Real Estate: 14th offer ACCEPTED under list price |
- 14th offer ACCEPTED under list price
- Got a knock at 6am, then it got weird
- Ok guys, this market is officially out of hand! Check this out...
- I watched myself get priced out of the market in just 4 months
- Have you ever sold to an investor who cold called you? What was your experience?
- Rental Property Business Structure
- Why are there no new houses without HOA?
- Sellers refusing to go through with possession of house
- Overvalued... maybe there’s hope?
- Eye opening words to hear from a realtor
- What will make more people sell?
- We found a unicorn!
- Agent gave buyer my contact information after unit was sold
- Zillow cash offer- have you done it?
- Rate lock question
- How to Find Listing Agent? (Triangle, NC)
- How long before I can buy a house/get a loan with a new job?
- Sellers forced to delay closing, could early occupancy or rent until close work for us?
- New Homeowner Logistics Questions/Opinions
- HOA delaying sale of house.
- New salesperson to Real estate in So Cal, Coldwell or Berkshire?
- Ready to buy a flat (new building) but bank is now asking for 15% deposit
- Difficult Selling Agent...am I in the wrong?
- Question on underwriting guideline for property conversion
- Buyers Paying Closing Costs
| 14th offer ACCEPTED under list price Posted: 30 Apr 2021 05:44 AM PDT You might've seen my previous threads declaring I was giving up on home buying after having 12 offers rejected. Well, after taking a weekend to reconvene my wife and I were back at it this past week and had our offer accepted $15k under the listing price. We toured a townhome Saturday morning and immediately made an offer. It was listed at $300 and we made an offer at $320, despite our agent believing the property would go for around $330. We were told the seller would be making a decision by 8pm that night. Around 6pm that night an identical home in the same development was listed for $330... we thought we were fucked, and we were. At 8pm we were told the seller took another offer. We assumed the seller/agent saw the new listing and went with a higher offer. A few days passed and on Wednesday I noticed the townhome listed at $330 was still on the market, which is unusual for this area. We tried to book a showing, but all of the showings were blocked off so my realtor called the listing agent directly. We were able to get in the next morning - the 5th day it's been on the market without a single offer yet. We found it strange because it was in a more desirable part of the development. My realtor mentioned the listing agent seemed clueless when he spoke with her and we found out this is one of her first listings. She accidentally blocked off all showings from day 1 on the market.. This is where it gets interesting. As we're drafting an offer we get a call from the agent of the previous home where we offered $320 asking us if we still wanted the place because the previous buyers financing fell through. We used this as leverage with the townhome listed at $330 and made an offer at $315 with a midnight deadline. My realtor explained to them another unit in the development accepted a previous offer. The sellers countered us at 11:30 for $320. My agent insisted we stay firm at $315 since they've been on the market for 5 days going on 6. At 12:15 the sellers sent us a signed purchase agreement for $315!!! Turns out the listing agent really fucked up by accidentally blocking showings. She fixed the mistake Thursday night and already had 15 showings set up for Today and Saturday. The sellers were renting the place out and "admired" our strategy so they ended up settling with us. Don't give up everyone. My wife and I haven't focused on much other than homes for the last 2 months. Let's hope inspection turns out ok! Did I mention we were able to keep an inspection contingency?!? CHEERS! [link] [comments] |
| Got a knock at 6am, then it got weird Posted: 29 Apr 2021 03:05 PM PDT This was about 4 years ago and we were in the market for a home and found a small place priced below market value. We made an offer above the asking price as is custom in southern california. The next day our agent told us the list price had gone up by 15% but no response on our offer. Now our offer was lower than asking. We asked if there were competing offers and their agent said no. We thought that was a pretty strange response and certainly backwards way of negotiating so we did nothing, assuming that our offer was rejected. A few days after continuing to do nothing, I was in the middle of shaving around 6am and heard a knock on my door. Wife and kids were still sleeping. I did not open the door but asked who it was. "This is the voice of God" what? "I have a message from God, he sent me". I'm sorry who are you? "Are you [first and last name]?" Please identify yourself. "Did you put in an offer to buy a house at [address]?" I'm serious tell me who you are or I'm calling the police. "This is the owner of the house, [name]" I crack the door open and just look at the guy. He then goes on to say that he's sorry for the bad attempt at humor, but he felt compelled by God to tell me