Real Estate: Door knocking is not ok especially without masks on. |
- Door knocking is not ok especially without masks on.
- Zillow on SNL
- Seller wants us to be "gentle" with inspections
- How many showings per day is normal for a house?
- To everyone trying to buy a house in Austin right now, I'm sorry. This really sucks.
- Seattle- how often do houses not appraise?
- Wife works a contract job which is considered part time. Loan officer says her job cannot count towards our annual income for pre-approval. Thoughts? (TX)
- Seller: Under contract 4+ months and STILL waiting to close......
- Neighbor not disclosing our new home build next door
- Put an offer on a home, our agent was unclear as to what is going on (IL)
- Home Appraisal Question
- 1st rental property - tips on quantifying damage and sourcing / confirming repairs?
- Do these margins make sense? First time 100% house rehab
- Good or bad time to buy an income property -So Cal
- Real Estate Brokerage Company Vehicle Tax Write Off
- Offer accepted but seller won’t sign contract.
- Best place to begin the mortgage process for a first time home buyer ...
- Non-Fideicomiso Real Estate in Mexico (Tax Question)
- First time buyer.. how much do I offer for a house
- Appraisal protocols when the market is on the rise
- What is the minimum level of condo reserves you would be willing to accept?
- Unresponsive Sellers While House Hunting (SW Michigan)
- Comps for Cash out Refi Appraisal?
- Refinancing a rental
- In this crazy market, do I need to use the dominant realty agency in my target area?
| Door knocking is not ok especially without masks on. Posted: 09 Feb 2021 11:05 AM PST I have been in real estate for a while doing it as a side job for my investment property's. I live in a very desirable neighborhood with not 1 house on the market. In the past 3 months I am getting these young gun agents door knocking at 8-9am on Saturday mornings trying to find sellers with their clients in tow. I had enough on Saturday when I had a agent knock on my door at 830am with his clients. No masks on and no respecting my space when I opened the door. Now my wife is a er nurse sacrificing her health and time to this pandemic. I ended up cursing the whole group out on not having masks and being disrespectful for door knocking at 8am and going door to door with no mask on in a covid hotspot. I felt like a Karen for doing it but I had enough. Who in their right mind thinks this shit is ok. I get the market is hot and inventory is dry but for fucks sake you aren't gonna find a seller at 8am on a Saturday with no mask on in a pandemic. Also called this guys broker and threatened to report him to the local news. Since I had him on my ring camera. Ended up with a $500 gc for a really nice local french restaurant and apology letter in my mailbox the next day. Sorry for my rant but I feel some people need to see this as this is not ok in a pandemic or before 10am [link] [comments] |
| Posted: 08 Feb 2021 04:32 PM PST If you haven't seen the Zillow real estate skit on SNL it's worth a chuckle https://youtu.be/yEfsaXDX0UQ [link] [comments] |
| Seller wants us to be "gentle" with inspections Posted: 09 Feb 2021 09:28 AM PST We recently put in an offer for $550,000 on a house that has been on the market for a while and was priced at $580,000. The house used to be a rental, so they don't have a seller's disclosure, which was the first red flag, but we liked the place enough and found out that the roof was newer. The sellers came back with a counter at $565,000 but want us to be "gentle" with the inspections. Some things need to be fixed around the house but shouldn't cost much, and from what we can tell, they are purely cosmetic. How "gentle" should we as the buyer be? We feel that we shouldn't be gentle at all but at the same time, we wonder if we should even move forward with inspections if they know something is wrong but won't tell us. Is this a common practice? [link] [comments] |
| How many showings per day is normal for a house? Posted: 09 Feb 2021 09:22 AM PST Listed our house in the SF Bay Area (Hayward) last night and got an email from our agent this morning saying we have 8 agents showing the house today so far. Is that normal or low or high? I was really excited to hear it because I've worked really hard on the house and it makes me happy to have literally anyone interested in it, but I want to temper my expectations. Thank you in advance! [link] [comments] |
