Real Estate: I'm out. Just lost to 130k over asking w/no contingencies (RI, US) |
- I'm out. Just lost to 130k over asking w/no contingencies (RI, US)
- Why do we need real estate agents in this day and age?
- Having second thoughts on the sustainability factor of this market
- I’m in one of those crazy markets with an accepted offer- in your experience, are sellers willing to negotiate on repairs?
- What do you wish you had known before buying land/building a house?
- [Update] my offer was accepted!
- First time homebuyer experience - Crazy market like everywhere it seems - Mid size US city
- Dump our buyer's agent already?
- Am I a first time home buyer?
- VA Loans - selling my house and the highest/best offer is a VA loan. Is there anything to be concerned about with accepting a VA Loan vs conventional?
- Curious about bundling an Apt lease buyout into a home loan at closing?
- Just got an "as is" offer and I have no idea what to do
- money gifts from parents
- Are there any resources to find out more about the following Real Estate information?
- How to add a name(s)in your property deed? Thank you
- Will an unusually high number of people be selling their homes this summer now that the pandemic is easing and prices are way up in most areas?
- Sellers not allowing inspector or appraiser in the house
- Advice on the Jacksonville, FL area?
- Selling house - wife is unexpectedly pregnant - am I able to back out?
- At what price point does the Real Estate Market get less competitive?
- How is the market in Buncombe County, NC?
- Question on parents paying off mortgage
- Looking for a home in New Jersey or should I look upstate looking for advice
- Waiting out crazy market to buy
- If the seller accepts another offer, is there any way for me to know what that offer was?
| I'm out. Just lost to 130k over asking w/no contingencies (RI, US) Posted: 12 Apr 2021 08:47 AM PDT We bid $440 on $399k (listed) with very strong offer and waivers that were aggressive, escalation to $460. recent (last 3 months) Comps and appraisals in area 415k - 450 k. [link] [comments] |
| Why do we need real estate agents in this day and age? Posted: 11 Apr 2021 07:40 PM PDT IF all of a sudden real estate agents vanish from the face of the earth, what would happen to people buying houses? How would they defrauded of their life's earnings? I apologize if this is an oft asked question in this sub, but I couldn't see if in the FAQ. Feel free to point me to any previous discussion if you need to. I could be completely wrong here obviously, I feel like agents don't do anything, like nothing at all. People know where they want to live and do all the research about the area. With redfin and other sites, they do all the research about houses and already know which houses they want to look at and all the people I spoke to never needed one input from their agent. Agents tag along just to take the cut while providing nothing. They don't assume any legal liability for any fraud that might happen, there are lawyers and underwriters for that. Buyers do all the research, but this mafia type organization has a strong grip on the industry and demands the 6% cut of every transaction. Why hasn't this been obsoleted till now? Just does not make sense. For all the free market and capitalism shit that is bandied about, that 6% is such a scam and they don't let the market decide the percentage. At least then the agents would actually provide some value to the buyer and accordingly charge the percentage fee. I am amazed that this is a fixed value and not set by the market EDIT: Here are a couple good articles to read -- https://www.cnn.com/2019/05/15/economy/real-estate-commissions/index.html https://thecollegeinvestor.com/9084/real-estate-agents-anymore/ Apparently this has been going on since 1800s. So in the last 200 years the 6% has endured. Its amazing even the internet has not change anything. Its high time this industry sees a change. For all the responses here saying, the fee is negotiable, apparently the average fee paid is 5.7% in 2021. Here are some stats -- https://www.statista.com/statistics/777612/average-commission-rate-realtors-usa/ [link] [comments] |
| Having second thoughts on the sustainability factor of this market Posted: 12 Apr 2021 06:01 AM PDT So for the last 6 weeks I've been putting in offers and house hunting, believing it best to just buy now as we have a rental lease ending and kids we want settled in a school district, and also believing what real estate agent and many market professionals have been indicating: Supply won't catch up to demand for 18-24 months, and prices will level off soon but still climb, just slowly. I still expect this is the most likely scenario...but what if the "other" scenario plays out? For example a crash in the stock market or crypto that causes trillions of liquidity to evaporate? Maybe layoffs ensue, more people scrambling to list their homes. Suddenly your buyer pool isn't as flush with cash and won't pay these prices. How underwater will you be? I think 10-20% in my area—which is basically what people are offering over list. So basically your down payment equity is wiped out. Yikes. Even if there's no crash, I still am nervous about a market where people are overpaying and bidding on tight used home supply, especially because I live in an area (North Dallas) where developers are still building out the city just north of us, to the tune of hundreds of thousands of new homes in the next 5 years. When new builds catch up, no one will overpay for these dated homes people are bidding so high on now in my town. These are just some thoughts. Feel free to chime in [link] [comments] |
