Real Estate: Ok Boomer...(rant) |
- Ok Boomer...(rant)
- Completely had it
- Wholesaling: Opinion?
- Is buying a condo really that bad? Looking for advice
- What kinds of documentation should I retain after purchasing a home?
- Landlord is ghosting
- Being sued by new homeowner
- Pseudo Cash Offer
- 30 day or 45 day closing for a loan?
- How to approach potential seller
- Does order of mortgage application matter?
- Refinance
- Jumbo loan with low down payment questions, first-time home buyer
- Better.com - did you end up getting the rate you prequalified for?
- I keep getting calls about a house I don't own. (Houston Suburbs)
- Homeowners insurance is only giving us a month to do outside repairs in the dead of winter
- Buying from HUD
- Ohio - Are there any studies around the impact of large scale solar plants on real estate value of adjacent properties?
- Got two offers, each with a weird part. Choose one?
- Mortgage broker or big bank?
- Purchased property. Living conditions are now much better than my previous situation but I still feel sick to my stomach, depressed and anxious and can't enjoy myself.
- Mortgage lender for a campground?
- First time buyer here. Documents given by realtor say my mortgage is an FHA mortgage but I'm being told that my down payment has to be 10%. Is this normal?
- If I add in an escalation clause to my offer for a house, what’s to keep the seller’s agent from making up fake offers and pushing my bid to my maximum price?
- Looking for advice: fair comp for agent when a private seller is found?
| Posted: 24 Jan 2021 08:16 PM PST I just want to say that I'm tired of being told by elderly folks that real estate is such a foolproof investment and it's always going to go up, and that it's a can't miss investment even right now, etc. My uncle paid $118,000 for his house in 1984. In today's money that's $294,000. His house is currently under contract to be sold for $915,000. Old people don't realize how out of whack things are for people buying today - or maybe they don't care because it benefits them. So apparently I should believe that whoever buys that house for $915,000 will sell it in 30 years for $7,000,000? That's the same rate of increase. Or that the starter homes in my market current going for $500,000 will be worth $3,875,000? I highly doubt it. There comes a point when things just become unaffordable. And don't even get me started on the interest rates. "It's such a good time to buy, rates are so low!" Ok, Boomer. But guess what I can't do that you probably did three different times in the last 30 years? That's right, I can't refinance if I'm buying at the lowest rate ever. But it's also the highest prices in history which have skyrocketed since Covid. So I'm stuck paying way more than you ever did for a house (even adjusted for time/inflation), and I never get to refinance and save a bunch of money like you did. Also, thanks a lot for the lack of inventory while you sit on your houses until you're 105 years old. Ok, rant compete lol. [link] [comments] |
| Posted: 24 Jan 2021 08:28 PM PST Our home has been on the market since late Sept. It has been under contract 5 times now and the sale has fallen through each time for basically no reason. It has been inspected 3 times now without any major issues. It has been appraised just fine 3 times. We fired our original realtor and the new one had it under contract in a week. Sale #1 -idiot daughter quit her job a week before closing-we kept their earnest money Sale #2 -buyer submitted an offer at 9pm at night and by the next morning cancelled. Sale #3 -out of state buyer-declined the job offer she was moving for Sale #4 -wanted to build on land in back yard only to decide after inspection and appraisal that the yard wouldn't do for his plans Enter new realtor: Sale #5 -buyer offered full price, asked for no closing costs, did inspection, septic inspection and pump out -appraisal was waived by the lender because they were putting so much money down and had great credit. Pulled out the morning after inspection. Our realtor was able to get a copy of the inspection report and there was literally no red flags to warrant cancelling the deal. And if there were-the buyer didn't even give us a counter offer. We have been in contract on our new home contingent on this house selling that we have had to extend the contract 3 times now. So I ask you fellow redditors WHAT THE FUCK [link] [comments] |
