Real Estate: What do you regret doing when you bought your first house? |
- What do you regret doing when you bought your first house?
- What are some tips on checking out neighborhoods before buying a house?
- Jump in or continue renting?
- Better Mortgage quote
- homes with predictably-high turnover rates
- Seller remain in possession
- Granpa wants to sell his house without anyone coming in to look at it. How?
- What are the considerations if I don’t use an agent on the buy side of a deal to purchase a home? Will that appear as an extra 3% in price to the seller?
- WV - underwriting/lender waited until closing to ask for resubmitted income verification. Waiting on IRS snail mail. Anyone went through this?
- Does a security deposit cover maintenance?
- How much do top New York real estate agent's take home per year?
- Seller backing out - any recourse?
- Dramatically different Zestimate vs. Redfin (200k+ difference)
- Kicking myself
- Recommendations for a great mortgage lender for a first time homebuyer
- Am I being too picky? FTHB
- is it worth to buy and reiterate a house and then sell it for profit or should just rent it out in the UK ?
- HELP! Should I ReFi if my wife is actively searching for a new home?
- Post leaseback possession
- How do mobile/manufactured home parks tend to affect neighboring property value (if at all)?
- Seller accepted offer, but said this about the home inspection..
- Pushing Back Closing Date
- Need help finding a commercial real estate owner.
- How do you find a good lender?
- [SoCal] Need advice to buy in a specific popular community
| What do you regret doing when you bought your first house? Posted: 06 Sep 2020 06:25 AM PDT Seems like there's so many things I need to do on my new house. I'm painting the interior this weekend. It wasn't something I anticipated but it needs a good coat of Kilz because of an odor I didn't notice when I first bought it and there's just some general old house wall imperfections I'm going to get done at the same time. I have a broken heater to deal with, branches that are touching the roof and need to be trimmed back and an old water heater that my inspector said should be replaced in the next few years. It got me to thinking about what needs to be prioritized. I wouldn't be doing the painting at all except I haven't moved in yet and so now is the best time I guess. Wondering what anyone may have done too soon and regretted. [link] [comments] |
| What are some tips on checking out neighborhoods before buying a house? Posted: 05 Sep 2020 04:50 PM PDT My last two houses had neighbors that I just didn't enjoy living next to. I got along with them and could speak to them, but one was a smoker (I couldn't enjoy my backyard without smelling smoke) and another was a car guy (meaning he was out in his garage or driveway moving cars and revving engines constantly throughout the day and even in the middle of some nights). Are there any tips to scoping out neighborhoods a bit before deciding to buy a house, besides driving by at different times a day throughout the week? [link] [comments] |
| Posted: 05 Sep 2020 07:27 PM PDT We have over our 20% saved, approved for a loan, socal market - total seller's market. No need to rush except fomo and kinda eager to setup a home for the family and kids. Having a heck of a time finding a good home and prices just keep going up!! Very nervous about everything. What do you all think? [link] [comments] |
| Posted: 06 Sep 2020 07:28 AM PDT I got pre qualified through better mortgage and the rate they gave me seems high. 650k purchase 20% down 780 credit score. 3.55APR and they want me to buy points ( 1.735% ) for $9k. Seems outrageously high. I was under the impression that they had some of the best rates. [link] [comments] |
| homes with predictably-high turnover rates Posted: 06 Sep 2020 09:23 AM PDT It seems like the location of homes in relationship to being on a "corner lot" predicts likelihood of high turnover: homes near the middle of neighborhoods are less likely to change hands often. Is this a well-known phenomenon? Are there other similar predictors of turnover (within the same neighborhood?) [link] [comments] |
| Posted: 06 Sep 2020 06:38 AM PDT Buyer in CA here. Our agent told us it's quite common for the seller to remain in the property 3-15 days after closing, to have time packing and moving, or even don't want to commit in finding a place till it's a done deal (closing). This is what the seller asked for on their final negotiating term, after agreeing to lower the price based on our inspection. My question is why this is common, given the liability concerns? Are other buyers just willing to take risks letting sellers staying in their home? We are asking to delay closing instead, agents on both sides showed reluctance, worrying this will cause the deal to fall through, after a painful price negotiation back and forth. Because initially when the buyer agent told us the seller finally agreed to our price, but with the condition of them staying for another 15 days after closing, I misunderstood and thought they meant delaying closing for 15 days. I agreed verbally to that term, until we saw the contract, and therefore raised the question above. [link] [comments] |
