Real Estate: We've been eyeing a house but after touring it today, we're super disappointed in the " upgrades". |
- We've been eyeing a house but after touring it today, we're super disappointed in the " upgrades".
- First Time Home owner, My Experience So Far
- HELP: My SO is a new real estate agent and is also OUR real estate agent
- First time home buyer, put an offer on house. I’ve been up all night doubting my decision
- Can't get into home I purchased for owner occupancy because of COVID-19 moratorium of evictions - tenants are not leaving and I am homeless. Have to move in within 60 days
- 100 days to close. Furlough, open permits, etc.
- Back-up Offer Chances
- Asked by mother-in-law to help sell her property in east Tennessee
- New construction buyers: how willing are your builders/sellers to address the items on your inspection report? Any strategies you find helping in encouraging them to do more fixes for you?
- Love old houses! Am I going to regret this...?
- Tiny Condo Complex
- Buying the house we're renting
- What are the qualifications for a new home rebate?
- How to find a realtor in the age of COVID?
- Legal Structure of Partnership
- FHA with high DTI
- Can You Share Tips On Negotiating New Construction?
- Offered $3000 over asking but asked for the same $3000 as closing cost?
- I think the realtor never showed our above the asking price offer
- Is an extended roof warranty worth it?
- Seller HVAC replacement options
- Quitting nursing school for real estate?
- [TX] Post Inspection Gut Check - walk away or more inspections??
- (Michigan) `Recourse for Failure to Perform Actions in Purchase Agreement?
| We've been eyeing a house but after touring it today, we're super disappointed in the " upgrades". Posted: 21 Jul 2020 10:59 PM PDT So we've been dying to tour this Flip house and place an offer. (Not on the market yet) The home is 550k. Up 180k from purchase in March.... That's a 47% increase!!!! We were prepared to offer full asking price and eventually put in a pool and solar (70k) Even though we know it's overpriced. We just wanted to avoid the bidding war of doom. But after touring the house.... We were left SO unimpressed. The cabinets were cheaply painted and already chipping, sticking and lumped paint. Cheaper White subway tile EVERYWHERE. With cheap metal casings to "cap" the edges. It's not pretty. Several different metal finishes throughout the house, (gold knobs, stainless appliances, black chandeliers, brushed nickel sinks, brass light fixtures....it's a mess. No cohesion. ) Original, full-length mirror closet doors with shiny gold trim. Excess paint on everything. No washer, dryer or fridge included. Dishwasher and AC units will need to be replaced soon too. The master bathroom has been "upgraded" to SUPER modern... And it's not our style, at all. New, Grade 3, laminate flooring in living areas. The flooring store didn't seem impressed with it when I asked about it's durability. Old, existing carpet in bedrooms. Am I crazy for not being able to overlook these cosmetic issues? For a Half Million Dollar Flip home, I was expecting better quality upgrades. Better paint job. Matching hardware. Etc. It's like they slapped the 2020 Gray and White paint combo together. Covered applicable areas with white subway tile and made a few lighting upgrades despite the finishing colors. And are hoping buyers will overlook the actual quality of work, fixtures and attention to detail. I'm worried about spending so much on a house.... Just to redo and replace. [link] [comments] |
| First Time Home owner, My Experience So Far Posted: 22 Jul 2020 08:22 AM PDT So I'm looking to buy my first home. This is not easy considering I am blind and on SSI with only a part time contract job that gives me a little extra spending money. Found a place that ticks off most of my boxes and is currently 49.9k. I've submitted an application for a USDA direct loan and impatiently waiting to hear if they can help. I already know my budget and how much I can afford with taxes, mortgage, homeowner's insurance, etc. Before my credit check it was 702 so not horrible. I have a thin file but have been working with a secure card to build the credit. Being on such a low income and restricted from saving, not that I can on 783 a month, I am careful with money. Going to look into an Able account if when this sorts out. The home is in a tiny town and homes here are not flying off shelves. This place has been listed for almost two years. From what my mother said it won't likely sell because the paint schemes are stupid bright or dark. dark turquoise in the bathroom, bright lime green in the finished attic bedroom, dark maroon livingroom... As far as we know from my realtor there are no major problems. This is only the start as I have to wait on approval and see how much I can get, inspection will be necessary, etc. The people that own the home are disabled so we'll see. There aren't many places here in good shape for fifty and under so yeah. In IL btw and I'm 35 atm. Being disabled, blind in particular has made it impossible to find a job and covid makes that all the harder. Hoping I can make my contract work as an accessibility tester full time but we'll see. Hoping to hear back from the USDA office soon. They did the check on Friday, application got there last Wednesday. This sub has been a big help and I have tried to educate myself in this whole process as it can be more complicated with USDA. Any advice or tips would be great. Thanks. [link] [comments] |
