[House-shopping] Everyone hates a wet blanket

"Dr. Zoidberg - RIP Oppo" (thetomselleck) 02/20/2018 at 17:35 • Filed to: House shopping

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When my broker listened to my rebuttal about why I choose to be conservative financially and then replied, “You know, you got a good head on your shoulders,” in just the right tone, I can’t help but wonder if he really wanted to say, “Fuck you.”

I think I’m okay with having limits as to what I’m willing to do. When there’s more than one “if x, then y,” in a plan involving a few hundred thousand dollars, I pull the hand brake. Yes, I *could* afford a nice home, *if* interests rate land just right, *if* we sell our current home right after, and *if* we get exactly what we want for it, and *if* were okay with a ridiculous mortgage until we finance, and *if* absolutely nothing happens to our savings during those six months to throw down at time of said refinance, then yeah! Sign me up. What could possibly go wrong?

This has been another rant. Thank you for your time.

Textured Soy Protein > Dr. Zoidberg - RIP Oppo 02/20/2018 at 17:44

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Even though a buyer’s agent is “acting in your interest,” they still have a financial incentive to get you to buy a house.

shop-teacher > Dr. Zoidberg - RIP Oppo 02/20/2018 at 17:47

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We were fortunate that the right time to buy for us, happened to be 2010. Not quite the bottom around here, but pretty damn close. Our mortgage broker wanted to hug us when we told her we weren’t interested in seeing how much we could be approved for. She wasn’t used to that.

We picked a budget we were comfortable with, and stayed well within it. I’ve always wondered what the bank would have been willing to lend, just out of curiosity.

In hindsight, we should’ve probably spent a little more and bought something that didn’t need quite as much work, but oh well.

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo 02/20/2018 at 17:50

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another thing that is mildly disappointing....

haveacarortwoorthree2 > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:00

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I think you are doing it exactly right. I always had a limit as to what I thought a house was worth. When we got there, I never went over. Lost 3 houses, much to my wife’s (and “her” realtor’s) dismay. But we ended up with a nice house that, due to spiraling salaries back then, was paid off in 10 years.

But now we are remodeling. I think I’d rather have burned it down!

Spaceball-Two > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:01

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I need a chandelier inspector to go to Marysville tomorrow. Busy?

Rusty Vandura - www.tinyurl.com/keepoppo > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:02

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He might have actually meant what he said. Most people approach this entirely helpless and clueless and he had to shift from spoon feeding you to realizing you knew what you wanted and would use him as a consultant.

I’m giving him the benefit of the doubt, to be true. Perhaps he deserves it, perhaps not.

Rusty Vandura - www.tinyurl.com/keepoppo > shop-teacher 02/20/2018 at 18:03

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Think of how much less you’d have to write about on Oppo if you’d done that.

Rusty Vandura - www.tinyurl.com/keepoppo > Highlander-Datsuns are Forever 02/20/2018 at 18:03

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Ew.

functionoverfashion > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:04

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When we were house shopping it was late 2007, early 2008. A scary time, because prices were still high; some were coming down, but banks were still willing to do... whatever. Because we had substantial savings and good incomes, they would have let us buy something for probably twice what we ended up spending. That would have been a catastrophic decision, and I’m glad we had the foresight not to do it. My wife changed jobs and took a big paycut, then I was laid off for a few months that very winter! But I was able to spend a lot of my off-time working on the house, and we were fine because we compromised in a number of ways.

For example, a garage was a must-have for me. But we picked a house that was in a better location for less money without a garage, and now we’re finally at a place where we might be able to build one. And it will be waaay better than whatever we would have been able to afford then. Our location is at the end of a dead-end back road but only 5 minutes from town and a major interstate highway. We also have a kickass view but not a steep driveway, which is rather unusual around here.

We did look at one house with an attached 2-car and a detached 3-car garage... but we would have had to sell it, probably at a gigantic loss.

So yeah. Be patient, and follow your gut.

WilliamsSW > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:14

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Well, the broker works for *you*, not vice versa, so who cares what he thinks? You have to do what’s best for you and your family.

And, what OC said - it’s entirely possible that he meant it directly—

shop-teacher > Rusty Vandura - www.tinyurl.com/keepoppo 02/20/2018 at 18:16

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Truth!

Mid Engine > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:18

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Three years ago I was pre-approved for $700k, but my budget was $400k, and I found a nice home that met my budget. The housing market in Puget Sound is insane, my house is now worth $650K. Doubt I would’ve bought here at that price, probably would have found somewhere more reasonably priced to live.

I got laid off in February 2016 and had no debt other than my mortgage, I was very glad I was fiscally prudent.

Distraxi's idea of perfection is a Jagroen > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:20

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The commission sales model is a classic case of moral hazard. If salespeople and intermediaries had to take a percentage of the hit when things went tits up in future, as well as their percentage of the transaction now, housing (and financial) markets would be a lot more stable and less people would get themselves in the shit.

And yes, rule #1,2,...n of investing: never gamble if you can’t afford to lose. A wise investor, you are.

Chariotoflove > Highlander-Datsuns are Forever 02/20/2018 at 18:30

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Yeah, we tried those too. Not as we had hoped.

Highlander-Datsuns are Forever > Chariotoflove 02/20/2018 at 18:33

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They have the chocolate peanut butter ones out now, way better.

