Real Estate: S.F. rent prices plunge as much as 31% — steepest decline in U.S., new report says |
- S.F. rent prices plunge as much as 31% — steepest decline in U.S., new report says
- Why is my local real estate agency hiring so many people and paying for their classes to get licensed?
- Underwriting/appraisal late; technically now both parties can cancel
- House Selling and Buying Experience in SF Bay Area
- What do sellers do with their pets for showings?
- Feeling deflated after 360K offer (full asking price) was rejected vs ...
- Seller's Mail and Packages - Do Not Deliver Notice in Mailbox
- Seller threatening court after appraising 600+ sq. ft. below advertised value
- Loans for Construction at different times
- A question to other tenants or even landlords (utilities)
- [CA] Same day appraisal? Cost no object? Possible?
- Is this a good deal?
- LLPA rules?
- Turn House into rental, breaking 1% rule?
- Tell me about when buying a home for you fell through so my pain can be validated
- [NY - Upstate] Never received property abstract. Where to start?
- How to handle a buyers inspection report
- [TN] Thinking of remodeling a fixer-uper, or at least having that as an option during my home search. How do you estimate costs?
- Patching Holes in a home... Agent is ticking me off
- Do open houses help sell houses?
- What to Include in an Welcome Packet for First Time Home Owners
- Is the Turnpike too close to our proposed house?
- Should I buy this house?
| S.F. rent prices plunge as much as 31% — steepest decline in U.S., new report says Posted: 14 Oct 2020 04:49 AM PDT According to the September rent report from listings website Realtor.com, San Francisco's rental prices experienced the steepest declines in the nation year-over-year in all three of its categories: studio, one-bedroom and two-bedroom. Median rent prices for studio apartments in San Francisco declined 31% year-over-year to $2,285 in September, according to Realtor.com. The median price fell 24.2% to $2,873 for one-bedroom apartments, and dropped 21.3% to $3,931 for two-bedroom units. [link] [comments] |
| Posted: 14 Oct 2020 07:47 AM PDT A local real estate agency put up an add on Indeed looking for agent candidates and they are paying for the classes to become licensed. My wife and I both sent in resumes and were both individually contacted almost immediately for interviews. My wife has been to her interview and it was short and they asked very few questions. The next day they signed her up and paid the fee for the classes. Based on how quick and to the point they have been I can only assume there are several other candidates. Why are they doing this? Is this some sort of pyramid scheme? The agency and broker are very legitimate and do a lot of business in our area. Are they just investing in a lot of people with the expectation that a lot will not follow through? [link] [comments] |
| Underwriting/appraisal late; technically now both parties can cancel Posted: 14 Oct 2020 10:10 AM PDT Hi, I posted a bit about this before but currently in the process of buying first home, which will be used as a second home (very privileged, I know!) Primary residence is a rental and our current city is too expensive to buy. Buying directly from seller in a hot market (but hot due to COVID so will calm down in 2 years I assume). It's a unique property, a log home. We are likely paying a decent premium for it but at this point we've decided that's worth it to us because we're confident in how well our friends took care of it and anticipate this being a "family cabin" for many years. We signed contract on 09/10, local appraiser came by at 9/22 and commitment letter still not issued. Appraiser told seller he completed his report at 1am on 10/9. I'm anxious because contract says that after 30 days, we or seller can actually back out. Seller is a friend so likely won't happen but if it keeps being delayed, who knows!! Has anyone dealt with this? Is it too late to find a new lender? Can I hound lender more than once a day? Do I just have to suck it up? Should I threaten to find another lender? The underwriting is done other than this. I just feel I'm in this uncomfortable and never ending purgatory! And I feel there's a decent chance the appraisal will raise an issue so I just want to know ASAP! Would love any insight, thanks so much. [link] [comments] |
| House Selling and Buying Experience in SF Bay Area Posted: 14 Oct 2020 09:35 AM PDT We decided to sell our SFH in the East Bay as we were tired of our commute. We interviewed three agents (one of which helped us to buy the home 5 years ago), and chose a local agent that knew the area. We had handymen do some touching up, the agent hired a staging consultant (who told us our existing furniture was great for staging so we just went with that) and listed at about $20k less than what we were looking for. We received 13 offers over the next two days, and the highest offer being $50k more than asking! the top 6 offers all waived inspection contingency, and the top offer also waived appraisal contingency. We knew that the home would not appraise based on our own research on comps, so the top offer waiving appraisal contingency was even more reason to choose it. Everything was going smoothly until the