Real Estate: Appraisal $6k under, my agent saved my ass |
- Appraisal $6k under, my agent saved my ass
- (Colorado) Is HOA a valid reason to back out of a deal and still get our earnest money back?
- What happens if I can’t sell a house?
- Bought our dream home and our inspector found undisclosed mold remediation work that hadn’t been kept up. “Almost 100sq ft of mold”
- Buyers here - Closing today. 10 minutes before closing time got this news. Help!
- New tax assessment after purchasing home 3 months ago. Wanted thoughts.
- Using the Lender's preferred realtor? (PA)
- How long does it take to calculate payoff during refinance?
- RWS warranties with home inspection MoldSafe, RecallCheck, etc - do they live up to the hype? Should they be a factor in which inspector I hire?
- Whats your opinion on 20% down payment? Is it dead?
- Parents not sure how to handle new home purchase
- CMV: the grey trend is the millennial equivalent of pink bathrooms
- How does dry funding work?
- What government entity regulates apartment buildings and their property management companies in my county or state?
- Accelerated Depreciation on Homes
- [OH] First time home buyer...looking for thoughts.
- Is our realtor not acting in our best interest?
- (US- Indiana) Should we consider re-doing my master bathroom now with a home equity loan? Details in thread…
- Convert bathtub to shower - hurt resale value of 1 bedroom condo?
- Refi loan question
- House with a "view"
- Lender refuses to accept “ the work number verification”
- What to do (if anything) if you bought a 1970s house whose ceilings were scraped before you moved in?
- Best use of inheritance? (New York)
Appraisal $6k under, my agent saved my ass Posted: 28 Oct 2020 05:09 AM PDT I made an offer on a property at list price about a month ago (huge townhouse with no maintenance). Inspections went well; minor stuff, got some concessions from the seller, all good there. Closing date is Nov 6th; it's been the longest month ever. The appraisal came in this week $6k under list price, which is less than 5% difference - nothing like some of the horror stories I've heard on real estate forums. My agent says it's only the second buy he's had this year that didn't appraise. The appraisal had the usual problems; stupid comps, mainly. The appraiser listed a couple of nearby SFHs that had higher cost per square ft than mine, and promptly ignored them in favor of one outlier. The outlier is a townhouse 30 years older than mine with aluminum wiring. I didn't poke through the nitty gritty details looking for other errors in the appraisal. My agent went to war immediately and got the seller to drop $4.5k, and I'll be making up the rest. I could have made up $3k without breaking a sweat, and probably more if I had to. As long as something doesn't come at me out of left field, I should be good to close on time. [link] [comments] |
(Colorado) Is HOA a valid reason to back out of a deal and still get our earnest money back? Posted: 28 Oct 2020 08:11 AM PDT Home built in 2006. We are a week from closing and just got the HOA docs yesterday. We've been asking for the docs for a while and the seller's agent finally sent them over. The HOA seems very strict (read petty). Two incidents that really irked us are: homeowner who lives close to golf course puts up a golf net to protect his kids after having multiple incidents of balls flying into his yard, HOA wants it down. Homeowner has planted a tree five times at the same spot that has been designated by HOA as a place that must have a tree. HOA won't let it go unless homeowner can provide evidence that no tree can grow in that spot i.e a letter from a arborist. So we are now having doubts about buying in this community. If we pulled out, how justified will we be? We did ask for HOA doc early on in the process so..... [link] [comments] |
What happens if I can’t sell a house? Posted: 28 Oct 2020 02:41 AM PDT My father passed. My sister and I inherited his house, but I don't see it selling anytime soon and that worries me. "Popcorn" ceilings take up the entire first and second floor and I'm told there's asbestos in the floor in the basement. I know this will cause a problem. The house otherwise is trashed with nicotine stains on the walls, excessive dust (literally everywhere) It's also located in an area where not many people are trying to buy houses currently. My question is, what happens if my sister and I can't sell the house? Do we keep paying the home insurance, electric, etc until it's finally sold? I'm certain the fixing of the house will take up the majority of its value. Any advice would be great, thanks. [link] [comments] |
