Real Estate: Insane emotional rollercoaster with realtor |
- Insane emotional rollercoaster with realtor
- Can I buy a house with a low income if I can put money down and afford rent with a roommate?
- Any success stories out there? Seems like all doom and gloom lately. Would be great to hear some positive homebuyer experiences from you all!
- Another harsh lesson learned in this dog eat dog market
- First-time buyer. How much responsibility does a realtor have to do the things they say they're going to do?
- Buying out of state in a hot market
- Buying a condo in Orange County, ca
- Advice needed
- What upgrades should I point out for refi appraisal?
- Will the model home ever return?
- First time buyer. Found a house in perfect location but just learned previous buyer walked away after seeing engineering report. Not used to looking at reports like this - how serious are the issues here? What are good steps to take?
- What income should I have in order to afford a $650,000 mortgage, with 3.5% down in SoCal?
- Should I sell right now?
- What resource should/can I use to find real estate
- Can I Sue the Previous Owner?
- Refinanced Our Home, Received Multiple Escrow Checks
- Would you buy a house with a sump pump? Anything to look out for?
- How much should I charge for a virtual tour?
- Post photos of listing with furnishings or empty?
- Just a real estate question
- Can’t help but think I messed up.
- How early is too early to list your house?
- New construction property tax question
| Insane emotional rollercoaster with realtor Posted: 01 Mar 2021 04:16 AM PST So we've been trying to buy for the last 8 months or so. You all know the deal, the market is insane and inventory is sparse. Our realtor contacted us saying he has a property that is going on the market in a few weeks, slightly above our price range but in the perfect location....and the house is perfect. He says that he can't ethically get us in there before it goes on the market. We were able to contact the sellers ourselves and they were very open to us looking at the house within a few days. So we did. We got along great with them. The house was perfect, we expressed that we were interested. We ended up telling our realtor verbally that we were interested and started talking numbers. Our realtor said "well guys, they loved you. They want to sell the house to you, they don't even want to put it on the market anymore" I get that none of this was a contractual agreement, but it sparked quite a lot of hope with us. As soon as we talked numbers(we offered asking price with a good down payment which is what our realtor suggested ), our realtor was suddenly like "well I want market share. I'm top "whatever" percent in the country. I need to put it up on MLS for 24 hours, get showings and then we move forward with the deal". This was the first red flag. He had already said that the sellers didn't want to keep showing the house, but that this was the only way to make the transaction work "ethically". We agreed to do it this way if he thought we'd still get the house. This is where everything crumbled. He asked the sellers to agree to this and supposedly now they want to put it on the market and get into a bidding war etc. which I understand if that is the truth. Shitty part about dual representation is that you never know the actual truth from your realtor. So now the house is going on the market and we are more or less screwed out of getting a place we would have had no idea about if our realtor hadn't roped us into all of this. This is mostly just a venting post, any advice or thoughts appreciated [link] [comments] |
| Can I buy a house with a low income if I can put money down and afford rent with a roommate? Posted: 28 Feb 2021 11:39 PM PST I'm in my mid 20's and while I don't make much yet (roughly 25k a year), I have good credit and rich parents that I can perhaps convince to pay a 20% down payment. I'm confident I could afford mortgage payments, especially since I have a reliable friend who would move in with me that would pay rent on my mortgage payments. I'm just not sure if I would qualify for a mortgage loan with my low salary. Is there some way I could include my friend's salary or my parents' salary to boost my ability to get a mortgage loan? Can I buy a house that costs roughly 250k with a low salary with a friend with a medium salary and parents with a high salary? I'm totally new to real estate so your advice is much appreciated! [link] [comments] |
| Posted: 01 Mar 2021 10:29 AM PST |
