Real Estate: Closed the 31st first time homebuyer |
- Closed the 31st first time homebuyer
- Seller accepted counter offer and signed the contract. Now they cancelled because they didn't read it fully. What is my recourse?
- I’m curious. As a seller, do I have access to what a potential buyer’s appraisal is?
- Getting our house ready to sell as is. How much can/should we disclose to our realtor?
- Regret selling
- Accessing House-level sales data?
- Should I view home purchase as primary residence or future rental?
- Confidentiality agreement that requires buyer to pay the brokers commission if the Seller refuses
- Buyer denied right before closing. Already moved out- rant
- My real estate license was cancelled although it doesn't expire until 9/2021 does anyone know why this may be? In NY
- Crawl space in N.C.
- Im 18, How can i prepare to invest in real estate for my future?
- What Is a Good Loan-to-Value (LTV) Ratio?
- 20 y/o student looking to buy a single family home next year
- Multiple offers: is it ethical to allow multiple inspections?
- Land Survey prices - WAY TO HIGH?
- Anyone live in/own a townhome?
- Can my wife sell me the house or would we just refinance it in my only my name?
- Inspection Contingency Question - Pennsylvania
- Buyer backed out. Do I keep the 3k she put down?
- Should I have a POSSIBLE Builder look at property I'm considering purchasing?
- Closing on a house next week and I don’t know what the hell is going on with the roof repairs ...
- multiple offers on the same house...from the same buyer?
| Closed the 31st first time homebuyer Posted: 04 Sep 2020 08:24 AM PDT 3.00% rate, FHA, DPA, wanted to say thanks for all advice put on here. It does make a difference having knowledge of stories and things to look out for as we went through the process like what matters and what is an easy fix. We put in our 4th offer, accepted June 5th and we had two month escrow (if that's the right term), things got scary near the end as everyone relaxed thinking it was done but it got done! We even got a little equity in from our offer ^ had all the contingencies and house exceeded everything, currently tore up all the tile and putting in laminate and new carpet :) thanks again all! [link] [comments] |
| Posted: 03 Sep 2020 04:15 PM PDT My wife and I put an offer in on a home (Los Angeles) and received a counter offer. We countered with our own terms and they accepted. The sellers signed the contract but now claim they didn't read our addendum and are backing out of the offer. Is there anything we can do? [link] [comments] |
| I’m curious. As a seller, do I have access to what a potential buyer’s appraisal is? Posted: 04 Sep 2020 05:38 AM PDT Is a buyer's appraisal secret? If the buyer and seller have the same realtor, does that make it more difficult? Just curious. Thanks. [link] [comments] |
| Getting our house ready to sell as is. How much can/should we disclose to our realtor? Posted: 04 Sep 2020 10:15 AM PDT Our house is a fixer upper built in the 70's. We are upgrading and buying a newer, bigger home. When we begin showing our house, I know that the inspection will show what work needs to be done, but there are a lot of things we already know. I don't want someone to buy lemon. We aren't trying to scam anyone. I want them to know exactly what they are getting. How much should we tell our realtor about the problems we know about? Is it one of those situations where if the realtor doesn't know, they can't say anything so they don't want to know? Should we make them aware? What if the inspection doesn't pick up something? I guess this is an ethical vs moral dilemma in a sense. [link] [comments] |
| Posted: 04 Sep 2020 10:12 AM PDT My father once told me his biggest regret was selling his properties to purchase another and wished he had just kept them and rented them out. Does anyone else feel this way after selling? I'm in a situation where I can get top dollar for my condo to upgrade to a single family house with a yard. My goal is to invest in real estate but I feel like I F'd up buying a condo as my first investment with an $600 HOA. If i were to rent I'd get about $2600/month and my mortgage is $2,700 + HOA . I'm torn if I should let it go or keep it and stay. I live in Los Angeles. Thanks in advance! [link] [comments] |
| Accessing House-level sales data? Posted: 04 Sep 2020 08:36 AM PDT Hi all, I work with data on a daily basis. I also happen to be in the market for a home. So you can imagine how frustrating it is to see all of this data that is being presented to me by sites like Redfin, Trulia, etc., but that I can't download to run some analysis by myself. Redfin Data Center is somewhat helpful to see trends, but I want to see the individual house sales that make up those trends. Is there anywhere I can download some of this house-level sales data, perhaps from the last 3-6 months? I'm even willing to pay (some reasonable amount) for it. [link] [comments] |
| Should I view home purchase as primary residence or future rental? Posted: 04 Sep 2020 10:36 AM PDT I'm looking for a home in a very strong seller's market. I have enough saved to buy cash and I'm leaning that way so my offer will be competitive. It will be my primary residence at least for a couple years but possibly longer (I have moved 8 times in 24 years so that seems to be my pattern). Since rates are so low, I wonder if I should pull out about 50% after closing. My concern is if I wait to take a loan on the home in say 3 years I'll miss out on record low rates. I would use the money to put down on another home and that would be a true investment property. Just looking for outside opinions. Should I refinance right away and make another investment or just enjoy a paid off property for awhile? Are there any disadvantages to doing financing after closing cash on a property? [link] [comments] |
