Real Estate: Under contract to buy, and now sell as of yesterday. Here's why I choose their offer |
- Under contract to buy, and now sell as of yesterday. Here's why I choose their offer
- Never waive inspection, ever.
- Sold our house to Opendoor, since then the builder of our would-be new home has raised the price beyond our budget (after we put a deposit down). Are we screwed?
- Seller accepted another offer basically while I was walking around their home
- Is a low-inventory market a catch-22 for the buyer who is also selling?
- (TN) First time homebuyer in a seller's market - houses are being sold within hours of coming on the market
- Weird Theory : In the orlando market, the real estate price growth will converge with the model for 55+ Communities
- Who is investing in real estate, crypto, and stocks?
- Defunct HOA?
- This market, SF edition
- What is the best online school to get real estate license?
- Question about a Covenant
- Inexperienced real estate agent
- Are Home Appliance Warranties Important?
- San Bernardino single-family house: Replace 60 year old water supply pipes with copper or PEX?
- Actual cash needed to close sale/purchase in same day
- Credit score dropped before closing
- Selling a condo - inspection already done - building having sewer issues - what do I do?
- How do you take age of the home into consideration when you are evaluating it?
- New homebuyer with question reguarding Closing cost.
- Other options besides traditional stick-built homes in this insane market?
- Advice on moving from a house to a rental
- Selling Condo in San Diego--advice for a quick sale
- Rent it or sell it
| Under contract to buy, and now sell as of yesterday. Here's why I choose their offer Posted: 07 Mar 2021 07:12 AM PST I close on my new, very much downsized house on the 18th as a cash purchase. I went under contract with the buyer of my hobby farm yesterday (four offers on the table, listed Wednesday, 34 showings in 3 days) and close the 26th. Of the four offers, one was contingent on sale of their current house and it wasn't listed yet, and it had not been inspected yet. I didn't want my sale to fall through because of factors I had no control over. They were the highest offer $30k over list. Two other offers were government loans, which I have no problem with, but sometimes those loans can be tricky with required contingencies. One was $10k over and the other $15k over. The offer we accepted was $25k over list, and waived the appraisal contingency (they will pay their offered price no matter what the appraisal comes in at. The inspection is a pass/fail only (they can cancel the deal if something awful is found, which I don't expect) and they will ask for NO concessions. (This was important to me as I have done tons of improvements, but I had my knee replaced in September and it's not easy for me). Pre-approved traditional financing, with proof of funds to cover appraisal gap if any, 3% earnest money, 20% down. Closing March 26th. I thought it would be helpful for buyers to have a real example of what a winning offer looked like for me. [link] [comments] |
| Posted: 07 Mar 2021 08:20 AM PST Just someone on reddit giving their two cents. Lots of advice to waive inspection but I just think that is being irresponsible with where you will call your home. "But what if I am outbid, waiving inspection may make my offer better?" Ultimately it is your money and not mine, but you will want the security of knowing you can walk away or negotiate price if you realize your house needs foundation work, a new roof, major electrical work, plumbing, etc. [link] [comments] |
| Posted: 06 Mar 2021 08:20 PM PST Here's an ongoing horror story for you: Long story short, we signed selling our house with Opendoor but we no longer have a house to move into. Our agreement with Opendoor was that we wouldn't have to move out until our new house was ready so we're still in the house we signed to sell but the builder has raised the price of the home after we paid a deposit for the lot. Our agent has been horrible and would ghost us for a week at a time but when contacting the builder they said we had to go through that agent. Does anyone know if it would be possible to back out from the sale at this point? Bonus question, after we put a deposit down on a lot can a builder still raise the price of the house? That seemed wrong and really screwed us. Thank you all in advance. [link] [comments] |
| Seller accepted another offer basically while I was walking around their home Posted: 07 Mar 2021 07:31 AM PST I live in Southern California. A home popped up 45 minutes away from where I live, so I immediately made an appointment to see it the next morning. The seller is also the listing agent for this home and was home at the time of my viewing. She and I chatted and I asked a few questions. She was at her computer and on her phone a lot of the time I was there. I LOVED the home and asked her point blank what type of escrow she wants because I want to I give her what she wants. She seem flustered at my question and said, "Well there's already multiple offers....but 30-45 days. Whatever ....". Before I even left her driveway I asked my realtor to write up an offer. Before I finished my drive home my realtor called to tell me they already accepted another offer! I was heartbroken I didn't even get a chance to try! Why did she let me make an appointment to see her home? The house was on the market one day so far! Why