Real Estate: Buying a home and Getting out |
- Buying a home and Getting out
- tip: Never contact your home insurance unless you are ready to file a big claim for significant losses.
- Do you have an item on your wish list that is a deal breaker for you but that others think is trivial?
- Any advice re: building your own home?
- Buying land I hate
- My landlord is a real estate agent. Is it a good idea to use them as a buying agent?
- Starting late in life, need advice! (25, no credit, not much employment history. Wanting cheap home in another state in 2 years), Is it possible?
- Looking for a mortgage lender. Suggestions/recs?
- Home Purchase
- As-is Purchase
- Unique argument with repair amendment
- Are tear downs a good investment?
- Closing
- Is this ethical?
- Tool to plan for your down payment
- Landlord requesting TIN for 1099?
- Asking for different agent at same broker “team” for second home
- Renegotiating accepted offer for the asking price due to rising interest rates? (First time buyer in NYC)
- Interest Rate Lock - Cost Question
- Opening new bank account: totally ok, or really dumb?
- Paying Seller Expenses
- What are future implications about home value? When new builds increase in value?
- Bought a house a month ago. Finding out today that the main sewer line has roots all in it. This was never disclosed and wasn’t found in the inspection. Do I have any recourse whatsoever?
- Easiest, cheapest way to get a list of sale information of certain zip codes for the past like 2-3 years?
| Posted: 27 Feb 2021 03:19 AM PST Has anyone ever bought a house that they immediately regretted? Recently purchased a home for $215k and got taken for a ride by my realtor during the process. I was naïve. Every since I have lived in the home I regretted it and have convinced myself I need to get out. The neighborhood is not good and the house is far more to maintain than I expected. If I sell I may be out $50k between closing costs and the price I purchased it for and what I really will sell for (I was the only offer). I am wondering if anyone else has been in a similar situation and if they made a decision. I was rash getting into this house, but I know it may sound rash how much I want to get out. [link] [comments] |
| Posted: 26 Feb 2021 01:42 PM PST If this type of post isn't allowed, mods will do as mods do. Anyway, I posted this in another subreddit in response to someone's questions and thought it deserved more visibility so.. Never contact your home insurance unless you are ready to file a big claim for significant losses. [link] [comments] |
| Posted: 27 Feb 2021 08:45 AM PST Mine is that the house has to have its own mailbox in front. So many newer communities in my area have cluster mailboxes that are located in one spot, apartment style, sometimes blocks away. I didn't even realize this was so common until I started looking at houses that I loved that didn't have a mailbox out front. My husband doesn't think this is a big deal, but this is going to be our forever home, so I couldn't imagine not being able to just run out and get my mail when I want to. Edit: in the Houston area [link] [comments] |
| Any advice re: building your own home? Posted: 27 Feb 2021 10:28 AM PST My in-laws have given a parcel of land to my wife and I (Vancouver WA area) and we're trying to weigh our options in terms of building a home. Permits appear to be straightforward, for now at least. Has anyone gone through this process? Is it best to go with a company to handle everything, or try to be your own general contractor? (I'm not handy, at all.) We currently own a home and have about $160k in equity, should we go with a bridge loan (or whatever the precise mechanism would be) or try to sell the house first and rent somewhere for a year while the new house is built? Any other advice would be greatly appreciated. [link] [comments] |
| Posted: 27 Feb 2021 09:03 AM PST I own a house on ten acres in upstate NY, a very rural area. There are two plots of land next to mine that are in terrible shape with huge trees knocked down over the past few winters. I don't wish to buy them but friends are telling me to grab anything contiguous to my own property. It would add 100ft of roadfront and be buildable for the fact that it would become part of my larger property. Does such extra land make my house more saleable regardless of its poor condition? [link] [comments] |
| My landlord is a real estate agent. Is it a good idea to use them as a buying agent? Posted: 27 Feb 2021 10:21 AM PST The title pretty much explains it. Our landlord owns a half dozen houses in the area and we are currently renting from her. She's an agent with a well known realty company here. Our lease is up in July. The way I see it, there's the premise that we would be allowed out of our lease a month or two early if we buy with her. If we don't buy by July, we would be allowed to go month-to-month on rent. On the other hand, we have been awesome tenants that pay on time 100% of the time and carry out small repairs/maintenance on the house as needed. Why would she want to give that up for new renters with unknown reliability? Would it be better to go with a buying agent that doesn't have a potential conflict of interest? Am I reading way too far into this? [link] [comments] |
