Real Estate: Just wanted to post how thankful I am to have had an awesome buyers agent! |
- Just wanted to post how thankful I am to have had an awesome buyers agent!
- Is a $500 brokerage fee + 6% standard?
- Can a house be sold as is?
- Mortgage company referred to us by RE agent is saying our preferred company is shady?
- Can anyone help me with a refinance calculation?
- Looking for a good buyers agent or consultation
- Buying my first property at 18
- What exactly will cause the “ceiling” on prices?
- How to get a mortgage with a short work history as prn?
- 1st Time Home Buyer in Need of Advice
- Question about property appraisal
- Can you Buy and Flip a 4 Year Vacant & Tax Delinquent Special Needs Trust House?
- Should we refinance asap or wait to finish home improvements?
- Buying from our landlord
- Taking my real estate test... can someone provide insight to some confusing questions I have?
- Buying a new house concerns
- I officially closed on my second house
- Paint selection for new build
- How to find a good realtor (NJ)
- My RE agent is losing faith in my lender, tensions running high
- Closing delayed [AL]
- Rough cost to build estimation
- Why is it that every time I ask a specific question about a property on realtor.com I get a ton of messages from brokers who never know what I asked, never answer my question, and never know which property I looked at?
- I want to learn more!
| Just wanted to post how thankful I am to have had an awesome buyers agent! Posted: 15 Dec 2020 11:59 PM PST My husband and I originally started our home search in July and did the whole "use a part time realtor friend from work". Needless to say it was probably the most disastrous relationship I've ever had. He was inexperienced, hard to get ahold of and once we submitted a contract he completely ignored the selling agent when they called for our "best and final offer" causing us to lose the house. That was a wake up call for me and we moved on and researched dedicated realtors and found a lovely realtor who does this full time. She was quick to respond no matter what time of day and went above and beyond to calm my psychotic anxiety on this ridiculous housing market. We placed offers on five houses before one finally was accepted but each time we lost out she would tell us how sorry she felt for us but that she couldn't in good conscious sleep at night advising us to get into some of the bidding wars that these house were going into. We finally closed on our home yesterday and she brought us a beautiful housewarming gift and a bottle of wine. She also went through the house and checked everything including things I wouldn't have thought about. At the closing table we had mentioned that we were going to get a Christmas tree for the house this week from the local farm up the street. She called the tree farm and found out that they were closing for the season at the end of the day! She wrote us a blank check and told us to go straight there and get whatever tree we wanted! This completely restored my faith in realtors after such a tragic start and while I see so many posts of people using "a friend of a friend family member" I highly urge you to do your research and go with a dedicated full time broker who gives you undivided attention. I'm so beyond happy with my experience and a good realtor is definitely worth their weight in gold especially in this market. [link] [comments] |
| Is a $500 brokerage fee + 6% standard? Posted: 16 Dec 2020 10:05 AM PST I'm selling a property and had an agent recommended to me. The contract notes a 6% fee + $500 brokerage fee. I'm aware 6% is standard, but I don't recall paying a $500 brokerage fee before. [link] [comments] |
| Posted: 16 Dec 2020 07:08 AM PST My Grandmother is 85 and has lived in a 130 year old house for many years. After her husband died the house went to crap. Needs wiring, plumbing, roof, trees cut, foundation repair, updated in every way. Can we just out the house on the market as is? I wouldn't expect to get much for it but we just want the house off our hands and move on. [link] [comments] |
| Mortgage company referred to us by RE agent is saying our preferred company is shady? Posted: 16 Dec 2020 04:41 AM PST So we're first time buyers and we've navigated this process pretty well. We were reffered a mortgage company from our friends who does 3% down, no PMI, at 2.75%. We love the lower down payment and no pmi so we used them. Our realtor said her mortgage company we worked with could do better so sure we called them to get some info. Theirs was a higher DP, lower interest rate (2.5%) but of course needed pmi. The higher DP coupled with the PMI just made us not want to use them and go with our original choice due to high upfront costs and higher monthly payments for about 5-6 years. So when I let the realtor know our choice she said "hold on let me call my mortgage and see if they can cut a better deal". I recieved a call from them and they said they couldn't do any better but they think my pref company is shady. They didn't detail all the items in the "closing costs section" and just put a estimated number (10.3k) and what they did include didn't add to 10.3k and I should clarify... Sure I clarified with them and they said the missing amount is "taxes and title changes covered by the seller (5.3k) which was listed on the document already. I call again to this other mortgage company and say "okay this is what they said we're going with them" And AGAIN she says it's shady and to get an itemized list in detail... At this point I'm kind of pissed off and feel like we're being taken for a ride to try and go with them. Is this actually something to worry about? My friend who referred me had no issues executing their loan or with random charges. I've attached the itemized list from our chosen company. We need to execute soon. Thanks for any help [link] [comments] |
