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    Home Unlabelled Real Estate: Excited First Time Homebuyer

    Real Estate: Excited First Time Homebuyer

    January 29, 2021

    Real Estate: Excited First Time Homebuyer

    Excited First Time Homebuyer

    Posted: 28 Jan 2021 10:07 PM PST

    I've been looking forward to purchasing my first home for over a year now. The last few months were spent aggressively saving up for a down payment + closing costs and researching local markets. I knew exactly what kind of property I was looking for when I finally had enough saved, and there was one that caught my attention. I knew it was exactly what I needed after visiting it. My real estate agent said it had been on the market for 25 days which is a long time considering the current market and the fact that it had lots of updates and new appliances. However, there was another potential buyer that visited earlier in the day who was going to put an offer in. I put an offer in myself later that day with an acceleration clause to go up to 5k over asking. First thing next morning I get a call from my agent saying the seller accepted my offer, and I could not have been happier. The icing on the cake was that the other potential buyer put an offer in under asking so I got it for asking price. That was my first and only offer on any home, and it was accepted!

    I was shocked at how smooth the whole process was up to that point. I was waiting for the other shoe to drop with the home inspection, but it came back basically spotless. The inspector pointed out a window that doesn't lock properly and a noisy bathroom fan (probably just needs to be cleaned/dusted). The seller agreed to fix the window at their expense. On top of everything my real estate agent said there was an equivalent condo unit sold and appraised for the same amount as the one I'm purchasing, so the appraisal should not be an issue either.

    Just wanted to share a happy story here. Closing date cannot get here fast enough!

    submitted by /u/EliteNoobForce
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    Things I wish I had known before buying a prewar NYC co-op

    Posted: 28 Jan 2021 11:23 AM PST

    First time buyer here, posting this for people looking to buy an NYC co-op because I did a lot of research and I still knew nothing. I hope this can be helpful to someone else. This is mostly specifically about prewar co-ops.

    1. Look at the building's windows. Historic windows are expensive to replace, $900-$2200 each. Are all the windows rotting? No storm windows? Could mean a big assessment for the building or a big expense for you. Can give you an idea if the building is on top of repairs.
    2. I asked our agent many times about getting an inspector and he pressured us out of it because co-ops have strict maintenance standards (not always true), but I think it's worth getting your unit looked at. I personally wish I had got an electrician to look at the unit, and/or a plumber. In our unit the electric box was new but after poking around post move-in lots of things looked jerry-rigged, and after swapping out a ceiling light we discovered frayed 1920s era wires. Not that you could necessarily have known that from an electrician's visual, but they would have some insight I'm sure. Our sinks didn't drain properly as well (we didn't run them long enough during the walkthrough). I would wager experienced plumbers and electricians have probably seen a lot more than an inspector, particularly ones who work in pre-war co-ops. Also flushomatic toilets, hard to replace.
    3. Ask when the building last updated their plumbing, elevator, roof, lintels, brickwork.
    4. If the co-op's maintenance is very low compared to similar co-ops it could be that many of the residents living there have been there a long time, are perhaps on fixed incomes, and want to defer on the maintenance. This was the case in our building and there were many band-aid solutions for old problems. This can result in a ton of assessments at once, and the younger people in the building will ultimately have pick up the slack, could be a huge expense.
    5. Ask your agent to ask the co-op if you really need to print out 5 x 300 page applications or if the board can look at it digitally.
    6. Our agent, who we had a negative experience with, told us to get renter's insurance which was absolutely the wrong kind of insurance. This caused trouble when the pipe under our sink leaked into the unit below. You need condo insurance. Google around reddit for recommendations, some insurance is really basic. Your local customer service office might be super nice but their claims agents are another story. Take time to compare policy quotes. Ask the co-op manager where the co-op's policy ends and yours should begin. For instance are you responsible for your windows, or the pipes under your shower, etc.
    7. Our agent tried to pressure us out of looking at the board minutes because they took a while for the building manager to assemble, but you should absolutely look at them and see what expenses are coming up, noise complaints, etc.
    8. This one is speculative and perhaps specific to our agent, but if your agent is trash talking a co-op, or hyping one up you're thinking of putting an offer on, ask for evidence. Ours would talk all the time about what shape certain buildings were in and how good the board was, only to totally reverse his claims later, forgetting what he had said. I have no idea why he did this but I suspect the pool of agents repping historic co-ops in this neighborhood is quite small and he had friends he preferred to work with. In retrospect I doubt that he had intimate knowledge of all these different boards' inner workings.
    submitted by /u/ContentHog
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    To agents, Is it expected to give your agent a gift at closing?

