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Advice On Buying A House?


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#41 Dupin

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Posted 15 May 2021 - 07:41 PM

It's just the one area here that seems to be getting nuts on day one, fortunately.  But we'll see how I feel about that in a month.



#42 Dupin

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Posted 21 May 2021 - 02:29 PM

Whelp, putting in an offer on one that I really liked.  Guessing I'll get outbid, but I have to take a shot on this property.



#43 Mackus

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Posted 21 May 2021 - 02:41 PM

Good luck!  When you need to win a bidding war is when a good agent is really worth their weight.  Listen to their advice, but don't go past your own personal comfort level both in terms of total price and any concessions made.



#44 RShack

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Posted 21 May 2021 - 03:54 PM

Whelp, putting in an offer on one that I really liked.  Guessing I'll get outbid, but I have to take a shot on this property.

 

Good luck.   Bid what you think is best for you, and then leave it up to fate... don't second guess yourself or you'll drive yourself nuts...


 "You say you've lost your faith, but that's not where its at.

  You have no faith to lose, and ya know it" - Bob Dylan


#45 Dupin

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Posted 21 May 2021 - 04:55 PM

All the people waiving inspection on their offer are nuts IMO.  Luckily I might have an advantage with my flexibility on move date, since they want to wait a few months anyway which not everyone can do.  But I did all my financial math and know what my hard limit is, and I will not go a dime over it.  Gotta stick to my work on this, and I don't need a house that bad to do something incredibly stupid.


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#46 Pedro Cerrano

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Posted 21 May 2021 - 05:36 PM

All the people waiving inspection on their offer are nuts IMO. Luckily I might have an advantage with my flexibility on move date, since they want to wait a few months anyway which not everyone can do. But I did all my financial math and know what my hard limit is, and I will not go a dime over it. Gotta stick to my work on this, and I don't need a house that bad to do something incredibly stupid.


You’re in my boat where we don’t NEED to buy. It’s fine putting offers in but, like Mack said, if you can wait a bit you might end up saving a ton of money
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#47 Dupin

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Posted 24 May 2021 - 05:07 PM

Really looking forward to seeing how much I was outbid by.

 

The hunt is still on, and I've not lost hope that I can find a deal before the interest rates shoot back up soon.  They're going quick, but ones in my current suburb are going for reasonable prices.



#48 Mackus

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Posted 24 May 2021 - 05:27 PM

Really looking forward to seeing how much I was outbid by.

 

The hunt is still on, and I've not lost hope that I can find a deal before the interest rates shoot back up soon.  They're going quick, but ones in my current suburb are going for reasonable prices.

 

You won't be able to find out until it closes, list agents hold onto that information as closely as they possibly can so that if the deal falls through people don't know what the last accepted offer was and then go under it.  Public information won't show how much cash the seller contributed towards closing (to get to a net price) but your agent can find out with an MLS search.

 

Just a guess, but I think that property costs are going to go down from their current spikes faster than interest rates go up.  Meaning the ability to wait things out should still end up in your favor.  Obviously very market and property dependent.  And certainly there is a value to be place on getting it done and being where you want to be, only you can decide what that's worth.



#49 Dupin

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Posted 06 June 2021 - 06:02 PM

I'm 0 for 2 now.  30 offers on the one I just lost on.  I got one or two more attempts in me before I'm bowing out and hoping the market cools soon, even though there doesn't seem to be any signs that's gonna happen.



#50 Dupin

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Posted 27 June 2021 - 08:39 PM

I won!  Still gotta pass inspection.  They disclosed mice before they got foundation hole fixed, which I am worried about, but everyone says that's no big deal and unfortunately common in MN.  I think people passed on it because it's a single-owner that bought it in the mid 90s and hasn't updated it since, so it needs new appliances and flooring.  But the layout of it was awesome.


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#51 BSLBobPhelan

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Posted 27 June 2021 - 08:59 PM

I won! Still gotta pass inspection. They disclosed mice before they got foundation hole fixed, which I am worried about, but everyone says that's no big deal and unfortunately common in MN. I think people passed on it because it's a single-owner that bought it in the mid 90s and hasn't updated it since, so it needs new appliances and flooring. But the layout of it was awesome.


