Really getting cold feet about buying a home

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djrez4
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Postby djrez4 » Sat Jul 12, 2014 3:49 pm

Because the contract has a clause that says you can get out. Simple as that. And, if you do, you lose your earnest money.

You can always breach a contract outside of the language of the agreement as well. There just may be more severe consequences for it.
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MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 6:39 am

Ok I understand.


I have one house to go look at this weekend. Beyond that one I might be interested in. If those fall through, It's the joy of apartment living for one more year. As big a pain as the process can be, renting is still far worse.

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Postby MemberSince99 » Sat Jul 19, 2014 8:53 pm

Well I don't think this is the one. Over all it was nice, but the garage floor looks like an earthquake hit it - it's all cracked and buckled and clearly needs doing I'm guessing 3k or a bit more on that.


Plus it has a hook up for a gas dryer - I JUST bought a new electric because my old one bit the dust and I had no choice. So that kind of sucks too as I'd have to either get the hookup for an electric or go buy a gas one and sell this.


The worst thing though is they are asking WELL over assessed value. The loan officer already told me flat out they will NOT give more than 95% LTV assuming 5% down. I do not have the money sitting in my account to fork over what it would cost me to make up the difference, even if I wanted to, which honestly I don't as there are a LOT of houses for sale here.


So I think this is off the table. I'm not sure if the real estate agent is just thinking I have the money sitting around to pay over assessed on this, but I don't. And even if I did, I'm not going to do that. It did concern me that it dropped 25% in assessed value over the last 2 years.


I'll keep looking for another month and see what happens.

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Postby supercoolman » Sun Jul 20, 2014 11:53 pm

another housing bubble may be forming. a few houses I know sold for less than 300K back in 2003 are now asking for more than 800K without any maintenance over the years. the problems is that this the normal market price nowadays and the maintenance will probably involve redo everything interior which is at least 10K to tear off those wall/pain/carpet/wood...etc.

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Postby MemberSince99 » Mon Jul 21, 2014 5:33 am

It's not that way at all where I live. They keep dropping the asking price on this place and it's been listed for 4 months now. I got to the open house yesterday at the very end of it, and there was no one there then, other than the selling agent who was about to leave.


Part of the problem for this house could be a very small eat in kitchen - it won't work for me than 2 people unless they are hobbits. Since I live alone, I'm cool with it. But it wouldn't work for a family.


But there are many houses like that here. Some have been on the market for 6 months or a year. And it's not like they are over-priced. The economy here is just that bad. But I can always listen to the media tell me it's a booming economy and happy days are here again rah rah shake those pom poms let's go team. I can't tell you what it's like nationally but I can tell you that locally, that's total BS. I think that's the reason (bad economy).


So I have no idea what a housing bubble is like. I rented through the last one and I see as much evidence of one here as I imagine I'd see of a snowball laying around in the desert.


On the plus side, I really liked the house that had the open house showing yesterday. I liked it enough to want to make an offer. So we will see.

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Postby supercoolman » Mon Jul 21, 2014 8:22 am

both rent price and and sell price had sky rocket in the whole area.I believe rent prices are more than doubled when compared to 2 years ago. people are forced to move out of the area simply because you can't afford to live unless you have two jobs

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Postby MemberSince99 » Mon Jul 21, 2014 2:53 pm

Yeah that totally sucks.


I actually made the offer let's see what happens from here.

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Postby djrez4 » Mon Jul 21, 2014 3:15 pm

MemberSince99 wrote:I actually made the offer let's see what happens from here.


Best of luck.

What's asking price and how did you calculate your offer? (if you don't mind me asking...)
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MemberSince99
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Postby MemberSince99 » Mon Jul 21, 2014 4:17 pm

Thank you.


Asking price had dropped to 109,900.I offered them asking price, because I felt to go any lower was just insulting to be honest I just asked that they cover up to 4k of closing costs - if they were more I'd pay it and if less they keep the difference. The lender will only allow them to cover 3k, so in the offer it was adjusted to 109,000 and they pay 3k of closing costs. But basically I just felt like to offer less for it would be an insult. The price works for me, and rather than try to claw every penny out of the guy, I'll give him what he's looking for. If that makes me a chump, well I can live with that.

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Postby MemberSince99 » Tue Jul 22, 2014 7:11 pm

Seller accepted offer, inspection is set for Thursday morning. Assuming that and appraisal are ok and underwriting is satisfied, it means I'll become a homeowner. closing is scheduled for 9/5.


Get this - I let this apartment know. They were sure to remind me that I owe them rent through Oct 31st, as if I were not aware of that, But they mentioned that if I leave early and they can rent it, they'll "reimburse" me for the rent for the time it's rented to someone else, minus whatever time they take to "renovate" it whatever that means.
I don't trust them, not a bit, after all it's these people who tried to convince me I should live with my patio door lock not working. So I just responded since I have to pay for it through Oct 31st then I want it through Oct 31st - you can come in on 11/1 and it's all yours at that point.


Seriously, I'm going to have to pay for it anyway and I don't trust them, they'd love nothing better than to get double rent on it telling me they are still "renovating" or whatever. Screw that. Besides that gives me a LARGE window to move. So I'll be gone before the end of the month but that by no means says I'm down with them coming in here before 11/1. It's legally mine through 10/31 and I have to pay for that, so I want it. May sound petty but you know what, they aren't going to cut me any slack on the rent so why should I let them get double rent? Fair is fair.



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