| Posted: 27 Feb 2021 09:02 AM PST Boyfriend is 25. Just recently got first full time real job. Currently living with my parents rent free. House cost and property taxes in this state are too high so end goal is moving back to Indiana in 2 years. Looking to buy $90,000 house. Will put 20% down. (He is aiming to have 25k saved by the end of next year). 1st issue: he has never had a credit card or loans. He applied for credit card through his bank but got rejected. He nets over 2,500 a month. Plan is to apply for secured card next month. 2nd issue is employment. I read you need 2 years of employment. He was planning to get a house end of next year which would be a little less than 2 years but if needed can wait 2 years 3rd: since the plan is to move to another state, is this possible without having an offer letter from a job in Indiana? He has a few friends who could get him jobs in Indiana but not sure how he would get an offer letter. (He could have a phone interview I guess to get hired but how would we match up an employment date ?what if we find a home but cant get offer letter in time or what if hes supposed to start the job before we get a home and move there). We are very new to all this and we've been trying to research as much as possible. Any info/advice is appreciated. thanks! EDIT: thanks for replies so far. We could definitely move to Indiana after 2 years of employment here and stay with his mom in her trailer for a few months so he could have some employment in Indiana for mortgage. We could also rent or get a trailer in indiana for a year but would prefer to just keep saving as much as possible. [link] [comments] |
| Looking for a mortgage lender. Suggestions/recs? Posted: 27 Feb 2021 08:32 AM PST Hello, I'm shopping around for the best rates for our new build. Our builders lender rate is 4.5% not lock, which is way too much for us. Wells Fargo can do a extended lock rate 6-24 months with their Builder Best program. Contacted Summit Funding, but no call back yet. Anywhere else? My enthusiasm for building my home has decline so much. I'm frustrated, worried, my lack of sleep has made me feel so depressed. I even thought about canceling the whole thing altogether but damn they have our earnest money and I don't want to lose that 😔 sighss [link] [comments] |
| Posted: 27 Feb 2021 08:20 AM PST I currently rent a home that I would like to purchase. Not sure the owner would even consider it, but here's the question. I know the estimated value of homes in the area. How much should be allowed for outdated kitchen, baths, carpet/flooring, HVAC, etc. He has never done any repairs, even painting (I have). It's over 28 years old. [link] [comments] |
| Posted: 27 Feb 2021 07:40 AM PST I'm representing a buyer who went under contract as-is. We just did the inspection and he would like to request a few small repairs even though he agreed to as-is. Not sure if I should tell him we can't, or try and negotiate and see what the sellers say, has anyone been in this scenario? [link] [comments] |
| Unique argument with repair amendment Posted: 27 Feb 2021 10:52 AM PST We are in a situation with a repair amendment that we signed while selling our home. The amendment reads "evaluate clean and repair wood stove, chimney and flue to ensure it is safe for use." When asked for further clarification buyers realtor told us " fix issues listed as major concerns on inspection report." We fixed all issues, provided receipts of work done, and closed on house. Four months later new buyer had a level 3 chimney inspection done and a crack was found in flue liner. He is holding us responsible for repairs as we did not ensure it was safe for use. We say we did ensure by fixing issues listed on amendment, as instructed by his realtor. This issue is going to court as we can't reach a settlement. Would love to hear from anyone who has been in a similar situation. What are the main points we should focus on in court? Any cases you know of that are similar and what were the rulings? Some more info if you are interested. On purchase agreement we did not consent to invasive inspections. Buyer had a level 3 inspection done, 4 months after close. Level 3 is typically done when there is major damage to chimney and requires cutting an access to see inside chimney. On the inspection report a chimney fire is listed as cause of the crack. Under additional comments inspector listed "likely not recent due to heavy creosote buildup." We never had a chimney fire while there. The inspector cleaned the creosote so even if we have our own inspection all of that evidence is gone now and the chimney is no longer in the same condition it was prior to sale. We think it's odd that the new buyer waited until 4 months after sale, in the middle of January, to have a level 3 inspection if he had no issue with the chimney before then. He claims he never even used the chimney. So from September to January, winter months in Minnesota, he chose to not use the wood stove and instead relied on electric heat. He did not provide a reason for not using the wood stove, or