Buying a house
It’s now happened to me twice….
Positive for me…. but bad for ‘the world’, especially sellers..
Real Estate brokers get paid on commission, typically has been a 6% total commission. 3% to listing agent, 3% to buyers agent. If there is no buyers agent the seller’s agent gets the whole 6%. (The rules have technically changed, but in reality haven’t changed much. The 6% can be negotiated down a bit in most cases).
Anyway, checked Zillow on my house. Its most recent comp they have is $390k from 6 months ago. Using that comp mine is valued at $472k. Since then two similar houses have sold, first for $550k, next for $652k. And one just came on the market asking $700k!
How did I get mine for $267k 7 years ago? Wife saw it on line and loved it. But when we went to see it, it was ‘pending’ already. The broker let me know it was ‘contingent’ and might fall through. The contract was for $310k. I offered $260k, all cash, and told broker to call if it fell through and they accepted my offer. Did not expect a call back. Got a call back saying they would take $300, I said $260. Not sure exactly how it went but I eventually did go up to $267.
I am SURE the agent pushed it through at that lowball price because he was getting 6% of $267k instead of potential 3% of $300k. Good for agent, bad for seller.
POINT BEING …. Don’t use an agent if you are a buyer!
Next post about new house. Then mortgage misery!
Quote: SOOPOOIn case you are ever going to buy a house…..
It’s now happened to me twice….
Positive for me…. but bad for ‘the world’, especially sellers..
Real Estate brokers get paid on commission, typically has been a 6% total commission. 3% to listing agent, 3% to buyers agent. If there is no buyers agent the seller’s agent gets the whole 6%. (The rules have technically changed, but in reality haven’t changed much. The 6% can be negotiated down a bit in most cases).
Anyway, checked Zillow on my house. Its most recent comp they have is $390k from 6 months ago. Using that comp mine is valued at $472k. Since then two similar houses have sold, first for $550k, next for $652k. And one just came on the market asking $700k!
How did I get mine for $267k 7 years ago? Wife saw it on line and loved it. But when we went to see it, it was ‘pending’ already. The broker let me know it was ‘contingent’ and might fall through. The contract was for $310k. I offered $260k, all cash, and told broker to call if it fell through and they accepted my offer. Did not expect a call back. Got a call back saying they would take $300, I said $260. Not sure exactly how it went but I eventually did go up to $267.
I am SURE the agent pushed it through at that lowball price because he was getting 6% of $ instead of potential 3% of $300k. Good for agent, bad for seller.
POINT BEING …. Don’t use an agent if you are a buyer!
T
Next post about new house. Then mortgage misery!
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I bought my first house in the 1990's and I was in my mid 20's. I put a bid in on it and was told they already accepted another offer. I kept looking for about three months putting various offers in and getting rejected. Out of the blue I got a call from my agent saying that one of the houses I put an offer on fell through and they would acccept my offer if I was still interested. I told my agent if I put an offer in I must have liked it and let's go ahead with the purchase. After the inspections and paperwork everything was done. One problem, I had no idea which house I bought so I had to have my agent take me to it. It turns out it was the first house I put an offer on about four months ago. Once seeing the house I bought I didn;t even remember seeing this one because I probably looked at close to 50 houses over those four months.
To sum it up, I bought a house and had no idea where it was.
Wife has been getting texts/emails/links to houses since we first visited Florida sort of looking to buy 5 or so years ago. She forwards me many listings which have fallen in exactly two categories, with no overlap.
1. I don’t like it
2. More than I want to spend.
A week or two ago she sends me one that 1. I like and 2. Is around what I want to spend! At first I actually think it is an error. It’s priced like smaller houses with no ‘feature’. It has lots of ‘features’. On ‘turtle preserve’. Putting green in back. Built in in ground hot tub. Oversized lanai. Full two car garage with extra 1/2 garage for golf carts. On cul de sac.
Anyway, I decided to pull the trigger. Had a friend whose taste I trust implicitly who lives there go look at it. She calls back and says…. ‘You are lucky. If I didn’t already own a house I’d buy this one before you’d ever see it! I told her I was going to offer the asked price. She said ‘let the bidding war begin’!
