Real Estate: Gentrifying neighborhood, poor guy here who owns a house in the neighborhood... |
- Gentrifying neighborhood, poor guy here who owns a house in the neighborhood...
- Bought a Lennar new home build and need advice on flooring.
- Am I right to be nervous? Help/Advice appreciated
- How did you pick your Realtor and how was the experience?
- What does $800k buy in your location?
- What does $400k buy in your location?
- Flight paths
- Buy in Nj vs out of state?
- Need some advice in asking the lender to negotiate on the rate after the rate lock
- Enter RE membership and Education expenses in TurboTax?
- Some good news!
- Sellers shield
- Should I sell or hold?
- Bigger Down Payment vs Cash In Hand - Fixer Upper
- Under Contract - Thinking of backing out/Sad and Confused
- Been rejecting homes with electric range. Agent says converting to gas is NBD.
- How to compete with a VA loan in todays market
- House not represented by a local agent. Will this be an issue for ME as a buyer?
- New construction home slated to close end of june, now builder is demanding 10% more or threatening bankruptcy.
- Any ever use Ribbon home? If so what was your experience?
- Big House Sale
- What does $80k buy in your location?
- Seller refusing to allow inspection during weekdays due to WFH
- Remember, shut off all your autopay accounts when selling
- [Southern California] neighbor tree pushing and damaging shared fence
| Gentrifying neighborhood, poor guy here who owns a house in the neighborhood... Posted: 04 Apr 2021 07:59 AM PDT I currently own a house in a poor neighborhood that is slowly gentrifying, I work an average job but own a house in this neighborhood. It is a very poor neighborhood but as stated, it is gentrifying and higher income people are moving in the neighborhood and renovating homes. Does anyone here think that eventually someone will want to buy my property for more money than I paid for it OR am I missing something here? [link] [comments] |
| Bought a Lennar new home build and need advice on flooring. Posted: 04 Apr 2021 07:45 AM PDT Hey everyone, My wife and I are currently in the building/designing phase of our new home with Lennar. The community that we chose has almost everything included but we have the option to upgrade floors, carpet and windows but im not sure if there are any other options as our first design center appointment is next week. The only thing we want upgraded are the carpet padding (we want thicker) and floors downstairs. We want that tile that looks like wood. My question is would it be significantly cheaper to go with the free included generic tile then have a contractor come in and do the floors on move in. Or is it better to upgrade the floors with Lennar and have them install it during the build? [link] [comments] |
| Am I right to be nervous? Help/Advice appreciated Posted: 04 Apr 2021 07:40 AM PDT Our first ever offer on a house was accepted! Yay! Except now my husband and I (we are first-time home-buyers) are getting cold feet. I have been listening to the advice of our realtor assuming he has our best interest at heart, but the past few days have been feeling like maybe there are some red flags with our initial offer and from the inspection, and maybe we need to walk away. Our concerns:
It was so easy to feel so excited and overjoyed that our offer on a house we initially loved was accepted, and start planning what kind of furniture we want to buy and projects we're excited to do, but now we are strongly thinking about walking away. Am I right to be nervous based on the above info, or am I just getting typical buyer's remorse/cold feet and this above is all very normal and typical? This subreddit has been very helpful in our homebuying journey already, so I appreciate anyone taking the time to read through this and any insights people might have who are unrelated to the situation. Thanks in advance! [link] [comments] |
| How did you pick your Realtor and how was the experience? Posted: 04 Apr 2021 08:00 AM PDT I'm going to be looking to purchase my first home this spring but in a market (KW, Ontario) where I don't have any family or friends who have experience purchasing a property. No trusted recommendations. There is no shortage of advertisements for salespeople and brokerages so how did you go about selecting your realtor and was it a positive or negative experience? [link] [comments] |
| What does $800k buy in your location? Posted: 03 Apr 2021 10:46 AM PDT Pretty good deal around here. Nothing a little paint can't fix. https://www.redfin.com/CA/San-Jose/950-N-4th-St-95112/home/684873 [link] [comments] |
| What does $400k buy in your location? Posted: 04 Apr 2021 08:28 AM PDT To continue the success of the What does "$800k buy in your location?" Post I hereby present to you with a What does $400k buy in your location? Thread. [link] [comments] |
| Posted: 04 Apr 2021 08:09 AM PDT I am very sensitive to noise. Despite attempting some due diligence (listening during the tour & inspection, looking at the location of the house in relation to runways, checking howloud.com, etc.), I have been surprised by the frequency of flights that pass by homes I've purchased, and at how low planes fly. Unlike other aspects of a house, being on/near a flight path isn't something that seems feasibly fixable. I now find myself in a property where I can clearly read the decals on planes as they pass over, sometimes in seemingly-continuous succession. I would like to be better prepared for my next home purchase someday. Do folks here have any advice on how to do this research? I tried searching on Google, looking for FAA materials, checking the websites of nearby airports, and trying to parse aviation charts but am not really sure where to find these. This website doesn't seem to have a comprehensive listing: https://www.faa.gov/airports/environmental/airport_noise/noise_exposure_maps/ EDIT: areas of interest include the greater Seattle area, greater Palm Springs area, greater DC area, and greater Philadelphia area [link] [comments] |
