So I'm looking at putting in an offer on this loft. It's got a lot of space and It's near the train station.
My criteria for a house is near the train station, loft, easy parking, and live-work. So something unique about this location is the extra long parking space. There is enough room for two cars here. The HOA fees are ~$460.00 which isn't bad at all. The only drawback to the property is the lack of gas in the kitchen and no elevator.
Also from a quick inspection the bathrooms need new grout and the washer dryer they have in the unit suck. 2030 3rd st had a really nice set of appliances and an elevator in comparison, oh and a much bigger patio space. 655 5th has a tiny little balcony, but at least it's sunny, so my ghost peppers will have plenty of sun.
Stairs aren't great if you have a heavy electric bike.
Today I go meet with my real estate agent to look at disclosure papers and to talk about the price we will bid on the place. The 655 5th st property is going for 499k, which seems low. This might turn into a problem if the bank decides it's even lower and I decide to put in a bid over that.
Basically, if I want to bid at 510k or so, and the place is appraised at 480k or something then I have to come up with the difference between the two numbers, in this example about 30k. The bank doesn't want to give out a loan for more than the property is worth to them. The bank is thinking about if I fail to pay and they foreclose, how much can they get back if they need to sell it.
The sales rep is going to hold off looking at bids till Thursday, I'm guessing my bid will not be the highest, and in the coming months with Twitter, Zynga, and others making new millionaires every month my income will not be able to compete with people with fat new wallets. But I still believe it's a good time to buy since my rent is over $2,500.00 a month and I'd rather be putting that money into a mortgage and not in my landlords bank account.
wish me luck.
My criteria for a house is near the train station, loft, easy parking, and live-work. So something unique about this location is the extra long parking space. There is enough room for two cars here. The HOA fees are ~$460.00 which isn't bad at all. The only drawback to the property is the lack of gas in the kitchen and no elevator.
Also from a quick inspection the bathrooms need new grout and the washer dryer they have in the unit suck. 2030 3rd st had a really nice set of appliances and an elevator in comparison, oh and a much bigger patio space. 655 5th has a tiny little balcony, but at least it's sunny, so my ghost peppers will have plenty of sun.
Stairs aren't great if you have a heavy electric bike.
Today I go meet with my real estate agent to look at disclosure papers and to talk about the price we will bid on the place. The 655 5th st property is going for 499k, which seems low. This might turn into a problem if the bank decides it's even lower and I decide to put in a bid over that.
Basically, if I want to bid at 510k or so, and the place is appraised at 480k or something then I have to come up with the difference between the two numbers, in this example about 30k. The bank doesn't want to give out a loan for more than the property is worth to them. The bank is thinking about if I fail to pay and they foreclose, how much can they get back if they need to sell it.
The sales rep is going to hold off looking at bids till Thursday, I'm guessing my bid will not be the highest, and in the coming months with Twitter, Zynga, and others making new millionaires every month my income will not be able to compete with people with fat new wallets. But I still believe it's a good time to buy since my rent is over $2,500.00 a month and I'd rather be putting that money into a mortgage and not in my landlords bank account.
wish me luck.
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