Real Estate: Epiphany in an insane market |
- Epiphany in an insane market
- The Lack of Inventory is Staggering
- Unintentional omission about Asbestos - Buyers are threatening to sue
- Questions to agents and people who have bought a home
- Brooklyn Apartment, Is This Sketchy?
- Do property taxes and insurance count towards DTI if the mortgage is paid off?
- Home Buying in Los Angeles - closing today so there is HOPE!
- Continuous never-ending offers to buy my properties. Anyway to prevent these?
- Selling a Flip - Diary Day 1
- Red Flags in Tenant Screening?
- Why is no one moving to Gary IN?
- Lost another offer.
- Closing in April, but not moving until the end of June. What are some things I need to know? (US, Virginia)
- Where should I take my classes
- Inspection received before closing
- How long to get your salesperson exam grade in NY nowadays
- Are builder upgrades included in sale price history?
- Do I need landlord insurance for short-term rent back?
- Selling house to Redfin soon
- How is realtor commission determined if there is no listing agreement?
- I want to buy a second home any suggestions on how to get that done ??
- (US)(MA) Do I need to immediately do anything after getting my license?
- The only options left are tenant occupied.
- New Construction Townhome - Appraisal Question
| Posted: 02 Mar 2021 07:22 AM PST So like everyone else, we lost yet another bid yesterday and I was so frustrated. I am used to planning my life and the powerlessness in this market is crushing me. I over-analyzed and ranted on this sub on all the things that are wrong in this market and this world. Then my husband came home. And he smiled and hugged me and said he loves me and we will find another house. Thing is, he liked this particular house more than I did. It has certain features that are his dream and he really, really wanted it. So I woke up from my nightmare and realize that life is wonderful in reality. I have an amazing husband who is a blessing to share a life with in whatever house or townhouse or condo. I am writing this down to remind myself of this. I already have all I need to be happy. Even if we never find a house and continue to rent a small condo, if the only thing I get from this roller-coaster ride is the realization that I actually do not need a house to be happy, it is a true blessing in disguise. Because it is good for my soul. [link] [comments] |
| The Lack of Inventory is Staggering Posted: 02 Mar 2021 09:40 AM PST I'm a religious refresher of Redfin/Zillow for my local area (Philadelphia suburbs) and the lack of new listings is shocking. We're rapidly entering what is typically the hottest season (early-Spring), and in years past, within a given zipcode, I'd usually see 6-7 houses posted per day. This year, I see 1-2 a day, if that. I've also noticed that listings go under contract fast. The only listings that are still active are dogs that are priced too high or have major drawbacks that I can see from just the photos. I have never seen it this bad in the 15 years I've lived in the area. Perhaps there will be a tidal wave of listings in the next few weeks, but I highly doubt it. There's almost always a ramp up that starts strong mid-Feb as sellers try to get a jump on the season. [link] [comments] |
| Unintentional omission about Asbestos - Buyers are threatening to sue Posted: 01 Mar 2021 05:17 PM PST I recently sold my house in GA in February 2019. Earlier in 2018, I had an HVAC company come look at my A/C and ducts since the house wasn't cooling well. The HVAC company found asbestos and told me it wasn't in a harmful state, but if I wanted to replace the ducts, they'd have to have a professional remove it before they could install new ones. I chose to forego the installation since the A/C still worked, it just didn't work efficiently due to loss in the ducts. During the selling process, I had the A/C system certified by another HVAC company for the Home Inspection Warranty, and paid for some minor A/C fixes. While filling out the Seller Disclosure, I mentioned the A/C to my Realtor, but we both agreed since it wasn't broke, and it was getting certified, there was no reason to list it on the disclosure. I completely forgot about the asbestos since it wasn't affecting the house in anyway. Around October 2020,my realtor emailed me that the buyers were seeking remedy/threatening legal action due to the presence of asbestos in the house. They had the same HVAC Company come out to look at the A/C unit, and the Company shared texts from me to them stating I knew about