| Posted: 04 Apr 2021 04:34 AM PDT I'm in strange situation and I need some advice. I'm currently trying to take advantage of the low rates by house hacking in NJ, but these properties are so expensive that the only way for me to break even or cash flow is if I put down 15% or more down payment -- these multiple family cost 600k+ so down payment insane. Since this my first property kinda scared to put that much in house barely cash flowing. alternative option I'm considering is to rent in NJ and then buy out if state like cleveland where it's easy to cash flow. I'm aiming to be a buy and hold investor so not really looking for that much appreciation. Please provide feedback on these options:
Thoughts? [link] [comments] |
| Need some advice in asking the lender to negotiate on the rate after the rate lock Posted: 04 Apr 2021 08:39 AM PDT I am a first time home buyer and last week signed a purchase agreement for a condo with a purchase price of 305K. I am putting 5% down and have a credit score of 760+. My local lender offered me two options on (03/31). One was 2.87% rate and the other was 3.25% with 6100 worth of lender credit. I went with the second option as in that I am not paying any closing cost and on top of that, lender credit will cover some of my yearly homeowner insurance as well. (Closing cost quoted was around 5K). He also mentioned to me that I can refinance after 6 months if rates are lower at no additional cost. My rate is locked till 05/31 and my closing date is 05/17. My question is if in the next few weeks rates went down maybe .25%, can I ask him to negotiate on the rate? TIA. [link] [comments] |
| Enter RE membership and Education expenses in TurboTax? Posted: 04 Apr 2021 06:41 AM PDT I joined a Real Estate firm last year but was only associated with the firm for like 2 months or so. I did pay for the Realtor Association annual membership and Post licencing education expenses in TurboTax or HRBlocks? I did not get any 1099 from the firm. [link] [comments] |
| Posted: 03 Apr 2021 04:08 PM PDT We just had our offer accepted, and on a house we actually really like too!! I am so overwhelmed. They weren't supposed to make a decision until after Easter, but we got a call from our realtor today. So surprised and elated! Timeline: Place was posted to MLS Thursday morning. We are out of state and have been calling our realtor to do video showings of places we're interested in. We've been at this for a few months now, have really pared down what we're willing to compromise on and not. We knew from looking at these pictures that we were willing to make an offer even though it isn't a "perfect" house, and we'd lost a few places before this waiting for the showing video because things are going so quickly. So without a video tour, site unseen, we told our realtor to draft an offer. We had to re-work our preapproval paperwork, and it took about 24hrs. We finally got the offer submitted yesterday (24 hours on market). We offered $25,000 over asking price. We hoped it would be competitive without horrifically overpaying. Historical sales over the last 3 months in this neighborhood have shown good houses selling in 2-3 days ranging from $10-50,000 over asking price. Only houses selling at asking had been on market for 30-90 days, likely with some major problem. For whatever reason, the owners hadn't posted it to places like Zillow or Trulia, so we hoped it had less visibility than some other places. We hoped $25k would be good enough because we're so over this process. Since it was a holiday weekend, we were able to take off work and drive across two states to make it here this morning for a showing (48 hours on market). We liked it enough after looking at it that we were actually willing to increase our offer price. Luckily, we didn't have to because they accepted our first offer! Now as long as we can close in 30 days 🤞...we're finally home owners!! 😁😭 I've posted here before for advice and commiseration. I'm happy to have something joyful to add! Thanks for being a part of this with us! [link] [comments] |
| Posted: 04 Apr 2021 08:48 AM PDT I'm selling my house and my agent sent me an email asking me to fill out Sellers Shield. I believe it's supposed to protect the seller from lawsuits after the sale by helping me fill out the sellers disclosure. Has anyone heard of this? Is this worth it or just a bunch of nonsense? [link] [comments] |
| Posted: 04 Apr 2021 08:47 AM PDT Bought a condo 16 months ago on a killer deal. Similar condos(same layout and sft) selling for ~30% more (200k more). Rents of similar sized condos here or even closer to work (need to go to office from September) are 3k a month. Should I sell and wait for things to correct? Because this doesn't seem sustainable as per math below. Math: current condo rents for 3k a month. If at recently sold price, and 3% interest rate, buyers are paying 165k down(20%), and PITI+HOA: 1166+1556+860+30+300 every month averaged out to 4 years. That is, 1166 towards principal 2746 of expenditure. If I cash out now, I get close to 260k after all costs, which if I invest, at 8-10% return, covers 60% (1800 a month) of my expense on rent, and I pay (1200 out of pocket). When craziness calms down a little, I want to go house hunting with the cash I have. Should I hold or sell? Asked family and friends, I get mixed answers, so I am asking the Reddit world to help me put things into perspective. [link] [comments] |
