Real Estate: My first listing was 1.5 million and it just closed escrow �� |
- My first listing was 1.5 million and it just closed escrow ��
- How unique is this home/property? Location- VT
- Realtor yard signs
- Cash buying in the UK from the US
- Those who *were* planning on selling this year, but held off - what’s your game plan?
- I need help understanding an appraisal. Sales Comparison Approach = $103K. Cost Approach = $105K. I don't understand some of the terms in the Cost Approach. Can anyone explain it in layman's terms?
- Cleaning before move in
- Selling and reporting to IRS
- Knowing when to hold 'em as well as when to fold 'em
- NJ - As-Is purchase - any suggestions/recommendations?
- NJ - Sellers attorney review came back with changes - does anything sound unreasonable?
- New Construction Home (NC). Can we 'opt out' of picking some items at the Design Center? For example, floors, counter tops and appliances?
- Timing of lender shopping in competitive market
- Buy a starter home in unfamiliar areas or try to save up more for a home in current area?
- School ratings in Redfin.
- Easement on Property Shared with Neighbor Not Getting Solved - Walk Away?
- Selling house in CT - question about potential listing agent
- Thinking about buying for the first time in Boston. Advice and thoughts on feasibility?
- Looking for impartial advice about my first home purchase.
- Is seller obligated to prove evidence for claims on Zillow?
- First Time Buyer: Realtor send to be adamantly pushing us from buying cheap and renovating?
- In a 2-way competing offer situation, are realtors required to disclose existence to both parties or are they allowed to disclose just to one to leverage a better offer to a higher price?
- Inspection shows voids under walls of crawl space
- Florida - I Forgot To Disclose HOA Fee - Supposed To Close Tomorrow - HELP!
| My first listing was 1.5 million and it just closed escrow �� Posted: 22 Sep 2020 10:41 PM PDT Hopefully this encourages other new agents who see this post stay frosty and call till your ears bleed [link] [comments] |
| How unique is this home/property? Location- VT Posted: 23 Sep 2020 07:20 AM PDT Some friends of mine were close to buying this "compound". It looked amazing to me but some easement issues made them drag their feet and they lost the house. Supposedly the sellers paid over $1million to build and it sold for $465K. Any thoughts on this property? Just looking for some general discussion. https://www.redfin.com/VT/West-Rutland/1450-Clarendon-Ave-05777/unit-3/home/91396237 [link] [comments] |
| Posted: 22 Sep 2020 10:36 PM PDT This is just a rant that I need to get off my chest. I had a falling out with a realtor and as a result she sent me an invoice for $70 for the replacement of her yard sign. The original yard sign was discarded after being left at my house for over a year without any expectation or mention of returning it to her. In anger I posted a scathing yelp review and attached a screenshot of the invoice onto her yelp page. The next day, after cooling down I removed the review. https://imgur.com/a/z2jNt80 The second realtor I used didn't get the sale after the contract expired. 3 weeks pass and his sign post and yard sign are still in front of my house. I message him telling him to come pick up his yard post. Then he asks about his yard sign which was an overlaid sticker affixed to a much larger yard sign that I owned. He told me it cost him $180. I told him to eat it. https://imgur.com/a/z9b6brS Damn realtors and their yard signs. Next time I use a realtor I'm going to write it in the contract that all advertising will be paid for by the realtor, and any lock boxes or yard signs must be removed within a week of the sale or contract expiration date. I will not be held responsible for anything of theirs left on my property. Thanks for reading. Have a good night everyone. [link] [comments] |
| Cash buying in the UK from the US Posted: 22 Sep 2020 01:28 PM PDT My wife and I are contemplating buying a home for our parents who are in the UK and in their 70s but rent and the uncertainty of whether their rent will increase, their landlord will sell etc.. is starting to cause them significant concern. We can cash buy a small home for them. Has anyone done this? i.e. bought a home in the UK, whilst living in the US. The biggest headaches I can think of: Transferring funds to the UK to facilitate the purchase If they want to pay rent what options exist to collect it? Any guidance on tax implications here in the US (and anything in the UK to think about as an overseas buyer?) Thanks [link] [comments] |