| Posted: 25 Jan 2021 08:38 AM PST I want to get into wholesaling. What is your guys' opinions on this: mainly on the risk as I feel the risk is underplayed in online information. Also are there any tips/advice you could give me? I'm currently in college so I would only be doing this as a side job and I was wondering if it's truly low risk enough to be reasonable? [link] [comments] |
| Is buying a condo really that bad? Looking for advice Posted: 25 Jan 2021 07:17 AM PST Throwaway because I'm providing some personal info. Some info about me: I'm a 28 year old woman in Montgomery County, MD (relatively expensive suburb outside of Washington DC). I make $125k (my biweekly paycheck is around $2500), and I have about $170k in savings. I've lived with my parents and my current boyfriend (possibly soon to be ex-boyfriend), but I've never lived alone (other than in college) or owned my own home. If/when my relationship ends, I'd likely move in with my parents again for a bit while looking to buy myself a property. Property wise, I'm really interested in a condo. Specifically, a high rise condo building with security, secured entrance, etc. I live in a safe area and many don't understand this sentiment, but I just know myself, and I know I wouldn't feel safe/comfortable living by myself in a townhouse or house. That's one of the key reasons I'm interested in a condo over a house. Another factor is I don't want a large space to clean and furnish when it would be just me. A 1 bedroom/1 den or 2 bedroom condo with 1 bathroom seems like the perfect amount of space to me. Cost wise, the condos I've been looking at are around $350k, and the building I like the most has about a $550 condo fee, which includes water and gas, as well as all the other standard high rise amenities (front desk, gym, pool, etc.). My monthly payment, including condo fee, property tax, etc., would be around $2100. Everyone I've spoken to has strongly advised against a condo. They say the HOA fee completely destroys the investment value and that I should just buy a townhouse. My long term plan would be to hopefully live in the condo for a few years, meet someone and get married, and then either sell or rent out the condo. I'm looking for any advice or insight here and am trying to understand whether buying a condo is truly a money pit and as bad of a decision as everyone is telling me it is. [link] [comments] |
| What kinds of documentation should I retain after purchasing a home? Posted: 24 Jan 2021 09:45 AM PST Hello, I recently purchased a single family home in California. (Feb 2020) I was wondering what kind of documentation that I should retain organized and readily available in a binder. Asked this question earlier, and the response I got was 'Everything'. Whilst may be true, I am seeking more specific answers. A few sectors I wanted to have addressed specifically 1) Taxes? I'm going to file soon, was wondering what documentation to retain 2) Home improvement. Do I keep receipts for everything I recently purchased down to the dollar (like a shovel). I plan to purchase another house and rent my current one out in the next few years. 3) General administrative stuff to keep 4) Misc stuff that I have no clue. it's not like anyone tells you what to do. Thank you guys. Please be safe and happy 2021. [link] [comments] |
| Posted: 25 Jan 2021 08:12 AM PST So we are 5 people renting a flat and I want to move out by replacing myself with new person. And landlord's agent agreed on that by phone and said to send him email about that, but for a couple of days he didn't respond so I started calling him still no answer and then messaged him on WhatsApp, he read the messages and only the next day said that he can come make new contract on Monday 11am bu he didn't come nor answered any calls. I messaged him but still he have read them but not replying. Is there anything I can do? He is not answering phone calls emails, but he read messages on WhatsApp but doesn't reply. [link] [comments] |
| Posted: 25 Jan 2021 07:51 AM PST We sold our home in September of 2020. Before closing we signed a repair amendment that was worded 1. Evaluate, clean and repair wood burning system including chimney flu stove and vent pipes to ensure it is safe for use."
