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[GrizzleBoy]

Literally can't even buy a tiny one bedroom apartment for that price where I live :,(

 

[ChryZ]

Think of all the avocado toast.

 

[Marky Mark]

I can't give you any advice on the townhouse because I don't know the market you're in, but I can say that we got cold feet about a house we fell in love with, pulled out and then I've been kicking myself ever since as we ended up buying something we didn't love nearly enough. Often I can't even look around the house I'm in without thinking of the one that got away.

Good luck with your decision.

 

[hwalker84]

30k off AND cover closing costs?? You've basically found a unicorn. You should take it. For comparison, we bought ours for 640k and we were lucky as hell to just not be involved in a bidding war taking the price well over asking. Couldn't get a single dime off.

Wife and I bought our house about 2 years ago and we have no regrets whatsoever. Building equity in our home feels great and being able to add improvements, decorate it, and just putting work into it is a great source of pride for us. Also being able to entertain your friends and family at your own home is awesome.

Before buying a home, I never cared about plants. Now I visit nurseries weekly just looking for flowers and random plants to plant in our yard lol.

Do it!!!

I was going to say the same thing.

I got lucky. My townhouse was the one I originally wanted to see but it was under agreement (can't think of the logical term but the seller had agreed to an offer from someone else). Looked at a few others and the deals fell through.

Was checking zillow and the original place I wanted to look at went back up. I swooped in before anyone else. Wife and I loved it. Got a fair deal because the previous buyer pulled out two weeks before closing. Nothing like what the op got though.

 

[mhayes86]

How much earnest money are you putting down?

Writing a check tomorrow for $2,000. Speaking of which, I hate tossing all of this liquid cash around. I'd rather charge some of these expenses to a credit card and get some cash back out of it.

Think of all the avocado toast.

I stopped eating it after reading that article a while back. Maybe that's why I feel like I can afford a home now.

Spoiler

j/k

I can't give you any advice on the townhouse because I don't know the market you're in, but I can say that we got cold feet about a house we fell in love with, pulled out and then I've been kicking myself ever since as we ended up buying something we didn't love nearly enough. Often I can't even look around the house I'm in without thinking of the one that got away.

Good luck with your decision.

Thanks, that's definitely not something that I want to deal with. We like it and are getting a good deal, so who knows if or when we could find something similar any time soon. It's all up to the inspection at this point. I'll be sure to update on that and our final decision.

 

[Sobriquet]

This seems pretty normal. I freaked the fuck out for like a week after our offer was accepted. We've now had the house for over a year and love it.

 

[Shake Appeal]

Something else to consider since - I ran into a giant headache selling my home (a townhouse) and it may be why the sellers are so gung ho on selling to you. Since the market crash, a large percentage of townhomes are considered non-warrantable if they violate certain rules. It was virtually every townhome I looked at in NJ. That means you can't get FHA approval and people that want to buy must supply a 20% downpayment or they have to pay extra in other fees or they can't get a mortgage.

And since regular homes require much less that 20%, people are less likely to buy your townhome. What really sucks is that a lot of agents and lawyers are not aware of this, and banks give pre approval assuming that condo is warrantable and you get all the way through the process before you find out that there is no mortgage. I'd check on that now if I were you - call your loan officer.

Hey, I had this exact experience in the past few months. We ultimately pulled the trigger because we loved the place, but we had to go through a credit union to get a mortgage. Ultimately that saved us money, and the credit union have been awesome throughout ... but I do dread selling this thing on in the future. It was a fairly nightmarish experience, because the realtor was completely clueless and blindsided. Luckily, the person we were working through at the bank was incredibly helpful and went out of her way to explain alternative financing options in the area.

OP, I also have cold feet just before buying. It's natural: It's a huge commitment and a huge amount of money. It's easier to get out of your marriage than a mortgage. But provided your finances are in order, you've thoroughly inspected the place and done your diligence, and everything feels right, go for it. The things that are scary now will mostly dissipate.