appraisal report came out and was $30k less than the offer. The buyers then wanted us to meet them at $20k less than the offer ($10k more than appraisal). We initially refused as they had waived appraisal contingency, they should've known what they were getting into. A week passes and our agent hears from the buyer's agent that the sellers are going to back out using the loan contingency... Apparently the appraisal contingency is a joke, it's easy to ask your lender to write something saying you no longer qualify for the loan. Our agent and their agent came up with a compromise to lower their commissions so that we would go with the buyer's new price, but we would pocket the same amount as if we sold at the offer price with the initial commission. We decided to accept this proposal. After selling, we lived at the in-laws while searching for a new home. We were searching in a more expensive city closer to work (still East Bay), and there were very few homes in our price range every week. We saw 13 homes over 2 months, and offered on 6 of them, losing for various reasons. Some offers we still were contingent on the sale of our home, so I'm thinking that automatically got our offers thrown in the trash. Other offers after our home sale was completed we were beat by dollar amounts. Everyone and their grandma is waiving ALL contingencies in this city. We were initially not waiving all our contingencies, but after being beat so often, we figured we have to waive all as well. Finally on the the 7th home we offered on (also the best home we've seen), we won! For all of our offers, we were submitting personal letters, because it rarely helps, but never hurts. Well it turns out our personal letter was a huge deciding factor to the sellers of this home. We were the second highest offer (out of 7 total all wavied all contingencies), and the top offer beat us by $40k, but the sellers liked our personal letter so much they asked us to counter, even telling us we didn't have to match the highest. We went $30k higher (still $10k less than the top), and they accepted us! Buying process went smoothly, home didn't appraise (because of course it didn't), but we were putting more than 20% down anyway so it didn't breach the LTV ratio cutoff. The sellers actually met us at the final walk through and personally showed us the ins and outs of the home, they had a lot of pride of ownership. TL;DR: Selling is easy, buying is hard. [link] [comments] |
| What do sellers do with their pets for showings? Posted: 14 Oct 2020 01:53 AM PDT we recently bought from a couple that had a dog. During our viewing, inspection, and walkthroughs the sellers were never there and obviously took the dog with them. However, we have a cat. It's not exactly easy to "go to the park" with a cat for an hour during a viewing. My main concern with just leaving a pet at home during a viewing or inspectors is two gold. One is obviously harm and two is escape if one of the potential buyers or inspector leaves the door ajar for too long. So I was just curious from the realtors on here, what do sellers do with pets that are not dogs during these times times to ensure the safety of your pet? [link] [comments] |
| Feeling deflated after 360K offer (full asking price) was rejected vs ... Posted: 13 Oct 2020 02:42 PM PDT Hello, long time lurker - wanted to make a post to just vent a bit :-) .My wife and I wanted to move back to our homecity (buy a house) which currently has an insanely hot market. We were in the city this past weekend to look at a few properties, including a really beautiful one that had just been listed this past Friday night itself (we were lucky enough to get a viewing on Saturday). We went to see the property and really really liked it ; we asked our agent to get disclosures, comps and had a few follow up questions (HOA rent restrictions etc) - we were able to put in an offer at listing price of about 360K for a 2 bed 1 bath property (~1000 sq ft) , which is definitely over priced (vs recent comps) but we loved the property a lot. Just found out that our offer was rejected because someone had an all cash offer for the property + waived appraisal/inspection. I don't think we can compete with that :-) Either way just wanted to vent a bit because we both are feeling a bit deflated :-) [link] [comments] |
| Seller's Mail and Packages - Do Not Deliver Notice in Mailbox Posted: 14 Oct 2020 10:56 AM PDT I recently purchased my first home. Everything was fine and dandy. The sellers and I got on well after close. However, when I took possession...things got messy. They left the place in a state of disaster. They did not hire the cleaners as specified in our contract. They just sent me $200, which is about half the price. They left trash, belongings, things everywhere. I had to hire a plumber for the toilet they left trash and feces in. I had to get a cleaner to come clean where their dog had pooped in the house and they left it. I spoke to my realtor and he spoke to theirs. They said "tough luck". And we no longer spoke to one another. I was mad at myself for being so kind to them throughout everything. I deleted their contact vowing that I would not be as amiable. Fast forward. I've been in the house for a couple of months. Sometimes I get mail