As was foretold, we've added advertisements to the forums! If you have questions, or if you encounter any bugs, please visit this thread: https://forums.penny-arcade.com/discussion/240191/forum-advertisement-faq-and-reports-thread/

Homeowner/House Thread: It's going to cost how much, now?

14344464849100

Posts

  • a5ehrena5ehren AtlantaRegistered User regular
    Ketar wrote: »
    I don't understand why there is still an escrow account after the house has been closed, the old owners have their money, and the mortgage is with the bank. Who is the escrow account holding money for at that point? The bank is billing you monthly for the mortgage, the old owners have their money, what is even the purpose of still having an escrow account open?

    Some lenders require an escrow account for your property taxes and homeowners insurance. Rather than paying those two yourself, you end up paying a portion of the yearly amount due with each mortgage payment that you make. It is held in escrow and then your lender makes the payments on your behalf at the appropriate time.

    It's most typical when you put less than 20% down when buying, and can generally be opted out from once you've hit 20% equity.

    Both of my lenders said they would charge higher interest rates (like a quarter-point) if I opted out of escrow. And that's with a ~60% LTV.

  • Donovan PuppyfuckerDonovan Puppyfucker A dagger in the dark is worth a thousand swords in the morningRegistered User regular
    edited November 2019
    That seems like a lot of extra hassle when they could just roll those expenses into the mortgage if they can't trust the homeowner to pay them.

    I know that here in Australia if our house is uninsured and the bank (in our particular case actually the state government) finds out, they can begin legal proceedings to take the property from us, as they still own it.

    Donovan Puppyfucker on
  • SyngyneSyngyne Registered User regular
    Speaking of escrow and property taxes, being a first time homeowner, I didn't realize that my mortgage payment included my property taxes, so when the bill came in from the county it was a bit of a shock. I paid it without realizing that it would automatically be paid at the end of the year from the escrow account, so my savings took a $5k hit.

    After I found out it was covered in the mortgage payment I made a couple of phone calls, and the bank verified my taxes were paid, and after they did an escrow evaluation they'd mail me a refund check. So, I've been hovering around my mailbox all week waiting for the refund to come in. I finally get a letter from my bank, and inside is a check.

    For $0.10.

    I went back through the documents online, and it turns out they did two evaluations for some reason, one that gave the $0.10 amount, and the other for the full refund amount. Given the timing, the other check should hopefully be arriving in a day or two.

    5gsowHm.png
  • KetarKetar Come on upstairs we're having a partyRegistered User regular
    That seems like a lot of extra hassle when they could just roll those expenses into the mortgage if they can't trust the homeowner to pay them.

    I know that here in Australia if our house is uninsured and the bank (in our particular case actually the state government) finds out, they can begin legal proceedings to take the property from us, as they still own it.

    Extra hassle for who? The homeowner just makes 1 single payment to the lender every month. It's the lender who separates out the portion that's going into escrow, and I'd imagine that: A) There are legal reasons for doing so and B) It's all automated anyway so there isn't any actual hassle.

  • That_GuyThat_Guy I don't wanna be that guy Registered User regular
    edited November 2019
    That seems like a lot of extra hassle when they could just roll those expenses into the mortgage if they can't trust the homeowner to pay them.

    I know that here in Australia if our house is uninsured and the bank (in our particular case actually the state government) finds out, they can begin legal proceedings to take the property from us, as they still own it.

    I live in the US and that's how my mortgage works too. I know it's 2 separate accounts but it's a payment to 1 place. I think they do a separate account to make it easier to pay out to the different companies all involved with buying and insuring a house. This thread is the first I've ever heard of (in my extremely limited experience) having a separate bill for escrow.

    Edit: I asked around my office and everyone else's escrow is funded directly from their regular mortgage payment.

    That_Guy on
  • a5ehrena5ehren AtlantaRegistered User regular
    Lenders like it because it decreases the risk of you having a lien filed against your house. They might take a bath on the value if the county repos your house and auctions it.

  • DaenrisDaenris Registered User regular
    That_Guy wrote: »
    That seems like a lot of extra hassle when they could just roll those expenses into the mortgage if they can't trust the homeowner to pay them.

    I know that here in Australia if our house is uninsured and the bank (in our particular case actually the state government) finds out, they can begin legal proceedings to take the property from us, as they still own it.

    I live in the US and that's how my mortgage works too. I know it's 2 separate accounts but it's a payment to 1 place. I think they do a separate account to make it easier to pay out to the different companies all involved with buying and insuring a house. This thread is the first I've ever heard of (in my extremely limited experience) having a separate bill for escrow.

