Buying your first home

Freezer-TPF- · Post by **Freezer-TPF-** » Sat Nov 19, 2011 1:35 pm

Newsflash: It's stressful.

$iljanus · Post by **$iljanus** » Sat Nov 19, 2011 2:03 pm

Freezer-TPF- wrote:Newsflash: It's stressful.

Yes it was. (Good luck!

)

ChaoZ · Post by **ChaoZ** » Sat Nov 19, 2011 5:05 pm

Newsflash 2: In certain metropolitan areas of this continent, it's utterly unaffordable.

Hamlet3145 · Post by **Hamlet3145** » Sat Nov 19, 2011 6:16 pm

Yep. I just closed on October 28th. Due to a botched appraisal (they sent a non-FHA approved appraiser to an FHA mortgage home), I was still scrambling with paperwork & verification the day before. All worked out though and I'm happy to be locked in at 3.75% fixed for the next 30 years. I'm typing this from my sexy new kitchen.

Shoot me if I ever want to move again.

dbt1949 · Post by **dbt1949** » Sat Nov 19, 2011 9:21 pm

I've yet to buy a new home.
I just kind of got half interest in my wife's when we had to mortgage it. Then after it burned down we got another we placed on our land. Her credit was too bad to help the mortgage loan go thru so I got the whole burden.
And now it's MINE!
mine mine mine mine mine mine mine mine mine mine mine.
So far I'm letting her live her but it's just a matter of time.
time time time time time time time time!

Freezer-TPF- · Post by **Freezer-TPF-** » Sun Nov 20, 2011 1:01 am

ChaoZ wrote:Newsflash 2: In certain metropolitan areas of this continent, it's utterly unaffordable.

And that's why we are looking at townhouses.

Scuzz · Post by **Scuzz** » Sun Nov 20, 2011 1:14 am

Freezer-TPF- wrote:Newsflash: It's stressful.

Not just your first home buying experience is stressful. They all are. It's the way the industry works.

KingB · Post by **KingB** » Sun Nov 20, 2011 9:07 pm

We bought a townhouse when Obama was throwing money at first time home buyers. We were able to buy a older,smaller townhome in a very ritzy part of town. We are very happy. We had a great banker and real estate agent who helped us through the whole thing. The only stressful part was that when we first started looking for a house my credit sucked. I had to spend the next year really kicking it into gear and getting my credit back up to par. After it was all relatively simple.

JSHAW · Post by **JSHAW** » Sun Nov 20, 2011 10:17 pm

Wife and I have been in our 1st home for 13 months. I'm a vet, got VA loan, very low interest rate that's locked in. The guy we used for the loan approval process made it very easy, so easy that from start to close date was close to 30 days.

It went so fast we were scrambling to get out of our rental and get moved into the house.

When we were making the offer to the seller we gave them our BEST offer, they countered with slightly higher price. Because we got a VA loan the appraisal price was lower than their counter offer, and we ended up getting a great deal on the price. The seller could have walked, but they had 2 mortgages and selling to us got one of their mortgages paid off.

Closing day at the lawyers office was one of the greatest, happiest days of mine and my wife's life. After all the paperwork was completed we got in our car with our house keys and looked at each other and said "we're home owners".

Shinjin · Post by **Shinjin** » Mon Nov 21, 2011 1:06 am

Freezer-TPF- wrote:Newsflash: It's stressful.

Thread in 5 years: Selling your first home is stressful.

noxiousdog · Post by **noxiousdog** » Mon Nov 21, 2011 10:37 am

ChaoZ wrote:Newsflash 2: In certain metropolitan areas of this continent, it's utterly unaffordable.

Nobody goes there any more; it's too crowded.

MindToyGames · Post by **MindToyGames** » Mon Nov 21, 2011 2:44 pm

noxiousdog wrote:
ChaoZ wrote:Newsflash 2: In certain metropolitan areas of this continent, it's utterly unaffordable.
Nobody goes there any more; it's too crowded.