 

[Omegasquash]

Bought one in '07, sold it in 2011. Lost plenty, but recovered really well.

Life is going to hit you with ups and downs OP. Don't not take a good opportunity, especially now. Echoing what folks have said about making sure your inspector is worth their salt. Closing on your first is a biggie, but as long as the finances and income are in place, you've got 80% of the potential stress off the table.

Congrats on the house (if you decide to go through with it).

 

[Shake Appeal]

There's no proof that we're in a bubble. Prices in a lot of areas are trending up...but that still doesn't mean we're in a bubble.

There are a lot of not-great indicators in the wider economy. I wouldn't worry too much or say the sky is falling, though. The auto bubble will probably pop first.

 

[NoblesseOblige]

Who finds a house they really like so quickly, for a decent price, in a nice area, and with a seller who is flexible on the price because they need to move fairly quickly?

I did. I low-balled on my downtown condo and it was accepted. It was the second the home I looked at and had everything I wanted. Only spent maybe a month on the whole process from the very start to moving in.

 

[mhayes86]

I did. I low-balled on my downtown condo and it was accepted. It was the second the home I looked at and had everything I wanted. Only spent maybe a month on the whole process from the very start to moving in.

Nice, that's what I like to hear! I don't hear about that at all, so it was making me feel uneasy.

Our lease for our apartment is up at the end of this month, so with how quickly things are going, our realtor and mortgage lender said we could close and move in before the end of the month instead of paying to break a leasing agreement, or paying more for a shorter lease.

 

[E92 M3]

Nice, that's what I like to hear! I don't hear about that at all, so it was making me feel uneasy.

Our lease for our apartment is up at the end of this month, so with how quickly things are going, our realtor and mortgage lender said we could close and move in before the end of the month instead of paying to break a leasing agreement, or paying more for a shorter lease.

Contractually, when is your mortgage commitment date and settlement? Because it doesn't matter what anyone says at the end of the day. Always expect the worst case scenario and put money aside for an extended lease.

TO BE SAFE.

 

[muu]

If you haven't already feel free to check out the Home Buying thread.

Sounds like you got a good deal. Make sure you do thorough inspections and have specialized contractors check and quote you on anything that doesn't seem quite right. Take what the general inspector says w/ a grain of salt, as they are probably more aligned w/ what your realtor is looking for (a quick, painless sale), not you (a reliable house). Worst case you're out earnest money and inspection fees.

 

[mhayes86]

Alright, we just had the inspection. The termite inspection hasn't happened yet, and the radon test won't be completed until Friday. At this point, I'm continuously going back and forth on this commitment. The townhouse was built in 1988, and based on the findings from the inspection, I was beginning to notice the house's age.

Roof
The primary concern is that while in the attic, there is light coming through a section of the roof, and there are signs that there have been leaks due to some water staining. Nothing was suggested as damaged, no mold was found, and nothing felt particularly moist or damp, but this is easily the biggest issue that must be addressed with the sellers since it leaves room for future water damage, and allows access for bugs and animals. The roof was allegedly redone about five years ago, but the sellers have probably never gone up into the attic, so who knows how long this has been going on for. On top of that, the ventilation fan in the attic does not work and who knows how long that has been broken, but that may be an easy enough fix.

Water Heater
The water heater appears to be the original one, so it's 29 years old. The inspectors said that with the faucet water at max heat, you can still hold your hand under it without an issue, so it's worth replacing now or very soon. After speaking with my father in law (an HVAC guy), he said that if they don't fix it, to ask for the expense in cash and he'll do it himself.

HVAC
The outside and inside AC units differ. The one inside is 2.5 tons, and the one outside is 2 tons. The inspectors were saying that this is an inefficiency with cooling down the home. My father in law mentioned that a larger internal unit can actually be more efficient. Any input on this?

