Real Estate: UPDATE - I felt ready to buy a house, but my dad told me it's a bad idea and now I don't know how to feel |
- UPDATE - I felt ready to buy a house, but my dad told me it's a bad idea and now I don't know how to feel
- Does nice landscaping add to home appeal?
- Lot line adjustment
- BRRR Financing Advice
- Questions to ask when interviewing home builders?
- Settling cracks in the foundation?
- Looking at a manufactured home
- Semi-Legal Question about Seller Backing Out of Contract (USA/Wisconsin)
- Previous Water Damage?
- Can you help me see if this closing cost seems right?
- Changing jobs prior to applying for loan?
- Selling an Older House
- Why am I so nervous?
- How do you guys make good profits when you have to pay a 6% agent fee every time you sell?
- Due Diligence Period coming to an end and no word from buyer. Strange?
- Bank Citing RESPA to delay Reducing my payment.
- Buyer waived inspection contingency and now wants inspection
- Appraisal before putting house on market?
- Best place to learn the fundamentals of buying?
- Shady Seller (DFW) (Rant)
- Stressed--beginning to think there's no end in sight
- What do we do with our down payment?
- Comps!
- I can't get anywhere near 3% (without points) in this market. What am I doing wrong?
| Posted: 26 Oct 2020 06:16 AM PDT I showed my dad the math and he's on board now! He admitted that he didn't realize what home and rent prices have climbed to. When I first told him about buying, he said "I don't know, do you really want to commit to a 500 or 600 dollar payment every month?" ... even where I'm at, that's kind of unheard of lol. Thank you everyone for the advice and confidence boost in my original post. The 85k one was too good to be true, the foundation was sloping and it reeked of mold. I was also a little worried about, what if that up-and-coming area never "comes up" - it's had plenty of time to and hasn't yet. I went with the 170k ready-to-go house. I submitted an offer for 168k with 3% seller's assist. We shall see what they say. It should be around 12k to close with a monthly payment around 1k. The house has been on the market for a month which is kind of long nowadays, but I don't think the family is in any rush to sell since the house is paid off in full. I also got to talk to the neighbor yesterday when I stopped by at the open house and he seems very sweet, he was trimming his roses. He said he loves it here and it's a nice quiet street, still close to everything. And the neighbor on the other side was taking her huge fluffy dog out for a walk and said hi! Wish me luck and if I just made a horrible decision please keep it to yourself because I am freaking out a bit! Haha [link] [comments] |
| Does nice landscaping add to home appeal? Posted: 26 Oct 2020 08:16 AM PDT Or is it one of those things that matter only very minimally? Or would people prefer a sparse yard they can landscape to their taste? Trying to plan out next year's projects. [link] [comments] |
| Posted: 26 Oct 2020 09:25 AM PDT I purchased a property this summer in Seattle that appeared to have undergone a lot line adjustment earlier in the year. When I received my tax assessment notice I saw taxes are being assessed on the full and substantially larger original lot size (.5 acre). I found a survey in the county records for the smaller lot size, but no documents noting a lot adjustment. I called the county assessors office who confirmed no lot line adjustment had been filed, and that a survey is not enough to change a lot boundary. In the county's eye, the assessor told me I own the full lot. The closing documents for my property references the property in terms of the boundaries noted by the recent survey that was completed however. Do I own the whole lot, and what should I do next? Looking for initial thoughts on my situation, thanks everyone! [link] [comments] |
| Posted: 26 Oct 2020 06:57 AM PDT Hey all, hope everyone's staying safe. Currently considering an investment in a 4-unit multifamily that would require a a full gut remodel. If I did it, I'd be going in 50%/50% split with a friend. It would be a cash offer, and I have enough for the down payment and some of the anticipated rehab costs. I wanted some advise regarding how I should think about funding the rest of the costs that I don't currently have cash for. Some options below that I would appreciate your commentary on, but please let me know if there are other loans / unconventional methods I am not thinking about (even if you're not sure it would apply!)
