Real Estate: Suggestion from this sub worked and now under contract! |
- Suggestion from this sub worked and now under contract!
- Is the sky falling for potential first time buyers?
- So what happens to your credit score after buying?
- Mortgage rates are about to hit 3% for the first time since July.
- Would this multi-unit be a smart investment?
- Advice for screening potential neighbors?
- Pay over asking price or wait?
- Is a buyers agent really necessary?
- First time home buys lost in the weeds...
- Eeeeek! Putting in an offer on a small small house tomorrow and listing my hobby farm next Wednesday!
- (MD) Does any increase in base price for new construction impact the appraisal of previously contracted homes?
- Has anyone's agent dropped buyers as client due to market?
- My realtor shared my pre-approval with the lending agent.
- Best websites online to do my pre-license education?
- Should we ask seller’s to mitigate mold?
- Purchasing Vermont home occupied by nightmare tenants
- What level of noise requires a noise disclosure?
- [GA] How deep do Underwriters look at bank statements/reserve funds?
- Appraisal on a new construction
- First time home buyer here. Is it normal to wait on my real estate agent to get back to me regarding a showing?
- Whole sale and Real estate
- Meet the Florida realtor behind that viral, honest home listing
- Discussion: Property Depreciation
- Offer Contingent On Seller Closing on Another Home...
| Suggestion from this sub worked and now under contract! Posted: 24 Feb 2021 07:05 PM PST Someone recently asked for tips on how to win a home in this crazy competitive market. One of the suggestions was to post in Facebook community groups in your target area basically introducing yourself and that you're looking to buy. I passed this info along to my husband's daughter & her fiance. They posted in a local FB group that same night, got a response the next day and are pending inspection today....in less than ONE WEEK! The seller is in her 60s and has lived in the home for 25+ years. She's had a lot of wonderful memories in the house and wanted to make sure it would be passed along to someone who loved the house as much as she has. She is selling the house to them at market value. Thank you to whoever offered up this suggestion. Not only did it work like a charm, but they were contacted by 2 different sellers! [link] [comments] |
| Is the sky falling for potential first time buyers? Posted: 25 Feb 2021 07:20 AM PST Disclaimer: I'm venting and appreciate any seasoned mortgage banker to chime in. With treasury bond yields increasing dramatically (50% YTD) and now the highest they've been since March 2020, I am assuming that fixed mortgage interest rates will follow suit. Home prices were already outpacing increases in buying power afforded by low interest rates, which to me means that many first time home buyers are soon to be priced out. Some here have said that even a 1% increase in rates can affect buying power by $100,000. If things continue at this pace, sub-3% loans are going to very soon (again) become a thing of the past. Now looking at this big picture (in terms of decade long time frames), mortgage rates are still low historically. And the Fed has signaled they won't raise rates until 2023. But as a buyer planning to live in my purchase the life of the mortgage (not a real estate investor), that doesn't matter much to me right now. It seems that overall economic recovery is coming much more swiftly than the average American household. Now we are still in a pandemic and things could change quickly, but now with 3 (and likely soon to be 4 or 5) vaccines available to the public, and increased focus on building public health infrastructure, I think our worst days our behind us. I'm particularly concerned about the new construction market which has seen insane price increases for materials and labor. These constructions that will be completed in 6-12 months are going to have a hard time selling, or builders are going to have to really tighten their margins. Signed, a FTHB building a home and getting absolutely hammered with shitty news. [link] [comments] |
| So what happens to your credit score after buying? Posted: 25 Feb 2021 07:40 AM PST I know this is a really stupid question, but I honestly don't know. Me and hubs are refinancing the house. We close today and im getting ready to go sign the paperwork. I have been working so hard to up my credit score. I have around $2k in credit card debt (i know thats not a lot to some people...) and have been busting tail to get my score back up to at least the 600s. Since this is a refi, they're just adding me onto the paperwork after the fact, which im fine with. But is having a MASSIVE loan against me gonna tank it? I literally have 0 plans to use any type of credit in the foreseeable future. But the unknown of what happens to it is kind of giving me massive anxiety. What if i NEED to? What if something happens to hubs and i NEED a loan/car/card/something? [link] [comments] |
| Mortgage rates are about to hit 3% for the first time since July. Posted: 25 Feb 2021 09:48 AM PST Hoping this will bring back some normalcy in the housing market. [link] [comments] |
