The House Hunters Thread

[geckodani]

Date: 9/30/2009 3:34:31 PM
Author: NewEnglandLady

Date: 9/30/2009 2:08:26 PM
Author: geckodani

Yeah... NEL... I was not amused, LOL.

I''m beginning to wonder how much we are going to have to compromise if we want a house now.

Oh, Gecko, I SO understand! I had a teensy tiny bit of a depressing moment last night when I did the stalking-house-drive-by. The house is not in great shape and we''d have to do at least $80K in renovations to the inside (based on the photos), possibly another $20K or more to the exterior. But it''s one of the few houses that is comfortably in our budget. We''ve migrated to the farthest town we''re willing to go (with the inferior school district)--I keep re-addressing our priorities because I feel like we''re compromising so much. Then I feel annoyed at myself for not being more grateful. I feel like it''s the internal struggle of trying to figure out what to do, what to prioritize, etc. that drives me the most bonkers.

YUP!!! It''s a bit maddening.

 

[Lynnie]

Gecko, good luck tonight!!

Mer, I love your cabinet/countertop combo!!!

Diva, can''t wait for your appraisal to come back... I''m sure it''ll be fine. I totally understand the unnerving aspect of it though!

Gecko & NEL... fingers crossed for you both. The comprimising you two are going through is unnerving, too.

 

[DivaDiamond007]

The appraisal came back with good news!! House appraised for the purchase price!! Yay yay yay! Now we can really get excited!

The FHA is only requiring three small repairs - all under $30.00 a piece. We were a bit worried about that since we were told the FHA is pretty picky.

Whew!

Fingers crossed for Gecko and NEL

 

[NewEnglandLady]

Thanks, Lynnie and Diva! Diva, congrats on the appraisal, that is fantastic news!!!

D and I are officially taking a break. The house we saw tonight just needed too much work. We''ve exhausted the inventory, so the new plan is just to sit tight until something comes onto the market. So far everything we''ve seen in the location we want is either at the low end of the budget (+ renovation costs) or at the top end of our budget. I''m convinced something will show up in the middle!

 

[neatfreak]

Re: Appraisals Not a coincidence that it came back right at what you all are paying. They almost always do. I think it's a scam.

But seriously, they almost always come back at exactly what you are paying-ours did down to the dollar. Our agent told me it's more a formality than anything else and unless you are drastically over/under paying they will always come back at the amount you are paying.

 

[Lynnie]

YAY Diva!!!

When''s your settlement? We''re practically ''move-in'' twins!!!!

NEL, I understand you wanting to step beck... it seems what you''re going through is so time-consuming. And I''m sure waterfront homes are probably hard to come by. You never know when something will pop up. Continued dussssttt (can''t hurt, right?)

Neat... Thanks for shedding some light on appraisals. I KNEW there was something fishy about it! I DO feel scammed... we paid good $ for that stupid appraisal! And the city does one anyway, so WTF?!?! ugh

What about all the rest of you? Haven''t heard from some folks since page 1... Sunkist? Fiery? Mimzy? Radiantquest? Any news?

 

[geckodani]

Diva! Congrats - that''s awesome!

Neatfreak - Interesting, I didn''t know that about the appraisals.

Date: 9/30/2009 10:20:50 PM
Author: NewEnglandLady
Thanks, Lynnie and Diva! Diva, congrats on the appraisal, that is fantastic news!!!

D and I are officially taking a break. The house we saw tonight just needed too much work. We''ve exhausted the inventory, so the new plan is just to sit tight until something comes onto the market. So far everything we''ve seen in the location we want is either at the low end of the budget (+ renovation costs) or at the top end of our budget. I''m convinced something will show up in the middle!

NEL - We''re pretty much in the same boat!

House #1 last night. Okay, until we went to the lower floor (split level). The kitchen was down there, which would have been okay, except for the fact it was the BASEMENT level. No egress other than back up the stairs. Kitchen. Basically in the basement. It was like a cave. Seriously the oddest layout EVER. And the front screen door didn''t open all the way, because the slope of the roof was too steep. So weird.

House #2 - Was sinking towards the middle. Seriously. Felt like standing in a carnival fun house.

