Real Estate: Have buyers gone crazy? |
- Have buyers gone crazy?
- The fuck do I do after I’ve been told my offer was accepted ? (I’m excited and can’t sleep right now so......)
- PSA on Wire Fraud
- Question about how sellers decide to lower price
- Help. My mother is deteriorating and I need to sell her rental properties in another part of the state ( CA). Where do I start?
- Lender (USAA) is hinting that underwriter may be getting ready to deny us based on my GFs 3-months of CVD-19 shutdown. She is an independent contractor, never lost one single client or job, but was forced to reschedule work until reopening in Mid-June. Does this sound right to you?
- Still waiting for executed contract... (CA)
- Issues in New House 5 Days after closing
- Is it weird or pushy to let a homeowner know I’m still interested? (UK)
- Seller wants to extend closing after deadline
- I’m getting ready to sell my house and I have a question.
- Is this a good refi deal?
- Force sale of inherited property?
- Better.com ordered a new appraisal, wonder why ?? Any ideas
- Bought house same price as Original owner
- Please help
- Utilizing a low appraisal to bring emotional seller to the table.
- Does anyone know how to search on realtor.com and make it so contingent / pending listings don't display?
- Refinancing Help
- Starting Small...
- Selling home to neighbor. He wants to do an owner to owner sale. I don’t know anything about this process
- In Need of Guidance
- Inspection Question
- Book Recommendation for New Real Estate Agents?
| Posted: 08 Jul 2020 04:02 AM PDT In the western suburbs of Philadelphia Pa, buyers are offering 40-50k over ask with no contingencies. These houses are not worth that much when comparing them to comps and I doubt they appraise. People seem to think that the values of homes dropped 20% because of COVID. Why would you put in an offer with no contingencies if the house was septic? Just asking for a disaster there. I've noticed that this seems to be the case for all houses under $600k. There was a house listed for $580k that needed a full stucco remediation (at least $100k) and the buyers waived all inspections and no credit to the buyers for remediation since the sellers had the stucco inspection report already. I wish people would stop being crazy and start thinking rationally for once. Edit: added clarity on location [link] [comments] |
| Posted: 07 Jul 2020 09:42 PM PDT Not sure why I'm making this post. It's 11 PM, I need to get up early but I can't sleep because I'm so excited for what comes next. I'm the youngest guy in my family and friend circle to buy a home. I made an offer on my dream place this afternoon. Looked at it late yesterday, wrote the offer this morning, signed and sent it over this afternoon, got told our offer was accepted around 5-6 hours later. No negotiations, no back and forth. They had multiple offers to chose from and honestly I wasn't expecting to come out on top given the market and how fast places go, especially in the area of where I got in. I had financing and home inspection as my conditions and offered only 5% over asking/list price, but only because I knew there were multiple offers. So since I'm excited and can't sleep, what comes next ? What can I expect ? What're somethings to do or prepare for ? [link] [comments] |
| Posted: 08 Jul 2020 09:47 AM PDT PSA for all buyers, but particularly first time home buyers. ALWAYS confirm wire instructions by an outgoing call if you are wiring your deposit. I came within minutes of wiring $150K into the oblivion yesterday. Got an email from my attorney with wire instructions for closing - the wire instructions had me and my wife's name, the correct amount of our deposit, our home address, everything. I actually went through the process of setting up the wire with my bank up until the point they asked me to confirm if I had verbally confirmed the instructions. I thought better of it and figured I would give my attorney a call. I text him the wire instructions and two seconds later he is frantically calling me. Turns out the scammer had changed one letter in the attorney's email. No idea where the breach was, but he was clearly in the system somewhere and knew we had gotten the C.O. delivered yesterday morning. Frankly, I knew better and was just running around yesterday and missed some of the signs that should have raised alarms (such as email from my attorney saying he was in jury duty, when courts are closed). But it happened so quickly, and even as someone who deals with wire fraud concerns a lot, it was hard to catch. But wanted to send a PSA as my bank told me they are seeing this more with COVID going on (as a lot of people are wiring at closing rather than checks). [link] [comments] |