I usually take a two hour nap from one to four, and you can observe a lot by watching.

Oh, thought we doing a Yogi Berra skit or something.

$iljanus · Post by **$iljanus** » Mon Nov 21, 2011 2:54 pm

I remember buying my first home. Had to run around doing all sorts of things, deliveries across the wintery mountains, clearing out bandit camps and unpleasant lairs, partaking in the occasional theft and assassination but eventually I saved up enough and even then it only got me this tiny house in Winterun which, let me tell you, is no Solitude. The previous owners couldn't even be bothered to change the straw and sweep out the cobwebs. But over time and with some smart decorating tips it has finally grown into a cozy little home.

Freezer-TPF- · Post by **Freezer-TPF-** » Sat Jan 14, 2012 11:41 pm

Freezer-TPF- wrote:Newsflash: It's stressful.

This just in: it's still stressful.

Hrdina · Post by **Hrdina** » Sun Jan 15, 2012 1:05 am

JSHAW wrote:When we were making the offer to the seller we gave them our BEST offer, they countered with slightly higher price. Because we got a VA loan the appraisal price was lower than their counter offer, and we ended up getting a great deal on the price. The seller could have walked, but they had 2 mortgages and selling to us got one of their mortgages paid off.

We had a similar experience a few years ago, but as the sellers. We basically timed everything in the worst possible way, so that we were essentially locked into buying the new place but didn't yet have the old one sold. The market went down the toilet almost immediately after we bought and we had an extra mortgage for the better part of a year, and eventually sold for much less than we had planned. The buyers balked at our last counter-offer, but the difference wasn't enough to make us willing to gamble that we would find another seller any time soon.

We've about recovered from that, but I never want to move again.

rhinohelix · Post by **rhinohelix** » Sun Jan 15, 2012 3:59 am

$iljanus wrote:I remember buying my first home. Had to run around doing all sorts of things, deliveries across the wintery mountains, clearing out bandit camps and unpleasant lairs, partaking in the occasional theft and assassination but eventually I saved up enough and even then it only got me this tiny house in Winterun which, let me tell you, is no Solitude. The previous owners couldn't even be bothered to change the straw and sweep out the cobwebs. But over time and with some smart decorating tips it has finally grown into a cozy little home.

I was going to buy my first home but then I took an arrow in the
credit rating and I met a girl
who had one already.

tgb · Post by **tgb** » Sun Jan 15, 2012 8:01 am

Tip to buyers with lousy credit (like me - bankruptcy & tax lien): Look for a lease purchase. You move in right away, and while technically renting for the first couple of years, you can negotiate with the seller for a portion of the rent to be applied to the purchase while you repair your credit.

The other option is getting something that is owner-financed. Owners are a lot more lenient than banks/mortgage companies since they want to move the house quickly.

Freezer-TPF- · Post by **Freezer-TPF-** » Tue Jan 24, 2012 7:19 pm

Update: Home inspections are a bit stressful, too.

$iljanus · Post by **$iljanus** » Tue Jan 24, 2012 8:11 pm

Freezer-TPF- wrote:Update: Home inspections are a bit stressful, too.

Sounds like you're getting close. Good luck!

KiloOhm · Post by **KiloOhm** » Wed Jan 25, 2012 10:43 am

Man you guys and your fancy *new* homes. My homes have always been used.

Hrdina · Post by **Hrdina** » Fri Jan 27, 2012 9:40 pm

KiloOhm wrote:Man you guys and your fancy *new* homes. My homes have always been used.

A new home becomes a used home as soon as you drive it off the lot.

Freezer-TPF- · Post by **Freezer-TPF-** » Wed Feb 01, 2012 6:48 pm

$iljanus wrote:
Freezer-TPF- wrote:Update: Home inspections are a bit stressful, too.
Sounds like you're getting close. Good luck!

Update: Mold sucks.

Brian · Post by **Brian** » Wed Feb 01, 2012 7:21 pm

After nearly ten years I can honestly say, home ownership sucks.

