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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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Old 05-04-2017, 03:06 PM   #128
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Well I bought the home I was inquiring about when I posted above.

Has anyone had insulation blown in in the attic? Did you notice an immediate improvement in heat/cooling retention? The home I bought was built in the 70s and only had the minimal amount of insulation required in the rafters so I'm interested in having more blown in.

Are there any forums for this ****? My home is on a slope and one of the gutter drains drains into a corner next to the front of the garage. I need something to extend the gutter to around the corner of the house where there is more of a slope so it doesn't pool there.

Going from renting the first 10 or so years to owning and realizing anything ******* up costs YOU money really changes your perspective quickly.
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Old 05-04-2017, 03:36 PM   #129
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Just buy flexible drain pipe. Hide it, bury it or just leave in exposed if it's not in a visible area.

http://www.homedepot.com/p/Advanced-...Q&gclsrc=aw.ds
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Old 05-05-2017, 10:01 AM   #130
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You will likely retain more heat in the winter with added insulation. there is a forum for everything. I learned how to tile going by some of the stuff I found online and youtube videos. try not to get to specific just search for blown insulation installs and you should fins something that will help.

yeah owning a home can be frustrating as it seems like you never get ahead of the maintenance curve. My first has was finished as I bought (04) so I had no issues aside from a bit of settling that needed repair. Second house was built the same year is my first house but was 5 years old when I bought it, and I had to fix a lot a few things here and there, but mostly cosmetic stuff. House im in now was build in the 90's and holy crap there is always something with it. next on my list is windows......and there are a lot of them.
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Old 05-05-2017, 10:26 AM   #131
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Quote:
Originally Posted by Whisper View Post
Well I bought the home I was inquiring about when I posted above.
Yes. Do it. My last house was built in '77 and had less that 4" of insulation. Had someone come in and blow 8" of the recycled newspaper insulation and it made a huge difference.
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Old 05-05-2017, 04:30 PM   #132
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Awesome, thanks for the info guys.

On a lot of fronts, I am lucky so far. The house was a foreclosure that a guy with a wife who had very expensive tastes bought to fix up and live in so the HVAC, roof, windows, and a lot of other things are new. its a bit weird he cheaped out on something easy like insulation.
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Old 05-06-2017, 09:57 PM   #133
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I just bought my first place end of last year. One tip I have is buy a nest or other programmable thermostat. I dropped my electric bill about $30 after I installed one of those.
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Old 05-07-2017, 08:48 AM   #134
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For those that don't know, when buying a home..... do NOT let any credit card balances report. If you want to use them that's fine, just know the statement date and have it paid off before then. When buying my home a few years ago, I accidentally let my Amex card report a balance and when the loan officer seen it she acted like it was the end of the world. Also, don't go on a furniture shopping spree till you CLOSE ON THE HOME. Basically ANYTHING that changes your credit profile, you need to avoid till after closing day. There have been people get denied at the final credit pull due to their credit score being pulled down due to huge debt load along with inquiries due to shopping for the new home that they don't own yet....
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Old 05-07-2017, 08:49 AM   #135
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Some people are recommending this stuff:

http://greatstuff.dow.com/product/pr...and-cracks.htm

For sealing up gaps and what not in the attic. Anyone had any experience with it? Can a single can do an entire attic?
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Old 05-07-2017, 09:29 AM   #136
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Quote:
Originally Posted by Game ova View Post
For those that don't know, when buying a home..... do NOT let any credit card balances report. If you want to use them that's fine, just know the statement date and have it paid off before then. When buying my home a few years ago, I accidentally let my Amex card report a balance and when the loan officer seen it she acted like it was the end of the world. Also, don't go on a furniture shopping spree till you CLOSE ON THE HOME. Basically ANYTHING that changes your credit profile, you need to avoid till after closing day. There have been people get denied at the final credit pull due to their credit score being pulled down due to huge debt load along with inquiries due to shopping for the new home that they don't own yet....
On the flip side, you can also use the reporting dates to your advantage. It's perfectly fine to charge stuff to your cards before closing as long as the last reporting month right before closing reported a zero balance and the next month's reporting date is well after the closing. I did that with no problems. The bank will not reexamine anything after the loan funds so it doesn't matter if your next month sees a balance increase.
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Old 05-15-2017, 08:36 PM   #137
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So I had a guy from a company I found on Home Advisor come out and give me a quote on insulating my attic. It literally seemed like it was 95% sales pitch, 5% price. He quoted me 2800$ to air seal the attic and add insulation if they use this fancy *** space foil stuff and 1800 if he did not. This is for an attic that is maybe 1,000 square feet. This is an immensely silly question but shouldn't that measurement simply be the length x width of the attic? The reason I ask is because this guy kept on saying my attic was 1600 square feet when I originally brought up foam (which by research I know has to be blown in along the actual roof). Past factoring in the roof slope, I don't see where in the hell hes coming up with another 600 square feet.

Also, his quote in general seemed nuts from the averages I've pulled up on google. If that's what it costs to have an efficient home, I'll do it so save on heating and cooling costs but I don't want to get hosed by this guy feeding me a line of bullshit either.
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Old 05-16-2017, 08:49 AM   #138
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I would get a couple quotes.
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