Real Estate: Buyers backed up, realtor says I should get the earnest money... I'm not so sure |
- Buyers backed up, realtor says I should get the earnest money... I'm not so sure
- Have you made a low offer in this market?
- Should I be nervous about appraisal?
- What are some things homeowners absolutely must have?
- Why do people hate escalation clauses?
- Drainage Inspector?
- I hear there's a lot of private equity buying residential property. Is it more than usual? How is this tracked?
- I got me one
- Attorney junk fees, and firing an attorney while under contract? [NJ]
- There is something really weird happening with these listings?
- Rent out condo or sell after 1 year of owning?
- House with Septic, Well, Propane
- Purchase home now or wait
- Purchasing a house in cash with a foreign bank
- Another quit claim question.
- Why isn't every sale an auction?
- More people moving to rural areas?
- When should I start submitting offers relative to selling my current home?
- We are in escrow but the roofing inspection came back bad.
- FHA Appraiser says home will not go FHA regardless of repairs, weeks after listing repairs needed for FHA approval
- Home sale exclusion question
- USDA Refinance after Divorce
- Price changed to $200k over listing and pending at the same time?
- Bank giving out information on a pre-approval
| Buyers backed up, realtor says I should get the earnest money... I'm not so sure Posted: 24 Apr 2021 05:35 AM PDT Buyers backed out*** gotta hate a typo in the title My house was under contract for a week in Colorado. I chose this buyer's offer because they waived inspection objections and provided full appraisal gap, even though it was lower than some of the others. They did an inspection (which I expected) and their realtor essentially said "everything went well, they're happy." Later in the day my realtor notifies me that they are terminating because they thought there were three upstairs bedrooms instead of two. (They've read the listing, toured the home, and inspected.) Their realtor acknowledged that she isn't sure they can terminate without losing earnest money. Situation is annoying given that I selected their lower offer, a similar/higher one is no longer available, and I hate to be the dreaded "back on the market" house. They've sent me the "Notice to Terminate" with the reason box marked "Other: " checked, and no further explanation provided. There is no space for my signature. They also sent over the "Earnest Money Release" form which I've been advised not to sign. My realtor says I get to keep their earnest money, but I'm not so sure. Like most states, the contracts are very buyer friendly, but it seems they did not terminate for a reason that guarantees return of money. On the flip side, we both have to agree to release the money. I get the feeling they found some new, better options and just want to void the agreement... something I think earnest money is supposed to deter. Primary questions:
Thanks for any insights! [link] [comments] |
| Have you made a low offer in this market? Posted: 24 Apr 2021 05:06 AM PDT Where I am most decent homes are selling well above asking but I found a condo I like that I feel is way overpriced and want to make a low offer (like $25k under asking). We all know this used to be perfectly normal to do but now realtors act like I am wasting their time putting in a low offer. Has anyone done this recently and actually gotten the house? [link] [comments] |
| Should I be nervous about appraisal? Posted: 24 Apr 2021 06:23 AM PDT I'm hearing stories about ppl having to cover large appraisal gaps but that's due mostly to ppl way overbidding on their homes. I'm under contract on a home where i will be paying 10k below asking price but I still can't help but think I could get screwed with a low appraisal due to very few recent sales to compare my home to. My home is a new build on a culdesac, does that count for anything or is it purely square footage and comps? How many appraisals really do come in super low? [link] [comments] |
| What are some things homeowners absolutely must have? Posted: 23 Apr 2021 08:45 PM PDT |
| Why do people hate escalation clauses? Posted: 24 Apr 2021 05:34 AM PDT Our (buyer) realtor seems to use them by default but all I see on reddit is hate for them. Why? [link] [comments] |
| Posted: 24 Apr 2021 06:43 AM PDT I'm buying a new construction home and there's been a lot of fuss on the neighborhood Facebook page about drainage issues and the builders lack of help post-sale. I'd love to get ahead of this and be in a position to demand a fix on any issues prior to closing, is there a specific inspector that addresses drainage or landscape issues? My realtor didn't think our regular pre-close inspection would really cover it. [link] [comments] |
