Real Estate: Really sad. Got criticized for the home I’m buying. |
- Really sad. Got criticized for the home I’m buying.
- Clear to Close!
- Finally no more wondering what I’m going to do when the lease is up!
- Is it better to invest in a plot of land and build your own house, buy an old house and renovate it, or just buy a new house?
- Partial Waiving of Appraisal Contingency? Appraisal cap(?)
- Looking for advice/opinions/guidance from San Diego based agents/brokers
- speculation ~ listing on Redfin got delisted, does that necessarily mean not sold?
- Galvanized Steel Piping/Plumbing
- Experience with Citibank for loans?
- Buyer's Letter
- Anyone well versed in vacation area rentals? Homeaway or airbnb? That can share info and what their experience has been like
- Defects: owner aware on listing
- Anyone know what these boxes are in our attic?
- Best spot to live in a cult-a-sac? Site plan in post
- FSBO: Informal Agreement to Purchase?
- Builder change post contract? California.
- For fresh grad, when would I become qualified to start a mortgage?
- Double Insurance policy and filing a claim:
- (NC) Is it even possible to negotiate after paying a high due diligence fee?
- Condos and Prepping a Down Payment
- Signed a rental lease for a house. Now I'm being told the property cannot be rented out. What can I do?
- "High Value" Home Inspection. Anyone familiar with this?
- Poop fountain
- What type of loan do I need for purchase and renovation?
| Really sad. Got criticized for the home I’m buying. Posted: 29 Sep 2020 09:04 PM PDT I'm buying a new townhome and it's 3 bd/3ba, in a cul de sac and it's got a nice yard and a two car garage. In the area that I love very close to my family too. My area is extremely high priced and this was within my budget. I'm tired of paying rent for a tiny apartment in a sketchy part of town. So I proudly told my friend that I'm gonna be a home owner. This will be a starter home to finally build equity. I've worked two jobs to achieve this dream. My friends said that I'm wasting my money buying a townhome and that it's just a big apartment and that I'm making a horrible decision. The thing is, all the other Starter homes In my area are fixer uppers or in a bad part of town. These friends also still rent and live in tiny apartments. I was so proud but now feeling defeated. I should still be proud to own my own home even though it shares one wall, right? [link] [comments] |
| Posted: 30 Sep 2020 03:59 AM PDT OMFG, It is actually happening! After 3 years of looking and building credit, 2 months of looking followed by 3 months of waiting due to COVID followed by another 3 months of looking. Found our dream home, got it at a reasonable price, and finally have a date and time set to close! Best part? It is vacant so should get to move right in! Someone pinch me I am dreaming! [link] [comments] |
| Finally no more wondering what I’m going to do when the lease is up! Posted: 29 Sep 2020 03:26 PM PDT Finally becoming a home owner this year (closed back in May) the one thing that is so satisfying is no longer wondering what I'm going to do when my lease is up! Got so tired of year after year, ok am I going to move to a different apartment or what? You knew they were going to jack the prices up each year for no reason. Being able to settle down, actually set up my home how I want it, not worry about my price increasing, accumulation of equity rather than flushing money down the toilet. This is all so refreshing! [link] [comments] |
| Posted: 30 Sep 2020 08:09 AM PDT I was thinking about investing in some property overseas and even here in the US. I would like to know which would be a good option especially where I want to invest overseas, now is the good time to purchase or look at property to buy. I thought of purchasing the land and then building it but then I see what they do in HGTV is that they buy a really old property or a run down property and then renovate it. Then where I want to buy property overseas they already have many apartments and houses being built. The only issue with those is that they are not really my style. [link] [comments] |
| Partial Waiving of Appraisal Contingency? Appraisal cap(?) Posted: 30 Sep 2020 07:49 AM PDT Hi All, my wife and I are in the process of submitting a best and final offer on a house that has at least 5 other offers. We are interested in submitting an offer above asking and are confident that the house will appraise for over asking. however, we don't want to open ourselves up to the risks associated with completely waiving the appraisal contingency. What I suggested is something like a partial wavier where if the appraisal comes within say 10k of the offer price, we will not renegotiate. however, if it appraises for lower than that, we will invoke the contingency. For example, say the offer accepted is 495k and the house appraises for 487k. We will accept the delta and make up the difference on the financing. However, if the house appraises at 480k, that will be outside the tolerance and would use the out the contingency provides. Two questions:
