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11/21/2020 4:53 pm  #1


Adventures of Home Ownership

I am currently TRYING to buy a house.  Yea, I know, timing sucks, but still.  I've made 3 (or 4) offers and they all selected another one.  I've ended up compromising on things I don't really want because I'm getting frustrated and a bit more anxious about the whole thing.  Anyways, I thought I'd start a thread for when I do have one and start to do things around it.  It'll be all new to me  

Of course, the thread can be used by anyone, not just me!!

Last edited by bbro (11/21/2020 5:07 pm)

 

11/21/2020 5:38 pm  #2


Re: Adventures of Home Ownership

Are you working with a realtor?


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

11/21/2020 7:46 pm  #3


Re: Adventures of Home Ownership

monster wrote:

Are you working with a realtor?

Yep

     Thread Starter
 

11/21/2020 10:22 pm  #4


Re: Adventures of Home Ownership

Owning a home is all sunshine and posies...   the day you make settlement.   From there on it's work, some of which feels rewarding, some feels fruitless.
I guess the reason to buy a house is hoping the value will increase so you can sell at a profit.
There's the emotional rewards of stability, safe home base when the world is against you, permanent yard for the puppies to romp and tear up  your flower beds.
Of course the bad guys can still drive you out with taxes or eminent domain, but as long as you can afford the taxes and utilities it's a matter of maintenance, repairs, upgrades. Mowing the lawn, shoveling the sidewalk, getting rid of trash/recyclables, the ongoing crap you can handle, but replacing the roof, heating system, A/C, large appliances, or an overflowing toilet can blindside you if you don't have a slush fund. Probably need several, checks at settlement to pay the seller for taxes, sewer, water, or anything else they'd paid in advance.
Please please please don't get frustrated and buy something you don't really want just to buy something. It happens and brings nothing but regret.
When and if you need to do any repairs or maintenance we'll be here to advise and cheer you on.


 Freedom is just another word for nothin' left to lose.
 
 

11/21/2020 10:39 pm  #5


Re: Adventures of Home Ownership

xoxoxoBruce wrote:

Owning a home is all sunshine and posies...   the day you make settlement.   From there on it's work, some of which feels rewarding, some feels fruitless.
I guess the reason to buy a house is hoping the value will increase so you can sell at a profit.
There's the emotional rewards of stability, safe home base when the world is against you, permanent yard for the puppies to romp and tear up  your flower beds.
Of course the bad guys can still drive you out with taxes or eminent domain, but as long as you can afford the taxes and utilities it's a matter of maintenance, repairs, upgrades. Mowing the lawn, shoveling the sidewalk, getting rid of trash/recyclables, the ongoing crap you can handle, but replacing the roof, heating system, A/C, large appliances, or an overflowing toilet can blindside you if you don't have a slush fund. Probably need several, checks at settlement to pay the seller for taxes, sewer, water, or anything else they'd paid in advance.
Please please please don't get frustrated and buy something you don't really want just to buy something. It happens and brings nothing but regret.
When and if you need to do any repairs or maintenance we'll be here to advise and cheer you on.

Yeah, but think about it this way: whatever your rent/lease price is, it will by definition cover the costs of whatever maintenance the place needs, otherwise the landlord wouldn't make a profit (and would thus either raise your rent, or leave things unfixed, which you as a homeowner could also do.) The only reasons not to buy are 1.) you need the flexibility to leave on short notice, 2.) your credit is so bad you'd get a brutal interest rate, 3.) the house is so old you might get suckered into a lemon that has some major issue not caught at inspection, or 4.) the neighborhood value might tank and leave you underwater if/when you do eventually need to leave.
 

 

11/21/2020 11:12 pm  #6


Re: Adventures of Home Ownership

On the other hand if you go deep in debt to live in luxury and the rapture or zombies come, you're ahead.https://cdn.boardhost.com/emoticons3/grin.png


 Freedom is just another word for nothin' left to lose.
 
 

11/22/2020 12:07 am  #7


Re: Adventures of Home Ownership

bbro wrote:

monster wrote:

Are you working with a realtor?

