Real Estate: RANT: when people redo the kitchen/floors/bathroom before selling |
- RANT: when people redo the kitchen/floors/bathroom before selling
- I’m so SICK of GRAY
- Home buying frustrations
- How long does it take for a photographer to take pictures of a house?
- Updating Home Fact Records
- Trying to understand how escrow is funded/topped off
- Closed today in a new home build
- For Sale by Owner Negotiating Multiple Offers
- I need math help for my rental Mother-In-Law suite I want to build. Is it worth it? (Austin, Tx)
- Mortgage while furloughed
- Buyer's Dillema: To Wait or Not to Wait
- Property line fence dilemma...
- What rate and loan amount could I be getting?
- Seller hid foreclosure from us, revealed a week before closing during title search-- what are our options?
- Who is buying all these $600k houses in Texas?
- Bank statements when dealing with mortgage lender?
- NEW CONSTRUCTION HOME ISSUES
- Michigan Eviction Options following Redemption Period
- Looking for advice!
- 2nd offer on my house!
- I was looking over foreclosed hoses and was reading up on the cases and info and A loan was issued by the UNITED STATES OF AMERICA. How is this possible?
- What percentage of new home construction is made of brick?(US)
- Is it possible to work a 9/5 and be a real estate agent"
- Can someone please share the rental yield of past 15 years of top 15 cities of United States of America
| RANT: when people redo the kitchen/floors/bathroom before selling Posted: 08 May 2020 04:51 AM PDT This is a pandemic in RE. Not talking flippers either Just average joes who will redo the kitchen etc on a $500k home right before selling with the hopes they can then sell it for $600k. Meanwhile all I see is a builder grade materials kitchen, flooring, floor plan etc that's somebody else's and not what I want but I can't afford to buy your home now just to tear out and redo all your terrible choices. PSA: just sell your home. I'd rather upgrade it myself the way I want than pay 100%+ markup on the upgrade you did that looks like dog shit. Note: I'm not saying I want to do the work, but that is like to dictate what work gets done Edit: probably my biggest gripe is they upgrade it to look like a 90s/2000s McMansion with colonial stay cabinet set and gaudy granite counter tops. Granite is out!!! Edit: busy looking granite is out. I don't want to cosplay a NJ housewife circa 2005 Edit: I'm not saying I WANT to do the work. I would prefer to have to move in ready. I'm saying if you're going to just put in WILD busy granite counter tops and bottom shelf cabinets etc then don't bother... I'd rather do a good job than pay for your mistakes Imagine thinking this looks cool 🤮 [link] [comments] |
| Posted: 07 May 2020 05:13 PM PDT Gray walls Gray carpet Gray laminate floors Gray shower tiles Just a rant. I know it appeals to "most buyers" but damn I feel like I'm looking at homes through a black and white filter. The character of the home is just diminished. Sucks the life out of it. [link] [comments] |
| Posted: 08 May 2020 06:34 AM PDT Trying to buy my first home. Relocating halfway across the country in a few months, and have repeatedly struck out. In my area, everything that is nice and priced right is flying off the market in a day or two. Yesterday, found a home that was newly listed. Not in the most desirable area, but a tasteful and quality flip. Listed at 250k and 2 beds with 2.5 baths. Showing revealed that one of the "bedrooms" has the stairs to the basement, and therefore it can't be classified as a bedroom. So, 1 bed and 2.5 bath house. Would still work for me for now and figured that if I got it for what it would likely appraise for, I could likely pay it off relatively quickly and then use as a rental property. Comps my realtor sent in the area are all more bedrooms, none over 220k. So my realtor asked the lady that is selling the house (for sale by owner) what her comps were. She sent a list, again none over 220k. She bought the home for 125k and told my realtor that she put in 65k in renovations and quite rudely listed everything she had done and how none of the comps were truly realistic and that she wouldn't entertain anything but a full price offer on "her" home. Just wanted to rant about the ridiculousness of the thing. That's all. [link] [comments] |
| How long does it take for a photographer to take pictures of a house? Posted: 08 May 2020 09:25 AM PDT What is the average time a professional photographer takes to photograph a 4 bedroom 3 bathroom house? [link] [comments] |
| Posted: 08 May 2020 09:49 AM PDT I'm planning on knocking a non-load bearing wall down in my house which separates a bedroom from the living room. This will change it from a 3 bed 2 bath to a 2 bed 2 bath. I'm wondering what records need to be updated to reflect this change and how to go about changing those records. I'm assuming I can update Zillow and Redfin on my own, and MLS will be updated by my agent once I list the property for sale. Are there any other record I need to update? [link] [comments] |