| Bigger Down Payment vs Cash In Hand - Fixer Upper Posted: 04 Apr 2021 08:43 AM PDT Found a home in a great neighborhood that needs a full renovation, some due to being dated and most caused by deferred maintenance. Trying figure out what is the more advantageous scenario. The property does qualify for conventional financing. Bigger down payment/lower principle and fund renovations through heloc on an as needed basis? Or Put standard 20% and use the cash in hand to fund renovations? [link] [comments] |
| Under Contract - Thinking of backing out/Sad and Confused Posted: 03 Apr 2021 06:19 AM PDT First time home buyer in the Carolinas. I believe I stand to lose 25k if I walk away before my dd period ends this upcoming Friday and another 5k in earnest money if I walk away before closing (end of May). I've had trouble sleeping. Offered 30k over asking with 25k due diligence (which I now regret), 9 day due diligence period, and appraisal addendum (also regret). Appraisal is due back Weds. I'm worried that there might realistically be a 50k appraisal gap, which terrifies me. My agent was focused on "winning" and had me convinced that a winning offer in this area is consistently 50k over asking, but I'm just now starting to see sold numbers come in and it seems like most solds in Feb are about 20k over asking for a similar home in my area. I'm also worried that the sellers priced the house at a competitive rate to begin with and that my 30k over takes the home far above appraisal value. The house is 10 years old. It's not my "dream home" but it's not too outdated either...I just feel less and less excited about it the more I realized that I feel I "overpaid" for it and the more I realize how much maintenance and associated costs will be. It's in a lovely area with great schools. Concerns in inspection report are "evidence of moisture penetration of the foundation wall in the crawl space" and "several large openings between siding board but joints" and "a few siding boards do not lay flat." Insect report shows "evidence of Old House Borers in joist in the crawl space that is an "infestation that now appears to be inactive." Regarding the HVAC: "When the second floor was calling for heat, heat was delivered to the first floor HVAC registers. This indicates the dampers are not operating properly and will make temperature control difficult." Both my agent and the inspector (who she consistently works with and recommends) have tried to reassure me that all of this is normal for a 10 year old home and that these items are not a cause for concern. Advice/thoughts/experience appreciated. [link] [comments] |
| Been rejecting homes with electric range. Agent says converting to gas is NBD. Posted: 03 Apr 2021 07:16 PM PDT My wife loves cooking and having a gas range is a must. We've been auto-declining to consider any home with an electric range. Our agent said as long as there's a nearby gas water heater that we could hire a plumber to run a gas line to the stove. Has anyone else had experience or advice to share with converting an electric range to gas? [link] [comments] |
| How to compete with a VA loan in todays market Posted: 04 Apr 2021 07:45 AM PDT |
| House not represented by a local agent. Will this be an issue for ME as a buyer? Posted: 04 Apr 2021 07:25 AM PDT Stumbled upon a great house that suits me and my family's needs by tabbing over to the "other listings" tab in Zillow for my community. I forwarded to my realtor and asked why it's been on the market for 5 months which is long where I'm from. The property is brand new construction in a beautiful area. My realtor's response was that it likely isn't selling because it is not represented by a local agent. What am I missing? Is that a bad thing for me? For my realtor? Thanks to anyone who can shed light here. [link] [comments] |
| Posted: 03 Apr 2021 01:27 PM PDT I am a first time home buyer and found a beautiful land/home package that finally fit in my budget. Signed a Virginia Residential Contract of Purchase last August which was also signed by the Builder that was estimated to close in March. Several months pass while permits and the such were obtained. Thought things were moving quite slow, but Winter weather and Pandemic were in the present. Lot was finished being cleared in February and foundation and framing started end of March. Got updated Closing date for the end of June by builders realtor office. All of the mortgage stuff has been done according to schedule. Used the Builder's preferred lender which has been a great experience. To my surprise, I got a blank email with a letter attached. The letter basically gave a sob story about how prices have increased and items are taking longer to get in due to delays. It also goes on to state that there are basically 3 options: 1) Continue to build until running out of money leaving all 5 in progress homes unfinished and the potential for bankruptcy. 2) Buyers pay 10% more in hopes that the homes will get done quick and maybe avoid potential further price increases. 