Real Estate: New Offer Strategy? |
- New Offer Strategy?
- I didn’t realize backing out of buying a house would cause so much family drama
- What would you do? Rent, make an outrageous purchase, or commute?
- Listing agent is trying to cover up mold infestation I uncovered when under contract. What can I do?
- No one is looking at my mom's house.
- Do I have a bad agent?
- Having parents move in??
- How much does purchase price affect selling price?
- FHA buyer bias....something for sellers to consider.
- [Nj] How do you find out if a building is historical?
- Appraisal taking listing value into account even if unsold?
- Let's talk Title Insurance...
- Looking For A Link (or help) Finding New Apartment Buildings Under Construction Re: Occupancy for Around June 2021 Las Vegas, NV
- Turning my condo into a rental
- Should I clarify if something is an HOA violation before selling?
- Making Things Easier for a Realtor (MN)
- Finally sold in a TOUGH buyer's market (average pre-Covid DOM 263 days).
- Lots of price cuts last 3 weeks?
- Selling my house
- Rooftop Patio Privacy?
- Advice
- Is it true that newer condo buildings are better insulated and sound proofed?
- Anyone else have some shocking home sales near you?
- Advice on refinancing when planning to sell in a year or two?
- IDs for closing day
| Posted: 13 Sep 2020 05:24 AM PDT Listing posted on 09/03. Open House on 09/05. A fair amount of people went. I felt the unit was overpriced based on comps for the past 6 months. I came under listing about $15k. I submitted my prequal letter with my offer on 09/10. Notified later that day that a different offer was accepted. No big deal to me. I wasn't emotionally attached to this listing. I did check MLS sites to see if the status was updated. On 09/12, listing agent notifies everyone that the buyer backed out due to cold feet and asks everyone if they want to resubmit their offer and/or revise it. I feel like sticking to my previous offer with nothing waived. Is this a subtle way to have people panic and increase their offer? [link] [comments] |
| I didn’t realize backing out of buying a house would cause so much family drama Posted: 13 Sep 2020 07:33 AM PDT A little background. I am a single female in my mid 20's who was about to close on a $103,000 home. I put down $2000 in earnest money. We had inspections and there was some pretty major issues and I unfortunately agreed to terms regarding things getting fixed by seller that I wasn't totally comfortable with. Basically there was still major stuff that needed done and the seller was really only willing to do the smaller stuff. I agreed to that and that is when I started having second thoughts. The inspection and appraisal contingency came and went and I was two weeks from close when I backed out. I knew that I probably wouldn't get my earnest money back but my realtor asked for it back, which the seller said no. At that point I just wanted out and agreed to that. Well that's where the issue came in. My parents, who were concerned about me losing money contacted their realtor to have that realtor look over my contracts to see if there was a way to get the money back. Well, it took her several days to get back to me and by the time she did I already signed fortifying the earnest money to the seller. She also offered no advise on how to get the money back, she just said that it look like to her that I'll get it back. My mom and stepfather are extremely upset with me about signing the earnest money to the seller. They think that I got cheated out of the money and even said that my realtor is cheating me because they get a cut of the earnest money (I'm pretty sure they don't). To be clear I haven't loved my realtor through this whole process, I don't think she advised me properly during repair negotiations but I think that's a separate issue (I don't plan to work with her again).They kept saying "we stuck our neck out for you" in regard to asking their realtor to look at the contracts. They are acting like I don't read the contracts and I'm being stupid. My parents basically told me to fuck off and don't bother visiting them for Thanksgiving (they live several hours away). I got a nasty text from my step father about how I am being an ass and to not come to him for help. Im really trying to understand why they are so angry about this but I just can't. Edit: they didn't give me any money [link] [comments] |
| What would you do? Rent, make an outrageous purchase, or commute? Posted: 13 Sep 2020 04:20 AM PDT Northern Virginia here. Been renting a 750 sq ft one bedroom apartment for the last 5+ years. Commute is 15min, but I want more space! I finally have some funds to buy, but can't find anything that a) doesn't come with an outrageous condo fee, b) isn't an over priced dump, or c) is in my budget near work. Should I continue to rent and invest my savings instead? Bite the bullet and accept the outrageous condo fees ($400/mo) so that I can own AND stay in the area? Or go for a nicer townhome 20+ miles out and accept a 1+hr (each way) commute? [link] [comments] |
