Real Estate: I get economics but this is just getting silly |
- I get economics but this is just getting silly
- Closed Today! California FHA Buyers. We Were Backup Offer. Timeline.
- Is it too risky for FTHB to purchase primary residence that has a tenant with a lease?
- Finally able to schedule my RE exam
- Clear to Close - Best Words I've Heard in a While!
- Listing agent didn't fully read the contract, what could happen from here?
- Are any of you all cash buyers? If so how did you get all this cash? Honestly there seems to be unlimited people with $1 million in cash.
- Buyers & Sellers: Are you factoring seasonality into this market?
- Confused about NYC Tax - Potential First Time Home Buyer
- Buyer’s remorse update - appraisal came back higher
- Listing different than property record
- Buying a new rental, existing tenants are practically denying access for inspection
- I Bough a Condo with W/D but they were installed by the privous owner with not permision for the HOA
- San Francisco Bay Area - a tale of 2 markets?
- Realtor locked all keys inside Florida home using smart lock and now the lock batteries are dead and no one can get inside. What are options for recourse?
- Buyer Switching to FHA Loan 21 days before closing
- Thoughts on escalation clauses in offers?
- What can we expect at the final walkthrough?
- People who bought a duplex, how much money has that save you per month??
- No Appraisers
- VA Loan for Fixer-Upper?
- Online vs in person classes
- Advice Please! Odd Square Footage Discrepancies - Need to Remove Contingencies Today!
- Appraisal is 22k short of our accepted Offer. What do we do?
| I get economics but this is just getting silly Posted: 09 Apr 2021 06:08 AM PDT I get supply and demand. I'm just tired of the silliness of this market. My wife and I have been looking for a year since I was told to WFH with no real space to do so. We needed a bigger home anyways. It's been one heck of a year to be a buyer. We swung and missed on six houses and got defeated. A house we bid on just closed again. We bid and lost on it in April 2020. It closed for 480k back then. It came back on the market last month 11 months later. Price was now 575k. We thought about it but ultimately passed on looking at it again. It closed for 605k. 125k appreciation in 11 months. FML. [link] [comments] |
| Closed Today! California FHA Buyers. We Were Backup Offer. Timeline. Posted: 08 Apr 2021 08:04 PM PDT Yes it can be done! Jan - March: searched on Zillow for properties and saw a bunch. March 1: Saw a 3/1.5 house listed for $315,000. We offered $340,000, all contingencies, with an FHA loan and did not get accepted. 3/1-3/11: Saw 6 houses and put one other offer that wasn't accepted. We did attempt to put 2+ other offers but were told houses already had higher offers or better loan terms. 3/12- TOLD OUR AGENT WE WERE GIVING UP LOL. We wanted to take a break until we could qualify for a conventional loan(raise our credit). BUTTTTT fate called..... 3/12- Later that night our agent calls us and said we are the back up offer for the 1st house we put an offer on. 1st buyer backed out because of a manhole and city needing access 1/year. She asked if we wanted it? YES!-closing date Projected 4/14 3/13 signed new offer letter w/same $340K with contingencies. 3/15 -earnest money submitted -$5,000 3/16- estimated fee schedule 3/18- paid for appraisal 3/19 - Submitted to Underwriting 3/23-Home Inspection 3/23- Conditional Approval 3/24- Appraisal 3/25- Roof and Pest inspection 3/25- Submitted simple documents to underwriting 3/27- Signed off inspections with our agent -$1,500 of repairs needed 3/29-appraisals returned to underwriting House appraised low!! Only $6,000 over original list price! 3/30- appraisal /financial/disclosure contingencies expire. Sellers LOWER listing price to Match appraisal- $321,000. Sellers agree to $1,500 credits at closing! 4/7-Wired closing costs to Escrow. Signed all closing documents with notary. 4/8- Told we are closing early. Original date was 4/14, but now closing tomorrow! 4/8- loan to be funded to escrow and then to recording. 4/14- Getting the Keys ! :) Edited to add: We found an amazing real estate agent that was very transparent and helped us from falling into money pits and helped stop us from going to crazy on our offers. we were originally pre approved with Rocket Mortgage but told that local lenders were easier and more favorable to sellers. That was the best advice we ever had! Such a smooth and very responsive team made being first time buyers less scary. [link] [comments] |
