Real Estate: Putting in 1st ever offer tomorrow. Holy sh*t. |
- Putting in 1st ever offer tomorrow. Holy sh*t.
- Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year
- Hot home.
- Buying Houses at the Same Time
- Permit PSA
- Selling Agent Places Offer On House
- How to budget for your housing expenses?
- Would you buy a house knowing that you will likely only live in it for 4 years?
- Clarifying some misconceptions I've had about buying a home in the Bay Area
- Recommend Inspection on New Construction?
- Lease is up but Coronavirus laid me off
- Can a builder reopen a voided contract and complete it without another signature?
- Just bought a home. Planning on including home security and cameras, anybody have good recommendations?
- Getting a Mortgage without 2 years work history?
- Buying 1st Home
- Value of improvements
- Worried about writing up a rental reference for my parents
- Do you think it will be possible to buy properties online someday?
- Has anyone ever bought a home sight unseen? If so, do you have any tips or tricks on how to make sure you’re making a good decision?
- Best option to sell home for a more involved seller?
- Confused on Basement Permits - Tax Assessment vs Building & Development ?
- How long until joining a brokerage after passing the state exam? In FL
- How are you currently handling showings during Covid?
- Selling home and buying new - if we take some cash out of equity, are we taxed on it?
| Putting in 1st ever offer tomorrow. Holy sh*t. Posted: 03 May 2020 10:02 PM PDT Early 30s (f) long time partner (m) buying first house in SoCal. Found dream house about 11 homes in. Checks all boxes. Initial price 9k over budget but could raise our family with best schools, Mountain View's and close to job. A penny for your good thoughts team. Side note: pre sticker shock already. (SoCal 400k+) oof. [link] [comments] |
| Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year Posted: 04 May 2020 07:27 AM PDT Home prices will most likely fall 2%-to-3% through the end of the year from pre-coronavirus levels, and home sales to fall as much as 60%, before both begin to slowly recover to baseline levels by the end of 2021. The latest forecasts, based on published and proprietary macroeconomic and housing data, also include more pessimistic or optimistic projections based on the duration of the pandemic and the depth of its impact on the broader economy. The forecasts center around a baseline prediction of a 4.9% decrease in United States GDP in 2020 and a subsequent 5.7% increase in 2021. Under the baseline scenario, we expect:
Each of our scenarios implies very different paths for home prices and sales volumes. Our optimistic scenario features a small dip in house prices in Q2-Q3 followed by a robust recovery. The baseline medium scenario features a U-shaped trough in Q4 followed by a slower recovery and our pessimistic scenario features continued weakness through all of 2021 (more of a "long U" shape). Graph of 3 Scenarios: https://i.imgur.com/YqxpKpS.png At time of publication, we believe the medium scenario to be the most likely outcome, followed by the pessimistic scenario and then the optimistic scenario. These scenarios and our assessment of their likelihoods are open to revision and will be revisited periodically as more information regarding the timing, scale and success of relaxed social-distancing measures, among other factors, is released. Scenarios matrix: https://i.imgur.com/xnhi0ka.png Link to more detail and description: https://www.zillow.com/research/prices-sales-forecast-coronavirus-26975/ [link] [comments] |
| Posted: 04 May 2020 09:41 AM PDT Just wanted to share my experience with a recent offer my wife and I made. Split level came on the market for 299k about a week ago and immediately it was a popular/hot home. It was hard enough to tour the place. We fell in love with it and our agent insisted we need to place an offer over asking to have a chance. Sellers wanted best and final offer by Friday at 4pm. He said to be competitive we should place an offer 10% over which we talked amongst ourselves and thought it was kinda outrageous considering the pandemic and unemployment rate. We ended up deciding that we would be disappointed if we placed an offer at asking and lost so we bid 20k over listing as a comfortable point where we can walk away knowing to us it's not worth it. Our offer was 320k with 10k earnest money and we added an as is clause for inspection with a flexible closing date. Both my wife and I are in healthcare so we wrote a personal letter making sure we let them know our job security was as good as it gets. We felt our offer was strong and we still lost out! Back to house hunting it is 😐 [link] [comments] |
| Buying Houses at the Same Time Posted: 04 May 2020 10:15 AM PDT Hi everyone - my brother and I are looking to buy houses close to each other. With that, obviously we don't want a house with one one offer to get accepted and the other house to get sold. Is this situation common at all? I'm assuming we should be able to put clauses in the offers, but is this a potential major deterrent to sellers? Any other way to potentially go about this? [link] [comments] |
