Real Estate: remember 2008-10? |
- remember 2008-10?
- A heart felt thank you to /r/realestate
- Offer finally accepted!
- Sign of the times?
- What are your favorite lies real estate agents tell?
- Buying a new construction condo vs. renting (Bay Area)
- (Bay Area) Is contractor arbitration a kangaroo court?
- If a realtor refuses to work with you anymore mid contract can you complete the sale/purchase without them?
- Closed on our first condo yesterday!
- Disputing square footage and stressed we overbid
- [Phoenix AZ] Should I just FSBO this thing with the market madness right now?
- Why houses with symmetrical facade look/design are usually more expensive?
- Aside from having cash available, what are the best options for selling a home and buying new construction?
- Land and Building loans
- Income for home
- Does climate change make California a poor long-term real estate play?
- Can you get a mortgage as for a primary residence if you already have one?
- Should I hire an attorney to fill out the sales contract? (Harris County, TX)
- Moving in-between houses with weeks between closing dates. (Northern NJ)
- (US-FL) Can't wrap my head around repercussions of mortgage forbearance ending.
- Out of curiosity, do you still do the home inspection if you waived it in your offer?
- Neighbor made us a cash offer to buy our house. We’re very happy with his offer. Is it best to take that, and use the profit to wipe out debt before pre approval on our next home? We’re already planning to sell soon.
- Giving Notice to Landlord When Buying House
- What is it like working at a title agency? Would you recommend a job in this field?
- Low appraisal, how could this happen?
| Posted: 11 Sep 2020 05:47 AM PDT any of you folks remember people walking away from their mortgages simply because their equity was gone overnight? not due to being out of work or other hardship, just that their house was now technically un-sellable or worthless and they had no equity and used that to justify letting it go back to the bank. since the market dropped, people would buy a new house before they stopped paying on the previous and let it slip into foreclosure. today all these folks sweating to buy right now, paying 30% + over asking, when the buying pace returns to normal , so will appraisal values. just be careful, there is no urgency except for the situation you place yourself in. there is NO shame in renting and there is NO promise of home equity, a developer could plop down a 300 unit neighborhood that competes potentially. don't fall for the FOMO, the right deal will come around. no one is predicting the housing market to crash, but i have seen it in the last 10-12 years so anything is possible. if you drain your savings getting into your house and you have no equity in 3-5 years, it's really your fault for buying high, like Enron stock. financial advisers were telling their clients to buy with the advice "it's never been higher so you should buy" wait, what - i'm not bullshitting. if your home search is pushing you into uncomfortable territory , consider stepping back and cooling off. it's a very big decision and should be given the proper amount of consideration. just my opinion. best of luck to everyone [link] [comments] |
| A heart felt thank you to /r/realestate Posted: 11 Sep 2020 09:24 AM PDT I just wanted to send out a thank you to the members of this real estate sub. I had many posts with questions and many of you came to help out of the kindness of your heart. Appreciate it very much. [link] [comments] |
| Posted: 11 Sep 2020 07:46 AM PDT Third times the charm! Here in Reno, the market is crazy and inventory is incredibly low. First house we loved, but was the top end of our budget. We put an offer the first day it popped up and we were beat out by a cash investor $30k over asking. Second house we also put in an offer the first day, once again beat out by a cash investor paying $20k over asking and waiving appraisal and inspection... Third house we put in an offer on the first day. They accepted, even though they had a higher offer! I'm so incredibly happy!!! It's $50k less than the other houses too. This house is a minute from our current rental house, and very similar floor plan, but all newly remodeled. The mortgage will actually be less than our current rent! We're so ready to have a house we can actually landscape and make our own. We won't have to worry about painting a wall or increased rent or being kicked out in 30 days. :) [link] [comments] |