| Is it too risky for FTHB to purchase primary residence that has a tenant with a lease? Posted: 09 Apr 2021 09:08 AM PDT I am a FTHB in a hot market (Idaho) considering putting in a very competitive offer on a townhouse that is currently occupied by a tenant (lease thru end of June). I'm fine with the timeline (currently in my own lease I'll be paying to break anyway, so my timeline is flexible). However, the eviction moratorium scares me (and a little over a week ago, it just got extended through June and could be extended further since ending it may be politically unpopular). If the tenant simply refuses to move out at the end of their lease, am I just totally screwed? I can't afford the mortgage plus my own rent, and honestly my plan was to get a roommate immediately to make the mortgage more comfortable. Also, for legal purposes (of being primary residence), I think I need to move in within 59 days of closing (is that right?). So what happens when a tenant's lease ends during this current mortorium if they refuse to vacate? Can they be kicked out if it's due to lease ending rather than due to non-payment? And if so (i.e. if the moratorium doesn't apply), how bad is the eviction process and how long will it likely take before I can move into my own home? (I'm in Idaho if it matters) Also, what happens if you don't move into your primary residence within 59 days of purchase? What all am I losing? It's automatically classified as an investment property or something? I don't know the implications, but I don't want that -- I just want a home to live in before I'm forever priced out of here. Thanks so much for any help/advice! [link] [comments] |
| Finally able to schedule my RE exam Posted: 09 Apr 2021 08:36 AM PDT I'm excited and nervous now, wondering how much should I expect to spend as I start my Texas RE career? [link] [comments] |
| Clear to Close - Best Words I've Heard in a While! Posted: 09 Apr 2021 09:09 AM PDT I finally got the call today from my lender that we are clear to close. We had to delay closing and my mortgage ended up getting a quality control audit and I was starting to lose hope. Just waiting for the loan package to come back so we can get this closed. I wish I had done more research regarding underwriting and knowing exactly what they can look for so that I could get all of my balances in order before going to underwriting. We did a 30 day closing and it was down to the wire the whole time. Extremely stressful and an emotional roller coaster. Most of the stress came from my own mistakes such as waiting until getting to underwriting to actually transfer the funds from my brokerage and just not being properly prepared. Just want to give a shout out to this subreddit For helping and answering questions during this stressful process. [link] [comments] |
| Listing agent didn't fully read the contract, what could happen from here? Posted: 09 Apr 2021 09:59 AM PDT So we are under contract with a home. It was listed at 230. We offered 245 contingent on appraisal value and then offered 10k over appraisal if it came in less than 245. Listing agent and seller both signed. We had due diligence, paid for inspection and the time frame passed. We have already ordered the appraisal. We are working to close on the 26th. We were informed this morning that the listing agent didn't realize what our contract terms actually were, and was attempting to get our agent to change the contract so we at least hit listing price no matter if it appraises lower or not. So if house appraises at 200, we agree to pay to difference to 230 out of pocket. My agent refused and explained that all parties had signed and the contract and due diligence has passed so it is binding. The listing agent is upset because if it appraises for 200, we will pay 210 and the seller will have lost 19k from the asking price. She said she didn't see the clause when she first read it, and neither did the seller who signed it. My question... what could happen from here? If it appraises at asking or above, we are good, I know that and everyone is happy. Could seller back out if appraisal is under asking? Edit: I should mention my husband was on the phone with agent to hear all this early this morning, and I have only heard it second hand. I have called agent and lending team but they are both in meetings at the moment and will call me back. I realize y'all can't actually see the contract or provide answers, but I'm curious if this has happened to anyone else and if there is a vague idea of options. [link] [comments] |
| Posted: 08 Apr 2021 08:46 PM PDT |
| Buyers & Sellers: Are you factoring seasonality into this market? Posted: 09 Apr 2021 05:07 AM PDT With as crazy as the market has been for the last say, year or so, I'm wondering if the idea of seasonality for buying/selling might be out of window for the time being or if would still expect . Where I'm at (Nashville), definitely starting to see an uptick in listings as spring has hit, which would expect to see in a normal year. Personally, I'm preparing to put my home on the market but probably won't be ready to go for a couple months (so say late May/early June), but I'm feeling pretty comfortable with that timetable. That said, if the timeline starts to slip then it might more of a decision whether to sell or hold. Relatedly, while I'll be moving into a place while looking for a home to purchase post-sale, not certain if will see any sort of seasonal effects come fall/winter, or if that's all out the window too. For those of you considering buying or selling, are you factoring that in at all? [link] [comments] |
