Buying a house!

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FyreGarnet
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Re: Buying a house!

Post by FyreGarnet » Sun Mar 22, 2009 5:21 pm

Well, as our Realtor explained it, since the sellers should be making money by selling the house, they should pay most of the closing costs. If someone stays in a house long enough, they should make money when they sell the house. Because the way it works, is your mortgage payment is kinda like putting money away. If the house is $150,000, and you keep paying your mortgage, most of the money goes to interest then it will go to the mortgage. And all that money you put into it is like money put away somewhere, out of sight, out of mind. And if you put in even $25,000 when you go to sell it and the market is bad and your house is only worth $140,000, you can still make about $15,000. And so if the closing costs are under that $15,000 you are still making money.

But then, when you sell a home, you'd really like to not pay the closing costs, because that is more money for the down payment on your next home. So I can see both sides.

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Re: Buying a house!

Post by Crazy Healer Lady » Sun Mar 22, 2009 8:03 pm

AHH KITSUNE!!! CONGRATULATIONS!!!!!

Ah, everyone is buying :) We're waiting about six months, but we're starting to look. We're sick of it here - in the meantime, we need some serious feng shui help. Something is NOT working. So we are putting some stuff in storage, while at the same time devoting at least 15 minutes a week to check out places (that's the actual inspection, not the research). Six months my guides say the market will be at the right state for our situations, whatever they will be by then. Ah the wonder of going with the flow and trusting the universe... Blissed out CHL after 5 weeks of skin-peeling stress and lack of sleep...

Congrats, you two! New homes!
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Re: Buying a house!

Post by Kitsune » Sun Mar 22, 2009 9:59 pm

FyreGarnet wrote:Well, as our Realtor explained it, since the sellers should be making money by selling the house, they should pay most of the closing costs. If someone stays in a house long enough, they should make money when they sell the house. Because the way it works, is your mortgage payment is kinda like putting money away. If the house is $150,000, and you keep paying your mortgage, most of the money goes to interest then it will go to the mortgage. And all that money you put into it is like money put away somewhere, out of sight, out of mind. And if you put in even $25,000 when you go to sell it and the market is bad and your house is only worth $140,000, you can still make about $15,000. And so if the closing costs are under that $15,000 you are still making money.
While it is indeed a way of "putting money away", If you sell it for less money than you bought it for, you are not making a profit. You still put that much money into it, and if you don't get it back, you have lost money on the deal.

Buy buyer assist is a very cool idea. I don't think I've heard of it heard, but then I've never really looked.
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Re: Buying a house!

Post by Kystar » Mon Mar 23, 2009 8:32 am

We just got word that the seller has agreed to have the heater repaired or replaced based on a certified HVAC tech's inspection.

I'm hoping this means that she's going to do the other two repairs we asked for, as well.

We've asked our agent if we get to do a final inspection after the work is done before the closing, to make sure what we asked to be fixed is fixed.

So, I can tentatively say it's a go? At least, I think it's a go. By May 1, 2009, we should have our own house. :-D
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Re: Buying a house!

Post by Kitsune » Mon Mar 23, 2009 5:30 pm

Kystar wrote: Wow, June? That's a ways...
Yeah, we were hoping for a late April, early May date as well. However, the people selling the home have a son in school They asked if we could put it off just until his school was finished. I can't wait... I'm using some of my vacation time so that I have a full week to get everything unpacked.

Kystar wrote:We just got word that the seller has agreed to have the heater repaired or replaced based on a certified HVAC tech's inspection.

So, I can tentatively say it's a go? At least, I think it's a go. By May 1, 2009, we should have our own house. :-D
And that's great Kystar, Congratulations! It sounds like it's all turning up great for you!
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Re: Buying a house!

Post by Willow » Tue Mar 24, 2009 9:19 am

I'm a little late coming to this but congrats Kitsune, that is wonderful news.

Although we *could* afford a house right now, we have decided to wait until I am done school and have a job somewhere. Plus figure out what we will need in terms of space.

Plus, I can't imagine keeping a house clean right now, its bad enough trying to keep up with an apartment.
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Re: Buying a house!

