Home Buyin/Maintenance Thread - Where most of us are 30ish but act 47. Oh, and fuck home inspectors

Discussion in 'The Mainboard' started by Swim Cantore, May 4, 2015.

  1. Baron

    Baron Well-Known Member
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    Is this like earnest money?
     
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  2. Redav

    Redav One big ocean
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    Home ownership is such a racket. Pmi, realtor fees, termite bonds, and on and on. Makes it extremely unpleasant to buy a house
     
  3. ned's head

    ned's head Well-Known Member
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    Due diligence fees aren't a thing in texas, unless it's called something different. Is it refundable?
     
  4. Baron

    Baron Well-Known Member
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    Sounds like its similar to earnest money, however the buyer will get the money back if the deal closes.

    "How does due diligence money work in North Carolina?"

    The due diligence fee is the amount paid by the buyer directly to the seller, which the seller deposits and keeps. If the deal closes, the buyer will have that amount credited back to them at closing."
     
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  5. ButchCassidy

    ButchCassidy Well-Known Member
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    Wife and I want to move to NC, so I better pay attention, lol.

    so you basically give them a $20k deposit. If you get the house you get your money back, if the deal falls through they keep it? Ouch.

    (I’ve never bought a house, so it’s all new to me)
     
  6. ned's head

    ned's head Well-Known Member
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    Ah, then yeah, we do that as well. Think ours was around 3% of the offer price
     
  7. ned's head

    ned's head Well-Known Member
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    At least in texas, it's if you breach the deal, not if it falls through. Like my SIL sold her place and the buyers no-showed at closing. Lmao
     
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  8. bigred77

    bigred77 Well-Known Member
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    I've wondered how often that kinda thing happens.
    I know I considered just telling the whole process to fuck off
     
  9. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    That's a lot of due diligence fees unless your purchase price is in the 7 figure range. A due diligence fee is basically just additional earnest money though and it eventually goes towards the buyer's cash to close for the transaction assuming the transaction closes. The due diligence period is basically the period of time between when you sign the contract and when you're expected to have a home inspection and an appraisal completed. If you can't have both of those completed within that time period and your appraisal comes back lower than the sales price then you're still expected to go through with the purchase regardless of appraised value. In the event you don't then you can get your earnest money back but probably not the due diligence money since that period has expired. It really isn't a problem so long as your real estate agent makes sure to write a due diligence period of 2 weeks at least because sometimes it's tough to get an inspection and appraisal completed and submitted in a shorter amount of time. Especially if there are things with the home inspection you need to work out with the seller.

    Tl;Dr -- Due diligence is the period in time in which the buyer (and their lender) is expected to complete their due diligence on the structure itself and make sure they want to buy it after all.
     
    #35659 Barves2125, Mar 9, 2023
    Last edited: Mar 9, 2023
  10. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    Feel free to PM me if you have any questions about any of it at any point. It's really not as intimidating if you work with good people and have someone willing to explain everything to you. I'm sincerely more than happy to do that for you and anyone else on this board.
     
  11. Boom TittyMilk

    Boom TittyMilk User Formerly known as Big R
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    Burying the tldr didn’t read in that block of text.

    bold move
     
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  12. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    Thought I'd put a space between it but apparently I did not.

     
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  13. Boom TittyMilk

    Boom TittyMilk User Formerly known as Big R
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    Clown Baby baby just started humming the melody somewhere itp
     
  14. Rabid

    Rabid Fan of: DQ Treats
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    Due diligence fees sounds like a dumb local convention that is a negative for buyers. We don’t do that in MN.
     
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  15. Snakes

    Snakes clumsy interloper
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    speaking of fireplaces, we are having this thing ripped out along with the carpet the day we move in. it's going to be my kids' playroom. can you imagine what kind of zoolander TV you'd have to put on top of that thing?

    unnamed.jpg
     
  16. PAHokie

    PAHokie Can't a bitch living say I bought her Michael Kors
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    Yeah it seems stupid. In VA there is some earnest money, but my buddy was saying that it’s rare that it gets held if the deal falls through. IIRC in NC it’s much more legit and that money gone do the deal doesn’t go.
     
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  17. Bruce Bowen

    Bruce Bowen Well-Known Member
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    Easy, wide screen monitor used as a tv.
    upload_2023-3-9_9-35-39.png
     
  18. arrdub

    arrdub Well-Known Member
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    new thread title imo
     
  19. ned's head

    ned's head Well-Known Member
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    They don't think it be like it is, but it do
     
  20. Baron

    Baron Well-Known Member
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    I've been looking at houses all morning now. I'm not ready to sell or buy right at this moment, but I'm ready to move.
     
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  21. Simon Templar

    Simon Templar Well-Known Member
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    I’m stuck for two more years but look all the time. I feel your pain.
     
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  22. kennypowers

    kennypowers Big shit like a dinosaur did it
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    Yeah it’s completely fucked. Earnest money I get and it’s fine, but DD has zero protection for the buyer. If our seller decides to walk away in theory we could sue for breach of contract but from what every realtor has told us there is not a high success rate in getting that money back.

    When we bought our first two homes in NC we paid $1500 in due diligence and $500 in earnest which was reasonable. Apparently nowadays Charlotte and Raleigh have just fucked everything and sellers are expecting massive protections in DD.

