Real Estate: I thought buying a house was supposed to be joyful :( (I’m the solar panel guy) |
- I thought buying a house was supposed to be joyful :( (I’m the solar panel guy)
- "Virtual Tours" - they are starting to drive me nuts.
- New homebuilders break out the champagne as buyer traffic doubles.
- Scored a 3% Rate with a 688 Credit Score and 5% Down
- Tell me about a career as an appraiser.
- How does one get into the development of skyscrapers?
- [WA] I sent a copy of a home inspection to the Seller's agent. She said I "broke the rules" but didn't explain further
- Going through the process of potentially buying from a National Home builder and have some questions
- Beginner Questions; I’m looking into land to buy out in Florida. What are some does and don’t’s on my first piece of land?
- Can the cares act help me purchase a home in 2020?
- Advice for buying a small Studio in this weird Coronavirus market (Bay Area, CA)
- Thank you r/RealEstate, Got my rate locked in!
- Underwriting Questions for Public School Teacher
- I have two questions as follows: How do sellers wind up asking for more money than the buyer's lender appraisal value? Do the lenders who work with the VA 'No Down Payment' program operate the same as other lenders when it comes to appraisal values?
- Sell/ Rent/ or Rent to Own on my home.
- Realtor trying to sell me on house in her network - advice please
- Which Property to Pick
- Selling our North Texas home to a buyer with an FHA loan and concerned about the appraisal
- Real-Estate Related Side Hustles?
- What is the process when making a written offer on a home without working with a realtor?
- Can I contact a real estate company without my agents help?
- Multiple Offers on our Home and Feeling Overwhelmed
- Hello, seeking guidance on a question regarding owning a home. How much would it really cost annually to own a 1 million dollar home? Considering mortgage, AC, HOA, water, elec, etc?
- Loan Vs House Price
- Tree removal as part of contract?
| I thought buying a house was supposed to be joyful :( (I’m the solar panel guy) Posted: 16 Jun 2020 05:35 AM PDT Now the deal seems to be falling apart because the seller only wanted to put up about 25% of the panels current value even though the property sale contract says they are included with the house. The sellers agent has went on and on about how we have ruined the sellers future plans because we are not agreeing to close, and I'm getting an attorney involved just to see my options but at the end of the day I just feel dirty. Like even if I get a few bucks out of this, I really just wanted the house though there was no financial sense in signing a 25 year agreement with a solar company that would charge me tens of thousands of dollars to break the agreement (say if I had to sell the house and no buyer wanted to take the lease) Shitttt this sucks, I'm about to be back to square 1. Realtors, please make sure you fact check who you are representing on things like this! This could have been avoided from the start if the sellers agent asked for proof of panel ownership [link] [comments] |
| "Virtual Tours" - they are starting to drive me nuts. Posted: 15 Jun 2020 02:55 PM PDT Currently looking hard at houses. Anything I find that has a virtual tour I'm like, YES! Then I click on it, and it just goes to a slide show of pics, or, it goes to a youtube video of pics with music. Very annoying. I'm in NY so it is super hard to get into places. It would be nice if they said virtual tours and it actually was. ranting [link] [comments] |
| New homebuilders break out the champagne as buyer traffic doubles. Posted: 16 Jun 2020 07:25 AM PDT Personally I think it's a big premature to be celebrating as it's really too soon to say how real estate will do long term due to CV. But builder's don't refund deposits so I guess it's money in their pocket one way or another. [link] [comments] |
| Scored a 3% Rate with a 688 Credit Score and 5% Down Posted: 16 Jun 2020 09:22 AM PDT Just wanted to THANK YOU to all for the posts on here that I read religiously! I (FTHB) have a credit score of 688 and barely scraped together 5% to put down. I was initially offered 4.5% from Navy Federal, but after reading posts on here, I shopped around and got 3.87 from Bank of America. AND THEN I read on here about local lenders, so I found one who locked me in a flat 3%! We're halfway to closing and things have gone smoothly at each gate so far, so my optimism is rising every day. I thought things were hopeless for me until I started reading other people's stories on here, so figured I'd add mine for anyone else out there with a lower credit score and low liquidity. [link] [comments] |
| Tell me about a career as an appraiser. Posted: 16 Jun 2020 09:11 AM PDT I'm interested in learning about a career path as an appraiser. Can anyone tell me what it's like in the "day in the life?" What kind of setting do you work in? Is the pay competitive? Advice? [link] [comments] |
