Real Estate: Anyone else find it kind of crazy you only get about 15mins to view a home in this market, and then have to give an offer pretty much the same day? I’m only dropping $500K on a home Lol |
- Anyone else find it kind of crazy you only get about 15mins to view a home in this market, and then have to give an offer pretty much the same day? I’m only dropping $500K on a home Lol
- Never signed a buyers agreement, ex realtor is now pissed off and threatening to sue me, should I be worried ?
- Are we crazy to pay $15k over the appraised value? (Orlando, FL)
- WE FINALLY CLOSED!!! (CA)
- Making offer after price drop
- Referring my agent to friends/family
- Investment property
- U.S. Landlord Survey - Advocacy to create a new U.S. federal government grant/loan program for property owners impacted by pandemic
- Neighbors structure on my property
- How can you make a ranch house NOT look like a ranch house?
- Looking to purchase my first home, I have a few questions and concerns. Houston, TX.
- Land purchase - due dilligene
- Inspection Gone Wrong
- I am interested in purchasing the house I am currently renting
- Aluminum Wiring question
- Loan Officer not Responding
- If a deal falls through due to a low appraisal, are sellers required to disclose why to future buyers?
- Bank asking me to sign Appraisal Review Waiver. Our closing date is next Monday.
- How long after moving in is your first mortgage payment due?
- Home Or Investment?
- Refinance Company Recommendations
- Do you ever buy without a RE lawyer?
- Filled out all paperwork agreed to interest rate on refinance found out 2 weeks later agent marked my property type wrong and now they are trying to change rate by half percent, please help
- Can I combine an FHA loan with a installment agreement? (seller)
| Posted: 06 Jul 2020 07:36 PM PDT Back when I originally bought in 2013 I was able to get 3 showings without any hesitation. It was awesome. Showing 1 GF and I Showing 2 Parents and us Showing 3 inspection This is just stressful under these circumstances [link] [comments] |
| Posted: 06 Jul 2020 08:26 PM PDT So I've been shopping for a home for a while now. Not really looking to buy but more window shopping you know ? I wasn't working with a realtor. But I found a place and wanted to make an offer. A family friend suggested a guy who he grew up with who was also available that same day. I wanted an offer in ASAP so I went with it. I never signed a buyers agreement with him. He's around 60 apparently and forgot it. So after a shitty job on his end (it didn't feel like he was interested in what I wanted at all) and the offer falling through (admittedly not his fault), I decided to find another realtor. I found one 3 days ago and she's putting in an offer on a place I found and she showed me. Through the friend grapevine, my exrealtor has found out that I'm using another realtor. The new realtor is having me sign a buyers agreement tomorrow before she sends me the offer. Here's my problem. The ex realtor is threatening to sue me if I don't come back to him, sign his buyers agreement and back date it. Does he have grounds to sue me ? I wasn't even aware of what a buyers agreement was before today when my new realtor mentioned she'd need me to sign it. I feel like my ex realtor should've done his work, explained the process and had me sign his agreement. Backdating it is also (I'm pretty sure) illegal. Does he have grounds to sue me or can I just tell him to go get fucked ? [link] [comments] |
| Are we crazy to pay $15k over the appraised value? (Orlando, FL) Posted: 07 Jul 2020 08:12 AM PDT Basically our house was listed at $305k, we offered $315k after a bidding war. The house was appraised at $290k. We are upset because our realtor told us the seller didn't show up to the appraisal to show the receipts of the new roof and all the renovations (new kitchen, new floors in the whole house, and renovated bathrooms). Plus the inspection came back with only a few cosmetic things. The seller won't go below asking price of $305k and tried to do a rebuttal to the appraisal, which was rejected. We feel the home is definitely worth the $305k (as apparently others do as well since they got multiple offers over asking). We really want this home. It's exactly what and where we are looking. I've been casually looking since November and seriously looking since March. This is definitely the nicest and cheapest home I've seen and it's far under the top price we were looking at (375k). I feel like if we don't get this home it'll take us another 6 months to a year to find something again due to the current inventory. We want to buy this home, but I'm worried emotions are clouding judgement at the moment. Are we crazy to move forward? How will that affect our resell value later in 7-10 years? We have the money to do this and still have 6 months of saving... just a little stressed about the situation. [link] [comments] |
