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Old 01-25-2022, 01:42 PM   #5476
The Motel Fella
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North (maybe South) Dakota?
My FIL is a retired vet and he is now "living" in ND to avoid the tax liabilities many states have on his pension. VA and MD are particularly aggressive.

Florida was where he was headquartered originally, but there was something about ND that was even better. Maybe property tax related?
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Old 01-25-2022, 01:54 PM   #5477
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Quote:
Originally Posted by orndog View Post
Better run a 1.5" condensate line straight to the storm sewer.
or better, get a 3000 gallon cistern to supplement your water supply.

at my old house I routed the condensate line to a 55 gallon barrel, in full on summer it would gain 10 gallons a day off a 2.5 ton unit. it was more than adequate for my vegetable garden.

note that many incorporated areas are going to require you flow the condensate into the sewer system because they are afraid you may contaminate the water supply, but a) what they don't know and 3) if it's a fully off grid setup, it'll never be able to backflush into the city system.
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Old 01-25-2022, 02:16 PM   #5478
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Originally Posted by Bonzo View Post
le-sigh. Of the 12 offers our was not the winner.

I'm guessing just having an inspection was a turn-off.
Quote:
Originally Posted by FalsifiedProphet View Post
We lost a few houses over those details last year. I am no handy man and have seen Money Pit!
When I got my house last year..

- Waived the Inspection
- Waived the Form 17
- And $80k above asking: They priced the house low enough so I can compete.

All of the above is definitely not ideal. But with the interest so low and have lost 5 previous offers to cash buyers, I went after this house pretty hard.

10 months in, the house appraised at $195k above what I offered and PMI got dropped and if I waited a year, I wouldn't be able to afford the house.

Also, I heard that the Feds is going to slowly raise the interest rates this year.
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Old 01-25-2022, 02:18 PM   #5479
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That is just insanity.
I know the story isn't unique, but still. Jesus.
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Old 01-25-2022, 02:23 PM   #5480
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Yeah.. My brother's neighbor sold their house to a doctor from CA, who didn't see the house and told them to name their price. They asked for $250k above asking and the doctor did it.

That house is in Bellevue, WA though. All the houses their, even if it looks like ****, goes over a million.
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Old 01-25-2022, 02:47 PM   #5481
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I went 20k over asking and 100k deposit.

Definitely went all in when the realtor clarified that the deposit goes toward the down payment. I thought it was separate.
Plus I wanted that house. Its either win or I get the check back.
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Old 01-25-2022, 05:10 PM   #5482
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what's the big difference between cash and a standard bank loan that gives cash for the same amount in the same amount of time?

Money is cheap. Put the money from the sale of your previous house into investments. The return there will at least double what the ~4% you're going to pay for interest.

Unless I am missing something?
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Old 01-25-2022, 05:16 PM   #5483
eNx
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Quote:
Originally Posted by Bonzo View Post
what's the big difference between cash and a standard bank loan that gives cash for the same amount in the same amount of time?

Money is cheap. Put the money from the sale of your previous house into investments. The return there will at least double what the ~4% you're going to pay for interest.

Unless I am missing something?
With cash, you can close as fast as 10 days. That's almost, if not, impossible to achieved with finance.

One of the house I bid (and lost), basically wanted the transaction done within 2 weeks.
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Old 01-25-2022, 05:16 PM   #5484
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Quote:
Originally Posted by Bonzo View Post
what's the big difference between cash and a standard bank loan that gives cash for the same amount in the same amount of time?

Money is cheap. Put the money from the sale of your previous house into investments. The return there will at least double what the ~4% you're going to pay for interest.

Unless I am missing something?
Just makes escrow easier.
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Old 01-25-2022, 05:28 PM   #5485
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Quote:
Originally Posted by eNx View Post
With cash, you can close as fast as 10 days. That's almost, if not, impossible to achieved with finance.

One of the house I bid (and lost), basically wanted the transaction done within 2 weeks.
Admittedly I have not bought and sold many homes but everything I've seen, the sellers wanted at least a month or so which was the case most recently too.

