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Home Buying |OT|
- Thread starter Ourobolus
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I give up trying to buy a home here in Southern California. I got pre-approved for 350K and there isn't a livable home even remotely close to that price in my area. Only a handful of small condos, and I'm sure as fuck not gonna pay that price for one. Fuck this housing market, fuck California, and fuck all the people that want to move here.
Long Island here, have been actively looking for a home in the range of $500,000-600,000. Have found a nice home with 3000 sqft 4 beds and 2.5 baths. Amazing location and amazing community near a major road. Good school district. House is probably the biggest I have seen here, the problem though is it needs some work. Kitchen cabinets need to be replaced, basement, though small, needs to be maintained, one of the rooms had some water damage in the ceiling, and some carpeting needs to be replaced. It's listed for 620,000, which is already outside the budget. I have expressed several times to family that it needs more work but they say that finding a house that big is rare and work can always happen in the future. Is it worth it to make an offer and if so what offer should I make?
Captain Tuttle
Member
I'd be worried about the water damage, figure out what that is.
That said, both houses that we've owned were a bit dated, great condition and well maintained but older kitchens etc. That never bothered us as we just updated a little bit over time. Got nice houses in great neighborhoods with great schools and under average selling price. It's a choice though, some people like move in ready.
My wife and I had an offer accepted on a 1930's bungalow near downtown Indy a couple weeks ago. The inspection was last week and for an 80+ year old house, the list of issues was surprisingly short. My main concern is that the seller's disclosure said the roof was nine years old, but the inspection report pegged it at 15+. Per recommendation from the guy who did the inspection, I am having a couple different roofing specialists do independent inspections this week. Hopefully it's nothing too major (the inspector said he didn't see any water damage or anything in the attic, just some ratty-looking areas he was concerned about).
We got our current house on the market three days after our offer was accepted, and it sold within the week, so that's a weight off. If things don't work out with this house, we'll just move into an apartment for six months while we look for something else.
We got our current house on the market three days after our offer was accepted, and it sold within the week, so that's a weight off. If things don't work out with this house, we'll just move into an apartment for six months while we look for something else.
Darryl M R
Member
Does anyone have any experience with SoFi's mortgages?
The owner says it's mostly cosmetic issue and he is willing to fix it before anyone else moves in.
I guess over time we can always update it as we go along too. The pros outweigh the cons with this house. Thanks
Captain Tuttle
Member
Is there a bathroom or tub above the stain? Yeah, it could have overflowed at one time and he just never painted it. Clearly you'll get an inspection though and I'd have the inspector look carefully at that area in particular.
Good luck
Ron Mexico
Member
It's one of those that won't hurt to apply but if you have the underwriting requirements that they're looking for, you'll have little problem finding a similar loan through literally any other lender. The big catch is their offer of lender paid PMI, but looking at their rates today (and the rates listed on their site are always going to be quoted in the most ideal of scenarios), they're pricing in their costs as well. Even with PMI, I'd expect APRs to come in the same ballpark through other lenders.
I will say it's a clever marketing idea-- by listing your criteria as only wanting super-prime borrowers and customizing your underwriting criteria, you can feed the ego of your prospective borrower while minimizing risk by baking in your other costs into your quoted rate driven by their criteria.
If I were the owner, I'd say the exact same thing.
With visible water damage and a property cost that high, I wouldn't waive any contingencies and would want to hear exactly what my home inspector thinks (to the point where I would even consider a 2nd) and base my decisions accordingly. I'd rather be out the cost of an inspection than deal with potentially larger issues down the road.
As for the updating part, that I agree 100% updating over time is a viable strategy, especially buying in a desirable area. I would just want to make sure the rest is on solid footing.
Best of luck!
Yes you would need double that for a 1500sq FT house in a nice area.
There was no bathroom or tub above that area.
We ended up making an offer about 45K less than what they have listed, as it clearly needed work, but they only moved 5K down from the listing price. We have started looking elsewhere as we don't think they will come down more and we are not spending more money on a house like that.
AdventureMike
Member
Hey all,
I am in the process of searching for homes in the Bowie, MD area and I found a very very nice one the wife and I liked. However, it had one potential issue:
Window Sill Pic
It seemingly has plants growing out of the window sill. Now, we are unfamiliar with this kind of thing. I've never seen it before. I called my father regarding it and his opinion is that it was something you'd want to get taken care of ASAP, however it probably isn't that big a deal and the ivy outside probably just grew up through the siding.
I was curious of the opinion here from anyone that might be a contractor, inspector or just knowledgeable with seeing something like this before in their home.
Should I even entertain giving an offer on this place if this was its only noticable issue?
