Real Estate: “It’s a crazy market” posts are getting a annoying |
- “It’s a crazy market” posts are getting a annoying
- 'It's crazy. There is no inventory.' Housing industry veteran marvels at real estate boom
- Signed a new build contract 3 weeks ago. Last night, the builders website had the price increased by 15K for the same plan! Does this help values or appraisal?
- income restricted apartment question
- Rules/tips for buying in newly developing/gentrifying neighborhoods?
- Honest discussion: Why do you believe this is a bubble when only the top buyers are winning out on bids?
- Do you stay in touch with clients during the closing process?
- Multiple title issues [Michigan]
- When should I get the cashiers check?
- Bank Appraisal Undervalue
- How to navigate Escrow Hold Back for repairs, when permits take 6-8 weeks to get.
- Weighing the value of buying now with low interest but higher mortgage
- FHA Loan for spouse if not on previous loans
- What are the most common contingencies/inspections for a home purchase? (in a "normal" market, not the current market)
- Share CD?
- What is the likelihood my loan will be denied?
- $10K Here , $50K there, losing sense of budget - need a recalibration
- Solar on a flip home? Other "green" tech?
- Can houses listed as four bedrooms sometimes actually have five bedrooms?
- Ownership of property
- Highest and Best Offer - Any Tips? (NJ)
- Management Agency refusing Condo Questionnaire
- When the prior bubble burst (2006-2008) many markets lost 35% of their house values at the bottom(2012), some lost 50%, and many did not recover for over 10 years when you measure with inflation adjusted dollars
- Realtor a bozo
- Should realtor be included in my emails with attorney?
| “It’s a crazy market” posts are getting a annoying Posted: 27 Mar 2021 07:55 AM PDT |
| 'It's crazy. There is no inventory.' Housing industry veteran marvels at real estate boom Posted: 26 Mar 2021 02:52 PM PDT |
| Posted: 27 Mar 2021 07:09 AM PDT Hey guys, After almost a year of struggling and losing older homes to unrealistic insane bids in Michigan, we decided to go with a new build. We signed 3 weeks ago. Now the base price is up 15K. The builder has stated they do not increase the price after so we got SUPER lucky. Does anyone know if this helps property values or appraisals? Or is this just the builder increasing price because of supplies like lumber? Thank you all so much and GOOD LUCK to everyone! [link] [comments] |
| income restricted apartment question Posted: 27 Mar 2021 07:54 AM PDT i applied for an apartment and it turns out they are income restricted and i make roughly $1,000 more than the limit 🥲...the apartment has two bedrooms. My question is, if i move a friend in with me who doesn't have a job, would that increase my household size to two? which i imagine would increase the income limit making me eligible for the apartment? [link] [comments] |
| Rules/tips for buying in newly developing/gentrifying neighborhoods? Posted: 27 Mar 2021 09:07 AM PDT I know location is generally considered the single most important factor when buying a house, so what are some things to look for in a historically marginalized neighborhood that's seeing new investment, in order to determine if there's a good chance things will improve? With the low inventory and home building lagging in the last decade, developers are pushing more and more into rougher areas. Can anyone who's bought in such a place in a big city share their experience? [link] [comments] |
| Posted: 26 Mar 2021 04:58 PM PDT I understand the surface level of thinking it's a bubble because "it's going up so fast". But why would this truly be a bubble if only the most hyper qualified buyers are the ones winning? The ones with 20%+ down, significant cash over if not fully cash? The previous bubble was due to an insane amount of inventory and extremely lax lending requirements. Neither of those are true today. So what makes people think that it's a bubble? [link] [comments] |
| Do you stay in touch with clients during the closing process? Posted: 27 Mar 2021 04:36 AM PDT I was wondering if it is necessary to stay in touch with your sellers after contracts are signed and we are waiting weeks for closing? There really is not anything to talk about besides how is moving out going in my situation as the sellers already moved into their next apartment. Would you check in with them and just see how things are going and how often would you? I don't want them to think I am ghosting them and I also don't want to annoy them. [link] [comments] |
