Real Estate: Question: Can a significantly lower rent (25%+drop) signal a coming drop in RE prices (Northern Europe, Baltics). |
- Question: Can a significantly lower rent (25%+drop) signal a coming drop in RE prices (Northern Europe, Baltics).
- Re-fi thanks to r/RealEstate 15yr/2.5%
- Question about landlord rights
- Confused condo sellers
- Would you continue with this recounter?
- Please delete if not allowed - A new subreddit for our sales people in mortgages!
- House with large amount of un-permitted work... If seller refuses to get permits for work, what is the best course of action? (TN)
- [Michigan] Listing on Redfin and in ShowingTime, not available on RealcompMLS, is there still a commission?
- Our house is overpriced?
- Financing a Spec Home IN
- Housing market seemingly impossible for first time home buyers
- Landlord Selling Unit - Showings - COVID-19 (California)
- Recommendations for first time homebuyer in central FL (see info below)
- Buy house now or later (MD)
- Importance of Appraisal Clause
- [AL] How to calculate absorption rate in my area?
- Anybody care to look at if buying a house is worth it? Needing opinions.
- What are some examples of significant improvements that would be identified by an appraiser?
- Advice on buying or leasing my neighbor's unused yard.
- Which approach is best for resale value?
- New home construction builder wants us to pay for the upgrades upfront. Is this common now?
- How to privately sell a home to a family member?
- Good tenant requesting to change name on lease
- Lease agent may kill deal for possible tenants because I can't pay the exorbitant fee the agent wants
| Posted: 15 Jun 2020 03:10 AM PDT Recently I have noticed a significant drop in rental prices in Lithuania, Europe. It seems that the rent has dropped anywhere between 25 to 40 percent in some cases. RE prices have not dropped significantly as of yet. I was wondering if this could be an indicator of a impending drop in RE prices? Unemployment in Lithuania is about 12 percent atm. Northern Europe was not affected as much by Covid 19. As of yet that is. GDP will shrink about 6 to 8 percent in 2020 (Lithuania). I was wondering about your thoughts regarding purchase of RE in Europe. I have a little bit of cash in my hands and I want to protect this little money that I have during these tough times. What KPI/Indicators should I keep an eye on? Baltics have been developing really fast in the past few years and I am just afraid to lose all my money by keeping them in cash. But my gut feeling is saying that it is not the right time yet. We have pump and dump tendencies in US and in EU as of now, so there should be a window to buy before the real inflation kicks in. I hope someone can relate to this. I personally think to wait til the end of 2020, or beginning of 2021. But not even sure if its a good thing anymore. Hope to hear your thought guys. Whether we are going to have a correction of RE prices in 6 to 12 months or its just a slowdown before a huge inflation? Thanks [link] [comments] |
| Re-fi thanks to r/RealEstate 15yr/2.5% Posted: 14 Jun 2020 12:32 PM PDT I posted about dumping PMI a few months ago and got downvoted because I had missed that rates were going down. My loss of fake internet points meant that I called my broker and just locked in a 1.25% lower rate that will cost me less than $100/mo, get rid of PMI, and save 7 years from my payoff schedule. I'm putting a lot down but it seems like a good investment. So thanks for educating me, r/realestate! [link] [comments] |
| Question about landlord rights Posted: 15 Jun 2020 07:45 AM PDT Hello all, My fiancée and I just moved to Colorado and signed a year lease for an apartment and today (5 months in) she said she is planning to rent her bedroom(she lives in another state) to another person. I tried to google this and couldn't find much other than I know on the contract we signed it didn't state that she had the right to do that. We have no plans of allowing this and are going by our contract. Is she legally able to do this without our consent? Thanks! [link] [comments] |
| Posted: 15 Jun 2020 07:41 AM PDT Hi everyone and thank you for reading my post. Me and the wife are in the midst of selling our condo in a central location in Montreal, Canada. Although it been listed for over a month now, we haven't received any offers or visits. It's fairly priced based on other similar listings in the area and it's very well renovated. Also, the condos in our area haven't sold yet. Any tips or suggestions? What are you experiencing in your towns? [link] [comments] |
