Real Estate: Best Realtor one-liner of the day! |
- Best Realtor one-liner of the day!
- Which areas/markets will be disproportionately affected by C-19 in your opinion?
- Sellers took fixture with them before closing date
- Anyone else starting to see price cuts on existing listings?
- How will being furloughed affect the closing during this pandemic?
- Do most lenders offer closing cost credits?
- Long Term Historical Commercial Cap Rate Data
- Should I consider buying this property?
- Cant decide between buyers agents
- How can I figure out who owns (if anyone) the 800 acres of land by my apartment, or if there is any history associated with it?
- Insurance Question
- 1 Week before closing. Found out there is an HOA violation. Needs a repaint.
- Is the SF East Bay in a housing bubble that will burst now?
- Tenant Refusing Appraiser Access During Sale
- Hard money not lending
- Inspection period ended but buyers sent us a list today
- Issue with lender
- Currently in Escrow
- Just got burned by iBuyers and COVID-19 today March 24, 2020
- Do we go through with the build or back out? East Bay/Valley CA
- Home Seller doesn't want to close til June. Is that even reasonable?
- Help! Sellers threatening to sue for more than EMD.
- Deal Analysis Help with a decision
| Best Realtor one-liner of the day! Posted: 25 Mar 2020 09:21 AM PDT |
| Which areas/markets will be disproportionately affected by C-19 in your opinion? Posted: 25 Mar 2020 05:46 AM PDT Come to mind: Oil dependent, entertainment/tourism dependent, and high CoL:Income places, tight-quarter condos, tight-quarter commercial real estate [link] [comments] |
| Sellers took fixture with them before closing date Posted: 24 Mar 2020 06:23 PM PDT I'm buying a home with my wife and our closing date is tomorrow. Today we had our final walk through, and the first thing I notice is the sellers took the $1000+ smart toilet from the master bedroom with them, and replaced it with an standard toilet. The smart toilet was there when the house was inspected and appraised. I'm really pissed off right now, I'm not sure what to do with this. I have talked with my lawyer and realtor, and they have confirmed that there's indeed nothing in the contract that says they would take any fixtures with them. They said the lawyers will figure it out tomorrow at closing. I just want to hear your opinions on what should I expect or do here. I have told my lawyer that I don't want the sellers to put it back themselves, I want a licensed plumber. If they do offer me some kind of credit on the sale, I don't even know how much I could ask for, I don't know for sure what's the price of that toilet. Is it crazy to ask them for a proof of price on whatever number they come with? [link] [comments] |
| Anyone else starting to see price cuts on existing listings? Posted: 24 Mar 2020 07:47 PM PDT At a major metro area on the west coast which I recently moved to, I have started seeing price cuts on existing lists. This is very much a sellers market and there are sometimes multiple offers on a property. Not rare to have a property under contract in a week. Some of these listings are a week old, some several days and some a couple weeks. Just curious what others are seeing. Wondering if this is the start of a downturn. [link] [comments] |
| How will being furloughed affect the closing during this pandemic? Posted: 25 Mar 2020 06:40 AM PDT Does anyone know how being furloughed during this coronavirus chaos will affect my closing? I am scheduled to close in a week but there's a chance that I will be furloughed in the next couple of days. How will this affect my closing? Will the loan be declined? I asked this question to my loan officer and he is not giving me a clear answer. He told me that he will get back to me after reaching up to higher ups. All he told me is that in the past, being furloughed meant no loan. [link] [comments] |
| Do most lenders offer closing cost credits? Posted: 25 Mar 2020 06:35 AM PDT |
| Long Term Historical Commercial Cap Rate Data Posted: 25 Mar 2020 07:34 AM PDT Hey, does anyone have a paper/source for cap rates of commercial real estate over a pretty long time frame? [link] [comments] |
| Should I consider buying this property? Posted: 25 Mar 2020 06:40 AM PDT So I've been looking to buy my first home over the past couple months and I finally found one that I absolutely love. It's on a beautiful 2 acres out in the country. It's the perfect size for me being single, has a detached workshop/garage building out back and a decent sized office that I would inevitably turn into my man cave/gaming room. When I looked at the property with my realtor, we were looking over the details of the property and noticed it is still listed as a "mobile home." There was at one point a mobile home on the property but in the early 2000s the mobile was removed and the owner had a house built where the mobile home was. We could not figure out why the house was still listed/classified as a "mobile home" which is making it hard for me to find banks who will finance the property. I took it upon myself to contact the township and ask questions about why it might still be listed as a mobile home when there is most certainly a house on the property and as it turns out, the owner was never permitted to build the house. He got a permit to build only a large garage on the property. He later added an addition above the garage where he put a kitchen/living room/bed room. This obviously adds a ton of issues as far as buying the house since the living space in it was never actually permitted. Is this a property I should just avoid altogether? Could I still buy it and get it permitted? I'm not entirely sure how anything would work with a situation like this. TLDR: Trying to buy a property where the house legally doesnt exist and I'm not sure what to do. [link] [comments] |
| Cant decide between buyers agents Posted: 25 Mar 2020 07:47 AM PDT I'm trying to relocate to an area with a very competitive housing market and I'm trying to find a buyers agent. I feel like choosing the right one is extra important because I'm not located in the area and will need to buy from another state. I've spoken to loads of them over the past week and I don't feel 100% about any of them. I'm wondering if my standards are too high. I have it narrowed down between 3 people. Let me explain their quirks...
