Real Estate: I’m so happy our offer wasn’t accepted |
- I’m so happy our offer wasn’t accepted
- We closed!
- Are Co-Ops really that bad??
- How many months of bank statements do lenders typically ask for?
- Buying home in Detroit/metro Detroit area with no down payment
- The suspense is killing me!
- Buying From a Friend
- First time home buyer in a HCOL area: should I get a starter home or go straight for a forever home?
- What was your quickest sale from start to receiving the commission?
- Seller won't allow us to get a copy of their title insurance for re-issue credit.
- Seller Here: How to handle multiple offers?
- First investment property
- Is rental property refinance options similar to primary residence options? I turned my former primary residence into a rental 4 years ago and the interest is at 4.25% with 173k remaining on the mortgage and trying to evaluate my optimal path.
- Refinance to 15-year or keep 30-year on a soon-to-be rental property?
- Possible Water damage / mold , help please!
- Neighbors want us to pay for tree trim
- Is it better to sell right when your house appreciates by 500K, and buy a different one, to avoid capital gains tax?
- DIY inspections; good or bad idea? Any tips welcome
- Indiana, USA - What will happen to the 1980s suburbs "outside the loop" in the next 30-50 years?
- First Time Home Buyer: Pre-Approval
- Insurance Declaration Page for a New Home?
- Using seller's agent suggested inspector?
- [US, NC][Landlord] Which primer is best for removing/blocking stinking marijuana odor? KILLZ or Zinsser?
- I need some advice. I'm paying cash for a house. Should I get a lawyer involved? What do I need to do to get the ball rolling?
- Payment Methods
| I’m so happy our offer wasn’t accepted Posted: 04 Oct 2020 04:36 PM PDT When we started out the home buying process (first time buyer here) we quickly fell in love with a 2 bedroom, 2.5 bath, 1400 sq foot townhome. It was in an amazing location, almost nonexistent HOA, great school district, and walking distance to a big shopping center with Costco, bars, movie theater, etc. It was listed at $389k and had been on the market for 6+ months. Based on comps we initially offered $360k, went up to $370k and sellers came down to $375k. We decided to walk away. We cooled our search for a bit but after not too long we found another townhouse for sale about ~5 minutes away from the first one. 3 bedrooms, 3.5 baths, 1800 sq feet. Still great location but more expensive HOA and less desirable schools. However this house was built in 2006, first house was built in 1985. List price was $395k, they accepted $388k, but we negotiated back down to $380k after inspection. We've been living here for about 2 months now and on almost a daily basis we talk about how happy we are that we got this house and not the first house. At the time we were crushed, we both cried, felt extremely discouraged (it wasn't our first offer), and considered throwing in the towel. But I'm SO glad we didn't. This house is a MUCH better fit for our family and is honestly the perfect house for us right now. I think we will stay here for a while, and we would've outgrown the first house as soon as we moved in. I just wanted to share this with anyone who is currently feeling frustrated/discouraged/upset because their offer wasn't accepted. Something better is coming. You might not even know it's better until after you buy it and live in it. But keep going, maybe open your search a little bit. Everything will work out in the end. [link] [comments] |
| Posted: 05 Oct 2020 07:39 AM PDT We 'kind' of lucked out with this house. It isn't in an area we really wanted BUT it had all of the space we were looking for to grow into, wasn't far from family and was in the 'better' part of the neighborhood. When initially walking through the house before putting in our offer, I noted it had never been updated and probably wasn't worth more than 195k. We werent getting any other hits so we put in an offer at 195k with our escalation clause at their asking price of 205k. We never expected to win the house as there were people adding over 20k over asking for most properties and the house was just nice enough that someone desperate would do that. (Someone did but immediately backed out after offering them 225k) The sellers Agent even told us not to hold our breath on our offer but called back in a few hours wanting our escalation clause price. This was the start of hell, misunderstandings and foul language. After accepting our offer and signing on we ordered an inspection. Seller said (turns ot Agent said) there would be no disclosure but we were sent one anyway. Found out the property had been exclusively a rental property and was being sublet by the existing renter. This