Real Estate: Update: Too good to be true |
- Update: Too good to be true
- Yesterday I paid for my real estate classes
- I want to sell my house but I have no idea what I’m doing
- Zillow not showing photos but other sites and MLS do.. any idea?
- ELI5: Buying Large Lot and Subdividing with Builder
- Closing on Friday (2 days from now) but still don’t have final numbers?
- How much leeway can I take while taking my state required course
- Finally closed on a home!
- [Anecdotal] Did Your Sellers Cooperate On Negotiations For Roof Repairs After Inspection?
- First Time Buyer Closing Date October 30th
- Using a real estate agent when buying a custom home?
- Should I find a new Managing Broker?
- Buying the most expensive home on a block
- Is it true an agent can’t tell me if a house is a good value?
- Manufactured homes. How many can be placed on 1 plot of property in California?
- Is it normal for a realtor to only work with other realtors? (PA)
- Difference between 3% conventional and 3.5% FHA
- Underwater in less than a month. The Cosmetic Rehab turned in a Teardown with 95% LTV on Renovated Value
- Options for selling a distressed home
- Missed out on a home purchase because two realtors had the same name.
- Should I use an agent when building new house?
- How do normal people come up with down payment and closing costs on a house?
- First time homebuyers, 2 weeks to close, high anxiety
- What is "final inspection"? Are we almost to the closing table?
| Posted: 20 Oct 2020 04:30 PM PDT I just had to update you guys and tell you the appraisal came back above purchase price, final approval came in, and we closed today! What? Is this real? We met the sellers, exchanged numbers, and they're going to try to give us possession two weeks early. I can't even you guys, lol! Good things do happen! Best of luck to all of you! [link] [comments] |
| Yesterday I paid for my real estate classes Posted: 21 Oct 2020 04:00 AM PDT Hopefully I'm not breaking any rules posting this. Three Sundays ago I was playing basketball with my friends and landed bad. I tore my meniscus and acl. This has had me couch-ridden for the last few weeks. I've been looking into getting my license for some time now but I am a college student with around $600 a month in bills (I don't know where that stands in terms of average). Yesterday, my boss made a schedule where I was supposed to work Monday of next week, but we agreed that it is one of my off days as I need 3 off to maintain my school work. He still scheduled me and got mad when I said I couldn't work. I need that day to rest my leg and I also have physical therapy. I offered to work in the morning as long as I got out beforr 4 but he told me nevermind. He got mad because I never told him about my prior commitment to healing my leg, which I wasn't aware I had to tell him as all the days I am going to my PT are my off days. I feel bad because he scheduled the pregnant girl for an 11 hour shift. I feel selfish for that. I've helped this company a lot over the last year and a quarter. It is my first sales job and I've been number one in my district for 90% of the time working there. I had no manager for 2 months straight, so I had to teach myself everything I know. This was around August/September of last year, whereas I got hired in July. It was just one rep and I working alone for those 2 months. I expect to be given some leniency for having a perfect work attendance and balling out every single shift, but I end up just getting shit on. I am always the one who is expected to go the extra yard for the bosses, which I always do and do not ask for anything in return, just recognition. I don't like being treated like crap when I'm the best at what I do for my region. Moreso for the fact I've never missed a shift. I've only gone home early twice for not feeling well. My leg and this outburst broke the last straw on the camel's back. I'm going to work at getting my license for the next month or so, however long it takes. I have an old friend's father who has a 30 year old locally owned real estate brokerage. I'm signing on with him the second I get my license [link] [comments] |
| I want to sell my house but I have no idea what I’m doing Posted: 21 Oct 2020 06:50 AM PDT I'd like to sell my house I have about 44k left on my mortgage. I'm tired of living there and I got kind of fucked on it. That's a whole other thing, but anyway. What do i do? To sell it, do I need to move all my stuff out or what? It has about 10k worth of repairs need and I just don't feel like investing that into it. Should I contact people that buy shit homes? What are my chances of breaking even? Pls help. [link] [comments] |
| Zillow not showing photos but other sites and MLS do.. any idea? Posted: 21 Oct 2020 09:50 AM PDT It's been a few hours since it's gone live on MLS. Anyone run into this? [link] [comments] |
| ELI5: Buying Large Lot and Subdividing with Builder Posted: 21 Oct 2020 09:31 AM PDT I've heard of a few people doing this in our area. They buy a 6 acre lot and go in with a builder to sub divide the lot into two, build two houses, one for you and one for the builder. You essentially get the house and part of the land covered by the house you sell/give to the builder. It surely can't be that simple right? [link] [comments] |
