House Buying Thread

Lemon Berry Lobster
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House Buying Thread

Postby Lemon Berry Lobster » Sat Jul 20, 2019 12:54 pm

Congrats!

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House Buying Thread

Postby dodint » Sat Jul 20, 2019 12:55 pm

Congrats, exciting stuff. :)

AuthorTony
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Postby AuthorTony » Sat Jul 20, 2019 1:13 pm

Congrats!!

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Postby willeyeam » Sat Jul 20, 2019 1:33 pm

I've been in the market for my first house and finally pulled the trigger on a property that just came on the market. The housing market in Wilmington is pretty hot but I didn't feel worried about making an offer (full asking price) for this house because tbh it was an awesome deal. And thankfully they accepted it within a few hours

Closing date is Aug 28. Any recommendations for a first timer?

The house didn't get flooded during Florence and that was a once in a 500 year storm so that makes me feel good.
You'll probably have a lot of ideas of things you want to do to the house. If you're gonna paint, do it before you move in if possible. Other big projects, I'd wait a few months to settle in and get comfortable with what your mortgage and taxes and utilities and everything cost before you go ham on projects

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Postby NTP66 » Sat Jul 20, 2019 1:59 pm

Congrats!
I've been in the market for my first house and finally pulled the trigger on a property that just came on the market. The housing market in Wilmington is pretty hot but I didn't feel worried about making an offer (full asking price) for this house because tbh it was an awesome deal. And thankfully they accepted it within a few hours

Closing date is Aug 28. Any recommendations for a first timer?

The house didn't get flooded during Florence and that was a once in a 500 year storm so that makes me feel good.
You'll probably have a lot of ideas of things you want to do to the house. If you're gonna paint, do it before you move in if possible. Other big projects, I'd wait a few months to settle in and get comfortable with what your mortgage and taxes and utilities and everything cost before you go ham on projects
Very much this. At the very least, paint it all before moving in. I wish we had done the floors before moving in because of how much of a hassle it was after the fact, but unless you’re dead set on doing them at some point, it can wait.

I’d also budget extra cash towards your principal in order to pay off the mortgage quicker. You’d be shocked at how much money you’ll save in the long run by knocking a few years off.

mac5155
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House Buying Thread

Postby mac5155 » Wed Dec 04, 2019 8:59 pm

Does anyone have experience with FHA Loans?

My dad is trying to sell my grandmother's house, and we're told that it may be struggling to sell thanks to knob and tube wiring in the basement. Even though, I've read that it's fine as long as it's inspected. I'm wondering if there's something he can do to help boost his listing short of replacing it all. It's simply in an area where there's a really solid chance the buyer will need FHA.

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Postby Troy Loney » Wed Dec 04, 2019 9:12 pm

Not sure what that means, but he could always just wait till the fha inspector comes, he’ll tell you what needs to be done For the buyer to get the loan.

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Postby mac5155 » Wed Dec 04, 2019 10:05 pm

Apparently there was someone that liked it tonight but they can't put an offer because it "won't pass FHA inspection because of knob and tube wiring".

I'm going off what the listing agent told him

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Postby MrKennethTKangaroo » Wed Dec 04, 2019 10:05 pm

Knob and tube wiring was popular a long ass time ago and very dangerous. It wouldn’t surprise me if homes with knob and tube wiring were not eligible to be financed by FHA loans given the fact that FHA loans have an assload of restrictions. I once got a long lecture from the guy that monitors construction/renovation projects at work about it.

Mac this is just my opinion....it is probably best just to replace the knob and tube. Assuming this is in the greater mt pleasant/Scottsdale metropolitan region, most buyers are going to rely on FHA loans, and those people who want to live in that area that wont have to rely on FHA financing won’t want to live in a house that is old as sht anyways.

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Postby mac5155 » Wed Dec 04, 2019 11:04 pm

That's exactly what I'm trying to see if he should do.

But, the FHA inspection regulations I found online say it IS allowable, as long as it's "safe and functioning properly"...

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Postby skullman80 » Thu Dec 05, 2019 5:31 am

That's exactly what I'm trying to see if he should do.

But, the FHA inspection regulations I found online say it IS allowable, as long as it's "safe and functioning properly"...
I don't think it's possible for knob and tube wiring to be safe and functioning properly at this point.

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Postby mac5155 » Thu Dec 05, 2019 7:22 am

That's exactly what I'm trying to see if he should do.

But, the FHA inspection regulations I found online say it IS allowable, as long as it's "safe and functioning properly"...
I don't think it's possible for knob and tube wiring to be safe and functioning properly at this point.
Define safe? If it's not covered in insulation or bare wires exposed, I'd say it's fine.

I lived in the house for 7 years with zero issues. And it's been working fine for 60+ prior to me.

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Postby skullman80 » Thu Dec 05, 2019 7:46 am

That's exactly what I'm trying to see if he should do.

But, the FHA inspection regulations I found online say it IS allowable, as long as it's "safe and functioning properly"...
I don't think it's possible for knob and tube wiring to be safe and functioning properly at this point.
Define safe? If it's not covered in insulation or bare wires exposed, I'd say it's fine.