| Question about how sellers decide to lower price Posted: 08 Jul 2020 10:08 AM PDT I'm new ish to real estate and have spent a lot of time watching the market. My question is why sellers lower the price of a house $2000-$5000. If your house has been sitting on the market for an extended period of time, and is priced in the several hundreds of thousands, does dropping the price $2000-$5000 actually motivate people who have been eyeing it to buy? I read often how people negotiate prices give or take $20k-50k, so I'm curious what a seller thinks they are trying to achieve with such an insignificant drop in price? When I bought my home last year, what I first offered vs what the seller wanted was a difference of $3000. I ended up purchasing the home $15k over listing price. To me, after a bidding war with 9 other people, it was a no brainer to meet her $3k request since it was going to be difference of like $20 a month in my mortgage, and $15k over asking still felt like a great deal. But if the same home hadn't been a great deal, and had been over priced, dropping the price by $3k would not have motivated me to buy it. Because the price it was listed at felt like a starting point where i could already negotiate $3k off. Example: pretend a house is listed for $350k. I think it's more reasonable to think a motivated buyer would be willing to pay $353k if it's newly listed and has lots of offers Vs A property listed for $350k for months and months on end, and sellers drop price to $347k. If people didn't want it for $350, I don't see how they would suddenly be motivated at $347? I hope my question makes sense. I'm just curious what type of strategy or advantage making this move has. [link] [comments] |
| Posted: 08 Jul 2020 09:52 AM PDT Thanks in Advance. My mother is getting to the point where she cannot handle her finances or medical condition. She has a rental property in Oakland CA. It is composed of two duplexes on the same lot. So four tenants total. She also lives at the property part time. Unfortunately she has not kept up on the property and has done things in a not so "Up to code/laws" way (think slumlord). Her health has deteriorated and she has asked me to step in. I know how much she gets for rent for each unit and I know that they are all long term tenants. One of them is a constant problem (late on rent all the time, sometimes for months). I live on the other side of the state and the property has so many problems that it would be impossible for me to manage it from far. I think my best option is to sell and possibly buy her a place near me so that she doesn't pay the capital gains tax and I can start to manage her life closer to me. She is on board with this. I have a relative who is also a landlord with multiple properties in Oakland and he will likely be interested in buying this property but for a "good deal" . He is very savvy and I don't want my mother to get ripped off. Where do I start? My first thought is to get the property appraised and then find an RE agent. But I have no connections in that city so I would be cold calling from google searches. I think My next step would be to find a 55 and over near me where she can "reinvest" her equity and probably have some left over for her retirement fund. Any advice would be greatly appreciated. [link] [comments] |
| Posted: 08 Jul 2020 09:07 AM PDT My GF has had steady work for the last 4 years as a tattoo artist at a studio where she pays rent. She has work booked out thrushes end of 2020 and well into Jan 2021. She has collected deposits on about half of these appointments. She was forced to shut down when our state implemented their CVD-19 closure protocols. Her being someone who works with blood was obviously barred from working. However, she never lost any of these appointments, they were simply moved out until after the reopening. During the 3 month shut down, she was able to collect the FED CARE UI of $600/week along with the State UI of $150. She chose to collect and reported these UI payments in her PNL that we submitted to USAA. Today, we are hearing that the underwriter is most likely going to deny us over the UI funds. They are saying that USAAs policy is to not lend to anyone collecting unemployment during 2020. Does this sound legit to you all? Shouldn't her PNL proving her income be enough? Wouldn't an underwriter take into consideration her scheduled work thru 2020? What type of recourse or appeal would we have if denied over such a insignificant blip in our financial history? Our closing date is July 20th - isn't this a little soon to be realizing this was a red flag? Thanks all - this is my first time buying and super confused about the process - learning as We go. We just find this hard to believe that so many people allowed us to get to this point only to get hung up over something like this at the finish line. [link] [comments] |
| Still waiting for executed contract... (CA) Posted: 08 Jul 2020 08:02 AM PDT My husband and I are FTHB in a Los Angeles suburb. It's still a pretty hot summer market despite the rising COVID numbers. We are not at all in a hurry to move and are not shopping with the frantic energy that many buyers in this market seem to have. On a bit of a whim, we viewed a home that had been on the market since January and surprisingly liked it. It's the right size, right location, and in great condition. Our realtor asked the list agent why it had been on the market for so long, and was told that the sellers had been emotionally attached in the beginning and rejected most offers that they received. As a result of sitting on the market for so long, they'd had little to no interest from buyers, especially with COVID happening. So we put in an offer under list price, then accept a counter offer that was still about $10k under list price. We feel happy with the house and the price. The counter offer was signed and returned to the sellers over a week ago, but we still haven't received an executed contract from the sellers. In that time, we've learned that there are 3 parties involved on the