any reason why he waited until 4 months after moving in to have an inspection. We attempted to settle with him for $2000 because we do not want to go to court and argue about this. He is refusing and demanding $4000 to settle, the total estimate of repairs is $5700. We feel we would rather take our chances with a judge than give him $4000 for something we don't think is our fault and we are suspicious that maybe he had a chimney fire and is now trying to blame us. Would love to discuss this with people with real estate knowledge. Please let me know your takes. Are we in the wrong here? Did we make a mistake in not getting a chimney inspection before sale? Definitely, probably. But the amendment never specifically called for any type of professional inspection, at least in our interpretation. And his realtor never mentioned one when asked to clarify the amendment. Thank you reading and sharing thoughts. [link] [comments] |
| Are tear downs a good investment? Posted: 27 Feb 2021 07:00 AM PST Are demos a good way to invest in real estate? A house that we fell in love sold in in five days with six offers. Thinking of buying an older home and just building our dream home from scratch. [link] [comments] |
| Posted: 27 Feb 2021 06:58 AM PST Do lenders always do a second check at closing after giving a firm approval? [link] [comments] |
| Posted: 27 Feb 2021 06:51 AM PST A brokerage that knows we have our own realtor notified us of an off market home they are representing. We said we were interested and asked when we could see it so we could let our realtor know as we would like him present. They pushed back and said they would only show us this home if we gave them the contract to sell our existing home. Is this ethical or just a 'pay for play' bad real estate agent trying to hustle? I don't know the rules. [link] [comments] |
| Tool to plan for your down payment Posted: 27 Feb 2021 10:35 AM PST Here is a tool that can help you build a plan and figure out how long it might take you to save for your down payment. You can adjust the variables and see how this impacts your timeline. What this includes which many other tools don't, is the ability to include an assumption for home price growth. The target keeps moving in a lot of cities, so this is really important to consider. This is Canada focused but works for any market really. Also works better on desktop than mobile. Hope it helps eh [link] [comments] |
| Landlord requesting TIN for 1099? Posted: 27 Feb 2021 10:28 AM PST Hello, I'm having a hard time finding an answer through Google and hoped someone in this community could help. I am on a residential lease in Nebraska with my wife. My landlord is requesting a Tax Identification Number (my SSN) to put on a 1099 for reported income. This is weird as 1) we've lived here for 3 years and this is the first time we are being asked and 2) we aren't commercial tenants or running a business from the residence. Also, if he was receiving a 1099 it would have to come from us and from what I understand, that's now how rental income is reported. Can anyone help fill in what I'm missing? Thank you! [link] [comments] |
| Asking for different agent at same broker “team” for second home Posted: 27 Feb 2021 10:22 AM PST We bought our first house in 2019 with an agent part of broker "Team XYZ" which is run by husband and wife with 3 agents on the team. The administrative side of the team was excellent and the husband and wife were great throughout the process. They came to closing, gave a closing gift, and sent follow up notes on our 1 and 2 year anniversary. However the particular buyers agent we worked with wasn't the best. At times I felt he didn't have our best interest, and would negotiate poorly with sellers agents (gave away too much information verbally instead of getting written counter offers). Also with the fact that he didn't come to the closing walkthrough, closing, or even give us a congratulations has rubbed me the wrong way. All in all I think we were ideal buyers. From initial talk to an offer accepted, it was only about 3 weeks of searching. Now that we're looking for invest properties, should I find a new team or just ask for another buyers agent on that brokers team? [link] [comments] |
| Posted: 27 Feb 2021 10:16 AM PST Seller accepted my offer for full asking last week for a condo in Brooklyn and our lawyers are working on the contract now. This is in a really hot seller's market where the seller got at least 5 offers in a week. The seller was originally in a rush to move out of state, but I just learned that the plans changed and the buyer won't be ready to move out for another 4-5 months and I'm concerned about rising mortgage rates. I have pre-approval from Wells for a jumbo loan that's at 2.875% without any points, but that was 3 weeks ago and not locked. I just used Wells' online mortgage calculator and it's now quoting me 3.125% including a purchase of .5 points! My question is this: I know I could always try, but I ask if the seller if they're willing to renegotiate the price down slightly to account for the rising mortgage rates and the longer-than-anticipated closing timeline, will that be viewed as ridiculous when I know the seller got at least 1 other offer for full asking? I could try to lock in a still-low rate now, but assume I'll be paying a good amount (mortgage amount is over $1.2M) to extend the lock until closing 4-5 months from now. I'm already close to the top of my budget and don't want to be stretched too thin if my monthlies go up considerably due to the interest rate. I don't want to lose this place but already hated paying full asking to begin with... If I do raise this with the seller, what % of a discount off the current price seems reasonable given that my rate has gone up by at least .25? (Will of course consult my agent but wanted to know if I'm totally off base first and have something to compare to her advice.) Thank you. [link] [comments] |