If they're in a hurry then cash is going to tip the scale but also in hurry means they'll give a little on price unless there are buyers lined up with cash in hand. Which may very well be the case these days. Rural Wisconsin prices have def flattened out. We'll see what happens late winter into spring. As the weather warms I'm sure the demand and prices will to.

I hope to eventually find out why we did not get the house. Learn and adapt.
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Old 01-25-2022, 05:38 PM   #5486
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For context, all the houses that I bid on are all lake fronts so majority of those houses are 2nd houses. Almost all of the houses that I lost had multiple cash offers.

The house that I ended up getting, I wrote a letter to the old owner and told him that I will take care his fruit orchard. I went from 465sqft studio apartment to having an orchard, which has about 15 fruit trees..
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Old 01-25-2022, 05:39 PM   #5487
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I just don't understand how this plays out long-term.

Apparently there is simultaneously an endless supply of people who are so well off that price is next-to-no object and they're all willing to settle on major things, while also everyone seems to be riding the struggle bus due to pandemic and massive inflation due to supply shortages everywhere? How can it be *this* bad on all fronts?

My wife and I are looking to build a new home as we're at the age we wanted to start having kids, but it feels like we're getting reamed. It would be one thing if I felt like the construction was worth it, but everything around here is still built like it's 2001 with the exception of granite counter tops, tile bathrooms, and custom cabinets. They all still use tyvek, LP siding, "architectural" shingles, etc. And they all want 900k+ for a decently appointed 2600sqft home. We can afford it, but it still feels like I'm getting ripped off, you know? Like if I were shopping for a camry, knew the MSRP was 20k, and was being asked to fork over 30k. Yeah, I can afford it, but it sucks. I also don't see this problem of supply getting fixed in the near future, and just see the costs of everything going up instead of popping.

I always thought "lack of affordability" of the American dream was a North East/California/Seattle problem. Apparently now it's a "whole entire country" problem?
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Old 01-25-2022, 05:43 PM   #5488
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Quote:
Originally Posted by BeepBoop View Post
I just don't understand how this plays out long-term.

Apparently there is simultaneously an endless supply of people who are so well off that price is next-to-no object and they're all willing to settle on major things, while also everyone seems to be riding the struggle bus due to pandemic and massive inflation due to supply shortages everywhere?
Those that are "Comfortable" are still doing pretty damned good. Those that were "tight" are now tighter, and those that are "Well off" are getting richer by the minute.
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Old 01-25-2022, 05:49 PM   #5489
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Yeah.. during the pandemic, remote work pushed a lot of high paying tech workers to move to low cost of living area, which pushed the housing market up.
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Old 01-25-2022, 06:09 PM   #5490
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I doubt that's what's driving prices here, but I also don't understand that. Who finally gets to remote work and is like "time to abandon my entire life I have locally here and move somewhere else!"

Antisocial people with no friends I guess? I thought cities were popular because of their lifestyle, not simply because they're "where the jobs are"

Quote:
Originally Posted by Pallendo View Post
Those that are "Comfortable" are still doing pretty damned good. Those that were "tight" are now tighter, and those that are "Well off" are getting richer by the minute.
I'd consider my wife and I in the "well off" category, but we're not old enough yet like many 40s/50s/60s people to have much of a portfolio raking in passive income. Still, income percentiles is income percentiles, and I maintain that I feel like we're not asking for much that's crazy... just something with nicer trendy durable materials, yet it feels like 900k has everyone telling us "that's stretching it!"

If this is 'stretching it", I suppose normal families are just living in 400sqft cardboard boxes?
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Old 01-25-2022, 06:10 PM   #5491
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*double post
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Old 01-25-2022, 06:23 PM   #5492
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Quote:
Originally Posted by Bonzo View Post
what's the big difference between cash and a standard bank loan that gives cash for the same amount in the same amount of time?

Money is cheap. Put the money from the sale of your previous house into investments. The return there will at least double what the ~4% you're going to pay for interest.

Unless I am missing something?
In addition to the points already brought up, it removes the possibility that the house doesn't appraise (somewhat common in areas where the prices are rising rapidly) and for that to either drag out the process or cause sales to fall through.