I'm kind of leaning towards option 3, but I want to know what you guys think about this? [link] [comments] |
| Posted: 25 Mar 2020 10:40 AM PDT Hello! Is there anyway I can figure out who owns the land by my apartment? I went on google maps and calculated that there is about 800 acres of land (area = 1.29 mi2). Standing at the front of the land, I see no dirt roads but according to google maps there is about 4 that run across the property. It definitely seems it was once a farm before, but currently there are no barns and it seems like it hasn't been touched in decades. My city is almost two centuries old, fairly small, and the farms in my city are about 2 miles away from this area where no tractors or people have been seen roaming around. There is an airport about 15 miles away from my city and I see the tall polls with red flashing lights in the middle of the property at night, but I still can't find a reason why that much land would be needed just for that (especially when there is a lot of businesses in between the land and the airport). My landlord told me there is a little bit of wildlife as well, but I'm confident it's not a wildlife conservancy. It's a little creepy when I walk to my apartment at night because it's such a wide and unused space. If I could understand what it is and why nobody has built anything there, I think my mind would be a little more at ease. Who can I call to get some answers? Is there an online application I can use to figure out the history of this area? Thank you for your time! [link] [comments] |
| Posted: 25 Mar 2020 10:16 AM PDT I am selling my home and a plumbing leak was discovered to be actively damaging my wood flooring. It's going to be a major repair. My question: I moved out a month ago, am I still covered by insurance and what's the best approach here to handle the situation with both my buyers, and the insurance agency. [link] [comments] |
| 1 Week before closing. Found out there is an HOA violation. Needs a repaint. Posted: 25 Mar 2020 09:31 AM PDT I was wondering if anyone here has experienced this. Any advice on how to proceed? The HOA status letter is saying the house needs a repaint as soon as weather permits. I'm not sure why the house hasn't been repainted previously. House is about 16 years old. Thanks in advance! [link] [comments] |
| Is the SF East Bay in a housing bubble that will burst now? Posted: 24 Mar 2020 06:40 PM PDT Curious if it makes sense to continue with closing a purchase in the SF East Bay. Far along in the process when the Corona virus hit. I'm assuming that prices will take some hit but would be fine with that since I'm planning to stay in that home for a long time. I'm concerned about prices taking a big hit though as I also need to sell my current home (renting out the home isn't a good option). I know all responses are speculation, so speculate on... [link] [comments] |
| Tenant Refusing Appraiser Access During Sale Posted: 25 Mar 2020 08:58 AM PDT We're in the middle of selling an investment property and they just tried to schedule the appraisal and the tenant is refusing them entry. Any thoughts / suggestions? [link] [comments] |
| Posted: 24 Mar 2020 10:19 PM PDT I spoke with a few hard money lenders today and they mentioned they will be halting lending through this crisis. They also mentioned that they stopped funding projects mid construction! I know there's other ways to fund projects but is this a sign of something bigger? [link] [comments] |
| Inspection period ended but buyers sent us a list today Posted: 25 Mar 2020 08:33 AM PDT Our inspection period ended March 20 and today the buyers decided to send us a list of items they want complete. Our contract states that if we don't get notice of repairs by midnight March 20 they accept the house in its current condition. I asked my listing agent about this and she just ignored my question. Before we listed our house we told our listing agent that we have no intent to fix things and that we are selling the house as is. The buyers are already getting $7000 off the original listing price. I told my listing agent that at this point (since our buyers seem to be greedy) that we are most likely going to have to forfeit the sale of our home. We don't hate our house that much to get played in the process of selling. I'd much rather stay here than sell it to them at this point. As of now she is looking at how much it will cost to fix 2/3 items on the list. We honestly don't want to fix a thing because we can't afford to with a baby on the way, we have already depleted a lot of our savings and I'm not working because of the virus. What would you do in this situation?? Would it be in our best interest to give them notice of the contract details and tell them we aren't fixing anything and see if they back out? If they don't back out it's a win-win for us but if they do then we don't care then either. We are in the state of Missouri if that matters. [link] [comments] |