| HELP: My SO is a new real estate agent and is also OUR real estate agent Posted: 22 Jul 2020 06:05 AM PDT We just started looking for homes (in the Orlando area) and she recently joined a real estate team (hasn't sold any homes yet). We have just started searching for homes but, it feels like it's slow going. Personally, I think the emotions of the search process for us is/could have an impact on how quickly we find a home. I told her to "treat me like your client" for the experience with the hopes that this will help with our search and keep her motivated. But there's a lot she doesn't know and she works a full time job elsewhere. Any advice on this situation would greatly be appreciated. Thanks! Sidenote: anyone have any insight on the St. Cloud market? [link] [comments] |
| First time home buyer, put an offer on house. I’ve been up all night doubting my decision Posted: 22 Jul 2020 02:37 AM PDT Some context: I'm a 24 year old who has been on the market for a home over the last 6 months. I live in a hot market where houses sell in a day. I always imagined myself in a house surrounded by big trees. I put an offer on a house back in March that I loved, it was tucked away in mature trees and felt like I was a part of nature. Unfortunately I lost this house to a cash offer. I have had a lot of issues finding a house I like. I've put that house behind me, and yesterday I found a similar home that was great on the inside, but it's in a "cookie cutter" subdivision on a flat lot with no mature trees. It's also in a good location. A part of me feels like it's ridiculous to turn down a great house in a nice location because it's lacking big shade trees. That's why I made the offer. Another side of me feels like the house just doesn't feel right to me. Even as I was signing the contract, I didn't feel excited. I just felt like I was settling. I never expected myself to end up in a subdivision with no trees. Has anyone felt like this? What would you do? I am nervous that I am not more excited. When I offered on the first home, I was in love. It felt right. This one I feel so unsure. [link] [comments] |
| Posted: 22 Jul 2020 05:56 AM PDT I recently purchased my first home, a little over a month ago. I purchased to move in as I am currently sleeping on a family member's couch. Unfortunately, under my attorney's advice, I accepted the horrible transaction I would be responsible for evicting tenants in exchange for 15K worth of repairs. I notified the program who works directly with the lender prior to closing that tenants were still in the home but that the notice to quit was sent and therefore, the eviction process has started. I was subsequently given clear to close so I thought everything was okay . Now, after closing, the moratorium of evictions has been extended in my state. Tenants are not leaving. I have to occupy my home within 60 days but I cannot legally get into my home. I am crying and depressed everyday because I just want to be in my home and not be homeless anymore. Tenants are willing to pay me but I don't want their rent. I just want to be in my home. I have to be nice to them so they don't trash my home. Do you think the bank will be understanding to my situation? Will they try to foreclose on me? Will they allow me to have tenants until COVID is over? My full and only intent was to live in the home. I hired a tenant/landlord lawyer but he stated courts are not processing evictions, which is my only avenue to getting my home. I offered tenants cash for keys but they stated its not about money, they are just looking to buy for themselves. I recognize that this real estate transaction is botched but getting into my place is really out of my control. I am depressed over this. Let me know if anyone could help. [link] [comments] |
| 100 days to close. Furlough, open permits, etc. Posted: 21 Jul 2020 11:20 AM PDT So I went under contract on a home in early April, and got furloughed the next week. I had an idea it was coming, so I put a close date for end of May hoping I would be back to work by then. About 2 weeks before closing, seller requested a 30 day extension to close out a permit. Perfect! I was back to work in June. Had 2 more extensions for a 2nd appraisal to come back. Then finally closed last week! [link] [comments] |
| Posted: 22 Jul 2020 05:50 AM PDT My husband and I went to see a house that was only on the market for a day. We fell in love with the home and wanted to put an offer in right away. We found out from the seller's agent that they already received an offer earlier that day and were negotiating all day long. The offer was accepted and signed while we were doing our showing! We also found out we were the 2nd showing of the day too so there were no other offers or showing done. We were upset that the agent didn't tell us there was a contract being negotiated before our showing. The agent did ask us to put in a back-up offer just in case. We ended up putting in a great back-up offer (In my opinion). We put more than the seller was asking and agreed to all of their terms. We tried to make it a strong offer. I am wondering why the agent wouldn't have told us and why she asked us to put in a back-up offer. Do you think our back-up offer has a chance? [link] [comments] |
