Real Estate: Appraisal Contingency, No Appraisal |
- Appraisal Contingency, No Appraisal
- LINK: Fed pledges to keep interest rates near zero for years
- Home buyer, are my repair requests reasonable?
- What are the downsides of a small downpayment?
- Buying a home with a shared dock.
- Need help refinancing
- Buying from family without an agent
- Who here uses virtual assistants, why, and where do you get them from?
- Apartment Mold Emergency
- Long Term Fencing Cost (USA)
- What type of loan for a home in poor condition?
- 3&1 vs 2&2. All things being equal, what’s worth more?
- Construction Lenders?
- Buying a house with un-permitted work done?
- New build checklist
- Buying a home listed building OfferPad, but still owned by the selllers
- Listing Agreement Question
- Climate-related changes in demand
- Hi, I will soon have my license as a real estate agent and I was wondering if what I was offered made any sense (Canada, Qc)
- House lower of “$X” or Appraisal Value + “$Y”
- Multi family house, good investment ?
- Advice needed: Bids on pre-foreclosure houses?
- Am I getting scammed or is this just an lazy buyer? Am I missing something? (Canada)
- Is a letter a weird tactic?
- Should allow a tenant to renew their lease on one side of a duplex I am buying?
| Appraisal Contingency, No Appraisal Posted: 17 Sep 2020 05:48 AM PDT Hi. I'm not sure if anyone can answer but our realtor has been less than clear. We are selling our home. It's a hot market, we got a lot of offers, accepted the highest. It was over asking (as were many) and included an appraisal contingency (most did). The contingency stated they have 30 days from agreement to get appraisal. They actually had more than 30 days from the agreement of sale bc our realtor didn't send us the contingency paperwork timely so we're counting from when we signed that. We're in the last few days, closing in two weeks. We've agreed to minor repairs that have been performed but in my view still don't have a firm price. What happens when (in all likelihood) the buyers don't have their appraisal performed in time? Does that just release us from having to go through with the deal or void the contingency? Contingency references a "Release" paragraph that's applicable in the Agreement of Sale but the paragraph itself is about releasing seller from claims, losses or demands then talks about termites, defects, hazards, e.t.c. Not sure if anyone has had this happen. [link] [comments] |
| LINK: Fed pledges to keep interest rates near zero for years Posted: 16 Sep 2020 12:46 PM PDT https://www.cnn.com/2020/09/16/economy/federal-reserve-september-meeting/index.html I assume this is relevant here. I was pondering whether to buy a home now or wait a few month to a year. [link] [comments] |
| Home buyer, are my repair requests reasonable? Posted: 17 Sep 2020 05:27 AM PDT I'm a first-time home buyer making an all-cash offer, I like the house but it's old (20 years) and will obviously need repairs. Inspector went through the place and generated a very thorough report, I think he really did a great job but there's a crap ton of stuff he marked as "repair or replace". No big surprise there, lots of minor stuff that I intend to handle myself but there are a few items I consider to be major: --kitchen sink : non-functional, no water comes out, and the shut-off values are open. I don't know yet what it will take to fix this --crawlspace under the house : *serious* moisture problem, moisture and fungus, moist dirt. I had a professional foundation+crawlspace specialist company give me very expensive estimate to fix it, about $5,000 for "full encapsulation". --HVAC units (two of them) : these were reported as "not cooling properly", but I'm hoping the truth is that they're working but they're just old. I have an HVAC company looking at it today. Am I out of line requesting the seller fix these? I've read some of the other threads dumping all over buyers for requesting silly and unreasonable repairs, am I one of those people? The crawlspace in particular seems like it could lead to some major problems with the house and it seems like the seller has neglected it for years. As for the kitchen sink, I feel like "who tries to sell a home without even working plumbing?". I'm new to the house-buying process so I'm feeling my way through all of this as best I can, it's stressful for me. Am I out of line or right to ask the seller for these fixes, or at least a credit/concession? This is my very first post on reddit, please go easy on me! [link] [comments] |
| What are the downsides of a small downpayment? Posted: 17 Sep 2020 06:22 AM PDT I am planning on buying a house in a HCoL area. For the range of prices that I am targeting, I can easily make the monthly payments. What I am not sure of is the downpayment. I can put 20% down- it'll be difficult but doable; but I don't want to do it. I want to put 5% or 10% down and keep the rest investing in stocks. What are the potential downsides of a small downpayment? What happens in a crash? What happens if I plan to buy and move to another house in a few years? [link] [comments] |