So the first amendment does not mention anything about a licensed professional doing the work. We asked our realtor to clarify and it kind of got swept under the rug in the closing process. My husband swept the chimney, we hired a licensed masonry to replace the chimney because it had cracks and he said that it was good to go. The seller signed off on it at final walk through and we closed on the house. We got a message from the buyer last week saying that he had the fireplace inspected and after removing creosote there was a crack along the inside and the entire thing needs to be replaced. He has a quote for $5,000. He also said he has not used the fireplace in the four months he has lived there and that he did not visually inspect the inside of the fireplace before closing to ensure that it was repaired to his standards. Today he sent me another message saying he talked to a lawyer who says we are legally responsible for all repairs and we can either settle it with him or court filing and lawyer fees will be added on to the expense. Our realtor says to just ignore him, that we did nothing wrong and that he doesn't have a case. He seems very persistent and doesn't seem like he is going to go away. Are we at fault for this? Can he have something inspected 4 months after moving in and then blame us for it? We did sign the amendment but he also signed and agreed that the repairs we made were satisfactory. This was in Minnesota. If we do need to go with legal help can we contact a real estate professional or do we need to get a lawyer for this? We sold the house to move thousands of miles away after my husband lost his job and we don't have a ton of money to spend on lawyer fees trying to figure this out. Any help would be really appreciated. [link] [comments] |
| Posted: 25 Jan 2021 09:18 AM PST I've put in an offer on a short sale property. The bank's lead negotiator called my realtor this morning and said that there is a 'pseudo cash offer' - something about there being multiple liens on the property and a cash investor made an offer that s/he for sure doesn't plan to close just to get a real number from the bank on what they would be willing to accept. Then once the bank counters, they will pull their offer and the process should be faster for the actual offers because all the 'stuff' the bank has to figure out will already be done. My question is, why would an investor do that? What would be in it for them? [link] [comments] |
| 30 day or 45 day closing for a loan? Posted: 25 Jan 2021 09:14 AM PST We have a portfolio loan with a great interest rate but our lender can only give us 45 days to close. Our realtor is telling us we need to get a loan with a 30 day closing period b/c the market is so competitive here (Dallas) that the 45 day closing is weakening our offers. Is this true? Do we need to get a different loan that can guarantee closing in 30 days even if we get a slightly worse interest rate? [link] [comments] |
| How to approach potential seller Posted: 25 Jan 2021 09:07 AM PST My husband knows a guy that has a vacant home in our neighborhood. It was his Mother's house and she is now deceased. He lives a few towns over with his gf. We love the house and would love to get in and see it a little more closely. My husband called and asked him if he was interested in selling he said sure make me an offer ... My husband said well we would have to get in and see it first. We set up a date a few months back to do a walk through and he canceled. We waited a few weeks and reached out to him again if he was still interested. He said his girlfriend got exposed to covid and he was going to table house stuff for now . So he never said he wasn't interested, but it seems like once we wanted to actually see it he got nervous. How should we move forward? Just let him contact us if he changes his mind or reach out to him one more time. Obviously the market is crazy so if this was an in to a house without all the hassle of it being on the open market we'd jump at it. [link] [comments] |
| Does order of mortgage application matter? Posted: 25 Jan 2021 09:02 AM PST I am going to be applying for a refinance. I know that if I apply for a refiance all within the same period, they will combine hard pulls. 1) Does that mean every lender will see the same credit scores within the small time frame? 2) Does it matter which lender I apply to first? (ie. will the first lender see the highest credit score and then the 2nd and on see the score after application?) [link] [comments] |
| Posted: 25 Jan 2021 08:38 AM PST Sooo, I want to understand better the refinancing but sources are not as clear as I wish. I asked my lender but he also went around the point. Basically what I want to understand is this... My house is valued at ~$750,000 right now I bought it at $450,000 a few years back with a 4.5% rate. I have paid about $70,000 so about $380,000 left to go. How will refinance help me in my case in regards of my new loan? Will my remaining $380k be paid off since my house is worth $750k now? Or how does it work? Edit: I live in California [link] [comments] |
| Jumbo loan with low down payment questions, first-time home buyer Posted: 25 Jan 2021 08:30 AM PST I'm in the pre-approval process as a first-time homebuyer and I'm looking to target a two-unit property to do as an owner-occupied rental. Given my income and credit score, I was hoping that I would be able to get a conventional loan with 5-10% down but after speaking to a lender, I may have been misinformed. Can anyone verify if this statement from the lender is accurate? I'm targeting a 1.3M - 1.5M 2-unit property which I would occupy one unit, and rent out the other for ~$2700 / mo.