    Posted: 29 Jan 2021 09:39 AM PST

    First off apologize if this is wrong thread for this question. I've received a gift from my agent when closing. Others I know have to. I felt bad not getting one for them. I know they get paid on this day as well. So I'm not sure what is the etiquette? Does it differ from when you are selling opposed to buying?

    submitted by /u/Iwantabulldogmeow2
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    How to buy a home

    Posted: 29 Jan 2021 04:28 AM PST

    My parents are trying to buy a home and I was wondering what steps they must take as I'm going to be helping them. I know they have to get pre-approved for a loan first. But other than that I don't really know much. Any links or help would greatly be appreciated

    Edit 1: My parents aren't to savy on home buying in America since we've mostly lived in a mobile him and rented since I can remember. They come from Mexico and have rental properties there but want to buy a house here to live indefinitely. Also I will be co-owning this home as I don't plan on moving for a very long time and my dads in construction so we can make add a room onto the house we buy away from the home if you know what I mean but still connected.

    submitted by /u/Bluepill0731
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    Can you be a realtor and also train to be an appraiser??

    Posted: 29 Jan 2021 08:30 AM PST

    I've studying for my real estate license and I came across the 'appraisal job' and that got my interest. I learned that it takes several years to get licensed to be an appraiser .... so I'm wondering, has anybody done real estate while studying to be an appraiser? I'm not sure how the training works . Or any other thoughts are welcome!

    submitted by /u/FweeFwee_
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    First Time Buying Getting Discouraged

    Posted: 29 Jan 2021 09:57 AM PST

    First time home buyers found place at the top end of our budget, put in offer $10K over asking price, and were rejected due to a much higher offer. I know this is going to happen a lot but is so discouraging and disappointing. Just looking for some encouraging words. How many offers did you put in before one was accepted? How much over asking price should we be offering?

    We wrote a hand-written letter, should we do that for every home we put an offer in?

    submitted by /u/Famous-Guitar8328
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    Help

    Posted: 29 Jan 2021 09:47 AM PST

    One time I was looking at a home on Zillow and I remember I accidently clicked a button that gave me a "Homeowner's view". I'm not too familiar with the buttons and settings on it and it's has been like that for weeks and don't know if I bought it or what. I had a screenshot of it but can't show it apparently.

    submitted by /u/BrokenTVshow
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    New home construction- Builder Upgrades

    Posted: 29 Jan 2021 08:46 AM PST

    I am building a new construction home this spring. It's a rambler with an unfinished basement. I am wondering what you guys think the best upgrades are to include in a new construction home? We are limited in budget and want to put our money where it counts most.

    Looking for advice on best investment as far as resale of a house. Also- if you've built a house- what do you regret putting into the house? What do you wish you had added?

    submitted by /u/ButterLondon
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    Market too hot?

    Posted: 29 Jan 2021 10:20 AM PST

    I'm in Denver and trying to buy a home. One popped up yesterday that looked promising. I made an appointment with my agent to take a look at today(noon) and was informed this morning that it was already under contract.

    Honestly it feels short sighted on the sellers part to not even give 24 hours for people to make an offer. Unless I'm missing something?

    Btw, there was no opportunity to view it yesterday as it was booked up and they're not allowing overlapping because of covid.

    submitted by /u/Nukken
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    Waving Financing contingency ELI5??

    Posted: 29 Jan 2021 10:11 AM PST

    Hello,

    We are trying to buy a house in the Austin, TX area. Our relator is advising that we waive the finance contingency... And that in the worst case scenario that if our financing doesn't go through we would be out the earnest money and the appraisal. I've googled around and got conflicting info.

    Is this a true interpretation?

    Normally, I'm extremely risk-adverse but Austin is an extremely hot market, and we will soon be priced-out. Can someone ELI5 what waiving financing contingency really means? We are already pre-qualified.

    submitted by /u/eidda
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    Real estate contract

    Posted: 29 Jan 2021 10:01 AM PST

    I sent my client a contract and the start date of the contract is the 27th and he still hasn't signed it yet so would it still be valid if he signs it at a later date?

    submitted by /u/Melvin_1st
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    Banking and escrow questions

    Posted: 29 Jan 2021 09:57 AM PST

    So I'm currently in escrow and my fiancé received a commission check but wants to send me most of the money from it to my savings since that's where all our money goes. We have separate accounts and we're told to hold off on getting a joint one due to a possible delay in escrow. My question is if he does transfer me the money he got, would that delay our processing? I read that big money movements would cause a red flag. This would be about $2k only. And credit won't be ran. Some info: We're in escrow, just finished pre funding info and awaiting instructions to send down payment. We have the down already this extra money would just supplement our savings.