Or at least it does if you had an appraiser that blew sunshine up your ass convincing you to buy a "great house" which turns out to be a lemon.

Smoove_B · Post by **Smoove_B** » Wed Feb 01, 2012 7:30 pm

Freezer-TPF- wrote:Update: Mold sucks.

Ooof. My only advice is make sure whatever caused the mold has been addressed. Taking care of the mold that's present is only half the problem. Also, don't look up "Stachybotrys" - but feel free to use it in Scrabble games.

Scuzz · Post by **Scuzz** » Wed Feb 01, 2012 7:33 pm

Smoove_B wrote:
Freezer-TPF- wrote:Update: Mold sucks.
Ooof. My only advice is make sure whatever caused the mold has been addressed. Taking care of the mold that's present is only half the problem. Also, don't look up "Stachybotrys" - but feel free to use it in Scrabble games.

Watched a "Holmes on Homes" last week that dealt with mold. Nasty stuff and it can be expensive if you don't fix the cause.

Freezer-TPF- · Post by **Freezer-TPF-** » Wed Feb 01, 2012 8:25 pm

Scuzz wrote:
Smoove_B wrote:
Freezer-TPF- wrote:Update: Mold sucks.
Ooof. My only advice is make sure whatever caused the mold has been addressed. Taking care of the mold that's present is only half the problem. Also, don't look up "Stachybotrys" - but feel free to use it in Scrabble games.
Watched a "Holmes on Homes" last week that dealt with mold. Nasty stuff and it can be expensive if you don't fix the cause.

Yep. Bad news indeed. And Smoove, unfortunately I'm already way ahead of you on looking up that bad boy. A mold remediation specialist has been called in. They will pay for the remediation and drywall replacement, etc., but as you say, the underlying cause is the key. "Three dimensional mold" is not a phrase you ever want to see on a report.

stimpy · Post by **stimpy** » Wed Feb 01, 2012 9:27 pm

Scuzz wrote:
Smoove_B wrote:
Freezer-TPF- wrote:Update: Mold sucks.
Ooof. My only advice is make sure whatever caused the mold has been addressed. Taking care of the mold that's present is only half the problem. Also, don't look up "Stachybotrys" - but feel free to use it in Scrabble games.
Watched a "Holmes on Homes" last week that dealt with mold. Nasty stuff and it can be expensive if you don't fix the cause.

Is there any house that guy touches that he doesnt find a million things wrong with?
I would be so afraid to have him show up to fix a leaky faucet, just to see my whole house end up gutted.....

Freezer-TPF- · Post by **Freezer-TPF-** » Thu Feb 23, 2012 11:56 am

Update #1: The mold has been professionally dealt with and the original source of the problem is long gone. A contractor will restore the work areas next week back to original condition.

Update #2: Signed the loan docs last week. It was disturbingly easy. I kept expecting our lender to look us in the eyes and say, "Really? You're sure you want to spend all this money and be fully responsible for this thing?"

Odin · Post by **Odin** » Thu Feb 23, 2012 12:06 pm

Freezer-TPF- wrote:Update #2: Signed the loan docs last week. It was disturbingly easy. I kept expecting our lender to look us in the eyes and say, "Really? You're sure you want to spend all this money and be fully responsible for this thing?"

Hahaha, yeah, the bank's going to try to talk you out of borrowing money from them.

Anyway, I hope the remainder of the process goes as smoothly for you. It was an experience I hated, and some 14+ years later still would prefer not to repeat.

Scuzz · Post by **Scuzz** » Thu Feb 23, 2012 12:57 pm

stimpy wrote:
Scuzz wrote:
Smoove_B wrote:
Freezer-TPF- wrote:Update: Mold sucks.
Ooof. My only advice is make sure whatever caused the mold has been addressed. Taking care of the mold that's present is only half the problem. Also, don't look up "Stachybotrys" - but feel free to use it in Scrabble games.
Watched a "Holmes on Homes" last week that dealt with mold. Nasty stuff and it can be expensive if you don't fix the cause.
Is there any house that guy touches that he doesnt find a million things wrong with?
I would be so afraid to have him show up to fix a leaky faucet, just to see my whole house end up gutted.....