| Those who *were* planning on selling this year, but held off - what’s your game plan? Posted: 22 Sep 2020 10:10 PM PDT Anyone here previously plan to sell their home in 2020, but (for obvious reasons), put on the brakes? Are you still wanting to sell but waiting? Have you just decided to stay put? Are you waiting for prices to calm down before having to move and buy your next home? Have you set in your mind a timeframe to consider selling again (Ex. spring 2021)? Obviously this is going to be specific and vary per person, just curious to see what would-have-been sellers this year are thinking! Thanks and stay safe 🙂 [link] [comments] |
| Posted: 23 Sep 2020 08:26 AM PDT Edit: I understand what the Cost Approach is, I don't understand the terms that make it up. Basically, I'm looking for an explanation of the line items in the picture. Does that make sense? Edit 2: I don't understand what things are Depreciated, Depreciated Cost of Improvements, and "As is" Value of Site Improvements [link] [comments] |
| Posted: 23 Sep 2020 07:43 AM PDT Not sure if this is the right place but maybe someone can help. We are set to go into closing sometime this week on our first home. Over the course of everything the seller had told us several times that she was going to hire someone to come in and clean everything and clean the carpets because they are filthy. (We'll replace them eventually anyways but not right away) She apparently had someone go and "clean" yesterday. The realtor gave us permission to walk through before we start signing everything so my girlfriend went and looked at it last night. The place is still absolutely filthy. It looked like someone maybe TRIED to vaccum? But besides that there was still balls of cat hair on the ground where the vaccum just pushed it around, caked on dust on the ceiling fans, the floor boards, the window sills, everywhere. The bathrooms are still nasty and it doesn't look like anything was wiped down, none of the appliances were cleaned, and the carpets definitely weren't cleaned. The only thing our agreement mentions for cleaning is that the interior structure will be cleaned prior to closing and any leftover debris, garbage, etc will be removed. But I'm not sure what counts as being "cleaned". I don't want cleaning to delay us moving in but I also don't want to move all of our stuff into a nasty house we just paid for. Is she required to have the house in a better state or are we screwed and going to have to do it ourselves? [link] [comments] |
| Posted: 23 Sep 2020 07:28 AM PDT I just sold my house and need help on getting ready for when I do my taxes next year. So there were two people on the mortgage- myself and a parent. I used it as my primary residence but they did not. This means I am excluded from capital gains because it was my primary residence. However the closer said it will come up when my parent does their taxes because they didn't live there. The closer said to prove that the parent doesn't get any of the proceeds which they will not since it was me making all the mortgage payments. My question is how do I prove this when my parent does their taxes next year? I plan on putting the check into a savings account under my name. Is this enough? [link] [comments] |
| Knowing when to hold 'em as well as when to fold 'em Posted: 23 Sep 2020 09:40 AM PDT Long story short, my wife is self-employed so we're working to get all the ducks in a row and get our buying power up. We may end up having to wait until she files her next tax return to get where we need to be. We have plenty of petty cash for a down payment. Overall, we're financially stable. The problem we're facing as we're looking around for a unique home in the communities surrounding Nashville is that there seems to be nothing coming up but subdivision homes and garden variety ranch style homes. Its a stark contrast to four years ago when we were buying a home under duress- all we found were funky homes out of our price range. We're in no hurry at all- we're ready to wait to up our buying power and we're not going to compromise on anything we don't absolutely love. We're just wondering when the market will wake up. Its weird. [link] [comments] |
| NJ - As-Is purchase - any suggestions/recommendations? Posted: 23 Sep 2020 09:18 AM PDT This has been quite a rollercoaster with the seller. They have held on to our offer for over a month now. Finally they decided to accept, but now they're saying its as is. Is there anything we should know or any tips/suggestions from your experience? I want to be sure to know my rights and not get screwed over in this. We definitely want to do an inspection to know if anything is wrong and walk away if there's anything major. Edit: Some key details I should mention, our contract says we are inspecting and can walk on any major defects (not cosmetic ones). Also, its a townhome. [link] [comments] |