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| Looking for advice/opinions/guidance from San Diego based agents/brokers Posted: 30 Sep 2020 09:25 AM PDT We are looking to buy a home in SD county (probably Eastern Chula Vista, but open to other options) sometime next year. We lived in the Bay Area until earlier this year when we moved back to Ohio (all this was planned well in advance). The timing actually ended up working out because COVID-19 became a thing. We certainly didn't forecast a global pandemic. Fast forward to now, we're living in Ohio and renting until our kids figure out what they're doing post college graduation. We love the SD area, and spent some time there last year scouting some potential places to live. We're going back in December to do more scouting (renting an AirBnB in a few areas to get a feel of what its like to live there). So, here's where I'm struggling. I'll be using a VA loan. We both have excellent credit 750+. We sold our house, paid our car loans off and have very little debt. Credit worthiness won't be a problem. From what I see, the biggest problems will be: *Trying to tour a house while out of state in a competitive market *Purchasing a house with a VA loan when cash rules and VA loans bring additional hurdles to cross Has anyone performed or facilitated a similar purchase/situation? I'm looking for opinions from past sellers/buyers/agents/brokers in the area. Yeah, I realize there are "virtual tours" that agents can provide but we would want to actually see a property in person before putting an offer in. I also realize that once we're ready to start seriously looking, we most likely will have to spend some time in the area in a short term rental. I also realize that we will probably lose out on more than a few homes in the process. At the same time, we don't want to "settle". Yeah, there will most likely be compromises to be had, but we're not going to buy something just to say we live in San Diego county. It has to work for our lifestyle, present and future. Any suggestions/guidance is appreciated. It's early, and the market can definitely change between now and then, but I at least want to have a game plan in mind before the time comes. Also, any suggestions/referrals on agents/brokers who are experienced with facilitating VA Loans in the area are appreciated. Thanks everyone! [link] [comments] |
| speculation ~ listing on Redfin got delisted, does that necessarily mean not sold? Posted: 30 Sep 2020 09:18 AM PDT So there was a property I was kind of keeping my eye on the last week, it popped up and instantly became a 'hot' listing on Redfin, kept checking on it thinking it would hit escrow but never did. Then just last night it wasn't listed anymore... what does this usually mean? [link] [comments] |
| Galvanized Steel Piping/Plumbing Posted: 30 Sep 2020 09:03 AM PDT |
| Experience with Citibank for loans? Posted: 30 Sep 2020 08:53 AM PDT Hi All, title sums it up. Got a pre-approval letter from Citi, and they're saying I can't roll closing costs into the loan. Plus they have fairly high rates (3% with .375 points) compared to others (and they say the rate is 3% with no points today, but I only got my letter yesterday, so seems odd to me). Wondering if anyone has experience with Citi, and their thoughts on Citi as a lender? Thanks in advance! [link] [comments] |
| Posted: 30 Sep 2020 07:19 AM PDT Do buyer's letters ever work? We have been trying to buy a house for 3 months now. We have put 5 bids in. We have come in 2nd on 4 of them. We know our amounts are fine. We think it is the VA loan that is losing these bids for us. Do you think a letter to the sellers would help at all? [link] [comments] |
| Posted: 30 Sep 2020 07:02 AM PDT My wife and I are selling our house and we are considering moving up to the Kennebunk area in Maine. One of the ideas was to get shoreside home with a seperate entrance apartment or a home with enough space that we could build a guest house to rent out when family is not using it. Anyone have experience with soemthing like this? I'm having trouble finding rental averages based on months of the year. Any help would be great. [link] [comments] |
| Defects: owner aware on listing Posted: 30 Sep 2020 06:54 AM PDT We are selling our house. I was looking at the comps our realtor sent and all the other listings under defects say owner not aware. Ours say owners aware. What does this mean? Does it mean we would know if there is something wrong, or that we know something is wrong. Weve been renting it out (albeit with a property management company) for 10 years. As far as we know everything is good. I plan on calling the realtor later as theyre in a different time zone, just trying to get info from others with experience. [link] [comments] |