Called broker. Made my offer. Asked for details on who he uses for inspection, mortgage, insurance, etc…. That day he got back to me saying offer was accepted, he’d arrange the 3 necessary Florida inspections. He said, maybe strongly implied? (not verbatim) that since he’s getting ‘both sides’ he’ll pay for 1/2 of the main inspection, and all of the other two. I think the ‘bug’ inspection is subsidized in the hope that I contract with that bug company for service?
Anyway, I got a contract the next day, signed it, wired my deposit, and now am in the mortgage process. That’s next post.
Point being…. Don’t get an agent if you are a buyer.
My brother in law is an agent. He says he would never act that way not in the seller’s best interests, but surmises MOST would. It is a major flaw in the system that such an anti seller incentive can even exist.
One thing to check on that hopefully your agent has already discussed or checked is to make sure the house has no pending assessments. I wasn't familiar with this concept until I moved to Florida. Basically, the city or county charges the homeowner for the costs of hooking up to electricity and water systems to recoup their costs. Houses that I looked at still owed up to $35k for those fees. The older the home the more likely it has been paid off but some will surprise you. My house is close to 30 years old and still owed about $2k on those assessments when I bought it.
Quote: DRichSounds fantastic, congratulations.
One thing to check on that hopefully your agent has already discussed or checked is to make sure the house has no pending assessments. I wasn't familiar with this concept until I moved to Florida. Basically, the city or county charges the homeowner for the costs of hooking up to electricity and water systems to recoup their costs. Houses that I looked at still owed up to $35k for those fees. The older the home the more likely it has been paid off but some will surprise you. My house is close to 30 years old and still owed about $2k on those assessments when I bought it.
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There is a ‘bond’ that all Villages new home buyers have to pay to the Villages. Varies but around $25k? Some pay it off immediately, some like a mortgage pay it off over years. The house I’m buying has its bond fully paid off already.
I of course in my mind just added ‘outstanding bond balance’ to purchase price when figuring out the cost of a pre owned house I was looking at.
Quote: SOOPOO
There is a ‘bond’ that all Villages new home buyers have to pay to the Villages. Varies but around $25k? Some pay it off immediately, some like a mortgage pay it off over years. The house I’m buying has its bond fully paid off already.
I of course in my mind just added ‘outstanding bond balance’ to purchase price when figuring out the cost of a pre owned house I was looking at.
That sounds exactly like what I was thinking of. Where i live they have new neighborhoods that are built before the water system is installed. Many people will go years before they have city water and sewer. Once they are told they are getting city water hooked up they are excited until they find out they will be charged $30k for it.
Quote: SOOPOOII offered $260k, all cash,
Do you know if you saved money? So, if you buy something and have 30 years to pay off, you die early you spend less than all the cash you put up front.
Quote: SOOPOONew house. In The Villages. I probably shouldn’t even post this as haven’t closed yet!
Wife has been getting texts/emails/links to houses since we first visited Florida sort of looking to buy 5 or so years ago. She forwards me many listings which have fallen in exactly two categories, with no overlap.
1. I don’t like it
2. More than I want to spend.
A week or two ago she sends me one that 1. I like and 2. Is around what I want to spend! At first I actually think it is an error. It’s priced like smaller houses with no ‘feature’. It has lots of ‘features’. On ‘turtle preserve’. Putting green in back. Built in in ground hot tub. Oversized lanai. Full two car garage with extra 1/2 garage for golf carts. On cul de sac.
Anyway, I decided to pull the trigger. Had a friend whose taste I trust implicitly who lives there go look at it. She calls back and says…. ‘You are lucky. If I didn’t already own a house I’d buy this one before you’d ever see it! I told her I was going to offer the asked price. She said ‘let the bidding war begin’!
Called broker. Made my offer. Asked for details on who he uses for inspection, mortgage, insurance, etc…. That day he got back to me saying offer was accepted, he’d arrange the 3 necessary Florida inspections. He said, maybe strongly implied? (not verbatim) that since he’s getting ‘both sides’ he’ll pay for 1/2 of the main inspection, and all of the other two. I think the ‘bug’ inspection is subsidized in the hope that I contract with that bug company for service?
Anyway, I got a contract the next day, signed it, wired my deposit, and now am in the mortgage process. That’s next post.
