Attention elitest pigs..
- Thread starter Celerity
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Celerity
Well-Known Member
Here is how they handle it....
I didn't fall for this this time, I'll tell you how when I'm completely done.
Closing on a house, from paying their deliquent taxes, the deposit, inspection, legal fees, title fees, document fees and conveyances - Then the banks "closing costs". You WILL pay about $15,000 to buy a house.
My lawyer is on binder with me, for a long time. The title searching is included, and my inspector is free. (The bank has their own inspector / appraiser). I didn't play with the offering price too much, but I asked them to cover $5000 of the closing costs in the deal. They went for it.
I expect that with all I save to pay another $6000 at the time of closing.
Now, bear in mind - there are lots of people who will disagree with me. But the truth is they either borrowed more than the purchase price of the house, or they bargainned down enough from the asking price to tack on their closings with the purchase of the house. I've done that avenue before, it works out the same in the end. I found a place that was a perfect size for me and my girlfriend, with a clean and friendly neighborhood that I've been actively staking out for about a year. The house requires nothing, so I had no bargainning tools. I went for it because the seller was asking a realistic price for it (Now, he went down before the offer). Then I waited for his open house, and dropped the offer on him the night before his open house.
I scared the shit out him. And his agent knew it.
My agent told me today that I was the best person he's ever worked with - I knew what I wanted, how much I was going to pay and how to do it. I'm doing 1% down because if you can come up with 20% of something to get out of PMI, my hat is off to you.
If you were to buy a house with no PMI, at $250k, you will need to have FIFTY THOUSAND DOLLARS in your pocket, ready to drop. To save monthly on the PMI? No way. I'd rather put it in the new 5% yield accounts, commodities or some arkansas CD. Let it work for you.
Ultimately, my place isn't stunning - but it is appropriate, in size and state of repair (It's immaculate) and it's in the neighborhood where I would love coming home after a day at work.
1400 sqft in today's CT marketplace, 30 minutes from my job, is a rare find indeed. Not saying the purchase price yet - but I also looked at a few places in Southbury (Where Blackfrog is) and found a cozy abandoned vacation home with mold DRIPPING down the walls, and caution tape around half the house, for $205,000. No insulation.
CT is a tough market.
No garage though, which is a complete bummer - But now that the house is finished and ready to be lived in, I can build the garage to my specs.
It has a 20'x9' fireplace, butler's pantry, addition in the rear, deck, fenced in yard, shed, garden, hardwood throughout and a cool little party room in the basement (The lab). It has a master bedroom suite with full bathroom and blonde wood floors. New furnace, new roof, new water heater, new central vac, all new appliances and perfect piping.
So yeah, closing costs are something that people can build into the downpayment because they have bargainning arguments at their disposal. Closing on any house, pretty much, will cost you $15,000. It's all in how you choose to absorb the cost.
I didn't fall for this this time, I'll tell you how when I'm completely done.
Closing on a house, from paying their deliquent taxes, the deposit, inspection, legal fees, title fees, document fees and conveyances - Then the banks "closing costs". You WILL pay about $15,000 to buy a house.
My lawyer is on binder with me, for a long time. The title searching is included, and my inspector is free. (The bank has their own inspector / appraiser). I didn't play with the offering price too much, but I asked them to cover $5000 of the closing costs in the deal. They went for it.
I expect that with all I save to pay another $6000 at the time of closing.
Now, bear in mind - there are lots of people who will disagree with me. But the truth is they either borrowed more than the purchase price of the house, or they bargainned down enough from the asking price to tack on their closings with the purchase of the house. I've done that avenue before, it works out the same in the end. I found a place that was a perfect size for me and my girlfriend, with a clean and friendly neighborhood that I've been actively staking out for about a year. The house requires nothing, so I had no bargainning tools. I went for it because the seller was asking a realistic price for it (Now, he went down before the offer). Then I waited for his open house, and dropped the offer on him the night before his open house.
I scared the shit out him. And his agent knew it.
My agent told me today that I was the best person he's ever worked with - I knew what I wanted, how much I was going to pay and how to do it. I'm doing 1% down because if you can come up with 20% of something to get out of PMI, my hat is off to you.
If you were to buy a house with no PMI, at $250k, you will need to have FIFTY THOUSAND DOLLARS in your pocket, ready to drop. To save monthly on the PMI? No way. I'd rather put it in the new 5% yield accounts, commodities or some arkansas CD. Let it work for you.
