Real Estate: Caved—Decided renting is a better move |
- Caved—Decided renting is a better move
- Home a mess after closing
- [TN] Multiple offers, how to filter out investment and rental companies?
- Listing house next week and had a neighbor's friend send a note interested to see
- My house has increased $700k in value since I purchased it almost 4 years ago. Will I be taxed heavily on capital gains if I use that money to buy another house?
- How many people here are actual “FOMO” buyers, who were not planning to buy until shit got crazy?
- Why do people put in offers/go under contract on a house if they aren’t serious?
- Updated: Is this normal? Or do we have the worlds worst real estate agent?
- How many lenders require a CPA comfort letter for a self employed person?
- Sell raw land or build, then sell?
- Is it time for me to find a new agent? I fell like i'm getting the run around with the one i'm working with.
- Broker says my mortgage commitment letter must come from the preferred lender. Is this true? [NYC]
- A virtual tour...
- How Lower-Income Americans Get Cheated on Property Taxes - Many homeowners are paying a total of billions of dollars extra because of inequities in assessing property values.
- Meet Your Closing Date!
- Appreciate the Perspective of this Sub
- Hoping to close on a duplex pending inspection, any suggestions on what I should definitely look for outside of a normal inspection?
- With how crazy house prices are everywhere, is there any data somewhere that shows off places where houses were stagnant or dropped in 2020?
- Renting vs Purchasing home this year First-time home buyer
- How Dumb Would it Be to Sell the [AZ] House and Move to [TN] or [KY] right now?
- Houses in Italy for 1 EUR
- Looking for a house while pregnant - what is the cutoff date for when to give up and sign a lease instead?
- what would you do with 150k and no debt 28yr?
- Buying/Financing a Homestead
| Caved—Decided renting is a better move Posted: 06 Apr 2021 09:02 PM PDT I gave it my honest go and really I don't think ownership was ever in the cards. I live in a major metro in the US and was raised in one of the hottest neighborhoods in that metro. People are now starting to get into paying $100k over asking on cash offers. Not what the sub wants to hear but if this hits a Google search I'll tell you what and how it is for people who aren't like the robots on the budget forums here— if you're not a developer, doctor, or lawyer and don't have a significant down payment from strict savings, family, or dual incomes and you live in a city in the US that's in the top 10 in terms of population or gdp growth, don't buy;rent. If you're like many of us on here who get drowned out because you're ashamed you're still living at home after 30 because you thought saving money was smart but now have to compete in this? Don't buy—rent. It's okay. People online, total strangers, act like that's a sin against man; well guess what? It's not. It's okay to rent. If you want to move to the expensive part of town because you can, and even when people point out that's more than their mortgage, remember they weren't like you, you didn't need a down payment for that spot you're looking at. You didn't need to go do research on the entire market and compete with cash offers for an apartment. I'm typing this message up to show you it's okay to not own. You do you. But I am saying that as of right now in April 2021 if you're only making between 60-100k and live in an area where the avg cost of new construction is looking like 600-1.1 million and the average home cost has gone from 280-340 and you're still trying to justify living at home to save money; bite the bullet go find a spot to rent but make it a place you want to live. Not a place that's smart financially so you can buy because you're in market that unless you have the inside track cash is king and you don't generate enough of it. This is a message to all of the people who are wondering if they can do it. You see the messages on here telling you success stories but you never find one that fits you exactly. The messages where the individual wound up saving 100k; but worked at a 220k job but lived like they only made 90k. Or the story about the couple who had dual incomes of over $180k and bought a home at $500k. Those messages aren't for you. But the message you won't see? The one where the person is you know a foolish person? But somehow still lives their life? This is for you. Bite the bullet; move out for a year and see how it goes. Our lives aren't meant to be lived like a well organized work email so stop trying to meld it into one. I say this as someone who tried to do this with help and tried to figure it out. But ya know what? I'm like you I'm 32; I am you, just bite the bullet and rent. Ain't nothing wrong with it. Stop trying to plan your life like you play Witcher 3 but never finish it because you plan more than you play. Stop dreaming of the big thing you want when you can't even think about what you're looking for. This market, these prices, the advice people give that's considered good? It's not because it's not based in reality. It's not based in a world where you're you and you have flaws. It's not based on a personal experience with you; so it's okay. Move out pay 1.5-2k in rent for a year in a spot you want. Try it out see how it goes. Roll the die. You only do live once why waste it trying to live it according to how others say what's smart? I'm not saying anything here is the right or smart thing, but I am saying this because I know how you feel—I know the frustration and how angry you get trying to buy house just to be continually shot down. I know that feeling and I know you better than most on here. So go ahead with your 60k job and go live for once and don't worry about this market because unless you're rich or come from better off wealth this market ain't for you. [link] [comments] |
