Real Estate: Just purchased my first home and it's a nightmare. What could I have done better? |
- Just purchased my first home and it's a nightmare. What could I have done better?
- Redfin-Like website for foreclosure or shortsales
- Does everyone believe more supply will come online once COVID subsides?
- Why do people say you need to stay at your home for 5-10 years before selling?
- Realtor not responding properly after getting us in Escrow
- My referral just referred to someone else
- How has your city changed due to Covid?
- Seller sking for extra earnest money and closing in 40 days
- Is being a real estate agent plausible for starting off?
- Making Offer to Pay More Than Appraisal
- Is this a scam? We've already signed a contract.
- Full ask offer submitted, promised an acceptance but still nothing. Should I walk?
- How normal is it to have cold feet about your first home purchase?
- How are hot markets not in an endless appraisal to price increase loop?
- State exam
- Buying a home (condo/apt) in Washington DC (or surrounding area) while temporarily living abroad
- Refinance or Upgrade
- Is it normal for it to be this difficult to get in touch with mortgage processor?
- First time homebuyer and new construction closing costs
- Gonna wait till the bubble pops.
- [ND, USA] Structural damage found under newly installed sheathing installed by the previous owner. Damage is not noted in the seller disclosure document. Who do we talk to?
- Offering on a home with previous termite problems and slab leak.
- Wanting to work in a real estate brokerage as a 16 y/o
- Real Estate License
- Buying a multi with tenants. Mechanics of transferring leases and deposits?
| Just purchased my first home and it's a nightmare. What could I have done better? Posted: 24 Aug 2020 08:02 AM PDT My husband and I purchased our first home in April and I've cried nearly every day since moving in. My neighbors are a NIGHTMARE. There's constantly trash in the streets, loud music at all hours of the day/ night and a drug dealer that hangs out on the corner. People regularly get into SCREAMING matches at 1am. I havnt been able to sleep above ground since moving in. When I call the police they just laugh and tell me there's nothing they can do. More importantly, my home is a disaster. After moving in we noticed some drywall issues and reached out to a structural engineer. Turns out, our original inspector missed apparently obvious signs of settlement, midspan beam displacement, termite damage and foundation shrinkage cracks. My basement walls permeate moisture so now my basement is covered in black mold. And after a month the high tech low-flush toilets that are in every bathroom of the house are emitting an odor that makes the entire house smell like sewage. How could I have prevented ending up in this situation? In terms of moving to a bad neighborhood I thought we did our due diligence. I asked my realtor her opinion of the area. I checked the crime reports (while crime had been an issue for this area in the past, the area has had low crime for the past 2 years). I asked the neighbors what they thought of the neighborhood (they all said it was quiet and low-crime). My husband and I drove by the house on multiple days of the week at multiple times of day to check out the neighborhood. It was always quiet, with no trash or drug dealers in sight. Then again, it was COLD during all of those visits so I had no idea what the neighborhood would be like once the weather was more inviting. I swear, as soon as we moved in all the crazies decided to come out and let their freak flags fly. I hope to move out of this hell in the next couple years and I DO NOT want to repeat whatever mistakes I made this time around. [link] [comments] |
| Redfin-Like website for foreclosure or shortsales Posted: 24 Aug 2020 02:22 AM PDT Are there any reliable websites for listing foreclosure and shortsales? Auction.com? [link] [comments] |
| Does everyone believe more supply will come online once COVID subsides? Posted: 23 Aug 2020 05:42 PM PDT I can't get over how little Inventory has come online here over the past few months. Does this change? [link] [comments] |
| Why do people say you need to stay at your home for 5-10 years before selling? Posted: 23 Aug 2020 08:43 PM PDT So I've heard people say that you should not buy a home unless you stay for 5 years, even better 10 years. How come 10 years seems to be the optimal (minimal?) amount of time? [link] [comments] |
