House Buying Tips...

[Shitty Rambo]

Is the seller paying closing costs?

We're paying 1.5%, I also offered +$3k on the asking price to give us an edge over the other offer. So far it sounds like we got it, my lender just sent me a congratulatory text message.

[distinctlydustin]

We're paying 1.5%, I also offered +$3k on the asking price to give us an edge over the other offer. So far it sounds like we got it, my lender just sent me a congratulatory text message.

Sweet! Now I can see your in-my-speedo selfies on Twitter from your new house.

[Shitty Rambo]

Sweet! Now I can see your in-my-speedo selfies on Twitter from your new house.

 

Haha, I'm not showing those heathens a photo of where I live!

[maneatingcow]

http://www.coldwellhomes.com/property/645286/3331-n-casaloma-dr-unit-23-appleton-wi-54913

 

 

Thats the place I want.  Would have made an offer already but ran into a dang unwarrantable condo.  I had everything good to go with a 5% down loan but this place is unwarrantable which would necessitate a 20% down payment.  I found a bank that would keep the loan in house so they would do the loan on with a 10% down payment so now I'm working on coming up with an extra 4 grand.  Ah well, whats another 6 months of renting.

 

 

 

 

 

 

Best of luck to all of you recent home purchasers.  Or good job.  Or fill in whatever the appropriate response is supposed to be.

[weinerdog]

What makes that place unwarrantable? Condition looks just fine. Does the condo assoc have financial issues? 86k would be a damn nice mortgage payment.

[maneatingcow]

What makes that place unwarrantable? Condition looks just fine. Does the condo assoc have financial issues? 86k would be a damn nice mortgage payment.

 

 

They are 8 units being sold away from being warrantable.  Right now the developer still owns and is renting out to large a portion of the units. 

[maneatingcow]

Later this week I have a showing setup for a house I am way to much in love with.  Fuck me, I need to find a reason to not like it so much so I'm not devastated if I don't get it.

[Shitty Rambo]

Later this week I have a showing setup for a house I am way to much in love with. Fuck me, I need to find a reason to not like it so much so I'm not devastated if I don't get it.

For us that was one of the biggest hurdles, trying not to fall in love with a property we were looking at. We adored the home we put an offer in on before, but the seller accepted an offer the day before we put our's in. In retrospect I'm happy we didn't get that one, it didn't have a garage and the 4th room had the wall removed to make it a large 3rd room, we would have had to rebuild it when we decided to have another kid.

As far as I know escrow will close on the 27th and we should begin moving in on the 29th. I hope we're all moved in by the 1st and can celebrate the 4th of July in our new home.

[buttwheat]

For some reason I didn't notice this thread previously. Real Estate in Ont3io, Canada works much differently than in the US (as well as some other parts of Canada). I am a Realtor in Toronto and I also work the surrounding areas. If anyone has questions about real estate around Toronto let me know and I will help you out (or guide you to a great realtor in your area who can help you out).

[thebiglebowski]

Definitely buy your house from a dude named buttwheat!

Only kidding...

[maneatingcow]

For us that was one of the biggest hurdles, trying not to fall in love with a property we were looking at. We adored the home we put an offer in on before, but the seller accepted an offer the day before we put our's in. In retrospect I'm happy we didn't get that one, it didn't have a garage and the 4th room had the wall removed to make it a large 3rd room, we would have had to rebuild it when we decided to have another kid.

As far as I know escrow will close on the 27th and we should begin moving in on the 29th. I hope we're all moved in by the 1st and can celebrate the 4th of July in our new home.

 

 

If I didn't say it earlier, congrats on getting your house. 

 

I've definitely been staying away from places that I know I would need to have major work done.  Something like needing to rebuild a wall would have been a non starter for me. 

 

For it's just been trying to find the right single guy starter home.  Everything you look at is just so dang cookie cutter and every house looks the same.  The place I'm looking at now had major renovations done a few years back and is now a bit unique.   The good thing is that I know I don't have much competition for this place right now.  I've spent the last week and a half hounding real estate agents to find the key because no one could track down a key for the property. 

 

Right now the biggest things I can see that I am curious about is the basement has been made into 2 bedrooms and a half bath and there is a couple of small spots on a wall down there that I fear is mold.  If that's the case I might just have my reason not to buy.  The other main issue that I see is in the yard has a huge awesome shade tree that is looking like it's in less than amazing shape.  If / when I make an offer it'll be contingent on normal home inspection (I've found an inspector that is a mold expert) and most likely having an arborist check out the tree. 

 

 

If anyone has anything that I really should inspect during the showing please let me know.