| Another harsh lesson learned in this dog eat dog market Posted: 01 Mar 2021 09:35 AM PST Here is another way to not play nice in this not so nice market: put a tight response deadline on your offer. My experience: House A: Higher end of our budget that removed a chunk of competitors. Our offer (reasonably above ask) was the first on Sat. Seller's agent said 2 other buyers have shown interest but no offer yet, said the owner wife was out of town and cannot review offers until Monday night. I thought of putting a response deadline within Sat but after speaking with agent we decided to be courteous. By Sunday night they got another crazy bid cash offer so of course they went with that. House B: Lower end of our budget so expected a ton of competition. This seller also told everyone they will review all offers Monday night. Put in offer Sun. We went above ask but the size of the house does not justify offering more. Sun night the house suddenly went pending. Apparently a high cash offer came in with a short response deadline so the seller went with that. I don't begrudge anyone here. Sure, buyer for house B basically completely bypassed the Monday timeline and essentially scr*wed all the other buyers. Sure, the seller did not honor their original timeline. But hey, this is how the market is playing now and both of them win. No one is observing etiquette or courtesy. Thinking back on house A, we should have put in a deadline for same-day reply and we might have gotten the house. Lesson: ignore all seller talk about reviewing all offers by a certain date (usually Monday); if you are making a strong offer above ask or you are the only offer, request a short response deadline. Don't be afraid to "offend" anyone because if they like the money they will take it. Put some power back in your hands. Remember, sellers have no problem putting a deadline on all offers; they don't care if your spouse is out of town or your agent has to work Sunday night. [link] [comments] |
| Posted: 01 Mar 2021 08:59 AM PST TLDR: Under contract at a house. The agent keeps saying great things that aren't happening and we don't know if this is normal or we have a bad real estate agent. My wife and I recently had an offer accepted and are obviously very excited about the house. We're new to all of this, so navigating the process has been a learning experience. Our real estate agent seems to be one of these overpromise-and-under-deliver types, and I'm wondering if I should've taken more burden on myself during the inspection process. The house has a detached garage that's in bad shape. The garage foundation is cracked all over the place due to a tree root growing under it, but it could potentially be saved if we can fix the foundation. It could also be a complete teardown and rebuild, which is a huge swing. After our bid was accepted the agent said he'd get a structural engineer out to get us some estimates and give us some options. Yesterday, our option period expired. Earlier in the day, he said he'd "have a report from the engineer soon" and then when we called him, he said he'd try to extend the option period and get someone out tomorrow. Well, which is it? And why did it take till an hour before the option period ending to tell us this? So far:
I feel like he just wants to get the deal done and doesn't truly care. Is it "normal" for a buyer's agent to act this way? Is there anything I can do now to get him to be more forthcoming? Then next time to prevent these things, should the buyer (not the realtor!) be the one to individual inspectors? [link] [comments] |
| Buying out of state in a hot market Posted: 01 Mar 2021 07:08 AM PST TLDR: My wife and I are moving 1,000 miles away. Sellers are accepting offers within 24-72 hours. How should we approach the home buying process? My wife was admitted into a PhD program at the University of Minnesota for fall 2021. We currently live in an apartment in Washington, DC. Our lease is up at the beginning of July (can be moved to month-to-month after), and we need to be in Minneapolis by the end of August. We understand the timing of closing and our lease ending will likely not line up, so we are aiming to close anytime between mid/late May and late August. This will be our first house. We are looking for houses between $450-$550k in the Minneapolis suburbs (Maple Grove, Plymouth, Minnetonka, Eden Prairie, Edina, Eagan). We have enough cash for a 20% down payment and will work on finding a mortgage lender and getting pre-approved soon. Like most metro areas right now, the Minneapolis suburbs are hot. Most homes I've been tracking on Redfin/Realtor.com follow a pattern of listing on a Thursday or Friday and accepting an offer by Monday (if not sooner). Inventory is particularly low with the winter months, but we expect things to pick up in the spring/summer--along with more buyers. We are going to start interviewing realtors this week but could use some help understanding how to approach buying a home many states away when houses sell so quickly. Our initial thought is to fly out to Minneapolis at the beginning of April and do a tour of the neighborhoods/homes with our realtor to give our realtor a sense of what we are looking for. Once we get to May, we would be prepared to fly out on any given Thursday to spend the weekend house hunting. Is this approach reasonable/feasible? Are there other things we should be doing or thinking about? I don't love the idea (or cost) of flying out several times to look for homes, but, if given the option, I would rather see the home in person than put an offer down after some photos and a facetime visit. [link] [comments] |
