Real Estate: Federal judge rules eviction moratorium is unconstitutional |
- Federal judge rules eviction moratorium is unconstitutional
- Offer accepted!! (Arizona)
- Rates already at near 3.4
- Completing the Seller’s Disclosure - so many questions!
- (US) Interesting NYTimes article on the housing shortage
- Offered 50k Over Asking With No Intention of Paying That Much
- [NC] Should I fire our realtor?
- Real estate agents moving requirements?
- Zillow "news" today
- Should I lock in rate now?
- A condo in the building I live in just went up for sale.
- My S. Florida Home For Sale has chinese drywall
- Is there a law in New York where landlords are no longer allowed to accept extra money up front in rent or security?
- Cash to close is negative
- Thoughts on Curbio?
- Closing sale in jeopardy due to unreasonable buyers and grumpy neighbors, please help! advice needed
- Realtor in the family keeps trying to get referral commissions?
- Finally got an accepted offer! Debating fixed vs. variable given the recent increases in rates (Canada)
- Buying a house with leaning basement walls?
- Which is the stronger offer? Asking price is $800k. Waive appraisal completely and offer 820k or offer $840k and cover an appraisal delta up to $40k.
- House on alleyway entrance - concerns?
- I didn’t post the commission % to be paid to me the agent on the contract, what can happen?
- Cancel contract question
- Why would a real estate agent ever post pictures of a house with the toilets open? Share your pet peeves for the fun of it.
| Federal judge rules eviction moratorium is unconstitutional Posted: 25 Feb 2021 09:34 PM PST |
| Posted: 26 Feb 2021 04:52 AM PST I know this is such a cliche but I've seen so many people write about stressful experiences during their home search similar to mine, so I wanted to share some positive news.... Looking for almost 3 months. Hundreds if not thousands of houses viewed online. 30 toured in person. 6 offers. All outbid, either in offering price, cash vs finance, or time to close. All of the houses that we bid on were either a 10/10 for me and an 8 or 9 for my wife, a 10/10 for my wife and an 8/9 for me, or an 8/9 for both of us. 36 hours ago a house went on the market that appeared to be a 10/10 for both of us. We immediately went to go see it, within two hours of listing. It was absolutely perfect! We wrote the offer, wrote a letter to the sellers .... and last night the offer was accepted!!!!! We are now under contract. Maintain the hope, my friends! [link] [comments] |
| Posted: 26 Feb 2021 08:57 AM PST Crazy fast run up https://www.foxbusiness.com/money/todays-mortgage-refinance-rates-february-26-2021 [link] [comments] |
| Completing the Seller’s Disclosure - so many questions! Posted: 26 Feb 2021 04:46 AM PST I am having some trouble completing this and would love any input. For reference, I am in Kentucky. Pipes/plumbing- So in the first year I owned the house I had 2 main line clogs and sewage back up into the house. Each time I called the plumber and they snaked the lines etc., called the city (MSD) and they said it wasn't on their side. Well my neighbor had issues and MSD finally DID say it was their issue and fixed it. Turns out the neighbors tree had taken over our shared sewer line, backing me up. Should I disclose this? Nothing was wrong with my plumbing exactly, but I feel like there is some way I can explain this that won't scare someone off. Edit: sewage just backed up into my tub, didn't overflow onto the floor or into sinks/toilet. There wasn't any damage to floors etc. Haven't had an issue since. Where should I draw the line on "unknown" and "no? For example I don't know if the roof has ever leaked but it hasn't with me, I haven't used it as a rental but I think the owners before me did etc. When I bought the house there was a piece of wood in the crawl space that was replaced due to rot so I guess I say yes I am aware of wood rotting due to moisture? Finally I know on the home inspection I got when I bought the house there was evidence of termites and treatment years prior, it currently doesn't have termites that I know of, but I would say yes it has had them before right? Sorry for all the questions but this is so overwhelming! I do have a realtor and have asked her on a couple of these, but she is also representing the buyer so I want an outside prospective. I realize some might find it to be a conflict of interest but hey, she got be a full price offer before it is even on the market. Thank you! [link] [comments] |
| (US) Interesting NYTimes article on the housing shortage Posted: 26 Feb 2021 07:39 AM PST In an article titled: Where Have All the Houses Gone? they make some good points. One for example is people are not selling their homes to move into a nursing unit due to covid. They are also not interested in people walking through their home for the same reason. Also, an interesting data point they bring up with the split between housing prices and rents, where they are normally correlated, they are now going in opposite directions. They even delve into the potential of a housing bubble, one of this sub's favorite topics. [link] [comments] |