| Posted: 03 May 2020 06:44 PM PDT Just a heads up for anyone buying a home. Save yourself some time and possibly thousands of dollars. I went under contract on a home and went through with the home inspection. This particular inspector included permit checking report, which I hadn't even heard of prior to him doing so. He pulled all of the past permits that had been opened on the home. WELL, it seems the homeowner, who was a contractor, pulled his own permits for a roof, plumbing, electrical, an addition, and a new septic system a few years ago. Unfortunately for him, he installed the septic system on the neighbor's property who was less than pleased and reported him to the health department. They ordered a STOP WORK ORDER on everything through the county. Sadly, the neighbor has since passed, and the homeowner finished the work, and even rented the house out. Needless to say, this home inspector and the permit checking report saved me tens of thousands of dollars and a massive headache in the future. Always utilize your due diligence period wisely TLDR; Always check previous permits before buying a home/property EDIT* Took out a company name to satisfy the vultures [link] [comments] |
| Selling Agent Places Offer On House Posted: 03 May 2020 06:58 PM PDT Hello fellow redditors, I have a question for you. My boyfriend and I just put in an offer on a house and we were told earlier today that a second offer was also made. Come to find out, it was the selling agent that placed the second offer. Granted, he advised the homeowners that our offer was better and to take it, but I'm curious - is this common practice or even legal? I live in Ohio if that makes a difference. It just seems so sketchy! TIA! [link] [comments] |
| How to budget for your housing expenses? Posted: 04 May 2020 07:05 AM PDT My biggest fear of buying my first home is getting into a financial bind where all my money goes to my house and I become a slave to my house. I do know that loan companies will approve more than you can afford. I was told a general rule of thumb is that your housing expense should be 30% of monthly income. From my understanding the house payment expenses are mortgage, taxes and escrow. What kind of prices should I be looking at if my net income is $4800/mo and credit is in 700's? [link] [comments] |
| Would you buy a house knowing that you will likely only live in it for 4 years? Posted: 03 May 2020 03:11 PM PDT If a house came on the market that was in your price range, and had all of the attributes that you wanted, and was in the right area, would you consider proceeding with buying it if there was a small chance you would be moving within a year and a great chance that you'd be moving within 4 years? [link] [comments] |
| Clarifying some misconceptions I've had about buying a home in the Bay Area Posted: 04 May 2020 08:57 AM PDT Background: My salary is 109K/year with an 808 credit score with 11+ years of credit history. Significant other makes about 100K a yer with a 736 credit score. She has a shorter credit history (got her first credit card last year after she graduated and got a job) but she did pay off undergrad and graduate student loans. I think our combined debt to income ratio is somewhere in the ball range of ~11-15% (not sure if we're doing the calculation right). We have currently have about $65K saved up for a down payment in the Bay Area (more specifically the South Bay). I always thought we had no chance of being able to afford a house. I always heard stories of basically any normal 3br/2ba single family house starts at $1M (at least in the areas we like) with tech engineers and Chinese millionaires buying all the homes in cash and basically a 20% down payment is a non-starter in this market so while I've been saving, I didn't diligently save money thinking I could afford a house here. I've been doing research and browsing listings recently and it seems it actually is possible to buy single family homes in decent/gentrifying areas of the South Bay in the $800-$900K range. I thought since we don't have a 20% down payment, we'd need some type of assistance, so I started looking into CalHFA and assistance programs, but from reading some posts around here, it seems like even with a 5% down payment and good credit, we're in a pretty decent position and it seems like we'd be better off with a conventional loan? So, given our backgrounds/credit history/current financial position, it seems like I had misconceptions about real estate and we actually have a shot at something, potentially within the next few months to a year? Or is the Bay Area just too competitive and we need at least 20% down and preferably all cash in order to have a chance to get a single family home? We haven't gotten pre-approved yet, so we're not sure exactly what we can afford. Should we start talking to lenders and seeing what we qualify for? What if we find the amount we get approved for isn't quite enough yet and we decide to wait and save more to have a bigger down payment? Would we have to have multiple hard credit checks and would that hurt us? What should I look for in a lender? Also, what should I look for in an agent? [link] [comments] |
| Recommend Inspection on New Construction? Posted: 04 May 2020 08:57 AM PDT We recently purchased new construction, 2050 SQ Feet, it comes with the 1-2-10 warranty. Since inspection cost around $500, I was thinking about waiting until 11 months into the warranty and then doing an inspection, so if there are any issues, the builder can fix. Any advantage of doing the inspection before we move in? (We passed the inspection contingency already) [link] [comments] |
