Real Estate: State of the market megathread |
- State of the market megathread
- Hey Boomer, time to move out and let the next generation buy your house!
- Why do so many poorly run HOAs exist?
- Mortgage lenders are still behaving predatory
- Bankruptcy discharged in December 2020, 1 year to buy childhood home for 50,000, advice needed.
- Going house hunting this weekend. Reluctant MIL coming along. How to strategize offers with her there?
- Relative in foreclosure dies (AK). What can we expect to see? Timeline?
- First time home buyer, is it fair to ask seller to replace aging furnace 25+ years old?
- Buying on a gentrifying neighborhood?
- is it required to transfer the property in order to give ownership stake in llc - Massachusetts and generally any state
- Build to sell
- Can you walk away from a new construction if builder keeps extending the contract?
- Buying during a “sellers market”
- House increased 23% in Value since July 2020. Still worth it too but ?
- Probably been asked before - Leasing Company on a Rental Question
- Refinancing OUT of a Contract for deed
- Mortgage companies
- Found a house But
- Trying to buy house thats...not on the market?
- Update to this: single family and multifamily up to four units. Big news.
- Realtors, what do you value in your agent support?
- Appraisal after closing?
- Converting an office into a dining room to make room for larger Kitchen Reno
- Is This Normal When Trying to Buy a Home
- Redfin shows Buying Agent as Selling Agent
| State of the market megathread Posted: 11 Mar 2021 11:57 AM PST Please post your rants, general queries like "what will the market do", or other miscellaneous content in this thread. Individual threads will be merged in here. [link] [comments] |
| Hey Boomer, time to move out and let the next generation buy your house! Posted: 12 Mar 2021 09:20 AM PST My Mom is 77 and in good health. She owns a condo in one of the nicer neighborhoods in town. She is not going anywhere anytime soon. Last weekend a realtor knocked on her door and asked if she was interested in selling the house. She said no. No problem yet right? Then he handed her some brochures for a few local retirement homes and suggested maybe it was time to look into those and he could help her sell her home so she could afford it! She did not react well to that... yelled at him and slammed the door in is face. How did that idiot think that was going to go? [link] [comments] |
| Why do so many poorly run HOAs exist? Posted: 11 Mar 2021 10:51 PM PST I have run into horror stories of HOAs being severely underfunded and cannot even pay for a tenth of a major repair such as roof, foundation, electrical, plumbing, or asphalt. Many times these costs are passed down to the property owners in the form of special assessments costing tens of thousands of dollars per owner and the owners cannot do anything about it. On top of the special assessments the HOA then votes to increase monthly dues to recoup their inexistent "reserves". Poorly run HOAs cause property values to stagnate, owners to run for the hills, and the community to deteriorate. Why is it so hard to reform a poorly run HOA? It's a complete disaster. [link] [comments] |
| Mortgage lenders are still behaving predatory Posted: 12 Mar 2021 06:28 AM PST My preapprovals are coming back at levels that would leave me with only $500 after mortgage and property taxes. That's $500 for utilities, food, and any other expenses I might incur for household upkeep. If utilities are $300, which is conservative for a house the price range/size they are offering, that leaves me with only $200 to feed a family for the month and absolutely no safety net. If I need a new vehicle or literally any unexpected expense, I'm screwed. Just because a bank says you can afford it doesn't mean you can afford it. I'm pretty flabbergasted at how predatory this feels - I was only applying for half the amount they approved me up to. And I'm concerned for what it means for the people stretching their budgets in the current market because a bank is enabling them to. [link] [comments] |
| Bankruptcy discharged in December 2020, 1 year to buy childhood home for 50,000, advice needed. Posted: 12 Mar 2021 05:52 AM PST I lived in the same house for 16 years, I was raised there from ages 7 up. My father died in this house. It is quite litterly my home. We rented for 16 years. The landlord then decided he wanted too live there as he hit hard times. Well fast forward 5 years and I ran into him yesterday and he says he is selling it in about a year for 50,000 which in my opinion is a great price it's a 4 bedroom 2 bath and just driving by it on my way to work I've seen how much work he and his family have put into it. With all that said my first wife put me in chapter 7 bankruptcy, It was discharged in december of 2020 therefore I still have what? 7 or 9 years of it on my credit? I would be a first time home buyer and could approximately put 5000-10000 (10%-20%) down. What can I do to assure I get a loan in a year on top of build my credit in the mean time? Any advice would be appreciated as this house means everything to me. Also located in Kentucky. [link] [comments] |
