Home Purchase Negotiation Thread (1 Viewer)

Ditkaless Wonders said:

Otis Grill?

Sure you can spend 6 to 10 thousand on a supergrill, but until you invest to build a backyard kitchen this inexpensive gem has a lot covered. Charcoal if you want, gas when you don't, and infrared for when you are in a hurry. Couple it with your basic offset smoker around the same price and for 500 somolians you are cooking my friend. All you need then is a Kiss the chef apron, a few simple grill tools, and a large drunken friend who irritates your wife and you are set. (I am willing to be that large drunken friend if I ever get out to the Island)

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Otis said:

Bottomfeeder Sports said:

Ditkaless Wonders said:

Bottomfeeder Sports said:

Ditkaless Wonders said:

My rule, and my rule alone, figure 12 months cost of a favorable mortgage on 90% of their purchase price which you have already found at the county clerk and recorder or county assessor's website. Subtract that total from asking price and that is your offer if the home was not unreasonably priced to begin with.

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Interesting. Let me see if I am understanding this. Suppose the house was bought at $1Million. So 90% is 900K. Open Excel, create a worksheet using the Loan Amortization template. Plug in 900K for the loan amount. Guess at say 5% for interest rate on a 30 year (12 payments a month) loan. The template throws out a monthly payment of $4831.39. So twelve times that is $57,976.68 add in annual taxes and insurance premiums, round off and that is the discount you ask for.Is that roughly your rule?

Do you take average interest rates 8 or 9 years ago, or do you assume that the loan was refinanced some where along the way. Assume that they were in some creative loan that reset high?

I mean 5% was $57,976.68

6% would be $64,751.46

7% would be $71,852.67

I doubt I'll be buying anytime soon, but this reply was interesting.

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My presumption is that at the price points Otis or I would be discussing that the mortgage would reflect more or less competitive market rates at this time. My further presumption is that folks are irritated by paying a monthly nut on something they want out of and that they have done this calculation. They will know what it will cost for them to hold the house another year, a year they would rather be paying into something else. They have seen other houses sit for months, sometimes more. They are contemplating this down side.

If the house is unreasonably priced make an offer that is reasonable in your mind, wscrew the mind of the seller. You are the one that has to live with your price going forward.

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So roughly the exercise I did was correct (ignoring the actual numbers) and somewhere around 5% was probably correct enough (nice round number for this exercise). So if we figure the house is now $1.2 million (because Otis said 10% would still leave a small profit and I'm lazy and want to use round numbers). So 60K would be 5%, add 2% for taxes (how high is high?), and 1% for insurance and he should ask for 8% off.Oh and I found it interesting not because I disagreed but because I found a compelling logic in it.

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Interestingly, 8% off seems reasonable by another measure I made too.I just looked at a bunch of local comparable sales from last year, averaged the selling price per square foot, and applied it to the size of this house. I end up with something that is about 8% less than his current asking price.

That is also a price that we would be very comfortable paying. It looks like enough different measures are suggesting that price.

And if -8% is the price we think is the "right" selling price, I assume we should go in at around -15%, sending the message that we could split the baby.

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tommyGunZ said:

Otis said:

Interestingly, 8% off seems reasonable by another measure I made too.I just looked at a bunch of local comparable sales from last year, averaged the selling price per square foot, and applied it to the size of this house. I end up with something that is about 8% less than his current asking price. That is also a price that we would be very comfortable paying. It looks like enough different measures are suggesting that price.And if -8% is the price we think is the "right" selling price, I assume we should go in at around -15%, sending the message that we could split the baby.

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How close did the numbers end up?

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Otis said:

I can't tell you how excited I am to buy a lawnmower.

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Tiny Dancer said:

Otis said:

I can't tell you how excited I am to buy a lawnmower.

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I suspect you'll be paying someone else to cut your grass after a month or so.

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BobbyLayne said:

$499K

Historic clapboard within the Prospect Heights landmark district.

Cons: Uninhabited for 30 years, house is barely standing, and since its landmarked, NO YOU CANNOT TEAT IT DOWN.

Honestly, O, I can't believe you let this one slip through your fingers.

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Otis said:

BobbyLayne said:

$499K

Historic clapboard within the Prospect Heights landmark district.