| Posted: 25 Mar 2020 08:27 AM PDT With everything going on, my buyer works for public transport in chicago. The lender must verify that her hours won't be cut in order for the deal to close. Are there ways to still get this thing closed if her hours are being cut? We are at the finishing stages, but the lender told me once it is cleared Quality Control will review. [link] [comments] |
| Posted: 24 Mar 2020 08:04 PM PDT Hey I'm currently in escrow for a house purchase. Should i pullout and wait to see how the market gets. Or do you guys not think the housing market is going to crash? Edit: this is in Southern California by the way. [link] [comments] |
| Just got burned by iBuyers and COVID-19 today March 24, 2020 Posted: 24 Mar 2020 05:46 PM PDT Note: I'm not a real estate agent just a home owner that wants to post this as a precaution before considering any iBuyers (Zillow Offers, Open Door, Offer Pad, etc. etc.) in the future. Due to budget and time constraints I was selling my home in the Triangle Area of NC to move further out of suburban hell, to get a bigger home and possibly more land. I applied to 3 iBuyers and went with one which made the highest market offer. After the Fees and Inspections, I still had net profit and decided to go under contract. Utilizing a buying agent (friend), my spouse and I found our dream home, went under contract and began due diligence process. Everything was lined up perfectly, I was going to close with iBuyer on April 1st, 2020, utilize their 3 day post close occupancy and then use the proceeds for down payment purchase of dream home on April 2nd, 2020. That is until today March 24, 2020, I got a very lovely corporate email indicating that my iBuyer was no longer purchasing any real estate properties after March 30th, 2020 due to the impact of COVID-19 and latest public health orders issued. That's correct, I missed it by 2 days and no they would not move up my close date when I asked. They provided 2 options to you and 48 hours to respond. I don't want to go into the personal details of how I'm going to pull out of this nose dive. But lets just say my real estate agent is amazing and worked with the Listing Agent/Seller our dream home to allow us to push out close for 30 days. I'm optimistic here in my local market, that we can list and get current home under contract ASAP. The reason I wanted to make this post is as a warming to other individuals thinking of using iBuyers in the future. You have to remember, you are dealing with a corporation that is only interested in profits and does not care about you as an individual. The work, time, emotions and money you've put in to these real estate transactions is of no concern to them. In my opinion, the iBuyers are pulling out because of the stock market crash. The executives and stock holders are nervous and do not want to be burdened with the financial liability of real estate. In that they don't want the time/costs it takes to convert real estate back into profit. Thus, they simply will just back out of contracted deals and pay a small penalty, regardless of the impact of losing your dream home or starting the home selling/buying process all over again from scratch. My apologies if I'm ranting or broke any rules. Link to article posted this morning. [link] [comments] |
| Do we go through with the build or back out? East Bay/Valley CA Posted: 24 Mar 2020 09:25 PM PDT We have been watching a new development for several months now and two weeks ago decided we wanted to go through with the build — we are 4-6 weeks away from securing our lot, but...clearly things have changed since we made that decision and now we are not sure if we should go through with the build or not. My husband is the only one who works; he is the sales manager of a very large commercial construction company in the Bay Area; they do work for huge companies like Facebook, Google, Apple, and Salesforce, along with residential high rises and multi family units. His actual salary is $175K a year but he makes much more than that because of bonuses. In 2018 he made $300K, 2019 he made $315K, and this year he SHOULD make $380K as long as the company pushes through these crazy times and he continues to meet his goals. We currently own one house and have $420K financed, we just had it appraised and that came back at $535K, if the market does not crash and burn we should be able to net $50-$60k after all fees. We have one additional debt, our car, it's a 2018 and we owe $33K on it. We currently have $115K in liquid cash. If we do go through with this we should have around $150K saved by the time the new build is completed and ready to close. The new house should be between $600-$615K once all the upgrades are added. We