Real Estate: Houses sold a month ago are now back on market Help |
- Houses sold a month ago are now back on market Help
- Would you buy a house with no basement?
- big down payment or borrow every bit i can due to cheap money?
- Do most apartments have individual or joint leases?
- Silly appraisal question
- I didn't sign survey authorization but title company ordered one anyway
- Thoughts on mortgage protection insurance?
- Latest Tech Unintegrated in Mainstream New Construction.. For Now
- Signing contract when not on mortgage?
- Buyer's Fatigue
- Can I sell or rent a home that was purchased with an RHS loan?
- Buying a condo for 2-3 years before upgrading to a home?
- What happens if there are outstanding encroachments right before the inspection period ends
- St. Joseph in the wild
- Applying for a VA home loan, if my fiancé is on the mortgage I have to pay 12.5% down payment, if not I must qualify with my income alone for 100% financing?
- UK national residing in the UK buying. Building plot in USA
- Prospective First Time Renter with.. first time landlord?
- Update on my previous post about seller wanting post closing possession
- Do you guys think the housing market will be effected by the election at all?
- Listing getting stale? - Orange County, CA
- Buyer commission
- Weather or not? Is there a seasonal advantage to buy a home?
- Operating a Rental Property at a loss...What Now?
| Houses sold a month ago are now back on market Help Posted: 04 Oct 2020 08:19 AM PDT So, I am 1st time home buyer but due to cheap money and low inventory in FL people jacked up prices up to 70k in just past few months. Houses were pending like hot cakes until last month and now those deals are back on market. Maybe people backing out coming to their senses or Are the lenders not giving them the loan at last minute? What is different in the market? [link] [comments] |
| Would you buy a house with no basement? Posted: 03 Oct 2020 11:04 PM PDT Just curious as to how this may affect a property's value in an area where basements are very common. [link] [comments] |
| big down payment or borrow every bit i can due to cheap money? Posted: 04 Oct 2020 07:08 AM PDT that's it. i can make a DP of 60-70% or finance as much as i can? "EDIT - i'm exempt from PMI" [link] [comments] |
| Do most apartments have individual or joint leases? Posted: 04 Oct 2020 08:11 AM PDT I've only ever dealt with student apartments, which always had individual leases... But everything I read about apartments online constantly mentions joint leases. Are joint leases really that common? I really really do not want to sign a joint lease, especially with strangers. But are individual leases only for student apartments? I'm planning on moving to Georgia, but general advice for any state is fine. I just want to see how good my chances are of finding an individual lease. [link] [comments] |
| Posted: 04 Oct 2020 07:45 AM PDT Hey all, We just got confirmation our loan is ready to go, but still waiting on appraisal to come in. My question is if appraisal has been done, does it show up on Zillow somehow? I haven't seen the report or heard from the lender, but I noticed the home we chose on Zillow changed price to $5000 over what we offered. All other sites show the original price. Could it be it appraised over? If it appraises over, can the seller demand more? We're first time buyers so I have somewhat silly questions. [link] [comments] |
| I didn't sign survey authorization but title company ordered one anyway Posted: 04 Oct 2020 08:48 AM PDT I was in the process of buying a home and things looked like they might fall through. The title company sent me a form authorizing them to order the survey. I didn't sign it because I wanted to make sure the appraisal came in okay a few days later. It came in low and with conditions and the seller ended up backing out. Two weeks later the title company tells me on on the hook for the survey. They even sent me a copy of the realtor form I signed releasing the owners from the contract, crossing out $1000 escrow due back to the buyer and replacing it with $700 to buyer, $300 to survey company. I asked them about it and they kept not giving me straight answers, instead sending me emails that ended with "please reply to this email so that you acknowledge that you understand why you are not getting all of the escrow money back". Well, I never replied to the emails and they sent me a check for $700 and a $300 check to the survey company. I did not cash or deposit the check. Do I have any recourse? What governing body would I contact? The authorization form was written as follows: ------- I, [ugleee], hereby authorize xyz title company to order survey for purchase of property located at 123 abc street at a cost not to exceed $325.00. Should this file not close for any reason, I will be responsible for payment of this survey and will remit check payable to: xyz title company asap. Thanks in advance. [link] [comments] |
| Thoughts on mortgage protection insurance? Posted: 04 Oct 2020 07:40 AM PDT Is it worth it? My job is pretty secure but you just never know. I have no idea on cost or coverage. [link] [comments] |