3) Release us from contract. Now granted I understand that prices have increased since before Covid, but prices were already increased when we both signed the contract last year. 7 months elapsed from the time I signed contract till the first material construction began. Now within the past 2 weeks builders website has updated with 20+ new lots available to build, and has been running radio commercials advertising these new lots with about a 7 month completion time. The 10% increase across each home including mine is about $21k. Now this will put some people in somewhat of a pickle as in the 7 months the builder had us thinking things were fine, we have pretty much lost any opportunity to find a home in our price range that is totally not an overpriced turd. I am also sure that most average people don't have an extra $21k in buying power or savings just ready to throw at something. Granted I have been fiscally responsible and have reserves, and have a lease that I can stay until I decide to leave. To me this sounds like a cash grab, because home prices have skyrocketed, and the builder knows that they could easily get 50k more than we were contracted at. My realtor is consulting with the agency's lawyer to find out my legal recourse. I'm hoping the lawyer will have some options. Has anyone else encountered something like this, and if you have what was your outcome? ***Builder was fronting the construction cost, and I did not have to get a construction loan. So no money has exchanged my hands to them other than $1k as earnest money that is held in escrow till closing. So even with the increase in home price that they want, the builder will not see any immediate money until the mortgage settles. [link] [comments] |
| Any ever use Ribbon home? If so what was your experience? Posted: 03 Apr 2021 08:13 PM PDT |
| Posted: 04 Apr 2021 09:15 AM PDT In St. Louis this House is waiting on it Buyer!! 1621 square feet on lovely living 3 beds and 1.5 baths come put value in this Big House. [link] [comments] |
| What does $80k buy in your location? Posted: 03 Apr 2021 06:47 PM PDT Close to where I live one can get a pretty decent place in a 'trailer park'. Don't worry, no Rickys or Julians. Maybe a Bubbles here and there. https://www.dwoskin.com/waples-mobile-home-community.aspx#pricingSection Actually I've been through this place and its really chill and calm. You could probably buy a place that's really nice for about $65k or less depending on the age, depreciation and size. [link] [comments] |
| Seller refusing to allow inspection during weekdays due to WFH Posted: 03 Apr 2021 09:13 AM PDT Is this a thing? I'm so frustrated. We're in the NJ market. We ended attorney review on Tues 03.30, and on Wednesday 03.31 promptly scheduled our inspection for the following Monday after Easter weekend as this was the soonest date available (04.05). One thing to note is that the seller originally wanted to grant us a 10 day inspection period, but given that the market is crazy and it can be hard to get inspection appointments, our lawyer pushed for 14 days and they eventually approved. Additionally, the appraisal ended up scheduled for Monday as well. Fast forward to yesterday (Fri 04.02) and we get a text from our realtor that the seller can't accommodate our inspection date or the appraisal because they work from home. Moreover, their listing agent informed us that the earliest we could do the inspection was next Saturday the 10th. That's 11 days into our inspection period and additionally, there aren't any appointments available as it's the weekend after Easter and it's all booked up. The next available appointment isn't until the 14th (past our 14 day period). I can try to book a different inspector but I want this specific one as 1. we've signed a contract with them already and 2. They do the tank sweep and everything 3. they have really solid reviews and the owner over the phone was very knowledgeable and polite. 4. I'm not confident that any inspector is going to have openings next Saturday anyway given the crazy market. So essentially, they are trying to force us into only conducting our inspection within a 1-2 day window. Do we have any recourse here? Other than scrambling to beg another inspector to schedule next Saturday? This seems straight wrong. Could this be a breach of contract? Last thing to note, the seller's agent is apparently inexperienced and incompetent (according to my realtor). [link] [comments] |
| Remember, shut off all your autopay accounts when selling Posted: 03 Apr 2021 12:51 PM PDT Realized I better cancel all my utility autopay accounts since i'm selling the house. Easier to dispute a bill that someone mistakenly wants me to pay than to try and get back money they take automatically. [link] [comments] |
| [Southern California] neighbor tree pushing and damaging shared fence Posted: 03 Apr 2021 10:35 PM PDT there is a tree on my neighbor's property. the tree has gotten pretty large the last few years. now the girth of its trunk is starting to push against our shared privacy fence. the fence is wood and is of 'picture-frame' construction. the fence has started to bow and buckle out at the post section. i have secured it with a brace/bracket. how does one normally handle and resolve this? obviously the best solution is if the neighbor would just cut & grind the tree down. but they have not responded to any notifications. [link] [comments] |
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