| Realtor not responding properly after getting us in Escrow Posted: 23 Aug 2020 05:35 PM PDT Hey everyone, we are in the market to buy a home and we currently got in escrow for a home and things seem to be progressing at a good pace so far, but as soon as we got into escrow our realtor has been acting totally weird. Prior to getting in escrow as we were viewing homes, the realtor was really responsive and easy to work with, but since being in escrow, we've had to figure out the paperwork ourselves. We've had significant delays connecting if we ever manage to get hold of the realtor otherwise it's constant ignoring of requests and questions. We are getting the vibe that now we are in contract for a home that we like, there is little we can do to change the realtor at this point so we are being taken advantage of. Is there anything that protects the buyer in these cases? This is the time when we need the expertise of the realtor and we are having to figure this out ourselves and we certainly don't appreciate the constant ignoring of our requests. Any suggestions on what we should do without causing an impact to home in escrow? [link] [comments] |
| My referral just referred to someone else Posted: 24 Aug 2020 07:54 AM PDT I was led to believe I was referring my contact to the agent that would take care of him. One signed referral agreement later, I wake up this morning to find he is now referring to a different agent. Since I was still procuring cause, how should I go about securing my commission/am I screwed out of this? [link] [comments] |
| How has your city changed due to Covid? Posted: 24 Aug 2020 08:22 AM PDT Is the vibe different from where it was? Do you see your city in a different way now. I'm from Philly. The city became much more desolate and the city just looked more trash ridden. [link] [comments] |
| Seller sking for extra earnest money and closing in 40 days Posted: 24 Aug 2020 08:13 AM PDT We had our offer accepted on a home (details of offer process in the link, but there were MPO) we ended up getting the home for about $40k over asking today - while that sounds insane, a house down the street with a similar floor plan and 20 years older is selling for $100k more than the one we're about to be in escrow for. Now the seller has asked us to provide $15k in earnest funds and to move the close date up to September 30. Providing the extra earnest money isn't an issue for us in terms of access to the funds, but they know we are getting a mortgage (jumbo loan) and that process will likely make it impossible for us to close on the date they want. Does the combo of asking for extra earnest funds and the request for a quick close raise any flags? Our realtor, who is very experienced, said it was strange but ultimately wouldn't harm us, but I wanted to check in here to see if anyone had any thoughts on this strategy. [link] [comments] |
| Is being a real estate agent plausible for starting off? Posted: 24 Aug 2020 08:03 AM PDT My girlfriend is planning to jump into a new career and she was thinking real estate. She would want to make it a full time job? Is this possible starting off or do a lot of people just do it as a side gig? Thank you [link] [comments] |
| Making Offer to Pay More Than Appraisal Posted: 24 Aug 2020 09:50 AM PDT I'm in the process of trying to buy a home in the suburbs outside of Seattle, and it's been rough so far. We found a home that we liked and made a full price offer on it. Other offers came in with escalation clauses, but our realtor feels there's a strong chance that the home won't appraise for much more than the list, and has advised us to offer a '22AD', or an amount in cash we will pay over the appraised amount. In our case, this would be about $7,500 over the $460k purchase price. We could go up if we needed to, I guess. This sort of thing just 'feels wrong', especially since the Zestimate of this place was only $425k in May. Is this a normal practice and just something we need to do in hot markets? [link] [comments] |
| Is this a scam? We've already signed a contract. Posted: 24 Aug 2020 09:44 AM PDT Hi, Sorry if this a stupid question, but we've never sold a house before. We don't know the common scams or how to word our situation effectively when searching on google to get an answer, so I thought I'd ask here. We inherited the house we live in, several very small parcels of land, and a duplex that is uninhabitable. The duplex has really been a drain and a lot of stress. Plus, it is an eye sore... I'm very surprised it hasn't been condemned, yet. However, it is on some valuable property. Semi-commercial, right off the highway. We received an offer on the duplex. It wasn't listed, but we have called people in before to ask what they'd buy it for (think companies who buy junk houses to flip them), so we thought maybe word had gotten around or it is on a list somewhere. A Big Name family/corporation has been buying property up this way for a while, too, so we were thinking perhaps they were using another company to buy for them. Anyway, we look the guy up and he is listed as an architect, so we agree to sell the duplex and 2 parcels of land for $60,000. We get the contract, have a lawyer look it over, and he says everything