Posted: 28 Oct 2020 06:07 AM PDT First time home buyer here. Finally had an offer accepted on our dream house. The sellers disclosure said they weren't aware of any mold issues in the house but our inspector says the mold in the crawl space had definitely been treated before and they even had a dehumidifier down there but they weren't running it. Not sure if the sellers were originally lied to but we find it hard to believe they had no idea about this issue. Waiting to hear back from a mold specialist but our inspector thinks the moisture originated from a leaking pipe going to the kitchen refrigerator. We absolutely love the house, and the inspector didnt find any other major concerns, but we have no idea what kind of nightmare we might be getting into with the mold. Anyone have any experience with mold and guidance on how they would handle this? We had originally agreed to covering a limited amount of fixes resulting from the inspection, but since this crawl space had mold issues in the past and it was not disclosed to us, we think at the bare minimum the sellers need to completely address the mold and we need assurances that it is very unlikely to happen again, assuming proper maintenance. But we're also wondering about the long-term value of the home. Should we ask for a lower price, in addition to the sellers covering the fixes? If so, what is a fair starting point for these new negotiations? [link] [comments] |
Buyers here - Closing today. 10 minutes before closing time got this news. Help! Posted: 27 Oct 2020 06:03 PM PDT Scenario. Been under contract and met all our obligations and contingencies on time. However on way to closing got a call from our realtor that there was some bad news. The title company discovered a unreleased deed of trust on the property from 20 years ago for 48k. However we are certain the payoff has happened by the seller. Company A - who has the deed trust on the property sold the mortgage to company B. Seller paid off the loan off, however company A still shows up on the title. As a buyer who does due diligence, I found that the company A sold the mortgage to company B from sec 8-k filing which has the property info / seller info and the exact amount that shows on deed. Twist - company A is now defunct and doesn't exist. Seller failed to meet the clear title contingency at closing. How can they go about getting it removed from title ? We have extended closing for 2 days while we evaluate options. Seller has agreed to put in amount showing on deed in escrow with the condition that If they are not able to clear out within a certain time frame after closing, we get the money from the house escrow (50k). This incentivizes them to actually proactively work to clear the title . We are worried that the deed trust doesn't get removed and even if we get the money, it will create problems for us if and when we decide to sell. What can we do in this scenario? We are already packed, with lease ending and move out in 4 days. We have movers scheduled and utilities scheduled to be transferred. This is in virginia btw. Any tips / advice to help calm a nervous family? [link] [comments] |
New tax assessment after purchasing home 3 months ago. Wanted thoughts. Posted: 28 Oct 2020 08:08 AM PDT Hello, I'm a new homebuyer and while I still think I have my answer, I wanted some of your thoughts from more experienced folks. Last year's assessed value - $177,600 Purchase Price - $235k Home was flipped before purchase, new roof, new furnace (~$600 80% efficiency model), new central air unit (~$700), added bathroom (2 total) and remodeled kitchen. Appraisal Price - $240k New tax assessment value - $197k The average ratio between tax appraisal/market value in my area is ~92%. Using the figures above, my Assessed/Appraisal is 83%. Taxes are increasing about $1,000/year due to this increased assessed value, but am I right in thinking that since the ratio is still well below the average, that I wouldn't want to consider appealing it just for the sake of trying to get a lower assessed value in the hopes of reducing my taxes? [link] [comments] |
Using the Lender's preferred realtor? (PA) Posted: 28 Oct 2020 10:11 AM PDT Hello! We are first time home buyers and recently got our pre-approval from a mortgage lender that we've definitely decided to go with. Our loan officer offered to send us a real estate agent recommendations which I said great, that is appreciated. Before I got the email introducing us to his realtor rec, I did happen to speak with another realtor who offered to work with us and already put us into her system where she sends us houses, but we didn't sign anything or agree to commit to her. I e-mailed our loan officer asking if it would be a problem if we use the person i've just started speaking to rather than their recommendation. He hasn't answered me and now i'm overthinking it that they're upset we have spoken with another realtor. Does it make any difference to the lender if we don't use their realtor and am I just overthinking it? Or should we just go with their recommended realtor since the other woman hasn't actually shown us any houses yet? [link] [comments] |