| Confused about NYC Tax - Potential First Time Home Buyer Posted: 09 Apr 2021 10:15 AM PDT Hello r/RealEstate! I hope this is an appropriate post, but apologies if it is not. I'm considering becoming a first time home buyer through purchase of a 3-bedroom apartment in NYC. I'm trying to build a rigorous financial model and do all necessary homework before making a decision. To that end, I'm trying to calculate annual property tax incidence. NYC's resources for determining roughly expected annual property tax seem quite robust. Specifically, I've used the following links (assuming $800,000 property value) to determine an expected annual property tax incidence of $10,102. Breakdown of math after the links. https://www1.nyc.gov/site/finance/taxes/property-tax-rates.page https://www1.nyc.gov/site/finance/taxes/property-determining-your-assessed-value.page https://www1.nyc.gov/site/finance/taxes/property-determining-your-market-value.page Estimated Property Value/Price/Assessed Value: $800,000 Assessment Ratio: 6% ($800,000 * 6% = $48,000) Assessment Value: $48,000 Class 1 Tax Rate: 21.045% ($48,000 * 21.045% = $10,102) Annual Property Tax: $10,102 Despite this information, I'm not confident that $10,102 should be my full expected property tax incidence. I have a couple of questions:
Thanks! [link] [comments] |
| Buyer’s remorse update - appraisal came back higher Posted: 09 Apr 2021 06:02 AM PDT I posted 11 days ago about concerns that we paid too much for a house. Yesterday, I found out that the house appraised for $5k over what we are buying it for. All that worry for nothing! Link to original post: https://www.reddit.com/r/RealEstate/comments/mf315d/buyers_remorse/?utm_source=share&utm_medium=ios_app&utm_name=iossmf [link] [comments] |
| Listing different than property record Posted: 09 Apr 2021 03:42 AM PDT I just signed a contract to buy a house listed as a 3 bed 2 bath. I just looked at property records which show the house as a 2 bed 1.5 bath. I am very concerned I am paying for a 3 bedroom house (and paying a lot) but officially it is a 2 bedroom house I am not sure why this is but if I ever go to sell or rent won't I have to list it as a 2 bed? Is listing agent misrepresenting this house? Should I get out of contract? I like the house and location but am very worried. Help! [link] [comments] |
| Buying a new rental, existing tenants are practically denying access for inspection Posted: 09 Apr 2021 11:04 AM PDT The listing agent told me by law they can demand only weekend access and 48 hours notice. I sent her the RCW for WA that states 24 hours notice and they cannot make unreasonable demands denying access indirectly. My AWESOME inspector is booked solid but the availability he had is out the window due to the strange tenant demands. Listing agent offered her husband who is an inspector up for inspection. Problem is, he is biased and is nowhere NEAR as qualified as my guy who has been doing it for 12 years and built houses for 30 years. The Listing agents husband has barely been doing it from what I can tell. His references checked out though, but zero online reviews. Then again, I have no idea if his references are friends and family.... Should I walk? It's been tough to find a property in this market to add to the rental portfolio. [link] [comments] |
| I Bough a Condo with W/D but they were installed by the privous owner with not permision for the HOA Posted: 09 Apr 2021 10:55 AM PDT I have a question what kind I do in a situation like this one? The HOA will give me a fine or force to remove something I did not install. However, when I signed the contract those appliances were included. The seller, it's "looking" for the proper documents to prove the installation was done correctly (but it has been 2 weeks). My agent, it's saying a layer can help me with this matter. It is worth getting a layer here? Being honest, I chose that apartment because I had W/D not like the others I saw [link] [comments] |
| San Francisco Bay Area - a tale of 2 markets? Posted: 09 Apr 2021 10:37 AM PDT I've been looking for a house like everyone else, and there seem to be 2 different markets going on in desirable areas. There's the "low end" where houses list for 1-1.2m and get 50 offers and end up selling for 40-50% over asking, and the "middle" market where houses list for 1.6-1.8 and go for 10-20% over asking. These houses are usually MUCH nicer, bigger, better shape, etc yet only sell for a small premium over the lower end ones. True high end is of course another thing entirely, but the 2+ million houses seem to sell for around asking, more or less. Small sample size though. Is my perception accurate? Is this because there just aren't nearly as many buyers in that price range? Or am I totally off base? It seems like the best deals are up in the area just under 2 million. [link] [comments] |