| Confidentiality agreement that requires buyer to pay the brokers commission if the Seller refuses Posted: 04 Sep 2020 09:21 AM PDT I'm looking at a multi-family property, when I reached out to the broker for the prospectus he replied with a confidentiality agreement that states the Buyer is responsible to pay his commission if the seller fails to pay at closing. This seems unreasonable to me, why would a buyer assume a sellers debt simply because the seller chooses not to pay? [link] [comments] |
| Buyer denied right before closing. Already moved out- rant Posted: 03 Sep 2020 06:30 PM PDT Just ranting more than anything else here and looking to see if anyone else has dealt with a similar situation. Put our condo on the market in July, went under contract a week later. Buyer only put down 0.8% earnest money and 2.7% down, but our condo is in the lower price range (less than 200k) so our realtor told us this is common. Buyer is also a business owner. Our agent called her lender and he said she was qualified for more, not to worry. Everything was going well. Our buyer scheduled an orientation with our condo board and set her move in date. We found a house. We put in an offer with a close contingency, but in this market they got and accepted a back up offer so we had to waive it, knowing there was some risk involved but hoping it was minimal. We were supposed to close last Friday, and her financing was due last Tuesday. On Tuesday we got news that her lender "did her loan wrong" and she needed to prove her business had 10 weeks of stable income instead of 8, simply a technicality due to Sally Mae changes for 1099 employees due to COVID. We were assured her business was doing great and she's earning 3x as much money as last year. Not to worry. We were told we should still move out, so we did. Of course she asked for another extension, instead saying we didn't pay the special assessment so her lender had to go through hoops (we had long since paid it off) and then it became the lender forgot to put in the $58 per month cable/internet charge, which is mandatory. Long story short she was denied and we are only a few days out from the closing on our new house. Since we were so close to closing on our condo we opted to put 40% down on our new house factoring in the net proceeds from our condo. Now our loan has to be sent to underwriting again with 20% down. I am hoping we don't have to ask to delay the closing. This whole situation stinks so much. [link] [comments] |
| Posted: 04 Sep 2020 10:18 AM PDT I called DOS & they just say representatives are busy and end the call. There is no waiting on hold. When I Google it I only see cancellation associated with it expiring [link] [comments] |
| Posted: 04 Sep 2020 09:46 AM PDT We've decided to sell our house in N.C., and are doing some of the "fixes" we've been putting off for years (stuff that has to be done, not stupid little things). One of those issues is the crawl space. It doesn't have a vapor barrier, and I went under there the other day to look. I saw spots with water, condensation on some pipes, insulation hanging, etc. obviously and issue we need to fix. Had a guy come out, check it out. He knew we were looking to sell, so not looking for the "30 year fix, 15k encapsulation" etc. Basically his assessment was putting down a vapor barrier obviously (9mm), treating any and all mold, rehanging the insulation so it's not just hanging down, sealing the vents and installing a dehumidifier system. Kind of what I was figuring on. His quote was about 3k, which I was thinking was pretty decent. My wife's eyes about bugged out though lol, she thought (this is what the real story told her) we'd only need to go under there and "lay some plastic", and be good. I know obviously the hanging insulation, condensation, etc would be inspector red flags, and possibly lead to buyers wanting even more fixes, or chasing them off. I guess my question is, does this sound like a good price? It was actually more, but I get a 5% veteran discount, and another 5% discount for early commits (basically within 48 business hours). Anyone in N.C. or similar area had similar work done? Thanks! [link] [comments] |
| Im 18, How can i prepare to invest in real estate for my future? Posted: 04 Sep 2020 02:07 AM PDT Hey guys ive been doing some research on real estate investing for the past year and i wanted to get some first hand wisdom from people with experience. A little backstory about me im 18 and have no experience what so ever with the real estate market. However, I know the ins and outs of the stock market. I can read a balance sheet i know what an income statement is. I manage a dividend portfolio with my fast food job with good trustworthy companies and i have yet to sell a share. I have read Snowball, the essays of warren buffet, and the intelligent investor. Im not new to the financial world, but in the future i dont want to throw a bunch of money into real estate and fall on my face messing something up, and REIT's are a no go for me, just no. What i know so far is there is always a demand for housing so the market will appreciate in value over time. Unless of course everything is overvalued in a shaky economy (kind of like now hehe) But thats the general idea. To me it seems like buying with 100% down is the safest option but the most practical way to utilize your capital and make money is to get a 30 year fixed rate loan (why have 1 paid off house when you can have 4 houses rented out to tenants). From what ive seen, a rental property will cash flow if you crunched your numbers right, or you can live there and just wait for the value of the house to rise over time, or you can buy to rehab. What i really want to know is
