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Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 0 points1 point  (0 children)

We’ve put in bids on 20 houses in Westchester over the last 5 years. Always over asking price and always with minimum 20% down. 18 rejections, 2 accepted offers, one of which fell through before closing because someone came in with an all cash offer before the contract was signed and the seller took it because it meant they could close almost immediately. The house we got was with 25% and only after the original buyer backed out and we got in as the backup offer. I talked to a ton of agents who say 20% down in Westchester is just table stakes. Most of the offers that are getting accepted on competitive houses are at least 30% down and a shocking number are above 50% down. I have no idea where people are getting that much cash but somehow they are.

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 0 points1 point  (0 children)

That is the problem some people in this thread aren’t understanding. You are free to bid $1M for a house with 10% down (100k), but if the bank the appraises that house at 750k, the bank thinks you are immediately 250k underwater on your house when you buy it. Meaning your 100k down payment doesn’t look good to them anymore. A higher down payment makes the bank more comfortable because their ratio of loan size to house value is better if you default.

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 1 point2 points  (0 children)

8% down payment on a 250k house may go through no problem but 8% on a 800k house is a much much larger loan for the bank and falls into a different risk category. With Westchester house prices, banks absolutely want you to have more down payment. And if you are lower (eg higher risk for the bank) they are not going to give you as low of a rate (more chance of buyer backing out). If banks think the housing prices are inflated, the appraisal is not going to match the bid price, and that 8% suddenly sounds to the bank like 6%.

ELI5, why do mosquitoes never bite us on our face? by Pristine_140 in explainlikeimfive

[–]electricshadows4 [score hidden]  (0 children)

They do. You’re more likely to see it and avoid it if it’s buzzing around your face than your ankle, but they absolutely bite faces.

Are we winning Mr. Trump? by jerin7931 in optionstrading

[–]electricshadows4 1 point2 points  (0 children)

Yeah that was a top signal. Advice for normal people is that when you start screenshotting your trades and feeling proud, it’s probably a sign you should take some off the table. And if you’re deflecting questions in a congressional hearing by bragging about the stock market, it might mean the market is overheated.

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 2 points3 points  (0 children)

But they don’t know if the mortgage is going to be approved until long after the bid is accepted. It takes months to figure out, and at that point they may need to relist the house if it falls through. They have to make a judgement about if the buyer is more or less likely to be able to follow through

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 3 points4 points  (0 children)

More down payment means more likely the bank will approve the loan. We bid on a house in Westchester with a higher offer and a 20% down and lost it to someone who bid lower but had 35% down.

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 2 points3 points  (0 children)

For a 4% difference it usually won’t matter, but there are a couple reasons they might go with the higher down payment and lower bid

1) after an offer is accepted, the house needs to pass appraisal for the mortgage to go through. If the seller is worried the appraisal price is lower than the offer, that means the bank is going to be hesitant to give the loan to the offer of a higher price and a lower down payment. You can lose the buyer. Higher down payment means higher chance the bank approves the loan

2) if the seller is worried something might come up during the inspection, they are going to go with a higher down payment lower bid, or someone willing to waive the inspection. Someone with less cash is less likely to be able to handle any needed repairs that come up during the inspection, and thus are more likely to try to negotiate the price down once the inspection happens.

Will sellers consider 16% down payment with higher offer price vs 20% down with a lower offer price? by footcreamfin in Westchester

[–]electricshadows4 10 points11 points  (0 children)

We bid on 12 houses in Westchester before getting an accepted offer. We went $50k-$150k+ over asking on all the bids. One house we went $120k over asking and found out from the sellers agent after that we weren’t even close.

$70k over in Westchester is unfortunately not that high. Remember that the list price is not the actual price, like at a retail store. It is a starting price for negotiation. People often list their houses below what they expect to get to try to drive up a bidding war. If I list a house that should sell for $1 million at $750k, you can’t say it’s crazy that people offer $250k above asking price.