Post by Kystar » Tue Mar 24, 2009 2:30 pm

Right now, we're living in a rental house. It would be nice, except the landlord won't do any repairs. When we realized how much stress having to deal with these issues was causing, we decided to buy our own house when we could afford it.
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Re: Buying a house!

Post by Willow » Tue Mar 24, 2009 5:14 pm

Good call. We could buy a house right now but it would be very small and in a run down area since we only have my husbands income, its better for us to wait a while and save.
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Re: Buying a house!

Post by Kystar » Tue Mar 24, 2009 5:46 pm

We weren't sure we'd be able to get anything good...but we found an area that wasn't in high demand, but still had nice enough houses to be worth looking.
Our first areas were coming up pretty bad b/c of our budget.

If you guys feel it's best to wait, then at least you have a goal for the future. Me, I did an elemental glyph reading (Runes, basically for those who didn't catch my post about my glyphs) that reaffirmed that THIS was the Year to find ourselves a house and that it was going to be early in the year or not at all. Basically, move it or loose it!

Good luck when you decide to go for it.
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Re: Buying a house!

Post by Lotus » Thu Mar 26, 2009 4:25 pm

I am glad that they will fix the furnace.

We are waiting right now as well since we both have crappy jobs. Besides, getting a second car is a priority before a house right now.

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Re: Buying a house!

Post by Kystar » Wed Apr 01, 2009 7:00 am

Well, just got word on the furnace...because of the condition, the buyer wants us to split the $1000 she's going to have to put into it...and I don't know if we can b/c we've basically bottomed out all our credit to get the closing costs put together.

I'm worried that if we don't try to work something out, she'll cancel the deal, which I think she has the right to pull out...and then we'll be out $900 (Hand money and inspection cost). We have to find out if she CAN pull out at this point if we can't throw money her way for this.

Well, positive thoughts for me and hubby, guys, this is turning into a mess. It doesn't help that he's under a lot of stress at work b/c of a bully of a boss. :evil: :evil: ](*,) ](*,)

*Deep breath, hold, release* better. Oh well. I'll keep everyone updated.
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Re: Buying a house!

Post by Crazy Healer Lady » Wed Apr 01, 2009 9:32 am

>:D< (That's me sending Reiki, by the way)

Good luck. Let's hope she is sensible
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Re: Buying a house!

Post by Kystar » Wed Apr 01, 2009 9:46 am

We're trying to figure out, based on the wording of the one addendum to the agreement, if she even CAN ask us for money for this...unfortunately, we don't know and are waiting to hear back from our Realtor.

Oh well.
Thanks for the positives, maybe that's why I went from a crappy mood to a half-decent one while shopping? Possible. Or maybe it was being out of the house doing something positive (Buying packing materials to start packing our good china up) towards the move. Dunno.

HUGS to everyone, though, just b/c.
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Re: Buying a house!

Post by FyreGarnet » Thu Apr 02, 2009 7:29 am

Have you been very blunt with you realtor about the situation then? Cuz if you have, he or she may tell the other realtor what's up and that they are gonna lose this sale if they don't shape up. And if they want a quicker sell, they may give in because of that.

Also, don't be afraid to walk away. You want a house that is ready for you to live in now, and won't really create too many problems for your first house. And a heater/furnace is something can go terribly wrong.

Best wishes that they give in and pay for it all :)

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Re: Buying a house!

Post by Kystar » Thu Apr 02, 2009 12:33 pm

Well, our Realtor came back and said that we wouldn't need to put more than $200 into the furnace upgrades, just as a "Yes, we understand we're benefiting from your expenditure, but if you had gotten the silly thing inspected every 5-10 years as advised, you wouldn't BE in this position!"

Her home warranty is covering the furnace itself...it's the upgrades to the electrical, gas, ducts and such that they're not covering. B/c the one being replaced is 20+ years old.

Hubby thinks that $200 from us is reasonable...so I guess we're just going ahead with things.

Dunno...but Hubby does the money, so really, all I have is the "Can we afford that?" end of things. He's the one who can really say "Yes, we can." or "No, we can't." when the question of money comes up. I don't mind that he basically has control of our funds, as I am currently without a job and am actually pretty badly numerically dyslexic. Me trying to pay bills is always a nightmare.
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