| Posted: 06 Jul 2020 12:21 PM PDT Yall. This has been the craziest almost 3 months. This sub has been my sounding board and I appreciate all the help so much. Our seller's had to fire their agent because he lied/manipulated them and honestly really screwed them over. The new agent was amazing and is really the only reason we closed. Our agent was AMAZING and stuck it out with us when most buyers would have dipped out of the sale. Our lender was incredible too. If anyone needs a lender referral PM me. T minus 3 weeks until the fun begins! The seller is staying in the home until Aug 1 (no rentback thank god, just a SIP), so Aug 1 we get to start getting our hands dirty and making this home ours!! Happy house hunting to everyone still on the seach! [link] [comments] |
| Posted: 07 Jul 2020 05:02 AM PDT I'm in a very hot market but one property has been listed for over 40 days and has now had its second price drop. I can see it was also listed last fall for a month and the listing was removed. I believe it needs some updating and 1 out of 2 bathrooms isn't functioning. Curious if it's common to come in right after a price drop and offer below asking? I'm talking 15-20k below the most recent price drop. Obviously the sellers expectations are far off so I'm wondering if anyone has experience in this scenario before? [link] [comments] |
| Referring my agent to friends/family Posted: 07 Jul 2020 08:51 AM PDT I'm currently working with an agent (I'm a buyer). My family who lives in the same area as my agent is looking to sell and buy (though they're buying in an area that my agent may not work in). I'd like to refer him to them. On top of that, I was wondering if there's a way to ask my agent about any bonus/discounts I can receive for referring him. Is this something that is typically done? Is it looked down upon? [link] [comments] |
| Posted: 07 Jul 2020 11:00 AM PDT I took over the mortgage from my parents two years ago with a remaining balance of 60k initially at 4.375% with 15-yr term. I have been paying it down with extra toward the principle so I am about 10k ahead of the schedule. I have been thinking about buying a second property for cash flow. Is it true that if you buy another property, the interest will be higher since second property will be an investment property? Is is going to be harder to get a approval since I still have a mortgage on my current property? [link] [comments] |
| Posted: 07 Jul 2020 10:12 AM PDT My U.S. based nonprofit is working with Congress and other advocacy groups to create a new Federal lending facility that would provide very low cost loans and/or grants for individual residential real estate investors in the United States that have been impacted by the pandemic. Our economists have created a survey to collect information from rental property owners and managers regarding what they are experiencing in the market and to gauge investor interest in suggested program elements. The aggregate data will be shared with Congress and the press, individual responses are anonymous. We have gotten approval from the mods to share this survey with your group. If you are a rental property owner or manager in the U.S., please take or share our survey. It only takes a few minutes but will make a big difference as we advocate for this program. Link to survey: https://nahrep.org/landlord-survey/ [link] [comments] |
| Neighbors structure on my property Posted: 07 Jul 2020 09:53 AM PDT When we moved into our home, my neighbor came over and "leveled" with me that the separate garage he had built years prior, as well as some of the driveway, actually crosses over the property line into my property. I hate the garage. We bought a home with a nice view and the garage is a double story that obstructs much of the view in that direction. We have a nice relationship with our neighbors, but being that they are quite old, I considered doing something about it after they pass and sell or transfer the home. Ideally, we would have it taken down. What are my options? [link] [comments] |
| How can you make a ranch house NOT look like a ranch house? Posted: 07 Jul 2020 09:07 AM PDT What's an easy way to redo the exterior so it looks more contemporary and modern? Looking for easy and simple-no complex reconstruction projects [link] [comments] |