| To everyone trying to buy a house in Austin right now, I'm sorry. This really sucks. Posted: 08 Feb 2021 03:11 PM PST No inventory, record demand with increasingly growing transplant population, paused new builds due to lumber price volatility, low rates, and more. Houses averaging 20-25% over asking I know other cities are feeling a squeeze too so let's commiserate together [link] [comments] |
| Seattle- how often do houses not appraise? Posted: 09 Feb 2021 08:41 AM PST Here in the Puget Sound it is common to waive the appraisal contingency to make your offer more attractive. However the idea of losing tens of thousands in earnest money if we can't cover the difference in appraisal and purchase price makes me kind of ill. So, how often do houses not appraise for the purchase price, and how big a miss are you generally seeing? $10,000? $2000? $20,000? [link] [comments] |
| Posted: 09 Feb 2021 07:38 AM PST As the title states, my wife is currently working a teaching contract job that she started the end of last year. She makes good money doing it, but since it's contract it is labeled as "part time." With that being said I do work full time. The loan officer that we contacted said my wife's pay cannot count towards our annual income to get pre-approved for a house unless she has been with the company for 3 years, and only my salary can count. This puts us at an extremely low purchasing bracket going with just my gross income. Is this typical with all banks and lenders? I have never heard of something like this before and everyone I talked to said it doesn't sound accurate. Any thoughts or clarification would be highly appreciated. Thanks! [link] [comments] |
| Seller: Under contract 4+ months and STILL waiting to close...... Posted: 09 Feb 2021 11:22 AM PST What's going on everyone, A quick summary of what's going on with our situation, We Listed our house on September 15th 2020, a few days later accepted an offer and was under contract. Seller does inspection September 30th and a few days later requests we get radiator covers, no biggie. We place our order immediately to customize radiator covers on October 1st. Reach back out to the mortgage company to see where they are with our buyer's mortgage, they state they haven't moved forward until repairs from the inspection are complete.... (really, radiator covers are holding up the mortgage application?? LOLLL) October 17th, custom made radiator covers complete and installed, notified lawyers and all parties involved November - no action December - 3 weeks past commitment date - nothing from their mortgage broker January - 7 weeks past commitment date, commitment finally comes in February 3rd (present) - mortgage company updates us, stating that CD was issued waiting on final approval from underwriter for clear to close Feb 8 - our lawyer emails what's holding up clear to close? No response Feb 9 - our agent reaches out to the mortgage company, sent to voicemail. Current: still waiting on some sort of update and starting to get really nervous. This whole process has been a nightmare with our buyers, starting to lose hope, anyone have any similar horror stories? [link] [comments] |
| Neighbor not disclosing our new home build next door Posted: 08 Feb 2021 02:09 PM PST We own a (rare) open lot in a long-established neighborhood. It's right between a neighbor and some fantastic mountain views. This neighbor is not happy that we bought this lot and intend to build on it, so they decided to sell and move. We just saw the listing pop up and noticed that the views feature prominently in the ad. Those views will soon be blocked by a fence and a house. We don't want the new owners angry at us when we break ground later this year. Shouldn't the sellers agent be disclosing this? Should we put up a "new construction coming soon sign"? [link] [comments] |
| Put an offer on a home, our agent was unclear as to what is going on (IL) Posted: 09 Feb 2021 07:18 AM PST My husband and I put an offer on a home on Sunday. We offered $410k (list price is $425k) with a sale contingency on our place (which will sell pretty much same day, according to how the market for our neighborhood is), but didn't ask for anything else. On Monday afternoon, our agent called and said that there was a 'verbal offer that came in before ours that he can see marked in the system that they are working on' but that he could submit us as a backup if we wanted. He also said the house was not marked as do not show yet. I said to go ahead and put the backup in. He then told me that if the first deal falls through, the seller could entertain any other offers that came in - I thought a backup offer meant that you are asking that if the sale falls through, yours is next in line? Anyway, the house is still marked as active in the MLS and now I'm wondering what could really be going on. Has anyone had luck in this kind of situation? [link] [comments] |
