Real Estate: UPDATE: Does appealing an appraisal ever really work? |
- UPDATE: Does appealing an appraisal ever really work?
- UPDATE: [FL] Adjacent lot to my property is occupied by a murderer/meth addict squatter, and her property taxes are past due. What can I do?
- Wait for Appraisal to lock rate?
- What's the point of title insurance?
- Sellers Agent: Shady or Normal?
- Sewer easement discovered during survey (MO)
- Constantly being outbid
- So I was doing my daily house hunting of homes I’ll never afford in Beverly hills and I have one question
- If a house has been flipped in the recent past (not by the current owner), do you just look at it ultra critically like you would buying a flip?
- In a hot market is it a disadvantage to be the first offer?
- Manufactured Homes on Leased Land (MHOLL) Bay Area
- At what point am I locked into a mortgage lender/have to stop shopping around?
- Did not give 60 day notice to vacate. Please help!
- [UK] critique our house please
- Hoping to buy in the next few years - How's my logic on the matter?
- Tomorrow is closing day. Buyer is backing out over a leaked garbage disposal.
- Texas real estate lawyer recommendation
- Refinance
- Closed on a house last week, listing is still up.
- As a seller, would you rather: offer a lower price for the home or cover closing costs??
- Can townhomes be a long-term living type of home?
- What’s the best way to negotiate inspection repairs (seller)?
- Has anybody got a suggestion where I can put an advert for a private loan for my property?
- Real estate agent fees
- Three Questions.
| UPDATE: Does appealing an appraisal ever really work? Posted: 06 Aug 2020 08:39 AM PDT Figured I'd give an update to my original post, found here: https://old.reddit.com/r/RealEstate/comments/i01403/does_appealing_an_appraisal_report_ever_really/ Seems like it's been months since that happened, but everything has worked out. The sequence of events worked like this. We filed an appraisal appeal with our mortgage lender. For those of you not in the know (I wasn't), the same appraiser handles the appeal. The appraiser came up by $10k - which meant the price was still $20k below what the house had been put up for and what we offered. The selling agent expressed to us that the sellers weren't willing to come down the extra $20k because they had no faith in the appraisal, based on the comments of the supervising appraiser and the fact that a trainee performed the appraisal itself. We then asked the mortgage company for a second appraisal. The underwriter for the loan reviewed the appraisal with the appraiser to see if a second appraisal was warranted. In the end, the mortgage lender refused. They explained that post-2008, the standards for ordering a second appraisal are strict (basically gross negligence). Here, it was the supervising appraiser/owner of the appraisal company who made the comments to the selling agent about not ever doing an appraisal in the neighborhood. The trainee, however, attested in the report itself that she knew the area. Basically, there were no red flags in the report on which the underwriter could hang her hat when ordering a second appraisal. So to regulators, it would look like they just ordered a second appraisal to get up to the purchase price, which is a no-no. At this point, we were pretty despondent. I decided to ask one of my friend's husbands who works at a mortgage company if he could match the rate my credit union was giving me, if I applied for a mortgage through him. He said probably. But I had a lot of doubts - could we get the mortgage and the closing done in time? Could we get a similar rate? If the appraisal came back low again, would the sellers actually come down or find another excuse as to why they didn't trust the appraisal? Etc. Yesterday, I called my agent and asked her to put forward the following deal, framed the following way: The appraisal originally came in $30k under the asking price and our offer. We appealed, and it was raised $10k. We will kick in another $2.5k. So, in other words, we've effectively "come up" $12.5k, if you (the buyers) can come down the other $17.5k. I had zero faith this would work. I reinstalled Zillow on my phone and felt depressed. This morning, my agent called and said they accepted our offer! They will accept our $2.5k, and additionally they will not give us at closing a check for $750 that they said they would (to fix something in the house that was found during the inspection). Our agent, however, said she's going to cover that repair on our behalf. And apparently, the selling agent is giving up part of her commission so that the sellers won't have to pay as much to her. So in other words, the original price was $439,900. It originally appraised at $410,000. An appraisal appeal brought us to $420,000. We are effectively kicking in another $3,250 (an extra $2.5k, plus giving up a $750 check we were entitled to). The sellers are coming down the rest of the way - making the new purchase price $423,250. I feel such relief I can't even say. I'm so glad it's working out, and in a way that doesn't make me feel uncomfortable about paying way more for a house than it appraised for. I learned a hell of a lot about the appraisal process, that's for sure. And I know my realtor worked her ass off to make this work and I will recommend her to everyone and anyone who asks me in this area. Anyway, I get to have our newborn in a house, and not in my mother-in-law's spare bedroom! Hooray. [link] [comments] |
