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Hapa_Fodder

Buying a home

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UGH!  One thing I did NOT count on is paying a full year of home owners insurance up front....  and where I live I have to have homeowners insurance, then Wind/Storm insurance, I don't need flooding insurance, but the boy scout in me is paying for it....  All said and done, even though the seller is paying most the closing costs I am shelling out around $5000 up front for all that, didn't count on that much on top of the money I am paying at closing.....

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Well the up front insurance cost I guess is to go into escrow, but its required.  Had my inspection today.  I am talking to the realtor because I am going to ask to renegotiate the price as the windows and siding needs to be replaced.  Looks like they replaced the siding with good quality cement siding up about 8 feet, the rest is original and in poor condition and needs to be replaced.  And the windows are also original, several panes cracked.  We'll see how that goes... I'll take the house as is, but I want the price lowered.

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So the seller countered... lowering the price by 1k, said he'd fix a lot of the minor stuff but that's it... my first reaction was to get pissed and tell my realtor I'm done!  Cause I will have to spend about $3-4k to replace the remaining old siding and about $5k (low ball guess) to replace windows in the whole house.....  But my realtor reminded me that the seller was asking for $150k for the house... I'm getting it for $140k, plus the seller is paying $6k of the closing costs, $565 for a 1 yr warranty on the house (pretty good for a 30 yr old house) and repairing a lot of minor stuff I won't have to worry about.

 

so in the end, I guess I'm making out pretty good.  I guess I know what I'm using my first years taxes on......  So in the end I'm making out.  Still waiting on the appraisal though, that's the next hurtle I suppose....  

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WELL, now I may not be getting the house at all.  Due to the fact that the ex and I did an "addendum to child support" and had it notarized to lower the child support.  That is not a legally binding document, which means the underwriter would be using the original divorce decree amount that I agreed upon when I was active duty.  So my debt to income ratio looks really high, when it actually is quite manageable.......

Getting that straightened out in the courts may take up to 4 months....

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3 hours ago, Mykk said:

I'm intending to buy my first house in 2019. You're not making me super-excited here...

Sorry for the setback 😞

When this process is over, I will be writing a blog for it, whether I get the house or not.... DEFINITELY read and heed....  There is A LOT that I didn't know...  And everyone I asked, no one mentions some of the stuff.

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3 hours ago, Mykk said:

I'm intending to buy my first house in 2019. You're not making me super-excited here...

Sorry for the setback 😞

Also, keep in mind it's not all gloom and doom!  It has been fun looking at houses and seeing that stuff, the nit and grit is what you have to be careful for!

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Does anyone ever know all this stuff?????? Every first house buying story is filled with "wish I knew" stuff. But even when you read all that, it sounds like people still miss stuff. There is just too much that can go wrong, that you can't catch it all?

Hopefully it's like every time I've ever bought a car: when a deal fell through, it wasn't meant to be, and I was better off for it.

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2 hours ago, Mykk said:

Does anyone ever know all this stuff?????? Every first house buying story is filled with "wish I knew" stuff. But even when you read all that, it sounds like people still miss stuff. There is just too much that can go wrong, that you can't catch it all?

Hopefully it's like every time I've ever bought a car: when a deal fell through, it wasn't meant to be, and I was better off for it.

Well not gonna lie when I say I am TRYING to keep that mentality about the entire ordeal "not meant to be and I'm better off." HOWEVER, I am not particularly seeing things in that fashion, being quite discouraged and let down right now.

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