- Real Estate Brokers keep cold calling my parents asking if they want to sell their home. These calls are increasing in frequency and they even managed to get my cell phone number even though I do not live there.
- Joining a team!
- Issues with Rock Quarry draining my recreational pond
- Lost our 3rd offer
- Would you buy a house with owners recently died in?
- [Genuine Question] As a young first-time home buyer, how do I buy a house in my price range ($100k-160k) across state when these homes consistently sell literally the same day of its listing?
- I really don’t care for our realtor during this closing process and I don’t know what to do.
- Becoming a mortgage loan officer with no degree or experience?
- Eleventh Hour Fun
- I am screwed, Idk if I will be sued or go to prison or be homeless again.
- Any reason to not refinance here?
- Can I find a different appraiser if the lender's is going to take too long?
- Feeling discouraged
- Existing property survey
- Selling and Buying at the same time?
- Rental application hard inquires
- If a house has a pending offer but the buyers back out because of the inspection, does this mean the selling price of the house will go down?
- What is a reasonable comfort threshold to waive mortgage/finance contingency? Have we been too cautious?
- Property tax (6 months) was not built into closing disclosure draft, but loan officer financed the closing costs without the property tax amount into the loan.
- Dream house went pending within 15 mins of posting...?
- Discrepancy between Listing and County Appraiser/Tax Record
- Making multiple offers on a home
- Townhouse: one story end unit vs. two story interior unit?
- Advice on how to start negotiation for lower price in a townhouse development. Pre-construction.
| Posted: 16 Nov 2020 06:41 PM PST As stated in the title, Real Estate Brokers keep cold calling my parents asking if they want to sell their home. They keep calling and sending letters with interest letters(with the value of the home) in the mail. My parents are in their 60's and I do not want them to be fooled by some of these calls and eventually sell their home(a duplex). Their home is within a mile of this new development called Chula Vista Bayfront Master Plan, which will be completed in 5-8 years. Are these real estate people calling us because are house is going to increase in value due to this new city development or because their house is valuable at the moment? I just want to inform them so that they do not rush into a decision. I doubt they are interested in selling but I just want them to be well informed. Their mortgage is low. I ran the numbers and if they decide to rent out both units(its a duplex), they would have about 700$ in passive income if they decide to move back to their country of birth, which would go a long way. Edit: spelling. Any insight helps! [link] [comments] |
| Posted: 17 Nov 2020 06:37 AM PST What's it like working on a real estate team? How are leads divided? What was your experience? I am a green agent looking to join either a team or work as a licensed assistant to gain experience. What is the best way to gain experience as a new realtor? Edit: I'm currently more keen to be a licensed assistant [link] [comments] |
| Issues with Rock Quarry draining my recreational pond Posted: 17 Nov 2020 07:19 AM PST Purchased the property 11 months ago. Property has a spring fed, recreational pond on it. A fully operational rock quarry sits exactly 1/2 mile adjacent to the pond. Starting in July I noticed the water receding, assumed that it was just evaporating because of the hot weather. The weather broke and the water is still receding. [link] [comments] |
| Posted: 17 Nov 2020 07:01 AM PST We lost our 3rd offer for a house today. We offered 96k more than the asking price - 96k!! With NO loan contingency, no inspection contingency, no appraisal contingency, plus 1 month free rent back. Apparently we were the highest bidder but the 2nd highest bidder had 50% down (we did 30% down) and they got the house.. there were 13 offers for this house. What does it take to buy a house? I know the real estate market is crazy right now, but it seems so goddamn difficult to buy these days. [link] [comments] |
| Would you buy a house with owners recently died in? Posted: 16 Nov 2020 11:24 AM PST There is a new listing which is priced very attractively. Love it but the only issue is that both owners, ufortunatly died recently because of cancer.. It was not properly disclosed in public listings. Found out by digging online. Would you buy it? [link] [comments] |
| Posted: 17 Nov 2020 08:33 AM PST I'm 23, and trying to purchase a home in the next few months. I have a job that is WFH at the moment which I live across state from, and I'm expected to have to come into work this upcoming Spring. I'm trying to purchase a house, I think in the $100k-$160k range, as my salary at the moment is 66k (Please correct me if you don't think my price range is good based on my salary). The specific area I'm moving to has a lower COL, so this price range is relatively average. The issue I'm having is that seemingly every house/condo in this price range that doesn't have any glaring issues sells seemingly instantly. I can find a place I like in the morning, and by the time I'm done with work and consider calling my dad to see what he thinks, the place is already 'contingently sold'. I could not imagine buying a place without seeing it first, seeing what my parents think, and then sitting on it for a week at least. However, I live 5 hours away from where I'm looking and work full time, so rushing over to view a place same day is a bit impossible for me. Is this the norm or am I having issues due to Covid demand? Should I just wait and hope for the best in Spring? Any recommendations? [link] [comments] |
