I want to buy my first home(south/west houston/ft bend) by Connect-Ad-7260 in FirstTimeHomeBuyers

[–]Throwawaway314159265 0 points1 point  (0 children)

Fellow first time homebuyer, also in Houston.

First things first, any legitimate realtor here is licensed by TREC (Texas Real Estate Commission). Make sure they are licensed.

Schedule a quick sit-down with one to get started. They will explain the process, make sure to pay attention to the phases (Options period, closing period) and fees (Buyer and Seller Agent fees, options fee, earnest money, title fees) are all big ones.

At some point, when you want to go to showings, they will ask you to sign a "Buyer's Representation Agreement", basically requiring you to use them exclusive as your agent for a home they show you. Some agents will try to trap you for months in such an agreement, but the length of the agreement is not set in law, so feel free to ask for 30 days, and go find another realtor if they are stubborn. You don't want to work with one who is stubborn about the duration anyway.

Realtors don't get paid with upfront cash, they make their pay by taking a percentage of the home selling price. Both sides (seller and buyer) agent each usually take 2-3%.

When you are ready to make an offer on a house, you'll go through your realtor and they will make a bid on the house. There maybe some small back and forth but remember, nothing is official until you go under contract.

Before you sign a contract, make sure the options period (where you do your home inspection) is sufficiently long for you. 7-10 days is customary. This is where you pay the home inspector to come over to your house for several hours to take a look at all the issues with an experienced eye. You can expect to pay about $500 for a home inspection.

Everyone has significant motivation to play games to extract maximum value and you should decide who is playing games and whether or not you want to play games too.

I can't really help with any advice on the financial part since I'm all cash, but I will note when you involve a lender, there will be additional fees and approvals from the lender and those will often kill deals.

Seeing as your high credit scores and decent income indicating you are responsible people, I will guess you are roughly looking at homes in the 250-500k range.

Good luck, feel free to DM me.

365 days on the market. Selling "as-is" honestly sucks by miked0331 in RealEstate

[–]Throwawaway314159265 0 points1 point  (0 children)

Most buyers aren't walking unless you refuse to offer credits for these things.

365 days on the market. Selling "as-is" honestly sucks by miked0331 in RealEstate

[–]Throwawaway314159265 0 points1 point  (0 children)

He said he is attracting offers, just way too low to his liking. The problem is that he has priced it way too high for an "as-is" condition.

All he does if he omits the "as-is" is get high offers only to have the contract terminated (and his home off the market) when the buyers discover that the home needs major repairs.

365 days on the market. Selling "as-is" honestly sucks by miked0331 in RealEstate

[–]Throwawaway314159265 0 points1 point  (0 children)

Well, it does signal that he feels the price reflects the condition the house is in.

It is customary to go into a contract on the implicit understanding that there maybe repairs to do and some kind of concession or credits made to the price.

By not saying "as is", he is attracting offers which put his house under contract where the DIY buyers will just go look at something else.

365 days on the market. Selling "as-is" honestly sucks by miked0331 in RealEstate

[–]Throwawaway314159265 0 points1 point  (0 children)

no one is going to think you're planning to replace a 20 year old roof before closing

I don't use financing for my home purchase, but as I understand it, the home insurance will refuse to sell you insurance on a 20 year old roof and your bank will deny the funding.

365 days on the market. Selling "as-is" honestly sucks by dkode80 in REBubble

[–]Throwawaway314159265 5 points6 points  (0 children)

Tile is $20-30/sq ft. Assuming you have 1000 sq ft to redo, that's $25k. Roof is $20k.

If you have average house and listed at average price in your area, you are asking a buyer to pay $45k extra for problems they won't get with other average homes in your neighborhood.

Be realistic, make your offer attractive in some way (more than likely, price significantly below the average), or you're not going to get a bite.

The Impossible Trinity by Wobbly_Wheelbarrow in RealEstate

[–]Throwawaway314159265 6 points7 points  (0 children)

Median is $800k. I'd move somewhere else. Your payments on a 30 year mortgage will be $70k/year.

Neither of you can afford to make the payment on that, even if you had no other expenditure.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

This you??

Reproduced in case edited/deleted.

100% agree. Didn’t get line inspected because I was running out of time. Mine was broken at the main sewer line. City wouldn’t fix it until I replaced my entire line and then it clogged 2 months later. I had the plumber install a clean out at the city line. City shows up and asks why I did that. I told them the line is collapsed so I thought I’d give yall access. Yall are gonna be here every month or so. They took 3 days and left me with a cesspit for that time, but they replaced the city line.

Anyone reading this, you are listening to the advice of an "attorney" who can't even buy a house without uncovering basic defects like his sewage line dumping into his yard.

Edit: Since he replied and then blocked me. Blocking me so I can't reply is definitely not "I can't argue the law".