| Posted: 05 Aug 2020 02:25 PM PDT My original post on this subject is now nearly 3 years in the making, but the property just sold at auction last week so I thought I'd share what I learned. The short version is we had some very trashy and disruptive neighbors squatting on the property next to our home, and we discovered their property taxes had not been paid since the original owner died in 2016. So after a few months of research, a four-hour online class on tax deed auctions, and a $200 title search, we learned that the rights to the property could be purchased in an online auction run by the county tax office. You have to have your max bid in liquid cash ready to go if you win the auction, but there are certainly some bargains to be had. Anyway, after watching the auction calendar for over a year, the property finally appeared on the schedule, and the auction took place last week. The property had an appraised value of ~$45K, and the bidding starts at the simply whatever is past due on the taxes (less than $3K in this place). The auction is run by a third-party company in partnership with every FL county, and it works almost exactly like eBay. Unfortunately, we're small-timers and our max bid of $10K was immediately squashed--this $45K property ended up selling for $25K and the new owners showed up that very same day to start clearing the way for new development. So despite the anticlimactic finish, we learned a ton about tax auctions and will be fishing for more in the future, once we have a bit more liquid cash to play with. Sorry for the long post but I got a ton of requests for an update and I figured this might be of use to at least one other person out there. Thanks for reading! [link] [comments] |
| Wait for Appraisal to lock rate? Posted: 06 Aug 2020 08:26 AM PDT Currently in contract for a house in Omaha, NE set to close on September 30th, so I have time to wait. Rate was at 2.75 yesterday evening on a 30 yr fixed conventional. Just wondering if people generally wait until their appraisal comes back to lock their rate so that they can get it based on an accurate LTV calculation? I see most rate lock advisories at around 20 days out but I'm just wondering if I should lock before tomorrows jobs report as I certainly feel comfortable at 2.75. Edit: market movement this morning pushed up to 2.875 - still comfortable there as I'm basically splitting hairs in the 2s tbh. [link] [comments] |
| What's the point of title insurance? Posted: 06 Aug 2020 07:27 AM PDT Serious question here. Just closed on a property on 7/31/2020. Purchase agreement stated that property taxes were to be paid on a calendar prorated basis, so I could be responsible for taxes from 7/31/2020 forward. Perfectly fine. Seller had $0 in property taxes due at time of closing because the seller was a disable veteran which exempted them from property taxes in Michigan. I just received a phone call from my city stating that they were going to bill me for all of 2020 taxes and that they would be due sometime in the future. I clarified the statement with the caller that these would be for all 2020 taxes, dating back to 1/1/2020, and they confirmed. I called my title company and asked how they were going to help handle the situation since obviously the insurance I bought was to clear the title from 2020 taxes, and they just told me I had to fight the city on it and they had no responsibility. Am I wrong in believing that the title company should be doing something to help me on this since the taxes are an issue? And isn't the insurance I paid supposed to protect me from an issue like this? [link] [comments] |
| Sellers Agent: Shady or Normal? Posted: 06 Aug 2020 08:04 AM PDT Hi All. I have a question about the home buying process. Today I got a call from my mortgage broker, informing me that the sellers agent on the house that we are making an offer on called him. They wanted to know if we could qualify for a higher amount. There are multiple offers on the house, and they just asked us if our offer was the final one on the same day. Is this normal? It feels really unethical for her to call and ask that without my consent. But its my first home so I could be wrong here. Any thought would be appreciated. Update for Clarity: Its the seller's agent calling my mortgage broker to see if I could qualify for more that I'm questioning as normal/okay or not [link] [comments] |