| Posted: 12 Mar 2021 07:10 AM PST My SO's mom hasn't seen us in a while, and wanted to come up for the weekend. No problem with that. Thing is, we're planning on going to several open houses and won't be able to do so again until next month. She has also been vocal about how she wants us to move closer to her (she's a 3.5 hour drive). I'm a little nervous that she'll interject on any house we see, only pointing out the flaws in a home in hopes of putting a wet blanket on the area we currently live in. I think that's something I can see through, but I don't expect my SO to ignore her -- especially with such a huge decision. We also live in a much higher cost of living area than her. That means our salaries, cost of home, and budget is much higher than she's accustomed to. Not only does that mean every home we view will seem extremely expensive (even when factoring in the current market), but she'll press for an explanation for how we can possibly afford these homes. For what it's worth, we're budgeting for around $2,500 in monthly payments, but have been spending $2,000 on rent + $3,000 in house savings for the past 7 consecutive months. We're not coming close to what we can "afford." Thing is, if we're going to be working out an offer, she's going to hear those "big" numbers and try to dissuade us. I also don't really want to disclose my personal finances. They're very healthy, and my SO's are even stronger than mine, but it's none of her business. Anyone have experience navigating a huge decision like a home purchase with a "helper" involved? [link] [comments] |
| Relative in foreclosure dies (AK). What can we expect to see? Timeline? Posted: 12 Mar 2021 09:38 AM PST So here's the story: My wife split with her Ex in Alaska seven years ago and moved to Oregon where we live. He got a mortgage to buy her out of the house and lost his job around October 2019. I don't know how long he kept making payments, but my gut says he stopped within a month or two. Then Covid hit and I presume all foreclosures were halted and that's the only reason he was able to stay unemployed in the house until he unexpectedly died this week. Where it's our problem is that my wife's 19-yo son is his next of kin and is not prepared to deal with this. He wants to claim some his father's possessions, but has no interest in attempting to keep the house. What can we expect to happen and what do we need to do to make sure that we get the stuff we want before the bank takes possession of the house? [link] [comments] |
| First time home buyer, is it fair to ask seller to replace aging furnace 25+ years old? Posted: 12 Mar 2021 09:08 AM PST |
| Buying on a gentrifying neighborhood? Posted: 12 Mar 2021 07:09 AM PST I'm interested in a house in an area mid gentrification. Outside if the obvious (living in a bad area/the possibility of things not improving) what are the pros and cons of buying in a place mid gentrification? Have you ever bought in an "up and coming" area? Did you regret it? Was it a headache and if so was it worth it? Would you do it again? [link] [comments] |
| Posted: 12 Mar 2021 09:52 AM PST If a property is owned in an llc, is it required to transfer the property in order to give ownership stake in llc ? We plan to give a person who has helped the company a lot a stake in the llc which they have helped. We also want to accept an investment offer but it is contingent on investor taking ownership of a significant % of the llc. Unclear if the law allows llc to bring in additional share holders or if the llc must basically transfer property, dissolve. [link] [comments] |
| Posted: 12 Mar 2021 09:39 AM PST First time building a house to sell. In your opinion, is it good to keep the home neutral and not put too much effort into the painting and leave walls white for the future buyer to do what they want with? Or should have the walls painted to make it look ready to move in. I don't need to stage it since I'm selling it right away right [link] [comments] |
| Can you walk away from a new construction if builder keeps extending the contract? Posted: 12 Mar 2021 09:17 AM PST My wife and I are in the process of building our first home. The house was originally supposed to be completed at the end of February, but because of delays we needed to sign an extension until the end of March. It now looks like we may need to sign another extension because the builder will not be finished. Many of the delays have been from the builder's own negligence e.g. starting siding without wrapping the home first. We feel as if the builder should cover the closing costs because of these problems. If he does not we are willing to walk away because of the headache this whole process has been. I understand we will lose our deposit, but that was only $1000. Our big concern is legal trouble. Could the builder sue us if we were to simply walk away? I know it probably varies from state to state and I am in KY. Thanks for any advice! [link] [comments] |
