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RE: Home purchase-mistakes and shrewd moves - 2/23/2007 4:02:19 PM

Sinergy

Posts: 9383
Joined: 4/26/2004
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I have purchased and remodelled two homes. I was talking to a friend down on the docks today who went up to Big Bear two weeks ago and is in 30 day escrow for the house. He and I have the same idea. Keep a small place near the harbor and a big place on land out of town. So I will probably be going up there.

I generally dont listen to anybody with a vested interest. I get the name of a good home inspector in the area from several friends, and I will pony up the money to have two different, unrelated inspectors go through it. In California, the law stipulates that the seller most fully disclose everything about the house. Failure to do this allows one to sue both the former owner AND their realtor. Keeps people honest.

Sinergy

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to MstrssScarlet)

Post #: 61

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 4:38:12 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

http://paintrecycling.org/whatif.htm <--- i asked for paint here. no reply

(in reply to Sinergy)

Post #: 62

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 4:40:14 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: subfever

quote:

i want to do something that is bold- astounding.
wanna help? throw me some ideas.....

Invite all your friends in for a painting party. Provide plenty of paint in plenty of colors, plenty of paint brushes, and plenty of electric kool-aid...

- neat idea!!!

(in reply to subfever)

Post #: 63

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 4:46:36 PM

RWAble

Posts: 282
Joined: 1/5/2007
Status: offline

Most countys have recycle programs through the dump. They take in all discarded paints and have them blended into a nice tan color.

_____________________________

When the Yankees leave Florida, then we can be free.

Life is a voyage, not a destination.

(in reply to pahunkboy)

Post #: 64

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 4:56:05 PM

philamaster2002

Posts: 1
Joined: 1/9/2005
Status: offline

Two things

1. On a 30 yr fixed mortgage. A lot of people say pay early on the principal of the mortgage to head off the huge total payoff. Others say invest any surplus, you've got to do better on investments than 6%. But a quick option (especially for those that don't have the luxury of extra cash at the end of the month)...See if the bank will allow you to do automatic payments BI-WEEKLY. In other words, say your monthly payments are $1000 a month. Have $500 taken out twice a month. It's the same total payment. But the difference is, a 30 year mortgage will be paid off in 23 years...with no extra payments.

2. For my own curiousity, has anyone tried mortgages online? Many have attractive rates, but I have my doubts on who comes to the table at settlement. Who's good, who's bad?

(in reply to RWAble)

Post #: 65

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:02:47 PM

maleinmaryland

Posts: 13
Joined: 11/2/2006
From: Glen Burnie, MD
Status: offline

paying every two weeks is not the same as 12 months times 2 payments. if your monthly is $1000 and you pay $500 every two weeks - you will end up paying $13,000 a year instead of $12K. There are 26 two week periods in a year. That's where the extra money comes in to pay down the principle to get the 7 years off the mortgage.

(in reply to philamaster2002)

Post #: 66

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:12:47 PM

Griswold

Posts: 2739
Joined: 2/12/2007
Status: offline

quote:

ORIGINAL: pahunkboy

Im en route to purchase a money pit. ERR I mean a house.

I want to pick your brain on the aspects of it. The good the bad, and the ugly.

What the, bank, realitor, attorney WONT tell me.

Unleash you learning episode.

PS: I would kill for a riverfront home that I have a chance at. I will have a spare bedroom too.

Bud!!! You've been on the verge now for 6 months or longer....

Was there a question? (you alluded to such above).

(in reply to pahunkboy)

Post #: 67

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:24:45 PM

Griswold

Posts: 2739
Joined: 2/12/2007
Status: offline

quote:

ORIGINAL: pahunkboy

Ok- good- good. I have the mortgage lady that KNOWs programs for disabled. I met with her today. I picked out an attorny for closing- the cheap one is $450, $700 for the better title insurance. I picked out the realtor- known her 20 years.

The county has $3500.00 to throw in for closing costs.

Price of this place is $35k.

Needs 10-12k to make it nice. This from my brother.

I will need 5% down.

I have 12k mattress money. this can do the repairs.