| Sewer easement discovered during survey (MO) Posted: 06 Aug 2020 06:28 AM PDT Hi All, After months of searching in a hot market we finally found the 'perfect' home in a great location and were able to negotiate under asking. We have gone through inspections, appraisal, etc. and are due to close next week, but during our survey an undisclosed sewer easement was found. We reached out to the city for easement records but they were illegible, the sewer department also does not have the language of the easement but they know the easement is valid and there's an active 72" sewer line running through the middle of 15' easement. Now here's where it gets messy, the easement runs directly under the above ground pool, a foot or two of the deck, and a few feet at the rear of the living room addition. The seller was also taken aback by this discovery, as they've owned the house since 2008, built the deck, built the pool, and last year piered the addition (due to some settling) all with approved permits from the city. I am amazed nothing was discovered during piering, but the sewer department has validated the sewer line itself is not near the structure and the easement is representative of working space needed for access. The seller has worked with sewer department to sign an encroachment agreement but the language of the encroachment agreement implies that even though it acknowledges the encroachment, they still have rights to revoke the encroachment license and access all portions of the easement. I have talked with an engineer at the sewer department and he says that with a sewer line of that size, age, and location that the odds are slim to none that we'll have issues and the sewer department would work with us if access is needed. And if they did need to repair the sewer line, they would most likely reline rather than excavate. We are also not the only house in the row that has built over the easement, multiple neighbors have a deck over the easement, and one neighbor has their entire garage over the easement. We are at a loss on how to proceed, our realtor is suggesting we contact a real estate lawyer if we really want to pursue the home. We have told the seller via our survey notice we want remedy by them working with sewer department to remap the easement so the structure of the addition is excluded. We'd be willing to live with the risk of having to remove the above ground pool or portion of the deck. Are we crazy for wanting to keep pursuing this house? It feels like we are not going to find a house that checks all the boxes, in this location, for this price given our crazy market. That said, there is some risk here even with an encroachment agreement in place. [link] [comments] |
| Posted: 06 Aug 2020 05:27 AM PDT Hello Reddit, Trying to buy a house with a VA loan and we keep getting outbid on our offers! At this point, I'm about to throw in the towel. We are looking to buy in the Tampa suburbs with good schools. My son recently got surgery and that is not helping with time management to find a house of our liking. This house buying process is overwhelming. [link] [comments] |
| Posted: 05 Aug 2020 07:23 PM PDT How are there so many homes that are $5,000,000+ and who lives in them? I wanna know what jobs these people have or what they did for all this money.. obviously 90% of athletes can afford these homes but it's not only athletes or actors who live in these homes. I was thinking maybe doctors and lawyers but they make only in the couple hundred thousand range. How is that enough to buy a $5,000,000 home? Are they all business owners? CEO's? There are hundreds and thousands of these homes Its just mind boggling. The average household income in Beverly Hills is only $200,000. ??? My sister and her fiancé make a combined $300,000 per year and they said they had to stretch their pockets for their home that was only $830,000. What gives? This is just so confusing to me. It's not only Beverly Hills. Same goes for Greenwich ct, rich parts of Miami, etc. who are all these people? Do they just save money for 10-15 years and do a fat $1,000,000+ down payment? Are they all rich through stock market??? [link] [comments] |
| Posted: 06 Aug 2020 09:14 AM PDT The answer is probably an obvious yes, but if you're buying a home from the first or second owner after a house was flipped, should you still approach it with the same skeptical/critical eye you would as if you were buying a flipped home from the flipper? At least some of the issues may have reared their head, hopefully. [link] [comments] |
| In a hot market is it a disadvantage to be the first offer? Posted: 06 Aug 2020 09:08 AM PDT SF Bay Area I've been operating under the assumption that if I tour a house I like I should immediately make a strong offer. But Thinking it through it seems like that would be a disadvantage because I will anchor other offers. I've lost 3 houses in 2 weeks where I came in far above asking (50-100k) and otherwise strong (only finance contingency, well qualified, 20% down, proof of funds, not contingent on selling, rentback as requested for free) - and lost them to offers that just so happen to be barely above mine. Unlucky or is there a better strategy? [link] [comments] |