    I offered 5% over ask and $5k DD because this is a pocket listing and I don’t want it going to the market. So dumb.
     
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  23. Baron

    Baron Well-Known Member
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    3 more for me. Want to get oldest daughter out of high school first, it's basically another mortgage payment for us right now.
     
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  24. Simon Templar

    Simon Templar Well-Known Member
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    Yep just gotta get lil man out of high school and we are outta here.
     
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  25. Tommy Jefferson

    Tommy Jefferson Well-Known Member
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    For some reason our downspouts are so damn loud, or at least I’ve convinced myself of that so I notice it every time it rains. Last night it was just drizzling enough that water was dripping down every second or so. DRIP DRIP DRIP DRIP DRIP right outside our bedroom. I was having a hard time sleeping, and these drips were irritating me, so I spent all night brainstorming solutions. Can someone tell me if this is brilliant or dumb?

    Our downspouts are 4 inch cylinders, so not the traditional rectangles. I assume water pools at thelow point of that cylinder until enough volume to overcome the surface tension and a bigger drop falls all the way down to splash at the angled bottom piece. If I feed a wire (or maybe rope) from point A to point B, my thought process is the water would flow along that to reach the bottom more gently and not be as loud. Thoughts?

    3BE3D115-B7F9-49D3-A696-FDA12D5D2B24.jpeg
     
  26. ned's head

    ned's head Well-Known Member
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    If you think the noise is where it's hitting the bottom, wouldn't it be easier to put a piece of rubber at the bottom? Something like the thing that goes in a urinal?
     
  27. bigred77

    bigred77 Well-Known Member
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    get a rain chain and replace the downspout all together
     
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  28. Tommy Jefferson

    Tommy Jefferson Well-Known Member
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    I need it for drainage, to divert away from the foundation.


    I wonder if it would get washed out with heavy rain but I might give it a try
     
  29. ned's head

    ned's head Well-Known Member
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    It could at least test your theory if you dump some water down the spout. The problem I see with your way is that you'd likely need to have the obstruction span the entire width of the pipe. You might even get away with some of that slap tape on the bottom...that may diffuse the sound (just make sure you make a gif of you slapping it in place for the board)
     
  30. WillySaliba

    WillySaliba Well-Known Member
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    [​IMG]
     
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  31. Lip

    Lip Well-Known Member
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    i’d start by getting some sleep, my dude
     
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  32. blind dog

    blind dog wps
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  33. Imurhuckleberry

    Imurhuckleberry Avid spectator of windmill warriors
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    What about adjusting the angle of the downspout a bit so that the fall of the drop is minimal and hits the back or side wall of the downspout ?
     
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  34. Russellin4885

    Russellin4885 Well-Known Member
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    Can confirm for Raleigh, I'm sure it's settled down some but I bought late 2021, $600,000 house and put down $50K in due diligence. Was quite nerve racking to say the least.
     
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  35. Baron

    Baron Well-Known Member
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    This is wild.
     
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  36. Killy Me Please

    Killy Me Please I lift things up and put people down.
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    All these people moving to NC because of low taxes and starting families doesn't really seem sustainable.
     
  37. WillySaliba

    WillySaliba Well-Known Member
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    I can’t believe that’s even legal.
     
  38. ohhaithur

    ohhaithur e-Batman
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    Considering our country's history of protecting land owners I'm honestly surprised it's not more wide-spread
     
  39. Struggler

    Struggler Well-Known Member
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    You can use string. Tie one end to a nail in your gutter and let it get drawn into the downspout.
     
  40. Tommy Jefferson

    Tommy Jefferson Well-Known Member
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    Are you speaking from experience or instinct?
     
  41. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Have you tried sucking your gutter’s dick yet
     
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  42. Struggler

    Struggler Well-Known Member
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    Experience. 23 years as a union sheet metal worker. The string won’t last forever, but it gives the water a continuous path to the sides of the downspout preventing drips that are annoying.
     
  43. Imurhuckleberry

    Imurhuckleberry Avid spectator of windmill warriors
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    At a certain point I feel like we should have a list of all the SME’s we have here. Tmb blue check marks here we come.
     
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  44. ned's head

    ned's head Well-Known Member
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    Ned's head: fireplace fireplaces
     
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  45. drewru

    drewru Well-Known Member
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    Anyone here used an architect/GC for a remodel? I’m trying to find out what the customary rate for their services is. We discussed a proposal with one who quoted 9% of construction costs, which seems nuts to me.
     
  46. Rabid

    Rabid Fan of: DQ Treats
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    Ours just bid the entire job so the mark-up was embedded but they offered cost-plus. I think they said the cost-plus mark-up would be 15-20%. It was 7 years ago now so I don’t remember exactly on the cost-plus since we didn’t go with that.
     
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  47. Matt Foley

    Matt Foley RIP EARL
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    It’s primarily for commercial, but your state may have a fee schedule that they use for state bid projects that you can use to get in the right ballpark. This is Alabama’s:
    https://dcm.alabama.gov/PDF/manual/Chapter_4_Supplement.pdf
     
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  48. drewru

    drewru Well-Known Member
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    Did the person you go with have an engineering and/or contracting background? From your post I get the sense they did and it has me thinking we need to find someone whose more engineer and less architect.
     
  49. AptosDuck

    AptosDuck Pedantic Hausfrau
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    Do it right and get both
     
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  50. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Architects don’t know shit!