| NJ - Sellers attorney review came back with changes - does anything sound unreasonable? Posted: 23 Sep 2020 06:23 AM PDT This is my first home purchase and I am unfamiliar with some of the language. #2 and #4 is directly contradictory with a condition placed by the seller that we not require her to make minor repairs to the house but will cover large repairs that affects health and safety. I will take this up with our lawyer. I am also not sure I agree with #11. Don't want to owe the seller anything years after closing on the property. Is the rest of this just standard language? 1. All deposits shall be held in the trust account of the Buyer's attorney. 2. Sellers' obligation to make repairs to obtain a certificate of occupancy, smoke detector certificate or other required governmental certificate shall be limited to $500. In the event repairs are required which exceed $500, either party may elect to pay the excess and if neither party so elects, the Buyers may terminate the contract and receive the return of all deposit monies and the parties shall have no further liability to each other. 3. All representations made by Sellers on this addendum, the contract, and all correspondence are to the best of Sellers' knowledge and belief and will not survive closing of title. 4. If any system, appliance or other item included in the sale are deemed to be nearing or beyond its useful service life, same shall not be considered a defect under the inspection clause provided the item is functioning in a normal manner. Delete any language in the contract that makes it an affirmative obligation of the Seller to make repairs. If Seller does not agree to repair a defect as defined in this letter, Buyer may terminate the contract and receive a return of their deposits. Seller shall have the right to repair any defect prior to Buyer's right to cancel. Any lender repairs required for the Buyer to obtain financing shall be the obligation of the Buyer. 5. Any real estate commissions shall be due and payable upon closing of title and payment of consideration to the Sellers. Delete any language in the contract that entitles the realtors to a lien for commissions on the property. 6. Delete all liquidated damages provisions in the contract. The parties retain their rights and remedies pursuant to law. All automatic waivers and extensions are deleted from the contract. 7. This contract is not contingent on the Buyer having to sell, rent or refinance any real estate owned by the Buyer. 8. Delete all provisions that require Seller to reimburse Buyers for any fees or costs associated with the contract being terminated. 9. Delete any reference that Seller shall contribute any sum of money to Buyer's title company for attending closing, disbursing funds, or acting as settlement agent in any way. 10. All automatic waivers are hereby deleted. With the exception of Time of the Essence, in the event that either party fails to meet a deadline for a right or obligation under the contract, then the other party may give 3 business days' notice to demand that such right or obligation be completed. For any right which either party fails to complete within such 3 business days notice, such right shall be waived. For any obligation which either party fails to complete within such 3 business days notice, then the party who gave the notice will have the right to cancel the contract and all deposit money shall be returned to the Buyer. 11. In the event Sellers are entitled to a homestead rebate from the State of New Jersey or any other reduction for the year of the sale or any prior year, which rebate takes the form of a reduction in the property taxes due for the subject property, the Buyers agree to reimburse the Sellers for any property tax reduction which the Buyers may receive, post-closing, but which are attributable to the homestead rebate to which the Sellers would have otherwise been entitled. 12. All notices may be sent via e-mail except for Time of the Essence notices, which shall be served via facsimile and e-mail. 13. Buyer is responsible for obtaining any account status for any association for the property, if applicable. 14. Delete all provisions calling for Seller to pay for Buyer's inspections. [link] [comments] |
| Posted: 23 Sep 2020 09:54 AM PDT Wondering if anyone has experience with doing the bare minimum at the Design Center and outsourcing work after closing to save costs? We are OK with waiting an extra month to move in post-close if we can save thousands on the work being done. Pros/cons? Thank you!! [link] [comments] |