| Lease is up but Coronavirus laid me off Posted: 04 May 2020 08:36 AM PDT Mine and my boyfriends lease is up June 30th. We would've considered staying another year but when Coronavirus came about and everyone lost their job, we had received an email from our rental property management that they are increasing our rent up to 11% after our lease is done. So the problem is, I'm currently laid off, my boyfriend is working from home. Normally, they ask for a letter of employment and/or paystubs from both tenants. Which I would not be able to provide. Would that be an issue due to the circumstances? [link] [comments] |
| Can a builder reopen a voided contract and complete it without another signature? Posted: 04 May 2020 10:50 AM PDT Edit: Apologies I forgot the state in the title: AZ I'll try to keep this short. Basically, we had a contract for a brand new home (spec home) that we signed for, but had second thoughts. Before all the signatures were collected, we decided to void the contract. This was all done online with DocuSign. They decided to give us a better deal which we agreed to.. Then the following day they reduced what they originally said and we said we'd think about it. It left a bad taste and my mouth and at this point I kinda just wanted out. The builder/seller reopened the voided contract today, and I got an email that the documents were completed. All signatures there, and the "updated" offer wasn't even there. I called him and he told me since we already had signed, they didn't have to collect our signatures again (even though this was voided, and we had agreed to something new which wasn't even written in the reopened contract). I just want out and they're saying we won't get our earnest money. Can they really just reopen a voided contract without us having to resign? Especially since they didn't update it at all with the newer offer? This all seems extremely shady to me. Basically, they have our earnest money even though we've never signed a full contract. [link] [comments] |
| Posted: 04 May 2020 10:00 AM PDT |
| Getting a Mortgage without 2 years work history? Posted: 04 May 2020 09:41 AM PDT Does anyone know any banks or have any recommendations for how I could go about getting a mortgage with limited work history. I just graduated college this semester, I have an excellent credit score (740 ish FICO, 725ish Experian) The problem I run into is that while I was in college, I did a lot of side work. This was painting houses and carpentry, and lawnwork that gave me enough to pay the bills and have a little extra for spending money. I did not pay taxes because I had expenses from buying equipment and driving, and after expenses, made less than the $12500 tax requirement. This was fine for me because I was a college student. I currently work 50+ hours per week making a base salary of 25 per hour, however, I have only had this job since early February. Essentially, I meet all of the requirements of a good mortgage recipient with the exceptions of short work history. Does anyone have recommendations or know what process I could go through? I am in the Northeastern United States if it matters. [link] [comments] |
| Posted: 04 May 2020 09:36 AM PDT I am looking to buy my first home for myself! I have been a residential loan officer for 3 years now and finally qualify for enough to buy in my price inflated college town (median price is $485k for single family). I have been looking at old 2/1 homes in the "old town" area, which are walking distance from the university. These homes were built 1920+ and range in price from $315k (old rentals that are worn down and un-updated or less than 300 sqft) to $850k (modernized, with cottage houses in the back with landscaping and up to 2,000 sqft). I went and saw this home with my Realtor, I LOVED it. I could see myself living there as is, but was excited for potential update opportunities. https://www.zillow.com/homedetails/815-W-Magnolia-St-Fort-Collins-CO-80521/13903432_zpid/ **The home is under contract now, and I would not offer more than $330,000 and the last owners extended the bathroom into the garage, and you couldn't even fit a prius in it now... maybe a moped? Not sure how that's to code or how I could resell that. The home behind this and across the street are 1.2 million My big question is, are these homes a danger to first time homebuyers? I would prefer to live alone but would rent out a room if needed, if I couldn't sell or needed to move I could rent it EASY to some college students for more than my mortgage... With these old homes, what should I be cautious of? What opportunities do these homes bring that others don't? I would love pros and cons! [link] [comments] |
| Posted: 04 May 2020 09:20 AM PDT Condo A is in the same building as Condo B and are identical units. Condo A sold for $400,000. Immediately after, Condo B went on the market. How much more would you pay for Condo B if it made the following improvements?: The reserved parking spot is covered vs not covered The unit is discovered to be 48 square feet larger Additional windows are installed to have more natural light The master bathroom adds a jacuzzi tub The master bath adds a second sink A walk in closet is added to the guest bathroom Unit B is an end unit top floor, whereas Unit A has units above it and to each side Unit B's kitchen appliances have 3-5 years of life vs less than 1 in Unit A Unit B got rid of a fireplace and built in bookshelves you don't want Now both units are identical but in different buildings. How much more would you pay for Unit B if the building is: Two blocks closer to the main strip Has extra parking in an attached private lot Has a strong HOA reserve fun of $50,000 Was structurally remodeled in 2007 and Unit A's building was built in 1984 [link] [comments] |
