Real Estate: Must read before buying or selling: Redfin |
- Must read before buying or selling: Redfin
- If my LLC owned a property, could it take all the profits from one year to buy another and pay no taxes because of the “loss”?
- Buying in a competitive area: who are going through with their existing contracts, why?
- 4.7% interest rate FHA/Chenoa Fund
- Wood rot found on inspection, well leaking, etc. Reason to walk away?
- Sales Agent acting in bad faith?
- Landlord protections in potential stimulus plan?
- Realtor Opinion
- Real Estate Appraiser AMA
- Buyer backing out due to virus shutdown
- Deal falling through because buyers nonconforming loan backed out 4 days before close
- Which Tenancy deposit scheme to use – DPS, TDS, Mydeposits or Zero Deposit?
- Should I use Redfin to purchase a New Construction home?
- [Update] Selling my house through Zillow Offers (California)
- Buy House now? or wait? (Partner and I are in Rental Income)
- Navy Federal offering me a 30yr conventional loan at 4.75%. Seems high right now?
- Effect of Stay at Home directives on real estate
- [MN] - Failed Home Inspection - How to Get Out As A Buyer?
- Is buying acreage worth it?
- [WWYD] Tin roof vs Concrete roof thoughts and analysis
- Just went into contract, job closed because non-essential
- What's worth replacing while you're trying to sell a house?
- Buy House now? or wait? Covid-19 Crisis (Business Partner and I are doing Rental Income)
| Must read before buying or selling: Redfin Posted: 23 Mar 2020 06:41 PM PDT I was a big fan of disrupting the real estate industry. I think it's archaic to spend 6% if a home price on real estate fees, especially with the internet. Most people find the home before the agent. I was a huge fan of Redfin and used them to buy my house a few years ago. However, I recently sold a house with Redfin and it was a total nightmare. I can't believe I'm saying that it wasn't worth the savings to use them. A good agent will be much better than Redfin and likely get you more money. Agents should have a good understanding of the local area, be comfortable going to bat for you and have your interest in mind. Don't just use your friend's buddy. With Redfin, it was like representing myself. They told me to take a worse offer, they didn't represent me when dealing with the buyers agent and they didn't show up at the appraisal. I went from a huge fan to someone who will never use them again. They put all of the oneness on you to keep track of everything. Redfin agents are just agents that failed on their own and are fine with a salary. Beware!!! [link] [comments] |
| Posted: 23 Mar 2020 11:24 PM PDT |
| Buying in a competitive area: who are going through with their existing contracts, why? Posted: 24 Mar 2020 05:17 AM PDT After looking for two years in a highly competitive area, we're set to close in a month. This is the right area and home after a crazy long house search. Homes don't sit (even now) and in the small town were looking at, the type of home we want is few and far between. After a crazy bidding war, we're under contract. Timing couldn't be worse. We still have inspection contingency and can get out of this. We had to put a very high deposit to win the bid. Jobs are essential business so don't foresee job losses but you never know. Home is at the top of our budget but thats the cost of living in this area, it comes at a price. We'll have six months emergency fund after we move in. Sure we could move further away and save but we are set in where we want to live and the type of home we want. We're at a weird cross road: do we continue onwards and hope for the best? Or stay put but risk waiting another year or two before another desirable house comes to the market and potentiallly be even harder to get as maybe more buyers who are waiting and will pounce once this all blows over. We really don't wanna wait another year+. We'd want to be settled by the time the new school year begins. For those of you who have decided to move forward with your contracts (especially in pricey competitive markets with homes over 650k+), what's your reasoning to push forward? [link] [comments] |
| 4.7% interest rate FHA/Chenoa Fund Posted: 24 Mar 2020 08:45 AM PDT I'm confused, I thought interest rates were at an all time low? Is 4.7% considered low? We went with a different lender, and our previous lender had us at 3.2% however it was JUST fha with them, and not Chenoa. Not sure if that makes a difference. We're using Chenoa Fund for down payment assistance, and we're approved for FHA. [link] [comments] |
