Skip to main content

Big first home purchase pending. Major jitters. Help!? 🙏

Wife and I found a house we LOVE in a good area of Los Angeles. Just freaking out a bit about the huge numbers we're staring at, especially as neither of us have owned before.

3 bed, 3 bath (inc. ADU) 1,850 sq ft. $755K. (FWIW, this is almost MEDIAN home price in LA). Current APR is 3.75% (up front 3.5 when we first found the home 😤). Not our FIRST choice neighborhood, but safe & trending upwards in prominence.

Our combined yearly salaries are ~$215K (pre-tax). We have $85K down payment + closing costs, w/ alsonat least 6 months emergency fund remaining.

ADU is a licensed single bedroom with separate entrance (+ separate mailing address) and has its own bathroom, kitchenette). Rentals airbnb ~$50/night or ~$800/month.

We are confident we'll continue to earn more money each year and rent out the ADU when possible but we are also worried about being house poor!!!!

2 days until end of inspection contingency

Any advice is much appreciated. There are many smarter minds than mine on here 🙃

submitted by /u/jmasonc
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/dpki29/big_first_home_purchase_pending_major_jitters_help/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more