| Buying a home with a shared dock. Posted: 17 Sep 2020 06:01 AM PDT So I am in the due diligence period on a future lakefront home. Because of the way the property lines lie, the house next door shares a dock so basically each home enters from the same walkway and has it's own boat slip. I asked the selling agent (an investment group owns the property) who actually owns the dock, whether it is joint owned or whether one of the households owns it and grants an easement to the other or if there is just some handshake agreement in place (nothing surprises me in RE these days), and of course he doesn't know. He suggested the association would have all the pertinent info, and of course they don't have any info. Where can I finally track down this information once and for all, and hopefully sooner than later since we are running up against a tight window. [link] [comments] |
| Posted: 17 Sep 2020 07:50 AM PDT Okay so what did I miss.. I looked at multiple posts of people getting crazy low interest rates on their refinance but I get the SAME rate when I reached out to 5 different lenders. I started with a local bank I trust and then used the Costco method to compare to ultra low rates, but they all offered the same rate of 3.00% on a 30 year fixed loan. I then pitted them against one another and even tried to lie to one by saying I got down to 2.85% with a lender and they quickly said they wouldn't be able to get close to that and that hopefully rates continue to drop. What do I do? Do I hold off on refinancing? My current rate is 3.75% on a 30 year fixed. [link] [comments] |
| Buying from family without an agent Posted: 17 Sep 2020 07:39 AM PDT Hi all! I'm hoping I'm in the right place and can get some advice. My husband and I are purchasing a home from my Uncle. It was a "Hey, you're looking to buy? I'm selling." situation. We have never done this before and are unsure about the contract we need to come up with now that everything is rolling. We obviously dont have a real estate agent because we didn't necessarily need one buying from a close family member. We found a 9 page template of a contract and are wondering if this is in fact what we'll need. I'm not very good at Reddit so I apologize if this all looks like it was written and put together by a 9 year old. I'll try to post the link to the documents so anyone willing to take a look and offer advice can. I appreciate any advice any of you may have. Is this 9 page document what we need? [link] [comments] |
| Who here uses virtual assistants, why, and where do you get them from? Posted: 16 Sep 2020 11:27 PM PDT |
| Posted: 17 Sep 2020 06:47 AM PDT Hi all! I am currently a deputy unit inspection specialist for a fairly large apartment complex in the southeast. Today, while doing my bi weekly tour of the grounds, noticed mold growing by a tenants sliding door. When I approached, the individual seemed to be spraying something at the mold, making it grow. I asked him why and he only said "better get your lawyer ready." Is this a common scam done by tenants? My supervisor is coming in after their meeting and needs to know why the hell this is going on. [link] [comments] |
| Posted: 17 Sep 2020 06:29 AM PDT I am looking at a property that I would use as a student rental. The backyard is fully chain link fence except on one side the neighbor has vinyl. The chain link is about 90 linear feet. My plan is to asphalt pave the backyard and essentially turn it into a parking lot, as I don't think backyards are important to students whereas parking is very important. However, I know its kind of unusual to park in the literal backyard, so I thought I would replace the chain link with a fence as to not piss off neighbors. Over the long haul, what ends up being the most cost effective fencing? I was thinking cinder block or vinyl. For reference, I am in the Northeast USA. So I need to be cognizant of the fact that where I live has abundant snowfall. [link] [comments] |
| What type of loan for a home in poor condition? Posted: 17 Sep 2020 06:08 AM PDT I am looking at a house in USA, MI. From the pictures, the house has a front brick porch which is collapsed on one side, and looks like the exterior siding has rotted away in one spot. It is listed "as-is". Right now my wife and I have a pre-approval for a $350k conventional loan. Our target is 300k. Home is priced significantly less than this. I am guessing that it won't qualify for a conventional loan, but I don't know. What type of damage would stop a home from qualifying for a conventional loan? What other loan options should we look into if it doesn't? We have enough cash to do 20% down + renovations...but definitely not enough to buy the house cash. Also should we be asking these types of questions to our realtor, or loan officer? [link] [comments] |
