Real Estate: My experience working with Redfin and a traditional broker to sell |
- My experience working with Redfin and a traditional broker to sell
- Thoughts on Corporate Real Estate Ownership "Damaging" Private Ownership
- Loan officer made a “human error”
- What is the most bathrooms you have seen in a single bedroom home?
- Is this anything to worry about?
- First Time Buyer - Sellers Realtor Wants Copy Of Appraisal
- And interesting renters problem
- Real Estate License
- For Agents and Brokers: What are some questions I should expect to answer when being interviewed by a broker for a salesperson position?
- What’s the most common roof replacement negotiation outcome?
- Do listing Agents keep the full 6% commission if a buyer goes straight to them with out a buyers agent?
- Overthinking the housing market?
- Utilities Not On for Inspection
- Thoughts on delaying home purchase for Joe Biden's $15k first time home buyer plan?
- Sell vs rent scenario
- San Diego Real Estate
- Will clean/sanitize our new house before we move in
- Wife is afraid to move to Florida coastline
- I want to buy a house with my friends to produce music
- Do real estate agents generally deal with buying homes from owners or is my agent pushing for a quick sale?
- Neighbor interfering in sale of house
- Finally put in an offer yesterday [MI]
- Purchasing First Investment Property [OK]
- Buying during COVID
| My experience working with Redfin and a traditional broker to sell Posted: 25 Sep 2020 05:39 PM PDT First off, I am a real estate investor. I don't have a bias one way or another. Just posting my experience for reference. I sold a home in August using Redfin, never met my agent and they made it simple for me. Did I get any true consult? Maybe kinda but the realtor I worked with wasn't local to the area and never even was willing to visit our home due to covid (I get it, but masks and hand sanitizer are likely sufficient). All in all, looking back, I could've gotten an extra 5k had I received better consult. It would've also cost me 5k extra to hire a 5% realtor. I'm in the process of selling another home right now. I inherited this from my father, recently. Redfin sent a senior agent that was focused on the Seattle market to the other side of the state and his market analysis came back with 300 square feet under what it was, told us that a home that was 400 sq ft smaller only 200 yards away from mine that recently went pending wasn't a comparable and that my house was worth the same if not less than that one. He insisted my house was the size he thought and didn't urge me to get it verified since I thought he was wrong. I met with two other realtors, both local, took an extra 30 minutes+ to review the house, take notes down and put time into it and experiencing how it felt to be there. One came back 10% higher than Redfin, the other over 25% higher. We went with the highest CMA, listed it and already have a full price offer. TLDR: if I went with the low commission realtor, I would've cost myself significantly more than I would have gotten out of working with a regular broker. Why? Time, niche-market focused, experience and care. My point of view? Home selling for more than 400k? Pay the extra. Home selling for less? Go with Redfin as long as the agent is experienced and has less than 10 listings. Maybe I'm wrong. Maybe I'm right. This is just the way I see things. Let me know your thoughts. [link] [comments] |
| Thoughts on Corporate Real Estate Ownership "Damaging" Private Ownership Posted: 26 Sep 2020 09:02 AM PDT I've been doing some light research into real estate with the hopes of one day buying a home instead of renting and have stumbled across some articles describing large investment firms buying properties and then renting them out at high rates. There are a lot of articles on this but here's a couple to describe what I'm talking about. https://nypost.com/2020/07/18/corporations-are-buying-houses-robbing-families-of-american-dream/ https://www.theguardian.com/us-news/2019/mar/26/blackstone-group-accused-global-housing-crisis-un Typically, when I read articles like this, the authors are appealing to your emotions and seem to leave out a lot of facts that would make their articles less "provoking". At the same time, if there is truth to this, it looks like a huge centralization of ownership in the housing market - I don't believe this is a good thing. I'm not advocating for "everyone gets a mortgage" but I'm also not a believer in true laissez-faire economics. It seems like, looking from a sellers perspective you would not want to be restricted to selling to the lower bidder if you could sell for a higher price to a real estate firm. From a buyer's perspective though, it seems the barrier to entry is getting higher because what would be affordable is being priced out by cash buyers who happen to be investment firms looking to rent what they have purchased. What am I missing here? Even with new construction, if supply were to increase, what would happen if investment firms were to just buy out most of the properties and rent them all out? This is sort of a stretch, I believe that ~10% of home purchases were from investors but what is stopping this percentage from increasing? Ultimately what I'm getting at is, what would be the argument against legislating certain restrictions on companies like Blackstone in order to promote home ownership being more distributed? Assuming that having home ownership being more distributed is better than it being centralized. [link] [comments] |
