|
BigPaddy posted:It has been 4 hours and I have 0 all cash all contingencies waived offers. Thread is lying to me. I will offer you  site unseen no contingencies all cash 10 day close.
|
#
?
Apr 1, 2021 18:52
|
|
|
|
| # ? Apr 27, 2024 06:16 |
|
|
H110Hawk posted:I will offer you Don’t know, the wife really wanted a pony.
|
|
#
?
Apr 1, 2021 19:01
|
|
|
After previously losing out to a lower offer that waived contingencies, I'm thinking about doing the same thing on my next offer. It's a condo from 2016 that looks new outside and in so maybe I can waive the inspection? The amount we want to offer is in the same ballpark as other sales in the area, so I think the appraisal should be fine, so I think I can waive the appraisal contingency. I have no doubt about securing a loan so I think I can waive the financial contingency. If I understand correctly, the waived contingencies don't really matter unless the earnest money is also big enough to show I'm serious, right? I think the only thing left is the option money - this is the money you can put down to pay, say, 0.1% of the purchase price, non-refundable, for the option to back out for any reason within 5 days of my offer being accepted. It seems to me that keeping the option money clause kinda undermines all the other waived contingencies, so it'd be better to leave out the option money clause. Am I insane?
|
|
#
?
Apr 1, 2021 19:19
|
|
|
giogadi posted:After previously losing out to a lower offer that waived contingencies, I'm thinking about doing the same thing on my next offer. It's a condo from 2016 that looks new outside and in so maybe I can waive the inspection? The amount we want to offer is in the same ballpark as other sales in the area, so I think the appraisal should be fine, so I think I can waive the appraisal contingency. I have no doubt about securing a loan so I think I can waive the financial contingency. If I understand correctly, the waived contingencies don't really matter unless the earnest money is also big enough to show I'm serious, right? Condos (or any property encumbered by an HOA) it's even more dangerous to go in without a safety valve. You have to review the HOA docs, accounts, etc to know what you're actually getting into. The worst thing that happens with a detached SFH is generally that there are a bunch of repairs you can continue to ignore just like the last owner. With an HOA those become costs which can cause a foreclosure. Condos at least have a sane reason to have an HOA (shared structure.)
|
|
#
?
Apr 1, 2021 19:25
|
|
|
After a whole 6 month wait, I got the keys last friday! The place is mine. I have been running around getting the place furnished. New flooring will be set monday. Have the weekend to demolish the old floor. I have learned that i wasn’t even in the top 3 bids and i had a financial contingency in my bid. The sellers were attached to the home and figured it was in good hands with me, a starter. There was a 8000€ difference between my bid and the top bid. I have painted the walls. Ordered curtains. Just a few more weeks and i can move in. Theres so muuuuch to do. Its overwhelming. Need to find an electrician now I can’t believe this happened. This place is mine now!
|
|
#
?
Apr 1, 2021 19:59
|
|
|
giogadi posted:After previously losing out to a lower offer that waived contingencies, I'm thinking about doing the same thing on my next offer. It's a condo from 2016 that looks new outside and in so maybe I can waive the inspection? The amount we want to offer is in the same ballpark as other sales in the area, so I think the appraisal should be fine, so I think I can waive the appraisal contingency. I have no doubt about securing a loan so I think I can waive the financial contingency. If I understand correctly, the waived contingencies don't really matter unless the earnest money is also big enough to show I'm serious, right? H110Hawk posted:Condos (or any property encumbered by an HOA) it's even more dangerous to go in without a safety valve. You have to review the HOA docs, accounts, etc to know what you're actually getting into. The worst thing that happens with a detached SFH is generally that there are a bunch of repairs you can continue to ignore just like the last owner. With an HOA those become costs which can cause a foreclosure. Condos at least have a sane reason to have an HOA (shared structure.) I just bought a townhouse with an HOA, and waived all contingencies, and HOA disclosures, meeting minutes, and bylaws were sent to me before I even made the offer. Our EMD was 3% so not anything too crazy. We had no issues. I really think you should be able to--and should--read the HOA bylaws prior to offer, if you can. I am learning that there may be a ban on doorbell cameras because they may face into another property? (The homes are arranged around a courtyard.) It's not terribly clear from the rules, maybe we can have a doorbell camera if we can't directly see into another home? I'm surreptitiously trying to see what my neighbors are doing. Our house is in a pretty secure, inaccessible area, but it would be nice to be able to install our doorbell in our new place, since we bought it for a reason.
|
|
#
?