| 3&1 vs 2&2. All things being equal, what’s worth more? Posted: 17 Sep 2020 09:39 AM PDT In this quasi hypothetical scenario, if two homes are in the same exact neighborhood, same square footage, same curb appeal, same character, same same same... but the only difference is one house is a 3br 1ba, and the other house is a 2br 2ba, which is worth more? [link] [comments] |
| Posted: 17 Sep 2020 09:00 AM PDT Hey guys, any suggestions on who to look into for construction loans? I've never taken a loan out so this would be a first for me. I'll be paying off 100k loan from my parents and taking over one of their properties so that I can add 1000 sqft second story. Any assistance is greatly appreciated! [link] [comments] |
| Buying a house with un-permitted work done? Posted: 17 Sep 2020 08:59 AM PDT We have been casually keeping an eye out for "the one" for the past few months. Earlier this week, we thought we found it. It was an older home that someone had flipped over the last six months. It looked like they had done an amazing job, and hopes were high. However, when we returned to tour it with our agent, he noticed that the switches in the electrical box (which looked new) were unlabeled, which he said was really strange as electricians always label those things. He said that was a red flag that the wiring and possibly many other updates had been done un-permitted. The sellers weren't disclosing anything and the county/city where the house is located doesn't have a portal where someone can find that info. The house was built in 1948, and there was also an issue with the septic tank back in 1988 with no evidence to show that it had ever been fixed. So there were a few red flags that made our realtor think this house was looking to be too good to be true, and the seller's agent seemed unwilling to put anything in writing in response to our questions. In the end, it didn't matter because another buyer came along and made a cash offer they accepted, so now the house is contingent. My question is this: if the cash buyer for some reason backs out and the house goes back on the market, if we are still looking, we would still probably be interested (it's seriously an extremely rare gem for this area that checks all of our boxes) - but what would we need to do to move forward? Like, I assume you cannot go back and "retroactively" get permits for stuff, so do you just... accept it and tell people when you go to sell down the line "I do not know if that work was permitted or not"? Obviously we'd want to have an electrician and plumber, etc. out to make sure that things were done right (I'd love to not burn to death in my sleep due to sloppy electrical work, thnx) and I assume would ask the seller to have anything that was done wrong fixed before closing (or for an allowance for us to get it fixed after)... how common is this? [link] [comments] |
| Posted: 17 Sep 2020 08:55 AM PDT Ok we are in the home stretch of our new home being built. What sorts of things should be be watching for? I have a few things I have thought of, but I am interested in if I am missing anything.
My friend suggested we go and look for nails and trash and be prepared to clean it up, but shouldn't we just tell the builder to do this? [link] [comments] |
| Buying a home listed building OfferPad, but still owned by the selllers Posted: 17 Sep 2020 08:35 AM PDT We are in the closing process for a home in AZ. The listing company is OfferPad, and the sellers agent is and OfferPad person as well. All of our paperwork (contract, disclosures, etc) says the property is owned by the couple that still currently lives there (owners). Is it common for OfferPad to act as a sellers agent, rather than buy the home outright? If anyone is familiar with this, does my buyers realtor still get paid by the seller/OfferPad? Thanks in advance! ***edit: by, not building. That's a weird one [link] [comments] |
| Posted: 17 Sep 2020 08:30 AM PDT I posted previously, but my husband and I want to buy my late grandfathers house from the estate. My dad signed a listing agreement on 9/3 with the MLS box checked but it wasn't listed yet (even as coming soon as of today, 9/17). The plan was to have it professionally cleaned and then pictures but my husband and I expressed interest on 9/8 (without knowing about the listing agreement) and the estate would likely want to sell to us. They contacted the agent last weekend about it, but didn't explain it to him until he got back to him on Monday, 9/14. Since the agent has done minimal work (I think one meeting) and no marketing whatsoever, does the MLS issue give any out of the listing agreement? They wanted to use him for a flat fee and still might, but he was been difficult and untrustworthy, making comments that my parents trust him bc they go to the same church and wanting to still take 4% and represent me too (it's a 350k home). There was also a price change made on the contract that never had an initial and date from buyer, only the RE agent. Would any of this make the agreement potentially voidable? [link] [comments] |
