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I ducked into some open houses on my Sunday walk and someone was making a full-cash offer for an out-of-state buyer as I was signing in to the only remotely reasonably priced one. 
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Apr 19, 2021 19:24
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H110Hawk posted:Technically yours is uncapped liability ($appraisal+$x) where appraisal could come in anywhere including above your offer price however unlikely. The other is capped liability ($appraisal + $x) <= $y total. It was a townhome with two identical floorplan units in the same complex sold within the last couple months. But to be even more specific, my offer was ((appraisal <= x) + y) and x was 15k over what one of the comps sold for in February.
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Apr 19, 2021 19:53
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SchnorkIes posted:Is the small scale SFH adjacent sector just full of idiots and scammers in general? I watched my landlord try to find a good HVAC vendor and all of the ones that he could round up were basically just scams until he got a guy word of mouth (from a friend of his who built 100 houses and still has a few dozen of them or something along those lines) who just came and fixed everything quickly and properly for a good price. The world is full of idiots and scammers. We're all idiots and scammers here.
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Apr 19, 2021 21:04
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SchnorkIes posted:Is the small scale SFH adjacent sector just full of idiots and scammers in general? I watched my landlord try to find a good HVAC vendor and all of the ones that he could round up were basically just scams until he got a guy word of mouth (from a friend of his who built 100 houses and still has a few dozen of them or something along those lines) who just came and fixed everything quickly and properly for a good price. If you are in any way competent and professional in the trades and doing residential stuff on your own you will be able to maintain a full workload without spending a dime on a website or advertising of any sort. A business card is maybe all you need because the default mode of advertising is the word of mouth method you outlined.
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Apr 19, 2021 21:10
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silvergoose posted:new thread title imo It’s accurate so it might as well be. We’re finally scheduled like 3 hours ago, and my lender calls me and says They never told the insurance company the updated date. And they called them but it wasn’t happening fast enough. So I had to call my insurance company and basically beg them to do it right this god dam second because the lender needed it right now cause we close in 19 hours.
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Apr 19, 2021 21:18
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Just lost my first offer. Unfortunate, but not unexpected all things considered. My desire to have 2F bedrooms but also not really liking bungalows isn't really helping my house hunt. A condo would be an option but the Association Right to Access clauses for Michigan are a bit concerning and I'm not quite desperate enough that I would want to deal with that yet. If it reaches that point I might as well just stay put in my apartment.
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Apr 19, 2021 23:22
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Sup “lost first offer” buddy. No details on the best offer yet, but there were a total of 12 in one weekend for something drat close to downtown Madison. Market’s a hot one!
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Apr 19, 2021 23:30
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Apparently the market the house I sold in was the hottest in the US during March which just makes my REA over pricing it to the point of no interest until we dropped it and sold the same day even more funny/annoying.
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Apr 19, 2021 23:41
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El Mero Mero posted:If you are in any way competent and professional in the trades and doing residential stuff on your own you will be able to maintain a full workload without spending a dime on a website or advertising of any sort. A business card is maybe all you need because the default mode of advertising is the word of mouth method you outlined. I guess it makes sense because the licensing is so onerous, I can do whatever I want to an AC or refrigeration system at work but it's years of training and licensing to do the same thing to a house iirc. During a boom like this they'll be living large, and good for them.
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Apr 20, 2021 01:04
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Update from my friends who are selling: They had listed at 300 which I thought was a bit on the low side, and my prediction was 10 offers with a max of 367. They ended up with about 14 offers and a max of 365, no-cap appraisal, info-only inspection, 45 days post-close occupancy. I'm happy for them as it helps ease the pain of the house they are buying appraising for ~40k less than their offer.
