Getting Real (Estate)
My wife and I are putting an offer on a home today. I have this knot of tension in my gut. We really, really want this house. More details later.
Good luck - hope its smooth sailing!
nice looking place. good luck!
Very nice looking house. I'm scared to ask, but how much is it? What city?
My wife and I put an offer on this house today.
http://www.movoto.com/real-estate/homes-for-sale/CA/North-Hollywood/6101-Alcove-Ave-203_F1794868.htm
Good luck! I hope you get it.
Good luck to both of you!
Smooth that is a very California looking house.
Radar, I love the flooring details and the pool. Nice.
Wow, smooth! Gulp! What a beautiful place!
Good luck to both of you!
Smooth that is a very California looking house.
Radar, I love the flooring details and the pool. Nice.
Thanks wolf. Smoothmoniker's looks very sweet too. It looks like a giant Hacienda or something. It's probably WAAAAAAY out of my price range.
I hope he gets it so I can say I know someone that rich. :)
Very nice looking place, SM.
Radar, I could have sworn I've seen the place you linked to redone on one of those home improvement shows...
Thanks for the well-wishes, everyone. The house is a Spanish Revival style place in the Sierra Madre area, just east of Pasadena. It looks more impressive from the front, because of the gates and ivy, but it's a fairly mid-sized family home. 3 bedroom, 2 bath, 2,100 square feet.
my friend from school lives in the glendale hills near la canada if that is interesting
Wow! how exciting for both of you! Best of luck, Smooth and Radar.
ooo, just saw radar's link. Nice place!! I love the conifers!
You know that song, Everyone Has Had More Sex Than Me? could one of you music-types do one that goes Everyone Has A Better House Than Me?
If you find an artist and a distributor, I'll write the song. Lord knows I'm gonna need the extra money!
Very nice looking place, SM.
Radar, I could have sworn I've seen the place you linked to redone on one of those home improvement shows...
That would be pretty cool. It has Travertine floors, and has had a lot of work done to it. I looked it up on Zillow, and it sold in 2007 for $930k. I may be scooping it up for $375k.
Right now we're debating about the pool. Pools are another expense to take care of. This pool takes up the entire back yard so there's no room to really entertain or have a cookout or for our daughter to play. My wife and I are also scared our daughter will get back there and drown. Plus, we'd rather just have a nice patio and yard area to relax and occasionally entertain.
We'd like to rip out the pool and put in a yard with a patio, but my father is telling me it will reduce the value of the house, and will be really expensive to do. I may even have to take down the brick wall on the outside to get the equipment in. Either that or hire a whole bunch of guys from the Home Depot, hand them sledge hammers and wheelbarrows and put them to work for a week or so. I may even rent a jack hammer.
Then I've got to buy dirt, and have it tamped down pretty well.
My dad says we should keep the pool, and teach our daughter how to swim at an early age. The San Fernando Valley gets REALLY hot during the summer time so a pool would be nice during those times.
Thoughts?
Keep the pool!
They're not that expensive to care for if you're smart about it.
Buy your chemicals in bulk to save and get the mix right so you don't get algae blooms which can definitely be expensive to correct.
Do you have pool fence laws over there? We do here and they're in place to protect small children mostly. We still have infant drownings in pools, but they are often attributed to poor maintenance of the fence or simply leaving the gate open.
There's a cinderblock wall all around the house including the pool. In California, you can put up 10 feet walls with signs that say NO TRESPASSING!", and "DANGER SWIMMING POOL! DO NOT ENTER SWIMMING POOL WITHOUT OWNER'S CONSENT OR ADULT SUPERVISION" but if your neighbors kids climb your fence and drown in your pool, you can still be sued.
The fences that are legal for pools here are meant to be very difficult to climb like
these ones. They basically isolate the pool from the rest of the yard. Worth putting in if you have a small child even if they're not required by law in your area.
If your back door opens straight onto the pool, best to get self closing doors to protect the little one. Even when she can swim, it's sometimes hard for little kids to actually get out of pools, particularly if they're fallen in and used up lots of energy trying to get to the side after a big fright.
Unfortunately for me, there is no "rest of the yard". The pool takes up everything. The back door does open up to the pool area. We may have to put some kind of special locks on the door that are high up so she can't reach them.
That won't last long though because she already stacks stuff up and climbs out of the crib.
Maybe I can setup some kind of electronic door where you have to type a code to get out. Expensive, but probably less expensive than getting the pool removed.
Or losing your daughter...
Lose the pool - it only increases the value of the home if the buyer wants one. If not - like you (and me) it is a negative. You can beat them up about the price because of it.
My only worry is that when my daughter is older, she'll want a pool. :)
Buy her a plastic one. That or she'll certainly have plenty of friends with them. Don't sweat it either way. If you do keep it get one of those Pool covers that the elephant stands on in the commercial. They are incredible!
Oh and good luck on the house to both of you.
My wife and I are putting an offer on a home today. I have this knot of tension in my gut. We really, really want this house. More details later.
Beautiful, I would love to see some better pics.
We really, really want this house.
Just tell whoever that its an acceptable property - not that you really, really want it ;)
My cousin does this swimming instruction thing, where you teach a kid to swim when they are 1-2 years old:
http://feagans5ive.blogspot.com/2008/04/video.htmlOur swim club teaches them from 6 months. Keep the pool. If you get a cover, it must be 100% childproof, because if they get under the cover, you can't see. Better to get the code lock as you suggest and teach them young. also teach them to stay away without an adult, just like you do for the street. maybe add an easy ladder out for them, just in case they disobey. I say they advisedly ;) /mysticmeg
Here is the type of cover I was referring to. I have clients here that sell them and they are very safe.
PM me if you want a dealer in your area. I'll have to get the contact info from my office computer.
It's hard to believe, but when you blink your daughter will be old enough to leave alone around a pool. They grow up fast. Keep the pool.
Ours has a pool too, and we're going through the same series of questions. Neither of us wanted a pool, and we have two young kids around too.
A pool fence would be about $1200 to install, pool removal quotes ran in the $10,000 range (in some cities, you also need a soil engineers report after the removal).
For us, it's staying. It fits really well on the property, and we think we'll use it. We'll be putting up a fence, and getting a big huge insurance policy to protect us against lawsuits.
I'll be taking care of it. After scraping up the money for a down payment, and extra $100 a month for a pool service just isn't going to happen.
My wife always wanted me to put one it. I am so glad I did not. A hot tub was a much better investment for us. The pool wood have gotten a few years of good use and then I would still be dumping money into it and taking care of it while no one used it.
This house has a hot tub, but they filled it in and are using it as a planter. I would much rather have the hot tub than the pool!
We are on our second Tiger River Spa. Holds 6 people and 8 if you really wanted to get cozy. Our first one lasted about 9 years with a few motor changes. We expect the same out of this one. Forget the pool.
I'm with you guys on the hot tub. I'd rather have a big patio and a nice hot tub, than a wall-to-wall pool in the backyard.
We put a pool in when we built this house and we love it. Our kids love it. Lil Lookout was a year old when we moved in and swimming with a couple months. 2.0 is 21 months now and he was really really swimming by the end of this past summer. Mrs L takes him to swimming lessons.
If you learn how to do your own pool chemicals it is very inexpensive to maintain and not that much work.
If you're really worried about the kids getting out then you'll put in dual door handles. Your normal handle stays but the second is above 5' - both must be turned to open the door. If you have room for the fence that is also a good idea and our magnalock has worked like a dream for years.
