HOUSE

[1guydude]

Well the old lady and i have officially put a bid in on a house!

It wont close till oct. 28th and thats if they accept the offer i thinks....lol
To be honest i dont know really how it works...ive been told and in lamens terms, its just all so confusing....but we did sign the papers tonight and hopefully the process will go smoothly!
Just wanted to tell my cyber buddies bout the good news!

 

[lovethesea]

Its a good feeling. Don't be offended if they throw a counter offer at you.If you really want the house split the diff in half or less. Make it all hinge on the inspection. best of luck

 

[1guydude]

well i dont think they will throw a counter offer....its hard to explain but the house went down 10grand the day after we looked at it and we just got pre approved for this house instead of a number! 1st time buyer here so ..... we waived the inspection lol.... woops!
We are buying it as-is...i dont know
149grand for 1500sqft and 3 bed 2.5 bath...built in 2000...looked great but i suppose i should go under it and in the addict too huh?

 

[tur4k]

You really should hire an inspector. There could very well be some massively expensive problems with the house. It would be a shame to buy a house, move in and have it condemned a week later because of massive termite damage. My house had some serious problems with the wiring. The inspector identified the problems and gave an estimate. We had $8,000 taken off of the price of the house to fix those problems.
I know that buying a house can be a real pain in the butt, but I would never buy a house without having it inspected first.

 

[1guydude]

i think we'll be alright man! Something about spending $150,000 didnt want me to spend the extra $400 lol....i shoulda but i didnt, lets hope that dont come back to bite me in butt...
im not much of a gambler but i sure did gamble here....

 

[tur4k]

Well...good luck with that. Congratulations on possibly buying a new house!!! I bet you can't wait to just have it all over and done with.

 

[reefraff]

If the house was built that recently by a reputable builder it may not be a bad bet.
We offered on 3 or 4 houses before we got this one. We lowballed on houses that were more than we wanted to pay just to see if we could get lucky. This house we got serious on, it was going for 185, we offered 170 and settled on 178.

 

[michaeltx]

Good luck.
I just really hope that skipping the $400 wont cost you dearly. I have heard some horror stories from people that skipped the inspection and found out later about foundation, roof, heating and cooling problems that cost them another 25K+ to fix on top of the price of the home. its was a 10 year old home as well.
Good luck though I would hate to hear anything like that happening to anyone.
Mike

 

[btldreef]

This is your first home, you're young and don't have extra cash to spare. This house dropped price recently, all reasons to get that inspection. Spending $400 now could very easily save you $4000+ later. If you really don't do the inspection (by the way most reputable mortgage companies require it), take out an extra $10000 on your mortgage. This is what we did, and put it in savings. It's not costing us much more a month, and it's nice to have that cushion there. We knew that part of the house would need a new roof, so the extra money came in handy.

 

[flower]

Quote:
Originally Posted by BTLDreef http:///t/388102/house#post_3420443
This is your first home, you're young and don't have extra cash to spare. This house dropped price recently, all reasons to get that inspection. Spending $400 now could very easily save you $4000+ later. If you really don't do the inspection (by the way most reputable mortgage companies require it), take out an extra $10000 on your mortgage. This is what we did, and put it in savings. It's not costing us much more a month, and it's nice to have that cushion there. We knew that part of the house would need a new roof, so the extra money came in handy.
Congratulations on your first house, how exciting for you!

...You have recieved some very good advice. I'm going to tell you as well. DO NOT waive the inspection...old pipes, old electric and falling or rotting foundations are all good reasons.
Even new houses are not perfect, and your new home may not be either. The inspection will tell you what is going on with the house BEFORE you buy. It isn't as deal breaker. If the inspector spots something, you have the right to waive it as a reason to back out, but at least you know about it.
When I purchased my house in Wisconsin it needed a new fuse box because all the circuts were being piggy backed...it was a $200.00 fix but it was also a serious fire hazard. I bought the house, and had that fixed first thing before we even moved in. You can even lower the house cost so you can pay for repairs if something is found. $400.00 is super cheap compared to the grief you might be buying into.
Also if you can't afford $400.00 you can't afford a house...they are a fix and repair daily kind of thing. There is always something to fix, upgrade or decorate. It's sort of a larger version of the SW tank, except this time YOU and your family live in it. Could you imagine buying a fish tank and not even looking to see if it has a crack, or not filling it with water to make sure it didn't leak before you started adding sand and rock? How foolish would you think that would be? That is what an inspector does, he checks for cracks and makes sure you don't have leaks, so you and your family can live in it safely....besides the money it could cost later.