If the house had no problems he would have no show.

$iljanus · Post by **$iljanus** » Thu Feb 23, 2012 2:39 pm

Go Freezer Go!

Do you have to or want to do much with the house? We repainted much of the interior. The "Sunroom" had what looked like gray color that belonged more on a Navy ship or submarine. The previous owner's wife supposedly said it was trendy. We then found out she was depressed. I remember after buying our house we replaced the front and back doors. It was a nice front door but seeing sunlight coming through between the door and the frame lost its luster quickly. Also landscaped the backyard since the previous owner's wife liked gardening so much she just plopped down any old thing that would grow in the backyard. Ugh. A year or so later, new gutters with gutter guards and an unexpected re-paneling/painting of our garage. Fun times but really no regrets having our own home.

Freezer-TPF- · Post by **Freezer-TPF-** » Thu Feb 23, 2012 4:52 pm

$iljanus wrote:Go Freezer Go!

Do you have to or want to do much with the house? We repainted much of the interior. The "Sunroom" had what looked like gray color that belonged more on a Navy ship or submarine. The previous owner's wife supposedly said it was trendy. We then found out she was depressed. I remember after buying our house we replaced the front and back doors. It was a nice front door but seeing sunlight coming through between the door and the frame lost its luster quickly. Also landscaped the backyard since the previous owner's wife liked gardening so much she just plopped down any old thing that would grow in the backyard. Ugh. A year or so later, new gutters with gutter guards and an unexpected re-paneling/painting of our garage. Fun times but really no regrets having our own home.

We are hoping to start a family in the next year or so, so we were looking for a place that would need us to do as little as possible. The place we are buying is fine as is (except for that pesky mold issue that is being taken care of for us by professionals). It's all freshly painted with neutral tones, new hardwood floors on the main level, and new carpet on the other levels. The kitchen is all brand new with tile floor, granite, and stainless appliances. The bathrooms have new plumbing and faucets. The small backyard is already done as well with a patio, second floor deck, and even a little shed.

Some of the other main systems (furnace, water heater, roof) are approaching their life expectancy in the next few years, so we'll be setting aside money for those as well as some extra furniture to fill out the lower level. We're going from a 2BR apartment to a 3BR+den townhome, so we need at least one more sofa, a guest bed, and, finally, a nice flatscreen TV.

$iljanus · Post by **$iljanus** » Thu Feb 23, 2012 5:02 pm

Freezer-TPF- wrote:
$iljanus wrote:Go Freezer Go!

Do you have to or want to do much with the house? We repainted much of the interior. The "Sunroom" had what looked like gray color that belonged more on a Navy ship or submarine. The previous owner's wife supposedly said it was trendy. We then found out she was depressed. I remember after buying our house we replaced the front and back doors. It was a nice front door but seeing sunlight coming through between the door and the frame lost its luster quickly. Also landscaped the backyard since the previous owner's wife liked gardening so much she just plopped down any old thing that would grow in the backyard. Ugh. A year or so later, new gutters with gutter guards and an unexpected re-paneling/painting of our garage. Fun times but really no regrets having our own home.
We are hoping to start a family in the next year or so, so we were looking for a place that would need us to do as little as possible. The place we are buying is fine as is (except for that pesky mold issue that is being taken care of for us by professionals). It's all freshly painted with neutral tones, new hardwood floors on the main level, and new carpet on the other levels. The kitchen is all brand new with tile floor, granite, and stainless appliances. The bathrooms have new plumbing and faucets. The small backyard is already done as well with a patio, second floor deck, and even a little shed.

Some of the other main systems (furnace, water heater, roof) are approaching their life expectancy in the next few years, so we'll be setting aside money for those as well as some extra furniture to fill out the lower level. We're going from a 2BR apartment to a 3BR+den townhome, so we need at least one more sofa, a guest bed, and, finally, a nice flatscreen TV.

