Real Estate: In less than 48 hours we got 14 offers. Here’s how we chose a buyer. |
- In less than 48 hours we got 14 offers. Here’s how we chose a buyer.
- Why though?
- Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices
- Is it Normal to have 7k Closing Costs on a 75k House? Northeastern PA
- Is this normal? Or do we have the worlds worst real estate agent?
- Appraisal above closing but used wrong sq ft
- Low appraisal not that big of a deal?
- When people ask why you want to buy right now...
- Recent homeowners, what's your mortgage payment as a percentage of your after-tax income?
- We're FTB's, got an IR of 2.87%, Mom just refinanced to 2.3ish% and telling us to look for better?
- Listing switched to pending before offer deadline?
- Down Payment on house that I would want to sell within 5 years
- Can I be in contact with two real estate agents? (No contracts yet)
- Should I work with a different agent than my normal one?
- (North Carolina) If I want to start in real estate, should I take the online course first, then the exam, and then interview for a job with a broker?
- How hard is it to buy a house outright with cash and if we can't offer over the asking price will we lose?
- Writing a letter of interest to current homeowner
- Property Site Letter - Where Do They Get the Info?
- Unsure how this works: buying a rental property and claiming rental income.
- FSBO Question - Realtor Buying Home Wants 3% Commission to Themselves
- What is the process of curing an mortgage?
- Planning to sell our California property. I found a realtor but haven’t signed a contract or listed yet. I may have found a buyer myself. Realtor says they will oversee sale to my buyer for 2%. Is this fee too much since they didn’t have to list or advertise the property ?
- Interested in real estate, but don’t know where to start?
- UK: What kinds are you legally allowed to place mobile homes, mini homes, or nonpermanent structures on?
| In less than 48 hours we got 14 offers. Here’s how we chose a buyer. Posted: 05 Apr 2021 05:12 AM PDT Let me start by saying we are selling in Columbia, South Carolina. The market isn't as crazy as it is in the big cities. The SE is relatively inexpensive compared to the rest of the country. So you're not going to see anything outlandish in this market. However, we still managed to get a bunch of offers above asking. We set our listing a little above comps in the area, $229,900. The house is 10 years old, 3 bedroom, 2 bath move in ready. We bought it new 10 years ago at $202,000. We moved out 3 weeks ago when we bought another house for $590,000. Luckily, the market here above $500,000 isn't having issues with supply and demand. So we managed to get the new house at appraisal pretty easily. We listed the old house on Friday. Less than 48 hours later we had 14 offers ranging from our asking price to $269,000. Some sight unseen. 3 offers asked us to include a fridge. No idea why because there was never a fridge in the house during listing or viewing or in the pictures. Lol. Don't be that guy in this market. We also eliminated all the sight unseen offers. There's nothing wrong with the house as it's move in ready, but we didn't want them to have any reason to pull out later. We aren't considering these serious offers. We eliminated all the offers that were above $250,000 because they didn't offer to go above appraisal. I seriously don't think the house will appraise above $230,000. And offering super high doesn't make you sound like a serious buyer. Then we eliminated anyone that didn't have a local lender or local agent. It's not a huge deal to have someone local, but we needed to have a reason to eliminate. Our agent suggested going with lenders he knew could close fast and other agents he knew were reputable. We went into contract with a military family moving from North Carolina. They offered $232,000 and are willing to go $3000 over appraisal. It's a good solid offer. They want to close as soon as possible, as do we. Just wanted to share our experience in case it helps anybody. [link] [comments] |
| Posted: 04 Apr 2021 06:29 PM PDT I have looked at probably a few dozen 3 bedroom houses in our area over the past year and I am baffled by what some list as a third bedroom. I have seen a carpeted corner of a basement, rooms that are the only path to the back patio, and rooms with french doors that are barely large enough for a crib. And today a third bedroom that did not even have doors - it was completely open to the dining room and the mudroom. And of course none of these monstrosities take good pictures or have a floorplan. What gives, real estate industry? Why waste everyone's time like that? [link] [comments] |
