Real Estate: Real Estate agents of Reddit, what your worst client story ? |
- Real Estate agents of Reddit, what your worst client story ?
- Selling a house, buyer didn’t show up for closing yesterday, what next?
- Level of motivation for property flippers
- Firing buyers agent (NY)
- How soon can one pull equity from a home?
- Is the housing market still hot?
- Rental advertising monopoly by zillow/trulia/etc? (FL)
- First time buyer - simple terms
- How long does an appraisal report take?
- Quick question on apartment rental negotiation with a landlord or agency
- How to approach sellers with offer to lease?
- Help! Seller did not disclose area environmental issues and is refusing to return earnest money if I back out due to EPA reports.
- Refinance a HFA first time home buyer loan?
- Trying to decide when / whether to rate lock
- First Time Rental property owner
- How long does it take to invest in real estate full time?
- Selling for cash question
- Good time to buy a house right now?
- Did we miss the inspection period?
- Question on buying raw land
- Bay Area Listings
- Would it be messed up to do this? Need some advice.
| Real Estate agents of Reddit, what your worst client story ? Posted: 04 Apr 2020 08:01 AM PDT I stopped by a friend that was an R.E.A. We were talking and he got a call from a guy. He asked a few questions, asked what street he lived on and his name. I said "not a good way to get business." Of course there is the real estate reality shows and they seem to find every third show the clients that want a million dollar house for 100K. So, what is your worst client ? [link] [comments] |
| Selling a house, buyer didn’t show up for closing yesterday, what next? Posted: 04 Apr 2020 07:55 AM PDT Put the house on the market almost three months ago, got an offer 3 weeks into it and we went under contract, all was fine inspection and appraisal came back fine, buyers have a VA loan and then 2 weeks ago they wanted to move up the closing to last Friday (3/27) and we said of course! Then 2 days prior they decided to stick to the 4/3 closing which was yesterday. We had all documents signed and they were supposed to show at 1:30 yesterday and all I know from my realtor is that they called the legal team and said "we're canceling closing today" and hung up and no one else knows anything. This is in Raleigh NC and I have moved to Florida in January so I'm paying rent and a mortgage and it's killing me and i thought I was done but now I'm screwed My realtor is saying that he has 10 days legally and then after we can re list the home, do we get to keep the earnest money? I'm just confused and I cannot believe this is happening as his loan is approved and everything was a couple signatures away and now I'm back to square one at the worst time to sell. [link] [comments] |
| Level of motivation for property flippers Posted: 04 Apr 2020 05:17 AM PDT I'm looking to buy in Cincinnati within the year, and many of the areas I'm looking in (Oakley, Hyde Park, etc.) are full of homes that were quickly bought, renovated, and relisted. I know the answer for this will vary from individual to individual, but I'm trying to get a general sense if these types of sellers are more likely to hold firm on prices or try and quickly sell so they can move on to their next project. My hope is that this info can give me some insight on how the current COVID situation might affect the pricing of these homes . Thanks in advance! [link] [comments] |
| Posted: 04 Apr 2020 07:22 AM PDT Are there any rules I need to be aware of? Have recently realized my buyers agent is either shady or stupid or lazy, hard to tell which but none I want. I never signed anything but I plan to put in writing (email) that I do not want to continue working together. There are a few places I found, that I went to visit on my own, and went back a second time with my agent. Is my agent somehow tied to me on those listings, by law or common practice, in NYC? None of these are listings the agent found. I found them all and initially visited alone. I believe the agent was in email/phone contact with a few of the agents a month or two ago but that has all since gone cold. I plan to house hunt and make offers without an agent, just plan to engage a RE attorney at the offer phase. I have come to realize over the course of a few offers that I can do this by myself by and large. I understand the benefits of a buyers agent. Thanks in advance! [link] [comments] |
| How soon can one pull equity from a home? Posted: 04 Apr 2020 05:58 AM PDT First time home buyer, trying to get creative. There is a home for sale with a 2019 tax assesment of $112k. Asking price is $43k. If i put 10 down at purchase, is there a way to tap into that $15k-40k of equity right after purchase (within 6 months) or is that how none of this works? [link] [comments] |