| Posted: 09 Feb 2021 10:43 AM PST My boyfriend and I are purchasing a home from a family member. We have done a complete renovation on this home, the large majority of which was paid for by the seller via a construction loan he took out, a line of credit with Home Depot, and existing liquidity. The renovation is nearly complete, though a few items remain - namely the plumbing is not complete (but should be within (hopefully) the next 2 weeks); electricians need to do a final draw to install a couple more fixtures, and the exterior painting is not complete. There are several off and end things remaining, but those are the big ticket items. The construction loan is coming due and the house is of course not yet sold. The idea here being that seller could pay off any debt incurred when we complete the purchase. Seller wants to be able to give the bank a closing date when inquiring about an extension on the construction loan. Seller is telling us (first time buyers) that the appraiser can take any remaining items on our to do list into account and this it will not negatively impact appraisal value. We're really aiming to maximize appraisal value to make seller whole on debt that has been incurred. Is seller correct in saying that appraiser will consider our remaining to do list, and having the home appraised before some/all items are complete will not result in a reduced value? If it matters, we're in a small town in south GA. I haven't yet dug into it but I anticipate that in our market and neighborhood accurate comps will tough to find. Appreciate any input! [link] [comments] |
| 1st rental property - tips on quantifying damage and sourcing / confirming repairs? Posted: 09 Feb 2021 10:42 AM PST \also posted on* r/PropertyManagement\* Hello everyone, First post here :-) I'm interest to get my first rental property (so second home to rent). How is everyone aligning on damages and repair estimates, sourcing the services, and then confirming the job is done? I've had some personal issues with this as a tenant in the past, and would like to ensure I can handle this in the most respecting to the tenant and service personnel and price-right for my finance matters. Thanks in advance! [link] [comments] |
| Do these margins make sense? First time 100% house rehab Posted: 09 Feb 2021 10:27 AM PST Hey guys, I found this amazing 2 acre wooded property in a suburban area that I think is up and coming. I wanted some help to see if these numbers make sense. The house is completely gutted to the studs and needs a ton of work. It was bought 1 year ago for 189k and is now listed at 250k (i'm not sure why they stopped the project, and obviously will have to look into that). This house is 3 bedrooms ,1 bathroom and a smaller kitchen and is around 2,000 sqft. Their is also a basement that is well connected to the rest of house and really feels like a living room. This can be finished to push it to over 3,200 sqft. Due to the smaller kitchen and bathroom, this would save some renovation costs I comped this house to be around 375k after its completely rehabbed. The limiting factor being only 1 bathroom and a smaller kitchen or this can be worth well over 415k+ in the area. Lets say I do my due diligence (inspections, contracters etc.) and am confident I can repair this place for 80k and make an offer of 220k for the property, would there be enough margin to be worth it? I would be in at 300k and appraised at 375k. I would put 60k down and get a construction loan for 300k The margin seems a little low for me but it might be worth it. I would not plan on selling the house, so no closing costs to worry about. I want to live here while I work on it and once complete, I will stay here long term or rent it out. This place is also only 20 min from my parents house where I currently live Worst case scenario the house needs more work done than expected and costs 100k+. I do have a high paying job and cash reserves to cover this, but not ideal. I just want to make sure these numbers make some sort of sense before I dive deeper into this. [link] [comments] |
| Good or bad time to buy an income property -So Cal Posted: 09 Feb 2021 10:17 AM PST Looking at a fourplex in a desirable area of Los Angeles (not in city of la). Rentals in this area seem to go pretty quick and prices are good. Older built out area with no new giant developments going in. Where I'm nervous is the potential downward pressure on rental pricing once the eviction moratoriums are over and available inventory increases. What say you experts? [link] [comments] |
