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re: Just put in an offer on a house. Looking for some guidance on the process from here...
Posted on 4/14/25 at 11:51 am to biscuitsngravy
Posted on 4/14/25 at 11:51 am to biscuitsngravy
Check back in after the sale and tell us how you feel about cutting the check to your agent.
You will see they get comped thousands of dollars for work that has been very streamlined. Most of them (not all) simply want the deal to go through so they get paid, and don’t really negotiate hard for you.
If I ever buy another house, I am considering getting my own license just to not deal with those people or try to buy FSBO.
You will see they get comped thousands of dollars for work that has been very streamlined. Most of them (not all) simply want the deal to go through so they get paid, and don’t really negotiate hard for you.
If I ever buy another house, I am considering getting my own license just to not deal with those people or try to buy FSBO.
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Posted on 4/14/25 at 11:54 am to jlovel7
Don’t use an inspector your realtor recommends.
You said radon, which means basement. Also consider get an engineer to give a report on the foundation.
Which market are you buying in?
Edit: Germans
You said radon, which means basement. Also consider get an engineer to give a report on the foundation.
Which market are you buying in?
Edit: Germans
This post was edited on 4/14/25 at 11:58 am
Posted on 4/14/25 at 12:07 pm to jlovel7
Get your own inspector, not one in cahoots with the realtor.
Posted on 4/14/25 at 12:16 pm to jlovel7
quote:
HVAC was replaced in 2020.
See if HVAC has a warranty and see if said warranty is transferrable to you as the new home owner. Some are not.
I bought a house in 2022 (built in 2016). Outdoor unit went out 2 months after I moved in while I was on vacation at the beach. Came home to a house that was 87 degrees inside. Original owners never filed the paperwork for the 10 year warranty and the default 5 year warranty was (obviously) already out of date. Had to drop $6k for a new 5 ton unit 2 months after I moved in. That sucked.
Posted on 4/14/25 at 12:17 pm to jlovel7
quote:
Mostly what we will have to do is landscaping, repainting, and probably refinish the hardwood floors and probably replace the old vinyl flooring where they have it. It's also on just a big enough property that we might need to invest in a riding mower.
I’ve always done my own landscaping, and for the most part my own painting. However, the last house we bought, I paid to have the entire interior repainted, and that was awesome to not deal with it.
My advice for floors and painting; definitely get any flooring done prior to moving in if you can. Do the same for painting if possible.
As for your riding mower purchase; purchase it from a reputable dealer or lawn and garden store that has their own service department. Do your research, Lowe’s and Home Depot models may be the same brand, but will often have different motors and internals than a licensed dealer.
Like others have said, never offer asking. Your initial offer is just the beginning of the negotiations. Your first repairs request should include anything they could possibly need to do. It will be negotiated down from there.
Congratulations on the potential house!
Posted on 4/14/25 at 12:21 pm to notsince98
quote:
I wouldn't worry about Radon but that is just me
This. Skip the radon thing unless the house has a basement and is in an area of the country with known radon issues. There’s a risk map you can find online and it’ll show you that in the Gulf South it’s pretty much a non-issue.
Posted on 4/14/25 at 12:31 pm to BabyTac
quote:
You will hold all the cards as they prob have already made plans to move.
This isn't always the case. In fact, it's rarely the case that buyers hold all the cards.
Posted on 4/14/25 at 12:38 pm to Shorts Guy
quote:
This. Skip the radon thing unless the house has a basement and is in an area of the country with known radon issues. There’s a risk map you can find online and it’ll show you that in the Gulf South it’s pretty much a non-issue.
We have a basement and are in the highest radon zone in our state.
Posted on 4/14/25 at 12:43 pm to dyslexiateechur
What does title fraud look like and how common is it really?
Posted on 4/14/25 at 1:00 pm to ELVIS U
quote:
If the bank doesn't require title insurance, don't get it.