| Asked by mother-in-law to help sell her property in east Tennessee Posted: 22 Jul 2020 07:38 AM PDT My 81 year old mother-in-law has asked my wife and me to help her sell her property in Loudon, Tennessee. She does not live in Tennessee, nor do we. We have all the paperwork from the original sale. This is land in a golf course development and houses are starting to fill in around her property which has no house or any buildings on it. My wife and I are not real estate agents, but we have bought our own house, and are familiar with the buying process. How do we start to get a fair offer for real estate that is in a different state from us? [link] [comments] |
| Posted: 21 Jul 2020 09:06 PM PDT Pacific northwest:I recently made a purchase on a new construction and received a 30 page long inspection report of suggestions. The house was scheduled to finish on 7/15 and we did our walk through on 7/14. During the walk through, the construction superintendent (who did the walk through with us) questioned the professionally knowledge of our inspector ("I'm not sure if this guy knows what he is doing") and said that many suggestions here were meant for a perfect world. He was very confident in their building quality and said my house looks great compared to many he has seen recently. They received the occupancy permit and He said that I can consider doing another inspection towards the end of the first year to see if I want to file any warranty claims because everything is under warranty for the 1st year. My agent was not there because of COVID so I felt like he took advantage of us trying to address that inspection report during the walk through. That full inspection report was 80+ pages long with good explanation on everything. My inspector comes from an inspection company with 497 five star review on Google and Yelp so I have no doubt about his professionalism. I tried my best to push the walk through guy to pick more items from our inspection report but there are still 20+ that he said as not necessary. The communication process was also not very efficient since our agent has to reach out to their sales team and then sales team reaches out to the construction team. We are scheduled to close on 7/23, in 2 days... we will have our final walk through 7/24 at 1pm to check on issues mentioned last time. Did you have to push your construction team to address everything on the inspection team? Or did your agent do most of that for you? My agent wants me to pick and choose the items that matter to me the most and let go some of the cosmetic ones. I just find it frustrating that even with new constructions, you still need to compromise with inspection as I thought a new construction will mean a home that is hassle free... [link] [comments] |
| Love old houses! Am I going to regret this...? Posted: 22 Jul 2020 09:46 AM PDT Hello! I'm getting ready to dip my toes into buying and have been ALL over this sub the last few months (you guys are awesome and so helpful). One reoccurring theme I keep seeing though is the regret when buying older houses! There was a great post yesterday about what are people's Must Haves/Must Nots after being first time homebuyers and aside from mature trees (ha!) one of the most common was older homes. I'm looking to buy in Portland, OR and in the areas I'm looking and the style I love, most of the houses are sitting in the 1900-1930 range (craftsman bungalows, victorians, dutch colonials). Example of a couple that to MY untrained eye are beautiful and seems well taken care of https://www.redfin.com/OR/Portland/5233-NE-19th-Ave-97211/home/25861662 https://www.redfin.com/OR/Portland/3003-NE-Knott-St-97212/home/25819533 . I know there could be so much going on under the hood though and am wondering for those of you that did buy an old AF house...how'd it work out? What do you wish you knew/knew to ask? What extra inspections did you request? I'd love to hear some success stories of folks that still love their quirky, charming old house, even if you had to completely rewire it :P [link] [comments] |
| Posted: 22 Jul 2020 05:34 AM PDT I was looking at a townhouse in what looks to be a converted multi-family. It was converted many years ago. I just noticed this unit and another unit went up for sale. I think there is probably only three or four on the property, I could be wrong. I assume based on both needing to sell at the same time there might be a big ticket expense coming due, especially because the unit I am interested in says the inspection is for information only and it's clearly not in great condition. The second unit (I am not interested in) is in great condition though. There is no information posted about HOA fees. Have any of you owned a townhouse in a tiny complex? How was it? I am worried about what happens if someone can't afford to fix something because the cost is not built into the HOA fees. For example if we only collect $60 a month that isn't paying for a new roof. Thoughts? Are these a steer clear situation? It's a good opportunity with the uncertainty of everything to get something affordable. [link] [comments] |
| Buying the house we're renting Posted: 22 Jul 2020 09:15 AM PDT We've been renting this house for the past 7 years and the owner has offered to sell it to us. We're in Los Angeles and I looked at houses in our neighborhood with similar numbers of bedrooms and bathrooms that sold in the last 3 months; the average was $570K (5 houses sold for $599K, $618K, $450K, $635K, and $550K). We hired a home inspector and his report was a little hairy. We'd need to replace the roof and re-level the garage floor and the concrete slab that our HVAC unit sits on. Given all of that, we offered $550K, but the owner rejected the offer. He thinks that, because Zillow and Trulia show the house estimated at $680, that they should get a lot more. He's hired an appraiser who is coming to the house on Thursday. Can we show the appraiser our home inspection report in the hopes of bringing the value down? What else can we do to bring the price down to a more realistic number? [link] [comments] |