| How does one get into the development of skyscrapers? Posted: 16 Jun 2020 08:24 AM PDT Hi all, this is my first post here! As a senior in highschool, I'm in this perpetual state of wondering about my future. Mathematics, science and english, all of which that interest me, however, the development of buildings and mega structures seem to be where my biggest interests lie. Here in Sydney, there have been a constant rise in skyscrapers and development of commercial real estate, all of which have inspired me to pursue a career within this field. Although my question is shown above, I still have some thoughts and questions that I'd like to have answered. 1. Which degree will hold most relevance in the development of skyscrapers? - I understand that there are many components of skyscrapers e.g. financing, design, engineering etc. - but which degree will be most applicable in becoming a property developer of skyscrapers? 2. Would you rather take the degree you chose in question 1 or a degree that would make you most capital? 3. Do you recommend any books on this specific topic of developing skyscrapers? Thank you so much for your time and hope that you are all safe in this calamity! Tl;dr - my biggest dream is to become a property developer, particularly in building skyscrapers. What advice would you give me? [link] [comments] |
| Posted: 15 Jun 2020 09:48 PM PDT Looked at house, put in offer, was accepted, earnest money deposited, inspection came back VERY bad with serious structural issues. Backed out of contract with inspection contingency. Saw same house back on market next day for same price. Sent over a copy of the inspection to the seller's agent because I was concerned. The owners were an older couple moving in with a family member, and I wanted to make sure the broker was made aware of the serious structural issues that the report uncovered for their sake, so is sent a copy over. She sent me an email saying thanks for my concern, but they didn't request it and I broke the rules. What rules?? Can someone explain this further? Are there consequences for me? [link] [comments] |
| Going through the process of potentially buying from a National Home builder and have some questions Posted: 16 Jun 2020 09:27 AM PDT So my wife and I have started to look more seriously at moving to larger house with kiddo number two on the way and we happened to go check out a listing at new development. Things escalated quickly and we now have the option of putting 2% down to proceed with the next step in the process (design features and financing). This is the first time either of us have looked at buying a new construction home and I am not 100% comfortable with putting down this money without having an actual house to look at. Couple of other items to know: - We haven't even started the process of selling our house and are still in discussions with contractors to do some light remodeling work and updating, so we wouldn't probably put it on the market until August or September at the earliest. - We are in an extremely hot real estate area with houses selling within a week. We are buying within the same market - The new home wouldn't be completed until January or February. This means we would need to find an interim place to live if we did put our house for sale in August/September. - This lot is literally the last one available in this development as most of the houses are already done (this became available due to a sale that fell through). With this in mind, I have a couple different questions:
Thanks for any feedback! [link] [comments] |
| Posted: 16 Jun 2020 09:10 AM PDT I found a pretty good piece of land that's a fair price. My only concern is in future resell value of the land might not be there because 2/3 of it is in a flood zone. It's 5 acres. Would this ruin the future value of the land if I for say want to resell in 5-10years? Also what are some other things I need to look into. Thanks ahead of time! [link] [comments] |
| Can the cares act help me purchase a home in 2020? Posted: 16 Jun 2020 08:50 AM PDT I know you must have a hardship for a 401k withdrawal but is buying a house considered a hardship? [link] [comments] |