| Closing on Friday (2 days from now) but still don’t have final numbers? Posted: 21 Oct 2020 05:11 AM PDT My husband and I are first time homebuyers and this process has been quite the ride. We are finally to the point of closing and throughout the whole process we have thought we would have three days to review all of our closing documents. On Monday the bank gave us our final approval so we scheduled closing for Friday. The problem is we still have not gotten our final numbers. Is this normal? [link] [comments] |
| How much leeway can I take while taking my state required course Posted: 21 Oct 2020 10:13 AM PDT I'm currently taking the VA real estate course which is 60 hours long. Jesus christ this is a lot of material and I'm thinking to myself there's no way anyone reads all of this like I've been doing. I'm moving way too slow and I know it. I'm using Real estate express if anyone is familiar. I'm wondering what liberties I can take to get through this course faster, I'm not afraid of hard work. I just need to get out of the situation I'm currently in. I've seen people talking about how they click through the courses and then study hard for the test, leaving their laptops open to meet the required time. I don't want an easy way out I just need to get the ball rolling. Be honest with me, if i need to be soaking up every piece of material like a med student then so be it. But if I can do something to make this process faster, I'd like to know. [link] [comments] |
| Posted: 20 Oct 2020 01:30 PM PDT This process was crazy. I was a Realtor for 4 years (a while go) and have bought a home before. I've never seen a market like this but I've also never seen interest rates like this (I'm at 2.75%)! The home I finally ended up buying was the 9th home I wrote an offer on and they were all strong offers. The one that finally won ended up being $44k over asking (after the escalation clause which was VERY close to my cap) with NO home inspection and me offering to cover up to $10k of the spread if it didn't appraise. Thankfully it appraised just fine and everything went very smoothly and quickly after I got under contract. One thing I'd like to share - your team makes a difference. Working with a shitty realtor or shitty lender can cost you the deal, work with people that are good at their job and willing to move quickly to make it happen for you. And a final bigger point - EVERYONE kept saying something like "when you find the one it'll just work out" or "if it's meant to be it'll happen" but that's not how this works. Not now, not ever. If you want something you need to work at it and take control of the situation. This is true for anything in life, in the context of buying houses though it means putting in stronger offers. That might mean waiving some contingencies, offering to pay more, or switching to a market you can be more competitive in. Follow up with houses you missed out on once they're recorded and see how you offer differed from the sale price and adjust accordingly. Waiving contingencies and overpaying is also really risky though, so be sure you know what you're getting yourself into and that it's actually what you want to do. [link] [comments] |
| [Anecdotal] Did Your Sellers Cooperate On Negotiations For Roof Repairs After Inspection? Posted: 21 Oct 2020 09:00 AM PDT I know this is purely anecdotal and depends on market, etc.. but wanted to see if anyone here was able to negotiate for roof replacement or repairs after inspection. Our general inspector considered this potential home's roof "aged" , with worn granules and some missing shingles. 2009 construction. Realtor is having his roof guy come out and take a look for second set of eyes. We will be planning on at least a repair or replacement negotiation. What do you guys think? Price point in the 600k range, and we offered mid 5 digits over ask. You guys have any thoughts / experiences / opinions to share? We will be asking for 2-3 more very valid items for repair or credit, in addition to roof, so hopefully seller cooperates as we're not trying to nickel and dime them here. Pics - https://ibb.co/0BKbkkr https://ibb.co/KbYHxc5 https://ibb.co/g3xVQBS [link] [comments] |