| Wood rot found on inspection, well leaking, etc. Reason to walk away? Posted: 24 Mar 2020 06:10 AM PDT I'm under contract on a home and in the process of selling my condo. My home inspection came back with a laundry list of minor issues (paint soffits, some vinyl siding is cracked or loose, parts of the gutters aren't secured properly, the garage doesn't have gutters on the back, the hose bibs aren't frost-resistance and one doesn't work, the windows are older which I knew, a sink pipe and washer pipe need replaced and one water connection is corroded, etc). All that stuff I was like "Okay that sucks but the location is great, my interest rate is great." But we also have electrical panel issues (double tapped, sharp screws, etc), the private well is leaking AND the framing on one side of the house is rotting. (It used to be a garage and was converted.) The inspector indicated it was a water/drainage issue (another fix in the near future). He has suggested replacing the wood and adding metal flashing. He didn't make it sound like the biggest issue in the world but did make it sound like a priority request. I asked for the electrical panels, well, and framing fixed. Surprise, surprise, the sellers wanted to offer a credit. I've already been told the well could be between $800-1200 (or more if it doesn't fix the leak) but I'm not confident we can get a good estimate on the frame issue until they're taking the bad wood out. A lump sum credit makes me thing I'm going to end up footing part of the bill. I'm not okay with that. I went over asking (because that's the market) and didn't ask for closing. They are already making out like bandits. I've suggested they get estimates and leave some of their proceeds in a trust at 1.5x the estimate. That way they don't front the money before closing but I don't get stuck with a bill that exceeds the estimate. My own agent replied by suggesting they fix the well and credit the rest. MY agent. Not what I asked for. I'm considering just walking away. I'm concerned the appraisal is going to come in low without these repairs made. If they drop the sales prices to meet the appraised value, I'm not going to get cash out of them too. I will have about $10,000 in an emergency fund and don't want to blow through it month 1. Am I overreacting? [link] [comments] |
| Sales Agent acting in bad faith? Posted: 24 Mar 2020 10:37 AM PDT Wife and I are in process of purchasing a new build. We have gone back and forth over the details with the sales agent, seller (builder), and our agent. We submitted a counter and then the sales agent later presented us with all of the documents via docusign so that we could go under contract. After we signed the documents and 1 of 2 other parties signed off, the next day we received a counter offer. We have walked away from the deal for the time being due to this maneuver, and now the sales agent is attempting to contact us behind our agent's back. Any advice? We really love the floor plan and neighborhood/location, but if this is a sign of how things are going to go throughout the entire process....I want no part of it. [link] [comments] |
| Landlord protections in potential stimulus plan? Posted: 24 Mar 2020 10:19 AM PDT Has anyone heard or read of any potential landlord protections in the proposed stimulus plan being voted on by congress?
However, I rely on my rental income as part of my living wages...I can't go too long without receiving payment. Sorry if this has already been posted. I looked but didn't see anything. [link] [comments] |
| Posted: 24 Mar 2020 10:02 AM PDT Is offering to lower your commission to beat out other offers in a multiple offer scenario a good negotiating tactic? [link] [comments] |
| Posted: 24 Mar 2020 09:51 AM PDT Anything except what is going to happen to values going forward [link] [comments] |
| Buyer backing out due to virus shutdown Posted: 23 Mar 2020 04:16 PM PDT Already in escrow and supposed to close early next week but buyer (healthcare professional) wants to back out and refund earnest money due to the shutdown. There is only the loan and appraisal contingency. What are my options here? I have incurred a lot of expense staging/moving and selling. [link] [comments] |
| Deal falling through because buyers nonconforming loan backed out 4 days before close Posted: 24 Mar 2020 09:05 AM PDT Where do I begin. I'm in Illinois. We are in the process of buying a new home, but using the sale of our current home to fund the new one. We just got the clear to close from the buyer to close Friday. An hour after he received the clear to close, his nonconforming lender (Citadel) announced it was shutting its door for 30 days (or more) and so we can't close now. The buyer doesn't have a SSN from what I hear, just a tax ID, so he had to go with a nonconforming loan. What are our options at this point? Allegedly the nonconforming lenders are being hit especially hard so many are closing either temporarily or permanently. It sucks that 4 days before closing they backed out. I don't know what our options are at this point. Help. [link] [comments] |
| Which Tenancy deposit scheme to use – DPS, TDS, Mydeposits or Zero Deposit? Posted: 24 Mar 2020 05:02 AM PDT |
| Should I use Redfin to purchase a New Construction home? Posted: 24 Mar 2020 05:00 AM PDT I'm considering a production builder (like Lennar or Toll Brothers). I've already gone to a pricing and told them I had a real estate agent (even though I didn't at the time), but I intend to get one) Here are a few things that I keep telling myself, that have me leaning towards Redfin:
I'm pretty sure I'm going to go with Redfin, because I don't think agents commissions are in line with the amount of work performed for a new construction purchase, but I'm thinking out loud in case I'm missing something. [link] [comments] |
| [Update] Selling my house through Zillow Offers (California) Posted: 24 Mar 2020 08:37 AM PDT Here is a link to my original post https://www.reddit.com/r/RealEstate/comments/fkh0y5/selling_my_house_through_zillow_cash_offers/ So about 10 days ago I received my initial offer from Zillow and had scheduled my home inspection. Last week I had my home inspection and it was with a different inspector. This guy was thorough. Very thorough. He took a picture of every scratch on the floor. He turned on the AC and checked the temperature of each vent. Looked in every crawl space, etc. The previous home inspector from Zillow did not do any of that. When I had my inspection from Zillow in January, they came up with about $12,000 in repairs. With this inspector, I had about $30,000 in repairs! I was not expecting that at all. I tried getting hold of my account manager at Zillow but she never answered me. It was not until last Friday they reached out and said they will not be going through with any cash offers at this time. I was hoping this would not happen but it did. I was really upset about it. The good news is that I was not upset for very long. My real estate agent reached out to one of his investor clients and they made a cash offer close to Zillow's offer and I accepted! I am in escrow right now and should be closing next week. In the end it all worked out. [link] [comments] |
| Buy House now? or wait? (Partner and I are in Rental Income) Posted: 24 Mar 2020 08:34 AM PDT Hey All, Business Partner and I have one House C+ B- area, after all taxes and fees getting a 1% income from rent. We are looking to buy another one, prepared all the necessary documents and finances and have cash on hand to purchase our next house in the same area. I am hesitant in this current Global crisis, My Business partner thinks regardless of if the markets drop or put on hold, it would not effect the fact that people need housing, and people need a place to rent. We know if we buy a house now, the current crisis could make the house lower in value. He wants to rush into getting something ASAP, however when looking in the area, there are not many options for our price range / C+, B- area right now. Should we wait until spring time? Summer? I am afraid of
I have other worries too, but what are everyones thoughts? Push through, buy a house and try to rent it? or wait a bit and see were this market might head? Thanks in advance. Side notes: Yes Having 50/50 ownership can be difficult with situations like this, but in the end, we both agree on something or it doesnt happen and we find something else. [link] [comments] |
| Navy Federal offering me a 30yr conventional loan at 4.75%. Seems high right now? Posted: 23 Mar 2020 09:10 PM PDT So, I was preapproved a couple weeks ago for a 3.75% mortgage, however, I was not locked in. I tried to be, but the next day our loan officer went on vacation and finally came back yesterday. No one did anything in between and her backup never responded to me. Now I am being given this higher rate for a $445,000 loan balance mortgage. My wife and I both have credit scores over 800, have nearly 100k in liquid assets, and are putting over 10% down. I just don't understand why they are offering this seemingly higher rate. Full disclosure, this is our first home, and the first time I've been through this process, so I am a bit green to everything. Please excuse any ignorance. [link] [comments] |
| Effect of Stay at Home directives on real estate Posted: 24 Mar 2020 07:37 AM PDT I am guessing that all home listings will be delayed and pending sales will not close until directive is lifted for people in "stay at home states". What are everyone's experiences so far? [link] [comments] |
| [MN] - Failed Home Inspection - How to Get Out As A Buyer? Posted: 24 Mar 2020 06:10 AM PDT I am a buyer of a single family home in Minnesota. I am buying directly from the home seller via a real estate attorney (e.g. no realtors). I paid for a home inspection with the standard 48-hour radon testing. I talked with the home inspector after his walk through and the home clearly failed an inspection. The main reason is the way that the home seller answered the inspector's questions about certain defects. The home seller stated that the home defects were previously handled but had no receipts or publicly available building permits. The major defects:
This last one, gas hissing out of the pipes, forced the inspector to call the home seller who then called the gas company to shut off the gas. As a result, the 48 hour radon test has to be restarted whenever the gas company repairs the pipes which will take a few days. I have no issue with paying the home inspector for a radon test that he doesn't perform. I am skeptical that the home seller will do any of the repairs or take a concession on the purchase price. Questions -
