Real Estate: New build has high levels of Radon. Builder has agreed to install Radon abatement system, should I still buy? |
- New build has high levels of Radon. Builder has agreed to install Radon abatement system, should I still buy?
- How are people buying homes sight unseen?
- Neighbor's Gun Range and Property Line Issue
- How to finance a fixer upper
- Update: Nightmare Buyer/Deal
- What is your take on whether the market is going to stagnate or drop within a year?
- Deacresed rents but house price increased. What does this mean?
- Is Zestimate/Redfin Estimate a good indicator of the bank appraisal value? Can the homeowners here share their Zestimate vs actual appraised value?
- Can I fire my realtor after signing a contract?
- Does low supply mean less houses are being sold?
- Tell me why I shouldn’t become a real estate agent just to buy a home for myself.
- Closing. Inspection suggests $25,000 in credits, Appraisal comes in $10k below price. (tho there are no nearby comps), buyer would agree to go with appraisal. Suggestions?
- Cancelling a contract with an REA
- Just a quick question. Who ultimately is responsible for mailing security deposits? PM or owner?
- Managing risk in the superhot real estate market
- How do I find a realtor with short sale experience?
- Need advice on FSBO!
- Portland housing market makes buyer depressed
- Could you help with my university research? Only takes two minutes or less.
- Mortgage pre-approval fee questions (MO)
- (TX) Currently closing on a home and are doing an escrow holdback for some foundation work that came up during appraisal. Will this work be inspected after completion if its a conventional loan and the holdback is funded by the buyer?
- Questions to ask when choosing an agent as FTHB?
- Can I, as a potential buyer, pay the buyer that won the house some money to get them to back out of contract before they even send the home seller earnest money so that I, with a better offer, can get the house?
- Removing PMI based on appreciation when buying an underpriced house
| Posted: 25 Mar 2021 05:24 AM PDT Like the title says, the builder has accepted our offer but during inspection it was discovered that there are high levels of Radon in the basement. I realize that Radon is naturally occurring gas and that abatement systems work, but I also see that Radon is the leading cause of lung cancer in non-smokers. Any advice? Will the abatement system make the house safer? [link] [comments] |
| How are people buying homes sight unseen? Posted: 25 Mar 2021 09:37 AM PDT My timing sucks. I finalized my divorce a few months before COVID and had to sell my beautiful home for less than asking price due to the deadline. Now I'm living in a basement and had assumed I could find a small starter home, but even 1000 sqft houses are now getting more than what I sold my 2600sq ft colonial over a year ago! I've accepted that I will have to pay it, but I can't even get in to see it before it's sold within hours. My realtor said 90% of what is listed anymore is bought above asking price and many are sight unseen. Are there any tips to finding a house in 2021 or should I accept that I will need to wait a few years? I'm worried that at this pace, I will never be able to afford a home again. [link] [comments] |
| Neighbor's Gun Range and Property Line Issue Posted: 24 Mar 2021 10:26 PM PDT OH Image for reference: https://imgur.com/a/TCEgEu2 Let me start by saying I currently have a good relationship with my neighbors.... I bought my house 1 year ago. 2 years ago, my neighbors built a gun range in their back yard. We live outside of any municipality so target shooting is completely legal. However, the back stop is less than 20 yards from my dwelling (measured with a rangefinder). In my neighborhood parcels are only a quarter acre. In the past year, the neighbors use the range only twice a week because ammo is so scarce, but the year before they would have people over multiple times a week and shoot rifles for hours (.223, 30-06, other loud calibers). My girlfriend hates the range. She is moving in and wants me to try to shut it down. I agree the noise is awful and I am always worried about a negligent discharge (I've witnessed plenty from my days working at a gun range). Apparently other neighbors have complained in the past (stray rounds striking trees and even sheds). The range would get shut down by the Sheriff and the shooters would have to beef up the backstop before continuing to use it. They beefed it up by making it longer. Here's where the property line dispute comes in. Based on county GIS mapping, it now appears the back stop to my neighbor's gun range is centered on the property line. I know GIS mapping is not accurate, but the property lines displayed all seem to match with what pins I can find. The structure basically looks like a shed made of railroad ties. It is about 5.5 feet tall, 6 feet wide, and 6 feet long. My neighbors also have been dumping yard debris and trash between the range and my house which makes for an eye sore as I try to keep that area clean. This really became a problem last Autumn when my neighbor dumped hot ash which caused one of my cedar trees to catch on fire. I had to take time off work to fight the fire with a garden hose. My neighbor cut the tree down for me in return. I've pretty much mentioned the worse. I consider my neighbors to be good friends. They have been a ton of help since I moved in. However, shooting seems like a religion to them, and I know any attempt to shut down the range will make them hostile. I am considering hiring a survey company to map my property for completely unrelated reasons. If the survey determines the structure and junk pile are on my property, what are my options? TLDR; I think my neighbor built a structure partially my property and is accumulating trash on my side of the property line. I would like the structure removed if possible. What do I do? [link] [comments] |