| Multiple title issues [Michigan] Posted: 27 Mar 2021 10:00 AM PDT Hi all, while I wait for a call from my realtor I thought I'd ask y'all for some insight. I'm a first-time buyer currently in the closing process of a home in Wayne Co, Michigan. Everything went pretty smoothly from the initial offer and inspection, with the exception that the property was listed at 2100 ft², but is actually 1950 measured from the outside of the house. This wasn't a huge deal to me as I really liked the house and I know square footage isn't everything and I figured the seller may have been including the partially finished basement. However, the closing process is now on hold as of yesterday due to multiple issues that have come up during title search. The title company informed me that there are multiple outstanding liens, property transfers, etc on the property. Even though the seller claims to have owned the house for the last 7 years, there are numerous property transfers over the past several years with multiple entities listed that are not the seller. None of the transfers or deeds seem to line up correctly. It's confusing as it is difficult to tell who actually has ownership. In the words of the title company, "the seller has a lot of legwork to do on their end as it is unclear who actually owns the property at this point", because the seller is not the one listed on the most recent property transfer. Additionally, when looking at the public records, the property has a history of liens for unpaid taxes, although it seems most of those have been resolved with the exception of 2019 taxes appear to still be unpaid. Something I also noticed yesterday is that since the offer was accepted and the closing process began, the Zillow listing for the house has now updated the square footage to reflect 2850 (MLS still listed as 2100 sq ft). I know for a fact that this is not possible and thought it was odd that it would change. That combined with the numerous title issues is setting off all sorts of red flags for me now. I read through my contract and it appears that the seller has 30 days to correct the issues, yet I am quite skeptical that they will be able to deliver a clean title in that time frame. Do I have any recourse to walk away from the deal and keep my earnest money? Or am I pretty much in limbo for the next 30 days while waiting to see if the seller can clear up the title in time? Regardless, I'm now having serious doubts about the property and I'm concerned that even with title insurance there will be issues in the future. I appreciate any insight you're able to offer. [link] [comments] |
| When should I get the cashiers check? Posted: 27 Mar 2021 09:49 AM PDT Closing on Tuesday. LO sent us our final numbers and said to get a cashiers check for that amount. Are there any downsides to getting one a few days early like today, or should I wait until Monday (the day before)? [link] [comments] |
| Posted: 27 Mar 2021 07:22 AM PDT I'm currently in the process of refinancing my home with Security Service Federal Credit Union, they sent an appraiser to my house and he appraised it in like 10 minutes. All he did was take a couple pictures and took off. His appraisal was about 10k lower than what the county appraised it last year. I also noticed he failed to add things like that I added a sprinkler system to the front and back yard, and stuff like efficiency with lighting. I advised my loan officer if I could get a different appraiser since he seemed to do a half ass job. And houses that have sold similar to mine in my area are worth about 30k more. Upon researching the houses they chose as comparable they have one less bathroom and less squarefeet. What do y'all suggest I do? The loan officer said I can't get an outside appraiser and they won't refinance my house because it's not within the 95% of the money they'd lend me. I'm switching from a 20 year loan at 4.65% to a 10 year loan at 2.65%. The plan I chose was they'd cover closing costs if I didn't switch to another lender within 3 years. They advised me I could dispute the appraisal by sending in 6 similar homes that recently sold in the past 3 months in a 2 mile radius. I've sent in the 6 houses that are similar to mine and the range is 117k to 152k. [link] [comments] |
| How to navigate Escrow Hold Back for repairs, when permits take 6-8 weeks to get. Posted: 27 Mar 2021 07:50 AM PDT Currently about to close on a home with an escrow hold back for some foundation repairs. Im waiting to hear from the lender what our timeframe to complete repairs will be, but I know that generally this is only 2-3 weeks. Checked and currently the city estimates that obtaining permits will take 6-8 weeks. Do we just move forward and retroactively do permits later? Do we push back on the lender to get a longer timeframe? To make things trickier, our current lease ends in six weeks and we were planning to move in to the new place in four to have some overlap. [link] [comments] |
| Weighing the value of buying now with low interest but higher mortgage Posted: 27 Mar 2021 07:08 AM PDT My wife and I have been saving the past few years and planning to buy a house around this time and we also have a baby due in July and would like to have our first house before she comes. We have been viewing houses and made a couple offers but I wanted see what some more experienced people think on buying now with the crazy prices but lower interest. We COULD wait another year to buy but with starting a family we don't want to. Some info We make about $110,000 with pretty good job security(we both recently got promoted. We have about 20,000 we are willing to put down for dp(5%), taxes, closing. We live in western NY and are looking at 150-200k range(reasonable 3 bed 2 bath 1500 sqft.) Houses seem to be going 20 or 30k over ask. With some outliers going 60 70k. Any thoughts on the value of buying now or waiting are appreciated. [link] [comments] |