| I really don’t care for our realtor during this closing process and I don’t know what to do. Posted: 17 Nov 2020 08:00 AM PST I may be in the wrong here, I'm unfamiliar with how this all works, but my realtor has not made me feel good about our home purchase. First off, we sent over our request for repairs on 10/30, and we just learned Friday that the seller "doesn't have any money and can't pay for it" but "he fixed all the electrical". This is after my realtor assured me over and over he would pay for it. Then he pulls the "well I don't know if $1500 is enough to walk away from a house." That was the quote that someone came out to give to fix the brick (that our realtor found). I asked him Friday for a quote that says that and the contact info of the guy who quoted that price. Texted him on Sunday, he tells me the brick layer is a pastor and doesn't want to bother him on a Sunday, and he will get it Monday. Here I am STILL waiting just on this guy's contact info. I spoke to a couple people and it sounds like our realtor is more worried about closing a sale than advocating for us, just because he didn't communicate very well in the TWO WEEKS we waited for the seller to get back about repairs, only to tell us he can't fix it while still trying to "sell" us. We didn't really know what was going on. Basically, I'm starting to not trust my realtor and I don't know if I am being crazy or not. [link] [comments] |
| Becoming a mortgage loan officer with no degree or experience? Posted: 17 Nov 2020 07:59 AM PST I'm currently in school for computer science and in my state, it takes completing a 20 hour course and passing the exam to become certified. Is that enough to get a job? Or is it freelance work? [link] [comments] |
| Posted: 16 Nov 2020 09:03 PM PST I've seen a number of threads about people posting how irrational the market has been to the point that buyers are losing all leverage. My current experience is really given me a new outlook on why sellers should be very strict. On the magical third day before closing on both our current home and closing our future home and just found out our buyer is having a suddenly discovered DTI problem. As a result, the buyer's lender has essentially increased the buyer's down payment requirement and requires the buyer to pay off x amount of credit card debt. So. they likely will not qualify any longer. the best case scenario is now a delayed closing, which is extremely disruptive. However, the most likely scenario is a dead deal altogether, which could cascade to killing the purchase of our future house. It's beyond frustrating when you do everything in your power to make sure no fuck ups happen and then this happens. There's virtually no recourse either because a lending failure doesn't allow you to keep a deposit. Anyway if you're reading this and wondering what the point is. There isn't one. it's just a rant. [link] [comments] |
| I am screwed, Idk if I will be sued or go to prison or be homeless again. Posted: 17 Nov 2020 12:33 AM PST i rent a bedroom in Texas, in a low income apartment based on income when i moved in the first manager we had told me not to put my income down and so i didn't every year i had to fill out a new lease and put no income, and they just now found out after so many years i do get income. idk if im going to prison or what will happen. but the options i could be faced with is sued for back pay, sued for 10k or more, or 10 years i state prison or all 3 or kicked out and homeless again or banned from getting any low income housing. i have no vehicle to live, no family or friends to stay with. i have nothing. idk what to do. Edit: these are tax credited income housing not hud housing [link] [comments] |
| Any reason to not refinance here? Posted: 17 Nov 2020 06:30 AM PST Ok so the numbers look like this. original loan - 137600 @ 3.75 current balance - 134800 new interest rate would be 3.0, which would lower my monthly payments 63$ a month. Closing costs would be like $880, which puts the break even at 14 months, but i'm pretty sure with the escrow refund I would get that would be a wash, and even if not i'm pretty sure i'm going to be in this house for at least a year, so that should be fine. It seems kind of negligible but I really cant think of any reason not to do it, and I wanted to get some opinions from you guys since I'm not too familiar with refinancing. Any help you can give me would be great. Thanks! [link] [comments] |
| Can I find a different appraiser if the lender's is going to take too long? Posted: 17 Nov 2020 09:55 AM PST My lender really dropped the ball on the appraisal - it was supposed to have been done last week (it was supposedly ordered over 2 weeks ago) but the lender contacted me yesterday to say the wait for an appraisal is about a month now. It's literally the only thing holding us back from what was supposed to be a closing on Monday. If I can find someone who can get it done sooner and the lender agrees to use them, can it be done legally under finance regulations? And yes, I'm aware that closing Monday is out of the question now. Thanks in advance! [link] [comments] |
| Posted: 16 Nov 2020 06:19 PM PST I put in two solid offers recently and both were not chosen. Waived inspection and appraisal (seller procured inspections and willing to pay difference in cash). First home goes 60k over asking. Lost since I was only willing to escalate up to 50k. Second home fit almost everything I wanted. It went 120k over asking!!! (My offer would only escalate up to 100k). This feels absolutely insane. Anyone else in the same boat? I feel like I should just wait until there's more inventory but worried that might be a while. Also feeling cramped in my tiny apartment since my husband and I currently WFH. [link] [comments] |