| Climate-related changes in demand Posted: 17 Sep 2020 08:29 AM PDT I have been looking at climate models for 2050, showing 4-5 degree avg increases in summer temps. I know these are not guaranteed to happen- but, at what point will this affect buyers thinking when buying a home, especially in the south or southwest? If someone lives in an Atlanta suburb and wants to buy and probably plans to stay 20 years, at THAT point demand to live there may be a lot less if the predictions are starting to prove out. I don't see people worrying about this right now but at some point it seems it will impact decisions. Any thoughts? Obviously people have always assumed that when they are ready to move a few decades later there will be a lot of value in their homes. [link] [comments] |
| Posted: 17 Sep 2020 08:17 AM PDT Basically Ill be working with a team of 3 older gentlemen all passed 55 years old so that in itself for me is a great advantage (lots of experience so lots of useful feedback) Now for the numbers, The listings will be supplied and I will splitting my commission 50/50 with the office. Also, I'll have to pay 995$/m to remax every month. We crunched the numbers and it looks like I'll be making around 100k - my 12k expense. So does this make sense to any of you, is this all looking normal? Ive heard of agencies only charging 30% commission and no rent at all. Thanks in advance. [link] [comments] |
| House lower of “$X” or Appraisal Value + “$Y” Posted: 17 Sep 2020 07:49 AM PDT Hello, I placed an offer that I'm comfortable with on a duplex even though it's the highest a house has gone for in its area. My offer was accepted and states I will pay the lower of 265k or the appraisal value of the home plus 10k. The square footage is ~2,550. Most duplexes in the area sell for 80-90/sqft in this area. For example: $215k @ 2,432 sqft. $215k @ 2,700 sqft. $236k @ 2,838 sqft. $250k @ 2,914 sqft. And note, these were the most recently sold comparable homes, and they were very nice looking places. Another Note: the duplex I'm shooting for is on a pretty busy main road. All these other places were inside of the neighboring developments. The surrounding homes around me are all single family valued in the $150s-$180s directly next to and across from me. The difference with the one I'm offering for is that it has about a third more acreage than the other homes. The interior of the larger main unit is straight out of the 50s in some regards, but to me it had a good charm. The bones of the house are solid, I have no fear of anything coming up in an inspection that I haven't already identified myself. Electrical is dated, wallpaper is horrible, but the construction is solid and the roof is young. The second unit is smaller, but modern. Nothing would need to be updated here. Realistically I offered as much as I did because I love the place. I am okay with paying the max 265k for the house but don't think the appraisal will actually come out to be this high. If there are any appraisers out there, what other questions would you want to know about this place to appraise it properly? Would you factor my offer into the market value of the home even though my offer is contingent on the lessor of 250k or appraisal + 10k? [link] [comments] |
| Multi family house, good investment ? Posted: 17 Sep 2020 06:23 AM PDT Hello fellow landlords, (link to photos from inspection) https://imgur.com/gallery/UFTiSWZ I'm in the process of purchasing this multi family home. It's a triplex I will be living in basement and first floor, while renting 2nd and 3rd floor. (Which would enable me to live free) Money: purchase price is 350k Expected repair cost: I expect the repair cost to be about 80k throughout the first couple years of owning home. Now the problem is the basement has mold all throughout and plumbing doesn't look good either. I intend of gutting basement, removing mold, fixing the leak (I'm sure their is a couple) and refinishing. The first floor needs a new bathroom and kitchen remodel both of which are small regarding sq foot. So I estimate less than 20k for the first floor and about 20-30k for basement. And then I want to water proof the foundation and prevent future water to penetrate In which I don't know the cost. Please help if you has any experience in this ! Also if my estimates are close to reality I included photos aswell. Below [link] [comments] |