| Buying a condo in Orange County, ca Posted: 28 Feb 2021 07:35 PM PST I know the real estate market is crazy right now but does that apply to condos as well? I'm looking to buy a 2 bedroom 1-2 bath place in various places in Orange County, ca wherever its possible. [link] [comments] |
| Posted: 01 Mar 2021 08:13 AM PST Hello, I am looking for some advice from mothers in the Real Estate field. I am wondering how mothers with young children handle the demand of the job? Do you feel like you are home more or less than you would be with a 9-5 type job? Do you feel like you miss out on family time? I am in Ontario. Thank you ! [link] [comments] |
| What upgrades should I point out for refi appraisal? Posted: 01 Mar 2021 08:08 AM PST I am going to have my first house appraised in a couple days as part of a refi. We're only refinancing to get out of our ARM and lower our interest rate. Since we purchased the home in 2019 we've done the following:
Should I point any of these out to the appraiser? Do the first 3 even matter? Thanks for your input! [link] [comments] |
| Will the model home ever return? Posted: 28 Feb 2021 07:16 PM PST One of my favorite past times in the 2000's was touring model homes. Builders had seemingly endless amounts. The home I grew up in was a former model home. Are model homes still a thing? I don't see them anywhere. I don't even see spec homes anymore. All new constructions have been bought before being finished even. [link] [comments] |
| Posted: 01 Mar 2021 07:22 AM PST This is a condo unit, built in 1980. Here is the gist of the report: The slopes and cracking in these areas are structural concerns however I don't believe there is imminent danger of collapse to any part of the structure. However, based on the abnormal differential settlement and slopes, I would suggest opening the ceiling area to further evaluate the concealed structural components. Based on the abnormal slopes and cracking, one should anticipate the need for structural reinforcements and/or repairs. ---- Details: 1. The floor joist in the attic when measuring left to right and right to left were noticeably out of level. There were downward slopes towards the center from each firewall location. 2. On the second floor left side of the unit at the wood framed/CMU firewall corners there was cracking and noticeable drop or settlement of the wood framing where it meets the CMU firewall. 3. On the left side (second floor) of the unit, the front bedroom closet, master closet, and rear master bathroom doors were racked (out of square) and did not close properly. There were drywall cracks above the doors. The door headers and/or floor slopes were measured out of level by approximately 7/8 inch in 4 feet (slopes down towards the center of the house). 4. The rear window sill at the rear master bedroom was out of level about 1.5 inches in 4 feet (excessive). This also slopes downward towards the center of the house. 5. The rear master bedroom window sills and right side floors were all out of level ranging from 7/8 to 3/8 of an inch in 4 feet. The center window measured 3/8 inch out of level – all slope downward to the center of the house. [link] [comments] |
| What income should I have in order to afford a $650,000 mortgage, with 3.5% down in SoCal? Posted: 28 Feb 2021 10:00 PM PST I want to make a correction because I may not have been super clear. A combination of both my income and my brother is $125,000. I make 95k and he makes 35k. I have no debt. My brother has $1,700 of debt, which includes 2 car payments and insurance. One of his car payments, $645, he co-signed with my other brother. I believe he brings home $1,100 after taxes. We both don't pay rent currently: I have a house that's paid off. I hope this help clears the air a bit. Please ask me any additional questions if needed. Thank you so much everyone for thoroughly responding to me and helping me with this matter. [link] [comments] |
| Posted: 01 Mar 2021 06:57 AM PST We're living in a orange county (CA) 2/2 condo, and got a letter asking if we'd be interested in selling. We reached out and they're offering about 100k over market value. I doubt we'll ever get a similar offer on this old condo, and we're looking to get another bedroom. We'd be crazy not to sell right? Obvious downside is that it makes us a buyer in this crazy market. [link] [comments] |