Point being…. Don’t get an agent if you are a buyer.
My brother in law is an agent. He says he would never act that way not in the seller’s best interests, but surmises MOST would. It is a major flaw in the system that such an anti seller incentive can even exist.
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I have purchased several homes in my lifetime, and my personal approach to any broker I was using to buy a house was: I will NOT buy any house that you, the broker, have personally listed.
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
tuttigym
Quote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
Quote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
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Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
Quote: billryanQuote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
link to original post
Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
link to original post
Great. So, you buy a house with a mortgage, and the bank requires property insurance which is either not available or doubles your payment with premium costs. What do you do??
tuttigym
Quote: billryanQuote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
link to original post
Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
link to original post
All insurance companies will not leave. Too much money available by raising rates if they have a monopoly.
Quote: tuttigymQuote: billryanQuote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
link to original post
Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
link to original post
Great. So, you buy a house with a mortgage, and the bank requires property insurance which is either not available or doubles your payment with premium costs. What do you do??
tuttigym
link to original post
I would suggest that if you can't afford the loan and insurance, don't take one. Insurance is not required in most places if you own the home outright.
Quote: SOOPOO
POINT BEING …. Don’t use an agent if you are a buyer!
That is a tricky one. If you know the house you want and what you are doing then you can probably make it work. But 90% of buyers will be better off with an agent.
When I bought my first place having an agent worked. The big thing is most people do not know what they want in a house. I did and didn't. I put an unsuccessful bid in on the second place I looked at. Agent was like, "uh, you've seen two places and the first was in horrible shape?" I said how in my business I saw lots of houses, easily 600 or more over 3 years. I knew what I liked. That is the exception. A good agent will help you find the right place and negotiate for you. This might save weeks of looking.
When I got my current place it was a total wreck. He and I agreed the price was just a little too high, wait and send a counter. That weekend the seller lowered the price. We still countered lower! But what else an agent does is set up all the things you need. WDIR report, dye test, other stuff. They might have a mortgage broker to suggest.
Hopefully I never buy again. But I am stupid and will look for a flipper in a couple years as I cannot help myself. I have owned 4 houses in my life, is that average?
Quote: DRichQuote: tuttigymQuote: billryanQuote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
link to original post
Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
link to original post
Great. So, you buy a house with a mortgage, and the bank requires property insurance which is either not available or doubles your payment with premium costs. What do you do??
tuttigym
link to original post
I would suggest that if you can't afford the loan and insurance, don't take one. Insurance is not required in most places if you own the home outright.
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Great advice,so, what percentage of the buying public can pay cash for the house they want? I would say that is just a bit unrealistic.
tuttigym
Quote: AZDuffmanQuote: SOOPOO
POINT BEING …. Don’t use an agent if you are a buyer!
That is a tricky one. If you know the house you want and what you are doing then you can probably make it work. But 90% of buyers will be better off with an agent.
I agree 100% with that. Most buyers will be better with a buyers agent.
Quote: tuttigym
Great advice,so, what percentage of the buying public can pay cash for the house they want? I would say that is just a bit unrealistic.
tuttigym
Most can not. I think today many people would be better off waiting to buy a house.
As far as a buyer using an agent…. These last two houses I will own I am 99+% convinced I would not have gotten if I used an agent. And I got a better price on both than would have been available had I used an agent.
As far as the decision to use a mortgage or not, it was easy for the first house. It was much cheaper than the second one, and I had enough cash on hand. This one I’d have to liquidate a lot of stock/bonds all at once and pay a lot of capital gains taxes. But a 5% mortgage on $500k means $25k (first year at least) in just interest.
As a general concept I hate owing anyone anything. If history repeats I’ll be paying this mortgage off early. Even if it technically doesn’t make financial sense.
Quote: SOOPOOAs far as insurance, I am not worried about getting insurance. I am ‘worried’ about the cost. But will have to pay the going rate.
As far as a buyer using an agent…. These last two houses I will own I am 99+% convinced I would not have gotten if I used an agent. And I got a better price on both than would have been available had I used an agent.
As far as the decision to use a mortgage or not, it was easy for the first house. It was much cheaper than the second one, and I had enough cash on hand. This one I’d have to liquidate a lot of stock/bonds all at once and pay a lot of capital gains taxes. But a 5% mortgage on $500k means $25k (first year at least) in just interest.
