Real Estate: (Buyer) This housing market sucks |
- (Buyer) This housing market sucks
- A lesson learned on solar panels
- Selling our home and need some advice
- Is now the time to buy a starter rental property?
- New home build sales way up for June, biggest annual jump since 2008.
- What are the terms needed to make a property as-is
- Tried to buy a condo in Bay Area and this is how it transpired.
- Sale on cusp of falling through, listing agent pushing for appraisal
- Is it a good idea to get a buyer’s agent?
- What could cause a house's property tax to drop by over 50% in one year?
- Buying an out of state investment property
- Should I Furnish rooms before renting it out?
- Moving and renting USDA-funded house to parents?
- Question about HVACs and negotiating. HVAC is 23 year old, heater 28. Operating at subpar performance but working.
- Experiences with COVID-19 Addendum/Riders
- Does a a shed impact apraisal values?
- I think I made a mistake.
- Buyer is about to miss closing date for the third time.
- My license is about to expire but I’m not actively using it but might in a year or so
- Can my Grandpa (seller) back out?
- Buying in On, Canada. Giving notice to landlord
- Refinancing questions
- Waiting on my attorney to call me back - but will I owe my previous brokerage anything in this transaction? (Photo and contract details attached)
- [MA] Can I afford a $1.15 million home?
- Appraisal Waiver
| (Buyer) This housing market sucks Posted: 12 Jul 2020 03:45 PM PDT I just offered $25k over the already inflated asking price, no appraisal contingency, and lost. 19 offers were made on the house. What's even worse is in early April I was under contract on an amazing house, but walked away bc I got cold feet because of COVID and possibly losing my job. I'm so frustrated right now. [link] [comments] |
| A lesson learned on solar panels Posted: 12 Jul 2020 12:04 PM PDT I'm at a point to list my home, but have an issue slowing me down. About 6 years ago I purchased solar panels on my roof and they've been great. No power bill except a small $5 fee to tie into the grid, and I'm adding clean energy. But I recently have some stains on my ceiling in multiple places and need a roof replacement. In order to do so, I'll need the panels taken down temporarily and replaced when done. After many calls to Vivint over the past several months, they're leaving my ceiling high and moist, saying they can't service anyone due to covid with no timetable to even accept my money (Note: I'm sure they continue sales work to bring in new panel owners in the meantime). They finally quoted the job and its a ridiculous price with an indefinite schedule date. No one else will touch the job since it's not their system, and I've even had my roofer try all the crews he knows in the area. I'm looking into repair, but it's an old roof and I probably need to just rip the entire thing. If anyone has been in a similar situation I'm open to suggestions. TLDR: Don't be me. Replace your roof, even if need is several years out, before you get new solar panels. Or hold off on panels until roof is replaced. Stupid move by me, in hindsight. EDIT: Thanks for the suggestions. I was sold a bill of goods by Vivint that the panels would be easy to take down if needed, and now it's a huge source of aggravation and soon to be cost. Yes, I should have considered this in the contract. I was never in it as an investment, hoped to break even at least but as one commenter said I'll be deep in the red. If I can ever find someone to do the job. The search continues. [link] [comments] |
| Selling our home and need some advice Posted: 13 Jul 2020 07:36 AM PDT I am so frustrated with our current selling situation, and I would like some input. Are we being unreasonable? Is the buyer being unreasonable? I wrote a novel, but I wanted to make sure I got all the information in. We are selling our house. 3 bed, 1 bath. About .3 acre lakefront. Lake views from most of the rooms. Wood fired sauna in the basement. Two new, huge decks. Everything is remodeled within the past 8 years. We didn't cheap out on anything. All high quality materials. New siding is a couple years old. House roof is probably 10 years old. Garage was painted and got new shingles last summer. We listed it on a Monday for $165k, had five showing requests for Tuesday, and had two offers, both over asking price, by Tuesday afternoon. We've had a few people stop in front of our house and ask if it's still available since then. Buyer A offered $176k. They also wanted a $10k rebate and for us to update the electric to current code. They also said they would beat any other offer by $1k up to $180k. Buyer B offered $167k, but it was contingent on the sale of their home. It's not yet on the market, and it's only 800 sq ft. We really didn't like the first offer. We wanted to go with B, but we were worried that an 800 sq ft house wouldn't