was a huge red flag for us because we've been renters and had awful landlords. Every 'fix' was never a fix but a bandage on a growing problem and many parts of the house were no different. After the inspection we wanted to run but (against my better judgment) our realtor talked us into letting the owner fix the problems. I had zero faith he would. We ended up needing a second inspectiom because there were vital places the inspector couldnt get to previously. When buyer heard the inspector was coming out he brought his agent and handy man with him. I was there alone and proceeded to watch the handy man and inspector fight about the obviously leaking water heater. (You could see the water stains on the walls, the floors and on the water heater itself that something had happened there, plus it was over 10 years old). Handyman proceeded to make it seem like me wanting to fix thr holes in the walls behind thr door knobs was bothersome and not worth his time or thr owners. At this point, I was screaming to run but Agent got us t stick around. At this point we were upset, angry, looking for any reason to hate the place as it had a water leak under the sink, the vinyl flooring was done poorly, the garage doord were beat in and non functional, and etc. Our savings grace is if the appraisal came in low or he didn't fix anything in the house. We anticipated that this guy was such a jerk that surely he wouldn't sign off on the appraisal amount or fix any issues with the house in our amendment. So appraisal came back at 180k. The appraiser even mentioned that had the house ever been updated then it would have been worth 208k easily. So we gleefully sent the amendment for the 180k price. Laughing that surely, he wouldn't agree to that. Well he did. (FUCK!) We all thought. I cried. We were told that he did the fixes we asked but we still had to check if they were up to our standards. I reluctantly went with an inspector again to ensure and it turns out he received a copy of our inspection. He fixed: the leak, put new boards in the patio that were rotted previously, repaired rotted wood in the exit/entry way, brand new water heater, brand new garage doors, fixed the flooring, filled in the holes in the walls behind doors (not perfect but significantly better), fixed the broken toilets, fixed low water pressure in the kitchen fixed moisture in ceiling of garage, treated the storage space for termites, brand new water heater, and had the house deep cleaned. We only asked for like 1/4 of these things. Only things we need to do is paint, have the air vents/dryer vent cleaned and move in. We can do updates later. It turns out the asshole was his realtor. The guy was so pissed that the Owner agreed to the 182k that he ghosted him at signing and never followed him with him. He also apparently didn't tell him that we asked about a painting allowance to cover all the holes they filled in but that wasn't a big deal to us our agent wanted to push for that. So thats how we got a 5br 3ba for 180k. We are happier about it as while it isn't in our ideal area it leaves us in a better place financially to actually update it and live in it while also being able to have a healthy nest egg for future repairs and renovations. [link] [comments] |
| Posted: 05 Oct 2020 10:21 AM PDT I've been looking to purchase something since the beginning of the year (I'm on Long Island, NY). I'm a single young female so ideally I want a condo or a little cottage/bungalow but unfortunately with the market these days I'd be grossly over paying. I'm wondering if Co Ops are truly out of the question for me because at this rate it seems like the only thing I won't be getting into a bid war over. I've read countless posts and I seem to have an idea of how strict the rules are in a Co Op but aside from the possibility of my maintenance fees going up monthly or the whole having to have approval for any repairs I think I can handle it. My question is as far as the maintenance fees go is there any sort of paperwork I can see before buying that would outline how high they can go? I just don't know what is financially best for me because right now I can get a really low mortgage rate and basically pay not much more than my rent. However I plan on selling in about five years so it's not like I'll really be making any money compared to if I got a single family/condo. Do I wait it out and hope the market settles eventually and keep renting or go for the co op? [link] [comments] |
