Real Estate: Dear RE agents |
- Dear RE agents
- A slideshow of listing photos is NOT a virtual tour
- Locked in a rate of 2.875 for a 30 year today!
- Will this oil crash affect Houston's (the city dependent on oil and gas) housing market?
- Despite Stay At Home Order, Seattle Real Estate Market Still Shows up (WSJ)
- Capital gains on the sale of the property question
- Advice about a negotiation... ?
- California house sales plunged 11.5% in March from February levels, the first double-digit, month-to-month drop in more than nine years
- Fannie Mae Foreclosure- offer not accepted, even though we offered full price wit no contingency
- Just to follow up on others threads, I closed on a second home yesterday just fine
- Home appraised for 30k above purchase price
- New Realtor Canada
- Are new construction, cookie cutter homes a bad choice for a first home?
- How to find homeowners insurance without spam
- VA Loan(s) and freeing up eligibility
- Under contract in TX, wanna back out
- Texas Mandatory 180 Hours
- How do I pick out the best Homeowners Insurance?
- Existing-home sales slump 8.5% in March due to coronavirus
- Possession after closing questions
- Closed our Home last week :)
- Want to move. What should my down payment be? And what interest rate should i be looking for?
- Who are the new money people that are buying the 1-3million dollar homes but cant afford them, what do they do that still makes them able to make payments? What kind of work do they do?
| Posted: 21 Apr 2020 05:32 AM PDT Please stop using wide angle photos. And for the love of Pete, if you can't hire a professional photographer, get a phone with a decent camera. [link] [comments] |
| A slideshow of listing photos is NOT a virtual tour Posted: 20 Apr 2020 04:41 PM PDT Why do realtors think putting together a slideshow of listing photos is the same as a virtual tour? 🤦🏻♀️ Such a pet peeve of mine as a homebuyer. Either get an actual video or don't list it at all. [link] [comments] |
| Locked in a rate of 2.875 for a 30 year today! Posted: 20 Apr 2020 09:44 PM PDT We are purchasing our first primary residence. Got locked in today on a 30 year conventional loan with 5% down at 2.875% with no points. This was a local lender and honestly they beat all the major companies loan estimates I was checking out. Has anyone been seeing similar rates? How much lower realistically do we think they'll get? Maybe interest rates are starting to come down to reflect the treasury yields drops but just wanted to share as I'm still amazed and curious nationally what others are closing at? Edit: Currently under contract. Inspection happening tomorrow, appraisal on the way. Once cleared to close, will post to verify. [link] [comments] |
| Will this oil crash affect Houston's (the city dependent on oil and gas) housing market? Posted: 21 Apr 2020 08:22 AM PDT I'm in the market to buy a house and wonder if this oil crash is going to affect the prices. and if so, how long from now before we see the effects? I just know that our economy is going down but luckily my field of work will still be strong. Last time in 2014-2016 when oil nosedived, I don't believe Houston's housing was affected much but this time is unprecedented so I'm not sure how that'll work out. Any experts know the forecast? [link] [comments] |
| Despite Stay At Home Order, Seattle Real Estate Market Still Shows up (WSJ) Posted: 21 Apr 2020 09:53 AM PDT No Paywall Archive: http://archive.fo/cXDY4 Original Article Page: https://www.wsj.com/articles/despite-stay-at-home-order-seattles-real-estate-market-continues-to-show-up-11586800867 First week of April 2020 had higher transactions than April 2019. March 2020 was 9.1% increase YoY against March 2019. Seattle was the first Epicenter of the virus outbreak so we are furthest into the play out. I suspect only pause during the uncertainty period of this pandemic (IE not knowing whether we will reopen all at once or have a pro-longed social distancing schema). Once we either decide to reopen (unlikely in WA) or come to the conclusion some moderate level of social distancing will be required until a vaccine is available then I suspect real estate will continue as before at least in Seattle. Might be some mild differences in that some people will venture out further for a home given WFH and commute times are low and realizing being stuck inside a small quarters sucks. If for whatever reason there is a resurgence (probably due to reopening too quickly; more likely for places like Florida) then a pro-longed pause will probably come, but the emergence of a new normal will still arrive. [link] [comments] |
| Capital gains on the sale of the property question Posted: 21 Apr 2020 10:28 AM PDT I know it depends on how long you owned and lived in the home before the sale and how much profit you made. If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. My question is if there three people on title and the home closes for 450k profit and the profits are split in three people making the capital gain 150k per each person. Meaning we don't need to pay taxes on the capital gain? Thank You [link] [comments] |
| Advice about a negotiation... ? Posted: 21 Apr 2020 07:51 AM PDT Small town in Texas. Sleepy market. Not much turnover. A house comes up that we like. Asking $269k. That's out of our league. But the house sits for five months. Zero offers. Closest comp: House down the street sold in Nov. for $175. Same size but on the corner of a busy street. We offer $185. Seller counters with $250. Our agent says to put up our best number and tell em it's all we got. But the local market is cool. The virus has made us all twitchy. And I'm wondering if it'd be wiser to wait a month and try again. Added wrinkle: House is owned by a local music conservatory. I'm pretty sure we're negotiating with a small committee of music teachers. How would you play it? [link] [comments] |
