RayFinkle Posted March 9, 2009 Posted March 9, 2009 So our negotiated bid was finally accepted this morning. We have locked in our rate, and we just need to do all of our inspections, sign paper work if everything goes smoothly, blah, blah, blah. Our mortgage is obviously more than we pay in rent, but we have run the numbers and everything is affordable. Standard 30 year fixed with 20% down. I still can't help but help to freak out over the whole thing. Maybe it is the thought of being a real adult with a house, maybe it is the large check I'll be writing soon. Did anybody else FREAK when going through this? Affordable home, but just more than you are used to paying? Smoke em if you got em......and for anybody who posts "Yes, I freaked out the first time I bought a house with your wife", I beat you to it.
Joe Miner Posted March 9, 2009 Posted March 9, 2009 So our negotiated bid was finally accepted this morning. We have locked in our rate, and we just need to do all of our inspections, sign paper work if everything goes smoothly, blah, blah, blah. Our mortgage is obviously more than we pay in rent, but we have run the numbers and everything is affordable. Standard 30 year fixed with 20% down. I still can't help but help to freak out over the whole thing. Maybe it is the thought of being a real adult with a house, maybe it is the large check I'll be writing soon. Did anybody else FREAK when going through this? Affordable home, but just more than you are used to paying? Smoke em if you got em......and for anybody who posts "Yes, I freaked out the first time I bought a house with your wife", I beat you to it. Just wait till stuff starts breaking. It's definitely better than renting though. You'll be happy you did it in the long run.
Acantha Posted March 9, 2009 Posted March 9, 2009 So our negotiated bid was finally accepted this morning. We have locked in our rate, and we just need to do all of our inspections, sign paper work if everything goes smoothly, blah, blah, blah. Our mortgage is obviously more than we pay in rent, but we have run the numbers and everything is affordable. Standard 30 year fixed with 20% down. I still can't help but help to freak out over the whole thing. Maybe it is the thought of being a real adult with a house, maybe it is the large check I'll be writing soon. Did anybody else FREAK when going through this? Affordable home, but just more than you are used to paying? Smoke em if you got em......and for anybody who posts "Yes, I freaked out the first time I bought a house with your wife", I beat you to it. Can't say that I did, but the first house I bought was an investment property that I rent out, so not really the same. After that the process seemed more boring than anything. Out of curiosity, if you don't mind me asking, what was the difference paid between the asking price and what you settled on? I'm probably going to be buying a home (to live in this time) at the end of the year and I'm interested in how low people are bidding in this market. Good luck with it. First time you pay that mortgage and realize it's going toward paying something of your own off instead of into someone else's pocket, it's a good feeling.
BuffaloBill Posted March 9, 2009 Posted March 9, 2009 Just wait till stuff starts breaking. Don't freak out too much .. the feeling will wear off quickly. Breaking stuff is so true ... be mindful about tucking money into savings even if your house is newly built. When my younger brother hit the point you are now I told him - plan to spend 1% -3% of the value of your house each year in "normal" upkeep or maintenance expenses. Then look to spend about 5% to 8% each seven to 8 years on some "big fix" (a/c, heating, appliance or whatever). If you are handy and do much of the work on your own then you are probably to the low side. if your house is brand new then you may even be well under these guidelines for a while. If not handy or your house is older you'll probably range to the high side. Also impacted by how big your house is and how many "systems" you have in it i.e. pool, ac, heat, sprinkler system, attic ventilation, etc, etc. - point is the more you have the more likely something will break. You'll be fine. Most all of us went through exactly what you are going through now.
RayFinkle Posted March 9, 2009 Author Posted March 9, 2009 Can't say that I did, but the first house I bought was an investment property that I rent out, so not really the same. After that the process seemed more boring than anything. Out of curiosity, if you don't mind me asking, what was the difference paid between the asking price and what you settled on? I'm probably going to be buying a home (to live in this time) at the end of the year and I'm interested in how low people are bidding in this market. Good luck with it. First time you pay that mortgage and realize it's going toward paying something of your own off instead of into someone else's pocket, it's a good feeling. It was a short sale, which is basically one step away from going into foreclosure. I lucked out, the selling agent listed the property in the MLS in the wrong county, so nobody even knew it was for sale. The market where I live is very steady though, no big peaks or valleys. There was no real estate boom here, very much like the Buffalo market. We paid 10% less for the home vs what it sold for last year, and got closing costs.
Fan in San Diego Posted March 9, 2009 Posted March 9, 2009 Yes my wife and I freaked out buying our first house ! We have many fond memories of it for lots of different reasons, some good some bad. Congrats and enjoy !
RayFinkle Posted March 9, 2009 Author Posted March 9, 2009 $8000 tax credit . BOOYA! I would like to take this opportunity to thank the Dems in congress for scrubbing the proposed $15,000 tax credit the Senate Republicans had in their stimulus package.
stuckincincy Posted March 9, 2009 Posted March 9, 2009 $8000 tax credit . Soon to be sucked up by sellers. Big ad campaign here - radio, tv, newspapers- encouraging folks to insulate their homes for that "energy" credit". A friend of mine it the biz told me how like all govt. programs - gas filling a vacuum, like health care and college education, he'll raise prices, the result being he will pocket a lot of taxpayer cash. Also mentioned that there will be an explosion in phony receipts for work never done and sold for tax relief - no way it can be tracked. That's what happens when the Fed pols stick their noses into the private sector for their election purposes. And stick around and see how your home energy costs rise with Obama's political payoff to the greenies - Cap and Trade. I figure 20 to 30 percent. As well as his exec. order about each State being to set their own emission standards. Wait and see about the price you will pay for lower RVP (Reid Vapor Pressure), especially-formulated gasoline. After the NYS cut, my guess is another 40 cents per gallon.