I am in the process of searching for homes in the Bowie, MD area and I found a very very nice one the wife and I liked. However, it had one potential issue:
Window Sill Pic
It seemingly has plants growing out of the window sill. Now, we are unfamiliar with this kind of thing. I've never seen it before. I called my father regarding it and his opinion is that it was something you'd want to get taken care of ASAP, however it probably isn't that big a deal and the ivy outside probably just grew up through the siding.
I was curious of the opinion here from anyone that might be a contractor, inspector or just knowledgeable with seeing something like this before in their home.
Should I even entertain giving an offer on this place if this was its only noticable issue?
I have no idea how you should proceed, but that's pretty funny.
Captain Tuttle
Member
Besides creeping me out for some reason it's probably not a big deal by itself if the cause is obvious (looks like there's ivy growing outside the window). It does suggest however that the house has been vacant for some time which would be something I'd look into
AdventureMike
Member
Judging by the disclosure document I received (just in the last hour or so), it looks like it's an estate sale, so I'm guessing either the original owner died or was put in a home, etc.
And yes, the ivy outside is probably the culprit. Just wasn't sure it was worth throwing away $400 on an inspector to just tell me "Yep, you got a problem there. Pretty obvious". I realize they would obviously tell me more than that. Going to look a few more homes tomorrow before I make a decision, but it is still on the list of my most likely choices.
Always always always get your own inspection done. Always.
CreepingFear
Member
I hear you. I am leaving in two years. I can live in a pretty decent house for $350k not too far outside Chicago. That's the plan.
AdventureMike
Member
Right, that's the plan for sure, just not sure I want to make an offer and then order an inspection if I already thinks it's too bad
AdventureMike
Member
Just wanted to pop in here and say I'm under contract!
And thankfully not with the house that had plants growing out of the window sill
This is the one we ended up with:
https://www.redfin.com/MD/Bowie/13115-12th-St-20715/home/11124853
Super excited since this will be our first home! Crossing fingers regarding the inspector now
And thankfully not with the house that had plants growing out of the window sill
This is the one we ended up with:
https://www.redfin.com/MD/Bowie/13115-12th-St-20715/home/11124853
Super excited since this will be our first home! Crossing fingers regarding the inspector now
nicoga3000
Saint Nic
Not related to buying a home, but I don't think there's a thread for appliance related shit FOR your house!
Our washing machine inner drum is shot. Bearing or rod snapped. Of course it was the day we returned home from a 2 week vacation. That and our AC fan isn't spinning outside. So we have to figure out how to get 2 appliances taken care of.
The AC may be a simply fuse/capacitor, so I'm not worrying about that yet. However, the washing machine is a bummer. Anyone have any good resources or tips on what brands, what models, new/used, etc for shit like that?
Our washing machine inner drum is shot. Bearing or rod snapped. Of course it was the day we returned home from a 2 week vacation. That and our AC fan isn't spinning outside. So we have to figure out how to get 2 appliances taken care of.
The AC may be a simply fuse/capacitor, so I'm not worrying about that yet. However, the washing machine is a bummer. Anyone have any good resources or tips on what brands, what models, new/used, etc for shit like that?
peteykirch
Member
Nothing more depressing than spending $1600 a month for a one bedroom apartment in NJ, and then looking at houses in the Charlotte area...
https://www.zillow.com/homedetails/4208-Hubbard-Rd-Charlotte-NC-28269/113989301_zpid/?fullpage=true
That would be a 750K+ house in my town up here.
https://www.zillow.com/homedetails/4208-Hubbard-Rd-Charlotte-NC-28269/113989301_zpid/?fullpage=true
That would be a 750K+ house in my town up here.
Captain Tuttle
Member
Just wanted to pop in here and say I'm under contract!
And thankfully not with the house that had plants growing out of the window sill
This is the one we ended up with:
https://www.redfin.com/MD/Bowie/13115-12th-St-20715/home/11124853
Super excited since this will be our first home! Crossing fingers regarding the inspector now
Good luck on the inspection!
Captain Tuttle
Member
Violence Jack
Member
Now that my kid is here, the next goal is to find a house in a very hot housing market (areas surrounding Denver) by August. I'm looking to have somewhere between $35-40K in savings, and spend roughly up to 60% of that on a down payment and closing costs. Finding anything in our area for under $300K is a pipe dream, so is this doable for a home in the range of $300-$350K?
Raylan Targaryen
Member
How I felt when looking at Texas. Nuts how expensive it is here compared to other places, its not fair.
Ron Mexico
Member
Just wanted to pop in here and say I'm under contract!
And thankfully not with the house that had plants growing out of the window sill
This is the one we ended up with:
https://www.redfin.com/MD/Bowie/13115-12th-St-20715/home/11124853
Super excited since this will be our first home! Crossing fingers regarding the inspector now
Congrats! My company's HQ is right outside Bowie so I'm down there all the time and have several co-workers in the area. Always liked the area and seems like you've found a winner there. $370k seems like the high side of reasonable, but admittedly, there are others that know PG County much better than I do.