These might seem like some dumb questions but i have 0 experience with real estate. I get the idea on how it works but i dont actually know how to do it (if that makes sense) Im thankful for any constructive responses or first hand experiences. I am fascinated at the idea of being a real estate investor but i dont want to spiral into financial debt from making a bunch of stupid decisions. Also i would appreciate it if you guys could recommend some good books about real estate, Thank you all for your responses :) [link] [comments] |
| What Is a Good Loan-to-Value (LTV) Ratio? Posted: 04 Sep 2020 09:30 AM PDT When doing refinance what LTV Ratio do you guys think is good? I've heard 70% is the norm but my realtor suggested 60% LTV to be more risk averse. I'm thinking with 70% LTV it will give me more money to buy more real estate which ultimately provides similar safety as my portfolio grows and accomplishes the same thing as a 60% LTV ? EDIT: This is for Residential Multi-Family Investment Properties [link] [comments] |
| 20 y/o student looking to buy a single family home next year Posted: 04 Sep 2020 08:54 AM PDT Hello Everyone- I am a 20 y/o student in Jacksonville, Fl. I currently have an internship that pays $23 an hour, but I am limited to working only 20 hours a week. I am currently living with my parents, doing school and work remote. I have very little expense aside from a $200 / month car payment. I've been able to save up about $10k and am looking to buy or build a single family home ($150-175k) this time next year. By that point I plan to have saved around $30,000 in cash that I can use for the down payment. I am very lucky to have instant (high quality) tenants that go to my college once the project is complete. I also plan to live in the home with the (3) tenants I select while I finish my schooling. The investment real estate market has been very fruitful here in Jacksonville, and the property would be located near my college (which is growing rapidly). I think this is definitely the right investment decision & I plan to take this year to study real estate investing & accumulate money for a down payment. With all that being said, it is still an overwhelming decision that i'm sure many of our tenured community members can relate to. I know the decision is well thought out, but I want to avoid as many mistakes as I can along the way. Questions:
Thank you so much for you engagement ahead of time. I really do appreciate the information supplied by this community. Best, Joseph [link] [comments] |
| Multiple offers: is it ethical to allow multiple inspections? Posted: 04 Sep 2020 08:45 AM PDT We're selling my moms house and we got multiple offers, which is nice obviously. Would it be unethical to allow more then one of them to have a home inspection? Some details: The first offer is a cash deal while the second one is a conventional mortgage (pre-qualified with a stable union job) for 20k more. We have two more offers that are much lower than offer one. Thanks in advance for your opinion! [link] [comments] |
| Land Survey prices - WAY TO HIGH? Posted: 04 Sep 2020 08:06 AM PDT Just got a quote to survey our .28 acre property. $1,800 first quote, $1,900 second quote. Can someone comment as to why that seem about $1,000 too much?!?! maybe it's a different kind of survey?! [link] [comments] |
| Anyone live in/own a townhome? Posted: 03 Sep 2020 08:30 PM PDT What's your experience with them? The one my sister is looking at is brand new, has a yard and a garage, 3 bedroom with 3 bathrooms. It's attached to one other (duplex). Do they hold their value in good areas? (Good schools, close to essentials locations, 5 min away from major freeway). It's in a low crime area and in a cul de sac. With a forested walking trail right outside. [link] [comments] |
| Can my wife sell me the house or would we just refinance it in my only my name? Posted: 03 Sep 2020 05:49 PM PDT Just married and my wife owns a home with her and her mother on the loan. Doesn't look like her mom is on the title. House is worth $135K and has $70k left on mortgage. We only want my name on the house and mortgage with my wife as TOD. Since my wife owns the house would this be considered refinancing or my buying the home? With the equity we have in it would we need a down payment? What should we be watchful of with online mortgages? Would a local lender be better to use with what we are trying to do? Could/should we add extra to the loan so we would have funds for much needed house repairs? edit: Just to clarify, my wife and her mom want to do this and was their idea. No one is trying to screw anyone over. [link] [comments] |
| Inspection Contingency Question - Pennsylvania Posted: 04 Sep 2020 07:31 AM PDT Hello Real Estate Experts/Afficianados and strangers - If anyone is able to offer insight I would appreciate it.