for them. I set it aside. I'm also getting a lot of packages as due to COVID, many people cannot visit or celebrate with a house warming so they are sending gifts to say "Congrats on your first home!" That being said. I opened a box recently and there was no note inside. I thought, how strange. No one took credit. It was quite large and I stuck it in a closet until I determined what I wanted with it. Another unexpected box came with no note. This was a small parcel. I happened to look at the front of the box and saw the seller's name on it. Oh no...I ran to the closet and indeed....the other box had their name. Now...I'm freaking out. I did not mean to open something not for me. I just was opening my deliveries. It's been two weeks and they have not contacted me at all. Today I got a yellow notice in my mail box that says "Carrier Alert Card - Verify All Mail Before Delivering". The edges all say DO NOT DELIVER. Have they requested that mail not get delivered to my home now!? Do I have to leave this in the mail box?? Does this impact MY mail?! TL;DR Seller's left house in terrible condition. They keep getting things sent to the house. Now there is a notice in my mailbox for "Do not deliver". How does this impact me? [link] [comments] |
| Seller threatening court after appraising 600+ sq. ft. below advertised value Posted: 14 Oct 2020 07:03 AM PDT Disclaimer: This issue is currently affecting a friend of mine. I am sharing with the community to get opinions for how they should respond. Edit: Not seeking legal advice, just opinions. A buyer made an offer on a house that has been sitting on the market for a while. Negotiations have been wrought with friction between parties. The seller rejected their modified offer (perhaps they felt "insulted") but contacted the buyer after a few weeks to see if they were still interested. They went under contract a few weeks ago. The buyer's appraisal came in last week and the square footage of the house appraised for 25% lower than the house was advertised. The issue was that the finished attic was added to the city's records by the seller's agent thinking that it had been omitted by the city. Turns out, the city appraisal already included the finished attic. This adjustment raises the $/sqft value significantly and it is now one of the most expensive houses in the neighborhood by $/sqft. The contract is contingent on an appraisal. It was appraised at the purchase price. However, the buyer is not satisfied with their original offer based on the misrepresentation of the house in the listing. The buyer tried to lower their offer based on this new information and the seller is threatening them with court to purchase the house at the agreed upon purchase price. Who is correct here? The buyer or the seller? [link] [comments] |
| Loans for Construction at different times Posted: 14 Oct 2020 10:44 AM PDT Have an existing mortgage. Looking to refinance it. Also looking to build a small structure in near future (1 yr) And finally looking to build a 2nd house on the property (10 years) Whats the best way to go about looking at loans for all of this? Ive never had more than a basic mortgage. Primary house/property has enough equity to cover construction #1 if it makes a difference. [link] [comments] |
| A question to other tenants or even landlords (utilities) Posted: 14 Oct 2020 10:34 AM PDT Hey everyone, So an update from my last post, I signed an apartment for $1600 in my area (Boston). Are there any protective measures I can take for my utility bill? The landlord told me that I should expect to pay around $150 in heat and $100 in electric every month, is there anything else I should find out prior to renting or signing a lease? I'm just concerned that the LL could be downplaying the monthly costs. That last thing I want to do is get in the place and end up paying $350 a month in utility bills. [link] [comments] |
| [CA] Same day appraisal? Cost no object? Possible? Posted: 14 Oct 2020 10:12 AM PDT |
| Posted: 14 Oct 2020 10:08 AM PDT hi everyone, closing on a house on 11/19. looking for a jumbo loan (640K), quote i got is 7/1 ARM 2.50% rate (2.587% APR) with 20% down, 25% its 2.37% rate (perhaps 2.50% APR). origination fee: $530, discount points 0. I most likely wont stay in that home for more than 3-5 years. would like to stay with 20% down and take the 5% and put it in a high yield bond fund or so. not sure if thats worth it. would you kindly share your thoughts on the rate and 20% vs 25% down? [link] [comments] |
| Posted: 14 Oct 2020 09:15 AM PDT Going through a refinance of our primary residence and am having trouble finding the rules that govern LLPA. The best rate from our lender was for a secondary loan, indicating that they would sell it to Fannie Mae. They said it won't close before Dec. 1st so the 0.5% adverse market rate applies. But now they say they will be servicing the loan and still charging the LLPA as an origination fee. Is there any argument I can make to get the fee eliminated or reduced? [link] [comments] |