| Can anyone help me with a refinance calculation? Posted: 16 Dec 2020 08:14 AM PST My current loan is a 30 year fixed FHA with a 3.75 interest rate. I am 3.5 years in. I financed 185,000 and currently owe 170,000. My monthly payment is $1380. I'm considering refinancing to a 15 year fixed traditional loan at 2.5%. Monthly payment is $1540. I can afford the monthly payment and am satisfied with the length/rate. My question is about the origination fees. They are $4500. So, I would be financing $174,500. How long do I have to continue to own my home to break even on the fees and actually begin to benefit from the lower interest rate? A general time range is fine, I don't know to know the exact months. Thanks so much in advance! [link] [comments] |
| Looking for a good buyers agent or consultation Posted: 16 Dec 2020 10:47 AM PST Kind of fed-up with whats going on. There was a house which we were interested in. It would have been an easy grab had we been advised correctly. Can some one help us please. [link] [comments] |
| Buying my first property at 18 Posted: 16 Dec 2020 10:01 AM PST Hello so I'm 18 years old and I reached a point where I could buy an apartment, but the problem is that I don't have any credit history so I was wondering if I should just buy it cash and maybe refinance with a bank by the time I reach a good enough credit history to leverage or just take a loan on it..? And since I have never purchased a property I was wondering about how the process takes place if anyone could inform me..and was thinking I could negotiate straight with the landlord so the process finishes quicker.. [link] [comments] |
| What exactly will cause the “ceiling” on prices? Posted: 15 Dec 2020 09:28 PM PST There's a lot of posts and responses that seem to fall into two categories
Rather than just spouting lies, I'd like to discuss what factors play into resident home prices. A few that I've gathered:
lets discuss each further supply/demand so, in "hot" areas, supply is low for a number of reasons
The above factors probably won change any time soon. Maybe covid let's up and people are more comfortable selling (both letting people in their homes as well as going into others, since the sellers may be selling and buying simultaneously) interest rates Lots of discussion on here about rates but, imo, I trust the fed. The fed says rates will say low or get lower through 2024. So, low rates will fuel more demand cash buyers A lot of talk about cash buyers. They're bidding home prices up. One reason is that they aren't dependent on a loan and an appraisal. They can pay whatever. At some point though, there's only going to be so many non-institutional cash buyers left.... my take: we're going to start seeing financed buyers competing against each other rather than financed vs cash. rents Not much to say about this income This is the final, and in my opinion, most important driver of home prices. If we agree that at some point cash buyers will slow down ( it's unreasonable to say they will never slow down) then we have to look at financed buyers. At the end of the day, financed buyers can only afford as much as the bank will give them. So in that regard, homes have a ceiling: the equilibrium of where buyers ability to borrow meets sellers willing to sell To buy a $350k home, you need around $90-100k in income. If you make 140k it's X and 200k it's Y... Bottom line is there is a ceiling. TLDR: I think we're going to either see:
Otherwise I think we may see home prices go slightly down -5% and then stay relatively flat through 2023 Update: California is not America [link] [comments] |
| How to get a mortgage with a short work history as prn? Posted: 16 Dec 2020 09:28 AM PST So I'm trying to buy a house ~250k Tampa area but nobody will give me a loan. Credit score is 762, I'm looking to put 5-10% down. I make ~70k/year. The problem seems to be my status as "prn" for some reason even though I work 48 hours/wk lenders classify it as part time. I've been working 48 since July, before that I took a covid contract in New York and before that I was full time as an RN since 2017. Anyone know of a mortgage program that might approve me? [link] [comments] |
| 1st Time Home Buyer in Need of Advice Posted: 16 Dec 2020 09:28 AM PST Hello, thanks for clicking the post... I am looking to buy my duplex (both sides) in Austin, TX; I've lived on my side for over 8 years. I am trying to find one loan that will cover both: purchase of the duplex AND repairs/renovations. Is anyone aware of any banks, lenders, programs, etc. which provide loans where both of those needs are met under one loan? I'm trying to avoid double interest rates, etc. Thanks in advance. [link] [comments] |
| Question about property appraisal Posted: 16 Dec 2020 09:17 AM PST We are in Ontario, Canada. My partner and I were presented with an opportunity to buy his grandfather's condo. He knocked 5% off the market value since he didn't need to list with an agent and would be saving on that cost anyway, so he passed that saving on to us. Our broker let us know this morning that "since it's a private sale between family members" CMHC is requesting an appraisal, which we were initially happy to avoid as we've seen the place in person and we trust that Grandpa isn't up to anything shady. My question is (or questions are, I suppose), if the appraiser values the property at a higher amount than we're being asked could that affect our application? Or are they strictly there on the buyer's behalf to make sure the seller isn't trying to sell a unit with glaring issues? Would we be denied if they decide the property value exceeds our capacity even though the sale price is within our means? We're really hoping for this to go through and having this extra hoop to jump through has made us kind of nervous. [link] [comments] |