You will love the family fun in the pools gentlemen, keep them.
I'm with you guys on the hot tub. I'd rather have a big patio and a nice hot tub, than a wall-to-wall pool in the backyard.
If you decide it's going to make you nervous, couldn't you drain it and deck it over until the kid is older? Cheaper than demolishing and replacing in a few years.
I want a pool. And a pond. A pond would be good for me.
If you decide it's going to make you nervous, couldn't you drain it and deck it over until the kid is older? Cheaper than demolishing and replacing in a few years.
That hadn't occurred to me. It might get ugly down in the pool during the years we have a deck over it, but we could worry about cleaning that up later I guess. I'd be scared an animal might crawl down there and die. The smell would be awful. But if it's tight enough to the ground, I doubt anything big would get down there.
keep the pool
fit some door locks
buy a pool cover
maintain it yourself
get the extra insurance
that's my advice (well, you did ask :p )
When can I come and visit?
if you build a deck over a dry pool you'll have a few problems.
1) plaster and concrete will dry out and crack
2) pipes and seals will dry out and crack
3) rainwater will gather in pool and then here come the skeeters
4) you will inevitably watch as your wife drops her wedding ring through the crack and you have to tear up your deck to retrieve it.
Wives don't need wedding rings.
some wives don't believe husbands don't need testicles either. let them have their rings and keep your jewels.
My real estate guy just called and told me there are 18 offers on the house. He asked me what my best and final offer would be. I bumped it up to 400k with 20% down. I can't go any higher. Man, I hope someone doesn't take this house from under me.
18 offers? In this market?
18??? But I thought the sky was falling
Sales of foreclosures in the San Fernando Valley are going up, not down. They are being snapped up like crazy. The last house my wife and I wanted to put an offer on had 20 offers and the bank wouldn't even take our offer.
This house has 18 offers in less than a week of being on the market.
some wives don't believe husbands don't need testicles either. let them have their rings and keep your jewels.
I think you meant to use only one of those negatives...unless, of course, you are saying that husbands don't want to keep their jewels at the insistence that their wives believe they will need them or something. ;)
if you build a deck over a dry pool you'll have a few problems.
1) plaster and concrete will dry out and crack
2) pipes and seals will dry out and crack
3) rainwater will gather in pool and then here come the skeeters
4) you will inevitably watch as your wife drops her wedding ring through the crack and you have to tear up your deck to retrieve it.
I wasn't aware concrete cracked when it was dry. And if rain water was gathering, wouldn't that keep it from drying and cracking?
I'm not a fan of "skeeters", but my wife might feel at home with 'em. My wife doesn't wear her wedding ring. Neither do I. She doesn't wear it because she works with harsh chemicals doing nails, and I got too damned fat for mine.
Our house had 5 offers on it, and someone bid over us by $25k, so we backed out.
The market changed dramatically about 2 weeks ago. New properties are coming on the market priced very competitively, there are a flood of new buyers coming with cash saved up and at 5% loans, they can be aggressive.
Good properties that are priced well go quickly, in any market.
I wasn't aware concrete cracked when it was dry. And if rain water was gathering, wouldn't that keep it from drying and cracking?
I'm not a fan of "skeeters", but my wife might feel at home with 'em. My wife doesn't wear her wedding ring. Neither do I. She doesn't wear it because she works with harsh chemicals doing nails, and I got too damned fat for mine.
That's good advice about the pool cracking if it's left empty for too long. The pressure of the water is what stops the soil movement from cracking the concrete moreso than the actual concrete cracking as in deteriorating although it's my understanding that concrete being a porus(sp?) material would change if it were all of a sudden dried out.
Our house had 5 offers on it, and someone bid over us by $25k, so we backed out.
The market changed dramatically about 2 weeks ago. New properties are coming on the market priced very competitively, there are a flood of new buyers coming with cash saved up and at 5% loans, they can be aggressive.
Good properties that are priced well go quickly, in any market.
That's bad luck smooth. Good luck finding another one you like mate. Sounds like you might still have a few good options though.
Our house had 5 offers on it, and someone bid over us by $25k, so we backed out.
The market changed dramatically about 2 weeks ago. New properties are coming on the market priced very competitively, there are a flood of new buyers coming with cash saved up and at 5% loans, they can be aggressive.
Good properties that are priced well go quickly, in any market.
I'm sorry to hear that. I was really pulling for you.
Funny, because I would love to have that house too.
Apparently, so would everyone in frickin LA. Sheesh!
Well, the realtor said that if the high offer falls out, the buyer really wants to sell to us. We're not holding our breath, but there's a slim chance it might still happen.
Ach damn smooth, bad luck mate. Fingers crossed for that slim chance eh.
Or he is bullshitting you to get you to put in a higher offer, I wouldn't put it past an agent in this poor market. Becareful.
Good point, he is working for the seller, and him/herself, after all.
We have a Realtor that we really trust, and have a long-term relationship with. I don't think he's pitching us turds to see if we'll swing.
In any case, we have a strong sense of what things are worth to us, and aren't willing to jump price just because of the adrenalin rush of a bidding war.
Ah, got it - you meant the selling realtor. Yeah, he might be full of crap, but our guy doesn't think so, his read is that this really is a valuable property that happens to be priced about 100k (or more) below market value, a bunch of people recognize that fact, and one of them just happens to have more room to negotiate than we do.
You have to realize when you start talking your (CA) real estate prices, the rest of the country do a, "Say What?!" :eek:
True. Like the lovely starter home I saw in San Diego when I was there. 670 grand. Starter. Home.
Yikes!
yup. Even in this market, a 3+2 with a yard in a good neighborhood costs 750k. The plus side is, if you can make it work here, you can retire and take your equity anywhere and live like a feudal lord.
Yeah, you can buy a beautiful 3000 sf mountain chalet on 6 acres in Colorado for half that, complete with a breathing condition.
Colorado real estate prices are really interesting to me. I mean, our wages, here, really are not much different from any other place, but to buy a house seems unfairly matched. Of course, most areas here seem to have suffered from the decline in real estate values, but like Radar was saying about foreclosures...the really good deals are getting snatched up quickly and some areas are already starting to recover from the price decline.
We use to blame inflated home prices on Californians. So many from California migrated here in the late 80s and 90s and could afford to put half down or pay for a house in cash and end up with a house 3 times the size of their multi-milliondollar bungalows they sold in CA. This seriously drove our real estate values up during that period. Good for those of the previous generation who bought before that time. Bad for those of us who grew up here and suddenly could not afford to purchase a home in our own hometowns.
The plus side is, if you can make it work here, you can retire and take your equity anywhere and live like a feudal lord.
Good point. I wondered what the pay was like in that area for people in my career...could it possibly even come close to getting a small apartment?
How much would you have to make to afford a small place there, comfortably? It just seems it would be hard to do.
I would think it's hard to buy into LA making less than 100k/year.
I'm a bit skewed maybe, because there are certain properties that we're not considering because of schools, wanting a yard for the kids, proximity to studios, etc. If those are things you can be flexible on, and you are looking at condos or town homes, you can probably make it work on less.
I'm under 100k, but with my wife's income we're slightly over 100k, and we're scraping by. If I was earning this money and living in Pennsylvania or Ohio or something, I'd be living it up.
It's still cheaper to buy in CA than it is just about anywhere in australia.
I'm thinking we should sell up and invest in America!
An American dollar is worth 1.52 Australian dollars. My guess is when you adjust the price accordingly, Australian houses will be cheaper. I could be wrong though since I don't really know the going rate for a house in Australia.