 

 

Also while I may or may not be making an offer on this place I will be making an offer on something coming soon.  How did you guys decide what to offer on your initial offer? 

[Shitty Rambo]

If anyone has anything that I really should inspect during the showing please let me know.

Also while I may or may not be making an offer on this place I will be making an offer on something coming soon. How did you guys decide what to offer on your initial offer?

Thanks man!

As far as inspections go the roof is a major thing. Make sure your inspector gets up there (if possible) and into the attic as well. Make sure junction boxes are properly installed and all electrical panels are secured (no lose, uncapped, or uncoated wires), those are potential fire and shock hazards. If the property was renovated have them throughly check the foundation and make sure there aren't any severe cracks anywhere.

I offered +$3k on the asking price if they would pay for half the closing costs. Ask your realtor if there are any other offers they're aware of. If the property has been on the market for quite sometime you might be able to come in with an offer well under asking and also get the seller to pay the closing costs or at least half.

[maneatingcow]

Thanks man!

As far as inspections go the roof is a major thing. Make sure your inspector gets up there (if possible) and into the attic as well. Make sure junction boxes are properly installed and all electrical panels are secured (no lose, uncapped, or uncoated wires), those are potential fire and shock hazards. If the property was renovated have them throughly check the foundation and make sure there aren't any severe cracks anywhere.

I offered +$3k on the asking price if they would pay for half the closing costs. Ask your realtor if there are any other offers they're aware of. If the property has been on the market for quite sometime you might be able to come in with an offer well under asking and also get the seller to pay the closing costs or at least half.

 

Thanks for the info.  The Inspector I found ends up costing quite a bit more than others but his reviews are amazing.  He does go on the roof to inspect.    As far as wiring that is one thing that I know little to nothing about and planned on just checking with the inspector what he thought about the state of wiring.  I did forget to mention foundation is actually my biggest fear with the place and I do know that foundation issues can turn into crazy expense.

[thebiglebowski]

Foundation would be my biggest worry. Think everyone "knows a guy" who does electrical or plumbing that can give you a good deal on small stuff. Not many people doing foundation work under the table.

There's no science to what to offer. start at the lowest price you could see them accepting, let them counter and you will settle on a price eventually. If someone else trumps your offer, there's always other houses. At least, that's the way to get a good deal (don't fall in love with any house, just focus on playing the field and getting good value on whatever you settle on).

It sounds ridiculous to me to call a tree expert. Trees are trees. They die eventually. You plant new ones. If it looks bad, it's probably on its way out. Don't need a tree doctor to give you a life expectancy.

Also wouldn't rule out a house for a little basement mold if you liked it. Rip out the drywall/carpet/whatever, fix the leak source, and use the presence of mold to pressure the seller into a lower price (talk up how much it is gonna take to fix it and then get it done for less). If you think this is some kind of deal breaker, maybe shouldn't be a homeowner. No guarantee that even if you buy a perfect house now that it won't have problems in a year, so don't discount the ones that have reasonably fixable blemishes. Just make sure you use them to your advantage at negotiating time.

[maneatingcow]

Foundation would be my biggest worry. Think everyone "knows a guy" who does electrical or plumbing that can give you a good deal on small stuff. Not many people doing foundation work under the table.

There's no science to what to offer. start at the lowest price you could see them accepting, let them counter and you will settle on a price eventually. If someone else trumps your offer, there's always other houses. At least, that's the way to get a good deal (don't fall in love with any house, just focus on playing the field and getting good value on whatever you settle on).

It sounds ridiculous to me to call a tree expert. Trees are trees. They die eventually. You plant new ones. If it looks bad, it's probably on its way out. Don't need a tree doctor to give you a life expectancy.

Also wouldn't rule out a house for a little basement mold if you liked it. Rip out the drywall/carpet/whatever, fix the leak source, and use the presence of mold to pressure the seller into a lower price (talk up how much it is gonna take to fix it and then get it done for less). If you think this is some kind of deal breaker, maybe shouldn't be a homeowner. No guarantee that even if you buy a perfect house now that it won't have problems in a year, so don't discount the ones that have reasonably fixable blemishes. Just make sure you use them to your advantage at negotiating time.

 

The tree is huge.  If it's a matter of a few of the dead limbs need to be cut off no biggie.  If the rot is severe enough that the tree needs to be removed then I'd be looking at a $3000 expense based on what I've had relatives pay for removal of smaller sized trees.  That's why I'd be looking at going as far as having an arborist look at it.  They would also then be able to give me a quote on removal to use as a negotiating chip.