House #3 - Already had an offer in on it. We decided not to go look, as it was a short sale, in a school district we don''t want, and someone else is already bidding on it. I didn''t want to fall in love with it and then sit around for 5 months waiting to hear if we could even put a bid in. *sigh*

 

[NewEnglandLady]

Oh, Gecko, it sounds like the fun will continue for both of us! Your carnival fun house comment cracked me up--the house we saw last night had the same effect (built in 1910 with VERY few updates). Plus the roof was sloped and the combination literally made me dizzy. There were random holes cut into the walls (I think to access the electricity?) and maybe 3 square feet of total closet space. My favorite part, however, was the garage. The garage was built below the house and was sloped downward. It was also exposed to the open basement, which is common for oceanfront houses that aren''t on stilts (water can just wash in and out). Anyway, the garage was about 4 feet below the seawall and had no drain! So if it were to storm and the waves came over the seawall, we''d have 4 feet of water in the garage. Our realtor got a real kick out of this and after a few minutes we were all laughing hysterically. She suggested we scratch it off the list.

Our only hope is that the deal on the only house we''ve found and loved will fall through. How sad is that? I don''t think that''s going to happen because they''re scheduled to close on the 6th, but something happens and they can''t close, we''ll make an offer. Otherwise, we''re just going to sit tight.

Congrats to everybody who found a house and is in the process of closing! And Gecko, continued luck to you! If we have any news, I''ll be sure to post it here!

 

[LauraLoo]

Hi Everyone, I''ve been looking and lurking, and thought I would say hello!

We are actually looking in the same area as you NEL

Good luck to everyone looking and waiting!

My hubs and I have been seriously looking for about 2 months and are now just watching for new listings. We''ve seen a good amount of houses, but most have had issues of some sort that we were not willing to deal with. We are pretty set on a lot that is at least 5,000 SF, a house that is at least 1,900 SF and also need adequate parking. We are looking for a 2 family home. There was one that I love, but about a month ago the listing agent told us it was under contact about to go through. I''ve been watching it and it still looks very much for sale though. I asked mh to call her today and see what''s up. Keeping my fingers crossed!

I have a question about resale... When it comes to things that may not be desirable for others, but are fine for us (like train tracks or highway), how concerned should I be about the resale? We are looking for a 2 family home that we will live in for 5-10 years and then move on, but we plan to own this home for many years renting out both units. Any advice on this, or owner occupied multilfamilies in general is appreciated

Thanks!

 

[Lynnie]

Hi Laura!

I really don''t have any advice for you, but I wanted to wish you lots of luck and house dust! I hope someone can chime in with something for ya!

I can''t believe in 10 days we''ll have keys! I just called the gas/electric/cable companies and situated all the transfers. We''ve got about 15 boxes packed, and I''ve got 3 huge trashbags full of stuff for goodwill. All the paperwork is done, and we picked a homeowners insurance company.

Speaking of good will, I''ve always just dropped stuff off at the supermarket (they have a large good will container in the parking lot). Someone suggested to me that you can write off donations at tax time. Anyone have any experience with this? I think I actually have to drop the stuff off at the Salvation Army store, and get a receipt or something... maybe I''ll give them a call.

How''s everyone doing?

 

[NewEnglandLady]

LauraLoo, welcome!! Are you looking on the south shore, too?

I''m keeping my fingers crossed for you about the house under contract. We are in the exact same boat--the only house we''ve seen that we really want was already under contract when we saw it. All of the contingencies are supposed to be filled tomorrow, so we sort of have our fingers crossed that it somehow comes back onto the market. Calling to inquire really helps--they can tell you where the buyer is in the process.

In terms of resale, my husband and I have been using the "Ah, crap" method. You know when you see a house and there is one thing where you say "Ah, crap!" That thing is usually the dealbreaker. I''ve read that if you can find a house where there isn''t a dealbreaker, you should seriously consider it because it probably has a higher resale value.

Lynnie, congrats on all the packing!! Even though moving is a pain, it certainly help with the process of cleaning everything out. I just bought a bunch of trash bags this weekend and am going to go through all of our closets and storage and throw away everything I can. I realize we haven''t even found a house yet, but I''m staying optimistic that we will and when we do it will be one less thing for me to have to do.

Still waiting for something to come on the market here--I feel that everything will work out the way it''s supposed to. I just hope that "the way it''s supposed to" is if the house we love comes back on the market and we can put an offer on it. I guess I''ll find out tomorrow.

 

[NewEnglandLady]

Blah--all of the contingencies went through and the buyers are scheduled to close Oct. 21st. If only we'd seen the house a week earlier...oh well!

So we're back to waiting--nothing new has come on the market in the past two months and I don't expect a large selection to come pouring in this fall.

 

[DivaDiamond007]

Not much new going on here. The seller agreed to make the necessary FHA repairs over the weekend so we should be hearing from the realtor this week and setting an official closing date. I am really excited but haven''t started packing yet, even though I really want to

My husband wants to wait until it''s officially official

 

[Lynnie]

NEL, what a bummer! I was hoping there was a chance that deal would fall through for you!