| Turn House into rental, breaking 1% rule? Posted: 14 Oct 2020 09:11 AM PDT I am considering turning my house into a rental to get more equity out of it until I can sell and downsize. The purchase price was $230k. My total PITI payments are currently $1125. Based on market analysis I think I could get $1600 rent out of it. Why is the rule of thumb to rent for 1% of the purchase price? This seems like a comfortable margin to me, even when things break down. [link] [comments] |
| Tell me about when buying a home for you fell through so my pain can be validated Posted: 13 Oct 2020 09:42 PM PDT |
| [NY - Upstate] Never received property abstract. Where to start? Posted: 14 Oct 2020 08:43 AM PDT Hi all, I purchased my home in 2014 and never received a property abstract. My lawyer mentioned at closing that I would be getting additional documents in the mail, but I never received anything. I'm interested now since this is my property's sesquicentennial anniversary, and want to do some additional research. My questions are, should I automatically have received the abstract? If so, who should I reach out to for help, my lawyer or the county clerk? Do you think it's already been to long to search for this document? This is my first time posting in the sub, thanks for your time. [link] [comments] |
| How to handle a buyers inspection report Posted: 14 Oct 2020 08:31 AM PDT We are selling our first home and the buyers inspection is coming up soon. We currently have a 1950s home that obviously has a few issues for its age. The HVAC system is old but still works great. The driveway is cracked as it's original and the basement has a bathroom that needs to be finished and drywalled. We are currently under contract to purchase a house ourselves and want to move this forward painlessly. If the report comes back less than ideal what's the best option to please buyers without have to call a bunch of contractors? I am thinking seller credits ? Or do most buyers prefer to have the work done before close? [link] [comments] |
| Posted: 14 Oct 2020 08:11 AM PDT I am currently temporarily living with some relatives in eastern Tennessee while I look for a house. There isn't a huge rush since they love me paying rent, so after many attempts and fails to land a house over the past few months due to the absolutely bonkers market and lack of inventory, I'm considering scooping up one of these fixer uppers or auctions instead. For example, one I'm currently thinking about: https://www.zillow.com/homedetails/906-Diane-Ave-Erwin-TN-37650/42533929_zpid/ It's 77k. My budget is 150k cash. I'm trying to determine how much a junker like that would cost to make actually good. Walls would need to be redone, floors tiled/carpeted, there definitely looks like some leakage so possibly a new roof, ceiling panels are a mess, kitchen and bathroom will need to be completely redone, and I'm sure there are plenty of issues with the electrical or plumbing. Also needs an AC unit. Could I realistically fix all of that and stay within my budget? I'd like to be done and ready to move in within ~6 months, but if it takes a bit longer that would be alright. I've never done a remodel before, so I have no idea how long it would take. The fact that the house is only 1000 sq feet seems like a bonus going this way at least. I really like the location. [link] [comments] |
| Patching Holes in a home... Agent is ticking me off Posted: 14 Oct 2020 07:55 AM PDT When is a agent not your agent anymore and more of buyers agent?... (Even though the buyers have their own agent) I have sold 2 homes before that has had issues (Holes small/med) This is the first time I've used this agent to sell my home I've used him to buy this home so we do have a track record but not for selling. Long story short I have two walls Wall 1 - Had baseball bat cases with LED lights in the cases, the wires went inside the wall into the basement. I asked my agent let's leave the holes in the wall so the new owners can use these easy clip wires to install new LED lights if they want. Agents response "Yea good idea" Wall 2 - Had my TV on the wall with holes to push wires inside so they are hidden. I asked my agent let's leave it so then if they want they can push the wires through the wall and use instead of cutting new holes. Agents response "Yea good idea" Well it's about 1-2 weeks prior to closing, my GF and I are moving out and cleaning and he has came to me and has said let's patch these holes up. I've asked him did the new buyers want this? His response was "Let's do this so when closing comes were not going back and forth because they weren't aware of the holes in the wall" Let me just say this... It's one thing if the buyers wanted it but it's another thing that OUR agent is telling us to do it... Both my GF my father and myself all feel that this agent is working with the buyers more than he is. The amount of upgrades I've done on this house PLUS I'm getting new windows installed later this month he's more concerned about drywall issue... I'm not a professional Mudder/Sander when I told him today I have one wall done I said "I'm not a Mudder/Sander professional I've done the best that I could" his response well hopefully it's good enough. Am I wrong to think that my agent isn't for us but trying to please the buyers because he's scared that they will walk away because of dry wall holes (These holes are clean cuts circles no more than a 1-1/2" diameter) [link] [comments] |