Cons: Uninhabited for 30 years, house is barely standing, and since its landmarked, NO YOU CANNOT TEAT IT DOWN.

Honestly, O, I can't believe you let this one slip through your fingers.

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I live awful close to that.

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'Otis said:

'Reaper said:

'Otis said:

To answer the post above, nice area in the North Shore of Long Island. Not too far out.

We're leaving Brooklyn because we are sort of growing tired of it. At our age it's not like we're going out much. And with a baby on the way soon, and both of us having grown up in the burbs, we just in our heads picture raising kids in the burbs as opposed to Brooklyn, and we just feel "ready" for it. I also really look forward to having a real home, and a yard, and some space. Don't get me wrong, I loved Brooklyn during the years I lived there, but it's grown somewhat old for me. It just feels like time. Beyond that, we wouldn't want to raise kids in NYC because the schools are pretty terrible (my wife is a NYC teacher, we know it quiet well).

I guess those are the primary reasons. Beyond that, it's a much nicer placer to live, prettier, more relaxing and peaceful, near beaches and nice shopping (e.g., those "malls" in Brooklyn are a nightmare). My friends often point to the fact that we won't have access too all the great culture and interesting places to eat. I have never in the nearly 6 years I lived there visited a museum in Brooklyn, I can't remember the last time I went out to see local rock bands there, nor the last time we ordered in French or Israeli food. In the old days when I was stumbling around drunk and wanted to have a killer bachelor pad that was close to the city, it was a great choice. Now it just feels like it doesn't fit for us so much anymore.

Someone asked me "what if you had 3M and could buy a nice brownstone in a good neighborhood in BK." That wouldn't change things I don't think. I just want some green and some space. And in Brooklyn you're living on top of a ton of other people.

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If I had 3m to spend I'd buy In NYC!!!!! No?

Congrats!!!!!!

I probably should have looked on the North Shore a little but the wife works in NYC and I work out east so, the commute was much better down south... There are some good eats up that way though.

As for access to culture... Sheesh, the train ride is so easy IMO. I can barely finish 2 beers and read the FFA on the 45 minute ride in I have. I like the 2 beer primer before I meet up with some GB's.....

Best of luck

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No, I'd never want to raise kids in Manhattan. That's a screwy place for famlies. If I had 3M and was 30 and single? Oh hell yes. But in my situation no way. The options, good or bad as they are, come down to Jersey, Westchester or LI. And for me, LI is the lesser of the evils and offers the most (though the Westchester commute would have been 15-20 minutes better).

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'El Floppo said:

'Otis said:

'Reaper said:

'Otis said:

To answer the post above, nice area in the North Shore of Long Island. Not too far out.

We're leaving Brooklyn because we are sort of growing tired of it. At our age it's not like we're going out much. And with a baby on the way soon, and both of us having grown up in the burbs, we just in our heads picture raising kids in the burbs as opposed to Brooklyn, and we just feel "ready" for it. I also really look forward to having a real home, and a yard, and some space. Don't get me wrong, I loved Brooklyn during the years I lived there, but it's grown somewhat old for me. It just feels like time. Beyond that, we wouldn't want to raise kids in NYC because the schools are pretty terrible (my wife is a NYC teacher, we know it quiet well).

I guess those are the primary reasons. Beyond that, it's a much nicer placer to live, prettier, more relaxing and peaceful, near beaches and nice shopping (e.g., those "malls" in Brooklyn are a nightmare). My friends often point to the fact that we won't have access too all the great culture and interesting places to eat. I have never in the nearly 6 years I lived there visited a museum in Brooklyn, I can't remember the last time I went out to see local rock bands there, nor the last time we ordered in French or Israeli food. In the old days when I was stumbling around drunk and wanted to have a killer bachelor pad that was close to the city, it was a great choice. Now it just feels like it doesn't fit for us so much anymore.

Someone asked me "what if you had 3M and could buy a nice brownstone in a good neighborhood in BK." That wouldn't change things I don't think. I just want some green and some space. And in Brooklyn you're living on top of a ton of other people.

Click to expand...

If I had 3m to spend I'd buy In NYC!!!!! No?

Congrats!!!!!!

I probably should have looked on the North Shore a little but the wife works in NYC and I work out east so, the commute was much better down south... There are some good eats up that way though.