| Posted: 11 Sep 2020 04:56 AM PDT Just a fun story from last night. Wife and I have been looking for a new home (we currently own one). We have approval with contingency and without. Home is listed at noon, wife sees it immediately and sends it to me. It checks all the boxes, I send to our agent, he schedules showing for 5 PM. We arrive at the showing to 6 other couples touring the home. The owner (an agent) and his broker are there. This was super uncomfortable to be honest. It's his house so do whatever you want, but it was uncomfortable for us, especially with the house being full of other people. They should have just called it an open house. Anyways, we loved the property. We left and told our agent we would like to make an offer. We were going to offer full ask no sale contingency, close in 30 days. Our agent calls back and the seller's agent discloses that they had 22 showings that day, and 20 scheduled for next day. They had 12 offers, 5 cash, 4 of those waiving the appraisal contingency. This is SW Florida. It seems like things are getting really crazy. Buckle up everybody! Happy Friday! [link] [comments] |
| What are your favorite lies real estate agents tell? Posted: 10 Sep 2020 10:42 AM PDT They're all funny to me, pretty transparently manipulative for the most part. The one I've been getting recently that I like is when I'm looking for an agent to list with (me as the seller) I've had a couple tell me they already have a buyer for me and I should list with them. I told one that I was listing with someone else, but I'd love them to represent the buyer and get half the commission. The other I told him I'd sign a contract for him to represent me for those specific buyers only. Spoiler: Neither had any buyers for me. [link] [comments] |
| Buying a new construction condo vs. renting (Bay Area) Posted: 11 Sep 2020 08:10 AM PDT My wife and I have been toying with the idea of buying our first place since mortgage rates are so low but are torn. We've been looking around casually and found a few new construction condos for sale in the Peninsula (San Mateo, San Carlos, Redwood City) that we like. Asking price is $1.3-1.5m for a 2BD/2BA condo while some similar 2/2 apartments in the area in similar shape are going for $4-4.5k/mo. Financially, I think we can afford either ($400k total combined gross salary, $500k in cash/savings/index funds, no outstanding loans, no kids), but we're not sure about which is the better option right now. We're 99% sure to stay for at least 3 years, 80% for 5 years, and maybe 50% for greater than 7 years. We love the Peninsula area but with that comes the high cost of places. [link] [comments] |
| (Bay Area) Is contractor arbitration a kangaroo court? Posted: 11 Sep 2020 09:50 AM PDT My relationship with my contractor, who is finishing up an addition for me, is starting to sour. I'm suspecting some of the work is substandard, e.g., floor to ceiling cracks + stress cracks around door frames/windows in the addition stucco, and when I point it out, it's "normal" according to the contractor. I'm considering taking the contractor to arbitration to resolve. Has anyone actually won arbitration in the Bay Area? I plan to get an inspector to back up my claims of poor workmanship, but I don't know if there are certain credentials I should be looking for in order to make my case strongest (and to not claim grievances against truly normal defects) [link] [comments] |
| Posted: 11 Sep 2020 05:53 AM PDT What happens when a realtor decides to not work with you anymore mid contract because they "don't like you"? [link] [comments] |
| Closed on our first condo yesterday! Posted: 11 Sep 2020 05:41 AM PDT Thanks to y'all help, after 2 long months we closed on our condo. Big ups to this sub telling us to check the HOA before buying and seeing that they have tons of reserves so fingers crossed no special assessments in the near future. We ended up getting a 2.99% 30 year loan with .08% in points. We could not be more excited for this next part of our lives! We only had to put down around 4% and has about 10k in closing costs due to transfer tax, but well worth it. Luckily, we lived here for 3 months beforehand so everything was moved in and ready. [link] [comments] |
| Disputing square footage and stressed we overbid Posted: 11 Sep 2020 01:33 AM PDT We've been looking for a house for more than a year and walked away from two houses after the inspections. We are picky, nervous buyers. We are also getting sick of looking. Today a beautiful house in our top choice neighborhood came up and even though it's basically one floor of finished space at the top of our budget, we offered 10k over asking to make sure we get the house. The seller's agent responded and asked us if we'd pay cash to cover if it didn't appraise. This is the first time this has come up for us, especially as 10k over is nothing in this hot market. It's not the most expensive house in the neighborhood. It's a 2/2 and most houses are 3/2 or even 3/1 in the neighborhood. We are nervous homebuyers and the thought of overpaying makes us sick. Now, in the middle of the night, we realize they might be misrepresenting the basement as finished. It has painted floors with loose carpet on top. It seems installed flooring and heating is required to call it finished and they definitely don't have flooring and I'm unsure about heat. That could drop the finished space from 1500 sq ft to 1100. A 2/1 in the neighborhood with 1000 sq ft recently sold for 55k less than we offered. We still really like the house but we don't want to overpay and we don't want to get to an appraisal dispute sometime after a $1000 inspection. We've already done two of those. We are considering these options:
Any advice? [link] [comments] |
| [Phoenix AZ] Should I just FSBO this thing with the market madness right now? Posted: 10 Sep 2020 10:24 PM PDT I live right in a suburb of phoenix that has houses basically selling the day they are listed for around 300k. Many with multiple offers above asking price. At first I was going to do the usual agent track, but my dad is 100% convinced that is pointless right now since the market is nuts. I've done a bunch of research on it and it sounds simple enough:
This would save me ~7500 paid toward a sellers agent at %2.5, with 2 expenses dipping it to around 5000 savings once all of the legal fees are calculated. That's an entire set of furniture and appliances in my house across the country. I'm 100% in. Anything else I should prepare before I go for it? Or is this a horrible idea and agents really do bring on real value? [link] [comments] |
| Why houses with symmetrical facade look/design are usually more expensive? Posted: 11 Sep 2020 11:13 AM PDT Recently I noticed that houses with symmetrical facade design usually are much expensive. One can find that kind of design in big and expensive mansions. That look/design is more pleasant for me when I look at the house. But why is that? Why it's almost impossible to find a smaller "regular" house with this kind of design feature? Am I right? Is there an explanation to this? [link] [comments] |
| Posted: 11 Sep 2020 10:36 AM PDT Such as: Sell current home and rent during construction process? Risk a bridge loan? Contingencies? Etc Looking at either a spec tract home or new construction tract home. [link] [comments] |
| Posted: 11 Sep 2020 06:50 AM PDT Hey all, I am looking for any basic experience or recommendations regarding loans for buying land and/or building. If I want to buy land to build a house on, how should I finance it? I see it as two options - either mortgage the land alone until it is payed off, and use that as equity/down payment for building (is this possible?), OR save up 20-30% (however much is required) to secure a loan for the land and building at the same time. Thoughts? Which option is better, or am I missing something? [link] [comments] |
| Posted: 11 Sep 2020 06:39 AM PDT Can you purchase a house with the VA loan by just making $18.50 an hour..plus va disability income? [link] [comments] |
| Does climate change make California a poor long-term real estate play? Posted: 11 Sep 2020 10:12 AM PDT Given California is large and has different climates, the impacts/risks are unique to each region.
[link] [comments] |
| Can you get a mortgage as for a primary residence if you already have one? Posted: 11 Sep 2020 06:26 AM PDT We currently own and live in a condo and looking to buy a house and rent out the condo we currently live in. We just refinanced our condo as a primary residence not too long ago. Will I still qualify to get a mortgage as a primary residence for the house I plan to buy in the future? Or does having a condo mortgage cause issues? EDIT: I've read that if you've lived in the property for more than 3 years it will be qualified as primary residence even when we move out and rent it out. But does refinancing restart that "clock"? We've lived here for more than 3 years but refinanced a year ago. [link] [comments] |
| Should I hire an attorney to fill out the sales contract? (Harris County, TX) Posted: 11 Sep 2020 10:11 AM PDT I'm purchasing my brother's neighbor's home, which has not been put on the market, and paying in cash. There's no realtors or bank involved. I've hired a title services firm to handle the title search, title insurance, and escrow services. The seller has brought up the Texas Real Estate Commission's "One to Four Family Residential Contract" for our contract. Should I hire an attorney to fill in the blanks? Can I fill it in? Should I ask the seller to fill it in? It seems fairly straightforward: we've done the home inspection and there's nothing to be fixed, we've agreed on the price and earnest money payment amount, and etc. I assume putting a closing date two weeks into the future will be plenty of time to handle the paperwork and title search. The title services firm says they'll start on the title search ("open title" is what they seemed to call it) when I sign and send in the contract. Before giving a knee jerk "always hire an attorney" response, could you review the contract and point out specifically what in it would be best to leave to an attorney? [link] [comments] |