That's great! Saves you some cash in the beginning if you don't have to do much. Only fault I find is that it should be "TV, sofa, then guest bed"

PLW · Post by **PLW** » Thu Feb 23, 2012 5:05 pm

Freezer-TPF- wrote: Signed the loan docs last week. It was disturbingly easy. I kept expecting our lender to look us in the eyes and say, "Really? You're sure you want to spend all this money and be fully responsible for this thing?"

Freezer-TPF- wrote: We are hoping to start a family in the next year or so,

You think the real-estate attorney's office was bad, wait until you are leaving the hospital. You can just walk away from a house if you screw it up too badly.

Smoove_B · Post by **Smoove_B** » Thu Feb 23, 2012 5:23 pm

Freezer-TPF- wrote:We are hoping to start a family in the next year or so

It's all freshly painted with neutral tones, new hardwood floors on the main level, and new carpet on the other levels.

I don't want to be a Debbie Downer (and a stress-multiplier), but without knowing the age of the unit you're purchasing, did they give you any type of certifications that it's been tested to be lead-free? There are all kinds of new laws (Federal and here in NJ) that require documentation when certain types of home renovations are being made in housing units built before 1978. There might be additional requirements in your state, but I can't say for sure. The last thing you want to do is move into a house that's filled with lead dust that's been generated from construction related work - particularly when you're looking to start a family.

Scuzz · Post by **Scuzz** » Thu Feb 23, 2012 5:34 pm

In California a licensed painter would have had to mitigate the lead dust problem at the time.

In most cases items such as lead and asbestos are of no danger unless they are disturbed. Merely painting over such surfaces (lead paint) or ignoring asbestos containing products (old linoleum or pipe wrapping) will not cause any problems.

Freezer-TPF- · Post by **Freezer-TPF-** » Thu Feb 23, 2012 5:38 pm

Smoove_B wrote:
Freezer-TPF- wrote:We are hoping to start a family in the next year or so

It's all freshly painted with neutral tones, new hardwood floors on the main level, and new carpet on the other levels.
I don't want to be a Debbie Downer (and a stress-multiplier), but without knowing the age of the unit you're purchasing, did they give you any type of certifications that it's been tested to be lead-free? There are all kinds of new laws (Federal and here in NJ) that require documentation when certain types of home renovations are being made in housing units built before 1978. There might be additional requirements in your state, but I can't say for sure. The last thing you want to do is move into a house that's filled with lead dust that's been generated from construction related work - particularly when you're looking to start a family.

No, feel free to bring it on and tell me all the ways my house could kill or maim me. I've already had plenty of worst case scenarios dancing through my head. The place is 18 years old so lead/asbestos is not an issue.

LordMortis · Post by **LordMortis** » Thu Feb 23, 2012 5:43 pm

Freezer-TPF- wrote:No, feel free to bring it on and tell me all the ways my house could kill or maim me. I've already had plenty of worst case scenarios dancing through my head. The place is 18 years old so lead/asbestos is not an issue.

Radon?

http://www.epa.gov/radon/pubs/hmbyguid.html" target="_blank

Smoove_B · Post by **Smoove_B** » Thu Feb 23, 2012 5:45 pm

Freezer-TPF- wrote:The place is 18 years old so lead/asbestos is not an issue.

You'd think that, but I've seen crazy, crazy things. Like guys who work for a town or county public works office that decide to take home "surplus" road paint to deal with hand railings or stairs. You can't buy paint with lead in it as a general consumer, but it's still available for other uses - because it's awesome.

You're on a public water and sewer connection, right? If not, that's potentially an issue.

Freezer-TPF- · Post by **Freezer-TPF-** » Thu Feb 23, 2012 5:50 pm

Public water and sewer.

We chose not to do a radon test since we are in a low-risk area of the state's radon map and the "basement" is not really underground.