Random General Questions

[Sarah K]

Me and the fiancé are house hunting here in the next year. Is it possible to get a $180k loan for let's say...a $160k house and use the extra $20k for improvements on the home? Basically we'd be looking to buy a house and try to roll some extra cash into the loan to fix up the house to our liking.

No. The bank will send in an inspector to tell them what the place is worth. They won't loan you more than that.

[tony.parente]

No. The lender will only loan you what the house is worth, because they are collateralizing the value of the house. And you can't get a 100% loan. Not anymore, after the real estate crash. You used to be able to get an 80% loan and finance the 20%-downpayment. Those days are long gone. You CAN get a new construction loan, which type of loan includes rehabs, but they take about a year to go through all the paperwork and shit, and they're a real pain in the ass and you generally do that AFTER you buy the house, as a second loan. And the lender for that loan has to determine that the potential value AFTER the rehab has to be worth that additional loan.

You're the goddamned angel of knowledge and kindness.

Thanks!

[allegro]

No. The bank will send in an inspector to tell them what the place is worth.

Appraiser. :-)

[nothing8]

Appraiser. :-)

Valuer (in Australia anyway). Same deal though. What's the housing market doing in the US these days (generally) anyway?

[tony.parente]

Valuer (in Australia anyway). Same deal though. What's the housing market doing in the US these days (generally) anyway?

It seems on the surface that it's bounced back quite nicely, though I'm far from an expert. Still easy enough to get a loan as long as you don't have TOO many credit skeletons in your closet.

[allegro]

Valuer (in Australia anyway). Same deal though. What's the housing market doing in the US these days (generally) anyway?

Depends on the area. Some areas have bounced back far better than others. There are still a shit ton of REO (real estate owned, or banked-owned, and receivership) properties on the market -- which has been my paralegal specialty of law for the last 5 years, a really interesting niche area of real estate -- and until all those are gone, the prices are kept pretty stable. Not many areas with bidding wars like the old days. Still lots of distressed properties. And it takes a LOT longer to get a loan, now, and there is a lot more scrutiny. WHICH IS GOOD.

Market is, as always, dictated by inventory vs. demand and the condition of the inventory relative to comps.

[nothing8]

Depends on the area. Some areas have bounced back far better than others. There are still a shit ton of REO (real estate owned, or banked-owned, and receivership) properties on the market -- which has been my paralegal specialty of law for the last 5 years, a really interesting niche area of real estate -- and until all those are gone, the prices are kept pretty stable. Not many areas with bidding wars like the old days. Still lots of distressed properties. And it takes a LOT longer to get a loan, now, and there is a lot more scrutiny. WHICH IS GOOD.

Market is, as always, dictated by inventory vs. demand and the condition of the inventory relative to comps.

I've never heard of Real Estate Owned properties before. I know we have mortgagee in possession here which is pretty much the bank taking over and then flogging the property to recover their losses.

Good to know that there's a lot more scrutiny in selling loans and whatnot now. I remember having to do an assignment for uni where I focused on the GFC and the general impact on property and just reading up on what happened and why was insane. I have a feeling Australia is heading that way now with the market running hot pretty much everywhere at the moment (prices have jumped since last year to stupid levels) and it seems as though every man and his dog is being given a loan. The resi valuers at work are struggling to keep up with demand and are pulling insane hours/money.

I never liked residential valuation, it all seemed too much like a sausage factory (as evidenced by improper lending practices and everything else that happened in the US). Unfortunately there are talks floating around where companies are trying to push commercial valuation into the same vein in terms of shortening reports and the amount of information we give to lenders which scares me.

[allegro]

I've never heard of Real Estate Owned properties before. I know we have mortgagee in possession here which is pretty much the bank taking over and then flogging the property to recover their losses.

