Real Estate: Everyone got paid but the seller |
- Everyone got paid but the seller
- Going modular instead of paying top dollar for a 100 year old piece of crap (NH)
- Is this the market where I can be picky? Or should I settle? First-time buyer need advice...
- REX, a smarter way to buy and sell homes?
- How do people feel about "lower level" (i.e. basement) square footage in townhomes / condos?
- How quickly are house prices increasing?
- Buying house and THEN getting a mortgage.
- With the eviction moratorium ending March 31, 2021, what do you suspect will happen to the market? [USA]
- Looking to Buy a House in Cash for 50K
- FHA amendatory clause and real estate certification? Risky signing this?
- Comparable house prices
- Has your area also experienced a huge 2020 increase in country estates/cabins/cottage/rural valuation?
- Can I buy another house if I currently own one and rent it out?
- Things to look out for before signing the contract for a new construction
- TEXAS....We just sold our house in Elgin and want to move to Bastrop question is with the lack of inventory right now would it be smarter to stay in an apartment and wait for something to pop up or should we buy a brand new build and start building equity right away? what do y’all think?
- Nightmare roof predicament
- Considerations for buying a townhome in a 55+ community
- Advice Needed: How to buy contingent on sale of existing home?
- Looking to buy first home
- Mortgage broker told us house had to be empty to close?
- For a ~ million dollar home in Los Angeles county, how much higher than asking do I need to offer?
- Owning as a “home base”
- Making an offer on a house that's not for sale?
- Can an adjoining lot purchase somehow be refinanced into the primary residence mortgage?
- TEXAS....Wife and I are considering buying a new construction home in Bastrop. Do y’all have any advice about the do’s and don’ts? and where we can save the most money? Any advice is appreciated.
| Everyone got paid but the seller Posted: 04 Feb 2021 04:15 AM PST I had closing on my house that I sold yesterday. My selling agent has been a nightmare through the entire process and knowing what I know now I would have never used her. Anyway yesterday was closing on my house. I signed the settlement papers the beginning of the week and my agent "overnighted" them to the title company. I kept asking the status of the papers and was told that the buyers agent and title company will not respond. This has been the go to excuse this entire process. Come to find out the papers I signed are "lost in the mail" but they still went through closing yesterday, buyers got the keys to the house and both agents got their checks. I've been told that hopefully my paperwork will show up so that the title company can wire my funds to my bank but that none of that will happen until the papers I signed are found and delivered. My agents respond to all of this is "sorry" and "hopefully the papers will show up today". Is this something that tends to happen at settlement? I feel like everyone except me got what they wanted and now I'm left high and dry with nothing. [link] [comments] |
| Going modular instead of paying top dollar for a 100 year old piece of crap (NH) Posted: 03 Feb 2021 07:40 PM PST Hi all, Searching for my first home. Pre-approved for 250k VA loan and I have about 80k cash. I have been searching and finding nothing but crap. Either too close to other houses, on a main road, or too big (I'm a single guy). The more I look into modular homes, the more I like the idea. Why would I want to pay 300k for a 100 year old stick built house on a crappy piece of property?