| FHA Loan for spouse if not on previous loans Posted: 27 Mar 2021 06:41 AM PDT Update: Didn't realize FHA is not exclusive to first home buyers and other special circumstances. If a couple has bought/sold/bought (I.e. is on second primary residence, with no investment properties) and the two homes were only purchased/financed in the wife's name for credit purposes, but the next contemplated purchase would be under both husband and wife, would that qualify for FHA as a first time buyer? Since the husband would be a first time buyer? The new purchase would be primary residence as well, not investment. In KY but curious if this is the case broadly or not. [link] [comments] |
| Posted: 27 Mar 2021 10:05 AM PDT |
| Posted: 27 Mar 2021 09:21 AM PDT I received the preliminary CD for selling my home. I mentioned it in passing to my listing agent. Said agent wants to see it. Justification: To make sure numbers are right and explain anything I may not understand. (My lender is fabulous and responsive, I have no questions.) I'm not comfortable sharing with my agent the amount of equity we're walking with. Is it typical for your agent to see the CD? Thx [link] [comments] |
| What is the likelihood my loan will be denied? Posted: 27 Mar 2021 09:00 AM PDT My mortgage loan is in the underwriting phase currently, and I'm starting to get paranoid. My boyfriend and I are trying to purchase our first home with a conventional loan. We have 30 down, loan is for 410,000. Here's the kicker: my agency that i had worked at for 6 years making 50k, had closed during COVID, so I was collecting unemployment + Covid relief (which brought in more $ than my old salary) and doing contract work on top of that. Starting Jan 1, I got a new full time job making 65k and that's where I'm at now. My bf makes avg 45k full time but his hours fluctuate, for about 4 years. We both have 780ish credit scores. I have 22k in investment accounts. I have a student loan (6k), but that's our only debt. I'm having panic attacks because I'm worried my being unemployed/a contract worker due to Covid is going to make this loan fall apart. Financially, it was a blessing - I was being taken care of by the government while I was finally able to leave my underpaid/under appreciated job and land something new. Plus with the Covid relief, I was taking home more money than I've ever seen in my life, most of which I've saved for my down payment. I've only got 3 months of working my new gig. But I had 6 years at the previous job. No career changes for 10 years. Is there any hope for us? We already handed over 9k for earnest money, 800 for appraisal, and 500 for inspection. Tldr; will we get denied because I was unemployed due to Covid and my 2020 w-2 is sad looking. [link] [comments] |
| $10K Here , $50K there, losing sense of budget - need a recalibration Posted: 26 Mar 2021 09:58 PM PDT This is perhaps more /r/PF related, but figure the home buying piece make more sense here and want to get some perspective from others. So here I go - I am not frugal by any means, but I am the kind of guy that follow the best practices in any amount of Personal Finance blog, including /r/PF. Max out 401K, max out Roth IRA, max out HSA, passive index funds, use credit card rewards smartly, etc, the whole gist. I just went through a home buying process, started looking at <$200K townhouse and condos, but then between COVID and my own analysis, condos are just a bad financial bet in my the local market (US-Midwest) despite I would be perfectly fine living in one. Started looking at SFHs, first aiming for <$250K, then <$300K. At the end I signed up for a New Construction at $400K. Doing a 30 years fix I will still be OK DTI-wise (~20% DTI), even though I started out wanting to buy simple townhouse for <$200K and do a 15 years fixed. I am now having a hard time making sensible decisions in terms of upgrades, and furnitures. The quote for a gas linear fireplace upgrade is $6500. The pre-house buying me would look at $6500 as a HUGE price. And I won't even think of buying something $6500 that is only for good vibes in the holidays. But they sure look good and feel good on a Christmas night. I am stuck on this - how do you switch between the mindset of being A-OK of paying massive amount of extra dollars $10K, $50K, $150K to get an offer accepted and self-debating for days on is it worth it to spending $6K on a decor upgrade? Is there an ROI angle that can reframe the decision-making path here? [link] [comments] |
| Solar on a flip home? Other "green" tech? Posted: 27 Mar 2021 08:26 AM PDT I'm selling a house I used to rent (because California...). About to start the rehab process. I'm considering adding solar and / or a graywater system. I'm trying to value the benefits of either of these. I've never lived in it and I don't intend to, so there's no benefit there. Would you add any of these to a SFR in a sunny location that you intend to sell? Fully owned solar? [link] [comments] |
| Can houses listed as four bedrooms sometimes actually have five bedrooms? Posted: 26 Mar 2021 11:31 PM PDT I'm looking for a five bedroom house to rent in LA, but they're few and far between in my price range ($6,000). But recently I've noticed that some houses listed as 4 bedrooms in the description will put something along the lines of "four bedrooms plus bonus room" or "four bedrooms and an office". In theory, couldn't that fifth room just be used as a bedroom? My friends and I are in our 20's and this is only a year or maybe two year rental, so we're not super picky. [link] [comments] |