| First Time Buyer Closing Date October 30th Posted: 21 Oct 2020 08:36 AM PDT First time poster, long time lurker in this sub. After all the years of research on FHA, fixing credit in the last two years and bad experiences renting (especially our current house. Don't get me started on our slumlord of a landlord), we finally decided it was time. We live in Florida. Our pre approval was up to 300k. Which limits quite a bit in this market as they get snatched up in a day. And recently sellers want the highest offers and sneeze at FHA borrowers.. We finally had one of our offers accepted on a home in a great neighborhood and school. Built in 1998, 2000 square feet, low HOA, 3 car garage for 274k. Seller agreed to 3% closing cost. Sounded too good to be true.. Now I'm getting anxious. I am a stay at home mom, so my husband's income is what is qualifying us for the loan. I'm neurotic and I look at the SMLS status website 3 times a day to track progress. Yesterday I noticed something off. In one of the files the lender was reviewing mentioned we needed 3 months reserves for the mortgage. Averaging 5 grand. Our broker didn't mention that to us, so we called to ask whats up with that. He was not aware and thought it was a fluke. Turns out they are requesting it because our DTI is a little high. Looking at how the lender calculated DTI, its wrong. Student loans have been averaged almost 200 more than the payment. And a debt we've paid isn't being reported as such, so its being included at 1%. So this morning I called the place to get a satisfaction letter. We just recently paid that off. At this point I am at wits end. We've spent over 6 grand on a house we haven't closed on yet. We paid for the survey, appraisal, WOD inspection (even though we signed something alluding that the seller pays this inspection), a 4 point and wind inspection (and will have to pay another follow up to make sure repairs where done. There was a cut trus in the attic from AC install in 2016.) Our realtor had us put down 5k in earnest money to secure the deal. Now I'm afraid we will lose that if the lender won't close the loan because they want to see we have 5k in reserve. We've spent the last couple of years coming up with thousands for our family to have a home of our own and today's interest rates seemed like the time. I haven't packed a damn thing even though we are suppose to close next Friday. At this point I feel like it's not going to happen. I'm devastated. I don't know why I'm typing this up, but here I am. Any advice or words of encouragement appreciated. TIA. [link] [comments] |
| Using a real estate agent when buying a custom home? Posted: 21 Oct 2020 08:20 AM PDT Is there any point in using a real estate agent when trying to buy a new home in a new community? Example one of the Pardee Homes communities that are still under construction? Sorry for the poor wording, don't know the terminology so well. [link] [comments] |
| Should I find a new Managing Broker? Posted: 21 Oct 2020 04:26 AM PDT I'm brand new and got a FSBO listing contract in my first week. We listed on Monday, had an offer Tuesday and a counter accepted by Wednesday. It was retracted by the buyer due to loan terms. Back on the market on Friday, several showings over the weekend and several scheduled for the next two days. Tuesday morning I speak with my seller and all is well. Tuesday afternoon he calls me back and says there's a buyer who will give him what he wants to net if he doesn't pay a commission, so he's cutting me out. It goes back and forth with me offering to lower my commission, event though he's bound by the current contract. He ultimately goes through with the private sale and calls my Managing Broker to complain about my commission and me not being available. To be clear, I have call logs and location data to prove I was in contact several times each day. I had three missed calls from him total: one returned in four minutes, one returned in nine minutes and one returned in one hour because it was Sunday and I was at breakfast with my mom. Furthermore, my Managing Broker insisted I was only entitled to half the commission because the contract stated x.xx% would go to a buyer's agent. After speaking with my lawyer I was assured I was right all along. Anyway, my Managing Broker emailed my seller back cancelling his contract with me and costing approximately $21,000 in commission. My lawyer said the Managing Broker did rip me off but the only recourse is to go the the corporate office and/or Real Estate Commission. My questions is do I look for a new office this early in my career or does it look sketchy? I don't want to build a database around a brand I plan on leaving, either. Thanks for the help. [link] [comments] |
| Buying the most expensive home on a block Posted: 21 Oct 2020 04:16 AM PDT I'm looking at this fully renovated house in the Newport hills area of Bellevue, WA. It's a upper middle class neighborhood with good schools in the Greater Seattle area. It looks really nice and they're asking $1.15 million but every other house on that street is super old and small and Zillow has them pegged at only around $800k. This one sold for around $700k less than a year ago. I've been house shopping for a while in this market and people are insane so I can totally see someone offering $1.15 or even $1.2 for this house but I'm just concerned with owning the most expensive house on the block. What are the implications for my house value going forward? Will my house continue to appreciate as other homes appreciate or will the value of my house stagnate while other houses catch up? I'm pretty confident the area as a whole will appreciate given its location but wasn't sure whether I should pull the trigger on this fully renovated house or wait for an unupdated home to pop up for sale and do the renos myself by hiring a gen contractor. [link] [comments] |