Maybe I'm just stupid and I don't know what I am talking about. I have been reading up on modular on Reddit and it seems like a big circle jerk echo chamber of people screaming point 1 and 2 listed above. Does anyone on here have any real experience with modular? How much did it end up costing you, land included? If anyone could provide a breakdown of their total costs that would be great. I understand it's going to vary based on a million things. I am just trying to get some very rough ideas and estimates here. I would like an 800-1000 square foot home on 3-5 acres. Obviously I would have to get a different loan. I am finding it hard to find actual stories from people, not just circle jerking. [link] [comments] |
| Is this the market where I can be picky? Or should I settle? First-time buyer need advice... Posted: 04 Feb 2021 06:57 AM PST Hi everyone! My husband and I are looking for a house in NJ. It's been terrible so far, lol! But I've been stalking this subreddit and find comfort knowing I'm not the only one suffering. We have bid on 4 houses 30k over asking and all were denied. This is usually after they've come back asking if we'd like to waive appraisal contingency, which we can't really afford to do. Our cash is just enough for closing costs and the downpayment. So, we are losing to people who have that kind of money. I'm feeling particularly broken and disillusioned after losing this last house that was absolutely perfect for us. Not exactly perfect - but it was the first house I walked into and felt at home. The other 3 houses were just houses that looked nice. So now I'm confused on how I want to proceed in this market. I am worried once we buy a house, we won't be able to move for a long, long time. I want to make sure I love the house. That feeling I got in the last house, I want to replicate, and make sure I love it. My criteria, after this house hunting process, has evolved into:
If this was House Hunters, those would be my 3 checkmarks, lol. But in this market of low inventory and losing out on houses anyway - do I even have a chance to be picky? Should I just settle on a house? Use the 3rd bedroom as an office? No basement? Cold, sad house with no cozy features? I don't really know what to do. Edit: I should mention that I do have time to wait. I am renting now and my landlord is willing to go month-to-month. I think I'm mostly worried about waiting too long and eventually being priced out of the market? [link] [comments] |
| REX, a smarter way to buy and sell homes? Posted: 04 Feb 2021 08:53 AM PST I may get downvoted to hell on this... I had not heard about this company until today. It is fascinating they do not use the MLS and pushing for laws (via antitrust lawsuits) to lower the cost of buying/selling homes. Reading articles and watching some videos the owner, Jack Ryan, and others in think tanks beleive the cost of about 9% to buy/sell homes (total cost on avg, not just commisions) limits mobility and the economy. Would love to hear what others think. [link] [comments] |
| How do people feel about "lower level" (i.e. basement) square footage in townhomes / condos? Posted: 04 Feb 2021 08:41 AM PST Hi All, In my HCOL area I see a number of listings, particularly for gut renovated condos / townhomes, creating a "lower level" to boost the square footage from around 1500ft (i.e. a small 3 BR or big 2BR) to 2000 sq ft. I know personally I have an aversion to owning anything with a finished basement due to many prior problems with them. But how do people feel? How much do you discount that basement square footage (if at all)? My vague sense is that when / if the market cools those properties will become harder to sell. [link] [comments] |
| How quickly are house prices increasing? Posted: 03 Feb 2021 03:27 PM PST Hi, my SO and I are looking for our first home. We're located in the Seattle area, so the housing market is a struggle. We hope to spend 700k or less on our house. Our realtor has told us to expect most houses to go 100k over listing, and so to only search houses listed under 600k. However, I went through Redfin and made a spreadsheet with every single family home with a garage that has sold for under 750k within the last 3 months in my neighborhood of interest. Of the 34 houses that meet that criteria: 0 houses went 100k over listing. 5 went between 50k-75k over, 9 went between 1k-35k over, and 21 sold for the list price or lower. What's with this disconnect between what the realtor is telling me and what the recent sales show? Has there been a sudden ramping up of offers over the last month that just isn't reflected online because the houses haven't closed yet? I feel like there's got to be something obvious that I'm missing... but what is it? Thanks for any advice/info! [link] [comments] |
| Buying house and THEN getting a mortgage. Posted: 03 Feb 2021 07:04 PM PST My wife and I are both currently unemployed. She has been offered a job in another city and when we have found a house that's been sitting a while. I can afford to buy the house outright, after she starts working and showing income can I then place a mortgage on the house? [link] [comments] |