| Latest Tech Unintegrated in Mainstream New Construction.. For Now Posted: 04 Oct 2020 09:52 AM PDT Here's a question to incite some idealized conversation regarding the future of RE- I am in the car business and have seen the costs of new vehicles rise by the tens of thousands over the last few decades, faster than the rise of inflation, due to technological advances and technology integrated in the vehicles, which renders the previous decades' models obsolete (albeit collectors). Same thing with consumer electronics etc. I understand these are depreciated assets and RE is considered the opposite but please hear me out first. We have yet to see such advances implemented in Mass New construction of homes, you will see smart homes custom built here and there with the latest technology integrated throughout the home. And with the old adage of "real estate can only go up because you cannot produce more earth" do you think once these technological advances for homes become cost effective enough to enter mainstream it will render the older model homes obsolete and reduce them to the value of the land it sits on and nothing more? TLDR; When mainstream new construction homes integrate the latest technology, creating a new home "standard" are older models destined to become unwanted/obsolete and reduced to the cost of the land they sit on, such as all other consumer technology/vehicles that are not up to date? edit: added flair [link] [comments] |
| Signing contract when not on mortgage? Posted: 04 Oct 2020 09:51 AM PDT My girlfriend and father in law are on the mortgage, contracts are about to be signed. We want me on the title/deed of the house. Our lawyer is saying I should sign the contract too, is this normal even if I'm not on the mortgage? [link] [comments] |
| Posted: 04 Oct 2020 09:50 AM PDT Hey everyone! I just need to vent for a moment here. My fiancé and I have been looking for about over a year to buy a house. We are first-time homebuyers, so we have lots of questions. And it has been a COMPLETELY awful experience. We were under contract on a house last November. Everything was fine, until we heard our realtor talking bad about us, basically just saying we were annoying and asking too many questions. It frustrated us! We are first-time homebuyers. We can't be the only ones who has a lot of questions!. I mean, we researched as much as we could about this process, but there were just things we didn't expect and wanted to know what it meant and how it effected us. Anyways, that was NOT a good experience at all. The contract ended up falling because the seller's did not want to fix anything. The house desperately needed a new roof. We were able to look past that, but we wanted some of the smaller things fixed. But they said no. They ended up taking it off the market after the contract fell through. We were devastated and heartbroken, but we continued looking. Without that realtor. We found another promising realtor to help us through the process. We interviewed her, and she was so nice and seemed very helpful! We looked and looked, but there's barely any inventory here. Basically one house comes on a week. A couple of months goes by, and we finally find one we like! We ask our realtor to show us the house, and she never answers. A couple of days go by, and the house goes pending. We give her the benefit of the doubt. Maybe she was busy, sick, out of town, anything. This happens again. Eventually, she just stops answering us completely and we are on our own again. We just were done with realtors at this point, thinking we can never catch a break. Partially our fault, partially theirs, but whatever. Months go by, and nothing of interest comes on. In August, more people start listing houses. We get about 10 houses on the market every week, compared to the one house a week before. So we decide, again, that it's time to bite the bullet to find another realtor. We found one we loved. She was very honest, only works with first time homebuyers, been doing this for 7+ years, and has tons of good reviews. We have put in THREE different offers on three different houses and they all keep getting outbid! We are just sooo sick of house hunting at this point. I don't think we will ever find anything. All houses we have liked, we have started with full asking price, 4k in earnest money, and we pay closing costs fully. Every single seller's realtor has come back with 'we need your highest and best. we have 4 other offers' so we do our highest and best. [link] [comments] |
| Can I sell or rent a home that was purchased with an RHS loan? Posted: 04 Oct 2020 09:48 AM PDT My STBX and I purchased our house in September of 2019 with an RHS loan. We are now getting divorced (TX). I plan on speaking with an attorney or mediator about this, and maybe the loan officer who helped us, but I thought I'd ask for advice. Neither of us make enough money to be approved for a refinance, and neither of us want to stay in the house anyway. I can afford to live there for a few months without him, but I ultimately don't want to live here permanently. It would be great if we could rent it out. [link] [comments] |
| Buying a condo for 2-3 years before upgrading to a home? Posted: 04 Oct 2020 09:41 AM PDT Im considering buying a condo here in Los Angeles but I also know that i might want to move to a house in 2-3 years. Ive heard that if you're not going to live there for 5 years dont do it, but wanted to get thoughts on that?