sell quickly. We countered A with $169k with $2k rebate. We accepted B as our backup offer. Buyer A came back with $170,800 with us paying their closing costs, $2k rebate, and the septic pumped before closing. We were annoyed at this point, and we were considering walking away from A and going with B. We decided to counter A one more time because our realtor didn't give us a really clear opinion on whether or not he thought B's house would sell quickly. We said $171k with $5k rebate, and that's it. They accepted, contingent on the home inspection. Fast forward to July 3. We're camping, and they request a home inspection for July 5. They want us to locate and dig up the access to the septic tank. We said they could do the inspection, but we can't do anything about the tank because we're camping. They do the inspection. Then they say they now want the septic pumped, the roof on one shed replaced, the other shed removed, and tile regrouted. We offered to get the septic pumped and an additional $2k back take it or leave it. They tried to get $2300 back, but our realtor told them our offer is final. They accepted. We leave camping a day early so we can find the septic tank and get it pumped. We find the tank. It's an old, metal tank. The kid is rusty. It's right next to our house. Then our realtor tells us that the buyer wants to be there when it's pumped. We think it's weird but we say ok. The guy is coming that night around 6:30-7. She never shows up. The septic guy says everything is functioning perfectly. He said all the old houses in our area have the same systems, and they're really old, and not up to current code, but they last forever. He said he doesn't recommend replacing or upgrading anything unless there are issues. Otherwise you open a can of worms trying to get everything up to current code. He said to make a new lid out of treated lumber, and it will be good. He tells us that the buyer can call him if she has any questions. Today our realtor forwards us a text from the buyer's realtor. It's a screenshot of a text from the buyer. She says she talked to the Septic guy, and he told her that our septic system isn't functional. Nothing is draining into the tank. Everything is rusted out, and we put a makeshift lid on. It's going to cost $10k-15k to fix everything. Apparently she's "devastated." I call the septic guy to ask if he told her all of that because it's very different from what he told us. He tells me never didn't tell her any of that. He told me he can't even quote replacement of anything without measuring because it is probably too close to the lake to do a straight forward replacement. He again said he wouldn't do anything unless we have problems with it because it is functioning as it should. We told our realtor that the sellers account of what the septic guy said is different from what he says he said and what he told us, and now we're waiting to here back. When we agreed to get the septic pumped and give the additional $2k back, we signed an addendum to the purchase purchase agreement. If the seller backs out, she has to break contract, correct? I'm at the point where I want her to walk away, and we can go with the backup offer. I'm sick of the back and forth. We rented some storage units, but we don't want to put much effort into packing and moving stuff out if the sale isn't going to go through. Rentals are hard to come by here, but we can't sign a lease on a rental because we don't know what's going on with the sale of our home. We're supposed to close by August 7, so we're running out of time. Luckily we have a nice camper we can stay in, but it's still a pain. I guess I don't really know how to proceed. I like our realtor, but I don't feel like we're getting a lot of guidance. I don't know if that's what realtors do because we've never used one before. Our house is 110 years old. It's not going to be perfect. We've fixed any issues that have come up since we bought the house, but we didn't go and spend more than the house is worth. We knew when we bought it that we would outgrow it once we had kids, and that's exactly what happened. [link] [comments] |
| Is now the time to buy a starter rental property? Posted: 13 Jul 2020 04:03 AM PDT Hey there all you savvy folks! My partner and I stumbled upon a, seemingly, good deal. It is a duplex in northern New England, where we live. So far, pre-inspection, the bones of the structure seem solid and the price seems fair but negotiable. We plan on doing far more investigative work to make sure it is solid but I am coming to you all for the question which is, is now the right time to buy a rental property? Our state has a housing shortage that I am acutely aware of as a renter however the financial ruin that COVID is putting our country in makes me nervous that right now might not be the best time to buy. My fears are that 1- soon properties will get even less expensive because people will be selling a ton since COVID is destroying our economy 2- many people will not be able to afford a reasonable rent payment. The idea behind this property would be to live in one half, make cosmetic renovations, and rent out the other unit while doing it. The goal is to eventually move out in 5-ish years and either sell it or hold on to it and rent out both units. Also, bonus question, is there any way to have someone help check out the structure with you pre-offer/inspection? We are both out-of-staters originally and do not have the lovely convenience of a dad in the trades around the corner to come snoop out anything we might miss. Thanks for your time! This sub has been so helpful! [link] [comments] |