| Posted: 05 Apr 2021 08:36 AM PDT Sheer insanity. So many people are getting priced out of their dream of buying a home to raise their family and build wealth. I don't think the prices are going down even with foreclosures and whatnot. I don't know what can be done to stop this from happening. Investors should not be allowed to just buy up homes. [link] [comments] |
| Is it Normal to have 7k Closing Costs on a 75k House? Northeastern PA Posted: 05 Apr 2021 07:36 AM PDT |
| Is this normal? Or do we have the worlds worst real estate agent? Posted: 05 Apr 2021 08:13 AM PDT Here's a link to my previous post: Basically, we are in contract with a buyer whose aunt is her real estate agent. The real estate agents husband (the buyers uncle) is a contractor that keeps adding things for us to fix and our real estate agent is just letting it happen. So now we have more information in this weird web of relationships. Our realtor is also related to them! No wonder he seems like he is on "their side"...we feel as if we have absolutely no one in our corner fighting for us. We just keep getting told that we are at the buyers mercy and they can walk anytime. They all know we have to sell this house before we buy our next house that we are ready to close on. We gave them a copy of the inspection report BEFORE they even viewed the house. It stated there was evidence of water in our crawl space of unknown origin. Our contractor said the water table in our area is higher and the ground just stays saturated longer. He also said a few perimeter trenches would help mitigate the problem, but putting down a vapor barrier would be enough for now and the buyers can do the work later on if they feel the need. We had a list of repairs we needed to fix, and it included putting down the vapor barrier. We completed all of the repairs and the uncle/contractor of the buyer came and verified everything was repaired. But now they are saying that water in the crawl space is make or break for them, and they had someone come Friday (and the workers also randomly showed up yesterday, on Easter while we were eating dinner, to get more measurements?) for an estimate that we are assuming they will ask us to pay for. Or they will walk. And our real estate agent is saying there is nothing we can do. He's not negotiating with them, he's not pushing their realtor for answers, nothing! It's just "Oh we have to wait for the estimate of how much it will cost to fix the water issue" even though the inspection states there is absolutely no mold in the crawl space, nor is there any foundation issue. No standing water. Just wetness on the ground for a few days following a rain storm. Is it impossible to sell a house with this issue? We will likely get the perimeter trenches dug by our contractor if these buyers come back with a ridiculous estimate because now our real estate agent is saying no one will buy the house with a damp crawl space. Man. Selling a house is not a good time!! [link] [comments] |
| Appraisal above closing but used wrong sq ft Posted: 05 Apr 2021 06:40 AM PDT I am closing on a house on 4/15. The appraisal came back $35k above what we paid, but it factored in 1300 sq ft when the place is actually 1800 sq feet. Should I ask them to redo the appraisal or does it not matter since it's above what we paid already and correcting the error would only increase the appraisal? [link] [comments] |
| Low appraisal not that big of a deal? Posted: 05 Apr 2021 04:27 AM PDT Under contract to buy a home for $770k, list was $690. Under contract of 2/7. Appraisal came back at $750K and we waived the appraisal contingency, so $20k out of pocket and "wasted". But is it really wasted? I do believe the market value of of home is $770k despite what the appraisal come back as. In the past 6 months within 8 miles there have been few sales and none that are really close to comparable. We have getting 3,400 sq ft, 4 bed, 4 bath, 3 car garage, 2.5 acres. We were the backup offer that was accepted when the original buyer backed out. They were $775K. I feel that the appraisal was low because there weren't comparables. In the past two weeks I have seen a few similar homes go on sale and under contract but they haven't closed yet. When these close these would have been comps. Instead we will probably be the comp for them. They were listed for a more realistic price of $730K and were under contract in 4 days. Is it appropriate to hold two values in my head of value? The appraised value and market value? With the appraised valued ($750 loan and $750 value) I don't have any equity (0% down VA loan). But with the market value I have 2.6% equity ($750 loan and $770 value). I think we are a victim of timing and the fact that comps are backwards facing. [link] [comments] |
