banky's Journal: made on offer on a house

In accordance with prophecy, the wife and I made an offer on a little townhouse in Ashburn. I'm actually digging the process: offer, counter offer, plans and plots ... the wife's a nervous wreck, but whatever.

So, yeah.

i want to be stereotyped
i want to be classified
i want to be a clone
i want a suburban home, suburban home, suburban home, suburban home
i want to be a masochistic
i want to be statistic
i want to be a clone
i want a suburban home, suburban home, suburban home, suburban home
i don't want no hippie pad
i want a house just like mom and dad
(repeat)

The Descendents, "Suburban Home"

Update: So, yeah. They accepted. IM IN MY HOUSE PAYIN MY M0RTGAGE.

good luck!

[mekkab]

get a REALLY good home inspector. Don't trust your agent. Ever. It should be a three-way adversarial situation; between you, the seller (collectively, the seller and the sellers agent), and your agent.
Same with your mortgage person. Play peter against paul to low ball rates/terms/blah blah blah.

And above all, have fun with it!

Re:

[FortKnox]

Damn straight. You'll be living in it for years, and paying for it over 15 or 30 years. Be picky and get the lowest price possible, cause its going to be on your shoulders for years and years and years...

Re:

[robi2106]

Ahhhhhhh the thrill of buyers remorse. You will have it. Don't worry. It happens to almost everyone. You will be in it for a few months and then suddenly she will want to change all the colors and you will be tempted to look into flooring replacements, adding on to the garage, etc. :-)

jason

Re:

[TechnoLust]

I bought a shithole and knew I'd have to replace everything... so I had no buyers remorse. Of course I was in college, so I could paint, go to class for 3 hours with paint on me, then come home and do another coat. :-)

Re:

[banky]

That's the sexiest thing I've heard all day. TOTALLY HARD AS DIAMONDS HERE PEOPLE

Re:

[TechnoLust]

No kiddin? Nipples like screw in cleats huh?

Re:

[banky]

I put three eyes out.

one for EACH NIPPLE HURRRRRRR

Re:

[TechnoLust]

I saw some old movie once... I'm wanting to think it was a version of The Pit and The Pendulum... where the Inquisition were strip searching women looking for "a third nipple, from which the devil may suckle." So now every time I see a chick with 3 nipples I ask her if she's a witch.

Re:

[Captain Splendid]

Hehe, we bought a new house (got involved at foundation pouring stage, so managed to make minor alterations we wanted/needed.) Company was great, foreman was great and very skilled (did some nice cabinet work in the kitchen.) We also got some nice freebies like granite coutertops as this was their first house in a new development and they wanted to use us a show house (we've only done it once in 2 years, as you'll soon see why.)

Just as we moved in/went to close, foreman moved on to another job and his r

Re:

[FortKnox]

I really didn't have buyers remorse, and I just replaced a roof and furnace!
Having a house means maintanence and upgrading. I plan on regrading my entire back yard next year (heavy rain == a literal swamp for a backyard). Its all part of the fun of home ownership. Fix it up to make it more sellable, then make a huge profit when you outgrow it! :D

Re:

[robi2106]

depending on the financing you get. hopefully the rates are favorable enough for you now.

one "trick" i have researched a bit is a revolving home equity line of credit (HELOC) but this only works if you have a 30yr primary mortgage with a somewhat high rate (>=6%).

You take out a HELOC and write a $3000 check to your primary mortgage and use it to pay down the principle (NOT as an advance payment). This can cut a few YEARS off of your payments because of compounding interest. Then you deposit all your s

Re:

[FortKnox]

I have a low rate, but if you pay an extra mortgage payment each year (so, make 13 payments instead of 12), you can cut like 5 or more years off your mortgage...

Re:

[robi2106]

essentially the same idea... just doesn't allow for as large of a principle payment and does not provide extra flexibility (ie drawing from a HELOC)

but DOES insulate savings from housing market swings.

jason

Re:

[mekkab]

My HELOC rate is higher than my first trust; but thanks for playing! :)

Re:

[robi2106]

the HELOC will by necisity be higher. It probably won't be any other way, unless you got a fixed 1st when they were high and have no refinanced since then (brain damage possible excuse for having not done that yet).

I didn't say to carry a negative balance in the Heloc. You carry a positive balance in the heloc the main benefit is using that initial $4k payment against the principle, and possibly again 10 years later.

jason