| New home build sales way up for June, biggest annual jump since 2008. Posted: 13 Jul 2020 09:50 AM PDT The authors say work from home and flight from urban areas are behind this boom. If that's true it has potential to turn that old adage location, location, location, on its head, at a local level. I'm not going to say someone who used to have to be in Cupertino will be happy in (say) Queen Creek, AZ. But if people who previously had to be in an office in downtown Phoenix can now work from their homes in Queen Creek, the shakeup in Phoenix could be huge (and every city may see this shakeup). Those outlying areas have never done as well due to crazy long commutes and not much alternate transportation. I would still caution anyone who wants to buy a new build to read all of the fine print in the contract, particularly paying attention to how one-sided it is, in favor of the builder. Don't put down much earnest money, because your only recourse is to walk away from your deposit. I'd try to only put down half of what they want, up front, and stall as long as you can to give them the rest. Also if you work with a buyer's agent you may be able to find one who will rebate you some of their commission. You won't get a cheaper price from a builder if you are unrepresented. And IME builders will treat you a little better if you're represented, because they don't want to piss off your agent who has the potential to bring other buyers, or badmouth the builder. They really don't give a shit about you as an individual. Of course we're still a long way from knowing the ultimate impacts from Coronavirus on the economy at large. Be interesting to see if this trend continues. [link] [comments] |
| What are the terms needed to make a property as-is Posted: 13 Jul 2020 08:14 AM PDT Is there documentation needed to set up a sale as-is or is it enough to note the listing as as-is in the agent comments? [link] [comments] |
| Tried to buy a condo in Bay Area and this is how it transpired. Posted: 13 Jul 2020 10:21 AM PDT Trying to buy my first condo in Bay Area and this is how it transpired.
Even though there are 3 more units up for sale in the same building, we liked this one better (because of the huge patio) and now I am not sure if my decision is right. What guided my decision was the current market scenario, the fact that we just started house hunting and there might be a better condo for us. But, with low inventory, I am worried that we might not get a place that we like and we will end up paying 1 year of crazy high Bay Area rent before we find one. What do you guys think of the events ? I am also not very impressed with our agent and we might part ways if we lose this one so I wanted to double check this with our resoureful community. [link] [comments] |
| Sale on cusp of falling through, listing agent pushing for appraisal Posted: 13 Jul 2020 07:59 AM PDT Bought a house and the sale very well may fall through. We're in the inspection contingency period and tried to move the inspection out a week since we haven't come to an agreement. Heard back that the listing agent is pushing for the appraisal to occur today as planned so it is going to happen today. I'm wondering why the listing agent would want the appraisal to happen before we've come to an agreement. Our contingency period ends tomorrow so I'm doubtful the appraisal info will be back by then. Thanks [link] [comments] |
| Is it a good idea to get a buyer’s agent? Posted: 13 Jul 2020 09:42 AM PDT I had owned a home years ago but sold it after divorce. I don't remember the process of buying a home much at all, except that I did not have a buyer's agent. At the time it was mid to end of the housing crash where everything was so low, and so many listings. Now I'm looking to buy again, but this time there's a pandemic, and a massive housing shortage in my area and the prices keep going up! Even during the pandemic! Pickings are very slim. Also there's new regulations for viewing homes due to the pandemic. I know buyer's agents take a commission. I know of one a friend used and they were very happy with this person, so I was thinking of contacting this realtor to begin the house