I hear the gov''t is debating whether to extend the tax rebate. Some even want to up it to 14K http://www.subprimeblogger.com/2009/10/06/first-time-home-buyers-tax-credit-extension-dec-1-2010/

Also, did any of you hear aout the ''cash for appliances program''? Apparantly, you''ll get rebates if you decide to purchase/upgrade to EnergyStar appliances http://usgovinfo.about.com/od/moneymatters/a/cashappliances.htm

 

[NewEnglandLady]

Diva, be sure to let us know when the official closing date is scheduled!

Lynnie, thanks for those links! I'd read that they've been debating on extending the rebate...I think they will since the market hasn't really picked up. I sent my friend who's closing late this month the article on appliances. She's buying a foreclosure and they took every single appliance, so she's been hunting for deals.

Dan is out of the country this week, but I'm lining up homes for us to view when he returns. We have decided to take a break until another home that meets our criteria in one specific town comes onto the market. In the meantime, however, I suggested finding similar homes in surrounding towns that aren't quite as quaint. The upside is that we can get more bang for our buck and our commute would be shorter. The downsides are that we don't love the towns as much, the school districts aren't as good and I don't think homes hold their value as well. So far I have two homes lined up, but we'll see if anything pops up in the next week.

Part of me would prefer to just wait for something to pop up in the town we like. The other part of me thinks that if we can stretch our dollar farther, it's worth taking a lok at a couple of other towns. So funny that when we started this search we had 3 specific towns in mind...then we quickly went to the last one on that list because it was most affordable. Now we're looking in towns we'd never considered so that we can get the most for our money.

 

[geckodani]

Date: 10/7/2009 3:08:05 PM
Author: NewEnglandLady
Diva, be sure to let us know when the official closing date is scheduled!

Lynnie, thanks for those links! I''d read that they''ve been debating on extending the rebate...I think they will since the market hasn''t really picked up. I sent my friend who''s closing late this month the article on appliances. She''s buying a foreclosure and they took every single appliance, so she''s been hunting for deals.

Dan is out of the country this week, but I''m lining up homes for us to view when he returns. We have decided to take a break until another home that meets our criteria in one specific town comes onto the market. In the meantime, however, I suggested finding similar homes in surrounding towns that aren''t quite as quaint. The upside is that we can get more bang for our buck and our commute would be shorter. The downsides are that we don''t love the towns as much, the school districts aren''t as good and I don''t think homes hold their value as well. So far I have two homes lined up, but we''ll see if anything pops up in the next week.

Part of me would prefer to just wait for something to pop up in the town we like. The other part of me thinks that if we can stretch our dollar farther, it''s worth taking a lok at a couple of other towns. So funny that when we started this search we had 3 specific towns in mind...then we quickly went to the last one on that list because it was most affordable. Now we''re looking in towns we''d never considered so that we can get the most for our money.

Yup.

Lynnie - yay for that link! There''s hope I may get my tax credit after all then, LOL!

Yay Diva!

 

[kittybean]

Hello, house hunters! I just began my own hunt (a combination house/condo hunt) today, and it was pretty exciting. I looked at three condos in a downtown area; one has some potential. The best thing about it was how very, very close it would be to work for DH and me. Possible dealbreakers were that the parking is in a garage across the (very busy) street and that there was no private balcony/patio/deck.

Lynnie, thanks for those links!

A friend of my dad''s is an economist, and he has been saying that mortgage rates are going to go up to over 7% in the next year, mostly due to rising interest rates on 10-year notes, upon which the mortgage market is based (as far as I can understand). Has anyone else heard of such a forecast? I don''t want to rush into buying a home, but if the rates really are going up, I know I''ll be able to afford less if I wait.

 

[iheartscience]

Date: 10/7/2009 6:29:46 PM
Author: kittybean
Hello, house hunters! I just began my own hunt (a combination house/condo hunt) today, and it was pretty exciting. I looked at three condos in a downtown area; one has some potential. The best thing about it was how very, very close it would be to work for DH and me. Possible dealbreakers were that the parking is in a garage across the (very busy) street and that there was no private balcony/patio/deck.

Lynnie, thanks for those links!

A friend of my dad''s is an economist, and he has been saying that mortgage rates are going to go up to over 7% in the next year, mostly due to rising interest rates on 10-year notes, upon which the mortgage market is based (as far as I can understand). Has anyone else heard of such a forecast? I don''t want to rush into buying a home, but if the rates really are going up, I know I''ll be able to afford less if I wait.

That''s exciting! I hope you find something you love soon! As far as rates go, I haven''t heard the 7% number, but I know the rates have definitely gone up in the last six months or so. By the time we closed on our house in mid-August, they had jumped up maybe a half a point or so from March, if I recall correctly. I wouldn''t be surprised if they continued to go up.

 

[NewEnglandLady]

My mortgage broker just emailed me yesterday saying that rates are going down right now, but I''m not sure how long that is going to last.

The Fed has kept rates artificially low in order to try to stimulate the economy (truly awful economic policy). While the Fed doesn''t control mortgage loans, many mortgages are based on a prime rate. The bigger issue here is that these artificially low rates are going to result in massive inflation--the longer they keep them this low, the more likely we are to stumble into hyperinflation territory. Since your Dad''s friend is an economist, he''s right in assuming they absolutely SHOULD go up--it would be best for our future economy, however it hasn''t happened yet and I don''t see any indication that they will until the economy picks up. I don''t see how it''s possible for our economy to continue supporting such low rates, so I do think they will go up, but I have no idea when. When rates go up, usually prices soften in order to accommodate the higher rates.

Congrats on the hunt, Kittybean!! It sounds like you''re off to a good start!!

 

[diamondseeker2006]

Rates are not up here. I was quoted 4.75% for 30 year fixed last week (no points, 1% origination). We are looking for a new home since prices are the best they are likely to be for a long time. We''ll wait to sell our current home until next summer when hopefully the economy is picking up a little. I do hope they extend the first time homebuyer tax credit, and I wish they''d extend it to those who are not first time buyers. That would help sell all price range homes.

 

[DivaDiamond007]

Hey ladies! We are tentatively scheduling our closing for October 15!! Realtor is doing a drive-by of the property on Sunday to make sure the seller made the FHA required repairs; FHA is re-inspecting on Monday and I should be hearing the results of the titlework any day now. We will get possession at closing. Yay yay yay!

The realtor said that after I talk to the title company to start packing, call the utility companies and be ready to sign my life away LOL.

Re: Interest Rates. I think they will start going up again at some point; but I''m not an expert on the matter. Our loan is through the FHA which currently is at 5.5%, however, we got a grant from the State of Ohio for first time buyers and if you take advantage of the grant then the interest rate is 6.0%. There are credit score/income limits for the grant so not everyone will qualify. DH and I went for the grant and used it towards our downpayment. In my area you will not qualify for a "prime" 30-fixed rate unless your credit score is 720+ and you have 20%+ down - so basically not many people are getting below even 5.0% at this point. Only time will tell though.

Re: Resale Issues. We didn''t even consider houses that would have possible resale issues such as too much traffic, bad location or poor layout. We looked at one 3 bedroom home, the largest in our price range, and it was a cute house but it was on a corner lot with basically no backyard and the entire inside needed work. All of the flooring needed to be ripped out (smelled) and the paint was awful. There was also no garage. Needed more love than we can afford to give. The other houses that we looked at in our price range were all basically the same - 2 beds, 1 bath, 1.5 car garage with some sort of yard - which is very typical for a starter home in the neighborhoods we were looking at so no surprises there.

 

[anchor31]

Hello house hunters! May I join you? DH and I are officially beginning the hunt for our FIRST house!

It took us a while to agree on where to move, but DH finally caved

. We're going to meet with a mortgage broker before starting visits, but I've been looking online and I found a few that are interesting and within our budget. There's one in particular I really really like, I hope we can get to visit soon. We're also considering buying new... There are a couple of townhouse development that could fit our modest budget. Does anyone have any opinion regarding new townhouse vs used bungalow?

Must haves:
- 2+ bedrooms (or room to add more)
- 1+ bathroom
- Easy drive to/from Montréal
- Easy access to public transit (we only have one car)
- Finished or finishable basement
- Larger, well-lit kitchen
- Laundry room
- Affordable on one income

Would like to have:
- Garage
- Nice yard

Will not have:
- Condo or duplex (no upstairs neighbours please!)
- Major remodeling

 

[meresal]

Interest Rates are raised in efforts to slow a growing rate of inflation... The economy right now is not condusive to inflation... so I'm pretty sure his numbers are WAY off. 7% is extremely high. I am also an economy major and financial analyist for a bank.

Our 30yr rates went from 5.25 to 5.1 this week.

ETA: I've been trying to keep my mind off of housing stuff lately so I haven't been around much. Sorry about that. Thank you for your comments on the tiles and marble. I really appreciate it, and you have helped to ease my mind. We submitted all of our loan docs yesterday, so we'll know about that stuff by Wed of next week, and on Monday I have my final design appt to make the permenant decisions for the house! We are so excited!

NEL- I'm sorry to hear that all of the houses fell thru. I'm sure something perfect will pop up!
Lyn- Thank you for those links! I'm really pulling for an extension on the tax credit as well.
Diva- Congratulations! It's getting so close!
Anchor- Welcome, and good luck in your search!!

 

[NewEnglandLady]

Diva, congrats on scheduling the closing!! The 15th is just around the corner!!!

Anchor, congrats on starting the house hunt! The fun begins, right? In terms of Bungalow vs. Townhouse, I know it just comes down to preferences. I love older homes with character and I also like the bit of privacy a detached house provides, but buying new construction is safe. You wouldn't have to worry about costs/repairs and most new construction comes with a warranty, right?

Meresal, good luck with the final design appt.!

D is in Amsterdam right now, but I've scheduled an appt. with the realtor to look at a few houses myself, then I'll bring D back to the ones that make the cut. I've sort of fallen a little bit in love with one. It was built in 1910, but has been completely redone and I love the flooring, granite, fixtures, etc. that they chose. And they put in professional-grade appliances, which I love. It's oceanfront, but has a fenced in back yard, which is great for the dogs. My favorite part, though, is that the 4th floor is just this circular turret with a wall of windows that provides 360-degree views of the ocean. I think it would make a perfect office--though it would make me want to work from home every day. I'm going to see it tomorrow and will take a ton of pictures for D.

I'm really eager to get out of our rental house. It's a perfectly fine house and I like the location, but D and I have spent the past decade living in small apartments and houses so we could save as much as possible towards OUR house. Now that it's FINALLY right around the corner, I'm getting more excited...that will probably last until we close and I feel broke!

 

[geckodani]

NEL - That 4th floor sounds AMAZING! I hope it works out for you!

Meresal - good luck!

Diva - Woo-hoo! Almost there!!!

Anchor - Welcome to the insanity.

Well... I''ve got 4 more on a list for tomorrow. NEL, it''s amazing how short those breaks last, isn''t it.

 

[NewEnglandLady]

Date: 10/9/2009 11:56:23 AM
Author: geckodani
NEL - That 4th floor sounds AMAZING! I hope it works out for you!

Meresal - good luck!

Diva - Woo-hoo! Almost there!!!

Anchor - Welcome to the insanity.

Well... I''ve got 4 more on a list for tomorrow. NEL, it''s amazing how short those breaks last, isn''t it.

Haha, you could not be more right, gecko! I think that once you''re in the thicke of it, it''s too hard to completely stop even if nothing new is coming on the market...you just start expanding your search, haha. I have a few to see tomorrow, too! I can''t wait to hear how tomorrow goes for you!

My husband called last night and I told him that I was going to see a few homes without him and he laughed about the fact that I couldn''t even take a break while he was gone.

 

[geckodani]

Date: 10/9/2009 12:19:17 PM
Author: NewEnglandLady

Haha, you could not be more right, gecko! I think that once you''re in the thicke of it, it''s too hard to completely stop even if nothing new is coming on the market...you just start expanding your search, haha. I have a few to see tomorrow, too! I can''t wait to hear how tomorrow goes for you!

My husband called last night and I told him that I was going to see a few homes without him and he laughed about the fact that I couldn''t even take a break while he was gone.

Hee hee. Wish we were in the same area - we could go together and spare the men, LOL!

 

[NewEnglandLady]

Gecko, I would love that!

I''m seeing 4 tomorrow afternoon as well, so we''ll have to check back in with reports!

 

[DivaDiamond007]

Title agency called a few minutes ago and we''re closing for sure on October 30!! Seller wants the additional time to remove her stuff from the house. I am sooo excited! I already called my husband and told him to write it on his calendar in ink

I need to:

1. Pick out a paint color for the living room
2. Get some blue curtains for James'' room
3. Contact the utility companies to establish service
4. Buy new dead-bolt locks for the front and back doors
5. START PACKING

 

[anchor31]

Date: 10/9/2009 11:13:13 AM
Author: NewEnglandLady

Anchor, congrats on starting the house hunt! The fun begins, right? In terms of Bungalow vs. Townhouse, I know it just comes down to preferences. I love older homes with character and I also like the bit of privacy a detached house provides, but buying new construction is safe. You wouldn''t have to worry about costs/repairs and most new construction comes with a warranty, right?

Both definitely each have their pros and cons. I guess we''ll have to visit and decide what we prefer! The development houses do come with a warranty and the notary paperwork is included so it certainly is compelling. On the other hand, I do like the idea of the detached house. With no difference in prices, I guess it''ll come down to what feels more comfortable.