Washer
The washer is on the third floor and sits in a tray in case of any leaks. Apparently the trays are not connected to the drainage pipe in the event of a leak, but that seems to be an easy fix.

Minor leaks (for now)
The final concern is that a couple of the toilets are a bit loose and have a small leak.

There's several other minor things that aren't expensive fixes or particularly problematic, but those listed above will be requested to get fixed.

With all of that said and done, I'm beginning to wonder if maybe it's worth just continuing to rent for another year and consider a fairly more modern place (not nearly 30 years old) as our salaries increase. After speaking with my older brother and doing some online reading, I have to consider if it's worth investing the time and money into an older place with a "five year plan" that my wife and I had in mind in order to sell it. How willing are people to buy a 35 year old house? The location matters, of course, and this seems like a reasonable enough area.

All of that aside, what's becoming bothersome is that while I'm second guessing all of this, my wife is getting frustrated. She has practically left all of this on my shoulders since it's only me on the loan (her credit would negatively affect it vs mine), and because it's my salary that is allowing us to do this. It's just adding more stress. She also feels bad if we were to backout after our realtor put this much time into us. I'm sure it happens to them all of the time, and there's a reason why there are points in which to back out of the commitment.

Anyway, we'll be getting together with my older brother and his in-laws this weekend who have experience flipping houses to try and get some more insight into all of this.

Contractually, when is your mortgage commitment date and settlement? Because it doesn't matter what anyone says at the end of the day. Always expect the worst case scenario and put money aside for an extended lease.

TO BE SAFE.

The settlement date is on or before August 31.

 

[Volimar]

The water heater appears to be the original one, so it's 29 years old.

No fucking way.



As to everything else. Honestly it doesn't sound that bad. You probably won't get the current owners to deal with it, but you might get a smidge off the asking price based on what the inspeactor found. As someone who bought a home way too young (it was a lot cheaper to get a mortgage rather than rent) I can tell you it's the stuff you don't find early that will get you. Just keep a rainy day fund at all times to fix things when they come up. A house is never "done" there will always be something. It's up to you, but honestly if you can afford to tackle those few issues then I'd say go for it.

 

[mhayes86]

I figured it might be worth adding the pictures of the attic from the inspection report. I sent it to my brother to look over things, and he agrees that it's pretty bad.

You can see the light shining through the roof in the image directly above this.

 

[Shake Appeal]

Yeah, that's not that bad at all. Get the roof fixed, get money for the water heater. Your realtor should be able to come up with a good number that covers all the needs. If they've been eager to sell, they should be willing to work with you on these costs.

That said, if you do feel like backing out, "feeling bad for the realtor" should be very far down the list of reasons to not do so.

Edit: Okay, that's not just light shining in, that's potentially widespread water damage. I would get that looked at.

 

[Subpar Spatula]

29-year-old town house with a broken roof and ancient water heater plus other issues?

Hopefully you're getting a good deal + good location.

 

[Timeaisis]

Sounds like it has some issues. I would wait or see if the sellers will repair them.

 

[mhayes86]

Sounds like it has some issues. I would wait or see if the sellers will repair them.

Yeah, we briefly went over the report with the inspectors and our realtor earlier today, but tomorrow we'll be going over what we would like to be fixed and/or replaced.

The roof and attic are obviously the priority, and not dealing with that will certainly be a deal breaker. Allegedly, they had the roof done about five years ago or so, but this is some shoddy work. I'm sure they don't want to deal with this.

29-year-old town house with a broken roof and ancient water heater plus other issues?

Hopefully you're getting a good deal + good location.

Woodbridge, VA. The area in particular is essentially a bedroom community for DC commuters. Single family homes in the area easily go for $300k+, and townhouses (such as this) for $250k+. They were originally selling it for $259k, but brought it down twice in the past month to where we're at now with $234k. They're eager to sell since they're apparently moving across the country.

