Find your diamond
Find your jewelry
shape
carat
color
clarity

The House Hunters Thread

Ohh NEL!!!!!! So excited for you!!!!!! Congratulations
36.gif
36.gif
36.gif
36.gif
36.gif
 
Date: 12/10/2009 2:18:58 PM
Author: Lynnie
Smurfy - Welcome to the madness that is house-hunting! Lots of dust! How did the open houses go? My house is across the street from a golf course. I kinda wish we were on the other side of the street, because the backyard would look over the golf course. But those houses go for a bit more $$.
Click to expand...

Aww Thanks for asking :) We are starting to see what houses are for sale in our price range in the area we currently live (9 mile difference from last weekend lol) because I googled the schools around where we live right now and they are surprisingly at the top of the list in Denver! So hopefully we can find some good sized homes and then start working on pre-qualifying :)
 
NEL - It feels that this was a looong time coming - CONGRATULATIONS!!! I am so excited for you! That house is absolutely beautiful! Hoping for a smooth, complication-free process!!
36.gif
36.gif
9.gif
 
NEL!!!
36.gif
YAYNESS!!! I hope the inspection goes fantastically for you! That house seems like it fits what you want so beautifully - even thought it''s not 100% what you were originally looking for. Kinda reminds me of my husband, LOL.
9.gif
I hope hope hope nothing turns up on the inspection and it''s all smooth sailing.

Smurfy - how awesome to be so close to good schools! That''s fantastic!

Lynnie - Thanks for the bar exam dust! The exam is in Feb, and we''re thinking of TTC this summer. We shall see...
 
Great news NEL! Hope all''s good on the insection - you''ll close only 2 weeks after we do!
 
Thanks, everybody!

I fluctuate between being very excited and being very nervous. I woke up in the middle of the night thinking about things like the driveway being really long and how we need somebody to plow it...or how none of my furniture is going to look right in an antique house. I''m trying not to count my chickens before they hatch, but I really want this to work out.

Does anybody know how soon you can lock in a mortgage rate? I''m faxing all updated financial info to mortgage brokers today. I think rates are going to start to rise (they are already slightly higher this week and there are rumors the Fed is going to raise rates because the dollar gained strength in Nov.--not that the Fed sets mortgage rates, but I think mortgage rates will follow). Anyway, I just want to get a rate locked in as soon as I can--my mortgage commitment isn''t due until the 1/15.

I''ll check in tomorrow after the inspection! I''m just really hoping nothing big pops up. The seller''s agent was the homeowner''s agent when they bought the house, so she''s already been through the inspection on this house and she did say that several things popped up because it''s an old house, but nothing big popped up...I think the biggest issue was that there are some power lines that are below regulation height. If that''s the worst thing on the list I''ll be happy.

drk, did you find out if the second contractor was able to get in the house?? If so, did he give an estimate? I hope it was lower!
 
NEL my memory is already faulty but I believe that we locked in a rate as soon as we had an accepted contract. It was quite awhile before the actual closing-I do know that.
 
NEL - The second guy did supposedly get in this week, but no quote yet. He expected to have it for us by Sunday, and the designer held off the other contractor on Monday (they work together frequently and closely). This quote would have to be way lower for us to pick it instead, so I''m secretly hoping it''s basically the same or higher and we''ll have a no-brainer decision on our hands.

We also had gotten preapproved for a certain amount so that we could figure out how much house we felt comfortable buying. Then when we had the final house price set, we finished off the mortgage paperwork, and went with ING. They locked in the lowest rate between when they got the paperwork and when we close on the house in Jan, whether that was in effect in Sept when we signed the contract, Nov, or Jan when we close. We liked that deal. I''d think you should be able to lock in a rate now - it''s not like the closing date would be that far off!
 
Thanks again, ladies! I''m happy with the rate I was quoted by the mortgage broker who did the pre-approval, but I think I''ll still shop around a little bit. Hopefully it can be settled this week.

drk, I''m glad the second guy was able to get in! Hopefully you can get an answer on Mon. and move forward!
 
NEL, I just read the good news! CONGRATS!!!
36.gif
 

So today didn''t go so well--there are some minor issues, but the biggest issue seems to be the basement. It looks like they tried to replace some of the beams downstairs, but the contractors didn''t do a great job. Also, there do seem to be water issues. The inspector suggeted we have a basement engineer take a look at the basement, which we are doing next weekend.


