• Breaking News

    Monday, February 1, 2021

    Home Unlabelled Real Estate: Southern California - WE FINALLY CLOSED!!! Here's a list of data points with all the homes we toured, what we offered, and what they sold for.

    Real Estate: Southern California - WE FINALLY CLOSED!!! Here's a list of data points with all the homes we toured, what we offered, and what they sold for.

    February 01, 2021

    Real Estate: Southern California - WE FINALLY CLOSED!!! Here's a list of data points with all the homes we toured, what we offered, and what they sold for.

    Southern California - WE FINALLY CLOSED!!! Here's a list of data points with all the homes we toured, what we offered, and what they sold for.

    Posted: 31 Jan 2021 08:47 PM PST

    First thing's first: oh my lord we are so relieved. We toured essentially non stop for 3 months. We are in the Los Angeles area, one of the hottest of hot markets. I'll get into the details of the deal for the home we did go for, but for now here's an incomplete list of all the homes we toured for, and the prices they sold for. Note: There are several exceptions, but almost all the homes we toured were freshly listed. We toured these homes 1-5 days after they went live on the market. There are probably 5-7 homes we did tour but I couldn't find the coronavirus entry disclosures for in my email, so I won't list them. Something to note is that most of these homes we toured were fixers. Some were "turn key", and none were new construction, and almost all our offers had 5% down. But anyways, here's the list, offers are in bold:

    10/25/2020 - Viewed duplex listed for $790,000. Was on market for over 100 days. Offered $750,000. Owner countered with the original price, $790 k, we moved on. It later sold for $780k about 50 days later.

    11/1/2020 Viewed another duplex. Listed for $600,000. We offered $607,500. It sold for $640,000.

    11/5/2020 Viewed single family home down the street from the second duplex. Listed for $658,000. We offered $705,000, plus $15,000 if appraisal came under $705,000. This was really frustrating, as we lost the offer, and 60+ days later it finally sold for $685,000. We're thinking the seller got greedy and chose a higher number offer, only for it to not appraise.

    11/12/2020-11/13/2020 Viewed multiple homes:

    Home A: single family listed for $569,000. We offered $605,000. It sold later for $595,000 after over 2 months in escrow. We're thinking it came under appraisal because it had an unpermitted bathroom. Home was listed as a 2/2, but on paper was 2/1.

    Home B: Single family listed for $595,000. We didn't like this home so we didn't make an offer, it sold for $655,000.

    Home C: Single family listed for $516,900. Again, we decided not to make an offer on this home. It finally went pending after 90 days on market.

    Home D: Single family listed for $645,000. Decided not to make an offer. Sold for list price after 2 months on market.

    11/14/2020 - Single family listed for $575,000. This was an open house with a line down the block. We decided to not make an offer for various reasons. Sold for $624,000.

    11/15/2020 Viewed multiple homes:

    Home A: Single family listed for $550,000. We offered $605,000. We had a good shot on getting this property, but unfortunately the owner had a lien that they wouldn't be able to pay off even if they sold the home, and the house went off market.

    Home B: Single family listed for $559,000. We didn't make an offer. Sold for $601,00.

    11/21/2020 Viewed multiple homes:

    Home A: Single family listed for $599,000. We didn't make an offer, sold for $605,000.

    Home B: Single family listed for $524,900. God awful "sold by Redfin" flip. Didn't make an offer, it sold for $586,000.

    11/27/2020 Viewed multiple homes:

    Home A: Single family listed for $620,000. Didn't make an offer, sold for $635,000 after 2 months on market.

    Home B: Single family listed for $590,000. We didn't make an offer, but this one probably had some problems that came up under inspection. It entered and left escrow FIVE times. It finally sold a couple days ago for $625,000 after being on market for 2 months.

    As you can probably tell, we've toured a lot of homes by this point. We started getting into our groove and started figuring out what we liked, so more of the visits turned into offers

    12/1/2020 - Single family listed for $565,000. We offered $575,000, it sold for $600,000.

    12/3/2020 Viewed multiple homes:

    Home A: Single family home listed for $625,000. We offered $650,000. It sold for $675,000.