As a general concept I hate owing anyone anything. If history repeats I’ll be paying this mortgage off early. Even if it technically doesn’t make financial sense.
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Food for thought on a mortgage. You are better at least having an unused HELOC. And few know this!
Having a mortgage makes you less likely to be a target of fraud of all types. Scammers will look for lien-free properties to work their schemes. Deed fraud seems to be on the rise. Having a lien already makes them more likely to move on.
Quote: AZDuffmanQuote: SOOPOOAs far as insurance, I am not worried about getting insurance. I am ‘worried’ about the cost. But will have to pay the going rate.
As far as a buyer using an agent…. These last two houses I will own I am 99+% convinced I would not have gotten if I used an agent. And I got a better price on both than would have been available had I used an agent.
As far as the decision to use a mortgage or not, it was easy for the first house. It was much cheaper than the second one, and I had enough cash on hand. This one I’d have to liquidate a lot of stock/bonds all at once and pay a lot of capital gains taxes. But a 5% mortgage on $500k means $25k (first year at least) in just interest.
As a general concept I hate owing anyone anything. If history repeats I’ll be paying this mortgage off early. Even if it technically doesn’t make financial sense.
link to original post
Food for thought on a mortgage. You are better at least having an unused HELOC. And few know this!
Having a mortgage makes you less likely to be a target of fraud of all types. Scammers will look for lien-free properties to work their schemes. Deed fraud seems to be on the rise. Having a lien already makes them more likely to move on.
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Not saying 0% chance. But there are few things I’m worrying less about than someone stealing either of my houses. If I’m making a list deed fraud comes in at #286.
Quote: SOOPOOQuote: AZDuffmanQuote: SOOPOOAs far as insurance, I am not worried about getting insurance. I am ‘worried’ about the cost. But will have to pay the going rate.
As far as a buyer using an agent…. These last two houses I will own I am 99+% convinced I would not have gotten if I used an agent. And I got a better price on both than would have been available had I used an agent.
As far as the decision to use a mortgage or not, it was easy for the first house. It was much cheaper than the second one, and I had enough cash on hand. This one I’d have to liquidate a lot of stock/bonds all at once and pay a lot of capital gains taxes. But a 5% mortgage on $500k means $25k (first year at least) in just interest.
As a general concept I hate owing anyone anything. If history repeats I’ll be paying this mortgage off early. Even if it technically doesn’t make financial sense.
link to original post
Food for thought on a mortgage. You are better at least having an unused HELOC. And few know this!
Having a mortgage makes you less likely to be a target of fraud of all types. Scammers will look for lien-free properties to work their schemes. Deed fraud seems to be on the rise. Having a lien already makes them more likely to move on.
link to original post
Not saying 0% chance. But there are few things I’m worrying less about than someone stealing either of my houses. If I’m making a list deed fraud comes in at #286.
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Just putting it out there. I’ve seen all kinds of lien issues. People don’t realize how easy it can happen.
You can't say that you've arrived until you've blown money on a race horse that 99/100 times you will never get back.
Quote: MDawgWhen I see this thread I think of, "Buying a Horse."
You can't say that you've arrived until you've blown money on a race horse that 99/100 times you will never get back.
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My wife's family used to have and race Quarter horses. A very expensive hobby.
Quote: MDawgWhen I see this thread I think of, "Buying a Horse."
You can't say that you've arrived until you've blown money on a race horse that 99/100 times you will never get back.
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Stay away from any investment you have to feed.
Called for quotes from two Florida insurance companies today. I forgot today is sort of a holiday.
Quote: SOOPOOQuote: MDawgWhen I see this thread I think of, "Buying a Horse."
You can't say that you've arrived until you've blown money on a race horse that 99/100 times you will never get back.
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Stay away from any investment you have to feed.
Called for quotes from two Florida insurance companies today. I forgot today is sort of a holiday.
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Last year mine went from $3800 to $7000 with Progressive (I think). I was able to shop around and get $4400 from USAA. Your numbers may be significantly different since you are more inland.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
Quote: DRichQuote: billryanQuote: DRichQuote: tuttigym
SOOPOO, since you are now under contract, I suggest you read an article I saw in Google News from NBC News about the insurance calamity now unfolding in Florida. I do not know how to link it, but I am sure someone else could find and link it. The article is very disturbing and quite credible.
