Real Estate: Holmes on Homes - I love this show!! |
- Holmes on Homes - I love this show!!
- Foreclosure moratorium extended until end of June
- Pushing closing date?
- First time home buyer, terrible experience
- Boomers always say "My first house was only $25000"
- How does investing in realty work?
- Can I use assumed rental income from detached inlaw suite for mortgage approval?
- Agent allegedly brought dog in our home during virtual showing
- How long can this go on like this.
- This Market Sucks
- Job Change While Buying a House
- Walking away from a deal???
- Mortgage Broker for builder will not send me a loan estimate
- Online RealEstate course for Florida
- Fixer Upper Versus Waiting?
- End Unit Townhomes with no windows...
- Ready, willing and able Buyer is now Homeless. What can be done?
- No max on escalation clause?
- Advice for negotiating price reductions on bad roof and crumbling stairwell foundation
- First Homebuyer Programs
- Florida/Georgia Reciprocity Questions for New Real Estate Agent
- Enlightenment on loan process for new construction (not yet built)
- Intangible state tax exemption
- HOA fees for empty land?
| Holmes on Homes - I love this show!! Posted: 16 Feb 2021 06:27 AM PST It's a reality TV show where a GC comes in and saves a home from shoddy contracors. I learn so much from watching it. It might be edging out my old #1 fave: this Old House. [link] [comments] |
| Foreclosure moratorium extended until end of June Posted: 16 Feb 2021 06:50 AM PST For those on here thinking the return of foreclosures will stabilize prices, it's been kicked out until June. [link] [comments] |
| Posted: 16 Feb 2021 07:14 AM PST TLDR: can the sellers scrap our deal for asking to move the closing date? Some background: we decided a few months ago to sell our house and had our realtor come out and take a look to let us know what we would need to do to sell it. While she was here she told us about a house she was getting ready to list and thought would be perfect for us. It was, it was literally everything we wanted. So we decided to put in an offer. The offer was accepted and closing date is supposed to be March 1. This is the same day the sellers are supposed to close on their new house. The realtor told me yesterday the sellers were thinking they would move out in 14 days or less after closing. The house they're moving to is vacant. My mom (who has bought/sold a lot of property) said this was not normal or okay because we own the house at closing so why would we allow them to stay half a month rent free. I'm typically not the type of person who will get into a confrontation so I was hesitant to say anything about it but I told them they couldn't have 14 days because originally we were told to expect 7-10 days. They agreed to leave on day 10, but now I'm thinking we should move our closing date to that day because we would be liable for the property for those 10 days with them living in it, correct? This morning I texted the realtor and asked to have the closing date moved because I'm not comfortable with the liability, but I haven't heard back and now I'm worried that the whole deal will get scrapped. My question is, am I within my rights as the buyer to ask for the closing date to be moved? Is there something else I should be doing to advocate for myself here? I'm realizing it was a mistake not to get another realtor involved but for whatever reason we thought this would be a smooth process. Live and learn. [link] [comments] |
| First time home buyer, terrible experience Posted: 16 Feb 2021 09:07 AM PST Talking to my parents about their first home, it was an exiting hopeful time in their life. The process was stressful but in a good way. Like many here that has NOT Been the case for me, maybe I will find a home...eventually. But It sure has soured the experience for me, not sure I will ever want to participate in real estate again. I wonder if this market has ruined the entire real estate experience for many? [link] [comments] |
| Boomers always say "My first house was only $25000" Posted: 15 Feb 2021 09:55 AM PST Is it just us, or are other people constantly being told by people that they know or family members that are 60+ years old about how inexpensive their first home was? They seem to think that it is impossible that the price of homes are as high as they are but really all it takes is a quick Google search or realtor.com or something to see that yes indeed the price of homes are that expensive now. You can't even buy a shed for $25,000 to live in let alone a house. [link] [comments] |
| How does investing in realty work? Posted: 16 Feb 2021 06:48 AM PST Say you finance a house that costs $100k. You put down 3% for a first time home buyer and the mortgage payments are $500 a month. After five years you sell the house for how ever much it's worth at the time. Let's say it was worth $110k at the time of sale. 1 Who pays you when you sell the house. Bank or Buyer? 2 How much money does the seller get if the house sold for $110k? 3 When the seller sold the house, there was $67,000 worth of unpaid mortgage. What happens to that? [link] [comments] |
| Can I use assumed rental income from detached inlaw suite for mortgage approval? Posted: 16 Feb 2021 06:39 AM PST I'm looking at a house this afternoon that is slightly over my max budget, but it has a separate pool house with a small kitchen, bedroom and bathroom. I'm assuming I could rent it out for $500/mo. I don't know if it's been rented out in the past. Based on the guesstimate of $500/mo, can I use that when applying for a mortgage and claim it as income? The home is a single family residence, and I'm considered a first time home buyer. [link] [comments] |