| Moving in-between houses with weeks between closing dates. (Northern NJ) Posted: 11 Sep 2020 09:22 AM PDT We have 2 weeks in-between when we sell our current house and buy our new house. Moving companies are unwilling to hold on to our stuff in-between or charging us redicious (10000+) to hold on to our stuff. We are staying with family during the time. Am I missing an obvious answer? [link] [comments] |
| (US-FL) Can't wrap my head around repercussions of mortgage forbearance ending. Posted: 11 Sep 2020 03:20 AM PDT Have been shopping around to buy a house, stopped for a bit but recently started again after I got back to work a month ago or so. Since my income has been a fraction of what I used to make (I'm guaranteed to get back to the income after the whole ordeal ends 100% though), I was thinking of paying 20% down for a ~180k house to buy instead of doing FHA, but I was advised to wait around and see what happens after the CARES act mortgage forbearance ends. Obviously absolutely no one is going to guess 100% what's going to happen in the future, but I can't wrap my head around (not sure if I'm using the right phrase here) what's the worst that could happen that would save me a lot more money than buying right now if the forbearance ended without extension of the Act. I'm already seeing a lot of pre-foreclosure homes on Zillow even with the act still going on, who knows what's going to happen when it actually hits. I feel like the rate is already extremely competitive enough and don't think it's going down further but no one knows right now. I guess it's also probably better for me to just wait until I get back to my normal place of work and make what I used to make before making a purchase... Apologies in advance if I sounded like I was rambling. [link] [comments] |
| Out of curiosity, do you still do the home inspection if you waived it in your offer? Posted: 10 Sep 2020 08:06 PM PDT We just got our home inspection report back and it was such an educational experience. I'm curious if those of you who waived the inspection to make your offers more competitive, do you do an inspection once you're in the house just to know what issues to head off / address? [link] [comments] |
| Posted: 11 Sep 2020 09:06 AM PDT I know there are many variables here: We have $20k in equity plus we'd make additional $40k profit with the neighbors offer (before fees, closing, etc). My MIL has $25k set aside for us toward our new home, however this money is not "visible" to the bank as it's a gift. $15k of our home sale would pay off student loans and credit card debt. Sounds backwards to sell before being approved but we're considering all options to secure approval and rates. We don't have much cash outside of this without the profit and gifted money. The home were in now was our "starter home". Exploring options, TIA. [link] [comments] |
| Giving Notice to Landlord When Buying House Posted: 11 Sep 2020 09:05 AM PDT I'm in wait of the appraisal and final walk through towards the end of this month. Generally at lease end my landlord requires a minimum 60 day notice to vacate. I'm breaking my lease (can't be helped) and it's my understanding doing so incurs a $160 fee. Given communication with my agent and sellers I'm pretty sure the minor repairs I requested will be taken care of and don't have concerns that the final walk through will lead to some nasty surprises. Am I in a good position to give notice to my landlord today? I do not have to make a monthly payment until November 1st, and I am only paying upfront prepaid interest for September 25th - Oct. 1st at a 2.75% rate [link] [comments] |
| What is it like working at a title agency? Would you recommend a job in this field? Posted: 11 Sep 2020 09:05 AM PDT I got a call back from a job I applied to. The position is Title Processor/Title Paralegal. Anyone work at a title company? What's the work like? [link] [comments] |
| Low appraisal, how could this happen? Posted: 11 Sep 2020 05:10 AM PDT 2 weeks from closing and the appraisal comes back low by almost 10% of the purchase price. How could this happen? We didn't get in a bidding war. Our real estate agent, the sellers agent, the mortgage company, everyone assured us that the purchase price was very reasonable. I'm going to end up losing this house because of this after over a year of looking and 7 houses later. I don't understand how this could possibly be so far off. [link] [comments] |
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