| Advice for buying a small Studio in this weird Coronavirus market (Bay Area, CA) Posted: 16 Jun 2020 08:26 AM PDT I made an offer on a small studio for near full price. I offered full asking price of 395k but I asked for 10k back for closing costs. The owner didnt like that and verbally countered that they will only accept FULL asking price, however this unit is old and has NEVER been updated and has been on the market over 50 days already. I did market research and see that similar units have sold for between 380-384 for non-updated units early this year before the virus hit. Updated units were selling for 400k-410k during this same time period. So the owner seems to be bluffing claiming that they have other offers coming in for weeks now, yet the place has still not sold not even went pending for the 3 weeks ive been watching it. So now the agent called again asking if im still interested and if im willing to now make a full price offer... So whats the deal with that? The place is clearly not selling, the agent keeps contacting my agent asking if i want to offer them full price now. So my question is, is this really a good time to buy? There have been no other similar units coming on the market for weeks now and this one seems to be stuck in limbo with an owner that is asking too much but not motivated to sell at all... any advice if I should maybe go for it or should I wait and see if the market gets flooded with real estate soon after the governments "no evictions" coronavirus edict expires? Or has it expired? Just feels like a really weird time to buy... market seems so odd, should I wait a few months for market to return to normal? Or might interest rates go way up by the time that happens? After a unit has been on the market for over 50 days should I expect a price drop? Any advice would be great, thank you! [link] [comments] |
| Thank you r/RealEstate, Got my rate locked in! Posted: 15 Jun 2020 02:28 PM PDT Just got my rate locked in at 2.75%, 30yr fixed! Now it's time to r/HomeImprovement!!! [link] [comments] |
| Underwriting Questions for Public School Teacher Posted: 16 Jun 2020 08:02 AM PDT SO is a public school teacher. Two questions: 1) She gets paid only while in-school, so her last check will be 7/3 for hours worked through this week. She gets a significant salary increase effective on 7/1 that will not be reflected on any paychecks until the first of next school year on 9/11. If we begin the loan process after 7/1, which salary will be used for DTI? 2) Her employer is a big-city public school district. She also may be switching schools over the summer, but grade/responsibilities/pay would be the same no matter the school she works at. Is a change in school (but technically not employer) a red flag at all for underwriters if we begin the loan process after she switches? [link] [comments] |
| Posted: 15 Jun 2020 12:11 PM PDT I was reading some information about the three types of 'contingencies' as they relate to home sales earlier today (i.e. appraisal, home inspection, and mortgage approval), and the info regarding the 'appraisal contingency' is what prompted the questions in the topic: Appraisal contingency With this real estate contingency, a third party hired by the mortgage lender evaluates the fair-market value of the current home for sale. In the event that the appraised value proves to be less than the sale price, the appraisal contingency lets you back out of the deal. "It's in no one's best interest to overpay," Nageh said. "If the home comes in under the [asking] amount, you have the right to back out." In hot markets, eager buyers might feel pressured to waive a contingency, but they could end up paying more. However, the lender will only put up a certain amount of money for the appraised cost—which may not be the asking price—and the buyer will have to cover the rest. https://www.realtor.com/advice/buy/what-is-a-contingent-offer/ [link] [comments] |
| Sell/ Rent/ or Rent to Own on my home. Posted: 16 Jun 2020 07:25 AM PDT I am trying to sell my home in OK because me and my wife are moving to Germany in August. We've had the house on the market for a little while now with no luck. When we get to Germany, we will have to pay for housing & the mortgage on our current home which will be a struggle. Would it be a bad idea to rent out the home or do a rent to own option to take less burden off of us? Or should we keep trying to sell? [link] [comments] |
| Realtor trying to sell me on house in her network - advice please Posted: 16 Jun 2020 07:25 AM PDT Realtor said she had a house come up in her network that wasn't listed yet. So we went and looked at it. Everything seemed fine, but there was a large portion of the ceiling drywall gone in the attached garage. Seller reported no current leak, so realtor got seller to hire a roofing company to inspect the roof, still waiting to see company's report; but, my realtor did say the company quoted the seller 1,600 in repair cost that the seller is willing to pay to have issues fixed. Realtor lady is still trying to sell me on the house saying she feels like if I walk away that i'll have a hard time finding something that doesn't need work eventually. She came off as condescending like I don't know things will need to be replaced. My issue is a bad roof is an issue that would cause me to walk away unless a new roof was installed by professionals. Like I told her also, the seller is asking a price that similar houses sold for in the area that has newer roofs and are generally in a better condition. Am I being unreasonable wanting to walk away from this deal? Seller has another house on contingent that they sell their current house so I need to make a decision today. 1,600 in repairs, even though seller is paying for them, leads me to feel I am going to have a bad surprise within 5 years when its time to replace the roof. Not to mention the house is two story, 1,500 sqft livable space, steep roof which only adds to the cost of a new roof. [link] [comments] |
