I was attacked by a hidden nest of wasps at the new house when I was locking up. Joke is on them, I have two fresh cans of spray.
I also introduced myself to the street with a string of curses.
diablo III - beardsnbeer#1508 Mechwarrior Online - Rusty Bock
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
Speaking of wasps, @Strikor keeps scaring me with stories of wasps making their nests around the outside of our house. But every time I go to check it's only mud daubers! @BugBoy or @Arch tell Strikor mud daubers are OK!
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
Speaking of wasps, @Strikor keeps scaring me with stories of wasps making their nests around the outside of our house. But every time I go to check it's only mud daubers! @BugBoy or @Arch tell Strikor mud daubers are OK!
Mud daubers are extremely okay
I've held them in my hand before, they're very gentle
Speaking of wasps, @Strikor keeps scaring me with stories of wasps making their nests around the outside of our house. But every time I go to check it's only mud daubers! @BugBoy or @Arch tell Strikor mud daubers are OK!
Mud daubers are extremely okay
I've held them in my hand before, they're very gentle
So I'm currently living on my own after living with my father for a few years
All my single friends are doing their own thing and aren't gonna be able to get a place with me
I got a new job this week after not having a job (intentionally) for over a year, it's...the pay isn't great but it's somewhat workable
But long story short, I'll be out of this apartment in January and I'm seriously considering just buying a home instead of renting, despite saying that renting is something I'd always do
Big problem is...I have no real clues how to get started. I don't really have any family members to talk to, other than my mom, who also never bought a house. All my friends are renters. I feel pretty lost when it comes to this stuff
For example, I'm looking at places in my area and, shit, the mortgage in some of these places is only a third of what I'm paying now in rent. What are the upsides/downsides? Things I need to look out for? What are the cons of buying a foreclosed home, for example (are there any?)
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Raijin QuickfootI'm your Huckleberry YOU'RE NO DAISYRegistered User, ClubPAregular
So the only room in this house that isn't basically completely remodeled is the main bath.
And the toilet us leaking at the base.
I think it's just the wax seal and I think it should be an easy fix....
So I'm currently living on my own after living with my father for a few years
All my single friends are doing their own thing and aren't gonna be able to get a place with me
I got a new job this week after not having a job (intentionally) for over a year, it's...the pay isn't great but it's somewhat workable
But long story short, I'll be out of this apartment in January and I'm seriously considering just buying a home instead of renting, despite saying that renting is something I'd always do
Big problem is...I have no real clues how to get started. I don't really have any family members to talk to, other than my mom, who also never bought a house. All my friends are renters. I feel pretty lost when it comes to this stuff
For example, I'm looking at places in my area and, shit, the mortgage in some of these places is only a third of what I'm paying now in rent. What are the upsides/downsides? Things I need to look out for? What are the cons of buying a foreclosed home, for example (are there any?)
Upsides - your own place
Downsides - your own place means you have to maintain everything and if something breaks, it's on you.
I'd recommend having 20% of the value saved, even if you don't use it for a down payment, as you should ideally have a 5-10k backstop to cover any major home repair that can come up (furnace goes out, electrical issues, etc.)
The first thing is to figure out: "Do I want to live here for 10-12 years?" as it's not economical to do otherwise (closing costs etc.).
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
"Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Sewage is usually PVC. Easy
"usually"
EDIT: there are two toilets in my house: the one in the newer section of the house is on top of PVC, but in the older section of the house it's cast iron. So yeah, I've got a nice new toilet there at least.
DisruptedCapitalist on
"Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
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KakodaimonosCode fondlerHelping the 1% get richerRegistered Userregular
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Sewage is usually PVC. Easy
Depends on how old the house is. It may be cast iron.
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Donovan PuppyfuckerA dagger in the dark isworth a thousand swords in the morningRegistered Userregular
Fuck it, silicon sealant will work okay in both cases...
What are the cons of buying a foreclosed home, for example (are there any?)
There are! There are also benefits! Much like any decision, naturally.
Homes are foreclosed upon when the borrower defaults on their mortgage. Now, there are many possible reasons the borrower defaulted. Perhaps they couldn't really afford the home, maybe an unexpected event like a death, loss of income, or medical emergency happened. The bank takes ownership of the property, and tries to sell it as quickly as possible. Banks aren't interested in having a bunch of real estate on their books. They are a bank, not a real estate brokerage.