Finally, someone mentioned that I could keep the condo after I move and continue renting it. But how does one do that and take out a mortgage on another house? I don't understand how that process could possibly work? Just for reference: in LA Condo: 1.3Mish and Home: 2Mish Rent: 4-6k p/m [link] [comments] |
| What happens if there are outstanding encroachments right before the inspection period ends Posted: 04 Oct 2020 09:23 AM PDT Hey guys - I just wanted to start off by thanking you all for giving me the advice last time and I was able to convince the other real estate agent to give up 1% for me to find a real estate agent to represent me. Another issue is coming up and I hope you guys can give me some insights. So in the commercial real estate contract that we signed, if the buyer (us) decides to back out of the contract after the inspection period (tomorrow), then we have to compensate $10,000 to the seller. If the seller backs out of the contract, then he compensates the buyer $3,000. The situation is that there were two areas of encroachments from the neighbors on each side and we mentioned this to the seller since the beginning. The encroaching fencing has still not been removed and tomorrow is the last day of the inspection period. We have asked the seller to extend the inspection period + closing date to accommodate the neighbors removing the encroachments. He has refused to do so. In this case, we the buyer is ready to close the deal and have everything ready on our end. The seller refuses to extend the inspection period. If the encroachments is not removed by the end of the inspection period, would the seller be implicitly backing out of the contract (not giving us a clear title)? Would we be compensated for the $3000? Thank you! [link] [comments] |
| Posted: 03 Oct 2020 05:53 PM PDT A friend, who is Jewish, sent me this picture asking what it was because she dug it up in her backyard today. Honestly, if it wasn't for this sub and a recent post I would have never known that the St. Joseph statue was. I still thought it was crazy, but here one is, abandoned in the wild. [link] [comments] |
| Posted: 04 Oct 2020 08:29 AM PDT Hello all. I recently reached out to a fellow veteran who was able to give me a lot of info on using and applying for a VA home loan. As title states they said if I alone am on the mortgage I would be eligible for 100% financing for whatever I am Pre-approved for. If she is on the mortgage too then I would have to pay 12.5% down payment since we aren't married yet and she isn't a veteran. Have you guys heard of that? We would qualify for a smaller mortgage if it's on my income alone obviously, is there a way around this? Background - we have been together for 5 years and are in no rush to formally get a marriage license for lots of reasons, but are in a very committed relationship with a 4 year old daughter. Also if I did it on my own income alone they suggested that she could still be on the title of the property but not the mortgage, is there anything I should know about that option? Also how much $$ should I have readily available to purchase a home if I finance 100% zero down payment. She would be able to pay half the PITI a month as well since we are doing that with rent for our apt now. TLDR: do I get the mortgage in my name only with her on the title for a smaller property or is there another way around this. How much $ do I need if I finance on my own. [link] [comments] |
| UK national residing in the UK buying. Building plot in USA Posted: 04 Oct 2020 06:50 AM PDT Hi all, thanks for your help! Just wondering if anyone has a similar experience that could help us? We want to buy a building plot - an acre in MO. We cant afford to build on it yet but want to snap up the plot first. How do we buy it? Do we pay tax whilst it's vacant? Does having a plot or property mean we are then liable for American taxes or payments? I don't know what i don't know so this could be a problem. Thanks chaps. [link] [comments] |