| Posted: 25 Mar 2021 06:47 AM PDT I'm buying my first home in South Jersey. Real Estate is very competitive here to say the least. I have my eyes on a fixer upper that needs around 50-60k of work. My pre approval is through the states mortgage program for firefighters (2.14% til august). Is there any way I can finance some of the renovations with my mortgage ? I plan on putting 10% down and that will leave me about 40k for closing costs,furniture, and renovations. [link] [comments] |
| Posted: 25 Mar 2021 07:22 AM PDT Update 3/25: So there's a new deal on the table. She will pay my April mortgage payment and not live there and if for any reason the mortgage doesn't go through on May 7th she would give me $4,200. She would save the 3k she needs by May 7th (she already exceeded gift amount). I would still give her a 3k credit but I did the math and with the 3k credit it seems I would still do better with this deal than paying 2-3 months of mortgage and possible inspection costs for a new buyer that could also possibly fall through again. And if this deal falls through on May 7th I will get 3 months mortgage payments while I look for a new buyer in May. Am I being crazy to consider this deal??? Original post 3/24: So I've been on here a couple times with bad luck and a nightmare buyer. So my buyer decided 9 days before settlement that they changed their mind for no reason. I was supposed to get the 3k EDM back but then the next day she changed her mind again and settlement was back on. Now today 4 days before settlement she hits a glitch with financing and her lender now says she needs an additional 6k because her debt ratio went up. The lender and realtors proposal is for me to credit her 3k and then rent my house to her until the new settlement of May 7th so she can save the additional 3k. This sounds so risky considering she could change her mind again or not do the proper steps to get her mortgage. Should I follow through with this and can I put in the contract that she has to give me a bigger EDM if for any reason we don't close on May 7th and also sign that the doors will be locked on May 7th and she needs to move out if she doesn't close? I'm at a loss. If I put it back on the market I'm out at least 3k anyway paying my mortgage until I find a new buyer and I already moved out. Also, I don't get the previous EDM because now it's a mortgage contingency and her not just changing her mind. [link] [comments] |
| What is your take on whether the market is going to stagnate or drop within a year? Posted: 25 Mar 2021 02:32 AM PDT CA. I have never been in the market for a house, until now sadly. I was weighing my options and saw a house I was interested in. Long story short, I placed a cash offer of 15k over the listing price which was 210k,the house was sold for 230k. I was looking through Zillow on the homes sold in 2019 and even early to mid 2020 and the difference is night and day compared to now. A house that is valued at 290k now would be valued at about 230k back in 2019. I am not in a hurry to buy a home and I would much rather wait till prices drop but by the looks of it that is not happening anytime soon. [link] [comments] |
| Deacresed rents but house price increased. What does this mean? Posted: 25 Mar 2021 05:27 AM PDT In my city (central Europe) happens something weird. Pandemics negativelly affected rent by ~5%, but at the same time prices of real estate went up by ~10%. Even before pandemic the yield was pretty low and didn't make sense to invest. What to expect? Correction of rents or house prices? Or is this a new "normal"? [link] [comments] |
| Posted: 25 Mar 2021 08:22 AM PDT I'm in the Seattle market. To win an offer I realize that Zestimate numbers are completely off. However after I win the offer, how reliable are Zestimate numbers to gauge what will the house be appraised at? It looks like Zillow and Redfin's algorithms also looks at nearby comps to determine the value of the house. And I believe that's what the appraiser will also be doing. And also those algorithms have only improved over the years. Any experiences from homeowners here on the Zestimate vs the real appraised value? Thanks! [link] [comments] |
| Can I fire my realtor after signing a contract? Posted: 25 Mar 2021 08:00 AM PDT I found a plan I like, and the area/lot I want to live. The realtor did not assist me with this in any way, and I've started to notice after signing the agreement and contract showing the realtor will get their 3%, the realtor has become radio silent. I'm wanting to change my foor plan to a different home at a different price and would rather not include the realtor on this since I just don't see the purpose of having a realtor who doesn't really contribute anything at all. My question is... 1. Do I HAVE to include the realtor to discuss the new plan/contract with the builder? 2. If I were to meet and sign off on a NEW contract without the realtor present is he entitled to be on the new contract? 3. If I don't "fire"my realtor/try to terminate the Buyers Agent Agreement am I estentially tied to the realtor --no matter what/who the home/ seller is? [link] [comments] |