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Apr 20, 2021 01:07
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Lol. My saga continues. For some background, for some reason my lending officer is the lending officer for the seller for his purchase. The seller of the place I’m buying also decided he’s going to close the same day we are. My closing is at 11AM tomorrow. The lender told me today his closing wasn’t going to happen tomorrow, but ours is good. The seller (FSBO) was texting and calling the lender + our agent alllll morning. Until we found out he wasn’t gonna close his purchase at like 2. My agent has been texting and calling him absolutely non stop to schedule the final walkthrough. No response whatsoever. He’s been calling her non-stop through this whole process so it’s very unusual He finally got back to her. At 845 at night. He “was moving and didn’t see his phone”. gently caress I hate everyone and everything about this.
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Apr 20, 2021 02:17
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Pilfered Pallbearers posted:gently caress I hate everyone and everything about this. okay this is a pretty good one too
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Apr 20, 2021 02:30
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SchnorkIes posted:I guess it makes sense because the licensing is so onerous, I can do whatever I want to an AC or refrigeration system at work but it's years of training and licensing to do the same thing to a house iirc. During a boom like this they'll be living large, and good for them. Where did you get this idea? You can take the EPA test online for like $35. There is no other certification required. Pilfered Pallbearers posted:For some background, for some reason my lending officer is the lending officer for the seller for his purchase. What the F? No. You should have said no a long time ago. As soon as you found out about that. What the hell? Again: the people involved in your housing sale or purchase are not doing you a favor. They are service providers/vendors. And they are really shiity in general. They are entirely interchangeable. Fire them early and often.
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Apr 20, 2021 03:18
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Most of the homes in my price range in my market (Seattle metro) are either; 1. Modestly sized homes (~950 sf) that have been renovated for flipping. 2. Medium sized homes (~1450sf) that need some tender love and care. I’m very cautious towards these renovated flips. I lean towards the medium sized homes that need TLC because I at least see the issues. I’m concerned that just below the surface, the flip properties are a ticking time bomb of lovely housework. Generally speaking should I be more accepting of flipped properties? Will inspectors be able to catch the most egregious stuff?
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Apr 20, 2021 03:22
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Your instincts are correct. Don't trust a flip unless they are willing to show you the photo album of when they went down to the studs and/or replaced floorboards / sheets of roof ply. Imo.
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Apr 20, 2021 03:30
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Motronic posted:
I found out about it loving today. I would have complained loudly if I knew about it earlier. They were incredibly responsive and fast moving at the beginning, had the best rate, and stayed that way even after we locked in for a while at least.
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Apr 20, 2021 03:31
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Quick question: My wife and I are under contract on a house (hurrah! DC is the worst) but she miscalculated her withholding this year and now we owe a sizable tax bill (few thousand). It shouldn't be a problem to pay and I would have paid it already had we not been in the middle of this process, but I'm holding off for now. We're closing a few days after tax day and I'm wary of making large payments until then. I already have a bunch of cash in escrow for our EMD and we've already provided bank statements to our lender, but is filing an extension on our taxes and then just dealing with it after closing a good or bad idea?
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Apr 20, 2021 03:33
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Pilfered Pallbearers posted:I found out about it loving today. I would have complained loudly if I knew about it earlier. I get you may not be in this kind of position, but I'd be willing to tank a deal over that. Or at least use that threat to get a LOT of concessions.
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Apr 20, 2021 03:38
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silvergoose posted:new thread title imo
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Apr 20, 2021 03:49
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Motronic posted:I get you may not be in this kind of position, but I'd be willing to tank a deal over that. Or at least use that threat to get a LOT of concessions. I don’t even know what I’d ask for here, or how I’d ask for it. We’re definitely not in a position to rank the deal. We’re first time buyers, and everyone involved in this process is too good at only answering half your questions and acting like you didn’t ask in the first place.
