Khane
Got something right about marriage
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What are you talking about? I was asking him how he was going about it, because if he had said "I checked Zillow" I would have pointed out that's not an accurate depiction at all.
Home buying thread
- Thread starter Pasteton
- Start date
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
opiate82
Bronze Squire
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Bought in November of 2009. The market in my area was just starting to slide at that point but was far from rock bottom. My house was about a 330-350k house before the crash, I bought at 295k, the lowest it reached was 230k ~2 years ago (which is thankfully the number they are basing my property taxes on atm). I just had it appraised and haven't got the exact number back yet but I'm expecting 280-290k based on my research. Also thankfully I can come in as low as 240k and still be clear of PMI for my refi.
Between when I bought and now they went crazy in this town throwing up cookie-cutter homes everywhere so there was (and still is) a glut of those on the market. Thankfully my lot size and neighborhood are both highly desirable.
*edit: Another note, it has been my experience that economic "events" on the west coast seem to start in Cali and work their way north. From talking with other restaurant owners the recession hit them about 6-9 months before it rolled north up to my area and started effecting me. Same thing with the current recovery going on. It felt like for the real estate bubble crash (and recovery) we were about a year behind Cali.
Heading out today to look at another 7 homes. Being in the game for almost 2 weeks now. Everything is going quick and causing a frenzy. A house I was really interested hit, early in the day, and by the time I got out of the shop at 8pm, had mutiple offers already and they were no longer accepting offers. A couple more homes, listed on Thursday, have open house this weekend, then reviewing highest offer on Monday. From talking to some people who have bought or are buying right now and real estate agents. Basically you show up, if you like it you submit a bid and pray that someone isn't going crazy high over the asking price. Lots of out of state investors buying up properties as well around the Seattle area.
A house we are going back to look at, is a forclosure fannie mae. Everything I'm reading online is bad about how hard it is to work with them, them stealing earnest money etc. I'm wondering if this is just all the bad experiences complaining, or if it mostly does suck.
It needs a new roof, and I think that's the only reason it isn't off the market yet. It's hard to get financing if it doesn't have a sound roof. We are considering trying to negotiate down the cost of the roof, and just pay for that out of pocket, and finance the rest.
A house we are going back to look at, is a forclosure fannie mae. Everything I'm reading online is bad about how hard it is to work with them, them stealing earnest money etc. I'm wondering if this is just all the bad experiences complaining, or if it mostly does suck.
It needs a new roof, and I think that's the only reason it isn't off the market yet. It's hard to get financing if it doesn't have a sound roof. We are considering trying to negotiate down the cost of the roof, and just pay for that out of pocket, and finance the rest.
If it's just an old roof, have them replace it.
If it's actually damaged, and there are signs of water damage and neglect inside, find something else.
Palum
what Suineg set it to
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Buying foreclosure houses is a special kind of risk. I mean, even compared to normal as-is properties you never know what type of ridiculous shit the previous home'owners' decided to do to get revenge on the ebil bank. Like gut every piece of serviceable copper electrical or plumbing... lol.
Khane
Got something right about marriage
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Noodleface
A Mod Real Quick
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Just wanted to throw this in there.
I helped those fools (brother in law and girlfriend) move into their house. Arguments non-fucking stop all night. It was a blizzard too so I was extra annoyed. I left the place thinking "this is never going to work"
Less than 2 weeks later they are constantly fighting and already talking about selling the place.
...
yep
I helped those fools (brother in law and girlfriend) move into their house. Arguments non-fucking stop all night. It was a blizzard too so I was extra annoyed. I left the place thinking "this is never going to work"
Less than 2 weeks later they are constantly fighting and already talking about selling the place.
...
yep
They gut the copper and put pressurized tanks of water in the wall to fool you into thinking it's working when you're buying the house but then when you move in and turn it on
YOU'RE FUCKED.
Cad
scientia potentia est
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Inspector lets each faucet run 30 minutes if they are doing their job. Especially bathtubs to fill them up and check for leaks.
Edit: some foreclosures you buy sight unseen. Which yea, can be crazy. Buy at your own risk
Asshat Brando
Potato del Grande
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Find a local bank, most big banks such as Wells Fargo and the such would consider that too small of deal. Not to mention they won't do it if this is your first deal. I have a client who will probably build and sell over 350 units this year and Wells still won't give him a construction deal as he doesn't have the track record yet with last year doing just 150 units.