| Prospective First Time Renter with.. first time landlord? Posted: 04 Oct 2020 05:06 AM PDT This place that I'm being offered needs a lot of elbow grease, I mean a lot. I live in Hawaii. The carpet is an absolute mess and the landlord lives on the property. An elderly man that is renting out his spare rooms situation. The kitchen is a mess and he told me there's a pest issue thats ongoing. I wanted to be nice and offer to help him clean the place. Such as steam cleaning is awful carpets. I figured I'd eat the costs. What's bothering me is that everything is so informal and there are no documentations regarding this entire process. I'm especially concerned by the roach problem he mentioned and the sighting of termite droppings. Other than the carpet and messy kitchen the place is a diamond in the rough. High ceilings, very large garage, just cluttered. The house itself is very nice but it's being completely neglected by the owner. I believe he is offering a low rent for this home because of its condition. I don't mind sparing hundred for a professorial cleaning service but the pest control part is whats bothering me. Am i supposed to be paying for this? I haven't signed anything yet or paid anything. But i do really like the place other than it being dirty atm because the landlord cant upkeep his large home. But the pest control issue... [link] [comments] |
| Update on my previous post about seller wanting post closing possession Posted: 03 Oct 2020 07:50 PM PDT Here's my original thread https://www.reddit.com/r/RealEstate/comments/j3eyfr/seller_requesting_post_closing_possession/?utm_medium=android_app&utm_source=share After a lot of comments from that post and talking with my significant other we were ready to walk, we didn't think it was a good idea to put ourselves in a leaseback agreement with covid currently lingering and being in NY.. They originally wanted 90 day closing plus 10 days post closing We said we wouldn't not budge on the post closing, we went on to say we obviously want to get in as soon as possible especially due to the possibility of covid cases rising but at the end of the day the leaseback was the main problem and we really wanted the house so we said we'd be fine with 60 or 90 days without the leaseback Today our lawyer contacted us and said they accepted these terms "$5,000 credit Closing on or before 90 days No post closing possession" I don't think there will be any issues but I guess you never know, we really want the house and this seems to main compromise we can come up with. Is there anything we should have our lawyer add to the contract considering this longer closing period or to protect ourselves further? Just thought I'd provide an update since many were helpful in my original post [link] [comments] |
| Do you guys think the housing market will be effected by the election at all? Posted: 04 Oct 2020 08:18 AM PDT I'm about to get my pre approval, buying in SoCal. Not sure if it's the best time to start, or should i wait till after New Years? [link] [comments] |
| Listing getting stale? - Orange County, CA Posted: 03 Oct 2020 08:24 PM PDT We have a 3/1.5 Townhouse in OC that we listed officially on 9/15. We're looking to buy in the Long Beach area to be closer to family which prompted this sale, along with the insane interest rates. Our realtor was very confident and showed us a lot of data about 80%+ of homes in our price range/area/condition selling in six days on average. Our first weekend we had over 20 showings and an insane amount of interest, and received three offers. The one we accepted was nearly $20k over list after counters and a small bidding war. Turns out our prospective buyers missed the earnest deposit date, and we were told in short that they got "cold feet" and decided to pull out about five days into escrow. Unfortunately the two backup offers found homes as well, and we were forced to relist the property on 9/29. In the few days since our listing returned, the buzz is basically completely gone. We had two last minute showings today and outside of that crickets. Our realtor seems to still be supremely confident (as most are), and told us that this is normal for a house that's been active for almost three weeks since buyers start wondering what's wrong with it and why it's still sitting around when everything is flying off the market in a few days. We mentioned potentially pulling the listing if we didn't get any offers after this weekend and re-evaluating next Spring, and she said she's "99% sure" the house will sell for at least list price if we give it 30 days. Is there anything we can do to help move this along besides sitting around? We really didn't want to be moving deep into the holiday season, and with how crazy the market is right now it's pretty much pointless to look ourselves since our offers aren't taken seriously without our house being in escrow. Going from 20 to 2 showings in the span of two weeks seems crazy, but maybe I'm just naive. [link] [comments] |