Inspection clause - Inspection. This Agreement is subject to an inspection contingency. If this Agreement is subject to an inspection contingency, Buyer shall obtain an Inspection Report by an Inspector of Buyer's choosing within 10 days of the date of signing this Agreement. Such inspection shall include such non-intrusive tests as Buyer may reasonably request. Buyer shall notify Seller of any conditions disclosed by the Inspection Report that are unsatisfactory to Buyer within 3 days after receiving the Inspection Report. Thereafter, the parties may renegotiate the terms of this Purchase Agreement. Alternatively, Buyer may cancel this Purchase Agreement based on the Inspection Report by providing written notice to Seller of Buyer's intent to cancel. If Buyer cancels this Purchase Agreement, Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid herein to be refunded to Buyer. If Buyer does not cancel this Purchase Agreement within 5 days after receiving the Inspection Report, then this Inspection Contingency shall be deemed removed and this Purchase Agreement shall be in full force and effect. [link] [comments] |
| Posted: 23 Mar 2020 10:57 PM PDT I am trying to understand what people do with acreage. Is it worth it? What kind of situation would be good to own large acres? What can one do with it? Any advice is helpful. [link] [comments] |
| [WWYD] Tin roof vs Concrete roof thoughts and analysis Posted: 24 Mar 2020 04:37 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 $70000. Rental price: $1800 montly-$2200 Monthly cashflow: 800-1200 COC: 11-17% With the current market, I don't feel like spending 70k 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] |
| Just went into contract, job closed because non-essential Posted: 23 Mar 2020 08:13 PM PDT So my husband and I literally just went into contract for our first home. We're using a VA loan. My job has closed due to the COVID-19, I work in the service industry. Thankfully my company is still paying us but it is not going to be the same amount as normal because I also receive, tips, commission, and bonuses that are not being awarded because I'm obviously not working. We are in Indiana and on shelter at home orders until April 7th. My husband is a trauma nurse so he will still be working and also working overtime. My question is how is this is going to affect our closing process? Our lender reached out and asked if we are still employed and getting paid, which we are but my pay will be less. My parents own their own company and have offered to hire me on to offset the loss in wages until I can return to my normal job. Would that be a good idea during this time in the loan process? I am freaking out and could use some advice from people who are familiar with these kinds of issues. [link] [comments] |
| What's worth replacing while you're trying to sell a house? Posted: 23 Mar 2020 05:49 PM PDT So, I just had my full-price buyer about a 1/2 hour ago send a note after the inspection last week, the BINSR simply said the buyers are balking over my roof and A/C units (it's a duplex, the house is old, I just had the flat roof re-sealed, and the A/C units are covered under a home warranty and replaces anything that happens to them). I was ready to negotiate based on anything that came up but I wasn't even given the chance to do that. I'm crushed as I had a new place picked out and just went under contract last night. I'm at the point where I just want to replace the units and replace the roof. Should I, is it worth it at this point to help actually get what I want for this property, or is my disappointment clouding my judgment? [link] [comments] |
| Buy House now? or wait? Covid-19 Crisis (Business Partner and I are doing Rental Income) Posted: 23 Mar 2020 08:59 PM PDT Hey All, Business Partner and I have one House C+ B- area, after all taxes and fees getting a 1% income from rent. We are looking to buy another one, prepared all the necessary documents and finances and have cash on hand to purchase our next house in the same area. I am hesitant in this current Global crisis, My Business partner thinks regardless of if the markets drop or put on hold, it would not effect the fact that people need housing, and people need a place to rent. We know if we buy a house now, the current crisis could make the house lower in value. He wants to rush into getting something ASAP, however when looking in the area, there are not many options for our price range / C+, B- area right now. Should we wait until spring time? Summer? I am afraid of 1) rushing into a house that will not be fully looked at. (we need to do virtual tours) I have other worries too, but what are everyones thoughts? Push through, buy a house and try to rent it? or wait a bit and see were this market might head? Thanks in advance. Side notes: Yes Having 50/50 ownership can be difficult with situations like this, but in the end, we both agree on something or it doesnt happen and we find something else. [link] [comments] |
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