Real Estate: The appraisal system is incredibly flawed. We need a new one. |
- The appraisal system is incredibly flawed. We need a new one.
- I think the couple who bought my house are trying to sue me two months later?
- Is a realtor helpful when building a new construction?
- (MA) Is it weird or any kind of issue to write a letter to the buyers?
- Damage was done to my property during the buyer's inspection 4 days ago and they didn't tell me I didn't discover it until today
- Seeking commercial appraiser referrals for 8 unit in San Antonio
- What steps do I need to take after finding a listing I’m interested in online?
- Why would a house show as the buyer being “the United States of America” with a quit claim deed?
- Property Taxes (NY State focus) Question
- Zillow Home Loans? Good?
- (OR) Buying out a family member’s share
- Question related to firpta and how it’s handled after closing?
- Bought a house, found water damage perhaps and rat droppings all over the attic Do I have any options?
- Seller has a ton of liens - will this hold up the sale of a property?
- Builder changing items
- Market Hotter than ever. (CA)
- (CA) First time buyer, housing prices dropping, what should I look out for?
- Faking a sale of property to establish its value to secure another loan?
- Thinking about buying my first home on auction.com, What are list of things i should know before bidding on Vacant houses, Inspect the house, and getting my Own title Insurance
- Cash out refi on owned property
- Only 1.5 hours until lawyer office closes, and still no mortgage money from our bank!!!
- Wholeselling in Ohio
- Visa Status - H1B, planning to buy a house in California [CA]- Bay Area
- Lock Rate (2.875%)?
| The appraisal system is incredibly flawed. We need a new one. Posted: 16 Oct 2020 10:19 PM PDT First, no disrespect to appraisers. You all work hard and your time, efforts and education are appreciated. Simply here to share a recent experience that shed light on some incredible inconsistencies in the bank / appraisal process that I feel need a major overhaul. Realtor in Los Angeles here. Some buyers of mine had an offer accepted in a 12-offer bidding war on a home for $805,000 - We knew that the accepted price was on the higher end of the area, but the home wasn't a fixer, nor was it newly remodeled (14 year old partial remodel). We felt confident with 6 comps within a mile & 6 months that could support the value. My buyers were putting down 10%, which was most of their cash. Their lender was a loan broker.
This is an incredibly flawed system. Many lenders have told me "an appraiser makes up their mind on value before they even visit the property" -- Well, frankly, that's not good enough. People are putting their lives & futures in the hands of these appraisers, and I don't think any consideration is made regarding this. Buyers & sellers are trying to move forward on their dreams, their debts, their lives and more. It's disappointing that one person can disrupt that all so severely. This process needs an overhaul. Appraisers, banks and agents should be able to have more open discussions. All of the "we're not allowed to talk to the appraisers" rules create a huge divide. Additionally, realtors like myself probably need better training on the appraisal process. Perhaps this will control bidding wars a little more. Nonetheless, something needs to change. Scenarios like the above are happening all too frequently. [link] [comments] |
| I think the couple who bought my house are trying to sue me two months later? Posted: 16 Oct 2020 03:41 PM PDT I live in Georgia and just sold my house in the middle of August. We had a normal due diligence period and addressed issues such as the septic tank, paint, etc. Nothing out of the ordinary. Closing came and went without much hassle. I just received an email today (almost two months later) that the buyers want my current address because there is a "substantial leak" of water coming from outside into the basement when it rains. They found this leak after the recent hurricanes brought much stronger than usual rains to our area. I was never aware of this issue. The inspector when we bought the house didn't mention it, and when we sold it, neither my agent nor their inspector mentioned it. The purchasing couple emailed me and said they had a few questions and had "some information they wanted to send me via mail". Are they trying to serve me? Should I contact a lawyer? [link] [comments] |
| Is a realtor helpful when building a new construction? Posted: 17 Oct 2020 06:27 AM PDT I'll be using one for finding land but already know if a designer/builder I want to use. The realtor was talking about helping with the process of building too and I'm just not sure if that would be an extra person to pay or if they would bring extra value/insight. Thanks! [link] [comments] |