If title insurance is a scam (OP's words), then why does the lender insist on having it for themselves. They don't require the owner to get it because they don't care if the owner gets fricked, as long as their loan is insured.
quote:
The closing attorney has a malpractice policy that is just as effective at collecting against.
What if the title defect is not a result of the attorney's error? Fraud, forgery, crazy neighbor trying to dispute boundaries are just a couple examples of things the attorney may have no practical way of discovering and you're shite out of luck going after his malpractice.
As with any other kind of insurance, maybe you never need it and you save a few bucks. Or maybe you do end up needing it and you gambled away your biggest asset to save a buck. There's a bunch of old threads about this on the Money Talk board. Go peruse and decide for yourself.
Posted on 4/14/25 at 1:29 pm to J Murdah
quote:
I’m not sure where you live but I very strongly recommend you have the under slab plumbing looked at with a camera if you have cast iron pipes. We had to pay a fortune to have ours replaced after it was discovered the cast iron pipes were completely corroded out at the bottoms. Ask the inspector to pay for a plumber to do this or hire one yourself.
Same. We actually had it caught before we signed anything, but the owner refused to budge on the price.
Our house had been on and off the market since 2016 (we bought in 2022) and the realtor was desperate to be done with it, so she actually put a big chunk of her commission towards the price for us just to get it sold.
Especially when you’re dealing with old people that aren’t itching to move to a house they’ve bought, they don’t always budge on the price when repairs are needed. Lol.
Posted on 4/14/25 at 1:40 pm to jlovel7
owner's title insurance is 95% profit for the title company. I have been a loan officer for 19yrs now. I have never seen owners title insurance used. Never. Every title attorney has a story, funny part is loan officers never have a story. The only time I recommend owners title insurance is if you are buying the home from multiple heirs.
Posted on 4/14/25 at 1:59 pm to hawkeye007
hire independent inspectors for everything - I didn't, and it was the worst mistake I have ever made and cost me about 22k out of pocket, when if i had just hired them - i could have found all the issues and only been out of pocket a grand or so
Posted on 4/14/25 at 2:35 pm to jlovel7
Where are you located?
Posted on 4/14/25 at 2:45 pm to SalE
We attempted to buy a Lakehouse here in KC this weekend after only being on market 2 days. We offered 5k over asking. Had to go back with another offer and lost out. Need market here to get soft. Ha
Posted on 4/14/25 at 2:55 pm to jlovel7
Enjoy those interest rates.
Posted on 4/14/25 at 3:05 pm to jlovel7
If you buy the house, pay for the quarterly anti-bug treatments.
It’s the only bill I happily pay every time. Much better than fighting all the dirty bastards yourself.
It’s the only bill I happily pay every time. Much better than fighting all the dirty bastards yourself.
Posted on 4/14/25 at 3:13 pm to hawkeye007
I am about to buy a home from a family trust because the mother passed away. Do you think I should get it for my case? The house is relatively newer.
Posted on 4/14/25 at 3:18 pm to hawkeye007
quote:
I have been a loan officer for 19yrs now. I have never seen owners title insurance used. Never.
This is a weird argument for not getting it. I've never known anyone that had to make a renters insurance, or umbrella, or VPP insurance policy claim, but that doesn't mean those things don't exist or could come in handy. I could understand crapping on it if you knew multiple people that had claims denied.
quote:
Every title attorney has a story
Well of course they do. They're the ones people come to with title issues.
quote:
funny part is loan officers never have a story
Well of course they don't. They're not the ones people come to with title claims.
quote:
owner's title insurance is 95% profit for the title company
How much of the origination fee do you guys pocket? How much of the commission do the agents pocket?
Posted on 4/14/25 at 3:21 pm to jlovel7
Ignore anyone who says don't by title insurance, they lack good sense.
Radon inspection is a waste of money, but whatever.
You paid what the house is worth; most older owners aren't in a jam to sell.
Radon inspection is a waste of money, but whatever.
You paid what the house is worth; most older owners aren't in a jam to sell.
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