    TIA

    submitted by /u/Stonedstar
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    How to find new home builds

    Posted: 29 Jan 2021 09:44 AM PST

    My husband and I are looking to sell our current home and buy another home in the next 2-4 years. We would love to get in on a new build but by the time I see these new construction sites on Zillow, etc. their lots are 90% sold. We aren't in a rush right now, but if I need to keep my eyes peeled a year+ in advance, where would I look? We are being a bit picky, and may not end up buying new, but I want to be prepared if we are going to take it into consideration.

    submitted by /u/CK257
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    Help! - Questions around the BRRRR method with a conventional mortgage

    Posted: 29 Jan 2021 09:26 AM PST

    TL;DR - Buying a new investment property in a super HOT market on a conventional mortgage with 20% down and got a really good deal below the market price. The appraisal came in $25k higher than what I paid and I'm thinking about putting in an additional $10k in upgrades before renting it out. Also, another similar home nearby just sold for way above ($80k above) what I paid a week after my current appraisal. was done.

    ​

    Taking all this into consideration:

    - Will it appraise for a lot more in 6 months given the market conditions, nearby comps, and the $10k upgrades I do (i.e. wooden floors)? Would the appraisal just look at nearby comps, market conditions, and the current condition of the home OR would they just look at how much I paid 6 months ago for the home along with how much I paid for upgrades and sum the two together?

    - And would doing a cash-out refinance on the upgraded home be worth it in 6 months to take my down-payment capital out assuming it appraises for a lot more?

    ​

    ----------------

    ​

    To elaborate, here are the details.

    ​

    Purchase Price - $440k

    Loan amount - $352k (80% on conventional mortgage)

    Appraised value - $465k

    ​

    The home is in great condition and I'm in a super HOT market right now but I got a great deal since the sellers were looking to sell within a day. I'm thinking about putting in an additional $10k in upgrades (i.e. wooden flooring) to bump up the value of the home. Also, another similar home nearby just sold for $520k and closed yesterday.

    ​

    Based on my understanding of things (which could be potentially wrong), getting the house re-appraised in the next 6 months should fetch a value of $500k+ so it could make sense to get a cash-out refinance and be able to pull out some of my down-payment for use towards another property.

    ​

    That being said, during the re-appraisal process, would the appraiser just look at nearby comps, market conditions and the current condition of the home while determining it's current value (which could lead to a $500k+ value of the home) or would they just look at how much I paid 6 months ago and add my $10k worth of upgrades for a $450k appraisal value?

    ​

    Based on this, I can decide whether a cash-out refinance would make sense in 6 months or not and that will help me decide how I should structure the terms of my current conventional mortgage i.e. buy down points for a lower interest rate or get a worse rate with some lender rebate since I will be refinancing soon.

    ​

    Thanks so much for much for any help on this!

    submitted by /u/woahwhatups
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    Would it be rude to ask to renegotiate my agent's fee?

    Posted: 29 Jan 2021 09:22 AM PST

    We put our house up on the market last year but it didn't sell during the contract period with our real estate agent. We took this month off after the period ended, and said we would resign a new contract to start a new period with our agent in February. Our agent is pretty awesome, I've never sold a house before but she's done a lot of work for this project (scheduling things, having photographers, connected us with a contractor when we needed work done), she's always there for us even though she lives far away.

    The problem is while the house was off the market a relative has approached us and stated they want to buy our house. It's less than what we were asking, but not by much and given the fact our home didn't sell previously we definitely want to take them up on the offer, especially since they are saying they aren't interested in an inspection or anything. I thought they were kidding at first, but they seem very serious. They stated they don't intend to use a buyer's agent (they have more experience in real estate than we do).

    So we are days away from signing our sellers agent back on, and we always intended to follow through with her since she worked hard last year, but I am wondering if we should ask to renegotiate her rate (currently 5%, maybe to 4 or 3.5? For just this one instance), mainly seeing as the people who are offering to buy do not have a buyer's agent (so our seller's agent wouldn't lose any money right?), and we wouldn't even have to list our home to potentially sell it. I mean, assuming the buyer (our relative) isn't jerking us around. Any thoughts or advice?

    submitted by /u/HoneyLocust1
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    Medical bill hit credit report in underwriting