    Edit: I asked around my office and everyone else's escrow is funded directly from their regular mortgage payment.

    Has anyone here actually said they pay a separate escrow payment? That wasn't the impression I got. It's all just one check for me, part goes to my mortgage, and part goes to escrow. But behind the scenes the bank has to make sure the escrow account is at the proper level, and they do yearly rebalancing to make sure. Sometimes that means they need an extra one time payment to fill it up, sometimes it means the monthly mortgage+escrow payment goes up a bit, sometimes it means a refund check to the homeowner.

  • MugsleyMugsley DelawareRegistered User regular
    Yes, this is how mine works. One account handles mortgage, property taxes, and insurance

  • Stabbity StyleStabbity Style He/Him | Warning: Mothership Reporting Kennewick, WARegistered User regular
    I dunno, I'm in favor of it. I'd want to be setting aside the money each month anyway, so having them take care of it for me and make the payment makes things easier for me. Of course, you lose the flexibility of having that money around yourself, but whatever. Ideally you shouldn't be dipping into money you have set aside for bills anyway.

    Stabbity_Style.png
  • StraygatsbyStraygatsby Registered User regular
    I'd be annoyed if the single payment that went out every month didn't cover those three things - regardless of what cash is actually in escrow (impounded) or not. Home ownership is complicated enough! =P

    Should be picking up our keys in the next few days. Dreading the move, but at least it's local, and because we went from house to apartment first, we're way pared down and ready to go.

    I'll probably be really sore next week, though.

    Also I can't wait to see if I can detach and move a stacked washer/dryer in a closet without killing myself.

  • OptyOpty Registered User regular
    If you've got someone to help you, be sure to get one of those furniture moving straps that work with two people, they're amazing

  • OneAngryPossumOneAngryPossum Registered User regular
    edited November 2019
    Had to replace the ballast in the fluorescent fixture in the laundry room - not sure why, but the previous owners seemed to reaaaaaallly love those long fluorescent bulbs, they’re all over the basement too.

    Three trips to the hardware store and 4 hours later (after sunset and dragging a lamp on an extension cord into the room so I could see again), it works! Was worried I didn’t understand the various ballast types well enough to get the right replacement when the lights still wouldn’t turn on, but apparently I forgot to tie the neutral from the ballast to the house wiring, so that was a relief/embarrassment.

    I’m dangerously close to thinking I can handle full on fixture replacements all over the house now.

    Next project is finding out why there are loose cat5 cords dangling in the basement - it’s half-finished, and I’m wondering how much work they left for me if I wanted to replace the phone outlets with Ethernet.

    So many questions I wish I’d asked two months ago.

    OneAngryPossum on
  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
    So many questions I wish I’d asked two months ago.

    Yup, I had - and continue to have - a lot of those moments.

  • QanamilQanamil x Registered User regular
    I'm finally just down to the large furniture to move so gotta somehow con some people into helping me load a uhaul.

  • OneAngryPossumOneAngryPossum Registered User regular
    MichaelLC wrote: »
    So many questions I wish I’d asked two months ago.

    Yup, I had - and continue to have - a lot of those moments.

    Two most important unanswered questions:

    1. Why is there a dry rag wrapped around a single copper pipe in the basement?

    2. Is the extension ladder hanging on the garage wall a key structural component, or am I just very weak?

    2a. How does one person conceivably move a 28 foot extension ladder?

  • ShadowfireShadowfire Vermont, in the middle of nowhereRegistered User regular
    Had to replace the ballast in the fluorescent fixture in the laundry room - not sure why, but the previous owners seemed to reaaaaaallly love those long fluorescent bulbs, they’re all over the basement too.

    Three trips to the hardware store and 4 hours later (after sunset and dragging a lamp on an extension cord into the room so I could see again), it works! Was worried I didn’t understand the various ballast types well enough to get the right replacement when the lights still wouldn’t turn on, but apparently I forgot to tie the neutral from the ballast to the house wiring, so that was a relief/embarrassment.

    I’m dangerously close to thinking I can handle full on fixture replacements all over the house now.

    Next project is finding out why there are loose cat5 cords dangling in the basement - it’s half-finished, and I’m wondering how much work they left for me if I wanted to replace the phone outlets with Ethernet.

    So many questions I wish I’d asked two months ago.

    Probably just cutting the plugs off and putting the rj45 punch downs in place. One of these will tell you which outlet runs to which wire if they're not labeled correctly.

    WiiU: Windrunner ; Guild Wars 2: Shadowfire.3940 ; PSN: Bradcopter
  • evilmrhenryevilmrhenry Registered User regular
    Can anyone recommend a home inspector around the Kirkland WA area?