| Looking to purchase my first home, I have a few questions and concerns. Houston, TX. Posted: 07 Jul 2020 08:19 AM PDT As the title says, this is my first time. I apologize if my logic is flawed along the way. Single, pre-approved for ~300k. I've entertained a few new home developers by walking in and asking about inventory. I've recently started looking on HAR for homes built post 2015 as well. I'm trying to stay around 2k sqr ft at the 250k price point. Needless to say, I have a lot of options and it is a little overwhelming. I'm not working with a realtor at the moment, this is for two reasons. The first reason being that a realtor did not seem necessary if I was buying something from a developer. The second reason being that my last realtor put me on a contract and did absolutely nothing for me after signing when I was trying to find a home to rent. I'm personally worried about the market, what will happen to home prices once the banks start evicting people. I'd hate to buy a nice new home and watch the value plummet. Would asking for a 3-6 month lease extension be a good idea if my move out date is late September? After viewing homes from developer 'X', I decided to look up used homes built by the same developer. I find a nice listing on HAR and decided look up the agent on the listing. Interestingly enough, this guy works for developer 'X' and owns this home. Yes, he is the realtor on the listing and owns the home. I call the guy and ask a few questions. He asks about my experience with developer 'X' and I told him that 2,000 square foot at 250k with a 3.5% rate would put me at roughly $1800 monthly. He told me that his 2000 square foot home 250k home at 3.1% would be ~$2100 monthly. This makes no sense to me... super high HOA? I called my bank after talking to him and they confirmed that my monthly would be $1700 with his listing. During my conversation he never revealed to me that he was the home owner. I don't see his angle here. With all that being said, I'm left feeling vulnerable. Hopefully what I can gain from spilling out my guts on reddit is some good tips. Thank you so much for any contribution on my journey. [link] [comments] |
| Posted: 07 Jul 2020 07:32 AM PDT Hi everyone. I'm looking to purchase a small (~1/2 acre) parcel in a retirement community in the US. I am looking for input on what steps I should take to minimize surprises through the purchase process and afterwards. The land will remain vacant so I'm not concerned with utilities, permits, etc. So far I have: Verified no HOA fees. Contacted the county tax collector to verify that there's not any back taxes owed on the property. Verified annual property tax amount. The property states a Quit Claim Deed or Special Warranty Deed will be used. I've read about title insurance, other posts have recommended a real estate attorney ..just not sure what all is necessary for the purchase of a $1k property. Any input is appreciated. [link] [comments] |
| Posted: 07 Jul 2020 11:13 AM PDT Okay, Reddit, I'm pretty angry and am looking for guidance on whether my anger is justified and/or how I should address it. We recently went under contract after listing our house for sale. Our next door neighbor is actually buying the house to rent to one of her kids. She expressed interest in buying and asked if she could look at it, so we let her do an initial tour without a realtor (it was just her and her daughter.) About a week later, our agent received a written offer from their realtor, which we negotiated and ultimately accepted. A couple days ago they did their inspection, and it was a MESS. They'd scheduled it for Friday at 1pm. We were already planning to leave town for the weekend that evening, so we decided to just get on the road early so that we'd be gone for the inspection as we're supposed to be, without having to kill 3-4 hours. Our realtor set the expectations with us that the appointment is typically just the inspector, and the buyer and/or their agent will join for the last 20-30 minutes to review the findings. At noon, the neighbor rang the doorbell, and she, her realtor, and the inspector were there for the inspection (an hour early). I explained that they were early for the appointment window, and we were busy packing/loading up to get out of town prior to the scheduled inspection. They asked if they could just get started early, and I said we'd finish up as quickly as possible and let them know as soon as we were leaving. They seemed irritated that we wouldn't just leave right then, but I tried to keep it friendly, left by 12:30 and notified them that they were free to get started early. About 30min later, another neighbor, who was keeping an eye on the house while we were away, called me to say there were A LOT of people coming and going between our house and the purchasing neighbor. We have cameras covering the front of the house, so I looked at the footage, and sure enough, there was about 15 people - men, women, children, etc, some of whom I recognized and most of whom I did not. I went through the clips and it's 3 hours solid of people coming and going, kids running back and forth, etc, and very few of which show anyone being escorted by one of the two licensed pros (realtor and inspector). I sent these video clips to my realtor and was very angry. It's still OUR HOME filled with OUR THINGS, and there's just a bunch