 

[Allforce]

I've bought 3 homes and none of those issues are ones I'd consider "deal-breakers". Just the start of negotiation. I'd definitely want the roof fixed/replaced and a credit for the water heater (let them pay and you get what you want, lots of choices nowadays). Washer drainage is an odd thing because I've never bought a house where the washer/dryer come with it, most people take those with them.

What are you waiting for OP? It's not a money pit, just a normal place in need of some maintenance. Jump in and enjoy it with your SO.

 

[E92 M3]

Negotiate seller assist. Water heaters are relatively inexpensive <$1000 and the roof isn't the end of the world.

 

[RMI]

water heaters are cheap. that roof is really the seller's problem, so I would ask them for some wiggle room on that in the final price or to get it fixed. You're better off getting the money IMO because they will fix it the cheapest way possible. Also 30 years old, haha. That's reasonably new. It's at least post lead paint and all your wiring should be up to modern standards. could be worse!

 

[markitrons]

Roof and water damage is no joke - is it possible to get an estimate for repair so you can get that taken off the price?

More concerning to me is that if you are in a townhome complex with an HOA, usually the roof is their responsibility - if it is in disrepair there is a chance that the HOA has no money to actually do repairs and could be endemic of larger issues.

On the other hand, if you get the HOA to agree to fix it before you move in, you'll know they are reputable and neither you or the seller lose anything.

All of that aside, what's becoming bothersome is that while I'm second guessing all of this, my wife is getting frustrated. She has practically left all of this on my shoulders since it's only me on the loan (her credit would negatively affect it vs mine), and because it's my salary that is allowing us to do this. It's just adding more stress. She also feels bad if we were to backout after our realtor put this much time into us. I'm sure it happens to them all of the time, and there's a reason why there are points in which to back out of the commitment.

This is a major decision that can have major ramifications on your finances for decades, you need to look out for every possible issue. Yes its a headache, but if you still want to go through with it after identifying all the headaches, then you really want it, and you won't resent going into such a big commitment when things go wrong.

I don't mean to be hurtful, but the mindset of your wife that you have presented to us could be exactly why she has lousy credit.

Its totally understandable, people get excited about large purchases like this - especially when it represents milestone's in a relationship. However, people who are good at selling things exploit that excitement, and have no qualms about leaving you high and dry. Stay strong for both your sake so you can make clear decisions.

 

[wild_fire987]

OP, me and my wife bought our first house about 3 years ago. We looked around for months before we moved and once we moved we spent about 5 weeks looking at houses. There were some nice houses and ones we would be fine living in, but nothing that made us fall in love. Then in the final weeks after we had settled on a house my realtor said someone recently dropped the price of their house by 10K which brought it into my budget range. We looked at the house and immediately fell in love and put in an offer that day.

The owners dropped the price of the house also because they were moving soon and didn't want 2 mortgages. We both also started to get nervous come closing time, but after the inspection came back and looked good we bought the house. It's been 3 years in this house and they've been some of the best of my life. Lots of learning with owning a home, but I'll never go back to apartments. I don't know what point I'm trying to get across here, but basically saying what you're feeling is normal and it seems like you're going through this with a pretty level head.

If you trust your realtor and you got an independent inspector and they're both saying the roof leakage isn't a big deal to fix and shouldn't lead to long term problems, then hopefully they both know what they're talking about, it's their full time jobs after all.

 

[mhayes86]

water heaters are cheap. that roof is really the seller's problem, so I would ask them for some wiggle room on that in the final price or to get it fixed. You're better off getting the money IMO because they will fix it the cheapest way possible. Also 30 years old, haha. That's reasonably new. It's at least post lead paint and all your wiring should be up to modern standards. could be worse!

Hah, yeah. That's what I keep telling myself. Anyway, we'll see what they're willing to do. Be it lower the price, fix it, or offer us cash to hire someone to do it.

Roof and water damage is no joke - is it possible to get an estimate for repair so you can get that taken off the price?