| How many months of bank statements do lenders typically ask for? Posted: 05 Oct 2020 10:44 AM PDT Throwaway account because I'm a bit embarrassed to admit but I am a recovering compulsive gambler. For the past 6 months I've saved my paychecks and budgeted very well. However, my bank statements prior to 6 months ago show a very different story. My account was constantly overdrawn and there were multiple withdrawals a week. I really don't want a lender to deny me for my poor history. Can this affect my chances at getting approved? [link] [comments] |
| Buying home in Detroit/metro Detroit area with no down payment Posted: 05 Oct 2020 09:58 AM PDT Me and my fiance are thinking about buying a home together when she moves into the area after her lease is up next July. We both would rather own than rent, but since I am in grad school and she is finishing up undergrad, saving up for a downpayment for a house around 5-10% could take us 2-3 years with extreme budgeting, which by then I will have finished school (4 years left) and am moving from the area as no jobs in this area (my job sector is not in this area), so I will not want to buy much later honestly. I have really good credit being 23 years old (750+). I totally understand if this is not feasible, I just always get told by our families that its a great time to buy a house and that mortgages are usually cheaper than rent, but they cannot help us with a down payment (neither family). My current rent is 1500 for a 2 bedroom which is common in my area. [link] [comments] |
| Posted: 05 Oct 2020 02:24 AM PDT We put in an offer on a house! It's a rehab so most of my fantasies about the house at this point it how will we remodel this space or that. I'm trying so hard to not get too excited. We put in our offer at asking but there had been a cash offer right before us. As far as I can tell it was probably low ball because they didn't immediately take it. Now our offer is either a bargaining chip for the seller or they are legitimately mulling over their options. We were supposed to have our answer tonight, but they contacted our agent and asked for one more day. They had also contacted our lender to make sure it was a rehab loan earlier today. I believe that was because they know the house would not pass inspection as is. This morning when I woke up trying so hard to hold back my desire to be excited. Now the suspense is so built up! My mantra is " I am not already excited" and "if it doesn't happen it's not meant to be!" [link] [comments] |
| Posted: 05 Oct 2020 08:15 AM PDT I have kinda an interesting situation and I'm looking for advice on how to navigate it. A friend of mine currently owns a rental property that my girlfriend and I are in love with. We're considering offering to buy it from him. For the purposes of this post, let's assume that he'd want to sell it to us. The thing is, with Covid, our careers, and everything else going on, we're not sure we're ready to move there quite yet. But I would like to buy sooner rather than later, bothfor the security and so that I can diversify my assets (this is my first home purchase). I'm worried about the actual logistics of purchasing the home if we don't plan to move there right away because I know that can affect what kind of loan I can get. Given that this is a friend of mine who I trust, are there any paths that include a traditional mortgage without me immediately moving there? Thanks! Edit: He does want to sell, it's just complicated at a personal level so I chose not to elaborate. But to people's questions, yes, I know he wants to sell. Edit 2: I know how much he wants for it, and I am already pre-approved for a mortgage at that price. [link] [comments] |
| First time home buyer in a HCOL area: should I get a starter home or go straight for a forever home? Posted: 04 Oct 2020 08:56 PM PDT I live on the Eastside of Seattle. It's a very competitive real estate market here. I have enough to buy my wife and I our forever home but it's unclear right now whether we will be having kids (medical reasons) so I don't want to buy a huge home if it'll just end up being the two of us. What gives me pause is that the market is at an all time high right now and the real estate prices here have nearly quadrupled in the last 10 yrs. My gut tells me it's gotta go down in the next few years. Should I get a starter home and minimize my losses if I have to eventually sell it in a few years or should I get a forever home now, knowing I'm paying a premium, but being willing to ride out the ups and downs over the next 30 yrs? I'm 36 right now. The price for a starter home would be around $800-900k and for what I would consider our forever home would be around $1.3-1.5 million in the areas we are considering. I've been looking at homes for several months but still can't seem to pull the trigger because I'm always afraid I'm buying at the top. [link] [comments] |
| What was your quickest sale from start to receiving the commission? Posted: 05 Oct 2020 08:02 AM PDT |
