Holy. Crap.

  1. You have chosen to ignore posts from Rapunzel41. Show Rapunzel41's posts

    Holy. Crap.

    If I needed any further convincing that my FI was ready to get married, I got it.

    We just bought a house.

    Well, we're in the process of buying a house.  Offer made, counter-offer made, counter-offer accepted, inspection scheduled for Monday, mortgage paperwork in the works.  We're on track to close next month. 

    Holy crap.

    The first person to ask me when we're going to get pregnant is going to get a punch in the face, because I think buying a house, getting married, and graduating college all in the same year is more than enough.

    We're also not telling ANYONE until we've actually passed papers.  I don't want to jinx it.  So, for all those on FB, you won't see any mention of it there, because my mom and both of my FMIL are on there.

    At the risk of repeating myself, holy crap.

     
  2. You have chosen to ignore posts from kargiver. Show kargiver's posts

    Re: Holy. Crap.

    Not to jinx it, but CONGRATULATIONS!!!  All those changes would freak me out, but at the same time, you're getting a lot of scary, stressful stuff out of the way at once. :)

    BEST WISHES as you complete the process. 

    ~kar
     
  3. You have chosen to ignore posts from NorthernLghts. Show NorthernLghts's posts

    Re: Holy. Crap.

    that's awesome! Can you share what town you bought in?
     
  4. You have chosen to ignore posts from dkb6248. Show dkb6248's posts

    Re: Holy. Crap.

    That is a lot in one year.  Busy lady.

    We just found a condo we LOVE.  The open house is Sunday and I am really nervous they will get so many offers that ours won't be accepted.  I'm more nervous about this than I was walking down the aisle.

    Good luck!
     
  5. You have chosen to ignore posts from kargiver. Show kargiver's posts

    Re: Holy. Crap.

    dkb, best wishes on the condo.  Not to sound trite, but I really believe if it's meant to be your offer will be the winner.  If not, there's something better for you out there.
     
  6. You have chosen to ignore posts from lucy7368. Show lucy7368's posts

    Re: Holy. Crap.

    Congrats, Rapunzel!

    DKB, I agree with Kar.  But good luck. 

    Of course, I also keep telling myself that the reason I got this job must be because the entire office plays Megamillions and I am destined to win.  Right???  Sealed
     
  7. You have chosen to ignore posts from Rapunzel41. Show Rapunzel41's posts

    Re: Holy. Crap.

    I'm with Kar.  We put in an offer on a place we loved, and it was rejected.  Not even counter-offered - just flat out and rudely rejected.  It was a gorgeous never-been-lived-in loft in a converted mill building.  We offered 96% of the asking price, plus closing costs, and we were told to come back with a strong offer, above asking price.  Uh, what?  No thank you.

    So, we're now buying a 2br, 1 1/2 bath duplex in Boylston.  Dirt cheap, really.  EIK, LR, partially finished basement, deck, and HUGE yard.  And it is a HOUSE, not a condo.  It just has a different feel - though I had previously really liked some of the condos and townhouses we'd looked at.  This just had the vibe of home.  I definitely see a housewarming BBQ in our future!

    It's not a huge place - about 1100 sf - but for our first home, it's perfect.  A little paint, some new carpet, and it's ready to go.

    Crazy, I tell you.  Crazy.
     
  8. You have chosen to ignore posts from FriarGirl03. Show FriarGirl03's posts

    Re: Holy. Crap.

    Congratulations! I'm jealous!
     
  9. You have chosen to ignore posts from WhirledPeasPlease. Show WhirledPeasPlease's posts

    Re: Holy. Crap.

    Congrats, Rapunzel! The process s u c k s, but the result is worth it. Keep your eye on the prize! And the crazy people who rejected you are not going to sell that place, especially in this market. With closing costs you threw in on that offer, it was probably just about asking price. They're lucky to get that much. 

    dkb, good luck at the open house. What towns are you focused on?
     
  10. You have chosen to ignore posts from trex509. Show trex509's posts

    Re: Holy. Crap.

    Congrats Rap!  I'm so happy for you!!!  We bought a house after being engaged, and it kind of put the wedding off for a year, but it was totally worth it!  We *LOVE* it and we're so happy to have a place to call our own.  I also didn't tell a lot of people until we were futher through the process.  Good luck! 

    It is funny, signing that 30 year mortgage together felt like getting married!  I'm like, that's it, we're stuck together for at least 30 years!  Hahaha!  The actual wedding is just to make it official.  :)

    ETA: about the new loft offer: buying from a builder is very different than buying from a home owner.  They very rarely go below asking price and/or negotiate.  although in this market, that's kind of crazy.
     