of people running around doing who knows what. Even with typical showings, there's a licensed realtor there to escort and the number of people present is typically limited to the actual buyer. The inspection is NOT the time you get to show off to all your friends and family the house you're buying - they can look at the photos from the listing and/or see if after closing when you move in. Additionally, we're in the middle of a pandemic and just the health concerns irritated me - where we live, you're limited to gatherings of 10 people, and they had at least 15 coming and going, in someone else's (my) home, without our permission. Furthermore, when we returned home on Sunday, we found that the backdoor had been left unlocked all weekend, and I know for certain it was locked when we left. It's the realtor and inspectors responsibility to insure the house is locked up when they finish, and they failed to do so, even knowing we were leaving town. Additionally, while we have cameras in the front, we do not have them in the back. Because the buyer lives next door, they could easily get from their gate into our backyard gate and through the unlocked backdoor without being detected by our cameras or neighbors. I won't claim that leaving the backdoor unlocked was intentional, but I also don't feel comfortable assuming it wasn't. I feel totally violated. We did notice on the video that following the inspection, the entire gang, including the realtor and inspector, went over to the buyers house. I've obviously raised all of these concerns to my realtor, and he agreed that the experience was unacceptable. Since then, he's brought it to the attention of the buyers agent, but said he hasn't gotten any meaningful response or acknowledgement... No apology, admission of wrong doing, etc, just basically "too bad, so sad." I asked my agent about filing a complaint against the realtor, inspector, or both, and he said he'd look into avenues to do so, but that if I'm serious about filing a complaint, he doesn't suggest I go forward with that until after the closing in an effort to avoid any backlash prior to the sale. I feel totally helpless and violated. The entire inspection process felt totally out of line and it doesn't feel like I've got any recourse. Is this normal? Has anyone else experienced anything similar? Is there anything I can or should do, or do I just need to let it go? We're still pending the inspection report and any forthcoming attempts at negotiations, and I'm going to be SHOOK if anything there looks out of line. We take very good care of the house and aren't expecting any surprises, though we understand the inspectors job is to point things out and the report won't be perfect. [link] [comments] |
| I am interested in purchasing the house I am currently renting Posted: 07 Jul 2020 10:52 AM PDT Does anyone have any experience in buying the house they are currently renting? I have read posts about it being done with a willing landlord. The house shares the lot with another house, so I am also wondering what processes need to be followed with the city to get the lots split so that we could buy the individual home we live in. For reference we live in Austin Texas if that effects any of the city laws regarding this subject. Would love any input. does anyone have any ideas where I can find the rules on how to post.... it keeps saying I am breaking rules [link] [comments] |
| Posted: 07 Jul 2020 07:03 AM PDT Am in negotiations for an offer on a home that was discovered to have aluminum wiring when I had my contractor come to take a look for estimates. I provided the estimate to bring the wiring up to code and am requesting the credit off the purchase price. The sellers agent is arguing that this is a "want" and not a "need" as aluminum wiring is only out of code for "new" builds. However I know and feel it is a safety hazard that I am not comfortable with. Is this a concession point worth arguing? There is also a broken basement window that has been caved in with dirt and allowing water to seep into the basement - I am worried about mold from the damp moisture if this is left too long in the summer heat. I am requesting $5k off initial offer for these two repairs. Are these reasonable requests? They seem more apt to repair the window in the basement over the aluminum wiring (bc it's cheaper I'm sure even though it is the lesser of the two issues) [link] [comments] |