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Apr 20, 2021 04:02
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Inspection turned up a bunch of issues in the home we have an accepted offer on, two of which rise to the “major problem” level. Gonna ask them to fix (or take some cash off) and if they don’t, I may have to walk
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Apr 20, 2021 04:35
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java posted:Inspection turned up a bunch of issues in the home we have an accepted offer on, two of which rise to the “major problem” level. Gonna ask them to fix (or take some cash off) and if they don’t, I may have to walk Spill the beans, what'd they find? It can probably help folks to learn about potential inspection pitfalls, plus it's interesting to read about. Separately, here's this place I found while aimlessly browsing. Even places at modest more average price points have shot up. https://www.redfin.com/IL/Chicago/1409-W-Superior-St-60642/unit-3R/home/12697688 It's in a great neighborhood where I currently rent, but am buying elsewhere because values were too high. With COVID for some reason this neighborhood's values have been popping. Dude bought in 2019 and is selling in 2021 for just about $100k more. It's a nice place, though. Huge decks, public park and transit nearby, and garage parking. Inner Light fucked around with this message at 05:02 on Apr 20, 2021 |
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Apr 20, 2021 04:58
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I like that area. I lived west of there for 10 years and it's not surprising that area is getting more expensive. When I moved to uki village it was pretty cheap, there were still a lot of ukrainian residents and businesses where they didn't speak English. Archie's (a neighborhood bar that looks like a living room and doesn't have taps) was literally a ukrainian old man's club, nobody knew of that place. My girlfriend and I walked in one time shortly after moving there or of curiosity and it was like a record stopped. These old guys welcomed us and bought our drinks all night while we played pool. A few years later it was a hipster bar. It was a safer neighborhood than further west and there's a lot to do nearby. If we stayed in Chicago I would have likely bought in the area. I saw the meat puppets at west fest. Feed on Chicago and California is an awesome place. Fatso's and ducks have taken years off my life. In other news, we put another offer in (I think this makes a dozen, maybe 15) on a house (Seattle) priced at 660, we bid 710 and they accepted. We waived inspection since it already had one, 20k earnest, and 15k low appraisal coverage. The lot is smaller than I wanted but it's a 3bed 2 bath, mid century modern rambler, has a smaller garage than desired but it's usable. The living room and vaulted exposed beam ceilings really got us. It's in a good location, still in the city, park across the street, and not way out in the burbs like we were thinking we would end up. It needs cosmetic updates (kitchen, bathrooms) but I can do a lot of it. I'm not going to get my hopes up too much yet. We've been looking since December. Bought in January but the house failed inspection due to multiple major issues so we backed out. Kept looking ever since and it's been brutal. We've been routinely outbid on houses going 100-200k over asking with all contingencies waived and 100k low appraisal, and 20-40 offers. Houses here go on market Thursday and are gone by Monday. The nice thing about this house is it's the lowest price house in the area by a few hundred thousand so there's a lot of equity potential. Getting this house was a huge relief but I'm also nervous about ownership. Oh well gently caress it. Let's ride this crazy train.
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Apr 20, 2021 07:01
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So that house I talked about a few days ago, the one with the "hermit crab" contingencies and the kitchen everyone has been dunking on in the homeowner's thread just popped up "pending" this evening. Riverside really is a seller's market right now.
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Apr 20, 2021 07:13
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Insurrectum posted:Quick question: My wife and I are under contract on a house (hurrah! DC is the worst) but she miscalculated her withholding this year and now we owe a sizable tax bill (few thousand). It shouldn't be a problem to pay and I would have paid it already had we not been in the middle of this process, but I'm holding off for now. We're closing a few days after tax day and I'm wary of making large payments until then. I already have a bunch of cash in escrow for our EMD and we've already provided bank statements to our lender, but is filing an extension on our taxes and then just dealing with it after closing a good or bad idea? I'd ask your lender about this. Keep in mind that you can get extension to file, but not to pay so you will pay a small amount of interest if you delay. We also have a sizable tax bill this year to the tune of >$20k and even though we have cash ready to pay it, we were considering an extension for similar reasons. Our lender had a lot of opinions on how we should handle things. Before the IRS pushed back filing date, they said please don't start a payment plan with IRS because the logistics of paper trail on that would delay things. But now that filing date is pushed back to May and we're closing before then, they're saying please don't file/pay before deadline since they don't want to deal with paper trail of explaining the transaction. So we'll just pay before 15th but after closing. java posted:
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Apr 20, 2021 07:46
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amethystbliss posted:I don't know how people are dealing with the stress of buying in an environment with all contingencies waived, more power to you all in Seattle and other markets. Hope this is the one, Verman. 
