Real Estate: People relocating due to WFH, are you not worried about going back to office in a year? |
- People relocating due to WFH, are you not worried about going back to office in a year?
- Seller wants to pull the contract because we had to move the closing date by 1 week.
- Is it better to buy when prices are low, higher rates or prices high, low rates ?
- Repair/credit request - worth paying or walking?
- Bridge loan? What’s the best option?
- I overpaid for my condo by at least 60-75k
- Bought a house through my realtor friend, home loan got sold, home insurance canceled shortly after. Lots of things wrong with the house.
- Can I refi a rental as a primary residence before moving back in? (Ca.)
- When submitting an offer with a firm price
- Buyer in need of advice regarding several closing date extensions
- Which offer would you take
- Home Seller Made False Claims
- NY (upstate) Can a landlord/owner do a repair themselves and charge the tenant?
- Property deemed unmarketable, lender reversed decision...
- Real Estate licensing
- What are real estate agents actually supposed to do?
- Is the housing market so insane right now because of the low interest rates?
- If you (buyer) ask for 10k from the seller towards closing costs, and closing ends up only being 7.5k...
- How to thank your realtor?
- What tips/ tricks should I be aware of before purchasing a new construction/ tract house?
- Is there a website that groups all the real estate agencies ranked by City or Town ? (NY)
- Should Friends buy a House Together?
- Getting cold feet....Can I still back out?
| People relocating due to WFH, are you not worried about going back to office in a year? Posted: 28 Nov 2020 11:00 PM PST I am hearing about people who are buying home far away from their work, including moving out of state due to COVID initiated working from home. Are these people not worried about having to show up at work in a year or two from now? I can understand moving from downtown to a suburb an hour out. That is still with in reasonable commute time. But those who moved out of state or further out Are you not worried about having to go back to work at all? foreseeable future? Especially with vaccines - Will you quit your job when/if they call you back - Are you worried about having to sell your house because you brought something that doesn't work for you post-COVID - am I just being too optimistic thinking COVID will end by 2022 & life will be back to normal [link] [comments] |
| Seller wants to pull the contract because we had to move the closing date by 1 week. Posted: 29 Nov 2020 08:58 AM PST I'm under contract I was to close tomorrow but last minute I was asked for a document that I had to try and get for the bank asap. The courts were closed due to Thanksgiving and I won't have it until Monday. I asked the seller for a one week extension to close the following Monday he said no they need the money now and will not grant an extension. He wants to pull the contract after everything I did all the money I spent and the entire process basically being complete except for the final approval due to that document. I let him know I will fight this any suggestions on legal recourse here or anything I can do. I'm a first time buyer I've jumped through so many hoops for this I'm livid as you can imagine I dont see it being unreasonable to ask to close one week later. He isn't going to find someone that can close sooner. [link] [comments] |
| Is it better to buy when prices are low, higher rates or prices high, low rates ? Posted: 29 Nov 2020 04:10 AM PST The current prices in my state (NH) are beyond what they were the past 2 years. I'm sure you all know how it is almost everywhere.. everyone is overbidding by A LOT and then waiving everything. Low rates and pandemic bringing in the competition.. BUT Wouldn't it be better to buy when the rates go up and prices go down ? Because otherwise buying high you are leaving yourself open to being underwater? Also PMI, same thing. It's so low right now, but I have heard of people being unable to get rid of it because of the same issue (being underwater). Personally, we saved 20% and then COVID hit and with the craziness we can't even seem to afford anything anymore that doesn't need a shit ton of work. Back to saving. Ugh. We make 120k++ combined when my wife is working but with COVID shutting down schools, etc... I try and keep the house on one income just in case. [link] [comments] |
| Repair/credit request - worth paying or walking? Posted: 29 Nov 2020 07:11 AM PST We're under contract on a house, built in the mid 90s for ~550k. They had one offer when we looked at it (within 1 day of listing) and we ended up be selected by being only 1k over asking (same 1 day window). Based on comps I thought it might have been listed maybe 10-20k too high but after looking at it we were willing to go 5-10k higher due to some nice addition/renovations and the neighborhood. Wife loves the house and location and I agree. When viewing the house we saw nothing major and know we'll need to do cosmetic paint jobs and carpet replacements, etc. The inspection noted items around roof, hvac and windows among other usual items. I had some troubles with some windows with him and part of it is they are ~25 year old wood windows. We're good with everything on the inspection except the window issues, we'll fix or I can repair other items. Inspector noted lots of soft wood with frames and sashes. So we had a professional inspect windows and it their was opinion the majority should be replaced due due to seals and wood rot. We were quoted ~15k. We don't want anything from the seller except from credits or help to replacing windows. They spent 20k on an addition 2 years ago which they likely knew was a much better return than replacing windows. Since this is a sellers market for us, if they say no, is it worth the hassle/money for replacing 20-some windows? Or should we move on. Appraisal yet to be returned. [link] [comments] |