Also, I'm guessing big cities like Perth, Canberra, Sydney, and Melbourne are more expensive than more rural areas.
Alia, what would a nice 3bed, 2bath house on a quarter acre (1,000 square meters) in an upscale suburb of Melbourne go for? In the most expensive parts of LA, it would still be over $1million USD, in the mid-range suburbs, probably 500-600k.
Radar, my wife is home with the little ones right now, and we are eagerly anticipating the additional income when she returns to working full-time once they hit school age. Being the sole income is just killing me.
We recently paid $520k in a semi rural area for a 3+2 on 800 square metres which is quite a large block over here.
To get something like that in Melbourne near the city you're looking at $3mill plus apparently.
Here's a link to a property which fits the description.
when she returns to working full-time once they hit school age. Being the sole income is just killing me.
In my experience, it's hard to get the wife to go back to work once she has had a taste of staying home for several years. And it's very convenient to have one parent at home, so you might not feel like pushing too hard. But you will be making more by then, and the mortgage will be the same, so you just might be able to swing it with her home.
But you will be making more by then, and the mortgage will be the same, so you just might be able to swing it with her home.
My income isn't linear, it fluctuates pretty wildly from month to month and year to year, based on how much and what kind of work I'm getting. It's not necessarily the case that I'll be making more in 4 years than I am today.
You can obviously get homes that cost less, but not if you want a decent yard within a half hour/45 mim drive of the city. If you're really interested, check out realestate.com.au and do a search. There are a few that look much more reasonably priced (less than a mill) but no yard hardly (which is fairly common in the closer suburbs of Melbourne unless you're mega rich.
I'm at $85k right now which is less than what most IT Directors make, but I'm in a really cool environment, and I am building their network up from scratch. Most IT guys will tell you, it's really nice when you get to do things your own way instead of being forced to work on something someone else setup, especially when you know you can do it better.
Once I get everything up and running, and automated as smoothly as I want, we'll be developing our own web enabled inventory system for our props warehouse. If I can pull this off, my resume will look so good, I can go just about anywhere and make a lot more money. It might be hard to walk away from my baby after I've built it exactly the way I want it though.
Have you thought about developing the software and then selling it to them or selling the rights or creating a service agreement as a subcontractor? That sort of stuff pays big bucks over here. I can only assume it'd be the same there.
Actually I did think of that. There is one product that is used by virtually all props warehouses and it sucks badly. It's a VB front end and isn't web enabled, and all the companies pay something like $4,000 per month to use it.
I think if we develop something better, we'd be able to sell it to the other props houses. There aren't many of those places though. This is probably why they pay so much for the software.
well, things are brewing. We may still end up buying this house. The first counter-offer fell through, they came back to us and asked us to bump our offer by 1.5%.
We said no, our realtor said, "Yes!" and he's paying the difference out of his commission. We find out tomorrow!
In my experience, it's hard to get the wife to go back to work once she has had a taste of staying home for several years. And it's very convenient to have one parent at home, so you might not feel like pushing too hard. But you will be making more by then, and the mortgage will be the same, so you just might be able to swing it with her home.
Isn't that the truth.
You have to realize when you start talking your (CA) real estate prices, the rest of the country do a, "Say What?!" :eek:
Here is a good example of why I don't mind living in GA, this is a sample of what good rural property will cost you:
http://www.landandfarm.com/lf/asp/search_results.asp?landstateid=13
The cost of living is so low that even if I made the same amount of money in a big city it would not even compare to how far my $ goes in the South.
The land is nice, but you've got to live around a lot of rednecks, hillbillies, and people who voted for Bush...on purpose.
Are there any negatives? lol
When you have enough room between you politics don't matter.
We just bought a house. Holy crap, I'm gonna be poor again.
Congrats! So I guess you got what you wanted.
that's freaking awesome. It's a beautiful place too. You'll need to give us a tour once you move in.
On the left is the room we rent to hobos to help make the mortgage payment, on the right is the cavernous whole in the floor that we can't afford to fix, upstairs you'll find the bucket I sit on when I weep in despair at our current poverty, and down here in the basement is where we keep all of the hopes and dreams that we will never be able to fulfill.
Welcome home!
Woo Hoo! Way to go! Congrats!! !! !!
Congratulations, sm! I hope you and your family will be happy there.
So what is monthly payment on a place like that going to cost you, if you don't mind me asking?
We just bought a house. Holy crap, I'm gonna be poor again.
Woo Hoo!!! Congrats! That's awesome. West Coast Cellar meetup!
I hope I get mine too. I had to send a different check and sign different papers on my offer since I gave my best and final offer of $400k. I hope we get it.
So what is monthly payment on a place like that going to cost you, if you don't mind me asking?
I'd be willing to bet with insurance and taxes his payment is close to $4,000 per month.
$4k per month? What term would that loan be over? We don't pay anywhere near that much for our mortgage (which would be around the same amount) even if you do include insurance etc.
20% down, 30 year fixed at 5%
When you say insurance, do you mean building/contents insurance or mortgage insurance?
Over here, you only have to get mortgage insurance if you're borrowing more than 80% of the value of the property in most cases.
That's with homeowners insurance, hazard insurance.
80% is the same cutoff for mortgage insurance.
Congrats, smooth! It's a beautiful place. I love mission-tile roofs, but they aren't common in this area.
We pay less than $2500/month with a slightly higher interest rate over a similar term (might be 25yrs actually).
There must be a different calculation here than there or something.
Interesting.
When is the move-in fiesta?
In the UK before we left, all the talk was about "Australian-style" mortgages and how you could save a load of money because interest was calculated daily rather than monthly or something....
There are different types of mortgages, but our interest is calculated on the minimum monthly balance, so what we do is load all our income into the mortgage account and live off the Credit Card, then pay it off at the end of the month. So in effect, although we're not paying any more off the loan, what we are paying is more capital and less interest. It's quite good really.
Here, at least awhile back, they were offering considerable savings if you agreed to make mortgage payments twice a month instead of once. That extra half month's interest, on half the monthly payment, adds up to a lot of money.
If you pay 13 monthly payments per year on a 30 year loan rather than 12 and ask the bank to put the extra payment on the principle, you'll knock 10 years off your loan.
Looking at refinancing now. We've got 24 years left on our mortgage, but looking at average national rates for 15 year mortgages, what we are paying now per month, and what our remaining balance is, it looks like we can probably refinance now to a 15 year mortgage and keep our monthly payments the same. We'd pay it off nine years sooner, and the only drawback would be the closing costs, which would probably be the equivalent of a couple months of mortgage payments.
We haven't actually shopped around or anything yet for actual quotes.
Does anyone happen to know if rates are expected to continue to drop? 15 year rates seem to be at 4.65% right now.
they may drop a little, but not by much. The banks themselves are getting money for free right now, so what you see on the rates is their profit margin. There's no skin left on the cat, so to speak. Nothing left to cut.
We got a 30-year fixed lock at 4.875, with an option or a one-time float down within 21 days. If the rate moves down within 21 days, we get the new rate.
Looking at refinancing now. We've got 24 years left on our mortgage, but looking at average national rates for 15 year mortgages, what we are paying now per month, and what our remaining balance is, it looks like we can probably refinance now to a 15 year mortgage and keep our monthly payments the same. We'd pay it off nine years sooner, and the only drawback would be the closing costs, which would probably be the equivalent of a couple months of mortgage payments.
We haven't actually shopped around or anything yet for actual quotes.