that he wants us to buy his house and nobody else. Then he explains that his agent is a crook and forced him to list the house at a low price and that the house is worth much much more and then rambled on some more. I eventually stopped him and explained that if he's interested in negotiating, send a counter offer through the agents, but please don't come to my house again. Later that morning I get a call from our agent and apparently the guy showed up at the real estate office after leaving my front door, demanding to talk to our agent and barged right past the receptionist to look for his desk. Gave them must of the same spiel before security escorted him out the building. Finally I get a call from the owners wife a few days later apologizing for his behavior and explaining again that their agent is a crook, but now her husband is in the hospital and they are taking the house off the market. Anyone else had bizarre experiences from the buyer / seller exchange? [link] [comments] |
| Ok guys, this market is officially out of hand! Check this out... Posted: 29 Apr 2021 09:00 PM PDT https://www.realtor.ca/real-estate/23126232/467-1st-conc-line-wheatley-wheatley I wish this was a joke... I know there is an external link but honestly couldn't pass up sharing this, it's too ridiculous. Edit - Happy to see such light spirits in the discussion for this post. I think in a way, a good laugh is what many of us need in this crazy market and time. Cheers! [link] [comments] |
| I watched myself get priced out of the market in just 4 months Posted: 29 Apr 2021 09:59 AM PDT Wife and I are first time home buyers who are looking to get out of our SFH rental in a not great area after 4 men attempted to kick in our door in the middle of the night last November. We began looking at homes right away in November on Redfin/Zillow trying to figure out our budget price range, getting pre-approved, and learning all we could about the housing market. Early January we pulled the trigger on an agent and looking at homes in person. Delay was in part due to Covid-fears but we wanted to feel safe again in our home. Every house we put offers on, we were too low. Sometimes by a little, sometimes by a lot. As the months went on, the asking prices of similar homes was changing significantly. House styles/sizes we saw in January were now being listed for 50k more and selling for 30-50k above that still. Every few weeks the prices seemed to sky rocket more and more. Now today, as I look at the market. Tiny 3 bed 1 bath 1000 sqft homes that were selling for 500k in November, and 540k in January, are selling for 680k in April. Regular 3 bed 2 bath 1200-1500 sqft homes are now listing at 700-730k and selling for 760-790k. They had previously been selling at 580k to 650k in November. Our starting budget had been 550-740k based on our research. We went from being in a comfortable price range with wiggle room for a 3:2 home to being priced out of the market in less than 4 months... These insane price increases can't be normal. I'm sad that I can't help my wife feel safe at home again. That we can't move closer to her work now either to help cut down on the long commute for her. Our choices seem to now be, move further away or stick to the unsafe areas of our current city where pricing is still high but not unaffordable. Screw all of it. [link] [comments] |
| Have you ever sold to an investor who cold called you? What was your experience? Posted: 30 Apr 2021 08:26 AM PDT I had someone call me out if the blue yesterday asking if I was interested in selling my condo. He said he represents an investor in the area. His area code was the other side of my city and he didn't pitch anything extravagant, so he seemed somewhat legitimate. I said I would about selling in a year and told me he would call back in 6 months. Anyone follow through with someone like this? How do these situations usually end up? Note that there nothing special about my condo. There's no reason why he would absolutely want my place. [link] [comments] |
| Rental Property Business Structure Posted: 30 Apr 2021 08:24 AM PDT Hey everyone, I a about to close on a new house for my wife and I. The house we currently live in will be rented out starting in a couple months. I plan to slowly expand this business and continue to add properties including the one we are about to move into. Can you guys share your thoughts on how you would structure this from a business perspective? I know an LLC is the most recommended. I want to open up a separate business checking and they require an EIN, so creating an entity seems like a no brainer. I know this will not really protect me from liability so I plan to get umbrella insurance as well. Also, should I get a lawyer to to help me with the set up? I am pretty confident I can get everything set up, but having a lawyer to turn to if shit hits the fan seems like a good idea. Any thoughts on the consequences? Or any advice for a new landlord? Thanks [link] [comments] |