| Listing agent is trying to cover up mold infestation I uncovered when under contract. What can I do? Posted: 12 Sep 2020 11:25 AM PDT During due diligence, I ordered an air quality test which showed sky high levels of mold in the front and back of the house. This report was released to the seller. I also uncovered a serious crawl space flooding issue that created standing water after rain. In addition to the mold test report, I had two IICRC-certified inspectors both independently confirm that the crawl space joists were covered in mold. I had a remediation quote sent to both the seller and the listing agent. In a signed due diligence request, the seller agreed to "remove all mold where present". Instead of making good on this, he hired an entomologist (an insect expert!) to write up a report with fraudulent-looking letterhead (there's a state license number in the letterhead, but it's an entomologist license) stating that there's absolutely no mold anywhere in the crawl space and the humidity level was only 10%. Both are lies. I terminated the contract. The house is now relisted for the exact same asking price, with the added description "the house is in fantastic shape!!". Instead of disclosing the mold contamination from my air quality inspection report or the remediation quote, the seller and the listing agent are intending to only disclose the fraudulent entomologist letter. I feel like this is a massive cover-up. While it's not my potential house anymore and no longer my problem, I am concerned that some poor buyer is about to be really screwed over. Is there anything I can do legally to prevent the seller/agent from committing fraud? [link] [comments] |
| No one is looking at my mom's house. Posted: 13 Sep 2020 08:24 AM PDT Can you take a look at the listing and give your thoughts as to why you think it's not getting more interest? Main house, 3 car garage with finished 2nd floor, commercial building that's rented. Located in Georgetown delaware https://www.zillow.com/homedetails/216-W-Market-St-Georgetown-DE-19947/84420615_zpid/ [link] [comments] |
| Posted: 13 Sep 2020 06:50 AM PDT Hello. I'd like some others opinions on whether my agent sucks or my expectations are just unrealistic? I bought and sold several houses in the last city I lived and just moved to a new state. I was referred to an agent through a VA lender and he seems like a nice guy with a lot of experience...but he's really slow compared to what I'm used to and I don't feel like he's bringing anything to the table. For example, when I text/call/email to set up showing it usually takes him about 5hrs to respond and by then the time slots for showings are full. On the rare occasion we do get in to see the place, he's always late and shows up completely unprepared. When I ask him about price or schools he always just says "I'll have to get back to a computer and check"....which takes him several hours. And then he just sends me a list of houses in the area that have sold with nothing else. No feedback, no input on which of these houses is truly a comp, nothing. I can get a list of houses that have sold on Zillow, I don't need him for that. What I need is his opinion on "well this house sold for more but it had an updated kitchen which typically adds $X to the value"; or "the house you're looking at is listed higher because it's in a school district that typically adds $X to value". Also, the home search he set up for us is never right and he always needs to "fix something" on it and that takes at least 24hrs for him to do. and then the parameters still aren't right. So I've resigned myself to using the various free websites to search for homes. My past real estate agents have always been very responsive and they showed up to the showings with comps in hand and ready to talk price. Have I just had stellar agents in the past and now I have to bar set too high? [link] [comments] |
| Posted: 13 Sep 2020 06:53 AM PDT I am trying to buy a house, I'd like my parents to move in as well, I don't want to leave them here in this dump house we are living in now. One of them would help me pay the mortgage but I talked to a mortgage lender and he said it's not possible? Surely there has to be a way? [link] [comments] |
| How much does purchase price affect selling price? Posted: 13 Sep 2020 03:04 AM PDT Bought a fixer-upper in downtown Asheville in August last year. Paid $215k which was a steal considering location. It needed a little love but mostly cosmetic. 100 years old but renovated a couple times over the years, just not recently. So we've put in a totally new kitchen, new water heater/dishwasher,refreshed bathroom, new floor in one room, new ceilings, walls in a couple others, new paint throughout blah blah. Did most of the work ourselves over the course of the year, we live in Charlotte so we just run up on the weekend and work one day, enjoy Asheville the next. It's been nice. Probably only spent $12-15k(don't have spread sheet in front of me). Planning to list this week for just under $300k, to generate interest but hopefully getting just over 300k. Comps seem to indicate it may go for $310-315. Agent says we did a great job but seems to think buyers will be put off by the $215 purchase price a year ago? This is my first renovation but this is kinda how house flipping works right? Edit: thanks for the responses, you've confirmed my thoughts. A little concerning that our agent thinks it'll be a factor but I guess it doesn't really matter what the listing agent thinks anyway. [link] [comments] |
