The I need to buy a house thread

[Giff]

Looks like the trip would be faster going through Flagstaff....

[A_B]

In laws listed their house yesterday at 530. Had a buyer at 7 pm for asking.

It was their second home so didn’t care about a price war just wanted to get out of the mortgagee and move to Florida permanently. Nuts

[sancarlos]

They priced it too low.

[A_B]

They priced it too low.

Probably but they made 30 grand and only had it for six months so a decent return.

[govmentchedda]

Nuts that they want to move to Florida.

[Johnnie]

Good chance I'm driving through (or stopping there) on the 24th, so celebratory beer?

If you don't end up going through Flagstaff, of course!

Just wondering, where are you traveling to and from, there's a whole Valley between Tucson and Flagstaff.

[A_B]

Nuts that they want to move to Florida.

Oh they had two houses but when his mom died Florida became permanent.


It means you might get to meet me!

[Johnnie]

They priced it too low.

Probably but they made 30 grand and only had it for six months so a decent return.

Oooh. Capital Gains though.

My friends posted their house last Thursday for $279k. Had a bunch of showings over the weekend. Initially got an offer of $285k Friday night, but contingent on some things. And then Saturday night they got a text from the realtor they got an offer of $300k cash. Like, holy shit.

What's cool is that they are getting a house in the same development as my wife and I, so we'll be neighbors again too.

[govmentchedda]

Nuts that they want to move to Florida.

Oh they had two houses but when his mom died Florida became permanent.


It means you might get to meet me!

I've got some whiskey set aside for it.

[Giff]

Good chance I'm driving through (or stopping there) on the 24th, so celebratory beer?

If you don't end up going through Flagstaff, of course!

Just wondering, where are you traveling to and from, there's a whole Valley between Tucson and Flagstaff.

We are going out to California for several weeks. I want to drive and my girls don’t, so I’m picking them up in LA. I’m leaving Houston on the 24th very early.

[A_B]

They priced it too low.

Probably but they made 30 grand and only had it for six months so a decent return.

Oooh. Capital Gains though.

My friends posted their house last Thursday for $279k. Had a bunch of showings over the weekend. Initially got an offer of $285k Friday night, but contingent on some things. And then Saturday night they got a text from the realtor they got an offer of $300k cash. Like, holy shit.

What's cool is that they are getting a house in the same development as my wife and I, so we'll be neighbors again too.

Does capital gains matter on real estate? I honestly do not know. But I do know I have made money on every house I’ve sold and it not been an issue. Do I need to contact HDO?

[A_B]

Nuts that they want to move to Florida.

Oh they had two houses but when his mom died Florida became permanent.


It means you might get to meet me!

I've got some whiskey set aside for it.

What a man.

[A_B]

Looked it up. Definitely below the threshold for capital gains. It was actually a condo they bought to use to visit but then both parent died and no real reason to hang around. It was a nice condo but nothing that would trigger that cap gain tax.

[Johnnie]

Looked it up. Definitely below the threshold for capital gains. It was actually a condo they bought to use to visit but then both parent died and no real reason to hang around. It was a nice condo but nothing that would trigger that cap gain tax.

Oh, well that's good. Maybe it's a state dependent thing then? From what I remember, if you are selling a primary residence and you've lived there at least 2 years you're clear unless you made like half a million on the transaction or something.

And, I thought, if you're selling a rental property, you'll have to pay back a percentage in taxes. My friend found that out the hard way when he sold his house (primary residence) and his wife sold her rental condo. They were hit by the tax man on her condo.

But if it's below the threshold, then I'm probably wrong.

[bfj]

Update: We ended up walking away from the house after the base price of the model we were going to buy increased by $20k as we were getting our paperwork together to get our financing in order. Since we didn't put a deposit down the first day we were there, as each house in the development sold, the base price of the one we were looking at would go up 5k. We were already at the top of our budget as it was and adding another 20K was sort of the final nail in that coffin. I know 20k over 15 or 30 years isn't a big deal, but we set a budget for ourselves and couldn't justify any more at that point. Very disappointing, but there will be other houses.

The sales manager said that 2 years ago, that would never happen. But with the market the way it is, "Corporate" decided to implement this policy.

So a few weeks back we were notified that the price of the house we wanted to build, and ultimately walked away from, had come back down. We had our realtor check it out and the price had dropped back into our range. Long story short, we put a deposit down today and our new house will be built by Jan-Feb 2023. Excited, nervous and nauseous all at the same time.

[Giff]

Fuck yeah, BFJ!!

[Johnnie]

Nice! Congrats, man.

[govmentchedda]

Nice!

[Ryan]

Can we get a paint color reveal party?

[Johnnie]

Can we get a paint color reveal party?

"Repose Gray" (This is the living room wall)
.
.

IMG_20220515_181648.jpg (104.33 KiB) Viewed 448 times

[Johnnie]

I gotta say this getting a broker and playing lenders off each other thing has made me feel extremely guilty. I feel very, very awkward leading someone on only to say nope at some point.

(Also though, if people could just return texts and calls within a timely fashion it would cut down on the awkwardness. I'm wasting time stringing people along.)

[Gunpowder]

Can we get a paint color reveal party?

"Repose Gray" (This is the living room wall)
.
.
IMG_20220515_181648.jpg

Quality edging (don't google that)

[mister d]

I gotta say this getting a broker and playing lenders off each other thing has made me feel extremely guilty. I feel very, very awkward leading someone on only to say nope at some point.