| Why are there no new houses without HOA? Posted: 30 Apr 2021 07:03 AM PDT I lived in Colorado where all new developments have an HOA. I thought maybe that was regional. I moved to the East Coast and all new neighborhoods have HOAs as well. I'm not really trying to argue why HOAs are good or bad. But I would like to live in a newer house without covenants and I absolutely find no options in the market. I understand some people like HOAs but there are those who don't. However, I don't see any new developments without them. I'm genuinely curious on why that is the case. Is there any reason other than the Clean Water act? [link] [comments] |
| Sellers refusing to go through with possession of house Posted: 29 Apr 2021 07:27 PM PDT Context: Metro Vancouver Area Apologies if we've posted to the wrong subreddit but hoping we can get guidance on a very stressful situation we are currently in. We're supposed to take possession of our new home tomorrow but today we were informed by our realtors that our sellers are refusing to hand over the keys for possession tomorrow. We've already closed on the property and it is / will be legally ours. We sold our current home and the new buyers are supposed to be given possession of our place two days after we were supposed to move in. We will still be showing up with our realtor at possession time tomorrow very well prepared with the possibility they won't handover the keys at which point we will be going directly to lawyers. Has anyone dealt with something similar or know how lawyers proceed in these situations? This is extremely stressful as we now have to arrange storage and seeking accommodation in a hotel. I really hope no one has to ever deal with a stressful situation like this let alone for the biggest purchase of their lives. Any insights or experiences or guidance is appreciated. Regardless, looking forward to seeing a lawyer tomorrow. Thanks in advance! [link] [comments] |
| Overvalued... maybe there’s hope? Posted: 30 Apr 2021 09:19 AM PDT As we all know In this market we have noticed houses going for far more than they are "worth" according to lenders. Butttt not everyone buying has the cash to make up the difference so we have been finding old offers we had made are coming back asking if we are still interested.... Idk I know nothing about anything in terms of real estate but we have been experiencing sellers coming back to us (how ever we were already under contract) we decided to pump the brakes and hold for a little while bc we have had 4/7 houses we lost bids on come back and ask if we still had interest. Mind you we were under contract knowing our house might be overvalued but we have a cushion for 5k but not 10k or more like we have seen. We made offers at and even below asking! Maybe it's hope, maybe it's nothing? But we are gonna sit out for a bit and watch from the sidelines to see how it plays out. Just thought I'd share and see if anyone is experiencing similar ? We are looking in Houston, TX and surrounding for reference [link] [comments] |
| Eye opening words to hear from a realtor Posted: 30 Apr 2021 07:25 AM PDT We were talking about putting offer deadlines, selling process, etc. and my realtor says "You know, I didn't realize the 2008 housing crisis was a thing until I listed a house in a market where things sold in days and it just sat for weeks. And in this case it happened to be my own house." Even the "experts" may not know or realize there's a shift until it happens. How long can this run really go? Seems like I'm 2008 it also could have gone on forever until it didn't. [link] [comments] |
| What will make more people sell? Posted: 30 Apr 2021 06:38 AM PDT Just curious what factors could possibly encourage more people to sell their homes. It will take at least 18-24 months for new construction to add significant inventory. Right now I know SO many people who want to sell their home because it's worth so much, but they don't want to enter bidding wars and overpay on the other end as a buyer, so they do nothing. What possible factors could change to make more people decide to sell? If interest rates rise and prices stagnate, it still doesn't help much. [link] [comments] |
| Posted: 29 Apr 2021 08:39 PM PDT Still a bit in shock as it's only been three days since it happened but we found a unicorn in the area we're moving to (west of Boston). Long story short, after looking at 49 houses and having 10 offers rejected we were at the end of our rope. The morning of our 10th rejection, I sent some houses that had been on for longer than a week to our agent to check into, to the shock of all of us, one seller came back saying they had an offer but weren't thrilled with it and the buyer was ticking the seller off. Our agent did some sweet talking to find out what the sellers needed, told them what we could offer (which they liked) and then she practically ran out to see the house (we're doing virtual showings as we live in PA) while I convinced my husband to at least give it a look (it wasn't on his radar so he hadn't done any research on it). Our agent spent close to an hour in the house, we loved it and while she drove home, we figured out our offer. The offer (list price, 20% down, no inspection but were able to keep financing and appraisal contingencies) was submitted three hours after we saw the house and accepted about two hours after that. Had a bit of a tense moment today when FedEx wasn't able to deliver the check to the selling agent but she finally had it in hand by early afternoon so we are in the clear. We sign the P&S next Friday and close in mid-July with plenty of time to get our kids settled in before the new school year. We went from the depths of despair to elation in less than 12 hours all because another buyer was ticking the seller off. This was dumb luck but I'll take it as we finally have a house. [link] [comments] |