the asbestos and inquiring about what courses of action I had. The buyers wanted $3.5k to remove the asbestos, and $6k to replace the ducts. From my viewpoint, I feel absolutely guilty about omitting the asbestos from the Seller Disclosure. I also, however, understand that it's an old house (built in the 40's) and I can reasonably expect there to be asbestos in some part of the house (ducts, tiles, etc.). I also understand that it doesn't pose any danger. The only way it would negatively affect the house, is during replacement of the ducts. The buyer's viewpoint is he has a young child and a wife, he most certainly would not have bought the house if the asbestos was labeled. After talking with a lawyer and my realtor, I initially offered $2k to settle, which the buyer rejected. I then offered $3.5k to just remove the asbestos, which the buyer also rejected. He then told me, "be prepared for legal action", and "it is going to end up being much more expensive for [seller]". Finally, in February 2021 (3 months after rejecting my offer), I received an email back from the buyer stating he has an attorney and is willing to go to a Magistrate Court for small claims based on claims of fraud and breach of contract. However, since I am currently in Germany (military), he cannot press forward until I return to the US due to the SCRA. He therefore asked for a $5k settlement. His tone has changed drastically from his previous emails. What are your thoughts on this? Should I pay the $5k? I know GA is mostly a "buyer beware" state, but I did know of the asbestos prior to selling it out. Again, I truly do feel guilty for omitting the asbestos from the disclosure, but I tried to remedy that by offering to pay for the removal. [link] [comments] |
| Questions to agents and people who have bought a home Posted: 02 Mar 2021 07:32 AM PST How many properties do you have to show people or did you look at before making your purchase? The amount of showings I'm scheduling with my agent kind of makes me feel like I am touring a good portion of the active homes available on the market. Today I scheduled like five showings and I get a little hint that the agent isn't extremely happy about me wanting to tour so many homes. The homes are all like two minutes apart so I kind of figured we may as well do that whole area of all the ones I'm interested in at once. Not just every home near by, but every one near by I'm seriously considering I guess I just wanted to get a little insight as to courtesies and the amount of showings people usually do before making a purchase as well as the amount of showings most agents are willing to do during a single period of time [link] [comments] |
| Brooklyn Apartment, Is This Sketchy? Posted: 02 Mar 2021 09:45 AM PST I've lived in a building with my wife for the past 9 years renting from a landlord. It's a co-op building and we've never had a lease. He said he didn't want a lease because then "things would get all legal". I found this alarming and odd, but in the 9 years he's never raised the rent and been more-or-less attentive to issues. He owns several apartments in our building and came to us over a year ago with a proposal to buy one, citing a range that was below the market at the time. A tenant had to be evicted before the sale could go through, this tenant was a hoarder and left the apartment in poor shape. Almost immediately after the eviction Covid happened and everything shut down. We finally saw the apartment in January and it was in pretty rough shape: some warping and water damage in the floors, no kitchen whatsoever (literally an empty room), no lighting fixtures, bathroom that hadn't been touched in decades, etc. But, hey it's a two bedroom in a nice building in a nice location. The seller wants us to pay for the renovation on top of a base "as-is" price. His proposal was to have a set base and then an adjustable cost for the renovations. He's agreed to some expenses like fixing the floors and covering the flip tax. We didn't feel comfortable leaving an open-ended price, so we did research on materials and labor and proposed a price. He doesn't feel comfortable with setting a fixed price because he doesn't want to eat any unforeseen expenses. I feel like that's justified because ultimately it's his apartment before we close. From his point of view, he doesn't want to do a renovation to our spec when we could back out. Are we being overly suspicious or overly naive? I can't imagine this is a normal situation so it's been difficult to find guidance on how to proceed. Our closest comp is another fully renovated apartment in the building on the same line but top floor that sold for ~50k more than what we're ballpark expecting to pay. Given that comp it seems like a somewhat good deal and not having to fight for a place in this market is appealing. On the other hand, there seems to be a tremendous amount of risk in this transaction that I don't feel we're being compensated for with the price. TLDR; landlord wants to sell us a fixer-upper as if it's already been fixed up. Is this a bad idea? [link] [comments] |