Apr 1, 2021 20:02
|
|
|
GoGoGadgetChris posted:Without bordering TOO much on E/N (since hopefully this is very BFC-themed) how did you broach the pre-nup topic? My partner is truly disgusted at the very mention of it and thinks that I'm already planning to leave her, to entertain such terrible thoughts! Dik Hz fucked around with this message at 22:15 on Apr 1, 2021 |
|
#
?
Apr 1, 2021 22:12
|
|
|
Johnny Truant posted:Alright Do Never Buy Thread, time to throw my hat in the ring. My partner matched into her residency program in Madison, Wisconsin, so that's where we'll be for the next 7-9 years of our lives, hooray! This means we've started looking at houses - not seriously, as I'm still locking down employment and that's kind of an important thing for a lender to know, I guess, but it still means we're checking the market daily. I'm a couple days late Johnny, but a big thing in the Madison area is people living in Janesville then doing the 30 minute commute. Like half of Janesville got up and drove to Madison when I grew up there - the half of Janesville that had good jobs. It just sucks an rear end big time, lol.
|
|
#
?
Apr 1, 2021 22:46
|
|
|
20 Blunts posted:I'm a couple days late Johnny, but a big thing in the Madison area is people living in Janesville then doing the 30 minute commute Is that primarily because of the COL difference?
|
|
#
?
Apr 1, 2021 23:01
|
|
|
I got married last fall, and am now potentially looking to buy a house. We're both near 40 and want to start a family sooner rather than later, so we're not really looking for a starter home or a fixer-upper. Rough financial picture: Combined income of around 148k before taxes. We have a total of 121k saved in the bank currently. Credit scores are in the 815-840 range. No car payments, only debt is my 5k of student loans that costs about 100 a month. We are currently in an apartment so there isn't a ton of pressure to buy instantly (I know the market is crazy), but we're pretty desperate for space and a year of sitting at the kitchen table across from one another working is really motivating us to find a house so that we can spread out a bit. We're looking for a 3-4 bedroom house with a nice-sized kitchen (we love to cook/bake) and we have a fairly large extended family that we'd like to host holidays for. We also want enough basement space to be able to host game nights and get togethers. Most of the houses we're interested in have been in the upper 300's, anything lower is older (baseboard heating, no A/C) or in really rough shape. We're fine with painting/carpeting but we're not really looking to do big remodeling jobs. We're also saddled with having a brother-in-law who is a real-estate agent so we're forced to go through him, which I'm not thrilled about. I guess my question is, are we on the right track towards home ownership or are there additional things that we need to consider? We're going to see this house on Saturday, and while it looks perfect, I think it's also potentially underpriced to a point where I doubt we could make a serious offer: https://www.redfin.com/MI/West-Bloomfield-Township/4312-Greenstown-Dr-48323/home/99189518
|
|
#
?
Apr 1, 2021 23:11
|
|
|
Holy poo poo everything you just said so so entirely reasonable compared to much of what I'm used to seeing when people are talking about wanting to buy a home that I'm a bit stunned. Yes. Yes, you can do this. Responsibly, easily.
|
|
#
?
