The I need to buy a house thread

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Re: The I need to buy a house thread

Post by mister d »

Now I have to look it up to remember the details. It was on some website, maybe Reddit, where some dude tried to design and renovate his house alone and it was a complete disaster. The only way I found the name "Groverhaus" was because I remembered the joke "load bearing drywall".
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Re: The I need to buy a house thread

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Johnnie wrote: Sat Sep 10, 2022 8:13 pmOh shit, you just reminded me about toilet paper.
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Re: The I need to buy a house thread

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"Well There's Your Problem" apparently featured the house, as well.
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Re: The I need to buy a house thread

Post by Giff »

That reminds me of a co-worker who once googled bukkake after her boyfriend told her to and she had to go to IT to confess before she got in trouble.
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Re: The I need to buy a house thread

Post by The Sybian »

Giff wrote: Tue Feb 25, 2020 4:04 pm That reminds me of a co-worker who once googled bukkake after her boyfriend told her to and she had to go to IT to confess before she got in trouble.
Reminds me of the story a client told me. They brought in a guy to tell him they were firing him. He looked down, dejected, and said, "I know, it's because of all the porn I downloaded." Ummm, no, were weren't aware of that...
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Re: The I need to buy a house thread

Post by BSF21 »

A_B wrote: Tue Feb 25, 2020 9:11 am
BSF21 wrote: Tue May 15, 2018 12:51 pm Quick chime in here. What's your emergency savings look like in both cases? That would make a big difference for me.

Also when it comes to living for 3 years then turning it into a rental property, what's the plan there? Pay it down very quickly? Carry 2 mortgages, one for your home and one for a rental? I wouldn't be a fan of that at all, at least not until the property you're going to rent is damn near paid. If you for some reason run into problems or can't get renters, that snowballs into a bad situation very quickly.

Disclaimer that I've gone against a lot of the advice I got about my home, but I'm very happy with the results. YMMV, but certain things have worked out for me. No PMI is awesome, if for some reason you lose that option, pay your mortgage to 78% as quickly as possible to get that thing off there...
I just got mine cancelled at 80%. If you call them at 80% they take it off, but they have to remove it automatically at 78%, right? Anyway, that's $90+ dollars I'd been throwing up a wild hog's ass that we don't have to do anymore.
They didn’t charge you to run a reappraisal on it?
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Re: The I need to buy a house thread

Post by A_B »

BSF21 wrote: Wed Feb 26, 2020 1:26 am
A_B wrote: Tue Feb 25, 2020 9:11 am
BSF21 wrote: Tue May 15, 2018 12:51 pm Quick chime in here. What's your emergency savings look like in both cases? That would make a big difference for me.

Also when it comes to living for 3 years then turning it into a rental property, what's the plan there? Pay it down very quickly? Carry 2 mortgages, one for your home and one for a rental? I wouldn't be a fan of that at all, at least not until the property you're going to rent is damn near paid. If you for some reason run into problems or can't get renters, that snowballs into a bad situation very quickly.

Disclaimer that I've gone against a lot of the advice I got about my home, but I'm very happy with the results. YMMV, but certain things have worked out for me. No PMI is awesome, if for some reason you lose that option, pay your mortgage to 78% as quickly as possible to get that thing off there...
I just got mine cancelled at 80%. If you call them at 80% they take it off, but they have to remove it automatically at 78%, right? Anyway, that's $90+ dollars I'd been throwing up a wild hog's ass that we don't have to do anymore.
They didn’t charge you to run a reappraisal on it?
Nope. I assumed they might but just a five minute phone call and done.
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Re: The I need to buy a house thread

Post by Nonlinear FC »

Swampers - I rarely do this, but I'm coming to the group for some advice. Though, in reality, not sure how much you can help, because... shit is bonkers right now.

=-=-=-=

So, we're in a fucking hot mess situation.

Jamming like crazy to declutter the house because our realtor is teamed up with one of the best in the county and before we even put this thing on the market, she has two people that want to look at it, potentially buy it.

At the same time, we need a place to live. We found a place last night and started the application process, but now we're freaked out that we don't sell it and now we're stuck with a lease and a mortgage.