| Do property taxes and insurance count towards DTI if the mortgage is paid off? Posted: 02 Mar 2021 06:42 AM PST I know they do in escrow. I have found before guidance that said at least property taxes count outside of escrow... but does it change if the mortgage is paid off? Edit: just to be clear, I am talking about home owners insurance. [link] [comments] |
| Home Buying in Los Angeles - closing today so there is HOPE! Posted: 02 Mar 2021 07:41 AM PST hi all, been lurking on /realestate for a bit and was so frustrated like many of you with the craziness of the market. But I am excited that we are closing on a home TODAY! Here is what we did that may help you, especially if you're looking in the LA area. It is no secret that LA is absurd. Houses are going $50-200k above asking. We didn't get the first 3 we put in offers on, one of which was all cash and went for $300k above asking - and that's with a deck about to fall off and likely take the house with it. But people want a piece of land for themselves, including me and we put in an offer on this craziness! Lesson I learned here - THAT WASN'T YOUR HOME. IF IT'S MEANT TO BE YOUR HOUSE, IT WILL WORK OUT. SO DON'T FALL IN LOVE WITH A HOME THAT ISN'T YOURS. IT'S A WASTE OF YOUR VALUABLE ENERGY. If you're looking at Pasadena, expand to Glendale. Looking at Atwater, consider FrogTown. Looking at a neighboring city/area may actually introduce you to a place that is more affordable, or more of a hidden gem. Sometimes by looking slightly above your price, you can find something that's in that price point where others aren't. Lesson I learned - BELOW $1MIL, EVERYONE WILL BUY, AND OVERBID. SO IF YOU CAN AFFORD IT, START LOOKING AT WHERE PRICES HAVE BEEN LANDING FOR YOUR TYPE OF HOMES. Our house was at the TOP of our limit, especially with all the overbids. But at that price, people wanted turnkey. This house was liveable but not turnkey. And we got it...below asking!!! Compromise. You want that back yard and walkability? Cool, then make those your 'Must Haves' and compromise on not all new appliances or something else. We really wanted a backyard, but instead got the view we wanted and an attached garage....And extras like a dedicated laundry room, and wonderful light. Lesson I learned - COMPROMISE OPENS YOU UP TO MORE OPTIONS, AND LEARNING THAT MAYBE THAT 'MUST' IS JUST A 'NICE OT HAVE'. The major thing about our story is that I decided to see this house, even though the exterior in the pictures was a total turnoff, was too big for us, and waaaayyyy above our price range. But I went to see it, and there was something about it that made me keep talking about it. The husband went to see it, and we weren't super super excited about it, but there was potential. And it checked most of our boxes, close to downtown, close to work, view, garage, vaulted ceilings, and lots of space. There were things we didn't like but all fixable. The house kept calling us, so we put in an offer at OUR maximum price. And we got it! Because we hit that sweet price point pocket where most people want turnkey, we submitted offer with all contingencies, and were able to do all inspections, etc without giving up any rights. LESSON I LEARNED - SOMETIMES THE DREAM HOME DOESN'T GET YOU RIGHT AWAY, BUT GROWS ON YOUR AFFECTION. JUST LIKE A REAL RELATIONSHIP, THE STRONGEST LOVE GROWS. INSPECTIONS: And when it comes to being in contract and doing inspections, do ALL inspections, even if you don't have inspection contingency. You want to know what will be fixes, and if it might be better to walk from the deal. Don't add sewer inspection to the home inspection. Get a plumber to do the inspection, because if there is anything that comes up, you'll have to pay a plumber to do a better inspection and that's a double inspection there. If you're on a hillside, please get a geological inspection or structural engineer to look at the foundation. They have more knowledge than anyone about how deep into the earth the house is, and that's important, especially in earthquake