| FHA buyer bias....something for sellers to consider. Posted: 13 Sep 2020 09:51 AM PDT I'm new here and a first time homebuyer. I've seen a lot of posts about sellers turning down FHA because of appraisals, assuming low income, etc. This is concerning to me because we are trying to buy with FHA. I know a lot of times this risk is real, but hear me out.... My husband and I are in our forties and recently married and looking for a home. In my 20s-30s I made some financial mistakes while working in a different career...I worked in fashion industry PR and made a lot of missteps with client purchases, parties, events, traveling, etc, a lot of which weren't reimbursed and therefore racked up a good amount of credit debt. Not crazy, but enough. This was all older debt I couldn't get in front of and nothing recent. I switched careers and decided to go to Nursing School. I know I'd be graduating with a considerable amount of debt and felt that because I wasn't able to get ahead of the debt and would be taking on about 40k more by graduation, I made the hard decision to file chapter 7. It wasn't desirable or ideal, but it was the only way for me to get out of school and have a fighting chance to be responsible and improve my financial status. So here I am now. I make close to 90k a year gross, combined we make just short of 150. We have substantial savings and very good credit scores. We both are financially responsible now. I am halfway into my masters degree and will make considerable more upon my higher licensing. My husband has worked the same job for close to 7years. The ONLY reason we don't qualify for conventional is due to my recent bankruptcy. The bankruptcy on paper has nothing to do with our current status. We have put aside money in the instance of hidden fees, appraisal variables, etc. We have made an offer on a house above asking because we love it so much. We are aware that the appraisal could potentially come back low and we have set aside the difference to pay out of pocket. We are fully capable of doing this with no harm to our pockets. I guess my point is....while a lot of times the fha buyers may be a risk, they are not always and there are other reasons why they chose this financing. Maybe if you have an enticing offer but are nervous about appraisals or inspections, you can reach out through your agent and see if they are prepared to make up the differences to get the deal done? Just some things to consider. Thanks for listening. [link] [comments] |
| [Nj] How do you find out if a building is historical? Posted: 13 Sep 2020 09:25 AM PDT I had heard some buildings cant be demolished because they have historical significance. How do i find out about particular properties? Can you point me in the right direction? Are there cases where the city changes these laws/ make exceptions for demolish? [link] [comments] |
| Appraisal taking listing value into account even if unsold? Posted: 13 Sep 2020 09:06 AM PDT We are interested in buying a house. The owner previously tried and failed to sell it in 2017 for $1.2m. They had it appraised later in 2017 for $1.07m. The appraisal lists the "last listed price" of the home as the $1.2m. It was sold just over three years prior (I guess that's just outside of the window they look at) for ~640k. My question is, does the appraisal seriously look at the listing price as an indicator even if it didn't sell for that? I struggle to understand why the last listed value is relevant at all if it didn't sell. Second question - if we make an offer, does the appraisal factor our offer price in? Or is it blind? (Trying to figure out if it's at all a "safe out" if we offer high... but also just curious how it works.) Thanks in advance! [link] [comments] |
| Posted: 13 Sep 2020 08:49 AM PDT I just sold my 1st house ever, an investment property, in WA state. I have always purchased title insurance when buying, it is highly recommended, to the point of being non-negotiable. I have never used it, and in fact, do not know how. I was surprised to be getting it when selling this house, as I had bought it when I purchased the home. I was told, every RE transaction required it in WA state, and that even the buyer had to pay some costs. what are your experiences? Have you ever turned it down, put it back on the buyer or negotiated it? [link] [comments] |
| Posted: 13 Sep 2020 08:04 AM PDT I am familiar with places like Trulia, Zillow, Apartments.com and Realtor.com but I often find them difficult to navigate particularly given my search criteria. Anyone know of a way to find out which new apartment housing is opening up next year in Las Vegas, NV preferably during the second quarter of 2021? TIA. [link] [comments] |
| Turning my condo into a rental Posted: 13 Sep 2020 01:25 AM PDT I was approved for $230 000. Instead of buying a crappy house I decided to buy 2 small condos. The first one is a 2 bedroom 2 bath for $127 000 in a good area 5% down HOA $350/ mnth. The second I have made an offer on is a 1 bedroom in a somewhat sketchy neightboorhood for $64 900 HOA $270/ mnth. My mortgage broker told me I should be able to put down 5% on the second property because technically the first one is the rental. Turns out thats not the case and the bank wants 20% on property number 2. I have what seems to be a really nice grandma and her son wanting to sign a 1 year lease and rent property number 1 for $1200/mnth. This is a really difficult decision for me because if I put down 20% on property number 2 I will only be left with $6000 in savings. Does this seem too risky in these volatile times? To put down so much of the rest of my savings? I can save a lot more money each month living in property number 2. And cash flow is about $200/ mnth from property number 1 which viruslly eliminates my mortgage on property number 2. Any thoughts? [link] [comments] |
| Should I clarify if something is an HOA violation before selling? Posted: 13 Sep 2020 04:35 AM PDT Hey, so my association has a policy that you can only have hard flooring in kitchens and bathrooms. We put hard flooring on the other side of the kitchen's breakfast bar. We've seen at least one other sold condo with hard flooring here. Should we disclose this as a potential violation on the sale, reach out to the HOA and be ready to know it is a violation or the one I don't want to do of forgetting about it and trying to sell the place? How much would a seller's disclosure on this kind of this affect negotiations? [link] [comments] |