| Would this multi-unit be a smart investment? Posted: 25 Feb 2021 07:31 AM PST Purchase price- $1.75 million. 14-unit building, 10/1-bedroom and 4/2-bedroom. 1/2 the units have been recently updated. Estimated monthly rental income would be- $16K. Taxes on the property currently $20K per year. Thoughts? [link] [comments] |
| Advice for screening potential neighbors? Posted: 25 Feb 2021 07:28 AM PST Apologies if this is the wrong place for this question. Planning to buy my first home next year and the house I currently rent has neighbors with very loud outdoor dogs that wake me up every morning. I have lived around noises constantly and would love some peace. Is there a way to check out if a house you're interested in is plagued with overly loud dog neighbors? [link] [comments] |
| Pay over asking price or wait? Posted: 25 Feb 2021 09:07 AM PST I am looking to buy a house, with interest rates being low and what I'm paying for rent.. it seems like a smart financial decision. I know it's currently a sellers market and I am having a hard time even finding something suitable. I looked at a house yesterday, first day of showing and they got 8 offers and wanted final and best offer by today. The house is a 1,536 sqft, 2 bed, 2.5 bath with an asking price of $269K. I'm doing a conventional loan and I am pre-approved for $330K but could go higher if needed. I offered $275,501 on the house because comparable homes are much less (around $230-250K) than their asking price and all have 3 bedrooms. The seller is taking advantage of the market. I don't want to overpay for a house but also I'm not trying to make a profit. My rent is $2,550/mo and a house in that range would save me money every month. I want to know if I should keep looking and pay over asking price for a mortgage, or should I wait and pay another year of rent? How much over asking price is too much? I can only put about $50K down. I'm financially stable and live close to work, there is no urgent need to move right now except for nice to haves like having a yard for the dogs, no neighbors, and saving more money each month. [link] [comments] |
| Is a buyers agent really necessary? Posted: 25 Feb 2021 05:56 AM PST Currently live in PA, moving to MA in June after retirement. We found a home online that we love and will buy if we can get it. Do we really need to get a local agent? Will a lawyer suffice? What are the potential pit falls of doing this? I don't see why we should pay 3% if we don't need to. [link] [comments] |
| First time home buys lost in the weeds... Posted: 25 Feb 2021 07:56 AM PST My wife and I are looking to buy our first home. We are very excited and scared at the same time! Our current lease is up at the end of February 2022, so we are looking at almost one year out to the date. We have a few things we've been trying to sort out, and the internet has a million "answers" for a single question. We find it best to get any info we can from those who have gone through the process. From what I can find there would be- mortgage, property/school tax, insurance fees and savings for maintenance. I'm sure I'm missing something here. I'm having a particularly difficult time getting an idea of what the property taxes for our area (central NY) would look like. I've been told a realtor would help with these questions, but I've also heard being a year out may be too soon to really start the process. The other thing that is perplexing me is how to handle the transition from our current lease to moving into the house. I.E would moving into the new house In February add an extra month or mortgage? Should we just aim to close closer towards February first? I know this is a lot but any help would be greatly appreciated! [link] [comments] |
| Posted: 24 Feb 2021 08:14 PM PST It was time to downsize, and it's a red hot seller's market for my hobby farm. I started looking for a 2 bed, 1 bath in little towns around 50 miles "out west". (I work 85% from home now). Our offer goes in tomorrow for $10k LESS than list price, as it's been on the market nearly four weeks with no offers. The market for houses I want to buy is barely warm. Conversely, the market for small hobby farm properties similar to what I currently own (been here 21 years) is nuts. My agent is listing for more than what I thought I could get and expects to sell very fast with multiple offers. Financially, this seems to be the very best way to buy and sell in this current market. I will pay for my small house with my current equity and be completely debt free. I absolutely can't believe it. I hope hope hope it all works out! [link] [comments] |
| Posted: 25 Feb 2021 07:30 AM PST I signed a contract for a new townhome about five months ago, but the builder haven't started the construction of my home yet. Since I signed the contract the base price for the model went from $460k to $510k. I'm financing the home purchase through a VA loan and I have been worrying about the appraisal might come in low due to upgrades I selected (final price $680k) . I would prefer not to bring cash to the table to cover the gap. Would an appraisal be affected by the increase in the cost of the new construction since I signed my contract? If I went to builder today and signed a contract, I would now be paying $50k more than I did five months ago. [link] [comments] |
