Real Estate: So where is the "cold" market? |
- So where is the "cold" market?
- Super quick closing date for parking space
- Can someone explain to me why sellers care how much money a buyer is putting toward a down payment on their mortgage?
- Would love to buy my first home, looking inside 495 loop in MA, would love insight or feedback
- Advice request: Seller's agent secretly lowered commission rate when changing property status to pending. I have no record of the rate being higher during negotiatons and acceptance, but it was. What can i do?
- Why are you buying during the pandemic?
- How to purchase home "with no owner"
- Appliance shortage... is it for reals?
- Understanding how a particular offer was structured
- HUD lien, Deed of Trust and general knowledge.
- How Long Could A Beach House With Footings in The Ocean Stand?
- When will the investors from 2008-2012 unload their inventory?
- First time homebuyers trying to combine purchase funds
- Under contract but title search revealed restrictions that could possibly prevent selling in the future if need be. Am I able to back out free and clear?
- First Time Homebuyer no PMI's.
- New Construction basement wall Crack with water leak
- Is EXP REALTY Good in Orlando FL
- Questions for recent homebuyers
- Pending offer received within minutes of listing
- Options when there seem to be none?
- Am I obligated to pay for property taxes that were exempt before moving into my new home even though I am exempt as well? [TX]
- New construction when should I restart the mortgage application
- Offer on Coming Soon house - inspection [MN]
- Land plus modular home on basement?
| So where is the "cold" market? Posted: 23 Feb 2021 07:19 PM PST Seems like I hear that everywhere is a hot real estate market. Prices skyrocketing, cash offers well over asking price, first time buyers cannot even get a foot in the door. Is there anywhere this is not happening? [link] [comments] |
| Super quick closing date for parking space Posted: 24 Feb 2021 09:27 AM PST My condo did an in house auction between unit owners for condo spaces. I won 2 of them. We didn't sign any contracts on terms beforehand. An email was sent out saying once they've been sold we will schedule a closing at the end of February. I'm extremely busy this week and likely won't have time to close on Friday. I haven't talked to a lawyer to review the docs etc. they're lawyer has been emailing me everything like amounts that need to be paid by Friday etc. can I ask for a mutually agreeable closing date in March? Is that legitimate since this thing was basically a hokey auction to begin with nobody signing any terms beforehand? Thx [link] [comments] |
| Posted: 24 Feb 2021 09:56 AM PST Wouldn't the seller get the same amount of money regardless? This doesn't really make sense to me. Is it a clout thing or is there an actual reason behind this? Saw someone post here recently that a higher down payment makes you more competitive in the current market. I already had to lower my standards when looking for houses because I realized I can't afford the house I want with how much I am able to finance right now but I need to start building equity (sick of paying someone else's mortgage). [link] [comments] |
| Would love to buy my first home, looking inside 495 loop in MA, would love insight or feedback Posted: 24 Feb 2021 07:02 AM PST Hey all, "sophisticated buyer" over here...or at least I hope I'm semi-sophisticated. I have a chronic illness that has wiped out my savings over the past 5-6 years, and I'm single AF, so I'm buying alone. I've worked in major metropolitan areas, and moved every 3-4 years, so buying wasn't a priority. Now I"m sick of living with roommates, sick of having so little space to move around in, and just sort of sick in general. All my doctors are in the Boston area, so staying in Mass for Health Insurance makes my life much easier (versus getting a PPO in NH, ME, or RI...but if anybody has advice here, have at it), and I'm not enthused about the doctors for my illness in ME or NH. Like so many people, I've been stalking the realtordotcom app to see what is becoming available, and how much it lists for. I make decent money for the area, $90k 1099. I don't mind a fixer-upper, want something with good bones, and I'm enthusiastic about old, kitchy, unique, and that fun word 'character'. I have no big expectation other than plumbing that works, a usable kitchen (I can buy appliances), and no more than 1-2 rooms that need drywall/ceiling work. I'm hoping to avoid a place with significant (read: uninsurable) damage. I think my interests are falling into two categories: SFH under $275k and MFH under $600k. I haven't done extensive research on my ability to get a mortgage for that much for a MFH, using rental income as additional basis, so I guess that's my TL;DR question: Is it reasonable to go for a MFH within the 495 loop in Massachusetts that is under $600k? My fears are being able to make payments if the unit is ever vacant but....in such a populous area, I don't think I'd have trouble with that? I've acted as a property manager a few times, so am not afraid of the landlording part, more the "major things happen in the first year" part and I'm not sure whether to push past that or listen to it. Because of Covid, I'm living with family, and am able to save the bulk of my paycheck (once I've paid down some medical/credit card debt). I have over $50k in a 401k. A good portion of the population is saying to leave my 401k alone. But I'm struggling to care about that for a few reasons. I've been so increasingly uncomfortable and sick over the past 5-6 years, that all I think about every day is having my own comfortable space that works for my needs. I don't put a lot of stock in ever being able to retire, given the way our culture has gone so far. And I'm privileged to know I will inherit wealth and assets by the time I'm of the age to retire (the assets have already been appreciating and my parents refuse to touch them, leaving an inheritance is more important than an updated kitchen). As far as alternatives, I'm welcome to stay with family through the year, and see what 2022 does to the housing market (and my savings) during that year. But I want that to be my last option. If anybody's still reading and not ready to chop off my head, bless you. Beyond that, if you have any wisdom, advice, or things I haven't thought of, that's be equally welcome. Happy hump day! [link] [comments] |
