Wish me luck, putting an offer on a house

Joey_V
Joey_V Posts: 8,583
in The Clubhouse
Putting in an offer on a house before seeing it... But it looks good on paper and on pics. And it's close to my house so I know the neighborhood well. I'll see it the day after I put the offer in.

Don't want to lose this one.

This one is for my parents.
Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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Comments

  • Jimbo18
    Jimbo18 Posts: 2,337
    Good luck, Joey. Nice to have your parents close.
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  • footwedge
    footwedge Posts: 475
    edited July 2016
    I was jealous at first after reading the title thinking you were buying the house for all your gear. :)

    It's great you can do this for your parents and I commend you for this.
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  • [Deleted User]
    [Deleted User] Posts: 10,716
    Wow! This is very cool. B)
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  • teekay0007
    teekay0007 Posts: 2,289
    Joey_V wrote: »
    Putting in an offer on a house before seeing it...

    Oh boy! This has "PFB debacle" written all over it!


    Joey_V wrote: »
    But it looks good on paper and on pics.

    I can't tell you how many times this applied a few years ago when I was looking for a place for a relative, only to find out later that the place was a complete carp hole! However, many of those were in unfamiliar neighborhoods.

    Joey_V wrote: »
    And it's close to my house so I know the neighborhood well.

    What, too busy to take a drive by? I hate it when schedules get hectic too, but in this case, I think I'd make an exception.




    Joey_V wrote: »
    I'll see it the day after I put the offer in.

    Is that the day they take the bug fumigation tent off of it? :p



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  • jeremymarcinko
    jeremymarcinko Posts: 3,785
    Hope it all works out for you...I'm sure it will
    Oh, Listen here mister. We got no way of understandin' this world. But we got as much sense of this bird flyin in the sky. Now there is a lot that bird don't know, but it don't change the fact that the world is happening to him all the same. What I am tryin to say is, is that the course of your life, well its changing, and you don't even see it- Forest Bondurant
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  • Joey_V
    Joey_V Posts: 8,583
    teekay0007 wrote: »
    Joey_V wrote: »
    Putting in an offer on a house before seeing it...

    Oh boy! This has "PFB debacle" written all over it!


    Joey_V wrote: »
    But it looks good on paper and on pics.

    I can't tell you how many times this applied a few years ago when I was looking for a place for a relative, only to find out later that the place was a complete carp hole! However, many of those were in unfamiliar neighborhoods.

    Joey_V wrote: »
    And it's close to my house so I know the neighborhood well.

    What, too busy to take a drive by? I hate it when schedules get hectic too, but in this case, I think I'd make an exception.




    Joey_V wrote: »
    I'll see it the day after I put the offer in.

    Is that the day they take the bug fumigation tent off of it? :p



    Was in Chicago, couldn't see it before the offer.

    Offer was placed but I'm seeing it tomorrow morning. If it's good, the offer is pushed through. I'm not interested in a bidding war so I'm getting the offer in early.

    I did notice that the family room opens into the kitchen... Would be nice with a nice pair of speakers hahaha
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,583
    edited July 2016
    They haven't accepted the offer until I see it... So fingers crossed. Gonna roll out of bed and drive the 4 minutes it takes to get there... Hope the house is nice and we get it!

    My wife's been on my case to close this deal.

    I think she wants babysitting help... And I gotta buy a house for it... Argh

    All jokes aside, it'd be nice for my parents. I'll handle the mortgage and down payment, they'll probably help me with property taxes and I'll get to tax deduct it.

    It's like another 401k vehicle... Can't touch it for many years (hopefully) and it just adds to the portfolio.

    Plus my parents are not savers. They have like 23 years left on their mortgage (don't ask me how)... This would be a weight off their shoulders as they've been wondering how they're going to retire without a mortgage payment.

    I'm going to see if I can pay this thing off in 10-15y.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,583
    teekay0007 wrote: »
    Joey_V wrote: »
    Putting in an offer on a house before seeing it...

