Real Estate: Just for fun: What’s weirdest home buying experience? |
- Just for fun: What’s weirdest home buying experience?
- Offer accepted: Seattle area
- Advice for second time home buyers, first time selling
- 2 bedroom 1 bath. Bathroom is in one of the bedrooms.
- Buying house from family, do both sides need an attorney?
- Asbestos in Drywall Surfacing Material
- Questions about potential closing delay
- I've got myself into a bad situation selling and need to get out? What do I do?
- Finally got an offered Accepted in Mass
- AZ: Building a freestanding garage on land
- Need guidance as a soon to be first time home owner (hopefully)
- Help, how do I buy a low cost home with a loan?
- Mortgage Approval norms
- Advice on real estate schooling
- Only 6 active listings in my county but over 450 "pre-foreclosures". Is this normal? And what does this actually mean?
- Renting out my Condo for the First Time
- Unpermitted Work (MA)
- Question about buying after a pandemic unemployment period
- Appraisal with major lack of comps?
- Mortgage company is refusing to speak with closing company. Is this normal?
- Transitioning from residential to commercial (currently 13 units)
- If seller is paying for owner's title insurance as part of closing, should I also purchase a policy as the buyer?
- Mortgage Interest Statement
- Best source for current pre foreclosure list
| Just for fun: What’s weirdest home buying experience? Posted: 21 Mar 2021 07:10 PM PDT I'll go first. Scheduled a showing for a house with agent. Agent confirmed. We show up, walk in the door, homeowner comes wandering around the corner in boxers and an open robe. No, we didn't buy the home. [link] [comments] |
| Posted: 21 Mar 2021 05:53 PM PDT After 7+ months of looking, offering, and being burned I. This epically hot sellers market, we are finally under contract on a place that ticks all our boxes. We missed out on another great house back in September because we had a contingent offer. So, we sold our home in October and moved in with family in December (rent back was a godsend!) to get rid of that contingency. For those also in the game, here's the deets on what got us accepted over an all cash offer at the same price point: listed at 900s, we toured it within 24 hours and our agent was working the other agent from the get go to let him know how motivated we were. Despite the seller stating they would be waiting until the review date, we got a call early Saturday AM that they had received a compelling offer that expired at 10am if we wanted to get something to them. Our offer: 1.1M with escalation up to 1.2M. 100k EM with 50K released early. 60 day free rent back. 150k in low appraisal make up funds. And one sweet ass love letter. I did my research on the sellers and wrote the letter specifically to appeal to their lifestyle and the home itself. The house was preinspected including septic, well, and chimney by reputable companies. There were over a half dozen early offers but it was down to our offer and an all cash offer at 1.2. The cash offer only had 10k EM and wanted 4K/month rent back for 60 days. The seller's realtor asked us to write our offer at a straight 1.2, no escalation, (we saw the other offer), and between the love letter, EM, and free rent back WE WON. Wishing all the best to everyone else as weary as we were. [link] [comments] |
| Advice for second time home buyers, first time selling Posted: 22 Mar 2021 08:14 AM PDT We're in PA, and this is a throw away because some people know my account and I don't necessarily want them to know our info 😊 I just had a few questions and don't know where to find this info because a lot of things are kind of vague concerning this type of info. We decided not to use the realtor we used to buy our first home, for several reasons, and found a nice realtor but she thinks we won't get what we wanted for our current house. Should we get a second opinion? Is that a normal thing to do? What's a good way to find a realtor? It's so hard to know if I'm just invested in the house and that's why I think it's worth more, or if she's right about the price/market, which I know can happen with sellers. Also is zillow/zestimates not as accurate as other sites/apps that realtors use? My husband said Zillow is like what credit karma is for your credit score - a free, less accurate representation of things? [link] [comments] |
| 2 bedroom 1 bath. Bathroom is in one of the bedrooms. Posted: 22 Mar 2021 03:49 AM PDT Just as the title says. The house has 2 bedrooms and 1 bathroom. The only bathroom is in one of the bedrooms. How common is that in homes? Should that be a deal breaker? The Bedroom seems small so not a lot of room to add a different entrance to the bathroom. [link] [comments] |
| Buying house from family, do both sides need an attorney? Posted: 22 Mar 2021 07:38 AM PDT I am buying a house from a family member in NJ and have a question about getting an attorney. The seller is working with an attorney to get all of the paperwork created and filed, right now they are putting together a purchase agreement. While I know in NJ you don't necessarily need an attorney, getting one for this obviously was a no-brainer. The questions is, as the buyer, should I also get an attorney? What I am guessing is that they would review any paperwork before I sign and if needed, propose changes. Is there anything else I would need one for? Thanks! [link] [comments] |