Does anyone happen to know if rates are expected to continue to drop? 15 year rates seem to be at 4.65% right now.
I think the rates are going to be as low as you are going to see them. We refinanced to a 15yr loan and our payments went up a few hundred dollars. Best thing we ever did. We only owe 8 years or so. At the time, around 2001, closing costs were around $3500, but I guess it depends on the market and the size of the loan. Lookout could tell us better.
We refinanced to a 15yr loan and our payments went up a few hundred dollars. Best thing we ever did.
We ran a bunch of different calculators yesterday using all the actual numbers in front of us, and it looks like our monthly payments would go up by around $150 a month. That's actually a little too painful for us. We could swing it, but it would impact our already frugal standard of living for a few years. I think we may stick with the old loan. It's a tough call. Paying off the house 9 years sooner would be really nice. Ugh.
beest did the same and our increase was more painful that that....
I refinanced mine from a 30 to a fifteen about 6 years ago. It was painful at first, but now I only have a few years left and that feels really good.
Sheesh, do you people understand nothing about the American way of life? You're supposed to refinance a new 30-year mortgage, take out all of your equity and invest it in the stock market, preferably on margin.
Think of all the money you'll make! Can't lose!
A friend of mine got one of those "interest only" loans a few years ago and I thought he was an idiot. Then he told me he claims single/zero on his taxes, and since his payments are all interest...at the end of the year he gets a check for about $12,000. He has the discipline to use that check to pay down the principle of the house. Doing it this way, his payments are lower, and he's actually paying the house off faster than a conventional loan.
It does take a lot of discipline though. When you've got a big fat check like that in your hand, a lot of other ways to spend it must pop into your head.
What about the interest he could have been earning/losing all year? How does that factor into this equation? Wouldn't he be better off, if he is that disciplined, to pay more each month?
Yea, the neighbor bought a house on an interest only loan, 450k. He loses it today on the courthouse steps at auction to the highest bidder. The house is on prime real estate and is about 4000sq feet. Anyone who wants it can get it cheap.
I still can't get over the numbers you guys are tossing around.
The house prices mentioned are approaching one full decimal place from comparable homes in my local market. Beyond that, as an owner builder, I just can't conceive of paying down that kind of debt. I just wouldn't have the stomach for it. I think the stress of knowing I was one job away from financial ruin would be debilitating. I admire everybodies stones but am way more comfortable debt free.
You can't think of it that way. Add up the amount of money you pay into savings, into stock investments, and into mortgage each month. Now, instead of spreading it out into all of those places, you're putting all of that investment money into just one thing, the house.
In CA, the roll of the dice is a pretty good bet. If you're a generational buyer (buy once, live there forever), the chance that you'll retire with a home free and clear worth 10x your annual salary is a decent one. I don't know that that's true elsewhere.
It's a home, but it's also your primary savings and investment. That's a big part of why my wife and I are stretching so far to get into this house. We feel like it's the best leveraged investment we could make right now. Also, we really, really want to live there.
Gotcha Griff - Thats sorta what I thought, but wanted to be sure before I replied.
I am scared to death of going that deep into debt too. I live very modestly because of that opinion. I am looking to get a larger place with my own yard etc. Thats really gonna cost me. . . both monetarily and stressfully.
I have a buddy living in the San Diego area with the intent of selling and building back here plus doing the travel-home thing. It should all be manageable if the market doesn't permanently tank. I guess we just have to do things our own way. I trust my hammer more than the job or real estate markets.
Classic. I know whta you mean. We live in a nice place in a nice neighborhood on about 1/3 of an acre. We are looking at 198 acres and a final place for a home now. It will be a difficult task but we are going to remain positive.
The tax break isn't worth it anywhere. As Dave Ramsey says, you end up paying $10,000 to the mortgage company to avoid paying $3,000 to the IRS.
It's a home, but it's also your primary savings and investment. That's a big part of why my wife and I are stretching so far to get into this house. We feel like it's the best leveraged investment we could make right now.
/devil's/While that is traditionally true, have you considered the effect of the baby boom generation on this traditional strategy? Every boom/bust cycle we've experienced since 1945 has been directly tied to the habits and needs of the boomers. As boomers age they will downsize. In many cases they owned second and third properties as investments. They will sell these properties as the need for cash comes along combined with their diminishing desire to have the extra concern of multiple properties. There are nowhere near enough buyers for all of the existing properties + additional properties as the builders continue to do what they do. Home prices cannot not escalate the way they have traditionally. The home as primary investment just might not work for our generation the way it did for our parents./advocate/
Also, we really, really want to live there.
Now
that is a perfectly respectable, legitimate reason to purchase a home.
Now that is a perfectly respectable, legitimate reason to purchase a home.
The bestest. :thumb2:
The mortgage that Aliantha is talking about is available in the US and can be quite effective. The drawback is our tax laws are different and it is possible to land in a position where the interest is no longer deductible and there are further ramifications on the death tax.
Home prices cannot not escalate the way they have traditionally. The home as primary investment just might not work for our generation the way it did for our parents.
I know that something is supposed to appreciate to actually be considered an investment, but there's still something to be said for building equity, right? Obviously this is not the case in the crazy-ass California markets, but around here the prices for rents and mortgages are basically the same, so my understanding is that buying is usually a better idea as long as your overall budget is stable.
If your plan is to pay it off and live in it payment free then it is definitely a better plan.
If you plan on living in it until you find different place then you have to consider whether it is an increasing or decreasing asset.
If your plan is to pay it off and live in it payment free then it is definitely a better plan.
Unfortunately too many people with that plan find they can't afford the taxes and maintenance when they retire.:(
My Realtor called me tonight to tell me the bank picked someone else, but if they change their mind or don't make it through escrow, I'll get it.
:(
I'm sorry, Radar. That really sucks. We were told that at first, and for 24 hours thought we had lost the house. By then, you've already mentally moved in and starting repainting walls.
Let us know how it plays out - they could call you back!
We had already waited nearly 2 weeks to hear from them. I was making a checklist of all the stuff we had to do before moving in.
We lost two houses we bid on before we got this one, Radar. Don't worry, there will be a place as good (if not better!) out there for you.
This was our second lost one. We wanted this one so bad, I really can't explain it. It's within walking distance to my brother's house. It's in a REALLY great neighborhood. It's close to everything. It has a HUGE amount of upgrades that were installed fairly recently.
It's move-in ready and most houses at this price are not in LA.
It did have the pool issue though.
I'm sorry you didn't get the house Radar. It's always a big blow when things like that happen. You have to think that something better is just around the corner though.
Stay positive. You never know what will happen.
Ugggh. Escrow is soul-destroying.
We're trying to lock down our mortgage. Apparently everybody who writes mortgages still thinks that the only good borrowers are company men, with a single W2 source of income, one savings account with $950,000 in it, and impeccable tax records for the last 19 years.
The sheer volume of paperwork involved in getting a mortgage is staggering, especially when your income sources include self-employed musician, small business owner (wife's floral design business), a University where 20% of your income is from "overload" teaching assignments that you do every year but aren't part of your base contract pay, and the winner, royalty income from previously published music (they love that one).
Somebody needs to simplify this process.
I wish I was complaining about doing the papers for the escrow company. :(
Call Nancy.:eyebrow:
Who is Nancy?
I wish I was complaining about doing the papers for the escrow company. :(
Sorry, bro.
I'm not intending to keep prodding the wound, but I thought I would keep all of our real estate process stuff going on this same thread.