| Buying during a “sellers market” Posted: 12 Mar 2021 05:16 AM PST Me and my family have needs to move in the near future for wheelchair accessibility. We are currently in a two-story home with lots of upgrades. The real estate agent says we can sell our house 125k more at least then what we bought it for 3 years ago (575k) which is great. But the builders in the area also have significantly jacked up the prices so we would have to pay 555k for no upgrades but a big ranch (5200+ when basement finished). But we would not have the basement finished it would just be the main floor of the house done and some roughins in the basement Is this price crazy inflated. There is high demand for land in our area and homes sell with bidding wars. We are in a great school district we just don't wanna make a mistake of buying a home hugely overpriced homes and then downgrading on what we have now even though we need the wheelchair access that is a lot of money. All Opinions/advice is welcome. [link] [comments] |
| House increased 23% in Value since July 2020. Still worth it too but ? Posted: 12 Mar 2021 08:51 AM PST I am looking to purchase my first single family home and rent it out a few rooms to 2 friends and live in the third to subsidize the mortgage. Out of pocket expense for a house up to 300 would be about 300 plus utilities. This market has been crazy and lost out on 5 homes so far. Just found a great house that just popped up that needs some minor cosmetic work;however, it just sold for 218k in July 2020 and very minor work was done and it is now listed for 280k, which is very in line with this neighborhood in the current market. My only hesitation is that a 23% increase ~6 months is crazy and don't want to get caught holding the bag if the market does come down. Should this massive price increase stop me from purchasing even though the monthly payment is affordable? I plan on holding this as a long term rental but just worry of getting caught holding the bag by buying at the peak. [link] [comments] |
| Probably been asked before - Leasing Company on a Rental Question Posted: 12 Mar 2021 08:50 AM PST Last year I started working with a leasing company to find a tenant for my condo. It was the Spring and the market was in flux. Traditionally I had used a group that found a tenant and then I maintained after lease was signed and paid a finders fee. But, given that thing were so tough with showings, etc, I worked with a company. The place takes care of itself. Other than a potential issue with an outdated appliance there is really no work to be done. Also we have an HOA. My question is that the rent will be up soon. I have contact with the tenants, which I acknowledge that I did not find, but what are the potential roadblocks to cutting out the real estate company and taking on the tenants on my own. I really hate paying the 8 percent every month. I have a contract with the leasing company that started a few months before the tenants signed and it re-ups every six months. so I am technically signed up with the company until it re-ups again in August. I asked the agent about this in terms of selling the property, but not if I wanted to take the tenants on my own, and she said that the contract I have with them is really just for the duration of the lease that is signed. But, I don't know if that holds true if I go rogue and take on the tenants myself. So, any suggestions here? If the tenants are looking to sign a lease is it best case to suck it up? Thanks. [link] [comments] |
| Refinancing OUT of a Contract for deed Posted: 12 Mar 2021 08:46 AM PST Hey guys- has anyone ever financed OUT of a contract for deed? and If so, how does it even work? Just for simple math - lets say that sale price of a home is 100,000 and seller does contract for deed, and I give him 10k up front. How does the BANK establish the loan a year later when I refi out of it? I have a property I'd like to purchase but dont know what to expect later when I refinance out.... anyone had experience with this [link] [comments] |
| Posted: 12 Mar 2021 08:43 AM PST Hi, We'll be buying our first home in the coming months. My question is if there is a reason to shop around for mortgage companies/brokers? My credit score is great and we'll be putting 20% or more down so I think we'll be good candidates anywhere. I'm also a pretty conservative person so will likely go with a standard 30 year mortgage. My realtor gave us three names that represent the variety of options--a broker, a local bank that won't resell our mortgage, and someone associated with the larger corporation that owns the real estate company who can provide a Pre-Purchase commitment program (which I've been told is as good as a cash offer). As there a number of moving parts to this including a new job, moving to a part of the country we've never spent much time in, finding good schools, neighborhoods, etc. I'd love to not spend time comparing mortgage companies, but if there is a compelling reason to spend time on this I will. Thanks in advance! [link] [comments] |