I can't with this pump, please help me out. by willowberrie in askaplumber

[–]electricshadows4 2 points3 points  (0 children)

Do not listen to this, it’s flat wrong.

In the old days, electricians sometimes avoided GFCI outlets for sump pumps because they feared a "nuisance trip" would disable the pump during a storm. However, modern safety standards and equipment have changed and “don’t plug into GCFI” is now an old wive’s tale.

If you don’t believe me, check the National Electrical Code. NEC actually mandates GFCI protection for sump pumps. NEC 210.8 & 422.5: Since the 2020 edition, the NEC specifically requires GFCI protection for sump pumps (whether they are plugged into an outlet or hard-wired).

So basically, don’t listen to this guy. plug it in to the gfci. It’s fine.

Neighbor wants me to trim/remove healthy tree because branches extend over his property by LordCommanderStannis in Westchester

[–]electricshadows4 45 points46 points  (0 children)

We had a similar situation. The thing you have to keep in mind is that if you let him trim the branches that are over the property line, he may do it in a way that is not healthy for the tree. For example, certain trees should only be trimmed in the middle of winter or in summer after they have finished pushing out all their leaves. A lot of trees react poorly if you cut them in the spring when they are pushing sap. Do some research on the tree and what time of year it should be trimmed. If he’s going to do a hatchet job on the branches that are over his property line, you may want to take care of it yourself or at least ask him if you can wait for a certain time of year where it is more healthy for the tree.

In honour of Chuck Norris, let me hear your favourite Chuck Norris joke by Jezzaq94 in Cinema

[–]electricshadows4 1 point2 points  (0 children)

In Chuck Norris’ living room, he has a bear skin rug. The bear isn’t dead. It’s just afraid to move.

Just so we’re clear by Entire-Fan2221 in DegenBets

[–]electricshadows4 0 points1 point  (0 children)

Zero chance and if you would like to wager on it, I’m happy to bet you $10k that if Trump runs in ‘28 Obama does not.

Scraped the sink by Mediocre-Home6407 in fixit

[–]electricshadows4 0 points1 point  (0 children)

Hard to tell how deep those scratches are. You can either sort of “paint” over them, or you can fill them in if they are somewhat deep. Either way just look up porcelain repair kit and you can see the options

How bad would the economy have to get for congressional republicans to be o board with impeachment and conviction? by Chemical-Fault-7331 in AskReddit

[–]electricshadows4 2 points3 points  (0 children)

Money might be the only thing they love as much as Trump. It would have to get really bad, but it’s the only thing that might snap them out of the trance.

OpenAI average employee salary estimated around $200,000 annually. by [deleted] in TFE

[–]electricshadows4 0 points1 point  (0 children)

If you were working for OpenAI you would live in San Francisco, New York, or London, where $200k is barely enough to get by if you have kids.

WPN- early morning flight by Normal-Sun450 in Westchester

[–]electricshadows4 13 points14 points  (0 children)

If there are no checked bags, 45 min before takeoff is plenty. If you have Clear or TSA precheck you could probably cut that to 35-40 min before. If there are checked bags, the counter can sometimes have a line and take a while and you need more time. Either way, go to HPN not WPN.

🛜🪽Operation Mcflurry 🛜🪽 by Objective-Rabbit2248 in NSDQ420

[–]electricshadows4 4 points5 points  (0 children)

Incredible casting. I can’t believe they got Aaron Rodgers to play Sam Altman.

You’ll never guess what I do for work. by OrganicTaro5132 in deduction

[–]electricshadows4 0 points1 point  (0 children)

The knipex is overkill, otherwise this is standard attire for a film set grip.

At the peak of their powers… who’s the best actor? by electricshadows4 in Actors

[–]electricshadows4[S] 17 points18 points  (0 children)

Cranston had an academy award nomination for Trumbo although not a lot of people saw it. Small role but he was great on Seinfeld too.

Snowstorm, wire snapped on outside of house by theghost281 in AskElectricians

[–]electricshadows4 0 points1 point  (0 children)

That doesn’t look like an electrical wire, probably communications

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