country. LOAN: If you want a jumbo, get your lender to be honest about whether you will qualify and how long it will take. in this market, most want to close within 30 days. If all cash, 14 days. Sometimes jumbos take longer, so be honest and have ducks in a row. Do you want to put in an offer at 30 days close, then know the loan won't close for 45-60 days and the deal falls through along with your sanity? Also see if you can work with a lender that has a float down clause. If rates drop a certain amount, the rate will be readjusted to reflect the new lower rate even after lock. Disclosure: I am a new realtor and did the deal for us. We got lucky, but we also held strong to the protections offered buyers (inspection, appraisal and loan contingencies), and held strong to what WE WANT IN A HOME. And we got it. So even in LA, there is hope!!!! [link] [comments] |
| Continuous never-ending offers to buy my properties. Anyway to prevent these? Posted: 02 Mar 2021 08:00 AM PST Several years ago, I invested in multiple raw land properties in an area I knew was to be forecasted to dramatically increase in value due to development and conservation acts being put into place. Properties are located in the NW United States. My long-term market hold is 15 years on all of these (over 10 of them). Since purchasing, their value has gone up by 9x my purchase price but I have no interest in selling them. At first, I thought it was neat and all land developers and property investors were already sending me offer letters using county data. However, as the years have passed, I am now getting 5 letters at minimum PER PROPERTY, per month. It feels as if I've just become a recycling machine at this point and wanted to figure out a way for it to stop. Is there a way to do so knowing that owner information is public data? [link] [comments] |
| Posted: 01 Mar 2021 07:41 PM PST TL;DR - I've flipped a house and now I'm selling it. Maybe I will make money. This is a diary of the process. So I bought a house at a foreclosure auction a few months ago and have spent the winter fixing it up. I'm done and ready to list it. Here are the relevant numbers (fudged to hide my precious identity): Purchase Price: $110,000 Renovation Costs: $15,000 ARV: $160,000--$200,000 The comps are pretty great. A nearly identical house in the neighborhood sold for $170,000 back in December after 1 day on the market, and there have been a few others that have sold in the $190,000 range, though the finishes in those homes were better. I'm 100% certain I would sell this house in a day if I listed it at $160K, and I'm pretty sure it will sit for months if I list it at $200K. $175K was originally my opening price, but recent sales in the zip code have convinced me that I could possibly get away with $190K. So here's my plan: I've posted pics of the house and a list price of $185K on the HOA's facebook page. I'm listing the house on the MLS this coming up weekend, so I'm going to use this posting to guage whether I've listed the house too high. I've also let a couple of my preferred buyer's agents know that this house is about to hit the market. I'll update this tomorrow. Hopefully I start to get a few nibbles. [link] [comments] |
| Red Flags in Tenant Screening? Posted: 02 Mar 2021 08:00 AM PST Hey All, Long time lurker first time posting. I have recently put up my first unit for rent and have been lucky enough to get a decent amount of interest I have this one potential tenant who already viewed the property and absolutely loved it and wants to move forward For some context I got a mixed feeling about her. She seems a bit odd in a few ways, she thinks she is some fairy of some kind and is this free spirited person who and lives that kind of lifestyle (which is totally fine) I just got a weird vibe from her through our few conversations. She mentioned how much of a go getter she is and that she runs a bunch of e commerce businesses related to her practice and that she teaches yoga and all of that stuff. She constantly tells me how much of a driven person she is and how she has all these projects on the go kinda like she is trying to convince me and herself I did some diligence, creeped her social media, found one of her sites which has 70k followers which essentially sells bracelets and spiritual products So I give her the benefit of the doubt, I invite her to apply and provide a credit check. This is where is gets strange. Once I invited her to do that, she sent me a 7 paragraph email about why her credit score is going to be low because of getting