About me:
The lender I'm speaking to is a local smaller lender, so was curious if this is this is unique to this lender or if I should shop around. Wil is be possible to get this property with only 5-10% down? [link] [comments] |
| Better.com - did you end up getting the rate you prequalified for? Posted: 25 Jan 2021 08:07 AM PST If you purchased or refinanced with Better.com, did you get the rate you thought you'd get? Or, did it change once you started the actual loan process? The figures they show me online are better than my local lender, and all the info I gave them during my pre-approval are correct, but I'm worried that what I'm seeing is too good to be true. [link] [comments] |
| I keep getting calls about a house I don't own. (Houston Suburbs) Posted: 25 Jan 2021 08:00 AM PST Hello everyone, I regularly get calls from realtors about my house having come off the market and that they want to help me re-list it. The problem is that my house was never on the market. There is another person in my city with my name that has listed their house and someone my number has been attached to that listing. Usually, when a realtor calls and I tell them I am not the owner of the house they hang up, but this morning I spoke to a woman that was very helpful and she said that there is a master list that is disseminated to all agencies (The MLS list or something of that sort). I'm trying to find out how I could contact someone and get my info removed. She also mentioned I could try to contact the licensing department (Trec). Has anyone ever dealt with something like this? [link] [comments] |
| Homeowners insurance is only giving us a month to do outside repairs in the dead of winter Posted: 25 Jan 2021 07:15 AM PST |
| Posted: 25 Jan 2021 07:02 AM PST I just put an offer in on a house owned by HUD - it needs a lot of work but it's in a great area and will be an awesome slow-flip. My question: anything to look out for when making an offer with HUD? I've bought a house before (keeping it as a rental) so I'm not entirely new to the home buying process, but I'm wondering if there are special things I should look out for? Also, my agent said HUD in this area at least doesn't handle escalation clauses well and to just put an aggressive offer in if we want it, so that's what we did (100% trust my agent) but I'm just curious why that is? Escalation clauses aren't that complex. Location is Kansas. [link] [comments] |
| Posted: 25 Jan 2021 06:38 AM PST Large project coming to my county and there is a large gap between the story coming from the solar company (no impact) and the property owners (we'll never be able to sell). I'm guessing reality is somewhere in the middle. However, the only thing I can find right now are studies conducted by solar industry folks. Are there any analysis firms that do economic impact studies of this kind of thing? Thanks!!! [link] [comments] |
| Got two offers, each with a weird part. Choose one? Posted: 25 Jan 2021 06:34 AM PST We're selling our townhouse condo, asking for $210k. We listed yesterday and received two offers. Both are below and both have a weird aspect so we're having a hard time comparing. Our realtor was also told verbally that a third offer is being written for $220k, but we don't have that in hand. I don't know if the place would appraise at that price point though, so that's in the back of my mind. So... thoughts? Offer 1: Price: Full asking with escalation clause up to $5k over asking; wants seller to purchase a home warranty Closing costs: $0 Earnest: $2100 Due diligence: 7 days Contingencies: Inspection, financing, appraisal Financing: 3% down conventional Weird part: Buyer is under contract on another house already but is in due diligence. Had been looking for a house in my neighborhood and gave up and offered elsewhere. Very much prefers our house and says she is willing to walk on the other. Deadline: 11am today Offer 2: Price: Full asking Closing costs: $1,000 Earnest: $5000 Due diligence: 5 days Contingencies: Inspection Financing: 7% down conventional Weird part: Buyer does not have an agent and is being represented by her friend who is an NMLS licensed mortgage broker. My agent has never encountered this and it makes her suspicious. Deadline: 5pm today [link] [comments] |
| Posted: 24 Jan 2021 07:17 PM PST |