Good to know that there's a lot more scrutiny in selling loans and whatnot now. I remember having to do an assignment for uni where I focused on the GFC and the general impact on property and just reading up on what happened and why was insane. I have a feeling Australia is heading that way now with the market running hot pretty much everywhere at the moment (prices have jumped since last year to stupid levels) and it seems as though every man and his dog is being given a loan. The resi valuers at work are struggling to keep up with demand and are pulling insane hours/money.

I never liked residential valuation, it all seemed too much like a sausage factory (as evidenced by improper lending practices and everything else that happened in the US). Unfortunately there are talks floating around where companies are trying to push commercial valuation into the same vein in terms of shortening reports and the amount of information we give to lenders which scares me.

REO is when a Sheriff's Deed or Judicial Deed (or Deed in Lieu of Foreclosure) has already been issued and the bank is fully in possession. In the current huge wave of inventory, the prior (foreclosed) owner was likely an investor, developer or "flipper." Our clients' (banks) inventory ranges from a building full of high-end condos in Bucktown (Chicago), a $2,500,000.00 Gold Coast (Chicago) mansion, to $25,000 single family homes in distressed neighborhoods where we hope to close before somebody breaks in and steals the copper pipes (which happens all the time, often the day before closing ugh).

We also have lots of REO commercial 2-flats, 3-flats, vacant lots, commercial condos, etc.

Five years ago, I closed over 75 units in a high rise condo building on Ohio (Chicago's River North) in Receivership. Receivership is pre-Sheriff's Deed, when a Court appoints a Receiver and each sale requires an Order Approving Sale and a Receiver's Deed. The place had been a ghost town until the Receiver and a good listing agent took over.

[Aywok]

Does anyone know where I can find replacement Torx screws for a Smith & Wesson ExtremeOps Automatic Knife (switchblade)?

All of the ExtremeOps 3" Automatics use the same size Torx screws, but I am unsure of the measurements. Also, the screw head itself is shaped differently from Torx screws you can buy at a local hardware store. I checked the S&W website, but am unable to find them since I do not have a specific part number for the screws.

I tried Google but couldn't find anything; perhaps there's a magic combination of words I didn't use?

[The_Prowler]

How much deeper would the ocean be if it didn't have all those sponges in it?

[cynicmuse]

Does anyone know where I can find replacement Torx screws for a Smith & Wesson ExtremeOps Automatic Knife (switchblade)?

All of the ExtremeOps 3" Automatics use the same size Torx screws, but I am unsure of the measurements. Also, the screw head itself is shaped differently from Torx screws you can buy at a local hardware store. I checked the S&W website, but am unable to find them since I do not have a specific part number for the screws.

I tried Google but couldn't find anything; perhaps there's a magic combination of words I didn't use?

Maybe try looking at McMaster Carr's webpage? They sell all kinds of screws; I've linked to a page with the different heads. If you can get your hands on a pair of calipers, you could guess the screw size.

[Aywok]

Maybe try looking at McMaster Carr's webpage? They sell all kinds of screws; I've linked to a page with the different heads. If you can get your hands on a pair of calipers, you could guess the screw size.

Thank you. I could easily just buy a new knife, but that sentimental value, you know? My stepfather has just about any tool I can think of, but we've never gotten along well. Thank you again.

[the duder]

So, my fiance and I went to pick out countertops, cabinets, flooring, carpeting and assorted other things for our home we are having built. We also met with a fellow who set us up with all of our low voltage wiring needs - security, home audio, etc. We opted to have them do a built-in surround sound system for our home in our "bonus" room, and a central vacuum system.

Now, we are re-considering the central vac system - does anyone here have a central vac system, and if so, what do you love/hate about it?

[allegro]

So, my fiance and I went to pick out countertops, cabinets, flooring, carpeting and assorted other things for our home we are having built. We also met with a fellow who set us up with all of our low voltage wiring needs - security, home audio, etc. We opted to have them do a built-in surround sound system for our home in our "bonus" room, and a central vacuum system.