Apr 1, 2021 23:38
|
|
|
Big McHuge posted:I got married last fall, and am now potentially looking to buy a house. We're both near 40 and want to start a family sooner rather than later, so we're not really looking for a starter home or a fixer-upper. To put some perspective in, you and me are in very very similar positions, except my market is NYC so pricing and housing cost % of monthly income are VERY different, plus slightly lower credit. Like, basically same income, house preference, and a little higher savings (but that shouldn’t matter because your price range is way lower). We’ve had exactly zero issues at any step other that fighting to get an offer accepted. We should be closing in like 3 weeks. Price range for us was $650k-$750k. Absolutely zero issues getting approved by the mortgage company. If you’re concerned, go get a pre-approval (you’ll need one anyway) and laugh when they preapprove you for $900,000. But don’t buy a 900,000 house.
|
|
#
?
Apr 1, 2021 23:49
|
|
|
Inner Light posted:Is that primarily because of the COL difference? Yeah Janesville has been cheap as hell, dead-quiet, and a "good place to raise kids" kind of thing. Really Madison is just this skinny isthmus that's like all college campus, with good professional jobs sprinkled in between that, hospitals and the various dealings of the state capitol. So if you were born working class and getting those kind of jobs, you could live in Janesville for like half the price of a Madison suburb and just add 20 minutes to your daily commute.
|
|
#
?
Apr 1, 2021 23:54
|
|
|
Pilfered Pallbearers posted:If you’re concerned, go get a pre-approval (you’ll need one anyway) and laugh when they preapprove you for $900,000. But don’t buy a 900,000 house. Yeah. I was preapproved for something absurd like $500K on my single 90K income. I don't know how it would even be ethical to allow me to do that to myself.
|
|
#
?
Apr 2, 2021 00:00
|
|
|
Big McHuge posted:I got married last fall, and am now potentially looking to buy a house. We're both near 40 and want to start a family sooner rather than later, so we're not really looking for a starter home or a fixer-upper. Yeah, you're in a great position. 80k for your down payment, another 10-15k available for closing, plus some headroom for furniture/paint/repairs/moving. If you don't have credit cards you should probably each get one*. Just get used to not getting the first house you want, and eventually you'll find a house you like and get that one. There's always another house. Since you're planning on kids, make absolutely sure each house is in the school district you want before you put in an offer. *EDIT: You should aim to have all of your credit lines more than a year old at the time you're applying for loans. It's better to have no credit cards active than one that's under 12 months old. Try not to open new credit or financing of any time until you've closed on the house. Tricky Ed fucked around with this message at 03:04 on Apr 2, 2021 |
|
#
?
Apr 2, 2021 00:03
|
|
|
When I was talking to a local lender he asked me what I was looking for, I said 625k was my hard stop. He kinda scoffed and said 'well, that's easy then, that's not even half of what we're prepared to authorize you for' and had a tone of disdain in his voice. Getting flashbacks to HGTV shows where they're like 'she's an apprentice candlewick maker and he puts shoelace eyelets in sneakers, their budget is 850k'
|
|
#
?
Apr 2, 2021 00:10
|
|
|
Tricky Ed posted:If you don't have credit cards you should probably each get one. Absolutely do not do this until after you have your house key in hand Opening new lines of credit is a terrible idea right before you buy a house, especially if it isn't to replace your existing car
|
|
#
?
Apr 2, 2021 00:19
|
|
|
Our realtor brother-in-law works with a local lending company and we were pre-approved for 450k at 3.12 percent. I'll definitely be shopping that quote around though, our friends just bought and had something like 2.8 with worse credit (but more equity to put towards a house, since they currently own). We also want to try and not blow out our savings completely, as we want to have a "6-month fund" in case of some nightmare scenario where one/both of us lose our jobs or some other terrible thing happens. We do each have our "own" credit cards, but at this point it's more of a main credit card and a back-up one that I occasionally use for gas/groceries. I appreciate the responses and it gives me a little more confidence. I was worried that we'd have to wait another few years in this apartment for the market to calm down. I still don't think we have a shot at the house we're looking at, it goes to market tomorrow and the earliest we could get a showing was Saturday at 5pm because it filled up so fast. Apparently they'll be considering offers on Tuesday. We looked at another move-in ready house a few weeks back that we loved, priced at 420k and it ended up going for 467. If this house ticks all the boxes I'm certainly willing to go a little over asking, but I'm not sure I can reasonably go 20k over asking let alone close to 50k.
|
|
#
?