| Posted: 17 Nov 2020 09:21 AM PST I'm refinancing and the title agency reached out to me asking for the date the existing property survey was performed. Where can I find this information? I looked up my appraisal office, they have maps dated 4/12/2020, but the house was built in 2015. [link] [comments] |
| Selling and Buying at the same time? Posted: 17 Nov 2020 09:20 AM PST Can anyone advise me on how to go about selling my current home and buying a "new" one at the same time? I have about $30k positive equity and with my area I would not be surprised of it sold for more than that. Currently making mortgage payments on this property. Reason being is, I have $40-$50k cash for renovations and updating my property, but I have decided to just buy something more done and up to date, as well as going from a FHA loan to a conventional hopefully. Thank you. Thank you. [link] [comments] |
| Rental application hard inquires Posted: 17 Nov 2020 09:00 AM PST I recently applied for a rental property and its always been a soft pull, this property wanted me to apply through a website Apparently its reflected as a hard inquiry on my credit. I suppose it makes sense because the website is attempting to approve you for multiple applications, but I likely wouldn't have done it had I known -- especially because that realtor has since ghosted me, and since very few people use it right now, id be doing the hard inquiry for a single application. Do I have any recourse to get this removed? Im sure it's in their TOS somewhere so I obviously share the blame [link] [comments] |
| Posted: 17 Nov 2020 08:54 AM PST If a house has a pending offer and the buyers back out because they don't like something in the inspection (which the sellers then fix), when the sellers relist it back on the market in a month, would the selling price of the house probably go down? Would buyers be able to see that someone backed out of it because of an issue? Or would the house gets treated like a new listing? [link] [comments] |
| Posted: 17 Nov 2020 08:47 AM PST For the houses we are interested in (and one we have recently lost), it seems like we are competing with cash, or at least with no contingencies. But we really hope to use a mortgage, as the tax and opportunity costs are immense with a cash purchase. We will have no problem getting a mortgage on our end. And, I'm not at all worried about the earnest money. My fear is the flexibility of banks - especially in times of COVID - to meet a closing date, putting me on the hook at the last minute to liquidate a brokerage account or risk getting sued. What is generally regarded as sufficient to be comfortable to waive this contingency? Are others really just waiving from a similar position (as some articles seem to suggest), and we won't be able to compete without this risk (or cash, or leveraging something else) in advance? Are there any alternatives? Pre-underwritten loans seem like a solution, but I'm not even convinced they exist. [link] [comments] |
| Posted: 17 Nov 2020 08:43 AM PST So I just received my final closing disclosure and the cash to close was different and realized the property tax (6 months) was added for the first time in Section F. The loan officer had financed the closing costs into the total loan amount raising our loan by $3K. Now that the property tax line item has been filled the CD now says we still owe $2K cash to close. What are the implications here. If its just rushed paperwork i want to go ahead and close, but is this in anyway more serious of an issue? We plan on paying the closing cost added to the principal loan amount immediately after everything is finalized so we lower the principal owed immediately. [link] [comments] |
| Dream house went pending within 15 mins of posting...? Posted: 16 Nov 2020 03:12 PM PST The title sums it up. The perfect house for us posted on MLS and Redfin like 20 mins ago. We messaged our realtor immediately that we'd like to see it ASAP (before pictures were even uploaded; I saw pics from its last sale on an old webpage) and then its status updated to "Under Contract." I am really confused - is this a thing that can / does happen? Wouldn't they normally at least give it a day to see if someone wants to start a bidding war? I want to start a bidding war on it, darn it! Anyhow - does this happen and how do I not miss out next time? [link] [comments] |
| Discrepancy between Listing and County Appraiser/Tax Record Posted: 17 Nov 2020 07:46 AM PST Hi all, I'm looking at a home that I am interested in placing an offer on. The home is 4BR/2.5BA and listed at 2250 sq ft. However, on the County Appraiser and Tax Record reports that are public ally available, the property is shown to be 3BR/2BA with 2100 sq ft. The home is truly 4/2.5, so it's possible in the past they took a non-conforming room and adding a closet, and added half bath under the stairs. It's also priced as though it's a 4BR (3BR/2BA in the area are between 5-25k less than this house). How should this situation be handled? Should I negotiate a price based on the county site (perhaps using same price per square foot and adjusting for lower square footage)? If the county officially updates the report after purchasing it, I imagine that will increase my taxes quite a bit— so maybe it's good it's not reported? I'm worried this may impact resale value down the road, so hoping to go into an offer in a way that mitigates that risk with additional equity. I see pros and cons, and I'm honestly not sure which is greater. [link] [comments] |