More concerning to me is that if you are in a townhome complex with an HOA, usually the roof is their responsibility - if it is in disrepair there is a chance that the HOA has no money to actually do repairs and could be endemic of larger issues.

On the other hand, if you get the HOA to agree to fix it before you move in, you'll know they are reputable and neither you or the seller lose anything.



This is a major decision that can have major ramifications on your finances for decades, you need to look out for every possible issue. Yes its a headache, but if you still want to go through with it after identifying all the headaches, then you really want it, and you won't resent going into such a big commitment when things go wrong.

I don't mean to be hurtful, but the mindset of your wife that you have presented to us could be exactly why she has lousy credit.

Its totally understandable, people get excited about large purchases like this - especially when it represents milestone's in a relationship. However, people who are good at selling things exploit that excitement, and have no qualms about leaving you high and dry. Stay strong for both your sake so you can make clear decisions.

Yeah, there's an HOA. I wasn't aware HOAs had anything to do with maintaining any part of a house such as the roof. Would that be something listed in the HOA documents? I'm waiting to receive that so I can read through it.

As for my wife, no harm done. We've been dating for over nine years, so I got to watch it happen. Her credit was the result of her helping out her mother and being taken advantage of in the process. It's a long story. She's been building it back up over the years and is actually very responsible with money. She just feels that since I'm the money maker, this is ultimately my decision. I've assured her that we need to support each other with this endeavor. I'm the one who over thinks and over analyzes everything.

 

[JORMBO]

I am closing on my first house next week. It is also a 30 year old townhouse. Your inspection report does not look too bad. My report had a few roof problems (few missing shingles, nail pops, etc.), minor water leaks in bathrooms and an older water heater. There were also a bunch of other really simple things I can fix myself quickly.

I feel anything related to water leaks or outdoor protection (roof/siding) should be maintained by whoever owns the place. I had the sellers replace pipes for a few minor leaks in the bathrooms as well as have a roofer repair all the roof problems. The water heater is still working fine so I did not ask for anything there. Since yours is extremely old for a water heater and not working too well I would ask for a credit. Water heaters are not that expensive. I'd get them to fully repair the roof.

As for HOAs repairing roofs I have noticed in my area about half of them include roof maintenance and half of them don't. My HOA only includes grass/snow removal, but is also has a much cheaper monthly fee. You may be able to find the HOA docs online if they have a website. Otherwise you should get them sometime prior to closing.

 

[markitrons]

Yeah, there's an HOA. I wasn't aware HOAs had anything to do with maintaining any part of a house such as the roof. Would that be something listed in the HOA documents? I'm waiting to receive that so I can read through it.

As for my wife, no harm done. We've been dating for over nine years, so I got to watch it happen. Her credit was the result of her helping out her mother and being taken advantage of in the process. It's a long story. She's been building it back up over the years and is actually very responsible with money. She just feels that since I'm the money maker, this is ultimately my decision. I've assured her that we need to support each other with this endeavor. I'm the one who over thinks and over analyzes everything.

Totally anecdotal, but in my area 99% of the townhomes that were attached to each other had an HOA that was responsible for maintaining the outsides of the building - siding, roof, grass, fascia, gutters, etc. Its annoying when you want to paint something or replace a railing, door, etc. but it comes out in the wash if you have a neighbor that is a slob that wouldn't maintain those things. Imagine how hard it would be to sell if your house is attached to a dilapidated home.

The only ones I looked at that the HOA didn't cover the external parts of the building were weird hybrids of detached homes/townhouses. I don't know anything about where you are looking though, could be different.

You should just ask the HOA directly about what they cover so you can hear it from the source. Your lawyer should be able to make that inquiry for you but I guess you could just call them directly. Its also good to check and see the history of the HOA. My first complex had a president that embezzled a large portion of the money, so they had limited money for repairs.

I feel you about the finances - my ex fiancee and I didn't see eye to eye on money and it led to a disaster of a relationship. My new relationship and now wife has lousy credit but its external circumstances and she is building her self back up. If you have different circumstances but are willing to support each other it can be a great experience.