| Trying to understand how escrow is funded/topped off Posted: 08 May 2020 09:05 AM PDT Originally was planning to waive escrow so that I don't have to deal with the complications of it having too little or too much money, but now I'm learning that having an escrow can actually lower your interest rate. But there is another worry. It's not clear to me how the escrow is funded. Do you pay the mortgage company and then they take off the mortgage and deposit what's left over for taxes and insurance? Or do you deposit money into the escrow and it just auto deducts every month? Are you able to pay by e-check or do you have to connect a bank account? Can you connect multiple accounts? If you're making extra payments towards principle, is that a remark or an actual option to make clear your intentions? [link] [comments] |
| Closed today in a new home build Posted: 07 May 2020 09:53 PM PDT Closed today in a new home build..... it took 11 months and I'm happy it's all over [link] [comments] |
| For Sale by Owner Negotiating Multiple Offers Posted: 08 May 2020 08:34 AM PDT How does negotiating multiple offers work? We listed our house 2 days ago and the first two people who have viewed it already are making verbal offers. (I guess we listed it a little lower than market value?). We are doing for sale by owner and one buyer is working with an agent and one buyer is not working with an agent. We do not have any written offers yet, but how do we proceed being fair and forthcoming to both parties involved? I realize this is a great problem to have and we are thankful people like the place. Thanks in advance for your advice. Edit: Received our first written offer. [link] [comments] |
| I need math help for my rental Mother-In-Law suite I want to build. Is it worth it? (Austin, Tx) Posted: 08 May 2020 08:33 AM PDT I'll be quick and to the point. Thinking of building a mother-in-law suite in my back yard. Live on an Acre. The motherinlaw suite would have street and driveway access. The math I need help with is operating cost.
Thats roughly a 45% net, before operating cost. I have read estimated operating cost is 50%. Am I making a bad decision? [link] [comments] |
| Posted: 08 May 2020 07:33 AM PDT I was in the process of home buying before COVID-19, and now, of course, we find one we love. However, I'm currently furloughed but I still have a job. Everyone has told me so far that I have to be back to work before I can get the mortgage that I'm pre-approved for. Is there ANY way to do something while furloughed, or do I truly have to wait? [link] [comments] |
| Buyer's Dillema: To Wait or Not to Wait Posted: 08 May 2020 07:11 AM PDT Facts
Concerns
Questions
Any ideas from this UNBIASED people of Reddit? [link] [comments] |
| Property line fence dilemma... Posted: 08 May 2020 10:21 AM PDT Located in MA. Looking to put a 6 foot privacy fence in yard. We had property surveyed and now the property line is clearly marked. Our yard has zero privacy from the neighbor and without the survey stakes, you wouldn't even know where the property line is. No trees or anything to act as a buffer between the lawns. Therefore, we want a fence. Not only for privacy, but for safety of kids & pets. I mentioned to fence company that we would like the fence as close to the property line as possible. Basically dig the post holes as close to the property line, and run the fence along it that way, so that there is no encroaching on neighbor's property. Fence company said they have their own arbitrary rule that they must come 12 inches in. Our town allows fences to be put right up to the line. Considering it'll be a vinyl fence, there won't be maintenance such as staining/painting needed like a wood fence where I'd need the 12 inches. I also don't want an awkward 1 foot stretch that now I have to mow (can't use ride on mower so guess I'll use a weed whacker). Neighbor we want privacy from is very much into landscaping and having a pristine lawn. Don't want them trying to encroach on property by planting something along the side of our fence, or mowing the 12 inches. To complicate things, 12 inches in from property line is pretty close to the irrigation system. Going as close to the property line as possible allows me to know with certainty the irrigation system won't be damaged when the fence post holes are dug. Would you find a different fence company? The one we want to work with has great reputation, seems reputable. They mentioned their 12 inch rule makes it "easier for the guys to install" and while I understand it makes it easier for them, that's not what I want. I lose a foot of usable land (on a 100 foot stretch of fencing! So it adds up) and it'll add a layer of complication (figuring out how to maintain 1 foot stretch of lawn on other side of fence). Has anyone gone in that much when installing a fence? If so what did you do with the 12 inch gap between you and neighbors property? TL/DR: fence company mandates fence must be installed 12 inches from property line. This could potentially interfere with irrigation system and also leaves me with an awkward 1 ft gap of lawn along property line. How would you handle the 12 inches? Or would you find a fence company that can come closer to property line? [link] [comments] |
