Real Estate: Are Realtors in Denial? |
- Are Realtors in Denial?
- I am highly concerned that home prices will drop
- Put house on the market but the only offer came from people who violated every request we had with the showings and made an offer with a USDA loan and asked for a $6500 credit for closing costs. Waiting for the inspection to come back.
- News from Ginnie Mae may help improve access to FHA/VA/USDA Loans
- Tenant struggling to pay rent during COVID-19
- [Minnesota] Quit Claim Deed Tax?
- Are people buying or selling houses less during covid-19?
- Why and how of Owner Financing?
- What is involved in adding a person to a deed?
- Considering getting a realtor as a referral from a realtor friend in an other state...how does this work? My friend will get a referral fee
- To sell or not to sell posts
- Sell this summer or wait?
- Backing out of closing
- I'm interested in a house that the home owner recently passed, how long until I inquire?
- Is there any recourse for Realtor lying about inspection request?
- Thoughts on home inspections as a second job/part time business?
- COVID-19 Impact on 55+ Communities?
- Best wording for property fencing , realtor letting buyers assume my land comes with their listing
- I have a building I really want to buy a condo in. Multiple of the same general size/type listed online. Why don't I go into all of those and talk to the agent and say I want dual agency and just pick whichever provides the best deal?
- Home inspection
- NACA Experience
- 8% increase on rent?
- Moving
- Did I do it right? :refi
- Refinancing - good idea?
| Posted: 10 Apr 2020 11:56 PM PDT Been saving for a house in SoCal for almost a decade and even put in a few offers. Before covid, demand was strong and highly competitive in entry level 800k homes. So if we're to trust economists the downturn cuts deep and we're likely in for a longer term rebound housing included. But if we're to trust realtors once this blows over pent up demand will will snap the housing market back to full swing. After being burned in 2007 what's a perspective buyer todo? 1) Hang tight, higher end competitive markets are coming down. 2) Act now, distressed sales won't last long once economy reopens. [link] [comments] |
| I am highly concerned that home prices will drop Posted: 11 Apr 2020 08:55 AM PDT I tend to agree with this authors thesis. It may not be as bad as 2008, but I think realtors are currently in denial about the coming carnage. What do you guys think? [link] [comments] |
| Posted: 11 Apr 2020 07:22 AM PDT We've had showings and a ton of interest. They just did the inspection and TBH, I'm expecting them to ask for more money for potential repairs (it's a mid-century house) but I just feel so violated by them. For our showings, we requested that it only be the potential buyers and realtor (no kids and no family members or friends) and that people use hand sanitizer. Thanks to our Furbo (which catches 15 second snapshots when activated by motion), we found out that they showed up with their kid and one of their parents. My kids are wrecks because of this virus and they completely violated our requests and I'm livid. We accepted their offer out of desperation, but I'm contemplating saying "we'll cure the hazards so that you can get your loan, but you're not getting your $6500 credit". We're the only single family house on the market in the FTHB price range and our house was on for less than 2 weeks when it sold. Before coronavirus, houses sold in less than 48 hours and if not for this damn virus, no one would be entertaining their USDA loan. Do we rescind the "credit" by leveraging required repairs if there are any? Upon googling more about them we determined that his or her parents live less than a mile away. I think they really want this house. [link] [comments] |
| News from Ginnie Mae may help improve access to FHA/VA/USDA Loans Posted: 11 Apr 2020 08:12 AM PDT https://www.ginniemae.gov/newsroom/Pages/PressReleaseDispPage.aspx?ParamID=196 It's a half measure to help improve some of the risk to servicers. If you're out looking at a home and looking to use FHA/VA/USDA financing, this might translate to improved rates or qualifying guidelines, or it might not, but it's a good first step to seeing the return of those loans as competitive options. [link] [comments] |
| Tenant struggling to pay rent during COVID-19 Posted: 11 Apr 2020 07:53 AM PDT I have a question regarding my rent payment. Can't find a specific thread pertaining to Ontario Rent during COVID-19. (If there is one, please link me there, please and thank you). I am a university student in Toronto and my parents (who help me out with rent payments) and I are currently unemployed due to COVID-19 and we are at a hinderance in terms of our financial state and are struggling to pay rent. I have stated my current situation to my landlord and asked for a solution that would be suitable for both parties but she refuses to offer any sort of agreement. I explicitly stated to her that this is by no means a request to not pay rent, as I fully understand my obligation to pay my rent. Ontario policies state that tenants must communicate to their landlords of their situation and compromise. My optimal solution would be to either pay a reduced rent cost, or to defer the payments until we can afford to pay it in full. My concern right now, is that I have seen posts online stating that landlords wanting to evict tenants for rent arrears after this all subsides and it's really scaring me that my landlord will want to evict me/threaten to for asking to pay a reduced rent cost or to defer it. I am fully aware that no evictions will take place now, but I am afraid of what will happen after. I really do not want to hinder my relationship with my landlord and for her to potentially evict me due to this situation. Perhaps I am overanalyzing and being overly anxious, but what can I say so that she can empathize and decrease her chances of wanting to evict me? [link] [comments] |