How long does it take to calculate payoff during refinance? Posted: 28 Oct 2020 09:50 AM PDT Everything has been done for refinance but have been waiting on calculate payoff for about a week with no calls or updates. It had already been initially calculated but because my dad made another mortgage payment they had to recalculate. [link] [comments] |
Posted: 28 Oct 2020 09:45 AM PDT I've noticed quite a few of my potential home inspectors offer this same package of 5-6 warranty products through Residential Warranty Services. RWS seems to be a mixed bag from Yelp reviews. My initial feeling is it's just a cheap package that home inspectors could use to entice customers. There are a few inspectors that don't offer it. I plan on researching and buying a solid home warranty when and if I move forward with the purchase. Should these RWS packages factor into my decision on which home inspector to hire? [link] [comments] |
Whats your opinion on 20% down payment? Is it dead? Posted: 28 Oct 2020 05:58 AM PDT I have been reading a lot of articles that are saying the 20% down payment is a thing of the past. What is your opinion on the topic? [link] [comments] |
Parents not sure how to handle new home purchase Posted: 28 Oct 2020 09:44 AM PDT My parents are nearing retirement and aren't sure how to handle buying a new home. We're in the same hot market everyone else is, but not in a high COL area (CT, not near NYC). Their first concern is finances. They've been making cash offers but we're thinking about getting a loan to take advantage of interest rates. My advice was to keep making cash offers because they are more attractive, then consider loans later (can they back door a loan like that? Or get decent rates on home equity?). Am I wrong to advise them this way? The next concern was whether they should wait for supply/prices to get better. My advice is... we don't know if the market will go up or down so just be very aggressive in showings and put in offers that are strong but they are comfortable with, and wait for the right house, and don't try to time the market. Any advice on this? [link] [comments] |
CMV: the grey trend is the millennial equivalent of pink bathrooms Posted: 28 Oct 2020 09:26 AM PDT Husband and I (late 20s) are in the process of searching for our first home and there are just so many whitewashed grey homes/floors/bathrooms/etc. It was almost nice at first but 100 listings later, it's become sterile and off-putting. Grey will go down as the millennial's version of pink bathrooms of the 1950s. CMV. [link] [comments] |
Posted: 28 Oct 2020 09:02 AM PDT Haven't had much luck with Google on the logistics of dry funding. The only other house I bought was in a wet funding state. If we close by signing all the papers in advance but don't get keys until a few days later when it funds on the closing date, when is the final walkthrough? How would we know nothing is an issue between the time we signed and the time we can move in? When does the liability transfer and is there anything we can do if there are issues during this time? Any clarification would be helpful! [link] [comments] |
Posted: 28 Oct 2020 09:01 AM PDT I have an issue with my apartment (owned by a huge property management company with many properties all over my state) coming in without my permission without notice or emergency. I have asked the apartment office to send me the key reports (every time a key is used for an apartment it's electronically logged) and they refuse. I contacted corporate and they refuse to. I don't want to sue in small claims because my county is many months backlogged and it's a waste of money. I'd like to know who regulates my apartment and/or property company- is it a realtor association, the county, the state? If so, what department? They have to report to someone. What government entity regulates apartment buildings and their property management companies in my county or state? Florida [link] [comments] |
Accelerated Depreciation on Homes Posted: 28 Oct 2020 08:46 AM PDT Hello I recently sold a business and I am going to have large tax bill come march. I was thinking of buying two homes as rental properties in my home town. An accountant (one I did not hire) told me that this can have tax reduction advantages, mainly due to accelerated depreciation. I was just wondering -- who would be the best type of expert to talk to about this topic ? The realtor, an accountant, or my financial advisor? Is it something that varies from property to property? Thanks a ton [link] [comments] |