| (MA) Is it weird or any kind of issue to write a letter to the buyers? Posted: 16 Oct 2020 09:55 PM PDT My mom sold her house yesterday. Closing is complete. Her health took a sharp downturn and she moved into assisted living. I moved away across the country 11 years ago about couldn't help her. She was originally going to sell her house to the neighbor for some random dollar amount that she thought she saw on Zillow once. That random amount was way below market. My mom and I fought about it a lot it stressed me out. The neighbor backed out. The house was appraised. The realtor was going to list it but scheduled two showings for interested clients within his brokerage first. After the first showing, the buyers put in a very good offer above appraisal, with earnest money, solid deadlines, and they weren't required to sell their house first. They were first time home buyers in their 20s. I read over the offer to my mom who agreed and I signed it as power of attorney. The rest of the process was fine. One small thing came up in the inspection and we credited they buyers some cash for it. My mom had to move quickly and didn't get a chance to go through her things. There was no time or man power to list things on Facebook marketplace or whatever. I couldn't fly out to help her due to covid. We let the buyers go through the house and pick out what they wanted to keep. They got some furniture, lawn care equipment, tools, and shelving units. My friend was telling me that real estate in our market goes fast and it's really hard to buy a house. I feel like my mom's buyers acted quickly, decisively, and aggressively (in a good way) to get the house. I'm really happy that the real estate process went smoothly and that things worked out so well for the buyers. I'm glad it was simple and drama free for my mom too. The house is within walking distance to beaches, parks, local events, restaurants, etc. I have a lot of great memories there. I just want to express to this young couple how happy I am for them and I hope they have great memories too. I'm grateful they helped make this process so simple for my mom and that they were able to use a lot of things that would be otherwise thrown away. I don't know if this would be weird or an issue. I feel like they're a taboo to communicating with people on the other side of a real estate transaction. Is it ok if closing is complete and the correspondence is 100% positive? Do I open up my mom to any kind of issue opening this channel of communicating? I don't want to be their pen pals just felt compelled to congratulate them now [link] [comments] |
| Posted: 17 Oct 2020 09:35 AM PDT Actually 2 things were damaged. The small damage: When we got back home after leaving for them to do their 90 minute inspection I found a couple small shards of glass by the front door. I look up to see the glass front of my porch flood light broke off. I look in my garbage can and see they swept most of the broken glass and disposed of it in my can. No big deal but still, they should have told me. I called their agent and asked what happened. She said, "Oh god, I'm so sorry, I forgot to tell you... I guess when they were on the roof the pressure must have made the glass front of the bulb get loose. Cost of damage - a new flood light bulb for maybe $10. The big damage: I am a musician and I have a Yamaha keyboard in the middle of my living room (photo) located behind the couch under the ceiling fan. Today I sit down at the keyboard and find 2 of my black keys in the center are broken. 1 broken in half but was carefully placed back together so it wouldn't be noticed and the other snapped at it's base. The keyboard is useless. The broken key could be Crazy glued but the other one is damaged beyond repair. It's a $400 keyboard that they don't even sell anymore and the only thing comparable is $549+ tax. Only explanation I can think of is ~ the inspector may have dropped a tool on it? Was tugging on the fan chain and probably dropped a tool or a measuring tape on it? Something got dropped on it to cause that kind of damage. I 100% know, beyond any doubt, there was no damage to my keyboard before the inspection. If they didn't tell be about the broken flood light it makes sense they wouldn't tell me about this. I'M SO FUCKING MAD!!! But... I have no absolute proof and the closing is about to be in 2 weeks and it doesn't feel guaranteed. What would you do? [link] [comments] |
| Seeking commercial appraiser referrals for 8 unit in San Antonio Posted: 17 Oct 2020 09:24 AM PDT Hi, does anyone have any contacts for a commercial appraiser in working in the San Antonio market? Need an appraisal done on an 8 unit MFR (all resi units). Please let me know! [link] [comments] |