| Asbestos in Drywall Surfacing Material Posted: 22 Mar 2021 06:59 AM PDT Hello, I'm considering putting in an offer on a home but the seller's disclosure mentions there is asbestos (3%) in the surfacing material on the drywall. I know asbestos is generally fine if left alone but I'm a little concerned with the thought of it being on the drywall, most home improvement projects I would want to do on this house would involve opening up the drywall. So how big of a deal is this? Is ACM in drywall surfacing material common? Appreciate any help, I don't really have the context to make an educated decision here. [link] [comments] |
| Questions about potential closing delay Posted: 22 Mar 2021 09:36 AM PDT Closing date 3/29 in Washington state, we're paying cash, inspections all went great. But we might have hit a snag at the last minute. My mother in law is funding the bulk of the purchase (we'll be living together) and this property hit the market *the very day* we finished working with a financial adviser on which accounts to pull from, etc. so we hadn't yet started moving money around (none of us have ever dealt with this stuff before!) We jumped on it the minute our offer was accepted, but weren't prepared for all the hoops we had to jump through to transfer funds (getting special "medallion signature guarantee" overnighted, etc.) Now we're told by one of the banks that there's a chance the last chunk of money (about 1/3 the purchase price) will not hit our account until the day after we're supposed to close. We won't find out for sure until the end of this week. Our seller is trying to do a simultaneous close on a new property. She has backup offers in hand, we don't know if they're higher than ours. As we all know, this market is bonkers, there's a good chance she's got someone who waived everything and is ready to sign. What are the chances the seller won't give us a 2-3 day extension to get the rest of the money over? Our nightmare scenario is that if we can't close on time and are in breach of contract, she'll just usher in the backup. We will be absolutely devastated if this falls through and are trying to fend off cardiac arrest, we're so anxious. [link] [comments] |
| I've got myself into a bad situation selling and need to get out? What do I do? Posted: 22 Mar 2021 07:54 AM PDT We decided to put our home up for sale. The home we picked out and made an offer on was sold out from under us due to multiple offers and ours wasn't satisfactory. Our realtor said she made it contingent that we can sell if we found a new house. But she didn't. I'm very new to all of this and I don't understand how it works. We then got an offer and she called us every 10 minutes for 8 hours trying to get us to sign papers. She refused to tell us our net, and scribbled on the offer letters alot of numbers and info I couldn't read. She explained it and we signed. We just wanted her to go away and sell the house. We then later found out she sold without the contingency and she messaged us saying we are now in a binding contract and can't back out and that we have 30 days to move out. I contacted another realtor for help, and they did help but then disappeared once they started talking to each other. Every home we find we have made offers and then someone comes in and makes an offer for several thousand more and it gets accepted and our realtor just sits and wants until we find another. We did accept the offer and were supposed to be out next month. Inspection hasn't been done yet. We're not sure what to do. We can't find another home and are now searching for an apartment. All the realtors are talking to each other and nobody will get involved. Not sure what to do. I feel sick to my stomach and it's causing tons of frustration. I just want to cry at this point! She doesn't care and I thought this was supposed to be easy and stressful!! Isn't this why we're paying her? [link] [comments] |
| Finally got an offered Accepted in Mass Posted: 21 Mar 2021 06:05 PM PDT So like many others we have been struggling trying to get a home we liked. We didn't get upset about paying a crazy amount over asking. We lucked out found a home we liked, offered asking and passed on the inspection contingency and got our offer accepted. We didn't have to waive appraisal or offer a bridge either. I'm stoked and I hope this is the another in many where the offers don't need to be 7-10% over asking to be considered. Good Luck to everyone. [link] [comments] |
| AZ: Building a freestanding garage on land Posted: 22 Mar 2021 10:04 AM PDT I haven't bought land before/developed so I'm looking for some guidance. Looking to really downsize, I have a house in Phoenix I'm looking to sell and buy some land (probably try and find something with rural zoning away from flood zones) -- but I'm not sure exactly what I'd need to do. The goal is to have a small out of the way place for storage/camping while I travel for a bit and figure out what I need to do next in my life. I did find a lot with a garage built on it in a neighborhood, but Zillow says there's an $85/mo HOA fee that I'm not too keen on, but may actually end up being a good purchase if building something from scratch would be a hassle. Thanks for any direction everyone! [link] [comments] |