hunting process. What I expect to achieve is this person will maybe be able to show me houses that don't have a listing and to walk me through the process during this time? Is it definitely worth it to work with a realtor? I don't even see many homes. And some homes I see on Zillow have sold but I never saw the listing until it ended up under the "sold" tab! I'm really intimidated to start looking, but also am in a situation where I've got to get out of apartment living. I'm just older and more cautious than I was when I first bought a house. More cautious by nature nowadays. I don't know what they cost or what questions I should ask and what exactly I can expect with working with a realtor. Thank you for any direction. Edited for spelling. Hopefully didn't miss something else. [link] [comments] |
| What could cause a house's property tax to drop by over 50% in one year? Posted: 13 Jul 2020 09:26 AM PDT I'm considering buying a house, but I noticed the property taxes were extremely low for the neighborhood, size of house and lot size. I looked up the tax records. In 2017 the assessed market value of the building (excluding land) was around $350,000. In 2018 it shows the owner appealed the tax assessment, and the assessed market value of the building dropped to around $175,000! The property tax was adjusted accordingly. The assessed value of the land (without the building ) did not change. I looked up other houses in the same neighborhood with same lot size, and they did not drop - they increased slightly each year. Any ideas or theories of what could explain this? The only think I can think is some huge defect was found with the house... [link] [comments] |
| Buying an out of state investment property Posted: 13 Jul 2020 05:13 AM PDT To anyone who has done this, can you tell me your experience? What's your thoughts on it? Has it worked? Noob investor looking to start. [link] [comments] |
| Should I Furnish rooms before renting it out? Posted: 13 Jul 2020 06:07 AM PDT Guys, I have a 3 bedroom house where I want to rent out 2 of my rooms. Should I or should I not furnish it? A lot of people keep telling me that a good long term tenant would always have their own everything. So I shouldn't furnish it. I already bought the beds, but have yet to open the boxes. So I can always return it. I would really appreciate some advice. [link] [comments] |
| Moving and renting USDA-funded house to parents? Posted: 13 Jul 2020 10:25 AM PDT So I closed on a USDA loan Sept 30 of 2019. Me and my boyfriend are now looking to move in together into his home. My parents are moving to the area in October and need a rental for a bit until they can buy or build a place, and we've discussed them renting my place. However, with it being a USDA loan I'm unsure of the options, and I'm finding mixed statements online. I've been unable to get in touch with my mortgage company and am just looking for anyone who may have experience in this in the meantime! [link] [comments] |
| Posted: 13 Jul 2020 10:23 AM PDT I'm thinking I want to replace these and its gonna cost roughly 10k to do so. What's the normal expectation when buying a house? Half of useful life left? Just working and age isnt an issue? Just a home warranty? These things are old it worries me to the point I'd rather just replace them off the bat but can I get the sellers to pitch in you think? I realize you arent privy to all the details, but just looking for what's normal operating procedure. It is a tight market but we were also the backup offer and the sellers want to be done with it. [link] [comments] |
| Experiences with COVID-19 Addendum/Riders Posted: 13 Jul 2020 10:15 AM PDT Does anyone have experience with COVID-19 Riders? An example can be seen at https://www.nysar.com/covid-19-addendum-to-the-residential-purchase-contract/ --> https://www.nysar.com/wp-content/uploads/2020/03/LEG_SFL_NYSAR_COVID-19_ADDENDUM_3192020.pdf I am in the process of buying a home (New York State). The seller wants to include a COVID-19 Addendum identical to that linked above (with 60 days as the time, with "optional" buyer protection #2 included). I am concerned that it is very broad and that the seller could activate the clause and cancel the contract more or less at any point that they choose. My lawyer shares these concerns but does not have previous experience with someone attempting to utilize this escape clause. I appreciate that this also includes protections for me, but I don't want/need that protection and do not want any non-standard contingencies within the contract. If there are statutory reasons that the contract cannot be executed then I totally understand the need for cancellation, but these inclusion criteria seem to go WAY beyond that. Circumstances can change for either party a great deal in the ~60 days to close even in ordinary times, but shit happens and that's how it goes. A contract is a contract. We