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First Time Home Buyer

r/FirstTimeHomeBuyer

598
Posted by21 hours ago
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598
47 comments
32
Posted by8 hours ago

and you don't see anything you like in your price range and feel so happy because you LOVE YOUR HOUSE!

Such a win. :)

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15 comments
278
Posted by19 hours ago
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278
28 comments
43
Posted by11 hours ago

So we have a VA loan and it requires a termite inspection. My husband, by mistake, uploaded the ENTIRE inspection report. Underwriting went through it with a fine tooth comb and have come up with a list of repairs they want completed before sale. Mostly small safety things but one was going to be a BIG deal where they wanted a new vent installed to the roof for the water heater. They only told us that 2 weeks before close.

They told me if you don't VENT this water heater you will have CO2 build up... it's a HUGE safety issue. Scary Scary right? They also told me ONLY my original inspector can sign off on the change. So I called the inspector back to see what he would need to see happen to sign off and what kind of contractor I would need.

In talking to him this issue has NOTHING to with CO2. He said it needs to be vented to have better COMBUSTION. CO2 is not anywhere in that finding. He said put a vent in the water heater closet door and that is all I need. A $20 vent in a door. Only now I have to get agreement from my loan company that a solution not presented in my inspection would be sufficient for them.

So please not give a bunch of pencil necked paper pushers the ANYTHING they have not expressly asked for.

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17 comments
29
Posted by9 hours ago

I promise this isn't a troll post.

Our info (34M, 34F):

- $400,000 in cash for a down payment & closing costs
- $350,000 in combined annual gross income
- $150,000 in other savings (vested RSUs, retirement accounts)
- 780 credit scores
- No debt
- We're frugal spenders (just food, gas, utilities, and occasional weekend road trips)

We live in the San Francisco Bay Area, where the median house is ~$1.6m. We both grew up here and, unfortunately, we can't move elsewhere (jobs, family, etc.).

The house we have our eye on is $1.5m. It's under market rate due to the higher interest rates and our PITI would come out to ~$8300/mo, which is ~30% of our gross income.

We plan on having one kid in the next few years and would have to either win the public-school lottery (the public schools are terrible in SF) or send them to private school (~$30-40k/yr).

Lenders and agents are telling us we can do it, but their advice is obviously biased. Our parents are first-generation immigrants and don't know anything about personal finance. We plan to consult a financial planner, but any opinions would be greatly appreciated!

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52 comments
73
Posted by14 hours ago

We bought a new build in the first phase of the neighborhood. The construction is driving me insane and will be continuing for at least another 2.5 years.

We’re further away from things, which would make you think we have more space between the houses and a bigger yard but it’s the opposite. One side I have 4ft distance, 10 ft distance from the other. That’s including the neighbours’ land. My backyard is only 20ft deep which means my neighbour is only 40 ft away from me.

I hate it here. Why did I think a place further away with less space and construction was ideal? I want to cry and just move out. But I have nowhere to go.

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47 comments
100
Posted by18 hours ago

I went I went under contract on a charming duplex in historic district in the town that I currently live in. Locked in at a good rate. I was excited & prepared to make renovations (cosmetic and structural) to bring the home back to life. I purchased tools, looked at tiling, and estimates for a bathroom renovation. I was all in and was supposed to close in three days on July 30. However, I went over to the home to do a move-in checklist with the current tenant as well as have them sign the lease agreement…

After spending an hour and a half talking to the tenants and having one of my contractor buddies walk through the house with me, I no longer feel comfortable moving forward with the sale of this home and I’m walking away.

I knew that it needed some love, but upon further investigation I learned there was an undisclosed plumbing leak where the tenants have complained for years about their high water bill (think $170) in a LCOL city where water bills are ~$70 at most for a small family. I’m worried about mold. I’m worried about rot. I’m worried about structural damage.

There are a few other issues that were not found in the inspection (ant infestation, rodents in the wall, shoddy work by hired neighbors), which happens but I’m just walking away. I don’t trust the seller and as a first time home buyer this house is not what I thought it was.

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29 comments

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