| Seller won't allow us to get a copy of their title insurance for re-issue credit. Posted: 05 Oct 2020 10:56 AM PDT Hi All, I'm currently under contrast on a home and over the course of the process, the sellers have become increasingly salty over how the deal has gone on their end. Long story short, they are selling the property significantly lower than it's worth (mainly because of bad negotiating on their part) and have since been making things difficult for us. Specifically, we wanted to get a title insurance reissue rate, which requires us getting a copy of the seller's policy. Initially when we asked, the sellers stated they did not have a copy of it and did not remember where they closed when they bought the house. Our closing company was able to track the location of the policy but said we needed permission from the seller to get a copy. We asked through our agent and the response was very petty... they basically said they do not give permission for us to have a copy even though there's no cost to them. Am I basically stuck or is there some other way of obtaining a copy? [link] [comments] |
| Seller Here: How to handle multiple offers? Posted: 05 Oct 2020 10:42 AM PDT We are in the process of selling our home. Went on the market Thursday. We've had 70 showings and 11 of those went on to get pre-inspections. We are expecting multiple (probably at least the 11 that got pre-inspected) "as is" offers tomorrow afternoon (offer deadline is 1pm). I know that some of the offers will already have escalation clauses. So let's just assume the field is narrowed down to a few offers ... What types of things should we be looking out for? Here is our wish list: 1) As-is Are there other things to prioritize that I am missing? [link] [comments] |
| Posted: 05 Oct 2020 10:31 AM PDT I am planning on buying a multi family property and potentially living in one of the units sometime next year. This is also my first home purchase. I worked out the numbers and if I can get the seller to meet a purchase price that makes the investment make sense for me (CoC return of 3% in my case, accounting for maintenance, taxes, mortgage, and vacant) I would be super interested in purchasing the property. A little context about myself. I have done a lot of research on real estate investing and been hearing a lot about fancy terms like BRRRR, however that is too much management for me as I have a full time job and other work that eats up my time. I am not worried about job security of meeting mortgage payments. I mostly just want a positive cash flow. I am willing to do some personal management of the property once I live there. I want to take this leap to be a property owner as I want to stop just watching others invest, and actually do the investing (aka overcome analysis paralysis). A little context about the property. It's a multi family home (3-4 units) in a somewhat populated city. The rental market in the area seems to be on a downturn since COVID, which is why I think the original owner is selling so soon. The only number where I can stomach the price is at like 80% of the current purchase price. Which would be what I would offer and wouldn't go higher as it wouldn't cash flow. The property purchase price is about 1 million. I think the units may be currently vacant or only have one occupant. I have a showing scheduled this week. My questions: As a new home buyer, what questions should I be asking the agent in this case? What questions should I ask during the showing What are common pitfalls to avoid (I know I should get an inspection to make sure there is no major problems)? How can I negotiate the seller down by 20% of their original price? Can I ask the agent for past rental income statements for the last 2 years? [link] [comments] |
| Posted: 05 Oct 2020 10:12 AM PDT Is rental property refinance options similar to primary residence options? I turned my former primary residence into a rental 4 years ago and the interest is at 4.25% with 173k remaining on the mortgage and trying to evaluate my optimal path. I did some reading and saw some conflicting advice, but it seems like since its a rental property that my options are business loans which don't have as competitive rates as mortgages? Can anyone who is familiar with the process share their perspective? [link] [comments] |