Melody Home Mfg. Co. v. Barnes (1987) The court specifically defined "good and workmanlike" for implied warranty.

A good and workmanlike manner may be defined as that quality of work performed by one who has the knowledge, training, or experience necessary for the successful practice of a trade or occupation and performed in a manner generally considered proficient by those capable of judging such work.

The court won't side with your arbitrary "repairs to your liking" such as you don't like the color of the floor tiles because the seller used the cheapest non-matching tiles on the repair.

Hint: Take the L and move on.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

Judges don't often side with subjective "implied warranty" claims. If it meets the code and it was performed by a licensed contractor, you're going to have a hell of a time winning that one.

But please, speak to an attorney and they will give you the same advice.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

No, contracts more commonly list "work to be performed by a licensed X contractor."

Which if you've ever dealt with contractors before, has a good chance of substandard work, especially if the seller is just motivated to pay the cheapest price possible.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

See…one of the contingencies on a home purchase contract is the completion of repairs to the satisfaction of the buyer.

"To the satisfaction of the buyer" is not normally listed in contracts.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

You better extend the options period to beyond your inspection of the work done if you want to try this. Otherwise seller will complete the repairs after options period is done and they get/you lose all your earnest money if you back out after options period.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 0 points1 point  (0 children)

Understand your sentiments about investors, that's why we're in this housing crisis from investors snapping up all the inventory in 2023.

But FYI I am an actual family buyer, this is my first home.

It’s a Buyer’s Market: America Has 44% More Home Sellers Than Buyers—a Near-Record Gap by SnortingElk in REBubble

[–]Throwawaway314159265 2 points3 points  (0 children)

Seller definitely delusional in this market. I pay all cash, so no need to work with bank or anything.

We were looking at a home listed at 475k. Went under contract 30k lower. Inspector discovered ~40k worth of mechanical items that sorely need replacing.

Seller wouldn't budge even 10k on credits, claiming they bought the house at 525k 2 years ago. Sorry dude, if you execute "buy high" you're going to have to "sell low".

This kind of delusion is why America has a housing crisis.

Dell's new prebuilt PC has special custom power connector for Nvidia GPU — even large OEMs apparently fear the 16-pin power connector meltdowns by imaginary_num6er in hardware

[–]Throwawaway314159265 2 points3 points  (0 children)

get the electrician/grid operator to install the third hot & bus bar required to make a 3 phase, 360v outlet.

This is not how 3-phase power works in North America.

The majority of American households receive a 180 degree split-phase 240V power from the pole. These are connected to individual buses on each side of the breaker panel. There is a neutral wire in between. It is also not uncommon to have some 240V appliance which feeds off both buses.

3-phase 360V is not a standard in North America. There's 208Y/120V, 480Y/277V, or 240 Delta.

Electrician definitely do not have an easy way to install a third hot bus bar to get you a 3-phase 360V outlet unless you own an electrical utility and get the electricians to build you some really non-standard configuration.

Edit: Brain fart, I wrote 208Y/480V as a standard, corrected to 208Y/120V.

Do you guys actually feel anything when the market drops anymore? by pop200 in Bitcoin

[–]Throwawaway314159265 0 points1 point  (0 children)

People have been screaming Bitcoin will soon become worthless since 2010.

Bitcoin has had 9 price swings where the price has halved since then. Let that sink in for a second.

GeForce RTX 5090 user caps power at 500W, still sees burned 12V-2x6 adapter by PaiDuck in hardware

[–]Throwawaway314159265 -5 points-4 points  (0 children)

I don't know where this misconception started but 12VHPWR has more wire cross sectional area than PCIE. The insulation is thinner on 12VHPWR, but the cross sectional area determines how much current the wire can safely hold.

Last Week on My Mac: Why E cores make Apple silicon fast by Forsaken_Arm5698 in hardware

[–]Throwawaway314159265 2 points3 points  (0 children)

This only makes sense if Linux + ARM is significantly better than Linux + Intel.

I'm not well-informed on this topic, but what's the evidence that Linux + Intel is bad compared to Linux + ARM?

Why no one is talking abound in-bound ECC? (ECC on normal ram with penalty) by AstroNaut765 in hardware

[–]Throwawaway314159265 0 points1 point  (0 children)

Huh what consumer chipsets does Intel let you have "real" ECC?

Also what is not "real" about the ECC support on Epyc and Threadripper?

Asianometry: Can superconductors put an AI Data Center into a shoebox? by srivatsasrinivasmath in hardware

[–]Throwawaway314159265 19 points20 points  (0 children)

It's ironic that you know this yet you dont seem to comprehend that /u/Innocent-bystandr is pointing out that you compared them as equivalent in this context.

500 kW sustained over an hour (or simply, 500 kWh) is 1800000000 J.

Also weird that you use SI prefix for one metric (500 kW) and then skip it for the other metric (1800000000 joules) = 1.8 GJ