| [Minnesota] Quit Claim Deed Tax? Posted: 11 Apr 2020 10:00 AM PDT I recently bought a house, let's say, for $300k. I want to gift (i.e., no money is involved) this house to my parents via a quit claim deed. My question is, do I need to pay a deed tax? Or is there any other tax/costs that I/my parents have to pay in this case? Thank you. [link] [comments] |
| Are people buying or selling houses less during covid-19? Posted: 10 Apr 2020 01:16 PM PDT Would now be a good time to sell a house? Are people buying houses right now? A house my friend was selling fell through. Will it sell quickly if they put it back on the market now? Thank you. PS. It fell through because the buyer was self employed. [link] [comments] |
| Why and how of Owner Financing? Posted: 11 Apr 2020 09:24 AM PDT Why would a property owner ever choose to offer owner financing rather than conventional mortgage sales? I have seen this happening in cheap properties that don't have high demand such as properties in dangerous or rural areas. However, I also notice that owner financing is very common in Texas in areas that don't seem dangerous or cheap ($100k+ homes). So is there a reason owner financing is common in Texas? Is there a place where I can find owner financed homes? [link] [comments] |
| What is involved in adding a person to a deed? Posted: 11 Apr 2020 09:13 AM PDT Seven years ago, my wife found a house she liked. I had IRS issues to resolve - we were filing separately - so her parents financed the house for us. Her parents and her name is on the deed. She now wants to assume the loan, but I don't think that her income is sufficient. She said that only she can assume it because I'm not on the deed. If the reason that I can't assume it is because I'm not on the deed, how hard/expensive would it be to file a quitclaim deed to add me? Thanks in advance for your help! [link] [comments] |
| Posted: 11 Apr 2020 06:27 AM PDT I'm assuming I don't end up paying more (right?) how much of this buyer's agent's 2-3% commission goes to my friend? [link] [comments] |
| Posted: 11 Apr 2020 08:09 AM PDT Look. Stop pondering wether you should put your house on the market. Just bc you list your home does not mean you have to sell it if you don't get the sales price you want. Always try. And move on to plan B if it doesn't sell at that number. My two cents. Nothing to lose except a lot of house cleaning and dealing w showings. [link] [comments] |
| Posted: 11 Apr 2020 03:23 AM PDT We are doing a move in 2 - 3 years and i'm not sure if we should sell the house this summer (assuming COVID) is somewhat gone and just rent until it's time to move or if we should just wait ? my worried is obviously a housing market crash. [link] [comments] |
| Posted: 11 Apr 2020 06:11 AM PDT Can we be sued for backing out of closing on a home purchase? It's starting to not feel right and my realtor is threatening that we could be sued if we don't go through with the purchase. It seems extreme that working with a lender following an offer obligates you to a 30 year contract. Is this true? [link] [comments] |
| I'm interested in a house that the home owner recently passed, how long until I inquire? Posted: 11 Apr 2020 09:39 AM PDT I'm seeking guidance in a unique situation. I'm a 29 yr old single male looking his his first home. I've been looking for about two years because location is very important to me. I've recently found out there is a perfect starter home in the location I'm wanting to live but there is a catch. The only home owner, a young single male as well, recently passed in a vehicle incident about 3 weeks ago. I've contacted the mortgage lender and they gave informed me that the home is paid up for a couple months, but also the parents would have to go to the court to get power of attorney (not sure if that's the proper title since he's deceased) before deciding what they want to do with the property. I can't imagine them keeping the house because the parents themselves are struggling with their mortgage and have their own house for sale pre-foreclosure right now. I'll be glad to answer any questions you might have. I feel horrible to think about it, but I really do love the house and more importantly the location! My question is how should I go about contacting the family? What should be said? *Note I do know this family as I live in a small town. The younger brother of the gentlemen that passed recently dated my niece for about a year and they did split on good terms. [link] [comments] |
| Is there any recourse for Realtor lying about inspection request? Posted: 11 Apr 2020 09:07 AM PDT We just bought and sold a home for the first time. The inspector for the house we were buying told us that the gas meter was not grounded and had to be fixed. We listed it in our request for repairs. Our realtor called us and told us that it was the county's responsibility and that they came out that day and fixed it, he also told us that we wouldn't be able to get any paperwork documenting it but we could call the county. We trusted him. He was our realtor but also our friend. Fast forward to today. We've purchased the house and among multiple issues we had the hot water heater and HVAC replaced. While the guys were doing the job they mentioned that the gas meter was not grounded and that it's a serious issue. We'd already learned that our realtor had not been looking out for our best interests so we weren't surprised. Thankfully, the company's policy is to fix anything they find throughout the job without charging. They said it's absolutely not the job of the county and it's an electricians job. Lo and behold- the county had never been called. So, after multiple other things happening that leads us to think he'd lied on several occasions, we are at our wits end. Do we have any recourse here or is it a case of lesson learned? [link] [comments] |