    Home B: Single family home listed for $580,000. We offered $605,000. It sold for $620,000.

    12/8/2020 - Single family listed for $589,000. This home had good bones but I didn't make an offer on this home solely on the listing agents behavior. Answered basically none of our questions and had a terrible attitude. It's still on the market after 2 months.

    12/12/2020 - Single family listed for $575,000. It was a great home, but it was on the intersection of two main streets. The noise outside was terrible. It's currently pending.

    12/13/2020 viewed multiple homes:

    Home A: Single Family owned by Zillow listed for $638,000. This home had foundation damage and a weird layout. The home had sold just one month prior in November 2020 for $605,000. We didn't make an offer on it due to the problems listed, but it sold for $695,000. Shows you the insanity of this market.

    Home B: Single family listed for $750,000. This was a special one. The home was the top of our price range but we really liked the home. We offered exactly list price at $750,000, as they had just lowered the price by $25,000 from $775,000. The home was on the market for 2 weeks at this point. We thought we had a good chance, and the listing agent even gave us a counter offer. We sent another counter back, and we got ghosted… Our realtor kept following up, but the listing agent acted like we didn't exist or sent messages like "which offer were you again"? Completely unprofessional behavior, and on further investigation, the agent's parent company had been in several lawsuits for shady behavior. It eventually sold a month later for $775,000.

    Home C: Single family listed for $690,000. We were going to make an offer on this home, but it was taken off market.

    12/14/2020: Single family listed for $700,000. We absolutely loved this home. Comps were really good, and we submitted an offer for $750,000 with 15k appraisal gap and <21 day closing window. Owners act like they don't care about this property? They're located out of state and took 2 weeks to review the offers. Our offer was rejected, but home is still on the market.

    12/18/2020: Viewed multiple homes:

    Home A: Single family listed at 758,000. We thought it was overpriced (terrible flip), so we didn't make an offer. It went pending after a month.

    Home B: Really cute single family listed at 525,000. We thought the house was adorable, but unfortunately too small for our purposes. It went pending after a month.

    Home C: Single family listed for $585,000. We offered $605,000. Home sold for $600,000 and listing agent said they chose that offer because it had a 45% down payment. Wasn't even mad at that one.

    Home D: Single family listed for $738,888. We liked this home and offered the top of our range. 750k, 21 day closing, 15k appraisal gap. Didn't get it, sold for $790,000.

    Home F: Single family listed at $565,000. Offered $575,000. Sold for $595,000.

    Home G: single family listed at $688,888. We offered $720,000. It sold for $750,000.

    Home H: single family listed at $680,000. We offered $718,000. It went pending and fell out of escrow. It was relisted a couple days ago for $780,000.

    12/22/2020 Viewed multiple homes:

    Home A: single family listed for $750,000. We offered $750,000 since it was the top of our range. It sold for $803,000.

    Home B: single family listed for $750,000. We offered $750,000 (top of our range), it sold for $800,000.

    Home C: Single family listed for $620,000. We offered $610,000 and after a bit of back and forth THIS IS THE HOME WE GOT OUR OFFER ACCEPTED ON!!!

    WHEW. What a roller coaster. So for context, that was 33 counted homes toured, but probably closer to 38-40. Offers: 17. Acceptance: 1. I believe all homes we toured went for over list price as you can calculate above. But here's a bit more detail on the sale we eventually got:

    The home we eventually got accepted had been on the market for a bit. The listing had terrible pictures, and you had to definitely needed to tour it to appreciate, but even then it needed a lot of work. We toured many fixers, and lost offers on those fixers, but a fixer in this area is kind of unusual. People have the money to buy newer/turn key. Thankfully we were ok with taking up the work, and were able to actually get some closing costs paid for. So for those who are in the similar journey as we are, redfin offers really nice filters where you can see homes that have been on the market for over X number of days. That's how we found this one. We're really excited to move into our new home, as the journey was really exhausting. Hope this thread was informative!

    submitted by /u/BootyWizardAV
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    The market is so crazy I feel like I'm not being fair to our realtor.