| Making Things Easier for a Realtor (MN) Posted: 13 Sep 2020 10:26 AM PDT I'm in Minnesota. Does anyone have any checklists or a practical list of things to think about when buying a home? I want to hire a realtor with a semi-firm decision on what I am looking for in a new home. I don't want a realtor to 'help me' figure this piece out because in my experience, every home for sale 'would fit' my criteria per the realtor. In other words, the realtor has an incentive to make every home attractive. My loose thoughts
What else am I forgetting? [link] [comments] |
| Finally sold in a TOUGH buyer's market (average pre-Covid DOM 263 days). Posted: 13 Sep 2020 10:15 AM PDT Tough buyer's market - small town over 1 hour from the closest small city in a flat, cold climate. Town's major employer folded 2 years ago and destroyed economy. Listed mid-March @ $425k, what we paid 5 years ago. 11 showings total, averaging 1-2 per month. Buyer visited 3x. All feedback said the house was beautiful, well staged, but most wanted a bigger yard, which is typical of people who would buy in this area. Price reduced to $407k, sold for $395k. What a relief. Considering the economic circumstances, I think we actually did really well. Lesson learned: we will never buy again in a dead market. It's fine for some but not for us. [link] [comments] |
| Lots of price cuts last 3 weeks? Posted: 13 Sep 2020 09:54 AM PDT I live in a blazing hot area. After a blazing hot summer Im noticing a ton of price cuts. I think homes in my area have finally outpaced what people can borrow (very avg homes going for 6-700k, nice homes 9-1M, luxury homes 1-3M) Anyone else seeing prices hit a ceiling? Not sure demand is down but it seems boomers (sellers and realtors) are finally realizing prices can only go so high before nobody can get a loan for the place. Again this isn't a tier 1 or 2 city but a very desirable smaller sea coast city [link] [comments] |
| Posted: 13 Sep 2020 09:46 AM PDT When my family and I moved into our house 7 years ago. We bought AC units to put in the window since we didn't have a central AC. Now we are selling the house and we want to take our AC with us, but the people that are buying our house now wants us to keep the AC units. Our agents says that we need to keep it ( I don't believe my agent cares he just wants to sell our house to make his money). Can we take our AC units since we bought them? [link] [comments] |
| Posted: 13 Sep 2020 08:44 AM PDT Most townhouses with rooftop patios share a waist-high dividing wall which seems insane for something that costs as much in many areas as a freestanding home. Is it possible to build a privacy structure of some kind? Are there common HOA restrictions for these townhomes? [link] [comments] |
| Posted: 13 Sep 2020 08:30 AM PDT Hello, I am recently getting into real estate and vacation property rentals. It would be really nice to speak with someone who has some experience in this area. A bit about me: I am a 26 year old Software Engineer in the East Coast US area. Have had the real estate market. Bought my first home a few years ago. In the process of buying land to build a second home for vacation rental. If you are interested in speaking further. Feel free to PM me. Thank you, [link] [comments] |
| Is it true that newer condo buildings are better insulated and sound proofed? Posted: 13 Sep 2020 12:11 AM PDT I just bought a condo and it's new construction. Worried about sound insulation but I've heard that new construction has better sound proofing? [link] [comments] |
| Anyone else have some shocking home sales near you? Posted: 12 Sep 2020 10:43 AM PDT House next to me sold for $400k in 2017, sold a couple months ago for $575k, with only minimal improvements. House across the street is a wreck and was priced at $490k. Figured it would sit as it is too much work for a DIYer and priced way too high for a flipper or builder to make any money on. Under contract within 2 weeks of being on the market. Things are pretty crazy out there [link] [comments] |
| Advice on refinancing when planning to sell in a year or two? Posted: 13 Sep 2020 02:31 AM PDT Current situation: We have a home in San Jose, bought at 750k with a 600k loan in 2016 with a 30-year 3.75% interest rate (no PMI). We lived in it for 6 months before I got a new job in a new city and have been renting it out ever since. We also have perfect credit (800+). Loan right now has about 550k on it. With tenants, we lose money right now on it each month if you factor in the property taxes, HOA, property manager, etc. If the home value goes up at least 1% a year, it just about breaks even and we would roughly recoup these expenses in the sale. Bay Area is a little unique as it is closely tied to the status of the tech industry. Hard to predict, but I'm wondering as more people working from home, and as major companies expand their offices more into San Jose, that the house value may jump up more in the next few years. Now we live overseas and have good tenants in the house. We think it would be best to sell whenever the tenants decide to move out, since finding good new tenants is such a pain. With refinancing rates so low, would you recommend to refinance even if we planned to sell the house in a year or two? [link] [comments] |
| Posted: 12 Sep 2020 07:44 PM PDT Hello, I'm reading that you need to bring 2 forms of IDs for closing day: driver license and passport. Does anyone know if there any other accepted form of ID? My passport has been expired for years and I never needed it before. [link] [comments] |
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