[OH] First time home buyer...looking for thoughts. Posted: 28 Oct 2020 08:44 AM PDT Hello! My fiancée are first time home buyers. We did the typical pre approved method, and found a house we really liked. It was priced at 199k, and they accepted our offer of 190k. We just had our inspection yesterday. Obviously, the house is livable, it's just older (built in 1967). The inspectors found two things in particular we discussed (haven't received the inspection paperwork back yet). There were some electrical issues that would run between 3-5k. There is also a brick front on the house , and the brick front by the garage is flaying out, leaving a pretty big gap between the house and brick front. I was told it can't stay like that, and I'm not even sure how one would fix that. Anyway, I know no house is perfect and all will have some issues, but these seem to be pretty big issues. Is this typically something someone would consider walking from? We have the money to fix those issues, but we offered a pretty penny already. Just want to get some thoughts. The whole offer is contingent on the inspection, and we haven't gone back to the seller with this stuff. [link] [comments] |
Is our realtor not acting in our best interest? Posted: 28 Oct 2020 08:27 AM PDT Background: We have an accepted offer on a house that is contingent on selling our home. The offer is set to expire in a couple of days and we have extended it once already. We've only had 6 requested showings in close to three months and 4 open houses (3 of which we requested). We've had to initiate a lot of our conversations with our realtor regarding price drops and hosting a realtor open house to get meaningful feedback on our home. We've had zero comments on price from potential buyers and we get "our home is beautiful" etc. etc. After two months on the market the realtor suggests doing a drone virtual walk through video, which is good but why not start with that day 1? When we had to extend our offer due to expiration the first time we waited for her to contact us. We ended up having to contact her to start drawing up the paper work the day before it expired. We were dead set on not extending our offer as we don't want to be on the market over the winter and we didn't plan to try and re-list in Spring and go for another house as we figured we'd wait a couple of years. My MIL is in the same church as the folks who we are purchasing the new house from. Unsolicited this past Sunday, the owner's told her that "They really want us to buy their house and that they are in no rush to close." "They are willing to wait until spring", they said that they told their realtor (our realtor's mother) to make sure we know that. Our realtor has yet to contact us with that info or even ask us if we'd like to extend our offer past this Saturday. This information changes our thoughts about extending our offer and being on the market over winter as we really won't be out anything. My concern is that our realtor hasn't shared any of this information. Our realtor has two commissions at stake and you think she would be motivated to sell our home to enable us to purchase the other home. Is this weird or are we just over analyzing things? I'm concerned with staying with our realtor to sell our home and purchase this other home, unfortunately our contract to sell doesn't expire until February with her. She would we just cut our losses and let the offer expire to be done with this realtor? [link] [comments] |
Posted: 28 Oct 2020 08:17 AM PDT Thanks for the help. Here is where I am at: My wife and I owe $139,782 on our mortgage at 3.625% interest rate, 30 year mortgage. The value of the house is $399,293 according to Zillow, and $347,300 according to Realtor.com (a bit low because Zillow has the correct number of bedrooms (five) where Realtor.com shows only four bedrooms. We both think that we would like to keep the house for at least 10-15 years or so. My wife and I are considering completely re-doing the master bathroom with an approximate cost of $10-$15k. She thinks that we cannot afford it, and I am wondering if we would be smart to do it with a home equity loan. My line of thinking is that we will probably need to update the master bathroom eventually when we do go to sell it, and so then we may as well do it now and enjoy the benefits of it now. Location is Northern Indiana, USA. Thoughts? Thanks! [link] [comments] |