| Posted: 16 Jun 2020 07:21 AM PDT Hello, Hope everyone is good! Wife and I are buying a new home and have narrowed down our options. We are doing a new build we just don't know what to pick. Our plan is to live here 5 years. Both homes are the same builder, same floorplan just different location. State: Colorado. We can comfortably afford both scenarios below without stretching budgets. Scenario 1: 470k sales price (with design) Location: by airport Details: fully decked out home, all the design options we want, finished basement, finished covered deck, we can fully furnish the house same day. Master bedroom is smaller. We can finish the backyard right away as well. Everything is half an hour away.. Scenario 2: 550k sales price (with design) Location: amazing neighborhood by castle rock. Known for being one of the best locations in Colorado. Everything is nearby including Downtown and tech center, approximately 10 minutes away. Details: we can only get the fully finished basement, about 20k in design, no finished covered deck :(. We believe this homes value will be significantly higher after 5 years adding more to resale value. The payment for scenario 2 is approximately 400/m more. But like i said we can afford both comfortably. My question about which one is the best choice for resale in 5 years. Or should we just make the cheaper home incredible and live far from everything? The HOA is more for scenario 2, 169/m vs 50/m due to rec center being fully complete in scenario 2. Thank you for all your advice. [link] [comments] |
| Selling our North Texas home to a buyer with an FHA loan and concerned about the appraisal Posted: 16 Jun 2020 07:18 AM PDT We currently live in the north Ft. Worth area and are selling our home. For reference, it's 3 bd, 2 ba, about 1400 SF and built in 2001. For its age, its in pretty decent shape. I just replaced all the floors, painted the entire interior, and all appliances are less than five years old. HVAC was totally replaced three years ago. When we started talking about selling our home back in March, we knew there was a slope to the home so we had three foundation companies out to give us opinions. All three said something different. They agreed the home was sloped, but the floor was flat and level throughout the home. It was the entire front elevation that had lowered. One told us not to have any work done but to just have an engineer write a letter saying the foundation was sloped but sound, one said to steel piers put under the entire home and one said to put the steel piers only along the front elevation. We ended up doing them on the front elevation only. The repair was done, post hydrostatic testing completed and an engineer provided a letter saying everything was good and that the home was built on a slight slope so a slope would remain in the floor but the piers would keep it from getting worse. When we put our home up for sale, we priced to sell very aggressively. We were priced about $20,000 less than any home in the surrounding area. We did this because we have a new home picked out, financing secured and we are trying to get it all done while I'm working from home and didn't want to drag out the process. We got multiple offers the first weekend of the showing. The foundation issues were disclosed in the ad - we have been up front about everything the entire time. We accepted an offer and they wanted to get a second opinion on the foundation. Instead of having a foundation company look at it, they had a general contractor come out and he was telling them I should pay for a new foundation before he even stepped in the house and took any measurements. He also told them the engineer probably gave us a letter without looking at the home because they don't really come out to look at the work after it's done. We were here - the engineer came out and was here for a while checking everything out. The whole experience was weird - the buyer's agent told us their foundation guy was going to come look and be in and out - instead the GC, buyer's agent, buyer and her kid were at our house over two hours. They ended up withdrawing their offer and we accepted a second offer. The second offer is an FHA loan. For reference, starter homes in our area start around $220,000. A house across the street from us that was about 200 SF larger - but still with original carpet and appliances - just sold for $230,000. We priced ours at $199,000 and they are wanting it appraised at $205,000 to include their closing cost. Our experience with the last buyer has us nervous that this is going to fall through also. I've ready up a little on FHA inspections and appraisals, but I was hoping to get opinions on what we should expect and if the foundation could be a deal breaker for the inspector or appraiser. The foundation does come with a lifetime warranty transferrable to the buyer within 30 days of purchase of the home. Thank you. [link] [comments] |