| Posted: 24 Apr 2021 05:26 AM PDT Edit: should have said Wall Street, not PE, don't see why PE would matter much, except that I can't buy into it but that isn't relevant to the question I have to assume x dollars of private equity are used to buy residential real estate in a typical year. If we are at 5x how would we know? Is that figure adjusted for the relative sizes of the two markets? I want to get some more concrete numbers to work with to help me decide to buy now or when private equity moves money out of RE. [link] [comments] |
| Posted: 23 Apr 2021 07:18 PM PDT First time homebuyer in Tucson, AZ. A couple of months ago I got an agent and went exploring for a home. Every home I was interested in had like 25 offers and I lost out on a few of them pretty quickly. I thought I'd try new construction for an easier process. Well.. that didn't go any better lol. Builders went to a bidding process for new homes. I should have known. It was crazy. Houses that were closing at around 300k in late 2019-early 2020 would have starting bids at over $400k in February 2021! Well to wrap this story up I found a new construction site in the first phase on the outskirts of Tucson (Vail). I went under contract in March at a base price of $317K and prices have gone up to $340k since. I'll probably close at $385K after options on structural and design center but I'm just glad it's over. Right now it seems like bad timing but maybe not. I can't help but feel a little sorry for myself for not buying sooner but maybe I'm just in time in the long run. Just posting my experience. Sorry if it's typical or boring lol. I learned a lot about real estate really fast. I had no idea it would be this hard to get a home. I was totally unprepared for the ride but it's over and I'm happy. TLDR: Kept getting outbid in resale market (Tucson, AZ). Tried new construction for an easier time but some builders have a crazy bidding process too. I found a new site farther away and went under contract. It's tough out here but I survived. [link] [comments] |
| Attorney junk fees, and firing an attorney while under contract? [NJ] Posted: 24 Apr 2021 09:57 AM PDT I have two separate attorney-related questions:
Any advice would be greatly appreciated! [link] [comments] |
| There is something really weird happening with these listings? Posted: 24 Apr 2021 09:48 AM PDT My wife and I have been looking for a house, and we've been noticing something really weird. Within two hours of marking a for-sale house as a favorite on realtor.com, it will change status to "pending," on four different houses. It's happened enough times we're getting suspicious, so we go over to the assessor's web site to look at the history of the properties and things get tin-foil-hat levels of bonkers. Quite a few of these listed property owners have very fake looking names like "Ronald and Gladys McDonald" or "H. Davidson." It feels like we're getting our chains yanked here. Should we be calling our local authorities on suspicion of some kind of fraud, or is this all just some bizarre coincidence? [link] [comments] |
| Rent out condo or sell after 1 year of owning? Posted: 24 Apr 2021 09:31 AM PDT Hey everyone! I bought a condo last year in MD that I live in. I love the condo and planned to keep it for a while. However, I'm getting married this year and while my job is mobile, my fiancé's job is not. He lives in GA. We both work from home but he's been informed that he'll have to back in the office once things open up so it makes sense for me to move to Georgia. I have some friends that have suggested that I sell the condo and buy with my hubby-to-be in GA which I never considered. I'm not sure if I should just keep the condo and rent it out or sell in this inflated market. The real questions: If I sell, what are some things that I should consider that may impact my decision? capital gains taxes? Etc? If I rent, will I be impacted tax-wise by being out of state? Curious to hear everyone's experiences. [link] [comments] |
| House with Septic, Well, Propane Posted: 24 Apr 2021 09:16 AM PDT All the houses I visited so far had public sewer, public water and natural gas connection. I am familiar with what to expect with them. Yesterday I visited a house which didn't have any of these features but instead has following and this is the first time I came across these. I am not sure what I should expect in terms of maintenance costs and how these affect home prices. If everything else being equal between 2 houses, does home cost less or more with following features? Appreciate your inputs