Ultimately, my place isn't stunning - but it is appropriate, in size and state of repair (It's immaculate) and it's in the neighborhood where I would love coming home after a day at work.
1400 sqft in today's CT marketplace, 30 minutes from my job, is a rare find indeed. Not saying the purchase price yet - but I also looked at a few places in Southbury (Where Blackfrog is) and found a cozy abandoned vacation home with mold DRIPPING down the walls, and caution tape around half the house, for $205,000. No insulation.
CT is a tough market.
No garage though, which is a complete bummer - But now that the house is finished and ready to be lived in, I can build the garage to my specs.
It has a 20'x9' fireplace, butler's pantry, addition in the rear, deck, fenced in yard, shed, garden, hardwood throughout and a cool little party room in the basement (The lab). It has a master bedroom suite with full bathroom and blonde wood floors. New furnace, new roof, new water heater, new central vac, all new appliances and perfect piping.
So yeah, closing costs are something that people can build into the downpayment because they have bargainning arguments at their disposal. Closing on any house, pretty much, will cost you $15,000. It's all in how you choose to absorb the cost.
Sounds nice. Pictures coming?
Celerity
Well-Known Member
I'm stoked, yeah. I'm stoked because I know I have what it takes to make the inside of the house awesome. But I'm panicking because I have enough equipment, tools, and heavy machinery to start an automotive repair shop - and I now have no goddam garage to put it in. So I'll be sleeping in a bed made from a craftsman bench and two engine stands.
I have to somehow get a 22R, a Cosworth EAA, a 400 poncho and 20% of a 1981 Celica and 10% of a 1987 4Runner into the basement, with 4 33" tires and wheels, 4 31" tires and wheels, 12 17" wheels and tires, and 12 other size wheels into the basement, and I dunno - maybe use them to elevate the washing machine from the floor. I have complete interiors from several cars. I have an HP 4500 with document feeder just sitting there like a broken Dalek. I have 4 futons. What the HELL am I going to do with this shit ? I have to pull a lawnmower out of my ass, figure out a way to make my cluttered 400 sqft office fit inside a phone booth sized room and where I'm going to squeeze all of my car modelling workbench shit.
I totally took the space in my apartment for granted.
I have to somehow get a 22R, a Cosworth EAA, a 400 poncho and 20% of a 1981 Celica and 10% of a 1987 4Runner into the basement, with 4 33" tires and wheels, 4 31" tires and wheels, 12 17" wheels and tires, and 12 other size wheels into the basement, and I dunno - maybe use them to elevate the washing machine from the floor. I have complete interiors from several cars. I have an HP 4500 with document feeder just sitting there like a broken Dalek. I have 4 futons. What the HELL am I going to do with this shit ? I have to pull a lawnmower out of my ass, figure out a way to make my cluttered 400 sqft office fit inside a phone booth sized room and where I'm going to squeeze all of my car modelling workbench shit.
I totally took the space in my apartment for granted.
Celerity
Well-Known Member
My apartment is 1200 sqft, with finished basement, with a bathroom in the basement - attached garage downstairs and a yard with a japanese hillside garden. On a dead end dirt road overlooking the valley.
I pay $800 for this place, and if you're in CT you've just fallen on the floor.
But my landlord wears a necktie to keep his foreskin from falling down.
I pay $800 for this place, and if you're in CT you've just fallen on the floor.
But my landlord wears a necktie to keep his foreskin from falling down.
wouldn't be an elitest thread without me stopping in 
congrats on the house.
my closing costs were around 8 grand.... so i'm guessing your place is in the 250-270 range. nice score
i've been re-looking at houses lately too... and i think i'm looking to dump in the 425 range for my next place...
congrats on the house.
my closing costs were around 8 grand.... so i'm guessing your place is in the 250-270 range. nice score
i've been re-looking at houses lately too... and i think i'm looking to dump in the 425 range for my next place...
Celerity
Well-Known Member
Yeah, good luck with that. I'd rather have the cash at the end of the month
I went to the open house today, just as a joke. Brought my mom, walked on in "like I owned the place" and saw the Cryptkeeper there. She said "I'm sorry, this house is sold". So the agency sent their oldest, stupidest woman there to basically scare people away.
I said "Yeah, I know. I'm the one that bought it"
so basically hung around the place for a bit before even closing Went over some of our plans, made measurements, the good stuff.