screwed over in past business ventures and a few one off things. She then continues to tell me about how driven she is and how she is only looking to grow from her past and move on..etc Long story short, I feel pretty stuck on a few issues. She's a self employed person so verifying income will be more tedious, (she offered me deposit and 2 months rent up front), how she may treat my unit on the go forward, her ability to actually pay rent as her credit score is pretty low...etc Has anyone experienced this? What are my options? What would you do? Tl;dr: potential tenant loved my unit, wants to move forward but I have a lot of mixed feelings about her. Not sure how to proceed [link] [comments] |
| Why is no one moving to Gary IN? Posted: 02 Mar 2021 07:27 AM PST I keep seeing all these abandoned houses in Gary, over 10,000 I think. If there is really a housing 'crisis', why are people not going there for cheap houses? With widespread and permanent work from home jobs and only being a short drive, there has to be at least some market. [link] [comments] |
| Posted: 01 Mar 2021 08:45 PM PST I just wanted to pop by and say to others looking for a home right now: It sucks. I feel you. But I believe the right home/situation/sellers will come along! I felt really good about this one, but it just wasn't the right timing & chemistry combination. On to the next! Send out the good vibes. [link] [comments] |
| Posted: 02 Mar 2021 06:11 AM PST First time homebuyer here. We're going to be closing in April and the home will remain unoccupied until we move in late June. I'm trying to keep track of things I need to do/consider when owning an unoccupied home. We will have family close by, and we can afford to keep on utilities and the like during the period. [link] [comments] |
| Where should I take my classes Posted: 02 Mar 2021 09:55 AM PST Hi guys, I'm currently a college student and I'm really interested in houses and selling them, I want to get a realtor license before I graduate, I searched online, saw a lot of websites but not sure which one should I use. Do you guys know any good website for me to complete the class and get my license? [link] [comments] |
| Inspection received before closing Posted: 02 Mar 2021 09:53 AM PST Earlier today I received the results of a third party home inspector I hired to take a look at a new construction home that I am expecting to close on this Friday. I have provided some of the issues to my home builder contact (the guy you talk to when picking your elevation and such) and he has forwarded those to the builder. We also happen to be doing our final walkthrough today so we will be discussing these points. What I have shared from the inspection: * Poor to negative site drainage * Cracks in tile, driveway, garage, walkway (from driveway to front door) * Caulking and weather stripping cracked or needs to be replaced. Other things that I have no problem fixing myself: * Not all outlets in designated wet areas are GFCI * No outdoor faucet bib or does not have backflow/anti siphon device * Gutter end cap damaged * Duct covers do not appear to be properly sealed (thermal camera spotted leaks) * Sprinklers hitting house (I assume just a small adjustment) I live just over an hour away, so I've been making trips to the home while it was under construction once a week. I've mentioned things such as the driveway cracks and grading for drainage and they assure me they will get fixed... we all know how that turns out. I don't consider the second section to be things justifiable for me to delay closing, but maybe a repair credit? The first three points I am more hesitant on, more specifically the site drainage and the cracks. I'm not working with a realtor, but I know that I have a lot more power before I sign than after. Do these seem like reasons to either delay signing or have an addendum created to get these fixed in a reasonable time? Would it be worth renegotiating a lower final price if they want be to take it as is? I'd rather not walk away. #FirstTimeHomeBuyer [link] [comments] |
| How long to get your salesperson exam grade in NY nowadays Posted: 02 Mar 2021 09:44 AM PST The lady at the exam said be patient when I asked. Lots of anticipation. [link] [comments] |
| Are builder upgrades included in sale price history? Posted: 02 Mar 2021 09:22 AM PST If a home has $50,000 in builder upgrades to a $400,000 base price, would the realtor.com sale history show a $400,000 or $450,000 price? [link] [comments] |
