Real Estate: As a first time home buyer I learned the real estate business is cut throat. |
- As a first time home buyer I learned the real estate business is cut throat.
- No answer from sellers regarding closing date extension
- Will I upset my buying agent if I get a 2nd home inspection?
- Noise level in a ranch-style home?
- Non-conforming bedrooms not mentioned in listing
- Vinyl vs Aluminum siding for property value?
- Potential fraud by buyer... (personal property)
- Palm trees too close to the new home and neighbor.
- Peerstreet investment - lost almost 90% of principal
- How to find houses before the house flippers do?
- How Much Time for a Seller's Response on Bid?
- Selling inherited farm in US how to avoid private dump cleanup hassles.
- Seller has a ton of firewood stored in the basement...
- Can anyone explain to me the process/how to perform a short sale to get approved?
- Recent overdraft after conditional approval
- Why do lenders approve mortgages ending up with buyers as "house poor?"
- How much house would you buy?
- Realestate agreement contract question
- $440k mortgage for condo with interest rate of 3.12% .
- When do you decide to move on to a different RE broker?
- Crazy Overpriced Houses and Stubborn Sellers...
- Is Contingent to Sell a good Choice?
- New to buying a home, and found a new listing I'm very interested in. What is the etiquette for contacting the homeowner (or their agent) if I have a Realtor that I'll be using. I will ask my Realtor, but I'm asking here first lol
- Clarification on Deeded Easements
- Advice on property near train tracks
| As a first time home buyer I learned the real estate business is cut throat. Posted: 31 Oct 2020 07:22 PM PDT After looking for months for a home (in Texas without an agent). I finally found a house that I liked (outside my original search). Knowing all my documents are in order and I have really good credit, I applied for a loan. The next day I was preapproved and figured the seller's agent would have the most information about the property and they'd love to be the agent for the buyer and seller because they make twice the commission. This is where I messed up. The agent was very kind and answered all my questions but kept trying to tell me about all the other great properties she could show me and kept implying that the property hadn't sold because the seller was asking too much. I told the agent I was willing to pay the asking price if the seller would be willing to pay the closing cost and her reply was they already had a similar offer that they declined. She said "lets meet tomorrow after noon so you can see the property, you shouldn't make an offer without seeing it first." An hour before I was suppose to meet her at the property she sends me a text "The house at ******* just went under contract, I will send you other properties in the area that are available." Now I know the reason she kept pushing me to other properties, she had a deal close to being done and another buyer making an offer would have messed it up. [link] [comments] |
| No answer from sellers regarding closing date extension Posted: 01 Nov 2020 06:25 AM PST I was supposed to close on a house on October 30, but because of a few setbacks, my lender and I asked to postpone until November 4 so I could have the closing disclosures for three days. However, the sellers haven't said if they'll accept the extension. They didn't say no; their agent just hasn't said one way or the other. They previously said they wouldn't allow another extension (there have been a few because of previous lender issues) because they had a cash offer as a backup. My Realtor doesn't seem like he's doing what he should to force an answer out of them, and he hasn't been clear on what happens now. Is the deal done, or can the sellers sign the purchase agreement amendment after the original closing date has passed? Also, one of the latest delays was because asbestos insulation over basement steam pipes had to be covered before we could close (a federal regulation, the bank said), but the Realtor didn't think the sellers would pay for it, and he didn't ask. Who usually pays for something like that? Thanks for any insight you can provide! [link] [comments] |
| Will I upset my buying agent if I get a 2nd home inspection? Posted: 01 Nov 2020 02:50 AM PST Buying a $1.8M home. Although I do trust my agent, I have my general doubts about the agent / inspector relationship and the conflict of interest there. While my agent is lining up an inspection with "her guy", am I able to get a 3rd party inspector to do a 2nd report simultaneously? [link] [comments] |
| Noise level in a ranch-style home? Posted: 01 Nov 2020 09:05 AM PST My partner and I are first-time home buyers. We're finding that ranches are very popular in our area, especially for new construction. We're concerned that noise might be an issue in most ranches where the master bedroom shares a wall with the living room and kitchen. In most of the floor plans we've seen, other bedrooms are also close to the main living space, so having guests over at night when kids might be asleep is also a concern for us. Also, if we're working different schedules, having one of us earlier making breakfast while the other is sleeping has us concerned. Does anybody have some feedback for us about a ranch vs a two story home as far as noise levels go? Thanks! [link] [comments] |
