JFC we need bots to get houses now?
Update: Baked goods worked. Someone cancelled, they could have called anyone but instead they called us. Not sure if the exact lot we want will be available, probably will reserve a spot regardless right now.
4 Likes
Well, reserved a lot. Smaller than I hoped, but still plenty big. Have to finalize room selections in 2 weeks.
A bazillion options to look into now. Comes with a 3.96kW solar system, can upgrade to a 7.26kW system for 9.2k.
Max energy I’ve ever used in my rental (which is smaller) is 50kWh per day, usually use 25 kWh per day in peak summer heat. Some quick googling says that I can expect 15-40 kWh per day with that system depending on other stuff. Should be very sunny where I live.
Upgrade worth it? Seems like no now, but maybe if the future makes power much more expensive?
7.26 kw system will probably average about 35kwh per day over the course of a year.
If you averaged 25kwh/day in a smaller house you’ll probably at least be close to using it all. (It’s the average that matters with net metering).
$9.2k is not a great price for an additional 3.3kw, but good enough.
Due to tiered pricing the pay back is not as good on the last bit of solar as it is on the first.
All in all, still worth it, especially if it’s wrapped up in a first mortgage. You’re borrowing the money at like 3% and the return is much better.
5 Likes
Congrats!
I’m sure you’ll absolutely love the home when it’s done.
1 Like
So in a story about crazy housing stuff.
My parents bought a beautiful house in a great location last May or so. They got an unsolicited cash offer two weeks ago for 40% more than what they paid for it in May. They countered with 70% more than what they paid thinking it would be laughed off. The buyer responded with they’d want to tour the house.
The amount they would clear on this is absurd. Their only hangup is finding another good place. The house they got has some special attributes. It’s on water, has beach and downtown access in a very small market, but still. It’s nuts.
We received a letter yesterday from what appears to be a legit RE agent (based on linkedin and web searches) telling us there is a buyer interested in our home, which is not currently on the market. Are they just reaching out now taking stabs at anything not nailed down?
That’s a pretty common tactic even in normal markets. Doubt they have a buyer who specifically wants your home, but they probably have buyers who haven’t been able to find what they want on the market.
2 Likes
I dunno. I’ve had three people come up to the house I rent and talk to me about buying it. I always tell them I’ll forward their info to my landlord… and then don’t of course because my landlord is an amateur moron who forgot that our lease is now month to month. Maybe it’s my area.
We’ve been kicking around the idea of selling and renting for a while since our new build fell through, because when else am I going to get a chance to get out of this house that needs a ton of work while probably paying very little penalty based on what we see happening around us. But if we do that it would probably make more sense to put it fully out on the market versus giving one agent a private shot at it. Unless their game is to say that the buyer fell through so let’s list it.
Yeah, this.
Closing costs are like 5% of the house right?
If you’re lucky. The whole transaction is maddening, with endless fees to people / entities that provide no value. I might hate title insurance more than any product in the world, complete scam.
In the history of the universe has title insurance ever paid out a clam?
I was getting ready to type out that ACTUALLY title insurance is worthwhile to protect you against defective titles, and just because it rarely pays out, it’s still valuable.
Then I looked at historical loss ratios (claims paid divided by premiums). For context, these are like 80-90% for medical insurance and 70-80% for property and casualty. Holy shit - for title insurance, THEY’RE LESS THAN 10%.
Riverman is right
I just sent my good friend (a risk & insurance professor) a scathing email, demanding that he defend this business. Will update when I get a response.
4 Likes
Iowa lets you buy it from the government and rates are literally like 20x lower than other states. In almost all states the price is fixed by law and price competition is illegal. By far the title companies biggest expense is kickbacks.
And (explains kickbacks):
Iowa made it state run and it’s like 200 bucks or something.
Not sure the specifics in US, but in Canada title insurance is worthwhile in the sense that if you don’t opt for it your lawyer charges you an amount pretty close to it in extra fees because they have to do that much more work. From what I understand it saves the lawyers a couple hours and the cost becomes pretty negligible at that point. With rising home prices though and title insurance being tied to the sale price, it’s become -EV again.
Update: “a big scam”
2 Likes