| What rate and loan amount could I be getting? Posted: 08 May 2020 06:33 AM PDT My wife, 32, and I, 34, are looking to purchase a home in a HCOL area in California. We tried to get a pre-approval from Better Mortgage recently to get a better idea of what rate we could be getting and what monthly payment we'd be okay with. However, I've been having trouble with their website and have been in contact with someone there, but they haven't helped much. So the problem, Better Mortgage's estimate before I can submit the pre-approval is saying the max home value for us is $739,000. Then it says I can't submit the pre-approval because my DTI ratio is too high, so I can't find out what rate I can get and I can't find out why the max home value is so low. We're planning on speaking to another lender soon, but I just wanted to hear your opinions on what rate we could get and what our max home value should be when we're looking. The max conforming loan in our area is $765,600. Income: Our gross annual income is $120,000. It's actually a little more probably and another bump is coming soon, but this is the base. Our employers pay for our health, dental, and vision insurance so that is not an expense. My employer is the only contributor to my retirement fund, I can't contribute any of my pay into that fund. My wife's retirement plan is a pension and she only contributes a small amount per paycheck. We have a lot of expendable income, but save most of it. We're both essential so our income has not changed and our jobs are also safe in this pandemic/recession. Debt: Our debt is basically zero. We just sold our home and paid off what was left of the mortgage about three weeks ago. Our cars were bought new, are paid off, and are not old, 2016 and 2020, so we're not looking into making any large purchases anytime soon. We pay the full statements on our credit cards monthly, and always have since we were young. Student loans were paid off years ago. The only debt we have is a phone and an Apple watch that could have been paid off completely, but we decided to pay it off monthly since it was the same amount. FICO says our credit scores are 850 and 839 and Transunion says we're both in the 790's. Assets: We have about $300,000 to $310,000 combined in savings/checking. We have about $110,000 in an investment account, but who knows these days with the stock market; and we are not planning on liquidating any of it to buy the home. I have about $60,000 in retirement, but I can't and wouldn't have borrowed from it anyways. Just wondering if you know what we should be expecting for rate and max loan amount. Also, what monthly payment we should be looking at for homes and or max home value we should look at. Thank you. [link] [comments] |
| Posted: 07 May 2020 06:31 PM PDT This is in New York State. I've changed details to protect identities, but the gist is the same. First time homebuyers. Back in February we found a decent house with a single owner that was within our price range (~$350k), but higher than we ideally wanted to go. We kept our eye on it, but continued our search. We eventually circled back to it, and by that point the price had come down to $328k. Quarantine orders started just before we made our initial offer of $313k, expecting the seller to counter us up to $320k, but to our surprise (and that of our realtor) the seller accepted without countering. We suspected it was due to the shift in market balance; a lot of people ended their searches for a house. We now suspect a different motivation. Since that point, the seller has made life exceedingly difficult for us. The seller's realtor told me at an open house that he had obtained an expensive certificate we needed for an application with the house to save a lot of money-- turns out he didn't, and now it's required. He impeded our home inspection by initially not allowing us to inspect a sealed section of the house; we eventually were allowed to send a contractor out to install an access panel. He refused to repair any of the home inspection failings, even after we offered up to $750 as part of the contract to cover inspection-related repairs (as a show of good faith that we wouldn't nickel-and-dime him). He initially refused to sign the property inspection stating that the AC-- which was too cold for our inspector to test-- would need to be in functional condition at closing, saying he's "bitter about taking the low offer" and "not inclined to do us any favors." Fast forward to this week. After waiting weeks and weeks for the search and survey, well past when they were contractually due, the search revealed that the house had a judgment of foreclosure less than a week before the house was listed for sale. On the contract, which all parties signed a month after the foreclosure, the seller checked "No" to "Court Orders" and "Foreclosure" in the Seller's Disclosures. I found a public record of the foreclosure in county filings. I also found that there's a lawsuit of the bank vs the seller dated a couple months before the foreclosure. Boy, do I wish I made that search sooner. Our attorney is still gathering details, but what we know is:
We currently rent and have a lengthy lease remaining ahead of us, so we don't have to move anytime soon, but we were really excited about the house. We even bought thousands of dollars' worth of DIY tools and supplies to fix up the place ahead of closing so that we would be ready to get started right away-- we were so close that we didn't think anything quite as bad as this would happen, but I now see it was unwise. We're now surrounded by boxes with nowhere to go. We've been asking what our recourse is, but we don't know whom to trust, because our attorney and realtor have a vested interest in us not backing out of the sale (they both get paid at closing). They keep telling us not to worry, let's just wait and see, blah blah blah. We've made it clear that we have one foot out the door at this point. We've had bad feelings about the seller from the get-go. However, we also aren't eager to re-enter the rat-race of the housing market once the stay-at-home orders lift. The house is generally in good shape and the inspection failures were minor. We would be happy to move forward if it didn't have a foreclosure. We feel cheated and angry. While the price we got for the house is arguably good, we also worry that the history of foreclosure will negatively impact the resale value of the house. We purposely avoided buying any foreclosed homes in our search, and likely would not have placed an offer in the first place had we known (or would have placed a much lower one). In order words, this information would have materially changed our decision. Now we feel inclined to not do the seller "any favors." How did the selling party think this would go, honestly? Can we add an addendum to the contract lowering the purchase price another 5% and walk if he doesn't sign? Will our lender take issue with that? We're about ready to walk, anyway. If we don't buy the house, will he have to surrender it to the bank for auction? If that's the case, one would think we have leverage here. We certainly don't want to pay the same amount after the stress of this nonsense. What are our options now, aside from walking or waiting? We have no clue what to do. Thank you for reading. TL;DR: Seller failed to disclose foreclosure on contract or during any part of sale. Turned up during title search a week before closing. What do we do? [link] [comments] |
| Who is buying all these $600k houses in Texas? Posted: 07 May 2020 06:07 PM PDT Whenever I look on Zillow at the Dallas, Austin and Houston markets, I see so many listings in the half a million and upwards range. Like a lot. Are there really that many people that can afford these homes because it seems the developers keep building much more of these than more affordable properties(3-4X median household income and below)? The median income in all of these cities is about 60,000 I just find it a bit hard to believe regular people are buying these. How many high-earning dual-income couples are there really with marriage rates where they are? Single person on 90k probably can't afford a 400k house. Just seems rather odd. I know I'm rambling a bit but can anyone provide more insight? [link] [comments] |
| Bank statements when dealing with mortgage lender? Posted: 08 May 2020 09:48 AM PDT This is my first time buying a house so this is all a bit new but the one mortgage broker requires bank statements as part of the loan application. I asked if I could blur the account number on the bank statements and they said that the statement can't be altered in any way. I understand that the statement needs to be fully valid however, I have concerns about my account number being sent as I feel like that isn't needed since all they're really interested in is who owns the account and that account's balance. Am I overreacting? Is this just standard? [link] [comments] |
| Posted: 08 May 2020 09:27 AM PDT So we close on June 4 and our walkthrough is on May 29th. Our builder is Stanley Martin. Here are a couple of pics I took of some issues I saw when I visited the house. The backsplash tiles are not even some tiles are seated higher than others. The stairs don't loo right - they put quarter molding around a rounded stair sill plate (the quarter molding is taller than the sill plate). It just looks like a DIY job. What are our options? We're told if we don't close we lose our $40k earnest money. I have read that you can't sue them either since you have to go through arbitration instead. It's like the odds are stacked against the consumer (buyer). Seems like we either take the house and move in regardless of how unhappy we are of the workmanship or we LOSE $40k. Backsplash: Stair sill plate on LVP: [link] [comments] |