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Apr 20, 2021 07:55
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Verman posted:In other news, we put another offer in (I think this makes a dozen, maybe 15) on a house (Seattle) priced at 660, we bid 710 and they accepted. We waived inspection since it already had one, 20k earnest, and 15k low appraisal coverage. Ornery and Hornery fucked around with this message at 15:51 on Apr 20, 2021 |
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Apr 20, 2021 08:06
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Anyone care to speculate on what's going to happen with inflation in the next two years Every expert online right now is swearing up and down that all the things that normally cause inflation, definitely isn't going to cause inflation, all the while all my daily expenses are up about 5%, raw building supplies are 4x and skilled manual labor is commanding 75% of white collar job salaries. House prices, as I'm sure you're aware, are jumping up at 10% per year right now, California style Sure seems like "inflation isn't going to happen this time" and "we're in uncharted territory is why inflation isn't going to happen, and we don't know what the new economic rules are yet" is a whole lot like "we're one major event, like war with iran, away from triggering 5-7% inflation for 6+ months" With a major housing crunch, labor crunch to build it and new construction prices skyrocketing right now, it sure feels like inflation is going to have to occur, and salaries are going to have to keep up for the housing engine to keep spinning Total  but it sure seems like there's definitely going to be major inflation happening 2021-22 and economists are marching in lock step saying "no inflation" to avoid a market panicMaybe the trigger event is simply going to be this "hermit crab" problem where nobody wants to sell because there's a good chance that prices will have risen even further between when they sell their house, and when they finally get an offer accepted, and so everybody sits out buying/selling and the housing market contracts further, creating an actual bubble / In other news, and slightly more on topic, I got an unsolicited offer to buy my wife's mom's house, wife and her mom have a complex ownership deal on that property, but very explicitly my name is not anywhere on ANY of the paperwork besides a single notarized document swearing in blood that I don't have an ownership stake in yet thing. But somehow they tied my personal phone number (which is on the do not call list) to my wife's mom's house 
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Apr 20, 2021 08:34
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Inner Light posted:Spill the beans, what'd they find? It can probably help folks to learn about potential inspection pitfalls, plus it's interesting to read about. It's an 1950's build, so a large amount of the pipes under the house and out to the sewer are cast iron. Inspector scoped it and said they're pretty much falling to pieces, including the mainline. Estimate would be at least 12-16k to fix. He also found a leak behind the wall in one of the bedrooms. There's a litany of "medium" things including some roof work that needs to be done, garage door is off it's hinges and the spring is broken so the door really isn't operational, A/C inspector said duct-work doesn't match the sq footage needed by the a/c unit by quite a bit (like, 1600 vs. 600), and there's some wiring issues, but those are rather small. I think the list we sent over was probably 17 items long at the end of the day. It's out of my hands now. java fucked around with this message at 09:05 on Apr 20, 2021 |
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Apr 20, 2021 08:59
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Ornery and Hornery posted:Good luck friend. Can you explain your process for deciding to waive the inspection? Sure. The market is just so competitive that buyers are doing everything they can to be more accommodating to the seller which means waiving all kinds of contingencies, inspection being the first to go. An inspection is just one more step in the process that can stall or cancel the sale. It's one last power the buyer has in the deal. Surrendering that is making the sellers life easier. We were at two homes when an inspector was doing a preinspection. I picked their brains and both told me more sellers were booking than buyers in the last few weeks. I only waived inspections on offers if the house came with one and it looked competent. If no preinspection, I didn't waive my inspection. It feels sketchy but I don't see how anyone will get a house in this market without waiving it unless the house is in a less competitive area. This market is leaves so far towards the seller that you're literally throwing buckets of cash at someone begging to buy their house for more than they are asking. I felt like my wife and I were in a good place but more cash would have helped a ton for the moret appraisal situations. We saved for years to get to 100k cash and it doesn't feel like enough. 10% down payment, closing costs, moving costs, appliances etc. Plus we just got hit with a massive tax bill. If I were single I would probably still rent or look at a condo. We talked a lot about pausing our search after getting beaten up over and over again. We're mid 30s, thinking about kids and figured we wanted to get into a house sooner rather than later and ride this equity train. My wife and I have rented for so long we don't want to share walls and if we have a kid, our 700 sq ft rental would feel impossibly tight. If you're looking for a smaller home, you'll probably be able to find something cheaper, especially if you're flexible on location. I kind of feel like there's a bubble burst coming which theoretically would make now a terrible time to buy but Seattle recovered quickly from 2008 so I don't see real estate in Seattle ever being a bad move. Housing continues to climb, covid might have exacerbated it.