| Is the housing market still hot? Posted: 04 Apr 2020 10:00 AM PDT I have seen a couple of houses yesterday. Each time have been told there's an offer pending. Not sure if realtor creating a sense of urgency since I've seen a lot of contingent sales fall out. This is in SoCal. I get RE is local so can folks report in on their area and what they're seeing? Lot of uncertainties and not sure of prices will drop or hold but I need to find something soon. [link] [comments] |
| Rental advertising monopoly by zillow/trulia/etc? (FL) Posted: 03 Apr 2020 09:46 PM PDT I'm a residential landlord, and have mostly SFH and several apartments. When I started there was craigslist and then came postlets for the sites like hotpads and would syndicate on trulia. This worked well and covered most bases, for next to free. Zillow has been acquiring all the various rental sites other than craigslist for some time now and killed postlets in lieu of their rental manager 4 or 5 years ago now. Meh, it still worked but was a bit clunkier,; wouldn't even generate listings for craigslist anymore. Recently two things have happened, they started charging $40/month for each ad, and even worse, prohibit listing your own phone number/email or other direct contact information on the ads. Zillow has been consolidating their reach now and pushing to be a middle man in the rental application process. They are trying to get involved in the processing of payments as well. The other issue I have with zillow is the "leads it generates". A person will click on 50 properties a night with no intention of following up. Due to this every ad I put out has "Please call/text me at ###-###-#### 9-6 pm, online inquiries and emails will not be returned". I find it's very important to talk to the potential customer before scheduling a showing. This weeds out those who are not willing to sign a lease, don't have the income, section 8, it's not the tenant but their parent, etc. I then setup an appointment to view the unit and instructions to text me 30 min before the showing, as about 50% of all adults will just not show up. I've tried the Zillow rental appointment planner and it was an unmitigated failure. Less than 10% of showings which were scheduled happened. Zillow has now restricted even putting wording in the ad saying inquires must be via phone. Now the phone number listed as contact in the ad is changed too. They use a virtual number which allows them to record/analyze the call and what's worse is SMS/imessage doesn't work via their system as it intercepts it and responds intimidating a real person. Luckily the email responses are not filtered, so I've taken to using an auto reply in my MTA (zimbra). Now every inquiry via @convo.zillow.com gets a response of: This seems like a ton of work for a "service" that costs $40/month. You want me to pay for listing, OK, I'm ok with that, but to force your company into the middle man, whilst charging me, fuck that. Curious what other landlords/listing agents/etc are doing to overcome this now that Zillow appears to have acquired all the other competition. [link] [comments] |
| First time buyer - simple terms Posted: 04 Apr 2020 04:25 AM PDT Good morning all, I have read a lot of posts from people who explain their personal situations and where they are at in terms of loans, savings, down payments etc etc. Basically, my wife and I have only recently found ourselves in a position to start looking at buying our first home. Haven't yet spoken to any professionals, not done a whole lot of homework on loans, not too savvy on a lot of the phrases being used on here. So, in simple terms... with the way the economy and housing market is moving... would a housing crash be good for a first time buyer? Would it generally be easier to get loans? I'm sure house prices would drop. I know it's a broad question, but I'm really just looking for a general perspective to know if it's even worth us really diving into this process now. Thanks a lot. [link] [comments] |
| How long does an appraisal report take? Posted: 04 Apr 2020 01:09 AM PDT We are under contract on a house, and last Friday (3/27) the Appraiser went out. Since then I've asked my agent and lender if the report had come in yet. I was told it was not ready yet and that it was a busy time. Just want to ease my mind. Is it normal for the appraiser to take over a week to write the report? [link] [comments] |
| Quick question on apartment rental negotiation with a landlord or agency Posted: 04 Apr 2020 10:51 AM PDT I have less than ideal credit/an unemployment situation that would make it harder for me to be approved for an apartment, but am willing to negotiate (higher deposit up front, paying for a guarantor, seeing if my co-signer who is retired can qualify). When would I tell the leasing agent this? For example, if I'm looking at listings on Zillow, there is a section to contact the landlord for a viewing and an option to add a note. Would I explain the situation there, or wait to say anything until I have a viewing scheduled and meet with them face to face? Also, some people are saying I can also negotiate the price of rent and try to bring it down (not by much, probably $50 or so per month) but I don't know if that works for cheap ish studio apartments that are already priced on the lower end for the area. It would definitely help me but if I already have other issues to work out with them I don't know if it'd be worth it or not, or how to even do it. [link] [comments] |