wouldn't she even see what happened through the weekend just a few days later to see what offers she'd get? It made no business sense to me and to find out she is a realtor made it even more confusing. This hit me harder than other homes I've lost because I was outbid. I feel like I did everything right this time, even having a chance to speak to the owner, and still lost out. I decided to make a backup offer. The home is contingent, but not sure on what terms yet. They offered $85,000 over ask. I know my offer would have been stronger than the one she accepted because I could match what they offered, plus am all cash and no appraisal/selling my home contingencies . She told my realtor she felt stupid for not waiting to see if I would/what I'd offer. She has now signed the backup agreement with me and I will go automatically into escrow if the first buyer backs out. I have almost no hope, don't I? Can I offer on other homes in the meantime? [link] [comments] |
| Is a low-inventory market a catch-22 for the buyer who is also selling? Posted: 07 Mar 2021 09:33 AM PST This may have been brought up in another thread already, but how are people going about buying a home while selling their current home in a market that barely has any inventory? On one hand, you can make an agreement that the sale of your current home will only go through IF you also find another home and that contract goes through. On the other hand, this may detract buyers knowing that you might not find another place because of the lack of inventory. Imagine making an offer on a home and the seller makes you wait 6+ months because of the current market being terrible to buy in. COVID aside, if people aren't putting their homes on the market because there isn't enough inventory to go around to buy a new one how do we break free of this cycle? [link] [comments] |
| Posted: 06 Mar 2021 11:35 AM PST This is really getting old. I find myself glued to the computer several hours a day checking to see if any new homes have come available. If I see one, I am at the point now to where I just go by the pictures and hope there are no major problems with it - but then that's what inspections are for - so I just call my realtor and tell them to put an offer in. I need help with closing costs, so if a house is listed for $180K, I will offer $186K if they pay some of the closing costs. What I'm finding however is that while I'm over here putting in a bid for what I am approved for via FHA, someone has offered the seller $25K over asking price with no contingencies, buying it as-is with no repairs. I can't compete with that, and I'm wearing out my welcome staying with my aunt and uncle while house hunting. I realize now that the list price is just a jumping off point for a much higher price negotiation. I just never know how much to go over asking - I mean, I don't want to be upside down in a house... but at the same time, I feel like if I don't get aggressive with my offers, I'll never even get chosen from the 150 other people out there bidding for the same house... and I'm not kidding - the houses go within hours of going on the market. The city is Clarksville, TN. I'm at the end of my rope. Any advice is welcome. [link] [comments] |
| Posted: 07 Mar 2021 05:29 AM PST This is an opinion post. I am not a realtor, but a speculator with interest as a buyer. I've noticed in very nice retirement communities in central florida (not retirement age, but the same general areas where I'm looking to buy), home prices are pretty reasonable and on pace for slightly elevated normal historical price appreciation. Outside of 55+ communities, price growth is 7% month over month, 13% annual appreciation (historical averages are 3.9% per year). This is because the demand hasn't increased substantially in the 55+ category of buyers and these houses are restricted artificially from people who are not 55+, so price growth trends appear to be slightly elevated on the few houses I've picked out on realtor.com (note my theory is based on a specific 55+ listings, and housing data in the 34711 zip code, which is largely a mix of retirement communities and normal residences, month over month price growth here is 1.6% vs 7% for surrounding zip codes). I started noticing this because there are a few listings that seem "reasonable" in terms of pricing, then we're like shoot its in a 55+, so definitely out of reach for my wife and I who are both 29 (and probably most of the current buying base). It's to the point where if the price is clearly low, we can reasonably assume its a 55+ community before clicking on a listing. A 1700 sq ft house in a 55+ community is going for about $279,999. This seems somewhat reasonable, and its about where houses were in the area prior to the massive price jumps that started in December and January. Right now, in the same zip code, comparables in non 55+ communities are selling for about $310-320k, so $30k to $50k higher than the 55+ communities. While we can expect home values to always be higher in the non 55+ communities due to a larger buyer base, the disparity due to supply and demand is becoming outrageous. Mind you the listing price increases in non 55+ communities locally has been about $10-15k per month, month over month for our area. It's my personal theory that there won't be a market crash, but there will be a pricing correction or at least a market cooling in the coming months for our locale. The low supply, low demand of 55+ communities has resulted in predictable stability in price appreciation. My hot take theory is that we can in the Orlando area, guess that trends will start to look more and more like the 55+ communities performance. If demand decreases over time (as interest rates rise, warm weather in the rest of the country diminishes relocation demand, etc), and nothing else changes in supply levels, the supply / demand issue will more closely mirror what the 55+ communities situation is now (low supply and lower than the "new normal" demand). My guess is that prices in our area will start to hit equillibrium, the rally will slow, and we'll see some price stagnation. Just my two cents (and may only be worth two cents). [link] [comments] |