| Agent gave buyer my contact information after unit was sold Posted: 29 Apr 2021 11:07 AM PDT I recently sold my vintage condo in Chicago. After the closing, the buyer apparently reached out to my agent for my contact information, and my agent gave it to him. It bothered me a bit but I didn't think much of it at the time. Now the buyer is contacting me daily about various things. At first, they were pretty innocent, questions about things in the unit, where the appliances were purchased, the color of paint in a specific room. Now, a lot of the things he contacts me about are really random and strange. He's gone as far as demanding we pay for things that have gone wrong since he moved in (a ceiling fan light doesn't work apparently), like we are some kind of home warranty service. I've stopped responding but he just doesn't give up. Is it common practice for an agent to share contact information like that? [link] [comments] |
| Zillow cash offer- have you done it? Posted: 30 Apr 2021 08:11 AM PDT I took the bait and inquired about the "Zillow cash offer" button on the Zillow app for a property in San Diego. Has anyone gone through this process? I don't really want to sell but I'm curious if it's going to be a decent offer and if it's hassle free. Any feedback is appreciated. Thanks! [link] [comments] |
| Posted: 30 Apr 2021 05:47 AM PDT I locked in a prequal at 4%(I know, not as good as my current) with a score of 670 when we were planning to relocate. Since then(we've not set to close til May 24), my score has gone up to 720. Is it an option to get a lower rate now that my score is significantly changed? Or do I need to go through an entirely new lender? I know it's to protect me from higher rates. But with the way things have been, I'd rather not do 4% when I now feel like I can secure better, and just wanted to consider my options here. [link] [comments] |
| How to Find Listing Agent? (Triangle, NC) Posted: 30 Apr 2021 07:16 AM PDT This is probably a dumb question, but I'm anxious about the whole process and really like to know what to expect before I dive into something that I find anxiety inducing... I tried to do a private sale on my house thinking it would be easier, but it wasn't. So, I need to find a listing agent for my house. The internet says to interview 3 agents, and I am just kind of like - and ask them what? expect what from them? I assume I would have them come to the house that I'm planning to list (so I would have to wait until I return to that state until I start this process, which is fine I guess). The house needs work so would I ask their input on what needs fixing, or is that an effort that is reserved for after they have the listing? Would I ask them what price they would list my house at, or - again - is that reserved for once they have the listing? I don't want to just fish for free real estate advice but I also don't know what to ask other than about the house. I believe in NC the seller can choose to not fill out the disclosures form if they provide an inspection report from a licensed inspector. I think I want to do that, also in hopes of getting someone who doesn't expect an inspection contingency. I also have a sloping hallway (formerly porch) that a structural engineer previously said was not a a structural problem because it isn't attached to the house, so I figured I should provide that report from the structural engineer. The house needs work and I am not home improvement savvy so I am really nervous about getting into a situation where someone accuses me of mis-representing the home. So, I guess I want to find someone who is into this idea, or can articulate to me why it's a bad idea. Other than that, I'm not sure what to look for. I'm just overwhelmed. [link] [comments] |
| How long before I can buy a house/get a loan with a new job? Posted: 30 Apr 2021 02:34 AM PDT Is there a subreddit to ask about loans for a house? English is not my fist language so some sentences will be a bit rough around the edges, I hope they make sense. I know people are gonna downvote me but I don't care because this is important to me. Our lease is ending and our rent is going up and I want to do a month to month now. We are sick and tired of being crammed in a one bedroom apartment with a baby. I haven't got a call back from my interview recently, but I just wanted to know which way would get me faster at getting a loan for a house because I am sick of paying rent to something I'm never going to own and call my own. So I want to buy a house fast but I need a job, I'm not asking you guys to help me find a job or anything just help me on understanding how fast I can get a loan. So let's talk salary and hourly, full and part time. How long do I have to work for, before I can get a loan for a house? How long if I work part time hourly and full time hourly? And how long for salary which I believe is only for full time? don't think they have a part time for salary? Which is the fastest way I can get a loan? Please and thank you for your patience and time on helping this dumb chick out. [link] [comments] |