| What resource should/can I use to find real estate Posted: 01 Mar 2021 10:37 AM PST I'm trying to specifically find a quadplex or any multi unit home that I could purchase or at least watch. I can't really seem to find a way to find properties. [link] [comments] |
| Posted: 01 Mar 2021 10:31 AM PST I recently bought a home-sight unseen. I made three trips to see the property on my own when I could, since my Realtor based in VA Beach was always on vacation when I asked to be let in. On one of the trips, a few days before closing, I noticed some standing water in the yard. I asked my Realtor about any grading or drainage issues with the property and her exact words were, "None that I know of, it's because we've been getting a shit ton of rain." So, I said ok. Thinking she's my realtor, she has my best interest at heart AND she checked with the seller and listing agent before she gave me an answer. It's been 1.5 months since I moved and it rained for about 4 weeks straight in Hampton Roads area. I noticed that the tiny area turned into a swamp. My entire back yard flooded, while my neighbors did not. I called the city where my house is located and I was told that the owners installed two French drains when the house was built. Each cut into the sidewalk. The city inspector noted one worked and the other didn't appear to be working. Which might have caused the excess flooding. I told my former realtor and she recommended a vendor, who came out to inspect to see if he or she could fix or install a french drain. He said, he couldn't help me after seeing the issue. And so it was with at least three vendors after him. Same answer. Finally, I called the listing agent who swore he knew nothing about this issue, but did contact the former owners to get any helpful info he could. The listing agent said that the original contractor who built the house I bought died a year ago and the owners can't remember where the lines were buried. He had no recommendations, nor did the previous owner for who to call, except to tell me to try a plumbing and septic service. When I called the recommended plumbing and septic service, I was told they don't service my area. I had no idea what do. I went out and looked at the backyard and marked the severely flooded areas with flags, thinking I'd get some dirt and plant a rain garden. One of my My neighbors saw what I did and told me about the french drain. I told him that I was aware. I asked if the backyard has always flooded. He said yes, but it was alleviated with the two drains-one of which was near the line next to his property. I'm really angry, because I know the owner knew about this issue and didn't divulge it. She's the only one whose owned the home since it was built in 1993; and I saw sand in the dirt where she tried to fix the problem previously. I don't know how to fix the problem and can't find any vendors/contractors willing to help. I want to sue the owner. Would I have a case? [link] [comments] |
| Refinanced Our Home, Received Multiple Escrow Checks Posted: 01 Mar 2021 10:20 AM PST My spouse and I just refinanced our home mortgage (dropped our mortgage rate by 2% and will save plenty of money over the life of the loan). We finalized refinancing during the last weeks of February and received a check dated for the 23rd of February which is labeled as "Escrow Trust", from our previous lender. Today we received ANOTHER check from our now previous lender, which is dated for the 16th of February, is labeled as "Disbursement Clearing", and is three times the amount of the check we received on the 23rd. I tried contacting my previous lender, but have not gotten through to speak with a representative. I am not sure at this point if both checks were meant for me based on the refinance being processed and finalized. Should I deposit both of the checks, only one of the checks, or neither of the checks? [link] [comments] |
| Would you buy a house with a sump pump? Anything to look out for? Posted: 01 Mar 2021 10:12 AM PST TLDR: Under contract for a starter home, has sump pump and is in a very low risk FEMA Flood Zone category. Parents are saying this is a deal breaker and I should walk away. Is this info a deal breaker for a home purchase? First time home buyer, and just got an offer accepted on a starter home in Atlanta, going thru the inspection tomorrow. Perfect renovation, completely turnkey, kind of amazed that my offer was accepted in this insane market. Looking thru the disclosures on the offer docs, it is listed that the property is in a FEMA Special Flood Hazard Area (Looking at the info online, it looks like the lowest risk area, Zone X, less than 1% chance of flooding), and the property has a sump pump, which was replaced in 2016. I was walking through these details with my parents, who told me to run, even before getting it inspected. Their first home they purchased had a sump pump, which malfunctioned at some point and was a huge nightmare for them. It caused mold, which left my mom sick with severe mold allergies for a decade. They're saying mold is a given with any place with water concerns and it will be a nightmare. Is this experience common experience? Are there any extra inspections that I should do on the house? [link] [comments] |