| Non-conforming bedrooms not mentioned in listing Posted: 31 Oct 2020 06:56 PM PDT I'm a first time home buyer and I am under contract for a house. The house is listed as a 4 bedroom, 3 bath house. However, I just went through inspection and the inspector made it clear to me that the two basement bedrooms are non-conforming due to the windows not being egress windows (too high off the ground and small). I am confused that they are able to list the house as 4 bedroom. Nothing I have seen in the listing and nothing that my realtor has provided me up to this point has called out the bedrooms as non-conforming. I spoke to my realtor and she told me that it was in the listing that they are non-conforming, but I'm currently waiting for her to provide proof of that. Has anyone been through a similar experience either from a buyer or seller perspective. What are the rules around listing non-conforming bedrooms in listings? [link] [comments] |
| Vinyl vs Aluminum siding for property value? Posted: 01 Nov 2020 07:42 AM PST Does siding affect the value of a property and if so, is vinyl or aluminum considered better? [link] [comments] |
| Potential fraud by buyer... (personal property) Posted: 31 Oct 2020 10:49 AM PDT I'm selling an investment property to a real estate investor in my small town. We signed a contract to sell the house for $270,000 a few months back and the contract is set to close on Monday. Now, we get a settlement statement this morning in advance of Monday's closing that has the contract sales price of $230,000 with $40,000 in personal property. Obviously, we did not agree to these terms to begin with and it feels like tax fraud to me. FWIW, this is a cash sale. The house doesn't have "personal property" aside from a few low-value items (maybe $3k). Can anyone provide guidance. Is this normal? [link] [comments] |
| Palm trees too close to the new home and neighbor. Posted: 01 Nov 2020 06:35 AM PST I went to see a home yesterday and I am very interested. The problem is the house has 3 palm trees about 30 feet tall planted right next to its structure (less than 2 feet away). Another palm tree also about 30 feet was planted right next to the neighbor wall (also about 2 feet away). The Leaves are already above their roof. This really caused me anxiety because of liability issue. They are queen palm trees. I tried to look them up google since I can't post a picture here. However I am not trees expert. Should I really worry about it? I also plan to cut them down. Do I need to worry about the trunk? Will it rot and cause termite or ants? Thank you [link] [comments] |
| Peerstreet investment - lost almost 90% of principal Posted: 01 Nov 2020 09:07 AM PST I've been on Peerstreet for over 4 years, but this year has been especially bad. They provide real estate investments with 7-8% monthly, but typically about 1/4 of the investments I have don't pay and require intervention such as foreclosure. Earlier this year an investment closed that was in foreclosure, the payments were enough to cover principal but I lost 2/3 of the interest I would have gained during that time period. This past week, another closed where they lost most of the principal. I got just 10% of my original investment back. This was apparently due to property damage, negligence and the owner not paying taxes. Such a massive loss on principal seems enough for me to wind down on Peerstreet. Did anyone else use them? [link] [comments] |
| How to find houses before the house flippers do? Posted: 01 Nov 2020 09:02 AM PST I'm in Orange County, CA looking to buy my another house and rent out my current home. I'm watching all of the Zillow, Realator.com, Redfin sites to see how the market is going. I have a realtor ready but on hold till I feel comfortable with the direction of the market. One thing that keeps jumping out at me is that most of the inventory I see is turn key remodeled single family homes. They all have those $50,000 remodeled kitchens. I don't want a turnkey, i want a house with potential to increase with value and I want to improve it how I see fit. How do I get these houses before the flip guys do? [link] [comments] |
| How Much Time for a Seller's Response on Bid? Posted: 01 Nov 2020 07:21 AM PST I bought a home about a decade ago...life happens...now I'm jumping back into the home buying process. I'm going from renting to buying. I'm in MN (for what it matters). How much time is normal to give to a seller to respond to a bid? Would 24 hours seems okay? I suppose that I could ask my real estate buying agent, but I wanted to make sure that he is shooting straight. For example (times are estimate).....
