Very Special Thread Of Real Estate Randomness

[Gayla]

Originally Posted by betenoire

I have some questions.

There is a house that I have been watching the online listing of but can't decide how interested I am in it. There are some things that I would like to know before I even bother to go look at it.

The house has a separate entrance to the basement, and the listening says that the basement has a livingroom and recroom - but no mention of a bathroom. What I want/need to know is how bathroom/kitchen ready the basement is. Like, how much plumbing is down there? Will I have to break through concrete flooring for any reason?

What -exactly- should I ask the Real Estate guy when I email him? I know NOTHING about buying houses and even less about home renovations, so I don't even know where to start.

Yay! Questions I can answer!

Ok, first off, the person who's name is on the listing is the person who listed the home for the homeowner. He works for them. He will answer your questions and be very nice to you and would go show you the house but his loyalties will always be with the home owner. Find someone to represent you. Preferably someone you know or who a friend can recommend. A buyer's agent works for you. Their commission is paid by the the seller so it doesn't cost you anything.

You can email the listing agent and just ask him what you asked above - is there a bathroom or any plumbing in the basement for a future bathroom / kitchen. He should be able to tell you that. Expect that he will ask if you'd like to set up a time to go see the house.

I'll add some stuff about general starting points in a different post.

[betenoire]

Originally Posted by gayla

Yay! Questions I can answer!

Ok, first off, the person who's name is on the listing is the person who listed the home for the homeowner. He works for them. He will answer your questions and be very nice to you and would go show you the house but his loyalties will always be with the home owner. Find someone to represent you. Preferably someone you know or who a friend can recommend. A buyer's agent works for you. Their commission is paid by the the seller so it doesn't cost you anything.

You can email the listing agent and just ask him what you asked above - is there a bathroom or any plumbing in the basement for a future bathroom / kitchen. He should be able to tell you that. Expect that he will ask if you'd like to set up a time to go see the house.

I'll add some stuff about general starting points in a different post.

Thanks Gayla, i really REALLY will love you forever if you tell me what to ask and what answers I want to hear.

[SassyLeo]

Love this: http://www.100abandonedhouses.com/

[Waldo]

Originally Posted by SassyLeo

Love this: http://www.100abandonedhouses.com/

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

[betenoire]

Originally Posted by Waldo

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

Detroit hurts my heart.

[Waldo]

Originally Posted by betenoire

Detroit hurts my heart.

Word. Hopefully it's only temporary and this dark time will provide an opportunity for amazing renewal in the coming decades. Sadly, Michigan is not really known for forward thinking any more.

[SassyLeo]

Originally Posted by Waldo

I knew it was Detroit before I flipped to the third photograph. I could not believe the houses that were just walked away from - all shapes, sizes and stages of disrepair. Shame.

I know. It's the really old ones that get me

Originally Posted by betenoire

Detroit hurts my heart.

Yes

[Gayla]

I read something a little while back about a couple of groups that were trying to do somethings in Detroit. It was something along the lines of just closing down subdivision that had a high rate of abandonment and turning them back into rural/agricultural land. It was an interesting concept that, at least on paper, seemed viable.

[betenoire]

Originally Posted by Waldo

Word. Hopefully it's only temporary and this dark time will provide an opportunity for amazing renewal in the coming decades. Sadly, Michigan is not really known for forward thinking any more.

I dunno. 40 years of being fucked over by shady Mayors and police is a long time. It's hard for me to see hope when the people in power are the people who created the problem.

Plus, honestly, any solution that federal/state government would probably come up with would likely end up displacing many of the people who live there now - and I don't want to see that.

Anyway. Off to work.

[Gayla]

I was actually just reading some things a few days ago written by an agent in Ontario. The process seems very similar but they call things by different names (and add extra vowels, of course).

In general, the first step would be talking to a mortgage lender or bank to get preapproved for a mortgage. From what I can tell, the process there is similar to here but much more extensive. Preapprovals happen before you put an offer in on a specific property and are used to help you decided how much you want, and can afford, to spend.

The next most important step is finding an agent to work with. Personal referrals are always best but you can just call a real estate office and ask to speak to an agent. Agents that represent home buyer's are paid via the seller at closing so it doesn't cost you anything to use their services when you're buying a home. Each state, and country, has different requirements when representing clients in a real estate transaction but the basic commonality is that the agent represents you and has your best interests in mind during the transaction.

A good agent can help you find a good mortgage broker. They can explain all the ins and outs of how to buy a home, help you find a home to buy and coordinate everything all the way through closing. They will work with the other parties involved and, basically, let you know what you have to do through out the process.

So first step is really - Go find a good agent!

[turasultana]

NY is a 'buyer beware' state. I don't think we have buyer's agents or at least not as a rule. I bought my place off craig's list from the seller.