| Bridge loan? What’s the best option? Posted: 29 Nov 2020 06:25 AM PST My mom (retired) is interested in moving cross country to be closer to her kids. She owns a home currently and wants to buy a new home that would be probably 20-30% cheaper. She prefers to sell the old home because she doesn't want to deal with renters, and she doesn't want to owe money on the new home. She has probably 700k in stocks/bonds for retirement. Would it make most sense to take money out of her investments to buy a new house, then replace that money with whatever she made from selling the home? To get a bridge loan? Something else? What makes the most sense financially? [link] [comments] |
| I overpaid for my condo by at least 60-75k Posted: 29 Nov 2020 04:26 AM PST I am young, and it was my first time buying a home. The asking price was normal (524k), my offer was over the top. I came into the office knowing what my offer would be (550k). Then the agents told me the day before, another condo similar to mine, sold for 100k above asking price. Their logic was that I should follow that trend, or I won't get the condo. He assured me that in the following months, the prices would only go up as so. So I stupidly ended up offering (620k) I hesitated, but I was excited to just get this done with. Because up until that point, all the condos I've seen seemed the same. I got a call back from them saying that there is a bidding war. Asked me to put in an extra 10k. Again, I hesitated and said no... But they said I was making a mistake and that I was going to lose the condo. He starting talking really fast and was frantic for me to make an offer now, and would only give me a few mins to decide. They had seem professional up until offering day.... I called back and said.. ok 5k more... And of course I "won" the bid at 625k its been 6 months, and I keep checking back at this "trend" he said was happening. All I see is people buying bigger units in the same building for the same price as me. And units that are exactly like mine, are sold for about 575k. I'm sad that I trust the agents so much. And a part of me is even more sad because my gut instincts KNEW. I can't even afford the condo really. I don't know where my head was Anyone else went through what I did? [link] [comments] |
| Posted: 29 Nov 2020 01:19 AM PST I deleted the first post since I was pretty embarrassed from it all but I tried to get a cached version of it here for anyone out of the loop: My insurance broker had called me the other day telling me that my current home insurance can no longer cover me. They said the roof isn't in great shape despite my realtor telling me it was replaced back in 2009, but after talking to my neighbor, she said that roof was never replaced (or at least she never saw it replaced since she's lived there) My realtor had said the inspection had gone good, and that the house was well kept. The inspection though said the gas lines were missing some components. Sediment traps, the inspector noted all that. he even said "Under current construction standards, they're required". He also said a few other things were required due to "Safety standards" and should be installed also. Oh and possible damage to the foundation due to roots. So I'm surprised why my realtor was trying to get maybe one major thing repaired (a few shingles on the roof) and the rest was petty things like screen windows. She said if we go easy on the inspection and on the things we ask repaired, they might throw the fridge in for free. I told her to do what she thinks was best which was a stupid mistake. Also, how did this get past that VA appraiser as well? I'm not trying to point fingers. I blame myself for not being more cautious. I just figured I was in good hands with my realtor friend who I've known for a long time. I told her I wanted to start fresh, in a quiet area and a place that I can just focus on my mental health. She told me I was being too negative when I spotted a house that was close to a school. I just briefly pointed out that a school nearby could mean lot's of traffic and loud noises. The funny thing is that the house I'm currently living in is a block away from the main street so I'm constantly hearing sirens, and road noise and people revving up their engines, it can get a bit overwhelming. This was her response when I had brought up that maybe I should find a realtor that's closer. And when I had thought about backing out (we weren't going to close on time and the sellers got upset), my realtor said "You're not going to back out, we worked too hard for this, you worked too hard for this" (I have this in a voice message) I guess that's it. I'll probably file a complaint like some of you recommended I do, and write a review on her. Hopefully others can learn from my fuck ups. [link] [comments] |
| Can I refi a rental as a primary residence before moving back in? (Ca.) Posted: 29 Nov 2020 05:52 AM PST So, I have been renting out my SFH while oversees for the last 4 years. I will be coming back and living in the house soon. I would like to take advantage of the lower rates and refi the house as soon as possible. I am aware it would be fraud to categorize it as an investment property when it is not, but are there any guidelines on how soon after refinancing you have to actually occupy the house? Thanks! [link] [comments] |
| When submitting an offer with a firm price Posted: 29 Nov 2020 07:32 AM PST When submitting an offer with a firm price, meaning you have no plans to accept or counter if the seller decides to counter, do you mention in your offer that the price is firm or do you wait and see how the seller responds? [link] [comments] |