| Manufactured Homes on Leased Land (MHOLL) Bay Area Posted: 06 Aug 2020 08:55 AM PDT Whats everyones take on these? I realize they are not "real estate" by the way.. Its super affordable and as far as the newer ones go, great quality homes. I mean, if you buy a condo or townhome in my opinion MHOLL seems to be alot better besides the fact that you wont make much money or equity if you decide to sell if you're calling it your forever home. Also, with HOA fees the way they are that condos and townhomes ask for..in reality it seems what you pay is the same...but of course getting more bang for your buck i guess, if you sell. Townhome and condo owners dont even own the land that their property sits on either and your paying alot more..and most have crappy perks like parking in a separate garage or parking lot, you have upstair neighbors, share halls, etc.. MHOLL you can park in front of your place or in your carport and some even have enclosed garages. I was in the market for a townhome until i did some research and weighed goods and bads etc.. Who here thinks a townhome or condo is better than a MHOLL? Just curious. Thanks [link] [comments] |
| At what point am I locked into a mortgage lender/have to stop shopping around? Posted: 06 Aug 2020 08:51 AM PDT First-time homebuyer, looking at 30-yr conventional/not FHA (will have 20% down). Not under contract yet; in offer stage, but agent is encouraging me to continue talking to another mortgage lender because the one I'd picked is suggesting a rate 0.4% higher than the last client he had who closed. I know I can theoretically keep getting pre-approvals til kingdom come, but at what point in the process am I actually committed to working with one & have to stop talking to others? Basically I know right now comparing loan estimates is just *estimates* up until a rate is "locked in" - I'm not clear on how long you can continue comparing multiple places further down the line (after you're under contract) - can you have two loans being processed simultaneously while you're getting an appraisal, etc.? I also know that's not advisable because of timing, I just don't actually know when you have to pull the trigger on sticking to one lender among your estimates. [link] [comments] |
| Did not give 60 day notice to vacate. Please help! Posted: 06 Aug 2020 06:07 AM PDT I live in Pennsylvania and got laid off because of Covid on Monday - August 03. I immediately called the property manager and told her I would not be able to afford my rent and I would like to vacate the premises. She told me about the 60 day notice and said she would have to have a written letter and get it approved by the owner. She was INCREDIBLY rude and did not even let me explain my situation. She also stated that I was supposed to give her the letter on the first of the month, not the third. I dont have any friends or family nearby that could help me financially and I really dont want to be evicted. I'm going to be moving back to my parents house which is 3 hours away until I find a new job. My lease was on a month to month basis and it does state that I need to give a 60 day notice. Again the property manager was incredibly rude and started accusing me of yelling/interrupting her. Now here is where my confusion lies....when i first moved in, this property was managed by a different company. Halfway through my one year lease they changed companies and told us we had to start paying the new leasing company instead. But when I signed my lease it was under the original company and I never got a new lease to sign with the new property manager. Has anyone been in a similar situation? Could you tell me the outcome? Any help would be greatly appreciated!! Thank you [link] [comments] |
| [UK] critique our house please Posted: 06 Aug 2020 07:05 AM PDT So our house has been on the market for a month, plenty of listing views but only 1 actual viewing with another booked on friday. Lots of people are seeing it but not many actually popping over. Hope this link works. links to listing Looking for some brutal UK honesty please. Thanks 😊 [link] [comments] |