| Can you Buy and Flip a 4 Year Vacant & Tax Delinquent Special Needs Trust House? Posted: 16 Dec 2020 08:55 AM PST Follow up to my other post, but I wanted to know if anyone knows the legality of purchasing a Special Needs Trust house if it is delinquent in taxes and has been vacant for many years. TLDR, the house (located in PA) has been vacant since 2016 when the owner / tenant skipped town. It's delinquent on 1 (going on 2) year(s) of taxes, not in the best condition and my neighbors are actively trying to get it condemned by the city. I have a friend who flips houses and he wants to buy the house, but is unsure what the legality or conditions are surrounding acquiring a Special Needs Trust property. I know these trusts are set up for someone who has mental or physical disabilities, but we are unsure how to reach out to the trustee listed on the parcel database since the name of the trust leads to dead ends online and there is no real persons names listed alongside it. The trustee is not taking care of the property, and with all the other factors it seems redundant for a SNT to be in place for an empty, derelict and tax delinquent house. With that all in mind, is it even legal to try and buy the house or finding the trustee to see if they are willing to sell before it gets condemned or taken by the city? [link] [comments] |
| Should we refinance asap or wait to finish home improvements? Posted: 16 Dec 2020 07:59 AM PST We bought our condo townhouse in May, but our interest rate was locked in at 3.6% back in March before Covid really hit hard. I've seen several posts on here saying to refinance ASAP, if not sooner while the interest rates are still at record lows. But while we've made several improvements to the home already, we expect to make several thousand dollars more over the next few months, and were thinking about refinancing around next summer once they were complete so we could get the condo's new value reappraised. Would it be worth waiting for the improvements (new windows, new flooring upstairs, new master bathroom tile and vanities, other smaller things like doorknobs) or should we just bite the bullet and refinance asap? [link] [comments] |
| Posted: 16 Dec 2020 07:47 AM PST Our landlord is open to selling us the house we are currently renting from them. I've got a few questions that I'm having a hard time getting clear answers on. If anyone has good resources, please do share.
Thanks a ton, Reddit people. [link] [comments] |
| Taking my real estate test... can someone provide insight to some confusing questions I have? Posted: 16 Dec 2020 07:32 AM PST Took my RE practice exam last night and wasn't sure on some of the questions. Hoping someone can shine some light on some of these for me. Sorry if they are vague, for security reasons I could not write anything down so this is all simply off memory 1 - Biggest factor in buying a home? school district or something else 2 - Why does maintaining independent contractor status create problems 3 - Largest single US industry? Real estate, finance, insurance? 4 - Majority of exclusive discrimination for realtors? housing request? 5 - Most common issue in new constuction? Drainage or structure? 6 - What % of houses have lead paint? 7 - Funds that don't need to be paid if the residence is occupied? Tax credits? 8 - Licensee can provide services without written agreement but isnt entitled to.... show properties? receive commision? 9- Purpose of negotiating? Resolve points of difference, achieve success, determine worth 10- Realtors fees are based off via Standards of Practice - MLS board or NAR? 11- One exception to fiduciary duty of confidentiality? 12- Realtors must cooperate with brokers except when 13- Neighborhood data to see transition from residential to other primary use is? 14- What does a lease guarantee? Payments or return of property 15- largest complain for licensees? lac of negotiating skills? lack of communication? another? 16 - Second category of special damages? 17 - who is liable for failure to disclose lead based paint? sellers right 18 -Brokers with a website must do X to avoid litigation? create internet advertising policy or ability to unsubscribe 19 - HUD person who interviews complainant? Case worker, haring specialist, intake specialist, etc? 20- Lack of public sites resulting in urban decay? public domain racism or default racism, etc? 21- Standard license & is engaged in sale of RE for fee is a = broker or salesperson? 22- Truck farms produce? nuts, fruits, veggies, lumber? 23- Brokers who provide BPO services should consult with 24- Insurance companies are organized as = direct / indirect? 25- What committee uses NAR arbitration guidelines when conducting a due process hearing? [link] [comments] |
