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Old 11-14-2006, 05:28 PM   #1
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Buying a townhouse is frustrating!

Just need to vent......please excuse my

So after 2 months Ive finally found the place i want, got the preapproval letter from the mortgage company, agreed on the price, sent in all the paperwork, and now i have to wait to see if she wants to sell me the place outright....or rent it out to this other guy.

So its a lot of waiting, a lot of paperwork, a lot of stress. I can see why some people just find it easier to rent a place rathe than buy.

Besides all the waiting, is all the "bullshit" fees they put on the closing costs and other paperwork. I can understand some of the fees, but other fees seem like someone naming fee's they pull outta their .

And at the end of the day, I don't even know if I get the place, or if she rents it to the other guy :BangHead:

i hope all works out, but , this is a long process......

Ok...end rant
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Old 11-14-2006, 05:37 PM   #2
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Your realtor that put in the bid on the place should be able to tell you how much time the owner/seller has to either accept, decline, or counter your offer. Yes, it's a pain, but the reward is paying yourself every month instead of someone else.

Well, that and to be able to really call it HOME.
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Old 11-14-2006, 05:44 PM   #3
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Why are you buying at this point? You need the tax right off or what?
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Old 11-14-2006, 05:45 PM   #4
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What mortgage company you choose makes all the difference in the world.

Where did you find them?
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Old 11-14-2006, 05:45 PM   #5
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Quote:
Originally Posted by Squeaky
Your realtor that put in the bid on the place should be able to tell you how much time the owner/seller has to either accept, decline, or counter your offer. Yes, it's a pain, but the reward is paying yourself every month instead of someone else.

Well, that and to be able to really call it HOME.

yes..he told me that he put on the offer letter to respond by friday.


even then.....i cant close until like 21 days after...so that puts me right into december.

but yes....paying a mortgage instead of rent will be better, at least i get some of that money back at tax time
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Old 11-14-2006, 05:46 PM   #6
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Quote:
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What mortgage company you choose makes all the difference in the world.

Where did you find them?
my mom's a stock broker for Smith Barney, who's owned by Citigroup....so I guess she has a friend at Citi Mortgage thats doing all the stuff for me.
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Old 11-14-2006, 05:48 PM   #7
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Quote:
Originally Posted by flipboy326
my mom's a stock broker for Smith Barney, who's owned by Citigroup....so I guess she has a friend at Citi Mortgage thats doing all the stuff for me.
Shop around,

I want through lending tree and had a good experience with the lender that I chose.

There is a good chance your mom's friend is shafting you in closing costs and potentially interest rates.
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Old 11-14-2006, 05:49 PM   #8
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Well, knowing what I gather you just graduated college... I would question getting into a mortgage myself at that point. You acquire a lot more expense then foreseen then what you pay for just rent a lot of times and the tax break is not significant unless you work out of your home under your own business but, having your own place can be very gratifying as well. Good Luck!
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Old 11-14-2006, 05:52 PM   #9
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I used to work for a mortgage co and still know people in the industry. Sorry, it is too late for my help. :BangHead:
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Old 11-14-2006, 05:53 PM   #10
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Quote:
Originally Posted by Moody
Well, knowing what I gather you just graduated college... I would question getting into a mortgage myself at that point. You acquire a lot more expense then foreseen then what you pay for just rent a lot of times and the tax break is not significant unless you work out of your home under your own business but, having your own place can be very gratifying as well. Good Luck!