  11. You have chosen to ignore posts from pinkkittie27. Show pinkkittie27's posts

    Re: Holy. Crap.

    congrats, rap! it sounds lovely, and I like Boylston a lot.

    and good luck dkb! going to open houses and looking is the best part!

    I'm jealous, but everytime I wish I owned my place something breaks and I'm glad all I have to do is call the landlord.

     
  12. You have chosen to ignore posts from tibird. Show tibird's posts

    Re: Holy. Crap.

    Yay Rapunzel!!  Good luck and remember to breathe during all of this.  I was possbily more anxious when buying my condo than planning the wedding.  But any delays or calls not returned *right away* are not the end of the world...
    Happy packing!
     
  13. You have chosen to ignore posts from lucy7368. Show lucy7368's posts

    Re: Holy. Crap.

    BBQ, huh?  Are we all invited, or do we have to crash?  Wink

     
  14. You have chosen to ignore posts from Rapunzel41. Show Rapunzel41's posts

    Re: Holy. Crap.

    Heh.  My FI would love that, Lucy...

    "Umm, honey, who are all these people?"

    "Why, the BDC ladies, of course!!!"

    WPP - we actually wanted THEM to pay closing costs, so I didn't word that right.  It's just bizarre.  We went to look at it twice, and it was clear we were excited.  And the owner / developer told us all about how he only had five units left to sell, he was going to be SO happy to be done with it, he was tired of running open houses all weekend, every weekend.  This unit had NEVER been lived in, in four years.  It was their office for a while, then the model for a 2BR, and it's been on the market for quite a long time, to the point where he already had to drop the price.  The last unit that sold in that building was nearly a year before, so it was clear that it wasn't priced appropriately.  Still, I kept telling my FI that what's meant to be will be.

    We're actually paying more for the duplex, but it's just a better situation all around.  And with the USDA home loan, it's 100% financing with ZERO PMI, so we're saving a crap-ton of money there.  *THIS* is truly what was meant to be!

    So BTW - if any of you are looking in very suburban or rural areas, look into the USDA home loans.  There's an income cap, but it's pretty moderate - I think it was like $96,100 for the household.  Between the two of us, we just barely break $90K, so we squeaked under.  If you go to this link you can plug in a street address and it will tell you if it's eligible.

    I haven't slept in two nights because of all the swirling thoughts in my brain!!!
     
  15. You have chosen to ignore posts from that-guy. Show that-guy's posts

    Re: Holy. Crap.

    Congratulations. At 100% financing, with even the smallest of future corrections, you'll be in a negative equity situation in no time.  Have you paid attention to anything in the news over the last couple years?
    Here's a couple of thoughts you should be having under these circumstances:
    Being cash-strapped, house poor. Having ZERO flexibility if for some reason you need to move. Duplex, right - what if your neighbor sells to people you don't want to live next to? Now you're sharing a wall with people who could further erode the value of your house, and if you owe 100% of the appraised value when you bought it, you're stuck.
     
  16. You have chosen to ignore posts from trex509. Show trex509's posts

    Re: Holy. Crap.

    Wow, Rap, that USDA loan sounds awesome!!!  Even with a hefty downpayment and an FHA loan, we still pay PMI.  Oh well, worth it for our house!!  Seriously, who can afford 20% or even a 10% downpayment in MA?  <sigh>  Why do I live here?

    Oh, and don't worry about the equity.  Buying now is buying low, and as long as you can afford your mortgage and don't plan to move for at least 5 years, you can just ride out the downturn.  :)
     
  17. You have chosen to ignore posts from that-guy. Show that-guy's posts

    Re: Holy. Crap.

    The idea of just wait 5 years and you'll be OK is long gone.  Classic example of wanting too much right now. Next-stepitis at its best.

    If you made a hefty downpayment, you wouldn't be paying PMI.  <20% is not hefty under any circumstances.
    You should NEVER, ever, put yourself in a position like this.
     
  18. You have chosen to ignore posts from dkb6248. Show dkb6248's posts

    Re: Holy. Crap.

    In Response to Re: Holy. Crap.:
    dkb, best wishes on the condo.  Not to sound trite, but I really believe if it's meant to be your offer will be the winner.  If not, there's something better for you out there.
    Posted by kargiver


    I actually have been saying that to myself all day!  We are going to see it tomorrow right after work, so we get to see it before the open house.  I have only fallen in love with one other place, and they accepted an offer about 4 hours before we put one in.  But DH loves this one and wasn't totally sold on the last place.

    WPP - this place is less than a mile from our apartment and would be a really easy move and our work commute wouldn't change.

    Rap - that is what I am afraid of.  Since it is priced right, in a great area I am just afraid they are expecting people to go over the asking price (and I don't feel it is worth more than the asking price).  Glad you found a great place!  I think 1100sq feet is a great size.
     