| When people ask why you want to buy right now... Posted: 05 Apr 2021 09:11 AM PDT Denver average home prices jumped $40k in one month, up almost $100k YoY. https://www.westword.com/news/denver-home-market-sets-new-record-april-2021-update-11936550 If you plan to wait just one month, you better be able to put away $40k+ to keep up! [link] [comments] |
| Recent homeowners, what's your mortgage payment as a percentage of your after-tax income? Posted: 05 Apr 2021 08:33 AM PDT what the title says. How do you feel? housepoor or happy? [link] [comments] |
| We're FTB's, got an IR of 2.87%, Mom just refinanced to 2.3ish% and telling us to look for better? Posted: 05 Apr 2021 06:12 AM PDT Hi! We are first time buyers, found a perfect diamond in the rough despite this hellish market (we're planning on viewing the property and same-day offering today)! Our realtor found us a lender who will give us 2.87% on a 30 year. My mom just refinanced her house (we're MA, she's TX) and got a much lower rate of around 2.3%. She's pushing us to look for better rates than what our realtor found. Should we take her advice and keep looking or just take what our realtor found for us (as she says we probably can't find better)? Thanks for your input! [link] [comments] |
| Listing switched to pending before offer deadline? Posted: 05 Apr 2021 04:24 AM PDT We found a dream home and viewed on Friday, we loved it. Let our realtor know we wanted to put offer in. She contacted seller agent and offers are due the following Wednesday. Our realtor said she'd contact the selling agent on Tuesday to get a sense of what offers are coming in and then we'd put our offer in. Now it's Monday morning at 3am and I couldn't sleep so I pop on the phone to check things out and the listing is changed to pending! Was this a mistake on our realtor to sit on putting our offer in? Is it still worth putting an offer in at this point? I'll be contacting our realtor as soon as we get to normal hours.. [link] [comments] |
| Down Payment on house that I would want to sell within 5 years Posted: 05 Apr 2021 09:44 AM PDT So I'm currently waiting on my new construction home to finish building and I have already been approved and secured my mortgage and signed contracts, etc. I apologize I'm not clear on all of the terminology for what step I'm currently in. At the moment I am waiting for the house to be completed, on the contract I signed it was projected to be completed in June. I haven't locked in my interest rate but it was quoted around 3% and the house is $325,000. New construction in new subdivision neighborhood. The lender tells me I can choose a conventional loan with as much or little down as I want I was thinking 10% or 20% to avoid PMI.. It's also my first home purchase so I could also choose FHA loan with as little as 3.5% down.. My question is; how much of a down payment should I make for the loan if I intend to sell in 2-5 years? [link] [comments] |
| Can I be in contact with two real estate agents? (No contracts yet) Posted: 05 Apr 2021 09:30 AM PDT Is there any official etiquette I need to follow in selecting a buyer agent? I am currently in contact with two real estate agents. No signed contract. I'm basically shopping around for the right one to work with. [link] [comments] |
| Should I work with a different agent than my normal one? Posted: 05 Apr 2021 09:27 AM PDT I've been talking to a real estate agent to buy a house in my hometown. Just recently on Zillow I came across a couple of homes that she listed herself. I'm somewhat interested in the houses, but I was told that as a buyer I shouldn't work with the same agent who is also selling a house I want to see. So what if I work with her to see homes that are listed by other agents, but for the homes she is representing, I use another agent? Or do I just suck it up and continue using her for all houses? I was told that agents who rep both the buyer and seller don't look out for the best interests of the buyer. [link] [comments] |
| Posted: 05 Apr 2021 09:21 AM PDT |
| Posted: 05 Apr 2021 09:04 AM PDT I keep hearing about bidding wars because theres a housing shortage everywhere. We are planning on no mortgage at all either. Our current situation does not permit that so please don't suggest it. [link] [comments] |
