Real Estate: Multiple offers over asking price and over appraisal value. How can we be certain the person can cover the difference? |
- Multiple offers over asking price and over appraisal value. How can we be certain the person can cover the difference?
- Does anyone else find it dark that people cheer on a housing market crash?
- What to expect before a market crash
- Should we sell in current sellers market and rent while waiting for buyers market to buy?
- Selling home - needs new roof!
- Help! Five days before closing, multiple unauthorized hard credit inquiries appear on my credit report.
- How is it possible that the buyer's agent's compensation scales linearly with the sale price yet they claim to represent the interest of the buyer?
- NYC condo/co-op renovations advice
- In underwriting...can I withdraw to send funds to investment account?
- Home inspections. Tell me what I need to know!
- Additional downpayment (22AD) to cover low appraisal - How much?
- Selling home that needs work
- Is it ever wise to skip inspection?
- Apartment built with permits but no rental permit
- Why hasn't COVID crashed the Real Estate market?
- How to approach listing agent of home already under contract?
- Help. I need advice securing a home before our lease is up.
- Buying a home in Sinkhole Alley(FL).
- County Only Accepts Exact Payment on Delinquent Real Estate Taxes
- Where to get true mortgage rate to compare against offers frombrokers?
- Can I park on an easement on my property?
- Post-Sale: Buy High or Wait&Rent (Southern CA)
- Legal fees in bidding war?
- Is the cost of construction linearly related to the value of a house?
| Posted: 28 Feb 2021 07:22 AM PST We listed our house for 175. We received one offer for 185, 190, 195, and 205. Granted there is some earnest money (~1000) how can be sure the buyer can cover the difference of appraisal value? [link] [comments] |
| Does anyone else find it dark that people cheer on a housing market crash? Posted: 28 Feb 2021 02:28 AM PST I logically get that we want prices to go down, to increase our chances of being able to afford a house, but it ignores the fact that a "crash" happening likely would mean some bad preconditions for everyone and pretty shitty consequences for some current homeowners. Instead of praying for a crash, can we collectively pray for a slowing down or dip? I just don't to want to see people thrown out of their homes in mass, so I can have my dream come true. But I'd love to see an increase in the of houses being built or people being interested in living in city rentals again. [link] [comments] |
| What to expect before a market crash Posted: 28 Feb 2021 07:01 AM PST I know we've had a ton of threads like "what's going to happen in the market," but, I think this is an important point that I don't see mentioned. So I thought it was worthy of a new thread. In order for there to be a market crash, or, even significant price drops, there will need to be a large amount of houses sitting on the market unsold, for an extended period of time. Obviously most markets are nowhere near that level of inventory at the moment. So the first measurable sign of any market slowing will be extended marketing times. Sellers are loathe to drop prices and that will be the last resort, not the first. Sellers will just wait longer to sell, before they drop their asking prices. For many years (decades really) it was totally normal for it to take up to 90 days for your house to sell. That wasn't even considered a buyer's market, that was a balanced normal market. This will happen at the same time that bidding wars evaporate, because there is enough inventory that buyers don't have to fight for houses. Bidding wars are harder to measure, because unless you are an agent with a pending sale, you don't reliably know what's happening. So if any market watchers want to monitor their market for any possible changes, in my opinion marketing time/days on market is an excellent canary in the coalmine. [link] [comments] |
| Should we sell in current sellers market and rent while waiting for buyers market to buy? Posted: 27 Feb 2021 09:34 PM PST We are in SoCal and have been wanting to buy a bigger home to start a family but are hesitant to jump in the market now with all the bidding wars and waiving of contingencies and what not. We don't hate our current house and could just stay here until we start having kids, but are wondering if we should just sell now to lock in the price gains and rent a bigger place for a year or two before buying again, hopefully when the market isn't as hot. I know we can't time the market and selling now means incurring all the closing costs to eat into profit chasing, so we're leaning towards staying put. Would appreciate any insights or angles we may not thinking of! [link] [comments] |