Apr 2, 2021 00:29
|
|
|
Big McHuge posted:Our realtor brother-in-law works with a local lending company and we were pre-approved for 450k at 3.12 percent. poo poo have rates gone up that much already? We got pre-approved at 2.5% about 2 months ago. Still haven't made a purchase though.
|
|
#
?
Apr 2, 2021 00:55
|
|
|
Walked from the house with the shady unpermitted in-law apartment. Under offer for a new home now with a 30 day close. Here we go! Edit: seller's agent said our letter made the difference. amethystbliss fucked around with this message at 01:45 on Apr 2, 2021 |
|
#
?
Apr 2, 2021 00:58
|
|
|
I got 2.65 on my 30yr fixed VA loan. Buddy of mine got 1.95 the month prior.
|
|
#
?
Apr 2, 2021 01:00
|
|
|
I got 3.125 on a very conventional loan w/ 15% down and a few hundred $ in points. VA is always going to have different rates. If I did it a month or two earlier it easily would've been 3 or below.
|
|
#
?
Apr 2, 2021 01:05
|
|
|
Tyro posted:poo poo have rates gone up that much already? We got pre-approved at 2.5% about 2 months ago. Still haven't made a purchase though. They jumped about .35% on Monday of this week. I just foolishly did the math on the total difference in cost over the life of the loan at the rate I just locked in versus the one I could have gotten in February, and it’s over $20K. But it’s worth noting that low 3s are still lower than rates have ever been prior to 2020, and they are not projected to come back down anytime soon. So now is still better than later in terms of interest rates, if not inventory and having to bribe the seller.
|
|
#
?
Apr 2, 2021 01:10
|
|
|
Vasudus posted:I got 2.65 on my 30yr fixed VA loan. Was that with points? It's too late for if unfortunately as we just closed yesterday; locked 2.875 with lender covering points for 30yr VA. Had 2.25 with no pointsa couple months ago but that sale fell through.
|
|
#
?
Apr 2, 2021 01:14
|
|
|
Dross posted:They jumped about .35% on Monday of this week. I just foolishly did the math on the total difference in cost over the life of the loan at the rate I just locked in versus the one I could have gotten in February, and it’s over $20K. drat good to know. Yeah my last mortgage, over a decade ago, was at 3 and 5/8ths so anything below that will still be good to me.
|
|
#
?
Apr 2, 2021 01:23
|
|
|
It peaked over 18% in 1981 which is mind blowing to me, that’s like medium score consumer credit card rates. You’d pay more on 100k at 18% than you would on 350k at 3%.
|
|
#
?
Apr 2, 2021 01:31
|
|
|
PageMaster posted:Was that with points? It's too late for if unfortunately as we just closed yesterday; locked 2.875 with lender covering points for 30yr VA. Had 2.25 with no pointsa couple months ago but that sale fell through. Nah, no points. Just straight up. Navy Federal offered 2.7, local lender offered 2.85 or so, I told them to do better, they offered 2.65. Which really surprised me, because I didn't really have a choice in the matter - Navy Federal takes 45-50 days to close and NOBODY in this market is going to wait that long. The local lender I went with told me that their entire business model is based on sniping VA loans from Navy Federal and USAA because of closing time 
|
|
#
?
Apr 2, 2021 01:33
|
|
|
Hadlock posted:Absolutely do not do this until after you have your house key in hand Fair enough, I should've said to do it a year before you're looking for financing or after you've closed. I actually hurt my first mortgage rate by getting a Home Depot credit card to save 10%, but I also know it's tougher to get a good rate if you don't have an active credit line. I'll go back and edit that in, it's important.
|
|
#
?