Thoughts on not putting this thing on the market, and just going direct buyer? The one couple is coming over Friday and I'm busting my ass moving shit into storage. Would need to do that anyways if we put it on the market, this is just accelerating the process.

Anyone have this situation of needing to find a place while selling? It's pretty stressful. My wife is risk averse, so she's got major cold feet this morning.

Again, I know this is pretty rough to give advice, just wondering if anyone has any thoughts.
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Re: The I need to buy a house thread

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Nonlinear FC wrote: Tue Mar 17, 2020 9:50 am Swampers - I rarely do this, but I'm coming to the group for some advice. Though, in reality, not sure how much you can help, because... shit is bonkers right now.

=-=-=-=

So, we're in a fucking hot mess situation.

Jamming like crazy to declutter the house because our realtor is teamed up with one of the best in the county and before we even put this thing on the market, she has two people that want to look at it, potentially buy it.

At the same time, we need a place to live. We found a place last night and started the application process, but now we're freaked out that we don't sell it and now we're stuck with a lease and a mortgage.

Thoughts on not putting this thing on the market, and just going direct buyer? The one couple is coming over Friday and I'm busting my ass moving shit into storage. Would need to do that anyways if we put it on the market, this is just accelerating the process.

Anyone have this situation of needing to find a place while selling? It's pretty stressful. My wife is risk averse, so she's got major cold feet this morning.

Again, I know this is pretty rough to give advice, just wondering if anyone has any thoughts.
I've sold three houses by owner...there are a couple different things to unpack here. Are you talking about trying to cut out the real estate agent and deal directly with the buyer or are you just talking about selling to one of the two people without officially putting it on the market?

As far as finding a place I've never lived in one place while trying to sell another...I've never been able to afford both. There should be enough time between going under contract and closing/possession for you to find another place to rent temporarily before you settle on something more permanent (if that is what you are trying to do). A unique situation I was able to put together when we sold our last house worked out pretty well. We put our house on the market In May of 2013 and expected it to take a long time to sell; instead it sold in three weeks. The buyers were flexible on the timing when they wanted to move in so I asked them if we could stay in the house until September and gave them a choice of how to manage that. We could either close ASAP and I would rent the house from them or stay under contract and close in September. I wanted them to choose #1 so I paid them above market rent to make it worth their while. My point is find out what your potential buyers' time frame is and you might be able to work out something similar.
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Re: The I need to buy a house thread

Post by testuser2 »

Same question as Nonlinear. We just signed the contract with a realtor in the past hour and the house will be listed later this week. Our new house won't be done until June. What do you do if it sells quickly? Apartment? Has anyone done the lease-back? Any other options?

What's going to be a pain is showings. With the wife and I working from home and the kids camped out with no school I guess we just drive around for a while.
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Re: The I need to buy a house thread

Post by BSF21 »

Can't tell you much without more information but I'm guessing you're going to lose your ass on "Direct Buyer" if that is what I assume it is. Disregard that if it's just an inside track your realtor has you set up on. You don't even have the house under contract yet if I'm reading this correctly? You've got time. Decluttering and moving things to storage is a bitch, but you'll get through it, it's a great time to get rid of shit too. As for a place, are they requiring you to be out and moved somewhere else in order to show the place?

I think lots of people have anxiety about being homeless while you're between places. Again, I don't have a ton of details, but if you get shit in storage and there's a lead lag of a week or two between places, do you have friends or family that would let you bunker up with them? It's not convenient but it's reality for a lot of people, and I wouldn't think of it as much of an imposition if one of my friends or family asked me about it.
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Re: The I need to buy a house thread

Post by BSF21 »

testuser2 wrote: Tue Mar 17, 2020 10:41 am Same question as Nonlinear. We just signed the contract with a realtor in the past hour and the house will be listed later this week. Our new house won't be done until June. What do you do if it sells quickly? Apartment? Has anyone done the lease-back? Any other options?

What's going to be a pain is showings. With the wife and I working from home and the kids camped out with no school I guess we just drive around for a while.
Lease-back, push closing, friends and family. It's going to be a ride for a few months.
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Re: The I need to buy a house thread

Post by The Sybian »

I am in the exact opposite situation right now, trying to figure this out. We bought a house in November, moved into it December, and fixed up the old house after moving out. We had already paid off the mortgage on the old house, and figured the proceeds of the sale would come close to paying off the mortgage on the new house. We were super conservative in overestimating every possible cost, and felt like we were in a good spot. Kept savings above our target goal. Put the house on the market 3 weeks ago, had more showings than other houses in the same price range, but no offers yet. Then this shit happens...