[link] [comments] |
| Posted: 24 Apr 2021 09:09 AM PDT I was pre-approved for a mortgage 2 months ago. The homes I was looking at were in the pre-approval amount. Now I am noticing home prices almost went up 50-100k within two months in the area I am looking at. If I want to qualify for that price range I can in 3 months as I will have more money saved up but I am also wanting to pay off some debt. That will take me about a year but I am afraid house prices will just be out of hand by then. Should I just purchase now and then pay off my remaining debt after I purchase my home or should I pay off my debt within a year first and then purchase a home. If I do the latter I will have more saved but I do not want to be in a situation where I won't be able to afford my desired home as home prices might increase exorbitantly by next year. [link] [comments] |
| Purchasing a house in cash with a foreign bank Posted: 24 Apr 2021 08:58 AM PDT I'm looking to purchase a house at the end of the year in cash by wiring money from my foreign bank account. Does anyone have any experience with this? I checked with my foreign bank and they have a wire transfer limit of USD375k... [link] [comments] |
| Posted: 24 Apr 2021 04:58 AM PDT I purchased a small vacant lot by FSBO from an individual who acquired it on a tax sale. He gave me a quit claim deed, which I'm sure that's how he received it. This lot is in a small forgotten neighborhood that was developed in the '50s. Several others are available at very good prices as well. It's a good area for rentals and some old homes are being flipped. My question is, why should there be any issues on a lot that hasn't been used as a homesite in a neighborhood like this? From what I gather it was purchased and held, then inherited, family moved away, then let go to the county. I don't know the timeline of events, but the guy only had it a year from whom I purchased it from. I know more info is probably needed to answer, but I don't exactly know how to put it into words unless I'm asked directly. [link] [comments] |
| Why isn't every sale an auction? Posted: 24 Apr 2021 08:38 AM PDT This is a history / context question from someone new to Real Estate norms. The concept of 'escalation' clauses seems non-nonsensical to me. In any other market if you have multiple people competing for a single item you run it as an auction. Everyone can see the high bid and compete against that. By creating and participating in an auction everyone's expectations are set properly. Of course things might 'escalate', that's how competition works! So why doesn't the act of listing a house automatically create an auction to which people can directly submit bids? Now those bids may be more complicated than a single value, but that's not hard to deal with at all, just have the seller pick what they consider 'top' and display that publicly. Historical details and legal nuances appreciated! [link] [comments] |
| More people moving to rural areas? Posted: 23 Apr 2021 10:52 PM PDT Wife and I are looking to get out of the city and into a rural property. I'm not talking suburb of the city but truly rural and almost an hour away from a mid-size city (just over one million population). My realtor said that these properties won't fly off the market as quickly as some stuff in suburbia (I.e. bidding wars, gone in a day, etc.) but that MANY more people are looking to move rural with covid, unrest in cities, and people's new ability to work remote and these could be great investments over a the years. Has anyone else heard this? We found a nice property that is ~10% overpriced IMO but if the push to rural continues then I can only imagine it'll go up in value over the next five years. It's rural but in a nice neighborhood that kind of pops up out of nowhere and every house has 5-15 acres and great internet access. Edit: I'm in Virginia if that helps. [link] [comments] |
| When should I start submitting offers relative to selling my current home? Posted: 24 Apr 2021 08:18 AM PDT Which of the below options is advisable (or feel free to let me know of one I left out): a) Start putting in offers on next home, then list current home once I get an accepted offer b) Start putting in offers on next home, and list current home the same day c) List current home, then start putting in offers on next home after we go under contract on our current home d) Wait until we close on current home until we start putting in offers for our next home We will try to negotiate a 2-3 month leaseback option on our contract when we sell our home. We are in Austin, TX and should be able to put around $270k down (using proceeds from our current home sale). We aren't too worried about an appraisal gap after talking to our lender about their appraisers being caught up with the market. [link] [comments] |
