The American Dream: Buying a home and bitching about it ITT

Re: The American Dream: Buying a home and bitching about it

Postby phatj » Tue Apr 10, 2018 8:46 pm

Made an offer on a house today and it was accepted.

Hope inspection goes well tomorrow...
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Re: The American Dream: Buying a home and bitching about it

Postby Bucky » Tue Apr 10, 2018 8:51 pm

Congrats! Whereabouts?
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Re: The American Dream: Buying a home and bitching about it

Postby phatj » Tue Apr 10, 2018 9:09 pm

Gilbertsville
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Re: The American Dream: Buying a home and bitching about it

Postby The Dude » Tue Apr 10, 2018 9:25 pm

Did your house get inspected yet
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Re: The American Dream: Buying a home and bitching about it

Postby Uncle Milty » Tue Apr 10, 2018 9:32 pm

phatj wrote:Gilbertsville

Zern's every weekend. The real American dream!
Drunk and stupid is no way to be remembered but it is an easy way to forget.

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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Mon Apr 16, 2018 8:51 am

Bought a close friend's house last week somewhat sight unseen; had been there a few times, but never sober. We knew the area and schools were great but couldn't really remember the particulars of the house. Drove over there yesterday with our stomachs in knots but it was great phew

Now for the stucco inspection on his new house to go through...
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Re: The American Dream: Buying a home and bitching about it

Postby JUburton » Mon Apr 16, 2018 8:55 am

Grotewold wrote:Bought a close friend's house last week somewhat sight unseen; had been there a few times, but never sober. We knew the area and schools were great but couldn't really remember the particulars of the house. Drove over there yesterday with our stomachs in knots but it was great phew

Now for the stucco inspection on his new house to go through...
what
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Mon Apr 16, 2018 9:04 am

He had to move really quickly on his new house and we were away. It wasn't too crazy a risk, though, between having seen much of it a few times and it being in our ideal neighborhood well under market value.

Still scary driving over there though
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Re: The American Dream: Buying a home and bitching about it

Postby JUburton » Mon Apr 16, 2018 9:08 am

Grotewold wrote:He had to move really quickly on his new house and we were away. It wasn't too crazy a risk, though, between having seen much of it a few times and it being in our ideal neighborhood well under market value.

Still scary driving over there though
like the risk taking. you've got guts, kid

i should probably buy a house since my rent just went up for the first time in 5 years 25 whole dollars (.......split between two people)
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Mon Apr 16, 2018 9:49 am

I forget -- is that your brother? Could you buy something small for roughly the same monthly payment and collect some rent? Really wish I had done that back in the day.
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Re: The American Dream: Buying a home and bitching about it

Postby JUburton » Mon Apr 16, 2018 10:08 am

Grotewold wrote:I forget -- is that your brother? Could you buy something small for roughly the same monthly payment and collect some rent? Really wish I had done that back in the day.
Yeah, I could and I really should have 5 years ago but at that time I knew I was within a year or two of leaving my job and wanted to wait until my next one was settled....well I left that one in 16 months and have been here 18 and am ready to start looking again. Hindsight is 20/20 and all that but sure would have been nice to have been building equity over the last five years...
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Re: The American Dream: Buying a home and bitching about it

Postby The Dude » Mon Apr 16, 2018 10:09 am

dont worry about that part of it. another way to look at it is you could have been spending a ton of money on a roof and appliances or something instead of just paying rent. but yeah, do it now if you can
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Mon Apr 16, 2018 10:11 am

Yeah I'm pretty pro-renting, on balance, but a roommate situation tilts it
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Re: The American Dream: Buying a home and bitching about it

Postby JUburton » Mon Apr 16, 2018 10:15 am

Yeah, no matter where my next job is, I'll probably be buying quickly.
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Re: The American Dream: Buying a home and bitching about it

Postby lethal » Tue Apr 17, 2018 3:09 pm

My wife and i have been casually talking about buying a single family house since we've sort of outgrown the townhouse we live in with the new kid and all. It would be nice to have a yard too. The past month or so we've been going to open houses nearby, to see what was available in our price range and to check out the market. Last weekend we saw something that we really like and think is priced fairly or maybe a bit underpriced. We don't have a buyer's agent, have not really mapped out our finances (but we don't spend extravagantly and live very comfortably on our incomes) and our townhouse is not in any condition to sell (just messy cause of the baby, nothing wrong with it. We bought it as new construction just 3 years ago).

Making an offer, even a contingent offer, would be a bad idea and just jumping the gun, right? Also, contingent offers in our area are supposedly non-competitive because the supply of houses for sale is like 1 month rather than the usual 6 months according to an article I read yesterday.

I mean, is the worst case scenario we buy a new house, get stuck with the old house on the market for like a year and I have to tap into my 401k (or borrow a loan against it until the old house sells?)
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Re: The American Dream: Buying a home and bitching about it

Postby ReadingPhilly » Tue Apr 17, 2018 3:14 pm

if it's a hot market in your area you should be able to sell it pretty fast when you put it up for sale, no?
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Re: The American Dream: Buying a home and bitching about it

Postby lethal » Tue Apr 17, 2018 3:28 pm

In theory yes, but since its a new development, only 3/38 units have turned over, so there's not a lot of comps. The last one was up on the market for a couple weeks and then there was a pending sign, but all 3 units have sold for less than we bought our for (but we had a lot of interior upgrades and an end unit). I dunno. I felt like we rushed into buying the house we're in now and I don't want to rush into this again.
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Re: The American Dream: Buying a home and bitching about it

Postby Uncle Milty » Tue Apr 17, 2018 3:53 pm

Generally never think it's a good idea to rush it. If it's extremely undervalued that would be an exception.
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Re: The American Dream: Buying a home and bitching about it

Postby Bucky » Tue Apr 17, 2018 3:54 pm

WWGD?

what would grotewold do
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Re: The American Dream: Buying a home and bitching about it

Postby Grotewold » Tue Apr 17, 2018 4:11 pm

lethal wrote:In theory yes, but since its a new development, only 3/38 units have turned over, so there's not a lot of comps. The last one was up on the market for a couple weeks and then there was a pending sign, but all 3 units have sold for less than we bought our for (but we had a lot of interior upgrades and an end unit). I dunno. I felt like we rushed into buying the house we're in now and I don't want to rush into this again.


That's how I felt a few months ago; needing to be under contract on your current house before even putting an offer on a new one is nuts to me. I don't get why there can't be a third party that would guarantee they'd buy your house at like 70% of its value (if it came to that) to get it excluded from your "debt."

We bent over backwards with a co-signer to be non-contingent, which really helps in this market. And that still ended up being really complicated as it's predicated on my buddy landing his next house.
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