| Granpa wants to sell his house without anyone coming in to look at it. How? Posted: 05 Sep 2020 11:24 AM PDT (SoCal) He says he prefers to sell his house to a developer, but basically just wants to sell the house as is, without various people walking all through the house, and he's hoping that someone will buy it and just demolish it and put up something else. Is this a thing? If so, how should he go about it? He's been in there for over 50 years and doesn't want to fix anything. House is on a large lot in a good neighborhood where several houses have been torn down or renovated. He hopes someone will want to put a multi-family residence on it. I've seen stuff about selling for teardown. What type of real estate person handles that? Is there a name for people who specialize in working with developers or teardowns? Thanks for the help! [link] [comments] |
| Posted: 06 Sep 2020 08:05 AM PDT |
| Posted: 06 Sep 2020 09:47 AM PDT Basically, just what the title says. We were less than 24 hours before our closing date, and suddenly our underwriter/lender sends an email saying our original IRS documents we sent in aren't good enough. They need approval to pull it straight from the IRS website. We're 1099 workers, but we've got the income, we have around 50% to put down on the house, we've been doing the 1099 work for 6 years now. Went to the site they sent us, put in all our verification, proof of who we are etc. and then it said it couldn't verify our phone number and would be mailing us a verification code via snail mail. It's a holiday weekend, and the snail mail card should arrive in 7-10 business days. Allow up to 15 business days. If it hasn't arrived after 15 business days, come back to the IRS site and request another copy, rinse and repeat. -_- Has anyone else gone through this process? We've tried to figure out if we can get someone on the phone at the IRS and perhaps have them give us the code over the phone, but I'm not overly hopeful. This is our last hang up. We already brought a certified check, got it put in the bank, and all that. We've also asked and been ignored 3 or 5 times now why they waited until closing day to ask for this info when they knew from Day 1 that our income paperwork was just digital copies from our CPA.... -_- What shall we expect now? Just wait on this card, submit it, and then hopefully close in a couple days after they see that the IRS has the EXACT same documents we sent? [link] [comments] |
| Does a security deposit cover maintenance? Posted: 06 Sep 2020 09:39 AM PDT We just moved out of our NYC apartment which is a condo owned by a private owner and managed by a a real estate company. Our lease ends Oct 31 so even though we are not living there we are honoring our lease and paying the last two months of rent. Our landlord, the owner, said that the management company will be inspecting the place and telling him what repairs need to be made to the apartment which he said will include "regrouting of tile, etc." and this will be deducted from our deposit. is he allowed to charge us for this? I thought security deposits are only supposed to be used for damage to the apartment that may have occurred while we lived there, not regular maintenance repairs. [link] [comments] |
| How much do top New York real estate agent's take home per year? Posted: 06 Sep 2020 09:35 AM PDT Guys like Ryan Serhant from Million Dollar Listing. Outside of the TV show, what's he bringing home each year? If his team moves $1B of real estate each year. His commission on average is around 3% (could be higher if he reps both sides). That's $30M in commissions. But he obviously has staff and likely has to give some of those commissions to his brokerage right? 60 staff at an average of $200K each (probably too high) is $12M. 1/3rd of the commision to the brokerage and he's left with $8M. Does that seem right? [link] [comments] |
| Seller backing out - any recourse? Posted: 06 Sep 2020 08:57 AM PDT We have a signed contract on a residential home for my family. The appraisal came in low and repairs had to be made (to satisfy FHA requirements). The realtor told me that the seller would come down to the appraisal price but that she would no longer cover my closing costs (originally a condition of the contract). I told her to tell the seller that we would get the new closing cost number (from the adjusted appraisal price) and that we'd try to come up with the extra money. Realtor sends me a cancel agreement a couple days later (no phone call, just sent the agreement). I call and she tells me that the seller has backed out completely. I asked why and she said she didn't know and that she thought someone (maybe family) had talked to the seller. She explains that because of the conditions, the seller can back out and that I should sign the agreement. She sent me two emails the next day reminding me to sign that agreement so I could get my escrow back. I texted her and asked her if the seller can just back out for no reason. She tells me the reason is because I said I couldn't come up with the closing costs and that gives her an out. I specifically asked her to tell the seller that I would try to come up with the closing costs but that I wouldn't know until Monday (this all happened on Saturday). I texted her just that and she hasn't gotten back to me. My question is: 1) Do I have any recourse to force this sale, provided I can come up with the closing costs? 