deep breath* ahhhhhhh!!!!!
"Deal Killer - Powered by Focus" (dealkiller-ii)
05/16/2017 at 11:54, STARS: 0
Oh, OK. So you’re basically buying vacant farm land with an old farm house. Is the house even livable as is, or does it need repairs/renovations? I don’t do farms, so I can’t say too much on that subject. If you’re getting a loan for purchase, make sure the bank knows what it is lending on. Too many times, I’ve had assignments where I have to go back to the lender and say, “You do know you’re lending on a POS farm house & 50+ acres of land, right?” Usually, they have no clue, and cancel the appraisal.
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 12:00, STARS: 0
it’s livable. Is it great? No. Does it need work? Yes. We’re already talking with the USDA about farm loans, at the same time we are talking to our bank... It’s Vermont, though. If banks refused to lend on 50+ acres of land with a 200+ year old house they’d never issue a mortgage in this state.
"ttyymmnn" (ttyymmnn)
05/16/2017 at 12:03, STARS: 0
I don’t know, 90 acres sounds pretty sweet. Then you’d have to get a riding mower. Yesssssss!
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 12:06, STARS: 0
got two tractors already. A haybob, and a round baler too... We do need a different mower, making hay with a brush-hog sucks.
"ttyymmnn" (ttyymmnn)
05/16/2017 at 12:07, STARS: 0
Well, it sounds like you know exactly what you are on about. What general part of the world are we talking about here?
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 12:09, STARS: 0
northern vermont
"Andy Sheehan, StreetsideStig" (AndySheehan-StreetsideStig)
05/16/2017 at 12:09, STARS: 0
90 acres!?
I guess I know where we’re running all the Oppo rallycrosses from now on.
But seriously, I hope it goes well. I’m about a year and a half out from buying my first house, and I can’t wait.
"ttyymmnn" (ttyymmnn)
05/16/2017 at 12:13, STARS: 0
Nice. My mother was born in Burlington. I visited there a few times when I was a kid. It’s a beautiful part of the country, and I look forward to taking my kids up there some time. My mom now lives in Lebanon (NH—Northeast, not Middle East).
"Manwich - now Keto-Friendly" (manwich)
05/16/2017 at 12:19, STARS: 0
Or what if the house is haunted because it’s built on a cemetary or native burial ground????
"Manwich - now Keto-Friendly" (manwich)
05/16/2017 at 12:21, STARS: 1
Then what?
Obviously you need to start growing marijuana while raising sheep. And you’ll have to get the sheep to eat the marijunana so they’ll make marijuana wool.
And from there... PROFIT!
"Manwich - now Keto-Friendly" (manwich)
05/16/2017 at 12:24, STARS: 0
He wouldn’t get evicted... he would go broke, have the bank foreclose on the property and then the bank would have the sherif have him removed from the property at gunpoint at 5am.
"Manwich - now Keto-Friendly" (manwich)
05/16/2017 at 12:31, STARS: 0
1. That means it’s haunted for sure!!!
2. Hmmm... it’s probably so much cheaper because it’s haunted from a mass murder that happened in the living room or something like that.
3. Ah... it’s lukewarm because the locals are aware of the haunting and know to stay away.
4. You can romantically lose your sanity together!
5. which means no one will hear you scream...
6. the neighbour was obviously involved in the murder that lead to the haunting...
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 13:23, STARS: 1
1) Beetlejuice!
2) Beetlejuice!
3) ???????
4) Profit!
5 thru 6) https://www.youtube.com/watch?v=WI7ePVquOtk
"fintail" (fintail)
05/16/2017 at 16:01, STARS: 0
And living rent-free, too (not counting maintenance or HOAs).
The tax deduction always amuses me, I see it as a subsidy for the housing juggernaut disguised as a gift to the common person (those fortunate enough to live in affordable housing markets, anyway).
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 16:52, STARS: 0
1) We’re ready for that.. Sadly :P
2) I’ve been unemployed for 3 months, but I have income... And savings, and investments... Guess i get to see what the bank thinks of that.
3) in Vermont all home inspectors are licensed and state regulated... And every real estate agent knows every inspector in thier area...
4) yeah, that’s expected :/
5) noted ;P
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 16:53, STARS: 0
DOUBLE THANKS.
"JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t" (jawzx2)
05/16/2017 at 16:59, STARS: 1
there’s a woods. With logging roads.
"Manwich - now Keto-Friendly" (manwich)
05/16/2017 at 17:08, STARS: 0
“i’d kill the mother fucker who screwed me over if he wasn;t already dead.”
You could always look up where he’s buried and piss on his grave...