| Who is investing in real estate, crypto, and stocks? Posted: 07 Mar 2021 08:59 AM PST I currently own a few rental properties sfhs and multis, which I am fairly happy with. For me 2020 was a year of breaking even at best due to negligent tenants and maintaining older homes. Is anyone still buying houses to rent or flip? Also the crypto market seems interesting and there is a big buzz going on with ada, eth, and btc? Stocks seem just as over valued as real estate. Not looking for financial advice, just curious where everyone's head and money is at with the big 3? [link] [comments] |
| Posted: 07 Mar 2021 07:34 AM PST Defunct HOA? Home buying Hello! WA state, Snohomish county. We are looking at buying a home and found one we are considering offering on but I've questions about a potentially defunct HOA. In the seller's disclosures, it was noted there was a shared driveway and also 10 acres of shared Native Growth land to be enjoyed communally amongst the four homes. They also noted they 'thought there might be a written agreement but they'd never seen it'. Well, in their title report, there is a document with covenants, board info, rules, etc. Now, there are no dues or assessments and they marked NO HOA on the disclosure form. Upon reviewing the neighborhood, all of the houses are out of compliance of the rules in one way or another (not in a bad way necessarily but things like detached shed paint colors don't match main home, etc). It seems like this in an inactive, defunct HOA? Any advice on how to get more info aside of the sellers info and title report? Could one neighbor potentially go rogue and start requiring enforcement of these rules? Is it weird to door knock on the other three neighbors and ask? Thanks for insight!! [link] [comments] |
| Posted: 06 Mar 2021 10:24 AM PST I just want to share some thoughts and vent a little. I know the market is nuts everywhere and there are so many posts about it every day. I hope this is a once in a lifetime event and some kind of normalcy returns (whatever that looks like). We're quite well off in tech in the Bay Area, and so lucky to have a great (albeit expensive) rental home. We sold our starter condo in the fall with every intention of upgrading. Too comfortable in the rental to scoop up any good deals before the new year, when things seemed overpriced but at least sold close to asking price. Here are some results of homes (list vs purchase) we were interested in since January. All SFH in SF / Peninsula area 1.5M -> 2.3M, 1900 sq ft 1.7M -> 2.4M, 1900 sq ft 2.4M -> 3M, 2600 sq ft 2.9M -> 3.7M, 2700 sq ft These are in nice areas but not the most desirable. The list goes on. Seems 600-700k over asking / 1200/ft is becoming common for SFH around here. At the higher price point, I didn't think there would be so much competition (20-30 offers in 1 week). I guess a lot of pent up tech money, bitcoin, etc was laying in wait and people just don't give af how much down payment they have to fork over (I can only assume these people aren't taking out $2.5M loans, even 500k+ income makes that a bit of a stretch in terms of cash flow). Supply and demand is one thing, but these numbers just look downright silly. Any thoughts on long term ramifications? Not everything sold this year is quite so extreme, but the trend is emerging. For me, renting at about 15% of gross income, it's impossible to justify buying into such froth. I think this is the right choice. I'll be fine so while this is agonizing, waiting a while won't hurt. I feel for everyone here in all locations trying so hard to get out of less-than-ideal living situations, feeling like that American dream is further out of reach despite saving up a sizeable nest egg. Hang in there, don't panic buy, and remember that all markets are cyclical. [link] [comments] |
| What is the best online school to get real estate license? Posted: 07 Mar 2021 09:31 AM PST |
| Posted: 07 Mar 2021 09:11 AM PST Hi everyone, I would like to place an offer on a property in a rural-surbanish area. I found out just now it has a covenant from when the house and a few others were built 25 years ago. This is my first time coming across a covenant. The conditions all seem very reasonable, and good if anything. Some examples of the conditions include things like no parking RVs, boats, etc in the driveway, driveways must be asphalt or blacktop, no barn animals, and no unkempt yards. The only part that gave me pause was about how all dogs "to be licensed and restrained from them running "at large", or outside the confines of their lot area". My question is, is anyone even going to enforce this 25 years later and is it even something to worry about? While I wouldn't do anything to violate the covenant in the first place, I can't imagine any neighbors would enforce it unless they really hated me or there were clear violations going on that impacted property values. This is coming from someone who has actively tried to avoid HOAs during their house search. Would appreciate any feedback. Edit: Sorry, I probably shouldn't have included the dog part. I'm moreso just curious if people have experience with these or if anyone actually enforces a 3-house covenant unless one of the property owners starts doing wild stuff or neglects the property. [link] [comments] |
