We're buying a house.

[stevetheupsguy]

Hey all, we've been house hunting for a few months now, and have decided to put a contract on a house. The offer was accepted, and now we're in the process of the sale. I've decided to borrow money from my 401k, for the down payment and whatever else we may need. Is there anything else I need to know? Any suggestions? The inspection is Saturday, so any info would be greatly appreciated.

 

[brownmonster]

Is this your 1st home? If it is you qualify for an 8 thousand dollar gift from uncle obama.

 

[stevetheupsguy]

Is this your 1st home? If it is you qualify for an 8 thousand dollar gift from uncle obama.

Yes, 1st home. The closing is June 15th. Can I start singing, Oh Happy Day, yet?

 

[fethrs]

Woo Hoo! Good for you and your family Stug.Sorry I don't have any advice, just saying Congrats!Nice place by the way.

 

[brownmonster]

Does it have a brownmonster-in-law room so when I become a snow bird I can move in? An extra garage for my Park Avenue would be nice.

 

[stevetheupsguy]

Woo Hoo! Good for you and your family Stug.Sorry I don't have any advice, just saying Congrats!

Thanks, fethrs!

Does it have a brownmonster-in-law room so when I become a snow bird I can move in? An extra garage for my Park Avenue would be nice.

We can do the room, but if you drive here in a Park Avenue, you'll blend right in with the rest of the snow birds.

 

[City Driver]

dont forget your solar panels, wind turbine and organic building materials to keep the liberals happy

and when the construction workers building your house are on lunch, make sure they arent eating any meat


GREEN GREEN GREEN GO GREEEEEEEEEEEEEENNNNNNNNN

 

[brownmonster]

By the way, nice looking house. Congrats.

 

[stevetheupsguy]

dont forget your solar panels, wind turbine and organic building materials to keep the liberals happy

and when the construction workers building your house are on lunch, make sure they arent eating any meat


GREEN GREEN GREEN GO GREEEEEEEEEEEEEENNNNNNNNN

I enclosed the picture of the, already finished, house, above. Here's a description for ya. Granite counters, in the kitchen. Roman tub, in the master bath, and my wife loves it.

 

[DS]

Good for you man,and she's a nice lookin' house too! Other than the home inspection,which is a wise move,my only advice is to try not to go into it thinking that you may as well replace all those things that you'e acquired over the years.There are ALWAYS unforseen expenses that will crop up in the days to come.Keep the old lawn mower,garden hose,etc etc etc.When people are looking at such a large amount of money,they tend to think,we may as well get a new this or that.Don't do it,there is plenty of time in the future to upgrade all the things that are unnecessary at this time.I'm not sure how it works there,but its also of good idea to have your mortgage institution include your property taxes in with your monthly payment.
Congrats Steve to you and the girls.

 

[MonavieLeaker]

Congrats man

 

[stevetheupsguy]

Good for you man,and she's a nice lookin' house too! Other than the home inspection,which is a wise move,my only advice is to try not to go into it thinking that you may as well replace all those things that you'e acquired over the years.There are ALWAYS unforseen expenses that will crop up in the days to come.Keep the old lawn mower,garden hose,etc etc etc.When people are looking at such a large amount of money,they tend to think,we may as well get a new this or that.Don't do it,there is plenty of time in the future to upgrade all the things that are unnecessary at this time.I'm not sure how it works there,but its also of good idea to have your mortgage institution include your property taxes in with your monthly payment.
Congrats Steve to you and the girls.

Thanks DS, that is a really good thought, and much appreciated. We will definitely be keeping a lot of the old stuff. Ditto for the taxes.

 

[UpstateNYUPSer(Ret)]

Steve, check with your union local to see if your legal benefit includes your lawyer for your closing. Up here we get either $400 toward the lawyer of our choice or one of the lawyers on their list for free.

Keep all of your closing paperwork handy for tax time next year. In addition to the $8K from Obama, you can write off some of your closing costs as well as the interest and taxes that you pay on the house.

Speaking of the closing, it's too bad that you have already scheduled it for the 15th. Generally speaking you want to close either on the 1st or 30th as your closing costs would be lower because you will not have to pay as much pre-paid interest.

The house looks nice and you should be very proud. Dave.

 

[BLACKBOX]

If you have to invest in a Lipizzaner, they are top of the line and most sought after.....oh wait, you said house, I thought you said horse.

 

[stevetheupsguy]

Steve, check with your union local to see if your legal benefit includes your lawyer for your closing. Up here we get either $400 toward the lawyer of our choice or one of the lawyers on their list for free.

Keep all of your closing paperwork handy for tax time next year. In addition to the $8K from Obama, you can write off some of your closing costs as well as the interest and taxes that you pay on the house.

Speaking of the closing, it's too bad that you have already scheduled it for the 15th. Generally speaking you want to close either on the 1st or 30th as your closing costs would be lower because you will not have to pay as much pre-paid interest.

The house looks nice and you should be very proud. Dave.

Very good advice, upstate, thanks. The owner is paying the closing costs. Does that make a difference? Still need the lawyer, though, correct?

If you have to invest in a Lipizzaner, they are top of the line and most sought after.....oh wait, you said house, I thought you said horse.

Time to wipe the soda spray off of the monitor, BLACKBOX.

 

[upsgrunt]

You and your wife have good taste! Congrats

 

[Bad Gas!]

I would say don't borrow against your 401k.I know you want someone to say that...but after last years hard hit, what does anybody know..Good luck..

 

[brownmonster]

Buying a house and going on a cruise. Holy wallet size batman.

 

[bluehdmc]

Congratulations! As to your post about getting a lawyer, definetly! Your attorney will be there to protect your interests. There's little things you wouldn't even think of that need to be covered. This way you don't get suprised with the "extra homeowners association fee" for example that was due June 1st and the seller "forgot" to pay. Once you close this would become your responsibility. Well worth the costs.

 

[UpstateNYUPSer(Ret)]

Very good advice, upstate, thanks. The owner is paying the closing costs. Does that make a difference? Still need the lawyer, though, correct?

The owner is paying all of your closing costs? You may want to double check to see if that includes your lawyer--if it does, then you are all set. If it does not, then you will need to check to see if you are covered by your local. Yes, you will need your own lawyer to make sure your interests are taken care of.

I will give you an example from my own closing as to why having your own lawyer is essential. The seller agreed to pay up to $5,300 toward closing costs; however, in our contract, which she signed, it read that she would pay $5,300 toward closing costs. My closings costs were around $4,600 so leaving those two little words out cost her $700. I also submitted the bill for my lawyer, which she paid for, to the union and got a check for $400, so my closing worked out well for me.

Take the time at closing to read everything that they put in front of you, which will be a lot. Don't hesitate to ask if you have any questions. Good luck.