Bullpen Posted March 9, 2009 Posted March 9, 2009 First night in the house we had built (before we actually moved our furniture and stuff) I sat up in the living room with the gas fireplace on in the dark drinking a beer alone, while Mrs. Bullpen was sleeping and thought to myself over and over... "holy shat, am I going to be able to do this... holy shat, this is the real deal, I'm officially an adult now..." It'll be fine Ray... congratulations by the way!!!! Just wait till stuff starts breaking. It's definitely better than renting though. You'll be happy you did it in the long run. The house we live in now (not the same as the one mentioned above) was built in 2000, so this past year, we've run into these exact issues with dishwashers, sprinkler systems, garage door openers and other appliances that were installed when the house was built. Fug, it's been an expensive 18 months at the Chateau Bullpen. You're right Joe, still better than renting!
BuffaloBill Posted March 9, 2009 Posted March 9, 2009 ..."holy shat, am I going to be able to do this... holy shat, this is the real deal, I'm officially an adult now..." Sources close to Mrs. Bullpen suggest that she disagrees with your assessment she also says the activity in the marital bedroom leaves much to be desired ...
Bullpen Posted March 9, 2009 Posted March 9, 2009 Sources close to Mrs. Bullpen suggest that she disagrees with your assessment she also says the activity in the marital bedroom leaves much to be desired ... D-bag... (nicely played MISTER D-bag.)
Tux of Borg Posted March 9, 2009 Posted March 9, 2009 I just bought my first home as well. I got the house for a steal and was able to lock in a 5.0% interest rate with the mortgage company. Now i'm just keeping my fingers crossed that everything goes smoothly through closing.
Beerball Posted March 9, 2009 Posted March 9, 2009 Congrats Finkle. Depending on the age of the house find out what folks think about home warranties. Our last couple homes were new so I've never had one but some folks I work with swear by theirs.
BuffaloBill Posted March 9, 2009 Posted March 9, 2009 Congrats Finkle. Our last couple homes were new New boxes under the overpass are not eligible for coverage.
Bullpen Posted March 9, 2009 Posted March 9, 2009 New boxes under the overpass are not eligible for coverage. YEAH!!!! Take somadat Beeeeeeeerbaaaaawwwwwwwl!!!!
Acantha Posted March 9, 2009 Posted March 9, 2009 It was a short sale, which is basically one step away from going into foreclosure. I lucked out, the selling agent listed the property in the MLS in the wrong county, so nobody even knew it was for sale. The market where I live is very steady though, no big peaks or valleys. There was no real estate boom here, very much like the Buffalo market. We paid 10% less for the home vs what it sold for last year, and got closing costs. Sounds like a good deal. The house I own is outside Charlotte, and if I may decide to move to that area when go. I know the boom wasn't big there, but the foreclosures are taking off and there are some good finds in the area from what I've seen. The seller taking a 10% (plus closing costs....nice) loss after only a year must have hurt. I've looked around the area and have seen houses for about 150 that I think I would want to bid about 125 on. Low, but if I'm patient I think I can come out real close to that. By the time I'm ready to buy there are going to be some deals.
BuffaloBill Posted March 9, 2009 Posted March 9, 2009 Sounds like a good deal. The house I own is outside Charlotte, and if I may decide to move to that area when go. I know the boom wasn't big there, but the foreclosures are taking off and there are some good finds in the area from what I've seen. The seller taking a 10% (plus closing costs....nice) loss after only a year must have hurt. I've looked around the area and have seen houses for about 150 that I think I would want to bid about 125 on. Low, but if I'm patient I think I can come out real close to that. By the time I'm ready to buy there are going to be some deals. I meant to reply to your earlier post but did not have the time. Anyway, I have bought four houses and sold three. One of the lessons I had to learn along the way is that (at least true with mine) real estate agents typically are not aggressive on either side of the equation. At the end of the day they have to protect their reputation within the community so they are not likely to support you if you want to "lowball" someone on the offer side. They may .. and I stress may .. support you in aggressive pricing (more money to them). Anyway, do not hesitate in this market to be very aggressive in making offers. You have to be prepared to have it stuck back in your face (this was hard for my wife to accept). At the end of the day you have to balance out the financial and emotional aspects of the transaction. Hard to hold to a lowball offer if you (or your family) is in "love" with the house. On the flip side you are not likely to end up with the house you want to live in long(ish) term if you look at the situation from purely a numbers game. Just some thoughts. Good luck.
Chef Jim Posted March 9, 2009 Posted March 9, 2009 Congrats man. If you freak out at all just tell yourself you bought at probably the best time, low prices, low rates, great incentives to buy. I just sold my house in December to move for a new position with my company and I'm renting now. Can't wait to get back in. BTW I don't remember if I freaked out when I bought my firs place. It was nearly 20 years ago and it was at the end of a five year major drinking binge.
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