| Refinance to 15-year or keep 30-year on a soon-to-be rental property? Posted: 05 Oct 2020 09:55 AM PDT Hi folks, I am four years into a 30-year mortgage @ 3.875% on a condo that has served me quite well (house-hacking w/roommates, area appreciating rapidly, etc). With rates as they are, it seems silly not to refinance, although I don't know whether to also convert to a 15 or 20 year term. I am planning on purchasing a more permanent home with my partner in the next year or two, keeping the condo as a rental, and so would also need to consider the term of that mortgage. With that in mind, I am unsure how to best assess the refinancing on the condo. It seems safer to keep my monthly payments on the rental as low as possible before taking on a second property—so should I keep the 30-year term on the rental and shoot for a shorter term on the new property? Is the main consideration my expected monthly payments as a percentage of my income? Anything else to consider? I realize this may be a more specific question based on my personal finances, so I am happy to offer more details, but in general I am debt-free other than the mortgage, have a six-figure income, and $250k cash on hand. Thanks! [link] [comments] |
| Possible Water damage / mold , help please! Posted: 05 Oct 2020 09:53 AM PDT |
| Neighbors want us to pay for tree trim Posted: 05 Oct 2020 09:40 AM PDT We have a huge pepper tree that is on our neighbors side below us but has grown right up the hillside and to our property line. It completely obstructs our view we once had and also has caused damaged to the cement in our yard from the roots of tree. The neighbors try and trim it every year or other year but now they want us to pay for half it. What's fair? Or the right thing to do? We know it will be an expensive job and we would like the view back but also don't want to dish out the money right now. Any advice? Who's responsibility is this? [link] [comments] |
| Posted: 05 Oct 2020 09:24 AM PDT We've lived in our house over 10 years. It's paid off, and the value has gone up by around $600K. My understanding is that if we sell it now, we (jointly) won't have to pay tax on $500K of appreciation, and we have renovation deductions that we can also subtract from the taxable appreciation, and there will be realtor fees too. So, we're thinking that if we sell now, we probably won't owe capital gains tax from the sale. We mostly like where we're living, and if we were to sell/buy, we'd probably move to a somewhat comparable home in the same neighborhood. If we sell and then buy, our capital gains ticker starts over again, right? So we can have the new property appreciate and not owe capital gains tax when we sell until it appreciates by $500K, as long as we live in it at least two years - am I thinking about this the right way? Please poke holes in this rationale for me, because honestly we're not that keen to sell and move, but are willing to if it keeps us from paying a bunch more in taxes in the long-term. This is our first house, so we've never gone through this process before, and I admit to not knowing much about it. [link] [comments] |
| DIY inspections; good or bad idea? Any tips welcome Posted: 05 Oct 2020 09:16 AM PDT After 6 months, 3 rejected offers, and 1 terminated closing I'm about to start the closing process again. Background on the house: 1954 built split level, well and septic, newly installed duct work, oil furnace, and AC. No recent updates, past updates include extending the garage from 1 to 2 car, getting rid of the flat roof which created two attics (one over house accessible through a bedroom closet pretty easily, one over garage accessible pretty easily if I lose 20 lbs), removal and encasement of 9x9" asbestos tile, and the addition of some electric work like outlets, provision for a generator, and recessed lighting. Current owner is the estate of a union electrician, I have been dealing directly with his mother who has been very open about what has been done and any issues the house has. Seems to be very minor; biggest two are a small leak in the basement (like half a bucket of water you have to mop up once/year,) that I'm 99% sure is because of how the downspouts are arranged and a leak around the chimney flashing that she has said she's having someone come back and fix. Background on the buying party: Me: Have some experience helping out friends/family, decently handy, but otherwise still learning My father: Mechanical engineer, has done extensive work to his house built in 1910, did a full downstairs reno with my brother in law on their 1970s split level, incredibly handy. Future father in law: Lives in a house he built and maintains, licensed electrician, also very handy. One thing that has absolutely underwhelmed me any time I've dealt with them is inspectors. I haven't seen anything serious in an inspection report that I wouldn't have caught myself with a $10 ground fault tester and a flashlight. We've already spent about 3 hours total at the property between two showings and noticed a few minor issues, is it crazy of me to think I can just save myself $500 and do the inspection with the three of us? I still plan on having a well and septic test done, and I'm on the fence about whether I want to test for radon now, or just do a DIY kit and have a radon system installed if it's high after we close since they're really not that expensive. [link] [comments] |