    Posted: 29 Jan 2021 08:55 AM PST

    Hello !! I am a first time home owner and I'm in the closing process with a usda guaranteed loan. Well I just got my conditional approval this morning and yesterday I had a medical collections account hit for $790. My DTI is one percent and I only have one credit card . My lending officer is American residential. Yesterday I called trans union and they put the item in dispute ... it is two collections agencies basically reporting the same debt do I have any thing to worry about.?? My loan officer says they don't worry about medical and if I dispute it's my choice but any medical bills won't affect my underwriting ... my next steps are appraisal ... it's already been sent to USDA for their underwriting !!! Im a single mom and some advice would be really helpful ! Thank y'all so much !

    submitted by /u/pkelly1058
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    [Delaware] Follow up questions regarding fees from my buyer's agent

    Posted: 29 Jan 2021 08:45 AM PST

    Original post

    Regarding "Compliance Fee" of $595 and a "Conveyancing Fee" of $275

    Details: The contract to purchase the house was signed in December. During the home inspection right before New Year's, my agent's assistant came over to drop off some printed paperwork, because I have a hard time reading through all the documents online. She stayed for a while, was very nice, and we agreed to go over the paperwork "later". That "later" date turned out to be this morning, a MONTH after she gave me the papers.

    In preparation for our phone conversation today, and because I had noticed the fees listed on the ALTA statement, I looked through all the papers I had already signed, plus the ones I hadn't signed yet. Among the papers I hadn't signed (that I received during the inspection) there is a contract for them to be my exclusive buyer's agent.

    As a buyer, I have never, and will never sign a contract to have an exclusive agent. This was never mentioned to me before the agent took me in to see the house. I was the one who found the house online, and contacted an agent who was on zillow (not the seller's agent) for that property. He showed me this one house, and I'm buying this one house. We are now 2 weeks out from closing, and I don't want to sign this contract. The agent's assistant said "it's standard" and "everyone does it" and that all of their agency's contracts are exclusive to buyer or seller.

    I did sign something stating that my agent is my buyer's agent, and not a dual agent. But I never signed something obligating me to use only this agent, or to pay them any fees.

    I'm expecting a call from the agent later. I'm not looking forward to that.

    Please give me some reassurance that I'm not legally required to sign the form, and that it can't hold up the closing if I refuse.

    submitted by /u/SmileFirstThenSpeak
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    Interest Rate Drop with New Credit Report

    Posted: 29 Jan 2021 08:36 AM PST

    Help. First time home buyer here. We are buying a new construction, everything has been hunky-dory until our closing date got pushed by a month. Our credit report expired and had to be pulled again. A medical bill I have been disputing for over a year had hit collections dropping my husband's credit by 100 points. After the new pull we went from A to B credit, raising our interest rate from 3.25 to 3.875. Annoying. I called the hospital and paid the debt (begrudgingly) and they said they would pull the debt back from the collections agency, and file to have the ding on our credit removed with the bureau; 2-4 weeks to process.

    Need your advice: the next time we are eligible to pull another report is the week before we close. We have ~impeccable~ credit other than this one medical debt. But we are running the risk that if our credit has dropped more from the hard pull or otherwise, we could be disqualified for the mortgage and lose the house, die a slow death, etc. Has this happened to anyone else? What would you do? I assume I am naive to think that debt would be erased, credit fixed, and we can get our low interest rate back, but looking for any advice or experience.

    submitted by /u/mrsjacksonifyanasty
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    Resale of Park Model RV?

    Posted: 29 Jan 2021 08:33 AM PST

    I don't know if this is the right place for this question, but....

    We are buying some land that currently has a Park Model RV on it. We are going to try to make it work for our purposes for a couple years and then sell the park model and build cabin on this land in its' place. This style of park model RV is discontinued, but when it came out a few years ago, it retailed for about $30,000 and was the smallest/least expensive park model that was made by Forest River. Contacted a local dealer and asked how much they would pay today for a similarly-aged model of this type and they said $10,000. Not sure if a private sale would be easier or harder, since we don't have the ability to move it ourselves. Trying to figure out how much effort we should put into keeping it in whatever condition it will be most likely to sell well for in a few years.

    My questions are as follows:

    1. Is it good or bad to make changes/improvements to a park model? For example, do buyers expect it to come with the original furniture?
    2. Should we essentially think of ourselves as "renters" -- as in, we don't screw anything directly to the walls? Or should we just live in it however we want to live in it?
    3. Any other tips/tricks for selling a park model?
    submitted by /u/OnionsandOlives
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    So confused. Please help