| Posted: 04 Feb 2021 07:33 AM PST |
| Looking to Buy a House in Cash for 50K Posted: 04 Feb 2021 10:19 AM PST Looking for Warm places in the U.S., such as by the Coast, in the Deserts of Arizona, New Mexico, Nevada, etc., or out in the Country. I'm about to get my Nursing Degree, would like to put my Money into a Cheap Property, rather than Rent. I'll most likely stay for upwards of 10 to 15 Years, while I save more Money, and further my Education. Any Advice on where to look for Decent Places for this Price is appreciated. Doesn't have to be big, but would like a place that needs Minimal work. Thanks. [link] [comments] |
| FHA amendatory clause and real estate certification? Risky signing this? Posted: 04 Feb 2021 10:13 AM PST I'm the seller. It's 7 days before closing. Appraisal was done over a week ago but I did not see a price. I'm now being asked to sign the below, which from what I googled, is standard for FHA contracts? No issues signing this? Seems like I have to anyways, they are mandatory in all FHA loans. I just hate the idea of someone walking away with no penalty. FHA AMENDATORY CLAUSE AND REAL ESTATE CERTIFICATION Borrower(s): Loan Number: Property Address: Lender: Loan Originator: FHA AMENDATORY CLAUSE: It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise, unless the purchaser has been given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender setting forth the appraised value of the property of not less than [price of the house under contract] The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable [link] [comments] |
| Posted: 04 Feb 2021 10:03 AM PST What are comparable house prices? Let's say, a really nice house is listed on a street that has all average houses, do we compare the listing price of this really nice house to other houses in the area or to other really nice houses in really nice areas? [link] [comments] |
| Posted: 04 Feb 2021 06:12 AM PST So I live in a central European country and traditionally, real estate valuations went up by a steady amount with capital city appartments going insane to the sky levels. But the last year and to a lesser degree before that, prices of countryside and rural housing with large gardens and quiet environments went up in value like 3 or 4 times what's normally the case and everything that's on the market immediately sells. No other type of property appreciated in value faster here this year. Has that been the same in the US and elsewhere? [link] [comments] |
| Can I buy another house if I currently own one and rent it out? Posted: 04 Feb 2021 09:54 AM PST So, I own a house in Illinois, and moved to Tennessee 4 years ago. We are currently renting a house here in Tennessee. Tried to sell the house in Illinois, but had no luck. We still carry the mortgage on the house in Illinois. We rent it out for what our mortgage payment is. I'm just wondering. Can we purchase another home if the first one is being rented? Never missed a payment. We're hoping to be able to use the VA to purchase. Guessing no, even though we have renters. Any advice? [link] [comments] |
| Things to look out for before signing the contract for a new construction Posted: 04 Feb 2021 09:52 AM PST Hello - signing the contract soon. Anything to look out for in particular? Thanks very much. [link] [comments] |
| Posted: 03 Feb 2021 03:05 PM PST My only fear is let's say we stay in an apartment for a few months, we could simply be outbid every time something pops up. My other thought is that with all the eviction protection there may be a bunch of homes hitting the market soon. [link] [comments] |
| Posted: 04 Feb 2021 09:40 AM PST So we were pushed to file a claim on an insurable 7 year old roof. Come a week before closing and buyer says they can't afford the amount on closing they thought they could so we are already in the negative on this deal. Now our agent wants us to proceed with the claim still because "roofers will typically cover a deductible with a roof." We want to wash our hands clean of this and not be in a predicament where we might possibly have to shell out $2k on an insurable roof because of a possibility it is covered. We are considering telling buyer they either figure out how to cover deductible or we close the claim before it's processed. We just aren't willing to take a gamble on our nest egg over this. [link] [comments] |