| Indiana, USA - What will happen to the 1980s suburbs "outside the loop" in the next 30-50 years? Posted: 05 Oct 2020 09:09 AM PDT I've googled some and haven't been able to find much pertinent information. When my parents grew up, they were within a few miles of the downtown center of a city of 100-300k people. The neighborhoods they grew up in have now become "the bad part of town". There are several reasons for this (white flight, industry changes, age of homes, etc.). I often think about what will happen to homes that were built in the 80s and 90s that are "outside the loop" i.e. interstate. I see thousands of homes that are 2500 sq ft or more that were built during these times, are apart of additions or winding cul de sacs. These homes are now approaching 30-40 years old. Again, these homes are huge with some approaching 4000 or more sq ft. Will these homes suffer the same fate that old large homes suffered during the latter half of the 20th century near downtown areas? Will whole neighborhoods be torn down to build anew? The city I live in now has hundreds of blocks full of blight and neglect closer to downtown, of which are full of homes approaching 75-100 years old. Will the poorer population start to move out of cities into older suburbs because of neglected homes / too large to keep up? Will the additions outside the loop progress towards the blight seen in downtown areas in the past? Sorry if this sounds like rambling but I hope I made my questions clear. Really interested in different perspectives! [link] [comments] |
| First Time Home Buyer: Pre-Approval Posted: 05 Oct 2020 09:00 AM PDT Hi All, Recently began the path of house searching and narrowing down location, needs/wants, etc. I'd like to get an idea of what I will get approved for, as obviously it'd be slightly silly to be looking at houses outside of my budget. I know when shopping for approval it will be a hard credit hit for all of the lenders it tries, but it will bring my hard hits up to 2 (got a car loan in June, it will be paid off before EOY - already paid off $6k of it). Would it still be a good time to potentially take that hard hit now, even if I were to not potentially buy for say 6-12 months and need to get approved again? Thanks! [link] [comments] |
| Insurance Declaration Page for a New Home? Posted: 05 Oct 2020 08:45 AM PDT My lender has asked me for a hazard insurance declaration page and invoice for a house we are due to close on October 15. I've purchased 3 homes now and every time the insurance quote for the property has been adequate. The lender just told me the quote I sent them is not sufficient and we need a declaration page with invoice, showing the lender as payee. My insurance agent is now out on vacation hence the reddit post. What should I do? I've asked the lender if they're telling me I need to buy the policy for a house I don't yet own, but haven't received a response. What do I do? Just find a new insurance provider asap and get a dec page, possibly switch back to my provider after the first year? [link] [comments] |
| Using seller's agent suggested inspector? Posted: 05 Oct 2020 07:25 AM PDT I'm am buying a house soon in a other city. I do not know any reliable inspectors at that city. The seller's agent seems nice and said he had a company he uses that is very thorough. Should I call a random well reviewed inspector instead of using the one the agent suggested? The one he suggested is also well reviewed but since he knows the seller's agent I fear they can purposely overlook some things. [link] [comments] |
| Posted: 05 Oct 2020 07:17 AM PDT |
| Posted: 05 Oct 2020 07:09 AM PDT I'm getting a substantial inheritance at the end of the month. I am going to buy my first (and hopefully last) home with part of it. I will pay for it in full, no financing. Who should I involve in the purchase? Do I just use a real estate agent or should I get an attorney that handles real estate? Do I need to insist on an inspection or has that already been done? What steps do I need to take to get started? What percentage do I take off the asking price when I make my first offer? This is all new to me and I don't know where to begin. Help me fellow redditors. [link] [comments] |
| Posted: 05 Oct 2020 06:33 AM PDT Is it possible to buy a house with just a few payments on a debit card? I don't see why this wouldn't be a problem with banks, but I was just wondering. My debit gives 4% cash back that is why I'm curious. [link] [comments] |
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