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My First Place (HGTV)


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#1441

diydude

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Posted Apr 15, 2012 @ 11:00 PM

Good catch, Bri059! I didn't care enough to check it out - only looked at the summary on the city page and noticed they were advertising Units 2 - 6. Didn't hear during the episode what floor his unit was located on - or how many floors it had, for that matter. Sort of assuming Unit 1 represents the bottom floor. If you're first in the building, why not spring for the penthouse? Definitely sounded as if he could have afforded the penthouse premium.

Didn't get a good feeling from that developer. He admitted something like, "I'm new at this". I appreciate his honesty but it didn't inspire confidence, IMHO. Well, if the building went into foreclosure after the guy purchased his unit, it's possible he overpaid. OTOH, the purchase might have been even more difficult to close.

Good point, Linky Loo. Yes, it's definitely considered a riskier loan but he worked with an alternate lender so we can assume they considered that. He should have paid a higher interest rate and/or placed a higher downpayment for that loan to lower the lender's risk - probably both.

JMHO, as usual.

Edited by diydude, Apr 15, 2012 @ 11:33 PM.

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#1442

LurkerNoMore

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Posted Apr 30, 2012 @ 7:08 AM

I saw the 1st half of the new episode where a young couple wanted to find a place in Del Ray, Virginia (I think), outside of Washington D.C. He needed space for multiple bicycles, and they wanted to be in that area since it is very walkable.

I got to the part where they fell in love with a single-family home being sold 'as-is', but I missed the rest. What happened?
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#1443

nctvwatch

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Posted Apr 30, 2012 @ 9:55 AM

I got to the part where they fell in love with a single-family home being sold 'as-is', but I missed the rest. What happened?


They bought the house at asking price. Her father is a contractor and went through the house with them. He said there was nothing unexpected that would need to be done - sound house, no major issues. There were other bids so they put $50,000 in earnest money down with their offer to prove how much they wanted it. They got the house. There was faux drama about if the house would appraise at the purchase price; but, given the comparables, that was never in question. The inspection confirmed what her dad said - they had about $3K in repairs. They put down a $118K down payment. He used the basement area for his bikes instead of the detached garage/shed in the back.
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#1444

LurkerNoMore

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Posted Apr 30, 2012 @ 11:41 AM

Thanks, nctvwatch. The narration certainly amped up the drama implying that they could really lose the $50,000.

Why couldn't bicycle guy work in the garage? I would assume he tracks in dirt bringing bikes into the house.

Did the real estate agent misstate how it works when a property is offered 'as-is'? She said something like, "You can have an inspection done, but for informational purposes only. Not on a contingency." I thought you could still have an inspection-contingency, but that they sellers are basically stating up front that they aren't going to negotiate at all on the findings of the report and/or pay for any repairs. Someone who actually works in real estate can education me. {{thanks}}
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#1445

chessiegal

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Posted Apr 30, 2012 @ 12:05 PM

The RE agent didn't misspeak. You can always put in a contingency for a home inspection in your offer, but in this case I don't think the sellers would accept such an offer. In this case, when they stated "as is", they meant it. And if the buyers had to be aggressive with their offer and earnest money, as was the case here, the sellers would have chosen another buyer who didn't ask for an inspection contingency. You'd be foolish not to have an inspection, IMO, but in this case it would be for informational purposes. If I was serous about buying an "as is" property, I'd invest the $$ for an inspection pre-offer to make sure something really bad wasn't going on, if the sellers would agree to it. If they didn't, I think I'd take a pass.

I like the new format where they show the property some time after the people have moved in. I saw one episode where the buyer had done some substantial renovations he talked about during the buying process. It was great to see the finished product.
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#1446

laredhead

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Posted Apr 30, 2012 @ 3:22 PM

Just saw the episode about the couple in Washington, D.C. who wanted space for his bicycles. Loved his comment about double sinks in the master bath being a waste of space. Oh dear, he wasn't given the HH script about the requirements for hardwood floors, granite counters, stainless steel appliances AND double sinks in the master bath. I liked the house they chose and although small in square footage, it met their requirements.
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#1447

laredhead

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Posted May 22, 2012 @ 11:30 AM