| Selling home - needs new roof! Posted: 28 Feb 2021 05:45 AM PST We live in north central Florida and are selling our home. We've had a couple of roof leaks repaired over the last two years and got a couple of quotes for a new roof which is 15k! The roof is 18 years old and original. We put on the disclosure that we've had to repair leaks and everyone who has offered is aware of the roof issue. Two weeks on the market we received an "as is" full price price offer and accepted. Inspection was done Tuesday and we were told there are two active leaks - buyers verbally requested that we go half on a new roof, we agreed and awaited the addendum to the contract. We didn't hear anything until Friday when we got their cancellation! I'm super disheartened and not sure if this is going to be a continuous issue with other offers. Our home is 2300sq ft listed at 325k in a great area and the best school district. Any advice is appreciated. [link] [comments] |
| Posted: 28 Feb 2021 06:52 AM PST |
| Posted: 28 Feb 2021 01:42 AM PST I am currently house hunting. At first glance I snobbishly thought all realtors were useless, especially given the advent of opendoor and opendoor-like platforms. However it really seems to me that my buyer's agent is truly representing my interests. I would actually compensate her simply for the degree of hustle she has shown, if she weren't getting paid from the commission. But I still don't see how this is economically possible. Can anyone point me to some good reading on this topic? I am sure it has been touched on before. [link] [comments] |
| NYC condo/co-op renovations advice Posted: 28 Feb 2021 07:33 AM PST I'm looking to buy a condo in NYC that needs some renovation (new floors, opening up the kitchen and gut bathroom). Does anyone have experience in renovating an apartment in NYC? Any advise/tip I should know before moving forward? I appreciate any insight. [link] [comments] |
| In underwriting...can I withdraw to send funds to investment account? Posted: 28 Feb 2021 08:57 AM PST Underwriter re-reviews our file tomorrow (Monday). I've held off on depositing into my investment accounts, but with the dip in the market their are some stocks that I would like to purchase. I have $500 automatically wired to my account from my bank for my ROTH IRA. Other than that I have irregular deposits of varying amounts made to my investment accounts. If I withdrew another $5,000 would that cause a red flag for the underwriter? I know people say no big purchases, but is it different if it's an investment? [link] [comments] |
| Home inspections. Tell me what I need to know! Posted: 28 Feb 2021 07:10 AM PST Tuesday, we have our contracted house inspected. Wednesday, our current house goes on the market and will have to go through an inspection. I've read a bunch of articles but in reality, how in depth do inspections get? For example, the little flaps in my outside dryer vent cap are cracked up and pieces are missing. Will that be listed? I just have a screen insert and no stopper on the lower level bath sink (how DO kids lose a sink stopper??) Will that be tagged? Is it worth it to go through the house (for the 1354th time) and scour it, looking for these issues, or are inspections more about roof, HVAC and foundations? [link] [comments] |
| Additional downpayment (22AD) to cover low appraisal - How much? Posted: 28 Feb 2021 09:49 AM PST I'm currently trying to buy a house in King County, WA. Without the ability to do a full cash offer, and given that houses all have multiple offers with escalations on them, my real estate agent advises I put down "additional downpayment" to show the sellers I will be able to cover a low appraisal, 22AD. I understand that this makes sense and I have to back up what I am offering. But how much additional down makes sense? I know it's a hot market, but they've generally suggested upwards of 40K-70K. I'm looking to homes in the range of 600-900K. My confusion might be because of some homes being listed below what they are "expected" to appraise for and some are listed "high". It's hard for me to understand how much a house will appraise at. Or whether the house in bidding on is "a 700K" home. If I ended up spending 70K in additional downpayment over appraisal, is that money wasted, as opposed to value gained? Is this amount reasonable and similar to others experience when trying to buy a home? [link] [comments] |
| Posted: 28 Feb 2021 09:33 AM PST My husband and I are in the process of getting a home built. We will need to sell the home were in now but it needs so much work. We had one estimate for foundation at 25k. We're getting ready to replace our furnace. Everything else is cosmetic (interior paint, interior floor planks, exterior paint, etc) I understand a bank will not approve a loan if there are foundation issues. I don't have the money to fix this. I'm considering selling to an investor. I know they deduct money for repairs but I am lost as to how much I should sell for or where to even begin looking. Is it best to work with a realtor? Owe on home- approx 96k Houses in my area sell for about 160k up to 190k [link] [comments] |
| Is it ever wise to skip inspection? Posted: 28 Feb 2021 08:53 AM PST I've been on the market to find the right property for me after being preapproved. Today I went to look at a property that is almost ideal for my situation and that I'm very interested in buying. My agent who I trust told me he would almost never recommend to skip or waive an inspection. Do most retail house buyers proceed with inspection and is it ever applicable for someone to buy a house without an inspection that isn't a experienced investor or a contractor? [link] [comments] |