| Would you continue with this recounter? Posted: 15 Jun 2020 08:27 AM PDT We decided to make an offer on a house we saw weeks ago and liked. This house is on a hill and has no driveway. But we figured we can ask for a contingency to figure out a driveway solution. Both zoning and a contractor thinks it can happen, just hasn't been able to come out in person and see (they're going off of ariels). The house has been on the market for over 70 days, it's in the price range that it should be grabbed quickly but we figured no one would want a house without a driveway and have walk up 3 sets of steep stairs. Well when we offered the realtor came back and asked if we were flexible about our closing date, we said yes. He said that the sellers would want a contingency to find another house. Our offer was never accepted or denied and there was never anything formal on their side. Well the realtor also said that they have been looking at houses for over 2 months and haven't found anything. We love the house but I don't think we should be in a contract for 2+ months with sellers that may want to drop it cause they can't agree on a house. (Was told this was the delay in house buying). My realtor said she's not comfortable with the situation and would advise to not accept the contingency. I figured to get some outside perspective. I'm fine with them trying to find a house but how the other realtor made it seem, they weren't sure about buying a house at all. [link] [comments] |
| Please delete if not allowed - A new subreddit for our sales people in mortgages! Posted: 15 Jun 2020 09:59 AM PDT Please delete if I am violating any rules here - I am not trying to draw people away from the real estate subreddit here, but have noticed that there niche selection of people in here who are in mortgage sales as loan officers/originators or brokers, or individuals who have questions and want further details about the industry. The purpose of reddit.com/r/loanoriginators is to provide a platform for individuals who are in the mortgage sales field to gather resources, information, and discuss the industry as a whole. Again, I'm not trying to step on anyone's toes here but just wanted to draw together the lurkers here like me previously who were looking for a place to join :) [link] [comments] |
| Posted: 15 Jun 2020 08:18 AM PDT We're looking into buying a flipped house & outside of some repairs we're asking the seller to take care of by licensed contractors, my biggest issue is the lack of permits for the work done. The house sold last year for less than 70k & is now listed for over 200k. The work done was very extensive- new HVAC & plumbing for sure. Lots of other things too (I've requested a list of all the work done & who did it). Just imagine the work that goes into rehabbing a house to 3x its previous value, lots of stuff that should have been permitted. I called our inspector's office & they said there were no records of permits pulled for that address. Now, first off- I know not to buy it as it stands, so don't worry about that. We love the house, but too many risks involved at the moment. We're asking for the seller to obtain permits for all the work that was done. If they refuse, we'll be walking away. Would it be reasonable to report them to our city's inspections director? This isn't just a one-off flip for this couple, they've been doing it for at least 6 years based on sales records I've been able to find. I don't know how seriously things like this are taken, or if it would be like calling the police for a noise complaint at 9:00 on the 4th of July. I don't want to get sucked into some extended bureaucratic nightmare, but I also don't want some unsuspecting family to wind up with a house they find out will require dozens of thousands in work to make it legal. [link] [comments] |
| Posted: 15 Jun 2020 07:26 AM PDT So I was always told that when the listing is on the MLS, that means that there is a commission. But the listing is not on RealcompMLS, is there some other way to validate if there is a commission? I am planning to put an offer on this house, but I was planning to lever my commission, can't do that if I don't have commission! Lol Edit: called Realcomp bc the agent was confused about the questions I was asking.... the house does have a listing, Realcomp is having technical issues. 🤦🏼♀️ [link] [comments] |
| Posted: 15 Jun 2020 08:27 AM PDT So we recently listed our house for 260k. Nearly identical comps in our neighborhood have sold north of 300k in the last 8 weeks. We want a quick sell and we figured a low price may bring a bidding war as well. We've been in several when trying to buy, opted to get an apartment instead. Even at 260k we will walk away with around 80k as this house is only 8 years old. Here is my concern. We had some showings and everyone has responded that the price is too high. I think it's because smaller 1400sq ft homes in my neighborhood were listed for 220k. But all of the 1800-2000sq ft models sold over 300k recently. I just can't fathom us being over priced. My realtor, appraiser and 2 other friends that are realtors cannot figure it out either. The house appraised for 300k and the other 2 realtors said they'd list my.houae for 290-300k. Any thoughts? This is SW PA btw. [link] [comments] |