Can it be done? Absolutely and in a number of different ways. I would definitely do the due diligence of searching for any local grants, 1st time homebuyer offers, etc etc. From there, depending on the location of the property, you could have finance options like FHA, USDA, etc. in addition to the more exotic conventional mortgages that will often fold in a 2nd loan to make the loan-to-value work.
Each one is going to have its own pricing quirks so, while cliche, I'd heavily recommend shopping for a mortgage rep you can trust. Also, I would look into any seasonality trends for Denver (Would the climate change this much? Here in NJ, April is our busiest time by leaps and bounds and the prices reflect that).
Again, no crystal ball here, but I do think rates are going to continue to rise, though not as fast as the last 12 months or so. If you're looking at mortgage calculators to estimate your payment, I'd guess an increase somewhere between a quarter and half point (maybe more?) between now and next summer.
Good luck!
Violence Jack
Member
Awesome! Thank you for the advice. I don't feel so stressed anymore after looking up the FHA loan requirements.
What's the opinion on Manufactured homes? There is a very nice one for sale in my area for a solid price. Has a garage, a pool, a decent size backyard, very nice quite neighborhood. It's not a mobile home park, just a community of homes that are manufactured. You own your land.
Buying one would actually be cheaper than renting an apartment.
Buying one would actually be cheaper than renting an apartment.
steve9842016
Neo Member
Any east bay natives here? I've been looking in the San Leandro hills area (pretty much the only place I'm not priced out of for something decent) and was wondering if anyone can shed some insight on the neighborhoods and areas.
We've been looking in Fremont (much too high for what you're getting), Hayward (too many sketchy areas), Fairview (nice but few and far between), and San Lorenzo + San Leandro.
We've been looking in Fremont (much too high for what you're getting), Hayward (too many sketchy areas), Fairview (nice but few and far between), and San Lorenzo + San Leandro.
AdventureMike
Member
370K is definitely on the high side of what I wanted to spend, but frankly after looking at a good number of homes in the area, this was the most "move-in ready" one. We'll see if anything comes up in the inspection, but we've seen people asking for $350-365K for much MUCH worse (see my previous pic with the plant growing out of a window sill. That was a house asking for $359K).
Good news at least is that they're leaving the home theatre system with the house! All they want to take with them is the drapes/curtains.
Captain Tuttle
Member
My biggest concern would be resale value
how old is it? Whats the price?
My wife and I own or manage 11 mobile homes as rent to own properties.
And yes, almost every single person we've sold homes to has said the same thing, they want to own their home and dont want to rent an apartment or house.
depending on its age you can sell it when you want to move on for a decent amount. But your also not paying a whole lot when you buy them used.
Shit got a little bit crazy here. We had a couple different roofers come out and look at the roof, and they both said the roof needed to be replaced. The sellers, of course, disagreed. They said they had their own roofing contractor come out and THEY said that a few minor repairs would take care of all the problems. Our inspection response formally requested a full tear off and reshingle, in addition to some electrical work. The sellers' response was to offer us $1,500 (that is not a typo) off the price of the house. Our response to that was to re-send our initial inspection response with the same demand. At the same time, we sent over a mutual release form and said they could sign one or the other. They signed the release and we went to look for apartments.
A couple days later we looked at a house around the corner that we absolutely loved, but we were severely outbid. At that point, we resigned ourselves to living in an apartment for a year. Then last week, our realtor called and said that the realtor for the sellers of the house we had tried to buy had called her. Said her clients were "difficult" and that when we walked away from the sale, she had a "hard conversation" with them about needing to fix the roof if they expected to sell the house for anywhere close to what they wanted for it. They eventually relented and said that if we still wanted to purchase the house for the price we had agreed upon, they would give us $11K to get the roof fixed. We already had two roofing quotes below that figure, with plenty leftover to fix the electrical issues, so we are moving forward with that purchase. Moving day is two weeks from tomorrow.
Our realtor was referred to us by my sister, who had so much trouble selling her own house last year that our realtor ended up buying the house because she felt so bad for her. She has been fantastic for us so far.
We got it! That was an interesting offer situation.
House was listed at $525K, we offered list + escalation to 575.
Competing offer came in at $560K (give or take), but it was contingent on them selling their house in Oakland.
Apparently because of this, their offer could use our offer to escalate, but not the other way around. So essentially our offer was $525K.
So the seller had a choice, either take our offer and get paid now (it was a flipped house), or take their offer, maybe get more money, but have to wait at least two months for them to sell their house.
We decided to raise our offer to $550K "in good faith," and they picked ours! Considering I thought the house would go for higher, I'm actually pretty happy despite the insane prices of the Seattle housing market.
LocknessMobster
Member
Finally moved into our new house,damn it feels good to own your own shit.
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