| Has anyone's agent dropped buyers as client due to market? Posted: 25 Feb 2021 07:13 AM PST Fortunately I am not speaking from experience but it does seem like a plausible scenario in this market. It seems much more profitable and efficient in this market for seller's agents than for buyer's agents. Making the same commission for fractions of the work. Across the country, houses are selling in a weekend with minimal effort and typically no contingencies. On the other hand, a buyer's agent may spend months showing houses and writing tens of offers until their buyers finally get one accepted. I'm just wondering why I haven't heard more stories of agents just deciding not to represent buyers or at least be more selective about who they represent in this market. Are there just so many agents that being selective is not a luxury they have? What am I missing? [link] [comments] |
| My realtor shared my pre-approval with the lending agent. Posted: 24 Feb 2021 10:39 PM PST She said this is "common practice".. The lending agent learned I had 20% down for a much higher loan approval amount.. This kind of screwed me on my offer. I feel like I just got played, having to put another offer on the place. I was told the reason was because they got another offer. It just seems really fishy to me. [link] [comments] |
| Best websites online to do my pre-license education? Posted: 25 Feb 2021 06:26 AM PST I'm sorry if this is an obvious question but I'm having a hard time picking a good and legit website to do my pre licensing classes. I live in Phoenix so I need 96 hours. I just need help finding a good legitimate websites or if someone can point me in the right direction. There's so many and I'm not sure which to choose. [link] [comments] |
| Should we ask seller’s to mitigate mold? Posted: 25 Feb 2021 04:13 AM PST Hi all! My partner and I just had an offer accepted on a home. We beat out a cash offer that waived inspection. We had the inspection yesterday and there is a considerable amount of white mold in the attic. Mitigation quote is $2,500 plus whatever it will cost to install vents or a fan (architecture of the house will make it challenging to have traditional vents, which is why a fan was recommended). Our agent told us if we ask the seller to make changes, specifically in writing, that that would effectively reopen the contract and they could opt to say 'no' and then immediately go to the cash offer. I read something on this sub that a seller could do this if they say no AND we say we aren't willing to budge. If we are willing to budge, it makes sense in my mind to at least ask. We were going to ask them to pay for the mitigation and we are willing to pay for the vent/fan install. If asking puts the sale at risk, I'd rather find some way to pay for the immediate mold removal that doesn't involve the sellers. Any recommendations? Thanks for your help! [link] [comments] |
| Purchasing Vermont home occupied by nightmare tenants Posted: 25 Feb 2021 06:12 AM PST Long time listener, first time caller here. Have a predicament that I would appreciate some feedback on. 30M first time homebuyer using my VA home loan benefit. Viewed a great property in a perfect location in my home state of Vermont the other day. My goal would be to purchase this home as my primary residence as its in the middle between my job and our biggest "city." 2 story chalet style property, 3 BR, 2BA, and a heated unattached 2 car garage. Home is in great condition except a very leaky shower door, some beat up carpet throughout, and some other odds and ends. Home is listed for $325k but has been on the market for over 150 days. This is a massive red flag due to the hot real estate market in VT right now. The BIG problem is the current tenants. They are 9.5 months behind on rent, are staying past their lease, and are the most unpleasant people I have ever met. The owner cannot evict due to the moratorium that is in place until May 15th. They canceled my first viewing last minute, screamed at the owner, and were just difficult the entire time. Owner said that they have done this to countless other interested parties. They are anti-maskers and don't belief that COVID-19 actually exists so they can't use the pandemic as an excuse to not let people view the home. I should also mention that neither of the tenants has lost a day of work during the pandemic, they are just using and abusing the system that is meant to help people who truly need it. Needless to say, the owner a motivated seller as he is owed thousands of dollars and really wants to get rid of this property and his relationship with the tenants. I would make my offer contingent on the property being vacated by the current tenants. However, with the current eviction moratorium, what are the chances that these people will ever leave? Could I be sitting on my offer for 6-9 months or longer? Owner said that with an offer he will have more leverage in the eviction process but I don't think the law is favoring landlords here. The property is in good condition now but will the tenants trash the place when leaving? Is there anything else I should consider? Also, what are the chances that they will put up a fight with the appraiser and the inspector gaining access to the home, drawing out the process even more. Really like this property and not in a super rush to move in. The main reason that I would get involved with such a mess is that I think that I could get a really good deal. The home has been on the market for 150 days and the seller is so motivated I was thinking of offering $50K off listing. Looking forward to any insight and feedback. [link] [comments] |
