Home buying thread

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Picasso3 said:
Yeah that happens here too, but it would really piss me off if I knew every house in xx is going to appraise lower than the sale price.
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I may or may not have seen evidence of pervasive appraisal fraud particularly with prolific loan originators who control their pool of used appraisers based on who comes in low a lot and whose loan officers would call the appraiser and tell them the loan amount. I can't confirm anything but I may have seen something like that.
 
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Picasso3 said:
They would do that to match the loan amount though right?
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They would do that to make sure the appraisal doesn't come in low and break the deal. The bank wants the origination fee they get paid when they sell the loan, they don't give a fuck.
 
Pops

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Qhue said:
As it turns out it is very much a thing to the tune of them accepting my offer even though it wasn't the highest actual dollar value. My realtor was pretty shocked at my beginners luck.

I would be more inclined it had as much to do with my flexibility with respect to closing dates and having gone through the whole underwriting process with a TBD for the property. Had no idea this was a thing either, but turns out in a cash-offer dominated market it helps to not just have a pre-approval but an firm 'good as cash' underwriting in place.

So yeah I might have had beginners luck and/or a very glib tongue, or just made sure I was as prepared as I could be before entering the arena.
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You had the best financing.
 
Lanx

Lanx

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Blazin said:
I would say yes, when I got my realtor license and in a real estate law course during MBA had tons of RL whack a doodle examples where title insurance came into play that never would have been reasonably foreseen. But unless you are paying cash you aren't going to have a choice and the bank is going to require it.
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So I like two new properties, and we re doing cash... So do this title insurance thing or no? Also any quick place for closing costs if you're paying cash for dummies? Thanks
 
ZyyzYzzy

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Lanx said:
So I like two new properties, and we re doing cash... So do this title insurance thing or no? Also any quick place for closing costs if you're paying cash for dummies? Thanks
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Always do title insurance imo. The $500 - $1k it costs is insignificant, and will save you a ton of headache on a slim chance of needing it
 
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Threelions

Threelions

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ZyyzYzzy said:
Always do title insurance imo. The $500 - $1k it costs is insignificant, and will save you a ton of headache on a slim chance of needing it
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Just was told by my real estate lawyer there is an issue with the Title exam and that there is some owner in the chain of ownership (spouse of a previous owner, now deceased) who did not relinquish their right (ownership?) to the property. Long story short, now my attorney and the seller have to try to track down the executor of the estate to have them sign off. Apparently and thank fuck, I guess that with the insurance, the sale can still proceed, but that I won't have the deed until that clusterfuck is figured out ( possibly not even by the time I'd sell the house myself ). Who fucking knew
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Qhue

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Had the house inspection today and things were going along great. Clear indications that the original builder had done things the right way and what few issues found were relatively minor...

Then he got to the attic and found mold.

There isn't a ton of mold, just some dalmatian-like dark blackish splotches on the flat inside surfaces, but it does need to be dealt with. We've offered to pay for the testing and evaluation necessary as part of the investigation phase, but waiting to see what the sellers have to say. It will also be interesting to see what the likely source of the mold is, as we could see daylight coming in so the soffits seemed to be present and unblocked, but the necessary passive convective airflow is just not happening for some reason.
 
Lanx

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on a new house build, is it typical that they will always get the asking price? is it even worth it to put in a bid for a lower price? or is it best to try to get them to do some addons (fridge/w&d/fence) etc? is it even possible to have them pay for closing costs?
 
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Lanx said:
on a new house build, is it typical that they will always get the asking price? is it even worth it to put in a bid for a lower price? or is it best to try to get them to do some addons (fridge/w&d/fence) etc? is it even possible to have them pay for closing costs?
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We bought a new house and found the builder was unwilling to move on price because it sets the price for his other new homes in the area.

However what we were able to do was get them to throw in "extras" like landscaping (including in ground sprinklers), garage door openers, gutters with gutter guards, etc. Ended up being a good 10k ish worth of work and yet the builder got to hold their price.
 
Lanx

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Lenaldo said:
We bought a new house and found the builder was unwilling to move on price because it sets the price for his other new homes in the area.