Did the house really sell in less than 24 hours? Or, did the selling agent lie to my buying agent? Would the seller just accept the first bid that they receive, without waiting a bit for other bids? [link] [comments] |
| Selling inherited farm in US how to avoid private dump cleanup hassles. Posted: 01 Nov 2020 07:16 AM PST I will soon need to sell an inherited farm because one heir is wanting to cash out. The property has 2 very old private dumps where farm and household waste was dropped into sinkholes over the last few generations. There is probably a few dump trucks full of trash and probably nothing hazardous but I don't want to ever have the new owners come back and say we have to pay for cleaning it up. The main issue is that it would be a lot of labor to get down in there to haul it back up. Probably would need a crane to get some of it. I think there is an old tractor in the deep one. How can I sell the property such that the new owners cannot come back and demand payment for cleaning up these dumps? I want any compensation to be built into the sale price and all handled at closing. I live 800 miles away and don't want to deal with it after the sale and I can't clean it up before the sale. I personally dumped at least a full pickup load of household trash into these dumps and helped burn one of them off. [link] [comments] |
| Seller has a ton of firewood stored in the basement... Posted: 01 Nov 2020 02:37 AM PST our inspector told us he should remove that before we buy. is that something you'd agree with? would you want it moved before you closed or would you move it yourself? [link] [comments] |
| Can anyone explain to me the process/how to perform a short sale to get approved? Posted: 01 Nov 2020 06:22 AM PST I am a brokers assistant, my broker has a property which is for sale and the bank wants to take the home. He wants me to learn and figure out how to get it be approved, we have an offer on the table for $410k I did some googling but seems lost. He hasn't enough time to teach me. Where should I be looking? [link] [comments] |
| Recent overdraft after conditional approval Posted: 01 Nov 2020 06:13 AM PST My DH and I have been conditionally approved for a USDA loan. We are scheduled to close on November 10th. Our LO just asked for our October bank statements which we provided. We had one overdraft in our checking account. We have overdraft protection and the money was automatically transferred from our savings to checking, however we were charged a $5 overdraft fee and it is reflected on the statement. Can this derail our loan? Do we have a chance to get denied now? I asked my LO weeks ago what we should be doing financially now that we were under contract and she said "don't open any new accounts and don't overdraft your account." The overdraft was due to an automatic 15 dollar payment I completely forgot about. [link] [comments] |
| Why do lenders approve mortgages ending up with buyers as "house poor?" Posted: 31 Oct 2020 10:20 PM PDT Just wondering why you hear so much about people being house poor. Don't underwriters use the 28/36 principle in order to make sure mortgage applicants can afford their home? I can imagine there's scenarios where buyers suddenly have a financial situation (losing a job or hours) and that puts them in a tight spot with housing costs. However I've heard of people actually buying houses and immediately ending up in this situation of more than 28% of their income going towards their mortgage. Is there some other situation why this happens? Are buyers actually approved for mortgages despite this? Really curious because we applied for a mortgage, and I think our housing costs will be tight (a little above 28%). Thanks! [link] [comments] |
| Posted: 01 Nov 2020 07:01 AM PST I currently live in Silicon Valley and am looking to buy a house soon. My wife and I have a kid on the way and currently make about 400k combined and have saved up 220K so far for a down payment. Housing prices here are ridiculous and we are looking at a 1.3 million minimum entry point. All of the "decent" houses are going for 1.5 million. Curious how much house you would buy in my situation. Worth noting we are pretty committed to staying here as both of our parents live here and are retired so we pretty much get free babysitting. [link] [comments] |
| Realestate agreement contract question Posted: 31 Oct 2020 08:35 PM PDT Without getting into crazy details, my agent is not working out and I have had to do a ton of my own work/corrections to promote/sell the house. I am now under contract. My question is if the sale were to fall through, could the following contract error release me from the contract? (Dates changed but still chronologically relevant) After reviewing my contract that I signed and dated on 8/1/20, it states that I am under contract with my agent through 2/1/20. It is clearly a mistake, and the contract should have stated 2/1/21, but like many, many, many other things, it is a clerical over-site. Hopefully the sale goes through, and I can just walk away. I am just really pissed off at the amount of work I had to remedy on behalf of my agent. I do not feel that they have had my best interest in mind and are more concerned with closing than anything else. Any input would be greatly appreciated and if a crosspost to r/legal would make more sense, please let me know. [link] [comments] |