| Inexperienced real estate agent Posted: 07 Mar 2021 03:03 AM PST Have been casually talking to a friend who is a new (2 yrs) agent for the last year, went to a couple open houses with him last summer but never signed anything and made it clear we were not serious yet. We now want to buy new construction and sell our 1920s home in a hot area. We let him know we are starting to get serious now. He wants to work with us on both buy and sell obviously (has nothing to do with the new build yet, our friends own the model and we had a brief intro with the builder's sales person who knows we may bring in a buyers agent), but we are frankly really nervous about working with him given he has only been involved in maybe 5 transactions in the last two years, mostly as a buyers agent and has zero experience with our builder. What are things we should be thinking about regarding who we ultimately choose as our agent? If we decide not to work with him on either are we terrible people? Should we give him some kind of compensation for the few open houses we went to with him? I keep thinking we should give him a shot but am worried given the massive significance of this - our house is really all we have aside from a few small retirement accounts. We also thought maybe we should work with him on either the buy or the sell, but we have no idea which one might be worth taking a risk with a newer agent (he's super great other than lacking experience). Many thanks for thoughts especially from agents and anyone who has experience here. [link] [comments] |
| Are Home Appliance Warranties Important? Posted: 07 Mar 2021 08:28 AM PST My seller is not sure whether or not his appliances like refrigerator, stove, washer, dryer have warranties or not. Is this something I should bother him to call the manufacturers and ask them about? Or is this not important when selling a house? [link] [comments] |
| San Bernardino single-family house: Replace 60 year old water supply pipes with copper or PEX? Posted: 07 Mar 2021 08:09 AM PST My mother owns a house built in the 50s that still has the original galvanized pipes that needs replacement. Got two bids, with one guy pushing PEX and the other suggesting copper (Class L). But both contractors are fine doing PEX or copper. Considering the overall cost to do everything, the $1,500 -$2,000 cost difference between PEX vs. copper isn't a deciding factor. But I was told a house re-piped with copper would sell for "$10,000" more than one done with PEX. Despite being an old small (1,300 square feet) run-down house only a couple blocks from an industrial area, the current selling price of similar homes is over $500,000. So, from an investment point of view, am I better off installing copper or PEX? I realize that the "$10,000" increase in property value was just a wild speculative number, but is copper vs. PEX a huge selling point when people are buying? Edit: San Bernardino, CA. So no freezing temps. [link] [comments] |
| Actual cash needed to close sale/purchase in same day Posted: 07 Mar 2021 07:44 AM PST I'm selling my house and buying a new one. The "Estimated Cash to Close" worksheet from my lender covers what I need to close on the new house I'm purchasing, but does not cover me paying closing costs for the person buying my old house, correct? There is a section on my Cash to Close worksheet for the new house purchase that had estimated closing costs at 14k, then a line item that says "Borrower's Closing Costs Paid by Seller" and that's 4.5k. So for my own house selling, do I just give a lump sum like that? Or am I covering the the whole closing (like in my case is 14k)? [link] [comments] |
| Credit score dropped before closing Posted: 07 Mar 2021 07:40 AM PST A week from closing HomeDepot dropped my available credit by 10k due to not using. Fico dropped 15 points because of this. Should I worry about this. [link] [comments] |
| Selling a condo - inspection already done - building having sewer issues - what do I do? Posted: 07 Mar 2021 07:36 AM PST My condo is currently under contract. Buyers inspection was last week- negotiations are finalized and we're on track to close in 2.5 weeks (pending appraisal and buyer financing going through). Yesterday, we discovered the building's main sewer drain is blocked. Looks like it's going to be an expensive fix. The condo association paperwork for the purchase has already been filled out/signed/dated but this plumbing issue likely changes the picture. Should we tell our lawyer about what's going on? The unit itself has not been affected. [link] [comments] |