However what we were able to do was get them to throw in "extras" like landscaping (including in ground sprinklers), garage door openers, gutters with gutter guards, etc. Ended up being a good 10k ish worth of work and yet the builder got to hold their price.
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that's what we're gonna try to do now, keep the price, throw in a fence a fridge and closing costs, will see if they bite.
 
edko

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Lanx said:
on a new house build, is it typical that they will always get the asking price? is it even worth it to put in a bid for a lower price? or is it best to try to get them to do some addons (fridge/w&d/fence) etc? is it even possible to have them pay for closing costs?
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Very market/builder dependent.

The predominant builder down here has been jacking up new houses far above current market value because the South Florida market is heating up again and there just isn't much inventory. The result lately is they are causing a small inventory glut with older homes, but they do negotiate on price some. We got a decent and fair discount on a brand new house (not that builder) but we were also paying cash with a quick close, so I'm sure that helped.

Ask for whatever you want because you never know.
 
Brahma

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I literally saw 10 houses yesterday. Took 8 hours.

3 are damn near perfect. They each have everything I need. Three are in a city I don't want to live in, but give me the tranquility I want when I come home...and are on the nice side of town. The other is just a nice house that felt right and has the room I need. I need to put an offer in on one, and I honestly can't decide. The good news is that the prices are high enough, that if my offers are refused, I can move onto the next and make an offer until I get one of them. The 1st link is where I am leaning...

136 North Ave, Brockton, MA 02302 | MLS #72178097 | Zillow

1383 Central St, Stoughton, MA 02072 | MLS #72176462 | Zillow

19 Elm View Ter, Brockton, MA 02301 | MLS #72176740 | Zillow

32 Olde Farm Ln, Brockton, MA 02301 | MLS #72170256 | Zillow
 
Uber Uberest

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Can't you look in Whitman or Hanson, even Bridgewater and stay the fuck out of Brockton? Those aren't even options to me, I'd take the Stoughton house 100 times out of 100.
 
Brahma

Brahma

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Whitman is too hick. Never considered Hanson. Will have a peek. Stoughton, in general, is horrendous in the morning just getting to the highway. My mother REALLY wants the home in Stoughton also.

Brockton is REALLY that bad? The parts I have seen have been pretty nice. I know each city has a bad side, but man...that bad?
 
Noodleface

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Brockton is bad man, I went to community college there before university and if you have to drive through the center of the city you'll see exactly how shitty it is. Do you work in Boston? The upside to that is there's a commuter rail.stop in Brockton.

My wife worked at the Canton post office and also the Stoughton one and she liked that area but agreed the traffic to the highway was very shitty during rush hour. Good place to live though.
 
Mrs. Gravy

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Brahma said:
I literally saw 10 houses yesterday. Took 8 hours.

3 are damn near perfect. They each have everything I need. Three are in a city I don't want to live in, but give me the tranquility I want when I come home...and are on the nice side of town. The other is just a nice house that felt right and has the room I need. I need to put an offer in on one, and I honestly can't decide. The good news is that the prices are high enough, that if my offers are refused, I can move onto the next and make an offer until I get one of them.
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The houses you linked all seem to have certain features that are attractive but it struck me that with the fact that you are seeking a multi generational home and likely one you may in what you may want to remain that you should also add to your list - "aging in place" ideas. My home is a simple ranch style on a full finished basement but is not fully accessible - laundry in the basement made it difficult for G to navigate. Steps are a bitch for a person with osteoarthritis in every part of their body, much less heart failure or other infirmities.
Good features in my home- hardwood floors, open living kitchen dining areas, wide hallways, only one small step up into the house from front door, was easily managed with a portable ramp. Less than good - not all doorways were wide enough for big man walker/wheelchair, carpets in bedrooms, step into kitchen from garage, location of the shower in the bathroom (it is right behind the door); would have been better to be where the tub is; actually kind of hate the tub and want to take it out and put in a first floor laundry in my bathroom but am afraid no tub will damage potential for resale.
Anyway - it just struck me when looking at your home links that all those steps in most of them could be a potential issue in the future.
 
Brahma

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Hmmm. Never would have considered that. My mother is a big gal at that. Though extremely spry for a senior citizen. That's now. I'm sure that may change in the next few years.

That 1st home is a ranch style with a sit-down shower.
 
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Picasso3

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On the flip side if you're able but fat a house with some stairs may be good for you.
 
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