At this point, it's a complete crapshoot what the housing market will do. Shockingly, there are still some people looking in my area. Realtor held an open house, and 5 people showed up. Not horrible, considering she held one 2 weeks ago, where 15 families came through. My only hope is that a vacant house suddenly looks a bit more appealing than moving into or looking at houses where potential COVID carriers are living. My realtor said a lot of sellers are refusing to show their houses now, so that reduces my competition for the few buyers still out there.

We decided to look into leasing, to at least make some money on the house until the market turns, but I'm afraid of locking myself into a year where I can't sell the house and pull the equity. Long term, it probably makes sense to pull the equity and short term forgo the rent payments in order to ditch the mortgage interest payments. Got a lot of immediate response on people looking to rent. 5 showings the first day, 3 potentially interested. We plan on stalling the applications to see if we get any interested buyers.

To answer NFC's question, it's a fucking gamble any way you go. I'd say jump at a buyer if you can get a decent price, because the economy is guaranteed to tank and drag housing prices with it. I'd be much more likely to sell to someone paying cash, as mortgages can fall through. Another concern is whether home inspections will continue, or certificates of occupancy will be issued by your town. OTOH, with a mortgage, you'll have 45-60 before closing, and hopefully life will start to get back to normal by then, and won't have these delays. I'd suggest getting a larger amount of earnest money, so you have some protection if the buyers back out, but a smart buyer wouldn't go for that with so much uncertainty right now. My leaning would be to take a really good offer if it comes in, because the market is likely going to tank. But if you can handle a hit and sell for less next year, don't risk getting stuck in a rental if your sale could fall through. Then again, if you can sublet or get out if the owner can find a new tenant, that might not be too much of a gamble. Yeah, this all fucking sucks.
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Re: The I need to buy a house thread

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So, for the one family, they are specifically moving here for the school district, so they are going to be flexible.

To clarify, we are using a realtor, this would be using this hot-shit realtor's contacts to sell it before it goes to market. The advantage to us is significant, because there are a number of cosmetic things we just don't want to pay out of pocket if not necessary.

The other piece of info is that we are looking to rent for 2 or 3 years, then take the profit from this sale to pay down debt and then eventually move out of the area. Too damn expensive here.
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Re: The I need to buy a house thread

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testuser2 wrote: Tue Mar 17, 2020 10:41 am Same question as Nonlinear. We just signed the contract with a realtor in the past hour and the house will be listed later this week. Our new house won't be done until June. What do you do if it sells quickly? Apartment? Has anyone done the lease-back? Any other options?

What's going to be a pain is showings. With the wife and I working from home and the kids camped out with no school I guess we just drive around for a while.
Even if it sold quick, you could do a 60 day close and that would get you to June. I'd be damned grateful to have that problem if I were you.
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Re: The I need to buy a house thread

Post by Nonlinear FC »

For additional perspective on the market in this area, a house went up for rent in a desirable location yesterday, as of this morning it had 3 applications.

Things are still moving very quickly here.
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Re: The I need to buy a house thread

Post by mister d »

I'm super risk averse, but to me that would mean trying to ensure the sale you know you want to make now, even if you're landing a little under what you ideally were hoping for.
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Re: The I need to buy a house thread

Post by Rush2112 »

So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
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Re: The I need to buy a house thread

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Rush2112 wrote: Tue Mar 17, 2020 12:33 pm So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
Last rate I saw was a 15 fixed that started with a 2, I can't imagine getting a much lower rate and if you do the impact is so minimal overall. Take what's good now. It's a lot more likely to end up back near 5 than it is to end up closer to 1.
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Re: The I need to buy a house thread

Post by HaulCitgo »

We submitted info too. As I hear it rates are artificially high post fed cuts because banks don't have capacity for increased apps. Some guy said headed down over next 2-3 weeks if banks clear pipeline. Who knows though. My goal is to get approved then try to time a rate lock before he wife gets laid off.
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Re: The I need to buy a house thread