| What are the qualifications for a new home rebate? Posted: 22 Jul 2020 09:07 AM PDT |
| How to find a realtor in the age of COVID? Posted: 22 Jul 2020 08:42 AM PDT I have read the advice of go to open houses to find a realtor that you like. But with COVID, is this something we can/should do virtually? Or just look around online for a realtor with good reviews? I have no idea where to start. Specifically in the Denver area and surrounding suburbs if that matters. The other advice I've heard is use word of mouth, but My husband and I are young and most of our friends are living at home, out partying on weeknights, and/or too engulfed in student loans to even think about buying property, so we lack any local connections. [link] [comments] |
| Legal Structure of Partnership Posted: 22 Jul 2020 08:37 AM PDT I'm a 25 year old living in Denver. I have a buddy who I've known for about 7 years. He is also 25 but living in St Louis. Both of us are very interested in real estate and plan on buying a duplex or triplex before the year is over. Legally, I could see things getting a little tricky. He has access to much more money than me and will probably end up covering 60-70% of the down payment. However he lives out of state. So I will be living in the property, and likely handling any repairs, rehab, as well as property management related items. He will likely be keeping the books and tracking the money. We plan of forming a joint LLC together and purchasing the property with the LLC. I know a decent amount about real estate itself and work in construction, however I don't know much about how a typical partnership like this is formed. Can I do an owner occupied loan through an LLC, if one of the LLC owners is living there? How much equity is my additional time and effort worth? Do you guys typically write up a contract that spells all of this stuff out? Such as who gets what percentage, when do we sell, who pays for what? Just need some general insight to how this whole process usually works when buying with a partner. [link] [comments] |
| Posted: 22 Jul 2020 08:29 AM PDT My husband and I are hoping to put an offer an a home. Due to market conditions, we were hoping to qualify for a FHA mortgage (low down payment requirement) to purchase the new home while we prepare our current home to sell. Then use the proceeds from the sell of current home to recast the loan on the new home. We asked about FHA and she said that they have to use 1% of my total student loan to calculate payment for a FHA loan. Even though, that's not my actual monthly payment. I'm on IBR. But that 1% puts us over the DTI for qualification with 5/3. She mentioned that they may be other lenders that have a more generous DTI when it comes FHA. Is that true? With calculating my student loan at 1% it's puts us at 50%. Any options out there? [link] [comments] |
| Can You Share Tips On Negotiating New Construction? Posted: 21 Jul 2020 07:46 PM PDT Anyone have any tips on negotiating new construction? I made an offer and received a counter offer which was a little bit high. My question is do they really not budge on the base price? [link] [comments] |
| Offered $3000 over asking but asked for the same $3000 as closing cost? Posted: 22 Jul 2020 06:53 AM PDT What's the logic in this? Buyer offered $3000 over asking price then asked us (sellers) to contribute $3000 to closing cost? [link] [comments] |
| I think the realtor never showed our above the asking price offer Posted: 22 Jul 2020 06:52 AM PDT So I'm beyond frustrated and upset. As the market for houses in Michigan is HOT right now, my husband and I looked into selling our home and finally finding a new place with more land etc etc. Well, our home already has multiple offers. Husband and I looked at two houses this past Saturday, and made an offer on one that we absolutely loved the same day (it is now Wednesday). Well, the seller was supposed to make a decision Monday, and we received word after hounding the sellers real estate agent that they had already been in the process of negotiations since the weekend on another offer :( Mind you, we offered $15,000 ABOVE the listed price, so as to ensure we got this place. Our offer was high enough that it may have been higher than the home actually appraised for. We just really loved the place. I guess I'm very concerned, and so is my realtor, that the sellers agent NEVER SHOWED THEM OUR OFFER! My realtor thinks that the other agent may be a "dual agent" and doesn't want to share the commission with another agency. The home is still listed as for sale on all websites, and also despite our requests, the other realtor has not sent us the signed rejection to our offer on the house. I am wondering how crazy will I be if I contact the seller directly to see if my offer was even presented? The woman was actually there when we were looking at the house, and did not seem to give any indication that she had already been negotiating with another buyer at the time. She just asked if we had any questions about the property.... I don't know what to do, I'm so upset that the perfect home and property for us may be unfairly out of reach. I'm also worried about being homeless if we accept an offer on our current home :( [link] [comments] |