| Timing of lender shopping in competitive market Posted: 23 Sep 2020 09:48 AM PDT Hi there, First time homebuyer here, trying to understand the timing of the various processes. We've selected a realtor, and the first thing he mentioned is that we should actually have a lender selected at this stage, even before we go through the process of looking at homes because of how competitive the market is, as we would need to move quickly. Does this make sense? How would I go about selecting a lender at this stage already, beyond the one that we selected for the initial pre-approval? From my understanding, an official Loan Estimate would only make sense at the point in which we have placed an offer on a home, at which point that's when the mortgage shopping period would occur. Would we just go through a similar pre-approval process with other lenders and ask for a Loan Estimate? Is it possible to get a Loan Estimate without having a property in mind? I assume if we do these hard inquiries now within close proximity to the pre-approval process versus later in the process our credit won't be as heavily impacted. Any advice appreciated! [link] [comments] |
| Buy a starter home in unfamiliar areas or try to save up more for a home in current area? Posted: 23 Sep 2020 09:45 AM PDT At this time, we only got preapproval for a low amount. Inventory is pretty low in the Charlotte metro area. We looked at some areas slightly outside of Charlotte where there seems to be more affordable properties within our range, and they're considered "Starter homes". Our current rent is about $1300 and our commute is 15 minutes to work. We're not familiar with these areas and haven't been to them. Our commutes to work would be 20-25 minutes longer just one way. Is it worth it to buy a starter home or save up more for a home in Charlotte, since we're already living here? We would save on rent if we bought at our current range about $200-$400/month, but more would go toward more gas/maintenance for our cars due to mileage. [link] [comments] |
| Posted: 23 Sep 2020 09:39 AM PDT How are the schools in a neighborhood rated in Redfin or Great schools ? Do they take all the schools in the entire Country and rate ? Or take only the schools in the city or county and do the rating ? For example, consider two high schools both rated '10' but one is located in Bay Area and other is located in Raleigh, NC. Are they considered same in terms of quality of education, teachers, extra curricular etc. [link] [comments] |
| Easement on Property Shared with Neighbor Not Getting Solved - Walk Away? Posted: 23 Sep 2020 09:06 AM PDT Currently one day away from close. Upon first viewing several weeks ago we noticed an easement that includes part of the deck and stone wall on the property we are attempting to purchase that extends well onto the neighbor's property. The previous owner and the neighbor agreed on the Easement after a short legal battle but we discovered this was never officially recorded on the title. A contingency was included in escrow specifically for this issue and it has not been solved. We've brought up this as a real issue and informed the sellers and our agents that we would not proceed until this was completed, they stated it wasn't a big deal and would still take several weeks to complete and we should proceed. We refused and the title company has offered to insure it via not listing it as an exclusion (but not calling it out specifically as covered). We sought guidance from people in the industry that we know personally, homebuilders and general contractors, and they have advised we walk away if it isn't officially recorded. I'm inclined to trust the outside guidance but am curious, are we making a mountain out of a mole hill here? [link] [comments] |
| Selling house in CT - question about potential listing agent Posted: 23 Sep 2020 08:43 AM PDT Hi everyone, Thank you in advance for the help. A potential listing agent we are considering using has told us that the commission is non-negotiable because Keller Williams required the agent to receive a miminum of 5%. Can anyone verify this true? [link] [comments] |
| Thinking about buying for the first time in Boston. Advice and thoughts on feasibility? Posted: 23 Sep 2020 08:11 AM PDT Hello /r/RealEstate! I have been seriously thinking about buying in Boston over the past few years, but have kept wondering about how feasible it would be for me. I'd be open to basically anywhere in the city and outlying suburbs. Here are my stats:
I am more specifically thinking about a 1-2 bed condo, not nearly enough cash for a house, at least in the city. Any advice or thoughts is greatly appreciated! [link] [comments] |