I lived in the house for 7 years with zero issues. And it's been working fine for 60+ prior to me.
Up to current code I guess? I'm not saying it's a fire hazard, but FHA loans have restrictions. I can only speak for myself, but I would not buy a house with knob and tube wiring, I would ask for it to be replaced, or negotiate the price down based on having to have it replaced.

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Postby Kane » Thu Dec 05, 2019 7:59 am

An FHA loan will absolutely not be approved if there is knob and tube. I went through that with my house (had it in the attic), and it needed to be replaced completely before we could get approval. Luckily, it was a for sale by owner deal, so I went in with my FIL and replaced it all ahead of time.

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Postby NTP66 » Thu Dec 05, 2019 8:00 am

FHA loans are very, very strict. One square inch of peeling paint on your garage door? You're now required to paint the entire door to resolve the matter.

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Postby Dickie Dunn » Thu Dec 05, 2019 8:10 am

Our first townhouse was an FHA loan. Strict as hell and things need to be fixed before they’ll fund the loan. We were buying a shithole for the purpose of renovating and had already the guy over a barrel at 33% less than his asking price and 20% less than he bought the house for a decade earlier, so he was unwilling to pay for the FHA improvements. FHA inspection came back with some understandable things (add a hand railing, replace broken window, need some kind of covering on the bedroom floor) and some complete nonsense things (replace entire wall by bathroom door due a hole that could easily be patched instead) that we fixed in a house we did not yet own just so the loan would get funded.

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Postby mac5155 » Thu Dec 05, 2019 10:39 pm

Ironically enough, they got an offer today. The listing agent is concerned that the lender is "zillow mortgages" though and is attempting to work with the buyer agent to get them with a more traditional bank

I feel like she shouldn't be doing this and just accept the damn offer as is.

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Postby Dickie Dunn » Thu Dec 05, 2019 11:06 pm

Correct. She needs to piss off and mind her own side of things.

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Postby NTP66 » Fri Dec 06, 2019 6:15 am

Correct. She needs to piss off and mind her own side of things.
This. Our agent went out of her way to help our buyer, but it was at his request. Otherwise, I wouldn't want my agent playing both sides of the field like that.

mac5155
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Postby mac5155 » Fri Dec 06, 2019 7:20 am

That's what I told my dad to advise her, so let's hope it all works out. It's a great very solid offer price wise, and he's ecstatic with it. Fingers crossed it works out

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Postby tifosi77 » Sat Dec 07, 2019 1:04 pm

Our first house was an FHA loan. It was an REO, and the previous occupant (lessee) of the house did about $7,000 worth of vandalism to the property prior to vacating. So we had to go out-of-pocket on those repairs with no guarantee that our loan would get approved.

FHA will approve KAT wiring, provided it's not just safe and functioning, but also 'typical for the area'. So if the house in question is one of only four within a half a mile with the older wiring, it will have to be replaced prior to the loan being approved. But if every house within like 15 blocks is KAT, it shouldn't be a problem. Who foots the bill for that repair cost is between the seller and buyer, but it's not something you'll be able to credit the buyer; it will have to be fixed either prior to or during the contract period, and, again, there's no guarantee FHA approval will come through after the fact. If you foresee it being an issue going forward, it might be worth it to suck it up and make the repair yourself now (which might enable you to goose the listing price a bit).

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Postby count2infinity » Tue Feb 04, 2020 7:59 am

Let's say I go and get pre-approved for a mortgage Saturday, see a house Sunday, have an offer in and accepted by next weekend. What's the rough timeline of offer accepted to keys handed over? 30? 60? 90 days? Somewhere in that range?

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Postby skullman80 » Tue Feb 04, 2020 8:04 am

Let's say I go and get pre-approved for a mortgage Saturday, see a house Sunday, have an offer in and accepted by next weekend. What's the rough timeline of offer accepted to keys handed over? 30? 60? 90 days? Somewhere in that range?
I think 60 days is the "norm", but depending on situation I think 30 days is possible. We are in the process of starting up the search again once spring hits, but I believe that is what our agent told us last fall. Depends on loan type etc.

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Postby count2infinity » Tue Feb 04, 2020 8:07 am

I see. We have a lease that's up at the end of July, so timing is kind of important to us. There's a beautiful house on the market right now in the right neighborhood at the right price, so we were just thinking about maybe going after it and then trying to get someone to sublet our current place for the rest of the lease.

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Postby skullman80 » Tue Feb 04, 2020 8:09 am

I see. We have a lease that's up at the end of July, so timing is kind of important to us. There's a beautiful house on the market right now in the right neighborhood at the right price, so we were just thinking about maybe going after it and then trying to get someone to sublet our current place for the rest of the lease.
You can ask for a longer close as well I believe. That is just up to the seller if they want to wait or not. It all comes down to negotiations. If the seller gets your offer but has to wait until July to get out, then gets another offer for the sameprice that says hey we can close in less time they may take that other offer etc.

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