| Need guidance as a soon to be first time home owner (hopefully) Posted: 22 Mar 2021 10:00 AM PDT In this TikTok World, I've watched all these Loan Officers, Realtors and such on tiktok explain how to get a home loan and get ready and such. However I'd like to know if what they are saying does make sense? I've seen so far that a 650+, under 40% DTI and a 3.5% funds for down payment will generally get you a loan. However where do i start the process? Is there a website where I can get like a preapproval or such like with autoloans? I know I want to improve my score more but what else should I be trying to do, and where do i start whenever I believe I am ready? A realtor? A loan officer? a website like rocketmortgage or better.com? [link] [comments] |
| Help, how do I buy a low cost home with a loan? Posted: 22 Mar 2021 09:50 AM PDT I want my house! I live here and the area is up and coming! My landlord wants to sell me this house for $30,000 but my bank says it's too cheap. What can I do to get the loan on the house of my dreams? I'm talking to quickens about an fha loan as I type this but I've also been advised to look into other types of loans. Any ideas? [link] [comments] |
| Posted: 22 Mar 2021 09:30 AM PDT In your experience, is it more normal for the mortgage company to give you the amount they are willing to lend, or to try to approve you for the amount you ask for? When we bought our first home 11 years ago ( right after the crazy bust), the mortgage company looked at our finances and said we will approve you for x amount. It was way higher than what it should have been (IMO) given our qualifications at the time. We went with the number we were comfortable with, but its insane to me to think that we could have gotten approval for the numbers they gave us. We sold that house and are now in the process of purchasing a new one in a new state. Both lenders we spoke to this time, despite our much better qualifications this go round, specifically asked us what amount we want to be approved for, and what kind of $ payment we thought that was going to be. They also only pre-approved us for that amount. In fairness one said that that would definitely not be our maximum, so if we wanted to increase our price point to let them know what new price point we would like to look at. The other said we were still "pretty conservative" with the amount we had suggested and could go higher if we desired. But still, they did not just jump up to the highest possible number they could consider. I think the newer lenders are doing it in a much better way, but I'm curious which way is more the "norm" now. [link] [comments] |
| Advice on real estate schooling Posted: 22 Mar 2021 09:25 AM PDT I'm taking a real estate course online and wants advice on how to properly take notes and how did y'all know what was important 😭🥺 Please help [link] [comments] |
| Posted: 21 Mar 2021 11:10 AM PDT Sorry if this isn't the appropriate place or if this is a stupid question. [link] [comments] |
| Renting out my Condo for the First Time Posted: 22 Mar 2021 05:15 AM PDT I am starting to think about renting out my high-rise condo for the first time here in the downtown Streeterville area. Any recommendations on like a checklist of things to do? Any help is appreciated as I'm kinda flying blind here
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| Posted: 22 Mar 2021 08:44 AM PDT My wife and I (first-time homebuyers) found a home that hit many of our items on our checklist in a very competitive MA market. We were about to sign the P+S and wanted to do our due diligence so we reached out to the town to see if all the work was permitted or not. When the town had mentioned that there hadn't been any new permits in the past 20 years, it raised some red flags because there were a couple of remodeled projects like a new roof, new water heater, full kitchen in the basement, and half bath converted to a full bath that wasn't permitted. We brought it up to the seller and they had mentioned that had a permit for the roof but nothing else but they never disclosed any of this. Originally they had mentioned that they would bring everything up to code before closing but now have opted to sell it "As Is" and aren't willing to make the necessary fixes to bring them up to code because they can go to their backup offers and they would be comfortable with it as is. Is it best to walk away in situations like this or purchase and try to bring it up to code? We're not sure how common unpermitted work is. Especially with old homes in Massachusetts. It's been tough to even get an accepted offer in MA. [link] [comments] |
| Question about buying after a pandemic unemployment period Posted: 22 Mar 2021 08:35 AM PDT I currently own a home and will be selling it this spring. The plan is to move to a new state, do a short term rental to settle in and then purchase something there (I also like to take my time with house shopping). Now, I have excellent credit and easily will have 20% for the down payment. My question is that since I have not had a full time job due to the pandemic, how long do I need to be at a new job before lenders are comfortable with my situation? [link] [comments] |