sellers' end (family members and a family trust) and they are all elderly folks that don't live locally. Given that info, some delay in the paperwork is understandable, but the sellers' agent keeps telling my realtor that the contract should be coming through later today/first thing in the morning/this evening for sure. Being given the run around daily is starting to rub me the wrong way. We've been told that the main reason for the delay is that one of the sellers lives out of state and is technologically-challenged--basically he can't figure out DocuSign or something. We felt more understanding before the holiday weekend, but the situation is starting to feel stupid. Our realtor has been frustrated as well and let us know she is ready to issue a Notice to Perform whenever we want to. While the delay is SUPER annoying, the reality is that we're really not being harmed in any way by it and still like the house enough to wait a little longer... But how long is too long? Has anyone had a similar experience with paperwork taking forever? Was the outcome positive? Looking for some perspective on the situation and what-would-you-do's. Thanks ahead of time! [link] [comments] |
| Issues in New House 5 Days after closing Posted: 08 Jul 2020 05:22 AM PDT I just bought my first house within the Washington DC area and had my closing last week. At closing I did not sign all the documents because someone else's name was on them. The Warranty of Completion of Construction was not signed, nor the Deed of Trust with the city nor the Power of attorney to fix typographical errors. I believe there were a few others. The deed to the house and the obligation to pay the lender were signed . The lender has made clear they can't file my paperwork until all the documents are signed. Either last night or the day before the basement of my new property flooded due( water came up through the ground and activated the sump pump). I'm not living there yet but I noticed the damage when I returned to the house yesterday afternoon to finish repainting cabinets. The subfloors if they were the root of the issue were cited as needing to be fixed during the initial inspection. The realtor is contacting the seller to fix the issue. The seller contractor has been half-assing work during the entire process(possibly root of this problem) they'll implement fixed that look nice but may not be functional or installing doors backwards, making broken windows looked fixed, until you call them on it. If I'm not confident in the sellers ability to fix this can I leave the house since all of my closing documents have not been signed? I will not sign the remaining documents until the current issues with the house are fixed. [link] [comments] |
| Is it weird or pushy to let a homeowner know I’m still interested? (UK) Posted: 08 Jul 2020 07:22 AM PDT At the end of last year I found my dream house - a gorgeous two-bed Victorian semi in the right place in the right village. I visited it twice and it was everything I was looking for. It had been sat on the market, on and off, for most of the year. Unfortunately, by the time I'd found a buyer for my own house and sorted my end of the chain (Jan 2020), the house had disappeared. When I enquired and floated an offer, the agent told me the couple had taken the house off the market for a year because they were having a baby in March. Fair enough. I followed through and sold my own house and moved in which family due to pandemic uncertainty. It's now been over six months. I haven't found anything else. I'm a chain free buyer in a good position. Would it be weird to contact the homeowners again about my offer, saying it still stands if they want to move before Christmas? With all the paperwork and legalities, and them finding a new house, we wouldn't be moving until Nov/Dec anyway. Plus there's the new stamp duty freeze. Would it be weird for me to put a note through the door and let them know of my good buying position? Or to get in tough with the original agent? [link] [comments] |
| Seller wants to extend closing after deadline Posted: 08 Jul 2020 10:53 AM PDT Background: The P&S agreement for the condo I'm buying gave the seller the option to extend the closing date from 7/15 to 7/31 with 14 days notice. The unit is vacant, and this is only to accommodate the seller attempting to do a 1031 exchange. The time limit to identify a new property starts at closing of the one being sold, and he apparently wants as much time as possible. Well, the seller comes in yesterday asking to extend closing, but it's less than 14 days until the 7/15 closing date so I say no. He then offers to pay my rate lock extension fee and give me use and occupancy of the property until the new closing on 7/31. This appears to be a good deal for me on the surface, because I get to move in but not pay HOA/taxes for the second half of July and my first mortgage payment is later. BUT, is there any other risk I'm opening myself up to here that I don't see, assuming our attorneys draft some type of tenancy agreement? [link] [comments] |
| I’m getting ready to sell my house and I have a question. Posted: 08 Jul 2020 10:43 AM PDT So we are getting ready to put my house on the market in a couple of weeks. My realtor and I don't see eye to eye but she is great at her job. So she tells me and my husband all the things we need to do to get the right price. One of the things is getting rid of an old heating unit . Idk how old this thing is but we up graded. So my question is why is she worried about getting rid of the heating system? FYI we are in RI. [link] [comments] |