| Posted: 24 Feb 2021 06:44 AM PST Hello everyone. I recently submitted an offer (as the buyer's agent) that was accepted for a condo. The selling agent had the buyer's agent commission at 2.5% in the mls during our negotiations. i think when she changed the property status to pending, she quietly changed the commission rate to 2 % on the mls so she could bag the extra half percent herself, thinking noone would notice. I also checked many of her previous sales and her standard commission rate to buyers agent is always 2.5% We never discussed the commission rate and i don't have a screen shot of the original rate of 2.5%. She has also been a nightmare to deal with already. She is an extremely aggressive and rude agent who i think would throw a fit and tank the deal for my client if I ruffle her ego.I can imagine her acting extremely offended and deny it and try to attack and slander me if i accuse her off this without proof. My client really likes this property and I don't want something like this to ruin this opportunity for them. What are my best courses of action in this situation? Is there a way to check for times of edit on an mls listing so i can get proof of her changing the commission rate when the offer was accepted? Do i have any other recourse? I'm surprised it is so easy for an agent to do something this shady and that their aren't protections built into the MLS to prevent this, but I suppose I should have saved a screen shot of the listing in case something like this happened. Any advice is greatly appreciated, and thank you so much for your time and consideration! Edit: I'm very new at this and it shows. I now know i definitely should have screen shotted and message a record of the rate on the mls before hand. Thank you for your replies in this vein. It's there anything i can do now that it is too late to screen shot the mls listing? [link] [comments] |
| Why are you buying during the pandemic? Posted: 24 Feb 2021 02:02 AM PST I work in the industry so I have my own insights. But for consumers out there, I'd like other consumers to see discussion. Because of such high demand and low inventory, why are you deciding to buy during the pandemic amidst historical low supply and low sales to active ratio. Why didn't you buy in 2019 when it was a buyers market in many regions? So in other words... Why now? [link] [comments] |
| How to purchase home "with no owner" Posted: 24 Feb 2021 08:14 AM PST There is a house in my area that the owner of died about two years ago. The owner had no heirs (spouse and children all died before she did). There is no mortgage on the home, and there are two years of property taxes and HOA fees owed. What would be the way to go about purchasing this house? House is located in Augusta, Georgia. [link] [comments] |
| Appliance shortage... is it for reals? Posted: 23 Feb 2021 05:14 PM PST When should one place an order for basic appliances (refrigerator, washer, dryer) for a new construction? Do companies offer any flexibility on the delivery date if new construction closing is delayed? My builder mentioned that appliances are in a shortage right now and they have been ordering appliances as soon as they break ground. I just browsed Costco and Best Buy and they have plenty of appliances available and a delivery date in the next few weeks. What shortage is my builder talking about? [link] [comments] |
| Understanding how a particular offer was structured Posted: 24 Feb 2021 06:33 AM PST I'm getting ready to enter the market as a buyer in the next month or so. In anticipation of this, and to help myself gauge the market, I've saved homes I would have considered had I been buying right now and following up on them in a month or so to see the spread between listing and final close price. In some cases to better understand the deal, especially if the home went over asking, the deed and other public docs can come in handy for seeing what rates people are getting, how it was structured, etc. I saw one recently that, though I assume was an "all cash" buyer, still had a mortgage listed in the trust doc for 95% of sold price (if it matters, it sold for $1.150M, listed at $1.10M), but was due in full in July of this year. What strategy was used here? [link] [comments] |
| HUD lien, Deed of Trust and general knowledge. Posted: 24 Feb 2021 10:17 AM PST Sorry if this is the incorrect place to post, but I'm really hoping to find some information about how something works. I recently bought a house with a lender. All good. 6 months later, I get a letter in the mail from HUD saying that there is a lien on my house for an uncomfortable amount of money due to a Deed of Trust from someone who owned the house a year prior to me buying it. Looking through records, I wasn't able to find any HUD lien and I did verify with my title company who says they don't see the lien and will look into it. Also, I do have lenders and owner's title insurance- so I guess that can always be used, if problems arise. However, it got me thinking... I checked through some records of the previous owner and found that this person has taken out multiple loans in very short periods of time for this house, including this Deed of Trust. I saw a loan for the house and another FHA loan recorded on the same day. One month later, I saw another large loan taken as well. Did a records check on the individual and found out they have been trying to file for chapter 13 for a number of years. Makes me wonder if fraud is involved. Anyway, my question is... how is it that the trustee in the Deed of Trust can have the title of my home when my lender should be the one with the title? Any comments or conversation would be appreciative. I know this post is a little all over the place, but I really want to learn more about this. [link] [comments] |