| Posted: 03 Oct 2020 01:42 PM PDT Ok, so In the last day, we accepted an offer on our home (which our realtor priced slightly high, so we're all very happy) for full asking. He was also acting as our buying agent (we really liked him, and he's been amazing), so he negotiated a lower selling commission with us. We also, on the same day, got our offer accepted on our dream home (I'm honestly still in shock! I thought there was no way our offer would be accepted, after all the horror stories and all that). It was a multiple offer situation, and they asked for final best. We dropped everything off it (asking for 3k closing costs, and home warranty). There was no way I'd live with myself losing this house for 3.6k, and we're making enough from our home sale that we can easily cover this and a 35k down payment. Listing price was 168.5k, we offered the max we were approved for, 175k and no seller concessions. We do also have a contingency of our house selling. We won, mostly because we have a local lender (NC), while a similar offer had a lender in NY. This was also the first offer we'd placed on a home! I'm still in shock. Anyway, here's my question. We found out the commission is a little lower than most of the other homes we were looking at (2.4%). I can tell our realtors a little bummed, but he's said it's fine he just wants us to be happy, and the review and word of mouth we've given him. He's a bit newer (he had an experienced one helping him out and advising him too). My wife and I talked, and though it's not making up the entire difference, we'd like to, after the closing and we have keys in hand, take him and his wife for a nice steak dinner (we'd already told him and his wife this, they're both awesome people). But also, we'd like to surprise him at dinner, and though it won't make up the full difference from a full 3% commission, give him $500 in cash (call it a tip, call it a thank you, whatever!). Is there anything non kosher or unethical about this? I just wanted to check before I put him or us in a weird or awkward position. We honestly owe him everything, he has been amazing through this entire process, and gone well above and beyond for us, and we feel like it's the least we can do. [link] [comments] |
| Weather or not? Is there a seasonal advantage to buy a home? Posted: 03 Oct 2020 11:39 PM PDT This summer as soon as I'd find a house I was outbid, out bought, out of luck. I am retired and a vet and would love to buy a home, but too many heart breaks. Is there any advantage to looking in a particular season? I have a realtor that is too busy to help me look it seems and only waits for me to call if I find one, and no real motivation to even go to bat for me. I feel like I'm not worth the effort. So I wondered if I could develop a strategy timing wise. I have a lender and have been qualified. Grateful for any tips. [link] [comments] |
| Operating a Rental Property at a loss...What Now? Posted: 03 Oct 2020 10:38 AM PDT No votes yet Hey all, I bought my first property a 2BR/2BA In April of last year (before I found BP or how to calculate cash-flowing properties), been living in it until about a month and a half ago. I'm moving out of the country at the end of the year to study abroad, and found a property management company to take care of things. Got a tenant in place already, here's the breakdown: Rental Property Cost Breakdown Mortgage/Insurance/Taxes/Escrow: 1215.35 Property Management: 137.5 HOA Fees: 366.56 Total Cost: 1719.41 Rental Income: 1650 Loss:69.41 This isn't even calculating maintenance costs... In the second year, if my tenant renews I get a 35% discount on my management fees. What is my best course of action at this point? I know I can deduct passive rental property losses form my active income (I make less than 100k) Some other info: -I have about $15k in reserves -Next year I won't be working in the States, or for an American company, but I will be receiving a W-2, but can offset those taxes due to the following: "The Foreign Earned Income Exclusion, which allows you to exclude $105,900 from your foreign earned income on your 2019 US taxes and $107,600 on your 2020 US taxes The Foreign Tax Credit allows you to offset, dollar-for-dollar, the taxes you paid in your host country with your US taxes A Foreign Housing Exclusion which allows an additional exclusion from income on US taxes for certain amounts paid for household expenses that occur as a consequence of living abroad" -I'm a single guy with no family, so my lifestyle is pretty flexible. If you need any more info, please just ask! Thanks. [link] [comments] |
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