Real Estate: Walking away from an accepted contract - my experience |
- Walking away from an accepted contract - my experience
- There are more real-estate agents than homes for sale in the U.S
- Seller says "we didn't do the repairs" 4 days before closing
- Family members team up to buy homes during Pandemic
- (MN) Landlords that Have Been Taken to Small Claims
- Received Strong Offer Within Hours of Townhouse Going Active
- First home buyer
- what to do, LL selling building
- Tenant / Occupant Rental Application Forms
- Creating a Virtual Tour
- Do mortgage rates differ from state to state?
- First Time Buyer - Offering on a house with un-permitted finished basement?
- What does a winning offer in your area look like?
- Is the housing market slowing down?
- Anyone have trouble with zillow?
- Should I demolish my detached single-car garage?
- Need to learn real estate math for Florida state test
- Listing Agent Asking for Desktop Underwriter (DU
- Need advice on securing a construction/renovation type loan
- Can’t decide which Condo Unit is better
- In my oddly hot market...
- Builder questioning preapproval
- Rookie choosing broker to work under
- When do you think supply will increase?
- cost of walking away from contract
| Walking away from an accepted contract - my experience Posted: 24 Mar 2021 08:07 AM PDT Our offer was accepted for $417,000. List price was $339,000. This is in Gilbert AZ. Gorgeous 2 bed, 1.5 bath , 1200 sq. feet. We were one of 17 offers in the first 2 days of list. Waived inspection and appraisal contingencies. We had reserves to meet a low appraisal but the appraisal came back at $296,000 which we were not prepared for. Amended offer to $402,000 but was rejected. Thought about it for a few hours and as much as we were bummed out, decided that it wasn't worth putting all our savings into 1 house. Yes, it was a crazy 5 days of excitement, happiness, sadness and anger all rolled into one but I think this is right move for us at this point. Props to our mortgage broker who ordered a rush appraisal so we didn't lose our EM.. EDIT: To be sure I don't blame the sellers for doing what they did, perhaps I would have done the same. They were super nice all along. Don't blame the appraiser either, even though I think they are having a hard time keeping up with pricing due to the pace of increases. Just simply blame this completely whacky market. [link] [comments] |
| There are more real-estate agents than homes for sale in the U.S Posted: 23 Mar 2021 01:45 PM PDT |
| Seller says "we didn't do the repairs" 4 days before closing Posted: 24 Mar 2021 09:48 AM PDT Found out today that the seller did not make the repairs he committed to in writing weeks ago. We only found this out because I asked my realtor to check up on it (since we hadn't heard anything). Seller agent came back saying the earliest they could schedule someone was two months out. All of this information came to light essentially two business days before our original proposed closing date (it has since been pushed back a week due to unrelated issues - but that change was made TODAY.) Are they not liable for this? This seems like a huge deal. Am I being dumb? Is my realtor being dumb? Noticed that there was no "repairs will be finished by" date on the addendum. I even asked my realtor about it and she said it was just implied they'd finish before closing. I guess I just don't understand how any of this works. [link] [comments] |
| Family members team up to buy homes during Pandemic Posted: 24 Mar 2021 08:48 AM PDT I can't post 3rd party links via sub rules, but it's an article on WSJ that I think is worth mentioning. How many of you guys are in this boat where you are teaming up with another person that is not your spouse? Article mentions how the mother (in her 70s) put a big down payment while the daughter (in her 50s) is paying the mortgage. The son (presumably 20s or 30s) also lives with them. I personally know two different people that bought a home with their parents. This is who you are competing against. Multigenerational incomes/wealth all being pooled together to buy into the market. Apparently two incomes isn't enough anymore. [link] [comments] |
| (MN) Landlords that Have Been Taken to Small Claims Posted: 24 Mar 2021 06:14 AM PDT Are there any landlords that have been taken to small claims and would like to give advice? Here is the situation - In Minnesota, within 3 weeks of vacating the property, landlords must return the security deposit or provide a list of repairs for which the security deposit was used. Since it's been 6 weeks, I messaged my landlord to request my security deposit back. Within minutes, I received an email with a list of the repairs required with the security deposit. Here is the kicker My apartment was flooded from the upstairs tenant over-flowing their bathroom tub. My rental insurance covered my relocation for about 6 weeks. My bathroom, both bedrooms and some of the living room had to be completely re-done (new drywall, new flooring, new ceiling). In August 2020, the repairs were completed and I was able to move back into the apartment. In January 2021, I moved out of the apartment. The landlord is claiming that I caused more damage than the security deposit during these last six months. In the email, there is reference to 'hard water damage' and 'sticker damage' that required >$1,000 in repainting and cleaning. This is a small landlord with 2-3 other properties. The upstairs apartment was vacant for more than 50% of the time that I rented the bottom apartment. I live in a very HOT rental market. My questions - Should I take this to small claims court? Any advice from small claims over security deposit? What do small claims court actually ask for as evidence? Does the landlord have to prove that the damage occured OR do I have to prove that the damage didn't occur? If you had legal representation through your employer as a benefit, then would you seek legal advice? TLDR: Lived in apartment for > 2 years. Apartment flooded (from upstairs) and required full re-model and relocation, 6 months before I moved out. Landlord is over-estimating the cleaning and repairs to keep my security deposit. Need advice. [link] [comments] |