| Do open houses help sell houses? Posted: 13 Oct 2020 05:30 PM PDT We are selling our house, have a lot of showings already scheduled (I think around 10) but my husband is really adamant that we push for an open house. I am concerned that an open house will attract neighbors and the "tire kickers" type people. Not to mention I'm concerned about people stealing things. Agent doesn't think we need one seeing as our listing has only been live for all of 6 hours and already has tons of interest, but he will do it if we really want to. So I need Reddit to tell me who wins this argument. Will an open house help us sell or is it pointless? [link] [comments] |
| What to Include in an Welcome Packet for First Time Home Owners Posted: 13 Oct 2020 05:01 PM PDT Hi guys! So I'm a fairly new agent, just finished my first year and I'm still working on putting systems into place and my resource materials. One idea I had today was to create a move in checklist, which turned into including a home maintenance checklist and has now expanded into a welcome packet for home owners. So far I'm thinking abouy including a welcome to your home section, and a welcome to your neighborhood section. The home section would encompass the home maintenance checklist, the home inspection report, the mls listing, utility contact info, and whatever else would be helpful. The neighborhood section could have menus from great restaurants nearby, municipal and police contact info, and maybe events local to the area. So my question is if you were just moving into a house, especially as a first time home buyer what info would be useful (not just junk) to you? [link] [comments] |
| Is the Turnpike too close to our proposed house? Posted: 13 Oct 2020 08:24 PM PDT We are looking to build a house. The builder showed us the lot, and it's a nice lot on a cul de sac, with space for a pool and decent yard. We have two boys in elementary school. I put down a small deposit ($5k), with 5% more due next week. It will be the last lot to be developed. It was the last lot made available for purchase because they kept throwing coal and dirt on it from other lots. So they say. Before looking at it for the first time, I knew the Turnpike was close enough that we could hear it if we all kept quiet. I bitched and moaned about it to the builders even though it didn't really bother me or my wife. They gave us 10k off. Big whoop. Well, my wife and I drove to it tonight. We parked and turned off the car. We heard the noise. Google Maps shows us that the Turnpike is a quarter mile away. Behind the house is all trees and woods, though. Through the trees some lights from the Turnpike can be seen if you look hard enough. I imagine in a month when all the leaves will be gone, we will be able to see and hear more. This is a turnoff for me. I don't want to hear cars while I'm on the deck, or trying to fall asleep. I've also read that contaminants and pollution from brake dust, rubber, and exhaust fumes can potentially make a difference in health at that distance. Also, what will it do for resale value if that ever arises? An already confusing endeavor has become even more confusing now. My wife is okay with it.... but I'm not on board 100%. But maybe I just really wanted a reason not to buy a new house. It seems like the time to sell and buy is now though. I don't think they are developing much more in this school district. Does anyone have any experience with being a quarter mile away from a highway? I know this is all subjective. I guess I just want to hear others thoughts. [link] [comments] |
| Posted: 14 Oct 2020 05:50 AM PDT I happen to know someone who is willing to sell me a house for a good price before it goes on the market. He inherited it, so it's an old home (built 1875). 3BR 1BA. He's put a lot of work into it (new roof, new kitchen, new bathroom, new paint, polished floors). Selling it to me below market rate for $130K. I wasn't looking too buy a home as I am trying to pay down student loans. $6k left in my name, $60k in my mom's name. I make $85k/yr and only have about $2k saved. The bank is willing to give me a 3% grants on both down payment and closing cost. But I'll likely need to come to the table with a few thousand in cash at close for the remainder of closing costs. Depending on how soon we close, I may be able to either save that amount or borrow some cash from family and pay them back. The kicker is that since I wasn't looking, I recently signed a new lease a month ago. The leasing office says that if I want to terminate my lease I will need to give 60 days notice and then pay 2 month's rent when I move out in order to terminate the lease early. My rent is $1200/month, so that would cost me an extra $2400 in order to buy this house. I've been preapproved from the bank with an estimated mortgage of $700/month. My ultimate goal is to rent it out mid-late next year since I plan to move out of state. I'm not sure if I'm ready to become a landlord at this time since I haven't done any research and don't have much cash on hand. What say you, Reddit? Should I go for the house, cancel my lease, and look to rent it out later? Should I rent it out now? Am I in over my head? Should I say goodbye to a good opportunity? [link] [comments] |
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