| Advice needed: Bids on pre-foreclosure houses? Posted: 17 Sep 2020 05:35 AM PDT I have three children with one(unplanned) on the way. We're in desperate need of a bigger house. Currently the housing market is absolutely crazy in my location. For context, recently lost out on an offer 25k over asking with 50% down. Winning bidder paid cash, waived the inspection, and I'm guessing went upwards of 50k over asking. Another house we were interested in but didn't even get the opportunity to look at sold for 120k over asking. Since we have to find a place and don't want to hamstring ourselves with a mortgage we can't afford, I'm considering putting an offer on a pre-foreclosure. Some details about the pre-foreclosure house: It's been on the market for almost two months and has a disclosure for "water seepage". We toured the house, and clearly they've been dealing with a significant water problem in the basement for a while. It smelled very musky and dank but I didn't see any noticeable signs of mold. The house is massive and I don't see any reason for us to actually need to use the basement. The house is listed at almost a million dollars. I'd like to come in with an offer that isn't an insulting. Advice I'm looking for: What is an appropriate offer on house in pre-foreclosure? I was considering 10% off asking, taking into account the ridiculously hot market. I would also like to get a professional to take a look at the water problem prior to submitting an offer. I don't want to waste anyone's time. Would the correct timing be to make the seller's aware of my potential offer before getting professionals on the property? Or gather all the appropriate information and then submit an offer? Has anyone dealt with similar water issues before? Spending 850-900k+ on a house with water problems is far from ideal, but given the circumstances... I don't really see an alternative. Most, if not all, the houses with the square footage + a decent sized lot are listing for over a million dollars which is out of my comfort zone. Thanks in advance. [link] [comments] |
| Am I getting scammed or is this just an lazy buyer? Am I missing something? (Canada) Posted: 17 Sep 2020 04:29 AM PDT Sold the house privately to a guy who found it when he saw my lawn sign. He's buying with his wife and his brother in order to have enough money. First red flag was when the bank said he couldnt use his wife's income as she's going on maternity leave, so we changed the sales agreement to take off the wife and add his other brother. Fine. Then I send him the new agreement by email, but I never get a signed copy back. I asked him for it over the phone and by text and nothing. Meanwhile, he DID have a very competent house inspection done and I was there for part of it so I know it was real and it was thorough. He also had a bank appraisal done as we had to let in the appraiser. But every time I ask him for a copy of the signed agreement I get crickets. So now its several days past the agreement date and there's no deposit to me or to my lawyer, however I have a call from his lender, at a national bank, saying that he's been approved for a mortgage and everything is ready to go, they just need a Waiver of Conditions from me and they can put through the mortgage. But no signed agreement and no deposit and the bank is 'ready to go' and needs a Waiver? I didnt put any conditions on the offer. He put the inspection condition but I didnt even put in subject to financing so theres nothing for me to waive. Whats going on? I did check the phone number and it IS a real branch of a major bank. Ive even emailed HIS lawyer and asked where things are at and so far all Ive got back is confirmation that they are indeed representing him. I cant figure out if he just has no clue what he's doing or whether Im missing something here but something feels off. [link] [comments] |
| Posted: 16 Sep 2020 06:33 PM PDT Hi all- First, just want to say I am grateful for a place to post my silly questions. As a fthb in this market, I am quite anxious a lot and these subs help me get through it. As you all know, the market is HOT right now and the area we are looking in, there is little to no inventory. My favorite neighborhood probably had over 20+ couples visiting for an open house two weeks ago and we got outbid with a love letter and better lender (we've since switched to a local lender). I found another house in the neighborhood that is the exact same floorplan and I'm wondering if it is weird to write to them asking if they'd consider selling. This tactic probably doesn't work much, but I'm just curious if anyone has had any success with this, any advice on what to say, or even thoughts on what to expect. Thanks in advance! [link] [comments] |
| Should allow a tenant to renew their lease on one side of a duplex I am buying? Posted: 16 Sep 2020 07:21 PM PDT I am hopefully closing on a duplex with my girlfriend at the beginning of October. The sellers currently live on one side but are moving out before closing. There is a tenant occupying the other unit. In the listing description, it said the tenant's lease is up 9/30. However, my listing agent contacted me today and said he is interested in renewing his lease. Is it advisable to allow this tenant to renew? Or is it better to find a new tenant on my own terms that I can interview and figure out if they would be a good fit to live next to my girlfriend and I. Thanks for any advice [link] [comments] |
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