| Posted: 07 Jul 2020 10:44 AM PDT Hey everyone, I'm relatively new to this sub, but I thought this might be a good place to ask this question. First off, my wife and I are currently under contract for a townhome in the Portland metro area in Oregon, and due to close on July 16. Everything has been working out well so far, we were pre-approved before starting our search, found this place, put in an offer, offer was accepted, submitted all of our documents, did the inspection, etc. Anyways, everything was submitted to underwriting and we got a conditional approval. We haven't been given any conditions, but the last communication we had with our loan officer was him asking if we wanted to order the appraisal last week. We affirmed that we did, and we've been sitting back waiting for further communication. Well, we hadn't heard from him in a few days, so I sent him an email on Friday asking if there was anything else he needed from us. No response. I'm thinking, "alright, well last week was a holiday week, so maybe he's out of the office or super busy. I'll probably hear from him on Monday." Well, nothing on Monday, so I sent him another email Monday afternoon asking about the appraisal and the conditional approval and still no response. I'm guessing that the conditional approval is based off the appraisal not being done yet, but it's super frustrating not getting a response to emails. Does this seem normal? If not, what are our options? It seems really late to switch lenders. Also, we are going through our local credit union which has multiple branches around the area. Is there any way to switch officers with the same mortgage in place? At the end of the day, I know the best idea is to just sit and wait for the appraisal to come in and then things should start moving again, but not getting any follow-up is annoying. Thanks for any help you can give us. [link] [comments] |
| Posted: 07 Jul 2020 10:31 AM PDT My husband and I were 3 weeks out from closing on a home until we found out yesterday the house appraised for $55,000 lower than the price of the home. The sellers refuse to consider renegotiating AT ALL so we're backing out of the deal. It was a fair appraisal given the comps used, but unfortunately the sellers put a lot of work into the house so they're clearly a bit biased. I'm just curious if they'll have to disclose this to the next buyers, if they ask. It's insane to me that they want to "take their chances with the next buyer's appraisal" (exact words from their realtor). I also don't want this to happen to us in the future. [link] [comments] |
| Bank asking me to sign Appraisal Review Waiver. Our closing date is next Monday. Posted: 07 Jul 2020 10:09 AM PDT I have not recieved a copy of the appraisal report, and theyre asking me to sign a waiver that I will get a copy on closing. Should I sign this? What happens if its a low appraisal? That means I wont find out until closing and I'd have to cover the difference? [link] [comments] |
| How long after moving in is your first mortgage payment due? Posted: 07 Jul 2020 06:12 AM PDT See title. How soon after moving in is your first mortgage and tax payment due? [link] [comments] |
| Posted: 07 Jul 2020 09:48 AM PDT Is there a tool that could help me determine whether it makes more sense for me to buy a home versus an investment property? [link] [comments] |
| Refinance Company Recommendations Posted: 07 Jul 2020 09:36 AM PDT Does anyone have Recommendations for a decent honest lender that they've been able to get a good refinance rate from? Tired of the shady lenders that don't disclose everything or increase your loan amount to make it seem like you aren't paying anything. [link] [comments] |
| Do you ever buy without a RE lawyer? Posted: 07 Jul 2020 08:53 AM PDT My offer on a house (as a buyer) was just accepted and we're thrilled. This is the third home I've bought (other 2 were condos; this is my first house), but I have always used lawyers for closing and title searches. My dad has bought 10 apartments (our rentals are all in his name), always without lawyers. He says not to waste money on a lawyer and just get a title company to do the search and take care of this myself. Is it really that easy? I honestly have no real idea of the division of labor between the RE lawyer and realtor is. Thank you. Edit: If it makes a difference, the house is very new and ready-to-move-into, renovated, no obvious issues, and of course we'll get it inspected. It will become my primary residence and the other condo, I'll hang onto and rent out. It will be paid in cash, with no financing. [link] [comments] |
| Posted: 07 Jul 2020 08:44 AM PDT |
| Can I combine an FHA loan with a installment agreement? (seller) Posted: 07 Jul 2020 08:41 AM PDT Hi, r/RealEstate! I want to sell my duplex to my good-faith tenant. We've got a purchase agreement for $147,000, but the FHA appraisal came in at $130,000. We appealed the appraisal, but no luck. He has no extra cash now to make up the difference, but has good cash flow. Can we combine his $130,000 FHA loan with a 1-3 year, $17,000 installment agreement? Better to do monthly, quarterly, 6-month, or yearly payments? Any other options or resources I should check out? Thanks for any help! [link] [comments] |
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