| Writing a letter of interest to current homeowner Posted: 05 Apr 2021 09:03 AM PDT So, I am currently looking to purchase a home and I would really love to buy a house I rented several years ago that is not on the market. According to public records, my previous landlord left the home to her son when she passed away in 2019. He is either renting it out or using it as a second home (his mailing address is a different city/state) Any suggestions on this letter would be much appreciated! ---- Owner Name Dear Mr. ____, I hope this letter finds you well. I am writing because I am planning on purchasing a home in (City, State), where I lived for about ten years. It is my understanding that you own the property at (Address). I rented the home from (landlord name) when I first moved to (City) in 2010, so I have a nostalgic attachment to it. This home ("Clover House", as my former roommates and I called it) is exactly what I am looking for and I would love to discuss the possibility of purchasing the property if you are open to it. If interested, you can contact me any time by phone or email to discuss next steps. I have a mortgage pre-approval for $200,000 and I would be flexible about the date for closing on the house. Thank you so much for your time and consideration. I hope to hear from you! Sincerely, Name [link] [comments] |
| Property Site Letter - Where Do They Get the Info? Posted: 05 Apr 2021 05:10 AM PDT I received a letter int he mail from "Property Site" requesting that I pay $95 for my recorded property deed. I contacted my realtor and this seems to be a fraudulent letter. We can get a copy of my deed for free at the county courthouse. My question -> does anyone know how "Property Site" is getting all of my housing information? Yes this is public information but my county and state don't have this listed online. You have to physically drive to the courthouse and request this information in-person. Nothing is online. I am not sure how a company from Fresno, CA is able to find this information. [link] [comments] |
| Unsure how this works: buying a rental property and claiming rental income. Posted: 05 Apr 2021 08:44 AM PDT Hi all - I have a two family home that I used to live in. In September I bought a single family home for myself. If I wanted to buy another rental, do I get to claim the potential income from the new property as a basis for approval on the next purchase? Or will they go off of what I have for income currently only? Credit score is over 800 so I'm good there. I think I have probably 10-15% down. Thanks! [link] [comments] |
| FSBO Question - Realtor Buying Home Wants 3% Commission to Themselves Posted: 05 Apr 2021 08:44 AM PDT Hello! I am selling my home by owner and received an offer from a buyer who is representing themselves as a licensed real estate agent. They wrote into the offer that I would be responsible for paying the buyers agent (themselves) a 3% commission. I'm not opposed to paying some commission if there's costs and fees that the seller is typically responsible for, but the full 3% seems like they're getting paid to buy their own house. Any advise is appreciated! [link] [comments] |
| What is the process of curing an mortgage? Posted: 05 Apr 2021 08:37 AM PDT Title came in today and my attorney said he has to cure 4 open mortgages. He hasn't been able to explain to me how this works. I want to know how does one cure their open mortgage. I thought mortgages are cured at closing when the buyers wire the funds to the sellers and then the sellers use part of that money to close out any mortgages they had. How does one go about curing an open mortgage if closing hasn't even happened yet? [link] [comments] |
| Posted: 05 Apr 2021 08:35 AM PDT |
| Interested in real estate, but don’t know where to start? Posted: 05 Apr 2021 08:29 AM PDT As stated, i've been wanting to get into a career in real estate but I don't know where to start. I don't know if I should just get my license and then try to start an internship somewhere. Or if it was wiser to try to get into wholesaling first. I live in a small area with not very much capital at all. But i'm hoping to start out here, make a little money, and hopefully move to a bigger and better market. (heavy hopes but...) [link] [comments] |
| Posted: 05 Apr 2021 08:14 AM PDT Anyone familiar with the laws if i buy a small plot and want to put a static caravan or cabin on it in the UK? Thanks [link] [comments] |
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