| Offered 50k Over Asking With No Intention of Paying That Much Posted: 26 Feb 2021 07:11 AM PST We put our house on the market (outside of Seattle area) and we had an offer. 50k over asking, no home inspection, 10k in earnest money. We went ahead and accepted the offer. The home we are trying to buy is on a limited time frame so we didn't have much time to wait. It also has some major repairs that need to happen asap so the extra 50k would go directly to that. However we were told by our realtor that the offer price is most likely not going to happen. That after they get the appraisal done, they are going to talk us down to something closer to that price point. Then why offer the extra 50k if they aren't fully intending to pay it? They made a choice in offering that much over knowing it would get them to the top of our list. It just feels dishonest to do that. Is that a strategy being used by buyers? [link] [comments] |
| [NC] Should I fire our realtor? Posted: 26 Feb 2021 09:04 AM PST As the title suggests: my S.O. and I are considering ending our relationship with our current realtor, but wanted some more broad advice. We knew this Realtor from when we bought our current home. It was our first buying experience and they were great. They helped us shop mortgage lenders, helped us understand the process of buying, helped temper our expectations in negotiation, and got us a home that has been perfect for our needs and was under asking price. This was three years ago. Fast forward to now where we are trying to sell our current home and move to a larger home for our new needs. Since buying a new home is the hard part we have not put our current place on the market but it is fully prepped (photos taken, depersonalized, walls patched and painted, etc). The Realtor has always been a bit "offensive" by continually asking me about budget and price, knowing full well my SO is the one who handles all that, and then saying things like "well you should come check out the kids getting off the bus to make sure you want to live in this area" or making remarks about Indian people and how cooking smells can linger without an exterior-vent hood, but I may be thinking too much in to it or whatever. The biggest issue came to a head this past week, though. Please understand that we have been searching for 6 weeks and have lost the bid of 5 homes. Four we were under the highest and the last we were tied with a cash offer. I do not blame our realtor for this as the market is insanely competitive and some people have more money to throw at a problem. The last home we lost, that we tied for, had an agent that allowed us to put a backup offer in just in case something happened with the closing of the cash sale. That selling agent and our Realtor got to talking and turns out there were several other homes in the area that the selling agent was getting ready to list and would let our Realtor know. A week later we got a call about a home that seemed to fit, but they didn't have interior photos or floor plan. We have made it clear to our realtor that we need 3 rooms for beds and one extra, closed off, space for an office that can either be a bedroom or bonus room. Our Realtor told us it was perfect and would fit all our needs and since we trust our Realtor we were interested. The selling agent talked to the home owner and got an informal reverse offer, and they also provided the information sheet and disclosure forms. It was a fair offer, and if we put it in they would probably accept, and if there was a higher offer they would give us first counter. Sounds good! We signed the offer with a $5k DD fee and sent it over about 4pm. This was a blind offer but we have friends who live in that neighborhood and have seen several of the homes so we know generally what to expect. At 9pm we noticed there were now photos of the interior and decided to take a look. There we noticed that it had 3 bedrooms but the "bonus room" (that our realtor assured us it had) was a den situated right off the kitchen with no door. We called our realtor and told them to rescind the offer as we were worried they would accept and we would lose $5k. Our realtor got short with us and said "this can't happen again like this" and then disconnected the call. We shortly received an email that the offer was pulled and it was all good. I spoke with our Realtor the next day and let them know that we were sorry it was so late but we were glad we caught it and our Realtor told me how it was too good of a deal and that we could have just put a double glass door up. I reiterated that we are OK with some changes and having to upgrade things after buying but felt like they should have asked better questions about the space to the seller and should know what we wouldn't be OK with by this point, especially because we (as buyers) can sometimes get emotional and not see things so it's their job to notice it when we don't. That happened last weekend and nothing hit during the week so we have had minimal contact with them except to schedule two viewings this evening. The first viewing I have just cancelled when our Realtor sent the disclosure form to me and I noticed the owner remodeled and added-on without pulling permits, none of the outdoor outlets currently function, and the back yard is in a FEMA flood zone, thus making me not interested in the house. Should our realtor have caught this first and let us know before sending us the forms and letting us find it ourselves? Other small things: we are considering building. We are on the list for a community and they hope to have spots for us in April, but of course that could get pushed back because stuff happens. We have been provided the house price, lot fees, and upgrade price sheet by the builders agent and have priced it out, adding 10% to the total for price increases