[SIZE="5"]4.875%[/SIZE]
Holy crap, we locked our loan this week, and it's at 4.875. That just seems like free money to me. Hell, a year ago our savings account was making almost that much!
For those who are interested, here are a few better pics of the house:
Holy Hell that's a nice house
Beautiful, smooth. I am so glad it is working out so well for you.
The bummer with buying a 1934 house is getting insurance. The insurance companies are asking for proof that the roof, plumbing, electrical, heating and AC are all new within 15 years. We have no records of any of that.
Also, earthquake insurance is a joke. It would cost us $3500 a year, there is a 15% deductible, and it only covers structural damage, not contents of the house. Basically, if our house gets hit by an earthquake, the insurance wouldn't even kick in until we had paid the first 90k out of pocket, and then it would pay for repairs to the structure, not anything for furniture, electronics, stuff of value inside.
What a joke.
Just wrap everything you own in bubble wrap and duct tape. That's much cheaper.
Beautiful house - Are you booking the dates for visitors yet?
What a wonderful building! Make a nice home man.
omg it's beautiful!
I would live in the pool.
Nice Crib.
Wholly, and entirely, mackerel.
Very nice smooth.... that front door is killer.
I love this house. It's going to need a lot of work, but I think it's so worth it.
It looks like it'll be nice and cool inside during the summer. Do you think that'll be the case? It is rendered brick isn't it?
I'm with jinx - that door is awesome!
It looks like it'll be nice and cool inside during the summer. Do you think that'll be the case? It is rendered brick isn't it?
Not sure what you mean by rendered brick - it's Mission stucco (smoother than what you see on a lot of newer construction). I think it will be cool, because it has huge french doors that swing open to the backyard pool, so the ocean breezes that hit at about 3pm will carry through the house. Also, central A/C, so that's gonna help.
So the stucco is on bricks not fibro cement sheeting? Rendered brick is basically just a brick home with a cement coating (rendering) such as stucco although sometimes that's plaster isn't it?
Anyway, I was just wondering. :)
So lets get to the important stuff . . . how are the acoustics?
Not sure what you mean by rendered brick - it's Mission stucco (smoother than what you see on a lot of newer construction). I think it will be cool, because it has huge french doors that swing open to the backyard pool, so the ocean breezes that hit at about 3pm will carry through the house. Also, central A/C, so that's gonna help.
I don't know what kind of ocean breezes you'll get that far inland, but good luck with that.
after living in the valley for so long, any moving air would be a welcome change.
Beautiful. Banana plants?
Please post visiting calendar so that we can all book up NOW!
Limey, you interested in doing a house-swap for a couple weeks? I'd love to go see the "mother land."
Uh ... yeah. Basically, yes. Are you happy to pet sit for 2 cats and a snake (he doesn't require any care as such, but he does live here!)
But is it always unbearably hot? My husband would find that hard to bear. And I'm not sure when. And our house is a tip. But uh ... yeah.
So I made an offer on another house today. It's 1900 square feet with a pool in the back, but it has a fence around the pool. It was built in '69 just like me. It's a 4 bedroom 2 bath with a fireplace, wet bar, granite countertops in the kitchen, etc. and it's in a decent neighborhood. They're asking $344,800. It doesn't have as many fancy upgrades as the last one, but it's very nice. The only drawback is there is an apartment complex directly behind the house. So as my daughter is growing up, the neighbors might be ogling her or my wife. That would make me uncomfortable. The other house has a pre-school directly behind the house so I'm not sure if it would be noisy during the daytime.
I put the offer in, and then when I got back to my job, I got a call that the place my wife and I really wanted (described in the previous pages) is available because the people fell out of escrow. I found out the offer they made was $450k. As much as I'm dying for this house, I'm not going to go over $400k period. I told my realtor to try to get me and my wife into the house.
I called my wife in Vietnam and asked her which house we should get and she said the other one....she hasn't seen the one I put an offer in on today.
I'm a little scared I'll get both. I don't want to come off like a jerk if I get them both and have to tell the guy I made an offer with today that I'm not interested.
It doesn't make you a jerk if you get both. You couldn't foresee what would be.
In the end, you have to do what's right for you and your family.
The new place sounds pretty nice. Got any pics?
I only have a photo of the outside. It reminds me a lot of the house I grew up in as a kid. I feel very comfortable there. When I went to see it, they had a cleaning crew steaming the carpets, cleaning the windows, etc. getting it ready for photos and showings. I was hoping to get my offer in before they published the photos.
If you click on this link, it's the house on the bottom.
http://socallistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4Photos/PrtBuy4Photos.asp?EMailKey=325695113&prp=mls&AgentID=F207015068You better believe they're soliciting multiple offers, don't feel bad about making multiple offers.
Radar, that second house looks nice too.
Good luck with both your offers!
What an incredibly unreadable website. Yuck.
That's how pretty much all MLS-generated sites look. This is what your realtor will send you when you're looking. Not pretty, but very informative.
My father drove down from Elko, NV and I showed him both places today so he could help me choose. They both have good points and bad. He's having a hard time helping me choose.
The real estate guy from the first house is telling me I'll probably get the house if I go up to $430k. My wife REALLY wants the house but she told me to stick to my guns at $400k. I was thinking of going to $420k just so I could say I got my house for 420. j/k
Seriously though, when I looked at the second house today I noticed some stuff I didn't the first time around . I didn't go into the garage before. This time I went in and noticed that the hot water heater is gone. They put a new stainless steel dish washer and oven rage in the kitchen and new granite counter tops. The walls are torn up above the granite because it looks like they ripped out the old backsplash. The sink is new and stainless steel, but there are no faucets. When I look through the hole in the counter top, I see plywood s I'd have to drill through it and do the faucet and other pipes.
In the hallway where the linen cabinets are, the horizontal top of the cabinets on the floor has had the Formica halfway ripped up. My guess is someone was fixing the place up and ran out of money. I'd have to rip up the rest of the formica and either change the top of the counter or replace the formica.
It needs some minor electrical work, but my father is an electrician and we can do that work ourselves.
Lastly, the people who had the place built some custom stuff in the bedroom. It reminds me of those HUGE waterbeds back in the 70's that had cabinets and shelves and a mirror and stuff taking up the whole wall with the bed in the middle. This was actually built onto the wall, and it must go because the bed part is too small for us.
House #1 will cost me $420k but it needs almost no work to get it the way we want.
House #2 will cost me about $350k but will need about $20k worth of work.
The downpayment on house #1 will be $84,000 and the downpayment on house #2 will be $70,000.
The difference in down payments will nearly pay for all of the repairs on house #2 to make everything right.
The payments on House #2 will be lower, but it will require more upfront cash to get it up to speed.
House #2 has 100 more square feet and has an attached garage rather than detached and it has a fence around the pool so kids can't get in.
House #1 has very expensive upgrades that my wife loves and which might make the value of the house go up faster than house #2.
House #2 reminds me of the house I grew up in as a kid and feels more comfortable to me and being comfortable at home is important to me.
House #1 will probably be more comfortable for my wife because she likes floors she can sweep.
House #2 has new carpet everywhere but the kitchen and bathrooms which I prefer.
House #1 has really fancy and cool bathrooms that are nicer than House #2
House #1 has a pre-school directly behind the house and has trees in that preschool that has limbs that drop leaves into the pool.
House #2 has an apartment complex behind the house with balconies that people can sit on and ogle my wife and someday my young daughter.