The major challenge will be the garage. I have to make something that looks like an old carriage house, but also make it ultra-modern and try for 2 floors. I saw an older garage in my search that gave me some ideas. Luckily there is a large shed in the driveway (too small for a car) that will give me what I need when it comes time to get the permit. I'll make it an "improved shed". I'll take the pre-fab addition off the back of the house and put it on the back of the garage. Make like a greenhouse / workshop in the garage. I have to make the doors though.
I also have to make my door / bookshelf again for some closet. Those go over really well. Under the pre-fab I'm going to dig out a new basement, move the bilco out and make it a stealthy little "wine cellar" (Man, I LOVE zoning loopholes) and expand the basement out. I'll dig out the cubby in the basement and extend it out too.
The pantry is getting doors on all of the shelves (Pantry, think of Airjockie's pantry) and in the corner installing a laundry chute. The attic is getting blown out and making the master bedroom cathedral ceilings (Again, a project I've done before) and then making the other half of the attic usable with the hidden-bookshelf door in the other bedroom the entry for it. Then where the prefab is now, over the "Wine Cellar" I'll build on a real addition for a new living room, and possibly an addition to the master bedroom "suite" (HAHAHA).
a little koi pond in the back, carve out a place to park in front of the house, and I'm done. Of course 10 years have passed, but hey - it's an investment.
Lots of possibilities with this place. When I'm in, I'm doing a housewarming party or two.
I expect help moving ?
I went to the open house today, just as a joke. Brought my mom, walked on in "like I owned the place" and saw the Cryptkeeper there. She said "I'm sorry, this house is sold". So the agency sent their oldest, stupidest woman there to basically scare people away.
I said "Yeah, I know. I'm the one that bought it"
so basically hung around the place for a bit before even closing
Went over some of our plans, made measurements, the good stuff.The major challenge will be the garage. I have to make something that looks like an old carriage house, but also make it ultra-modern and try for 2 floors. I saw an older garage in my search that gave me some ideas. Luckily there is a large shed in the driveway (too small for a car) that will give me what I need when it comes time to get the permit. I'll make it an "improved shed". I'll take the pre-fab addition off the back of the house and put it on the back of the garage. Make like a greenhouse / workshop in the garage. I have to make the doors though.
I also have to make my door / bookshelf again for some closet. Those go over really well. Under the pre-fab I'm going to dig out a new basement, move the bilco out and make it a stealthy little "wine cellar" (Man, I LOVE zoning loopholes) and expand the basement out. I'll dig out the cubby in the basement and extend it out too.
The pantry is getting doors on all of the shelves (Pantry, think of Airjockie's pantry) and in the corner installing a laundry chute. The attic is getting blown out and making the master bedroom cathedral ceilings (Again, a project I've done before) and then making the other half of the attic usable with the hidden-bookshelf door in the other bedroom the entry for it. Then where the prefab is now, over the "Wine Cellar" I'll build on a real addition for a new living room, and possibly an addition to the master bedroom "suite" (HAHAHA).
a little koi pond in the back, carve out a place to park in front of the house, and I'm done. Of course 10 years have passed, but hey - it's an investment.
Lots of possibilities with this place. When I'm in, I'm doing a housewarming party or two.
I expect help moving ?
United Van Lines | Full Service Moving Process | Long Distance Moving Service
you got too much shit for my back
you got too much shit for my back
I expect help moving ?
Ok. I'll BMOB to the party as long as I get 30/hour to help you move.
Celerity
Well-Known Member
Damn son, that's almost as much as I make in an hour
Dude. Not to rape your plans or anything but about 90% of the shit you listed will need all new structural framing and glulams up the ying yang. And to expand your basement, take into account settling, everthing. You have no idea how much work goes into laying a good square foundation to last for years.
Plus. Making a regular ceiling into vaulted involves all new trusses. You can't just delete the base rafter and have them. Get out your check book for this shit.
But for yoru garage, put a bonus above it. You'll be the happiest guy ever. You can buy prefabbed trusses for it, and throw some dormers/over frames and you're set.
I'm not trying to rain on your parade by any means, but I know you're an intelligent guy. But there is no such thing as over built.
Plus. Making a regular ceiling into vaulted involves all new trusses. You can't just delete the base rafter and have them. Get out your check book for this shit.
But for yoru garage, put a bonus above it. You'll be the happiest guy ever. You can buy prefabbed trusses for it, and throw some dormers/over frames and you're set.
I'm not trying to rain on your parade by any means, but I know you're an intelligent guy. But there is no such thing as over built.