As for access to culture... Sheesh, the train ride is so easy IMO. I can barely finish 2 beers and read the FFA on the 45 minute ride in I have. I like the 2 beer primer before I meet up with some GB's.....

Best of luck

Click to expand...

No, I'd never want to raise kids in Manhattan. That's a screwy place for famlies. If I had 3M and was 30 and single? Oh hell yes. But in my situation no way. The options, good or bad as they are, come down to Jersey, Westchester or LI. And for me, LI is the lesser of the evils and offers the most (though the Westchester commute would have been 15-20 minutes better).

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First off- CONGRATS on the house, O! ... totally missed this last month.But 2nd... Manhattan is a great place to raise kids- if at least for a few years. So much is so very convenient, and you'll find that in the pre-schooling age (and probably all ages) the kids really thrive with varied stimulation that Manhattan provides in spades. But yeah- once the kids are school age, I can see your point.

eta: added a "b" to get the smilie to work.

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'BobbyLayne said:

'Otis said:

'BobbyLayne said:

$499K

Historic clapboard within the Prospect Heights landmark district.

Cons: Uninhabited for 30 years, house is barely standing, and since its landmarked, NO YOU CANNOT TEAT IT DOWN.

Honestly, O, I can't believe you let this one slip through your fingers.

Click to expand...

I live awful close to that.

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Little backstory: that blogger lives in your neighborhood. She is a freelance writer for the New York Times, Elle Decor, etc, and has written a couple books on home decor. IIRC she owns five houses in Philly and five in New York, and is the kind of person who always has a renovation going on somewhere. She just finished one on her Boerum Hill rental, and has one ongoing at her east end cottage. Which makes that post even better - she is that rare bird that would look at a dump and say "Wow, that could be a great house!". But not this one.

The land alone is probably easily worth the price, but its very difficult to receive permission from Landmarks Preservation to bring in wrecking ball. You have to at least restore the facade; not uncommon to walk by a construction site and see shoring holding up both sides of the street frontage wall while they are a digging out the foundation for a brand new building behind in. On my old block in Brooklyn, a five story 25 foot brownstone with no roof or back wall sold for $1.3M at a tax auction. The developer might spend $1.5M turning it into condos, and each one will go for $750-900K.

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'Otis said:

'El Floppo said:

'Otis said:

'Reaper said:

'Otis said:

To answer the post above, nice area in the North Shore of Long Island. Not too far out.

We're leaving Brooklyn because we are sort of growing tired of it. At our age it's not like we're going out much. And with a baby on the way soon, and both of us having grown up in the burbs, we just in our heads picture raising kids in the burbs as opposed to Brooklyn, and we just feel "ready" for it. I also really look forward to having a real home, and a yard, and some space. Don't get me wrong, I loved Brooklyn during the years I lived there, but it's grown somewhat old for me. It just feels like time. Beyond that, we wouldn't want to raise kids in NYC because the schools are pretty terrible (my wife is a NYC teacher, we know it quiet well).

I guess those are the primary reasons. Beyond that, it's a much nicer placer to live, prettier, more relaxing and peaceful, near beaches and nice shopping (e.g., those "malls" in Brooklyn are a nightmare). My friends often point to the fact that we won't have access too all the great culture and interesting places to eat. I have never in the nearly 6 years I lived there visited a museum in Brooklyn, I can't remember the last time I went out to see local rock bands there, nor the last time we ordered in French or Israeli food. In the old days when I was stumbling around drunk and wanted to have a killer bachelor pad that was close to the city, it was a great choice. Now it just feels like it doesn't fit for us so much anymore.

Someone asked me "what if you had 3M and could buy a nice brownstone in a good neighborhood in BK." That wouldn't change things I don't think. I just want some green and some space. And in Brooklyn you're living on top of a ton of other people.

Click to expand...

If I had 3m to spend I'd buy In NYC!!!!! No?

Congrats!!!!!!

I probably should have looked on the North Shore a little but the wife works in NYC and I work out east so, the commute was much better down south... There are some good eats up that way though.

As for access to culture... Sheesh, the train ride is so easy IMO. I can barely finish 2 beers and read the FFA on the 45 minute ride in I have. I like the 2 beer primer before I meet up with some GB's.....

Best of luck

Click to expand...

No, I'd never want to raise kids in Manhattan. That's a screwy place for famlies. If I had 3M and was 30 and single? Oh hell yes. But in my situation no way. The options, good or bad as they are, come down to Jersey, Westchester or LI. And for me, LI is the lesser of the evils and offers the most (though the Westchester commute would have been 15-20 minutes better).

Click to expand...

First off- CONGRATS on the house, O! ... totally missed this last month.But 2nd... Manhattan is a great place to raise kids- if at least for a few years. So much is so very convenient, and you'll find that in the pre-schooling age (and probably all ages) the kids really thrive with varied stimulation that Manhattan provides in spades. But yeah- once the kids are school age, I can see your point.

eta: added a "b" to get the smilie to work.

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Thanks GB. Yeah I can see what you're saying. The city is good up until a certain age I think, but there are a bunch of other downsides to the city. You get less for your money, you pay city income tax (which you don't pay as a commuter), you (most people) don't have a backyard, it's not as safe, etc. etc. There are definitely advantages to being in the city, but I can see why most people split for the burbs at some point. Sure, you pay more in property taxes, but you see the end result -- the neighborhoods are nicely manicured, more parks, better services, etc. Not to mention schools, which becomes critical at a certain age...

Beyond all of that, I really don't access all of the culture/amenities of city living anymore. So as it stands we're taking on all the bad and not taking advantage of the good. I cannot wait to have a home, with a big yard, a patio and BBQ. Kick back in the summer evenings with a drink outside. Work on the property, the house. Be close to the water. More pleasant (albeit longer) commute than a subway commute. So on and so forth. A switch seemed to have gone off in my head, and I know see why the "American dream" of the past is getting out of the city and getting yourself a little piece of land somewhere pretty and peaceful.

I'll need to start the Otis in the Suburbs thread very soon to include all of my questions to the FFA in one place about life out there. Scary but exciting.

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'El Floppo said:

'Otis said:

'El Floppo said:

'Otis said:

'Reaper said:

'Otis said:

To answer the post above, nice area in the North Shore of Long Island. Not too far out.

We're leaving Brooklyn because we are sort of growing tired of it. At our age it's not like we're going out much. And with a baby on the way soon, and both of us having grown up in the burbs, we just in our heads picture raising kids in the burbs as opposed to Brooklyn, and we just feel "ready" for it. I also really look forward to having a real home, and a yard, and some space. Don't get me wrong, I loved Brooklyn during the years I lived there, but it's grown somewhat old for me. It just feels like time. Beyond that, we wouldn't want to raise kids in NYC because the schools are pretty terrible (my wife is a NYC teacher, we know it quiet well).

I guess those are the primary reasons. Beyond that, it's a much nicer placer to live, prettier, more relaxing and peaceful, near beaches and nice shopping (e.g., those "malls" in Brooklyn are a nightmare). My friends often point to the fact that we won't have access too all the great culture and interesting places to eat. I have never in the nearly 6 years I lived there visited a museum in Brooklyn, I can't remember the last time I went out to see local rock bands there, nor the last time we ordered in French or Israeli food. In the old days when I was stumbling around drunk and wanted to have a killer bachelor pad that was close to the city, it was a great choice. Now it just feels like it doesn't fit for us so much anymore.

Someone asked me "what if you had 3M and could buy a nice brownstone in a good neighborhood in BK." That wouldn't change things I don't think. I just want some green and some space. And in Brooklyn you're living on top of a ton of other people.

Click to expand...

If I had 3m to spend I'd buy In NYC!!!!! No?

Congrats!!!!!!

I probably should have looked on the North Shore a little but the wife works in NYC and I work out east so, the commute was much better down south... There are some good eats up that way though.

As for access to culture... Sheesh, the train ride is so easy IMO. I can barely finish 2 beers and read the FFA on the 45 minute ride in I have. I like the 2 beer primer before I meet up with some GB's.....

Best of luck

Click to expand...

No, I'd never want to raise kids in Manhattan. That's a screwy place for famlies. If I had 3M and was 30 and single? Oh hell yes. But in my situation no way. The options, good or bad as they are, come down to Jersey, Westchester or LI. And for me, LI is the lesser of the evils and offers the most (though the Westchester commute would have been 15-20 minutes better).

Click to expand...

First off- CONGRATS on the house, O! ... totally missed this last month.But 2nd... Manhattan is a great place to raise kids- if at least for a few years. So much is so very convenient, and you'll find that in the pre-schooling age (and probably all ages) the kids really thrive with varied stimulation that Manhattan provides in spades. But yeah- once the kids are school age, I can see your point.

eta: added a "b" to get the smilie to work.

Click to expand...

Thanks GB. Yeah I can see what you're saying. The city is good up until a certain age I think, but there are a bunch of other downsides to the city. You get less for your money, you pay city income tax (which you don't pay as a commuter), you (most people) don't have a backyard, it's not as safe, etc. etc. There are definitely advantages to being in the city, but I can see why most people split for the burbs at some point. Sure, you pay more in property taxes, but you see the end result -- the neighborhoods are nicely manicured, more parks, better services, etc. Not to mention schools, which becomes critical at a certain age...

Beyond all of that, I really don't access all of the culture/amenities of city living anymore. So as it stands we're taking on all the bad and not taking advantage of the good. I cannot wait to have a home, with a big yard, a patio and BBQ. Kick back in the summer evenings with a drink outside. Work on the property, the house. Be close to the water. More pleasant (albeit longer) commute than a subway commute. So on and so forth. A switch seemed to have gone off in my head, and I know see why the "American dream" of the past is getting out of the city and getting yourself a little piece of land somewhere pretty and peaceful.

I'll need to start the Otis in the Suburbs thread very soon to include all of my questions to the FFA in one place about life out there. Scary but exciting.

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Hear you loud and clear- it all makes sense to me too.

fwiw- I stopped utilizing most of NYC's "stuff" a long time ago- but there's SO much out there for the kid that I know doesn't exist in the burbs (first hand misery stories from our gbs that moved to Rye with our son's gb)- the kid amenities are what I was touching on, not the ones for us.

that said, and even though the wife is a self-confessed urbanite, she's starting to look at the burbs too... "in-ground swimming pool" is the catch phrase of the week.

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'Ranethe said:

Congrats!What kind of dog are you going to get?

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'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

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Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

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'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

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Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

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'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

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Oh hell no. Animals stink up the house, shed everywhere, and destroy things.

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'Ranethe said:

'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

Click to expand...

Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

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Yeah I didn't really think you were going to get a dog. It was a weak attempt at humor, obliquely referencing your debate in the Michael Vick threads.Good luck with the house. We bought a new house last august after 20 years in a tiny starter home. Now we have 2.5 acres and lots to do. The planning, work, shopping, etc. can be exciting and fun. Spend a lot of time at Home Depot, that's for sure. Sounds like you will have the opportunity to get creative, with how you described the terrain in your yard.

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'Otis said:

'Ranethe said:

'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

Click to expand...

Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

Click to expand...

Yeah I didn't really think you were going to get a dog. It was a weak attempt at humor, obliquely referencing your debate in the Michael Vick threads.Good luck with the house. We bought a new house last august after 20 years in a tiny starter home. Now we have 2.5 acres and lots to do. The planning, work, shopping, etc. can be exciting and fun. Spend a lot of time at Home Depot, that's for sure. Sounds like you will have the opportunity to get creative, with how you described the terrain in your yard.

Click to expand...

Yup I figured. I've been meaning to start an anti-pet thread for a while. Need to get on that. Truth is I'm sure we'll eventually buckle and get the kids a dog...Thanks and congrats on your new home as well. Yeah I'm definitely looking forward to the projects. Our condo was essentially all new when I bought so there wasn't much required. I did a tile backsplash -- took me a weekend and several trips to Home Depot but it came out great and it was a satisfying end result. Looking forward to tons more of that.We're actually getting a contractor in (taking measurements tomorrow) to gut renovate the kitchen before we might in. He'll start immediately after we close. Figure that's the one project that would force us out of the house, might as well get it done before we are in there with a newborn...

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'Otis said:

'Ranethe said:

'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

Click to expand...

Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

Click to expand...

Yeah I didn't really think you were going to get a dog. It was a weak attempt at humor, obliquely referencing your debate in the Michael Vick threads.Good luck with the house. We bought a new house last august after 20 years in a tiny starter home. Now we have 2.5 acres and lots to do. The planning, work, shopping, etc. can be exciting and fun. Spend a lot of time at Home Depot, that's for sure. Sounds like you will have the opportunity to get creative, with how you described the terrain in your yard.

Click to expand...

Yup I figured. I've been meaning to start an anti-pet thread for a while. Need to get on that. Truth is I'm sure we'll eventually buckle and get the kids a dog...Thanks and congrats on your new home as well. Yeah I'm definitely looking forward to the projects. Our condo was essentially all new when I bought so there wasn't much required. I did a tile backsplash -- took me a weekend and several trips to Home Depot but it came out great and it was a satisfying end result. Looking forward to tons more of that.We're actually getting a contractor in (taking measurements tomorrow) to gut renovate the kitchen before we might in. He'll start immediately after we close. Figure that's the one project that would force us out of the house, might as well get it done before we are in there with a newborn...

Click to expand...

'El Floppo said:

'Otis said:

'Ranethe said:

'Otis said:

'Ranethe said:

Congrats!What kind of dog are you going to get?

Click to expand...

Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

Click to expand...

Yeah I didn't really think you were going to get a dog. It was a weak attempt at humor, obliquely referencing your debate in the Michael Vick threads.Good luck with the house. We bought a new house last august after 20 years in a tiny starter home. Now we have 2.5 acres and lots to do. The planning, work, shopping, etc. can be exciting and fun. Spend a lot of time at Home Depot, that's for sure. Sounds like you will have the opportunity to get creative, with how you described the terrain in your yard.

Click to expand...

Yup I figured. I've been meaning to start an anti-pet thread for a while. Need to get on that. Truth is I'm sure we'll eventually buckle and get the kids a dog...Thanks and congrats on your new home as well. Yeah I'm definitely looking forward to the projects. Our condo was essentially all new when I bought so there wasn't much required. I did a tile backsplash -- took me a weekend and several trips to Home Depot but it came out great and it was a satisfying end result. Looking forward to tons more of that.We're actually getting a contractor in (taking measurements tomorrow) to gut renovate the kitchen before we might in. He'll start immediately after we close. Figure that's the one project that would force us out of the house, might as well get it done before we are in there with a newborn...

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give me a pm if you want me to look over anything.

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Otis said:

Otis said:

tommyGunZ said:

Otis said:

Well, got a call back from the broker. They are refusing to move down and are staying at their current number. As the wife and I said, it was a stretch for us to buy now anyway, so this may be a blessing in disguise in that it gives us time to stock up some more down payment etc., and then perhaps even opens up some more expensive homes to us. Additionally, we're considering selling our apartment now and just getting out into the rental market in the area of this house -- neither one of us has ever lived there, and so it seems like a good idea to test the waters for a bit before buying. Not to mention we will save a CRAPLOAD of money.

Oh, and this NYTimes article is pretty timely... link

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I think you'll be VERY happy at this result in 2-3 years. Marriage and kid(s) is enough change for the Oat man recently - no need to get handcuffed to a piece of RE that could cost you 100K+ to get out of 3-5 years from now.

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I think this is right. We're almost relieved with the result in retrospect.

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So I'm starting to backtrack on my line of thinking here. The more I've seen in terms of neighborhoods and homes since we made the offer on this house, the more I'm feeling like this neighborhood is right for us, and this particular home is perfect for us. It's in nice livable condition, but not TOO done, and there's lots we can do to improve it and add value over the years. I also think that even that the seller's stated "bottom line" counter, it's still a total steal. This home is nice as is, and with work could be absolutely majestic. My thinking is that this home absolutely sells at or around that stated bottom line number in the Spring once buyer traffic picks back up. The zillow estimate, for whatever little that may be worth, is $100k higher than the seller's current stated bottom line. Most of the homes in the surrounding blocks are "zesstimated" at even 100k or more above that. Lots of $1M+ homes in the neighborhood, and I think over time you could put 100k or 200k into this house and easily sell it for what you put into it and then some (though that's not a huge concern for us -- we're looking long term here). I also like the idea of locking in a 30 year mortgage at current rates. I know lots of people are still down on the economy, but I think we're only going up from here (maybe slowly, but still). Another factor is that the area/neighborhood we really like there is very small -- it's a small village in a larger town, but this village has its own feel and own government. Thing is, it's so small (and desirable) that I can't imagine inventory there will ever be significant.When our negotiations broke down, we were separated by $40k (they originally asked 900 but came down to 860 as their "final" offer; we moved up to 820 and they never countered that, saying that 860 is the lowest they would go). $40k in a vacuum is a lot of money, but when you consider it in the context of a home that nears $1M, and a home that we'll end up (hopefully) spending a lifetime in, it seems almost silly.

We're considering ponying up another $20k to close the gap some. I have an unexpected bonus potentially coming from work, and if it does we can use that and it's the reason we we'd be able to move up from our "final" top offer (I'd have no problem conveying that to the broker -- I'm not trying to play games or split hairs here). At that point it will have been about a month since they heard from us, and if we're separated by ~20k, and the house will have sat on the market for another month, maybe they jump on it? Assuming it's even still not sold, I am thinking we still have a month or two until the Spring, so we have a few weeks to chew on all of this before there's a high risk of it being sold.

I've also heard that in some instances the brokers will cover the difference to make a deal happen. Here if we're assuming the brokers are getting 6%, that's over 50 grand. Surely they would eat 10k or even 20k of that to make something happen now, particularly with a house that's been on the market forever. No?

We'd be in a better financial position to more easily do all of this a year from now, but with a baby coming soon I'm less and less excited about having her here in Brooklyn and more and more interested in having the space and peace and safety of the burbs. Current thinking is also to sell our apartment -- we've really got little to no equity in it, but should hopefully be able to save for enough to cover what we owe plus closing costs on it.

Just some thoughts I'm kicking around, not sure what the FFA can do to help. (Unless of course Chet wants to wire me 40 large.) Really just trying to work through my thoughts...

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gianmarco said:

Otis said:

Otis said:

tommyGunZ said:

Otis said:

Well, got a call back from the broker. They are refusing to move down and are staying at their current number. As the wife and I said, it was a stretch for us to buy now anyway, so this may be a blessing in disguise in that it gives us time to stock up some more down payment etc., and then perhaps even opens up some more expensive homes to us. Additionally, we're considering selling our apartment now and just getting out into the rental market in the area of this house -- neither one of us has ever lived there, and so it seems like a good idea to test the waters for a bit before buying. Not to mention we will save a CRAPLOAD of money.

Oh, and this NYTimes article is pretty timely... link

Click to expand...

I think you'll be VERY happy at this result in 2-3 years. Marriage and kid(s) is enough change for the Oat man recently - no need to get handcuffed to a piece of RE that could cost you 100K+ to get out of 3-5 years from now.

Click to expand...

I think this is right. We're almost relieved with the result in retrospect.

Click to expand...

So I'm starting to backtrack on my line of thinking here. The more I've seen in terms of neighborhoods and homes since we made the offer on this house, the more I'm feeling like this neighborhood is right for us, and this particular home is perfect for us. It's in nice livable condition, but not TOO done, and there's lots we can do to improve it and add value over the years. I also think that even that the seller's stated "bottom line" counter, it's still a total steal. This home is nice as is, and with work could be absolutely majestic. My thinking is that this home absolutely sells at or around that stated bottom line number in the Spring once buyer traffic picks back up. The zillow estimate, for whatever little that may be worth, is $100k higher than the seller's current stated bottom line. Most of the homes in the surrounding blocks are "zesstimated" at even 100k or more above that. Lots of $1M+ homes in the neighborhood, and I think over time you could put 100k or 200k into this house and easily sell it for what you put into it and then some (though that's not a huge concern for us -- we're looking long term here). I also like the idea of locking in a 30 year mortgage at current rates. I know lots of people are still down on the economy, but I think we're only going up from here (maybe slowly, but still). Another factor is that the area/neighborhood we really like there is very small -- it's a small village in a larger town, but this village has its own feel and own government. Thing is, it's so small (and desirable) that I can't imagine inventory there will ever be significant.When our negotiations broke down, we were separated by $40k (they originally asked 900 but came down to 860 as their "final" offer; we moved up to 820 and they never countered that, saying that 860 is the lowest they would go). $40k in a vacuum is a lot of money, but when you consider it in the context of a home that nears $1M, and a home that we'll end up (hopefully) spending a lifetime in, it seems almost silly.

We're considering ponying up another $20k to close the gap some. I have an unexpected bonus potentially coming from work, and if it does we can use that and it's the reason we we'd be able to move up from our "final" top offer (I'd have no problem conveying that to the broker -- I'm not trying to play games or split hairs here). At that point it will have been about a month since they heard from us, and if we're separated by ~20k, and the house will have sat on the market for another month, maybe they jump on it? Assuming it's even still not sold, I am thinking we still have a month or two until the Spring, so we have a few weeks to chew on all of this before there's a high risk of it being sold.

I've also heard that in some instances the brokers will cover the difference to make a deal happen. Here if we're assuming the brokers are getting 6%, that's over 50 grand. Surely they would eat 10k or even 20k of that to make something happen now, particularly with a house that's been on the market forever. No?

We'd be in a better financial position to more easily do all of this a year from now, but with a baby coming soon I'm less and less excited about having her here in Brooklyn and more and more interested in having the space and peace and safety of the burbs. Current thinking is also to sell our apartment -- we've really got little to no equity in it, but should hopefully be able to save for enough to cover what we owe plus closing costs on it.

Just some thoughts I'm kicking around, not sure what the FFA can do to help. (Unless of course Chet wants to wire me 40 large.) Really just trying to work through my thoughts...

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Or 3 years.

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Otis said:

'Ranethe said:

'Otis said:

'Ranethe said:

Congrats! What kind of dog are you going to get?

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Oh hell no. Animals stink up the house, shed everywhere, and destroy things. Really, when you think about it, the whole domesticated animals thing is sort of bizarre. "Let me go find an animal and bring it inside and teach it to live with me and it'll be like my roommate. I'll teach it where to go to the bathroom and I'll feed it. Then I'll teach it tricks. Really I'll try to make this animal act as close to a human as I can." If I did that with a squirrel people would think it is bizarre, but how is that so far off from domesticated dogs or cats?

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Yeah I didn't really think you were going to get a dog. It was a weak attempt at humor, obliquely referencing your debate in the Michael Vick threads. Good luck with the house. We bought a new house last august after 20 years in a tiny starter home. Now we have 2.5 acres and lots to do. The planning, work, shopping, etc. can be exciting and fun. Spend a lot of time at Home Depot, that's for sure. Sounds like you will have the opportunity to get creative, with how you described the terrain in your yard.

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Yup I figured. I've been meaning to start an anti-pet thread for a while. Need to get on that. Truth is I'm sure we'll eventually buckle and get the kids a dog... Thanks and congrats on your new home as well. Yeah I'm definitely looking forward to the projects. Our condo was essentially all new when I bought so there wasn't much required. I did a tile backsplash -- took me a weekend and several trips to Home Depot but it came out great and it was a satisfying end result. Looking forward to tons more of that. We're actually getting a contractor in (taking measurements tomorrow) to gut renovate the kitchen before we move in. He'll start immediately after we close. Figure that's the one project that would force us out of the house, might as well get it done before we are in there with a newborn...

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Tiny Dancer said:

Otis said:

I can't tell you how excited I am to buy a lawnmower.

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I suspect you'll be paying someone else to cut your grass after a month or so.

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Otis said:

Tiny Dancer said:

Otis said:

I can't tell you how excited I am to buy a lawnmower.

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I suspect you'll be paying someone else to cut your grass after a month or so.

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Definitely had landscapers for three years. But the next house -- there I'm definitely getting a lawnmower...

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Otis said:

I can't tell you how excited I am to buy a lawnmower.

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Otis said:

Otis said:

I can't tell you how excited I am to buy a lawnmower.

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Well, I never did buy that lawnmower. The landscapers did a great job, and three years later we listed and sold the house in 4 days. Boom.

Now I just need to find another house

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Otis said:

Otis said:

I can't tell you how excited I am to buy a lawnmower.

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Well, I never did buy that lawnmower. The landscapers did a great job, and three years later we listed and sold the house in 4 days. Boom.

Now I just need to find another house

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bushdocda said:

Nice. We just bought a house and the current one just listed.



And to answer the pole ? we offered ~98% of list as did someone else and got the contract bc not contingent on sale of our home.

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Otis said:

Pole is helpful to me actually. Was wondering what to go in at on a house we are looking at, and this 10% below is a helpful point.

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