looks legit (The Delaware LLC that's buying seems real, no funny wording, etc). The only thing we changed was the acreage (the contract said 8 acres when it was less than 1) and the closing to match with the inspection period. We sign it, scan it to him, he signs it, scans it to us. A few weeks later, he says he has some partners who want to go in on it. He wants to terminate the old contract and split the sale up into two parts: $20,000 for the 2 parcels and $40,000 for the duplex. We look over the details in the contracts ourselves, and compare the word count in Microsoft Word, and they are the same as the previous contract (well, except one is for the parcels and one is for the duplex). We figure that it is safe to sign since all the wording is the same as before. Now, he's contacting me saying that the partners purchasing the small parcels have "had a change of heart". They want to know how much we'd sell THE HOUSE WE LIVE IN for, plus ALL of our other parcels (we have about 8 tiny pieces of land we own, our house being the largest). I'm worried that maybe he is trying to get the duplex for $40,000. I'm about to look over the contract again to see if it says we can cancel any time we want. I remember it said that they could, but I don't know if it said we could. Is this something to be worried about? Is there something else I should be worried about? If not, as a solution to this, should I offer to re-do the contracts so the duplex is $50,000 and the parcels are $10,000? We don't really want to sell our house and the adjacent parcels unless he wants to offer us a life-changing, obscene amount. Thanks! tl;dr: LLC reaches out to purchase decrepit duplex. We offer that and 2 small parcels for $60,000. Lawyer looks it over. We all sign it. Then says he has partners coming in on it, wants to terminate the old contract, and split the sale over 2 contracts: $20,000 for the parcels, $40,000 for the duplex. Wording seems the same in the contracts as the one the lawyer approved, so we assume it's safe. We sign them. Now, he's saying his partners are having 2nd thoughts on the parcels, and want to know how much we'd sell the house we live in for, plus all of our other parcels. Is this a scam of some sort? Is he trying to get the duplex for less? Or am I just being overly suspicious? [link] [comments] |
| Full ask offer submitted, promised an acceptance but still nothing. Should I walk? Posted: 24 Aug 2020 07:28 AM PDT Offered 10k under, they did not respond, their agent said sellers will not budge to under ask. Now I'm at the asking price, I was told they'd sign days ago and I haven't heard back, no contact to attorney's, nothing. Our agent keeps saying they will sign daily (4 days). Seller's agent gave verbal agreement that it will be signed. Do I walk away or give them more time? And what do I do about my agent? [link] [comments] |
| How normal is it to have cold feet about your first home purchase? Posted: 24 Aug 2020 02:03 AM PDT |
| How are hot markets not in an endless appraisal to price increase loop? Posted: 24 Aug 2020 09:32 AM PDT Help me understand appraisals in red hot markets here:
Am I missing something here? Getting pretty discouraged with the market in our area, and just wondering if the above theory is roughly how appraisals work before deciding to pull the plug on our search until we have more cash available. [link] [comments] |
| Posted: 24 Aug 2020 07:38 AM PDT Hey guys. So just plain and simple. I've failed the state exam (CA) 7 times. It's frustrating but I do not want to give up. I truly want to do this. I know for a fact I haven't been studying like I should. The closest I ever got was 69% percent (need a 70% to pass) that was super frustrating Can anyone recommend me something good that'll help me even more? I have scheduled my next exam for October 7. After all these try's, I have since started watching Prep Agent videos on YouTube. Someone please help. I won't give up. [link] [comments] |
| Buying a home (condo/apt) in Washington DC (or surrounding area) while temporarily living abroad Posted: 24 Aug 2020 04:57 AM PDT Is it possible to buy a condo or small apartment, then when I have to leave the country for a few months, rent out or sublease the home or room? I am planning on leaving the country next year and working abroad (remote). But I want to have a "home base" to keep my things while I visit friends and family. I am single the only financial contributor. How much preparation time do I need? Will I even make money ? Should I just rent out a storage unit to keep my belongings ? Once I leave the country I plan to sell most of my things. I just like the idea of having a place to come back for any reason. [link] [comments] |
| Posted: 24 Aug 2020 07:08 AM PDT Hello r/RealEstate! Looking for some advice on how to take advantage of the current low interest rates.