Since I have zero trust in anyone right now:
At this point Hubs and I are about ready to say fuck-it, to be honest, and to call this a learning experience that cost us $5k. We're so not pleased. [link] [comments] |
| Buyer backed out. Do I keep the 3k she put down? Posted: 03 Sep 2020 03:40 PM PDT Basically I'm in the process of selling my condo. We were actually going to close 2 weeks ago but the buyer was dragging her feet. She accepted and offer of 188k. Condo got appraised for 183k I said ok I will come down to 185k The buyers response who is also a realtor Xxxx IJust checked out the email… still in the middle of showings. Listen the more I think about it I just don't think it's worth it to me anymore I appreciate your seller coming down on price but more I think about it it just doesn't Make sense for me to purchase the condo. I would like to cancel the deal. I'm very sorry. [link] [comments] |
| Should I have a POSSIBLE Builder look at property I'm considering purchasing? Posted: 04 Sep 2020 07:19 AM PDT We've been looking at properties for over a year in the area we are fond of. We found a great plot (10 Acres) on Zillow and are ready to make an offer. There is a local builder we are considering, but, we're undecided. Is it a good idea to ask the builder to give the property a look? They are our likely choice - however, I know builders often grab properties so they can off Land/Build packages. We don't want this builder seeing what we're looking to obtain and pulling the rug out from under us. Maybe we're being overly cautious. Please let us know your thoughts. [link] [comments] |
| Closing on a house next week and I don’t know what the hell is going on with the roof repairs ... Posted: 04 Sep 2020 02:19 AM PDT Hi all, So my inspector called our "deteriorated rafter tails" and suggested we have someone remove any rotted wood and replace them. Well I am now concerned my inspector may have called out the wrong thing or named it wrong as some people in homeowners Reddit told me they are actually fascia in the photo but didn't elaborate much more. Anyways, I attached below the wording in our addendum and the inspection screenshot where they called this out. The invoice they sent us was for $275 from a licensed roofer and all it says is "cut out bad rafter tails". That's literally it. Upon doing some research online I found out rafter tails are actually structural and you aren't actually supposed to cut them much. It's Friday tomorrow Labor Day no one can get out and they are trying to close the loan by the 8th. Now I'm worried this roofer who's licensed according to his invoice may have royally fucked the roof structure depending on what he cut. I need some advice on what to do. I can't afford to buy this hosue and have it be structurally unsound and his invoice is so vague. Why would you just cut something back without replacing it even if you are cutting something? I'm not a construction person so I have no idea what's ok or not. I'm doing a walkthrough tomorrow ... my realtor is acting super chill like it's not a big deal. Help please. The white form is my 35 r in DocuSign my realtor helped work on it. Ultimately if this was royally fucked up and has created significant issues can I walk away from this before closing on Tuesday as a side question ? Edit: afaik the roofer didn't get any of the photos or inspection description. The seller just hired them and told them what was on the addendum. I guess I figured if the guy was licensed he would have done the full repair properly. EDIT we good folks. I talked to the roofer. He said we requested the repair incorrectly but they did just cut the barge board. [link] [comments] |
| multiple offers on the same house...from the same buyer? Posted: 03 Sep 2020 04:49 PM PDT Hi all, I am selling a house, listed for $330k. It was recently listed and a buyer walked through the house the day it was listed. The buyer then submitted an offer of $310k, which I was going to let sit until I got more buyers through. Within 10 hours, the buyer submitted a full price offer of $330k for the house. Regular appraisal / inspection contingency, conventional loan, nothing out of the ordinary. Should I be concerned that the buyer initially submitted a lower offer, and then submitted a full price offer? [link] [comments] |
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