| Making multiple offers on a home Posted: 17 Nov 2020 07:17 AM PST Quick question, I just found out that REAs will not disclose the best offer that has been made on a home to prospective buyers. That makes sense to some extent I guess. Is it normal or acceptable to repeatedly make increasing offers until one of those offers catches the seller's attention? Is this socially acceptable? If so, why not save everyone some time and reveal the best offer to other buyers? [link] [comments] |
| Townhouse: one story end unit vs. two story interior unit? Posted: 17 Nov 2020 06:49 AM PST I am looking into buying a new construction townhouse and have options for a one story end unit vs two story interior unit. I will live in the house initially and then plan to rent out later on, which I am hoping everyone can lend some advice as this will be my first rental property. Pros and cons I've considered below: 1 story end unit (3 bedroom, 2.5 bath, 2 car garage)- pros: only share 1 wall, more windows/natural light, no stairs (if elderly renters or families with small children who maybe prefer no stairs), less architectural changes (I like the floor plan as is). cons: 20K lot premium, smaller (1388 sq ft, though floor plan is very open, feels bigger), front door is a side entrance. 2 story interior (3 bedroom, 2.5 bath, 2 car garage) - pros: more space (2000 sq ft), better insulated, lot premium 8K. cons: will plan to change configuration of kitchen (move pantry out of corner of kitchen to under stairs for more cabinet and counter top space) adding extra cost, stairs (also prefer non-carpeted stairs as an upgrade for easier cleaning which would not be an issue in the 1 story), all bedrooms on second floor (to me this is a safety disadvantage as I fear I won't hear be able to hear downstairs while sleeping), possibly noisier. I plan to add upgrades to both, which could potentially bring the total price to around the same (maybe + 10-15K total for the larger model) considering the large lot premium for the 1 story, however I could add more aesthetic upgrades to the 1 story vs the 2 story since I mentioned the 2 story would require initial architectural changes which would be costly. My boyfriend (who does not have any rental properties himself) feels that renters would prefer the 2 story with more space vs the 1 story with more privacy and no stairs. I think the 1 story is kind of an anomaly for townhouses and could be an advantage since most don't have this option. I have previously rented a 1 story end unit in another city and really liked it but also have never lived in any interior unit. Anything else I should consider? Thoughts/comments? [link] [comments] |
| Advice on how to start negotiation for lower price in a townhouse development. Pre-construction. Posted: 17 Nov 2020 06:11 AM PST My entire family is moving 4.5 hours north and selling three properties. We are 3 individual family units and the goal was to buy one property cash, one at 40-50% down using the proceeds of the sale and my immediate family would still be renting. We aim to eventually move to another state in 2-4 years. We where not planning to be very close but would like it if we where. But as long as we are within 30 minutes of each other. We found a development that we liked and could build new properties on, the price is a little higher than we liked and basically prices one property out of consideration to might not be a purchase that takes place at current prices. I have heard about buying properties for 70 cents on the dollar and in our case at that price range we might be able to make it a purchase of 3 properties in the same development. How feasible would it be for something like that to happen? Details about development. The phase they are on will have 195 houses built by the time they are finished. Visiting the area they are about 40-50% complete. They have about 16-20 properties permitted through the middle of 2021 not yet built but planned to. We would be buying 3 additional properties beyond that and buying the empty lots to put them in. Start to finish around 7 months, with most of the time being the permitting process. Build time could be around 90 days start to finish. Looking at the sale of other properties of similar category I see sales for full price but also saw recently two properties sold for 75-85 cents on the dollar within the past month. Talking to a competing development that sell townhouses for slightly lower but have a ccd they are selling 3-4 properties per week and about to be done with all their sales. I suspect the one we liked are probably close to the same plus or minus a few per week. Do we have the leverage to negotiate 70 cents on the dollar? Property prices at full value: Property 1: 310k (2 floor 4-3 of 2200 sq ft) Property 2: 270k (4-2 1 story of 1870 sq ft) Property 3: 240k (3-2 1 story of 1670 sq ft) Total: 820k (70 cents on dollar would be 574k) Contingent and available: Sale of property 1: completed in 1 week for 190k (about 165k on hand after all is done) Sale of property 2: expected around 80k Sale of property 3: about 150k equity expected Cash on hand: around 40k Total: 435k What would be the best way to navigate and start negotiations? Who do we need to have on our corner, and would there be a way to combine the sale of three properties into one without running into complex tax concerns? What is easily missed going into this? [link] [comments] |
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