Thank you! Happy to answer any clarification questions that would be helpful. [link] [comments] |
| Questions to ask when interviewing home builders? Posted: 26 Oct 2020 08:58 AM PDT Question is mostly in the title. Just trying to see if anyone had a list or a few questions that are good to ask when interviewing home builders, outside of the obvious. My husband and I are looking into purchasing a lot and building a home on it, so there is not a builder we have to go with. Thanks! [link] [comments] |
| Settling cracks in the foundation? Posted: 26 Oct 2020 08:41 AM PDT Hi all, My fiancé and I have been looking at houses for a few months now in MA, crazy market out there! We recently found one that was built in 2012 that we really like. It was a slab, but the house was gutted and they built up a crawl space with a new property on it. I checked around the house and everything looked great, but when looking under the crawlspace there were probably 3-4 areas that had vertical cracks that were repaired. Pictures linked below. I did some research and it seems that most of these were likely caused by the house settling, and are pretty normal. They are mostly plugged up to prevent any sort of water leakage, but are not really an indicator that the foundation is bad. The crawlspace seemed bone dry and didn't smell at all (though they had a dehumidifier down there as they probably should). Do most foundations have a bit of vertical cracking as the house settles? Thanks! [link] [comments] |
| Looking at a manufactured home Posted: 26 Oct 2020 07:18 AM PDT My SO and I are looking for our first home. (located in the USA) We just looked at home that was almost perfect for us. Checked almost all our boxes, directly between both of our works, a little bit of land. BUT our agent pointed out to us its a manufactured home. That doesn't bother us as it is a well taken care of home loads of updates etc. This is our 5 year home we are looking for. Something for us to do a little work to, sit on has the market keeps going up, and get an extra $20-30K out of it when we resell it. Manufactured homes have the stigma of not going up in value like stick built homes BUT it is in an area that is seeing growth in general as its a quite area with space between homes. It's between the nearest "big" city to the east and the beach to the west. We really like the home but just don't know if it is something we should buy in the hopes to resell in 5 years. I am just looking for some more info and advice. Home is currently listed at $240K but our agent thinks this is WAY over priced (because it's a manufactured home) and thinks they can get them down to $190K [link] [comments] |
| Semi-Legal Question about Seller Backing Out of Contract (USA/Wisconsin) Posted: 26 Oct 2020 10:42 AM PDT Here is the current status, though I will try to keep details to a minimum unless necessary. Buyer makes offer, seller accepts; standard contingencies. Normal residential house in Wisconsin. During inspection, an small structural issue in the foundation is noticed as well as a cosmetic one. The buyer asks for short extension to get quotes for the cosmetic repair, while asking the seller to fix the structural one. During Appraisal, appraiser notices the structural issue, and the buyer's bank requires it to be fixed before approving their conventional loan. Seller verbally agrees to structural repair; but time for repair will take longer than the current closing date, so that will have to get pushed out; and cost is high. According to the contract, it seems that the seller is on the hook for the repair of a structural component, that can not be conceded as cash at closing due to the bank's requirement for the buyer's mortgage. The timing of the repair dictates a pushed out closing for both buyer and seller. My questions are this:
To be honest, I'm wondering if, as a seller, it would be possible to void this contract at this point. Nothing beyond the original extension for their acceptance of the inspection has been agreed to. The original date plus extension for their approval has passed. But structural repairs have not been completed yet; and will not by original closing. Rather than push the closing date out, I was considering just leaving the deal in order to fix the issue correctly; and due to the cost of the repair I will reconsider selling the house. I guess that's the main question; what if a structural issue comes up that is very very expensive during inspection. Does the seller have to fix it at their own cost for the buyer, or can the seller back out of the deal to figure out how to fix it best. The buyer cannot get a loan until it is fixed per their bank. Thanks! [link] [comments] |
| Posted: 26 Oct 2020 06:55 AM PDT Good Morning! I'm a first-time homebuyer that is hoping for some guidance/expertise. My SO and I found a house that we really liked... which seems like a miracle after so many duds. However, the house had recent water damage (that started upstairs) a few months ago right after it was put on the market. The sellers were out of town so the water sat for a few days. They took the house off the market and insurance covered repairs/fixed the problem: floors (1st and 2nd floor), electrical, drywall, and cabinets were all replaced. We plan on:
Concerns we have:
Thank you in advance for any input you can give us! [link] [comments] |
| Can you help me see if this closing cost seems right? Posted: 26 Oct 2020 10:39 AM PDT Price is about 700k I'm not familiar with all these fees but breakdown of closing cost are below. Is there anything out of the ordinary in terms of line and cost? Loan: Interest for 1 month Title/Tax/Charges: 1st 1/2 Property Taxes 2020-2021 Escrow Charges: [link] [comments] |