| Posted: 20 Apr 2020 01:55 PM PDT California house sales plunged 11.5% in March from February levels, the first double-digit, month-to-month drop in more than nine years and the largest since August 2007, the California Association of Realtors reported Thursday, April 15. Median house prices, however, held their own with a statewide gain of 8.3% from March 2019 levels, rising to just over $612,000. [link] [comments] |
| Fannie Mae Foreclosure- offer not accepted, even though we offered full price wit no contingency Posted: 21 Apr 2020 09:14 AM PDT This house is special, and there has been a lot of interest. We offered the full asking price with no contingencies, and it was rejected with no specific reason. We had expected there to be multiple offers and to resubmit a higher offer later, but this rejection email doesn't say anything about multiple offers, only that ours was rejected. Can the listing agent reject our offer to get a higher offer, even if ours was the only one? Can anyone give advice? Bc this is not how our agent said it was going to go. [link] [comments] |
| Just to follow up on others threads, I closed on a second home yesterday just fine Posted: 21 Apr 2020 06:12 AM PDT I'm not here to debate whether or not now is the right time, I think that's a personal question for many, and for me the deal was right. We locked in 3.375%, 10% down, and actually secured 17k in repairs (perhaps some COVID leverage), along with 6.5k back at closing. Purchase price was 455k The process was relatively smooth although the sellers payoffs came in extremely late (like, literally the documents were delivered to my lawyers office just before we arrived). We did the walkthrough without the agents inside, although they were present and just hung outside. The sellers had used a POA to get their portions signed so it was just my wife and I + the attorney signing the docs. Just figured I'd share some "good" news [link] [comments] |
| Home appraised for 30k above purchase price Posted: 21 Apr 2020 11:27 AM PDT Put in an offer for a home at 680k and it was accepted. The appraisal came in at 710k. What are all the benefits if this, if any? Or is it not a big deal. [link] [comments] |
| Posted: 21 Apr 2020 10:28 AM PDT I just recently became a real estate agent in Canada before Covid 19 hit. I was starting to pick up open houses and do door knocking however that isn't possible anymore. I was looking at either starting to cold call or use Facebook ads. I don't have much money to invest into advertising so was thinking cold calling would be the way to go. Is there any good cold calling/lead generating service i could use to get phone numbers? I have heard of Redx however their services are limited in Canada. Any advice would be appreciated [link] [comments] |
| Are new construction, cookie cutter homes a bad choice for a first home? Posted: 21 Apr 2020 09:43 AM PDT We signed a letter of intent yesterday to have a new construction built. We're building in a new neighborhood and are the 10th or so house that will be built in there out of maybe 50/60. We opted for this route because we have the financial capital to put 20% down on this house. The homes range from 166,900-189,900, and we opted for the cheapest option. All of the houses are between 1250-1350 heated sq feet. Where we live, the median home cost is $220,000 and ~$134 a square foot. At $166,900, we're paying $136 a square foot. The more I've read, the more I feel we're making a mistake. I've seen complaints of these types of homes being poorly built, not retaining value, being hard to sell... the list goes on and on. Our plan was to put 20% down, live there for a few years until we get 20% on a 250kish house and rent the cookie cutter and allow it to cash flow itself. But, I'm now doubting that plan. Are cookie cutters a bad investment? An example of the house were building: https://www.trulia.com/p/la/ruston/903-e-tennessee-ave-ruston-la-71270--2367139211?mid=6#lil-mediaTab [link] [comments] |
| How to find homeowners insurance without spam Posted: 21 Apr 2020 09:40 AM PDT Hey, I'm looking for homeowners insurance but cant find a decent website. I don't know anything about it, but is there any kind of website where you can just pick and choose what you want and it picks something for you? [link] [comments] |
| VA Loan(s) and freeing up eligibility Posted: 21 Apr 2020 08:58 AM PDT My wife and I currently live in our single family home with a VA loan. Things just changed with my job (civilian job) and we are looking to refinance our current VA loan to a conventional loan. In the future, we will buy another single family home to live in (with the VA loan), and keep our current house, which would be financed under a conventional loan. This means: House #1 - Purchased with VA loan, refi-ed to conv. mortgage House #2 - Purchased with VA loan Here's the weird part... if in the years to come, if we ever want to move again, I have heard that if I wanted to use the VA loan to buy a third home elsewhere, that I would have to sell BOTH current properties in order to free up eligibility, due to both houses ORIGINALLY being acquired with VA loans. Our plan was to sell House #2 to free up VA eligibility, and keep House #1 since it was a conventional loan... Is anyone else familiar with this rule? Why would we have to sell House #1, under a conventional loan, simply because it was originally acquired under the VA loan? [link] [comments] |