| Posted: 08 Jul 2020 06:50 AM PDT 3.5% on a 30 year conventional. Our appraisal came in at 140k, refinancing from an fha loan at 4.5%. My wife and I have credit scores north of 750 [link] [comments] |
| Force sale of inherited property? Posted: 08 Jul 2020 10:04 AM PDT My wife and her sibling have inherited 10 acres with a SFR on it about 20 years ago. My wife and I recently moved into the house and would like to stay here and make improvements. It's in desperate need of a new roof that leaks anytime somebody sneezes. The bathrooms are so old, outdated, and corroded that all 4 need a full gut and remodel. We have already renovated the master bedroom somewhat. We would like to buy out her sibling, who is very unreasonable and likely would want to sit on it and let us do all the improvements, then try to force a sale later when they benefit from the improved value. Is there a legal way to force her sibling to sell to us, now? Or can we force her sibling to sell, but we have to, too? At least we can take the proceeds and fund another home? I've read about a partition sale but that doesn't sound like a viable option. Who would buy half ownership of a house with someone they don't know? Does it matter that her sibling has turned their back on this place and my wife has taken care of everything including getting the house initially ready for rent when it was rented until last year, though they are equal on property tax payments. Any thoughts are greatly appreciated. Edit: We are in southern California. [link] [comments] |
| Better.com ordered a new appraisal, wonder why ?? Any ideas Posted: 08 Jul 2020 09:49 AM PDT I'm doing 25% on a 500K loan. Better.com is the lender and they ordered a rush appraisal . Desktop appraisal. It was completed and sent to them. Now they want a physical one done and scheduled a new one.. I don;t have a problem with it and want it to happen. No hurry to buy a house or not. Any ideas what would trigger this ?? A low appraisal or a high one from desktop >> The property is brand new and in AE flood zone.. ( Nice house and I'm aware of risks/costs) The realtor is trying to push just for desktop.. What u guys think is happening.. Cant reach them to ask details.. [link] [comments] |
| Bought house same price as Original owner Posted: 08 Jul 2020 09:48 AM PDT Hi I am in the process of buying a house. The owner originally bought it for 380K back in 2011 brand new. He has it up for 400K. We got it down to 382K. I was wondering if we did the right thing. It is in a decent neighborhood . Since it is a buyers market. I was wondering if we did the right thing because ower mortgage specialist says 365K should have been better. But seller didn't budge. [link] [comments] |
| Posted: 08 Jul 2020 09:45 AM PDT Question regarding real estate investment Hello, I am hoping someone can help clarify a question I have when digging into a home investment My wife and I purchased our first home 4 years ago for 285,000. We did not make upgrades to this home. Last year, we sold the home for 330,000. After commission and taxes we netted 303,000 leaving a gain of 18,000 from the purchase price. This year we purchased a new home for 348,000 and invested 19,000 in the home in upgrades leaving the total investment at 367,000. If the market takes a down turn and we sell the home in a few years for 18 below purchase price (which would be 330,000) after taxes and fees we will net around 303,000 meaning we lost 64,000 dollars on the home if you include realtor fees and taxes. Here is what is confusing me : since we made 18 grand on the last house, if we were to lose 64 grand on the new home, we would be down 46 grand (64-18=46) correct? Or are we just down 64?? Help! I can't figure out if I am thinking about this right. Also, I understand there are other things to consider like property taxes and other factors but I am only looking at the purchase price and renovations on this example. Thanks!! [link] [comments] |
| Utilizing a low appraisal to bring emotional seller to the table. Posted: 08 Jul 2020 09:38 AM PDT We're looking to move a little further away from our current metro area where we can actually have some land. Where we're trying to buy, there are definitely properties that have come and gone over the last few years that were within our budget. However, due to the nature of the area, the inventory of these properties at any given time is low (maybe one coming on every few months on average, even before CV-19). Since we've committed to trying to make this move happen, we've looked at three places and put in offers on two. Offer #1 was beat by a cash offer through a multiple counter situation, although we're first in line if that falls through. Offer #2 is a tricker situation. The sellers of this particular place built the house together about 40 years ago. The property itself is amazing and in a great location, but the house will need some serious updating on the interior. To top it off, both our realtor and the listing agent agree it's way overpriced. After chatting with a local appraiser and getting something of a "drive-by" number, we submitted an offer within that range. Seller was very offended and refused to even counter. This property has