I did too but it all went away and then some when I went back to our original broker giving her the option to match and instead she yelled at me about loyalty and how "its not that much more per month anyway".

[Johnnie]

I gotta say this getting a broker and playing lenders off each other thing has made me feel extremely guilty. I feel very, very awkward leading someone on only to say nope at some point.

I did too but it all went away and then some when I went back to our original broker giving her the option to match and instead she yelled at me about loyalty and how "its not that much more per month anyway".

Ooof. How much more per month were you looking at?

[mister d]

It was a full quarter different and the whole thing was just was super fucking weird, to the extent I kept engaging to see where she went. I don't know if that was a tactic or she was just having a shitty day or what.

[Johnnie]

Yea, that's a big difference. Mine doesn't contrast that much, but from your example that reaction seems like it originated from somewhere else.

I defused the reaction I got from my current broker. I just explained that I don't know where the line is when it comes to me trying to bounce offers off of each other. He seemed to understand my ignorance and we're pushing forward.

In a market where minutes determine difference in interest rates, "locking" is the only certified way I know whether one deal is a good offer over another. But from the lender side, once you lock, you soft commit -- so multiple locks means that you're still not committed. (And simultaneously, until there's final loan paperwork, "fees" and potential more cash to close can pop up.)

Overall, it's a moving target and I hate it.

[Johnnie]

Strike that. Reverse it.

Navy Federal beats both of the companies I've been ping pong-ing between by a quarter percent.

I'm still >30 out, so I might be able to squeeze this, but my realtor thinks that for the savings I'd get, it might be worth whatever the daily penalty is I'd incur from the builder. She's checking on it for me now. (If it's $100 a day, so be it.)

Worst case I do a VA IRRRL in a year or so if rates improve.

[govmentchedda]

Strike that. Reverse it.

Navy Federal beats both of the companies I've been ping pong-ing between by a quarter percent.

I'm still >30 out, so I might be able to squeeze this, but my realtor thinks that for the savings I'd get, it might be worth whatever the daily penalty is I'd incur from the builder. She's checking on it for me now. (If it's $100 a day, so be it.)

Worst case I do a VA IRRRL in a year or so if rates improve.

Rates ain't improving in a year.

[Johnnie]

The difference in cost per month is $54. Not backbreaking, but greater than zero.

The closing date is 27 June. Every day I'm "fined" for going over the closing date is actually $250.

I don't think I'm too late in changing anything, but I hesitate to chance it.

[Johnnie]

Everything's all wrapped up and done as of this past Thursday.

There was a weird circumstance last week when the VA appraiser showed up on his final walkthrough and walked in on the electricians having to break through the backsplash and drywall to get to the wires necessary for doing the lighting under the cabinets. He couldn't sign off on the inspection and it pushed closing one day later.

But ultimately, it got taken care of and we were able to close without issue. (But we did have to sign all documents with our middle names, so that was odd. Dumb lender rule, I guess.)

We'll slowly move into the house over the month (since we still have a month on our lease) and then, after the hoopla of my retirement ceremony, get all my crap out of my storage in ABQ and properly move in. I'll have time do to things since terminal leave kicks in on the 19th.

Next time I'll just go through Navy Federal from the jump and not even try at other lenders. The broker company was annoying to deal with and, despite having access to all of their lenders, stuck with just one and kept me intrigued on a "float down" option which never conveyed.

There was also this moment when I locked with another lender (which I've found is taboo) and I got a defensive phone call from the broker himself. Should've walked in that moment, honestly, but I stayed because I felt guilty.

But whatever. It's done. I'll move in. And, whenever rates get better, I'll re-fi.

[mister d]

Congrats and unrelated but the market here has gone insane. A house we looked at that went for a little over $600K in summer 2016 sold for $1.05MM a month ago then a better* house across the street couldn’t get $850K this month. We could be (logically) heading back down.



* The second full bathroom isn’t off the dining room.

[Johnnie]

Thanks! I legitimately cannot fathom trying to live on the east coast, man. Bad weather, high cost of living, and high property costs and taxes.

I'm not inheriting anything tangible from my family when they go, but if I was, I'd sell it immediately. I'm glad I can live in a somewhat affordable city and state.

My military career wasn't the greatest, but retirement is retirement and it put me firmly into a middle class lifestyle.

[sancarlos]

Retirement is great! (tho I know you’ll find a new career).

[A_B]

Retirement is great! (tho I know you’ll find a new career).

So long has you have tech support.

[sancarlos]

Retirement is great! (tho I know you’ll find a new career).

So long has you have tech support.

Giff is just a phone call away!

[Johnnie]

Retirement is great! (tho I know you’ll find a new career).

I'm looking forward to just not being in the military anymore, honestly. The fact that I'll get my 'freedom dividend,' health care, and base benefits is really, really great, don't get me wrong. But after 21 years with the last 10 and a half of not getting a promotion, I'm just ready to move on.

[Rush2112]

Retirement is great! (tho I know you’ll find a new career).

I'm looking forward to just not being in the military anymore, honestly. The fact that I'll get my 'freedom dividend,' health care, and base benefits is really, really great, don't get me wrong. But after 21 years with the last 10 and a half of not getting a promotion, I'm just ready to move on.

Congrats John!

I know my sister felt the same way when she got out of the USAF and she was firmly in the chair force. First beer is on me next time you're in Denver.

[Johnnie]

Thanks, buddy. 😁

[rass]

Congrats Johnnie

[Steve of phpBB]

That’s fantastic, Johnnie.