 

As far as mold I grew up in a mold infested home and I just don't know if I want to purchase a home knowing that the first thing I'm going to have to do is track down all the mold and fix the issues causing it.  I go into buying a house under the assumption that at some point I'll have to deal with mold, it's just not something I want to deal with from day 1.  Don't get me wrong if it ends up there is just minor mold on the bathroom wall, then no worries.

 

Honestly the houses I'm looking at aren't expensive at all because of that I don't plan on trying to hardball negotiate to much. 

 

Thanks for your input.

[¯\_(ツ)_/¯]

Foundation would be my biggest worry. Think everyone "knows a guy" who does electrical or plumbing that can give you a good deal on small stuff. Not many people doing foundation work under the table.

There's no science to what to offer. start at the lowest price you could see them accepting, let them counter and you will settle on a price eventually. If someone else trumps your offer, there's always other houses. At least, that's the way to get a good deal (don't fall in love with any house, just focus on playing the field and getting good value on whatever you settle on).

It sounds ridiculous to me to call a tree expert. Trees are trees. They die eventually. You plant new ones. If it looks bad, it's probably on its way out. Don't need a tree doctor to give you a life expectancy.

Also wouldn't rule out a house for a little basement mold if you liked it. Rip out the drywall/carpet/whatever, fix the leak source, and use the presence of mold to pressure the seller into a lower price (talk up how much it is gonna take to fix it and then get it done for less). If you think this is some kind of deal breaker, maybe shouldn't be a homeowner. No guarantee that even if you buy a perfect house now that it won't have problems in a year, so don't discount the ones that have reasonably fixable blemishes. Just make sure you use them to your advantage at negotiating time.

 

we called a tree specialist when we were removing one in our backyard and she gave us what to watch for with the other large trees in our backyard, along with a couple people we could call if we wanted our cherry trees removed and sold for lumber.  so i'd say calling a tree expert was far better than just calling some joe-schmo tree removal business.

[Shitty Rambo]

My wife picked up the keys today before work, I'm going to get them from her when I get off and begin the awesome fun of moving.

This has been one hell of a stressful process but it's all falling into place finally!

[thebiglebowski]

My wife picked up the keys today before work, I'm going to get them from her when I get off and begin the awesome fun of moving.

This has been one hell of a stressful process but it's all falling into place finally!

It always takes 3 times longer than you think it will. Hopefully you packed everything up in preparation for the move.

[thebiglebowski]

we called a tree specialist when we were removing one in our backyard and she gave us what to watch for with the other large trees in our backyard, along with a couple people we could call if we wanted our cherry trees removed and sold for lumber. so i'd say calling a tree expert was far better than just calling some joe-schmo tree removal business.

Yeah, I guess if you have expensive trees that makes sense.

Your average tree (not near power lines, not as big as a redwood, etc...) and I'd just chainsaw it down myself and save loot.

Whatever works for you, though.

[stranaspank]

Awesome Rambo!

 

Feel in love with a house yesterday.  The kitchen is a smidge smaller than I'd prefer, but it's better than what I'm dealing with now.  The bedrooms are all great sizes, the landscaping is gorgeous, the yard is big enough for some raised beds, cornhole, and grilling, and I even like the paint in most of the rooms.  Everything seems solid and in good shape, and I don't think I'd really have to do a thing other than paint a few rooms and put in the garden.  Also $15k under my budget.  The biggest downfall is that it's in a neighborhood I'm not familiar with at all, with not much around it.  I'll have to drive 10-15 minutes to get to work, my friends, and favorite restaurants.  Not horrible I suppose, and the house is worth it.  I was initially looking for an up-and-coming neighborhood to slum in for a few years as it gentrified and make some decent money when I move, and I don't see that here.  The neighborhood seems like it's full of quiet retirees.  I don't think I'd lose money on the house, but unless the area becomes the next best thing in Richmond, I won't profit anything crazy.  But I totally love the house and see being very happy there, but it'll come with a bit of isolation.  Being away from the more active parts of town is a bummer, but I'm not out til 2 AM anymore anyway.  I think I'm going to make an offer tomorrow.  Then I'm going to throw up.

[maneatingcow]

Awesome Rambo!