I would like to read that article. As someone that lives in Florida the only problem I have noticed is that premiums are going up very fast. There will always be insurance available, the question is just the cost.
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Insurance companies are leaving the state, and the state-run flooding program will run out of money after two storms in a month.
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All insurance companies will not leave. Too much money available by raising rates if they have a monopoly.
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Less competition usually works out well..... for the stockholders.
Quote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
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I apologize to you. I should have pointed out the different types of flood insurance for you. If you are not in a flood zone but want flood insurance anyway, it probably wont be very expensive. My home is not in a designated flood area so I do not have flood insurance.
Roofs and wind mitigation is huge here in Florida. If you ever do any roof repairs be very careful and pay a premium for a reputable company. When I bought my house the roof was redone within the last two years. The wind mitigation company did find that not all of the roof beams had the proper number of straps and screw per piece of plywood. In my case it was caught during the inspection so the sellers had o pay for it.
Quote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
link to original post
I posted that info over a year ago when DRich stated that his HO ins. covered flood. I posted about rising waters and wind driven water not being a covered peril. I also posted that the federal flood ins. coverages were limited to $250k for building and $100k for contents with no additional benefits for additional living expenses. Please note the terminology I have used, i.e., covered "perils."
tuttigym
Quote: tuttigymQuote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
link to original post
I posted that info over a year ago when DRich stated that his HO ins. covered flood. I posted about rising waters and wind driven water not being a covered peril. I also posted that the federal flood ins. coverages were limited to $250k for building and $100k for contents with no additional benefits for additional living expenses. Please note the terminology I have used, i.e., covered "perils."
tuttigym
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The agent did alert me to those FEMA limits. But there is a private company that will exceed those limits, for a price, of course. These quotes are in my in box now. I’m taking a day or two off from these first world problems. Leaving for casino shortly for dinner/MMA fights. Then country club Golf tomorrow. Bills on Sunday. I’ll look at the insurance crap after Bills game.
Quote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
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That is the standard on insurance which is why you had to ask, they assume you will know, especially in a place like FL. Flood insurance changed ,massively after Katrina. I forget the details but IIRC it was a take the max $250K or leave it deal then.
buying insurance is definitely not an advantage play Move.Quote: SOOPOOQuote: tuttigymQuote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
link to original post
I posted that info over a year ago when DRich stated that his HO ins. covered flood. I posted about rising waters and wind driven water not being a covered peril. I also posted that the federal flood ins. coverages were limited to $250k for building and $100k for contents with no additional benefits for additional living expenses. Please note the terminology I have used, i.e., covered "perils."
tuttigym
link to original post
The agent did alert me to those FEMA limits. But there is a private company that will exceed those limits, for a price, of course. These quotes are in my in box now. I’m taking a day or two off from these first world problems. Leaving for casino shortly for dinner/MMA fights. Then country club Golf tomorrow. Bills on Sunday. I’ll look at the insurance crap after Bills game.
link to original post
Quote: AxelWolfbuying insurance is definitely not an advantage play Move.Quote: SOOPOOQuote: tuttigymQuote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
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I posted that info over a year ago when DRich stated that his HO ins. covered flood. I posted about rising waters and wind driven water not being a covered peril. I also posted that the federal flood ins. coverages were limited to $250k for building and $100k for contents with no additional benefits for additional living expenses. Please note the terminology I have used, i.e., covered "perils."
tuttigym
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The agent did alert me to those FEMA limits. But there is a private company that will exceed those limits, for a price, of course. These quotes are in my in box now. I’m taking a day or two off from these first world problems. Leaving for casino shortly for dinner/MMA fights. Then country club Golf tomorrow. Bills on Sunday. I’ll look at the insurance crap after Bills game.
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So, do you recommend going "bare"?
tuttigym
Quote: AxelWolfbuying insurance is definitely not an advantage play Move.
It never has been. Buying stock in insurance companies is +EV. Most of Warren Buffets success came from insurance companies.