| How much should I charge for a virtual tour? Posted: 01 Mar 2021 03:49 AM PST I'm working for an architecture firm, basically they're doing 3D renders of future houses and I'm making the virtual tour out of them but, I have no idea how much should I charge for this, any idea? [link] [comments] |
| Post photos of listing with furnishings or empty? Posted: 01 Mar 2021 05:57 AM PST My agent and I are having a disagreement on the pictures we want to post for our listing. We staged the house really nicely, and took great photos of the entire house. Our agent picked a few of the photos, mostly of the empty rooms after we moved out. We want the photos of our house with furnishings because they are beautiful and will attract people to come see it. He says posting photos with furnishings, if the house is t furnished will be a let-down when potential buyers come to see. Please let me know your opinion. [link] [comments] |
| Posted: 01 Mar 2021 09:38 AM PST Good morning! I'm not sure if this is the appropriate subreddit to post this on, but here goes. We are looking to sell our house, it's older and has some plumbing/aesthetic problems, but we're looking to solve them. So we have received many pieces of mail from this company called Sundae offering to buy our house. I haven't made any appointments with them yet, and I was wondering if anyone know how reputable they are, if it's worth it, etc. [link] [comments] |
| Can’t help but think I messed up. Posted: 28 Feb 2021 07:25 PM PST I put down money in October for a new build, costing 800k. Was gonna sell my current house for 390k, making 220k after closing costs. A week before breaking ground, I got really bad cold feet. I mean, really bad. I am self employed, and I worried about business and how it would be moving forward. We were fine through the pandemic, but for some reason I was just so scared. I mean, scared shitless scared. Probably had a mental breakdown. I wasn't sleeping, I wasn't eating, drinking. I lost 10lbs in 3 weeks. I kept going back and forth on what to do. Was I making enough money to afford this house?? Right now I could afford it. But I was terrified of the future. My mind was in shambles. After moving in, I was anticipating my savings being low. I wasn't comfortable with that. I don't have retirement or investments. I ended up backing out of the house and lost earnest money. Now I go on the builders website and hate myself. And now my wife really hates me. I broke her heart. That was supposed to be our house. I feel I really messed up. Location was great in a cup de sac, nice yard (only gripe was Turnpike quarter mile behind house) F%#!!! This was our way of progressing in life, but instead I regressed. She keeps mentioning the address and how that was hers. Dammit. Will I get another chance like this again?? Will it even matter? My wife hates me. Not sure why I'm posting this. I guess to get it off my chest. Should probably xpost this to r/relationship_advice [link] [comments] |
| How early is too early to list your house? Posted: 01 Mar 2021 05:24 AM PST New house is closing on Sept. 30th, is April 1st too early to list? [link] [comments] |
| New construction property tax question Posted: 01 Mar 2021 09:04 AM PST Hi all, just looking for a bit of clarification here. My wife and I are in the process of building a new home (~$550k, putting about $60k down). While working with the lender, they mentioned that they estimate the property taxes much higher until the real rate is established (they are estimating 1.2% in their calculations, average rate here in CO is about .6%). They do this so people are not caught off guard with a steep increase in year 2 and default. So, here is my question. If they are estimating 1.2% and collecting that at closing for year 1, what happens year 2? I assume I will get some year 1 money back via my tax return once the actual rate is established (correct me if I'm wrong here). However, will my monthly payments also go down in year 2 (or whenever the real rate comes into play? For example; if my monthly payment in year 1, when using 1.2%, is $3k/month. Will my monthly payment drop to ~$2700 in year 2 once the real rate of .6 goes into effect? TIA [link] [comments] |
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