 

Feel in love with a house yesterday.  The kitchen is a smidge smaller than I'd prefer, but it's better than what I'm dealing with now.  The bedrooms are all great sizes, the landscaping is gorgeous, the yard is big enough for some raised beds, cornhole, and grilling, and I even like the paint in most of the rooms.  Everything seems solid and in good shape, and I don't think I'd really have to do a thing other than paint a few rooms and put in the garden.  Also $15k under my budget.  The biggest downfall is that it's in a neighborhood I'm not familiar with at all, with not much around it.  I'll have to drive 10-15 minutes to get to work, my friends, and favorite restaurants.  Not horrible I suppose, and the house is worth it.  I was initially looking for an up-and-coming neighborhood to slum in for a few years as it gentrified and make some decent money when I move, and I don't see that here.  The neighborhood seems like it's full of quiet retirees.  I don't think I'd lose money on the house, but unless the area becomes the next best thing in Richmond, I won't profit anything crazy.  But I totally love the house and see being very happy there, but it'll come with a bit of isolation.  Being away from the more active parts of town is a bummer, but I'm not out til 2 AM anymore anyway.  I think I'm going to make an offer tomorrow.  Then I'm going to throw up.

 

Best of luck.

 

 

 

 

The house I loved ended up having a mess in the basement.  Mold was from the floor to about eye level in most rooms down there.  Looks like there might have been a crack in the floor that caused flooding.  I super passed on that place.

 

That was the only place I've found that I loved, but I've got a couple showings tomorrow for generic ranches.  Both super small but both would be under the $90 grand mark I've set for myself mean I should be able to pay it off in about 12-15 years comfortably.  One it 750 square feet but is on a creek that leads to a big lake and it would be awesome to be able to hop in a kayak from my backyard.

[Shitty Rambo]

It always takes 3 times longer than you think it will. Hopefully you packed everything up in preparation for the move.

I started packing as soon as our offer got accepted lol, it was a good idea in retrospect even though I had boxes everywhere for about a month. I got maybe 40% moved myself today. I'm beat! Tomorrow I'll have some buddies and a uhaul and I'm going to try and get the big stuff moved.

Awesome Rambo!

Feel in love with a house yesterday. The kitchen is a smidge smaller than I'd prefer, but it's better than what I'm dealing with now. The bedrooms are all great sizes, the landscaping is gorgeous, the yard is big enough for some raised beds, cornhole, and grilling, and I even like the paint in most of the rooms. Everything seems solid and in good shape, and I don't think I'd really have to do a thing other than paint a few rooms and put in the garden. Also $15k under my budget. The biggest downfall is that it's in a neighborhood I'm not familiar with at all, with not much around it. I'll have to drive 10-15 minutes to get to work, my friends, and favorite restaurants. Not horrible I suppose, and the house is worth it. I was initially looking for an up-and-coming neighborhood to slum in for a few years as it gentrified and make some decent money when I move, and I don't see that here. The neighborhood seems like it's full of quiet retirees. I don't think I'd lose money on the house, but unless the area becomes the next best thing in Richmond, I won't profit anything crazy. But I totally love the house and see being very happy there, but it'll come with a bit of isolation. Being away from the more active parts of town is a bummer, but I'm not out til 2 AM anymore anyway. I think I'm going to make an offer tomorrow. Then I'm going to throw up.

Thanks dude!

The property you're describing sounds like a steal, I wouldn't let it slide. You're not too far out of the way, and honesty you'll probably prefer the isolation after a couple weeks. We're actually moving to a more busy part of town and I'm going to miss the empty streets and quietness, then again I'm not really a go-out-and-spend-money type of guy. I prefer to hang out at home with the family and yell at trouble makers in the Blink thread

[thebiglebowski]

Best of luck.

The house I loved ended up having a mess in the basement. Mold was from the floor to about eye level in most rooms down there. Looks like there might have been a crack in the floor that caused flooding. I super passed on that place.

That was the only place I've found that I loved, but I've got a couple showings tomorrow for generic ranches. Both super small but both would be under the $90 grand mark I've set for myself mean I should be able to pay it off in about 12-15 years comfortably. One it 750 square feet but is on a creek that leads to a big lake and it would be awesome to be able to hop in a kayak from my backyard.

I have a canal leading to lake saint clair. It is awesome to be able to just jump in and go. Went out twice yesterday. Despite sun screening, kinda got fried so staying off for a couple days.

[hudsoncomplex]

I've mentioned it before, but we moved out of town to the country just about a year ago. We bought a house that had just been renoed on a one acre property. Best decision we ever made!

[thebiglebowski]

Yeah, strana, from what you wrote, it sounds like you would be foolish to pass on that house. A 15 minute drive is nothing.

Should always buy the house you want and not think of it as an investment (if the property appreciates, that's just a bonus). If anyone thinks they can predict real estate markets, ask them if they saw 2008 coming and what they did to make money off it.