| Considerations for buying a townhome in a 55+ community Posted: 04 Feb 2021 09:38 AM PST I (single 55M) am looking to downsize from my current single family house to a townhouse. I am currently looking at new constructions and see two options: one in a 55+ and one in a regular community. The 55+ townhouse is about 25% larger and 10% cheaper than the regular. The communities are adjacent to each other in the same town and are of similar build quality. I think part of the reason why the regular townhouse is more expensive is that the town has an excellent school system. The 55+ community will not allow kids to go to their public school system. I don't have school age kids. Just based on the above, the choice would be the one in the 55+, but I have the following questions about buying a 55+ townhouse: - Is it typically harder to sell these because the target market is limited to 55+? Assuming yes, is it just a matter of taking a bit more time, or is it actually worse than that? - I assume the 55+ townhouse will appreciate at a lower rate than the regular townhouse, but will it be significant? I know this question is highly speculative. - Anything else I should take into account? Thanks for any advice/info! [link] [comments] |
| Advice Needed: How to buy contingent on sale of existing home? Posted: 04 Feb 2021 09:27 AM PST Seeking advice on buying a new home contingent on selling current home, and how to use the profits from the sale of this home toward down payment on the new home. My husband (37) and I (33) were pre-approved for a mortgage in February 2020, but we were told we would have to purchase the new home contingent on selling our current home. Then Covid happened, followed by the huge real estate rush. We just didn't feel good about making such a huge financial decision with so many uncertainties around us, like would we lose our jobs, etc. We both have good credit and our debt-to-income ratios are about 30% (student loans, man...). We'll re-apply in about a month, but I'm not too concerned about getting approved again since our financial situation is better than it was when we were pre-approved a year ago. I'm mostly wondering about how the process works. When we sold our last home, we moved out of state and rented for a year before buying again. this is new to us! While we can easily afford the mortgage on a new house (which wouldn't only be about $600 more a month than our current mortgage), we just don't have a ton saved up for a down payment and moving expenses. We had to pay out of pocket for 3 rounds of IVF a couple of years back, which cost about $45,000 when all was said and done. That pretty much wiped us out and we had to start back at $0. Embarrassingly, we have only about $4,000 cash in our savings account at the moment. To sell our current home:
To buy a new home:
Does all of that sound correct? So, how does that process work? Is the lender going to want to see that we have that $26,350 already in our hands before we can make offers? Or will they fact or in that we are selling our current home? Do we list ours and then as soon as we accept an offer, we are free to make a contingent offer on another house? Do we have to wait until our existing house is completely sold to even try to make an offer on another house? How do we do a rent-back for a couple of weeks? My mom lives a few miles away and she has told us that we are welcome to stay with her if we need somewhere to go for a few weeks during the transition. I'd like to avoid that if we can, since her house is so small and not baby-proofed. [link] [comments] |
| Posted: 04 Feb 2021 08:51 AM PST My wife and I found a Mobile home in the perfect area for $130k. We went to view it earlier and found out it has an addition that wasn't permitted. Is there a way to go about getting a loan approval for a place like this? We found 0 faults in the home itself and the addition looked just fine, we didn't see anything wrong with it. A little financial background, I make $53k (before tax) and my wife makes $35k (before tax). We're located in GA. [link] [comments] |
| Mortgage broker told us house had to be empty to close? Posted: 03 Feb 2021 12:02 PM PST Hey there, my partner and I are currently in the process of buying her aunts house. The house is located in ma and her aunt lives in sc for the winters. We agreed with her that it would be ok if some of her bigger pieces of furniture stayed in the house to give her time to move it into storage and give us time to get some furniture. My mortgage broker just informed me that the house had to be empty for closing. I was wondering why this was a problem as I can't find anything on it and he had a scheduled call that he had to take so I didn't get the chance to ask him. Has anyone heard of anything like this? [link] [comments] |
| For a ~ million dollar home in Los Angeles county, how much higher than asking do I need to offer? Posted: 04 Feb 2021 08:48 AM PST We want to make an offer on a home in our very competitive SoCal market. Asking price is about 1,200,000 USD, which is low for the size/area. We've gotten along with the seller and after a tour she was quite clear about her expectations that this "should go for at least 50-75 k over asking". But I'm unsure if this was solid advice or more of a sales tactic. When you look at comps, what she said doesn't seem too outrageous to me. Without considering that advice, we had previously been thinking of offering 20k over asking. Our agent seems to think that's decent and shows that we are "serious". But...is it really? I have this feeling we might get blown out by another buyer if we don't go a bit higher than that. Thanks for any advice. We only have past experience buying houses in much sleepier markets where it's rare to pay over asking. [link] [comments] |