Our realtor told us that she didn''t think the basement was that big of an issue because her basement is the same way (she owns an antique), but my fear is that we buy the house and have to do a $50K basement renovation.


I don''t really know how this is going to work out--I can''t imagine a basement engineer is going to come down there and say "this looks great!". If it needs more than $10K in work, we''re just going to have to walk away. We pushed back the date that we would sign the purchase agreement--it was supposed to be this Friday, but it''s going to have to wait until after Christmas so we can have the engineer come in.

Ugh.
 
Darn. I''m glad that they were able to look at it and tell you what''s what. And the money to fix things properly should either be knocked off the sale price of the house, or you just don''t sign off on it.

Still no quote received from the second guy, even though he said he''d have it done by today, if not sooner. I emailed him to say that we need to have it by noon, as we have to decide tomorrow. If we don''t have it by then, I guess we''ll just go with #1, as #2 hasn''t been as reliable. Grr.
 
Blah. I hope it works out NEL.

The thing to remember is that even if it needs work-it''s *still* going to need work when the next buyer comes along. So if their agent is worth their salt they will make sure the seller understands that this is something that must be disclosed to the next buyers and thus that maybe they should consider trying to settle it somehow with you rather than taking a gamble on the next buyers KWIM?

Usually the first offer is the highest-so hopefully they will be willing to work it out somehow. Obviously if they really want/need to sell they are going to be more willing to negotiate than if they don''t. But hopefully they will understand the reality of the situation!

Don''t fret yet!
 
Thanks, ladies...I am just feeling tired and wished it had gone better today. I''m slightly frustrated because the home inspector couldn''t tell us what he thought the basement would need, just that there was some termite damage (which we are addressing with the homeowners) and that it looks like they had replaced some beams, but had not finished the job. I feel like I went out of my way to find somebody who specialized in antiques...and he was great, but now I''m having to book a separate structural engineer and I am wondering if a better home inspector would have been able to give us a better solution than to hire somebody else to take a closer look at it.

Oh well, maybe it would be good to have a second pair of eyeballs on it--I hate to pay for two inspections, but in the grand scheme of things it''s so minor (and worth the money) that I shouldn''t even think about it. For now we''ve pushed back the date we''d sign the purchase agreement so that we''ll have time to have the structural engineer come in and also have a lawyer look at the paperwork (provided the structural engineer does not unveil any serious issues), but our closing is still the same.
 
Date: 12/13/2009 11:36:15 PM
Author: NewEnglandLady
Thanks, ladies...I am just feeling tired and wished it had gone better today. I''m slightly frustrated because the home inspector couldn''t tell us what he thought the basement would need, just that there was some termite damage (which we are addressing with the homeowners) and that it looks like they had replaced some beams, but had not finished the job. I feel like I went out of my way to find somebody who specialized in antiques...and he was great, but now I''m having to book a separate structural engineer and I am wondering if a better home inspector would have been able to give us a better solution than to hire somebody else to take a closer look at it.


Oh well, maybe it would be good to have a second pair of eyeballs on it--I hate to pay for two inspections, but in the grand scheme of things it''s so minor (and worth the money) that I shouldn''t even think about it. For now we''ve pushed back the date we''d sign the purchase agreement so that we''ll have time to have the structural engineer come in and also have a lawyer look at the paperwork (provided the structural engineer does not unveil any serious issues), but our closing is still the same.
Click to expand...

Unfortunately NEL home inspectors just aren''t experts and aren''t in a position to give opinions on structural issues. We had to do the same thing as our inspector found a few cracks in the foundation and one in the garage and couldn''t/wouldn''t tell us if it was nothing or something. Said he recommended getting a structural engineer to check it out.

Turns out it was nothing but we had to hire someone else to come check it out which was a PITA.
 
NF, I''m actually a little relieved to hear that you went through something similar. I''ve been wondering if this is fairly normal or if it''s rare. You are right about the home inspector--his job is simply to do a visual inspection (and I think he did a great job) and let us know if he thinks there are problems that should be remedied or further investigated. I''ve reached out to a couple of structural engineers and hopefully we can get more answers this week!
 