| Loan officer made a “human error” Posted: 26 Sep 2020 06:23 AM PDT I've recently had an issue with my loan officer and not sure if there is anything I can do. Summary at the end. Last week, I spoke to D (current loan officer) before signing one of the documents needed on my new and first home in Florida. I noticed that the rate and loan amount were different from what we had discussed on the day I decided to put an offer in. This is a new construction so me, the lender and the new home consultant talked detailed numbers before signing the purchase agreement which were 10% down, seller credits cover closing costs, the low rate and about 3k left over that the seller credits didn't cover. The rate was better and the loan amount was based on a 5% down payment. I told D that I was told by the new home consultant and G (the original loan officer) that in order to get the deal agreed on I'd have to give 10% down since the lender would be able to cover more closing costs. D then told me that I didn't have to give more down than 5% unless I wanted to. After calculating the monthly payment together I realized it wasn't a big difference and agreed with him to keep the down payment at only 5%. I asked him twice to reassure me that this would not impact any of the terms agreed on especially the rate and closing costs. He reassured me again and even said that for closing maximum I'll need is "a few hundred dollars". I was obviously ecstatic and noticed that every document I signed from that point on continued to have the loan amount based on 5% down so I assumed we were on track. As the process continued and we got closer to closing I questioned him about the closing cost since the amounts did not add up to me. He reassured me that the numbers would work out in the end and that these were still estimates. I was a little skeptical but trusting since he's the expert. Eventually today, 5 days before closing, he sent me the closest estimate for cash to close based on the 5% down. The amount was at nearly 10k and not the "few hundred" I had been told the week prior. I questioned him about it and he said this was due to the seller credit limit since I'm doing 5 and not 10%. We then discussed all of our prior conversations and I explained that I was very upset by this because I specifically asked multiple times if the terms would change with the decrease in down payment and he reassured me they wouldn't and the loan amount remained the same after that. He apologized and said it was human error. If I wanted the higher seller credits then I'd need to raise my down back up to 10%. I am not trying to debunk everything D did, I had a great experience with him up until today so my point is not to discredit all he's done. However, considering the seriousness of this purchase I would like them to rectify the situation. At this point I am not sure I trust what has been done and believe I have the right to know every penny to be paid and where it is going. Is there anything I can do other than accept that he made a mistake? I've already sent the following details of what happened to the new home consultant who will be forwarding it to her VP because she was also very shocked that he would've told me all of this. TL;DR Loan officer told me I didn't have to give 10% down as per the original purchase agreement and would keep the same terms at 5% down. A week later admitted to human error saying he forgot about the seller credits being affected by the amount I put down. [link] [comments] |
| What is the most bathrooms you have seen in a single bedroom home? Posted: 25 Sep 2020 11:33 PM PDT Ideally a single bedroom home should have 1 bathroom, at most 1.5. But I've recently seen a 1 bedroom condo online that had 3 toilets, and it got me thinking. "Are there single bedroom homes with more than 3 toilets?" and "What is the largest toilet to bedroom ratio out there?" The rules where simple. It had to be a single family residential home. The building that the home was in could have a shop or a commercial office that was also included, but the bathrooms that where accessible from the shop or office didn't count. Only bathrooms that the residents of the home could reasonable access would count. With this in mind I was able to find a 1 bedroom 5 bathroom house https://www.zillow.com/homedetails/726-Dayton-St-Yellow-Springs-OH-45387/34182229_zpid/ Do you guys know of anymore 1 bedroom homes you've seen that have a ridiculous number of bathrooms? [link] [comments] |