Eric @ opposite-lock.com > Textured Soy Protein 02/20/2018 at 18:44

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And to get you to spend more on it than you want to. Ultimately, all agents involved have a vested interest in maximizing how much you pay for it, no matter what they claim to represent.

HammerheadFistpunch > Dr. Zoidberg - RIP Oppo 02/20/2018 at 18:47

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both times I house shopped

US: here is our budget, thats our top end

Agent: “got it”

[later]

Agent: “here are 10 homes and the cheapest one is 50,000 over budget”

Dr. Zoidberg - RIP Oppo > Spaceball-Two 02/20/2018 at 18:55

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I’m in Marysville right now

There are no chandeliers at my present location. Inspection: pass

Dr. Zoidberg - RIP Oppo > Highlander-Datsuns are Forever 02/20/2018 at 19:07

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I saw those. I also saw this:

Spaceball-Two > Dr. Zoidberg - RIP Oppo 02/20/2018 at 19:11

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Fine. I’ll run up there myself tomorrow.

Chariotoflove > Highlander-Datsuns are Forever 02/20/2018 at 19:22

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They are, but for some reason, Cheerios-based cereals don’t hold novelty flavors as well as other cereals (IMO). I once had a bunch of left over multigrain Cheerios, and used them to make rice krispy treats for the soccer team. Yummy marshmallow and healthy, what could go wrong, right? Kids wouldn’t touch ‘em.

I don’t throw out good food, so I got a bunch of fiber that week.

lone_liberal > Dr. Zoidberg - RIP Oppo 02/20/2018 at 19:25

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I loved those. My wife didn’t think that much of them, but I’m the cinnamon fan in the family.

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo 02/20/2018 at 19:38

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How about NO?

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 02/20/2018 at 19:39

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To which you reply, “sounds like you’re very aware that you make x percent off of whatever I spend!”. “Be my advocate, not my adversary unless you don’t want my business.”

Quadradeuce > Dr. Zoidberg - RIP Oppo 02/20/2018 at 19:59

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Stay the course, you’re doing the right thing. We stuck to a budget, which was less than we could afford, and it has been a huge blessing. It’s allowed us to accomplish other big financial milestones way before we would have otherwise.

Also, you make me feel better about living in flyover country after Kinja shits all over us...

Sigh.

wafflesnfalafel > Dr. Zoidberg - RIP Oppo 02/20/2018 at 20:11

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what that f... - clearly the work of Russian hackers that got into the Nabisco design office

smobgirl > Dr. Zoidberg - RIP Oppo 02/20/2018 at 20:46

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I’m trying to replace my broken furnace with a freestanding gas stove. Requires some minor demolition and floor repair. Guy came out yesterday morning to write an estimate and I’m so tired of people like this being condescending...I’m sorry, you didn’t expect a 900 square foot house in the ghetto? Also, of course the house is goddamn chilly, it’s 7 out and I’m heating it with two space heaters. That’s why you’re here.

Then he tries to turn around and upsell me a bigger stove (this one is recommended for up to 1700 square feet).

Sorry, not really a similar experience but probably similar internal eye rolling. I have a plan, I’ve researched the plan, I know what this entails, just give me a freaking number.

Deal Killer - Powered by Focus > Textured Soy Protein 02/20/2018 at 21:09

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Nope, a buyer’s agent is there to help you find and buy a house. They are not, typically, working for your financial interest, at all. I’ve blown many, many deals where the buyers agent does not do any due diligence for the purchaser, overlooking nearby, comparable sales that sold for much less, even other active listings that are competitive, but priced lower. The market right now, at least in N.W. Ohio/S.E. Michigan, is pretty tight, with few listings at the moment, but even still, I’ve seen a few deals that are above market, some by tens of thousands. I just sit there and SMDH.

BaconSandwich is tasty. > shop-teacher 02/20/2018 at 21:46

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It can also be an excuse to buy specific tools. :p

SilentButNotReallyDeadly...killed by G/O Media > Dr. Zoidberg - RIP Oppo 02/20/2018 at 22:34

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We bought our first house in 2005 for a smidge over 100,000 Australian dollars. Put a fair bit of work into it over time. Just sold it in under 3 weeks and very nearly tripled our initial investment.

Nowin our new town, we are looking again. Fortunately, we don’t need a mortgage even to get something decent. It’s the byproduct of being well paid people in a regional area. Can even manage it with my current state of unemployment.

In your case, your broker just wants more of your money. So good for you for saying no.

shop-teacher > BaconSandwich is tasty. 02/20/2018 at 22:44

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You mean like the track saw I’m going to buy to build new kitchen cabinets? :)

BaconSandwich is tasty. > shop-teacher 02/20/2018 at 23:03

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Exactly. :P

I’m slowly getting the garage insulated. I keep telling myself (and Mrs. BaconSandwich) that if it comes in under budget, I should get to use the rest of the money to put towards a mig welder.

shop-teacher > BaconSandwich is tasty. 02/20/2018 at 23:15

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Most definitely! Think of all the savings!!

punkgoose17 > HammerheadFistpunch 02/21/2018 at 08:39

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I’ve learned to lie about my budget for things with sales people like cars and houses. Our budget was $150,000 and we told our agent $130,000 - $140,000. We got a $150,000 listed house for about $142,000 which is the top of where we wanted to be.

Transit > Dr. Zoidberg - RIP Oppo 02/21/2018 at 14:16

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Even my kids won’t touch those.