| Posted: 15 Jun 2020 07:51 AM PDT Hi there, My wife and I have owned our first house for five years now and are planning to begin the process of building within the next year. We have a substantial amount of equity in the house in addition to having purchased it at a discounted price on account of ill-informed non-represented sellers. I've gotten confused about the lending process for building, so I'm turning to you all for a basic understanding prior to going to lenders. For reference, we are going to purchase a new spec home in a developed neighborhood but hopefully pick out the options. I believe it to be referred to as a pre-sold spec home. For this, will we need the traditional lot loan, construction loan, and then 3rd loan to combine the first two into a standard mortgage? Or will the home builder put the money upfront to where we simply need to be in charge of getting financing for a single mortgage? I'm a little lost in the weeds if it's the first scenario as to how that entire process will work. Thanks! [link] [comments] |
| Housing market seemingly impossible for first time home buyers Posted: 14 Jun 2020 11:31 AM PDT Been looking for a bit now, it seems like every house that I put an offer on gets turned down or the house goes under contract in a week's time before I get the chance to see it. People say to keep your emotions out of the home purchasing process but this is a very big investment and it's difficult to not feel hopeless. I'm slightly beginning to think that everyone here has hundreds of thousands in cash just laying in their trunk while they salivate at the chance to hurl an all-cash bid. Some of my bids did involve 2-3% seller's help, understandably not a very competitive posture when grouped with other offers. I am not selling a home so as a first time home-buyer, I don't have extra assets. When the prices do get up there (closer to 500K)— I've incorporated the seller's help into my offer. There's also a chance that I could include an escalation clause with my next bid however, I do worry that this could force me to 'show my hand' and potentially overpay thousands more than what another buyer would have paid and 'won' the bid. I have my eye on a certain community where the homes range $420K-$500K+ and I'd prefer not to stray from that area due to the hyper-competitive nature of the housing market. Do people who are buying in this price range usually have equity from other homes? That's one of the only other ways I could see another person having more financial leverage. If this were any other situation/person I'd probably recommend the buyer look for homes within a price range that they can afford to bid a few thousand higher than asking price but due to proximity to my job, wandering away from this particular community is not ideal. It just feels really hopeless. What else can I do to remain competitive in a seller's market without sacrificing my 'dream house' ideals? Does the real estate market ever get less competitive in the fall or winter months? [link] [comments] |
| Landlord Selling Unit - Showings - COVID-19 (California) Posted: 15 Jun 2020 07:18 AM PDT Hello - My wife and I just re-signed a one year lease from June 1 2020 to May 31st 2021. On June 9th, our landlord called us and said she had to sell our unit and now wants to start showings. We understand she has to give 24 hour notice for showings during"reasonable" hours, but I am curious if there are any additional restrictions to we can enact to limit or restrict these showings given the pandemic? We are quite upset since we just re-signed the lease in May, and only 9 days in to our one year lease (no clause breaking the lease upon sale), she wants to list and sell the unit, but we do respect her decision since she is the owner. Ideally, we would want a cash for keys scenario, where she pays us early to break the lease, but her offer (only $1500) is way too low to make it justified in our opinion. [link] [comments] |
| Recommendations for first time homebuyer in central FL (see info below) Posted: 15 Jun 2020 05:01 AM PDT Looking to purchase a home in central Florida area with access to I4 and 417 (one or the other is ok) We have not done anything really other than start looking at houses we think we could potentially afford a mortgage for. We were estimating looking at $200-250k houses for a good starter home for us. We'd like to pay around $800/mo for a mortgage. We currently pay $1,200/mo renting. We would of course need a loan and we do have an offer for a co-signer if needed. Any assistance is greatly appreciated. [link] [comments] |
| Posted: 15 Jun 2020 10:22 AM PDT Hi All, I hope this is the right place to post this, because I could use some advice. My fiancé and I moved to the DMV area and are looking to purchase a house around the Rockville/ Bethesda/ Silver-spring area. (We are aware that this is a very expensive area) I am working in Bethesda and him in northern Rockville and both of us are trying to keep our commutes under 30 minutes. Combined income is ~180K with no debt. We are most likely going with NASA federal credit union as their rates are very low for 30 yr conventional loan (~3.0% right now) and haven't seen anyone else with lower rates. Ideally, we were hoping to buy something around 400k, with 80k down (so 20%), and want to keep mostly payments under $2300 (that way if anything happens to one of our jobs, we can still make payments on 1 salary). However, having seen some houses in the area, we are quickly coming to the realization that we will need to up our budget for the kind of house we want. We were thinking of now looking at something closer 500k. However, we really can't do a 20% down on that and pay closing and emergency savings. We are thinking our options right now are:
TLDR; looking for houses in expensive area of Maryland. Houses we want are closer to 500-600k, but we only have 80k for down. Ideally want to keep monthly payments <$2300. Should we continue to rent a year, save up more for for a down payment, or just pay less than 20% for the downpayment, and pay PMI for a little and take advantage of the low interest rates right now. [link] [comments] |
| Importance of Appraisal Clause Posted: 15 Jun 2020 10:00 AM PDT Please learn from my mistake, I am kicking myself. Moral of the story, if there are several other offers, you really want the house, and you have extra cash on hand to go over appraisal value (especially since it's a seller's market) Make sure your realtor checks the appraisal clause on your offer! We toured a fabulous home listed at $219,000. It had upgrades galore and was a newer home in a desired subdivision. I mean, this house was a rare gem. The selling agent said they were accepting offers until 5pm and they already had 7 offers. We really wanted to house so we offered $239,999 plus pay for $1,600 of the seller's closing cost. We were pre approved and not on a specialty loan. In the end there were 12 offers, the seller's agent said that there offers as high as ours but didn't provide specifics. They ended up choosing an offer that had the appraisal clause (meaning that if the house appraised for less than the offered price the buyers still want the house and would cover the amount in cash above the appraisal amount). My husband and I had plenty of cash on hand due to the sale of our last house last year. We were devastated and put in a secondary/backup offer in the even event something would fall through. Our new offer had the appraisal clause, inspection clause (we wouldn't ask for fixes) and we increased our offer to $242,500. A month goes by and I check out the auditor's page to discover that the house sold for $223,700!! What!! Moral of the story, if you really want a house and have extra cash on hand to go over appraisal value (especially since it's a seller's market) Make sure your realtor checks the appraisal clause on your offer! [link] [comments] |
| [AL] How to calculate absorption rate in my area? Posted: 15 Jun 2020 09:58 AM PDT Intuitively, absorption rate sounds like a metric to be mindful of when considering the housing market in a given area. However, I'm surprised there are no national/state-wide datasets for easily calculating it. I was expecting there to be some sort of website out there that tracks the absorption rate over time across the US. Any recommendations for calculating absorption rate and/or getting a feel for the market in a given area? [link] [comments] |
| Anybody care to look at if buying a house is worth it? Needing opinions. Posted: 15 Jun 2020 09:40 AM PDT We're starting to feel desparate to get out of our apartment. The people aren't safe anymore. Lots of arguing going on around us. Just not a safe environment for our 6 year old. He is starting to get panicky at night cause of all the noise and the fire department and stuff coming through because of the fights that break out. We moved in and it was a brand new apartment, super quiet. But the longer we're there, the more sketchy people move in. Looking to purchase a home between $75k to $100k, which can buy you a decent home in our county. I have my eyes set on a house in a decent neighborhood that's been on the market for about 4 years now that's been at $99k. I'm sure we could talk that price down due to the length it's been in the market. My fiancee would be trying to buy it herself. Aside from her car payment she has no other bills other than current rent and utility bills. She makes around $30,000k alone. Her credit is at about 680. My credits shot thanks to COVID but I do have income coming in I wouldn't mind her adding me to the paperwork. I make about $18k a year currently. We'd be a first time buyer. We have no down payment, but I understand there are programs out to help with down payments. Should we try to talk to a realtor to see if we can afford one currently? Other option, my cousin has a small trailer for about $20,000k he's trying to sell. My parents have empty land.. should we try to see about getting a private loan to move that and get it set up? [link] [comments] |
| What are some examples of significant improvements that would be identified by an appraiser? Posted: 15 Jun 2020 08:54 AM PDT I am looking for examples of "significant improvements" that would show up on a home appraisal. Would replacing the underground plumbing be considered? What about replacing the flooring in the entire home? Remodeling the kitchen counters? What about taking a master bath down to studs and remodeling? Thank you, just looking for concrete examples. [link] [comments] |