Now, we are re-considering the central vac system - does anyone here have a central vac system, and if so, what do you love/hate about it?

Personally, they sound cool but I would do a lot of research re HEPA and how they stack up against my beloved Miele before I'd consider it. It's convenient, for sure, but ... how powerful are they, relative to a Miele, what about attachments, what about filters, what about repairs? They were hugely popular for my new construction clients 20 years ago, but they don't seem to be as popular anymore. On the other hand, hardwood up here is THE flooring of choice (I have all red oak hardwood).

Central vacs really popular on YACHTS right now, though.

[The_Prowler]

What exactly is the definition of "white girl wasted"? Is it a special kind of drunk, a drunk that's caused by a specific type of drink/combination of drinks or just the new catchall term for any white girl under the age of 30 who got blasted?

[Dra508]

So, my fiance and I went to pick out countertops, cabinets, flooring, carpeting and assorted other things for our home we are having built. We also met with a fellow who set us up with all of our low voltage wiring needs - security, home audio, etc. We opted to have them do a built-in surround sound system for our home in our "bonus" room, and a central vacuum system.

Now, we are re-considering the central vac system - does anyone here have a central vac system, and if so, what do you love/hate about it?

I don't think central vac adds much value, know virtual no one with one. I say save your money or spend on something that will add value down the road or you really like: granite, nice drawer pulls, a bread drawer (my personal favorite) or steam unit in the shower (ok, that can wait).

[Big Fat Matt]

I have tried every over the counter remedy i could find in any and all drug stores. I am considering sandpaper (maybe not joking).

UPDATE:

So i did use some sandpaper to get rid of the callous, and using an exacto, tweezers and a LOT of h2o2, dug the fucker out. 2 weeks after the day of DIY surgery, the only vestige of the beast that once was is a white ring on my foot where the callous was sanded away.

[The_Prowler]

When a bald person washes their face, how far up do they go?

[the duder]

Thanks for the feedback, Dra and Allegro!
The unit does have a lifetime warranty, so anything that would break would be fixed, for free. We also read a bunch of reviews online and came to the conclusion that it would be nice to have, but we already have a vacuum and it wouldn't make much sense to finance one over the life of the mortgage when we could just plug it in and suck shit up.

The little things that turn into big things...:P

[allegro]

I don't think central vac adds much value, know virtual no one with one. I say save your money or spend on something that will add value down the road or you really like: granite, nice drawer pulls, a bread drawer (my personal favorite) or steam unit in the shower (ok, that can wait).

For the record, granite is being replaced in popularity by QUARTZ (Caesarstone, Silestone, etc.). MANY more color selections, much easier to maintain, not as "busy," etc. I love the Caesarstone in my remodeled kitchen SO much, I'm probably going to replace the granite in my bathrooms with Caesarstone eventually. That verde granite is just so, ugh, dated.

My custom kitchen cabinets ... worth EVERY penny. And my husband got his coveted SubZero fridge. I got my custom zero radius GIANT rectangle stainless sink. The KITCHEN SINK ends up being REALLY important. Spend more on the dishwasher, too. If you can afford it, go for the German Miele.

[Dra508]

For the record, granite is being replaced in popularity by QUARTZ (Caesarstone, Silestone, etc.). MANY more color selections, much easier to maintain, not as "busy," etc. I love the Caesarstone in my remodeled kitchen SO much, I'm probably going to replace the granite in my bathrooms with Caesarstone eventually. That verde granite is just so, ugh, dated.

My custom kitchen cabinets ... worth EVERY penny. And my husband got his coveted SubZero fridge. I got my custom zero radius GIANT rectangle stainless sink. The KITCHEN SINK ends up being REALLY important. Spend more on the dishwasher, too. If you can afford it, go for the German Miele.

Good info on the countertop. I can't wait to do another kitchen over. I gave up my remodel to the ex. I agree about the sink and the dishwasher. I had a single extra deep stainless.