Ugh. I''m sorry NEL. I hope the engineer has good news for you!
 
I just wanted to jump in here as well. Congrats on everyone's progress! and CONGRATS NEL!

We've been looking for only about 2 months, have viewed 14 houses. One we really liked, but it has a contract with a right of first refusal and we aren't sure we want to jump on it yet. Found one I loved but its not in the area we're looking (would be a 45 min drive for both of us for work), but its big, really nice hardwood floors. However needs master bath redone, new in ground pool lining.... its also in the pricing period right now, so we will see what it goes up for..... We have a great Realtor, so right now we're just hanging back and seeing what goes on the market.

Our must haves are at least .5 of an acre, preferably a full acre or more and more than 1 bathroom!! :-)
 
I''m late here, so first off, CONGRATS NEL!

I know you had a not so great inspection, but I wouldn''t count things out yet. See what the engineer says--I mean every house that is old and full of character will need work. You are probably getting a great price so expect some long term work to be needed. Basements can often be left for later years. So I guess it comes down to what is needed..is it just renovation and sump pump or is it something chronic that would erode the house over the years. You may also be able to chip away at the price too with this report.

Our house needed alot of cosmetic work, new basement, new windows, new siding, expanded kitchen, new family room. Trust me when I look at that list I think UGH, but DH has done houses and he saw that it all was do-able and the house was solid otherwise (and liveable despite my list to make it "ideal"), so for the price/ location/timing and potential, it was worth it.

Keep us posted, it''s exciting even if it''s a roller coaster!
 
rhbgirl, I wish you tons of luck in the hunt!!

Thanks, Janine! We have a huge list of things that would need to be addressed...and neither of us is handy. Ah, the joys of owning an old home! The basement issue was the inspector''s biggest concern because there are several temporary posts (those hollow posts with the bolts in them) that were put in place 10+ years ago. They were obviously put in with the expectation that permanent posts would replace them, but that hasn''t happened. I don''t think it''s terribly expensive to put in permanent posts, but I just want to know what would need to be addressed immediately. The other issues the inspector uncovered are things we can address over the next year or so. It''s just that between the issues the inspector uncovered in addition to some cosmetic updates that need to be done, I could easily see us pouring a ton of money into this over the next few years.

The structural inspection is happening tomorrow, so we''ll know more soon.
 
NEL: I hear you...DH and I are big savers (and sacrificed on other thngs as a result) but then it all gets poured into the house! Meanwhile our friends who are still in the City in small apts are living it up splurging away! I guess it''s part of home ownership. Of course you don''t want a money pit, but if you''re able to get a reduction in price to the point that the money put in is money you can get back in equity, then it''s worth it. For me it''s a tough shift in mentality since I like things all done and wrapped up so I can move onto something else.

Let us know how it goes with the engineer, I still have a good feeling about it all!
 
Oh, Janine, I think everything you mentioned is exactly what we''re bracing ourselves for. We know that our days of having cheap rent and being able to save easily are over. We joke that we lived poor in able to save for this house...and now we will actually BE poor! We are willing to take on a little more in order to live in an antique home, I think it''s just making sure we have a plan of attack for anything that needs updating or improving and obviously anything structural in nature gets first priority. D made me promise that I won''t obsess over home improvement projects--he knows me too well. Logically I know we have years to make updates--and we will--but when I get something in my head like replacing countertops, adding an island or putting hardwoods in the one carpeted room, I can''t seem to shake myself out of it. I will start with paint and I''m sure that will keep me occupied for at least a few months!

I do still hope this works out--the basement is the only dealbreaker so if we can find a way to reach a resolution, it could still work!
 
So.

Overall the news about the basement is good. There are a couple of beams that might have to be replaced down the road and we are definitely replacing those temporary posts in the short term, but the structural engineer said that overall the basement looked very strong and that he didn''t see any red flags that fell outside of general maintenance.

However, he did uncover a few things that the home inspector did not. Namely that the area over the veranda (or maybe it''s a portico? It''s that big round porch on the side of the house) is beginning to sag and he fears that a beam underneath needs to be replaced. He said it wasn''t something that needed to be addressed immediately, but that it is a concern and could be expensive to replace.