| Apartment built with permits but no rental permit Posted: 28 Feb 2021 08:16 AM PST I am about to list a house that the owners made their upstairs a living area with its own kitchen which includes a stove, refrigerator and a dishwasher, but it does not have a separate washer and dryer, so it would be a mother/daughter. Their kids lived in it so of course they did not need a rental permit because they did not collect rent. But since it has no rental permit I am not sure if I can say it is a legal mother daughter apartment or If I have to say its a "possible" mother daughter apartment on the listing description. Im located in New York [link] [comments] |
| Why hasn't COVID crashed the Real Estate market? Posted: 27 Feb 2021 12:36 PM PST My family has been thinking about renting out our home and buying a second home close to our work in Louisville, KY. We thought the fallout of COVID would depress house prices. Boy were we wrong! But I'm not sure why. My logic was that many people/business owners would be financially stressed by the pandemic and there would be many foreclosures due to it. That does not seem to have panned out so far, nor does it seem to be looming on the horizon? FWIW I'm looking at solidly middle-class homes in the suburbs in the $350-450k range (4BR,2BA). We're flexible in our timetable since we are not selling our home, but I've begun to think we shouldn't bother with it. FWIW we are looking for the next 10 years or so and then potentially moving back to our first home. We're planning to cash out equity in this home to pay for the down payment on the 2nd. [link] [comments] |
| How to approach listing agent of home already under contract? Posted: 28 Feb 2021 07:24 AM PST There was a house we really wanted when we first started looking for homes several months ago. Unfortunately we didn't have our ducks in a row and it went under contract before we could submit an offer on it. I've been keeping tabs on it and it's STILL under contract well over 45 days since. How can we beat approach this agent to try and get the seller to walk and take our offer assuming the buyer has breached the contract? [link] [comments] |
| Help. I need advice securing a home before our lease is up. Posted: 28 Feb 2021 07:21 AM PST Our lease is up April 30. This is how little time we have. We are not going to rent, and for reasons I'd rather not disclose, we are not renewing the lease and the rent is too expensive to go month to month. Please do not tell us to rent. We know that we allowed ourselves too little time. It's just that we needed to save money for the down payment and closing cost. We want that money ready for closing. Every time we look at houses on the market it gets sold within a day and we barely have time for showings. I considered just putting in an offer the instant it goes on the market and let the bank do the inspections. The market is too crazy and we can't keep up. We wanted SF homes only. Under $240, and there are very few houses left. The frustrating part is that when you find a nice house on Zillow,Redfin etc, my agent found information that was not found on the app, like there's a tenant living there that the lease ends in August, or the house is only accepting a cash offer, or the house needs $60,000 of repairs which they never show on the description. There are too little houses on the market. I had to check houses we wanted to begin with that are pending for the longest time. We had to probably settle on houses in the ghetto, which is what we have been avoiding. Manufactured homes. Etc. The only option I've considered settling for is the dream house with the tenant inside the unit. If he pays us the rent and leaves on the move out date, we can get the house then. We live in south Florida and my job is in the area. If we don't find a place by then, we would have to move to Melbourne which is 3 hours away and I would be forced to leave my job which also kills any chance we have of getting a mortgage. I need advice on how to move forward. [link] [comments] |
| Buying a home in Sinkhole Alley(FL). Posted: 27 Feb 2021 12:46 PM PST My GF is intent on buying a home in the Spring Hill, FL area. While I initially fought against it as my commute to USF would be two hours a day for classes, I gave in. Recently, I started looking into the sinkhole issues. Found the Hernando County GIS map. Thousands of sinkholes in Spring Hill alone. There are literally entire neighborhoods with sinkholes at every single parcel. Shes out there today looking at homes. The first property she looked at, sinkhole at the neighbor behind and across the street. They are considered "Stabilization complete" but since the county no longer shows whether it was placed on stilts or actually fixed right with grout, we have no clue. Plus, all these homes are overpriced due to current market conditions. $210k for a 3br, 2 bath @ 1400sqft. The agent was forthcoming and acknowledged the sinkholes before she could, which is nice but in my opinion, that house is worth nowhere near $210k. My natural thinking is we shouldn't buy anything within a mile of a sinkhole. What would be your opinion? Am I overreacting? I've read that sinkholes immediately remove 35% of your homes value, fixed or not. Not only is our safety on the line but our financial safety is also in jeopardy. I just need some opinions. My solution was to buy south of Riverview. The state maps show a considerably smaller amount of sinkhole issues due to the ground being much thicker. Edit: We are getting married in 2 months. Maybe should have said fiancé and that would have helped that? We had a conversation when she returned today and mutually decided to stay in Pinellas County. Thanks. [link] [comments] |
| County Only Accepts Exact Payment on Delinquent Real Estate Taxes Posted: 28 Feb 2021 05:43 AM PST I owe prior years taxes for several parcels in a county in MS. 2019's total was about $3800 and I sent a check for $4000 expecting the overage to be applied to 2020 or returned to me. This was in early February and in late February, the tax office called me letting me know they were not accepting the bank check. By the time they return the check, it will include all the interest for March causing me to incur additional fees. I'm out of state, and before moving I asked if I could pay up front, I was told no, they had no way of knowing what future taxes will be. I gave my future address and waited for the bill to come once I moved. There is no online lookup for me to see an accurate balance. Also personal checks are not accepted for delinquent taxes so the only way to check that payment cleared is by calling and tax sales are done after two years. My plan is to get an updated balance in March, send the funds to a friend and walk the money in for payment. Does anyone have any suggestions on where I can launch a complaint. I find that many things done in MS are way behind. "That's the way it is." has been the excuse for too long! [link] [comments] |
| Where to get true mortgage rate to compare against offers frombrokers? Posted: 27 Feb 2021 09:15 PM PST Hi everyone, what source does this sub rely on when they compare rates. I got 2 offers for 590k loan after 20% down at 2.875 and 3.125 to 3.25. It makes a big difference at high loan, so where do we get reliable numbers that we can throw back at the broker who quotes higher, or do we just keep calling and asking different banks for rates? [link] [comments] |
| Can I park on an easement on my property? Posted: 28 Feb 2021 04:36 AM PST Hello, my entire driveway is an easement and my neighbors driveway is a loop attached to my driveway, like in a shape of a P. At the end of my driveway is a thicker part of pavement. Two cars could easily park there without blocking their egress and ingress, which is what the easement grants them. Can I park my own cars on my driveway as long as it doesn't block them from leaving or entering? [link] [comments] |
| Post-Sale: Buy High or Wait&Rent (Southern CA) Posted: 27 Feb 2021 05:53 PM PST Hello! Seeking advice here. Situation: Pro - Able to sell home through employer relocation with significant equity to gain and no closing costs to pay. Con - purchasing a new home of similar size with decent school districts in Southern California will be high prices and very competitive, even with 20% down. Question: Should renting be considered to see if the market cools and competition dwindles? Risks being considered are that interests rates increase, competition remains strong, prices and demand increase more and lost tax benefits of home ownership while renting. Thanks! [link] [comments] |
| Posted: 28 Feb 2021 02:40 AM PST I made an offer on a co-op apartment in New York City. Perhaps a mistake, but I have not been working with a buyers broker so the sellers agent is acting as a dual agent. After some offers/counters and jumping through a ton of hoops, the seller accepted my offer and his lawyer sent a deal sheet to my lawyer, who charges a flat fee of $4,000 for home purchases. My lawyer starts working on due diligence, the deal sheet and a rider. A couple of days later the broker calls me to say that the seller has received another offer and is "un-accepting" mine. We hadn't signed the contract yet. I'm fortunate to be financially secure enough to even be thinking of purchasing an apartment in NYC, but $4,000 is a lot of money. It's 2 months of rent or 2 months of childcare. I feel like a chump for so carefully saving for years and blowing this much with nothing to show. For what it's worth, I could increase my offer significantly but I don't think the property is worth it. I'd want some credits back due to the issues I know would show up in an inspection. I don't even know if the seller will accept a higher offer from me as I got the impression that the other buyer looked better on paper (more assets, lower DTI, etc) Is there anything I can / should do in this situation? PS. everything I've read online about how to win a bidding war doesn't discuss the cost of ending up participating in one. So this is also a bit of a PSA for anyone else out there. [link] [comments] |
| Is the cost of construction linearly related to the value of a house? Posted: 28 Feb 2021 02:24 AM PST The prices of homes are high right now, are also the prices of construction materials? Thank you [link] [comments] |
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