| Appraisal with major lack of comps? Posted: 22 Mar 2021 07:33 AM PDT I'm thinking of bidding 765k on a house being listed this week at 750k. It's 1200 sqft, 2 bed, 1.5 bath. It's in great shape but bathrooms and kitchen are a bit dated (but completely functional). The thing that sets it apart is that it's on a dead-end street and it is on a double lot (.5 acres instead of .15-.25 acre that's standard in the neighborhood). Lots of room to expand, walk-up attic that can be finished, and there's a detached 2-car garage where lots of houses do not have any garage (older houses in this area, all are built between 1890-1940). The problem I'm having is that I would like to offer competitively but there are almost 0 comps. Almost every other house on the street is a 3 bedroom. A house around the corner sold in early December and is almost identical but is 1400 sqft because it has 3 bedrooms. The lot is only .25 acre. So it's apples to oranges. That house sold at 825k. But the market is even more competitive now. Even then that house was listed at 760 and sold 65k over. A few other 3 bedrooms houses in the neighborhood that are around 1500-1700 sqft and fully updated are selling for 950k-1.1mm. Also on smaller lots. Again apples to oranges because they're 3-beds and fully renovated, and a few hundred feet larger. But half size lots. I guess I'm mostly concerned about appraisal. I searched other 2-bedroom solds in the town and they were all around 700-760k, but several were 800-1000 sqft, busy road, smaller lot, etc. and none of them were sold recently - all early last year or 2018/2019 when this town was in a buyer's market. There is a similar size 2 bedroom in another area in town on the market for 760k but it's a weird layout and a one story house. I know appraisers also use solds only as comps. My agent is also the listing agent on this house so he can't advise me on price due to dual agency conflicts. Any advice is appreciated! Should I be this concerned about appraisal? Will they take into account that the lot is 2x the size of others in the area? That's the main draw of this house to me but unsure if an appraiser also would value that so highly. I have been advised waiving mortgage contingency would help me win the house because my down payment is only 10%, but again if appraisal comes in way lower I'm really stuck. [link] [comments] |
| Mortgage company is refusing to speak with closing company. Is this normal? Posted: 22 Mar 2021 07:28 AM PDT The person from the escrow company was going to have everything for our closing ready for last Friday but my mortgage company will not send the right paperwork. At first they said it takes 5 business days to send the payoff, now they have left out some other paper about interest. I'm really struggling here as I have no idea what I'm talking about and my mortgage company will only talk to me or my husband about it, and he is in basic training for the Army, so it's just me. Is it normal for them to refuse to talk to a closing person? It takes 1-2 HOURS on hold every time I call the mortgage company, then when I get through I just have to recite the email the closing agent sent me but when they ask follow up questions I am pretty much clueless. [link] [comments] |
| Transitioning from residential to commercial (currently 13 units) Posted: 22 Mar 2021 07:14 AM PDT I currently own 6 rental properties consisting of 13 units. My equity in the properties totals to around $580k. I'm trying to get out of the headache of dealing with residential tenants (self manage). My gross rents are around $156k a year. I was considering doing a 1031 exchange on some or all of them. My primary investment goal is to increase my cash flow. I figure now is a good time to sell due to low inventory and high demand (Texas). I'm looking for advice or some stories from other individuals who have made the transition from residential to commercial and if it was worth it. I've been doing some sample deals and the return on investment is nowhere near as good as where I am now, and the amount of capital being put into a single property is very high. I do really like NNN leases and the fact that I won't be dealing with individual tenants and their drama. [link] [comments] |
| Posted: 21 Mar 2021 08:38 PM PDT I live in one of the states where it's customary for the seller to purchase owner's title insurance and the seller is indeed listed as doing so in the purchase agreement. However, the company they've chosen really doesn't have the greatest reviews. Would it be a good idea for me to purchase a second policy for myself from a company that I choose? I asked my realtor about it and she wasn't particularly concerned, but this feels like one of those things where if it comes to a situation where you actually need it, you want who's best, not who's most cost-sensitive. Am I just being overly cautious here? [link] [comments] |
| Posted: 22 Mar 2021 06:43 AM PDT I have a client where I invested money into her house to sell it and avoid foreclosure I gave her $6k out of the deal but bank sent her a mortgage interest statement for full amount how do we get that changed?? [link] [comments] |
| Best source for current pre foreclosure list Posted: 21 Mar 2021 11:08 PM PDT I'm looking in Alameda county, CA but I'd be interested to hear how people are doing it all over. I'm looking for a consistent way to get a good list and then try to find addresses for the names so I can send a letter offering to purchase. I went on the county clerk recorder website and found lists of 'notice of default' as well as 'notice lis pendens' but here just looking for other ideas. Is it better to look in newspaper/is that posted as fast? Should I invest in a real estate data website? (Which one?) [link] [comments] |
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