| Under contract in TX, wanna back out Posted: 21 Apr 2020 01:15 AM PDT I'm under new home construction contract since January before the whole pandemic started and builder has my earnest money which is non-refundable per contract. I also selected upgrades and have not been charged for those yet. If I got laid off, do I get both back or do I lose both deposit and upgrade charges? Do I have to pay for upgrade options when I get laid off even though I have not been charged for those yet? That would wipe a lot of savings. Build is supposed to be done by end of August. Should I stick with contract and wait it out or back out now since no upgrade charges yet and pandemic could last longer than we all think? Also, should I ask my realtor to do a Tx Covid 19 addendum? But the addendum is only for getting earnest money back and not upgrades right? [link] [comments] |
| Posted: 21 Apr 2020 08:46 AM PDT Hello! I am working towards getting my real estate license and I have just finished my first 30 hour course of the mandatory 180 hours for Texas. I am taking my first exam this Friday. The exam is "Texas Principles of Real Estate 1". Does anyone know where I can find a solid practice exam for this specific course? I've looked online and quizlet was somewhat helpful but I need something closer to what the real exam will most likely be like. Any advise or recommendations on how to pass this exam, what to expect, certain things to study, etc would be so greatly appreciated. Thank you! [link] [comments] |
| How do I pick out the best Homeowners Insurance? Posted: 21 Apr 2020 08:23 AM PDT I am buying a 1950's house with a ten year old roof but in decent condition. My lender matched me with an agency that likes old houses and is lenient with older roofs and gave me a few quotes, but I'm not entirely sure what I'm looking at here. This house is going to be in the 34205 area code right near Manatee High School. I'm learning everything about houses within the confines of this month. If any of these plans are bad ideas and I should shop around I would greatly appreciate being told what to look for. https://imgur.com/a/tGyCCag [link] [comments] |
| Existing-home sales slump 8.5% in March due to coronavirus Posted: 21 Apr 2020 07:49 AM PDT Sales of previously-owned U.S. homes sank 8.5% in March just as the coronavirus pandemic began to shut down large parts of the economy and throw the real estate market into disarray. Existing-home sales dropped to an annual pace of 5.27 million the National Association of Realtors. The decline is likely to be a lot sharper in April. "Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak," said Lawrence Yun, NAR's chief economist. "More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise." [link] [comments] |
| Possession after closing questions Posted: 21 Apr 2020 07:44 AM PDT I was wondering if anyone has dealt with this situation and the best course of action. My agent seems less than willing to do the digging, which may result in me changing to a new agent or company, or backing out of the sale at his point if I can't actually get the information I'm asking for from them. I'm currently in the process of buying my first home, and the property is currently being used as a rental property and the tenant is on a month to month contract once the home was put up for sale. The seller is asking for the date of possession to be 30 days after close, giving the tenant time to pack and move out. My biggest concern is from a legal, and financial standpoint, would I not be the landlord during those 30 days since the tenant has a lease agreement with the current owner and those agreements follow the property and not the owner? My agent is ensuring me that the seller would bear any legal responsibility for those 30 days, and after the 30 day mark it would then be my responsibility, however, everything I've found states the opposite. After closing for all intents and purposes I would now be legally the landlord for that tenant and responsible for any issues that arise. Would an addendum to the purchase agreement stating the seller would be financially and legally responsible for the current tenant post closing, and even post possession, if the tenant refuses to leave be enough to cover myself in the event the tenant refuses to vacate or caused property damage to the home? or do I need to get an attorney to actually draft that paperwork and make it ironclad. I guess I'm just wanting to see if anyone has experience in this and give me some advice on a good course of action. I'm already on the fence about even allowing occupancy after close, and this just adds more concerns. [link] [comments] |
| Posted: 20 Apr 2020 03:18 PM PDT Was in contract was for more than 45 days. Covid-19 was scary and had to change lender midway. Finally everything worked out well and got our keys. Stay strong folks things will work out well :) [link] [comments] |
| Want to move. What should my down payment be? And what interest rate should i be looking for? Posted: 21 Apr 2020 06:32 AM PDT My wife and I want to have children soon. We both have perfect credit scores. We currently own a home that I bought for $89000. We have about $15000 in equity. Together we make about $75000/yr. Ive been told that you should save 20% for a down payment. We are both "essential" and shouldn't have to worry about losing our jobs. Our current home is far too small/old and are looking for something in the sub $200000 range. Are interest rates good right now? Should i save 20% or would a down payment of 10-15 grand be sufficient? We currently have about 20 grand in savings. We live in the Midwest. Thank you! [link] [comments] |
| Posted: 21 Apr 2020 06:26 AM PDT I see a lot of people that purchase homes from $1 million-$3 million, and then later cannot afford to make payments and have to sell them. These people seemingly punched way above what was reasonable to get the luxury. What I am wondering is, they still qualified to be able to purchase these homes, what kind of work would they have to do to be able to make these payments? [link] [comments] |
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