| Posted: 09 Apr 2021 10:31 AM PDT This is a question I am posting on behalf of my mother who doesn't use Reddit, but is in a tough situation and needs help. In February of this year she remotely closed on a home in Florida and informed her realtor she wouldn't be able to take possession of the keys until April, when she had been fully vaccinated and could fly into the state. She arrived in Florida yesterday, only to get a message from her realtor saying that the smart lock on the front door was no longer working and that all the physical keys were locked inside the house. He offered no help or assistance, just told her that was the situation and said he wouldn't be available to talk about it until the next day. So my mother, who is elderly and travelling alone, had to find a last-minute hotel reservation, pay for a number of Ubers, and figure out how to get into the home. She was able to thankfully get a locksmith on site today and he had to destroy the lock in order to get her into the home. Due to this situation, she's about a day behind on this move-in and has incurred about $500 in expenses due to the hotel/locksmith/transportation. Open question: Does my mother have any options for recourse with the agent or the broker? I personally feel that the agent should have physically transferred possession of the house keys, but I don't know if this is a standard of practice. At the very least, I'd like to have the agent or his broker reimburse her for these incurred costs. [link] [comments] |
| Buyer Switching to FHA Loan 21 days before closing Posted: 09 Apr 2021 10:29 AM PDT Hi Folks, Wanted to see if anyone has some suggestions for me. Our home was listed and went under contract 4 days later for a small amount over asking, no appraisal, no inspection. House is 3.5 years old. Buyer was a conventional mortgage with 20% down closing 4/30. I was told today they are switching lenders and to an FHA loan. The FHA loan is with over 20% down. I do not understand why they would do this but now, if I agree, we would have to do the FHA appraisal process. Sales contract specifically states conventional loan. What do you think? Thanks in advance. [link] [comments] |
| Thoughts on escalation clauses in offers? Posted: 08 Apr 2021 07:23 PM PDT Escalation clauses - the good, the bad, and/or the ugly? I'm a FTHB in a competitive but not absolutely insane market in the Midwest (the market insanity in other locations is starting to rear its ugly head here, though). A coworker shared that her daughter put in a winning bid on a house using an escalation clause. Being the Curious George I am, I asked my agent about this as an option to improve my offers. He stated his broker really dislikes the agents recommending them due to the potential of fraud or fishy actions on the part of the seller's agent. He basically said he would only consider using one on a house I LOVED, and even then he felt iffy about doing it. I've seen a few posts here and other subs and it seems like there are mixed feelings on escalation clauses - some have the fraud fears I was warned of, while others see it as an almost required inclusion in an offer in order to get accepted. Knowing markets are different based on location, I was looking for some opinions on escalation clauses over all. Any input is appreciated! Edit - typos that were driving me crazy [link] [comments] |
| What can we expect at the final walkthrough? Posted: 09 Apr 2021 09:31 AM PDT Now that we are getting close to closing, I'm getting nervous about our final walk through. Nothing's wrong with the house, it's actually very well built and inspections showed nothing but cosmetic things the buyer wanted. But I feel that the buyers are kinda dicks 🥴 Once we move our stuff out, what if there's "wear and tear" that they notice? What's the course of action at the final walk through? First time going through this. Thanks! [link] [comments] |
| People who bought a duplex, how much money has that save you per month?? Posted: 09 Apr 2021 09:27 AM PDT for house hackers who bought a duplex, how much money has that save you per month? is it worth it? [link] [comments] |
| Posted: 08 Apr 2021 11:43 PM PDT For a variety of reasons this house we placed an offer on needs to close before 4/30. We originally went under contract on March 18th. We are at the appraisal phase and have been for about 10 days now. No appraisers will accept the job! Very frustrating. I've offered to the broker to pay whatever to get it done on a rush but no one will grab it no matter what. It is a larger property over 1M but it's in the Pac NW where that's not all that uncommon. Bought another house back in the summer (that we are selling) and didn't seem to have this latency. I guess the market is different now but isn't there a supply problem? If so, shouldn't there be many appraisers available? So weird. [link] [comments] |