  19. You have chosen to ignore posts from allreadymarried. Show allreadymarried's posts

    Re: Holy. Crap.

    I have to agree with that guy.
    People get caught up and do not listen to the right people.
    Good luck and hope you did all your research.
    It is an exciting time for sure but you can never count on the economy!!
     
  20. You have chosen to ignore posts from lucy7368. Show lucy7368's posts

    Re: Holy. Crap.

    In Response to Re: Holy. Crap.:
    Seriously, who can afford 20% or even a 10% downpayment in MA? 
    Posted by trex509


    I can.  As soon as I win Mega Millions.  Kiss

    I, personally, don't see the point of paying more to rent than you would to own since, when renting, you will never have any equity.
     
  21. You have chosen to ignore posts from allreadymarried. Show allreadymarried's posts

    Re: Holy. Crap.

    If you can't afford to buy then you shouldn't.  Understand about the rent and the concept of throwing money away but at the same time all these 100% financing no money down things have strings attached.
    I have to say I don't know one person who has bought a house and didn't put down at least 10%.
     
  22. You have chosen to ignore posts from lucy7368. Show lucy7368's posts

    Re: Holy. Crap.

    Don't worry about me - I'm not buying until I figure out what state I want to live in for the next 30 years.

    But, in general, while I understand the dangers of 100% financing, I don't think that it is necessarily a terrible idea to save several hundred dollars per month by buying.
     
  23. You have chosen to ignore posts from that-guy. Show that-guy's posts

    Re: Holy. Crap.

    The point is flexibility. If you're young and not 100% sure you want to be in that exact spot for a very long time, then renting is the better option. It's not 2004 anymore. House values are not on autopilot to the moon.

    Forget about the housing market moving either way for just a minute. Say you buy with little or no down.  That assumes that you don't have a pile of cash to play with, right?
    After you pay all those extra closing costs that come up at the table (and they do come up, trust me) you move in.  Then you get the "bug" - you want floors, curtains, furniture, lights, doorknobs, etc.  So you go out and run them up on your credit card or use whatever cash you have to buy them. Everything is great right?
    All of a sudden, your roof needs to be replaced - bam, $8k. Where are you going to get it from?
    Then your water heater blows - maybe another $1k.
    Maybe the furnace kicks out - $5k.
    Sewer line collapses - another $8k.
    You buy that piece of land, and everything within its bounds is your responsibility. Inside, outside - everything. These things do come up, all the time.

    That's just the maintenance part. Wait till the town raises your taxes, at the same time the market takes another dump and you have paid less than 1% of your principal down.

    Food for thought


    And Lucy:
    But, in general, while I understand the dangers of 100% financing, I don't think that it is necessarily a terrible idea to save several hundred dollars per month by buying.

    That's exactly what a lot of people thought when they jumped in and bought more than they should have. The rent vs loan payment is only 1 piece. Of course, that's the only # most realtors & loan brokers get you to think of as they steer a 24 year old entry level person making $45k into a $400k house.
     
  24. You have chosen to ignore posts from Scorpio75. Show Scorpio75's posts

    Re: Holy. Crap.

    In Response to Re: Holy. Crap.:
    Wow, Rap, that USDA loan sounds awesome!!!  Even with a hefty downpayment and an FHA loan, we still pay PMI.  Oh well, worth it for our house!!  Seriously, who can afford 20% or even a 10% downpayment in MA?  <sigh />  Why do I live here? Oh, and don't worry about the equity.  Buying now is buying low, and as long as you can afford your mortgage and don't plan to move for at least 5 years, you can just ride out the downturn.  :)
    Posted by trex509

    I did it when I bought my condo 20% down, I was buying it off of a couple that did 100% financing, they owed money at the closing and the RE listing agent was put on a payment plan for her comission. I don't know if she ever got it. My agent was a friend and I know she got her end of the commission. 

    I bought my second place this time a single family with 20% down.  It can be done. There is just a lot of rish involved in owning a home, either SF or Condo and financing 100% just freaks me out.  So many of the horror stories are where people financed between 90-100% of the house INCLUDING closing costs.  I know that the guy that bought my condo was financing closing costs, I will be interested to see if he makes it work or not, but I am out so I really don't care. 
     
  25. You have chosen to ignore posts from dkb6248. Show dkb6248's posts

    Re: Holy. Crap.

    For first time home buyers it is hard to come up with 20% down.  If you already own a home and have equity in it, then it shouldn't be a problem.  We are buying for the first time and we are putting down a nice down payment.  

    Rap is a big girl and old enough to make an educated decision on her financing so don't worry about her.

    My older sister did 100% financing on both her first and second home and she is doing just fine.  It's not for me, but people manage to do it successfully.
     

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