Post by HaulCitgo »

IM DOWN TO ONE BEER!
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Re: The I need to buy a house thread

Post by P.D.X. »

Rush2112 wrote: Tue Mar 17, 2020 12:33 pm So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
In the same boat. Gonna wait a bit as I think mortgage rates are going to keep slowly dropping. They haven't really reflected the magnitude of this shitshow yet.
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Re: The I need to buy a house thread

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Rush2112 wrote: Tue Mar 17, 2020 12:33 pm So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
We're in the process of getting an equity line of credit, and we considered saying to hell with it and refinancing. But our current mortgage lender isn't offering a rate lower than we currently have. That might change in the coming weeks and/or months.
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Re: The I need to buy a house thread

Post by Nonlinear FC »

Y'all motherfuckers highjacked the shit out of my shit!

Just kidding... Interesting discussion.

Just going to keep things relatively sane, focus on getting the house sold, then work out where we go as the closing process unfolds. Feels dicey to wait, because we are very specific about the area we want to rent, but on the other hand, feels much more risky to sign a lease without the house moved.
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Re: The I need to buy a house thread

Post by Rush2112 »

There's a house down the street from me for sale, backyard opens to Open Space. Near to the mall and public transportation, plus we're on the back side so you can take the back road down to I70 and the ski slopes (once they open back up)
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Re: The I need to buy a house thread

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Nonlinear FC wrote: Tue Mar 17, 2020 1:40 pm Y'all motherfuckers highjacked the shit out of my shit!

Just kidding... Interesting discussion.

Just going to keep things relatively sane, focus on getting the house sold, then work out where we go as the closing process unfolds. Feels dicey to wait, because we are very specific about the area we want to rent, but on the other hand, feels much more risky to sign a lease without the house moved.
Just remember the leasing process is a hell of a lot faster than the sales process. You can find a rental in one day, wrap up the process in a few days. I would wait until you are out of attorney review, past inspections and those negotiations before getting into a lease agreement.
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Re: The I need to buy a house thread

Post by A_B »

P.D.X. wrote: Tue Mar 17, 2020 12:42 pm
Rush2112 wrote: Tue Mar 17, 2020 12:33 pm So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
In the same boat. Gonna wait a bit as I think mortgage rates are going to keep slowly dropping. They haven't really reflected the magnitude of this shitshow yet.
With rates this low if you're already in the process you aren't gonna save THAT much are you?
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Re: The I need to buy a house thread

Post by P.D.X. »

A_B wrote: Tue Mar 17, 2020 7:18 pm
P.D.X. wrote: Tue Mar 17, 2020 12:42 pm
Rush2112 wrote: Tue Mar 17, 2020 12:33 pm So we're in the process of refinancing but haven't signed final papers yet. With Trump trying jolt things with lower interest rates y'all think it would behove us to wait until those rates trickle down or just refinance now?
In the same boat. Gonna wait a bit as I think mortgage rates are going to keep slowly dropping. They haven't really reflected the magnitude of this shitshow yet.
With rates this low if you're already in the process you aren't gonna save THAT much are you?
The "waiting" conveniently corresponds with finishing my taxes.
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Re: The I need to buy a house thread

Post by The Sybian »

We weren't able to sell the old house before the plague set in. Actually had a showing last weekend, but they made an offer on a lower priced house, but said we came in second place. I figure it's going to be a minimum 2-3 months before we can show the place again. We did get an interesting offer yesterday from a family who wants to rent for 6 months. I thought this was perfect, we could start showing the house, they move out Sept.1, and we can get a new owner in before school starts. Negotiations went great, credit check and application looked great. They sold their house, were outbid on a house they wanted in my town, and don't love anything on the market today. Everything seemed to fall in place, but then they required a clause that we can't show the house until they move out. Wife is terrified of virus. We said we won't show before the later of June 1 or shelter in place lifted. No dice, she isn't budging. I can't miss out on the summer for showings. We seem to be coming to terms on a 3 month lease and we will revisit extending and discussing whether they will let us show. I figure either the pandemic is still raging and we can't show anyways, so we can forgo showings another month, or if things subside, and they want to continue renting, they will let us show.