| Posted: 09 Apr 2021 09:17 AM PDT Wondering if anyone has any insight as to using the VA Loan for a "fixer-upper." By that, I mean a home that has 'good bones' (structurally sound/safe, roof, HVAC, windows, exterior is all good condition), but cosmetically needs renovation such as old carpets, wood floors that need sanding/refinishing, ugly wallpaper throughout, and outdated kitchen/bath. I know VA appraisers have a specific criteria for lending that usually pertains to health/safety, but curious if anyone has used this loan type for an "ugly" home. [link] [comments] |
| Posted: 09 Apr 2021 05:22 AM PDT Hello all, my wife is wanting to get into the real estate game, and we were curious does the online courses hold as much weight as the in person classes to potential employers? Or does it not matter at all? Thanks! [link] [comments] |
| Advice Please! Odd Square Footage Discrepancies - Need to Remove Contingencies Today! Posted: 09 Apr 2021 09:03 AM PDT I was supposed to remove contingencies on a house I'm scheduled to close escrow on NEXT WEEK(!!!), and of course in the 11th hour, I discovered some discrepancies with the square footage of the home, and not your typical discrepancies. I need some quick advice so I can move forward and remove contingencies today, since I don't think I can stall the process further. Looking for advice and guidance to know what I can do at this point, and what potential risk I may be taking on in the future. The square footage mystery began when I drafted up the plans of the house based on measurements I took during the home inspection. I meant to do this earlier in the process, but have been slammed with work, and this home buying process has been so quick (too quick?). I'm an Architect, so naturally I wanted to draft plans just to plan where all my furniture will go, work out any potential alterations to the house, etc… When I was done, the square footage only added up to roughly 740, but the house is listed as 820 sq ft. Of course I added 6" for all interior walls, added 8" for all exterior walls, still didn't get close to 820. FYI I'm in Los Angeles where a tiny house is all I can afford! The sketch of the home from the appraisal shows 820. I went on the Tax Assessor Portal and that shows the house as 740 (same as my measurements). But the Tax Portal also lists the house as 2 bed 1 bath, whereas the current house is 3 bed 2 bath. So I'm confused. If my measurements were off and the house actually measures 820 but taxed on 740, then it's likely that there is an unpermitted addition on the home (right?). If my measurements were correct, where did the 820 come from, and why did the appraisal list that too? I have tried contacting the appraiser, but they won't speak to a homeowner/ homebuyer, only financial institutions. I sent my boyfriend down to the LA Department of Buildings as a hail-mary to see if he can pull building records. I asked my agent if the seller could verify measurements, but he kinda avoided the request. If it turns out there's unpermitted work, what does that mean for me in the future? I plan to make some additions to the home myself, and will likely pull permits. Is there risk the unpermitted addition will get found out in the future? What does it mean for future sale of the home? Granted, it is listed as 820, so it seems I can list it at that number, permitted or not. If the house is actually 740 and I'm paying for 820, do I have any recourse if I don't find that out until after removing contingencies? This is all so confusing! I need all the help and advice I can get! [link] [comments] |
| Appraisal is 22k short of our accepted Offer. What do we do? Posted: 09 Apr 2021 08:57 AM PDT Hi there everyone. This is my first time posting to reddit, but I feel like some of you could help me look at this from a different perspective. Me and my wife recent had our offer accepted by a seller, 🎉... So we were naturally excited. It only took us $36k on a house listed for $185k to finally get one.. It's out of our desired area, but the house was worth the move. Now with the banking, the banks appraiser appraised the property for $199k, and of course now the bank is requested the 22k difference. We're already putting $35k down. Which would increase the down payment to 57k...( if I understand correctly) We live in the suburbs of Syracuse, NY, and even though the recent market has been hot, we just don't know if it's even worth the additional upfront money. we would be basically be giving all of our cash just to get Into the house. Let alone any work that needs to be done. The bank is trying to appeal the appraisal, but we're kind of lost on what to do. Any suggestions? Thank you! [link] [comments] |
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