| Is this anything to worry about? Posted: 26 Sep 2020 08:25 AM PDT It looks like there has been a leak in the past, in a flat I'm thinking of purchasing: https://ibb.co/yNDbsFw (pic) I asked the agent about it and he said: "The seller said that the leak is historic and it appeared when the roof and window were replaced about 8 years ago. The tenants say It's been the same ever since they moved it and they've just never asked the landlord to scrape and smooth it over." This is below the shower room, so I was thinking it might indicate a problem, but I don't know whether this is ongoing, or has stopped as the agent has said. [link] [comments] |
| First Time Buyer - Sellers Realtor Wants Copy Of Appraisal Posted: 26 Sep 2020 08:08 AM PDT Edit: Thank you all for the advice. I shared the appraisal with the seller. Now I'm just waiting for a response. Hi all, I'm trying to buy a property that's listed at, lets say, $100. I offered $90, and it was accepted. The bank sent out an appraiser, who says the property is worth $70. My realtor recommended offering the appraisal price to see if they'd take it, which I did. The sellers realtor is now asking for a copy of the appraisal. So, is there any reason I shouldn't give them a copy? Thanks in advance. This is all so stressful... [link] [comments] |
| And interesting renters problem Posted: 26 Sep 2020 10:21 AM PDT I'm renting a house which is on the market, closing date is next Wednesday, am I supposed to get 30 days after closing in order to move out? [link] [comments] |
| Posted: 26 Sep 2020 10:16 AM PDT I am young individual trying to get into real estate. Currently located in Nevada. I am wondering what are some good/fair priced online schools to do my pre-licensing 90 hour course? any recommendations? [link] [comments] |
| Posted: 26 Sep 2020 10:12 AM PDT |
| What’s the most common roof replacement negotiation outcome? Posted: 26 Sep 2020 10:08 AM PDT Homeseller here. House is about to turn 20 years old and upon inspection it was recommended to be replaced. Obviously we were trying to dodge this bullet but buyer wants it replaced. Ok. The buyer and myself each had an authorized contractor/roofer check it out to run the numbers for a replacement. I got a preliminary estimate from the guy on site but hes gonna run the final numbers on Monday. Haven't heard a peep from the buyer yet. I'm assuming they are waiting for a final estimate also. Also worth noting is that we already counter offered with a $1500 credit a few days ago but I ended up feeling a little bad and had my agent inform theirs we were gonna have it checked out for possible replacement. Their window to respond to that offer has already expired which I understand isn't a big deal and they are likely weighing their options. As far as what they will likely respond with is what I'm trying to play out right now. I'm hearing it's pretty customary for an even split on the roof replacement cost. This can go two ways from what I understand. I offer them a credit for half the roof cost and they replace it post sale or I replace it now and they credit me? Or raise the price of the house by half the roof costs? How does that work? Should I be worried they will respond with a super aggressive request having me pay for it all? We are reasonable people and from what we've seen so far the buyer seems to be as well but you never know. The silence and waiting is killing me though. Thoughts? [link] [comments] |
| Posted: 26 Sep 2020 10:01 AM PDT Aren't listing agents more incentivized to sell to the buyer that aren't represented by an agent? Thanks for any insight [link] [comments] |
| Overthinking the housing market? Posted: 26 Sep 2020 09:36 AM PDT House hunting in a hot market in Ohio. A house posted on MLS Friday at 7pm. We reach out to our realtor to set up a showing as soon as possible. The realtor responds that the we have an appointment next Friday and that's when showings will start for the property. Is this normal? In the past couple of weeks, a property posted on a Wednesday, we set an appointment to see the house on Sunday but then it was contingent on Saturday? I'm worried that may happen again. Why would they post the house so early and wait a week to show? I want to put in an offer now to prevent losing it before seeing it next Friday! Am I overthinking? Should our realtor have these answers? [link] [comments] |
