School me on buying a house - Page 7 - LS1TECH



School me on buying a house

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Old 03-15-2017, 06:06 PM   #121
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So I had something occur today that must be rare for buyers. I had a scheduled showing from my realtor today after work so both me and my girlfriend rode out separately to the home. On the way I get a call from my real estate agent that we need to reschedule because the owner grumpily told her he hadn't heard anything about it. Well apparently in the meantime my girlfriend had already arrived at the property. And met the actual seller. He ran both of us through the house showing us different things he personally did so we got more of a knowledgeable viewing. Long story short hes in his 60s, getting divorced and having to split everything. The house has a new roof, new HVAC, new windows, and a pool I'll never use.

Hopefully I got a perspective not as influenced by money as if it were the realtor showing me but I still plan on coming back with her this Friday.
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Old 03-24-2017, 01:47 PM   #122
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I am am mortgage banker, and have been doing it for 8 years. (I also offer Ls1 member discounts)

There is some great advise here, and some bad info. I wanted to address Manu and Modular home specifically since I just helped another member with their MAnu purchase (that closed in 21 days to boot )

I can finance both. (For me at least) Manu is not difficult, although most lenders wont touch them. I can even close some purchases with $0 down on a Manu.

Lets clear some things up here.

"Manufactured" Typically refers to a "double wide" or similar that is trucked in an set on a **Permanent foundation**- that is the most important part. If its still on wheels, I cant touch it-you need an RV loan.

Modular refers to a home that is build in pieces-and those pieces are brought in and assembled on a foundation. Thats easy- we look at modular as stick built.


My take-Manu's have a stigma only because of lender's preferences, and peoples misconceptions. I have financed million dollar mods in Cali and Oregon. In many situations, its not only a great option, bu the BEST option, and common in most areas of rual Ohio.

Guys feel free to PM me for specifics, or if you are looking for a pre approval. I can also refinance them if you currently own one at a high rate.
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Old 03-25-2017, 01:33 PM   #123
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Quote:
Originally Posted by coltboostin View Post
I am am mortgage banker, and have been doing it for 8 years. (I also offer Ls1 member discounts)

There is some great advise here, and some bad info. I wanted to address Manu and Modular home specifically since I just helped another member with their MAnu purchase (that closed in 21 days to boot )

I can finance both. (For me at least) Manu is not difficult, although most lenders wont touch them. I can even close some purchases with $0 down on a Manu.

Lets clear some things up here.

"Manufactured" Typically refers to a "double wide" or similar that is trucked in an set on a **Permanent foundation**- that is the most important part. If its still on wheels, I cant touch it-you need an RV loan.

Modular refers to a home that is build in pieces-and those pieces are brought in and assembled on a foundation. Thats easy- we look at modular as stick built.


My take-Manu's have a stigma only because of lender's preferences, and peoples misconceptions. I have financed million dollar mods in Cali and Oregon. In many situations, its not only a great option, bu the BEST option, and common in most areas of rual Ohio.

Guys feel free to PM me for specifics, or if you are looking for a pre approval. I can also refinance them if you currently own one at a high rate.
Good info!

I have a general question for everyone as well as for you. When it came time for bank appraisals, were they all dead on to the seller's listed price? Did anyone have their home appraise for far less or far more? How did you handle it?

Isn't it the selling agent's job to make sure the home is listed for a value they believe the house can fetch?
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Old 03-26-2017, 03:42 AM   #124
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I got fucked on both appraisals when I bought and sold. Cost me 6k on the house I sold. House I bought appraised way low buy still more than I paid for it. I have a low opinion of the banks appraisers.
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Old 03-28-2017, 03:24 PM   #125
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Did anyone purchase a house with an inground pool? I'm trying to decide if a pool inspection is worth it or not. The pool in question isn't a frog pond nor was it winterized- the owner simply ran the pumps all year long. Liner and pump are new according to owner and appear so.
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Old 03-28-2017, 04:00 PM   #126
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Quote:
Originally Posted by Whisper View Post
Did anyone purchase a house with an inground pool? I'm trying to decide if a pool inspection is worth it or not. The pool in question isn't a frog pond nor was it winterized- the owner simply ran the pumps all year long. Liner and pump are new according to owner and appear so.
Probably not worth it. It really doesn't matter what the inspector finds, you're going to need to budget a good deal of time and money to maintain a pool regardless. Pools are a very love/hate relationship because of the effort involved.
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Old 03-28-2017, 07:19 PM   #127
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We put an offer on a house with an inground pool that wasnt winterized. I put a line in the offer that stipulated an amount of money be set aside to cover the cost of repairing the pool come spring when it was opened for the first time if everything was fine they would get the money back.........they refused my offer and it was 5k less than asking price.

but thats how I would handle it again if that came up or at least ask who services the pool (the ph and all that jazz has to be checked regularly) and get the records so you have an idea of whats gone on other than the owners word, granted if its been running all year it wouldnt have the same issues as one setting during winter with no maintenance done.
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