| What steps do I need to take after finding a listing I’m interested in online? Posted: 17 Oct 2020 05:20 AM PDT My husband and I (future first time home buyers) have been browsing listings in our area with plans to buy in the spring, but have stumbled across a listing that checks every single box and is within our budget. We have done a ton of research into areas we want to live in, our budget, what we want in a home, etc, but just haven't gone through the pre-approval stage because we weren't planning to look until the spring (simply due to our lease and not wanting to look/move during the holidays) Knowing full well that there will likely be a bidding war that puts us out of our budget based on the current market, we decided to at least reach out to get some practice of going to a showing (hopefully without getting too attached!) I've reached out and scheduled a showing, and the realtor asked me if I had my own realtor I was working with. My question is: should I find a realtor to work with prior to tomorrow's showing? Or would this realtor be able to work for us as well? Any tips for this process are welcome as well! [link] [comments] |
| Why would a house show as the buyer being “the United States of America” with a quit claim deed? Posted: 17 Oct 2020 09:02 AM PDT I was looking at a houses sale history on the property tax site and the previous owners had a quit claim deed in 2008 with "the United States of America" as the buyer. The next record is the seller being the Unite states if America and buyer being the current owner. I did some googling but nothing really coming up. Was the US buying houses in 2008? [link] [comments] |
| Property Taxes (NY State focus) Question Posted: 17 Oct 2020 08:16 AM PDT Hi All - Hope everyone is having a nice day. I'm planning on shopping around next year for my first purchase and have some confusion around NY property taxes. I'm looking in Westchester County. My understanding is these are comprised of both school taxes and property taxes based on the assessment of the house. If I purchase a house, will I know the set property taxes after my purchase going forward? I am worried that if my purchase price is more than the last purchase price that I am going to get hit with an unexpected jump in property taxes. Thanks all! [link] [comments] |
| Posted: 17 Oct 2020 08:15 AM PDT Zillow Mortgage advertises very competitive rates. There are a few other brokers with excellent rates that advertise through zillow. I've generally used local banks that know the market. This is a refi, so if something goes wrong, its not as high risk since it won't screw up a real estate deal. They also advertise $1 lender fees. I'm not sure What that really covers though. Does this mean they cover the appraisal? I'm sure I'd at least need to buy title insurance again out of my own pocket. Anyway, just curious if anyone has used zillow or other big national high volume brokers. What was your experience? [link] [comments] |
| (OR) Buying out a family member’s share Posted: 17 Oct 2020 07:43 AM PDT My father and uncle co-own a home they inherited from my grandparents on the Oregon coast. Sadly they are both in their 70s and were too stubborn to pay someone else to maintain repairs on the property (they were both quite skilled in their prime) so now there is quite a bit of extensive work that needs to be done. Recently my Uncle put a "For Sale" sign in the window without even consulting any of the other family members. I know that he can't sell it without my dad's involvement, but we're saddened that he wouldn't at least approach us to buy him out first and keep the home in the family. Has anyone had any experience with buying out a family member's share in a property? Is it possible to to buy it from him on a contract and give him payments each month? Or is it better to try to get a loan from the bank? The last time the home was appraised was in 2007 at the height of the market and before the home fell into disrepair. Obviously we need to get it appraised, but looking at some comps it is likely dropped in value about $150,000 [link] [comments] |