Palum
what Suineg set it to
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Yea, so funny story. Person I know recently bought a house. Has an amazing inspector, super thorough. 3 days later, moves in - first morning there and sewer line backs up and floods the house. $5K+ in damage/repair to the line because the inspector didn't take a shit in the toilet while he was there. Pipes were so backed up from plant roots invading the sewer line that all it took was a little solid waste and it was done.
Also, removing copper isn't about the functional stuff - it's about what doesn't work why and what 'cheapest offer' anyone did to replace it. Case in point I've seen people rip 14/2 ripped out of walls to sell the copper and patched over, so you get a 'outlet doesn't work'. Well on a normal house, probably a wire loose on the back end of a duplex receptacle in series or something. On that house, could be fished out of the walls.
Khane
Got something right about marriage
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Yeah no shit, and if they're doing that it isn't to fuck over the bank. It's because they want to steal shit out of an empty house, so pretty much no way they are going to patch it back up.
If someone was pissed at the bank I'd hope they would realize that by taking shit out but making the house look like nothing was touched all they do is fuck over the next homeowner. The property will sell because you can't see the shit that's wrong with it, thus the bank is getting their money.
If someone was pissed at the bank I'd hope they would realize that by taking shit out but making the house look like nothing was touched all they do is fuck over the next homeowner. The property will sell because you can't see the shit that's wrong with it, thus the bank is getting their money.
Putting an offer in on a house tomorrow. I've had my general contractor and plumber out to check it out, checks out awesome. I have my electrician checking it out on Friday. Once they accept the offer I'll order up the home inspection and pest inspection.
The only thing that I'm having problems with is the damn bank. I swear they are trying to not get my business. The mixed up SSN number when doing the first credit check, we corrected it 2 weeks ago, they called again today asking us to confirm it. Our loan was supposed to go into underwriting 8 days ago. I called Monday, and they said they'd be submitting it on Monday.. I called again this morning, the person who is handling my application has been out sick the last 3 days... So nothing has been getting done. I Started the pre-approval process, 11 days ago. I've always responded with whatever they've needed in under a couple of hours. Now I've found a house and am submitting an offer, and all they can tell me still is, you have great credit and we'll get you approved, but with so many mortgages being issued right now there is a delay....
So now I started today working with another lender, who in theory can get me a slightly better rate, and if they can get everything together fast enough I'll be going with them. At this point the other lender I can't rely on them to actually get things done in a timely manor when I'll be entering into a contract in a day or so.
The only thing that I'm having problems with is the damn bank. I swear they are trying to not get my business. The mixed up SSN number when doing the first credit check, we corrected it 2 weeks ago, they called again today asking us to confirm it. Our loan was supposed to go into underwriting 8 days ago. I called Monday, and they said they'd be submitting it on Monday.. I called again this morning, the person who is handling my application has been out sick the last 3 days... So nothing has been getting done. I Started the pre-approval process, 11 days ago. I've always responded with whatever they've needed in under a couple of hours. Now I've found a house and am submitting an offer, and all they can tell me still is, you have great credit and we'll get you approved, but with so many mortgages being issued right now there is a delay....
So now I started today working with another lender, who in theory can get me a slightly better rate, and if they can get everything together fast enough I'll be going with them. At this point the other lender I can't rely on them to actually get things done in a timely manor when I'll be entering into a contract in a day or so.
Switch if you still can. Nothing will stress the process more than an incompetent realtor or loan officer
Asshat Brando
Potato del Grande
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Most listing agents won't accept prequals anymore, they want pre-approvals even though most pre-approvals are garbage anyway. We're doing full underwritten pre-approvals now but it takes 2 weeks at best as it's basically a full loan application with no property. Anything other than that is just the loan officer in question doing a credit check and possibly running Fannie/Freddie's AUS system. So it's only as good as the loan officer in question is at determining what all of your info is and if there is anything that needs to be addressed.
There's a difference between a prequal and pre-approval?
In 24 hours I had a maximum and a letter to show the Seller along with the offer. Maybe that was the perk of a small local lender?