i just bought a house. unless something goes horribly wrong.
inspection is thursday, tips?
damn now i'm poor, again![]()
i don't think the full implications of this have hit me yet.
i just bought a house. unless something goes horribly wrong.
inspection is thursday, tips?
damn now i'm poor, again![]()
i don't think the full implications of this have hit me yet.
No way man, enjoy it. No more landlord, crack a cold one and take it all in!
Check out the thread I started a couple weeks ago about the walk thru and inspection. There was a lot of great advice given by a few mags.
Congrats, it's scary at first. Best decision I made...Straight from college to my own house, skipping years of wasted money on rent.
Congrats man! After putting it off for too long, I'll be pulling the trigger on a new house once I get back from my Jackson and Mammoth trips so I too, will soon be broke.
I think that the human mind is unique among all other forms of life in that it can spontaneously create unique thoughts and provide unique behaviors. Instead of rewarding that uniqueness we, for some reason probably because of cultural and social necessity, we chastise unique behavior and reward conformity.
welcome to the club you HOMOwner!
It has its +s and -s but overall is really nice. A giant piggybank that you live in![]()
"It is not the result that counts! It is not the result but the spirit! Not what - but how. Not what has been attained - but at what price.
- A. Solzhenitsyn
that about made coffee come out my nose. and hey i'll now have a place with great views so maggots coming to visit ONS can stop by.Originally Posted by lemon boy
Congrats! I freaked out when we bought our house, because I saw it as a shitload of money no longer in the bank. When we re-fi'd a year later and the value had increased $50k, I finally realized what an investment it is.
^^^ that's what i'm hoping/assuming will happen. just drove up to the house last night, as a friend wanted to see where it was, and got to look down at all the city lights twinkling away and was like ...
inspection is today!
Good luck with that, and let us know how it turns out! Congrats.....
This touchy-feely Kumbaya shit has got to go.
inspection went well! nothing major to speak of.
now the assessment, hope it comes in under what i offered (not likely) that way we can re-negotiate.
so far i have learned a few things:
everyone has a hoop they want you to jump through, and once you jump they charge you for it.
some of these people have no idea that you work during the week and are skiing on the weekends and aren't necessarily available whenever is convenient for them.
there are quite a few good looking women working at banks, realty/title offices.
Congratulations!Originally Posted by Camel Toad
Did you not have the assessment before the inspection? A few months back, I put a bid on a place; it was accepted. I had scheduled an inspection, but the appraisal happened first. Turns out it did not appraise for the right value (i.e., we could have still done the deal, but it would have either involved a lot more $$ down or a 2nd loan to cover the difference at unfavorable rates). The seller didn't want to accept any less $ on the offer, so the deal was done.
Me = Out the $$ the bank charged for the appraisal.
So...I got screwed by a lower appraisal value. I'm sure that some sellers would negotiate, but if your appraisal comes in at exactly what you need, don't be too bummed...it may cost you the deal.
I know it feels like a ton of money right now (seeing the money for the downpayment leave your bank accounts hurts)...but once you're in I'm sure things will be fine. Also, like someone said -- your house is an investment (I like the piggy bank analogy). All that money is still yours (in a way), and every month, you invest in your home instead of paying a landlord.
Good luck to you with the remainder of the process!!!!
amen! and realize that there's nothing in that house that you're not smart enough to figure out how to fix or replace. Retarded yokels in arkansas have their own houses and you don't see them worrying about fixing 'em.Originally Posted by Cono Este
joooo cann dooo eeeettt!!!!
My current house appraised for 10 grand less than the asking price. It had been on the market 3 months, with no offers. Needless to say I did not have to negotiate at all to pay the price it was appraised at.![]()
Originally Posted by Camel Toad
At least here - typically the appriaisal is done last - because the purchase price is sometimes re-negotiated to accomodate issues discovered during the inspection - so you need to know the final purchase price before getting the appraisal done. Either way, somone could be out money for these kinds of things if the deal doesn't go through.Originally Posted by upallnight
"Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming, "Wow, what a Ride!"
appraisal comes next, i put a clause that if the appraisal is not equal to or greater than the offer price we will re-negotiate. if it comes in over my offer then i just made some equity.
off to the bank next to give them all of my tax returns and pay stubs.
Wait a second - they accepted your offer (and likely cashed your deposit) and then wanted MORE because of an after-the-fact appraisal? Isn't that illegal?
Isn't an accepted - i.e. signed - offer a legally binding document for BOTH sides?
Sorry, I wasn't entirely clear in my explanation.Originally Posted by Tippster
We had an offer, which was signed (accepted) by both parties. The appraisal came in lower than expected. I had a loan locked in @ 20% down. However, the lower value meant that the loan-to-value ratio (even with the 20% down) would exceed the bank's threshhold. That is, they would either require more than 20% down, or a 2nd loan at a variable rate.
I felt like putting more than 20% in was not what I wanted to do; also, taking a 2nd loan when I was putting in 20% (esp at unfavorable terms) was absurd. -- especially given that the asset was worth less than everyone thought.
From the agent, bank, and seller's perspective, I backed out. Hence, no refund of the appraisal charge (but my deposit was refunded).
I happened to have been misled by the agent ("I've never seen a home in this area appraise for less than the selling price..."), but it's ultimately my fault. After the fact, the agent offerend to "credit me the value of the "bunk" (her term) appraisal when we complete another deal". To me, this was an admission that she screwed up. I wanted the cash because I had not intention of ever doing business with her again (given the way she handled this and other issues).
Also, after the fact, this particular agent changed her story to say "The selling price was really high" and "I was worried about this all along--the place was overvalued".
Of course now, a few months later, the place is listed as an "exceptional value" in her ads.
Ridiculous. People liek this give legitimate agents a bad name.
(On a positive note, we did find another, better place, at a great value...and we didn't use this agent. That said, I always wish I could have gotten my money back for that appraisal.)
Sorry for the long post...didn't want t oget into all this the first time around, but I guess leaving out these dets made things confusing.
Huh. Thanks, that makes sense.
Close today! So excited.![]()
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