  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
    edited November 2019
    MichaelLC wrote: »
    So many questions I wish I’d asked two months ago.

    Yup, I had - and continue to have - a lot of those moments.

    Two most important unanswered questions:

    1. Why is there a dry rag wrapped around a single copper pipe in the basement?

    2. Is the extension ladder hanging on the garage wall a key structural component, or am I just very weak?

    2a. How does one person conceivably move a 28 foot extension ladder?

    1. The copper was leaking out and that stuff is expensive.
    2a. No, but is load bearing.
    2b. With maximum effort.

    I will say I do love my folding extension ladder; it's like 6' that fold out to 22' or so. But silly to get one if you have one already. Is it hooked/tied down somewhere you don't see?

    MichaelLC on
  • AiouaAioua Ora Occidens Ora OptimaRegistered User regular
    Can anyone recommend a home inspector around the Kirkland WA area?

    I used these guys when I bought my condo and I thought they were pretty good.

    https://acehomeinspectionllc.net/

    life's a game that you're bound to lose / like using a hammer to pound in screws
    fuck up once and you break your thumb / if you're happy at all then you're god damn dumb
    that's right we're on a fucked up cruise / God is dead but at least we have booze
    bad things happen, no one knows why / the sun burns out and everyone dies
  • QuidQuid Definitely not a banana Registered User regular
    I bought my home a few years ago for 325k.

    Per Redfin, it jumped up in value to 350k last November, before coming back down to about 330k.

    Dafuq?

  • That_GuyThat_Guy I don't wanna be that guy Registered User regular
    Quid wrote: »
    I bought my home a few years ago for 325k.

    Per Redfin, it jumped up in value to 350k last November, before coming back down to about 330k.

    Dafuq?

    Something similar happened with my townhome on Zillow. I think it's mostly inaccuracies in the site metrics. My place stared at the 162k I paid for it, ballooned up to 220k before going back down to 170k before finally stabilizing around 180k. I know that's low because the place next to me went for about 190k and it doesn't have my fireplace.

  • matt has a problemmatt has a problem Points to 'off' Points to 'on'Registered User regular
    Still have to cut two half bricks and sand the gaps, but the patio is once again a patio.

    2Pc5o3m.jpg

    nibXTE7.png
  • TomantaTomanta Registered User regular
    Meanwhile, 7 months into the house and the foundation is shifting. We knew it had work done a couple of years ago. Here's hoping they honor their warranty...

  • MNC DoverMNC Dover Full-time Voice Actor Kirkland, WARegistered User regular
    The wife and I bought our house this day 5 years ago and we paid it off in full before our second was born 1.5 years ago. The wife doesn’t like to talk about it because it comes off as bragging. She’s not wrong, but I get so proud of her ability to manage money that I have e to share it with someone.

    So humble brag aside, I want to string up lights in the house this year. Normally I just run a string over the garage, but I want to do the windows and maybe the frame this time. Any advice on what I should prep or buy?

    Need a voice actor? Hire me at bengrayVO.com
    Legends of Runeterra: MNCdover #moc
    Switch ID: MNC Dover SW-1154-3107-1051
    Steam ID
    Twitch Page
  • Stabbity StyleStabbity Style He/Him | Warning: Mothership Reporting Kennewick, WARegistered User regular
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    Stabbity_Style.png
  • N1tSt4lkerN1tSt4lker Registered User regular
    So. Has anyone in here hired an electrician to run extra outlets in an existing house? Even better if it’s someone in the semi-rural South? I’d just like to have an idea of the price range i might be working with before I start thinking about getting estimates.

  • StraygatsbyStraygatsby Registered User regular
    So my new house has a single wall jack with 3 ethernet ports labeled CAT5e.

    I haven't found out where they go yet. Let the detective work begin!

  • bowenbowen How you doin'? Registered User regular
    N1tSt4lker wrote: »
    So. Has anyone in here hired an electrician to run extra outlets in an existing house? Even better if it’s someone in the semi-rural South? I’d just like to have an idea of the price range i might be working with before I start thinking about getting estimates.

    You'll be paying $75-175 an hour for that, so expect it to be in the realm of ~$120 per outlet. Rural will be on the upper end of the spectrum.