2) Do I have any recourse to try to at least get the seller to compensate me for the inspection and appraisal fees I'm out? 3) Should I just let it go? I really can't afford to lose $1200 but if this is likely a waste of time I will just eat it. I'm not asking for legal advice, but should I consult a real estate attorney? At this point I would settle for getting my outlay money back (around $1200). Thanks in advance. [link] [comments] |
| Dramatically different Zestimate vs. Redfin (200k+ difference) Posted: 06 Sep 2020 08:23 AM PDT We bought our house in SoCal in early 2019 and below are the current estimates versus our buying price: +104k Zillow What gives? Are their valuation metrics significantly different? The Redfin one is without question way too high, but I checked the home facts and they're accurate. [link] [comments] |
| Posted: 06 Sep 2020 08:23 AM PDT Went under contract about a month ago. Last 6 years I have a blemish free credit report- but do to a collections from between 6 years and 7 years of 10k my credit score was about 660. I locked in a 3.125 simple interest with about 1% closing cost VA 10% down no points. Since then the collection has completely fallen off and my predicted FICO score went from 660ish to 750ish in part due to utilization going from over 100% to 0. We are 30 days from our predicted closing date. I know that 3.125 is usually considered great but I feel like I could get better and that I really messed up. [link] [comments] |
| Recommendations for a great mortgage lender for a first time homebuyer Posted: 05 Sep 2020 06:37 PM PDT Keeping it short. My friend recommended me Finance of America Mortgage and said he had great experience with them. I read great reviews about them as well. Looking to get pre-approved then find a real estate agent. Thanks so much for suggestions! [link] [comments] |
| Posted: 06 Sep 2020 07:59 AM PDT Hi, I am looking to buy a house for the first time in/near one of the busier cities in Maine, US. Unfortunately I am single-income with no future plans to change that and make about 40k/yr. I was given a pre qual estimate from a bank of 160k without PMI in Feb due to having excellent credit. Then the pandemic happened. My credit dipped a little due to circumstances. I was given a 140k loan estimate including PMI from a mortgage broker last month once I researched further and decided not to go through Keybank. This has somewhat curtailed what I can look for. There aren't a lot of clean, solid houses in my area and my friends are telling me I'm being a picky picky princess for looking at condos (because an HOA would mow, snowplow and deal with the roof stuff for me) but also higher end houses in my budget instead of 75-80k homes. I've given up having any concept of elbow room with the neighbors if I get a house, but I feel like I'm settling if I go for 80% of the houses I see for sale in my area. Judging by the pics on realtor, trulia, zillow, and my realtor's website. I look at them and want to replace the roofs, the lawn, rip out all the bushes, square everything off, redo all the house paint, and half the insides due to them being so damn ugly and unclean. I've never felt like doing that with any apartment I have lived in and I don't know why. All of the above feels like I'd sink more in money into the house as I'd save. [link] [comments] |
| Posted: 06 Sep 2020 06:50 AM PDT I'm planning to buy a house with a £100k mortgage (5k down payment) and reiterate it in a few month and sell it for like 50k profit (around £150k at the lowest). Is it worth it if I consider the fees and the cost of all the work on it ? How much is to own a house in the UK these days (taxes, insurance etc..) I am new to it but really want to step on the property ladder. Thanks for your help in advance. [link] [comments] |
| HELP! Should I ReFi if my wife is actively searching for a new home? Posted: 06 Sep 2020 06:38 AM PDT Our current mortgage is roughly $1900 a month (includes taxes, insurance etc.). We are about to close on a ReFi in which our monthly payment will be reduced to $1400, but my wife wants to move to a new home with a pool. We bought about 3 years ago for $260,000 and we are expecting to be able to sell for ~ $350,000. We are thinking we would walk away about $100k positive. How will refinancing effect our profits if we sell a month or two after closing?! [link] [comments] |