House #1 is within walking distance to my brother's house, and is also within walking distance to a movie theater, preschool, starbucks, grocery store, and fast food.
House #2 is within walking distance to an elementary school, pre-school, high school, and DMV. It is also very close to a couple of Vietnamese restaurants, Asian market, Costco, Jiffy Lube, and the 405 Freeway which I take to work.
House #2 is $70,000 cheaper than house #1. Over 30 years of payments this would be about $210k but since it requires about $20,000 in repairs the difference is really about $50k up front and about $190k over the full 30 years assuming I don't pay it off early.
House #1 has a ton of upgrades that over 30 years will probably increase the value of the house enough to cover the $190k price difference and will ultimately make the value of the home higher than house #2 from an investment standpoint.
It's seriously a tough choice.
I just got a call from the realtor. They accepted my offer on House #2. That kind of makes the decision easier...
unless I get another call for the other house.
lol - wouldn't that be interesting.
The saga continues...
Tonight I got an email from my realtor with documents attached.
[INDENT]WATER DAMAGE, TOXIC MOLD & ENVIRONMENTAL DISCLOSURE, RELEASE AND INDEMNIFICATION AGREEMENT
The undersigned parties to a purchase contract dated _________________ __, for the purchase of the property and the improvements commonly known as ___________________________________________________ (the “Property”) between ______________________________________ (“Buyer”) and Countrywide Home Loans Servicing LP (“Seller”), acknowledge and agree as follows:
Seller hereby advises Buyer that the Property (including, but not limited to, the basement) is or may be affected by water or moisture damage, toxic mold, and/or other environmental hazards or conditions. Seller further advises Buyer that as a consequence of possible water damage and/or excessive moisture, the Property may be or has been irrevocably contaminated with mildew, mold,and/or other microscopic organisms. Buyer is being advised that exposure to certain species of mold may pose serious health risks, and that individuals with immune system deficiencies, infants, children, the elderly, individuals with allergies or respiratory problems, and pets are particularly susceptible to experiencing adverse health effects from mold exposure.
Buyer acknowledges that Seller has advised Buyer to make his/her own evaluation of the Property and to have the Property thoroughly inspected. Buyer has been further advised by Seller that all areas contaminated with mold, and/or other environmental hazards or conditions, should be properly and thoroughly remediated. Additionally, Buyer has been advised by Sellers that habitation of the Property without complete remediation may subject the inhabitants to potentially serious health risks and/or bodily injury. Buyer acknowledges that it is the sole responsibility of Buyer to conduct any remediation on the Property.
Buyer also acknowledges that Buyer is buying the Property AS-IS. Buyer represents and warrants to Seller that Buyer has made (or will make before closing on the purchase of the Property) his/her own inspection and evaluation of the Property to Buyer’s complete satisfaction, and Buyer accepts the Property AS-IS at the time of closing. Buyer is electing to purchase the Property from Seller in an AS-IS condition with full knowledge of the potential condition of the Property,the potentially serious health risks, and the potential liability that Buyer could incur as the owner of the Property for claims,losses, and damages arising out of any toxic mold contamination, and/or other environmental hazards or conditions on the Property. Buyer agrees that the purchase price of the Property reflects the agreed upon value of the Property AS-IS taking into account the aforementioned disclosures.
Buyer understands and acknowledges that the Property was acquired by Seller through foreclosure, deed-in-lieu of foreclosure, or similar process,that Seller has never occupied the Property, and that Seller has little or no direct knowledge regarding the condition of the Property. Buyer further acknowledges that Seller has not made and does not make any express or implied representations or warranties of any kind with respect to the environmental condition of the Property or whether the Property is in compliance with applicable local, state, or federal environmental or other laws,statutes,regulations, rules, ordinances, codes, or standards (“Laws”). Buyer hereby agrees not to pursue any claims, losses, or damages,against Seller, or Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, or assigns, arising out of or relating in any way to any violations of Laws, or for costs, fees, or expenses incurred in conducting investigations relating to Laws or the Property. In addition, to the fullest extent permitted by law, Buyer, for himself/herself, and for all Buyer’s invitees, agents, heirs, executors, devisees, and assigns hereby forever waives and fully releases Seller,and Seller’s parent company, subsidiaries, affiliates, directors, officers, employees, partners, shareholders, representatives, agents, brokers, predecessors, successors, and assigns (the “Released Parties”) from and against any and all claims, causes of action, whether administrative or judicial, losses, costs (including any and all reasonable attorneys' fees, court costs, and reasonable costs of investigation, litigation, and settlement), expenses, sanctions, curtailments, interest, liabilities, penalties, fines, demands, liens, judgments, compensation, fees, loss of profits, injuries, death, and/or damages, of any kind whatsoever, whether known or unknown, fixed or contingent, joint or several, criminal or civil, or in law or in equity arising from, in connection with, or in any way relating to any known or unknown conditions of the Property, including but not limited to, the existence of toxic mold, and/or any other environmental hazards or conditions on the Property (“Claims”).
Buyer also agrees to fully indemnify,protect, defend,and hold the Released Parties harmless from and against any and all Claims.
[/INDENT]Of course I won't be signing this document and probably won't be buying the house. I'll check it out tomorrow, but I'm scared as hell now. I applied for this house and they took my offer the next day. I knew it was too fast. There had to be a reason.
Man, I'm pissed. How dare they ask for $345k for a house with water damage or toxic mold?!? When a house get's that kind of mold, they should just destroy it.
It's very possible that the mold isn't a problem and they are just trying to cover their ass just in case.
The seller got the house in a foreclosure and saw evidence of a water leak and possible mold. That's all you know. It could be a problem. It could be no problem. A home inspection by an excellent home inspector will tell you if there is an actual problem. I'd shop around for a real nit-picking home inspector. Someone who takes their time.
Radar, I can't pretend to understand what the above means, but Glatt does and that's good enough for me.
The house my ex husband and I bought had any number of things discovered at survey stage. From the creaking third step, to the possibility that the bedroom ceiling might fall down at any point. We took a gamble (the ceiling had held for over 3 centuries, we figured it would outlast us - it certainly did our marriage) and bought it.
Good luck to you and yours regardless.
If it's got mold, I'm not going to buy it even if I love it. I have an infant daughter, and I won't risk her health for anything.
Yeah, but you are breathing in mold spores as you read this. Mold is EVERYWHERE. The question is, what kind of mold, and how much?
I grew up in the desert. No mold. At least no living mold.
Obviously, it's your decision, but if it's a house you like, you shouldn't dismiss it out of hand because of this statement until you know more.
get your own bonded inspector.
Radar, that's a standard form - it doesn't mean the house DOES have mold, it means you can't come back and sue the seller IF the house has mold. Every house that you try to buy in CA will come with a piece of paper like that.
As others said, you'll find out more during the inspection, and if you find mold, bow out of the deal. You'll still be within the contingency period, and it won't cost you anything more than the price of the inspection ($350 or so).
and a well recommended one at that. DO NOT get one who will just tell you what you want to hear. I've used both kinds.
get your own bonded inspector.
...and a well recommended one at that. DO NOT get one who will just tell you what you want to hear. I've used both kinds.
PM me if you want the name of ours. He was very thorough, even helped us get the original termite report thrown out and redone. I've called him several times since the inspection, to ask for clarification and followup on things he found, and he has always ready to help, even though we had already paid him and his work was finished.
PM me if you want the name of ours. He was very thorough, even helped us get the original termite report thrown out and redone. I've called him several times since the inspection, to ask for clarification and followup on things he found, and he has always ready to help, even though we had already paid him and his work was finished.