| Sellers forced to delay closing, could early occupancy or rent until close work for us? Posted: 30 Apr 2021 09:37 AM PDT First time home buyer here. Process started smooth as accepted seller's counter offer and went into escrow early March 2021 and we as buyers have been ready to close by our initial closing date on March 26th. Unfortunately, the sellers have been forced to delay closing as they have been awaiting the dismissal of their CH 7 bankruptcy case (from 2019). From what I've been told, they have been discharged from their case but the case itself has yet to be dismissed. After a month of closing being pushed back and 6 addendums signed, I'm starting to become more frustrated and restless as I had a found a tenant/friend who agreed to rent a room from our future home. Because of the delays in closing, he's had to stay with us in our cramped apartment since he's moved here from out of state under the impression that we'd have a home by now. I read into early occupancy or renting the property until close and saw that it's typically advised against because of liabilities and risks mainly on the seller side. However, I think we'd be able to pull it off. The house is vacant as the sellers had already moved out and my lender has been ready to close for more than a month now as well as title pending sellers bankruptcy case. Would this scenario be one of the rare occasions where it would make sense to move in/lease prior to closing considering the sellers are at fault for closing delays and we, as buyers, are committed to the property? [link] [comments] |
| New Homeowner Logistics Questions/Opinions Posted: 30 Apr 2021 09:35 AM PDT Trying to figure out the logistics of moving into our new home. Right now we live in Nor Cal and are moving to So Cal. We are currently renting back post sale for the month of May. Tenets will be out May 31st. We are thinking we schedule our movers to pick up in Nor Cal on like May 28th and deliver at some point the next week to So Cal. We need a place to stay so we were just going to sleep in the empty house on an air mattress. We want to have cleaners, locksmith, painters come early on, ideally before the movers come. We also need to renovate the master bath due to some shower pan damage. How should we plan this out since I have no idea how long these things take or what other would suggest. Some ideas I've had would be to stay in Nor Cal an extra week and try to take care of cleaners, painters and locksmith before we get there. Another option is to do this all while we live there on an air mattress. We have some support in So Cal to monitor this work so I'm not worried about that. What am I missing? [link] [comments] |
| Posted: 30 Apr 2021 09:30 AM PDT Hi, I'm going to try keep this brief. My mother in South Africa has just sold her property on a security estate. She is up to date on all her HOA payments. The offer to buy the house was accepted in February, but the sale still hasn't gone through because of the HOA. After speaking to her lawyers, they have told her they are waiting for documents from the HOA lodging the bill of sales. She doesn't know all the details yet but when she does I'll update this post. The ETA of the registration of sale is 14th May. My mother needs the money from the sale and now with the month ending she will be liable for nexts months payment of levies for the HOA, as well as paying insurance for the house because as title owner of the house she is liable incase God forbid, the house burns down or something. As a slap in the face, the HOA also gets 1% of the money from the sale. I understand not many people may know South African property laws but if anyone has advice for how to circumnavigate HOAs when they drag their feet, it would be much appreciated. [link] [comments] |
| New salesperson to Real estate in So Cal, Coldwell or Berkshire? Posted: 30 Apr 2021 09:22 AM PDT I am a new salesperson in Southern California, I have spoke with 1x Coldwell banker and 1x Berkshire Hathaway office. They both offered more or less the same. Berkshire is closer to my residence. Coldwell seems more eager to take me in, while the Berkshire office sounded like whatever, I actually had to call twice to get to speak with the broker (They did not even ask for my phone number). I have to make a decision by next Monday, and would like to hear your thoughts! [link] [comments] |