| Worried about writing up a rental reference for my parents Posted: 04 May 2020 09:04 AM PDT My parents are seniors and they're looking into senior apartments...the thing is they want me to sign a rental reference and I was wondering if they're incapable of making payments on time will it affect my credit score or credibility when I want to find a new apartment out of college? [link] [comments] |
| Do you think it will be possible to buy properties online someday? Posted: 04 May 2020 08:25 AM PDT Due to coronavirus, it's impossible to actually show a client a house, so we set up a 360* camera in each of the homes and tried to sell it that way. Do you think it will be possible in 5-10 years to sell homes online? [link] [comments] |
| Posted: 04 May 2020 08:24 AM PDT |
| Best option to sell home for a more involved seller? Posted: 04 May 2020 08:22 AM PDT I work in Strategy & Marketing, and I've always had much interest in real estate. I've been doing a lot of research on how to market and sell my home. So I plan to be more involved in the selling process than your average seller (e.g. taking/choosing pictures, writing captions and descriptions, doing market research, even doing virtual tours myself in this time of COVID) Since I know that being more involved could interfere with an agent's role, I'm considering different types of broker services that could work best (and less expensive) for me. Some options I'm considering:
Anyone has had experience in any of the above that care to share some insights and considerations for me? Thank you much! I live in a major city in TEXAS, btw [link] [comments] |
| Confused on Basement Permits - Tax Assessment vs Building & Development ? Posted: 04 May 2020 08:20 AM PDT Before visiting a property in VA, we called the county about permits and learned that there were open permits for the basement plumbing and electrical. The seller's agent said, "All of the work had been approved and he has the documentation. He just forgot to follow up with the county inspector for the final sign-off, which he plans to take care of now that he has been reminded." A few days after ratifying the contract, seller's agent sent an update that said, "On the tax records, the basement is approved and fully finished passing wiring, building and plumbing inspections." We're now in the post-inspection negotiation period and checked again with the County Building & Development. They confirmed that the basement electrical & plumbing failed inspection in 2016 and nothing has been scheduled for another inspector to come back out. They also said that the Building & Development permit must be approved before it can be approved for the tax records.. which would be inconsistent with what we've heard from the county/seller's agent. We're checking with our agent and would like to request them to show approval documentation, if the seller says everything has final sign-off, but wanted to check here in case anyone can provide more insight or clarity. Lots to learn as first time homebuyers! [link] [comments] |
| How long until joining a brokerage after passing the state exam? In FL Posted: 04 May 2020 08:05 AM PDT Hi! I have completed the pre licensing course for getting my FL real estate sales associate license. How soon do I have to join a brokerage after passing my state exam? I want to take the exam soon but not planning to join a brokerage until the next 6 months. Thanks [link] [comments] |
| How are you currently handling showings during Covid? Posted: 04 May 2020 07:36 AM PDT Hi, after an offer fell through I have to start showing my house again while still living here. I was looking for advice on best practices? I plan on only showing 2 days a week, going into the office (no one else will be there) all day on those days and then coming home with my mask and throughly wiping down all surfaces before I do anything else. I was going to leave hand sanitizer at the door and leave all the lights on and ask people touring to not touch anything. My realtor makes it sounds like people are starting in person tours again but I wonder if it's too early. I'm in Maryland and in person showings are still allowed by appointment only as long as it's groups of 3 or less and social distancing is maintained. [link] [comments] |
| Selling home and buying new - if we take some cash out of equity, are we taxed on it? Posted: 04 May 2020 07:32 AM PDT I'm pretty sure I know the answer, but thought I'd ask here. We are selling our primary residence and upgrading to a bigger home for our bigger family. We plan to put most of the equity from our home into the new home, but want to hold back about 30-40k for some renovations as well as a bit more emergency cushion. My question is, will we be taxed on the ~40k that would hit our bank account after the home sale this year? We've lived in our current home for 10+ years and in that time it's appreciated about 200k. We file married/jointly and I'm the sole earner. Based on a quick google search it appears we would likely qualify for the exclusion of up to 250k, maybe even 500k since we're married. But wanted to check with the hive mind for another point of reference. [link] [comments] |
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