| Posted: 12 Apr 2021 04:49 AM PDT House was listed for 548k, we offered 575k with a $5,000 repair limit contingency (if it's more than that we reserve the right to negotiate). The sellers disclosure stated everything was in working condition, but the dishwasher and stove range don't work. Neither does the central air unit. Add in little odds and ends, I'm at the $5,000 limit. The house also needs siding (wood shingles rotting) a roof (over 20 years old and nails are popping up due to water intrusion), and the front steps are starting to fall apart. It's a crazy market so I'm not expecting much. In your experience, if a buyer tries to negotiate for less money due to repairs needed in this market- have the sellers played ball or have they just shut them down/ended the contract? Edit: NJ, Bergen county [link] [comments] |
| What do you wish you had known before buying land/building a house? Posted: 12 Apr 2021 07:42 AM PDT We are in the process of dreaming up our forever home, though it might be years before we'll be ready to start it. At the moment, we are thinking that we'll want to do a custom build, but I'm worried about the amount of decisions involved and possible regrets creating custom plans. Even the first step of viewing and buying land seems rather more complicated than buying a house. There are so many things to consider and extra costs, like sewer/water/electric availability, cost to clear+level, local regulations, etc... What I would like input on: What type of research/investigation did you do before buying a plot of land? Were there any surprises after you gained ownership? Is land selling at a premium now, like houses? There aren't many stats in my area, but from what I am seeing, prices haven't changed much for land in recent years? Similarly, what are the chances of land appreciating over time (suburban area) if I preemptively buy with the goal of building on it later? To decrease the amount of owner involvement in the building process, is there a good middle road between planned new community construction, and completely custom? I have seen builders that have 10s of different house plans on their websites--would that just be considered a normal new construction house, rather than a custom build? Considering that those builders hire out for contracting, would it potentially be more risky (though cheaper) to use those plans rather than doing everything ourselves and vetting contractors individually? Has anyone completed a custom home, or a new construction home outside of a new planned community, and would you recommend it? Any regrets? [link] [comments] |
| [Update] my offer was accepted! Posted: 11 Apr 2021 10:24 AM PDT I discovered this subreddit a few months ago when I started looking to buy my first home. I finally have good news (and a bit of petty revenge feeling) so I wanted to share this story. I posted twice in this sub before, so you can check it out: The tl;dr is that I was looking for a very specific type of home (2br condo above 1st floor within a 3-block range, with a concierge) and these types of homes are extremely rare in my area. And the ones that are on the market are either overpriced by $100k or have some defects (the two that I came closest to buying had 2 bedrooms, but their second bedrooms were either windowless or doorless...). In particular, I really loved this one condo complex, and the only 2br condo (one "bedroom" without a window) for sale had a really frustrating owner who refused to negotiate even though their condo has been on the market for nearly a year (originally listed for 400k, and since no one was interested, bit by bit it went down to 350k). She would always counteroffer with about 5-10 minutes left on my deadline, and basically didn't want to negotiate at all. I offered twice on this unit over the course of about 3 months, and walked out of the deal because I felt that the owner was being too greedy. My realtor thought the same, and my realtor was also in agreement that I should walk out of the deal. Amazingly, about a week after I walked out of the 2nd time making an offer on this unit, ANOTHER 2br unit in the same complex pops up in my radar! And even more amazingly, it was 50k cheaper than the other unit (listed at 295k). It was the same size, but both of its bedrooms have windows, and it had this really cute sun room/balcony that the other unit didn't have. My agent and I both agreed that this unit was way better than the other unit. So then my amazing agent put together an offer in the next couple of hours after the showing. I was totally ready to offer at least 10-15k above asking price, but my realtor suggested that I just make an offer exactly at the listing price (she called the seller's realtor and found out that there were no other outstanding offers), waive appraisal (since it's so cheap), inspection, and home warranty. The seller was also like a breath of fresh air after being stonewalled by the owner of the 1st unit that I was trying to get; he basically said immediately after receiving my offer that he was good with the offer, suggested that I make some small changes and asked me to resubmit the offer so that he didn't have to write a counteroffer, then signed it this morning even though he had until 6pm today to decide! I'm honestly so happy that I'm crying. I have really bad upstairs neighbors (one parties all the time, and the other weightlifts whenever the fuck he pleases, which is usually like 4am), and I haven't