| Question related to firpta and how it’s handled after closing? Posted: 17 Oct 2020 06:02 AM PDT Question about Firpta tax relating to a house I purchased Hello all, So I bought a house and there were 3 sellers in the contract. All has Vietnamese names. It's in fairly upscale neighborhood and the house was a rental for many years. Anyways, one of the sellers came forward after closing like a day after and said they were foreign and title company witheld 15% and had a cpa remit the funds to the IRS. Based on the date stamped for certified mail it arrived at the IRS 2 days prior to 2 days from transfer of the property. Herein lies my issue. How do i confirm with the IRS that all was handled and nothing further is required. I tried calling the IRS but two people I spoke with had no idea about firpta and who actually reviews it. How do I actually confirm we are in the clear and all is good? Additionally, the other two sellers signed the certification saying that they were not foreign and are US citizens or resident alienate and provided either TINs or SSN not sure which. Oddly they signed it with the house I bought's address. Not sure why as they have another address a few miles north of my house that the a daughter of the older guy lives at and supposedly he lives with her. The title company got these docs and I'm asking them how long they hold them since I read on the IRS site they need to he held by the transferee for up to 5 years. So, what happens after 5 years? Am I free of any issues related to firpta via statue of limitations? Also, what happens if they lied on these forms and I provide the copies to the IRS? Am I protected? Lastly, what happens of the sellers don't pay their taxes or one of them doesn't file a return? I know the older Vietnamese guy is supposedly living with his daughter in a hosue but is in his late 60s. There was some language barrier issues happening throughout the purchase so I'm a bit paranoid. Thanks [link] [comments] |
| Posted: 17 Oct 2020 09:40 AM PDT I bought the house while I lived out of state and I had trusted my realtor because I've known her for a long time. By the end of it all I felt like she was more concerned about making the sale, rather than helping me find a house that would be ideal for me. I know everything's been signed and done but I guess my biggest regret was when the pest inspection noted that he did not go into the attic, I asked my realtor about it. My router said " well the home inspector didn't find anything up there so it's good " But when I went up there to take a quick peek I could see a bunch of rat droppings and holes in the insulation where the rats would probably sleep by imagine. The first thing that made me suspicious was when I moved the garbage bin in the garage and sure enough it was covering a hole that had some residue of rat poison. The only thing I can imagine is maybe they had a pest problem at one point and they called an exterminator prior to putting the house up for sale I honestly don't know. I guess all I can do is give the house a good look around and make sure there's no exposed holes or anything that could allow pests to enter. I had hope to move into a house that would have little to no maintenance at least for a while but that doesn't seem to be a case with this. On a more positive note The area is nice I just hope I don't start running into all kinds of problems with this house [link] [comments] |
| Seller has a ton of liens - will this hold up the sale of a property? Posted: 16 Oct 2020 01:08 PM PDT Purchasing a home from a seller who has two years of unpaid taxes and several liens. We are purchasing it for $900k. Based on the title commitment doc, they have a $350k mortgage, $40k in past due property taxes, $130k in IRS liens, $28k in state income tax liens, $56k in outstanding court judgments. The house is owned by both the husband, wife, and a trust. This may be more a legal question, but could there be anything else outstanding that would also take away from the proceeds of the sale or not identified by the title company? We are supposed to close in 2 weeks, but I'm starting to feel like this is highly unlikely given that all of that stuff is unresolved. [link] [comments] |
| Posted: 17 Oct 2020 04:58 AM PDT We are building with a national builder who has offered certain things and then changes. One, we had to change our brick choice because it was no longer available. Two, they said we could have a back garage door and then later said no with good reason. That is ok. Now an item that was a standard option, a whole home water filter system, is being switched to only a kitchen sink filter. They claim they just discovered it doesn't work well in Texas heat. For one thing, Texas didn't just get hot for the first time. And if you install in the garage it should be ok. We think they just regret the choice to do the system on every home. Anyway, my husband is pissed because he wanted this. He feels we signed the deal expecting this system. Does he have any recourse to make them do it or compensate him for it? [link] [comments] |
| Posted: 17 Oct 2020 04:11 AM PDT Put a property on the market listing at 10% over the highest comp in the area and within 24 hours got 8 bids. No cash offers but got 15% over ask and in escrow. Once closed it will be the most expensive house in the neighborhood and its not even the biggest either. Just sharing because I was pretty surprised how quick it sold. [link] [comments] |