would like the seller to remove this, but they are reluctant to do so. I have been pretty adamant on this point because I do not want to risk being strung along for months, setting back my home search, and locking up the deposit money only for the seller to back out at the last minute. The terms seem broad enough to me that even if their true motivation for the exit were unrelated to COVID, one could easily claim "exposure", difficulty with their new residence, general anxiety about moving during these times, etc. Esp with the "include, but not limited to" verbiage. However I also concede it is possible I am overreacting. Therefore I want to hear thoughts / experiences from others. Is this as big of a deal as I think? Any particular suggestions for changes that would lessen the breadth of this? Visit the links above for full text, but I reproduce the most relevant sections here:
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| Does a a shed impact apraisal values? Posted: 13 Jul 2020 10:00 AM PDT Just looks for some general feedback. I purchased a house with a home made shed. It is in horrible condition - rotting wood every where. We don't use it. Looks like it hasn't been used in years as it's full of rusty tools. We don't really need a shed as we have a large enough garage so I was thinking about taking it down. But I noticed that the shed was referenced in the appraisal. Most of the near by houses do have sheds - but well built ones. I feel like a buyer would also not want a beaten down shed but I don't want to lower my property value by removing something. Does the shed actually have an impact on value in its current state? Also my father said if I take down the shed I would need a permit for a new one but I could fix the current one without a permit - is that true? [link] [comments] |
| Posted: 13 Jul 2020 09:57 AM PDT Long story short. First time homebuyer (mid-30s, Midwest). I found a home that I wanted to buy. Had it inspected and signed tentative agreement (sorry, don't know the exact name of document I signed). The sellers asked for an extension to manage the fixes I requested. They then asked for a second extension, as they said it was hard to coordinate everything. I got frustrated and pulled out of contract. This was a few days ago. I'm now feeling like I made a mistake. The fixes are relatively minor, and while I was frustrated that they were taking a long time, I don't feel now that it was worth my backing out of the contract. Part of my decision to back out was also based on cold feet, if I'm being honest. I now realize that I want the home. I totally understand if the buyers tell me to take a hike. Is it worth even asking my agent to look into? [link] [comments] |
| Buyer is about to miss closing date for the third time. Posted: 13 Jul 2020 09:21 AM PDT We were initially supposed to close on July 2nd. Due to lender issues, the buyer missed the date and we extended. Then they missed it again and we extended again. Now we're two days away and they haven't gotten the clear to close. Is there a financial penalty I can write into the next extension if we decide to allow it? Something like $50 per day? I don't know if it's all the lender's fault or if the buyers are dragging their feet as well, but I need to light a fire under someone. [link] [comments] |
| My license is about to expire but I’m not actively using it but might in a year or so Posted: 13 Jul 2020 09:13 AM PDT This maybe a long shot but I am licensed in the state of MD and my license is about to expire in August. I'm currently in my senior year of college but working part time as a real estate assistant so I am not using my license actively at this time but may do so after college. Should I let my license expire to inactive and do the CE courses when I'm ready or just do the CE credits now? What happens when my license expired? I tried contacting the Commission and no one has responded [link] [comments] |
| Can my Grandpa (seller) back out? Posted: 13 Jul 2020 08:51 AM PDT My Grandparents own a property that has been in the family for 40 years and have signed a agreement to sell. My parents and I have decided we would like to keep it in the family and offered to purchase it from my Grandparents. They agreed and were thrilled that we wanted it. The original buyer is threatening to sue my Grandparents for backing out. The closing date was supposed to be this week. This buyer wanted to purchase it and flip it, but has not paid any money for a inspection, appraisal, or any earnest money. Is there anything legally they can sue for or force the sell? Edit: This is the contract. Seller / Buyer names Address, Buyer's and sellers agree to the purchase and sale of the foregoing property on the fallowing terms and conditions, Purchase Price shall be: xxxxxx Financing: Cash. This contract is contingent upon the sale of the property located at XXXX (currently under