For Pete Sake, Please Stop Putting Illegal Kitchens in Your House, Long Island (Hempstead: insurance, mortgage)
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I suggest you find a piece of land and have your dream home built the way you want it, pool and all. That way you won't have to pay for someone else mistakes.
That is another possibility for sure. Just scoping the market, seeing if we can get close to ideal.
Thanks for the context. It is interesting insight. It doesn't make it any less frustrating for me as a buyer, nor does it make my perspective coming into this mess now less valid.
No, but it shows why your frustration at trying to time the market is kind of humorous to those of us who've seen it for years. Your posts have actually opened up a lot of good discussion, but you do sound like an angry teenager to us sometimes so you get nasty feedback or rolling of the eyes, or from me the occasional lecture! Frankly, I prefer your kind. You do homework. You want information. You're easily frustrated. You'll fit right in! Wait til you get your first tax bill! Yee haa.
Oh. Because I'm told by some of CD that buyers fall for flip jobs *because* they don't want to live in a construction zone and everything must be turnkey. However I'm sure you're also correct, as there are both types of buyers. But I'm not sure you can overlook something like an illegal kitchen, which may hinder getting a loan and once the second kitchen is discovered, I believe the buyer immediately inherits the problem. Before demo can be done. That's why -- and I know CD hates this-- I'd only put in an offer contingent on buyer removing stove and capping gas line before our acquisition.
That is routinely done by the seller prior to the appraisal by the bank.
That's why -- and I know CD hates this-- I'd only put in an offer contingent on buyer removing stove and capping gas line before our acquisition.
You'd let a house deal fall through all because you can't move a stove to the curb and pay the gas company $100 to cap a gas line? Your rationale is laughable.
Plenty of the houses I looked at this summer all went into contract soon after hitting the market and have either closed or are pending sales. The impending doom you describe is more from your personal experiences from houses you've seen that we know nothing about.
But your opinion on why houses sit is not based on any concrete facts. Banks don't care about additional kitchens without permits, nor do insurance companies. I know this because i just went through it. I sold my house without a permit to a buyer whose bank did not care. They didn't even have to remove the oven to skirt past it. The home I bought was the same deal...second kitchen in the lower level...and banks and insurance did not care. Most people, like me, look at it as an additional kitchen that can be used occasionally or not at all, with the freedom to change as we see fit.
But trying to create a false scenario that all houses are sitting because of this is just so ridiculous. Maybe next you can start a thread on how the real estate market is ready to crash and burn because of all the wall to wall carpet on Long Island. "PLEASE LONG ISLAND STOP SUPPORTING HOME SALES WITH CARPET INSTEAD OF BEAUTIFUL HARDWOOD FLOORS! ESPECIALLY WHEN YOU'RE SPENDING 500K ON LONG TERM EQUITY THAT YOU CAN'T TAKE ADVANTAGE OF! ARGGGGHH!"
You are misinformed, only the very large banks care. My home that I just listed had some major upgrades. The title search clearly showed a different sq footage and amount of bathrooms. The bank ignored all of it, the did give us crap about no C/O on the deck and we signed some waiver saying its my problem. I just listed and the realtor said not an issue it's even easier now than it was a few years back.
[b] Banks don't care about additional kitchens without permits, nor do insurance companies.
This isn't what we've been advised by Realtors we've encountered along the way. It doesn't surprise me that there is contradictory information. I believe you when you say your experience was different, but maybe you're in a different area or the particulars of your sale are different (more dp, less loan, buying 2 fam, etc.)
Schmitters reminds me of the young couple I sold my last house too. There is a fine line between being careful and being paranoid, and both seem to have blown way over that line into tinfoil hat territory.
There was nothing wrong with the house I sold them. It was in good shape when I bought it and was even better after I put over 100k in renovations into it. But they got bent out of shape over every piddling, inconsequential thing. Window crank was loose. Walls had little holes from picture hangers. Sidewalk flag had a crack in it. They actually paid their home inspector to come back twice to make sure these things had been fixed properly - things that I fixed for literally under $100 in total. I think I knew how unhinged they were (particularly the wife) when she snapped at her real estate agent, who was just trying to tell her that these issues weren’t a big deal, “YOU DONT WORK FOR ME I DON’T TRUST YOU”.
I hear funny stories from my old neighbors from time to time. An ADT sales rep knocked on their door one day and they called the police on him thinking it was a burglar casing the house. It took a full year for anyone on the block to meet the wife, and this was a block where everyone talked to each other on the regular.
You can take some people out of the city but you can’t take the city out of them.
This isn't what we've been advised by Realtors we've encountered along the way. It doesn't surprise me that there is contradictory information. I believe you when you say your experience was different, but maybe you're in a different area or the particulars of your sale are different (more dp, less loan, buying 2 fam, etc.)
Very simple, no 2nd stove when appraiser is there, there is no 2nd kitchen. Despite that it looks like a kitchen without a stove, for appraisal and bank purposes, its not a kitchen.
This isn't what we've been advised by Realtors we've encountered along the way. It doesn't surprise me that there is contradictory information. I believe you when you say your experience was different, but maybe you're in a different area or the particulars of your sale are different (more dp, less loan, buying 2 fam, etc.)
I sold and bought single family homes. Sold in Ronkonkoma, bought in Smithtown. My buyers put 20% down and their bank gave them no issues. Plus I had a deck with no CO and the bank also did not care. REALTORS may care because they want a quick easy sale, and even the hint of a hiccup is scary to them. But the whole mentality of having to buy a perfect house is overkill.
In the very least if there was an issue, you as the buyer would be signing a piece of paper that basically acknowledges that you take responsibility. Like I said I had no CO for the deck when I bought the house 6 years ago, and I had to sign something that says I knew this. I got my loan with no questions asked, had an insurance rep come to the house who was aware of no permits, and still got coverage. When I sold it, the buyer's bank didn't even require anything in writing. They just want their money.
So at the end of the day it comes down to if YOU as the buyer want to make a big deal of things. Specifically to this thread, problems with 2nd kitchens are not problems at all.
Schmitters reminds me of the young couple I sold my last house too. There is a fine line between being careful and being paranoid, and both seem to have blown way over that line into tinfoil hat territory.
There was nothing wrong with the house I sold them. It was in good shape when I bought it and was even better after I put over 100k in renovations into it. But they got bent out of shape over every piddling, inconsequential thing. Window crank was loose. Walls had little holes from picture hangers. Sidewalk flag had a crack in it. They actually paid their home inspector to come back twice to make sure these things had been fixed properly - things that I fixed for literally under $100 in total. I think I knew how unhinged they were (particularly the wife) when she snapped at her real estate agent, who was just trying to tell her that these issues weren’t a big deal, “YOU DONT WORK FOR ME I DON’T TRUST YOU”.
I hear funny stories from my old neighbors from time to time. An ADT sales rep knocked on their door one day and they called the police on him thinking it was a burglar casing the house. It took a full year for anyone on the block to meet the wife, and this was a block where everyone talked to each other on the regular.
You can take some people out of the city but you can’t take the city out of them.
It's almost as though they were spending 400,000 dollars in one place for the first time in their lives on a product they'll live in for several years or something I know buying a house is NBD to some, just another Walmart run.
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Frankly, I prefer your kind. You do homework. You want information. You're easily frustrated. You'll fit right in! Wait til you get your first tax bill! Yee haa.
I know buying a house is NBD to some, just another Walmart run.