thanks...its definitely outta the norm for someone right outta college to buy a place right away, but luckily I had my mom who forced me to save 25% of every pay check I got during college when I worked at the mall, and her investing it for me. so while i hated her then for making me have less money, I'm loving it now.
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Old 11-14-2006, 05:56 PM   #11
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Quote:
Originally Posted by flipboy326
thanks...its definitely outta the norm for someone right outta college to buy a place right away, but luckily I had my mom who forced me to save 25% of every pay check I got during college when I worked at the mall, and her investing it for me. so while i hated her then for making me have less money, I'm loving it now.
The reason I say that is... most guys like yourself are keeping the door open for opportunity and limiting your geographic location with a mortgage is something a lot of people would want to avoid at this point but, if you have something nailed down then it probably would be a good investment.
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Old 11-14-2006, 06:01 PM   #12
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I hope you get the place and everything works out for you! Owning property is a wonderful feeling!
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Old 11-14-2006, 06:01 PM   #13
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Quote:
Originally Posted by Moody
The reason I say that is... most guys like yourself are keeping the door open for opportunity and limiting your geographic location with a mortgage is something a lot of people would want to avoid at this point but, if you have something nailed down then it probably would be a good investment.
i see your point, and thats true. but I love my job, and for some odd reason, i like houston a lot. but undrestandable....point taken. :icon_smil
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Old 11-14-2006, 06:04 PM   #14
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Quote:
Originally Posted by Moody
good investment.
i think thats what it boils down to. Most people would rather have the money spent elsewhere, I for one have been one of them. It's only now that i'm on the verge of being 28 that i want my money going towards some kind've an investment instead of paying my apt. complex.

Where did you find the townhouse? I put down a deposit on a new area being built by the downtown area, but they just informed me that opening day will be pushed back 3 months due to the construction company.
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Old 11-14-2006, 06:06 PM   #15
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Quote:
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i think thats what it boils down to. Most people would rather have the money spent elsewhere, I for one have been one of them. It's only now that i'm on the verge of being 28 that i want my money going towards some kind've an investment instead of paying my apt. complex.

Where did you find the townhouse? I put down a deposit on a new area being built by the downtown area, but they just informed me that opening day will be pushed back 3 months due to the construction company.
which part of the downtown area ??? allen parkway? w grey, or the other side?

westheimer and Bw8 is where i found mine...i was looking at westheimer and tanglewilde area on HAR and Urbanliving.com, and this one happened to come up. and I was pretty much sold on the huge lofted master bedroom overlooking the first floor.
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Old 11-14-2006, 06:09 PM   #16
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man i hate tx property tax.........i have a house in louisianna with 3 acres of land.............guess what my tax is on it? almost zilch that same property in houston would kill me about 10k in tax.
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Old 11-14-2006, 06:12 PM   #17
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Quote:
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man i hate tx property tax.........i have a house in louisianna with 3 acres of land.............guess what my tax is on it? almost zilch that same property in houston would kill me about 10k in tax.
tell this to someone who grew up in seattle....a house in houston is a steal compared to what my cousins are paying in seattle.

picture that a nice sized home in houston goes for 150k...same house same size over there would be almost double.

it would be nice to pay lousisina property taxes though by how youre putting it
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Old 11-14-2006, 06:14 PM   #18
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yes but they dont pay as much prop tax i think. and even if they paid alot for the house it would sell back at the same rate as well. lets think about it....
use a increase on value of 10-15%. So houston home 200k increased 15% only profit you 30k but 400k seattle home profit you 60k get it?
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Old 11-14-2006, 06:14 PM   #19
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Quote:
Originally Posted by Moody
The reason I say that is... most guys like yourself are keeping the door open for opportunity and limiting your geographic location with a mortgage is something a lot of people would want to avoid at this point but, if you have something nailed down then it probably would be a good investment.
But if he decides to move (for a job, family, or love ), he can always keep it as an investment property and rent it out. He will maintain the tax break, keep the asset under his belt, and it will (hopefully) keep appreciating in value.

I've done the same with mine, and although sometimes it feels like the money pit, other times it feels like my own little slice of heaven.
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Old 11-14-2006, 06:17 PM   #20
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Quote:
Originally Posted by flipboy326
picture that a nice sized home in houston goes for 150k...same house same size over there would be almost double.
In NY (Long Island, not Manhattan or anything fancy) you can't even find a house for less than half a Mil. My sister is way out in BFE New Jersey (20 min from PA) and paid over $200k for a 2br TH!
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