| How Long Could A Beach House With Footings in The Ocean Stand? Posted: 23 Feb 2021 07:32 PM PST On a sandy beach in NC. There are several for sale on Hatteras Island, at what looks like a 50-75% discount against similar houses a bit more inland. I'd guess these were million dollar homes at some point, but due to erosion - they are literally being eaten by the ocean and are going for $250-300k now. I stumbled across them while looking for a beach house (preferably one I can sell more than a few years down the road) and I have so many questions... Mostly, though, who would pay a quarter of a million dollars for an uninsurable beach home that's likely to get destroyed in the next big storm surge? Is there any possible upside to buying a place like this, or are these places completely hopeless? Here's an image showing the kinds of places I'm talking about: https://ibb.co/NVdp53C [link] [comments] |
| When will the investors from 2008-2012 unload their inventory? Posted: 24 Feb 2021 10:11 AM PST I recall back during the housing market crash, investors were purchasing homes for short term investment, to basically hold as rental properties for a period of time, then sell them off. One figure I heard was that the investors would hold them for 10 years then sell. So my question is, what are your thoughts on when will these investors unload the homes and will the inventory have a big enough impact on the market to bring prices back down? [link] [comments] |
| First time homebuyers trying to combine purchase funds Posted: 24 Feb 2021 06:21 AM PST My girlfriend and I are looking to purchase a home, and want to combine funds so that we have a comfortable amount for the down payment and closing costs, plus savings as a cushion and for furnishings. She is still in grad school, so no income until around April, and her credit is hovering around 650. That being said, it isn't our intention to include her on the mortgage just yet as we are afraid that it may negatively impact the loan. My credit is around 770 and i will be supplying about $20k, but she wants to send over $5k so we we have a bit more wiggle room. We are currently looking at homes around $280k. Not a huge down payment but it should work. Does anyone have any advice on how we go about this? I realize that we may have to wait until the money transfer does not show on my bank statements. [link] [comments] |
| Posted: 24 Feb 2021 10:04 AM PST |
| First Time Homebuyer no PMI's. Posted: 24 Feb 2021 09:39 AM PST Hello All, First time home buyer here and I have a question that I can't seem to find the answer to. I got pre-approved for a home around 300K with a loan amount less my down payment which is right now around 40K. I am looking to avoid any PMI's if I can. So in order for that to happen, am I paying the 20% on the loan amount or the house amount? I am looking to buy in MD as well. Any advice or articles I can look at would be much appreciated! Thank you. [link] [comments] |
| New Construction basement wall Crack with water leak Posted: 24 Feb 2021 04:41 AM PST First time home buyer , we had a final walk through with the builder before closing . Due to recent snow storms and extreme temperatures there is a lot of snow last week and this week its a bit of sunny snow so this is causing snow to melt. To my surprise, found water leaking from one of the walls in the basement which has a vertical crack. Builder is trying to reassure that these kind of cracks are not uncommon and would fix with epoxy pens . Should i walk away from the house ? Already hired an inspector to check out the house for any further problems but i am losing my mind over this. [link] [comments] |
| Is EXP REALTY Good in Orlando FL Posted: 24 Feb 2021 07:19 AM PST So I moved from NYC to Orlando. I'm 21 and I know NOBODY. Well almost nobody. I moved here with my boyfriend. I was interested in real estate, got my license and I was sponsored by a family friend with EXP Realty. She promised she would train me, be here if I needed her, and I have a 2nd mentor who is also here to help. I've been in Florida for 2 months and haven't closed a deal. My sponsor and mentor barely answer my emails/texts/calls. And on top of that, there's no office, you work from home. I'm knowledgeable on how to complete CMA's, prepare contracts, and communicate with people. But being that I'm not fully familiar with Florida's geography and locations, I struggle with figuring out where to generate leads. I feel like my sponsor and mentor gave me broken promises because I haven't had their support since I came here. So I'm contemplating on switching to a brokerage that has an office, and has a team who will be physically interactive with me so we can learn together. But is that even possible? I don't want to switch companies just for the same results. I'm ready to make money but it can be difficult finding where to start without the right support behind me. [link] [comments] |
| Questions for recent homebuyers Posted: 24 Feb 2021 10:34 AM PST I've read about buyers remorse etc. But are there homebuyers out there that didn't realize all the monthly expenses that come with owning a home? Have you had to cut down on your lifestyle (eat out less, coffee habits, etc.) to afford your home? I'm wondering as we were prequalified for a large amount and I don't see how we would be able to afford the monthly mortgage, utilizes, etc and also enjoy life (mostly when traveling is allowed again). *If we were to purchase, we would probably only use half the amount we prequalified for. [link] [comments] |
| Pending offer received within minutes of listing Posted: 23 Feb 2021 06:02 PM PST A property I was interested in making an offer on was listed on the market and moved to sale pending just minutes later, according to my agent. 5 months ago it was $100 less and was removed after 6 days. I'd love to hear from other homebuyers or sellers about what could have happened. Why would they have changed the listing price and how common is this practice? Here's the listing history without the time stamps as only my agent has access to them.