Is anyone watching this show anymore? No one is commenting on it lately. Saw the episode yesterday with the Pittsburgh couple who had been living with her parents for a year and they had managed to save $12,000 by doing this. He had an hour+ commute each way to his job and she was a school teacher. They were pleasant and not very demanding, but just like so many other buyers today they want the sellers to give them not only a reduced price on the house, but to also foot the closing cost and seem to resent it when a seller balks at that. First, the seller is reducing the price of the house in many cases and then they are being asked to give another $5,000+ out of their profit. While I'm all for finding a good deal, I think that some of these first time buyers have too many expectations. If you don't have the money for the down payment and closing costs, perhaps you need to wait to buy a house.
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#1448

jade76

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Posted May 22, 2012 @ 12:29 PM

I can understand a lowball offer when the house is overpriced for the neighborhood, but I hate when the buyers act like the owners should lower their price and pay closing costs simply because that is all they can afford. If you cannot afford the fairly priced house then look at what you can afford.

Is anyone watching this show anymore? No one is commenting on it lately


I wonder if this is because they moved new episodes to Sunday afternoon, if I didn't have a series recording on my DVR I would never catch it.
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#1449

gazerguy

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Posted May 23, 2012 @ 4:17 AM

Wouldn't see it w/o the dvr, either -

ITA, I'm offended when these buyers become offended that sellers expect fmv, assuming the homes are fairly priced and MFP accurately presented the situations - a big question mark, lol.

WRT the Pittsburgh couple, can't remember specifically what their monthly payment supposedly totalled but if all you can manage to save is $1K per month when living on your folks' dime, how can you afford any house, period?

Edited by gazerguy, May 23, 2012 @ 4:18 AM.

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#1450

whitepepper

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Posted May 23, 2012 @ 10:10 AM

Sometimes if I'm puttering around the house I'll catch a marathon during the weekdays, and as a current house seller and buyer, I totally get where the frustrations are coming from.

WRT asking for closing costs: We did that five years ago when we bought our house, because we were young and naive and "holy cow we can do that?" Unfortunately, no one really tells you that YOU are actually financing the closing costs in your mortgage, so now that we are trying to sell (moving cities for work) we owe slightly more on our loan than we would than if we didn't ask for closing costs, which makes our break-even number higher. Yay for buying in 2007 before the bubble popped! We didn't ask for CC when we made an offer on our new house, and I don't believe we will entertain many offers that are demanding closing costs for our current house. Like everyone said, if you can't afford it, find something you can afford. I have to say going from "My first place" to "My second place" we certainly have learned A LOT.

We are moving to Austin, actually, so we've been paying particular attention to episodes in/around the Austin area, and there was one couple who was negotiating down to the $1,000 increment. I get that everyone likes to feel like they've won something ("They came down another $1,000, yes!!"), but really, in the grand scheme of a 30-yr mortgage, a thousand bucks is like, what $5 per month? You're going to risk losing a house (or a sale, if you're the seller) over $1,000? Well, goodness.
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#1451

Bastet Esq

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Posted May 23, 2012 @ 3:33 PM

WRT the Pittsburgh couple, can't remember specifically what their monthly payment supposedly totalled but if all you can manage to save is $1K per month when living on your folks' dime, how can you afford any house, period?


That was precisely my reaction. (I've sort of become numb to buyers asking the sellers to pay their closing costs, but usually it's one part of an overall picture suggesting they haven't properly saved to buy a home.) Only managing to sock away $1,000/month between two people despite living with family was a huge red flag; I think they are the type of people who think they only need to save the bare minimum needed for a down payment, with no concept of also needing adequate savings for all the other things in life. If this show is any indication (and, given the personal savings rate in this country, it may very well be), financial acumen has gone the way of the dodo. I actually have a harder time watching this show than HH, because nine times out of ten the finances make me want to bang my head against something.
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#1452

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Posted May 23, 2012 @ 7:54 PM

Haven't seen Sunday's Pittsburgh episode but I'd have the same reaction to the lack of savings and negotiation tactics.

Did see the episode you mentioned with someone negotiating in $1K increments, whitepepper. Personally, as an investor and frequent seller, if someone starts that nonsense with me, it's over. Granted we're blessed to be in an always popular area, frequently with overbidding (although we suffer on the buying side of the equation), but that type of behavior tells me that those particular buyers will be impossible when it comes to the home inspection and any other little thing they can dream up.