| Changing jobs prior to applying for loan? Posted: 26 Oct 2020 04:23 AM PDT Will switching jobs in the months before applying for a construction loan/mortgage affect our ability to get the loan? Wife has a stable job, I do too but may be switching in the near future. We also have land as a 20% down payment and ~200k in various retirement and savings if that matters in the process. Thanks! Edit: appreciate the answers, I'm going to a similar role for similar pay if it works out. So it sounds like it won't be an issue. [link] [comments] |
| Posted: 26 Oct 2020 09:56 AM PDT We are having a lot of trouble selling our older home. It's nearly a century and well maintained. However, it's older so it has normal older home stuff: older building structures that are not up to modern code (but do not impact ability for financing or insurance), some remaining older pipes (most have been replaced), some wood that will need to be switched out as it will be prone to dry-rot (not structural), cracks in the foundation walls that are "continue to observe" level. Windows are new, roof is new, etc. The house is move-in ready, it's more along the lines of "In a few years you may have to replace the pipes that feed into one bathroom" or "In a few years you may have to replace some of the wood pylons as they may be prone to rot." I honestly think that the issue is that our offers have all come from first time home buyers. They don't know that all homes need upkeep and repairs and then panic. The have all gotten cold feet and backed out at literally the 11th hour (day of last day to cancel). Any suggestions about how to make our old home more desirable? The price is reasonable (we get lots of visits when it's on market and have gone under contract within a few days of it being on market). For the last buyer, we gave reasonable concessions they asked for. [link] [comments] |
| Posted: 26 Oct 2020 09:51 AM PDT Socal market - offer accepted. Minor cosmetic issues resulted in 35k savings. My income is over 3x the monthly, I put 20% down, it is a great location and the type of house my family can be happy in for 20 years. I've been renting for 7 years and saving to get to this point. I should be jumping for joy. So, why am I so nervous? Is this common? Thanks and sorry for my personal rant. [link] [comments] |
| How do you guys make good profits when you have to pay a 6% agent fee every time you sell? Posted: 25 Oct 2020 05:52 PM PDT How do people make any real money in real estate investing when they have to pay 6% in agency fees every time they sell a house? Or do savvy real estate investors find a way to avoid these fees? If so, how? Just by selling the house themselves (without going through an agent)? But then they'd still have to pay 3% for the buyer's agent, correct? [link] [comments] |
| Due Diligence Period coming to an end and no word from buyer. Strange? Posted: 26 Oct 2020 09:22 AM PDT We got a contract on our house after two days of showings. Contract stated 8 day due diligence period for inspections. We accepted on Sunday 10/18. I'm not sure if the 8 day period includes weekends or not, if so then today is day 8 but otherwise Wednesday would be day 8. The inspection was completed this past Wednesday so I'm just surprised we haven't heard anything. What happens if they don't say anything during this period? And what happens if they respond Thursday or anytime after the period ends?? Do we still offer to negotiate? Realtor is saying things will be fine but I'd appreciate knowing answers to my "what if" questions. [link] [comments] |
| Bank Citing RESPA to delay Reducing my payment. Posted: 26 Oct 2020 08:24 AM PDT Background is a little complicated, but they did an escrow analysis in June and said my taxes would increase (this was due to some tax abatement paperwork on my property that had been renewed). I didn't see that letter, but caught it in September and asked them to do another analysis. They said the final work order/review would be done Nov 3. During this time, I've been paying the higher amount. What is confusing is they keep citing RESPA for the reason that it will take an additional 45-60 days (after Nov 3rd) that I have to pay the higher amount. I understand RESPA protection if the amount will go up, but if it's going down? They said the only way to ask for it to be sooner is via mail to their research department, there isn't any person I can speak to or email. In the collective insight of this group, does this use of RESPA sound correct? Any suggestions how i could successfully lobby them to let me pay the reduced amount right after their analysis? Note that they did say they'd payback and overages (plus interest), but I'd rather just not pay it in the first place... [link] [comments] |
| Buyer waived inspection contingency and now wants inspection Posted: 26 Oct 2020 08:12 AM PDT I am selling my home in a very hot market. I received several offers over asking. In the end, I decided to go with one of the higher (but not highest) offers because they waived the inspection. I figured this would get us to the closing table the quickest with less chance of any hiccups. The buyer is now requesting a walk through inspection for "informational purposes only". The home was built in 1979 but since then has undergone several repairs and 2 major renovations, the most recent is what I am finishing up on now that essentially redid the entire kitchen, bathrooms, all flooring, new windows, new hvac, new doors. Even so, it is not a new house and I really didn't want to spend time doing additional repairs. I am not aware of any issues that I didnt fix during this current renovation and the home is slab on grade, no basement, but I do know that in a house this age you are bound to find things once you go looking. Am i putting myself at a disadvantage by allowing this inspection? And should I wait until after the appraisal? Buyer's EMD is $5,000. EDIT another important piece of the puzzle: the offers were several thousand over the most recent comparable sale, so i do not think the home will appraise for the offer price, and I expect there to be some additional negotiations after the appraisal takes place. Does this impact when/if I should allow the inspection to take place? [link] [comments] |