| Is it true an agent can’t tell me if a house is a good value? Posted: 20 Oct 2020 05:22 PM PDT First time home buyer here. I'm looking at pretty pricey homes for my area (3K-4K sq ft) and my realtor will never comment if a price is good or bad. In fact I'm not really sure what I'm "paying" (I know the seller pays, but still I'm a needed part in the equation) him for. Sure he signed me up for his companies database search, but it's really only about 30 mins faster than Redfin/Zillow. Basically I find houses on Zillow and send to him to look at. We meet at the house and he points out some stuff, but the second I talk about numbers, he goes very vague and says stuff like "this is near the high end" or "this seems close to right". Obviously these vague statements could be tens of thousands. He flat out told me he won't say if a specific price is good, is this normal? I know people say I'm paying for the negation but I haven't gotten to that point yet and it feels like I'm doing this all on my own. Even the houses I made offers on all he did was fill in some paper worker for me to sign. Is that really worth 5 figures? I'd expect some guidance and someone who is going to get me the best deal, not someone who meets me at houses I find on Zillow and points out granite countertops. [link] [comments] |
| Manufactured homes. How many can be placed on 1 plot of property in California? Posted: 21 Oct 2020 06:37 AM PDT Let's say I buy a 10ksq ft place for less than 150k and buy like three 1.5k Sq ft manufactured homes. Can I put all 3 of them on that same plot of land? I've been looking everywhere for an answer but nothing. [link] [comments] |
| Is it normal for a realtor to only work with other realtors? (PA) Posted: 21 Oct 2020 05:08 AM PDT When we first started this process, our realtor (who was highly recommended to us) told us that she does everything she can to avoid working with people that are selling their houses themselves instead of going through a realtor. So we have been avoiding even looking at houses that are for sale by owner, but there are some really nice houses going on the market that aren't through a realtor! Is this is reasonable condition for us to follow? We live in a very rural area, and are approved for a USDA loan so I also wonder if it may have to do with that. [link] [comments] |
| Difference between 3% conventional and 3.5% FHA Posted: 21 Oct 2020 04:59 AM PDT Hi there, I recently have started the process of buying my first home. From the books I had read I was assuming I would be the ideal candidate for the FHA 3.5% down loan. When I got a couple of mortgage quotes back they said it would be better for me to do 3% down Conventional loan. I can't really find the main differences between the two or maybe I just don't understand. My question is what are the advantages and disadvantages of doing a Conventional vs FHA loan? (Preferably one Laymen's terms for a newbie lol) [link] [comments] |
| Posted: 20 Oct 2020 10:53 PM PDT So I got myself into a clusterfuck this year. I bought a house for 230k that needed 45k of work and appraised for 286k based on the after the reno valuation. Total loan was 265k. I had the home inspected & while it was apparent there was minor structural issues it seemed like we wouldn't need to go under the subfloors & it was strictly a cosmetic Renovation. Now once we started the work we discovered major structural damage & electrical issues that were poorly repaired at some point. Last structural permit was in 2000 which the city doesn't have much records on & no original plans exist on it (1920s home). It was foreclosed on in 2014 & some unpermitted reno was done but it looked like they just did cosmetic work so I wasn't too worried about it. I don't think the previous owner knew too much about these issues so don't think there is recourse there. Now I'm left with a huge loan on a teardown house. There is a way to not permit repairs & not need to tear the house down but if caught would be even more of a nightmare. I'm starting conversations with my lender now for a strategic default or loan modification. Luckily I worked in loss mitigation for a bank so I know what I'm doing with that negotiation. However, is there any advice anyone can offer me in this situation? Let me note, I don't have the cash to rebuild the house & to finish the work unpermitted would need the lender to pay out an additional $27k reno draw that they need to see a passed permit to pay out. Don't see any solid recourse against any particular individual however the bank that foreclosed on it almost certainly intentionally covered up the structural & electrical issues in 2014. [link] [comments] |