Edit: The property was advertised in local newspapers before it was sold due to its unique design as a pre-fab. I suspect that's what attracted the off-market buyer. [link] [comments] |
| Options when there seem to be none? Posted: 24 Feb 2021 04:35 AM PST The short of it is, our market here in Middle Tennessee is so on fire from coastal transfers coming in from both sides of the country nothing stays on the market for long. We have a special needs child and the space she needs for proper development has now exceeded this 800 sqft apartment. We were pre-approved for $110k USDA on single family income which I am super thankful for that much. We got this back right before Christmas and had 14 homes for sake, preforeclosure, foreclosure, and as sheriff sales in our budget with at least the min space we were looking for. Then... every one of us got Covid progressively preventing visits to homes so we could move forward. 3 weeks of quarantine later (my wife and I did not have it at first, just our daughter but we got it near the her contagious period. Btw the time we came out, all 14 were gone and there have been no options since. We have an amazing realtor who searches for every option she can, but is there something we use to leverage a home purchase? We're waiting on an re-evaluation of our pre-approval as our daughter's disability for her autism was approved and part of it has to go towards housing costs for her. This whole experience has been one heartbreaking loop so are there options we are all missing on locating a new home for the area? [link] [comments] |
| Posted: 24 Feb 2021 10:29 AM PST I submitted my paperwork for homestead exemption but was sent a bill for last years for the months the seller still occupied the house. I've only been living here for about four months now. When I looked over the closing paperwork it looks like they had some form of homestead exemption as well. I'm assuming I have to pay for that? or can I send a copy of that to the Tax Assessor Collector? I'm going to give her a call and ask her myself but she sounded rather grumpy when I called her the first time. [link] [comments] |
| New construction when should I restart the mortgage application Posted: 24 Feb 2021 10:25 AM PST Hello, I went under contract to build a home back in august they said it should be completed by end of April. Just curious what's a good time frame to restart the mortgage application with my lender. Thank you [link] [comments] |
| Offer on Coming Soon house - inspection [MN] Posted: 24 Feb 2021 10:12 AM PST Looking at a Coming Soon house that comes on the market 3/12. I understand that we are not allowed to see it before 3/12, but I believe we are able to submit an offer at any point (correct me if I'm wrong here). What if we were to submit an offer before the listing date that's contingent on inspection? Would the inspectors be able to access the house before 3/12? And would we be able to do the inspection walkthrough before this date, or would that be in violation of the Coming Soon rules? Thanks in advance for any insight! [link] [comments] |
| Land plus modular home on basement? Posted: 24 Feb 2021 06:13 AM PST Yoooo real estate peeps 😎 This market is crazy as we know but where I want to live has a ton of ready to build plots of land for sale pretty reasonable since they are further out than people want to be right now. I am debating buying one and dropping a modular home on a basement on the land. Has anyone had experience with this? Did you like the process? Bad experience? Good experience? Willing to hear about it all so don't hold back. The couple companies I looked at have really solid options and the homes look like homes. I can get anywhere from 2-5 acres of land which would be a blast with my son once he gets older. Wife and I currently have a condo we fixed up after college in a highly desired area that we are out growing and as we all know SFH are booming so exploring all options. Thanks! Have a great Wednesday! [link] [comments] |
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