    Posted: 01 Feb 2021 08:05 AM PST

    We are in a "want to buy a house" phase rather than a "need to buy a house" phase and I understand we're not playing with monopoly money. We're making strong offers over asking without contingencies, but someone is always going to be more desperate or less money conscious as well as being willing to waive inspections, which we're not. I feel like we're not being fair to our realtor just for not being desperate or crazy enough to "win" and still having them do the work of showings and research. Just feeling frustrated and bad.

    submitted by /u/IvyDivey
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    How to deal with an emotional/eccentric seller?

    Posted: 01 Feb 2021 05:23 AM PST

    I'm currently in a bind between a seller and I, where I have made an offer 5 days ago, they verbally accepted it 3 days ago, stopped showings of the house, but will not sign anything.

    When questioning why they haven't signed anything, responses like "we don't know where we are going to go". I've told them I can extend the closing date 2 1/2 months out to give them time to find somewhere to stay and move comfortably. The response to that was "I'm a spiritual being and need to feel out my family's future". I had no response to that one.

    Listing agent is confused, I'm losing my patience, and I need to get on with knowing whether or not they are going to sign because I'm losing chances to offer on any other homes in the area (homes where I live only stay on the market for an average of 3 days before going under contract).

    Should I give them a final date to sign, else I withdraw? Should I be patient? Has anyone else had a story of a seller like this they would like to share?

    submitted by /u/FreddieZeRobot
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    Took the plunge, Made my first offer yesterday!

    Posted: 01 Feb 2021 04:50 AM PST

    I made my first ever offer on a home yesterday!

    Property Type: Side by side duplex List: $398k. House last sold for $270k in 2017 Offer: $402k with escalation clause up to $412k, and $10k earnest money

    Hoping for the best! I am going FHA and my agent says there will be multiple offers. My offer expires at noon today so hopefully will hear back soon.

    submitted by /u/TerpTimeTea
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    Propert Manager Paying Late?

    Posted: 01 Feb 2021 06:50 AM PST

    We have one rental managed by a property manager. Our tenants pay on time but our property manager has been paying us late for the past 6 months due to the pandemic. Never know when the money is going to drop and it keeps getting later and later. We do get an additional $100 for late payment.

    She also asked if we can skip a month of payment so we'd be getting paid at the end of each month instead of the beginning.

    I believe this is due to other of her tenants not paying, but ours are.

    Is this normal? What would you do?

    submitted by /u/babs1025
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    Waiving appraisal on house in Bay Area, no comps within 1 mile in last 3 months (there are some within 1.5 miles), what will happen?

    Posted: 01 Feb 2021 09:27 AM PST

    Hello,

    I'm on the verge of putting in an offer on a house in the bay area, roughly 13% over listing price. There are no sales in the last 3 months within 1 mile for a comparable house size. There are a couple larger houses that have sold within 1 mile, here are details on the house I'm bidding on and the houses near by:

    • My potential house: 3 beds, 2100 sq ft, 2400 sq ft lot size, built in 2017
    • House that sold within one mile: 5 beds, 3000 sq ft, 9000 sq ft lot size, built in 1999
    • Houses that have sold within 1.5 miles:
      • 4 beds, 2100 sq ft, 5500 lot size
      • 4 beds, 3149 sq ft, 9000 lot size

    I have a few questions:

    • Will the appraiser look at the 5 bed house as a comparable, or expand beyond 1 mile? There are some comparable houses that sold within 1.5 miles in the last 3 months, and plenty within 5 miles (all within the same city).
    • Will the appraiser expand beyond 3 months (I HOPE NOT)?
    • Will appraiser take into account that the house I'm bidding on is pretty new and has tons of upgrades on the interior, although a small lot size?
    • Any chance the appraiser can take into account the hot market or can he/she only go off of closed sales data?

    Thank you very much, I appreciate you guys.

    submitted by /u/aliasis4
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    60 day leaseback for no cost to seller.

    Posted: 01 Feb 2021 08:51 AM PST

    We're buying a house north of Austin Tx and the seller wants to do a rent free leaseback for 60 days post closing. We wouldn't close until March (it's Feb now for future reference). Is a rent free leaseback common or is the buyer trying to take advantage of us? Thanks!

    submitted by /u/Thick_Method3293
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    Joining a team? What do you all think...