| Received Strong Offer Within Hours of Townhouse Going Active Posted: 24 Mar 2021 09:47 AM PDT I live in the suburbs of Baltimore, MD (in Baltimore County) and I listed my house as coming soon roughly a week ago. The first showing request came in two days ago and the potential buyers spent an hour looking at my home this morning. They already made a strong offer at $5,000 over asking price, are waiving their right to an inspection, and will finance with a 15 year mortgage through a large national bank. It's a two-year-old townhouse built with luxurious upgrades, a private hottub, etc. I have 24 hours to accept the offer, as they do not want me to have the open house on Sunday or engage in a bidding war. There are currently three other active listings in the neighborhood, but they have literally been coming and going in the neighborhood over the past six months. Most show as Contingent, Under Contract or Pending within days and are going at the asking price. There is one townhome in which an offer was made $10K above the asking price, but after the appraisal the price dropped to $350K. I think my home may appraise between $340-350K, but I tend to look at outcomes from a worst case scenario. Would you accept this strong offer, with two other showing requests pending and more likely to come, or wait at least a day after the open house (which is this coming Sunday)? Also, I have a slight concern regarding the living sq ft of my house - the county records say 2160 sq ft, but I measure 1936 sq ft. My first appraisal at purchase came in at 2160 sq ft, but six months later my refinance appraisal came in at 1936 sq ft (which appears to be accurate). I have been told this number can vary based on measuring from the outside vs the inside, but the difference seems to be large. My only thought is that the county and first appraiser included the unfinished garage, which is not finished living space. How would this impact the sale or appraisal value? [link] [comments] |
| Posted: 24 Mar 2021 05:54 AM PDT Anyone have any predictions on futures with the market? As a first time buyer my husband and I spend every weekend at open houses, searching for homes everyday on Zillow, and put in offers well over asking. We lose out on every house to crazy things people do. Everyone waives inspections and put in way more than the house is worth. Limited inventory Ect. It's a very scary time to be buying a home for the first time. I don't want to buy a home that down the road we lose money on. I know no one has a crystal ball but would love to hear what others think! [link] [comments] |
| what to do, LL selling building Posted: 24 Mar 2021 09:34 AM PDT So i have 3 months before my lease ends and my LL just told me I won't be able to renew since he will be listing the property. So now I will have to move. The question is, do i move to another shit apartment for a year and THEN buy a house? Or just buy a house in 3 months? I know the market is insane right and now houses are impossible to get unless you overpay in cash, but im just stuck on what to do. moving sucks [link] [comments] |
| Tenant / Occupant Rental Application Forms Posted: 24 Mar 2021 08:58 AM PDT My partner and I are moving into an apartment together. He just got approved as the main tenant, makes well over 70x the rent price, has great credit (800+) and a stable income. The broker for the apartment insists that I also need to file a separate application as a registered occupant which is fair. However, due to COVID I lost my full time job last year and my credit score is pretty low considering I just moved to America. The brokers are telling us not to worry since he's already been approved and that the application is only so that I have guaranteed rights to live in the property which I understand, but I'm still worried that they can rescind the approval. What is usually asked in occupant application forms? Should I be worried? [link] [comments] |
| Posted: 24 Mar 2021 08:43 AM PDT Hello, Arlington VA. I apologize if this is the wrong place to post this. I am trying to create my first ever walk through for a client, with the arrows/spots to jump place to place within the building. I have 34 360 images (jpegs) I took, but I am struggling to find a free software or website to create this tour. Most I have seen require you to take the images within their software/app, but I already have the photos! Any advice or suggestions would be greatly appreciated. [link] [comments] |
| Do mortgage rates differ from state to state? Posted: 24 Mar 2021 08:26 AM PDT Dumb question Work might let me go remote and I'm looking at other states. Can I assume that if I had the same employment I'd get different rates in different states? Or all the same just what I'm seeing is average rate in that state? [link] [comments] |