gotten a good night's sleep in months. This new home I bought is amazing in every way, and I get to leave this rental behind, AND my total monthly payment will be about $20 less each month (counting mortgage, HOA, taxes, and insurance). PLUS, since I bought a 2br condo of the same size in the same complex for $295k, the owner of the first unit who refused to sell a condo for anything under $340k is screwed, because my unit will DEFINITELY appear in the comps. She's currently paying like $1000 a month for condo fees and taxes... Anyway, I heard that you guys like updates here, so I just wanted to get my complete story out there! My realtor kept telling me that every house has its owner set aside, and not to stress because my perfect home will eventually come along, and it was true! I'm also confident that the appraisal will come above the listing price, and I still can't believe that I managed to get a unit this beautiful at this price at this crazy time. I'm just full of thanks for everyone today! It can be done, so keep looking and don't lose hope. Gosh I wrote so much, I'm so excited! [link] [comments] |
| First time homebuyer experience - Crazy market like everywhere it seems - Mid size US city Posted: 11 Apr 2021 08:46 PM PDT My wife and I started to look in earnest June 2020 and found that the market was very competitive and homes were selling for 20-30k over listing price (10% of our up to 280k budget). In addition, the homes in my price range were lasting less than 4 days on average from listing to offer and pending. We quickly became disillusioned by the whole process but slogged away, looking at over 30 properties in the process. Along the way, I got the idea to start looking at BOM homes and others that were on the market longest. That's how we found hour home, it was back on the market after a buyer's financing fell through and we found it to be far less competitive and ended up getting the home at list price with and the seller even paying 5k on the backend! Anyway, point is that was our experience and a reminder not to let yourself overlook what might be a diamond in the rough. [link] [comments] |
| Dump our buyer's agent already? Posted: 12 Apr 2021 07:29 AM PDT I posted a while back asking about choosing an agent when looking in a broad geographic area across Western Washington, and we were referred to an agent in the approximate middle of that area by the lender we chose for our preapproval. After about a month, I'm thinking about dumping him and I think I'm just looking for a sanity check. Here's why:
He's shown us about 10 houses at this point and we have one more showing scheduled this afternoon. If we love it, we'll give him another chance with an offer but if we don't like it, should we just move on now? I don't want to make him invest a lot more time in us but I also don't want to be a buyer that moves on after just one failed offer! At the same time, when I look at his Zillow page, I've noticed most of his buyers have purchased in Snohomish county, where things are competitive but nothing like they are in Seattle proper. [link] [comments] |
| Posted: 12 Apr 2021 08:23 AM PDT Hello everyone, Lately I've been wondering if I'll qualify as a first time home buyer considering that I currently have a home loan. Let me give you some background: At 20 years old I was living at home and my parents were refinancing their home. At that same time my dad was diagnosed with cancer and was no longer working. It was suggested that I be put on the home loan since I was working and had good credit. I was 20 so I said sure. I was helping my parents out. I'm 32 now and there's a little over 20k left on the house. I hope to buy my own home in a couple of years. Do you think I'd be considered a first time home owner since I wasn't the original person that the home loan was given to? Or does me being put on the loan during the refinance change that? [link] [comments] |
| Posted: 11 Apr 2021 09:13 PM PDT Title says most of it, but I'm selling my house and the best offer is a VA loan. I'm curious what people's experience has been as a seller with accepting a VA loan. Are appraisals more conservative? Are inspections more stringent? Would like to hear the differences if someone has gone through both. [link] [comments] |
| Curious about bundling an Apt lease buyout into a home loan at closing? Posted: 12 Apr 2021 08:06 AM PDT I don't have any idea if this is possible? I'm on a year long lease, but I'm semi-interested in looking around for a house since my credit score is in the right wheelhouse currently. They have a $3000 buyout clause in the lease and I'm wondering if I can bundle this cost into my loan should I decide to buy a home between now and when my lease ends? Thanks in advance [link] [comments] |
| Just got an "as is" offer and I have no idea what to do Posted: 12 Apr 2021 07:30 AM PDT I'm currently in prelisting stages with my realtor. We've had 2 "showings", one came back with their family to look. I was just contacted by an individual that has offered to buy as is. He's a contractor and said he's willing/capable to do any repairs or work himself. I'm not sure of pros/cons of such a transaction. I'm also wondering what, then, happens with our agent? I appreciate any insight since this is our first house sale. [link] [comments] |
| Posted: 12 Apr 2021 07:19 AM PDT hey all, my wife and i looking to purchase a 760k home. my elderly parents will move in with us shortly after, and they want to give us 100k to put towards the new home. right now the title will have myself and my wife, and the mortgage will be myself and wife. i'd like to add my mom to the title as well. how can we do this without incurring taxes or breaking any laws? we're in virginia if that matters. [link] [comments] |