    Posted: 01 Feb 2021 07:33 AM PST

    I am currently an assistant for a realtor & I am in the process of getting my license, I have been offered to be on a team, details not completely written in stone yet, but essentially she wants to start a team, which I could start on, she has plenty of business to share, spilt would be 45her/55me for leads she would generate and 35her/65me for leads I would generate at a brokerage where I would take take home 82% until reaching a cap.

    My question is, is this a fair spilt? Should I push for more on leads I generate myself, I'm assuming I would have to pay the brokerage fee as well? I feel as though the spilts are high on top of the 18% the brokerage takes but maybe I'm wrong... what do you all think?

    submitted by /u/Significant_Air8117
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    Talk to me about New Construction homes

    Posted: 01 Feb 2021 05:09 AM PST

    How are new construction home builds?

    I read an article the other day stating that homes built from 1900-1980s are elite and stand forever. While newer built homes are having a slew of maitenance issues 2-3 years down the line.

    As someone looking to buy a new build, does anyone have experience? Am I better off getting an older home and remodeling?

    submitted by /u/soyerom
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    Real Estate Investment

    Posted: 01 Feb 2021 06:00 AM PST

    Should I invest in real estate? I'm looking at a solid and effective way to grow my money and I have heard people say that it is a good idea. I do not have a ton of capital so I don't know if it will be worth it

    submitted by /u/TotalHercules94
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    Tax Deduction for Rental Discount?

    Posted: 01 Feb 2021 09:30 AM PST

    If we have been providing rental discounts during COVID, can we write this off an expense? Essentially its rent that they owe but cannot afford anymore. What kind of expense would it be categorized by? Thanks

    submitted by /u/kayv0n
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    Agent wants us to sign an addendum that covers buyer on earnest money up to closing

    Posted: 01 Feb 2021 09:27 AM PST

    So we're selling a home with a 7-8 year old roof. It has granular loss and the buyer wanted us to put a claim in. This claim won't be processed until around the day of closing. If buyer backs out last minute this would exhaust our options and screw up our closing on our new home and take away our earnest money from the buy of our new house. Buyer knows the roof is 7-8 years old. This worries me he's planning on backing out if the claim doesn't go through and take his earnest money with him when he's supposedly in a grace period to decide if he wants the house as is or not. I don't know how comfortable I feel signing an addendum to let him back out last minute and take the earnest money. We've invested money into inspections in our new home after the roof situation came into play a few weeks ago. Sorry if this doesn't make too much sense. My child has nursery rhyme playing in my ear and I can hardly think lol

    submitted by /u/Dry-Midnight8189
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    Feedback Desired: "Cashing out" first house? [MD]

    Posted: 01 Feb 2021 09:15 AM PST

    I currently own two homes. The first I bought in 2016, and it has been generating rental income for a while now. However after checking out the market I've realized if I sell it as is, I could make around 100k after all fees are paid. Potentially more due to improvements I've made to the house.

    Would it be a bad idea to sell, then use part of the cash to buy another home to generate rental income? Getting renters is not an issue. The houses in the area are all basically copy pasted, so I don't have too many concerns about finding another or dealing with fixing costs either. I'd be buying the new home sometime before June.

    The rest of the cash I would save/invest, potentially to buy a third home a few years from now for more rental income (although I might just save it as a retirement/rainy day fund)

    The alternative is to just refinance the home and keep it rented. I'm not against the idea of just leaving it be, but I currently don't have any real savings so the appeal of being able to save some of the sell cash is very appealing.

    submitted by /u/SisterHack
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    Why is the rental market usually slower during winter months?

    Posted: 01 Feb 2021 09:00 AM PST

    What's the benefits to have large lot size in a new built townhouse

    Posted: 01 Feb 2021 08:57 AM PST

    Just purchased a corner unit TH and by reviewing the disclosure I found the lot 3 has bigger lot size than the same floor plan. e.g.: lot6 lot9.

    I'm sure the price are similar to lot3, lot6, and lot9. Only few thousands difference.

    And the living space are the same for these three.

    The blur area is the extra lot portion I have. It's just sidewalk or lawn and plp might walk onto it.Not allow to built a fence I believe.