| How to approach sellers with offer to lease? Posted: 04 Apr 2020 10:51 AM PDT So I'm in a pickle of a situation where I separated from my soon-to-be-ex a year ago and finally filed for divorce a month ago. They had moved out a year ago and, in my grand wisdom I invited them to live back in the marital home a couple of weeks ago because the hotel they were staying in closed on account of CV. It's been mayhem since they moved back so my idea is to lease a place for them. But in this environment, even that is hard. So here's my idea: I find three new construction homes that are complete and have been listed for sale. They are staged with furniture. I offer to leave the place for 6 months (12 if I have to). Other details: I'm in the Boston area and looking for places west between 128 and 495. It would be a 2-3 bedroom place with 2+ bathrooms. Probably 2019 or 2020 new construction. List price would be something like $500-600K and I'd rent for maybe $3K/mo? Even if I wanted to buy something in this environment everything is closed so I don't think that makes sense. Leasing seems like it could work. I have a friend who's an agent that could help if I need one. Who would I contact? The seller's agent? The owner? Shoot holes in this. How might this work? [link] [comments] |
| Posted: 04 Apr 2020 10:45 AM PDT State of Indiana. Seller did not disclose environmental issues in the area that cause higher instances of childhood brain and blood cancer. We have not closed yet. We were still doing post inspection negotiation regarding major foundation issues when I found this information out yesterday so I refused their offer and asked for a mutual release. They came back saying they would accept my initial after inspection offer and I declined again. They now refuse to sign the mutual release saying I should have done my due diligence on environmental issues prior to making an offer and I would forfeit my earnest money. My question is, did they legally have to disclose the environmental issue? Edit to add: I am 6 months pregnant so childhood cancer is an issue. I am backing out no matter what but trying to keep my earnest money if possible. Also, I am not from this area and even though the reports were public, I wasn't aware until yesterday. [link] [comments] |
| Refinance a HFA first time home buyer loan? Posted: 04 Apr 2020 10:12 AM PDT I bought my house last July using my state (CA) first time home buyer program (CalHFA). I have a conventional loan with mortgage interest. I received a zero interest loan for closing costs and for the 3% down payment. I would like to pay off those two "silent" loans and refinance to a lower rate. I believe my home has equity, because an identical house across the street just sold for $40,000 over the purchase price of my home and that house is in rougher shape than mine. My interest rate is 4.5%. My credit score is 760, and I have a good salary at a stable professional government job in the SF Bay Area . Should I wait a little longer until I have more equity? Or should I upgrade my house to increase the value? I want to avoid getting hard pulls on my credit by making formal enquires if it's not the right time for me to refinance right now. [link] [comments] |
| Trying to decide when / whether to rate lock Posted: 04 Apr 2020 09:39 AM PDT Trying to decide whether/when to lock rate and was wondering what the masses here think. The background is we have a signed purchase and sale agreement and are closing in mid June. We are fortunate to have unusually stable jobs so we are not concerned about Covid induced job loss. Prior to last week, our presumed lender said we couldn't rate lock because we were more than 60 days out. The mortgage is a 30 year fixed-rate Jumbo with 10% down. Our first quoted rate was 3.25% no points just before the red rate cut (I know they aren't linked). That jumped up to 3.875% and has drifted down to the current rate of 3.5%. This past week my mortgage agent said that they are now willing to lock in if I want. They will not do a float down lock. I'm trying to decide if we should lock in or wait to see if rates drop further. Several indicators suggest the rate should go down but then again 1) a lot of people wanted to refinance early March resulting in lenders artificially increasing the rate to drive down demand and 2) given Covid who is to say any of the old rules apply. Final bit of flavor is that upon chatting with a friend of mine about this he had me talk with one of his buddies who is a mortgage agent and long story short they offered me a slightly better package, either no PMI or a lower rate and most importantly they would do a float down. Technically we could switch lenders but it would be a PITA. I was thinking of 1) seeing if given the competition I could get my presumed lender to do a little more for us and 2) trying to figure out if it doesn't matter and I should just count my blessings and lock in. This is our first house and obviously every decision seems momentous. Thanks for reading. [link] [comments] |