| Real-Estate Related Side Hustles? Posted: 16 Jun 2020 07:12 AM PDT I'm a young new grad moving to an HCOL area. I've always enjoyed the idea of making people happy by selling them things, flipping in video games, and the idea of "passive income". This is what I've thought of so far:
Then there's the question of commercial vs. residential... Which do you think is the best? Would I be able to eventually have a team of brokers? Please give me some ideas! [link] [comments] |
| What is the process when making a written offer on a home without working with a realtor? Posted: 16 Jun 2020 07:09 AM PDT If anyone purchased a home without a realtor plea help explain to me what your process was? I own 3 homes, I used 3 different realtors. Im looking to purchasing another.I been frustrated with the fact that I felt I was always calling to look at places. I was always checking up on the feedback from when I submitted offers. I was thinking of just doing it on my own and hiring a home attorney for the paperwork. Any tips or information to help walk me through this please. Or do you think it's just better to use a realtor for the purchase. Thank you. [link] [comments] |
| Can I contact a real estate company without my agents help? Posted: 16 Jun 2020 06:32 AM PDT Just trying to get answers on a house and they're not responding to my agent. I was wondering if I'm allowed to contact them and ask questions without the agents help. I'm sure it's ok, but just wanted to make sure [link] [comments] |
| Multiple Offers on our Home and Feeling Overwhelmed Posted: 16 Jun 2020 06:28 AM PDT We put our house up for sale and the same day we found the home we loved and put in a offer that got excepted out of 3 other offers. Our agreement was contingent on the sale of our home. Almost every showing, we have had a offer. Problem is they keep getting better and the home we are in contract with is saying they still have the right to show it and will be doing so at the end of the week and if a better offer comes in they will take it. Our house has been on the market for 2 days. Here is my offers so far
My question is am I being greedy now over $3000? I will be getting 60K cash from the sale of my home that will work into the downpayment. [link] [comments] |
| Posted: 16 Jun 2020 05:37 AM PDT I feel like there are so much expenses to keep up with and most people seem to only consider the mortgage. How much does a 1 million dollar home really cost annually, considering repairs, water, electricity, internet, HOA, mortgage, etc. [link] [comments] |
| Posted: 15 Jun 2020 07:35 PM PDT Mortgage Loan vs. Home Price First time poster trying to get a better understanding of everything! Let's say I got pre-approved for a $500,000 mortgage. Is that the approval amount for the LOAN after a down payment is made or is that the entirety of the house including down payment? I am trying to better understand how my down payment amount plays into the total price of the house I can afford. For example, if I have $20,000 versus $100,000 to put towards a house I would need a bigger loan to be able to afford the same house. I hope this makes sense - thanks for any insight! [link] [comments] |
| Tree removal as part of contract? Posted: 15 Jun 2020 10:56 PM PDT I briefly met the sellers of the house and they mentioned that they would be interested in moving this large Japanese maple to their new house. They said if we didn't want the tree to let them know. Picture of the tree in question. I have no problem with this but am unsure how to add this to the contract? Should it go into the inspection amendment as an optional thing they can elect to do as long as they meet my terms about the tree removal? I would obviously (at their expense) need them to ensure HOA and local law compliance, hire a professional arborist, ensure no damage to the property and/or repair of property and proper replacement of the landscaping if they choose to move this tree. Better for me as one less thing to upkeep with the house honestly. The inspector said it needed trimming back anyway as the tree is growing awfully close to the house. Any experience with this? The homeowners LOVE this tree. They moved it 3X when it was a baby and have lived in this house for 19 years so now the tree is huge. I had the sewer scoped as the clean out is right behind this tree and no problems with roots as the PVC sewer pipe is about 10 feet deep. Is this a bad idea? [link] [comments] |
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