Only my .02 -
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#1453

whitepepper

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Posted May 24, 2012 @ 11:59 AM

Did see the episode you mentioned with someone negotiating in $1K increments, whitepepper. Personally, as an investor and frequent seller, if someone starts that nonsense with me, it's over. Granted we're blessed to be in an always popular area, frequently with overbidding (although we suffer on the buying side of the equation), but that type of behavior tells me that those particular buyers will be impossible when it comes to the home inspection and any other little thing they can dream up.

I did see the episode... It was a strange one all around because the couple made the same offer on two houses just see which one they could get cheaper. That is interesting that buyers who haggle that much on the offer will be PITAs during the inspection... Do you find that they expect sellers to fix all the problems else they walk away?

If this show is any indication (and, given the personal savings rate in this country, it may very well be), financial acumen has gone the way of the dodo. I actually have a harder time watching this show than HH, because nine times out of ten the finances make me want to bang my head against something.

Amen! But, financially responsible folks who approach the houses logistically and realistically hardly make good TV.
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#1454

diydude

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Posted May 25, 2012 @ 12:14 AM

We've been fortunate, whitepepper, given our multiple-offer situations, to avoid dealing with any of those types but I've heard the horror stories many times from business colleagues. Can't remember if a buyer's walked away. I do know that some of my friends have held firm, meeting them in the middle. So they've said, we'll repair A, B and C - you can do D, E & F on your own, if you wish. Take it or leave it. Again, it helps to typically be in more of a seller's market.

We select our buyers carefully. Haven't always automatically chosen the highest price offer, for a variety of reasons. You know if they're nickel-and-diming you right off the bat, it won't stop. It might not be the inspection - in general, they'll be PITAs about anything and everything.

BTW, it's not that as an investor/seller I'm trying to avoid taking care of things. Always willing to do whatever's ordinary and necessary, within reason, to close the sale.

Edited by diydude, May 25, 2012 @ 12:19 AM.

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#1455

Oldernotwiser

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Posted May 25, 2012 @ 9:53 AM

HGTV ran a marathon of these here yesterday and I was half-following along while I did other stuff. Is it just me, or are most of these would-be buyers in WAAAAY over their heads and kind of delusional? Seemed like there was ep after ep where a couple had saved ten or fifteen thousand and wanted to finance the entire house purchase and closing costs (or have the seller cover them) not in order to keep their savings intact, but to spend that money on immediate cosmetic upgrades to the house. In this economy, having ten grand as an emergency fund is Life 101-level common sense...having to change a kitchen counter to granite the day you move in? NSM.

I was also surprised at the number of not-married couples who were buying homes together, not for moral reasons (who cares) but for practical and legal reasons. One or the other was putting in most of the money yet they were relying on both incomes to afford the home...what happens if they break up? I like to think they were covering these things legally behind the scenes but none of them on screen acted like they would think that through or would spend the money on legal counsel regardless, especially when they don't have a DOUBLE VANITY in the bathroom!!!!!!!!!!

Yikes.
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#1456

maggiethebeagle

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Posted May 25, 2012 @ 10:06 AM

Hilarious moment yesterday with the San Fran girl looking around the bathroom in one house and saying "a bathroom is nice". As opposed to an outhouse??? Yes they are putting indoor plumbing in houses now. Ha!

But Mr. Beagle was watching this one with me and he was amazed at how little you can get for $300K in San Fran. We bought a bigger almost new house last year for way less than that! However we are in IL....
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#1457

diydude

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Posted May 25, 2012 @ 5:13 PM

You're exactly correct, Older. They're delusional WRT both the financial aspects and purchasing property as singles. We always recommend that our clients retain a 6-8 emergency fund or even more, depending on the situation. Don't care about the morality issues, either, but singles need to engage their own, separate legal counsel and negotiate an agreement, in advance of any transaction. Otherwise, they can kiss those granite counters good-bye if/when the (blank) hits the fan.