 

[mhayes86]

Well, it's been nearly three weeks, so here's the scoop. We accepted and are closing/moving in this weekend!

The owners agreed to repair pretty much everything that we requested on the inspection report, with the exception of the ancient water heater since it's functional and shows no signs of physical deterioration. No big deal, I guess. We got a home warranty in case anything goes wrong, and if it needs to be replaced in the near future, they're not too pricey and my father in law will help install it.

As for the attic, they had a roof contractor sent out to investigate. The issue was actually a result of the neighboring townhouse connected to ours having a section of flashing worn down and torn off, possibly from a storm. The roofer did detail in his report that water entry to the home was possible with the neighbor's roof damage. It was a bit difficult getting it replaced since the neighbor is actually renting, so the owners and realtor spent several days trying to get in touch with the neighboring home's owners. My wife and I stated that this would make or break the deal since we didn't want to go into fighting with the neighbor or insurance companies. In the end, it got repaired. We have pictures and receipts as evidence.

As of today, the termite inspection is clear, and I received the appraisal. I'm a bit disappointed to see that the house was only appraised for $235k, which is $1k more than we're paying for since the house was initially going for $259k. On the brightside, it's nice to know that we won't have to negotiate further or pay the difference.

One question, though, are appraisers known to low-ball a house appraisal when it's worth more than you're paying for? I can't fathom why they would try to sell it for $25k more other than wishful thinking.

Anyway, we'll be doing our final walkthrough on Thursday and starting to move some stuff in, and then on Friday we'll have movers to help with the furniture. Painting some walls is the first thing on our agenda after moving in, and thankfully we've got a four day weekend and Labor Day sales to help out!

 

[TheContact]

I just bought a house a few months ago. Was our first house. We got a good deal. Sounds like you did too. I'd accept the offer and move forward if you can afford it.

To answer your question about the bank appraisal, no they don't low ball. The bank appraised our house for 10k more than we got it for.

Anyway congrats on the house. It's such an awesome feeling to own property instead of renting and sharing a house with neighbors who usually suck

 

[E92 M3]

Well, it's been nearly three weeks, so here's the scoop. We accepted and are closing/moving in this weekend!

The owners agreed to repair pretty much everything that we requested on the inspection report, with the exception of the ancient water heater since it's functional and shows no signs of physical deterioration. No big deal, I guess. We got a home warranty in case anything goes wrong, and if it needs to be replaced in the near future, they're not too pricey and my father in law will help install it.

As for the attic, they had a roof contractor sent out to investigate. The issue was actually a result of the neighboring townhouse connected to ours having a section of flashing worn down and torn off, possibly from a storm. The roofer did detail in his report that water entry to the home was possible with the neighbor's roof damage. It was a bit difficult getting it replaced since the neighbor is actually renting, so the owners and realtor spent several days trying to get in touch with the neighboring home's owners. My wife and I stated that this would make or break the deal since we didn't want to go into fighting with the neighbor or insurance companies. In the end, it got repaired. We have pictures and receipts as evidence.

As of today, the termite inspection is clear, and I received the appraisal. I'm a bit disappointed to see that the house was only appraised for $235k, which is $1k more than we're paying for since the house was initially going for $259k. On the brightside, it's nice to know that we won't have to negotiate further or pay the difference.

One question, though, are appraisers known to low-ball a house appraisal when it's worth more than you're paying for? I can't fathom why they would try to sell it for $25k more other than wishful thinking.

Anyway, we'll be doing our final walkthrough on Thursday and starting to move some stuff in, and then on Friday we'll have movers to help with the furniture. Painting some walls is the first thing on our agenda after moving in, and thankfully we've got a four day weekend and Labor Day sales to help out!

I've had appraisers low ball the fuck out of some properties - don't get too bothered by it.

Congrats!