| We are in escrow but the roofing inspection came back bad. Posted: 24 Apr 2021 08:10 AM PDT We are first time homebuyers and finally got an offer accepted recently. The seller explicitly said the roof was 6-7 yrs old in the listing. But the inspector claims it looks to be around 25-28 yrs old, looks vulnerable to leakage, and will need to be replaced in the next 1-3 yrs. They also showed us evidence that a large repair was made to the roof at one point. We do have an inspection contingency so we could walk but it would suck since its been so hard to get an offer accepted and because it checks a lot of our boxes. My husband is lukewarm on the house though so it is possible we could walk. What do others typically do in this situation? Would it be insane in this crazy sellers market to ask them to pay or credit us for roof replacement? [link] [comments] |
| Posted: 23 Apr 2021 09:25 PM PDT My wife and I are trying to purchase a home with an FHA loan. We had the appraisal done a couple of weeks ago that said a few things needed to be done for FHA approval. The things listed were anticipated, and where already in the process of being addressed. Today, we get a call from our agent that the sellers accepted our new terms (appraised 5k less than we initially offered, and they accepted the lower amount), but that after speaking with the appraiser to set up a follow up inspection he informed her that the house "would not go FHA regardless of repairs." This is contradictory to the initial appraisal, and everyone involved is baffled. I'm wondering if anyone has experienced a similar situation and what could be done about it. We're blindsided by this, and have plans to move in 30 days. We can't afford to go conventional, and the chances of us finding and closing another house before out move date are slim to none. [link] [comments] |
| Posted: 24 Apr 2021 06:50 AM PDT Hi all! Question about the home sale exclusion. We have owned a home for 6 years. We lived in it as primary residence up until nearly 3 years ago. So I believe we are getting close to the limit of the five year rule. How does the IRS determine time living in primary residence for the two years? And if you surpass the 5 years is it possible to get a portion of the exclusion? Say, for example, you're now at 23 of 24 months as primary residence, does 23 months count as a portion or does it have to be two years exactly? Also, is the time frame up until closing? [link] [comments] |
| Posted: 23 Apr 2021 09:02 PM PDT I'm in a bit of a situation, I recently divorced (sept 2020, separated nov 2019). Per the divorce decree I received the house. Obviously contingent on a refinance to remove my ex husbands name. My question is how hard is it to get a usda refinance with a current usda loan with pretty bad credit. Any experience in a streamline refinance? Or usda to fha refinance. Below is my situation: Fico scores: 529,567,589 Vantage score: 615,644,639 Home value: aprx 160-165k Owed: 136.5k My debt to income ratio is 25% I can more then afford the home. 12 months of payments have been solely paid by me. All credit history for 18 months (since the divorce) paid on time. The mortgage company is freedom mortgage. Thanks for any help!! [link] [comments] |
| Price changed to $200k over listing and pending at the same time? Posted: 23 Apr 2021 08:06 PM PDT The market is on fire now in San Diego and all the good houses go pending in less than a week. We saw this house listed at 1.5M and then the price changed to 1.7M and went pending at the same time. Does that mean the final price is more or less 1.7M? So when we make an offer, we need to be prepared to go higher than listing by at least $200k if we want a chance to win? [link] [comments] |
| Bank giving out information on a pre-approval Posted: 23 Apr 2021 06:58 PM PDT I had a shock today as the listing agent of a property we want to offer on, who is also our buying agent, called the bank to ask them to validate our pre-approval letter. The listing agent then asked my bank if they would issue a pre-approval letter for an additional $50K, to which they agreed !!! I found out about this from the listing agent / our buyers agent. I have complained to the bank and all they have done is try to placate me. Surely it cannot be right that they would action a new pre-approval at the request of a random realtor!? What recourse do I have? Seller now knows I am good for another $50k which is extremely annoying. [link] [comments] |
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