built our current house with the same builder so we are very familiar with their pricing and upgrade options. We have three young children and this is the house we would like to raise them in. We plan on putting $100K down on the new build; using $50K of equity and $50K from our savings. We understand that we are financially in a good situation right now; we have somehow managed to play all our cards right and are terrified of making the wrong move. We know we can make the monthly payment without any stress, we are just worried about pulling money from our savings to put towards the down payment and then to landscape and furnish the house. I'm not sure how much my husbands job will be affected by what is going on. I'm 99% sure he will not get laid off as he is one of the most valuable employees at his company. He is currently working from home as we are in CA, but is still getting his full pay. We are not too worried about his pay for the next six months, we are worried about what's going to happen in the next few years as the economy recovers. What should we do? [link] [comments] |
| Home Seller doesn't want to close til June. Is that even reasonable? Posted: 24 Mar 2020 10:29 PM PDT We are home shopping in a very tight market that is heavily propped up by a gigantic military presence. Any kind of market fluctuations are greatly reduced in this market. That said, we sold at the top of the market and are looking to buy a home to be occupied for 10+ years with enough space to grow into. We found a good house in a great location, but needs a little updating to be comparable to neighboring homes. We are potentially considering making an offer but the seller seems a bit odd. Seller's agent insists that the seller wants to wait to close until June on any offer they get. Normal in our area is 30-40 days. This seems like a giant window for any buyer, us included, to back out and go elsewhere. Schools are out for the remainder of the academic year already, so while I'm not certain their reasoning, this long off closing date the seller has communicated seems excessive. How common is something like this and what are the pitfalls? I'd be worried as a seller in this market uncertainty that the appraisal would not come back as high in three months. Since we as buyers are planning on long term ownership, the value fluctuations are not very concerning to us. We'd just prefer a place to live sooner than later. TL;DR: seller of a potential home is insistent via their agent on a June closing. Seems excessively long. Opinions? [link] [comments] |
| Help! Sellers threatening to sue for more than EMD. Posted: 24 Mar 2020 06:59 PM PDT With everything going on, we had to make an unfortunate decision and pull the plug on our upcoming closing. I feel terrible for all parties involved but without a true economic foresight I can't reasonably jump into this new house. I told my agent that we understood we'd lose our EMD. But now the sellers broker put it in their head to sue me for liquidated damages. Above and beyond my deposit. The house needed to have some work done before it should have been listed so we requested it. They claim they didn't know it was an issue but I doubt anyone else would have put an offer without it being corrected. I'm not asking for sympathy but understand it's been a stressful couple of weeks and this is adding to it. I want to do right by everyone involved but getting sued into buying a house really upsets me. [link] [comments] |
| Deal Analysis Help with a decision Posted: 25 Mar 2020 05:31 AM PDT Hi guys, I recently acquired a tin roof house and concrete structure. The area I'm in, the bank won't finance a tin roof due to insurance issues. What would you do in my position? I got this tin roof house for 90,000 (pre-existing loan) Renovation with new tin roof: Pros: Total Cost for renovation $40000. Rental price: ~$1500-1800 monthly Monthly cashflow: 500-800 COC: 12.5-20% Cons: If I ever wanted to sell, I'd need to find a cash only buyer. If there was a cash buyer, a tin roof house like this would be around $180k. Appreciation is painfully slow and no too much increase in my equity. Renovation with new concrete roof: Pros: I can flip this as neighboring houses are 300-450k. I can refinance this and pull all my money back out. Cons: Total Cost for renovation $100,000. Rental price: $1800 montly-$2200 Monthly cashflow: 800-1200 COC: 10% With the current market, I don't feel like spending 100k on renovating an old crappy house since there may be better deals to come up. The thought of leaving a house abandoned and empty with no income coming isn't fun either. I have also thought about just flipping it as is for around $130-150k (last offer I declined was 130k no ragrets). What would you do in my situation? [link] [comments] |
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