| Posted: 07 Apr 2021 08:27 AM PDT Hey there. So my wife and I Just purchased our first home. Escrow closed on 3/30 and the seller asked to stay until 4/6. We had gone back and forth about her staying longer but her rent back offered was only half the mortgage. So all parties agreed on 4/6 at 6 PM. My wife and I show up last night and the house is a disaster. They basically threw all their belongings onto the sidewalk and left much more inside the house. We spent the evening moving everything that was inside out to the curb. The seller claims the city will come pick it up. We will see. However I noticed that they had but dings into the walls as they were frantically moving their stuff outside. They had some window AC units that they just basically pushed out the windows and now the blinds are messed up too. Our new home is going to need some extra work. Should we just suck it up and move on or should we get quotes to fix the damage and go after her in small claims? We are in California. TIA- obviously upset about it but don't want to be irrational [link] [comments] |
| [TN] Multiple offers, how to filter out investment and rental companies? Posted: 07 Apr 2021 09:13 AM PDT First time home seller in a suburb of Nashville, TN. We are not familiar with being on the selling side of the equation. This might be a pretty basic/obvious question. We really enjoy our neighborhood (and neighbors) and want to sell to a person/couple/family. Our number one goal is to avoid selling to an investor or rental company. It's hard enough buying a house when competing with all cash offers from corporations, so we don't want to contribute to that. Based on our local market and price point (~245k), we expect our house to have multiple offers right away. Will our realtor be able to easily tell us who is an individual/family versus who is a corporation/investor? I did search, but didn't come up with anything regarding this. I'll happily read any other posts or links that are provided, thanks! [link] [comments] |
| Listing house next week and had a neighbor's friend send a note interested to see Posted: 07 Apr 2021 07:46 AM PDT I was talking to my neighbors recently about how we're listing soon, list price, all the goods, and they mentioned they had friends looking. Last night I came home to a note under my door from their friends asking if they could come by. I don't mind them coming to look at all! Is this something I should mention to my realtor? Like most places, the market I am in is pretty hot and my house is nice so I expect it will get into a bidding war when listed. But I also like the idea of helping a couple get their first home in this market. Any advice or tips would be appreciated! I want to make sure I handle this correctly. [link] [comments] |
| Posted: 07 Apr 2021 02:48 AM PDT |
| How many people here are actual “FOMO” buyers, who were not planning to buy until shit got crazy? Posted: 06 Apr 2021 03:57 PM PDT We've been saving for 2 years and happened to be ready when the market turned into this shit show. How many people would actually want to enter the thunder dome if they aren't in need of a home? I hear so much about FOMO buyers but no one in my world falls under this. We all just got screwed with the timing. [link] [comments] |
| Why do people put in offers/go under contract on a house if they aren’t serious? Posted: 07 Apr 2021 08:57 AM PDT We weren't even going to sell our house yet. We were gonna do some things to fix it up, take our time to get the most out of it, sell it, THEN find our dream house. Well, we ended up finding the perfect house in a neighborhood that is super hard to get into. We jumped the gun and got pre approved, put an offer in and it got accepted! However, we have to sell our current house to actually buy that one. We quickly fixed some issues we knew we needed to fix to get it sold, and it was under contract almost immediately. That one fell through. They were young and admitted they didn't have any extra money so we think they submitted the inspection report to their lender to get out of the deal and to get their EMD back. We put our house back on the market and again it went under contract almost immediately. We picked someone with a conventional loan this time hoping they were stronger buyers. Well now we are dealing with someone who says they have no extra money for things. We agreed to pay their closing cost fees AND put almost $6,000 into an escrow account to fix a drainage issue in our backyard that the buyer was concerned about. And it's still been almost 5 days since we have heard ANYTHING. We have no idea if they want to move forward. Our realtor just tells us that the buyer is young, doesn't have much money, and is a nightshift nurse so she is "hard to get ahold of"...? But you're still an adult who is buying a house? We feel like we're just wasting time on this when we could be working with a buyer who is eager to get this closed. The house we are buying is ready to close, we just have to get this house set up for a closing date. I feel as if we are backed into a corner because of us being in a sell home contingency. We need this to move quickly or we are afraid we will lose the house we are trying to buy. Why would someone take their sweet time getting back to us when we are literally offering to pay close to $10,000 for her to close on this house?! It makes NO sense to me! Sorry for the rant. I'm so frustrated. We are so close to getting our dream house but this is the 2nd buyer that doesn't seem as serious as we are about getting this house sold. [link] [comments] |
| Updated: Is this normal? Or do we have the worlds worst real estate agent? Posted: 07 Apr 2021 09:34 AM PDT Here's a link to my previous post: We finally have an update. Monday evening the estimate came in for the damp crawl space repair. $5,600. We countered and said we'd like to raise the selling price to $92k, still pay $2k in closing fees for the buyer, and escrow the $5,600 for repairs. This morning we got an answer that the buyer is completely unwilling to budge. She wants it to stay at $90k, us pay her $2k closing fees and the entire $5,600. Our realtor said "There are other issues too that they could have asked for you to repair but this is all they are asking. (Not true. They did ask us to repair some things which we did. They asked for this AFTER we repaired those things) And you will have to fix the crawl space anyway, because no one will buy the house as is." (Even though the inspection report stated the crawlspace has absolutely no mold or foundation issues. The ground just stays saturated longer which is a common find in this area). And want to hear the kicker? Our realtor told us he is changing realty companies in the middle of all of this. Which company you ask? To the same company the buyers realtor owns! This is a freaking joke. So now we are firing him, re listing our house and hoping the house we have under contract doesn't back out because this is the 2nd time we've been under contract and had to start over. I feel so defeated. Also, when buying a cheaper house, is it not expected to have to do some repairs yourself? Or can you only sell a perfect house? Makes no sense to me. [link] [comments] |
| How many lenders require a CPA comfort letter for a self employed person? Posted: 07 Apr 2021 09:11 AM PDT In the preapproval process and thought I would get ahead of the game and ask my CPA for a letter. He said it's against his policy and explained why - I did some googling myself and honestly I can completely see where he's coming from and why he does not do them. It's a liability for him with and that's it. Wondering how many lenders realistically require it? Is it a deal breaker? Is there a way around this or something else that can be done? [link] [comments] |
| Sell raw land or build, then sell? Posted: 07 Apr 2021 06:36 AM PDT I'm new to this sub, so hopefully this post is ok. My father-in-law has 3.4 acres of raw land in upstate New York not far from their home and mine. It's a very steep lot, but has pretty views of a lake and surrounding valley. He's tried selling it through a realtor, with no success, but has not relisted it since the market exploded. He's asked me to list it for him as a FSBO. My thought is to list it as-is and see if we get any activity, but I'm considering other options to help it sell faster and/or to capitalize on the booming market. Keep in mind I have JUST started researching, so I don't have intimate knowledge of the current market, or construction/building options right now. All I know is that houses are selling like hot cakes around here but the price of raw materials is skyrocketing and there's a major issue with supply. Is it worth making any improvements to the lot (getting it partially cleared/graded, perc testing, etc) or should we consider building in the hopes the boom continues? [link] [comments] |