| Real Estate Brokerage Company Vehicle Tax Write Off Posted: 09 Feb 2021 10:14 AM PST Are any fellow realtor's familiar with tax write off's related to company vehicles? I am reading up on section 179 tax deductions. However, any in depth info from someone with first hand experience is much appreciated. [link] [comments] |
| Offer accepted but seller won’t sign contract. Posted: 08 Feb 2021 08:43 AM PST I made an offer on a house last week Wednesday, it was initially denied because seller wanted to close in 30 days, then on Thursday we got a call that the seller would reconsider and to send over a new contract in which we stated we could close in 45 days. A couple hours later we were told our offer was accepted that same day. Our realtor told us that the selling realtor sent an email explaining that we had a deal but the seller was out of state and was going to sign either later that evening or Friday... it's now Monday and no contract has been signed. Our realtor told us they were in contact again on Saturday and the selling realtor stated the seller says he's accepted our offer and will sign but he's still out of state. Today I called our realtor to see if there have been any updates and she simply told us that since the other realtor emailed her that we had a deal that she's going by his word and said "we" as in her and I shouldn't make seller feel "pressured" into signing, that they will sign eventually and that we shouldn't be concerned since according to the seller and his realtor we have a "deal". Is this normal in this process? For someone who wanted to close in 30 days to be stalling to sign the contract of the offer they accepted? [link] [comments] |
| Best place to begin the mortgage process for a first time home buyer ... Posted: 09 Feb 2021 09:38 AM PST Greeting all. I'm at the very, very early stages of house hunting, but I need to know approx. what sort of mortgage I may qualify for. I have a 760-ish Credit Score, 0 debt of any kind and most of the 20% down payment ready to go, assuming I'm in the 150k -200k ballpark. Are there any sites where I can input my info to see various rates, or is it better to go to a local bank to see what they may have to offer? Thanks. [link] [comments] |
| Non-Fideicomiso Real Estate in Mexico (Tax Question) Posted: 09 Feb 2021 08:55 AM PST I just acquired a property in Mexico outside of the fideicomiso zone this past year. To be clear, at this point it is only land. No structures have been built on the property nor are there existing structures on the property. I'm not then receiving any form of income from the property nor is it through a trust but rather titled in my own name. The cost/it has a property value of less than $100k. Do I have to claim this property on my taxes then? From what I've found and read online (albeit it was mostly 5 year old information), such property does not typically require reporting. It seems that the IRS is mostly concerned with properties within trusts or corporations as the contents of those aren't readily transparent to the IRS. Likewise, any foreign income must be reported anyhow so rental income or capital gains would have to be reported but neither of those apply to me in the situation... at least as of yet. Any information in regards would be greatly appreciated, or perhaps someone here might know or might be able to point me to a different, more applicable subreddit. Thank you! [link] [comments] |
| First time buyer.. how much do I offer for a house Posted: 09 Feb 2021 08:53 AM PST I'm in the UK looking to purchase a house. I dont know what sort of offer would be best given the circumstances. The house recently sold within a few days but it fell through. It's only been on the market again for 1 day and already seems to have a alot of interest. Asking price is the low end of the zoopla estimate. We are able to go up to 8% above asking. The house is exactly what were looking for and dont want to miss out, articles online say to offer around 5% less than asking but I'm worried someone else will offer higher and we will miss out again. Any tips are appreciated [link] [comments] |
