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Home Buying Help Thread


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15 hours ago, Ty21 said:

I’m going to look at a house to potentially buy for the first time ever tomorrow. Confusing feelings of anxiety and euphoria after renting every year since I turned 20 or so. 

That's awesome - the process is more tedious than challenging, so go in with confidence, you're good!

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1 hour ago, ET80 said:

That's awesome - the process is more tedious than challenging, so go in with confidence, you're good!

I just got preapproved for a loan it sounds like and I’m checking the house out in an hour and a half. Fingers crossed. 

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1 hour ago, Ty21 said:

I just got preapproved for a loan it sounds like and I’m checking the house out in an hour and a half. Fingers crossed. 

Fantastic, bud - very happy for you, keep us in the loop!

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My wife and I are living well below our means right now, but now that we've gotten married, we started giving very cursory consideration into where we'd like to move to start a family. There was/is a house for sale that is pretty much perfect, but it just moved to sale pending, and thank god it did. We really aren't ready to move yet; we'd like to save some more, and I just refinanced our house about a year ago. We are paying more than necessary so we own more than you normally would, and our house would sell for between 10-15% more than I bought it for just 2.5 years ago, but we just aren't ready.

That house tempted us so much though. Huge garage, great backyard, half finished basement, and in a great (but expensive) town with a great school system. Walking distance to the main street as well.

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Feel like I got catfished by a house. Said “needs minor TLC” but it was rough. I liked the garage and back deck would be perfect for a hot tub but the house smelled horribly like dog piss, the structure was super cheaply built, there were random weird stains on the walls and black stains on the ceiling, a power cord connected in a bedroom that went through the carpet and floor to the crawl space to a sump pump. Dog tore up all the door frames and walls in the house, holes in drywall in every room. Why would you even let a dog in the house if you have carpet.  Trees leaning on the garage. Super bummed cause it looked doable on the website. I probably could’ve gotten the place for 2/3 their list price cause no one is going to offer anything for that place lol. 
Good news is I’m preapproved as a solo person for $150k on a 15 year or $200k on a 30 and can hunt around at my own discretion for a house that suits me. Very satisfying considering what and where I was in life 4 years ago. 

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56 minutes ago, Ty21 said:

Feel like I got catfished by a house. Said “needs minor TLC” but it was rough. I liked the garage and back deck would be perfect for a hot tub but the house smelled horribly like dog piss, the structure was super cheaply built, there were random weird stains on the walls and black stains on the ceiling, a power cord connected in a bedroom that went through the carpet and floor to the crawl space to a sump pump. Dog tore up all the door frames and walls in the house, holes in drywall in every room. Why would you even let a dog in the house if you have carpet.  Trees leaning on the garage. Super bummed cause it looked doable on the website. I probably could’ve gotten the place for 2/3 their list price cause no one is going to offer anything for that place lol. 
Good news is I’m preapproved as a solo person for $150k on a 15 year or $200k on a 30 and can hunt around at my own discretion for a house that suits me. Very satisfying considering what and where I was in life 4 years ago. 

Why not do a 2/3 loan for it and finance the other 3rd for improvement costs? Then you can make it how you want it. Bones are the most important part. So how were those?

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22 minutes ago, scar988 said:

Why not do a 2/3 loan for it and finance the other 3rd for improvement costs? Then you can make it how you want it. Bones are the most important part. So how were those?

It’s not worth it. It’d be a significant project and the place was gross. I don’t wanna smell that place ever again lol. 

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Does anyone know anything about buying premanufactured homes and putting them on lots of land? I was passively talking to someone about it at work and was curious if this would be a viable route for someone with a max budget (comfort wise, I don’t want to spend $200k as a solo person lol) of about $180k. 

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8 hours ago, Ty21 said:

Does anyone know anything about buying premanufactured homes and putting them on lots of land? I was passively talking to someone about it at work and was curious if this would be a viable route for someone with a max budget (comfort wise, I don’t want to spend $200k as a solo person lol) of about $180k. 

I could be wrong, but doesn't that designation carry through the life of the home?  So when one of those is sold, it has to be listed as premanufactured?  Anything that's not stick built tends to carry a bit of a stigma with it.  I think i'd avoid that option personally, but i'm not exactly an expert.

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10 hours ago, Ty21 said:

Does anyone know anything about buying premanufactured homes and putting them on lots of land? I was passively talking to someone about it at work and was curious if this would be a viable route for someone with a max budget (comfort wise, I don’t want to spend $200k as a solo person lol) of about $180k. 

 Essentially lenders consider it a mobile home. So while it's not a bad plan, it's better to not go pre-manufactured and go with something that's going to have a true foundation.

2 hours ago, theJ said:

I could be wrong, but doesn't that designation carry through the life of the home?  So when one of those is sold, it has to be listed as premanufactured?  Anything that's not stick built tends to carry a bit of a stigma with it.  I think i'd avoid that option personally, but i'm not exactly an expert.

It does. It's either listed as premanufactured or mobile home on the mortgage.

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2 minutes ago, scar988 said:

 Essentially lenders consider it a mobile home. So while it's not a bad plan, it's better to not go pre-manufactured and go with something that's going to have a true foundation.

It does. It's either listed as premanufactured or mobile home on the mortgage.

So they won’t lend on it at all?  They consider it personal property?

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47 minutes ago, MKnight82 said:

So they won’t lend on it at all?  They consider it personal property?

Some will lend on it. Some won't. Bigger banks and credit unions tend to avoid those properties because re-sale on them is really tough. There are some straight mortgage companies that don't care though and will loan on it with prime rate with no issues.

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22 minutes ago, bcb1213 said:

finally starting to see more price decreased houses on my own search. Been waiting well over a year for this housing bubble to burst.  Around the corner i think

I don't think we're there yet.  Usually prices "decrease" a little when the market plateaus and that's because people keep upping list prices until they hit the market limit.  Doesn't mean it won't get hot again when spring comes. 

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