| Posted: 12 Mar 2021 07:58 AM PST I found a house that i really love but as I was leaving I noticed the house doesnt have a driveway. Parking in the area looked like average North Jersey parking.. My question is, would you buy a house without a driveway? I dont want to buy the house and regret it later on. [link] [comments] |
| Trying to buy house thats...not on the market? Posted: 12 Mar 2021 07:51 AM PST Has anyone ever done this? Basically I've tried to buy the same house twice over the past two years. The current owner has been there just over a year now. Should I just drop off a letter stating I'm interested? I'd really like to try for it before setting for another home as this home is exactly what I want, in the area I want. Any help and advice is appreciated TIA [link] [comments] |
| Update to this: single family and multifamily up to four units. Big news. Posted: 11 Mar 2021 09:39 PM PST |
| Realtors, what do you value in your agent support? Posted: 12 Mar 2021 07:05 AM PST I'm starting as an agent support/sales administrator next week, my background is in admin but completely different field so I have no real estate experience. I initially submitted a CV and letter requesting work experience and, to humble brag, it seems they want me anyway. How would your dream administrator best support you as an agent? Think of your favourite administrators - what did they get right, which skills did they have that you really admired, quality of their work and how they were on a personal level, anything that made your life that much easier. What have your administrators gotten horribly, horribly wrong? Any current administrators with advice also - particularly time management and structuring their week? [link] [comments] |
| Posted: 12 Mar 2021 07:04 AM PST I closed on a refinance with cash out loan back in January in the state of Ohio. They conducted a desktop or drive-by appraisal as part of the refi due to Covid and such. Now the bank is demanding us to schedule an in-home appraisal. They claim we are obligated to do this (also because they are trying to resell the house and in-house appraisal is required for them). What obligation do I have since this loan is already closed and we do not want anyone in our house? [link] [comments] |
| Converting an office into a dining room to make room for larger Kitchen Reno Posted: 12 Mar 2021 05:53 AM PST We are looking to renovate our kitchen this summer. Currently it is attached to a dining space. It is quite small and we really wish we could make a big beautiful kitchen but feel limited in the space available. We are considering converting my office on the main floor to a dining room, and renovating the kitchen to expand into the dining space. I am wondering though if effectively removing that dining space in the house would have a negative effect on the value of our home, or if having the larger kitchen would balance it out. Edit: Rough layout of the main floor https://imgur.com/a/DwOEz2L [link] [comments] |
| Is This Normal When Trying to Buy a Home Posted: 11 Mar 2021 11:04 AM PST So first time home buyer here and so far the process has been ungodly slow. Two weeks ago, we made an offer for a property that had been sitting for over 100 days. We figure they would accept right away and we would move into escrow and work towards closing by the weekend. Instead, the sellers broker waited a week for better offers before presenting, but surprise we were the only offer and the seller agreed, but requested some amendments to the agreement. We agreed and last Thursday, we signed and was expecting to do inspection and all last weekend. But on monday, still nothing and my agent called theirs and they asked us to resend the documents. Not sure what happened, so we did and they said they would open escrow on Monday. It is now Thursday and still nothing. Is this normal? In my line of business, this would be considered incompetence, but maybe it works differently with real estate. Just trying to see if my expectations are too high... [link] [comments] |
| Redfin shows Buying Agent as Selling Agent Posted: 12 Mar 2021 04:32 AM PST I found this Agent via Zillow and she has been trustful so far. As I'm a first time home buyer, I'm taking all the advices from her, like choosing the lender, choosing the home inspection etc. inspection came out very good. Today when I was checking the Redfin listing of that house, there are two agent information given. One is the listing agent whose name is same as in the sign placed in front of the house. Other one is Selling Agent and it is my Agent. I cannot find this information in Zillow or Opendoor. Is my Buying Agent scamming me? I don't want to ask her yet. Is it a mistake on Redfin? Interestingly the house was sold by the same brokerage firm in 2016 that she represents. Is there anyway to investigate this? Please help [link] [comments] |
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