Apr 2, 2021 02:59
|
|
|
Vasudus posted:Nah, no points. Just straight up. Navy Federal offered 2.7, local lender offered 2.85 or so, I told them to do better, they offered 2.65. Which really surprised me, because I didn't really have a choice in the matter - Navy Federal takes 45-50 days to close and NOBODY in this market is going to wait that long. The local lender I went with told me that their entire business model is based on sniping VA loans from Navy Federal and USAA because of closing time We just missed out on this but good to know about closing times being pretty bad to lessen our regret.. We were already locked with a local lender and 6 days from closing when we called navyFed about something else and they mentioned they were doing 2.75%. our local lender would not match but probably because we had locked and we're kind of stuck close to closing.
|
|
#
?
Apr 2, 2021 03:21
|
|
|
Kefit posted:One phrase I've seen a lot on condo listings is "seller will pay special assessment on closing." Is this as much of a red flag as I think it is? To me it means that a poorly run HOA levied a giant unreasonable special assessment against the owner, and now they have no choice but to sell. Is this probably what's going on in these cases? Our condo had a large special assessment, around $25k. (New roofs, siding, windows, and decks, so not unreasonable and we voted on it.) Because it was so high, you were able to pay it off over time with a $200 per month addition to the condo fee. This de facto loan is NOT transferable though... you are expected to pay it off on sale. Maybe something like this?
|
|
#
?
Apr 2, 2021 12:57
|
|
|
giogadi posted:After previously losing out to a lower offer that waived contingencies, I'm thinking about doing the same thing on my next offer. It's a condo from 2016 that looks new outside and in so maybe I can waive the inspection? The amount we want to offer is in the same ballpark as other sales in the area, so I think the appraisal should be fine, so I think I can waive the appraisal contingency. I have no doubt about securing a loan so I think I can waive the financial contingency. If I understand correctly, the waived contingencies don't really matter unless the earnest money is also big enough to show I'm serious, right? Earnest money needs to be something serious yes, otherwise you can always just walk away and lose that money so it has to be enough that would clearly hurt. This may be very market specific though and I think you should follow your realtor's advice on what sellers consider serious money. We did about 3%. As far as waiving inspection, remember, that doesn't mean you can't get an inspection before you make the offer. Some markets are so crazy the house gets sold the first day, but in most places you'll have a few days, and there are probably slots to get a private viewing of the house. You bring an inspector on that visit and he checks as much as he can so you have some idea whether the house is a money pit. A good inspector won't waste time on dumb poo poo like opening and closing windows that you can clearly see are old and will zero in on the foundation, drainage, roof, HVAC, etc. He may only have 30 minutes, but that's enough to get to a lot of the big stuff which is really what you care about. Also, ours was smart and showed up early and walked the outside of the house before our time slot actually opened so he could use our time entirely for the interior. It won't be as good as a real post-offer inspection, so you probably need to budget a little extra for repairs because those small things they're not going to check can still add up. As far as waiving appraisal, just be sure to think of a likely worst case scenario and make sure you have the ability to pay extra cash or switch to a different loan product (e.g., you're planning on 20% down but can change to 10% down) if necessary.
|
|
#
?
Apr 2, 2021 15:10
|
|
|
Kase Im Licht posted:Earnest money needs to be something serious yes, otherwise you can always just walk away and lose that money so it has to be enough that would clearly hurt. This may be very market specific though and I think you should follow your realtor's advice on what sellers consider serious money. We did about 3%. It's about more than just "would hurt the potential buyer". A house that goes under contract and then ends back up on the market now has a blemish. On average it will take longer to sell when put back on the market, several weeks have already been wasted under contract, and when it does sell it will be for less money. So the earnest money is compensation to the seller.
|
|
#
?
Apr 2, 2021 15:23
|
|
|
My sellers agent wants to do an open house tomorrow since there are other houses in town that went up that are similar. I mean why would you not want to do an open house and walk tons of people through and get the offers? She wanted to price it aggressively and I think she is realizing it was too aggressive even for this market. Hopefully the appraisal on the new place comes through today and at least one side of the problem is solved.
|
|
#
?
Apr 2, 2021 15:41
|
|
|
A current tenant is not an issue as long as the contract specified seller is responsible for removal of tenant prior to closing, correct?
|
|
#
?