| Advice on buying or leasing my neighbor's unused yard. Posted: 15 Jun 2020 04:47 AM PDT I live in suburbs of New York. Lots of houses close together. I don't have any relationship with my neighbors and the house I'm referring to is on the next block (around the corner), but their lot meets up to a corner of mine. They have a very odd shaped property, it has essentially a small land locked extra lot that they used to have a pool in. It would not be buildable or accessible, so no one else would want it They've torn out the pool and that lot is now literally garbage and ten foot tall weeds. I've considered reporting it to the town because it's likely a mosquito source. They have the area gated off from the rest of their yard, so they just ignore it, haven't stepped a foot in it on a decade. Anyhow, I'd like to clean up the yard and use it. I'd like to put a small greenhouse and garden (nothing "built" just temporary structures). I don't think it adds much value to my own property, and real estate is very expensive here so it's likely not worthwhile to buy it at market rate, the attorney alone would likely cost over ten grand here. This is maybe worth less than a thousand dollars a year to me. Though there's a chance I turn this into a small home business, though if that was successful it would be easy to move it. I would like to think any amount of money would be worth it to them. Thoughts? Risks? Ideas on approaching the deal and the owner? [link] [comments] |
| Which approach is best for resale value? Posted: 15 Jun 2020 08:14 AM PDT I am redoing the floors in the foyer and the family room that is adjacent to each other with a door in between. Image are in link. I am pretty torned between putting different flooring for each room or just use one flooring for both rooms and create that consistency. I like both options so I am just wondering which would yield for a higher perceptive value for the general buyers when it comes down to selling? [link] [comments] |
| New home construction builder wants us to pay for the upgrades upfront. Is this common now? Posted: 15 Jun 2020 07:34 AM PDT The builder is Chesmar and we haven't signed a contract yet but they are requesting we pay for the upgrades upfront (which will be credited back somehow in the overall price of the home). My realtor says this is more common place with new home builders within the last year or so because a lot of people will build a house but abandon it during the construction. Is this true and is there a way I can avoid this? [link] [comments] |
| How to privately sell a home to a family member? Posted: 15 Jun 2020 07:20 AM PDT Long story short, my aunt is currently on her death bed. While she was still coherent, her and my mother contacted a lawyer and signed paperwork saying that upon my aunts death, the title to her house would immediately be transferred to my moms name, effectively making my mother the new owner. My mom needs to sell the house right away. Fortunately, my cousin (my mother's niece) and her fiancé have expressed great interest (ie. Already contacting their loan officer to see what they qualify for). The house itself is only worth about $130k-$140k, and the fiancé is confident that he could get approved for that amount. All that being said, what legal things should we be aware of when selling the house? Assuming the buyers get approved for the price of the house, can it just be as easy as them cutting us a check for the full amount, and my mom transferring them the deed? Then they go on there merry way paying their own mortgage, while my mother uses the sale of the house to pay down the rest of my (soon to be) late aunts mortgage, and keeping any and all profits? [link] [comments] |
| Good tenant requesting to change name on lease Posted: 15 Jun 2020 07:17 AM PDT I have a tenant in a residential building requesting to change the name on their lease to their business name. Anyone know why and if this should raise any red flags? [link] [comments] |
| Posted: 14 Jun 2020 03:46 PM PDT So I'm in the process of trying to rent my townhouse. A group of 4 med students saw the place and fell in love. It's an awesome townhouse in a great neighborhood and is close to the medical center. They came with an agent and during the house tour one of the girls mentioned that she had found the place on Zillow (not the agent). After the tour the med students were ready to lock it up but the agent said for them to think on it. Then the agent hung back so the prospective tenants could leave and asked if I would pay her a 1 month commission. I told her I'm running really lean as it is and I can't really make that happen. I'm just one guy who works and is trying to rent out my previous home. I know in some areas things usually work this way (NYC, etc.) Where a fee is expected. The agent told me she doesn't charge the possible tenants, just the potential landlord. She's probably going to guide them to a different place so she can make a comission. It feels like such a scam. Does anyone else have a differing opinion to share. I just want to make sure I'm not off base? [link] [comments] |
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