| Looking for impartial advice about my first home purchase. Posted: 23 Sep 2020 08:10 AM PDT I'm purchasing my first home with a VA Loan in a gentrifying neighborhood for $330,000. It was listed for $299,000, but my first bid was $315000 and with the attention the house was getting we had to go to $330,000 and waive appraisal contingencies. I've seen the comps and as long as the home inspection came back without major foundation or roof problems the house would appraise fine. Some houses around the corner are going for $500,000. This is a tough HCOL area and the Bay is creeping closer and closer. We were lucky enough to talk to the owner during the first walkthrough of the house and I think that is why he decided to put up with a VA Loan instead of some of the other offers. We had a Pest and Home Inspection last week, the Pest inspection being the only report that has come back so far. I spoke with both inspectors and they said the house was in good shape, nothing debilitating or extreme worrisome, but of course a house would have these issues you'd want to fix. Pretty normal for the area is what they both told me. So here are the major points from the Pest inspection that I got:
These are all Section 1 items I'm told have to be repaired before the VA Loan will process. The inspection was done by my realtors preferred contractors. We haven't started negotiating with the seller on repair costs. My best case scenario is the seller will cover these items, but even a 50/50 split is better than nothing. I don't want to go back on the market looking for a house, I like the area and the opportunities for this neighborhood. If you have any experience with this, especially VA experience, please ease my mind. [link] [comments] |
| Is seller obligated to prove evidence for claims on Zillow? Posted: 23 Sep 2020 07:41 AM PDT [TN] I am about to close a house. The seller made claims that he had made $20K worth repairs in last 3 months, a new roof in last two years, etc. Someone known to the seller expressed suspecion that these claims are correct. The seller (and, agents from both sides) tell me evidences need not be provided for claims in the advertisement. Is it too late for me to withdraw from the purchase, without losing the ernest money? [link] [comments] |
| First Time Buyer: Realtor send to be adamantly pushing us from buying cheap and renovating? Posted: 23 Sep 2020 03:32 AM PDT First time home buyer with my fiance, budget is $400-450k in Dallas metroplex. We've recently seen a listing for a ~$300k home in our top preferred location (schools, proximity to things, etc.), but the house is in its original state from the early 80s (wood panel galore, original kitchen, the works). My inexperienced brain is like "cool, we can get a relatively cheap house and put $100k into totally renovating it down to the studs since we originally budgeted ourselves for $400k+!". But our realtor seems to be dissuading us from that, basically saying that, that amount of renovation doesn't make sense because it would raises the value higher than the home is worth. Nicely updated homes in the same neighborhood, with similar square footage, are easily selling for $400k+ right now though, so I'm not understanding the logic. I know "every-weekend-there's-a-project" houses are, in general, difficult for first time owners, but this is something we can see ourselves in for 10+ years (we're not trying to flip it and make a profit). A friend mentioned maybe our realtor is trying to push us into a more expensive home to get a better commission, but we've been given no reason to think that's the case. However, I admit it is nagging at the back of my mind. Then again, I know nothing about real estate and am solely relying on the expertise of our realtor. Any advice on this? [link] [comments] |
| Posted: 22 Sep 2020 08:32 PM PDT I'm representing seller here. Both buyers with separate agents. Offer 1 had bad condition dates but a higher price and no pre approval. Seller wanted to use the existence of that offer to increase the price of the second offer. Didn't want to disclose to the first one because she didn't want the first one to back out and be left with just one. Last minute the other offer bumped price a bit. Offer one didn't have a pre-approval letter. We didn't have a chance to disclose this increase and decided to accept it. Other realtor is complaining I was not fair because I did not disclose the other offer to them (as if that would have changed their ability to provide a pre approval). I believe I represented my seller and provided them with the best contract and terms. The first offer had a pretty number (16k above ask) but god awful conditions and no pre-approval. The second offer was 5k over ask and they last minute bumped to 10k over ask which my seller then accepted. They liked the pre approval and dates more. I believe I did the right thing for my client with using leverage but I also believe I may be in violation of some realtor code of some kind. What are your thoughts? [link] [comments] |