5% of 35k is....under 2k. meanwhile the neighbor wants easement for his parking- he offerred 5k. I said no way. $500 a year. [to defray my water and sewer bill] people fist fight over parking spaces when it snows in that town. so off street parking is prime.

If this is your first foray into real estate...get good advice...find a place you can live with...listen to everyone...realize that it's going to be much more than you thought it'd be (including repairs), accept it once you've made your decision (regardless of whether or not you can afford it)....dive in, bite the bullet, make your payments on time...and in 7 - 10 years look around and realize...."Motherfuck...that wasn't painful at all".

What's painful is being on the outside, looking in realizing..."I coulda, shoulda, woulda".

Then...in the next 10 year go around...save as much as you can between now and then...and realize...you've just made more money drinking coffee....than in any other activity you've ever done....and find a way to buy 5 more.

(Yes, really).

The numbers will be larger (a lot), the pain will be slightly higher....and...in the following 10 years you'll have made more money that you were certain back in 2007 was even possible....you can pay off your existing home, cash out 2 of the 5 you bought recently (6 - 10 years after the fact), you'll own yours free and clear...and a pair of rentals that'll provide you with a very nice stipend.

Or, you can do it all over again. (I, of course would highly recommend doing it again, but then...I'm a greedy bastard).

It's less painful each time, and the gain is significantly greater.

(There's no such thing as a bad time to buy real estate...for you..or investment)

(And no...I don't sell real estate...I own it).

(in reply to pahunkboy)

Post #: 68

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:26:32 PM

RWAble

Posts: 282
Joined: 1/5/2007
Status: offline

Capital One. They are great for online loans. Do note they sell all their mortgages. But they lock all deals before sale.

quote:

ORIGINAL: philamaster2002

Two things

1. On a 30 yr fixed mortgage. A lot of people say pay early on the principal of the mortgage to head off the huge total payoff. Others say invest any surplus, you've got to do better on investments than 6%. But a quick option (especially for those that don't have the luxury of extra cash at the end of the month)...See if the bank will allow you to do automatic payments BI-WEEKLY. In other words, say your monthly payments are $1000 a month. Have $500 taken out twice a month. It's the same total payment. But the difference is, a 30 year mortgage will be paid off in 23 years...with no extra payments.

2. For my own curiousity, has anyone tried mortgages online? Many have attractive rates, but I have my doubts on who comes to the table at settlement. Who's good, who's bad?

_____________________________

When the Yankees leave Florida, then we can be free.

Life is a voyage, not a destination.

(in reply to philamaster2002)

Post #: 69

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 4:51:18 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: Griswold

quote:

ORIGINAL: pahunkboy

Im en route to purchase a money pit. ERR I mean a house.

I want to pick your brain on the aspects of it. The good the bad, and the ugly.

What the, bank, realitor, attorney WONT tell me.

Unleash you learning episode.

PS: I would kill for a riverfront home that I have a chance at. I will have a spare bedroom too.

Bud!!! You've been on the verge now for 6 months or longer....

Was there a question? (you alluded to such above).

Yes- LOL. You are correct. I knew it was on the horizen- Feb 26, Monday- new ownership where I rent.

I been sorting and packing boxes. I think this is upsetting the bird. The dumpster meaves the 26th.

Plan B, I must consider if it falls thru. Realitor asked if I could go as high as 56k, I said, Yeah, if it is solid. My brother said to set any places up to inspect while he is here moving my mom. So my realtor is gonna scan her brain- so what might be nicer. She knows that 80% of my decission - is result of my bros expertise, he exams attics -basemetns etc.

if i pace myself im ok. i ended up in ER last week- per cleaning moms attic

(in reply to Griswold)

Post #: 70

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 5:01:58 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

lets see- being i have 3 refriderators- ill leave the one the is low on freon.

my desgner mirrors and lights, bulbs, wont be staying. i saved the old fixure peiaces.

the idea is expensive stuff will move- the cheap broken stuff-dumpster.

it takes some know how to figure out how my current place -functions- [musta been here when the US was 13 colonies]

in the meantime- Jim wants me to commit to go with him to a retirement meeting. He also wanted me to run right over- i did not help him move- he isnt helping me- fair enuff. but he doesnt watn to hear "not now"

With my spinal cord injuries- I go into black outs. The last 2 hours to 2 days. I hope to god a black out doesnt hit till i am moved.