Also, there is a pergola on the property that I really love (I''ll attach a picture below). Upon some prodding he realized that the posts are nearly hollow from dry rot and that the whole structure will either need to be replaced or come down. Ugh. I realize this shouldn''t be a dealbreaker because it''s external to the house and is purely aesthetic, but I really liked it and hate to hear the bad news. I don''t think we''d tear it down immediately, but it''s obviously dangerous for us to be under it if it''s in bad shape.

He''s going to send us a formal report with prioritized issues and the contractor''s repair estimates in the morning, so we are waiting to make our final decision until then, but for now I think we are leaning towards moving forward with the house with the expectation that it will need some work over the next few years.
 
Oops, I forgot to attach the pergola pic.

sadpergola.jpg
 
Date: 12/16/2009 6:00:28 PM
Author: NewEnglandLady
Oops, I forgot to attach the pergola pic.
Click to expand...
ohhhh NEL, I hope you can keep it. I have fond memories of my uncle's pergola. He had one in his backyard and they grew a concord grape vine on it (my favorite grapes!!!). It was not only aesthetically beautiful but also very convenient for summer snacking :)
18.gif
 
NEL that pergola is so cool!!! Sounds like overall the news is pretty good :-)

I just wanted to jump in and say that if fixing a few of these things in the next 6 mos to a year will put you guys into a super tight spot, then maybe you''ve over extended yourself on the house? Things will definitely come up, and you will still want to be able to go to the movies once in a while, you know?!

However, if it is just the fear of the unknown and frustrations that the house doesn''t have a 100% clean bill of health, I totally understand that!!! We bought a house that was built in 1901 so I feel your pain!

We actually have one of those temporary poles in our basement too :-)

When we got our place, we listed all the things that needed to get fixed (and that the inspection said we should ''immediately'' etc.

We''ve done none of them yet! ha! It is their job to give you that report and yes, while it would be ideal for you to fix that pergola right away, it can def. wait. You know what I mean?

I just don''t want you to let the little things freak you out of that FAB house, unless of course you''d be drowning if those little things did pop up.

Sorry for the rambling - just thought I''d pipe in as an older house owner (well, new owner but old house!).
 
Bia, that sounds wonderful! I love concord grapes! I''m hoping we can salvage it as well, it''s just not going to make the priority list
7.gif


October, thanks for chiming in, I love any perspective I can gain from old-home owners! I don''t think any of the repairs would put us in a tight spot because we''re keeping an emergency fund out of the downpayment (you never know what can happen) in addition to any repair-related money, but I''d love to put everything possible towards the downpayment just to keep the mortgage to the bare minimum. My bigger fear is getting in the house and THEN discovering a $50K problem. Having the structural engineer has really put my mind at ease, so I''m very glad we did that. We are going to put the permanent posts in and address a few other issues immediately, then anything cosmetic can wait. Are you glad that you bought your home or have you had moments of regret?
 
Congrats NEL on making it past the first obstacle (engineer). It sounds like you have more than prepared for any worst case scenarios that might pop up. Much more than the average person. Can''t wait to follow the rest of the journey, this is one awesome house!
 
I definitely feel like we''ve covered our bases, but D spent an hour talking with the contractor who came out to give us quotes on everything the structural engineer recommended. The contractor essentially told him that buying an antique without doing MORE due diligence is insane. So now we are meeting an electrician in the morning. The furnace inspector and mold specialist will be coming out on Monday. We are supposed to have the Purchase and Sales Agreement signed on Sunday. That means that we essentially have 2 days (Tues. and Wednesday since Thurs. is xmas eve) to have our lawyer review the P&S AFTER they send it to us.

The sellers won''t grant an extension. And I leave tomorrow to travel home for Christmas. This is quickly turning into complete insanity.
 
NEL

Hang in there- closing on a home is intense and very stressful, the final round of inspectors, lots of stress. Take it one day at a time. I love that pergula photo. What''s growing there?, can''t tell if its trumpet vine or wisteria, but its old and established, hope you can keep it when and if you do structural repairs.- vines grow like crazy, so even if it gets trimmed it will come back. All best wishes, you''ve got a beauty.
 
You must log in or register to reply here.
GET 3 FREE HCA RESULTS JOIN THE FORUM. ASK FOR HELP
Jewelry Blog
PriceScope-Concierge-Ad
Find prime cuts.
Top