And this is how you find a good inspector. Word of mouth.
Don't use an inspector recommended by either agent. They will tend to recommend inspectors who won't jinx the deal.
I agree with glatt and realize that my prior post may have been ambiguous.
SM is right. I've bought and sold a number of houses and I can tell you that the seller has to disclose anything that could possibly be wrong with the house just so they can't be sued later if something turns up. I saw that same disclosure for a house in phoenix that had a minor water leak that had been properly taken care of. Get a good inspection and see what it shows.
I've scheduled an inspector to come out on Monday. My father and I are going to the house today with some flashlights to look around at possible water damage.
And this is how you find a good inspector. Word of mouth.
Don't use an inspector recommended by either agent. They will tend to recommend inspectors who won't jinx the deal.
I read this a bit too late. My agent scheduled the inspector to go in on Monday. My dad and I went in today and looked very closely at the house and we're pretty sure there's no mold, but an agent will come in on Monday.
When we checked out the house today my agent told me the bank will pay for the termite inspection and any repairs for damage caused by termites, they will install a new water heater, they had already installed a really fancy looking faucet in the kitchen with a detachable part to spray down dishes, they will install a new thermostat and test the heating and cooling. etc.
I felt a lot better.
I want to thank you guys (especially smoothmoniker) for letting me know the mold thing was standard. I was freaking out. I feel a whole lot better now, and I will be buying the house depending on what the inspector says after monday afternoon.
I guess the combination of the bank accepting my offer in a single day combined with the mention of the word "mold" has freaked me out a bit. So has the fact that when I told my boss I was buying a new house, he told me "you might want to hold off on a major purchase like that".
Luckily my old boss is at a new place and he's been begging me to leave this job to work for him. I called him today and said if he can get me the same rate I'm making now, or slightly better, I'll take it. The job is closer to where I currently live, but further away from the house we're buying, and I wouldn't be in management, but as long as I can pay the mortgage payments, etc. I'll be just fine.
FWIW - you can still get an independent inspector to take a look at things for you. Just to get a 2nd opinion - can't hurt.
You can also call a mold remediation company to look into that specific issue. Remember they will WANT to find something, as thats what they do for a living and may dig a little deeper than your average inspector. Something to consider perhaps - good luck!
That's true. We had multiple specialists come out to the house, a chimney mason, an electrician, a pool guy. It helped us figure out if we wanted to buy, and also helped us start putting together a budget for repairs that will need to happen in the first few weeks.
Thanks for that advice. I'm having a general inspection done today, but I'll probably bring in a pool guy, and perhaps a couple of others come in to check things out. I don't need an electrical guy because my dad is an electrician.
Our inspection was incredibly overwhelming - the house was built in 1934, so everything was in need of repair. At the end of the inspection, I asked the inspector to organize the items into three categories:
1) must be done before move-in, for health and safety reasons
2) should be done within the first year, to avoid future long-term damage
3) would be nice to get to someday, but not urgent.
Once the items were grouped that way, I felt much better about the house, and our ability to actually get the work completed that it needed. It helped us prioritize our reserve cash, and keep from being overwhelmed by the 97 things on the big list. It turned out to be only about 5 things that were urgent and required professional contractors to do, and about 10 things that needed to be done within the first year to avoid future damage, most of which I can do.
Good luck, and keep us updated.
Someone ripped out the thermostat, so I bought one over the weekend. I'll hook it up during the inspection today so we can test the air conditioner and heater.
All thermostats are not the same - just sayin. Make sure you got one compatible with the system in the house.
I won't know if it's compatable until I hook it up. There's nothing on the wall but a bracket and some wires.
I assume the heat is gas and the air conditioner is electric. I got a 24 volt one, which seems to be standard.
I'm just trying to help you with my limited experience. I am sure there are others with much more knowledge than I here. When I replaced mine the # of wires that were there, type - either gas, oil or electric and the unit that it was going to were all important.
They are labeled with letters. I put the same wires to the same letters and it worked. At least it worked on the air conditioner. The house doesn't have the gas turned on so I can't test the heater. Though since the heater pushes the air through the house, the heater did kick on when I tested the air conditioner with the new thermostat
Good - that was fortunate.
We got an offer on our townhome on Friday, and today we found out there may be a second offer! Woot!
So, in order for the loan to fund and the mortgage to close, you have to have a termite report, and they have to fix all Level 1 damage. This is all done by the escrow company.
The escrow company has not even sent out the report to the repair company yet, and every termite company in the area has a 2 week backlog before they can come look at the property. We're supposed to close escrow on Friday.
Arrrrgh!
Great news Pie
Sorry SM - It'll all work out, I'm sure that isn't the first time they've had to deal with this. Heck, maybe there will be a cancellation or something. (keeps fingers crossed)
Well, we're not closing today, the mortgage underwriter is being completely absurd with the amount of paperwork they're requiring, springing stuff on us at the last minute, asking for huge changes on what feels like a whim to us.
Looks like next week at the earliest.
Is home-buying a lot more complicated out there? It seems like you guys are going through more hoops.
Yes it is - I have several clients in the business and they have told me they are being inundated with paperwork requests from the lenders. Much of it is at the last moment. One even speculated that its nothing more than a stall tactic of sorts. One said the redundancy is ridiculous.
I'm not sure if it's just out here, or if it's the new wave of fear running through the mortgage market. My sense is that nobody is getting fired for NOT underwriting a loan, but you will lose your job if you underwrite a bad loan.
For about two hours today, the mortgage underwriter told us they wouldn't be funding our loan, and that we couldn't buy this house. It came down to a difference of $3k between my W2 and the verification of employment form that my university HR department filled out. Neither side would budge, so the underwriter said, "Sorry. This loan is denied."
It turned out the difference was non-taxed income that went into my retirement account. Jesus, don't these people do this shit for a living?
So, anyway, they finally agreed to insert a letter explaining the difference into the file, and long story marginally shorter, the loan underwriter signed off on the loan today. If everything moves at the speed of light, we might actually close by Friday, only one week late.
Damn it.
Delayed again. Now it's pushed back to Monday.
Damn it.
Delayed again. Now it's pushed back to Monday.
You'd think they'd be wanting to sell houses at this point? Hang in there.
Damn it.
Delayed again. Now it's pushed back to Monday.
Hang in there, I'm sure it will work out for ya.
Are they giving you a reason?
Funding. The bank has to call my employers the day they fund to make sure that I still have a job. They have the wrong phone numbers for my employers, so rather than just asking us for the right numbers, or looking at our loan docs all of which have my employer info on them, they just decided to put a hold on the funding instead.
This bank is a fucking joke. If they weren't giving us such a stupidly low rate, we would have jumped ship a long time ago.
So, it takes 2 days to close from the day they fund, (one day to count the money, one day to send someone to the title office to switch the deed on the house) which keeps pushing everything back.
Tuesday looks pretty solid at this point. We'll see.
Loan: FUNDED!
Keys: TOMORROW!!!
Woo-hoo!
OUT standing!! !! !! Congrats
now about that visitor schedule.....
OUT standing!! !! !! Congrats
now about that visitor schedule.....
Visitor? I'm moving in!
congrats smooth!
Wow, the time has flown by. Here are some completely random thoughts:
I've been crawling under and over and through every inch of this house. It's our first house, my first time being the fix-it guy, learning as I go. There are 7 decades of repair work, wires and pipes going everywhere. I'm a fairly OCD guy when it comes to work-flow, so just learning where everything goes has been frustrating. Today, finally, I figured out how the sprinkler system works, where all of the control panels route to, and how the pipes are actually run.