That’s awesome, congrats! Hope everything goes well with inspection.

#52 Mackus

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Posted 27 June 2021 - 09:47 PM

Congrats!

#53 Dupin

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Posted 28 June 2021 - 12:32 AM

Anything in particular I should be watching for on the inspection report?  Not sure which red flags I might overlook, but shouldn't, as a first time buyer.



#54 Old Man

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Posted 28 June 2021 - 05:13 AM

Anything in particular I should be watching for on the inspection report?  Not sure which red flags I might overlook, but shouldn't, as a first time buyer.

Roofs can be a major issue, even if the tiles were replaced recently, improperly installed flashing, can be a source of water.

 

Electric issues can be costly.

 

Lucky for me, my inspection caught a problem with the wiring in the panel and a faulty breaker. Ran them 1K for an electrician to do the repairs.



#55 Old Man

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Posted 28 June 2021 - 05:14 AM

The housing market is ridic right now. I know a company transplanting to Laurel. Put 7 contracts in on houses to pull in the past 6 weeks, before they ended up getting accepted. One house had 30 contracts on it, and it just wasnt that great of an house for that.



#56 Dupin

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Posted 28 June 2021 - 07:20 AM

This was the 5th house I put an offer in on.  I was averaging 10% over, and I got outbid when I went all in on a house last week and went 20% over so the market is definitely nuts. 

 

Trying to figure out what I overlooked on this one since I got it for only 5% over :D .  If people were writing this off just cause it needs new appliances and flooring, and that's all it needs, this will be an absolute steal.  I'd have wound up wanting to pick my own stuff for that anyway.



#57 Mackus

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Posted 28 June 2021 - 08:16 AM

Does your contract allow for negotiation to fix anything from the inspection or just for you to walk away if you want? A thorough inspection should be 3-4 hours, more if house is bigger.

In this market I imagine any small stuff you're just gonna have to deal with. Still it's good to know about it. Check all the outlets, all the switches, all the plumbing fixtures, the washer and dryer and dishwasher. Check that the drains and vent stacks are plumbed correctly.

Major stuff would be foundation issues, electrical issues that require rewiring, major roof repairs. Check for cracks in the foundation or any concrete, check for signs of water damage around doors and windows (usually below).

Inspectors tend to be really proficient at one area, so ask the person you hire about their background. They still can't look under anything, so inspections generally would only catch something surface level and most of those issues arent enough to walk away from a house in this market.



#58 Old Man

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Posted 28 June 2021 - 08:24 AM

This was the 5th house I put an offer in on.  I was averaging 10% over, and I got outbid when I went all in on a house last week and went 20% over so the market is definitely nuts. 

 

Trying to figure out what I overlooked on this one since I got it for only 5% over :D .  If people were writing this off just cause it needs new appliances and flooring, and that's all it needs, this will be an absolute steal.  I'd have wound up wanting to pick my own stuff for that anyway.

Im happy for you.

 

There was one house that was a pretty much a solid house, needs lots of drywall work, new flooring, update fixtures in the bathroom and new cabinets and counters in the kitchen, not to mention appliances. Complete replumb and rewire job too, Yet, it turned into a bidding war, and ended up 75K over appraised.



#59 McNulty

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Posted 28 June 2021 - 10:31 AM

Does your contract allow for negotiation to fix anything from the inspection or just for you to walk away if you want? A thorough inspection should be 3-4 hours, more if house is bigger.

In this market I imagine any small stuff you're just gonna have to deal with. Still it's good to know about it. Check all the outlets, all the switches, all the plumbing fixtures, the washer and dryer and dishwasher. Check that the drains and vent stacks are plumbed correctly.

Major stuff would be foundation issues, electrical issues that require rewiring, major roof repairs. Check for cracks in the foundation or any concrete, check for signs of water damage around doors and windows (usually below).

Inspectors tend to be really proficient at one area, so ask the person you hire about their background. They still can't look under anything, so inspections generally would only catch something surface level and most of those issues arent enough to walk away from a house in this market.


And the air conditioning and appliances.

@fuzydunlop


#60 Dupin

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Posted 30 June 2021 - 07:42 PM

No major findings in the inspection.  Lots of little stuff, but basically I should be happy if I just resolve the potential mouse problem.






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