| Posted: 07 Apr 2021 08:28 AM PDT This is our first time buying a house. This woman was recommended to us. She seemed nice enough, we met her at her office and she talked us through the process of buying a house. We showed her our pre-approval and what our budget was. This was over two months ago. Since then me and my husband are always on zillow and realtor.com looking for things within our budget. This woman never sends us leads or house suggestions. Like if we don't call her, we never hear from her. And when we find a house and go see it, she comes with us but throughout the entire tour she acts disapprovingly towards the house. Makes us doubt what we're seeing (because honest theyre all fixer uppers, which we dont mind..but apparently she does) And discourages us from making bids on it. "I think you should pass on this one you guys" She's said this to us three times already...And we always listen because we feel she's experienced on the matter and is probably looking out for us. There was this one house that we put a bid on regardless even though she disapproved of it. And she added contingencies on it (that the buyer needed to replace this and that even though we told her we didn't mind doing the work outselves bc it was small stuff) which ended up making the buyer refuse to take our bid even though we were the first ones to bid on it and went slightly above the asking price. Or she refused to allow us to make an offer on a house because she wanted us to see it in person first (we couldn't go out to see it that day but wanted to make a bid anyway because the neighborhood we want is very sought after plus the house information she sent us looked fine, roof had recently been replaced etc) But she told us to just wait until the morning and by morning the seller had accepted another offer. Now this woman lives in the neighborhood we are looking at, and apparently she knows everybody. Because she waves and says hi to the neighbors of the house she is showing us. And i'm not white... This is an extremely beautiful but completely white neighborhood. My husband and i have been quietly talking about this a bit today and we are wondering if this woman is just secretly racist and doesn't want us in her neighborhood so she keeps giving us the run around while allowing her friends to buy up the houses we want...Do we sound crazy or is this a very real possibility? edit: I typod the title, feel, not fell [link] [comments] |
| Broker says my mortgage commitment letter must come from the preferred lender. Is this true? [NYC] Posted: 07 Apr 2021 08:15 AM PDT I was in the process of getting a mortgage from a non-preferred lender, when I received a call from the broker, saying that I can obviously still close with any lender, however the commitment letter must come from the preferred lender. I checked the contract that I signed. The section with the mortgage contingency only says I need to start an application within 7 days of signing, and then get a commitment letter within 45 days. It doesn't say it must come from the condo building's (new construction) preferred lender. Has anyone else run into this issue? I'd prefer not to start another loan application and pay another appraisal fee and other fees just to go with the preferred lender. Thanks [link] [comments] |
| Posted: 06 Apr 2021 10:24 PM PDT is not an excruciatingly slow slideshow of the same exact MLS pictures that masterfully zoom out while your favorite elevator music plays in the background. Or is it? [link] [comments] |
| Posted: 06 Apr 2021 04:51 PM PDT |
| Posted: 06 Apr 2021 11:22 AM PDT It is important now more than ever to ensure you are meeting you contract closing date. I've worked in mortgage lending for several years now, and I have never seen what happened TWICE this week: In both instances, buyer and seller got to the closing table (one day after contract date due to various issues on both sides), and executed their closing docs. No problem there! Since lenders and title companies require an amendment to the purchase agreement extending the closing date by a day, this was requested by the agents so that the purchase could be closed and the loan could be funded. Sellers took this requirement as an opportunity to step away from the contract all together, so that they could turn around and re-list the home for a higher price and take advantage of the quick equity they built from when the original contract was executed (the standard 30 days in both cases). I understand that this is business, but there are some real asshole sellers out there right now. Don't put your guard down for a second in this market! Edit: I went back to both scenarios to check what caused the delay since there is a lot of curiosity about it in the comments. On both transactions, we as the lender were missing 1 or 2 signatures from the buyers on the executed closing package (signed by both buyers and sellers on the contract closing date). The title company did not get us the revised documents that we needed signatures on until the following morning. Since we did not have a complete package until the day after signing, we then needed the amendment extending the closing date in order for us to fund the loan. [link] [comments] |
| Appreciate the Perspective of this Sub Posted: 06 Apr 2021 02:27 PM PDT It has been easy to feel sorry for ourselves these last few months. This sub has been so helpfully eye opening. Clearly those in any price range seem to be struggling as well. It's surprising to me that even those in the $900k range can't pin something down, and strangely it makes me feel better. I don't see anything changing in WA, so we'll be looking for a lower cost of living area in a couple of years. I'm a bit afraid that we'll need to hustle, as it looks like that will be the future for many. Thank you for sharing your frustrations and failures, it's been a strange but appreciated comfort. [link] [comments] |