A cash offer with no contingencies is a sure thing.
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Old 01-25-2022, 08:05 PM   #5493
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I got told that I would need to cover the difference if appraisal came low if I wanted the house. I was fortunate with this house. Lots of people very angry because they didnt even get the chance to go see it. Pandemic helped me there.

I was house shopping for 2-3 years. It was frustrating as anything cheap was garbage. Then prices went up, and up, and up. I had to start looking further away.
Luckily, I played my cards, moved further away, and also moved offices. Work is now 7 mins away
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Old 01-25-2022, 08:36 PM   #5494
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Quote:
Originally Posted by The Motel Fella View Post
North (maybe South) Dakota?
My FIL is a retired vet and he is now "living" in ND to avoid the tax liabilities many states have on his pension. VA and MD are particularly aggressive.

Florida was where he was headquartered originally, but there was something about ND that was even better. Maybe property tax related?
I lived in ND most of my life. The winters are evil cold and suck. Other than that, it is a decent place to live. Depends on your priorities, though....
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Old 01-26-2022, 09:38 AM   #5495
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I live in North Dakota right now.

The winters are cold and dark and suck, but it is a decent place to live - if you can make your own entertainment.

Speaking in general terms, South Dakota is generally better than North Dakota from a tax perspective. Not legal or tax advice. Consult a tax adviser for tax advice for your specific situation.
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Old 01-26-2022, 03:54 PM   #5496
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Originally Posted by TheViking85 View Post
In addition to the points already brought up, it removes the possibility that the house doesn't appraise (somewhat common in areas where the prices are rising rapidly) and for that to either drag out the process or cause sales to fall through.

A cash offer with no contingencies is a sure thing.
On the offer we just submitted we added a clause saying we would add $3000 if the appraisal did not meet the offer.

This feature swayed us to accept an offer when we sold our house last august. They had an extra $7000 if needed.

As for the whole offer vs what it appraises at has me a bit irked. I could go and offer some silly high number, get my offer accepted, then negotiate the difference afterwards. The final negotiated difference is most likely at or near other lower offers.
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Old 01-26-2022, 04:37 PM   #5497
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Originally Posted by BeepBoop View Post
If this is 'stretching it", I suppose normal families are just living in 400sqft cardboard boxes?
It all depends on your total debt and income. For me I don't like to get a loan that is more than 2.5x my household income. At 2.5x times that leaves plenty of room for things like: car, vacations, retirement savings, etc.

Many sites/people will say don't go more than 3x your household income. If you're at 3.5x or more than your household income, that's probably stretching it.
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Old 01-26-2022, 05:41 PM   #5498
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Originally Posted by BeepBoop View Post
I doubt that's what's driving prices here, but I also don't understand that. Who finally gets to remote work and is like "time to abandon my entire life I have locally here and move somewhere else!"

Antisocial people with no friends I guess? I thought cities were popular because of their lifestyle, not simply because they're "where the jobs are"
Lots of outdoorsy tech people are moving to outdoorsy area.

I moved from an affluent island (Mercer Island, WA) to an hour south called Spanaway, WA. If you're from the area and you say you live in Spanaway, people from will ask you why Spanaway? because city folks think that this city is too rednecky.

With that said majority of the tech people I know were willing to buy hour to two hours way from the metro to get better options, which drove the prices up those areas.

I'm still only about an hour or two (depends on traffic) away from my old friends and family. So it wasn't like I completely disconnected my social life. Also, climbing gym are great way to socialize.
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Old 01-26-2022, 08:04 PM   #5499
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It all depends on your total debt and income. For me I don't like to get a loan that is more than 2.5x my household income. At 2.5x times that leaves plenty of room for things like: car, vacations, retirement savings, etc.

Many sites/people will say don't go more than 3x your household income. If you're at 3.5x or more than your household income, that's probably stretching it.
Mine was close to 5X
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Old 01-27-2022, 07:52 AM   #5500
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So I got a contract and will have a home at the end of February! I even got a seller money towards closing.

Lesson learned. Do not use female real estate agents. They are almost all part timers that do not put in the effort needed in a market like this.
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