and also adding "this upgrade would be nice but not necessary" to bump the price up so we can be pleasantly surprised with the total when we sign. Because building would be a new home we have a higher budget. Without getting too specific our budget now is up-to X for a pre-built but is $50k higher for a new build. The new built home we priced out (with the 10% and the extra non-necessary add-ons) come out less than our new-build max. Our realtor has done two things with this information that is frustrating: first, they keep telling us we will never get away with a new build for under $75k over our max for what we want, even after we show them the docs and where the builders agent says that our estimation is solid, if not a little too generous, especially because some of the "not needed" add-on's add $15k to the total (like a covered back deck instead of a slab patio). Second, our Realtor keeps sending us pre-built houses on the market for more than our stated max. I have explained to them that our max for a new build is more because I won't have to worry about replacing a roof or a water heater or HVAC for hopefully 10 years and we would get exactly what we want, versus having to replace carpet and paint and save for large expenses with a pre-built home. I had reached out on my neighborhood FB page asking about people selling and an agent messaged me that lives in the community. I let them know that I had an agent and was just looking to see if they had anything that might fit us that I can send to my agent. They asked if we were planning on selling and I told them eventually but I couldn't discuss anything past "it will happen sometime after we buy" (we don't have to sell to qualify for another house) but told them they could contact our realtor. When I told our Realtor about this and let them know to expect the call they told me "you can't market your house yet you could get me in trouble." I told them I understood and wouldn't do it again but thought it was OK as long as I told the people "it's not on the market, I have no price information because I haven't worked it out with my realtor yet so you can talk to them and they can tell you when it hits." Our realtor did say it was OK for me to ask other agents about homes but just please don't answer any about ours. That's all fine. One final thing: we signed a contract with the realtor to act as a selling agent and a buying agent. We had worked with them before and it was awesome so at the time we didn't think it would be an issue, plus they're giving us a really good rate on the percentage (4%). The contract expires in June, but it has an addendum that says we can terminate at any time as long as both parties agree. Thanks for reading this block of text. I hope it was clear and concise. Would you keep working with them or would you ask to be let out of the contract? [link] [comments] |
| Real estate agents moving requirements? Posted: 26 Feb 2021 08:43 AM PST Is there any way to have your realtor license to be accepted in another state? [link] [comments] |
| Posted: 26 Feb 2021 07:38 AM PST There have been a couple posts today about zillow buying houses. This is not new, they've been doing this since 2018. I have read the articles, even on CNN, this appears to be nothing but a press release, no sources or comments from anyone not affiliated with zillow. Unless someone has a news-worthy piece of journalism about this that isn't a copy/paste from a press release, any further posts will be removed. Fine to discuss this business model though. Just please quit linking to click bait. [link] [comments] |
| Posted: 26 Feb 2021 09:49 AM PST My mortgage lender is terrible and doesn't help give advice or guidance. But have no choice at this stage. Should I lock in my rate or stay on floating based on the situations? [link] [comments] |
| A condo in the building I live in just went up for sale. Posted: 26 Feb 2021 09:33 AM PST So I own a condo in a building that I love. Great location, great amenities, pool, rooftop terrace with a grill, covered parking, very secure with fobs for the elevator and to get in, well built... just a great place to live. The problem is the condo is one that I bought when I was 24. At the time I was stretching to buy it. But as I've gotten older a 650 sq ft studio feels small. I've looked a little but I'm the area I want to live condos that are bigger but still have all the features I want are so much more expensive that I can't justify the additional expense for the minor upgrade. Yesterday a 2BR 1 BA came on the market in this building. It's officially a 2BR but from what I can tell from the pics it's more like a 1 BR with an office (the second BR has no windows). It's been a while since I was looking so my pre-approval letter is out of date and my realtor is gone. I don't want to take a hit on my credit or find a new realtor until I know I like the condo. In fact I may try to go at it with no realtor. So my question: would I be a weirdo if I went and knocked on the door and asked to see it? Is it ok to just go to the place that's for sale? [link] [comments] |