| Hoping to buy in the next few years - How's my logic on the matter? Posted: 06 Aug 2020 09:34 AM PDT So here's my situation: My fiance and I are currently living with his parents. We're hoping to break into real estate investing sometime down the road, but want to buy our own place first. We're fortunate enough that his parents are not charging us rent, and this time of us living here is spent paying down some of my student loans, building credit, and saving up for a down payment. The downside is that we live in a pretty expensive area. We couldn't buy a house pretty much anywhere worth living in our state, and are looking to move out of state somewhere. One of our goals is to buy someplace cheap and modest in the hopes of paying it off ASAP rather than some big family home at the top of our budget. We don't lead fancy lifestyles and just want some place small (1k square feet or less). But we don't really care which state/city we move to so long as we can find a place that's cheap. But of course, if we're talking out of state, we can't assume we'd be making what we do now where we currently live. So I've taken to looking at some numbers for minimum wage across the country for different places we've expressed an interest in moving to. Even if we make above minimum, we would ultimately be making that amount at the very least, so it gives us at least a decent starting point from which we can browse properties. Minimum was also the metric due to neither of us having big money making career jobs. Not tradesmen, doctors, corporate positions or anything like that. Just rather low-ish wage earners. So, if say, the minimum wage is $11 in Maryland (for example; not where we live), and my fiance and I both made minimum, assuming we both worked full time 40 hours a week, then our combined salary would be approximately 42k annually. If I put those numbers into Zillow's affordability calculator, with my student loan debts added in, it estimates we could buy up to about $168,350 or $950 a month IF we kept our DTI at 36%. However, I also see 28% or lower thrown around a lot, so if I scaled the calculator down to 28%, it now says $122,884 or $673 a month. I've tried this method for various places across the country and seeing how many properties show up in a given area underneath that 28% with varying levels of success. But how good of a formula is this to work off of? I'm doing what I can to learn about real estate, but it's tricky when we have no experience living on our own. It's difficult to grasp how much money we'd necessarily need to take out of our paychecks to go towards housing costs and everything else. Like I said, we aren't aiming to live the high life, and we live rather inexpensively, but surely numbers look a lot different when we're suddenly the ones paying for everything. The last thing we want is to buy a place and suddenly we can't afford it. We want our money to last, not buy the most expensive property our hypothetical future mortgage will allow. [link] [comments] |
| Tomorrow is closing day. Buyer is backing out over a leaked garbage disposal. Posted: 05 Aug 2020 07:55 PM PDT Hello everyone, Tomorrow is my closing date for the house. I already signed the documents and buyer took little time to sign for it because he has not got his money from lender until yesterday. They came to see the house yesterday before the closing on their side but they claimed that house is not completely clean and emptied out. Also they claim two of my sinks are leaking and my disposal is not working properly. They want me to be responsible for those things even though seller purchased warranty for the appliances also covers garbage disposal problems. Before I left the house and When I asked my agent whats need to be done for closing she just hit me with two words saying "broom clean" and she hasn't gone through anything with me about "how to leave the house during closing" even though that was my first time selling a house and she knew that already. Now they are saying without I fix those issues (sink leaking water in bathroom and disposal dripping water when faucet is used, nothing really major) they won't close it. At this point I do not know what to do. I am really pissed that my realtor did not inform me about this when she was the only person to give me information about how to leave the house pretty much. Can I have your guy's opinion about what steps I should take. Im very inexperienced about it and obviously I got no help from agent even though shes getting a cut. Do I need to reach my agent's company and talk to it with her supervisor? Is it even worth it ? It was a terrible experience with that buyer was two weeks late on loan process and now with this stuff going on. Should I go ahead cancel everything and then put the house in a market with a new agent ? Your opinions really matter a lot to me at this point. I appericiate it. [link] [comments] |
| Texas real estate lawyer recommendation Posted: 06 Aug 2020 05:36 AM PDT Hi, Can anyone recommend a good attorney experienced in Texas law? I have a situation at my condo where the exterior needs to be fixed and has caused major damage to my interior but I cannot get my HOA to file a claim or fix it. Thanks for any recommendations! [link] [comments] |
| Posted: 06 Aug 2020 09:19 AM PDT If I don't get accepted to solely take over the loan and mortgage of our home after refinancing after a split with my boyfriend in a home that the bank owns is there any advice or guidance what else I can do so I don't lose the home? [link] [comments] |