| Posted: 25 Jan 2021 02:01 AM PST After watching the market for a year I finally pulled the trigger and purchased an apartment. I paid cash and I was living in a share house before hand in a worse suburb so I've moved into my own apartment in a better neighbourhood but despite that I now feel sick to my stomach every day and having nightmares over this purchase because i feel i could've gotten something bigger and better if I waited or i just feel like maybe I should've borrowed some money and gotten something better that will have better capital growth in the future. I don't know why i feel this way. I moved in 5 days ago and I'm still feeling dread in my stomach especially every time i turn on the tv and see something negative regarding the economy i start thinking about how much prices are going to drop and all the better properties i missed out on if i just waited a bit longer. Everytime i drive through my new neighbourhood and see a for sale sign that still hasn;t sold yet I get a pain of regret in the pit of my stomach that I screwed up so badly catching a falling knife. All my friends and family told me to buy something bigger if I could but i didn't want the burden of it and now i see feel they were correct. I don't know how long until i can just get over this mistake and accept it and move on? Prior to purchasing this property i was very bust working on a personal project but as soon as i handed over the money and made the purchase i just got whacked with remorse and anxiety and haven't been able to get motivated again. Tbh i was dealing with anxiety and depression issues prior to this purcahse but it wasn;t crippling. I was still full of energy and optimism about getting better but as soon as i bought this place my world come crashing down like i've just made the dumbest purchase. The place i bought wasn't a good investment but it's all i could afford with my own money and i didn;t want to borrow any more from anybody but now i'm severly regretting that because if i ever want to upgrade it's going to cost me dearly. I don't know what to do right now. There isn;'t much i can do but sit around the apartment hoping these feelings of dread and remorse will go away. I can't help but beat myself up about how dumb i was to jump in right now. I wish i had just kept waiting i feel like this year the market will be so weak i could be getting something much bigger and better for my money. Also the fact i bought a small apartment when i shoudl've bought something bigger that has better capital growth. i bought something that probably won't have much growth at all unless everything else goes the roof. i just can't stop kicking myself for making such a dumb decision. [link] [comments] |
| Mortgage lender for a campground? Posted: 25 Jan 2021 05:06 AM PST We are looking at buying a campground, but since it is more of a business then a traditional home, are there types of loans i should look at or any lenders that specialize in these types of property? [link] [comments] |
| Posted: 25 Jan 2021 04:45 AM PST I understand that my monthly payments will be lower by putting down 10% instead of 3.5% or whatever the FHA rate is right now but I want to know if this is a regular practice or a normal thing. [link] [comments] |
| Posted: 24 Jan 2021 10:41 PM PST As the title says, I am wondering what safeguards there are to prevent unscrupulous agents from creating competing fake offers to drive up your price if for example you offer the asking price with an escalation clause. Are they required to show you the paperwork for the other offer that you beat? Do you just have to take their word for it? I understand that everyone is suppose to "play by the rules" but if I'm honest, the low barrier to entry for being a realtor makes it hard for me to trust most agents out there. I'm in King county in WA. [link] [comments] |
| Looking for advice: fair comp for agent when a private seller is found? Posted: 25 Jan 2021 04:33 AM PST Hi guys—my wife and I have been preparing our home to sell. We have a relationship with an agent who will represent us on the buy side, and who we planned to sell this home with as well. We are not actively interested in FSBO for a number of reasons. That said, we found out through a neighbor that they had someone who would be very interested in our home specifically. We had some initial vetting conversations with the would-be buyer, and he would be a great option. If we ended up moving forward with him, he had an agent who would represent him in negotiations and we would ask our agent to do the same. My question for agents or someone with experience is: what is a fair fee to suggest or agree too with a realtor if we are bringing the buyer to the table? 3% or a flat fee? There would be substantial value to us in terms of time saved to avoid house showings with a 6mo daughter. I want to respect our realtor with a fair proposal, but skipping the MLS and arranging showings means we are just comping her for our time to represent us in negotiations and facilitating the same (which is valuable for us). Buyer would comp their representative independently. [link] [comments] |
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