| My S. Florida Home For Sale has chinese drywall Posted: 26 Feb 2021 08:53 AM PST Was very concerned about the possibility when purchasing a 2007 home in 2012. But the inspector missed it. It is a "mild case" as the only sign that has every emerged is blackened electrical wires that showed up with recent inspection. I went into attic and confirmed the presence of chinese drywall. 1300 sq ft home that was $170,000. We reduced the price to $145,000 but demand seems sluggish given the price of drywall etc. Chinese drywall homes are not eligible for typical mortgages and cash buyers may require huge discounts. I am trying to decide what to do. Gathering information as I can. Colorado resident so overseeing S. Florida drywall overhaul would be strenuous. Don't send money to Florida unless you can supervise it - generally speaking. Lesson hard learned. Thanks in advance for good advice. I'll be following up if information becomes available. [link] [comments] |
| Posted: 25 Feb 2021 07:21 PM PST I'm looking for an apartment in Brooklyn, NY, and I keep getting reached out to by a company called Loftey insisting that they can get me the best rates on an apartment. I told them that I am hesitant to use them and I plan to negotiate myself by offering to pay 3 months up front in exchange for an extra 2 months off a two year lease. The Loftey salesman then told me that landlords are no longer allowed to accept extra money up front in rent or security. Is this true? [link] [comments] |
| Posted: 26 Feb 2021 08:19 AM PST I'm a first-time home buyer and I am really dumb with the terminology used. So if someone could answer this as if they were talking to a 12-year-old, I'd appreciate it! I just received the Title DOS and it says that the cash to close is $ -1,327.01 Does this mean I do not have to pay anything on the closing date? Does this also mean that I will be getting a check on the closing date? [link] [comments] |
| Posted: 26 Feb 2021 08:12 AM PST We are selling our house, but we are downgrading, and don't have enough to renovate, or make any big changes (it's not a nice house) We are looking at some companies and found Curbio, but I've never heard of them, and they seem new I don't want to use an untested company that will screw up or take more of my money Has anyone used them? Should I? [link] [comments] |
| Closing sale in jeopardy due to unreasonable buyers and grumpy neighbors, please help! advice needed Posted: 26 Feb 2021 07:51 AM PST My mother is trying to sell her house in Georgia. She is working with a real estate agent and has signed a sales contract (which is now due to close in about 2 weeks). All the inspections and due diligence were completed, and now all parties were awaiting the closing date when the next door neighbors (we'll call them Mr. & Mrs. Grumpy; she doesn't really get along with them very well) put up a fence on her property (without my mom's knowledge or permission). The buyers insisted they would not have it, so my mom convinced Mr. & Mrs. Grumpy to take the fence back down, which they reluctantly did. So then all is well for a couple of days, when last night my mom calls me sobbing because the buyers have noticed a retaining wall in the yard that my mom put up 5 years ago (before Mr. & Mrs. Grumpy moved in). The retaining wall is mostly in my Mom's yard, but is generally along the property line with the aformentioned neighbor. As I understand the situation, the buyers apparently have told my mother that they're worried the wall may need to come down or be moved in the future, and want my mom to have Mr. & Mrs. Grumpy sign something saying that they will pay for the wall to be moved in the event that it becomes necessary or else they won't close, and if that were to happen apparently they have suggested that they would sue for breach of contract for the full value of the home. Mr. & Mrs. Grumpy don't want to sign anything, as they're not party to the real estate transaction and have nothing to gain by sigining, quite the contrary in fact. Honestly I don't blame Mr. & Mrs. Grumpy for not wanting to be involved, and I think it is fair to say they're not planning to stick their neck out for my mom. My mom spoke to a lawyer who said that yes, she could be found in breach of contract if she doesn't get Mr. & Mrs. Grumpy to sign something, and that the real-estate agent might also have standing to sue mom for her lost commission in this case. For now, this lawyer is apparently going to write an urgent letter to Mr. & Mr. Grumpy to get them to sign, stressing to them that if there is a problem with the sale that it could be a problem for them later when they decide to sell their property. I'm a bit unclear presently about exactly why the buyer thinks that the wall may need to be moved or removed in the future. But, my mom had the idea though that she could go ahead and pay for the wall to be moved back to the property line or removed completely now, before the sale, and then this wall thing is a non-issue anymore. This would only cost a few thousand dollars to accomplish. She has had her real-estate agent forward the proposal to the buyers and we're waiting now to hear back. It boggles my mind that someone could conceivably sue for the full value of the home over a wall that could be moved for a few thousand dollars (or simply ignored for $0). Especially since they have already signed a sales contract that has no mention of said wall in it. The wall is mostly on my mom's property. It is basially a bunch of stacked blocks that hold back some dirt, turning a hillside into a flat area. Mr. & Mrs. Grumpy don't care about it all as it is not on their porperty, execpt for a small section on the property line. Does anyone have ay advice on how to deal with this situation? I've advised my mom to talk to another lawyer for a 2nd opinion, as I'm suspicious that this lawyer may not be correct. Also, I've asked her to find a contractor who will be able to go ahead and plan to move or remove this wall quickly in the event that becomes the best option. I would love to hear some advice from anyone who may know the proper course of action here. I realize that I don't have all the information, and that some information is left out. This is because mom called me last night sobbing and I could only understand so much. I'll find out more today, as she is having my uncle call the lawyer to get a more detailed understanding of the situation. Thanks in advance kind redditors. [link] [comments] |