(in reply to pahunkboy)

Post #: 71

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 6:39:07 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

The parrot is very yupset- per my re-arranging packing boxes. he has been screaming. he is very observant- and doesnt like change

(in reply to pahunkboy)

Post #: 72

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 11:49:29 AM

CassandraAlexis

Posts: 44
Joined: 5/17/2006
Status: offline

Licensed home inspector is key. Also, any repairs that have to be done, make sure that they are actually correctly done. Check after the fact, dont just assume that they were done because they had someone in there. One of the files I worked on the inspector found a problem with the floor support, unfortunately the seller didnt get a reputable contractor and they only replaced certain pieces instead of the support system. Less than 6 months after closing it has to be completely redone.

Also, get a title report, spend the cash and actually get one done. Your lawyer can make the arrangments, you can do it, but it is usually better to have the lawyer do it so they can any glaring problems corrected faster and they make sure everything that needs to be ordered on it is. We have had clients who wanted to order their own and we didnt get it until 5 days before closing with problems on it. That usually means closing has to be postponed to get them corrected. We have also had clients order their own and not realize they had to search something else as well, which wasnt found out until last minute and we had to wait for that other piece to come in. The title report will catch anything that was ever filed with the county including deeds, mortgages, liens judgments etc etc. Some financial things that are found follow the sellers, however there are some things that are tied to the property no matter who owned it when the obligation was created. One of the pricier things that does is oil spills and water tampering on the land. The DEC doesnt care who owned it at the time, if it resurfaces in the future and you own it it could be your responsibility.

Which reminds me, get a water test, even if the present occupants are drinking the water, you never know if the well or line has been contaminated.

Make sure you ask about the septic system. If it is a tank you want to find out the last time it was pumped, if it is a leach field you want to know EXACTLY where it is located.

Also make sure there is something in your contract that if the deal does not go through for some reason, and it is the sellers fault or a pricy defect that the seller wont fix you have the right to cancel the contract AND get your deposit(s) back.

In some states, some of this is part of the law, in other states it might be optional that you have to discuss. Best to talk with your lawyer and find out.

Most of all take your time and READ EVERYTHING and make sure you actually understand it so it doesnt bite you in the butt.

(in reply to Sternhand4)

Post #: 73

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 1:18:36 PM

Sinergy

Posts: 9383
Joined: 4/26/2004
Status: offline

quote:

ORIGINAL: sub4hire

quote:

ORIGINAL: pahunkboy

ummm- bleach on hardwood fooors?

I didn't know that. The outlook is much worse then. Replace the floor?

Can probably have it sanded down, then bleached, then resealed.

Sinergy

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to sub4hire)

Post #: 74

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 1:38:50 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

I been packing stuff up. Went to Lowes- neat insulation!!

moms closing 9am monday. im inviting myself to go. I will bring my lie detector gadjet. And a bright red law dictionary.

(in reply to Sinergy)

Post #: 75

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 3:51:49 PM

seeksfemslave

Posts: 4011
Joined: 6/16/2006
Status: offline

There has been much publicity in the UK about the precarious nature of the housing market in the US. Today I read the some instutions that trade home loans, en bloc, have gone bankrupt.

Is any body worried ? Is this the start of something big ?
Brings to mind a song written by Steve Allen. Who remembers him ? An intelligent comedian IMO.