| Thoughts on home inspections as a second job/part time business? Posted: 11 Apr 2020 04:59 AM PDT I know there's some home inspectors on the sub reddit. What is your thought on starting a home inspection business as a second job/part time job? Any response is appreciated! [link] [comments] |
| COVID-19 Impact on 55+ Communities? Posted: 11 Apr 2020 07:54 AM PDT I've been watching the 55+ communities in Florida (we put in a few offers last year that were rejected) and I'm glad we are on the sidelines watching. Today I noted that of the 24 houses listed in my targeted community, 10 have dropped their price (two dropped 19K), and are are still on the market. Some factors that I believe will drive the market:
Bottom line: I don't see myself pursuing a second home for the next 1-3 years. [link] [comments] |
| Best wording for property fencing , realtor letting buyers assume my land comes with their listing Posted: 11 Apr 2020 07:30 AM PDT I own a 10 acre plot , carved out of it is a 1 acre house that was foreclosed and now listed for sale. The realtor is falsely listing and photographing it as a flat lot (the flat portion is all my property) and allowing buyers to assume the 1 acre includes the nice portions of cleared land that are mine as opposed to the brushy hillside it comes with. I have fencing going up Monday to ward against this , what type of language beyond 'private property' would make it abundantly clear that the fenced land and secondary driveway do not convey with the property for sale ? I have had it surveyed and my fencing will follow the set iron rods that indicate the legal boundaries. [link] [comments] |
| Posted: 11 Apr 2020 07:28 AM PDT I understand that not everyone of these condos is the same, but they are generally close to each other. I'm not overly enthused of getting a buyers agent to show me around to places when I know exactly what building I want to move into, so maybe this is a good solution because maybe I can get the agent to agree to a lower commission to make it work? I maybe would have to pay more for a good inspection since the agent may not be working in my favor? [link] [comments] |
| Posted: 11 Apr 2020 03:25 AM PDT Hi everyone, First time home buyer in contract to buy new construction in Florida. I did not know I should have done independent inspection during construction. Now that the construction is complete, is it worth to perform independent inspection? What things would an inspector look for? [link] [comments] |
| Posted: 11 Apr 2020 06:52 AM PDT Hope everyone is staying safe! So my fiancé and I are looking to buy a house soon. We currently rent and our lease is up in November. We're looking to buy because I want to open a home daycare and we need mode space as we're getting married in August and plan to have more kiddos. So I know someone who's successfully gone through the program and I see a lot of comments of people who have. I also see the negative comments and they kinda scare me away, I'm still going to do the workshop but I just wanted to know is there anyone here who's had a positive experience with the program? I see a lot on their social media people complaining about the time but that piece I'm not to much worried about necessarily. And I see everywhere I read that they give priority to those who actually wouldn't qualify for a normal loan so those with good credit/income seem to complain a lot when they could get a regular loan. So good experiences? Any??? Thank you! [link] [comments] |
| Posted: 10 Apr 2020 11:41 AM PDT Hey all, So my lease is up in a few months and the landlord emailed regarding a lease renewal. I currently pay $2,000 a month in Brooklyn and they are increasing the rent by $160.00, which in an 8% increase. This is the first time I've had a rent increase this high so I guess I may have been lucky in the past. What do you guys think? [link] [comments] |
| Posted: 10 Apr 2020 03:42 PM PDT When did y'all tell your landlord you were moving out upon buying your first home? We're pending and in the process now but very early. Our landlord has decreased our rent due to covid-19. I want to be a good tenant and give her a good heads up (were out of our contract), but I want to make sure the loan goes through with no issues first. [link] [comments] |
| Posted: 10 Apr 2020 03:00 PM PDT First house and first time refinance. Submitted app 3/10 closed 4/10 30yr/4.5% ->15/2.8% Closing cost $2700 Appraisal was face to face albeit very quick. Ive never been inside a Staples before but my first time score I was able to get a $289 3 in 1 scanner/printer for $120 and that thing made refi life a dream. [link] [comments] |
| Posted: 10 Apr 2020 07:45 PM PDT Hi all, Just signed some documents to formally apply for my loan and get the ball rolling on an appraisal. I bought my house last January with a $190,000 loan and 4.5% interest, 30 year fixed FHA I currently owe $184,000 and am applying for refinanced loan $191,000 at a 3.125% rate, 30 fixed Conventional The total estimated closing costs are just under $5,000, and my current estimated monthly savings are $100 for the first 7 years with PMI and $200 after that. Good idea I think, since the market is so low! I just worry about the ~5 years to pay back the closing costs, which are being financed into my loan... I do anticipate being here for at least 5 years but who knows!? [link] [comments] |
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