| Closed on a house last week, listing is still up. Posted: 06 Aug 2020 09:14 AM PDT Not sure what to do here. Our realtor never took down the listing for the house we bought (dual agency agreement). Realtors have been trying to show the house since i guess it's marked "show". There's no keys there since we have them, but the sign is still out front and the mls listing is still active. I've tried to contact her but no response at all. Not even about the seller having important mail in the mailbox. She is the broker of the brokerage so I can't go to her about herself. Power is still out for most of the town from the hurricane so I can't reach the actual office, just have her cell phone. She's still very active on her realtor Facebook page. Any advice? [link] [comments] |
| As a seller, would you rather: offer a lower price for the home or cover closing costs?? Posted: 06 Aug 2020 05:28 AM PDT We're the buyers and are currently waiting on appraisal. A little worried it's going to come in low. We are trying to determine if we should request closing cost assistance or request a reduction in the homes price ?? Is there an advantage of one over the other for the Seller? [link] [comments] |
| Can townhomes be a long-term living type of home? Posted: 06 Aug 2020 04:56 AM PDT I'm so torn. We are first time home buyers. There is a Brand new townhome in an amazing location with the best schools around. and we want children soon. We also could buy a SFH in the same area but it's top of our budget, which is stressful to think about. We do really like the townhome but don't love the fact that it's attached to neighbors. Everything inside of it is beautiful, and a total upgrade from where we live now, and has a nice sized yard. Are there families that live in a townhome for long term with kids etc? Thank you! [link] [comments] |
| What’s the best way to negotiate inspection repairs (seller)? Posted: 06 Aug 2020 08:41 AM PDT My first home seller repair negotiation. What would you do? You are selling a house. Received an offer $5000 above asking. They ask you to pay $5000 in closing cost. You accept. The inspection takes place. They ask for: -5 things to be fixed (estimated cost of repairs: $3800) AND -$1150 additional credit toward their closing costs. (Total credits $6150) Would you fix anything? Would you fix some and give the additional $1150 credit? Would you fix nothing and give more than a $1150 credit? If so, how much? None of the repairs make the home uninhabitable if not completed. The biggest one is cleaning/servicing of the HVAC. The second largest are window seal repairs on 3-4 windows. [link] [comments] |
| Has anybody got a suggestion where I can put an advert for a private loan for my property? Posted: 06 Aug 2020 08:32 AM PDT I've looked on UK craigslist but it's not really appropriate and Gumtree don't have a section either. I'm looking for a private loan of £60k and am offering 15% compound interest with the loan secured as a 1rst and only charge on the investment property which is worth £260k - This is to "refinance" my current arrangements due to 6 x month covid/xmas delay The house is located near Colchester in Essex as am I which is about 1 hour from London and everything is handled by UK bricks and mortar local solicitors Any advice and suggestions would be very much appreciated [link] [comments] |
| Posted: 06 Aug 2020 04:34 AM PDT I have been renting our home to a couple for the past 5 years and would like to sell the home to them. They are on board with using a dual agent if it can help save me money because I have already agreed to cover the closing costs. Another neighbor recommended a real estate agent and I contacted him for what I believed would be a simple sale (it does not need to be photographed, listed or marketed). He said that his rate would be 4% even for a simple sale. He said his rate is 3% if he is only working for one side and the extra percent is for acting as a dual agent. This is my first time selling a home but to me it seems excessive. The renters have two preapproval letters and we are basically ready to go on this but just need a little guidance (this will be the renters' first home purchase). My mother in law who works in real estate has told us to just select a real estate attorney and bypass the agent altogether. I don't want to shoot myself in the foot or anything but just feel like nearly $6k is a lot of money for someone to not have to do much beyond printing out the paperwork. My questions are: is 4% excessive or am I being cheap? Should I try for another real estate agent willing to accept less or a real estate attorney? Not sure if it matters but this is in NC and the sale price of the home is $160,000. [link] [comments] |
| Posted: 06 Aug 2020 07:54 AM PDT
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