Real Estate: Shoutout to everyone closing on their first home this week! Congrats! We got this! |
- Shoutout to everyone closing on their first home this week! Congrats! We got this!
- Seller backing out of my DREAM HOME
- First time home buyer - are we being rash, especially being complete novices to the process?
- My loan went to underwriting...does that mean the appraisal came in?
- Time off HELP! Been given time off due to COVID-19 looking for a way to learn ARGUS and EXCEL
- Looking for price indices that take into account recent events [Long Island]
- What happens if things close down locally? Can you back out as the buyer if so?
- Fake LOI
- Will a landlord let me know if a property is no longer available?
- Quick Q&A
- Advice on closing
- Why is School Rating Not a Search Critera?
- Closing early
- Take cash or financing offer?
- I'm releasing my buyers! How to do so without hurting my reputation with my other clients in the community?
- Days before closing, dryer stopped working. What are my options?
- Selling home and found a 30 year old open permit during lein search
- Paying $2200 a month on a house that is worth 124k. Don’t quite understand what is going on.
- Options for elderly couple with house closing during coronavirus
- Selling in Denver
- Do contractors still plan on operating their businesses during this time?
- Corona and house buying.
| Shoutout to everyone closing on their first home this week! Congrats! We got this! Posted: 16 Mar 2020 06:51 PM PDT Where's all the first-time home buyers closing this week?! I see you. As terrifying as the recent events have been, buying a home has been a ray of light for us. Social distancing means more time to pack and working from home means we'll get to live in our new home a lot more than we envisioned in this first month. When our offer got accepted, none of us knew where we'd be today. What an odd, exciting journey. Here's to hoping we all make it through this thing! Too late to turn back so might as well do it with a smile. [link] [comments] |
| Seller backing out of my DREAM HOME Posted: 17 Mar 2020 08:52 AM PDT Hi All, Indiana home buyer here. My boyfriend and I found our dream house in a VERY tight market. We made an offer that was 3k less than asking, which was accepted. The seller requested a quick 40 day closing, which we agreed to. Then she agreed to pay some or the closing costs. The way communications went made it clear that the seller wasn't entirely happy about it, but she signed the amendment. Fast forward to the inspections, which found some relatively minor, but important repairs that were needed. The water heater did not work, there was an electrical issue with some light switches, and one of the floor beams was not properly shimmed in the crawlspace. Seller agreed to make the repairs or replacement. All told, four documents were signed off by the seller, stating with the purchase agreement, but with an air of dissatisfaction on her part. Last week we received word from our realtor that the seller wanted to back out. She is currently living out of state and wants to move back, was the reason given. This all was happening prior to the the virus fallout, so we can't blame any of this on it. Our suspicion is that the seller realized that she was ultimately going to walk away with less money than expected and wants to relist the home later for more money, or perhaps rent it out. We want to enforce the contract and buy the house. My big question is, are we more likely to get awarded damages on court, or enforce specific performance, which is clearly noted in the agreement? [link] [comments] |
| First time home buyer - are we being rash, especially being complete novices to the process? Posted: 17 Mar 2020 06:57 AM PDT Hello, and thank you in advance for any advice! My husband and I are in our late 20's and have been saving to buy a house in the next three years. We've been renting at a complex that is really in disrepair, but our actual apartment is fine and we are putting away a lot of money because of the affordable rent. My husband decided last week he is sick and tired of this place for legitimate reasons, but also decided he wants to buy a home asap. A situation has arose that MAYBE will allow us to end our lease early (haven't even had the conversation with landlord yet). Regardless, in the past 24 hours he has gotten us pre-approved from two lenders, found a just ok agent, and is working on visiting homes. I have no idea where all of this is coming from. I can't stress enough that while we have parents who from experience can help, we know NOTHING of value about this process. Considering our inexperience, a volatile market and impending recession, a pandemic, and the fact that while we can technically afford a house paying mortgage maintenance and a little savings will require every penny we have for the next few years, is this really the time to be looking? He wants us to be out in less than 2 months, and I've heard home buying done right can take longer than that by a good amount, and we don't even have permission from our landlord yet... INFO our lease is through September. Any opinions welcome :) [link] [comments] |
| My loan went to underwriting...does that mean the appraisal came in? Posted: 17 Mar 2020 09:39 AM PDT My loan went to underwriting today. Does that mean my appraisal came back? If so, does that mean my appraisal came back to be at least the purchase price? [link] [comments] |
| Time off HELP! Been given time off due to COVID-19 looking for a way to learn ARGUS and EXCEL Posted: 17 Mar 2020 08:51 AM PDT Time off HELP! Been given time off due to COVID-19 looking for a way to learn ARGUS and EXCEL for an analyst role I have been pursuing, any idea on where I can learn how to use ARGUS or if anyone else has time off and is willing to teach? This would be awesome! [link] [comments] |
| Looking for price indices that take into account recent events [Long Island] Posted: 17 Mar 2020 10:48 AM PDT I'm all set to go into contract on a house in Garden City, NY, but I'm getting real hesitant for obvious reasons. Yet I'd be willing to take the plunge if I could negotiate some kind of fair discount from the seller. Are there any real estate indices (HPIs?) that track investor sentiment around home values on Long Island? I figure that might give me leverage. The house has sat on the market over half a year, had two list price reductions (last one in January), and the seller might be loathe to come down further. At the same time, I don't want to jump in on a price that was agreed pre-coronavirus quarantine. [link] [comments] |
| What happens if things close down locally? Can you back out as the buyer if so? Posted: 17 Mar 2020 06:56 AM PDT Those of you who are trying to close what has been happening? What was the cause of them being pushed back, courts? What happens to your rate, is it considered to be locked still? So much unknown right now!