| First Time Rental property owner Posted: 04 Apr 2020 09:22 AM PDT Hey guys, we have our house on the market to sell, but given the current global pandemic, we are obviously not getting the foot traffic we had hoped for. We are not in a rush to sell however. If we don't get close to our listing price, I am comfortable not selling, but rather renting the property. However, I've never rented before. Does anyone use an online listing service that also helps with credit checks, etc? If so, which sites do you like? Edit: It's been suggested that I add the location to the post. I am in Charleston, SC. [link] [comments] |
| How long does it take to invest in real estate full time? Posted: 04 Apr 2020 04:36 AM PDT Hello everyone, I am currently employed and make around $35k per year, along with a monthly $1200 tax free VA disability check. I am looking into buying a house, but also want to get into real estate investing. I will be using the VA home loan, which is $0 down. I also read somewhere that as long as I lived in a house for a year, I can move out and use it as a rental property. Since I am single, I am more than willing to move every single year in order to build up a massive portfolio. Does anyone know if I am going at this at the right angle? I really want to get to the point where it gives me a full time income. I don't live lavishly, and am comfortable with living on 50-60k per year. Thanks! [link] [comments] |
| Posted: 04 Apr 2020 08:07 AM PDT I recently had a local investor reach out offering to buy my rental property for cash. I've been giving this some consideration as managing the property from a distance has become a distraction. I planned to look into selling after the spring but now seems as good a time as any. I would just like to understand from those who have sold without an agent before, what are some considerations and resources I should take into account? I'm not committed to the sale yet and if it becomes too bothersome right now, I'll hold off. I'm just trying to gather info and don't know where to start. [link] [comments] |
| Good time to buy a house right now? Posted: 04 Apr 2020 09:01 AM PDT So before all of this coronovirus craziness started, we had put 5% down on a house that is yet to be built(they are saying July it will be ready). I got a pre-approval loan of 3.75% on a 590kish loan. My question is should I back out? I am currently working from home, thankfully I have no fear of losing my job throughout this crisis. I am a little at a loss of what I should be doing right now. Currently live near Baltimore MD Thanks [link] [comments] |
| Did we miss the inspection period? Posted: 03 Apr 2020 09:41 PM PDT Hello. So my home inspection was scheduled by my agent and was completed yesterday (Apr 2nd). This was the earliest available appointment which the inspector could come. Also, the home was a flip and some work was still being completed at signing of the contract. So when the inspection was scheduled, this date was acceptable to the sellers because they said they would be finished completely for a thorough inspection. Not sure it matters, but they still were not done - some carpet going in one room was backordered and hadn't come in yet. And they still have some electrical boxes left to close up. However looking back at my contract now, I see that technically our 10 day period would have ended on Mar 31st, 2 days before the inspection still. We were only doing the inspection mainly as a cover for any large issues, there is no money in the contract for fixes or improvements. But if something huge came up, then it would be our contingency out or to at least renegotiate our purchase price. The inspector mentioned that the home's well system is kind of old and seems to be having pressure issues. He recommended us having a well company come in and check over everything for their opinion and potential costs. The original contract says that for any recommended follow up inspections, our inspection period could be extended by a week to complete it. The seller is saying now, although just over the phone to the agent and not yet formally in writing, that our inspection period has passed and we waived our contingency. They said they would consider allowing us to do it still though and will get back to us soon after they decide. For my questions; I understand that per our contract we 'missed' our inspection window and directly written in there it says that if we do not complete our inspections during that time frame then we accept everything as-is. But- this doesn't seem right considering we asked the sellers directly if this date would be okay and they agreed to it also because they wanted the time to finish what they were working on? Right now I'm hoping to hear back soon that they will still allow an extension of the inspection window, but if they say no, are we really completely held to this? Thanks. -Also, I'm not at all sure what the cost of the fixes might even be. If it would turn out to just need a new pressure tank then it looks like that might only be a couple hundred dollars? And then this back and forth was all for nothing anyway and I can eat that cost. But if it'll need an all new pressure system, or a new well pump, or heck even digging a newer, deeper well - then that's gotta be expensive and I would want to renegotiate the sell. [link] [comments] |