| Posted: 16 Dec 2020 07:17 AM PST Ok so recently i wanted to buy a house in NJ for 120k multi family and everything was fine until i did a home inspection on the house when the guy finished the inspection he showed me a couple of things that are totally wrong with the house and that he is gonna send email with report a few things are: probably oil tank underground basement, probably termites, wood boring beetles and probably infestation, bats in the attic, mold in basement walls, the walls in the house is covered in moisture, cracks on wood in the basement, the supports in the basement are not correctly done or not done at all, boilers leaking, basement walls of concrete are deteriorating and crumbled and roof is leaking and has multiple layers and some parts are not done half of the roof is not done, also smoke detectors and carbo monoxide are old. Now how much should i ask for this house? Is it a good investment? Should i buy it? How much am i gonna expend in it? Help! [link] [comments] |
| I officially closed on my second house Posted: 15 Dec 2020 07:42 PM PST Got the keys today. Lots of work to make it move in ready, but I'm so happy to finally find a much better neighborhood and home. Plan is to rent out my current home for 1.5 years and sell to pay off a chunk of the principal. [link] [comments] |
| Posted: 16 Dec 2020 06:50 AM PST Given the choices between 2 tone and 3 tone paint. Which one would you prefer? The 3 tone paint option is double the price of 2 tone. [link] [comments] |
| How to find a good realtor (NJ) Posted: 16 Dec 2020 06:14 AM PST So I wanted to follow up the recent discussion on Realtors for my own selfish benefit. I'm looking to start the house hunting process in both Somerset and Hunterdon County NJ. I see most realtors specialize in one county or another, should I get one for each region? I'm still not sure which area my wife and I want to buy the house. And most importantly, how do you find a 'good realtor'? Most people I know have only used one to buy their house so they don't have points of comparison besides "they didn't find any good houses that I didn't first find on Redfin or Zillow and forward to them". Are there respected database or review sites? Or is it all just the garbage Yelp/google reviews? Any thoughts in general or for my specific situation are appreciated. [link] [comments] |
| My RE agent is losing faith in my lender, tensions running high Posted: 16 Dec 2020 05:52 AM PST I'm in the process of buying a home and am currently just waiting on the appraisal report. Purchase agreement closing date is December 23rd. Due to a setback in paperwork not being filed/sent, that was my lender's fault, things were pushed back. I informed my RE agent, who informed the agent for the sellers. This did not sit well with them because it would likely push the closing back. My lender also would not order the appraisal until employment verification was received so this also pushed the process back. Once the appraisal was finally ordered, I was given a date of 15 days or sooner until completion. Day 15 rolled around, no update. I was told "tomorrow". I emailed for a follow up, told again "not today. Should be tomorrow." I asked if there was anyway we would make the closing date and was only told by my lender "we should". My real estate agent is asking me to see if my lender can provide a more specific date so she can work her schedule around our closing. My lender told me it should be the 23rd but could be the 22nd or even Monday the 21st. My agent is obviously getting annoyed with my lender and lack of definite responses about anything but on the other hand, my lender has continuously told me that he is unable to give me a "set-in-stone" date until the appraisal report is received. It's Wednesday. There are still gift money documents to be submitted to FHA (lender has them) and the appraisal info I'm guessing. So how is it possible I could make a Monday closing?? 🤨. I feel like this will be short notice. I really feel like my lender will call me just the day before it's scheduled and say "hey, closing is TOMORROW. Congrats" 😳. Tldr; Tentative closing date is only 5 days away. Appraisal hasn't even been received. [link] [comments] |
| Posted: 16 Dec 2020 05:41 AM PST I'm a first time home buyer. Wanted input on if this seems normal or is unreasonable. We were supposed to close on Friday. Did the final walkthrough and had papers delivered to us to do a zoom closing that morning. Right before our meeting time our realtor tells us that the title company is still waiting on the payoff statement from the seller's lender. The request has been made all week and even Friday they weren't able to get it so we couldn't close. Monday and Tuesday come and go and same thing. Our realtor says the request has been expedited and she's never had this happen before. I'm getting increasingly anxious. Is there anything I can do? [link] [comments] |
| Rough cost to build estimation Posted: 15 Dec 2020 10:45 PM PST Does anyone know the approximate cost to build a 4/4 3200 square foot home with 2 floors + a basement? This would be the minneapolis/st paul metro if anyone finds that relevant. Thank you :) [link] [comments] |
| Posted: 15 Dec 2020 04:15 PM PST Is there a better app to use to avoid this? Ideally, my question should be sent directly to the seller's broker instead? That way I have an answer at least? [link] [comments] |
| Posted: 15 Dec 2020 10:58 PM PST I just finished my 120 hours of course work for Ohio, I will be scheduling my exam as soon as I get my grades. Here's my question! Is there anywhere that offers extra non-mandatory classes that I can take to further boost my knowledge? I feel like I know absolutely nothing and am walking off a cliff. I want to learn more and I want to build off the basics already presented to me in the 4 classes I took. I am willing to pay for more learning, the Ohio course work gave me what feels like the bare minimum. [link] [comments] |
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