| Buyer in need of advice regarding several closing date extensions Posted: 29 Nov 2020 07:27 AM PST Hi everyone, I needed some advice (other than my family's) regarding my current home buying situation. I have a contract to purchase my first home but the seller (an investment real estate company) has encountered many issues that keeps delaying closing. NONE of which has to do with my future property. I have had an inspection and they fixed whatever they found to be in need of repair. Here is the situation... when my title company was doing their investigation, they found that the seller had a lien on his name for a different commercial property that he owns in a different city. Apparently he put down a slab of concrete that was not permitted and got caught. Well, he hired a contractor, pulled a permit, and paid the lien to try and rectify all this but that was not good enough for the city inspectors. Also keep in mind COVID delays. At my realtor's suggestion, he ended up demolishing the slab and putting down sod to try and appease the city because I'm sure he is losing money daily because he cannot sell any of his 85 properties he owns in this county. I saw a video of it being demolished and it looked more like a foundation slab than say a patio or walkway so I can see why they are giving him a hard time. My original closing date was 10/6/20 but due to sellers issues it keeps getting delayed. Latest closing is 12/4/20 but I'm not holding my breath. I didn't get a "clear to close" from lender until 10/26/20 not sure if they just took their time because my closing was getting delayed or what so let's pretend that I have been waiting since 10/26 to close on this house. I have not asked seller for storage fees that I am paying for my belongings because I am staying at a vacant property my mom owns for nothing but utilities. Nor is he paying for any of my closing costs. I guess my question is, how long should I wait and does anyone have any advice for me. I am very set on this house for many reason, but how long is "too long" to wait? And should I expect any compensation for waiting for his property?? [link] [comments] |
| Posted: 29 Nov 2020 03:01 AM PST Assume the sale price on both is similar : 1) buyer is local w/ well known agent representing them...conventional w/ 5% down through a local mortgage broker. It appears the offer is absolutely the top of the borrowers pre qualification and probably wouldn't have much cash after down payment and closing costs . Buyer would like an inspection but has agreed that no concessions will be made as a result of said inspection.2) buyer is from other side of state and only saw the property through their agent via FaceTime, agent is a newer agent.. conventional w/30% down through a mortgage brokerage company from around where thr buyer lives. Buyer has bank statement with plenty of cash on hand. Buyer has agreed to waive inspection.[link] [comments] |
| Posted: 29 Nov 2020 06:45 AM PST So I did my due diligence on a 3 unit condo. This included asking the seller/builder a list of questions. One of the question was about what sound proofing (such as insulation, barriers, etc.) was done. The seller said the unit was entirely soundproof, and at the time of the visit, none of the units were occupied. Fastforward to closing and moving into the middle unit. By this time all 3 units have been occupied, and I start to notice that I hear things like very, very VERY loud footsteps above me, loud music/tv below me, and even conversations above and below me. It's driving me insane. I wake up early because of the elephant footsteps above me and sleep late because of the 1am music/tv below me. This is when I realized that the seller had lied about the condo. There's basically no soundproofing done. The disclosure obviously didn't include this piece off information, but I have his claims captured in an email. Since I have proof of the seller making false claims, which influenced my buying decision, is this enough to hold him accountable or should I take this as a buyer's aware lesson? [link] [comments] |
| NY (upstate) Can a landlord/owner do a repair themselves and charge the tenant? Posted: 29 Nov 2020 06:29 AM PST Assume a tenant has damaged the place they're renting. For example slamming the door open and putting the doorknob through the wall. Not normal wear and tear, clearly damage. I know a landlord can charge the tenant for any actual costs associated with the repair, like the cost of paint and spackle. If they hired someone to do the repair, the landlord could charge the tenant whatever the handyman billed. But paint and spackle cost a dollar, the real expense in most repair is in the labor. Can the landlord/owner charge for their time if they do the work themselves? I can't find an answer that has any actual authority. The best I can find are notes that if taken to court, some judges will allow it and others won't or they will allow, but only if the costs seem reasonable. [link] [comments] |
| Property deemed unmarketable, lender reversed decision... Posted: 29 Nov 2020 06:23 AM PST I'm hoping to gather some input from others who have experienced similar and or have advice; as I'm not sure whether or not to consult another firm in this situation. After some time talking down the price of a home to meet the properties appraisal value, it was time to settle. The lender decided not to finance our mortgage last minute because they deemed the property unmarketable. "Unmarketable" due to the fact that if it needs to be rebuilt a variance needs to be acquired. Due to the fact that it's on a noisy street, and the loading dock across the street will cause vibration making it deteriorate faster and being near train tracks. It all sounds like bullshit, those same stipulations could affect literally every building in this city ( not even just the neighborhood. I wondering if it being "marketable" shouldn't be a thing regarding our sale because we don't plan to just sell it right away. I can't help but wonder if anyone is familiar with such a scenario; I really can't help but wonder if I should give up on this property due to these reasons or if the reasons the lender gave are sound. I'll be actively checking the thread to to answer any questions. [link] [comments] |