 

[meowzer]

Well...congrats....I also think you should get the inspection.....I am really surprised the bank is not requiring it

 

[2quills]

This is potentialy one of the biggest investments you'll ever make, it isn't wise to not get it inspected. For many of the reasons listed above it could possibly tell you if you payed to much for the home. Also, some insurance companies may require you to get one. Most lenders won't even lend you the money without the insurance. Lets just say that without it you're kind of shooting blind so to speak. It's youre protection from getting ripped off. That being said, not all inspectors really know what the heck their doing either so an inspection is never a garantee that there aren't potential issues. I hope it doesn't come back to bite you either. But congradulations.
"As an insurance agent, I wish more home inspectors were aware of what conditions can lead to insurance problems. There's nothing more frustrating than telling a first-time home buyer that their dream house doesn't qualify for standard insurance. Almost inevitably, the first words out of their mouths are, "But it passed inspection'"
- Joshua Putnam
"But it passed inspection!"
Frustrating words for any buyer, seller or any real estate professional, home inspectors included.
Questions of "insurability" are concern to everyone involved in a real estate transaction. Many home inspectors will at least comment verbally on conditions they suspect will likely make coverage difficult or expensive, real estate agents would prefer that insurance costs or availability not crop up as unexpected problems, lenders won't close without insurance, and some insurance agents and attorneys - and most home inspection clients - feel they ought to be alerted by home inspectors if they find such problems.
It turns out, however, that this is not always easy to do. Different insurance companies have different underwriting standards, and when an insurance company does find a problem, they may deal with it differently from another insurer.

 

[kiefers]

Congrats!!!!

 

[dragonzim]

I am a NYS licensed Home Inspector, in addition to working in technology. NEVER forgo the home inspection! The house could have any number of issues that the average buyer would never know about until they were in the house and its too late to do anything about it. Many "new" or "newer" homes have more issues than older ones simply because many times construction was just done better on older homes where builders weren't being rushed to put up 10 homes in the time it used to take to put up 1.
Let me ask you this.... .
Do you know what to look for to ensure that you wont have to replace a roof in the first year? (8-15K)
Do you know what to look for to make sure that the heating system is not only working properly, but also isn't release carbon monoxide into the house?
Do you know how to check for evidence of past water intrusion in the basement or on the foundation walls?
Do you know how to properly inspect an electrical panel to make sure its not a fire hazard?
These are just a few of the things that a qualified inspector will check for you. If you answered no to any of these, spend the money and get the inspection! Well worth the cost and many times if there are issues you can either get the seller to fix the issues (and provide proof of repair) or get estimates to do the repairs and get that amount deducted from the selling price.

 

[dragonzim]

Quote:
Originally Posted by 2Quills http:///t/388102/house#post_3420517
This is potentialy one of the biggest investments you'll ever make, it isn't wise to not get it inspected. For many of the reasons listed above it could possibly tell you if you payed to much for the home. Also, some insurance companies may require you to get one. Most lenders won't even lend you the money without the insurance. Lets just say that without it you're kind of shooting blind so to speak. It's youre protection from getting ripped off. That being said, not all inspectors really know what the heck their doing either so an inspection is never a garantee that there aren't potential issues. I hope it doesn't come back to bite you either. But congradulations.
"As an insurance agent, I wish more home inspectors were aware of what conditions can lead to insurance problems. There's nothing more frustrating than telling a first-time home buyer that their dream house doesn't qualify for standard insurance. Almost inevitably, the first words out of their mouths are, "But it passed inspection'"
- Joshua Putnam
"But it passed inspection!"
Frustrating words for any buyer, seller or any real estate professional, home inspectors included.
Questions of "insurability" are concern to everyone involved in a real estate transaction. Many home inspectors will at least comment verbally on conditions they suspect will likely make coverage difficult or expensive, real estate agents would prefer that insurance costs or availability not crop up as unexpected problems, lenders won't close without insurance, and some insurance agents and attorneys - and most home inspection clients - feel they ought to be alerted by home inspectors if they find such problems.
It turns out, however, that this is not always easy to do. Different insurance companies have different underwriting standards, and when an insurance company does find a problem, they may deal with it differently from another insurer.

As a home inspector in NYS, insurability has no bearing on what we do. Home inspectors are hired to provide a visual inspection of the property and relate to their client via a written report any issues that may be in need of repairreplacement. Insurability has nothing to do with it.

 

[mantisman51]

If I were going to purchase a house (I'm currently building my own 2700 sqf home) it would depend on which side of the Cascades and how close to a body of water. In the Columbia Plateau area of Central and Eastern Washington, there's very little termites and a DEEP water table. I wouldn't be afraid to do my own inspection. If it's in the Cascades or Western Washington, I'd hire a professional inspector. Water and termites are prolific in the Western part of Washington.

 

[1guydude]

well i already checked off waive the inspection yesterday in the contract agreement so i dont think theres any going back! I will go under the house and in the attic to look around but as dragon zim said i prob dont know wat im looking for...hopefully i will know when i see it!

Thxs for the words of advice and congrats!
We are excited! Does anyone know the wieght limitations of a beam bearing house...the foundation if not on a concrete slab but on beams i do believe...hopefully my tanks wont go through the floors lol!

 

[mantisman51]

I kept a 125g reef tank in my wobbly box for 6 years and that's over a thousand pounds.

 

[dragonzim]

Quote:
Originally Posted by 1guyDude http:///t/388102/house#post_3420562
well i already checked off waive the inspection yesterday in the contract agreement so i dont think theres any going back! I will go under the house and in the attic to look around but as dragon zim said i prob dont know wat im looking for...hopefully i will know when i see it!

Thxs for the words of advice and congrats!
We are excited! Does anyone know the wieght limitations of a beam bearing house...the foundation if not on a concrete slab but on beams i do believe...hopefully my tanks wont go through the floors lol!
Good luck! I hope for your sake its not a money pit.

 

[travelerjp98]

Congrats! I want a pic of it!