| Anyone know what these boxes are in our attic? Posted: 30 Sep 2020 06:52 AM PDT Edit: Sorry guys 🤦🏻♀️ I'm a first time home buyer and there was a lot to review with the walkthrough yesterday and clearly I didn't put two and two together. I was mostly scared to fall through the ceiling while crawling around up there. Anyway, thanks very much for the feedback and we are planning to add insulation once we move in. We are also changing these to LED lights so I'm sure we'll become much better acquainted with them, and hopefully other very obvious things we have yet to learn. We are closing on a house today and at the walkthrough yesterday noticed these little boxes in the attic. Each one has a glowing always on light. Anyone know what they are?https://imgur.com/a/GidqIZX/ [link] [comments] |
| Best spot to live in a cult-a-sac? Site plan in post Posted: 30 Sep 2020 06:45 AM PDT I am building a new construction home on a subdivision and would like to know pros on cons on which lot to choose. We are between lot 7 and lot 12. 7 is at the base and next to the retention pond so it offers a little more privacy and it is the biggest plot of land. However, it seems to have a hillier elevation. 12 is closest to the street, smaller plot of land but it is flatter land. There is no lot premiums. What would you choose and why? Site plan: https://imgur.com/gallery/COwxtH8 Edit: there is a retention pond in between lot 7 and 8 [link] [comments] |
| FSBO: Informal Agreement to Purchase? Posted: 30 Sep 2020 06:27 AM PDT Follow-up on earlier posts: I'm working with a seller of a for sale by owner house myself since we cannot find a local agent (it's very remote). My mortgage company (I have pre-approval) has said "We can get you in touch with our for sale by owner assist team once you have a verbal agreement to buy a house & we can also lock in a rate at that time" and they've also said "Write Purchase Agreement on the top of a page, describe the property and sale price, have both you and the seller sign it, and give it to us and we can work on converting it to a final Purchase Agreement and get started." Does this make sense at all? [link] [comments] |
| Builder change post contract? California. Posted: 30 Sep 2020 06:20 AM PDT Hello all, Southern California. I signed a purchase agreement for a new construction in June with anticipated delivery being November/December. Today I was informed that the "management of the sales and construction of the homes is being managed by a different LLC manager" and that they are "aggressively researching what is needed to pull the building permits". The new ETA is April. The purchase agreement I signed names the prior LLC dozens of times. There was also a builder concession of closing costs. I've asked for clarification from the sales person, but is this something that occurs or should I be worried? Should I expect a new purchase agreement? [link] [comments] |
| For fresh grad, when would I become qualified to start a mortgage? Posted: 30 Sep 2020 06:16 AM PDT |
| Double Insurance policy and filing a claim: Posted: 30 Sep 2020 06:11 AM PDT I ended up having 2 home insurance policies due to a mistake on the mortgage company and instead of fixing it immediately like I should have done I ignored it as the house was being repaired and listed for sell. The house went under contract a few weeks ago and the inspection report and requested repairs were sent in last night. The inspection report shows that the roof is damaged and needs repaired/replaced. I have a roofer coming out this morning to inspect it and they will recommend if I should attempt to file a claim. My concern now is that I have 2 active home insurance policies on the same home. Do I contact both of them and file a claim? My realtor said he never seen someone in my situation and just recommend I contacting my insurance agent but my agent left the insurance field 6 months ago and I have never got a new one yet. Any advice on what to do when having two active insurance policy on the same house and needing to file a claim. Anything I should not attempt? Thanks for any response. [link] [comments] |
| (NC) Is it even possible to negotiate after paying a high due diligence fee? Posted: 29 Sep 2020 10:38 PM PDT I am in NC - where currently in order to have any offer considered, you need to put a (non-refundable) high due diligence. Our offer has been accepted, and now we are on to the inspections - but unless something major comes up, do we have any negotiation power what-so-ever? (and even if something major comes up, seller could refuse to negotiate and we'd be out several thousand dollars! tough game for buyers right now...) Anyone been successful in doing so? Please share your pointers! [link] [comments] |