| Do I need landlord insurance for short-term rent back? Posted: 02 Mar 2021 09:10 AM PST We are closing March 12 but the sellers are renting back from us for a month and a half (less than 60 days, approved by mortgage company). Would we need landlord insurance or would homeowners insurance cover it? Is it even possible to have landlord insurance for 2 months? [link] [comments] |
| Posted: 02 Mar 2021 09:08 AM PST Hello tomorrow I have a house inspection that Redfin is sending out since I am using their Redfin Now program where they give me cash for their house. Assuming the inspection doesn't come up with 20k dollars of damage we are going to sell because it's a relatively newer home so we don't see much going wrong with the inspection. Now my question is that I bought the house mid may of 2019. And Redfin let's you choose the closing date anywhere between 10-90 days. I'm thinking I should close on June 1st that way it can forsure be over 2 years that I owned the house and don't have to pay capital gains taxes on the profit I will make. Does that sound like a good idea? Or it doesn't matter as long as it's in may? And yes I know I can probably get more if I sold the traditional way but we think it's best to do it this way with our situation. [link] [comments] |
| How is realtor commission determined if there is no listing agreement? Posted: 02 Mar 2021 08:23 AM PST |
| I want to buy a second home any suggestions on how to get that done ?? Posted: 02 Mar 2021 08:20 AM PST I own a house in Phoenix with a small mortgage. I could put down 20 to 30% on another home , also in the Phoenix area, and my income would more than comfortably cover both mortgages within lending standards I would like to move out of my current home and into a new home and set about remodeling my current house with an eye to either selling it or renting it out... I've only spoken with my bank and they say they will not do a mortgage on a second home ( even though the house that I plan to buy is going to be my primary residence...) I would be curious to hear from others who have managed to buy a second home and how that worked for them... [link] [comments] |
| (US)(MA) Do I need to immediately do anything after getting my license? Posted: 02 Mar 2021 08:01 AM PST I was scheduled to take my real estate exam last April, obviously that didn't happen. I still haven't ended up rescheduling my exam since a lot has changed since then, but I bought a prep course (prepagent) that will be expiring this April, so I want to take my test soon. My question is, if I pass my exam, is there anything I will need to do immediately (ex, register with a broker)? Or can I simply sit on my license while I figure out what I'm going to do? [link] [comments] |
| The only options left are tenant occupied. Posted: 02 Mar 2021 07:48 AM PST We are in a difficult situation with finding a home. We agreed on a 240k or less SF house, 3 bed+ no HoA that is not in a bad area etc. The market is insane. Houses get sold less than a day it gets listed even on my agent's search site that he gave us. It's so bad that the only option left are tenant occupied homes. We can take the home if we don't have any other option, but the tenant has to leave at closing or if their lease ends before closing. My agent recommended against buying homes with Tenants but at this point those are the only houses on the market. I had to compromise everything I wanted, except no HOAs to find SOMETHING. The house I wanted the most is going to close by this week. And I'm feeling desperate for something, anything. I feel as if unless we have a cash offer, choose not to do inspection, or have the mortgage to offer over listing, I'm at a significant disadvantage. I'm depressed, frustrated and stressed and I don't know what to do. [link] [comments] |
| New Construction Townhome - Appraisal Question Posted: 02 Mar 2021 07:41 AM PST Hello all, Had a quick question regarding new construction townhomes and appraisals. My fiancee and I are set to close on a Lennar new construction in unit townhome in Illinois on April 10th (hopefully, was pushed back from March 24th from the builder due to weather).
The appraisal report just come back and I'm just curious if its common for in unit townhomes to have comps against end unit townhomes. I know end units are valued higher than in units (we didn't think a 20K difference from 265K to 285K for a 3 bd, 2.5 bath with very minimal sq foot difference was worth the premium and only two extra windows). But that's another story.
Just wanted to know why they did that. Thank you all. [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment