buying first home, need advice

[Aikouka]

I had my home inspection on the house that I'm buying. Fortunately, there wasn't anything too major. Probably the only big thing is a return pipe that looks like it has had some leakage occur above it, and it ended up on the visible portion of the pipe.

Although, one thing that I pointed out to the inspector were the extra supports in the crawlspace. There were the original supports in the middle, but it looks like someone added two extra rows of supports running parallel to the home. Well, while the original supports are poured + mortared, these newer ones do not appear to be poured and are definitely not mortared. I can't remember where I read about it, but what I read is that you do not do it that way. Whoever did it also took a lazy approach and pinned one of the copper pipes and wiring between a support beam and a joist.

Technically, is it an issue right now? No, because they still provide support, but I already saw a few of the blocks become misaligned, and that's all it takes. Seeing lazy work always gets me a bit worried as to what else could have been skimped on. :hmm:

 

[Uppsala9496]

I didn't run the numbers and I probably should have. We have 10k saved up right now and wanted to keep a few thousand in the bank(getting married June 6th) for emergency like things.

Our DTI ratio is right at 27%, despite her owing 100k+ in loans. The conventional loan would have put us at a higher DTI ratio and a bigger down payment.

I sure would have liked to get 3.25% like a buddy of mine did a year or two ago but I'll settle for 3.85%, we LOVE the house. We're going to beat the 30 day mark by quite a bit, so that makes it even better.

Makes sense. I was pushing the limit of the DTI for conventional. Wife isn't on the loan so couldn't count her income. My mortgage payment including taxes is $200 more than my rent.

Glad I kept a good amount of cash in the bank. Painting all of the rooms which is costing me $1,900 in labor plus the price of paint. Then there are the random tools and things I need. Don't want to take everything from the summer house since I know I will forget to bring something back and need it.
Then there is the cost of new furniture...ugh.

 

[Young Grasshopper]

UPDATE:

I placed an offer on a condo a while back and it was accepted. It's been inspected, been appraised, loan process going good and today I get a call from my insurance company stating they cannot insure it due to 2 water claims the seller supposedly made in the last 5 years. One for 1300 and the other for a little over 13k(most recent one). This wasn't disclosed to myself or my agent. We're both trying to get additional details from the seller.

Assuming this isn't an error and the seller neglected to provide us with this information, how should one proceed with this? I did call another insurance company(State Farm) and they did mention they could insure it with the 2 claims mentioned.

I honestly don't know what the hell this guy could have done that would have cost 13k to fix, the unit itself looked good to me.


Thanks

 

[Greenman]

UPDATE:

I placed an offer on a condo a while back and it was accepted. It's been inspected, been appraised, loan process going good and today I get a call from my insurance company stating they cannot insure it due to 2 water claims the seller supposedly made in the last 5 years. One for 1300 and the other for a little over 13k(most recent one). This wasn't disclosed to myself or my agent. We're both trying to get additional details from the seller.

Assuming this isn't an error and the seller neglected to provide us with this information, how should one proceed with this? I did call another insurance company(State Farm) and they did mention they could insure it with the 2 claims mentioned.

I honestly don't know what the hell this guy could have done that would have cost 13k to fix, the unit itself looked good to me.


Thanks

It's easy to rack up 13k worth of damage from a burst pipe.
The reason your insurance company won't cover it is they expect a mold claim now that the place has had water damage.

 

[Young Grasshopper]

thanks for the info, ill look to it. anyone know how long these claims stay with the property?lets say i buy something that had a claim on it 2 years ago. assuming i make no other claims for the next 5 years with the original drop off?

 

[slightlyhuman]

GL with all of that YG. It's nice to know you have coverage in case you're really set on the new place.

I got lucky so far, only a few light bulbs out and ant piles in the yard. We closed in 21 days so I'm not complaining.

Having a hard time not going to Home Depot and buying an air compressor, pressure washer, and about 5 other kinds of toys.

 

[cabri]

thanks for the info, ill look to it. anyone know how long these claims stay with the property?lets say i buy something that had a claim on it 2 years ago. assuming i make no other claims for the next 5 years with the original drop off?

State Farm dropped me after a second water claim. First was a hot water tank the the pressure valve let go. No real damage other that carpet cleaning and drying. Sewage line had collapsed the second time; destroying 2/3 of the lower floor/basement, dirty water backed up somehow to cover 600 sq ft enough that it was visible above the carpet .

Then while shopping around, I was told that the report stays for 5 years.
A new insurance company that I was able to find that was willing to listen to the explanation. I provided the receipts for the new water tank and the sewage repairs (both on my $$).

They insured the house actually at a lower rate/higher coverage than what State Farm was charging. :biggrin:

If interested, I can provide a reference.

LMK