Home buying thread
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Noodleface
A Mod Real Quick
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I tried man, I tried.
I never found her even remotely attractive, but dude seemed happy. She was cool until this.
I never found her even remotely attractive, but dude seemed happy. She was cool until this.
Asshat Brando
Potato del Grande
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Humans can't predict the future unfortunately. You may think you are buying your dream house and you'll never move but you have no way to know. One of my best friends is buying a house right now for barely more than his current house in size and value. There is nothing wrong with his current house and it suits his family just fine. Yet his wife wants to move barely a half mile down the road so that she has a new project to work on since there is nothing more she can do to their current house after 3 years in their current house. Sounds weird and it is but whatever.
Khane
Got something right about marriage
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That story is a great example of the husband being a pussy not a great example of unforeseen real estate costs....
Or it could be story about a handy wife that likes fix-r-uppers/remodeling. If she has a hand in it, and isn't simply writing checks, it could be cool. Easier if she had a classic car restoration habit, though.
Home inspection went well. All minor things found that most of them I feel I could fix myself. Knowing that, I'm wondering how much I should try to negotiate. With 319k being the purchase price and seller paying 7k towards closing costs.
If the seller was to stonewall us, we'd just take the house anyways. Things like a couple leaky sinks, looks like some new teflon tape/minor things, there a baseboard heater thermostat that doesn't work. A few electrical outlets that are missing a ground, couple in house, couple in garage. Shower tub probably needs replacing but no signs of damage etc. The biggest thing really is probably a paint job on the outside, but I should have tried harder at the beginning for that probably.
I'm considering asking for 3k, expecting a 2k counter, then accepting that? Obviously without the entire detailed report, it would be hard to give advise, but I haven't really found good advice for this stage of the process.
If the seller was to stonewall us, we'd just take the house anyways. Things like a couple leaky sinks, looks like some new teflon tape/minor things, there a baseboard heater thermostat that doesn't work. A few electrical outlets that are missing a ground, couple in house, couple in garage. Shower tub probably needs replacing but no signs of damage etc. The biggest thing really is probably a paint job on the outside, but I should have tried harder at the beginning for that probably.
I'm considering asking for 3k, expecting a 2k counter, then accepting that? Obviously without the entire detailed report, it would be hard to give advise, but I haven't really found good advice for this stage of the process.
Khane
Got something right about marriage
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If the plumbing issues were minor things like needing plumbers tape the current owners would take care of it themselves. Also, plumbing leaks are pretty much never due to "bad plumber's tape". That's pretty much the last reason something would start leaking. Though it could be something simple like rubber washers/gaskets that are worn down.
I believe (at least here in CT) that once a home inspection is done the seller is legally obligated to disclose all inspection findings to any future potential buyers if the deal with you falls through, so that's leverage for negotiations in your favor. Check on that in your state though.
Noodleface
A Mod Real Quick
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it would be kind of shitty to come back now and say "Well, the paint on the outside is kind of shitty".. I mean, that's visible upon you first looking at the house
The tub might be something, but that is it. Did the report indicate that it flexed? That can be a bit of a project to rip out, pour, and replace, even if there isnt any subfloor damage.
I dont think you have grounds for any negotiations other than that. I would stonewall you, especially with the closing costs, unless the market there is really slow.
I dont think you have grounds for any negotiations other than that. I would stonewall you, especially with the closing costs, unless the market there is really slow.
So lets say seller is paying 7k closing costs. What happens if my closing costs were only 5k? The extra 2k would it towards the down payment money I owe? I'm basically looking at rates I can lock in and some of them would leave money left over.
Asshat Brando
Potato del Grande
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A seller cannot contribute towards your down payment. So if you have $2k left over then your loan amount will be decreased by that amount. Best to find a way to use up the entire $7k whether through an interest rate buy down or other means.
Yeah, I've got a call in with the lender. It's actually 10k now as we got 3k more off for the minor fixes. Old guy was stonewalling on the actual selling price. Or at least maybe his realtor was.
Now I'm waiting for the answer before I lock in my loan rate. It seems like rates went down by a decent bit from just last night even, how volatile are the rates? I wouldn't imagine they'd go much lower.
These are the rates I qualify for today.
3.625% 0.25 4.046% $1,382 $7,123 $2,784 $303,050 1.000%
3.750% -0.5 4.112% $1,403 $4,850 $2,791 $303,050 1.000%
3.500% 1.25 4.003% $1,361 $10,153 $2,777 $303,050 1.000%
3.875% -1.25 4.176% $1,425 $2,577 $2,798 $303,050 1.000%
3.375% 2.125 3.946% $1,340 $12,805 $2,769 $303,050 1.000%
Rate Points "payment" Closing Reserves Amount Origination fee.
Depending on what the lender says about how the excess seller money would be used. I'm deciding between the .25 point rate and the 1.25 rate. My realtor also has 1450 or so to kick back to me. It can go towards closing costs or a gift card to a business of my choice.
Now I'm waiting for the answer before I lock in my loan rate. It seems like rates went down by a decent bit from just last night even, how volatile are the rates? I wouldn't imagine they'd go much lower.
These are the rates I qualify for today.
3.625% 0.25 4.046% $1,382 $7,123 $2,784 $303,050 1.000%
3.750% -0.5 4.112% $1,403 $4,850 $2,791 $303,050 1.000%
3.500% 1.25 4.003% $1,361 $10,153 $2,777 $303,050 1.000%
3.875% -1.25 4.176% $1,425 $2,577 $2,798 $303,050 1.000%
3.375% 2.125 3.946% $1,340 $12,805 $2,769 $303,050 1.000%
Rate Points "payment" Closing Reserves Amount Origination fee.
Depending on what the lender says about how the excess seller money would be used. I'm deciding between the .25 point rate and the 1.25 rate. My realtor also has 1450 or so to kick back to me. It can go towards closing costs or a gift card to a business of my choice.
After talking with the lender. All of the 10k has to be spent towards closing costs. Also I won't be locking in a rate for another 5 days or so since my close date is April 24th and the rate lock only lasts 30 days.
Asshat Brando
Potato del Grande
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Just confirm they'll allow for recurring as well as non-recurring closing costs. Recurring are taxes, insurance, and interest and some lenders will not allow a seller credits to go to those.
You're dealing with a broker if they'll only give you 30 day rates, you can get longer usually. Rates are on the upswing today, just saying.
You're dealing with a broker if they'll only give you 30 day rates, you can get longer usually. Rates are on the upswing today, just saying.
Harfle
Lord Nagafen Raider
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My rates today were lower than yesterday. Also it looks like I need to wait till the 24th as that'll be the 30 days till my close.
And for more bs. I have to get a letter from my accountant on letterhead saying that the profits I paid myself out at the end of the year, were not at the detriment to my business... Lol
Asshat Brando
Potato del Grande
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