| Options for selling a distressed home Posted: 21 Oct 2020 03:21 AM PDT I have a family member who owns their house, but it is in bad shape. I told them they need an inspector before doing anything, but just walking around I'm going to guesstimate at least $100k in repairs and upgrades are needed. It's in okay shape, doesnt need to be torn down or anything, but it hasn't been upgraded or repaired in 20 years. The kitchen and bathrooms need to be completely remodeled, the flooring in the entire house needs to be replaced, the pool needs to be redone, needs a new AC, the old shingling stuff (not sure what you call it, they are like plastic wall shingles) outside needs to be taken off and replaced with stucco or something and painted, the entire interior needs to be painted. And thats just the stuff I can visually identify with my layman eyes. This family member does not have $100k, or even $10k, to spend on this. They are old and need to sell, but I have no idea what to do for them. I'd hate for them to lose 30% by selling to an investor or something, but what other recourse do they have? [link] [comments] |
| Missed out on a home purchase because two realtors had the same name. Posted: 20 Oct 2020 04:03 PM PDT I thought this belonged somewhere on reddit because it's such a WTF moment. We saw a home on Sunday and liked it and decided we'd put in an offer the next morning. Our realtor let the listing agent know about our intentions and also tried several times to contact her in order to let her know we'd be making an offer. On Monday morning while we were on the phone getting the paperwork sorted out the house went under contract. Understandable we were confused and upset but didn't know what happened. After finally hearing back from someone at the listing agents office our agent called to let us know what happened. Apparently after he had submitted his showing feedback letting the listing agent know we wanted to put in an offer a completely separate and unrelated agent with the same first initial and same last name also submitted feedback saying her buyers were not interested. So we were never given an opportunity to submit our offer and, most likely, the seller was denied the opportunity at what we think would've been a very competitive offer. We were prepared to pay well over list for a house in need of repairs because it's one of two houses we've seen in 6 months of searching that actually meets our criteria. I'm honestly not sure how the listing agent managed to ignore all of our agents attempts to get in touch but I feel pretty damn cheated. [link] [comments] |
| Should I use an agent when building new house? Posted: 20 Oct 2020 08:52 PM PDT We are visiting with a home builder later this week and I'm curious if we need to include our real estate agent in this process. What are the perks of including him? I know the builder would be responsible for his commission but I feel like we could get "more house" if they didn't have to cover that. [link] [comments] |
| How do normal people come up with down payment and closing costs on a house? Posted: 20 Oct 2020 12:59 PM PDT Not sure if this is the right place to ask. My partner and I want to buy a house next spring. We both have decent jobs and have worked hard to be debt free. We're going to have some money saved but after talking to a lender today I got the real picture. We were told that in addition to the 3.5% down for a FHA loan we would need 4% for closing costs. That's going to total almost $20,000! Average home cost in my state is like $300k and up and we're looking at homes well below that. It would take us nearly 18 months of saving every spare penny and eating ramen noodles to come up with that. That wont even factor in moving costs and anything the house may need additionally. Lenders want to see that you're not handing over 100% of your available money to buy but that seems impossible really. Is it common for people to take out loans for closing costs? That sounds dumb to me. Sorry if this is a bit of a rant. Any advise would be appreciated [link] [comments] |
| First time homebuyers, 2 weeks to close, high anxiety Posted: 20 Oct 2020 09:11 PM PDT So, we received our first underwriting review. My employment history has been kind of shakey as I was unemployed for two months prior to finding my current job which I've been at since January. However, my husband has been at his job for 5+ years. They asked me to provide a very basic employment gap letter. Our credit history is stellar and our debt to income is very low, but we are scrambling last minute for closing costs. We received a gift of $3K from two different parties to help cover a portion of the $6,700+ cash to close costs. We are getting paid the day of closing which obviously doesn't help. Is it likely we could get denied for these reasons this close to closing? [link] [comments] |
| What is "final inspection"? Are we almost to the closing table? Posted: 20 Oct 2020 06:32 PM PDT Hey all, I received notification today that "final inspection" was ordered by the lender. We had some painting to be done which is being finished today I believe. I'm curious if this means we're pretty close to the closing table. Not having a real date is such a frustrating thing(our original date we aren't going to hit, new date hasn't been given yet). [link] [comments] |
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