    ​

    What's the benefits to have a large lot size for a new built townhouse?

    Would that be good for appraisal or sell it again in few years?

    https://i.imgur.com/ImtQEZZ.png

    Thanks in advance!

    submitted by /u/BestCranberry4068
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    MLO Testing Advice

    Posted: 01 Feb 2021 08:56 AM PST

    I am a history teacher. When COVID first started, a friend of mine offered me a side job. I was giving him several referrals, and he said that I might as well get my MLO and help him out so he can pay me for all the business I bring him.

    So I did the class in March. Went in blindly the first time I took the test and scored a 66%. I studied for a couple of days the next two times and made a 73% and a 74%. So now that my 6 months is up, I am about to take it again in 2-3 weeks.

    Any advice on studying? Anyone have access to any practice tests or quizzes they can share? Any websites? Should I purchase a test prep kit? If so, which one?

    Thanks!

    submitted by /u/BallCoach79
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    Are realtors really busy or is it an excuse

    Posted: 01 Feb 2021 08:49 AM PST

    Work-Life balance - So ive been talking to this guy for a few months and he stated he's always busy so he can't see me as often. He would still message me and send pictures every once in a while. I live about 45 mins away from him. Do real estate agents work more than the 40 hours weekly? If so, how many hours do they work? I get some people can be tired after work and don't feel like driving far after getting off work. How do you know if the guy really likes you despite their busy schedules?

    submitted by /u/Slipperdog1
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    xPost - What are some things that people OVERVALUE when buying that don't usually matter or can be easily addressed?

    Posted: 01 Feb 2021 08:46 AM PST

    Sold house

    Posted: 01 Feb 2021 08:33 AM PST

    So we bought with VA, lived in our house for a year and a month then sold due to getting orders. Will we have to pay a lot in taxes for this? Just trying to get a general idea. We will talk to someone to file for us just waiting for more paperwork.

    submitted by /u/melissam04
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    Buy decent priced home or wait for Dream house - NJ

    Posted: 01 Feb 2021 08:27 AM PST

    So been in the housing market in central NJ forever now and prices are just continuously increasing with buyers offering 50K above list price !!! Now I came across this forsale by owner house through a personal friend. The house is reasonably priced (probably pre covid price) but honestly me and my partner are not 100% in love with it although it checks most of our boxes/needs. So the dilemma here is wait until our dream home comes up which will probably be atleast 100-150k more , or jump into this one now with a super low mortgage interest rate , live in it 3-5 years, and then determine whether I should upgrade or stay put. (given that I bought the house at a good price and I can at least break-even.)

    submitted by /u/moelsaman23
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    Cash Out Home Equity Loan to Sell Question

    Posted: 01 Feb 2021 08:02 AM PST

    If im looking to sell my Townhouse in the (DMV) Alexandria, VA area within the next 60 days, and can list at a 30% higher price by taking out a Cash-out Home Equity loan for repairs and paying off some debt and basically paying more fees and rent to a new title holder for one month, Or would it be better to get a smaller friends & family loan for a few thousand for minor updates painting and new appliances,and pay them back double at closing, and sell as is in 30 days As Is current equity $200K Return? Or should I take out a cash-out equity loan generating 30% more return but costing more time and money?

    submitted by /u/Mnportis
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    Redfin

    Posted: 01 Feb 2021 07:18 AM PST

    Can someone explain to me how Redfin agents get paid? They say that their agents get a salary but I thought all agents only get paid commission

    submitted by /u/Melvin_1st
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    Can I email a CRP to my tenants or does it have to be hand-delivered?

    Posted: 01 Feb 2021 07:18 AM PST

    Which states allow you to take the real estate licensing EXAM online?

    Posted: 01 Feb 2021 07:14 AM PST

    I'm a student potentially interested in becoming a broker after college. Since online school is a joke, I figured I'd get a head start and get my RE license. But with COVID, I'm worried about taking a test in person. Which states allow you to take the exam for the real estate license online?

    I really don't care what state, since I'm willing to re-take it for the state I move to after college, but I want something on my resume that shows I'm dedicated to this.

    submitted by /u/IntriguedObserver
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