| $440k mortgage for condo with interest rate of 3.12% . Posted: 31 Oct 2020 09:26 PM PDT Does this rate sound right? I am told mortgage for condo is higher than a single family house. [link] [comments] |
| When do you decide to move on to a different RE broker? Posted: 01 Nov 2020 02:09 AM PST Listed my house two months ago. Priced competitively (price suggested by broker and consistent with assessment and recent appraisal), active market, excellent condition. While I didn't expect it to sell right away, I had expected a bit more action than I've seen (four potential buyers who came back more than once). My frustration is the sheer lack of communication from the broker. I can hear nothing from her a week or two after a showing, and then only when I initiate. Is this usual , or is it time to move on and select a different broker? [link] [comments] |
| Crazy Overpriced Houses and Stubborn Sellers... Posted: 31 Oct 2020 03:16 PM PDT There is a house I would love to buy, in an older neighborhood where the houses usually sell for $170k-$190k. This one would be a fixer-upper for sure, very outdated and in need of some big repairs, but it has the potential and location my wife and I have been looking for. But... the seller's priced it at $220k, which is at least $40k more than it's worth. And even though it's been on the market for a solid year now, they refuse to budge on price, because "it appraised for $199k, and that wasn't counting the outbuildings (aka two cheap run-down garden sheds)." They've had it listed with three different realtors in the last year, surely one of them would have mentioned how overpriced the house is? In the last year, the houses on either side of it both sold for $170k. No one but us would ever pay more than 180k for it, but we are so tired of the house hunting process we went all the up to a $190k offer knowing full-and-well that we were over paying. They just responded that they were "insulted by our low offer". No one is living in it, it's not a flip house because nothing has been updated; our best guess is that the sellers inherited it. It last sold for $72k. Maybe I'm missing something, but I think the sellers are delusional. [link] [comments] |
| Is Contingent to Sell a good Choice? Posted: 31 Oct 2020 10:54 PM PDT My husband and I are quickly growing out of our starter home. We have 2 young kids and we are trying to move. The market is insane. Some houses gone within a day or two. There are not many houses that fit our wants (3+ bedrooms, a yard, and 1.5 or + bathrooms). All of which I don't think are unreasonable at a price point of $350,000 or less in rural PA. Anyway, we haven't sold our house. We are afraid it will go quickly and we will be homeless. We also can't get anyone to accept offers at asking or above due to a contingency. Our relator friend mentioned contingent to sell. Our actual realtor told us absolutely no way because the seller might be out a few hundred dollars if we back out. Everything I read online seems to go both ways. It's okay or it's a horrible idea. We chose to list our house this Friday. Is this something we should reconsider? Will it have a massive effect on the sale of our home? [link] [comments] |
| Posted: 01 Nov 2020 01:38 AM PDT Its all in the titlegore. Just wondering how this all works. I assume I just start by talking to my Realtor about the property, but I want a better understanding of how this generally works before I do... Since it's 2 am anyways lol [link] [comments] |
| Clarification on Deeded Easements Posted: 31 Oct 2020 05:33 PM PDT Greetings all. As I understand it, a deeded easement is an isolated property that is accessed via a separate lot by means of a formal legal(?) agreement with the other property owner, so that you can access your own property as needed. Thanks in advance for any help. Stay Sppoky! [link] [comments] |
| Advice on property near train tracks Posted: 31 Oct 2020 01:28 PM PDT We're first time home buyers and found a great place that's next to train tracks. While I don't care about noise personally, it might impact our resale value down the road. The property has been on the market at least 3 times longer than others in the area and hasn't received a single offer. I've suggested to our agent that I'd like to offer 20% below asking with very fast closing, making the list-sale price ratio similar to other homes that've sold in the past 2 years in the same community. Should I consider a different agent if mine is refusing to put in our offer? Or does it not make sense to prove in the impact of trains on resale value? [link] [comments] |
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