| Posted: 03 Apr 2020 09:02 PM PDT So I'm 26 got a little over 20k saved up after 6 months. me and my wife are looking to buy 200 acres in a spot of New Mexico we love and the property is roughly 1,000 an acre. So it's 212 thousand total. I've never bought a house or land before so am struggling to figure out the process we talked to a lender and they wanted 50% down since it was raw land and the best we could find was 30% down which is still roughly 60k so we are 40k short. Besides saving up for about another year? Anyone know a way around needing such a large down payment? [link] [comments] |
| Posted: 03 Apr 2020 08:46 PM PDT Hello, For those familiar with the Bay Area markets what's your take on listings being pulled? Here's an article on what's going on: We were looking to purchase a single family home this year but have been on hold to see how this all shakes out. [link] [comments] |
| Would it be messed up to do this? Need some advice. Posted: 04 Apr 2020 04:58 AM PDT Hey again, Sorry for the long read. Need your advice again. I posted a couple days ago about being in contract and considering backing out and losing earnest money, which is about 3k total with everything I payed (appraisal/ inspection/ earnest money) included. Still a little uneasy about the prospect of losing so much value. I close next week. Loan has been approved and received my closing disclosure. Everything else is done, just waiting on closing date. Locked 2.75 interest rate (2.825 apr). Va loan with no downpayment. Currently renting and payment is only slightly lower than mortgage would be (factoring in all extra expenses) so payment is no issue. Also, there is no chance I lose my job because of the current situation so I have great job security). Ultimately, payment on the current contract is easy for me. A little backstory - Original asking price was 375k. Zestimate had it at 363k. I offered 360k initially, with all closing costs covered. The seller was not budging much. Their agent just said the seller is not willing to budge and would only offer 8k in closing costs at full asking price. More negotiating didn't do anything. Seller didn't budge. Ultimately they were walking away unless we paid full cost, which was crazy to me considering how long it was on market. Didn't really understand their thought process, but really loved the home so I just went with full price with 8k closing because I didn't want to lose it. My realtor said he was really worried it wouldn't appraise for the asking price but it ended up appraising for the exact amount of purchase price. Inspection came in almost perfect, just some minor work on the caulking needed in the exterior (it's a 2017 home). Just fyi, this home had been on the market for over 100 days on Zillow and a year on the market. Sellers were not motivated at all according to my agent and thinks they may be underwater. Also zillow lists as 4br in the description (but 3br in the actual listing) so it may have thrown some people off. Initially felt like I was overpaying at 375k but really loved the home so was willing to pay it and took the 375k with 8k in closing. But with the market seemingly ready to plummet, I'm extremely worried now. While I initially felt like I was overpaying, I definitely feel like I'm overpaying now considering the home will more than likely lose a lot of value in the next year. But... I still really want this home so I don't want to lose it. Also lease ends in 1 month so I'm going to need a place to stay regardless, whether that means getting another apartment or putting my stuff in storage if deal falls through. So I was thinking, can I still at this point ask my realtor to tell the sellers agent that considering the market prospects and home values likely plummeting, I'm considering backing out and losing my earnest unless they drop the price. Or just say I'm considering backing out and see if they come back with a drop in price? I'm not sure if that's really messed up to do at this point in the process, especially considering everything is done and we close next week. But ultimately I feel like it's either me or them (losing money) and it would be great if we met somewhere in the middle. I would be very happy with like 350k and closing costs covered at this point.... But I have no experience with home buying (first time buying) so I don't understand how it really works and if I can even do that legally. I also don't want to lose the home if I do this, so I'm not really sure if I should. What options do I have if not this, if any? What are your opinions? [link] [comments] |
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