Yep

Then I'd consider changing them.  They are clearly not reading the local market correctly.  It's in their best interests to get a sale, get their $ and move on.  The more time they spend on you, the less their hourly rate thus income becomes.  Even if you increase your budget and thus increase their income, it's not going to be enough to merit all that extra work.  One or two rejections ok.... but if they don't figure it out by then..... ?  /2¢


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

11/22/2020 8:58 am  #8


Re: Adventures of Home Ownership

Good point, the agent should have a handle on what you should offer to be successful. It would appear they don't unless you are undercutting their suggestions.


 Freedom is just another word for nothin' left to lose.
 
 

11/22/2020 11:31 am  #9


Re: Adventures of Home Ownership

bbro wrote:

monster wrote:

Are you working with a realtor?

Yep

Are you working with a realtor who is working for you?

The seller's agent is a realtor, but they're not working for you.  They might not tell you that explicitly and let you presume otherwise, to your disadvantage.  It's possible to hire a realtor *yourself* who works on your behalf, for you, to your advantage, to match the seller's realtor.

Unless you've specifically engaged the realtor as a buyer's agent, they don't work for you. Might be nice, can and will show homes, but are interested in selling a given house, not in getting YOU into a house.


Be Just And Fear Not
 

11/22/2020 1:08 pm  #10


Re: Adventures of Home Ownership

There are good realtors and bad ones.   Both are in the biz for themselves.
I bought my house coming up on 49 years ago and have gladly done all the things Bruce mentions.
Only twice, when I briefly had 3 inches of floodwater over my slab floor, have I had doubts.

 

 

11/22/2020 5:16 pm  #11


Re: Adventures of Home Ownership

I'm not finding another realtor.  I like the one I have.  monster - this is a unique market.  she's never seen it like this.  Some of the recommendations on due diligence made me squeevy, so I did go lower and that's probably what tanked me.  They're not normally this large, but it's a huge seller's market.  I was also not quick enough in my decisions on a couple properties so they were gone before I even made an offer.  BigV - yes, she's working as my buyer's agent.

@Bruce - I'm not concerned about the money.  I have more than I need for closing saved, plus extra for all the other things that need done at the end..  I'm very capable of handling the mortgage payments and saving towards future repairs.  I've made sure I'm not going to be house poor.  It's not the house itself, but things like HOAs.  It's hard to find a house without one that doesn't look like it's falling apart or smells.  I'll just have to suck it up.  I doubt I'll even notice it after I put in a fence

Last edited by bbro (11/22/2020 5:18 pm)

     Thread Starter
 

11/22/2020 5:35 pm  #12


Re: Adventures of Home Ownership

HOAs--- hard pass for me.
part of the joy in the adventures in home ownership was being on my own journey.  Not having a bunch of uptight control freaks map my journey and my dollars for me.

to each his own.


Be Just And Fear Not
 

11/22/2020 6:09 pm  #13


Re: Adventures of Home Ownership

Yes, you have savings but now you have two fur babies to care for with medical bills, and dentists braces.  You know they won't settle for community college and living at home, no they'll both want to go to some fancy shmancy school on the coast and live in a fraternity/sorority house.


 Freedom is just another word for nothin' left to lose.
 
 

11/22/2020 8:28 pm  #14


Re: Adventures of Home Ownership

When we first got our house, the absolute best thing was having a driveway and being able to park right next to my front door after getting home from the grocery store.  It was an awesome feeling.

 

11/23/2020 7:28 am  #15


Re: Adventures of Home Ownership

Exciting times! Good luck!


If you would only recognize that life is hard, things would be so much easier for you. - Louis Brandeis
 

11/23/2020 11:07 am  #16


Re: Adventures of Home Ownership

Coming soon to this thread:
"HOA has me considering murder."


Hey! That's me up there!
 

11/23/2020 7:01 pm  #17


Re: Adventures of Home Ownership

@BigV - Understand, but I'm hoping for the best.  Unfortunately, since I rent, it's a little harder to just wait for one without an HOA.  They're very rare with a garage and usually in some state of disrepair because they're older houses.

@Bruce - luckily, they're seniors.  No more school for them.  And now that Max is on a diet, the food should last longer - LMAO

@glatt - I'm looking forward to that and having a garage and a yard for the pups.

@griff - Thanks

@footfootfoot - Hopefully not too soon!!

     Thread Starter
 

11/23/2020 7:59 pm  #18


Re: Adventures of Home Ownership

don't even get me started on HOAs.  Hard pass for me too.  And everyone in my 1990s 'hood it seems   -the HOA was defunct, that's why we chose it.  Realtor told us they are never resurrected once that happens.