I'm probably going through with it but wondering if something like this allows the buyer to walk away?
I'm set to close on the 27th on a potential rental that is currently unoccupied but needs fresh paint, some new fixtures, etc. to bring up to date. Nothing insane.
Would have zero trouble finding tenants in normal conditions so not entirely worried but a lot to think about. [link] [comments] |
| Posted: 17 Mar 2020 10:12 AM PDT Can you legally write a fake LOI to goat other parties to raise their bid price? is this legal? [link] [comments] |
| Will a landlord let me know if a property is no longer available? Posted: 17 Mar 2020 09:29 AM PDT I recently saw a property for rent sunday. I sent a request to visit monday. I received a email this morning about the property, and how to proceed with the rental process. The ad for the location was there sunday and monday, but I checked today and was no longer there. I sent the email with my information and I'm just waiting for a response to see if I can rent the property or if it's unavailable. Basically my question is will a landlord let me know if the property becomes no longer available or will they just not respond? [link] [comments] |
| Posted: 17 Mar 2020 08:16 AM PDT Good morning everyone. I have several questions that I'd like to ask to whom ever can answer for me. I'm currently 23 years old in south Georgia. I DO NOT OWN RENTAL PROPERTY YET. Over the past 10 months I've researched the current demographics for the regions I look to purchase. I know the best way with getting started in business is to start doing rather then waiting and over analyzing each moment before I jump. During this current epidemic we are facing globally, would now be the best time to purchase? Should I wait? What factors impact the decision to take a home loan out during this time the most? If you are a current landlord, how do you handle something like this with your tenants? I have many questions regarding how to handle these problems we cant control. Any answers, advice or personal experiences would be much appreciated. Thanks in advance! [link] [comments] |
| Posted: 17 Mar 2020 04:00 AM PDT I am theoretically set to close tomorrow but agreed upon items for the house hasn't been done. My wife and I have talked with the owner about just getting cash back in lieu of completion but nothing set in writing. Yes, we will not close if the work isn't done/proper compensation. However, we are considering about walking away (5k in escrow) due to the ongoing coronavirus. I personally feel the house is overvalued but the market was hot and I was willing to slightly overlay if it meant 1 year of building equity vs 1 more year of renting. I did just prearranged a rental that does not require a 12 month lease and since the owner is a close friend and understanding of our situation he would let us go month to month but the rental would be available starting the end next month (we would stay with family for this upcoming month, and rentals like this are common in my area because all the snow birds typically leave at the end of March/April) So advice time. Given the current flux, I expect there will be limited more showings going forward in my area (we are in Florida with a large geriatric population). Would you all proceed with purchase? If you did walk away, would it be to wait for the real estate to cool off in the area? Some background, I work in healthcare and my job is extremely stable ( this crisis is essentially super job security) my wife however is on much shakier ground. We are purchasing a home in a notorious sellers market and have essentially bought a fixer upper so we wouldn't get priced out. We also bought the house because we knew we could afford it on one salary but we were hoping for at least 1 or 2 more years of two incomes to make desired home improvements. We planned on staying in the house at least 7-10 yrs. Locked in mortgage rate of 3.25 on a 30 yr. Not to sound alarmist because I am not an epidemiologist but I do understand the logic with the world governments actions in quarantining, etc. I think there will be associated uncertainty for the next 6-8 months (maybe longer if we get hit by an above average flu season in 2020-2021) as opposed to some of the more optimistic predictions of 2-3 months [link] [comments] |
| Why is School Rating Not a Search Critera? Posted: 17 Mar 2020 06:42 AM PDT Seriously this is so dumb. I have been spending hours trying to find a rental with a good school. I don't see how school rating is not something you can search by. This is pretty important to most parents. It makes it really hard if you don't know the area that well. [link] [comments] |
| Posted: 17 Mar 2020 06:29 AM PDT Due to the covid-19, can I request buyers close escrow early. They are all cash no contingencies and we're waiting on me. We're set to close in April but I'm getting worried businesses will shut down all together. [link] [comments] |
| Posted: 16 Mar 2020 04:25 PM PDT I'm selling my condo that I recently renovated. The offers that are coming in are higher than I expected. There's a good chance it won't appraise at the highest offer price. My highest offer is financing through Bank of America and my agent told me to be careful with that. She thinks I may get some cash offers soon from investors but i don't want to accept a lower offer just because it's cash. Will a cash investor disregard an appraisal? I know that financing can fall through but is BOA that bad with closing that it's going to be a nightmare? No all offers are in, but I would hate to take a cash offer for a few thousand less if there's nothing wrong with a financing offer for a little more. I'm not in a rush but I also don't want to get jerked around. [link] [comments] |
