Home buying thread

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blizzak_foh

shitlord
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Take stock of what tools your friends and dads have. Only buy the basics and tools that none of them own unless you know for certain its something you"ll have to use quite often. Hell, some tools that you only need once or twice can be rented cheaply. Tools are expensive and add up quickly. My best friend and I own a shitton of tools but we make sure to add only what the other doesn"t have. This allows you to still buy your toys, but save a lot of cash on DIY jobs and has the added benefit of making your buddy"s day when you tell him about the new toy he gets to use.

Of course, this only works if you have friends who take care of their shit and can be trusted to replace broken/lost items. But it works for me and its nice knowing that most jobs are only going to cost us materials.
 
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MrGraham_foh

shitlord
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So I heard there"s bills in the senate to extend the first time home buyer"s rebate. Any news on that? When will it come to a vote, how long is it proposed to be extended for, what are the odds, etc?
 
Hatorade

Hatorade

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No idea but it is basically one guy and he also wants to increase it to 15k up from the 8k it is now.
 
Dis

Dis

Confirmed Male
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MrGraham said:
So I heard there"s bills in the senate to extend the first time home buyer"s rebate. Any news on that? When will it come to a vote, how long is it proposed to be extended for, what are the odds, etc?
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Im highly interested as well. Because the talk is 15k for ALL buyers. Tentatively scheduled to close right before Thanksgiving, but for 15k Ill push that shit back easy. But havent heard a peep.
 
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meStevo_foh

shitlord
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We"re almost 20 offers in, Vegas is crazy right now for home buying, so many cash offers and short sales, 10-40 offers on houses, and we"re not ideal buyers (FHA, and asking for 3.5% closing costs with a max of 140k, shooting for ~1k payments).

On 2nd realtor too, first one was shit.
 
Cutlery

Cutlery

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Dis said:
Im highly interested as well. Because the talk is 15k for ALL buyers. Tentatively scheduled to close right before Thanksgiving, but for 15k Ill push that shit back easy. But havent heard a peep.
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If they do pass something like that, it"ll likely be retroactive.

But, to be honest, there"s no reason to. Home sales are picking up, the market can correct itself from here on out. No reason to spend more federal money to keep it going. Don"t get me wrong, I"d take it, but if I was in control, there"s no way I"d let that go. Just unnecessary waste at this point.
 
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DisgruntledOrangatang_foh

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TheCutlery said:
If they do pass something like that, it"ll likely be retroactive.

But, to be honest, there"s no reason to. Home sales are picking up, the market can correct itself from here on out. No reason to spend more federal money to keep it going. Don"t get me wrong, I"d take it, but if I was in control, there"s no way I"d let that go. Just unnecessary waste at this point.
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Agreed, but shit I"d take it hehe. Even just the 8k again.
 
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p0wl_foh

shitlord
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Closing on this:Pictures by chrisNsara - Photobucketon 10/07.

99k, seller pays closing (4.8k), fixes the fence and pays for a one year warranty. We looked at the house last week, signed the mortgage papers yesterday and had it inspected today--a few things with the chimney need to be fixed but nothing huge. Everything seems to be moving sooo fast. We wanted to get a house this year incase the first time home buyers thing didn"t get extended.

We"re getting an FHA loan, 3.5% down, payments will be ~$690 w/pmi, insurance and taxes.

You guys got any other tips for a first time home owner? We"re both really excited and extremely nervous.
 
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Wolfen_foh

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p0wl said:
You guys got any other tips for a first time home owner? We"re both really excited and extremely nervous.
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Well, the first rule after moving in is that you have to fuck in every room asap.
 
Cutlery

Cutlery

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p0wl said:
You guys got any other tips for a first time home owner? We"re both really excited and extremely nervous.
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Plan on everything you do taking twice as long as you think it will, and never assume anything was done right the first time.

My house was built in 81, and had 2 owners prior to this. Original owners up until 2006, and then the people who got foreclosed on from 06 to 09. You can tell that the original owners had some real pride and did everything right, and then the fuckwads who were here after that fucked a lot of things up. They"re lucky they"re in MA right now (thanks facebook!), because the urge to track them down and kick the crap out of them for ruining a perfectly good house is pretty strong.

The neighbors said the previous owners had a son going to school to be a hairdresser, and mostly lived in the basement. Really? The walls and carpet look like that with a fag living down there? What the hell?
 
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meStevo_foh

shitlord
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BofA here (I assume elsewhere too) starting a program for FHA buyers to increase their interest rate a quarter point and they"ll give 1% of the loan as a lender credit to pay closing costs.
 
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r3probate_foh

shitlord
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That"s a function of how mortgage backed securities (or any fixed income security) are priced, not necessarily a program. A bond issued at a higher coupon than the market rate comes with a premium, that is, in this case you"d get money back to pay down your closing costs / waive your 1% origination or if your loan officer is good, he just takes all the premium on the loan into his own pocket and walks away a few grand richer.

Likewise, if you want to buy down to a lower rate, you have to pay more money to the bank in discount because that loan isn"t as attractive to potential investors once it"s pooled and sold.
 
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Axire_foh

shitlord
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p0wl said:
Closing on this:Pictures by chrisNsara - Photobucketon 10/07.

99k, seller pays closing (4.8k), fixes the fence and pays for a one year warranty. We looked at the house last week, signed the mortgage papers yesterday and had it inspected today--a few things with the chimney need to be fixed but nothing huge. Everything seems to be moving sooo fast. We wanted to get a house this year incase the first time home buyers thing didn"t get extended.

We"re getting an FHA loan, 3.5% down, payments will be ~$690 w/pmi, insurance and taxes.

You guys got any other tips for a first time home owner? We"re both really excited and extremely nervous.
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Thats fucking crazy for 99k, you can"t even buy a 1 bedroom flat where I live for less than ?150k
 
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p0wl_foh

shitlord
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Axire said:
Thats fucking crazy for 99k, you can"t even buy a 1 bedroom flat where I live for less than ?150k
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Yeah man, it"s crazy. Our payments are going to be ~$696/month. Five years ago I paying ~$650/month for a studio apartment in Rhode Island.
 
Cutlery

Cutlery

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p0wl said:
Yeah man, it"s crazy. Our payments are going to be ~$696/month. Five years ago I paying ~$650/month for a studio apartment in Rhode Island.
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That"s not crazy, it"s just back to sane. The median income in America is something like 25k, now people can actually afford fucking houses without having 2 people working 2 jobs for a run down piece of shit.
 
Hatorade

Hatorade

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p0wl said:
Yeah man, it"s crazy. Our payments are going to be ~$696/month. Five years ago I paying ~$650/month for a studio apartment in Rhode Island.
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696 a month +taxes etc?
 
Hatorade

Hatorade

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We just locked in at 5% even for Houston market, it has been hovering at 5.3-5.5% for a while so 5 even feels good enough.
 
Hatorade

Hatorade

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Huh, I wonder what my monthly will be with a 94k home but we also putting money down to get rid of that PMI faster. Just waiting on the numbers, one more week for under-writing.
 
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p0wl_foh

shitlord
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Are you paying closing costs? We got it for 99k, plus they"re paying 4.8k in closing. We"re putting 3.5k down, but that"s it. What are the taxes like in your area? Apparently Virginia is way cheap--my parents pay ~4k/year in taxes.

Edit: just read they"re paying 3k in closing, good deal man, should have fairly cheap payments
 
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