I make no recommendations to others when it comes to important stuff like that. I would lean towards insurance if I was put on the spot. Then I would ask myself if I or someone in my family was a bad insurance risk for the company. It might be +EV for certain people.Quote: tuttigymQuote: AxelWolfbuying insurance is definitely not an advantage play Move.Quote: SOOPOOQuote: tuttigymQuote: SOOPOOSo homeowner insurance. Got a few quotes. Not as high as I was expecting…. buttttt…. Does NOT include flood insurance from ‘rising waters’. Does include for broken pipe, exploding dishwasher, etc…. Had I not asked about this I never would have been told. They told me there are two separate insurers, one a FEMA one, that do specific flood only insurance. But it is not required in the Villages because of its specific location. So separate quote on the way. Apparently you CANNOT GET insurance if roof is over 15 years old. House is 19 so roof was replaced 4 years ago. I got 11 years til I need to replace it.
The prices for insurance differ HUGELY based on ‘wind mitigation’ of the roof. I ‘think’ I have the best level but the document I got is mumbo jumbo to me!
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I posted that info over a year ago when DRich stated that his HO ins. covered flood. I posted about rising waters and wind driven water not being a covered peril. I also posted that the federal flood ins. coverages were limited to $250k for building and $100k for contents with no additional benefits for additional living expenses. Please note the terminology I have used, i.e., covered "perils."
tuttigym
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The agent did alert me to those FEMA limits. But there is a private company that will exceed those limits, for a price, of course. These quotes are in my in box now. I’m taking a day or two off from these first world problems. Leaving for casino shortly for dinner/MMA fights. Then country club Golf tomorrow. Bills on Sunday. I’ll look at the insurance crap after Bills game.
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So, do you recommend going "bare"?
tuttigym
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When/If one does get insurance they should make sure they know exactly what all it really covers.
Saved me $$$ but just plain stupid.
Quote: SOOPOOClosed today. I think I had to sign 25 times and initial 100 more places. What a farce. I tried to pay attention to all the absolute drivel that most of the forms were. One was ‘I certify that I received the appraisal report from my lender’. I didn’t remember actually seeing it. So I tried to call the lender, but could only leave a message. So I just signed it. After the closing, I got a call back and was told….. there was no appraisal, the lender waived it! The mortgage lender wanted months and months of statements from banks, brokerages, pension, utility companies, proof that I didn’t have a mortgage on my present house, wind mitigation inspection, termite inspection, regular inspection, etc…. BUT WAIVED AN ACTUAL APPRAISAL.
Saved me $$$ but just plain stupid.
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Congrats on closing!
Quote: camaplQuote: SOOPOOClosed today. I think I had to sign 25 times and initial 100 more places. What a farce. I tried to pay attention to all the absolute drivel that most of the forms were. One was ‘I certify that I received the appraisal report from my lender’. I didn’t remember actually seeing it. So I tried to call the lender, but could only leave a message. So I just signed it. After the closing, I got a call back and was told….. there was no appraisal, the lender waived it! The mortgage lender wanted months and months of statements from banks, brokerages, pension, utility companies, proof that I didn’t have a mortgage on my present house, wind mitigation inspection, termite inspection, regular inspection, etc…. BUT WAIVED AN ACTUAL APPRAISAL.
Saved me $$$ but just plain stupid.
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Congrats on closing!
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Thank you. Bought my golf cart today. Electric. Big battery so 100 mile range. 4 seater, although I planned on a two seater. Wife will definitely get a ‘custom made 4 seater’.
Tomorrow wife is working with a friend who has decorating experience and the furniture buys begin.
Quote: SOOPOOClosed today. I think I had to sign 25 times and initial 100 more places. What a farce. I tried to pay attention to all the absolute drivel that most of the forms were. One was ‘I certify that I received the appraisal report from my lender’. I didn’t remember actually seeing it. So I tried to call the lender, but could only leave a message. So I just signed it. After the closing, I got a call back and was told….. there was no appraisal, the lender waived it! The mortgage lender wanted months and months of statements from banks, brokerages, pension, utility companies, proof that I didn’t have a mortgage on my present house, wind mitigation inspection, termite inspection, regular inspection, etc…. BUT WAIVED AN ACTUAL APPRAISAL.
Saved me $$$ but just plain stupid.