| First Time Buyer - Offering on a house with un-permitted finished basement? Posted: 24 Mar 2021 07:53 AM PDT Hoping that someone has some useful advice or expertise in this area! My husband and I are making an offer on a house that is seemingly perfect. That is, until we found out that the owner didn't get a permit for the finished basement. We are trying to decide how to navigate this. Do we add it into our offer that the sellers must get a permit for the basement (I realize that will weaken our offer)? Or do we assume the risk and buy the house without the permit and then apply for the permit ourselves if we did get the house? Our realtor said that getting a permit isn't required, but I'm not sure I believe him. Will getting the permit exponentially increase the annual taxes? I tried calling the city's building division but haven't been able to get through to anyone. Any tips or advice are welcome! [link] [comments] |
| What does a winning offer in your area look like? Posted: 24 Mar 2021 05:20 AM PDT I know the market is hot right now, but curious what winning offers are looking like right now? Have they died now a little bit? I am in Illinois and a winning offer is usually cash offers/$30k above listed price (for a nice 2000 sqft home). (Edit: Also the winning offers had waived appraisals with limited inspection/contingencies.) How is it everywhere else? Long story short, my partner has a new job opportunity that would allow him to work 100% remotely and so this is our chance to move basically almost any where. We're not moving just yet--doing our research of places. Anyway, would love to hear where you're at and what a winning offer for a decent, starter home looks like. [link] [comments] |
| Is the housing market slowing down? Posted: 23 Mar 2021 05:36 PM PDT 3 weeks ago, most houses in my area will be gone in 3 days after they are listed, now there are plenty of good conditioned homes that are on the market for a week or so. Feels like the market has really slowed down in DC area. [link] [comments] |
| Anyone have trouble with zillow? Posted: 24 Mar 2021 07:51 AM PDT Anyone know how to get int contact with a human on Zillow? Im an agent trying to resolve an issue, but as many of you probably know it is close to impossible to find some way to get connected to a human [link] [comments] |
| Should I demolish my detached single-car garage? Posted: 24 Mar 2021 07:17 AM PDT Hi there! We moved into our home 1.5 years ago and it has a single-car detached garage in the backyard. The yard is not large and the garage accounts for about 1/3 of the space back there. We have three kids and the extra yard space would be nice. The garage isn't kid-safe as it's unfinished and there are exposed nails and such all over the walls and I don't keep my car in it as I'd have to drive the car through a narrow alley any time I wanted to park it there. It's not practical. We don't have a lot of stuff to store in there. A small shed would fit the lawnmower, trimmer, and the few garden tools we have and there is access to the basement from outside if we really need to store anything bigger. Pros:
Cons:
Is there something big that I'm forgetting? I don't think I want to finish it because it's still a garage first, living/play-space second. [link] [comments] |
| Need to learn real estate math for Florida state test Posted: 24 Mar 2021 07:05 AM PDT Having a difficult time woth real estate math for the florida state exam. Can anyone help me, give some advice, or point me in the direction I need to go in order to pass this exam. Any and all help is appreciated. I took the state test the other day and recieved a 50%. I believe I can get it next time, and I plan to take test again by friday. Any advice especially with math helps. Thanks in advance. [link] [comments] |
| Listing Agent Asking for Desktop Underwriter (DU Posted: 24 Mar 2021 10:49 AM PDT So there is one property that I'm interested in, in order to have my offer considered, my Realtor is required to submit a Desktop Underwriter (DU) along with my offer. My Realtor asks me to ask my lenders if they are willing to provide me with one. I got approved by three lenders, and they all straight up said no. Two of them said that it is illegal to give that out to realtors and the DU contains private information that Realtor should not have access to. My question is this if this type of ask is illegal, why are listing agents requesting this type of information? Also, the fact that they are requesting this type of information means that at some point, they are getting offers with DU. Are the lenders that sending the DU not aware that it is illegal to share? [link] [comments] |
| Need advice on securing a construction/renovation type loan Posted: 24 Mar 2021 10:42 AM PDT My wife and I would like to purchase a specific property for primary residence, but the structure on it is pretty beat down and would need work or replaced altogether. We could put 15% down of listing price and can safely afford to borrow more to account for construction. My question is, what is the best route to go for a loan? I talked to a couple lenders that said 203(k) loans are not happening right now because of covid. Is that true? Other lenders seem to be avoiding me altogether. Are construction loans something lenders are avoiding? I looked at land loans but we dont have enough for the higher down payment. I have an almost-paid-off condo which i could potentially borrow against for down payment and construction, but I'd really like to avoid all that. How should i approach this? Thanks [link] [comments] |