[betenoire]

Originally Posted by gayla

I was actually just reading some things a few days ago written by an agent in Ontario. The process seems very similar but they call things by different names (and add extra vowels, of course).

In general, the first step would be talking to a mortgage lender or bank to get preapproved for a mortgage. From what I can tell, the process there is similar to here but much more extensive. Preapprovals happen before you put an offer in on a specific property and are used to help you decided how much you want, and can afford, to spend.

The next most important step is finding an agent to work with. Personal referrals are always best but you can just call a real estate office and ask to speak to an agent. Agents that represent home buyer's are paid via the seller at closing so it doesn't cost you anything to use their services when you're buying a home. Each state, and country, has different requirements when representing clients in a real estate transaction but the basic commonality is that the agent represents you and has your best interests in mind during the transaction.

A good agent can help you find a good mortgage broker. They can explain all the ins and outs of how to buy a home, help you find a home to buy and coordinate everything all the way through closing. They will work with the other parties involved and, basically, let you know what you have to do through out the process.

So first step is really - Go find a good agent!

Thanks, Gayla. I'll be doing that as soon as I find out what's going on with this overnight position that I'm after. I do know that one of my part-time coworkers who averages about 20 hours a week got pre-approved for 130k, and that even now as a part-timer I work more than she does so I can expect around/at least the same amount as my limit. BUT I also know that I don't want to spend nearly much - I'm aiming for under 110k.

[Gayla]

Originally Posted by betenoire

Thanks, Gayla. I'll be doing that as soon as I find out what's going on with this overnight position that I'm after. I do know that one of my part-time coworkers who averages about 20 hours a week got pre-approved for 130k, and that even now as a part-timer I work more than she does so I can expect around/at least the same amount as my limit. BUT I also know that I don't want to spend nearly much - I'm aiming for under 110k.

It's fairly common, at least here, for a preapproval amount to be higher than what you actually want to spend. The mortgage person can also help you figure out a price range that will keep payments where you want them and things like that.

One question I get quite often is about preapproval letters. It's become fairly standard to ask that a preapproval letter be included with an offer to purchase and buyer's are concerned that the seller will see the total amount for which they have been approved. In reality, the finance person will write the approval letter for the amount of the offer so even if you have been approved for a larger amount, it doesn't "tip your hand" in the negotiating process.

[betenoire]

Originally Posted by gayla

One question I get quite often is about preapproval letters. It's become fairly standard to ask that a preapproval letter be included with an offer to purchase and buyer's are concerned that the seller will see the total amount for which they have been approved. In reality, the finance person will write the approval letter for the amount of the offer so even if you have been approved for a larger amount, it doesn't "tip your hand" in the negotiating process.

Good to know.

I hate that I can't pick my Dad's ear about this, cuz that's generally pretty fun for me. But he's not good with buying houses. He can put a new roof on my house for me and renovate a bathroom - but he can't tell me what to ask or what to expect.

Fun fact - my father is OBSESSED with steel roofs. OBSESSED. Seriously. He drives around and points out houses that have them. He's made it perfectly clear to me that it does not matter how new the roof on whatever house I end up with is - in fact he'd prefer that the roof need replacing. Because he wants me to have a steel roof and he and his buddies are going to put it on for me. I don't argue.

[JustJo]

Originally Posted by betenoire

Fun fact - my father is OBSESSED with steel roofs. OBSESSED. Seriously. He drives around and points out houses that have them. He's made it perfectly clear to me that it does not matter how new the roof on whatever house I end up with is - in fact he'd prefer that the roof need replacing. Because he wants me to have a steel roof and he and his buddies are going to put it on for me. I don't argue.

I'm with your father on this one. I have a steel roof on my house and love it. My old roof used to form giant icicles (I mean like 8 or 10 feet long and as big around as a person). With the steel, all it takes is a day or two of sunshine and all the snow and ice melts and slides off so I never get the giant icicles, and I don't have to hire the snow removal guys either.

It is louder when it rains though!

[betenoire]

Originally Posted by JustJo

I'm with your father on this one. I have a steel roof on my house and love it. My old roof used to form giant icicles (I mean like 8 or 10 feet long and as big around as a person). With the steel, all it takes is a day or two of sunshine and all the snow and ice melts and slides off so I never get the giant icicles, and I don't have to hire the snow removal guys either.

It is louder when it rains though!

My parents have a steel roof also, which my father and his pals put on. I've never noticed that it was louder in the rain - but I might just not be very observant.

They're also pretty sturdy. Where my parents live there are a lot of mature trees that tend to fall over or have large limbs break off. During a really bad storm the tree in the neighbors yard broke in HALF and landed on my parents roof (and on their Kia). The Kia was totalled but the roof didn't so much as scratch. Yay!

Plus they're usually made from recycled materials...which makes them green. I like stuff that's green. You just wait - I'm going to be one of those people who keeps rain barrels for watering the lawn with. I look forward to it.