Fucking nightmare. I'd like to get the rental income and have someone in the house taking care of it, but I don't know if it's worth the hassle for 3 months rent. OTOH, if everything goes to shit, they can't buy, so I have a guaranteed tenant until the housing market can restarts. They have 2 kids, age 2 and 4, so I can't imagine they will want to move twice in 3-6 months. Holding out some hope they get settled in, like the neighborhood and decide to buy rather than move again.
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Re: The I need to buy a house thread

Post by A_B »

I’ve got a home equity set to close on Monday and I’m still nervous.
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Re: The I need to buy a house thread

Post by testuser2 »

The day we were supposed to list our house was the day the PA state government shut down non-essential businesses. That also stopped construction at the new place. So right now we have our current house payment and another one that is interest only on the draws for the new place. Plus 2 of all our utility bills. Luckily they closed the new house up last week with drywall and insulation. During the prior month our electric bill was $450.
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Re: The I need to buy a house thread

Post by HaulCitgo »

Wow... Power tools and the like or is there heat already?
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Re: The I need to buy a house thread

Post by testuser2 »

They finished enough of our own heating system that it is running now instead of a small portable heater that was on 24x7.

For a few days they had two if them. It looked like this:
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Re: The I need to buy a house thread

Post by mister d »

mister d wrote: Tue Feb 25, 2020 3:45 pm Now I have to look it up to remember the details. It was on some website, maybe Reddit, where some dude tried to design and renovate his house alone and it was a complete disaster. The only way I found the name "Groverhaus" was because I remembered the joke "load bearing drywall".
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Re: The I need to buy a house thread

Post by Nonlinear FC »

We put a modest amount of money towards fixing up cosmetic and basic shit two weeks ago. Had a pre- go to market couple come through and express interest, but not pull the trigger.

Our realtor was fine, said she loves what we did to get it ready and is confident we can get a bidding war on it if we go to market.

We decided to wait this shit out. Even if we have to get a family loan or something, it's not worth trying to do this right now. (for us)
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Re: The I need to buy a house thread

Post by Brontoburglar »

furnace 2 set off the CO detector this morning. second issue we've had with it already. looks like it'll be replaced. ideally we'll get the home warranty company to cover their max payment on the replacement and then pay the rest ourselves vs. paying it out of pocket.

we have a weird home warranty were you can "pick" your own technician and then the warranty co. pays for the work ... but I called three hvac companies last time and none of them wanted to deal with it. so I got a recommended company from the warranty folks and they're going to come look

fingers crossed
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Re: The I need to buy a house thread

Post by The Sybian »

We walked away from the tenant idea. Got all the way through negotiating all the details, and while we were waiting for them to sign, NJ Governor came out saying they are placing a freeze on evictions. We agreed to 3 months with an option to renew and reset terms. Since everything is going wrong right now, we don't want to take a chance. We started talking through scenarios, what if they can't move out at the end of 3 months and decide to stay? What if someone in the family gets COVID while living in our house and is still quarantined? I don't want to have to wait 2 weeks to start showing, assuming the market starts up by June. Not to mention, we would probably need to hire a cleaning service after they move out, and movers coming in and out twice would probably leave some damage. Just not worth the risks for 3 months rent.

So, we fucking sit on the house for 3 more months, waiting... So sick of going back to make sure nothing is broken or leaks in the roof, pick up mail left to Resident, and picking up the free shitty newspaper they leave on the driveway. Now I get to mow 2 lawns, and do weeding and other shit. OTOH, that's the only time I leave my house, and since I can't go to the gym, mowing might be a needed break.
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rass
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Re: The I need to buy a house thread

Post by rass »

Sorry. Timing is a fucking bitch man.
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HaulCitgo
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Re: The I need to buy a house thread

Post by HaulCitgo »

Yeah but... You got an extra house. I suggest an orgy.
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mister d
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Re: The I need to buy a house thread

Post by mister d »

I've read there are a lot of people in NYC looking to get out to something bigger. This might not have worked out but I wonder if there's some insane deal you can find out there.
Johnnie wrote: Sat Sep 10, 2022 8:13 pmOh shit, you just reminded me about toilet paper.
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