| Does low supply mean less houses are being sold? Posted: 24 Mar 2021 11:49 PM PDT I'm a little confused on everyone mentioning that there is 'low supply' right now. From what I understand, the amount of houses listed on the MLS is at an all time low, but does that mean less houses are being sold? For example, if there is REALLY high demand (which there is right now) that just means houses are going to be sold quicker and therefor taken off the MLS more quickly (and less time on the MLS means there are less supply on the MLS at any given moment). I would love for someone to shed some insight on this topic! [link] [comments] |
| Tell me why I shouldn’t become a real estate agent just to buy a home for myself. Posted: 24 Mar 2021 10:58 AM PDT Let's say I'm in the market for a $2M home. Where I live, each broker splits a 5% commission, or 2.5% each. Therefore the I could potentially earn/save $50k on this transaction. In my state it costs less than $1000 with 40 hours of classes and a passed exam to become a real estate agent. Let's also assume that I am reasonably real estate competent. I currently own some other properties, know the local area well enough, and can do comps myself. So I don't get as much value from hiring an agent as a first time buyer for example. Assuming I had the time and energy to get the license, why wouldn't I do it? I would love for you fine folks to poke holes in this idea. Thanks! [link] [comments] |
| Posted: 25 Mar 2021 10:20 AM PDT I think the inspection is overly optimistic. The roof doesn't leak, but they say it should be replaced for $20,000 because it doesn't "look good". The appraisal literally says "No nearby comps, extending radius to 1 mile", which adds in much worse neighborhoods int he area. It comes in at $280k. (We had agreed on $290k.) The buyer will accept $280k. What would you guys do? [link] [comments] |
| Cancelling a contract with an REA Posted: 25 Mar 2021 10:12 AM PDT Hello! I'm a first time buyer and to put it lightly this market has been...tough for a young couple with a lower budget. About two weeks ago we called our REA and told her we wanted to put the search on hold, because we don't feel like we can compete in this market with our budget. She said okay and understood and that was the last contact we had with her. A few days ago, a friend of mine offered to sell me one of her properties, as she understood the market and said she could use some good karma right now (couldn't we all?) and needs the money for other reasons. We looked at the contract with our REA and it states our contract doesn't end until July. Is there a way we can safely end this contract with our REA without involving lawyers or is she required to be a part of this process? [link] [comments] |
| Just a quick question. Who ultimately is responsible for mailing security deposits? PM or owner? Posted: 25 Mar 2021 10:07 AM PDT Rented a place for 5 years and had awesome luck with the old owner, but he sold shortly before I moved. AZ requires an invoice be mailed with the deposit before 14 days. Haven't even received that and it's been 50+. PM says owner holds deposits and they aren't responsible. New owner never talked to anyone of us when he bought it, so I don't even know his first name, so no way to contact him. Basically, my quick question is is the PM stringing me along? Is the owner actually responsible for mailing the security deposit? That seems very odd to me since they did the final walkthrough and handle the lease agreement. [link] [comments] |
| Managing risk in the superhot real estate market Posted: 25 Mar 2021 10:04 AM PDT After many years of renting, I am looking to buy a SFH. In my area (big city in PNW), we have a big mismatch between supply & demand for SFH (based on Redfin data) . As a result, I am having a hard time seeing the market move to a buyers paradise soon. I wanted to know if there are any guidelines for reducing risk due to a potential bubble in the RE market right now. I expect to be in the house for 5 to 7 years. [link] [comments] |
| How do I find a realtor with short sale experience? Posted: 25 Mar 2021 10:04 AM PDT I'm filing Ch. 7 bankruptcy, will not be keeping my house, and don't want to wait for the bank to foreclose to get the title out of my name. How would I go about finding a competent real estate agent who has experience with short sales after my liability for the mortgage is discharged? I may have enough equity to break even in a normal sale, but I think it will be very close after accounting for all of the fees I will have to pay as a seller. The property is in Lake County, IL if that makes a difference. [link] [comments] |