contract) with a close date of July 17th 2020. This contract is also contingent upon a property inspection. With a deadline of July 5th 2020. Title insurance and Designated Closing Agent: XXXX Closing: The closing date shall be on or before July 17th 2020 Possession and Prorate Item: seller portion of the 2020 property taxes. Closing Cost: Buyer and seller agree to divide the closing costs as fallows: Seller to pay 1/2 of the escrow settlement fee and the owners title Policy and any other standard seller closing costs. Buyer to pay 1/2 of the escrow settlement fee and all standard buyer closing cost. Signatures: xxxx xxxxx Edit: I am aware that this is probably the worst contract ever and I have no idea who wrote it. [link] [comments] |
| Buying in On, Canada. Giving notice to landlord Posted: 13 Jul 2020 04:53 AM PDT Hey, I'm buying a house in Ontario, Canada and wanted to know the consensus on when it's a good idea to let the landlord know we are moving out. We are month to month after living here for 3 years, so have a 60 day notice. Obviously I don't want to jump the gun and let them know too soon before everything is confirmed, but likewise if I wait until closing, which is 30 days from offer being accepted, I'd be on the hook for an extra two months rent. Our closing date is currently Aug 16th (if offer is accepted) so I'm expecting to have to pay for September. Which is fine. Just looking for opinions and help on when to say! Thanks [link] [comments] |
| Posted: 13 Jul 2020 08:37 AM PDT Am I stupid for not understanding this: "One time we refinanced and withdrew money. We kept the same monthly payment but increased the mortgage amount and withdrew the difference." Where did they withdraw from? If the payments stay the same and they increased the mortgage amount how did they save money? Also I don't know what lender credits/negative points are? I was told you can use these when refinancing to avoid closing costs. The bank told us we can save at least $400 a month on our mortgage payments with Amerisave. I googled them and it seems to be a scam. If people could really save $400 a month wouldn't everyone being doing it? It's annoys me how easily people believe this stuff and don't realize there is a catch. [link] [comments] |
| Posted: 13 Jul 2020 08:30 AM PDT I live in California. I had a listing agreement with a prior brokerage that has been cancelled (see attachment/ photo in comments on CAR Form Cancellation of Listing). It lists a certain person that if sold to I would still owe commissions. But that's it! So the house is off the market, but someone who did tour it while it was listed with the other brokerage contacted us directly and wants to make an offer. From what I can tell in the COL form, I would not be obligated to pay any types of fees/ commissions in this offer. Thoughts? Any "gotchas" here? "Broker and Principal mutually release each other from all obligations under the Listing and from all claims, actions and demands that each may have against the other by reason of the Listing." [link] [comments] |
| [MA] Can I afford a $1.15 million home? Posted: 13 Jul 2020 08:22 AM PDT My wife and I have been looking at homes for a few months, and we're now at the point where if we find something we like then we would make an offer right away. We've gotten close a few times, so that could happen any day now. I've run the numbers in the best way that I know how and it's led me to believe that we're looking at homes we can afford, but I want to be extra careful, So, here I am. We're pre-approved through my credit union for $1,150,000 and we're looking at homes that cost about that much. Here is our financial situation:
So: can we afford a $1.15 million home? Or am I missing something? Thanks! [link] [comments] |
| Posted: 13 Jul 2020 08:17 AM PDT My wife and I are under contract to buy a home in Texas (first time home buyer). The bank asked if we'd like to waive appraisal, which confused the hell outta me because I thought this was an essential step according to everybody I talked to about buying homes. At first I was like hell yea, one less thing I have to pay for. However, I eventually did a 180 and told the bank to go ahead and appraise the house, mainly for the following reason. The house appraises at the district for 332K. The house is listed for 310K. Story goes its owned by older folk that moved out when COVID hit and are now living with their kids in FL, and want to sell it quick. Already did inspection and nothing serious came up. Realtor got an RVM for 322K. Something just seemed so fishy about it being listed for over 20K less than what it appraises for at the tax assessor's office. Anybody had experience with appraisal waivers? Advice for taking them, not taking them in the future (should we ever sell this house and buy another one). Thanks! [link] [comments] |
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