| Realtor in the family keeps trying to get referral commissions? Posted: 25 Feb 2021 10:44 PM PST I have a close family member who just got their real estate license and they are working for a large company. We have expressed interest in selling our home. We have an established relationship with the realtor who sold us the home, and he happens to belong to the same conglomerate as our family member, but in separate "jurisdictions". Our family member wants us to put down that he "referred" us to our current realtor, such that they can collect the 15% referral commission, despite the fact that we already have an established relationship (In fact the relationship predates our family member getting their real estate license) with this realtor and have basically indicated to him that we would be selling soon. Our family member insists that this is commonplace, that it's pretty typical to essentially "poach" referral commissions. Is this common? Is this allowed? Is this unethical/looked down upon for us to ask our realtor to give a referral fee to our family member? What do we do here? All of my instincts say this is wrong, but I'm trying to give our family member the benefit of doubt. I don't want to anger either party, both the family member and the guy who bent over backwards to get us into this house not so long ago. [link] [comments] |
| Posted: 26 Feb 2021 07:22 AM PST Variables are 1.6-1.8 and fixed just bumped to 2-2.2. I'm leaning towards fixed for that peace of mind, it's our first house so bills are about to get much bigger and it seems like rates will slowly be trending up rather than down as they have been historically? I guess the biggest 'if' is if we move elsewhere and need to break the mortgage... It's all very crystal ball as no one can really know but I'm curious to just see people's thoughts on this, thanks! [link] [comments] |
| Buying a house with leaning basement walls? Posted: 26 Feb 2021 07:10 AM PST Is this something I should run away from? We've been looking for a house for months without finding anything in our price range worth buying, then a 1960s house popped up in a great neighborhood that has everything we want for a price we can afford. Only problem is, one of the basement walls is leaning in 3 inches (not bowing, just leaning in). There are a few giant steel beams reinforcing it, so it seems someone at some point addressed it. There is a garage above the wall that isn't original to the house, my guess is that the extra weight of the cement garage floor put too much added pressure on the wall. The current owner won the house in a divorce settlement and doesn't live there or know anything about the repairs. The only other issue is another of the basement walls has a long vertical hairline crack that splits 4 of the blocks before turning into a step crack. [link] [comments] |
| Posted: 25 Feb 2021 04:50 PM PST Title says it all. In a highly competitive market. Buyers have been waiving all contingencies to win. Trying to figure out the best approach. [link] [comments] |
| House on alleyway entrance - concerns? Posted: 26 Feb 2021 07:08 AM PST We're looking to make an offer on our first house this weekend. The only concern is that it is on the entrance to a garage alleyway. We're in the Midwest so these garage alleyways are common surrounding larger cities. The obvious concern to us would be someone hitting the house/fence while turning in. Does anyone have any input or are we overthinking this as an issue when it is not? [link] [comments] |
| I didn’t post the commission % to be paid to me the agent on the contract, what can happen? Posted: 26 Feb 2021 01:06 AM PST Basically I'm helping my mom (buyers agent) In her first real estate sale, we made the contract (as-is Florida contract) and did not put anything about the commission that has to be paid to us, the buyers loan has already been approved and we are 10 days away from closing, what can happen ? Did we have to put something about our commission In the contract? [link] [comments] |
| Posted: 26 Feb 2021 06:57 AM PST Hi all, I am a first time homebuyer. In CA, if that helps. I am trying to figure out if I should look for a different agent or lender. I don't know enough about real estate but I feel like some the whole story wasn't shared. I was under in escrow with a condo and my lender was about to clear to close but it was denied. I was told it was denied because a group of investors owns at least 30% of the properties within the community and would have majority control of HOA. Apparently, special financing is needed. Also, this was never disclosed by the seller's agent. Could have this info been discovered earlier in the process? Is this on my real estate agent? Listing agent? Lender? Or someone else in the transaction? Thank you [link] [comments] |
| Posted: 25 Feb 2021 01:17 PM PST |
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