| How do you take age of the home into consideration when you are evaluating it? Posted: 06 Mar 2021 06:19 PM PST I used to think that newer was better (i think many people do) but after reading about how builders nowadays skimp on materials and try to rush everything resulting in poorer quality homes while homes that were built decades ago are supposedly in better condition and quality. Of course I'm sure that depends on each individual property so I can't say a blanket statement that old is better than new or new is better than old. I've seen some listings that look great and fully remodeled etc so that it looks like a pretty modern home even though it was built in the 60s or 70s for example. I'm trying to help my mom find a new home and she automatically assumes that newer is better and old is bad. She thinks that old homes will have a lot of maintenance issues and will need more money to fix in the near future while a new home should be free and clear of issues. Based on my research, even new homes can have issues as well. So what's the appropriate way to factor in the age of a home? Can you remodel a home so much that it's effective age and its physical age are drastically different? Meaning a home that's physically 80 years old can be renovated to the point where it's more like a home that is only 10 years old. Is that possible? And regarding the issue of potential maintenance issues, does that all come up in the inspection? So if you have a home you're interested in but let's say it's built in 1969, will the inspections be able to find out all the potential maintenance issues and let you know whether the home will be free of defects for the foreseeable future or tell you if the home needs a lot of potential maintenance work? [link] [comments] |
| New homebuyer with question reguarding Closing cost. Posted: 06 Mar 2021 11:11 PM PST We opened escrow on a home in So cal. When we were originally quoted closing cost by a lender about a month ago he told us it would be no more than 2-3% of loan amount but we got the loan estimate in today and the closing cost estimate is over 5%. Not sure how to feel about this its a huge chunk of cash. .is this normal? [link] [comments] |
| Other options besides traditional stick-built homes in this insane market? Posted: 06 Mar 2021 04:45 PM PST I posted this in /r/Frugal, but not getting much help there. Thought I would, idk. Not sure where else I'd ask this question, so I'm going to ask here. If this would belong somewhere else, please point me in the right direction. Thanks! Talk to me about frugal homes. I've seen articles about modulars and shipping container houses, but it talks about how sometimes they cost as much or more than a stick built home. With the insane increase in housing prices lately, I've been trying to figure out whats out there for more frugal options in the ~2000-2500 square foot range. I know it's probably more money, but I LOVE the idea of a large pre-fab steel commercial building, with a house built into the end of it, something like these (although not quite as fancy): https://gensteel.com/steel-building-kits/offices/ https://www.epsbuildings.com/shouse.php https://www.metalgaragecentral.com/40x61-metal-workshop-building [link] [comments] |
| Advice on moving from a house to a rental Posted: 07 Mar 2021 05:37 AM PST We are listing the house today and my sellers are planning on renting next, but don't know where from yet. How long does it take to get approved to live in a rental community? How soon to closing should they start paying rent on their next apartment and start moving their stuff in? When you rent an apartment is there a closing date just like when you buy a house? [link] [comments] |
| Selling Condo in San Diego--advice for a quick sale Posted: 06 Mar 2021 09:57 PM PST Hi all, looking for some advice. My brother and I co-own a condo we bought three years ago using a 1031 exchange from a (sold) property we inherited. Neither of us is interested in managing a property anymore and we are willing to take the tax hit to get out of the landlord life. We currently have about 160k in equity (before selling fees, etc.) The condo itself is pretty basic in a smallish, non-flashy complex of 16 units. 2 bed, 2 bath with an attached garage. New flooring throughout. Basically, we want to have sold this thing yesterday and our agent is cautioning us that condos move slower right now, which is making me nervous. It has been tenant occupied since we bought it, and the current tenants have about 3 weeks left in their lease (we wanted to list it vacant). Is there anything we can do aside from competitive pricing that will help increase our chances of a quick sale? The condo, while not flashy and really quite plain, is in a very desirable neighborhood that is super competitive for single family homes. Any legwork we can do in the 3 weeks we need to wait for it to be vacant? What percentage below "typical" list price should we aim for given the current market conditions for condos? Thanks for any help or insight you can offer! [link] [comments] |
| Posted: 07 Mar 2021 04:36 AM PST We have a townhouse with $300k mortgage left on it and have a looming special assessment in 2023 that MAY cost us $50k (if the corporation are unsuccessful in sueing the contractors who did a shoddy job on our roofs which lead to leaks). We want to move to a bigger space, if we sell the TH now we have to accept less as the SA will turn off buyers. Contemplating renting it out in the hopes it continues to see growth (gone up about 35% in 5 years, its downtown) or do we just sell up and be done with it? We've never been landlords before. Any advice or thoughts welcome as we're going around in circles trying to decide what to do [link] [comments] |
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