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If you are in a place where they can get a value with an AVM (Automated Valuation Model) there is no need for an appraisal if the rest of the application is strong. In a place where you are going which is a known place with similar housing there is less need to do the full thing. I am guessing Your Character, Capacity, and Capital are strong* so this lessens their risk.
*There are "Five Cs" when underwriting a loan. If peeps here want me to drone on about it I can give a mini-underwriting lesson. Loser nerds like me find it interesting, normal people may or may not. I know about underwriting even though I never got my button as while I was on track we were laid off when the client took the business in-house. It made twice changing national politics got me laid off!
Quote: SOOPOOClosed today. I think I had to sign 25 times and initial 100 more places. What a farce. I tried to pay attention to all the absolute drivel that most of the forms were. One was ‘I certify that I received the appraisal report from my lender’. I didn’t remember actually seeing it. So I tried to call the lender, but could only leave a message. So I just signed it. After the closing, I got a call back and was told….. there was no appraisal, the lender waived it! The mortgage lender wanted months and months of statements from banks, brokerages, pension, utility companies, proof that I didn’t have a mortgage on my present house, wind mitigation inspection, termite inspection, regular inspection, etc…. BUT WAIVED AN ACTUAL APPRAISAL.
Saved me $$$ but just plain stupid.
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Welcome to Florida.
Had to set up all the payments
Electric
Gas
Lawn guy
Pest guy
Water/sewer/garbage
HOA
Internet
Mortgage
Insurance
So mortgage (of course) was sold before I made a payment. First one is due Jan 1. E-mail from new company. After first confirming it’s not a scam email, I click on the link to set up my account. And of course sign up for autopay. I need my mortgage number. But it’s not the same number from the initial approval. I’m able to find a phone number, call, and it immediately tells me what the new number is. So I now go back to fill out the form. Lots of info, but not difficult. So I thought. I try two times and am told ‘something is wrong, try again later’. I call back, after sifting through messages galore, it tells me to dial a different number. The next phone number gets me to a menu which is the same as the first menu which gave me this second number, except it finally has an option to wait for a person. When the person answers she FIRST asks me what my middle name is! Seemed bizarre. Then she tells me to sign up on the website, where it asks for your last name, they really want you to put in your middle name and your last name. She implied I’m not the only person who called with the same problem.
You can’t make this shit up!
HOA is $195 a month. I golfed almost every day. I do pay $100 a year for ‘trail fee’ to use my own golf cart, and $8 a month for on line reservation access. Kind of like FREE!
$195 for HOA sounds very reasonable for the Villages.
Does your golf cart look anything like this?
Good luck with it.
There is hell to pay if a mortgage can’t be sold. Ask me how I know…..
FFS I pay $250 and it's going up on the first. Not for long, as I hope to be out of here within 30 days (*crossing fingers)Quote: SOOPOO
HOA is $195 a month.
I get very little with my HOA. We don't even have a workout facility. They won't fix a tennis court net and the court needs resurfacing. We have two pools and I guess they do a good job keeping those up along with the general lawn and garden care. On the brighter side, they don't harass people about every little thing.
A few years after I built my little waterfall, turtle, and fish pond/garden they demanded I take it out. I had to fight pretty hard to win that battle. It was crazy the length I went to keep them from making me take it out.
I noticed something strange; I set a filter to 2 & 3 bedroom condos in the area just east of Red Rock Casino. West of Hulapai Way, just about all of the available units are for $750K and up, but just east of there, they seem to be around $300K.
First, is this a desirable area? $300K seems a little low, but you have to remember that I currently live in the San Francisco area.
Second, what would cause such a discrepancy?
Quote: ThatDonGuySpeaking of buying houses, I plan to be in Vegas in late June primarily to look at houses (well, condos) to move to.
I noticed something strange; I set a filter to 2 & 3 bedroom condos in the area just east of Red Rock Casino. West of Hulapai Way, just about all of the available units are for $750K and up, but just east of there, they seem to be around $300K.
First, is this a desirable area? $300K seems a little low, but you have to remember that I currently live in the San Francisco area.
Second, what would cause such a discrepancy?
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$300k seems like a very reasonable price for a typical 2br condo in that area. Are those more expensive ones on golf courses or a restricted community?