| Posted: 29 Nov 2020 04:55 AM PST Is is a good idea to change careers and get into real estate during these pandemic times? [link] [comments] |
| What are real estate agents actually supposed to do? Posted: 28 Nov 2020 02:09 PM PST South Florida area. I got my pre approval. Dealt with two agents. One agent recommended by the credit union and another recommended by my current landlord. I spent about half and hour talking to them explaining what I am looking for. I sent them properties that I liked that aren't available so they Could see what I liked and my style. Neither of them have recommended shit to me. Both of them expect me to get on mls or another website and send them properties that I like and they would set up an appointment to see. One of them actually set up an appointment at house I saw and when we were there she said "I've been here before, you won't like it" then why did you not say that before and make me drive out here? I did find a perfect home. But by time the agent bothered to set up an appointment they accepted an offer. As soon as I saw it I was ready to put an offer in. It was up for a while and neither of them sent it to. Like I said they have sent me a total of 0 listings. If they sent it to me and showed it to me I would have bought it. But it was up to me to find it. Then I sat around waiting for them to make an appointment to see it. For their half of a nearly $60k commission what the fuck are they doing? Is it unreasonable that they actually recommend a single house to me? I run 3 businesses. But I am spending hours every day watching the websites. Isn't that their job? I just sold my last property and neither me or the buyer had an agent. All they would have done is cost me 6%. Even when I was ready to do an inspection on one the agent sent me multiple numbers for inspectors and told me to call them and schedule it. The only thing they have done so far is call to set up appointments to houses including ones they know I won't like. I can have my secretary do that. Am I missing something here? Am I being unreasonable? [link] [comments] |
| Is the housing market so insane right now because of the low interest rates? Posted: 28 Nov 2020 08:17 PM PST I feel like most of the people buying houses now are not going to be able to afford them and in 2-5 years time we will have another housing bubble pop. Why is the fed keeping interest rates so low? [link] [comments] |
| Posted: 28 Nov 2020 09:44 PM PST You still get the 10k, right? I re-read my contract and it seems...unclear, but that was my assumption during negotiations. [link] [comments] |
| Posted: 28 Nov 2020 06:55 PM PST Hello everyone, Im 2 weeks from closing and it's my understanding we don't pay the realtor anything? Most of that is handled through the seller and lender, they get a percentage? Where do I come in? I feel kind of weird being like "thanks! Bye!" The home we found was all thanks to her and her quick finding, her connections and her quick acting, and advice to write a letter to the seller. I am beyond grateful to her especially in such a crazy market, how do I thank my realtor? I'm a first generation child, first time home buyer so I'm clueless about what is etiquette. Please advice, thank you. [link] [comments] |
| What tips/ tricks should I be aware of before purchasing a new construction/ tract house? Posted: 29 Nov 2020 02:03 AM PST Tract housing isn't ideal for me, but my husband is tired of living in old houses. So, here we are... looking at new construction homes. Anyways, I heard the builders will offer incentives like paid closing costs or discounted upgrades. Is this a trap? anything sneaky we should be aware of? What inspections should we get? Any tips we should know? We're in California, btw. [link] [comments] |
| Is there a website that groups all the real estate agencies ranked by City or Town ? (NY) Posted: 29 Nov 2020 12:44 AM PST |
| Should Friends buy a House Together? Posted: 28 Nov 2020 11:37 PM PST So me and a couple of my friends, 5 to be exact (there could be more but we're still figuring it out), are thinking about buying a home. We've established most basic things but I'm still worried on how this whole entire thing will go down in the future. I know that eventually most of us will move on and decide to eventually move out but then what happens to the house? Will one of us end up keeping it, will we rent it out to other people, sell it again? I'm just worried it may cause some sort of issue. If someone where to keep the house they'd have to pay back all the other people. Or if we end up selling it, we'd have to divide the money we got from selling the house between all of us. It's a lot. Now I'm just wondering is buying a home is a smart move or not. Should we just rent a home/apartment? Sorry if this doesn't make any sense, we're all pretty new to real estate and what not. We appreciate any feedback! [link] [comments] |
| Getting cold feet....Can I still back out? Posted: 28 Nov 2020 07:07 PM PST First time home buyer (Illinois) - Signed the executed real estate contract (both parties) on Wednesday 11/25. Haven't put down any earnest money yet. Closing is scheduled for Beginning of January. Starting to get cold feet - Am I still able to back out of this thing? If so, how long do I have? Any penalties? Having a mini-panic attack - Can someone please tell me I can take a deep breath? Thanks [link] [comments] |
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