| Posted: 07 Apr 2021 07:03 AM PDT Anyone have any experience with duplex and what I should specifically look at for. I'm new into real estate and hoping to learn a thing or two [link] [comments] |
| Posted: 07 Apr 2021 01:53 AM PDT |
| Renting vs Purchasing home this year First-time home buyer Posted: 07 Apr 2021 09:56 AM PDT Hello, I know that market is crazy right now but is there any benefit to waiting until after COVID to buy a house/condo or is it just chaos right now and everyone trying to grab whatever comes available? I have some down payment saved up but am not too thrilled to be buying a house because I don't know if I'm going to stay in the same state after 3 years <-- unsure - my job might take me some place else and I would be very open to that. Is renting right now still throwing money away --> no equity?? and therefore, buying right now is better?? [link] [comments] |
| How Dumb Would it Be to Sell the [AZ] House and Move to [TN] or [KY] right now? Posted: 07 Apr 2021 09:32 AM PDT My job just gave the greenlight to all of us remote workers to go ahead and move wherever we want as long as internet is reliable. I moved to AZ in 2010 and immediately scooped up a house, so it is now paid off and worth around 325k. Ever since I arrived I've honestly hated this state. Way too hot. Great economic choice since the job has been wonderful, but terrible environment. I'm a mild weather and forest kinda guy. It's also way too crowded now. I miss the humidity and rural feel living in the middle-south. I grew up in SC/KY so that's what I miss. Anyway, I'm thinking of taking advantage of this remote work plan and my house being worth a ton and just up and going. The problem is, this city really is in a non-stop growth trajectory with no reason for it to slow down. Everyone is moving here from California and Washington. It seems dumb to not ride this gravy train for another year or two. I also know even rural Tennessee and Kentucky are seeing pretty big bidding wars on bad properties. Something I don't really want to deal with. Would you sell and head for the cheaper south if you were in my situation? Or just hold and watch the number go up? [link] [comments] |
| Posted: 07 Apr 2021 05:41 AM PDT I read a lot about famous deals that Italian towns offer on real estate in depopulated area - houses for 1 euro etc. There are also deals for couple of thousands for houses in better conditions. I suppose deals like that are tied with some kind of obligation to renovate the property etc. I wonder if anyone has experience of buying such property, especially from a foreigner's point of view. I've been thinking a lot about these deals and I'm aware I have a very romantic vision of them. Still, they offer promise of actually having a property which is almost unimaginable for me most of the time. I'd like to verify my enthusiasm against some reality tho. [link] [comments] |
| Posted: 07 Apr 2021 09:26 AM PDT We've been house hunting for the past 6 months, put in a few offers, lost, same as a lot of people on here. There are houses in our price range here (NJ) and our offers haven't been out-bid but a lot, but the inventory is just super low right now. We're in a month-to-month apartment and haven't had an immediate need to move, so it's been fairly casual. However, now I am pregnant (due date in December) and we will need to move out of this apartment (4th floor walk-up) probably a few months before I'm due - either into a house or into a better apartment. Assuming we want to be moved in sometime in September, what is the cut-off date for when we should be putting offers on houses? June? July? August? What changes if the possession is 0-30 vs 30-60? Has anyone bought a house while pregnant and have any advice? Is moving while 6 months' pregnant advisable (assuming we pay for movers)? Thanks! [link] [comments] |
| what would you do with 150k and no debt 28yr? Posted: 07 Apr 2021 08:50 AM PDT i have read every real estate book ever and i was preapproved since 2017 in north jersey but chicken out due to self-doubt, a regret i know but now would like a solid plan to move forward and get my own place. live with family now and looking to start investing in real estate asap. with the current market, what's my best move here? currently working from home for another 15 months [link] [comments] |
| Posted: 07 Apr 2021 08:43 AM PDT I am looking at buying some land to build on. My ideal goal is: Get mortgage for land and a small 1.5 bedroom guest house Live in the guest house and start caring for the land, getting the animals and the produce started, Then in a year or 2 I would want to start construction on the main house. And combine the construction cost to the mortgage. Is this a thing that happens? I would plan to do a down-payment on both sections at a reasonable level. USA VA First time home/land buyer. Land : $350,000 Guest House : $75,000 Main House : $400,000-700,000 (not sure on specifics as we haven't made many design decisions because we don't know what is possible from a financing side) [link] [comments] |
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