| Michigan Eviction Options following Redemption Period Posted: 08 May 2020 08:34 AM PDT Hey r/RealEstate, I purchased a foreclosure property at auction almost 6 months ago. The PO has attempted to sell the property to redeem himself the past couple months but has not been successful. The house is trashed, and the property will technically become mine in just a couple weeks (most likely) I understand that evictions have been put on hold until this Michigan executive order lifts, and everything I have read is related to the common landlord/tenant scenario. What would my options be if I now technically own the house and the person decides not to move and squat? Does the same protocol apply? I know this is a pretty uncommon occurrence, just looking for some insight. If I've waited 6 months, what's another month or two? Although I'd love to start busting ass on it. Thanks! [link] [comments] |
| Posted: 08 May 2020 08:33 AM PDT Hello everyone, Background on me - 30, single, no family, no debt, secure finances through DOD job with many years left before retiring. I'm saving a lot of money, putting it in index funds, doing all the things that I should be doing for wise money management. However, I find that I really want something substantial to start parking my money in. I don't want to become a multi-home owner with renters all over the nation. Thusly, I don't plan on purchasing a home for myself until I'm retired from service and ready to settle down. I would like to own something by the time that I retire so I have somewhere to go to. My brother lives in Colorado, and I absolutely love the state. I would like to have a base there, regardless of where I put my roots down, if I even decide to do so. My thought is to buy property (sizable chunk of land) and potentially a house (something cheap and pre-fabbed) and let my brother live there and rent from me. I am living in Germany at the moment, so I would have to conduct all of my business through my brother. We have a good relationship, so I don't necessarily fear stressing or breaking it if something with this went awry. I'd let him live there until he has enough money saved to buy a property of his own. My brother doesn't plan on leaving Colorado, so I'm even considering using this imaginary location to house my mom in her old age (10 or so years from now). I personally wouldn't use it for anything other than a post retirement launch pad to get my bearings, formulate plans, and for transient/temporary stays with the family while exploring Colorado. Just to be clear, I won't be purchasing something that I MUST rely on a rental payment to cover the mortgage. It would be in a price bracket that would be manageable with my current finances if I received zero cash flow from the property. Sure, that would suck, but I'm not that dumb. I've heard advice in the past to not mix family and money, but the money I plan on dedicating to it is for family, in addition to building equity. Is this a bad idea? Can I even buy a property through my brother, without being physically present? Does anyone have advice? [link] [comments] |
| Posted: 07 May 2020 07:19 PM PDT 1st off received the week I put my house for sale before the pandemic madness happened. I was so excited then the deal fell through because they couldn't get funding. They found this out after making an offer. But I got another full price offer from a cute couple. I probably already jinxed it by forwarding a "Sale Pending" Facebook post from my realtor for everyone to see but I'm so excited!!🥳 Just wanted to share to give others hope. I live in a small village in the south where the housing prices are low but most still can't afford it. If my house sells then everyone should have hope! [link] [comments] |
| Posted: 08 May 2020 07:46 AM PDT I was browsing homes on zillow and was just looking through them to see if I could find any bad divorce cases or whatnot. I stumbled upon one that had a loan issued by the United States of America. The person on zillow who was the Foreclosure trustee or Attorney was "MONEY LAUNDERING AND ASSET RECOVERY SECT". Their address was in Washington D.C. Im wondering why the United States of America would issue a loan for a million plus on a house ? [link] [comments] |
| What percentage of new home construction is made of brick?(US) Posted: 08 May 2020 07:32 AM PDT |
| Is it possible to work a 9/5 and be a real estate agent" Posted: 08 May 2020 07:28 AM PDT I know it is one of those career paths where you kind of "what you make, is based on how much you put in". So working a 9-5 obviously goings to set a low to moderate schedule. But I've always been interested and enjoy the concept of real estate through my dad. He mostly flips houses now that he is retired and doesn't necessarily do it for the money, but just loves the process of doing all tricks/trades of renovating the houses on his own. It would for me just be a side hustle/hobby with a goal of making an extra $30-50,000 a year, I wouldn't expect to make big money. But I've just learned to love what the real estate life is like. Maybe a 9-5 would make it so difficult and hard to make any money for it to be worth it. But just wanted to get some of your guys advice. Thanks yall! Stay safe! [link] [comments] |
| Posted: 08 May 2020 06:29 AM PDT I have a developed interestcin real estate and I want to see how rental yields are and what their trend is in major economic powerhouses across the nation. [link] [comments] |
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