Apr 2, 2021 20:22
|
|
|
vs Dinosaurs posted:A current tenant is not an issue as long as the contract specified seller is responsible for removal of tenant prior to closing, correct? There was a big discussion about this ITT a week or two ago but what I gleaned from it is that the right of use of a property conferred by a tenant lease survives the sale of the property so I’d tread lightly if their lease isn’t contractually specified to end soon.
|
|
#
?
Apr 2, 2021 20:29
|
|
|
So in other words the risk is that even if you do a walkthrough and the tenant is gone at the point of sale, the tenant could technically show up the next day and claim their right to occupy based on the existing lease.
|
|
#
?
Apr 2, 2021 20:54
|
|
|
vs Dinosaurs posted:A current tenant is not an issue as long as the contract specified seller is responsible for removal of tenant prior to closing, correct? This is something to ask a lawyer, not a real estate agent. There are ways to do it but you will need to have paperwork protecting you. You will likely wind up in a cash for keys sorta scenario where pay them to sign something relinquishing their rights to the property after they vacate. Shouldn't need to be much but a few bucks of consideration goes a long way. You should also change the locks literally on your way home from closing - have the kit in your car.
|
|
#
?
Apr 2, 2021 20:59
|
|
|
smackfu posted:Our condo had a large special assessment, around $25k. (New roofs, siding, windows, and decks, so not unreasonable and we voted on it.) Because it was so high, you were able to pay it off over time with a $200 per month addition to the condo fee. This de facto loan is NOT transferable though... you are expected to pay it off on sale. Maybe something like this? Thanks, this example helps me understand how a "seller pays special assessment on closing" line in a listing could just be something fairly mundane, rather than a clear red flag. No way to know for sure without reading the HOA disclosures, of course.
|
|
#
?
Apr 3, 2021 00:09
|
|
|
Appraisal drama: my agent texts me to tell me there's a problem with the appraisal. I immediately drop what I'm doing and text him asking WTF. He spends the next 10 minutes at "..." typing a message. It's going to appraise at nearly exactly what I expected, well within what I had put IN THE CONTRACT as acceptable (I will pay up to 50k). Christ I was so loving mad. Goddamn agent nearly gave me a loving heart attack - I'm sitting there frantically trying to log in to my 401k to see what my options are for withdraw and everything. House is 580k. I said I'll do appraisal +50k, meaning 530k appraisal and above is fine. He says it's probably going to appraise at 565k and I'll know early next week. JACKASS. Vasudus fucked around with this message at 00:32 on Apr 3, 2021 |
|
#
?
Apr 3, 2021 00:28
|
|
|
|
| # ? Apr 27, 2024 06:16 |
|
|
vs Dinosaurs posted:So in other words the risk is that even if you do a walkthrough and the tenant is gone at the point of sale, the tenant could technically show up the next day and claim their right to occupy based on the existing lease. The lease transfers to the new owner. Until the lease expires, you inherit the tenant. The lease may have some clause in it that kicks the tenant out when a sale happens, but the PO would have had to give proper notice and whatnot according to local law and the terms of the lease. If they fail to do this, the tenant may become your problem. If you do not want a tenant, get written confirmation that the lease has been terminated. Don't take an e-mail, pay a real estate attorney to get you a proper document that guarantees this. You may still end up with a tenant, but at least you'll have documentation to protect you in your efforts to get rid of them. The last thing you want to have to do is to have to evict a tenant you weren't expecting to have. Worse now that some areas are still under eviction moratoriums. Eviction is messy in the best of times, but with COVID moratoriums and courts being screwy it'll be worse. Vasudus posted:Appraisal drama: my agent texts me to tell me there's a problem with the appraisal. I immediately drop what I'm doing and text him asking WTF. He spends the next 10 minutes at "..." typing a message. Er, that is a problem. Unless you're buying in cash, your lender is going to balk and you'll probably need to make up some cash to close.
|
|
#
?
Apr 3, 2021 00:31
|
|