Pros:
Because the bank is trying to get rid of the property as quickly as possible, they may possibly offer the home for less than market value. This can be leveraged to your benefit: you may possibly be able to buy the place at a discount, in effect buying "more" home than your price range would normally allow. Do, however, be mindful that the property will still be taxed at its market rate. If you can afford that annual real estate tax, have at it.
Similar to the above, a foreclosure may allow you to buy in a better neighborhood, or more one more convenient for your lifestyle.
Cons:
Since you do not know the reason the previous owner was foreclosed upon, it's possible that necessary maintenance or other problems went unresolved. While this is true of any property, foreclosure or no, it's more likely that you'll be walking into some real issues. This is particularly true of older homes, both due to the natural effects time has on any structure, as well as the fact that homes that have been foreclosed upon are often unoccupied for months or years. (Foreclosure is not a quick process; banks greatly prefer to work something out with the borrower rather than take ownership of the property.)
Related to the above, an unoccupied home is a popular target for things like mold, pests of various leg configurations, and vandalism.
Purchasing a foreclosed home is a slow process. While the bank wants to get the property off the books, they're also trying to lose as little money as possible on the deal. (And not necessarily profit from it--banks consider any defaulted loan as bad. Selling foreclosed property is basically damage control.) An offer you put in on a house may not be responded to for weeks.
Foreclosures often have very great interest from other prospective buyers, as they too want to get good deals.
---
So to conclude, deffo consider a foreclosure if you like the house and can afford it, much like any other house, but recognize that you'll likely have to dump somewhat more money into bringing it up to scratch.
What are the cons of buying a foreclosed home, for example (are there any?)
There are! There are also benefits! Much like any decision, naturally.
Homes are foreclosed upon when the borrower defaults on their mortgage. Now, there are many possible reasons the borrower defaulted. Perhaps they couldn't really afford the home, maybe an unexpected event like a death, loss of income, or medical emergency happened. The bank takes ownership of the property, and tries to sell it as quickly as possible. Banks aren't interested in having a bunch of real estate on their books. They are a bank, not a real estate brokerage.
Pros:
Because the bank is trying to get rid of the property as quickly as possible, they may possibly offer the home for less than market value. This can be leveraged to your benefit: you may possibly be able to buy the place at a discount, in effect buying "more" home than your price range would normally allow. Do, however, be mindful that the property will still be taxed at its market rate. If you can afford that annual real estate tax, have at it.
Similar to the above, a foreclosure may allow you to buy in a better neighborhood, or more one more convenient for your lifestyle.
Cons:
Since you do not know the reason the previous owner was foreclosed upon, it's possible that necessary maintenance or other problems went unresolved. While this is true of any property, foreclosure or no, it's more likely that you'll be walking into some real issues. This is particularly true of older homes, both due to the natural effects time has on any structure, as well as the fact that homes that have been foreclosed upon are often unoccupied for months or years. (Foreclosure is not a quick process; banks greatly prefer to work something out with the borrower rather than take ownership of the property.)
Related to the above, an unoccupied home is a popular target for things like mold, pests of various leg configurations, and vandalism.
Purchasing a foreclosed home is a slow process. While the bank wants to get the property off the books, they're also trying to lose as little money as possible on the deal. (And not necessarily profit from it--banks consider any defaulted loan as bad. Selling foreclosed property is basically damage control.) An offer you put in on a house may not be responded to for weeks.
Foreclosures often have very great interest from other prospective buyers, as they too want to get good deals.
---
So to conclude, deffo consider a foreclosure if you like the house and can afford it, much like any other house, but recognize that you'll likely have to dump somewhat more money into bringing it up to scratch.
Foreclosures are usually sold as is, neglected, and stripped of appliances. There is no price negotiations down, but may be up as the interest can be great.
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
Strikor and I looked at a foreclosure during our house hunt. The house was being put on auction repeatedly, and was not reaching the bank's reserve. I put a bid for 100k, and was the only bidder. The agent who was selling on behalf of the bank said the lowest they would go was 115k. I refused, and they continued to put it up for bid. Once they lowered the starting bid price, I was planning on putting it up to bid again, but I had our inspector take a look at it first. I was planning to pay him the regular inspection fee (even though as I said, i hadn't bid that time around yet), but he said, "I'll save you the inspection fee and just tell you now - don't buy this house." Then he pointed out some obvious areas of water damage and windows needing replacement. He said that if he were to buy the house, he'd bid 65k. I told him the bidding starts at 85k and he wondered how they had the nerve.
I guess my point is, that bank didn't want to just get rid of the house - they were willing to pay whatever upkeep there was in the house (mowing and watering the lawn, I guess) and pay the property taxes, while they continually put the house up for bid over and over until they got what they want. Banks may not want to own property, but they may still have a strong idea about what they think the house is worth.
