Real Estate: After seeing 60 houses, losing on six offers, and feeling discouraged, I closed on a house last week at 2.37% and its well within my budget (CO) |
- After seeing 60 houses, losing on six offers, and feeling discouraged, I closed on a house last week at 2.37% and its well within my budget (CO)
- Dear All Cash Buyers, Who are you?
- Thank You Homeowners and Real Estate Agents!
- Advice on house in process of obtaining and easement?
- Seller accepted my offer(2BR 2BA @ 265k 2.25%), contract ratified but found a condo violation
- Offer accepted! Papers signed! Inspection scheduled! Earnest money deposit sent!
- Can I do anything? Seller cancelled a counter offer verbally and accepted another offer without doing a multiple counter
- Waiving Inspection on totally redone house
- Are current ultra low rates setting up a challenging scenario for future move up buyers?
- Cash to close: $1100 “TO” borrower
- Would you buy this home...
- Brokerage slow with registration paperwork- should I be worried?
- Anyone else running into issues with appraisals?
- Agent Agreement (1 year with 75 day expiration clause?)
- What is the most you offered above asking price...and still lost the house?
- Investment loan lenders
- Should I ask for an extension on my financing contingency? Appraisal won't be back in time
- Prop 19 if you inherit, then live in the property, is there a time frame after which you can use it as a rental?
- Selling agent’s client is unhappy with cleanliness of home after closing and moving their things in. Now wants to reach out to listing agent.
- Realtor pays for cleaning of house and carpet.
- Real Estate Career
| Posted: 17 Dec 2020 01:10 PM PST I have been reading posts on this subreddit for a while and have experienced an insane market just like everyone else on here is claiming. Lost out on several "dream" houses to all cash offers. But everything worked out and we got a home that checked almost all of our boxes for a price we felt comfortable with. We ended up waiving the appraisal contingency and went over asking by $10k, but the house appraised for the selling price which was a huge relief. Our interest rate makes the mortgage about equal to what we paid in rent for an apartment. Honestly the interest rate almost offsets the crazy selling price since we did not overpay too much. We thought about waiting since perhaps the prices will chill out after COVID, but ultimately my wife and I decided getting a house was a good decision since we plan to stay as long as possible. Hopefully that helps weather any short-term drop in home prices. Anyways my point of posting this is to let people know that being patient can pay off. We had 10% down so we couldn't compete with all cash offers or anything crazy like waiving inspections. This caused us to lose out a bunch in the beginning. But everything worked out and its fun to look back at the crazy, often stressful process now that we are sitting in our home. [link] [comments] |
| Dear All Cash Buyers, Who are you? Posted: 18 Dec 2020 09:33 AM PST We're hearing a lot about all cash buyers in these tough markets. I'm curious to hear personal accounts of the situations that led to your all cash purchase. Did you sell your Bay Area condo and move to somewhere LCOL? Are you an investor with outside capital? Did your parents take out a loan against their paid off house to give you an edge? Did you live with six roommates and save save save? I want to hear it all! Please Note: looking for first hand accounts only, please no "Cash buyers are usually..." [link] [comments] |
| Thank You Homeowners and Real Estate Agents! Posted: 18 Dec 2020 09:16 AM PST After nearly five months of searching; one failed inspection and one failed appraisal deal... we finally got the right house at the right price in the right neighborhood. I am taking time off from Reddit because I have much to do in the coming weeks on a personal and business level, but I needed to circle back to here and say THANK YOU to everyone who took the time to share your knowledge, experience and opinions with me early in the game. Appreciate you guys, and have a Merry Christmas and an even better 2021! [link] [comments] |
| Advice on house in process of obtaining and easement? Posted: 18 Dec 2020 10:01 AM PST So the short of it is my husband and I are first time homebuyers using a VA loan with a small budget in an extremely tight market (Triangle, NC). We found a house we really like and we'll within our budget, but the day we reached out it was pulled from the market. My agent did some digging and the driveway listed with the house is actually on another persons property (the property is empty, unimproved, only thing on it is the driveway). They're attempting to get an easement in place before putting it back on the market. The house being sold was inherited, the land next door is owned by someone who lives in a totally different area of town, not even someone in the neighborhood, and no way related to the seller. I'm waiting to here more but as a first time homebuyer in this situation, do you think it's worth it? Would a VA appraiser take issue with an easement? [link] [comments] |