| Inspection shows voids under walls of crawl space Posted: 22 Sep 2020 11:54 PM PDT We paid for a pre-offer inspection on a reasonably priced older house we're interested in buying. The inspector seemed positive about this house - much more so than a previous house of same era he inspected for us. He said the house is in good shape overall, but he pointed out a couple of voids (holes in the earth) under the crawl space walls. How common / serious is this issue? What usually causes it? The concrete walls of the crawl space are not cracked, and the subfloor above them seems level. There are just a couple of voids that have formed beneath the walls. One looks almost like an animal burrow, but there's no sign of animals or digging. The house is a 1960s ranch with a full poured basement under most of the house. The basement has opening along one side to a small crawl space that runs under the kitchen (which forms an "ell" off the rest of the house - but original to the home). The crawl space floor is dirt (dry), and the crawl space walls look like poured cement a couple of feet high. The "voids" have formed beneath the concrete walls, which still span them and are in contact with earth in most places. In the report, our inspector wrote, "Recommend review by a foundation contractor, view pictures of crawl space, there are voids under the walls of crawl space. Recommend filling voids to prevent movement." He didn't seem terribly concerned, and verbally he indicated we could ask the sellers to have the voids filled before buying the house. He also mentioned that ideally we'd install vapor barrier in the crawl. I live in an area where basements are more common than crawl spaces, so I don't have much experience with crawl space issues. As crawl space problems go, how big of a deal is this? Size wise, it seems to me like they could be filled with 4-8 cubic feet of rock. Is a specialist needed - and do we need to oversee this work ourselves - or is this the type of issue we can ask the seller to perform? I don't mind spending $1K to address this issue, but if it's a $10K issue then I will want to factor that into what we offer for the home if we move forward. Thanks so much! [link] [comments] |
| Florida - I Forgot To Disclose HOA Fee - Supposed To Close Tomorrow - HELP! Posted: 22 Sep 2020 05:46 PM PDT So I am selling my first home and it's part of an HOA in Jacksonville, Florida. We are supposed to close tomorrow and I just got a call from my agent, who is also a friend of a friend (so I trust him and also don't want to screw him). Long story short, there's an HOA fee that I was not aware of that came up on the title form this morning as the buyer's responsibility. I disclosed the quarterly dues, as I pay them and know about them. However, there's a $1500 "capital contribution fee" from the HOA too that applies to all sales. I was not aware of this since it's not something I pay regularly, although I assume I paid it when I bought the house from the builder. I signed a HOA disclosure form stating the quarterly fees but the buyer is upset that I didn't disclose the $1500 transfer fee he is responsible for. It was an honest mistake/error on my part. Now here's the real problem - I can't afford to pay it as I already had to borrow money from my brother to cover the costs of the sale and the listing agent reduced his commission for me. I noticed the HOA disclosure has two lines that got my attention: 8 - THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY. 9 - THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER. This leads me to believe that there's a bit of "buyer beware" here since the $1500 fee is in the HOA docs and the buyer had every opportunity to read them. These docs are on the HOA public website for anyone to access. Furthermore, the buyer is the son of a very well-known real estate agent in town. I think it's safe to assume he should have know better and should have reviewed these documents as part of the sale. Anyway, am I on the hook for this extra $1500 or is it up to the buyer to do his research? I shouldn't have a problem selling the home if we kill the deal but I really don't want to start the process all over again, and I don't have $1500 to make it right. My agent is asking his boss but I also want to see what you guys have to say. Please help! Thank you! [link] [comments] |
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