    Oh boy! This has "PFB debacle" written all over it

    What, too busy to take a drive by? I hate it when schedules get hectic too, but in this case, I think I'd make an exception.

    I lost this house for my parents by 12 hours. I saw it on day 2 and it was sold
    By day 3. My offer went in day 4. I even went back and offered 10 over asking and I still couldn't get it off the other contract.

    http://m.trulia.com/property/3108939570-412-Spring-Creek-Dr-Argyle-TX-76226

    I'm not going to lose again
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • teekay0007
    teekay0007 Posts: 2,289
    Joey_V wrote: »
    [
    I lost this house for my parents by 12 hours. I saw it on day 2 and it was sold
    By day 3. My offer went in day 4. I even went back and offered 10 over asking and I still couldn't get it off the other contract.

    http://m.trulia.com/property/3108939570-412-Spring-Creek-Dr-Argyle-TX-76226

    I'm not going to lose again

    Dude, that looks like A LOT of house for 320k! Very nice, sorry you missed on it. Hope the current one works more to your liking.

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  • Willow
    Willow Posts: 11,056
    That's what I thought too. For 320 here gets you a town house or a small single in need of lots of work.

    Good luck on your hunt Joey
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  • Joey_V
    Joey_V Posts: 8,583
    teekay0007 wrote: »
    Joey_V wrote: »
    [
    I lost this house for my parents by 12 hours. I saw it on day 2 and it was sold
    By day 3. My offer went in day 4. I even went back and offered 10 over asking and I still couldn't get it off the other contract.

    http://m.trulia.com/property/3108939570-412-Spring-Creek-Dr-Argyle-TX-76226

    I'm not going to lose again

    Dude, that looks like A LOT of house for 320k! Very nice, sorry you missed on it. Hope the current one works more to your liking.

    The key is having the master bed and another room downstairs, makes it easy to retire in. As far as upstairs... That's for the grandkids to play in.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,583
    I get the media room
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • [Deleted User]
    [Deleted User] Posts: 10,716
    for your second system. :D
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  • Joey_V
    Joey_V Posts: 8,583
    rednedtugent wrote: »
    for your second system. :D

    Or 3rd haha... Lol I tried to ask the seller to give me their theater seats...

    Lol
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,583
    edited July 2016
    Joking aside

    I always wanted to free my parents from this mortgage nightmare. My parents have zero foresight for retirement. They do not have the ability to pay for anything beyond living expenses... They have been worried about where to live now that they are approaching 60-65.

    My brothers can't bail them out. So the burden lies on me.

    Originally my plan was to build a big house with a full inlaw wing with their own kitchen and living room area.

    Hence I built a small house to start and that's what you see my system in, yes compromised but what you gonna do? Live here a few years and then amass and then build the big one.

    But my wife recently vetoed that plan. So I went with a new plan, build a guest house separate from the house. I started looking around for lots that could support 2 homes but they are few and far between. To get an acre lot in the areas we want are a premium. Not only that but the casita/guest house option has drawbacks.

    I can't sell it separately from the main house, it doesn't build equity nor does it allow for flexibility when I build my house (limited in locations to build a large complex). And the proximity to my parents might still be an issue with my wife...

    So we decided let me just buy them a house and free me up to do whatever I want. If I stay in our current house or build a new one, that's up to me.

    It'll Build equity, I can tap into it if I need a quick loan or sell it if I hit hard times (knock on wood). And I get my wife the privacy she wants. The only catch was I need it pretty close to my neighborhood...

    Alas the idea to switch from building a guest house to buying a house was something my wife convinced me only last month, so there goes the sudden system upgrades lol...