| Agent allegedly brought dog in our home during virtual showing Posted: 15 Feb 2021 10:55 PM PST We listed our townhome and left for showings for about 4/5 days. We have a camera permanently set up outside and use it to keep an eye on comings and goings as well as the weather. The weather ended up being really slushy, wet, and gross. A realtor pulled in and brought her medium sized dog out with her (on a leash). It ran around a bit in the slush while she took photos, she then walked toward the house and passed her car with pup in tow. They are then out of camera view and at the front door, but we don't see her open the car. We have another camera set up for the back door, not facing inside, but has internal sound. We hear her on her phone with clients, virtually showing the house. We can then hear her makes noises calling her dog. We love dogs, but our place was never big enough to hold pets and we are waiting for a yard. We have brand new wood floors thru half and brand new lighter carpet in the second half. They never had shoes or pets or kids on them. We were avoiding scratches and stains before selling. We also didnt want a potential buyer who might be allergic to animals to have a reaction. So is it normal or appropriate for an agent to bring their pet through a listed home? Is this something we should report? Am I overreacting? It obviously isnt the end of the world, but it is a bit annoying and I find the action unprofessional. Thoughts?? [link] [comments] |
| How long can this go on like this. Posted: 16 Feb 2021 06:04 AM PST Hey all, Sure this has been beaten to death like to eggs on a Sunday morning. When will the buyer regain some of there powers back. I'm trying to buy my first home and it is honestly the most unpleasant experience I've ever had buying something. I'm constantly waiving appraisal contingencies and offering 20k more only to get beat out by a cash having blow hole who offer 30k over and waives every fucking right a buyer has. When this happens it pushes us out of those areas we once could afford because the other sellers in the neighborhood will then sell at 30k over what a houses were going for a month ago in that area. And then the cycle continues. I was diagnosed with Ms In 2018. I've been doing fairly well but this stress is literally causing me to have small flair ups( more nerve damage). It is for that reason that I ask all of you. Not necessarily when the market will crash. But when will the buyer get some of their powers back. This market can't be sustainable like this. I'm in the Phoenix area. Also would be open to realtors I'm the area that feel they can make it a more pleasant experience. I'm not sure mine is really working for us like she should. [link] [comments] |
| Posted: 15 Feb 2021 05:13 PM PST This market is crazy enough as it is and I am so stressed. The home we want fell out of escrow on Friday. We jumped on it and the listing agent said everything was good but asked that we get cross qualified with her lender. She said if that checks out we can start escrow Tuesday (tomorrow). They countered our offer asking for the cross qualification, home sells as is, and the sellers can stay for up to 3 days after escrow closing. We agreed and signed the counter yesterday morning. We drove by the place just to take another look and saw the home still being shown to people (has us worried but okay). The sellers do not sign the counter we accepted. Yesterday we reach out to the lender she asked us to cross qualify with. He says what documents he needs and we send him everything. He said he would review everything and let us know today. Have not heard from him and did not respond to my email. I have no concern with getting cross qualified (credit score 800+, low credit utilization, etc.) Our agent reaches out to the listing agent who now says they received other offers over the weekend. She said she is asking and giving everyone a chance to talk to her lender to get cross qualified. Our agent asks her if we can counter any higher offers they got (we already offered over asking and the home needs some immediate work). She says no they will not send us a counter but that we can send in a new offer with a higher amount than we originally offered. Not sure what to do. [link] [comments] |
| Job Change While Buying a House Posted: 16 Feb 2021 06:49 AM PST Hello! 25F here, buying a house with my husband (25M). Coming to the table with about $70k cash in the Denver market. Currently pre-approved for up to $450k on a conventional loan. (We will likely put 5% down and put the rest of the money toward an appraisal gap/asking over listing given the market.) Both of us have 730-750 credit. He's had his job for two years now (and held his previous job for three years in the same industry). He's at about $57k/year. I've had my most recent job for about six months (making $70k) and prior to that I was at my company for about 4.5 years (making $60k). I've been in the same industry for five years now. The issue is that I don't love my current job...I've given it six months and am just not loving it, and I feel like I've started to rush our house search a bit because of it so that I can officially find something else. (I know, that sounds ridiculous.) ****My question: If I find a new job and stay in the same industry with the same pay, how much would that impact our pre-approval? What if I take a $10-15k pay cut in the same industry...how would that impact our pre-approval? I've thought about asking our lender, but I also don't want to raise any red flags. Thanks! [link] [comments] |
| Posted: 16 Feb 2021 08:10 AM PST So I put in an offer and it got accepted but during my due diligence i found out the seller never received permits for adding a floor and it freaked me out because she also lied about it. So I decided it's in my best interest to walk but this is the first time I've ever done something like this and I'm terrified of losing my deposit. I didn't release any contingencies if that helps? The seller has been blowing me up on all my social media platforms after he found out i was walking from the deal, is this normal???? [link] [comments] |