| Appraisal before putting house on market? Posted: 26 Oct 2020 07:41 AM PDT My wife and I plan to sell our South Florida home in the coming months (first time selling a home). I was originally thinking of doing an appraisal of my home prior to putting on the market, due to all the renovations which we have been done since we moved in to get a better understanding of the new value, though I have been reading that this may not be a good idea due it potentially negatively impacting the "market value" of it. Should I wait until doing an appraisal until it is absolutely necessary? Are there other recommended ways of getting a professional estimate of what we should list our home at other than just looking at comps in my area, which will factor in the renovations? [link] [comments] |
| Best place to learn the fundamentals of buying? Posted: 26 Oct 2020 07:29 AM PDT Hi all. I'm in the very, very early days of looking at houses and/or raw land to eventually build on in the future her in the US (N. FL/S. GA region). However, I'm a bit perplexed by all the different types of sales and financing. Is there a resource I can use to find the basic definitions of these terms and the various ways to buy properties (e.g. owner financing, foreclosure, pre-forclosure, tax deed and other auctiobs, etc...). Thankfully, I'm in good shape financially, I just need to educate myself a bit more before I start spendibg money. Thanks! [link] [comments] |
| Posted: 26 Oct 2020 07:18 AM PDT At the end of September, we agreed on a price with a seller. However, they did not want to sign because they had not yet found a new home (they were having trouble finding a seller themselves who would accept a VA loan). They wanted to do a lease back but we did not, so we offered to push the closing date back. However, they still did not want to sign. Their agent told us she understands if we want to move on and find another home- so we did. Then, last week, their agent reaches back out to see if we are still interested because she may have found the owners a home. We said yes. She stops responding. Today, we learned they have accepted another (likely higher) offer. I wish the sellers would have just declined to negotiate and not waste our time. [link] [comments] |
| Stressed--beginning to think there's no end in sight Posted: 26 Oct 2020 07:15 AM PDT Hey all, I'm so stressed. My family and I had been waiting for the house we wanted to have it's estate filed. It was finally filed last week, after which it has to run in the paper for a week for a clear title, but the paper won't run it until the middle of THIS week. My realtor was saying we could possibly close on November 5th or 6th(our original closing date was to be today). My lender spoke with me today and said it more than likely will push to the END of November, counting final underwriting and stuff. She says they may be able to pull it off faster, but didn't seem too confident depending on what attorney says. We've been under contract on this house since September 18th. They had weeks upon weeks to file that estate. Seller even agreed to pay our rate lock to keep it the same. Seller has put early occupancy on the table and now I believe I really should accept it, no matter what. I was willing to wait a week or two, but not an entire month now. This all goes back to not filing the estate in a timely manner. Should I tell my realtor I want closing costs as compensation for this? Do I have leverage here now to ask for any compensations? Should I just take the early occupancy offer? My wife wanted this home so badly, I can't walk from it...conversely, we can, but really rather would not stay where we are that long. [link] [comments] |
| What do we do with our down payment? Posted: 25 Oct 2020 09:13 PM PDT We're set to close on the sale of our first home within a few weeks. We have been waiting to start looking for a new house until farther into the sales process so that we can make a stronger offer. We expect to make about $90k in profit after paying for closing costs, etc. This might be a silly question but do we just take our big ol' check to our local Chase branch and pop it in our checking account until it's time to make our down payment when we find a house? There will be a 2-6 week gap between closing on houses. Should we open an account at the credit union we instead to get our mortgage through so that transaction is easier? It's more money than we have handled in the past. Thanks in advance! [link] [comments] |
| Posted: 26 Oct 2020 04:50 AM PDT Selling a Town House built in 2008. There are about 80 in my neighborhood. Is my immediate neighborhood the only source to pull comps from? Average sale price 255k most recent sale price 269k There is another townhouse community 2 miles away, built in 2017, by the same builder. Could I use these as comps? These are selling for 350k with newer finishes but basically the same product. My townhouse has been renovated. Brand new kitchen, complete master bath Reno, all other bathrooms Reno'd. I've brought this property up to the finishes of the new townhouse community. I realize I will not get 350k for my place, but could I ask for 285k or 290k? [link] [comments] |
| I can't get anywhere near 3% (without points) in this market. What am I doing wrong? Posted: 25 Oct 2020 11:41 AM PDT
the best i've found is 3.375% with $8k in points or 3% with even more in points via Better.com. super frustrating to see such great rates and yet i can't seem to sniff them. [link] [comments] |
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