We really love this place. We've been in apartments and condos and a small house in Burbank for our entire married lives, and none of our furniture has ever seemed to fit right (mostly wood antique stuff, lots of shaker and craftsman). We moved it in, and suddenly it was like everything in our lives had been gathering for just this house. The wood everywhere is perfect.
We've made lots of changes to our financial priorities. No home phone, just cell. No cable TV (and no reception up against the hills), so everything is streaming off of an old Dell setup with Ubuntu Linux. I've started riding my bike to the University on days when I'm there - it’s 9 miles, and it saves me about $30 a week or so in driving costs. We eat a lot of beans and rice.
I'm amazed at how cheap homeowners insurance is, compared to car insurance.
Our downstairs bathroom basically needs to be torn out and rebuilt from the studs up. Rotted wood, leaks everywhere, just a mess. Fixing everything would be about $15k. Pulling it out and putting in the dream bathroom is about $20k. Everything, everything is so damn expensive.
You know what sucks about pools? Pool pumps. They have to run for 2 hours a day, and it ends up costing over $100 per month in electricity. Just for a damn pool pump!
Our house backs up to the Angeles mountains, and we have all kinds of wildlife roaming the area. Bears, deer, big cats, coyotes, and so many birds you wouldn’t believe. They nest in the spanish tiles on the roof, and the light up at 5:30 in the morning. Day 1, it was like a Disney miracle! Day 60, I wanted to buy a shotgun. A couple nested in the beams over our back patio, and we got to show our kids the whole nature unfolding thing, from building the nest to eggs to chicks. It was pretty cool. My wife saw a bear chasing a deer down the street at 5 am a few weeks back. Crazy wildlife.
When I started teaching at the University, one of our dreams was to open up our home to students, to have them be involved in our lives, and to form connections with them that extended beyond just the classroom. We’re only 10 minutes away now, and since we bought the house in the middle of the Spring semester, we’ve have a flood of students over, every weekend, dropping in for dinner, hanging out with my kids, staying up until 3 am talking about music, philosophy, faith, SNL skits, anything and everything. It has been a real dream come true.
It’s late, my knees hurt from crawling under the house today, and I need to get some more bourbon in me, so I’ll leave it here for now. We love this house.
Excellent, glad you found the dream instead of the nightmare. :thumb2:
Thats so great smooth. I'm very happy for you & your family, but we do need some pics or, even better, a house tour video
Sounds amazing SM! I'm glad you seem to like the fixing-up rather than just hating it. Lotso students over? Creepy to me, I'd never dream of visiting a prof, at their home nonetheless. 'Cept for my english 1301&1302 prof, but I'd known her since 2nd grade.
Pictures if you can swing it, please!
Doesn't sound like such the fixer-upper to me. It sounds really nice.
And does the bathroom really need to be gutted? Sure, there may be some rot in the walls, but is it so bad they need to be ripped apart? You don't always have to fix every defect in a house. Just stabilize things so they don't get worse, and fix things enough so that they work to your liking. If the plumbing isn't working well, focus on that. If there is a leak somewhere that's rotting out the walls, fix the leak. But if the walls still seem sturdy and support the load above, then who cares if there's a little rot? It will stop once you dry it out. Obviously, you can see it, and I can't, but it's something to consider.
I don't know anything about pools, but have heard that salt water ones are much cheaper and easier to maintain. Have you looked into that?
We never went to a professor's house, but my roommates and I routinely had professors over to dinner at our house. We were steeped in that academia culture, deep philosophical conversations over wine and whatnot. It was a lot of fun. Couldn't imagine doing it with my kids running around getting in the way, but more power to you!
My Dad is a prof (retired) and is still having students over to his house. He had one student from the 70s over this week. When I was growing up, there were always college kids around. Sometimes sleeping (passed out) on the living room floor on a Saturday morning when I was ready to watch cartoons.
The most important things I learned in school were outside of the classroom, when I was hanging out with professors in casual settings. I really want to recreate that.
I'll see if I can round up the before / after shots of the repair work we've done.
One of my Mom's profs used to babysit for me once in a while when she was teaching a recitation.
I ended up actually getting a house in Florida. It's a 3,000 square foot house, built in 1986. I paid $70,000 cash for it, but we've put about another $30,000 into upgrades...
Spanish tiles throughout the house (other than the bedrooms), hardwood floors in the bedrooms, new oak cabinets with marble counter tops, new roof, new water heater, removing wallpaper and painting the entire interior and exterior for a more modern look, mosiac tile design on the front porch, etc...
Before adding the new entertainment setup, furniture, etc. we're spending about $100k and getting WAAAAY more house than I could have gotten in California and I'll have NO HOUSE PAYMENTS!!!
After we homestead the house, our property taxes will be about $1,300 per year. This means with home insurance, property taxes, and garbage, we'll be paying under $200/month.
We don't have to pay for water because we've got our own well and it's filtered.
The house is very energy efficient. The deceased former-owners used to pay about $60/month in power bills. I suspect it will rise a bit with me since I'm such a tech head. Even so, I think with all of our utilities, food, etc. we'll be able to fully support this house and our family with $1,200 - $1,500 per month because I paid off all my credit cards, the car, student loans, etc. last year. We are debt free, including the house.
The best part is that in addition to opening the hot dog biz, I am in the running for a swing-shift IT job that will pay about what I was earning in Los Angeles. My wife's job doing nails can support us and I can save my entire salary.
Anyway, when all of the work is finished on the house, I'll post up pics.
Radar, you should post before and after, so we can appreciate the work you did.
Pics please everyone!
And Smooth, I'm so glad it's working out for you. My parents (dad was a teacher) had school students round to listen to jazz and skiffle and otherwise be corrupted - it's one of the things I like about my parents married life (they divorced a lo-o-ong time ago).
You only run your pool pump/filter 2 hours a day? Wow. Mine runs more like 12 hours a day. Sometimes more.
We love our house too, but wow, it needs work. We bought it for about $100K below what it was really worth - or would have been worth three years ago if it were in good condition, that is. Since then we've put on a new roof, cleared a lot of overgrowth from the yard and garden, replaced the furnace, put in a pool, did some earth-moving to fix drainage issues, and Thurs. we're replacing the central air unit. And not a moment too soon! :p
Also our master bath is gutted, and there are some more projects we'll be doing like moving the laundry room to another part of the house, replacing the kitchen floor, replacing the carpet, etc.
The house is 45 years old and has issues. I know some people would wonder why we didn't just buy a house that was already the way we wanted it - but why do people ever buy fixer-uppers? It's big, and has some real coolness potential. Someday we may even get there!
I want a condo. With a 24/7 maintenance dude. I don't want to have to deal with ANY of this house stuff. Makes me nuts. NUTS. I just want to call someone and have them come fix it. that's it. And someone to do landscaping.
And, a cook.
And laundress.
what?
Wanted: Pantysniffer.
...just joking, folks... carry on.....
I want a condo. With a 24/7 maintenance dude. I don't want to have to deal with ANY of this house stuff. Makes me nuts. NUTS. I just want to call someone and have them come fix it. that's it. And someone to do landscaping.
And, a cook.
And laundress.
what?
I can't help you with the rest, but I know
someone who is selling a very nice two-bedroom, two-car garage, end-unit, ground-floor condo in Mason. HOA fee only $157/month. :D