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
Yeah, foreclosures are fine to buy if you go into planning some major work. It's a bonus if you don't, but everyone I know that's bought short-sales or foreclosures has had to do at least 10k worth of work in the first 2 months. In some cases it's extensive stuff that makes the house unusable until completed (septic system etc.).
People go nuts on foreclosed houses before they leave. They'll leave the faucets running, feed pests, and basically do anything they can as one last "fuck you" to the bank. Sometimes the bank will make an effort to fix it, sometimes they'll do a cheap cover-up, and sometimes they'll just ignore it completely like @Cambiata mentioned.
If you decide to go that route you absolutely need to be able to have total faith in your inspector, and that all the utilities are ON for the inspection. Not having the water on may not seem like a big deal at the time but it definitely will be when you go to move into your fancy new house and find that the ceilings are suddenly dripping.
Worst case scenario of course but home ownership has definitely taught me to expect it. Thanks, previous owners.
And as a former attorney I should also mention that you sometimes have to bring eviction proceedings against the previous owners. Usually they're only mad at the bank and not at you.
Usually.
"Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
Regarding existing tenants - always expect the worst. Even if you meet them and they seem totally fine, be prepared for them to turn in to the shittiest of human beings as things move forward.
Our place wasn't even a foreclosure, but the owner had been renting the in-law unit for a while after she had moved out. We'd met the tenants and they seemed totally fine, would be moving to another rental in the same neighborhood, we agreed to drop off any mail that arrived for them.
Turns out they called the city zoning inspector claiming the in-law unit they had been renting was not permitted (it was build before the ordinance took effect and was thus grandfathered) in an effort to force us to tear it down. Wasn't a huge deal, but was just really disappointing that these people who seemed totally amicable would pull a dick move at the last second.
"If complete and utter chaos was lightning, then he'd be the sort to stand on a hilltop in a thunderstorm wearing wet copper armour and shouting 'All gods are bastards'."
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Sewage is usually PVC. Easy
Depends on how old the house is. It may be cast iron.
or super fucking fragile clay
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Sewage is usually PVC. Easy
Depends on how old the house is. It may be cast iron.
or super fucking fragile clay
Super fucking fragile clay, cursed to be disastrous?
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
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KakodaimonosCode fondlerHelping the 1% get richerRegistered Userregular
I would just say flat out that looking at foreclosures is not a good idea if you are looking at a first home and have no experience with homes.
Yeah, I tried that once and discovered the flange and part of the pit below it had completely collapsed. So I hired someone. No fecking way am I dealing with soldering sewage pipes.
Sewage is usually PVC. Easy
Depends on how old the house is. It may be cast iron.
or super fucking fragile clay
Super fucking fragile clay, cursed to be disastrous?
Though at the time it was installed, they thought that it was wondrous.
We have officially moved in! There is a lot of shit that we still need to unpack and sort but like, bed is in the right place, couches are in the right spot, washer and dryer are hooked up, etc.
Except the dryer vent may need more fucking with. Not got a great fit on there, but whatever.
diablo III - beardsnbeer#1508 Mechwarrior Online - Rusty Bock
Posts
SOMEONE IS NOT TREATING OUR SITUATION WITH THE APPROPRIATE GRAVITAS
@RADROADKILL
I also introduced myself to the street with a string of curses.
but they're listening to every word I say
So I put on my yard gloves and popped it's neck so it wouldn't suffer and slowly bleed to death.
Mud daubers are extremely okay
I've held them in my hand before, they're very gentle
and they get rid of tons of spiders!
I endorse this post
All my single friends are doing their own thing and aren't gonna be able to get a place with me
I got a new job this week after not having a job (intentionally) for over a year, it's...the pay isn't great but it's somewhat workable
But long story short, I'll be out of this apartment in January and I'm seriously considering just buying a home instead of renting, despite saying that renting is something I'd always do
Big problem is...I have no real clues how to get started. I don't really have any family members to talk to, other than my mom, who also never bought a house. All my friends are renters. I feel pretty lost when it comes to this stuff
For example, I'm looking at places in my area and, shit, the mortgage in some of these places is only a third of what I'm paying now in rent. What are the upsides/downsides? Things I need to look out for? What are the cons of buying a foreclosed home, for example (are there any?)
And the toilet us leaking at the base.
I think it's just the wax seal and I think it should be an easy fix....