| (CA) First time buyer, housing prices dropping, what should I look out for? Posted: 16 Oct 2020 11:35 PM PDT I started touring homes, 3 of which are tomorrow. I'm a bit skeptical that these houses dropped in price up to 150k over the pandemic year, but everything seems within reach now a days. I've been a renter for over 10 years. I was wondering what are things I should be on the lookout for when purchasing a home vs renting? And do these things still apply for condos with HOA's? For the record, I have been doing most of the home repairs to homes myself. (Thanks to landlords) and have a somewhat stable job for the economy. [link] [comments] |
| Faking a sale of property to establish its value to secure another loan? Posted: 17 Oct 2020 09:02 AM PDT I'd like to use a property I own to secure a loan to buy an apartment building. The appraiser and underwriter are under valuing the property by a lot, like 50%. Can I put the property on the market, get bids, then remove it from the market and present the highest bid to the lender and underwriter as evidence that the property should be valued higher, instead of using the appraiser's value? [link] [comments] |
| Posted: 16 Oct 2020 09:57 PM PDT |
| Cash out refi on owned property Posted: 17 Oct 2020 01:13 AM PDT I own my condo outright and want to pull some equity out of it, a realtor mentioned a lender can do a cash out refi to facilitate this. I'm planning on using the money to buy another property, live in that and rent this condo I'm staying in now since rents are sky high and so is the HOA/cost of living. I have enough money to buy a house outright right now but a bit more would help with getting something nicer & in a better neighborhood (something I'd actually want to live in) than what I could afford with what's in my bank account. its a seller's market right now if there ever was one, but I'd like to start investing and getting returns as soon as I can. should I wait it out and see what 2021 brings or go ahead and relocate now? [link] [comments] |
| Only 1.5 hours until lawyer office closes, and still no mortgage money from our bank!!! Posted: 16 Oct 2020 12:17 PM PDT We are closing on our house today. We have very hard to book movers and appliance delivery people coming tomorrow to bring things to the house, and we STILL do not have our keys because our lawyer still has not received the funds from our bank. They said the bank assured them that they would have the funds to them this afternoon but there is only an hour and a half until the lawyer office closes. I'm freaking out. If we have to cancel the movers and appliances it could take WEEKS to rebook them and we only have our rental until next Wednesday. What should we do? Has anyone else experienced this?? UPDATE: Wow, thanks for so much support! Turns out the bank head office sent the money out and then it somehow got cancelled....luckily a very, very nice manager at our local branch said screw it, give them the draft and we will sort our stuff out later. The lawyers office had a total of 30 mins to get the draft, certify it and bring it to the sellers lawyer, and get the keys. We got them at 5:01 pm. It was extremely stressful but our move can go ahead as planned!! :) never close on Fridays, always make sure its a weekday so you have a few business days wiggle room. [link] [comments] |
| Posted: 17 Oct 2020 12:22 AM PDT Is it illegal to wholesale in Ohio without a real estate license? Google is using big words I don't understand when I try to find the answer to my question there [link] [comments] |
| Visa Status - H1B, planning to buy a house in California [CA]- Bay Area Posted: 17 Oct 2020 12:17 AM PDT Hello, I live in Bay Area, California and I am a software engineer on H1b visa status. Currently, I live in an rented apartment but I would like to buy my own house here. I tried reading about it on the internet and I could see that banks might not give me loan because of my Visa status( coz it is for 3 years and then a 3 years extension so total 6 years) 1) Does any one have an experience of buying house in such a situation? 2) Would you advise against it? 3) What all I should look into before delving more into the plan of buying? 4) Renting apartment is really costly here and I would rather invest that money in my own house installments but are there any concerns associated with buying house? 5) if lets say my visa expires and I have to go back to my country, will I incur more loss than profit? And are any consequences to that? [link] [comments] |
| Posted: 16 Oct 2020 03:17 PM PDT Hi redditors, Finally under contract for a house. Should I lock in 2.875% for a high confirming loan (in SoCal)? Is that a good rate? Or anyone else have a better rate for high conforming loan in SoCal? Thanks [link] [comments] |
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