| Ready to buy a flat (new building) but bank is now asking for 15% deposit Posted: 30 Apr 2021 03:54 AM PDT Hi all, I've been saving for a deposit for a house for my family ( a wife and daughter), and I have just over 10% of the deposit that is supposedly required. Now I am a complete noob when it comes to buying a house, I've read several reddit post, online articles but didn't help. I have additional savings for stuff like insurance, white goods, etc. I came across something called Agreement In Principle (AIP) which I've done with 2 banks so far, and both are asking for 15% for a New-Building Apartment. How comes they are asking for more money for a new apartment? Is there any other way around this? Can I go to a broker instead? The current place we are currently living in, is not really healthy for my family and I need to move out. And I really don't want to rent as I will be paying someone else's mortgage when I can have my own. Am I screwed and do I have to just wait to get 15% deposit at least? Location: Kent, United Kingdom [link] [comments] |
| Difficult Selling Agent...am I in the wrong? Posted: 29 Apr 2021 10:59 PM PDT Got into contract in this crazy market! But now we Are hitting some major problems. Here's the breakdown: Offer price of $610,000 ($10K over asking) Appraisal waved if it came in at $580,000 or above. Appraisal comes back at $560,000. Asking price was way high imo even in this crazy market, hence no crazy offer over asking. (House was listed as 3 bedroom but is actually a 3* and needs a wall added to make it an actual 3 bedroom. Next to train tracks, needs updates) So, contract states we have the option to exit with the low appraisal, cool, we still want the house. This is where it starts to get weird. Selling agent contacts my lender and demands a second appraisal. My lender politely responds saying that he works for me, the buyer and this can only be initiated by me. My lender then calls me and informs me of what will happen if we get another appraisal. The lender will only use the lower of 2 appraisals. So if we want to go down this road we will need a total of three appraisals, and they will pick the one in the middle. My realtor then calls listing agent to negotiate price, which doesn't go very well. She still wants the second appraisal. Problem is, if we get a second appraisal for $580,000 the contract will default to the original offer price of $610,000 but the bank will only accept the $560,000 appraisal meaning I will have to come $50k out of pocket before paying down any LTV. This is where it gets really weird. Selling Agent sends my lender an email that I am copied on saying that I, the buyer, authorized the second appraisal per my agent. This is after her previous email to my lender that I was copied on that stated "something is going on between buyer, lender, and appraiser" because we should want an honest appraisal. Not sure if I am in the wrong but I responded with a very professional but firm email that said she needs to follow a chain of communication and that I have not authorized anything because I hadn't had a chance to speak to my agent about what they had discussed. I feel like I am in a losing battle with this woman. She has been manipulative, shady, and non-responsive. It also has the feeling that she is not communicating our proposal to her seller. (He is an older gentleman moving into a relatives house). Today we sent over an official addendum proposal and she immediately responded saying it was denied. So now we have asked her to send the denial in writing along with the sellers acceptable terms but so far radio silence. We just want this gentlemen to actually see the number and sign off that he is denying it. Then write down what he wants and send it back. I guess it feels like she is just trying to kill the deal. We are maybe $20k apart from what we proposed and what we have verbally been told the seller would accept. I could cover but really don't want to because I'm at the point where if I go up anymore I will have to look at draining my emergency fund, or introducing PMI. Not sure what to do hear, any advice is appreciated. Am I out of line for thinking her tactics are insane/ unprofessional/fraudulent or is that just how it is when anyone is in contract these days? [link] [comments] |
| Question on underwriting guideline for property conversion Posted: 30 Apr 2021 06:27 AM PDT I have a client looking to move to a new home and change his current home to a rental once he moves. Does Fannie Mae require you have a lease agreement or can I just use a 1007 or 1025 in order to not count the current PITIA? [link] [comments] |
| Posted: 30 Apr 2021 06:17 AM PDT First time home seller here (goes active tomorrow YIKES).. We purchased our first home in a buyers market about 6 years ago and the seller covered the closing. We were young and uneducated on the process and did not really pay much attention to anything other than if the house/payment was in our budget. Now that we are selling and will also be buying in this insane market, we are super invested in what we will actually walk away with in this sell. We expect that most buyers will offer to pay closing costs, but would there still be some costs that we as sellers would pay out? I have tried searching for this answer but past realtor commish I am lost. Gift me with your knowledge please! Thanks! [link] [comments] |
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