| Condos and Prepping a Down Payment Posted: 30 Sep 2020 06:08 AM PDT I'm currently 25 looking ahead a bit to where I wanna be in 5 or so years. I'm in DC, but researching the Northern VA area. I'm generally trying to follow "standard" real estate guidelines. Property around 4x my annual income, 20% down, and house hack ~2bd/2bath something along those lines. It seems all I can find in my range are condos in very large old apartment buildings, and that doesn't sound super appealing to me. (Not trying to talk bad about those if that's where you're at right, just not my cup of tea) Do y'all have any suggestions or knowledge besides the kind of obvious, "look somewhere else?" In addition, since I'm not looking to move on this for 3+ years, and I'm fairly flexible, How do you guys feel about a down payment in a brokerage account? I just feel like I can get a better return than a slowly dwindling rate over at Ally. Thanks guys, hope this finds y'all well, and I appreciate any advice. [link] [comments] |
| Posted: 29 Sep 2020 12:46 PM PDT My friend and I moved from California to Missouri this past weekend. We signed a lease, and gave them a check for first months rent/deposit. Everything has seemed legitimate as far as renting a property goes. We got here over the weekend and were told by the landlord's agent that we had to go to our City Hall and get an occupancy permit on Monday. We went there and we were told by the Permit Clerk that this property we are at cannot be a rental property. She said that we needed to have the property owner call her. We spoke to the landlord's agent and after she looked up some stuff she concluded it was because the owner didn't get a "landlord license" and he would get it done asap to fix this. Today we're now being told that this area has a 30% rule where no more than 30% of properties per block can be rental properties and that we may have to move. I love this house and absolutely do not want to move again. My friend and I both picked up everything we have, and drove 1,800 miles to start a new life here. Any advice regarding rental properties or any legal action we should take would be really helpful and appreciated. I'll be here to answer any questions anyone may have. Thanks. Edit: also posting this is r/legaladvice [link] [comments] |
| "High Value" Home Inspection. Anyone familiar with this? Posted: 29 Sep 2020 06:36 PM PDT Hello, home inspector here from a small province in Canada. Our market is very hot right now and house values are sky rocketing. I got a phone call from someone from outside the province looking to purchase a $1.2 million dollar home. It's roughly 5500 sq/ft, several out buildings, indoor and outdoor pools, large hot tub, theater room, two kitchens etc etc etc. It's much bigger and much more elaborate than I'm use to dealing with and the buyer wanted to know if I offered "High Value" real estate inspections. I should ad this will be a private sale with no real estate agents involved. From what I'm reading a high value inspection is similar to a commercial inspection, which I'm use to, where I'd sub contract various trades to inspect various parts of the house. I.E. a pool guy, roofer, electrician and so on. Is this typical? Is this common in higher value cities? It's rare to see anything sell for more than $500k in my area. Any insight would be greatly appreciated as it seems like this isn't a service offered in my area and I'd like to help this client out. [link] [comments] |
| Posted: 29 Sep 2020 03:10 PM PDT Hey guys, FTHO here just closed on a new construction 11 days ago. After I flushed today's "morning glory" I was greeted by a geyser of human poo! I did everything I could to contain the backup inside the bathroom but some inevitably got into the carpet and closet outside the poo room. After cleaning what I could, I called the builder who called an emergency plumber. The plumber shows up, removes toilet, scopes pipes and finds/clears soft blockage. Wanting to be thorough he starts scoping other drains in the house until he finds a second blockage in the pipes from the garage. He pulls out a rag and some plastic (obviously from construction) and says he'll report it as such. The builder was informed if the cause and agreed to fix the damage to the home. Assessor comes though and reports water damage to the flooring and some of the drywall. The builder assured us he is having a crew come over tomorrow to start the rehab. Is there anything I should do to make sure all goes well? Open to hearing what you think about the situation. Location: Ca [link] [comments] |
| What type of loan do I need for purchase and renovation? Posted: 29 Sep 2020 08:39 PM PDT I've been searching around and I'm not sure the type of loan I need exists. I am planning on buying a home from my parents for the existing remaining mortgage of $150k but I also want to renovate it to add a second floor which will run about $450k on average. How do I fund all of this? Any suggestions? [link] [comments] |
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