| Mortgage Broker for builder will not send me a loan estimate Posted: 16 Feb 2021 03:02 AM PST He has sent me a fees worksheet which does not show APR or other important details. When I asked him, his reply was that we don't send a LE until it goes to underwriting for approval. I've read that according to TIL, he is required to send me the LE within 3 days or loan application. I don't want to keep pushing him or get rude, but I feel like he's hiding something. Is this the new norm? [link] [comments] |
| Online RealEstate course for Florida Posted: 16 Feb 2021 07:48 AM PST Could you recommend a Online course for a Florida RealEstate license? [link] [comments] |
| Posted: 16 Feb 2021 07:32 AM PST Hello all! First time finding this thread so please bear with me... Me and my husband live in sunny SoCal and It's honestly been too depressing to even try looking for a place that would fit our budget (850k). Our jobs are in Sherman oaks/Torrance area, so the middle point is West LA. Definitely can't afford anything there. The places we've casually looked at on Zillow/Redfin that are within our budget don't look like the greatest things out there. Yet they have a "hot home" flair and are usually gone within a week. Hearing my friends putting offers in and then getting beat by something 100k more has also been discouraging. My husbands family recently offered to sell us their childhood home in Monterey Park for a discount of $150k off the price instead of giving us $150k in cash. So depending on how much the appraisal is (they're estimating 650k for the house), we would decide. We went to see the house last week, and it's a shit show. Popcorn ceiling, random tiles, the tenants kids had sponges up the walls with paint, random cabinet in the middle of the aisle. it's never been remodeled since 1950. We asked a couple contractors to come and give us a quote for extending the house a bit and switching everything, and they gave us a quote of $150k. I'm thinking it's probably going to cost more than that... likely 200k at least (price didn't include electrical wiring and plumbing replacement, or fixtures). If that's the case, that could possibly put us at our budget. Which means we wouldn't be saving money much money. The only money we would save a slight property tax from the discount. But also factoring in that they said it would take 8 months to complete the remodel, we would end up having to pay rent for an entire year. I'm including that rent in our cost for this house. I've only had bad experiences with remodeling my moms bathroom, so I'm a bit frightened about remodeling an entire house. At the same time, it's in a peaceful area and in a great school district. If we were to look for another home, I'm not sure that we could find a better location. I'm glad to have the option, but pretty conflicted on what to do here. Any thoughts? [link] [comments] |
| End Unit Townhomes with no windows... Posted: 16 Feb 2021 07:20 AM PST Is there an architectural or zoning reason for end unit townhomes not taking advantage of the third exposed face, and adding more windows? I see so many many end unit townhomes in the North Virginia area that have have a big, blank, boring wall. Am I missing something? [link] [comments] |
| Ready, willing and able Buyer is now Homeless. What can be done? Posted: 16 Feb 2021 06:50 AM PST Ready, willing and able Buyer is now Homeless - what can be done? The buyer had a clear to close and it was communicated to the seller in a timely manner. The seller decided not to go through with the closing because they were out of contract. However, the seller only let the fact that they would not close the night before the closing date. The buyer is now homeless with two kids and two elderly parents and has even offered the seller more money yet the seller has refused. The seller agrees that the buyer had poor representation and the buyer is not at fault but will now not continue with the sale. Is there anything the buyer can do in this situation? The seller in this situation has had their home on the market for over three years with different agents and the home isn't in the best shape which is why it's been a hard sell on top of them being willfully ignorant of how the market is. If the home would've sold for what they wanted then it would've sold by now. They are now waiting for the spring market but aren't going to do anything significant to raise the homes value... Does the buyer have a case for specific performance or should they sue for damages? Any other remedies that can be done? This is in the state of MA. [link] [comments] |
| Posted: 15 Feb 2021 10:19 PM PST We hate to doubt our agent, but are new to the location we are looking in. Our agent suggested we use an escalation clause in our offer, but not put a max amount. Their reasoning is that we can turn down the acceptance if we aren't comfortable, and why "show all our cards?" Would sellers take our offer seriously without a max amount? [link] [comments] |
| Advice for negotiating price reductions on bad roof and crumbling stairwell foundation Posted: 16 Feb 2021 09:39 AM PST Hey all, My husband and I are first time homebuyers and just had our first home inspection performed by a few specialists (roofer, electrician, general contractor, and structural engineer). We had the specialists address possible concerns listed in two previous home inspection reports from 2019 & 2020. Everything was deemed acceptable/minor fixes except for the porch stairwell (bilevel duplex) and the roof. The roofer stated the current roof beyond its serviceable life. There is also severe heat loss occurring since it's a torch down roof that dealt with decades of heavy winters. We were given a few quotes from our roofer for complete roof replacements. The cold roof conversion is the cheapest and costs $18k. The porch stairwell is ALSO beyond its serviceable life, but we could already tell this from the get-go. The CMU that the stairs are attached to is crumbling and thus a fire hazard since it's literally the only exit for the upstairs unit. We were given a quote from the general contractor for $4k and $7-10k from the structural engineer. The sellers just had another roofing bid that basically reaffirmed our inspection, so they want to knock $20k off the price in lieu of repairs. I'd honestly rather they at least the credit us for the cold conversion for the roof, and we'd pay for the stairs. It's a pretty big chunk of money for us to immediately cover every repair on top of purchasing the house itself even with the $20k reduction. The other option we're considering is asking for an additional $10k reduction (so $30k vs. $20k) to make these repairs slightly more palatable. Is this extra reduction a reasonable amount for a house listed at $570k? We're feeling a bit overwhelmed and intimidated by the situation. We offered full price on this property because we really like the area, but the price was already at the upper end of our affordability range. We weren't expecting an emergency roof repair plus the stairs right off the bat, so it would eat pretty heavily into our savings to do it all this spring/summer. I just...need advice or some kind of words of wisdom. I'm flip-flopping between walking if they don't agree to upping the reduction and sucking it up because we really like the house/area otherwise. [link] [comments] |
| Posted: 16 Feb 2021 09:21 AM PST Hello, I'm new to the whole homebuying process and was doing some research regarding first time homebuyer programs and have run into different private/government backed ones. I was wondering if anyone has any experience with these programs or what options I should look into in order to fully understand my capability to buy a home. The two programs I've found are CalFHA loans with DPA and the GFSA DPA with conventional loan. Any insight would be appreciated! [link] [comments] |
| Florida/Georgia Reciprocity Questions for New Real Estate Agent Posted: 16 Feb 2021 09:20 AM PST Hello all! Due to the pandemic I've been kicked around from place to place a little bit while trying to get my real estate license requirements out of the way. Legally, I am still a North Carolina resident. I have been staying with family in Florida for a couple of weeks while I figure out my next move. I thought I might stay here long term, so I started working on my Florida real estate licensure (still a non-resident). However, I have had an opportunity arise for a permanent living situation in Georgia and will be moving there before I complete the Florida licensure requirements. I plan to become a Georgia resident immediately upon arrival and begin my Georgia real estate license requirements soon after. My questions are: Should I bother complete my Florida real estate license (completely online)? It is already paid for. Will completing the FL real estate licensure as a non-resident affect the reciprocity for getting a Georgia real estate license? Will I still ONLY be required to take the Georgia Supplemental Exam in GA if I completed my FL license as a non-resident and do not activate the license? Is there a perk to being licensed in both Georgia and Florida as a brand new real estate agent? TYIA! [link] [comments] |
| Enlightenment on loan process for new construction (not yet built) Posted: 16 Feb 2021 08:51 AM PST This post could be tagged with a few things (Financing, Holding and Buying Another) but New Construction probably makes the most sense. Knowing that moving from one mortgaged home to another is always a process, I am looking for a bit more color as I have never done this when moving to a home that has not been completed yet. My situation: We currently own a home and have a mortgage on this home. We are considering relocating and are looking at new construction homes. These homes generally have delivery dates in late-summer 2021. We would plan to live in our current home up until the new home is ready and then move to that home. How does the loan/financing part of the new construction home typically work (or what is recommended in my situation)? Am I on the hook to put down 20% for the home that hasn't been built yet before we've even moved in? Do I need to be in an position where I can fork over the cash for the 20% down payment on the new home before I have sold my current home and recouped our equity? i.e. am I putting 20% down today for the house I move into in 7 months? Am I slowly putting in the 20% over the course of the next 7 months until the closing date? How does it work? It seems like this must be a common enough practice that there is some middle ground financing that exists to get you through this pain point. Thanks for your help! [link] [comments] |
| Intangible state tax exemption Posted: 16 Feb 2021 08:35 AM PST I am close my refinance closing date and was informed by a friend of mine that I should be eligible for state tax exemption. I brought this up with the lender but they've continue to deny that they can waive this fee. The fee is almost a $1000 so I'd really like to confirm this with anyone who might've been in the same situation. Just to be clear, this is my second refinance with the same lender. Thanks The Georgia intangibles tax is exempt on refinance transactions up to the amount of the unpaid balance on the original note. The borrower and lender must remain unchanged from the original loan. [link] [comments] |
| Posted: 16 Feb 2021 08:29 AM PST If I were to buy an empty piece of land, do I have to pay HOA fees? Even if I don't actually have a house on the land? If so, what is the average HOA fee for it? [link] [comments] |
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