Don't work the area but do know that SF's one of the most expensive cities, by far. If they were looking within the actual city limits, $300K probably gets you a broken down cottage behind a main house on a postage-stamp sized lot adjacent to an alley. Either that or a parking space near your downtown office, if you're lucky, haha.
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#1458

laredhead

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Posted Jun 18, 2012 @ 4:10 PM

Latest show about the woman attorney in Pittsburgh who was house hunting with her mother who was called Diva was interesting because as a city employee she is required to live within the city limits. All the purchaser wanted was a "sexy bathroom". It didn't matter what the rest of the house looked like as long as the bathroom was sexy. The house she finally settled on did not have a sexy bathroom, in fact it was far from what I would call sexy and the buyer said it wasn't. Reality finally settled in for her and she bought a house that she can turn into what she wants with a little imagination and money. When I see prospective buyers drooling over huge master bathrooms, all I can see is the cleaning that will be required on a room in which you don't spend very much time and which few guests ever see. Seriously, how many people find time to soak in a huge tub on a daily or even weekly basis?
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#1459

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Posted Jun 20, 2012 @ 6:45 AM

Happened to see this one on the dvr. WRT her sexy bathroom pursuit, I tend to ignore those types of things as producer shtick. Nope - she didn't get one.

Did notice something else, something I notice frequently WRT listed homes. Don't know if the whole inspection snafu was real but it sounded quite real and significant. (A participant posted above, IIRC, that they trump up the inspection issues.) Anyway, it fit into my theory that frequently the nicest, reno'd homes have significant underlying problems. My theory: they've previously had problems unloading them so the sellers make them overly pretty to compensate in the hopes that a buyer will fall in love and ignore everything else. As mentioned, it's only a theory.

JMHO.
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#1460

LurkerNoMore

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Posted Jul 3, 2012 @ 8:26 AM

Watched the episode where a young couple in Pittsburgh wanted to buy before their 1st baby arrived ... she said she was around 5 months pregnant, but she looked 7 - 8 months pregnant to me! A lot of women aren't even showing at 5 months! I assuming she fibbed for the story.

Also saw another Pittsburgh couple who ended up buying a condo that was for sale by owner. That was interesting to see the 'negotiating'. Sort of makes you appreciate working with an agent who helps you through that.
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#1461

laredhead

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Posted Jul 3, 2012 @ 10:02 AM

I hope the Pittsburgh couple who bought the FSBO condo is happy living in a small space because that condo is less than 1000 sf. They went from looking at 2000+ sf houses and her wanting a space for a garden and hot tub and him wanting a band practice room to a condo with a tiny balcony that barely is large enough for two chairs. Obviously this was not a matter of compromising on one or two issues. This ended up at a 180 degree turn which most buyers just don't do. Obviously they had already made their choice and chose resell value over everything else, so why not comparison shop other condos instead of tossing free standing, large houses into the mix? I'm not sure about the validity of the resell issue though, because they pointed out how many others were for sale in the development that were not updated. I thought that episode was even stranger than some of the others aired previously, but this couple is probably not planning to stay there much longer than a year or so and then move on to a place that has more of their wish list items
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#1462

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Posted Jul 5, 2012 @ 1:23 PM

All I could think of with the guy that wanted a pratice room in the house for his band was I'd hate to be his neighbor.
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#1463

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Posted Jul 6, 2012 @ 3:10 PM

IIRC, the band guy did mention he couldn't practice in a condo or townhouse. IDK about Pittsburgh but do those two geniuses realize that condos rarely appreciate as much as single-family residences. That entire fsbo scene felt even faker than usual for MFP. In fact, when I first saw the supposed seller, he looked like one of their friends from the opening scene but with tousled hair. In addition, they never shot at their rental. Had to wonder if they already lived in that place.
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#1464

AyeshaTheGreat

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Posted Jul 7, 2012 @ 10:38 AM

Well, after watching far too many episodes in Pittsburgh, I am happy the next episode will be in Baltimore. Hopefully it will not disappoint.

As for the last episode, I became confused once they started looking at the condo. I did not understand how a couple who wanted space for a band to practice, among other things, could so easily fall for the condo. I will admit to not fully paying attention so that switch didn't help me.
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#1465

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Posted Jul 7, 2012 @ 10:44 AM

The condo episode felt forced - as if they wanted to tick the fsbo episode box. (Couldn't resist the HH verbiage. Hate it every time they use that phrase.)