| Seller accepted my offer(2BR 2BA @ 265k 2.25%), contract ratified but found a condo violation Posted: 18 Dec 2020 08:28 AM PST After receiving my condo docs, my mom(also my agent) found a violation with the condo I am buying. Docs state that any unit above another one(mine is 2nd level) must have carpet in living room, dining room, hallway and bedrooms for noise consideration for the people below. The condo I am buying currently has laminate in living room, dining room and hallways. My mom mentioned 1 of 2 options, go back and have the seller install carpet in those areas, or risk it and continue to go forward. We called the condo association to ask about it and they said a good amount of upper level condos have hard flooring surfaces and they only enforce that rule if there is a noise complaint from the neighbors below. They said in the last 3 years they've only made 3 people change flooring. They also said that the condo below me has been vacant for 2 years. My question is, how should I go about this moving forward? My concern with having the seller pay and install carpet is that they will most likely install the cheapest carpet they can, which I understand. My mom is going back to the sellers to ask for another $1500 credit, is it worth risking it going forward? [link] [comments] |
| Offer accepted! Papers signed! Inspection scheduled! Earnest money deposit sent! Posted: 18 Dec 2020 10:21 AM PST We started the house search two days ago. Saw 4 houses day one. 1st was absolute trash. 2nd was nice. 3rd was super nice, but we found severe work had been for bowing foundation walls and water issues so we said NOPE. 4th we thought was amazing and was the house although a bit expensive. But we had one promising house for the following day. By the following morning we had added an additional 3 houses to look at. Again - 1st was trash. 2nd was nice (huge and very good bones but needed so much updating.) And then we came to the third. Incredible location. Tucked back in adorable historic neighborhood with insane charm. House was built in 1928, but completely renovated top to bottom by the owner (a police officer.) Brand new everything. Literally everything. Somehow a flip done right. My realtor comes from construction, and I brought my friend who is a builder along with us. They both were enamored. The price was 5k below our pre-approved amount, but this house literally needs 0 work done. Tons of space with a finished basement. Two car detached garage with pull down steps to attic storage. Dead end. Huge yard. Beautiful trees in the far end of our front yard away from the house. Offer accepted. Earnest money sent. Inspection scheduled. Purchase agreement sent to bank. Everything is looking good so far! I would appreciate any advice you having from here on out. We are definitely doing the sewer scope, but are still considering radon. This process has been enjoyable so far. I've been so anxious that I haven't had an appetite for the last two days and I can't sleep. Hoping this is the one! [link] [comments] |
| Posted: 18 Dec 2020 09:53 AM PST My wife and I really wanted this house and didn't act quickly enough when a second offer came in. Sellers cancelled their counter to us and accepted another offer before giving us a chance to respond. Do we have any recourse? This is in CA. [link] [comments] |
| Waiving Inspection on totally redone house Posted: 18 Dec 2020 02:07 AM PST All, My girlfriend and I are going through what it looks like most others here are...this nightmare market. We lost our first bid after going 21k over because someone waived inspection. We're now looking a house that was sold originally as a rebuilding project. The person who bought it was a contractor, and he built it up, living in it for several years. It's now selling well below our top budget, but we're worried a high offer won't be enough to win if we don't waive. With this house being owned by a contractor, does this make waiving any safer? Am I crazy for even considering it? Most logic says don't waive, but it seems the market demands it [link] [comments] |
| Are current ultra low rates setting up a challenging scenario for future move up buyers? Posted: 18 Dec 2020 08:52 AM PST We have a large amount of homeowners with sub 3% mortgages through recent purchases and refis. When rates go back up, how difficult will it be for people to give up a 3% mortgage for a 4.5% or higher rate mortgage? [link] [comments] |
| Cash to close: $1100 “TO” borrower Posted: 18 Dec 2020 04:51 AM PST So my wife and I got our final loan disclosure for our refinancing, and it's showing $1100 "to" borrower rather than "from". I'll check with my loan officer once they are back in the office, but does this mean they'll be cutting me a check for 1100? [link] [comments] |
| Posted: 18 Dec 2020 07:42 AM PST Hi Everyone, Long story short I have had my eye on a property for the last six months. The listing agent priced it way too high and they have constantly been dropping the price about every other month. On the market for over a year and have since dropped it around $170k from original list price. Now the tricky part. While the price is falling to a more realistic area the home still does have issues, mainly foundation. I guess my main question is would it be worth it to proceed if the repairs were worked into the offer. Not knowing exactly how severe these issues are has me skeptical, but also excited. The rest of the home layout, location, and updates are great. Pictures are included below, about 70% of the original foundation has been replaced with the cinder blocks. As you can see one of the existing brick columns is leaning extremely hard which I assume is why the others were replaced. The new cinder block section also has a rather large crack in one area as well. Any info/advice/experience would be greatly appreciated! Happy holidays! [link] [comments] |