    Still haven't told her about the new digital front end coming...
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Legender
    Legender Posts: 478
    edited July 2016
    Completely understand... Did the same for my parents a few years ago buying them a house to get out from under the apartment dilemma and free up more discretionary income each month... they want to and do provide part of the monthly payment and on the low rate 15 year note the current amount owed is less than half the value. So not a bad deal.
    I was not able to find how I could write off the loss as I don't meet the requirement for renting at comparable rates for the area.
    Either way, still a good deal for them as they are enjoying more travel time, have a landlord to call when something breaks and more house to enjoy.
    Best of luck on the next deal.
    Music: Oppo103 - Parasound JC2 - Parasound A21- SDA 3.1
    Theater: Denon 3808 - B&K 7500/Emotiva XPA-3- RTi12, CSi5, RTiA7x4, PSW505
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  • Joey_V
    Joey_V Posts: 8,583
    Legender wrote: »
    Completely understand... Did the same for my parents a few years ago buying them a house to get out from under the apartment dilemma and free up more discretionary income each month... they want to and do provide part of the monthly payment and on the low rate 15 year note the current amount owed is less than half the value. So not a bad deal.
    I was not able to find how I could write off the loss as I don't meet the requirement for renting at comparable rates for the area.
    Either way, still a good deal for them as they are enjoying more travel time, have a landlord to call when something breaks and more house to enjoy.
    Best of luck on the next deal.

    It's hard to deduct depreciation or loss or repairs if it's not a true rental. I don't want to add to my income either but this is something I have to talk with the accountant.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,583
    edited July 2016
    Success! As of today, we are in full contract with the house.

    The seller's were a bit of a pain to deal with. Slow to respond to offers and they acted like they were doing me a favor. I think they dragged their feet trying to get other offers in to do a bidding war, but I was so fast in getting my offer in that they could not get other showings.

    My parent's are excited... and Emma is excited to have her grandparents nearby.

    And my wife's excited that we have babysitters!

    It's going to be nice to have my parents nearby.. my dad and I get to hang out. I doubt he'd like to play golf though.

    Thanks for the well wishes, all!
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • GlennDog
    GlennDog Posts: 3,121
    GLWT purchase
    AC Regenerator PS Audio PerfectWave Power Plant 10
    Source Lumin U1 Mini into Lampizator Baltic 4 DAC
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  • Joey_V
    Joey_V Posts: 8,583
    GlennDog wrote: »
    GLWT purchase

    Yeah we close on 8/23, so we are a little over 3 weeks away, hoping it goes smooth.

    My parents have to sell their house in chicago, so it's on the market now... hoping for an easy transition and that it sells.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • HzTweaker
    HzTweaker Posts: 790
    Coagulations Joey, that's very cool.
    2ch rig: Speakers: Magnepan LRS w/Magna Riser stands Preamplifier: Parasound P5 Amplifier: Parasound A23 CDP: Pioneer DV-563A Cables: Wireworld Equinox 7 XLR ICs, Wireworld Ultraviolet 7 USB, AudioQuest Q2s, AudioQuest NRG X(preamp)

    Standby: LSi9s with VR3's Fortress mods
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  • Joey_V
    Joey_V Posts: 8,583
    And my parents' chicago house is under contract... I was beginning to get worried (after 2 weeks of no showings) that I was on the hook for buying the house and no one to live in it!

    Sweetness... hopefully it pushes through and I get my parents here. Then babysitting for Emma, etc. Maybe I can take my dad around next time I look for a car... it gets lonely when I shop alone and my dad always took me when I was younger. Mom and dad will get to live in our neighborhood and have walks with their grandkid.

    Plus maybe when I get back into hifi, I can take my dad with me and we can go listen.

    Good news today!
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • muncybob
    muncybob Posts: 3,065
    Happy for ya! Lots of benefits here for everybody...gotta love it when a plan comes together.
    Yep, my name really is Bob.
    Parasound HCA1500A(indoor sound) and HCA1000(outdoor sound), Dynaco PAS4, Denon DP1200 w/Shure V15 Type V and Jico SAS stylus, Marantz UD7007, Polk L600, Rythmik L12 sub.
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  • WagnerRC
    WagnerRC Posts: 2,161
    very good news. congats
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  • haimoc
    haimoc Posts: 1,031
    Congrats for a new house for your parents, Joey. I wish you a lot of luck.
    -?¿-
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