| Posted: 17 Mar 2020 12:21 AM PDT So I have a buyer pair that the husband is very particular and unrealistic with market prices...his wife doesn't drive or work or speak English so he eants a grocery store located in walking distance. I stopped going to showings with them and had them just scout the area before anything. I just want to cut ties...as they are draining and I am losing focus on other clients because of it. I don't mind cutting ties...the problem is that I have 5 other clients who are friends with or family with them I don't want my relationship with the others in jeopardy. [link] [comments] |
| Days before closing, dryer stopped working. What are my options? Posted: 16 Mar 2020 06:23 PM PDT Getting a closing date this week for home im selling. Dryer stopped working, had a guy out but its too old (10+ years) so they couldnt do anything. Question is, what are my options? Can I give a credit and if so, whats acceptable? Dryer wasnt worth much, but dont want to shell out another $500 either. [link] [comments] |
| Selling home and found a 30 year old open permit during lein search Posted: 16 Mar 2020 12:53 PM PDT I am selling my home and contract to close on the 23rd. We already had the inspection and appraisal and no issues came up. Last week when the title company did a lein search and found a 30 year old permit for electrical on the house. It's for all the electrical in the house, nothing was ever finalized when the house was built. This house has been sold twice and it never appeared when the title companies did a search. This title company found it on an old database. The house has had many changes between myself and the previous owners. I have no idea if it will pass inspection or not. What can I do at this point? Any feedback would be great. This is in Florida if it matters. [link] [comments] |
| Paying $2200 a month on a house that is worth 124k. Don’t quite understand what is going on. Posted: 16 Mar 2020 11:02 PM PDT A little background, my parents and I moved to this house in 2004. Our mortgage was though Citi who then sold it to select portfolio, a company from which I understand is very predatory. Fast forward to January of 2019, my father got really sick and passed away in September of 2019 leaving my mother and I in this mess. Looking over some documents we've already essentially bought this house 3 times with the payments we've given them and apparently nothing has gone towards the principal. The house is getting ready to go into foreclosure. I have no idea what to do. Do I hire an attorney? Do we try to re-negotiate the loan? We're pretty much lost here. In Pennsylvania if that makes a difference. [link] [comments] |
| Options for elderly couple with house closing during coronavirus Posted: 16 Mar 2020 01:40 PM PDT My parents (70+) just sold their house in the Chicago suburbs. The closing is in mid April. They are currently in Arizona and are now faced with having to fly back to Chicago to move out. Given that they are in a high risk age bracket, flying seems very dangerous. Do they have any options, even if expensive, to avoid this? The only thing I can think of is hiring movers to pack up their things and put them into storage but this is not an option my parents want to pursue. [link] [comments] |
| Posted: 16 Mar 2020 12:56 PM PDT We were hoping to sell our condo in March/April of this year (it's been our 4 year plan, great timing!) and spoke to a few realtors this weekend. It's a pretty nice condo, and based on comps we should have been looking at 700-725k. My wife and I want to sell, but we're both very worried about people coming in for viewings, and also the idea of listing it and then having to pull it off the market in the event that things really go south, but we're also worried that this could have a medium term impact on the market and we miss our chance. Our plan has always been to sell and then rent, as we want to leave Denver at some point, but not sure exactly when, so we really want to just sell so we're prepared when the time is right. I've spoken to 2 of the realtors today, and they're both claiming that the market is still crazy, and if anything the lack of inventory is a good thing for us. One is saying they're so confident we'll sell quickly that if we're really worried, we could move out to our rental first and the risk of being stuck with mortage + rental indefinitely is minimal. I can't tell how much is just realtor talk/desperation as they see all their clients pull out, and how much is based on reality. Anyone in the area with any honest insight into what is happening so far? [link] [comments] |
| Do contractors still plan on operating their businesses during this time? Posted: 16 Mar 2020 08:05 PM PDT |
| Posted: 16 Mar 2020 04:03 PM PDT We're buying in the Bay Area so we're affected by the "shut down" I can still work since I'm in the life safety sector however my job means going to places to perform a service. I earn hourly and commission for service performed. If places are closed I'll still get my hourly but obviously no commission. My wife is shut down completely as a hairstylist. If we get this house we'd close in May and first Mortage payment would be due in July. What the hell happens if we get to October, shit is still bad or worse and we can't make our Mortage. foreclosure? [link] [comments] |
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