| Brokerage slow with registration paperwork- should I be worried? Posted: 18 Dec 2020 07:31 AM PST I got a verbal offer to apprentice under an experienced sales rep at a good brokerage. He got me in touch with the person responsible for new realtors and registration. 2 days ago we spoke and I provided her all the information. I followed up and she said "I'll get it to you when I can". To me this is a red flag as it offers no timeline or expected date of completion. What should I do if i receive other offers from teams? [link] [comments] |
| Anyone else running into issues with appraisals? Posted: 17 Dec 2020 07:11 PM PST We're in a pretty hot market selling a home right now. We had about 40 people through our house in 8 days and for an offer about 4% over asking price. Many of the realtors gave us feedback that the price was attractive. The appraisal came back 15% below the buyers offer. We are totally stunned. Is this common? What advice would you give to someone in this situation? So far our plan is to ask the appraiser to look at some additional comps and then encourage the buyer to start over with a new lender. It's an FHA loan which I think matters. [link] [comments] |
| Agent Agreement (1 year with 75 day expiration clause?) Posted: 18 Dec 2020 05:53 AM PST Wondering what y'all think. I trust this realtor who was referred to me through someone else I know and trust who manages the broker. Detail: -1 year agreement -2.4% commission/broker fee -if within 75 days of expiration of agreement I buy a house shown to me during that year with the agent, then I owe the broker's fee to them I want to lower the length of agreement to maybe four months. The 75 day thing makes me feel uneasy. Agents and clients, what's your opinion? Thanks! -first time buyer [link] [comments] |
| What is the most you offered above asking price...and still lost the house? Posted: 17 Dec 2020 06:57 PM PST Given this hot market, curious to hear some numbers. We're putting in an offer in a few days. Thanks in advance :) [link] [comments] |
| Posted: 18 Dec 2020 03:35 AM PST Looking to acquire an investment loan for a rental property and was wondering if anybody can recommend none that does it for 10% down or less [link] [comments] |
| Should I ask for an extension on my financing contingency? Appraisal won't be back in time Posted: 17 Dec 2020 11:41 PM PST Hi all, first time homebuyer here. I've posted a few questions over the past few weeks and gotten great advice, thanks for all the help. I recently went under contract on my first home, super excited. My financing contingency ends on Christmas and my Earnest Deposit is $4500. We've been having trouble scheduling an appraisal through the lender (I hear that's common right now), and it looks like it won't happen before Christmas. Our close date is supposed to be Jan 1st but that likely won't happen either. Should I ask for a financing contingency extension? I'm worried that if the appraisal comes back low but my contingency has expired, the seller has no motivation to meet me halfway, or possibly to even continue with my offer. They have a back-up offer and would be within their rights to keep the EMD and just go with the back-up, as far as I know (newbie here). Should I expect them to say no to an extension request? [link] [comments] |
| Posted: 17 Dec 2020 11:06 PM PST Under prop 19, I am curious what happens if you inherit a house and live in it for several years and then decide to turn it into a rental. Is there a certain number of years after which you are allowed to do so? If not, what happens? Does the house get reassessed when you decide to turn it into a rental? [link] [comments] |
| Posted: 17 Dec 2020 02:36 PM PST Asking on behalf of a friend hoping to help him find an answer. He is the buying agent on a transaction with a bit of a difficult client in Arizona. Buyer closed at the end of October. Complained to buying agent about how the previous owner left the house in terms of cleanliness. This was a couple of WEEKS after they closed escrow and took over ownership of the home. Buying agent came to home to look at what they were describing. Issues were things such as dirty walls, small holes in the wall from pictures that were hung, lingering dog hair and a spot in the back yard where there was dog poop not cleaned up. Buying agent offered to pay for cleaning as a resolution and home owner didn't take him up on that. Buying agent did their best to make sure the new owners felt heard and offered to reach out to listing agent to "see what could be done" which was nothing. The new owner is now reaching back out to their agent and asking for the contact information for the listing agent because they want to talk to him directly. Not sure how to proceed. Does the new owner have any recourse here? Also what is the proper etiquette for a client asking for the other agents contact info? Any insight will help. Thank you! [link] [comments] |
| Realtor pays for cleaning of house and carpet. Posted: 17 Dec 2020 06:20 PM PST Any other realtors include this when selling? Makes for happy buyers, and doesn't cost a lot to make a good name for yourself. [link] [comments] |
| Posted: 17 Dec 2020 11:16 PM PST I'm 17 and a senior in high school(CA), and a real estate career path seems very interesting. Currently I'm in the application process for college and I'm not sure what majors would be the most beneficial for this career path. I usually hear that you don't need to go to college or college may help in some cases, but not anything very specific. What's the best course of action to start pursuing this career path? (Asked for rich dad poor dad for Christmas btw ) [link] [comments] |
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