| Interest Rate Lock - Cost Question Posted: 27 Feb 2021 09:43 AM PST I am in the process of purchasing a condo in FL. I have signed a loan estimate that states the interest rate is locked-in until 3/25/2021, which is past the agreed upon date of closing (3/19/2021). I just received a loan estimate addendum from my loan officer that states I've requested a rate lock extension to 3/25/2021 (the same locked-in date) and that it will cost me 0.75 points to keep the rate. I am fairly confused by this, since I haven't requested any changes on my end. However, what it seems to me is that the agreed upon, locked in interest rate provided by the loan officer from the first loan estimate isn't actually what I could get and now in order to keep it, I need to pay up. Is there any recourse on my end to fight any additional costs to keep this rate, since this seems like a mistake on the loan officers end, and I signed a loan estimate agreeing to the rate without any need for points? Thanks!! [link] [comments] |
| Opening new bank account: totally ok, or really dumb? Posted: 27 Feb 2021 09:24 AM PST We are closing on a house in March. I am a full time graduate student so, on paper, it didn't make sense to look at my finances or accounts. When we sent statements over, we were told it was unnecessary since my husband's accounts could cover all costs and his name is the primary name on the mortgage. Fast forward to today: I had to cancel my debit card and get a new one. My bank is 2+ hours away so I need to wait the 7-10 business days to get it (hopefully before we close and hopefully on time with the current status of the post office). I am tired of my bank being so far and I would like to just open a new account and get a debit card right then and there on Monday. Not close out my old account, but transfer some money over to a local bank. My question is: is this totally okay to do before closing because my finances are not being examined? Or is it totally dumb because why do any thing like this before closing on a house? Thanks in advance! [link] [comments] |
| Posted: 27 Feb 2021 09:21 AM PST There's a house that the family is really interested in. With the market being as hot as it is we're trying to think of additional ways to put our offer at the top of the pile. We're already planning an escalation clause. It'll be based on how much we can realistically afford and comps for the house. Another recommendation someone made is to offer to pay the transfer tax for the sellers. I'm of two minds about this. On the good side, it puts our offer above a similarly priced top offer. Additionally, if there are any appraisal issues (shouldn't be, but you never know), using this could help the sellers get money and save us issues on the price vs loan appraisal amount. On the bad side, it's sunk cost. We're in effect writing an $X,XXX check to the sellers. Also, even if we do win, our bid will end up being a good amount more. Not just the amount in the escalation clause. I'm curious if people have done this before what their experiences are. Also, any thoughts or opinions are welcome. Thanks! [link] [comments] |
| What are future implications about home value? When new builds increase in value? Posted: 27 Feb 2021 09:18 AM PST I'm buying a house for X amt. in a new development, if similar spec homes are listed for 100k over X amt and presumably sale for that much, is it safe to assume that in 2 years I will be walking away with upwards of 100k+? Assuming market doesn't crash completely? Besides closing cost would there be any other considerations? [link] [comments] |
| Posted: 27 Feb 2021 09:18 AM PST Basically trying to find out if it's worth pursuing the seller/agent/inspector on this. Appreciate any advice. [link] [comments] |
| Posted: 27 Feb 2021 09:14 AM PST I'm not sure if this type of post is allowed, but it seems like you guys would know best. I like doing independent research for funsies, I'm looking for a way to get a list of property sales (particularly price and lot size) from certain zip codes. Is there a cheap and easy way to get this information? The zip codes I'm looking for are in the Los Angeles county area. I see the Online Property Database, which is very expensive and time consuming. I'm hoping there's an easier way to get some information. Does anyone have any ideas or tips? Thanks. [link] [comments] |
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