| Are there any resources to find out more about the following Real Estate information? Posted: 12 Apr 2021 06:20 AM PDT I want to learn about the average inflation adjusted monthly mortgage payment over time. I also want to learn more about the average required down payment over time. If anyone has/knows of a reference for historical data on these two points I would greatly appreciate it. [link] [comments] |
| How to add a name(s)in your property deed? Thank you Posted: 12 Apr 2021 09:56 AM PDT |
| Posted: 12 Apr 2021 09:54 AM PDT |
| Sellers not allowing inspector or appraiser in the house Posted: 12 Apr 2021 09:43 AM PDT I waived my rights to get the escrow back if the appraisal or the inspections come back bad. But the sellers are refusing to let the appraiser and inspector in the property at all. Can they do this??? [link] [comments] |
| Advice on the Jacksonville, FL area? Posted: 12 Apr 2021 09:43 AM PDT Looking to buy a house here (I know, great timing). Anf after reading through the subreddit things seem really bad all over the country. People dropping contingencies and all that. My real estate agent hasn't even mentioned this as an option, is the market better here or is he not portraying how competitive the market is? Anyone in the area? How competitive is the market here compared to what a lot of other people are saying on the subreddit? [link] [comments] |
| Selling house - wife is unexpectedly pregnant - am I able to back out? Posted: 12 Apr 2021 05:35 AM PDT We are selling our house off market. 3 weeks from settlement. Appraisal completed on Saturday (haven't heard back yet). My wife found out she was pregnant today -because of medical reasons, we didn't think she getting pregnant was possible. We are beyond ecstatic about the pregnancy, but now we face an unfavorable situation on our end. Is there any option that I have to back out of this contract? Even if I cover inspection, appraisal, and other accumulated costs? Thank you! Edit: Sorry I forgot to mention, this sale is FSBO simply because we received multiple offers without listing the home. We were actually going to list in the following week, but the several offers came because our neighbor was selling their house and directed folks to us after they accepted an offer. [link] [comments] |
| At what price point does the Real Estate Market get less competitive? Posted: 12 Apr 2021 09:15 AM PDT If i were to go from looking at home that are $600-$800 into homes that ar minimum $900 and over would that make the market less competitive since less people are able to afford these homes? California here and it seems like a lot of homes going for in the millions arent far off from the prices they were 5 years ago and ive seen a couple homes in the millions actually last quite a while to sell even in this market with a couple homes reducing prices but again this is just homes that are Million+ [link] [comments] |
| How is the market in Buncombe County, NC? Posted: 12 Apr 2021 09:06 AM PDT Hey, guys. Looking to find people who are in the market for buying a house in the Buncombe County area of NC. Is it as bad as many other places getting bid out over asking price, cash buyers? Is it possible to put 10% down in this area? Looking to buy next year and getting a bit worried it'll just skyrocket by then. Any help is appreciated if you have experience in this area. [link] [comments] |
| Question on parents paying off mortgage Posted: 12 Apr 2021 08:05 AM PDT If my parents want to pay off my mortgage, Is there tax implications for either party? And what is the best way to go about the transaction? I.e them paying it directly or transferring money to me first? [link] [comments] |
| Looking for a home in New Jersey or should I look upstate looking for advice Posted: 12 Apr 2021 07:59 AM PDT Hey everyone hope everybody's day is going good. Recently just got approved for FHA loan and looking to move to New Jersey from NYC, I really want to live close to nyc to commute back and forth from work until I find something elsewhere. I also know that the closer you are to the city the higher taxes are. I have also noticed that you get more bang for your buck the further out you are my biggest issue will be commuting. I'm willing to drive not to far maybe like a hour back and forth. I have a friend who told me I should be looking upstate I also have a manager who told me I should live on a train line just in case of car trouble. The agent I have been sending homes in the Burlington area which I think is too far! I was looking at Monmouth Middlesex or Morris county's. I also want a newly constructed house but I can't seem to find them online anywhere. But remodel home is fine as long as it's not to old. Need help any advice will do.... [link] [comments] |
| Waiting out crazy market to buy Posted: 12 Apr 2021 07:56 AM PDT My boyfriend and I were prepping to buy, but the market seems too crazy right now. Do you think waiting for interests to rise will cool it off, and THEN we can look for a reasonably priced, less competitive market? Any timeline you might guess this would occur? I know it's all conjecture, but if you have insight I'm open to it. [link] [comments] |
| If the seller accepts another offer, is there any way for me to know what that offer was? Posted: 12 Apr 2021 07:11 AM PDT |
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