Some priorities:
House needs:
Needs/wants to stay put:
In my opinion our options are:
Thanks! [link] [comments] |
| Is it normal for it to be this difficult to get in touch with mortgage processor? Posted: 24 Aug 2020 07:06 AM PDT Our mortgage processor is very nice, but it's just so exhausting to get his attention. Emails go unanswered for 1-2 weeks before getting a reply, and getting him on the phone is literally impossible. It's really stressful when we have questions about this process or need a clarification on something, especially when it's time sensitive. Is this normal because the market is so busy right now? Or is there something else we can be doing to get more prompt responses? We were really excited to be using this lender, but this is sort of changing our minds about our pick (unless this is normal across the board right now). We are first time home buyers purchasing a short sale in New Jersey. [link] [comments] |
| First time homebuyer and new construction closing costs Posted: 24 Aug 2020 10:01 AM PDT Apologies cause I'm sure these questions have been asked hundreds of times and I can find them if I search hard enough. First time homebuyer looking at lots in a new development with homes going for 420-500k. The expectation is for 15-20 houses to go in. Two are under construction, one under contract according to builder (I saw the under construction properties). The builder is offering a concession since no one has asked to build one of the "larger" homes yet and want to get one into the future neighborhood. Real estate isn't my world and I dislike operating in an environment where I know significantly less than the people I'm working with. Questions are... How much are closing costs typically ($ or % of sale price?) If the building takes 6-9 months to build and I'm getting a mortgage, do I send the down payment to the lender at the beginning or hold onto it till d-day? What if all hell breaks loose (not a force majeure like a natural disaster) like the builder going under, job loss, transferred across the country, can you get "escape" clauses into the contract (with a reasonable penalty)? How much is driveway (standard every American suburb length)? [link] [comments] |
| Gonna wait till the bubble pops. Posted: 24 Aug 2020 10:01 AM PDT There is no way housing prices keep rising. Think about it. Supply will eventually outpace demand. The boomers are gonna all suddenly die, thus opening up lots of supply. People are renting more, because renting is more convenient, thus decreasing demand. Plus the population is decreasing. People are just gonna magically stop wanting to have homes. So prices gotta decrease. They WILL decrease... Right? Right guys? ... /s [link] [comments] |
| Posted: 24 Aug 2020 09:46 AM PDT We purchased a home in April 2019. A corner of the roof of the house is sagging and we have a contractor currently dismantling the siding in order to diagnose the cause. The contractor discovered a number of studs and part of the rim joist that are crumbling due to water damage. However, the affected areas were under newly installed weather wrap and sheathing (2-3 years max). To me, this indicates that the previous owner was aware of structural damage to the home. However, the seller disclosure document does not have this damage listed. What are our options for recouping repair costs from the seller, if any? [link] [comments] |
| Offering on a home with previous termite problems and slab leak. Posted: 24 Aug 2020 09:46 AM PDT The house we like just found out has had termite issues and a slab leak in the past. What should we do to protect ourselves besides a regular inspection? They have stated that both have been taken care of with no further issues in appropriately 5 years. We were likely offering under ask as this house had already sat in the market for 2 months, but after finding this out we are unsure if we should lower even further. [link] [comments] |
| Wanting to work in a real estate brokerage as a 16 y/o Posted: 24 Aug 2020 05:50 AM PDT Hello guys. So, I'm 16 and in the past couple months I've been watching videos and reading about real estate. I saw how most real estate investors started working in brokerages to learn, so I figured that I should give it a try. The problem is I'm 16 and have no knowledge whatsoever about this. Also, I don't know how to approach this brokerage in order to work with them and start learning. Hope u guys can help me out! Ps: apologies for my English [link] [comments] |
| Posted: 24 Aug 2020 09:18 AM PDT Hey! I am looking to get my real estate license but everything I find on the internet is just trying to sell me something and I'm not sure if this course is sufficient for the 75 hours before taking the test? I am asking if this is sufficient because all of the other classes I found were nearly double the price. I appreciate any and all help! [link] [comments] |
| Buying a multi with tenants. Mechanics of transferring leases and deposits? Posted: 24 Aug 2020 09:10 AM PDT I'm closing on a multi family next week that's currently occupied. We'll be moving in after their leases are up. I'm trying to get make sure all my ducks are in a row, and I'm realizing now that I have no idea how the leases will get under our names + how the deposit money will be transferred. Eg should I have a separate bank account set up prior to closing? Will the current owner wire me the money or make me a co owner on an existing account? I feel like an idiot for not knowing this... [link] [comments] |
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