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Apr 20, 2021 10:37
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Hadlock posted:Anyone care to speculate on what's going to happen with inflation in the next two years No, because the actual relevant question is what you will do based on your supposition. It's useless to speculate beyond that in here. If you're 1000% certain that inflation will jump up, buy a house, I guess? Lots of people are. It might be a good idea for you if you can afford it while maintaining your savings and retirement investments. If you can't do that, please don't jump in to a blazing hot market counting on the increase in salary you'll get due to the inflation that's sure to come any time now. That's the sort of desperation move that will cause huge problems if things happen differently and, say, housing prices crash. What I'm saying is that you can only act on your financial situation as it exists now, and while it may be prudent to hedge against inflation, it is probably more prudent to do so in a way that doesn't screw you over if there isn't rampant inflation coming.
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Apr 20, 2021 10:42
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Looking at a house right now, and our REA's portal says that it has radiant heating but the photos show baseboard heaters as well. Is that a common thing? I don't know much about either type of heating, basically what cursory google searches have taught me 
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Apr 20, 2021 13:02
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Baseboard heater is a hot water radiator, so yeah that's radiant heat.
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Apr 20, 2021 13:43
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Also pretty easy to connect pipe between baseboard runs and in-floor runs.
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Apr 20, 2021 13:50
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Hadlock posted:Anyone care to speculate on what's going to happen with inflation in the next two years My own personal opinion is that in order to see inflation you'd have to see money shift from investment to spending, macroeconomic style. That means wealth inequality going down. So, no I don't see inflation in the near future.
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Apr 20, 2021 13:54
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FISHMANPET posted:Baseboard heater is a hot water radiator, so yeah that's radiant heat. Ooh, okay. So basically all baseboard heaters are radiant heat, but not all radiant heat systems are baseboard heaters? My quick google search showed radiant heating being only under the floor, and not the baseboard style thingies I've seen under windows. 
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Apr 20, 2021 14:25
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FISHMANPET posted:Baseboard heater is a hot water radiator, so yeah that's radiant heat. Electric baseboard heaters, though. (Still radiant, I guess?)
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Apr 20, 2021 14:32
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Hopefully it's not an unholy mix of electric baseboard heaters and wall mount electric heaters. I saw that recently, I'm guessing come winter their electric meter will fly apart like a cartoon clock from spinning so fast.
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Apr 20, 2021 14:33
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New thread title.  Lender sold our loan to their servicing company (expected) and never let us know (expected) until I reached out and then they sent me the letter but the new servicer still doesn't have our loan data (expected). Everyone is the worst.
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Apr 20, 2021 14:54
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I'm just curious- people in here talking about only accepting offers that waive appraisal- does that mean you're only accepting cash? Or do some states let you waive appraisal with a mortgage? In Pennsylvania (where I am) you definitely cannot get a mortgage approved without an appraisal, so that would restrict you to cash offers only. Unless everyone I know and also my realtor have been lying to me for the past few months.
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Apr 20, 2021 14:57
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