| Appraisal protocols when the market is on the rise Posted: 09 Feb 2021 05:02 AM PST Howdy all, I've got a question. I used to be a realtor but I'm a bit rusty... I'm hoping this is the proper place for this. We purchased a new construction townhome January 2020 in an unfinished development for 380k. The unit was finished and pre specced when we bought it. Since the purchase we've been keeping an eye on the prices of units selling as more units are being completed. These units are selling and have sold for mid to high 400k. As in the most recent unit sold was December 2020 for 470k. These units are very similar as they are built by the same developer, have similar floor plans, and square footage. We decided to refinance so we had to get an appraisal. The appraisal came back roughly 185 square feet short (compared to the appraisal report obtained at purchase ) with a value of 400k. 1 comp used was of a unit in our development that sold for about 410k back in April of 2020. The other comps were much older houses in different neighborhoods. Much older meaning 1 was 15 years old and the other was 19 years old. Both selling under 400k. Is there any reason why the appraisal would come back much lower than units being sold within the passed 3 months in my development? Thank you! [link] [comments] |
| What is the minimum level of condo reserves you would be willing to accept? Posted: 09 Feb 2021 08:40 AM PST We are currently in escrow for a 2/2.5 condo in San Diego. Just received the reserve study documents showing that the reserves are 33% funded. I'm not thrilled about this but also not sure if this should be a dealbreaker. Wife and realtor both think it's not a big deal but I am more financially conservative. HOA dues are $500/month (increased by ~$150 in the last 2 years). [link] [comments] |
| Unresponsive Sellers While House Hunting (SW Michigan) Posted: 09 Feb 2021 08:14 AM PST I'm currently in the market for purchasing a home to move closer to my workplace so I'm not commuting an hour and a half each way every day once the work from home orders lift. I've gotten approval for the loans I need, and I'm working with a realtor. We're running into the issue where selling realtors don't reply to us. We've toured two houses, one with a basement made of mold, and the other is still an option, but haven't been able to get any further tours. I get that it's harder with covid, but my realtor has said he hasn't heard back from anyone else at all, even with proper advanced notice. I went and contact a selling realtor directly at one point. I got his secretary and was asking to get follow up on contact my realtor made. The listing went pending a couple days later with no response. Are we doing something wrong, or just having bad luck? I'd much prefer to have options to look over and make an informed decision rather than getting stuck with just one option and having to deal with it. [link] [comments] |
| Comps for Cash out Refi Appraisal? Posted: 09 Feb 2021 07:48 AM PST Hey all! We're in the middle of some massive renovations and we're hoping to time the finish during or shortly after the summer rush so there's plenty of comps that will hopefully help us get the highest appraisal possible for a cash out refi. However, we're doing all the work ourselves and we both work full time so we are pretty slow. If we finish in October or November, will an appraisal still use summer comps or only comps from the previous month? Basically, do we have any wiggle room here? Is it even necessary to time our cash out refi? [link] [comments] |
| Posted: 09 Feb 2021 07:43 AM PST Stats: 160k 30 yr @ 4.25 w/ payoff currently at 102k maturing on 10/34 New interest rate would be 3.5% ~6k closing costs I am comfortable paying the roughly $800 a month current payment and would be happy to continue paying this amount even after refi. I am having a hard time calculating whether it makes sense to refinance, adding on 6k however. I do like the idea that if times got tough again, one unit would pay for the entire mortgage but I am not sure this alone is justification. It doesnt seem like I would save much on interest over the life of the loan if I paid the new monthly payment of ~500 but my real question is would I make up the 6k in interest savings if I continued to pay the amount I'm paying with the new lower interest rate and payment? Thanks in advance. [link] [comments] |
| In this crazy market, do I need to use the dominant realty agency in my target area? Posted: 09 Feb 2021 07:21 AM PST I'm looking for a house in a very tight market with very low inventory (join the club!). Basically my question is -- do you have an edge buying a house when the listing agent works at the same brokerage as your buyer's agent? Right now I'm using a good buyer's agent , but the small area I'm looking at is dominated by another agency. About half of my homes of interest are sold thru this other agency. And half of these homes are bought by people using agents from the same agency. To improve my chances of securing a house, should I let go of the agent I have now and hire an agent from the dominant agency? [link] [comments] |
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