[allegro]

Good info on the countertop. I can't wait to do another kitchen over. I gave up my remodel to the ex. I agree about the sink and the dishwasher. I had a single extra deep stainless.

SINGLE extra deep, yes!!! NO double, single is the BEST!!! I also *love* my Wolf 6-burner 36" gas cooktop, LOVE.

[Dra508]

SINGLE extra deep, yes!!! NO double, single is the BEST!!! I also *love* my Wolf 6-burner 36" gas cooktop, LOVE.

Wolf? Aw fuck, you win.

If I stay here and remodel the kitchen, it'll be too expensive to pipe in gas. Maybe one of those swanky induction cook tops?

[allegro]

Wolf? Aw fuck, you win.

If I stay here and remodel the kitchen, it'll be too expensive to pipe in gas. Maybe one of those swanky induction cook tops?

I have a 30" Wolf electric oven, too. :-) I went with electric oven because it's cleaner and easier to regulate, but I can't do anything but gas when it comes to cooktops.

You get a deal if you buy a bunch of Wolf / SubZero stuff.

We got the KitchenAid warming drawer, though.

I could NOT hack an electric stovetop, no way. Induction sounds cool but I think I'd have to learn to cook all over again? They're REALLY popular in Europe, though.

[Sarah K]

Basically my only goal in life is to have a really nice gas stove.

[allegro]

My current kitchen can't handle it, but someday (like, before I die), I'd still love to have one of these babies:



Here's my cooktop.

[eversonpoe]

jeez, guys. start a thread for your home-owner porn

[Blackbookpress1984]

My current kitchen can't handle it, but someday (like, before I die), I'd still love to have one of these babies:



Here's my cooktop.

The company I work for sells this stuff. Don't use Wolf. Use Viking or Garland

[the duder]

As it stands now, the "standard" feature for our place is granite countertops. We're trying to get as much bang for our buck as we can, so we're not really looking to change out countertops, or cabinets for that matter. That can all happen down the road. We definitely decided against the central vac and decided to save the $$$ to buy a TV, A/V receiver and subwoofer for our built-in and pre-wired surround system in the upstairs den/(wo)man cave.

[allegro]

The company I work for sells this stuff. Don't use Wolf. Use Viking or Garland

Viking's cooktops and ovens used to be excellent. Those days are long gone. Their customer service ratings went down the toilet years ago. It's too bad, too, I used to really love Viking.

The PROs love BlueStar. Our friends had Thermador everything and ended up hating them all.

The very positive thing about Viking and SubZero / Wolf is that they're made in the U.S.A.

They all come down to preference, style of cooking, and how you want to CLEAN them, and the level of discounts and service you get from the manufacturer and the store and salespeople you use. But, with real estate, we're talking resale. When a Buyer comes in and sees a Wolf range and a SubZero fridge, that's resale upching.

On the other hand, KitchenAid makes a great product.

We have a friend who bought a high-end GE stainless fridge and it needed 15 service calls in 2 years, was delivered with a giant dent in the door and GE wouldn't take it back, but promised to deliver a new door. 8 dented doors later, it's still not fixed. This is a $7,000 fridge.

(You're in Chicago? Do you work at Abt? We live at Abt, LOL.)

As it stands now, the "standard" feature for our place is granite countertops. We're trying to get as much bang for our buck as we can, so we're not really looking to change out countertops, or cabinets for that matter. That can all happen down the road. We definitely decided against the central vac and decided to save the $$$ to buy a TV, A/V receiver and subwoofer for our built-in and pre-wired surround system in the upstairs den/(wo)man cave.

The granite as standard in new construction is a really good deal. And pre-wiring for surround (and, if you can, co-ax throughout the house and stuff like that) is a great idea! Do it while those walls are open and you have access to conduit! You're right to not load up your mortgage and pay for too much extra shit, and be "house poor."