| Utilities Not On for Inspection Posted: 26 Sep 2020 09:29 AM PDT We had inspection done on a house today. The gas was not turned on (as was required in our contract) so the inspector couldn't test the water heater, furnace, range, grill, etc. The reinspection fee is $75 to have the inspector come back out. Is it reasonable to ask the seller to pay for this and if so, what is the best way to ask for the money? [link] [comments] |
| Thoughts on delaying home purchase for Joe Biden's $15k first time home buyer plan? Posted: 26 Sep 2020 09:29 AM PDT I've been looking to buy a home since May and have had terrible luck due to the crazy seller's market. I only just became aware of Joe Biden's plan to help first time home buyers with a tax credit of $15,000. I can't find many more details, but with the good possibility that he will become president, is it worth waiting to buy a house to see how this plan pans out? What are the chances a plan like this could be enacted in 2021? [link] [comments] |
| Posted: 26 Sep 2020 05:35 AM PDT Current Home: -value: $320k -principal: $220k -mortgage: $1370/mo at 3.5% (26years left) -property tax: $2600 -HOA: $325 annually -age: 20 years old -potential rent: $2000/mo I'm relocating to another state and have been going back and forth between selling and renting my current home. I'd like to get into REI but would, most likely, not invest in this property based on the current price. Would it be better to sell and use the proceeds to find better value or rent it to gain REI experience and use tax deductions to my advantage ($190k income). Hope I was able to provide enough information. Appreciate the advices and opinions. Edit: my mortgage includes the property tax and insurance. [link] [comments] |
| Posted: 26 Sep 2020 09:03 AM PDT Hi everyone. Anyone have opinions or suggestions for home/condo buying in San Diego. Some context: Husband and I just got pre-approved yesterday. We've been with our in laws for about three years to save. We are staying with family and would obviously love to buy our first home (most likely 10 year + home plan) and have our own place but are also understanding that times are different right now with COVID and the election nearing. We got pre-approved to know officially what is realistic for us financially, to be ready in case things in the market change, and of course because mortgage rates are lower so we are considering buying. I guess our main concern is COVID and election. We've heard rates are low get in there! And we've heard more homes will be on the market once foreclosures and etc. happen due to people not able to catch up with there loans due COVID/government support (so we should wait) and therefore more supply of homes and lower rates. So just wondering if anyone has their opinion or suggestions in San Diego Real Estate! I apologize if this post isn't clear. Just processing trying to get out concerns. Thanks ahead of time for your response! [link] [comments] |
| Will clean/sanitize our new house before we move in Posted: 26 Sep 2020 05:14 AM PDT Any suggestions/recommendations for the best cleaning? We'll spend the weekend intensely cleaning the house (bleaching the bathrooms/kitchen, sweeping, mopping, vacuuming etc)..but any other things to do? The house hasn't been occupied in months, and there's a few spiders, ants that will be kicked out/raided. What other methods would be helpful to ensure I got them all? [link] [comments] |
| Wife is afraid to move to Florida coastline Posted: 26 Sep 2020 08:43 AM PDT My wife and I are looking at places to live in Florida. Right now we're considering the Tampa area but she's raised some serious concerns about hurricanes and flooding. I am wondering if anyone has any thoughts on the topic? Is there such a thing as hurricane insurance? Do people have serious concerns about a hurricane wiping their house away and being left with no recourse? Seems like Florida has a "close call" almost every hurricane season. [link] [comments] |
| I want to buy a house with my friends to produce music Posted: 26 Sep 2020 08:43 AM PDT So I'm 21 and 5 of my friends are interested in finding a space for the purpose of producing music. We've been looking for commercial and retail spaces but haven't really found what we're looking for. I came up with the idea of buying a house and basically splitting the mortgage and other payments between the six of us. I don't know anything really about real estate so I just wanted to know if this is a good idea and if so, how would I even go about doing that? [link] [comments] |
| Posted: 26 Sep 2020 08:38 AM PDT I showed my agent a property I'm interested in (would be paid in cash) and my agent only texted me saying "its a for sale by owner" Do agents prefer not to deal with owner sales? [link] [comments] |