Years later it was resurrected in a very underhand way  I knew it was coming because one of he instigators sent her kids on the same school bus as me. but no-one else did -the letter inviting everyone to the meeting to vote to resurrect looked like the worst junk mail  I went, but there were only 2 or 3 other people outside of the instigators so it happened -they had exactly enough people to ensure the legal quorum -10% of households-.....and then residents got surprise bills for $$ several hundreds with threats of liens on their houses ....for nothing.  Some paid. Mostly the elderly and ESL owners.   So  a special meeting was called and we dumped the self-appointed board and elected a new one of people who promised to do absolutely nothing, fire the "management company" sending the bills (who, unsurprisingly, had advised the few  how to reinstate the HOA....).  come to think of it, probably it's legally defunct again by now   I told you not to get me started.

But it is really hard to find newer neighborhoods without one, and they can serve a purpose.  Just make sure to read the HOA documents before you offer (I'm sure your realtor has told you this or done it for you and pointed out anything unusual)

Good luck, you will find your home.  Winter is a buyer's friend.


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

11/24/2020 2:21 pm  #19


Re: Adventures of Home Ownership

https://i.postimg.cc/YvJjHq7W/happy-with-my-hoa.png


https://i.postimg.cc/FYf18kMv/hoa-sucks.png


Hey! That's me up there!
 

11/24/2020 8:43 pm  #20


Re: Adventures of Home Ownership

@monster - yep, I'm reading all the architectural guidelines before I even make an offer

     Thread Starter
 

11/24/2020 8:58 pm  #21


Re: Adventures of Home Ownership

In the days before the reinstatement meeting, beest and I read the defunct HOA rules and made sure to break as many as possible before that happened JIC.  I now have three sheds, but the one we put up then was the biggest https://cdn.boardhost.com/emoticons3/devil.png
  (because any violations within the "downtime" would have been grandfathered in)

The most bizarre one is the "no fence" rule.  Because city /state dictate several circumstances in which you must fence your yard (water features, dogs.....) and they trump HOAs
 

Last edited by monster (11/24/2020 8:58 pm)


The most difficult thing is the decision to act, the rest is merely tenacity  Amelia Earhart
 

12/08/2020 8:56 pm  #22


Re: Adventures of Home Ownership

BelovedDaughter just wrote a big check her earnest money.


Fun fact, it was Care Bears.


Be Just And Fear Not
 

12/09/2020 9:43 pm  #23


Re: Adventures of Home Ownership

BigV wrote:

BelovedDaughter just wrote a big check her earnest money.


Fun fact, it was Care Bears.

Nice!  Congrats to her   I wish I had fun checks for all the payments.  

     Thread Starter
 

12/15/2020 11:08 pm  #24


Re: Adventures of Home Ownership

So, found a nice house with a non-crazy HOA, good price - YES!  Make an offer!  Realtor says they might need to do a rentback. Basically, we close, but they live there.  Not comfortable with that, but still submit the offer.  They accept the offer knowing I'm not comfortable with rentback, but I HAVE to give an answer right away.  BUT, they won't know it the need the rentback until Thursday (writing this on a Tuesday), but I NEED to give my answer now.  Um, red flag.  Feeling manipulated.  Like, why can't you wait until you know for me to decide?  It could be a non issue!  Then, they send a document that says if the bank assessment is lower than their LIST price, I'm responsible for the difference.  In this unprecedented seller's market, buyers are offering way over list price and when the bank assessment is done, it comes up that they offered too much and who is going to make up the difference.  Normally, I am responsible for anything between list and offer (perfectly fine with that), but their document said I was responsible for ANY difference.  So, they listed at 250 and if assessment said 240, they're saying that's my responsibility.  My realtor asked if we could change it that I would be responsible for any difference between list and offer prices like normal, but they said no.

So, my first accepted offer is a bust  

     Thread Starter
 

12/15/2020 11:13 pm  #25


Re: Adventures of Home Ownership

?

read it twice, still confuszled.  It's not you, it's me. but that sounds stupid.  the terms, not you. or maybe that's me.

anyhow, DON'T GIVE UP!

You'll find a place that doesn't have some poison pill in the contract.  You can do it!


Be Just And Fear Not
 

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