| Posted: 05 Sep 2020 03:48 PM PDT Hey! First time home buyer. Moved in today! There was a three day lease back and then I had to wait for the weekend to move. When I finally got in the house, the toilet is clogged (with poo and a TON of toilet paper, even after plunged it's clogged in the pipes) and the fridge water is no working/dripping. This was not the condition at walkthrough/inspection. This along with other stuff that I know is definitely up to me (they left a lot of stuff in the backyard, their grill, tons of miscellaneous stuff, a pile of junk, completely full garbage and recycling, personal items in the house, dried dog poop on the floor, etc). More of a reason not to do the leasebacks without a deposit!! Does this fall on to me as "welcome to homeownership", the sellers for leaving it this way, or under my warranty/insurance somehow? [link] [comments] |
| How do mobile/manufactured home parks tend to affect neighboring property value (if at all)? Posted: 06 Sep 2020 06:21 AM PDT Location: Upstate NY, in farm country My wife and I found an absolutely stunning old farmhouse that is perfect for our needs in literally every way. At one end of the 6 acre property there is the beginning of a mobile home park (just four houses actually abut the property line). To be clear, my wife and I personally have no reservations about living next to it. We do want privacy but luckily the park is at a great distance and is about 90% obscured by the various outbuildings on the property. And for what it's worth, the homes look very well maintained. Yards are well kept. White fences. Etc.. So the development doesn't bother us but we are concerned about selling the home in the future. Do they tend to affect neighboring property value negatively? Or is the ridiculous stigma around such developments slowly fading, particularly in the more liberal towns where we're searching? If you have any actual data to share that would be fantastic. (I'm struggling to find much on my end.) Thanks so much for any and all help! [link] [comments] |
| Seller accepted offer, but said this about the home inspection.. Posted: 06 Sep 2020 06:17 AM PDT The seller said he has limited funds, but would be willing to do anything he can handle himself. There's 4 toilets in the house, and the one in the downstairs split level "sometimes backs up", which he has offered to just "cap it off" if we want. This sounds strange to me, because if it were just a matter of a line with tree roots that needed snaked, why didn't he do that before? We're worried that the pipe might be damaged and it could cost thousands. When we get the house inspector, should we just rely on the inspector to diagnose this issue? Or should I also bring out an actual plumber with a snake cam? Thanks. [link] [comments] |
| Posted: 06 Sep 2020 06:09 AM PDT I'm selling my house and went under contract with a buyer on 8/19 and still have not been given a date for the appraisal that was ordered by the buyer's lender. There's no issues with the inspection, as we've agreed to me covering some if the buyer's closing costs in lieu of repairs. My agent confirmed it was ordered but hasn't heard from the appraiser to set the date. The contract has a closing date of 9/18, which I know isn't set in stone, but considering how close it is, and without knowing the results of the appraisal, can I go ahead and ask to extend the closing date? I have a deposit down on an apartment, but am waiting to sign the lease pending the appraisal, so I don't want to be prepared to move on 9/18, only to have the sale fall through due to appraisal issues and be stuck with a mortgage and a lease. Any advice? [link] [comments] |
| Need help finding a commercial real estate owner. Posted: 06 Sep 2020 05:56 AM PDT I want to lease a unit in a Class C shopping center. I have identified the spot but I am unable to get a hold of the landlord. I have the owners name per the county but cannot find the correct contact information despite skiptracing them. There is a language barrier with the other tenants so that is out. Any ideas? [link] [comments] |
| How do you find a good lender? Posted: 05 Sep 2020 11:18 PM PDT |
| [SoCal] Need advice to buy in a specific popular community Posted: 06 Sep 2020 05:00 AM PDT Hi First time posting here... We are in Southern California.. planning to move to another city that's like 2 hours drive away from our current house. There is a small community of about 1000 houses that we are interested in. We narrowed it down to this community after driving down last week with the whole family (husband, wife, 5 year old and newborn!) We put an offer on the house we saw that day, a competitive one and lost. We don't have an agent. When we found the house online, we called the listing agent and had another agent from the same group represent us. And still we lost.. :( Now I'm trying to think of creative ways to buy a house in this community. We don't have an agent. There are 2 scenarios I need advice on. 1. New house comes up on the market and I find it online Let's assume a new house comes up and I find out about it online. I was wondering if the following was legal. I get an agent for a flat fee to help with paper work (no, we are not interested to do on our own), give us some advice on pricing etc. We create an offer that says 1.5 or 2% of the commission will be kicked back to seller. Can this be done legally through escrow? This is along with waiving all sorts of contingencies... What else can we do to make the offer attractive?
TIA [link] [comments] |
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