| Posted: 04 Feb 2021 08:11 AM PST My employer is allowing me to work remotely full time as a result of the pandemic. With that, I'd love to explore more of a mobile lifestyle and I'm wondering if buying is a good idea to that end. My idea is to have a small 2 bedroom apt in a more affordable neighborhood of the NYC Metro area where I'd ideally spend 6 months of the year, while spending the other 6 months staying with friends, family, or at AirBnbs. Ownership would mean I always have a place to come back to and the equity would make me feel like my money is going to something long term rather than renting a home that I wouldn't live in for half the year. A two bedroom unit means I'd be able to keep my personal items in a room while potentially converting the second bedroom into a short term rental to help cover the cost of a mortgage while I travel. This would be my first ownership situation, and right now I'm forecasting it as a 5-10 year experiment. My goal is to see enough of the country and world and potentially buy property in a city where I'd like to spend the next phase of my life. Info: NYC, late 30s, 100k/year, 75k savings, 200k IRA. [link] [comments] |
| Making an offer on a house that's not for sale? Posted: 04 Feb 2021 07:49 AM PST So I've seen this house for sale that I absolutely love. It's the neighborhood I want. It's the lot size I want. It's the square footage I'm looking for and it's close to my job. It needs a little work but nothing I can't handle myself. It's more cost effective than my current house. Only problem is I'm not in a position to buy right now. I have a current mortgage and home where some family members live with me and in the next year or two they will be getting back on their feet and moving out. But as it stands today, I can't kick them to the curb so I can move (as much as I want to!). I can see it coming already - yes I never should have looked at available homes but I've actually been just watching to see what's out there over the past year and attending some open houses just to look and no other house has come close to this one. Being that there aren't many houses in town with the wooded lot that I want, there really just do not exist many other houses like this one. Is it ever possible to ask someone to sell a house down the road when it isn't for sale anymore? What are the odds people sell their home when it's not for sale? Down the road could I offer more than it's worth to make it happen? Some numbers to make it more accurate - Current home value is approx $230k. "Dream" home is for sale right now for $155k. I have $80k of equity in current house, and I've saved $40k in the past 4 years (not including what I have saved for a rainy day, only what is specifically dedicated to a down payment) and of course that will be more in a year or two when I can actually make a change but right now it's not enough combined for a HELOC that would cover the other house even though I am confident I can afford both. I manage my money well, I'm a simple person with few material needs and have no debt except my mortgage. I would have no problem making both payments, just that a bank wouldn't like to have so much of my income going towards house payments. TYIA for any thoughts and suggestions! [link] [comments] |
| Can an adjoining lot purchase somehow be refinanced into the primary residence mortgage? Posted: 04 Feb 2021 07:46 AM PST We're currently closing on a 10 acre parcel that is contiguous to our primary residence parcel that has a SFH on it. The land is completely undeveloped and we intend to keep it that way (it will mostly serve as open space for us / kid / dogs as well as a barrier to nearby development). The owners cut us a deal we couldn't refuse, provided we didn't have to carry and they could cash out. We're financing the purchase with a personal loan from the bank. We can afford the loan payments, but the 9% rate will add about $24k interest on top of $58k purchase over the complete term. In my fantasy world, there might be a way to refinance the primary mortgage to include the other parcel and negate the higher interest rate loan, but I'm guessing there's a lot of hurdles to do this or it might not be possible at all. We have the option to join the parcels very easily, but it's also likely that we would not be able to divide them again. [link] [comments] |
| Posted: 04 Feb 2021 07:33 AM PST We are planning on buying one that's more on the basic side and then upgrading it ourselves, what are you thoughts on that? [link] [comments] |
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