Upsides - your own place
Downsides - your own place means you have to maintain everything and if something breaks, it's on you.
I'd recommend having 20% of the value saved, even if you don't use it for a down payment, as you should ideally have a 5-10k backstop to cover any major home repair that can come up (furnace goes out, electrical issues, etc.)
The first thing is to figure out: "Do I want to live here for 10-12 years?" as it's not economical to do otherwise (closing costs etc.).
oh you're in for it now
Shut up!!
Sewage is usually PVC. Easy
"usually"
EDIT: there are two toilets in my house: the one in the newer section of the house is on top of PVC, but in the older section of the house it's cast iron. So yeah, I've got a nice new toilet there at least.
Depends on how old the house is. It may be cast iron.
Raccoons get a whole lot cuter when you think of them as trash pandas
Homes are foreclosed upon when the borrower defaults on their mortgage. Now, there are many possible reasons the borrower defaulted. Perhaps they couldn't really afford the home, maybe an unexpected event like a death, loss of income, or medical emergency happened. The bank takes ownership of the property, and tries to sell it as quickly as possible. Banks aren't interested in having a bunch of real estate on their books. They are a bank, not a real estate brokerage.
Pros:
Because the bank is trying to get rid of the property as quickly as possible, they may possibly offer the home for less than market value. This can be leveraged to your benefit: you may possibly be able to buy the place at a discount, in effect buying "more" home than your price range would normally allow. Do, however, be mindful that the property will still be taxed at its market rate. If you can afford that annual real estate tax, have at it.
Similar to the above, a foreclosure may allow you to buy in a better neighborhood, or more one more convenient for your lifestyle.
Cons:
Since you do not know the reason the previous owner was foreclosed upon, it's possible that necessary maintenance or other problems went unresolved. While this is true of any property, foreclosure or no, it's more likely that you'll be walking into some real issues. This is particularly true of older homes, both due to the natural effects time has on any structure, as well as the fact that homes that have been foreclosed upon are often unoccupied for months or years. (Foreclosure is not a quick process; banks greatly prefer to work something out with the borrower rather than take ownership of the property.)
Related to the above, an unoccupied home is a popular target for things like mold, pests of various leg configurations, and vandalism.
Purchasing a foreclosed home is a slow process. While the bank wants to get the property off the books, they're also trying to lose as little money as possible on the deal. (And not necessarily profit from it--banks consider any defaulted loan as bad. Selling foreclosed property is basically damage control.) An offer you put in on a house may not be responded to for weeks.
Foreclosures often have very great interest from other prospective buyers, as they too want to get good deals.
---
So to conclude, deffo consider a foreclosure if you like the house and can afford it, much like any other house, but recognize that you'll likely have to dump somewhat more money into bringing it up to scratch.
Foreclosures are usually sold as is, neglected, and stripped of appliances. There is no price negotiations down, but may be up as the interest can be great.
but they're listening to every word I say
I guess my point is, that bank didn't want to just get rid of the house - they were willing to pay whatever upkeep there was in the house (mowing and watering the lawn, I guess) and pay the property taxes, while they continually put the house up for bid over and over until they got what they want. Banks may not want to own property, but they may still have a strong idea about what they think the house is worth.
If you decide to go that route you absolutely need to be able to have total faith in your inspector, and that all the utilities are ON for the inspection. Not having the water on may not seem like a big deal at the time but it definitely will be when you go to move into your fancy new house and find that the ceilings are suddenly dripping.
Worst case scenario of course but home ownership has definitely taught me to expect it. Thanks, previous owners.
Usually.
Our place wasn't even a foreclosure, but the owner had been renting the in-law unit for a while after she had moved out. We'd met the tenants and they seemed totally fine, would be moving to another rental in the same neighborhood, we agreed to drop off any mail that arrived for them.
Turns out they called the city zoning inspector claiming the in-law unit they had been renting was not permitted (it was build before the ordinance took effect and was thus grandfathered) in an effort to force us to tear it down. Wasn't a huge deal, but was just really disappointing that these people who seemed totally amicable would pull a dick move at the last second.
or super fucking fragile clay
Super fucking fragile clay, cursed to be disastrous?
That sucks. I'm sorry you had to do that.
Though at the time it was installed, they thought that it was wondrous.
What could possibly go wrong?
The heat from the wires will conveniently warm your house!
but they're listening to every word I say
it's when you start using copper endpoints with aluminium that shit starts fucking up
so basically, homeowners doing repairs themselves is disastrous as usual
Except the dryer vent may need more fucking with. Not got a great fit on there, but whatever.