| Neighbor interfering in sale of house Posted: 25 Sep 2020 04:49 PM PDT Writing on behalf of my mom, who is selling her house after 30 years, sorry if this gets long. She actually retired and relocated a year ago, but was renting the house out in the mean time while she made sure she liked her new location. Around two months ago she decided that yes, she was confident in her new location, had the renters move out (with appropriate notice) and began working with a real estate agent and their associated contractor to do some fixes to the house to get it ready to sell. About a week ago her realtor received a 10 page e-mail from a neighbor we have never spoken to before (back of his house faces the back of ours), detailing all the ways in which our home is apparently decrepit. This thing is an absurdly detailed list of "damages" over the last 30 years, down to things like "there was a hail storm in 2004 and they never made any repairs" (Uh, because nothing was damaged??). Obviously our agent has been to the house, walked through the house, and is aware that it's not like some crazy hovel like this man is claiming. After receiving this e-mail the realtor had their in house lawyer respond, basically saying that our state is an as is state, the realtor and seller have every intention of making any legally necessary disclosures, and the buyer has every right to do an inspection and negotiate accordingly. He responded a few more times listing some HOA violations with paint colors, etc, and the lawyer responded again saying that if we are in violation, the HOA is welcome to inform us, and we will adjust accordingly. Today, the house goes on the market, within hours it has its first walk throughs scheduled, and shortly thereafter a GIANT banner appears on this neighbor's deck (facing in to our own deck) saying "[My House Number] 'As Is' Condition, ARE YOU SURE???" He clearly specifically waited until after 5:00 on a Friday when it would be difficult to get the HOA to do anything. My mom has tried calling the police non-emergency line, but they're saying that because she doesn't live in the house, it's not her he's harassing. Any other advice on what can be done to get this man to back off? [link] [comments] |
| Finally put in an offer yesterday [MI] Posted: 26 Sep 2020 12:51 AM PDT My wife and I have been loosely discussing moving for a couple years. It was never an urgent need to move, but we've kind of liked the idea. With COVID happening we had to cancel several planned vacations and that's left us fairly cash-heavy at the moment (and without much in the way of other entertainment) so we figured screw it, let's start looking. We've been looking for about 4 months now and are pretty picky. That combined with the low inventory right now means we haven't really found a place we liked all that much. Yesterday we finally did and put in an offer. I'm excited, but trying not to get my hopes up too much. Yesterday was the first day on the market and there was already one other offer in when we submitted ours. Trying to keep a level head and not get sucked into a bidding war on it, but it's hard. [link] [comments] |
| Purchasing First Investment Property [OK] Posted: 26 Sep 2020 08:10 AM PDT My husband and I are buying our first investment property. We have put in an offer that has been accepted and we are about 3 weeks out from closing date. This means we have gotten the inspection and appraisal complete, but are waiting to see what the house actually has appraised for, which we believe will be lower than our offer. We asked for 2 "big ticket" items to be fixed and a 3rd which is a safety concern (my thought process is why would you live here that long with it not being fixed? But maybe that's just me.) Overall, this will not cost more than 3k and we offered above asking price without any expectation that they would cover closing costs. They came back saying thay would do a $1k credit for closing costs and they will give us the fridge (they were asking $250 for) in lieu of repair credit or fixing things. One thing we need fixed directly affects the foundation, they need to take care of it. Our realtor keeps telling us people just aren't giving in or fixing things right now because of "the way the market is". I'm just wondering how true this is and what others might think about it? Are we about to blow the sale because we won't let go of expectations? Should we have lower expectations right now? Are people really not doing anything to homes and selling as is, EVEN when they get a premium, above asking price offer? I trust my realtor but my husband feels like maybe she's just looking out for herself and playing both sides of the fence, even though she shouldn't be (there is no actual proof she is). [link] [comments] |
| Posted: 26 Sep 2020 07:11 AM PDT Is it smart to buy a house during COVID? I'm a first time buyer, if that matters. [link] [comments] |
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