| Posted: 25 Mar 2021 10:02 AM PDT Late last week my fiancé and I got in contact with a seller in our desired area. They have agreed not to put it on the market until we decline.We found a real estate agent that would only charge a 3% fee. However, when we were drawing up the contract the sellers said they never agreed to pay our agent. I was devastated and told them politely that we are first time buyers and not in the financial situation to take such a risk without an agent. They came back to me and said they were given different information by the agent and never agreed to pay her 3%. While talking to them this morning they expressed that the agent originally told them we would buy the house sight unseen.Which is not true.I asked them what they would be willing to negotiate here is what they said -they would cover a 5,000 dollar closing cost -They would pay a real estate facilitator from the same agency we originally used. -they were not completely upfront about which inspections they would pay for at this time -they will pay for the title and appraisal Here is the issue the house is at an asking price of 420 and they will not budge. Comps in the area are around 390.We don't know the actual value of the home yet.It is a waterfront property. We do not want to burn a bridge with our agent, but the sellers refuse to work with her now. What is an outsiders perspective on the situation and how to move forward safely or just let our dream house go ? [link] [comments] |
| Portland housing market makes buyer depressed Posted: 25 Mar 2021 10:01 AM PDT Sold our house from out of state, and now renting, been looking for a month and of course, with the limited inventory, this is looking a bit gloomy. We are not first time buyers so our budget is a bit healthier, we are looking at areas in NW (Bethany or Forest Ht or Lake O), and it is a bit discouraging. Most recent house we looked at (just to check out the neighborhood), went over by north of 100K (for a 900K house) within days. DH is arguing we should not be raising our budget which we have, worried that this bubble will burst. My rational is that, even if there is a dip, it will eventually go back up as we are in this for a long term, we are paying rental plus storage now. We are not super picky but do prefer turn key, 2 garages, nice kitchen potential. Yard is not SUPER important for us, but would like to have one , or at least deck space. Should we be considering new developments? [link] [comments] |
| Could you help with my university research? Only takes two minutes or less. Posted: 25 Mar 2021 09:53 AM PDT I am currently considering the opportunity of a new business idea and was wondering if anyone could spare 2 minutes to complete a short questionnaire to assist me 😊 it would be very much appreciated. The questionnaire can be completed here and is only 10 questions long, multiple choice answers. https://www.surveymonkey.co.uk/r/Z3KVQKB Thanks everyone! Have a great day 😊 [link] [comments] |
| Mortgage pre-approval fee questions (MO) Posted: 25 Mar 2021 06:01 AM PDT https://i.imgur.com/nxv2Yuk.png Got a pre approval done and looking for some opinions. First, it seems odd that there is a 'lock in fee' when the approval doesn't have rate lock. Any insight into this? Also the title search fee, a quick google search shows this should be 100-300, 1,920 seems like a bit of an anomaly. How would I go about shopping around to get a normal amount? [link] [comments] |
| Posted: 25 Mar 2021 09:27 AM PDT Basically, we knew that some foundation work would need to be done because we had a foundation person come out during the option period. Nothing super crazy was brought up, but with that and some plumbing repairs to the main line, we negotiated the seller down $10k and agreed to repair ourselves after we move in. All good. But then the appraiser recommended our lender send a structural engineer out, who then recommended a handful of repairs to the foundation. They more-or-less add up to the same amount of work we were planning on doing, so we don't feel like we can go back to the seller to request them to contribute, but because it happened during the appraisal, our lender is now requiring an escrow holdback. I've found an independent foundation repair guy who can do most of the repairs affordably, but my concern is that the lender will send in an inspector to check the work and if its not up to their standard, then they will take the house—or have it completed by their own people and send us a massive bill. However, if it's a conventional loan (as opposed to a homestyle renovation loan) then maybe they are just going to assume that if the contractor gets paid, then the work was done and its more of a CYA for them? Any help would be massively appreciated. We love this house and its a great price in a good area, but this escrow holdback is going to basically eat up our cash buffer that we had, so I'm trying to predict any hurdles we might encounter. [link] [comments] |
| Questions to ask when choosing an agent as FTHB? Posted: 25 Mar 2021 09:02 AM PDT We're first timers and starting our home buying process and meeting with a few realtors in the area to see who we want to work with. What are some questions we should ask? [link] [comments] |
| Posted: 25 Mar 2021 09:02 AM PDT I don't know if this is in bad taste or legal, but I really like this house, am willing to give a better offer to the seller, and even give the other buyer under contract (hasn't even been 24 hours) a couple thousand to potentially get them to back out of their contract... Would this cause issues for that buyer and seller if I tried to do this? [link] [comments] |
| Removing PMI based on appreciation when buying an underpriced house Posted: 25 Mar 2021 09:00 AM PDT This is my understanding, but please correct me if I'm wrong. I'm trying to wrap my head around this:
How does this make sense? What can you do if you are in situation #3? Can you request a new appraisal a few months later? Is it even worth it to put down 10-15% when you are likely to be in this situation? [link] [comments] |
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