| What level of noise requires a noise disclosure? Posted: 25 Feb 2021 09:55 AM PST Looked at a few homes that would seem to need to disclose noise - train track behind the back yard or near a railroad yard, or a zoo (some of the primates are really loud) but none mentioned anything on disclosures (noise is on the disclosure checklist, they all checked No) How bad does it need to be before it should be disclosed? [link] [comments] |
| [GA] How deep do Underwriters look at bank statements/reserve funds? Posted: 25 Feb 2021 09:51 AM PST I currently have under $1k in my bank (after paying bills/rent, etc). Wanted to wait a year before buying a house to save downpayment/closing cost, but my Grandmother offered to put down 140k if I bought this really nice new construction near her. This means I can't really wait. I know you guys aren't my lender, but how likely would I be approved? First time home buyer:
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| Appraisal on a new construction Posted: 25 Feb 2021 09:50 AM PST Those of you who recently closed on a new construction, how does an appraisal work for a new construction home? Do you ask the builder to decrease the price if the house doesn't appraise to the final price? [link] [comments] |
| Posted: 25 Feb 2021 09:47 AM PST I KNOW we're not the only ones looking for a house. I'm aware of that. We are actively looking for a house, the inventory in our area is scarce. Same day new listings are gone within the day or two. We reached out to her regarding new listings and she said she'll look at them by the end of the day and get back to us. Is that normal? Our questions is, can someone else in the team show us the house? Our concern is losing the house bc we didn't get to even see it in time. Is this normal real estate etiquete? Not sure the word I'm looking for here. But also don't want to feel like we're being put on the back burner. [link] [comments] |
| Posted: 25 Feb 2021 12:58 AM PST Hello guys. Just wanted to know if there was an amazing book or a website that basically explains real estate/whole-selling and the steps to take for newbies like me to begin and what to do. I came across it and I'm really moved with the whole thing, only problem is that I'm seeing so many "gurus" speak of so many things related to it and it's almost like all of them have a different way of telling it but are holding on to it (idk it's confusing and google just doesn't budge either) and all of them have to end up marketing their courses or whatever. Nothing wrong with that, but it kind of leaves you in the middle of speculation and awe. If someone could explain this whole thing in the most layman terms there is possible, then that would be amazing. Ohh also if you guys could explain how the stock market works in terms of investing in it, would be a gargantuan bonus! Thanks guys!! [link] [comments] |
| Meet the Florida realtor behind that viral, honest home listing Posted: 25 Feb 2021 09:39 AM PST What do you guys think of the comedic home listing? This woman is indisputably hilarious, but is it really a good way to sell a house? If you're not familiar with the "ominous energy" home listing, here's a good explanation. https://www.tampabay.com/news/real-estate/2021/02/25/meet-the-tampa-realtor-behind-this-viral-honest-house-listing/ [link] [comments] |
| Discussion: Property Depreciation Posted: 25 Feb 2021 09:32 AM PST When you purchase a new car it loses almost half its value the moment you leave the lot. Over time the value goes down until it ultimately reaches 0, unless someone think it's worth paying for it. The value of land isn't affected by development. You can fill it back up, fortify, refurbish it, etc. You're paying for location. The land value typically rises depending on where you are unless something random happens. But typically is pretty consistent. When you build something it's temporary in nature in some way, fashion, or form. It slowly deteriorates regardless of what materials you use. The same with commercial and residential properties. Does the value and assessment of the property (not including land) go down over time? And would this help or hurt the industry? This could effect taxes, assessments, appraisals, transactions, and so on. I know that throughout local neighborhoods there are people dedicated to purchasing damaged and old homes, fixing and reselling them, making them livable and perhaps refreshing the surrounding area. [link] [comments] |
| Offer Contingent On Seller Closing on Another Home... Posted: 25 Feb 2021 09:11 AM PST So... Make an offer on a house. Nothing is disclosed up front. All of a sudden, seller counter offers. Wants 2 months of rent back for free and puts contingency of offer on them closing on another house in 21 days. I should just walk away from this dumpster fire right? Is there a clause I could put in that lets me walk away at any time? I've heard that when the buyer has a contingency on selling their home, the seller can get an "out" where if they get a better offer, they can just take that one. Can I ask for the same but on the seller side? [link] [comments] |
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