< Message edited by seeksfemslave -- 2/24/2007 4:24:12 PM >

(in reply to pahunkboy)

Post #: 76

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 4:00:48 PM

Sinergy

Posts: 9383
Joined: 4/26/2004
Status: offline

quote:

ORIGINAL: philamaster2002

Two things

1. On a 30 yr fixed mortgage. A lot of people say pay early on the principal of the mortgage to head off the huge total payoff. Others say invest any surplus, you've got to do better on investments than 6%. But a quick option (especially for those that don't have the luxury of extra cash at the end of the month)...See if the bank will allow you to do automatic payments BI-WEEKLY. In other words, say your monthly payments are $1000 a month. Have $500 taken out twice a month. It's the same total payment. But the difference is, a 30 year mortgage will be paid off in 23 years...with no extra payments.

2. For my own curiousity, has anyone tried mortgages online? Many have attractive rates, but I have my doubts on who comes to the table at settlement. Who's good, who's bad?

What I have always done with my mortgage payments is to round upwards.

One of them was $1323.00 a month (taxes included) They got a check for $1400.00 a month.

Adds up after a while, and makes it easier to balance my checkbook.

Sinergy

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to philamaster2002)

Post #: 77

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 4:08:28 PM

sub4hire

Posts: 6775
Joined: 1/1/2004
Status: offline

quote:

ORIGINAL: Sinergy

Can probably have it sanded down, then bleached, then resealed.

Sinergy

Have you ever done that? The first house I owned was a repo from a drug raid. My dom went TDY so I decided to surprise him by re-doing our hardwood floors while he was gone. What a nightmare. Dust everywhere.
Also add to the equation that if the pee has soaked through the entire wood you're still replacing pieces.
I think it would probably be best to replace the entire thing. Depending on the amount of space, he could probably do it himself for a couple of grand. Hard work though.

(in reply to Sinergy)

Post #: 78

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 4:10:01 PM

CassandraAlexis

Posts: 44
Joined: 5/17/2006
Status: offline

seeksfemslave said:
"There has been much publicity in the UK about the precarious nature of the housing market in the US. Today I read the some instutions that trade home loans, en bloc, have gone bankrupt.

Is any body worried ?
Is this the start of something big, to quote Steve Allen, who remembers him ? "

Around here, both in our real estate company and law firm, I havent seen any evidence of this. Granted it has tapered off a bit from the boom over Nov/Dec. but for winter, we are still doing quite a bit of showings and closings. Right now we do have more sellers than buyers, but that seems to be a pretty natural rollercoaster, this time last year it was more buyers than sellers.

The one thing we have noticed is lenders are asking for more paperwork and evidence before they will give loans and doing more complete checks of the credit of the person and the property. We have even had banks send out people to take a personal inspection and photographs of properties, or request certified documents where they used to accept photocopies.

Properties are more expensive, but that seems to be pretty related to the economy.

Personally I havent seen too much of a drastic sway in the housing market on either realty or legal sides of any of the files that we have handled here in upstate NY.

cassie

(edited to add seeksfemslave quote because I missed the quote button before and I cant delete this post to start over)

< Message edited by CassandraAlexis -- 2/24/2007 4:17:22 PM >

(in reply to seeksfemslave)

Post #: 79

RE: Home purchase-mistakes and shrewd moves - 2/24/2007 5:13:02 PM

Sinergy

Posts: 9383
Joined: 4/26/2004
Status: offline

quote:

ORIGINAL: sub4hire

quote:

ORIGINAL: Sinergy

Can probably have it sanded down, then bleached, then resealed.

Sinergy

Have you ever done that? The first house I owned was a repo from a drug raid. My dom went TDY so I decided to surprise him by re-doing our hardwood floors while he was gone. What a nightmare. Dust everywhere.
Also add to the equation that if the pee has soaked through the entire wood you're still replacing pieces.
I think it would probably be best to replace the entire thing. Depending on the amount of space, he could probably do it himself for a couple of grand. Hard work though.

I have refinished (in one case rebuilt) two hardwood floors.

Dont get me wrong, it is a nasty hellish job with a hard core floor sander. Wear a respirator. Take a lot off.

Even if the smell has soaked into the wood, if you reseal it with floor resin the smell cant come back up.

Sinergy

_____________________________

"There is a fine line between clever and stupid"
David St. Hubbins "This Is Spinal Tap"

"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

(in reply to sub4hire)

Post #: 80

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