Convert bathtub to shower - hurt resale value of 1 bedroom condo? Posted: 28 Oct 2020 07:56 AM PDT I'm thinking about converting the dated bathtub to a nice, walk in shower in my 1 bd/1 bath 700 sq ft condo. I have read arguments on both sides, but I would think most families wouldn't move into a 1 bedroom? I feel like this place is more of a bachelor pad or might appeal to younger couples. And some people including myself would prefer a fancy, walk in shower over a bathtub. I don't have plans on moving anytime soon but i'm also thinking long term. Thoughts? [link] [comments] |
Posted: 27 Oct 2020 10:08 PM PDT About to wrap up refi from 3.5 to 2.875 , 30 years. No cost refi. The old loan charges upfront interest and new loan wants prepaid interest. Can someone explain the rationale. Feels like I am being double charged? [link] [comments] |
Posted: 28 Oct 2020 07:47 AM PDT Hi all, My wife and I found a house that is in a great location on a few acres of property. The description mentioned that it had an elevated view of the river / town, so we went to see it in person last week. The view is what I would describe as a "potential view". At the back of the lot, there is a very steep hill that leads about 1000ft down to the river. This hill is completely wooded, so from the yard you can only get a good view from one or two angles between the branches / leaves of the trees. If you were to cut maybe 5 or so branches down in a particular area, it would significantly open up the view of the river from the house. However, I think the hill going to the river is owned by the County or some entity of the town. The obstructed view is one of the big things standing in our way of placing an offer on this house. So, my questions are:
Thanks! [link] [comments] |
Lender refuses to accept “ the work number verification” Posted: 28 Oct 2020 01:24 AM PDT My lender is being super nit picky. I am currently on maternity leave and my company uses " the work number" a third party company that verifies employment and income. This relieves HR of doing any of this work . The lender is stating that the underwriter does not want to accept this and my loan is approved pending the pre doc condition that HR at my company provides a written statement saying when I will return to work, same pay and that I still work there. HR refers them to the work number and they say they do not want a third party to verify this. They then asked me to forward an email where I told my company I was returning to work Nov 6th and they began to go back and forth with that person asking for verification even though they already have it from the third party. Seems like discrimination and I'm not sure what to do . We have already released inspection and appraisal contingency and just waiting to see what the lender / underwriter will do about this I should add I am being paid 100% of my salary at maternity leave. And when I asked why they need this they said they want to make sure I intend on returning to work by my actual company not a third party. They also had me write a letter and sign stating the date I am returning to work [link] [comments] |
Posted: 28 Oct 2020 06:45 AM PDT I saw a post discussing popcorn ceilings and how homes built before the 80s could have asbestos in them. There are a lot of 1970s homes that are being flipped in my area and oftentimes they boast "smooth ceilings". My assumption is that the flippers have scraped/refinished the ceilings - but, how do you know if there was asbestos and it was done properly (like with tarping and venting, etc.)? They don't always disclose on flips. Should those who moved to a home that's recently been renovated do anything? Like test the air? Would it be safe? Thanks! [link] [comments] |
Best use of inheritance? (New York) Posted: 27 Oct 2020 07:56 PM PDT Hi real estate people! Posting this on a secondary account due to the personal nature of the topic. Hoping to receive some advice for how to approach an inheritance of about $1m (parents passed away). I am 25 years old and living in the New York metro area. I have a good income around $100k and a good credit score. Due to the pandemic, I am currently living rent free with my extended family and working remotely. Recently, I have been told to take advantage of low interest rates and the real estate situation in New York to begin the process for buying property. While I am very excited to begin the process and know that I am very fortunate to be in this position, I have no idea where to begin with the process. From what I understand, my current options are to:
I would love to hear other people's advice and thoughts! Has anyone else been in a similar situation and can share any insight/their experiences? [link] [comments] |
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