    Posted: 28 Jan 2021 06:32 PM PST

    My wife and I began searching for a home in the fall. We quickly got our pre-approval and certificate of eligibility from the VA. We found the home that we had dreamed of at the beginning of November. (We live in a rural area where everyone is familiar with one another). Our realtor is a long-time friend of mine and was brutally honest throughout the duration of the process. He mentioned that the selling agent told him numerous times that it was a waste to show the house because according to her "it will never pass a VA appraisal". Our realtor encouraged to move forward only if it was the home that we wanted and that if not, we could continue looking. We made our offer which was quickly accepted and signed a contract on the 15th of November. The only modification to the contract was the seller/selling agent requesting that the negotiation period be cut from 10 days to 5. We happily agreed as we were eager to own our (hopefully) forever home. My deposits were made and our inspection was completed within a week. Our only requests were small things with the exception of two bathrooms being repaired that were completely inoperable, yet was never disclosed by the selling agent or the advertisements. They promptly agreed to our terms and the VA appraisal was ordered. The appraisal was returned on the 15th of December. The value came in exactly where it needed to be and the repairs required for the VA loan totaled at most $2k, of which were the same repairs that I requested to be made after my inspection.

    Flash forward to the week of our estimated closing date of January 15th.

    We scheduled a meeting with the selling realtor at the home to see if there was anything that still needed to be completed. The selling realtor did not show, but the owner of the home did come and speak to us and let us know that she didn't really know what to do or where to start. No repairs had been completed whatsoever. I confided in my realtor about my disappointment. We did buy down our interest rate to 2.5% and every extension to our closing date saw our cost to close rising. Having knowledge of the selling realtor, he disclosed that she had other offers on the table and didn't seem eager to complete our transaction. I cannot say for certain, but I am assuming at least one of those offers includes her as the dual agent. My realtor contacted the selling realtor and made mention of her not showing up and that we were supposed to close in five days.

    Things progressed and all necessary repairs were completed in less than a week. This brings us to this week. The only thing to our knowledge remaining was receiving the final appraisal inspection. It was then that we were notified that there was an issue with the drain field that unexpectedly had to be repaired. This was known for over two weeks, but no one from the selling side made us aware of this. In an attempt to figure out what was going on, I contacted the septic company ran by a friend of mine. He stated that he has been waiting for nearly two weeks just to be told when and where to put the new drain field. At this point I am furious. I contacted my title company to speak with them regarding moving the closing date from our now scheduled date of February 1st. It was at this time in which the title agent let me know that the selling realtor had told her to not complete any title searches because the deal was "going to fall through, anyway". This event occurred only two weeks ago as well. (She forwarded the email to me regarding her comment).

    Here we are with no set closing date, closing costs growing, a lease that expires on Sunday, and me leaving with the army in the middle of February, leaving my wife and two young children home to handle this mess. What can I do? What should I do? Is this normal? Am I being irrational?

    Quick side note, my client care specialist that has been handling my loan, has cc'ed me on all communications that he has had, just so that I was always in the loop. In every single communication between him and the selling realtor, I was removed by her.

    Edit: I apologize for being so long-winded while also being new to reddit. I wanted to paint the whole picture. My wife suggested posting our situation here, because, well, you guys and gals are a lot smarter than I am.

    submitted by /u/reconbyfire19
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    FHA/conventional loan question

    Posted: 29 Jan 2021 08:16 AM PST

    Our first home we bought is a legal duplex and we bought it with an FHA loan 3 years ago. Just last month we refinanced and it's a conventional loan now.

    Can we buy another home with an FHA loan now or is that only a one time deal? Is FHA loans given but contingent on being owner occupied?

    What are the pros and cons of FHA vs Conventional?

    TIA

    submitted by /u/International_Alps89
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    Buying a new house in Texas. Does my wife need to be on the mortgage and contract for her name to be on the title? According to my understanding of Community property State, the answer is no, but the builder is insisting yes.

    Posted: 29 Jan 2021 07:49 AM PST

    New here - Suggestions on where to invest in land (Florida).

    Posted: 29 Jan 2021 07:37 AM PST

    Any suggestions would be great. Florida preferred.

    -Industrial/commercial zoning

    Thanks in advance!

    submitted by /u/elaf4056
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    Put in our second and final offer for our first house ever today

    Posted: 28 Jan 2021 08:51 PM PST

    And we didn't get it. That's pretty much it. I'm in a highly competitive market and I know it's to be expected, it's not the end of the world, more houses will come, most people experience several rejections before they get their offer accepted.

    But I'm still bummed.

    submitted by /u/mashtartz
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    Letter of motivation

    Posted: 29 Jan 2021 07:02 AM PST

    I'm located in Quebec. I was curious if anyone in Quebec or even Ontario decided to write a letter of motivation to go with an offer they made? I hear this alot from friends in the states and was wondering how common it was here.

    submitted by /u/valsilph
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