been on the market for close to a year with one price drop, although not by much. This makes us think that the seller is very emotionally attached to the place, might not be in a hurry to sell and is likely equating 40 years of happy memories into the sale price (they've since moved away). Also, there have been no other offers and the house itself shows very poorly, there's still some junk on the property, etc. The listing agent is frustrated with the situation to the point where she might order an appraisal just to try and talk some sense into the sellers. Given the situation, I'm wondering if we can utilize the appraisal contingency to force the seller's hand. The plan would be to submit an offer close to list price that we think they'll accept and get them seriously involved in the process of dealing with a potential sale. When the appraisal comes in lower (highly likely), the sellers will not only have to confront that reality, but do so while in the middle of contract. From what I can tell, playing this move could work out in the following ways:
The only other downside I can see is that we could be wrapped up in negotiations when something else we like happens to hit the market. Given the current turnover, the odds of that seem pretty low. Am I missing anything here? (If I am missing something and this is completely hair-brained, I'm all ears). TLDR: Are there hidden risks of trying to draw an emotionally attached seller of an overpriced house into escrow knowing that the appraisal contingency will likely come into play? [link] [comments] |
| Posted: 08 Jul 2020 09:33 AM PDT There's literally so many in my area it's like 50% lol [link] [comments] |
| Posted: 08 Jul 2020 09:24 AM PDT So I've lived in my home for 4 years and currently have an interest rate of 3.8%. Seeing everyone refinancing and getting rates below 3% have me wanting to refinance as well but I have no idea where to get started. Any help and advice would be greatly appreciated. Which lenders do you choose and where do you find them? Around how much out of pocket expenses would it take to refinance? Does my mortgage reset? As in has my loan completion date now been extended another 30 years? [link] [comments] |
| Posted: 08 Jul 2020 09:16 AM PDT Are there communities out there for small-time investors in real estate projects? Maybe teaming up with a group of people that put in a smaller amount on a larger project. I've inherited a rental property and like the idea of real estate as passive income. Perhaps flipping a house. Where should I start? [link] [comments] |
| Posted: 08 Jul 2020 09:15 AM PDT Hello everyone! Sorry about the formatting and grammar errors. I'm on mobile. So I bought a property in Kansas state when I was in the military in 2015. After leaving the military, I went to Washington state for graduate school. My sister became my tenant and essentially has been paying my mortgage. Recently, my sister has expressed wanted to move to WA as she wants to be close to family. I have no reason to go back to KS except for this property. My neighbor approached my sister about a year ago and asked if I was selling. He wants the property since it has a big lot. Apparently, he has a lot of really nice cars and needs somewhere to put them. He asked about the property again about a week ago. He said he wants to do the sale as an owner to owner sale. I have no idea what this is as I went through an agent to buy my home. Is this a smart idea? Honestly, I want to get rid of this property ASAP and don't want the burden of waiting for someone to come along and buy it... especially with everything going on. What do I do? [link] [comments] |
| Posted: 08 Jul 2020 09:08 AM PDT Hey Reddit, I'm not sure this is the right sub to put this but I figured it was close enough. I need some help. COVID-19 has put my business under, I have no source of income at this point. I do, however, have more equity in my house than what I owe. I am looking to sell it and take the profits to start over and figure things out. However, my house is not in an ideal "buyer" situation. There is nothing structurally wrong, but the carpet is ruined (pet, still love him though), the toilets probably need to be replaced, and the back deck is in bad-looking shape. So it's not ideal for your dream house. I would get those things fixed, but I have NO money to fix them - I am desperate here. Any advice on what I should do or how to approach this situation? [link] [comments] |
| Posted: 08 Jul 2020 08:39 AM PDT Ok interesting question. There is a property I am trying to buy out of town (2nd home). It was under contract when I found it - but the realtor reached out to me to tell me that the seller had refused a repair request from the first buyer. This agents position is that the request for repair is essentially a new contract and gave the seller an out to accept my more attractive offer. Original buyer has brought in an attorney to see if the seller actually has the right to do so (as opposed to simply saying no to the repair request and moving forward with the original terms of the agreement). Anyone have any experience with this? [link] [comments] |
| Book Recommendation for New Real Estate Agents? Posted: 08 Jul 2020 08:38 AM PDT Anyone have a recommendation on a book/s to read to deepen my understanding of real estate? Thanks. [link] [comments] |
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