| Is an extended roof warranty worth it? Posted: 22 Jul 2020 06:48 AM PDT We are getting our roof replaced through insurance. The roofer presented this GAF gold extended warranty to us as an optional purchase and he said it "should add 2-3% to the home's value" because the warranty is transferrable for 20 years (and we are 99% sure we will sell this house within 10 years). The warranty is $1,200, and the house is currently worth around $110,000, so a 2% boost on the conservative side of his estimate would in theory be a net gain of $1,000 if the house value goes unchanged (and barring a recession shit-storm, in our area home values tend to go up if they are kept up and improved upon, which we are also doing). So my questions are:
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| Seller HVAC replacement options Posted: 22 Jul 2020 06:34 AM PDT I am currently under contract (without a buyers agent) for a house that needs the HVAC replaced. The seller acknowledged that the HVAC would need to be replaced but preferred not to replace it himself before closing. I agreed because I don't want to delay closing. He offered a seller credit for the full amount which after two estimates looks to be around $10,000. After talking to the bank though the seller is only allowed to pay up to $6900 in credits leaving $3100 on the table. What is the best way to proceed? We've considered just knocking off the $3100 off the offer and paying ourselves but we would prefer for the seller to pay for the HVAC replacement entirely. [link] [comments] |
| Quitting nursing school for real estate? Posted: 22 Jul 2020 06:23 AM PDT Hello everyone, I am looking for input from this community, to make the best decision. I am currently in nursing school, expected graduation is December 2021. I was thinking about finishing school and work as a RN 3 days a week and part time as a real estate agent. Me end goal is to have my own business as an investor. I want to buy properties and rent them out. I am currently debating whether I should quit nursing scholl to dedicate my time to saving money and building my business. What is the probability that I will be successful as a real estate agent? I wanted to use nursing as a way to earn income to start my business. I appreciate all the input, Thank you [link] [comments] |
| [TX] Post Inspection Gut Check - walk away or more inspections?? Posted: 21 Jul 2020 10:42 PM PDT I'm in the middle of my option period for a $245.5K house built in 1977 (1800sqft). I'm in DFW & the seller has disclosed previous settling/foundation repairs (8 piers) and aluminum wiring. However, for the aluminum wiring, the seller disclosed that the major lines into the house and the interior breaker box have been replaced with non-aluminum wiring. (1) Per our general inspector, an interior breaker box is a bad sign since a licensed electrician would've had to move the box, which leads them to wonder on the state of the major line replacements since there was an inaccessible copper/aluminum junction with obvious splicing in the attic (aluminum going in; copper coming out or vice-versa) and since there were some obvious exposed aluminum wire terminations in the interior breaker box (and without proper coating placed). According to the general inspector, does not seem like they replaced major lines completely with copper, and instead, did a splice-job. Also, they pulled all the outlets, and since these seem to be original to the house, in multiple, there were signs of past burns due to aluminum-to-aluminum splices (sign of overheating?). (2) Per our general inspector, the horizontal crack on top of the fireplace and uneven points (ex: not level - from the entrance to the kitchen (approx. 10ft) was off by like 0.9in; from center to garage, off by 2in) throughout the narrow house is a sign of concern for more required foundation repairs. My gut response is to get a structural engineer and an electrician out and see what happens/try to see if the seller would fix/credit even though I agreed "as is." How much of this would even be reasonable to ask for? But, did I fall in love with a money pit and should just walk away without even doing this?? [link] [comments] |
| (Michigan) `Recourse for Failure to Perform Actions in Purchase Agreement? Posted: 22 Jul 2020 05:48 AM PDT Hey Everyone. Just looking for opinions, but also going to talk to our realtor about recourse here in Michigan. My wife and I are purchasing a home in Michigan, and the home is set up for handicap accessibility. This includes a chair rail from the main floor to the basement, and a wheelchair elevator with wood platform in the garage to allow homeowner to roll into the house. My wife and I have no use for these items, and the seller wrote in the purchase agreement that the items are to be removed at seller's cost. We are 9 days from closing and the items have not been removed yet, but I know there is still time. I'm just wondering what recourse we may have on the seller if these aren't removed. Worst case scenario is seller leaves them, and we end up donating them to a veteran that needs them that can't afford to have them installed. Best case is the seller removes them prior to close and there is no issue. I'm just wondering if we would have any recourse on the seller if they didn't comply with the purchase agreement other than having the ability to walk from the purchase without losing our earnest money. Thanks for the help. [link] [comments] |
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