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Buying a home

Closing on a house in two weeks, which will be my third home purchase (sold the other two). Was able to get locked in at 3.58%, which makes me very happy. My last house was at 4.5%. The price on my new home was $50k more than my last home (after 20% down the mortgage was about 40k than my last mortgage), but my monthly payment will be lower by over $100/mo. I went from a 3500 sq ft house down to a 1700 sq ft house I've been renting for two years and am happy to be able to spread out again and have a garage I can park in.
 
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green said:
This. Your kids don't want stuff as much as they want you.
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ConradA24 said:
Well said! :)
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Especially true when the oldest that lives with me is 8. My home is centered around the kitchen. So this one has the stove on the island and it faces into the living room. So while I am cooking I can still be part of the flow of the house.
 
Stoked said:
Especially true when the oldest that lives with me is 8. My home is centered around the kitchen. So this one has the stove on the island and it faces into the living room. So while I am cooking I can still be part of the flow of the house.
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My wife's number one requirement was an area viewable from the kitchen that could be a kid play area. My only request was a full-court basketball gym, which I thought was reasonable, even if my wife had to work an additional job or three to cover the cost. I would have even settled for a half court, but I am stuck with a backyard court instead.
 
lauriandres said:
Why in US ordinary homeowners dislike or do not want have fences? Does that not prevent burglaries etc.?
For example, a random street in Phoenix:
https://www.google.ee/maps/@33.4930...4!1sGdzPw4s-72lDUWZQXt7mGw!2e0!7i13312!8i6656

For comparison, the neighbourhood in Tallinn, where i live (when most of the houses were built, it was low to middle class, now it is also a middle to high class):
https://www.google.ee/maps/@59.3851...4!1sSR2oYBP4-27p55LvMoEQBA!2e0!7i13312!8i6656

Is that kind of service affordable for middle class homeowners in US?
https://www.g4s.ee/en/personal-client/home-surveillance/services/introduction
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A) that's actually kind of a crappy neighborhood for the Phoenix metro.

B) Even if you go to a place in the same metro area where people want to live you still won't have a lot of fences. See: https://www.google.ee/maps/place/81...0x872ba962037487db:0x68ba556c05b2a792!6m1!1e1

C) It's a low crime country. Lots of security items like fences and barred windows make people feel less safe here, not more safe.
 
My offer just got accepted. I close 04/16/16 (I requested 45 days for other reasons instead of the usual 30)
 
Sirkickyass said:
Congrats. You and I will be closing within about a week of each other.

Here's hoping for a good inspection.
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And appraisal. Best part is that I am only using about 1/3 of the down payment that I had set up. So plenty of money there for closing and moving expenses.
 
Stoked said:
And appraisal. Best part is that I am only using about 1/3 of the down payment that I had set up. So plenty of money there for closing and moving expenses.
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To be honest, I think the appraisal game is sort of rigged. Everyone is just making educated guesses and the appraiser doesn't get any extra cheese for causing problems by saying the house is worth $8,000 less than the offer on it. As long as the offer is reasonable, the appraiser just rubber stamps the offer amount.
 
Sirkickyass said:
To be honest, I think the appraisal game is sort of rigged. Everyone is just making educated guesses and the appraiser doesn't get any extra cheese for causing problems by saying the house is worth $8,000 less than the offer on it. As long as the offer is reasonable, the appraiser just rubber stamps the offer amount.
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I always thought the appraiser should not have access to the purchase price. Then you will know if the appraisal is fair.
 
Sirkickyass said:
To be honest, I think the appraisal game is sort of rigged. Everyone is just making educated guesses and the appraiser doesn't get any extra cheese for causing problems by saying the house is worth $8,000 less than the offer on it. As long as the offer is reasonable, the appraiser just rubber stamps the offer amount.
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I figured as much, just hoping for everything to be smooth and easy. Meeting with my finance guy today to get the funding in order. Already starting to touch up the house I am in. I was care taker for a good friend of mine and making sure everything is in working order.

JAZZGASM said:
I always thought the appraiser should not have access to the purchase price. Then you will know if the appraisal is fair.
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I like that.
 
JAZZGASM said:
I always thought the appraiser should not have access to the purchase price. Then you will know if the appraisal is fair.
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Nice in theory, would probably cause more problems than it is worth.

Example A: Offer on house is $200,000 parties agree. Appraiser comes back and says house is worth $193,000. Causes financing problems because now the house isn't "worth" the loan the bank agreed to finance. Buyer demands price concession to appease lender. Seller loses $7,000 even though the buyer was willing to pay more and the whole process is mucked up and slowed down over 3.5% of the price. Feel-bad for seller, hassle for buyer.

Example B: Offer on house is $200,000 parties agree. Appraiser comes back and says house is worth $207,000. Buyer thrilled. Seller feels cheated. Should he try and back out of the deal? If he does, Buyer is pissed and wishes he hadn't appraised in the first place. If he doesn't seller feels screwed even though they were previously willing to sell for $200k without a hitch. Feel bad for seller, potential deal breaker, potential hassle for buyer.

Example C: Offer on house is $200,000 parties agree. Appraiser comes back and says house is worth $200.000. Everyone is happy.
 
Cunning Linguist said:
A house should be worth what someone is willing to pay for it imo.
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Well the problem is bank mortgages are non-recourse to the buyer, meaning only the home in collateral. So the bank will only make a loan based on the appraised value, not the value anyone is willing to pay.

If I made an all cash offer on a home I would skip the appraisal.
 
JAZZGASM said:
Well the problem is bank mortgages are non-recourse to the buyer, meaning only the home in collateral. So the bank will only make a loan based on the appraised value, not the value anyone is willing to pay.

If I made an all cash offer on a home I would skip the appraisal.
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Yeah, I understand.
 
Well this has finally happened, because it takes forever to buy a home. But it was all worth it.

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