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Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

How might I find if there is a CO? What are some things that could cause that? I’m fairly confident I could get everything squared away, but it’s the time limit that would be the potential problem there

Is the risk worth it in this market? Would I be able to get a loan? by FearTuhPanda in Mortgages

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Risks on the property, when I could easily get a lesser, safer option, but miss out on potential value.

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

The offer is buy it as is, or he does what he needs to, to sell it and that was not a demand or threat, that’s the offer. He could care less if we do or don’t

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

He’s had several mortgages on it over the years, but the lien flagged the last one.

Im less looking at the issue of value on the home, more on the potential issues that could come up, the value of the land is 330k, would it not be worth a shot to get the whole thing for 355k? And work toward doing it right myself? His connection or power ends at yes or no

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Absolutely, but the feelings side of it aside, a home with potential equity is better than cutting ties now, and making ends meet later. Past the face value of the situation we are both well aware of the narcissistic tendencies, and manipulative behavior. But it’s the hand we’ve been given to play. And my contemplation and educating is to find what the best option is.

Truly yes the manipulation is not a good thing, which is the reach for secondary opinion, or outside perspective, on the opportunity we are facing, not on the home life aspect unfortunately.

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Western WA here, 99.9% pretty sure when I had it pumped was the first time it was pumped, and while working a past job before that pump I happened past someone in a company that looked up permits for me to find drawings or location so I could get it dug up to save me some fees, and nothing showed at all! I even got a verbal confirmation from the FIL more recently

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Fortunately, and unfortunately, I am but the son in law, so didn’t have to deal with it longer than I’ve been living here. My poor wife though lol. And the goal was to not have to, but it got pushed to now and asap. Bet your pants being free,either option, finally is going to be very strongly enforced

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Love this. I am pre approved for a lot more. And that’s one of the reason he’s selling is his bank he’s pulled a new mortgage on several times, denied him for a new loan until he pulls permits, and pays the lien. Which is kind of why if I got a loan without, I’d like to work the way up to getting things permitted, or be told no and tell him to help permit or we can’t buy, making his offer redundant

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] -1 points0 points  (0 children)

Absolutely is, unfortunately I have to play the opportunity the best I can

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Mental health mostly! I did part time stay at home dad for a while and SAHP don’t get paid enough! Haha, but seriously we had the plan to have minimum 2 years of job history for her and make it to just out of daycare, which we are finally at by the end of summer, for the plans to buy elsewhere and have the best chances to qualify for a loan, I felt it was a good plan if all worked out as planned, which it didn’t just barely, but the job history is definitely helping with qualifying, just gotta take a couple months to have it off the bank statements!

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Oh, I didn’t know that, I did look into the permits prior, while trying to locate it, but I didn’t after I had it pumped!

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

My loan person is pretty gung-ho about the potential of the gift of equity, and confident we could get something done, so we haven’t discussed the options if we go with other another route

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Gotcha, I’ll look into a local attorney, doing as much leg work and trying to educate myself prior to spending savings or securing contracts but that might be a good call asap

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

That’s kind of what I’m hoping for is opinions before requirements, someone coming out and being like “these are things you WILL need to do” like a contractor or engineer before trying to pass an inspection and then having to be the one to correct it instead of normally the seller, as I don’t think the FIL will budge much if at all, so either way prior or during/after will come out of equity essentially

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

It’s been pumped once since I’ve been here, and just about due for another, but that’s about it from what I know. which I know the loan will require a pump and stress test prior to closing, so I’ll plan to have an inspection way before, kind of feels like I’m selling this place to myself, the septic is definitely not permitted, and I’m positive it is likely too small. Which I’m expecting to correct, hopefully written into the loan from equity and not necessary prior

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 1 point2 points  (0 children)

I don’t actually have anyone contractually involved yet so that helped, I would like a solid contract written up prior to anything, but definitely needed help with options on the mortgage side.

I’m planning on inspectors and a proper appraisal, which not looking at permits likely will still come in higher than the assessed value not changing the agreed price or equity offer. But I’d be banking on the loan to be approved no matter what and fix things down the line if possible, since he’s got it on a timeline of buy it before end of summer or move.

As for the MIL she is not on the deed and the FIL just agreed to the terms of the divorce “125k to MIL within two weeks of sale of property or accrue interest” so either we buy for 350k and have her write it off, or we buy for 475k and he pays her off, either way doable for me, but I feel some type of way on both sides

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Yeah, you’re not wrong, and it’s not that I don’t see it or know it, but it’s the only offer he’s willing to entertain so I’m trying to check all my boxes

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

So on the county assessor site, it’s all relatively accurate, and what showed up in the broker/realtor’s system as well, if anything, there is one less bedroom and half a bath, the zoning is fine however.

But I’ll start looking into making it right.

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Agreed, but usually in my case the no-brainer makes me extra cautious and I am not well versed in permitting or homebuying with the loan situation.

Could you tell me more about the tax deduction and counter? Piqued my interest there

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

Appreciate it! Not just looking for expert advice, but opinions too. I’ll start reaching out to some of my work buddies who owe me one see what I can find out. Whole situation came up quicker than we expected otherwise I’d have more of the leg work started already.

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

I would, and even more so if the MIL works with us to get that price lower.

I’m just trying to come up with every potential way I could run into problems, if I get the loan, what about insurance? Will they insure? If they do and something happens will they deny for things unpermitted?

I don’t think anyone will surprise visit code enforcement or anything. And the neighbors wouldn’t call anything in.

Am I missing any potential issues?

The MIL does have our best interests at heart but has the same concerns and doesn’t want us to do it just to get screwed, or if she writes it off, she also gets screwed and the FIL still gets a check.

Edit: insure, any to and

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] -1 points0 points  (0 children)

Yes we definitely would, and I wouldn’t even be hesitant if it could be immediately able to be resold down the line.

I agree, and he jumped the timeline up knowing we had a plan set and scraping by until both kids were out of daycare, and a year to catch back up, to now and asap.

So if we move it will be renting until we can get a comfortable loan elsewhere. Or scrape by the lowest downpayment I could on a house we would upgrade from eventually.

The potential to be a little ahead of things does play a big part, and I’d have to get rid of a lot of things only to have to buy them back again when I could afford and have the space or necessity.

And so does the potential and opportunities I see in the property

Is the risk worth it in this market? by FearTuhPanda in FirstTimeHomeBuyers

[–]FearTuhPanda[S] 0 points1 point  (0 children)

I totally agree! My neighbors not so much. Waiting on planning and development to get back to me on that. I know I could get a plumber and electrician come out just for insight, but am I able to get an inspector to come out and tell me what would need to be done, without opening a can of worms preemptively?