| Posted: 27 Mar 2021 02:16 AM PDT I'm curious, when in history did the ownership of property in a modern legal way begin? Are there any countries in the world where property laws are unusual, for example, it's not that people just buy plots of land and can do as they like on them (under certain restrictions), but perhaps in some way that property is commonly rather than privately owned in some way, but you still have some rights about things you can do on that land, i.e., even build a living structure if it conforms to certain rules? These are just speculative questions centered around the idea of if the private ownership of property is basically universal across modern countries. Thanks very much. [link] [comments] |
| Highest and Best Offer - Any Tips? (NJ) Posted: 27 Mar 2021 08:03 AM PDT Hi Real Estate gurus, the house we want is having a "Highest and Best" submission day on Monday. It's a fixer upper duplex in New Jersey with solid potential. So far, the only issue we know of is the structural issues in the foundation which we are willing to tackle. Here is what our current offer looks like: Asking- $325k / Our Offer- $345k with 25% down, 30 day closing, "As Is" unless one item exceeds $7500. I'm confident with ~$25k of reno, each unit can rent for $2000/unit. Any tips to make our offer stand out the most? Should we do a true As Is? We really love the property. Thank you all. [link] [comments] |
| Management Agency refusing Condo Questionnaire Posted: 27 Mar 2021 07:57 AM PDT I'm in the process of refinancing a condo I own and at a standstill. New lenders are requesting the management company to fill out the questionnaire form (from which I understand to be industry standard). Basically the management company is stating there is no governing documents requiring it. They offer a summarized association informational sheet. Why would a management company outright refuse to fill out forms? So they don't have to disclose of pending litigations ect. ? What steps can I take to intervene and get the questionnaire completed? Thanks in advance **CA state. [link] [comments] |
| Posted: 26 Mar 2021 05:01 PM PDT I was looking for a chart of housing prices over the last 20 years, where the prices were measured with inflation adjusted dollars, and found this interesting article that shows the Case Shiller index from 1975 to 2017 (too bad it doesn't go to 2020). Was very interested to see that using nominal dollars (not inflation adjusted) the Case Shiller index peaked in 2006 and didn't reach that peak value again until 2017 (an 11 year span). To me this is very enlightening as you often hear enthusiastic agents say that the effect of that bubble burst only lasted a few years (2008-2012). Also, if you adjust the Case Shiller index for inflation, the market had not recovered yet by 2017 from the peak in 2006. Here is the main chart with the inflation adjusted line added by the authors. https://inflationdata.com/articles/wp-content/uploads/2013/06/Inflation-Adj-Housing-Prices.jpg And here is the entire article from which the chart is extracted. https://inflationdata.com/articles/inflation-adjusted-prices/inflation-adjusted-housing-prices/ edit Sorry folks there seems to be some confusion because I used the word "prior" instead of "last". I'm not predicting a bubble or saying we are in a bubble now, that isn't the point of this post. What I'm doing is showing how long the prices in inflation adjusted dollars were below the 2006-2007 peak after that peak ended. In most of the nation prices didn't recover until 2017 in inflation adjusted dollars -- which is interesting because most of the charts people see are in nominal dollars instead of in inflation adjusted dollars. None of us know if this current price run-up is a bubble, but what we can show from history is that if there is a correction it could last for more than a year or two and it could cause more than a 10% price correction -- the price correction from 2008 - 2012 was 35% - 50% in inflation adjusted dollars. [link] [comments] |
| Posted: 27 Mar 2021 06:32 AM PDT My realtor promised sellers a 10-30 day occupancy but my contract says occupancy at close. Sellers need my cash for their new home. Should I ride it out and close the last day and sue for breach if they don't close? Or should I just give them the stupid 30 days? [link] [comments] |
| Should realtor be included in my emails with attorney? Posted: 27 Mar 2021 06:15 AM PDT We are currently under attorney review as buyers. Our realtor has been texting us, asking to be included in all correspondence with our real estate attorney. We don't think it's her place, so we've neglected to flat out say so because we don't want to be rude. This morning we get cc'd in an email from the realtor to our attorney and she is asking our attorney directly to be included in all future correspondence as well as all previous communication (she specifically asked to have all previous emails forwarded to her). Is this normal? Is this ethical? Is this legal? Does attorney/client privilege apply in real estate? Our attorney knows that we aren't keen on the idea of including the realtor on everything, but can attorney send info to realtor without our consent? [link] [comments] |
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