Bad homebuying experiences

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Bad homebuying experiences

Postby TBS Playoffs Insider » Fri May 06, 2016 12:16 am

I have a wife, a 4 1/2 month old, two dogs and a job I won't lose any time soon, so I'm buying a house. We've only been actively looking for like two weeks and our realtor is great so our experiences have been positive so far, but im sure some of you have had horsefeathers experiences. So tell me about them so i can learn.
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Re: Bad homebuying experiences

Postby Derwood » Fri May 06, 2016 12:43 am

I've had the best luck ever buying and selling houses so sorry to disappoint you
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Re: Bad homebuying experiences

Postby TBS Playoffs Insider » Fri May 06, 2016 12:49 am

Derwood wrote:I've had the best luck ever buying and selling houses so sorry to disappoint you


alternatively consider this the good homebuying experiences thread and tell me any way
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Re: Bad homebuying experiences

Postby Derwood » Fri May 06, 2016 12:52 am

When I moved from Chicago to State College I flew in for one day and saw about 22 houses in 8 hours. It was nuts. Quickly narrowed it down to three and got a pretty quick offer accepted.

Pay the money for a thorough home inspection. You'll regret it if you don't
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Re: Bad homebuying experiences

Postby WrigleyField 22 » Fri May 06, 2016 2:01 am

Overall positive but took three offers in which our first two offers we made were about 2 hours after a previous offer was accepted, so we had to put our best offer forward and hope they'd reneg the other offer which didn't happen. Third house was also a multi offer scenario but we at least got an offer in before another offer was accepted. So at the end of the day never went through a true negotiation. But don't be afraid to ask for anything, worst they can do is say no. And I guess if you're sure you like something, don't delay.

Also be prepared for things to go wrong, so don't burn through your savings. When you flood or something else you'll be glad you had savings.

Lastly, get the most thorough inspector you can, but don't let their findings scare you. A lot will be maintenance stuff but it will give you a good checklist for things to work on and budget for. Unless it's a real issue of safety that is.
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Re: Bad homebuying experiences

Postby Thurman Merman » Fri May 06, 2016 2:11 am

Ive had pretty good experiences buying and selling, with a couple of quirks.

When I bought my first house, my mortgage broker introduced me to his guy that he funnels people through for home insurance. I met him, took his card, but wanted to go with Allstate, so didnt contact him again. Well, come time to close, I didnt realize that you needed home insurance before you closed, and when i told my mortgage broker I wasnt going through that guy, there was a mad scramble.

While looking for that first house, we put an offer down on a house, did the home inspection, and found massive termite damage. The guy selling the house (he was a flipper type) "flipped" out, said he fixed the issue, and demanded that he got to keep the down payment. My realtor dealt with it and assured us we wouldnt have to pay (apparently she knew him and said hes a real piece of work), but it was still scary for a first time home buyer.

On the flip side (apparently I have a thing with the word flip tonight), when i was trying to sell my first house, this young couple sees it after like 2 days on the market and says they want to buy it. We are all excited, and start going through the process. Home inspector comes, and doesnt find anything major. A couple weeks go by, and our realtor calls us to say that they backed out. The reasoning they gave? The windows were old, and one of the bricks on the outside structure was chipped. Now, we had planned our sell date very precisely since our yard only looked good for about the month of May before it started to turn to horsefeathers in the summer (and our old ass AC wouldnt cool the house below 80 on a hot summer day). These dicks had basically cost us a month, and considering they didnt have a legit reason for backing out of the deal (we speculated the parents got involved and said no), we expected to get the deposit money (after all, thats what its there for). Our realtor told us that it was very unlikely we would get that money, and recommended we just move on. I wasnt too happy with this, so I decided to horsefeathers with them and have our realtor let them know we were thinking about hiring a lawyer to fight it, and then gave them their money back the last day we could.

So, lesson to be learned from all this? The down payment on a house means nothing, and you will always get your money back (or not get it if you are selling).
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Re: Bad homebuying experiences

Postby Andy » Fri May 06, 2016 2:39 am

Our realtor couldn't have been better. We went and hunted down houses we wanted to look at ourselves, and he told us what we needed to know without the slightest hint of being pushy. The person we ended up buying from was a bit of a weirdo - he wanted to be able to keep the house on the market during the closing process - but ultimately we were able to get what we wanted. Because we live in a rural area and don't have any money we were able to get it 0 down, which was pretty awesome because we were able to use the money we had saved for that purpose to furnish some of the house.
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Re: Bad homebuying experiences

Postby mul21 » Fri May 06, 2016 3:28 am

Don't let your wife talk you into paying too much for a house you're not in love with. You might end up divorced and stuck in said house that you're not in love with because the real estate market is a fickle whore. (No, I'm not upside down or anything, but there have been enough headaches that I'd prefer to just be done with it)
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Re: Bad homebuying experiences

Postby Banedon » Fri May 06, 2016 12:46 pm

Homebuying is a blast...looking at other people's houses and being completely judgmental. You feel in control, especially if you are managing to not fall head over heels in love with a house, and you're willing to move on, so you can make the deal you want to make. Dealing with the finances behind it can be a hassle, but if you're in a good financial situation, it's just a matter of providing documentation and signing your name a million times. Understandable for such a large transaction.

Selling your house, on the other hand, is stressful and annoying and I hate everything about it. You're at the mercy of other people being interested in your house, and there's only a few things you can realistically do to change that. Everybody involved is trying to get a cut of the sale of your house, so the money you get doesn't seem like nearly the amount it should be. Plus if you're selling your house and buying a new one, trying to figure out the timing of that can be a mess.

So my best advice...when you buy, make sure it's a house that you will be ok with staying in for a long time.
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Re: Bad homebuying experiences

Postby rocket » Fri May 06, 2016 12:52 pm

My wife and I found the house we both LOVED that we could afford, put in an offer, our realtor says that house has been on the market for 2-3 months with no offers, so my wife and I start envisioning all the great things we'll do with the house. Then, of course, our offer came with 3 other offers and someone topped our best offer.

In the house we have, it passed inspection and everything looked great. About 1 week after we moved in there was a decent rainstorm, but nothing ungodly, and we noticed standing water in all our floor vents, which I'm 100% totally sure has never happened to the previous owners which is why they didn't disclose it. The vents would fill after any decent rain, and also whenever the snow melted. Had to put in an expensive drainage system in our yard, but at least it fixed the problem.

Overall though, I actually like my house a lot and the experience was positive. Just be prepared for the possibility that something will go wrong, and be prepared to hate the previous owners with a fiery passion.
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Re: Bad homebuying experiences

Postby WrigleyField 22 » Fri May 06, 2016 1:19 pm

rocket wrote:Overall though, I actually like my house a lot and the experience was positive. Just be prepared for the possibility that something will go wrong, and be prepared to hate the previous owners with a fiery passion.

my wife hhhaaaaaaatttes the previous owner of our house. I found her a tad annoying during negotiations and the escrow period, but my wife is on a whole other level.
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Re: Bad homebuying experiences

Postby BigbadB » Fri May 06, 2016 8:58 pm

I bought in 2006 when the market was pretty high, and in a town where houses cost a horsefeathers ton of money. I didn't want to buy then, but the wife was putting a lot of pressure to make it happen.

We bought, and then the market tumbled. Only this year has the value of our house been restored back to what we bought it for back in '06. I guess it's not really a bad experience since we didn't have designs on selling. It was just a really uncomfortable feeling knowing the house was worth $100K less than what we paid for it only a year or so after we bought it.

During this 10 year crunch, we wanted to make some home improvements, but with a really high mortgage and no equity, we've had to go cheap on anything that needs to be done. Luckily our house isn't really that old, so it's just aesthetics more than necessary replacements.
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Re: Bad homebuying experiences

Postby CubinNY » Sat May 07, 2016 11:10 am

If you choose to have a house built be on the builders ass during construction. Don't let anything past you. Pay attention to details. For example, all our light switches are horsefeathers up. If the switch for the kitchen lights should be on the right and the family room on the left its just the opposite. Make sure the builder hires a good trim person. You could have a great house but if the trim is horsefeathers your house will look cheap. Don't let the builder intimidate you. If there is one regret I have about both of the houses we had built its that I was too nice when it came time to inspect and I'm paying for it now

If you buy and the roof is 10 years old and the heat pump/air conditioner are more 8 years old expect that both will need to be replaced within 5-7 years. I would try to nock a few thousand off the price.

I agree with Brandon buying a house is a lot of fun
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Re: Bad homebuying experiences

Postby Tracer Bullet » Sat May 07, 2016 3:10 pm

bought our first house in michigan fresh out of school in 2003. took out a HOL to finish the basement and do some upgrades in 2008-ish. to make a long story short, we moved to seattle and had to sell in 2010 at 25-30% less than the 2003 home value. the only question is which comes first: i pay off that balance, i pay off my student loan debt, or i die first and horsefeathers all those banks.


we settled in seattle, were renting a nice place that we loved. the market here turned sharply so the owners wanted to sell 6 months later. we negotiated directly to buy it, no realtors so the price was lower, were able to strike a fairly good deal. inspection showed tons of standing water in the crawl space under the house (6 inches to 2+ feet) resulting in lots of mold and that the front of the house was constructed poorly such that water could leak to the frame for the last 7 years. Given the rainfall in Seattle, the front probably had lots of mold too, but the only way to know and fix it is to remove the entire front of the house. market here is such that the owners knew other buyers would agree to buy with no inspection (and they're shady, so they wouldn't disclose it), so they told us horsefeathers off when we asked to reduce the price to account for $100,000 in necessary repairs.


so we moved and found a place we liked, but didn't love. but finally had a great home buying experience (so far - only been 2 years). realtor was great, inspector had a glowing report, struck a great deal and value has increased more than 25% in 2 years. now we have to decide whether to make it a place we love by putting some more money into it or selling high and buying a place that's closer to what we'd love so we wouldn't have to do so much work.
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Re: Bad homebuying experiences

Postby Ding Dong Johnson » Sat May 07, 2016 3:15 pm

are you going to love it, or are you going to list it?
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Re: Bad homebuying experiences

Postby Tracer Bullet » Sat May 07, 2016 3:19 pm

i agree with brandon that home buying can be awesome. we saw about 2-dozen houses in 2 days on our first trip to michigan and it was a blast. one place had carpet on the walls. throughout the house. the realtor was great, really knew the area and had great advice (maybe the best of which is, only buy a house you're sure you can sell when you want to).

so if you're buying and not selling, have fun with it. don't overextend your $, get an inspection, and remember that this probably won't be your last house, so be sure you'll be able to sell it. and take pics of all the hilarious horsefeathers and post them here.
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Re: Bad homebuying experiences

Postby Tracer Bullet » Sat May 07, 2016 3:20 pm

Ding Dong Johnson wrote:are you going to love it, or are you going to list it?


i feel like if i watched tv, this is something i would recognize
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Re: Bad homebuying experiences

Postby TBS Playoffs Insider » Sat May 07, 2016 3:35 pm

Murton's Revenge wrote:
Ding Dong Johnson wrote:are you going to love it, or are you going to list it?


i feel like if i watched tv, this is something i would recognize


hgtv is all my wife horsefeathering watches ever so i get his joke
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Re: Bad homebuying experiences

Postby Banedon » Sat May 07, 2016 5:16 pm

Bunts Lick Butts wrote:
Murton's Revenge wrote:
Ding Dong Johnson wrote:are you going to love it, or are you going to list it?


i feel like if i watched tv, this is something i would recognize


hgtv is all my wife [expletive] watches ever so i get his joke


My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.
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Re: Bad homebuying experiences

Postby CubinNY » Sat May 07, 2016 6:06 pm

Banedon wrote:
Bunts Lick Butts wrote:
Murton's Revenge wrote:
i feel like if i watched tv, this is something i would recognize


hgtv is all my wife [expletive] watches ever so i get his joke


My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.

There's one show on that channel with two metro-sexual twin brothers who always make the wife look like a complete bitch. I think they take a couple with unrealistic expectations and show them their dream house and slam them with price. Then they show them three horsefeathers house they can afford to fix up. The wife usually bitches the entire time the renovations are occurring.
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Re: Bad homebuying experiences

Postby CP_414 » Sat May 07, 2016 6:17 pm

CubinNY wrote:
Banedon wrote:
Bunts Lick Butts wrote:
hgtv is all my wife [expletive] watches ever so i get his joke


My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.

There's one show on that channel with two metro-sexual twin brothers who always make the wife look like a complete bitch. I think they take a couple with unrealistic expectations and show them their dream house and slam them with price. Then they show them three [expletive] house they can afford to fix up. The wife usually bitches the entire time the renovations are occurring.


Property Brothers. Every episode is the same. Here's your dream house, but you can't afford it. Buy this crappy house instead and we'll make it nice. Then the wife complains the whole time. In the end the house is pretty sweet and everyone is happy.
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Re: Bad homebuying experiences

Postby Derwood » Sat May 07, 2016 6:32 pm

Until the TV crew leaves and they realize what a shoddy cheap job they did to stay under budget
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Re: Bad homebuying experiences

Postby cl smooth » Sat May 07, 2016 6:51 pm

CubinNY wrote:
Banedon wrote:
Bunts Lick Butts wrote:
hgtv is all my wife [expletive] watches ever so i get his joke


My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.

There's one show on that channel with two metro-sexual twin brothers who always make the wife look like a complete bitch. I think they take a couple with unrealistic expectations and show them their dream house and slam them with price. Then they show them three [expletive] house they can afford to fix up. The wife usually bitches the entire time the renovations are occurring.


i've been told on numerous occasions that i look like the property brothers.
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Re: Bad homebuying experiences

Postby Cubbie Swagger » Sat May 07, 2016 9:26 pm

cl smooth wrote:
CubinNY wrote:
Banedon wrote:
My 9yo son loves Love It Or List It. One of the few shows that will actually hold his attention.

There's one show on that channel with two metro-sexual twin brothers who always make the wife look like a complete bitch. I think they take a couple with unrealistic expectations and show them their dream house and slam them with price. Then they show them three [expletive] house they can afford to fix up. The wife usually bitches the entire time the renovations are occurring.


i've been told on numerous occasions that i look like the property brothers.

Ouch.
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Re: Bad homebuying experiences

Postby Rob » Sun May 08, 2016 4:31 pm

I'm a realtor. I absolutely love the job. If I've got a slow day, taking myself to tour through a bunch of vacant homes is actually being productive. And who doesn't love looking at homes?

Best advice I can give you:

1.) Get a great realtor -- It absolutely makes a difference. Just like in any other job, there are weak, lazy and incompetent realtors. You don't want to be left holding the bag because your realtor forgot to do something basic, or is too passive to stand up to the other side when they're acting out of line. Your realtor should be able to confidently walk you through every step of the process, and warn you about problems a week or two before they show up.

2.) Get inspections -- I've had one client that I didn't insist get every available inspection. He's a long-time investor that's a structural engineer by trade. If that's your background, feel free to pass on inspections. Otherwise, get a professional in there. It's always worth it. Even if they don't find anything majorly wrong, the peace of mind is worth it.

3.) Something will go wrong, let your realtor deal with it -- Something always goes wrong. It's inevitable. The inspection shows foundation damage, or a tornado rips through town and damages the house while you're in escrow, or any of a million other things. Personally, that's part of the challenge that I love about the job. If you have a good realtor, they will relish these situations. The key is that your realtor should know where to go to get these issues resolved. They might not have dealt with that particular problem in the past, but they'll still have the name of a contractor or at least another agent they can talk to who can help steer them down the right path.

4.) Don't buy new appliances -- Your bank will run your credit a day or two before the closing. If you buy that new refrigerator, it could throw off your credit and make you unable to close on the home loan. Same for buying new cars and boats. (I've seen both happen). I've even seen it where somebody paid off an old credit card and closed it out, and that threw off their credit. Just don't do anything that could mess with your credit, please.

5.) Get a local lender -- Some people have had okay experiences with quicken loans or some other big online bank. My best experience with one of those was closing a few weeks late. Most of the time they don't close at all. You're just a nameless file number to those banks -- if your loan isn't 100% conforming (and they never are), then they'll try to force you to do things that don't make sense at all. The fees are usually much higher to make up for the better interest rates anyways. Local lenders may cost a bit more over the life of the loan, but they will bust their ass to make sure that you actually get into your new house, and on time so that you don't spend six weeks in a hotel.
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