ITA, Ayesha, MFP fans are probably Pittsburgh-ed out by now. It feels as if they've done far more than the usual 4-6 episodes in that area.
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#1466

tres francaise

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Posted Jul 8, 2012 @ 9:26 PM

We are moving to Austin, actually, so we've been paying particular attention to episodes in/around the Austin area...


Saw your post today, whitepepper, coincidentally right after watching the rerun of the young, not-yet-married cycling couple looking to buy just east of downtown Austin. The house they were under contract for had foundation issues requiring about $13K in repairs, & the owner wouldn't budge, so they found something else. (I do love these entitled little twerps who feel that the seller MUST give them lots of concessions & negotiate waaaaaay down because the buyers have to buy lots of new furniture. Yeah, sure.)

However, the first seller was unrealistic about not getting the foundation fixed - she'll have to at some point. Foundation problems are endemic in Central Texas so it isn't too surprising that they had some, & the kiddos were wise to have a structural engineer take a look & wise to back out when the owner refused. BTW, in parts of the city a lot of homes are built on rock so foundation problems are less common.

Austin has traditionally been the most expensive home market in Texas, & it's becoming a sellers' market once again. And long-time residents here laugh at reports in national media about Austin & Texas being great places to move to because there are no state income taxes. That's true, but they don't mention prohibitive property taxes. I hope the yuppies factored in spiraling tax increases in their monthly payments.

Edited by tres francaise, Jul 9, 2012 @ 8:45 AM.

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#1467

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Posted Jul 9, 2012 @ 12:29 AM

I think a lot of people would back out of deal if the inspection showed that the house need repairs over $10k, and the seller wouldn't either take care of of knock the cost off the price. That's why you have the inspection.
The couple who bought the house in Baltimore county liked the house that really needed a lot of updating, but they just sucked it up, and the chef husband said he really wanted a new kitchen, but it would have to wait until they could save the money.

Edited by lu1wml, Jul 9, 2012 @ 12:29 AM.

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#1468

sp23

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Posted Jul 9, 2012 @ 9:30 AM

(I do love these entitled little twerps who feel that the seller MUST give them lots of concessions & negotiate waaaaaay down because the buyers have to buy lots of new furniture. Yeah, sure.)


I know! If I were the seller, my last concern would be for their furniture needs. I'm also really tired of seeing buyers who haven't bothered to save enough to pay for their closing costs and a down payment, and expect the seller to cough up the dough plus reduce their selling price to the bare bones so these people can buy a house they can barely afford.

I kind of liked the episode with the Cleveland guy who was adamant about wanting to stay within his spending limit, as well as wanting an older home with 'character'. He ended up buying a really small, old house with not a lot of curb appeal (it reminded me of a house my grandpap lived in in the '60s), but one he was able to afford.
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#1469

laredhead

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Posted Jul 9, 2012 @ 11:33 AM

At the end of the Baltimore episode they showed the basement where the washer/dryer was located and the basement looked like a nice large area that could possibly be finished at some point in the future for a playroom. Having that additional space to finish later is like getting extra square footage for almost free, and would make purchasing a smaller home worth the inconvenience for a year or so until the work could be done. I hope they are able to upgrade the kitchen in the near future, but they both seemed happy with the final choice of houses. I wish that these house hunting shows would stop making one of the buyers (if it's a couple) look like an uncompromising, unpleasant person when that's probably not the case at all. It's OK to show couples who can compromise and work out their differences. I find that more interesting than listening to one of the other make demands that sound like those of a demanding child.
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#1470

Bastet Esq

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Posted Jul 9, 2012 @ 1:14 PM

I kind of liked the episode with the Cleveland guy who was adamant about wanting to stay within his spending limit


Was that the episode where the buyer was looking at one property at the top of his budget (that had HOA fees on top of that), and noting the further financial strain that would be caused a few years down the road when a tax abatement expired? The real estate agent's response amounted to, "Eh, you can afford it now, so don't worry about down the road; you'll probably be making more money then, but if it turns out you can't afford the increased costs, just sell." Nice attitude, buddy.
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