    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
  • AbsoluteZeroAbsoluteZero The new film by Quentin Koopantino Registered User regular
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    That seems excessive just to run ethernet. If you have easy access say from a basement it shouldn't take much more than some drillin' and snakin' to run ethernet in existing walls.

    cs6f034fsffl.jpg
  • That_GuyThat_Guy I don't wanna be that guy Registered User regular
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    That seems excessive just to run ethernet. If you have easy access say from a basement it shouldn't take much more than some drillin' and snakin' to run ethernet in existing walls.

    You ever try to fish cat6 cable up an insulated wall?

  • Stabbity StyleStabbity Style He/Him | Warning: Mothership Reporting Kennewick, WARegistered User regular
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    That seems excessive just to run ethernet. If you have easy access say from a basement it shouldn't take much more than some drillin' and snakin' to run ethernet in existing walls.

    The problem I guess is that the basement already has the ceiling/drywall up and I don't have an attic, so routing stuff becomes a big challenge. I dunno, I might look for someone else in the area to get a quote from them, too. My friend also said that we could probably do it ourselves, tho he hasn't seen the house yet, so idk if the challenge is as serious as the ethernet guy said.

    Stabbity_Style.png
  • AbsoluteZeroAbsoluteZero The new film by Quentin Koopantino Registered User regular
    That_Guy wrote: »
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    That seems excessive just to run ethernet. If you have easy access say from a basement it shouldn't take much more than some drillin' and snakin' to run ethernet in existing walls.

    You ever try to fish cat6 cable up an insulated wall?

    I've done it with speaker wire. It's more work than a hollow wall but I'd still try fishing the line before I resorted to taking down drywall.

    cs6f034fsffl.jpg
  • MNC DoverMNC Dover Full-time Voice Actor Kirkland, WARegistered User regular
    Can anyone recommend a home inspector around the Kirkland WA area?

    Hey @evilmrhenry, Kirkland home owner high five!
    Welp, talked with the ethernet guy today. He said they'd need to take down some sheetrock/drywall to run stuff and they don't put it back up, so I'll probably need to hire someone else to do that if I go down that route. I dunno how much it costs to hire someone to replace/mud the sheetrock/drywall they'll take down, but it sounds expensive. I should get a quote back from him for the ethernet stuff next week, so I guess I'll see then.

    The thread title has never felt more real :|

    I worked at a Home Theater installation company from 2005-2010. While I focused mostly on lighting control, I did PM lots of AV work and ran tons of wires.

    The problem with retrofit work is that every job is different, especially if you don’t know what’s behind the wall. Like others have said, you might be able to do it yourself, depending on what's behind the wall. Since you'll probably want a box/plate at the wire's location, you can cut a hole there and have a look at what's behind the wall. Then you can try fishing a wire and seeing if you can reach the location.

    Need a voice actor? Hire me at bengrayVO.com
    Legends of Runeterra: MNCdover #moc
    Switch ID: MNC Dover SW-1154-3107-1051
    Steam ID
    Twitch Page
  • SageinaRageSageinaRage Registered User regular
    Well, closed on my house today! Now I just need to get to packing! Also getting the damn low flow fixture certificate from the damn inspector so I can get the damn water account activated with the county!!

    sig.gif
  • CampyCampy Registered User regular
    I too have been pondering doing some wire fishing myself. Our walls are old and lack any sort of insulation so it should be easier? Do I need any sort of tools in particular, or just start threading wires and see where it goes?

  • MugsleyMugsley DelawareRegistered User regular
    I bought a Greenlee version of this and it's been such a time saver that it's worth it, even though it's a single use tool.

    https://smile.amazon.com/dp/B0026TA6RK/

  • ShadowfireShadowfire Vermont, in the middle of nowhereRegistered User regular
    So my new house has a single wall jack with 3 ethernet ports labeled CAT5e.

    I haven't found out where they go yet. Let the detective work begin!

    I mentioned this in another post but Fox Hounds are fucking amazing. Plug one end into the plug, then wave the wand around the wall and follow the wire back to the source. I use them all the time.

    WiiU: Windrunner ; Guild Wars 2: Shadowfire.3940 ; PSN: Bradcopter
  • QuidQuid Definitely not a banana Registered User regular
    There's a server rack in our basement with a half dozen ports that lead to different rooms in the house. I always feel bad that it goes unused but can't think of anything to do with it.

  • AngelHedgieAngelHedgie Registered User regular
    Quid wrote: »
    There's a server rack in our basement with a half dozen ports that lead to different rooms in the house. I always feel bad that it goes unused but can't think of anything to do with it.

    Where are you setting up your main network in the house? There's a few things that you could do with the rack for relatively cheap.

    XBL: Nox Aeternum / PSN: NoxAeternum / NN:NoxAeternum / Steam: noxaeternum
This discussion has been closed.