| Can’t decide which Condo Unit is better Posted: 24 Mar 2021 10:35 AM PDT I'm a first time buyer so there is a lot that I don't know. Unfortunately can't afford homes in the area considering my transportation options (would have had more spacious options if I had a car) so I'm looking at condominiums. I looked at two condo units in the same building yesterday and can't decide which is better. I do plan to live for a while, but can't rule out the possibility of reselling down the road. One is on the ground floor, walled next to a recycling area (some occassional sound in Bathroom, but not sure in bedroom), more updated appliances, and new HVAC unit in 2020. Has a sunroom. One is higher up, with HVAC installed in 2005, less updated appliances (but still not bad), and has a patio. One other concern I had was a portion of the bedroom floor seemed depressed but couldn't tell if it was just a carpet issue or something bigger underneath. The list price for the first floor is about 10k lower than the other at 410k, though my agent thinks the units are slightly overpriced, so will probably offer lower. Any advice would be much appreciated. [link] [comments] |
| Posted: 24 Mar 2021 10:33 AM PDT Offer accepted, still in due diligence period for a couple more days.Very compressed review time. Owner's moving out of the 48 States so it's a bigger domestic move. Pre-inspection done but we did not waive getting our own. Windows is my question, they are vinyl Jen Weld from 2006 and nearly every one is a bear to open and there is slamming when it's time to close them. Any experiences with this type of function and advice? It may be as easy as a maintenance issue but if there is knowledge amongst you all that would help me understand if it's a greater or lesser problem that would be appreciated. Also, end of life HVAC systems? I have never been in a house with a main floor and separate finished basement systems? Would you ask for replacement, showed up in inspections. [link] [comments] |
| Builder questioning preapproval Posted: 24 Mar 2021 09:42 AM PDT Weird scenerio. We are looking to buy a home and rent our current home. We have a lender that is willing to let us use a portion of our projected lease amount toward qualifying income. This lender is not considering it a contingent offer. The builder we are working with made us get preapproved through them as well which I understand is pretty common. However, their lender is stating our preapproval is considered contingent since we have to rent. Our understanding of a contingency is that it gives us a right to back out under certain circumstances. We aren't asking for that right. Also, if closing is delayed because we are not able to rent in time, we would be liable to pay the fees outlined in the contract. So I don't understand why the in house lender is telling the sales office that our offer is contingent. I stared to the in house lender that I have a non contingent preapproval and I don't want to use them but she is saying she thinks it's contingent. Anyone run into this before or have advice? [link] [comments] |
| Rookie choosing broker to work under Posted: 24 Mar 2021 08:52 AM PDT Hi! Here within the next month, I should be receiving my RE license here in TX. I was wondering is it better to start with a franchise like KW or C21, or with a smaller broker. Just calling around it seems more education and leads with a franchise, but less fees and higher commission split with a smaller broker. What did you choose when you first started? Was it a good choice? TIA [link] [comments] |
| When do you think supply will increase? Posted: 23 Mar 2021 01:43 PM PDT If there's one thing I think we can all agree on, it's that the housing market at this point is blazing hot, to an insane degree. Buyers are bidding 5-20% over asking price, waiving all contingencies, and taking on massive amounts of risk to ensure that they get the house they want. If you want to ensure that you get a house, the process can be easily summarized as "have more money and risk it all". As a buyer, while I'd love to take this approach, I can't. It's clear at this point that I won't be getting a house any time soon, but I'm wondering when you think the housing market will have an increase in supply? There are two things that I think are limiting supply at this point:
Another issue that we face is that houses aren't appraising for what they're being sold at. In certain cases, you can have $300,000 saved up and it's not enough. If there's one crazy benefit from this market, it's that at some point soon, houses should start to appraise closer to what they're selling at due to better comps. This will put buyers in a better position for no reason other than at least being able to borrow the money they're paying for their house. For now, you need to have the money to pay over asking on a house that is appraising for less than list price. Then throw on another 20%, and you can see quickly how you might need 2x more than you thought you initially needed. This isn't meant to be a pity parade, but I'm genuinely interested in hearing when people think that supply will increase. For those that are in the same position as me, I don't think the answer is "never", so you can be slightly optimistic. However, it's reasonable to think that buying a house over the next 3 months may be impossible if you don't have a truckload of cash. [link] [comments] |
| cost of walking away from contract Posted: 24 Mar 2021 01:14 AM PDT Rookie here. Can someone please help me understand the sunk costs that I am going to incur if I walk away during inspection / appraisal contingencies? Let's assume that home price is million dollars (is that relevant?) and I haven't waived any contingencies. Appreciate your help. [link] [comments] |
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