Real Estate: In theory shouldn’t comps catch up to the market soon? Which would reduce appraisal gaps? |
- In theory shouldn’t comps catch up to the market soon? Which would reduce appraisal gaps?
- (Canada) Sellers dug out garden 3 weeks before closing
- A List of Reasons Why This is Not a Bubble - Feel Free to Contribute and Especially Counter!
- Me and my wife just closed!
- We got our offer accepted ! (With all contingencies and $5K towards closing VA loan)
- Recent Horror Story from Friend
- Sellers are taking forever to respond to repair request and due diligence period is almost over
- [PA] Closing will be extended for a second time
- Should I increase my homeowners coverage?
- Response time from agent
- We finally got a house (Austin)
- Wells Fargo refusing to refund appraisal fee for appraisal that was never performed
- I put an offer on a home 35k higher then what it sold. How did I not win?
- Renting is a better deal than you think. Here’s why...
- What is wrong with these buyers?
- Movers
- Wall Street’s Cooked Books Fueled the Financial Crisis in 2008. It’s Happening Again.
- What is the best Title Company to settle your deal in the state of MD?
- 26 year old requesting real estate advice
- What are some basic principles to consider when deciding whether or not to buy?
- How are condos selling in your area?
- Can we pay into buyers escrow with cash at closing instead of it coming off proceeds of sale?
- Cash Out Refi in 2021
| In theory shouldn’t comps catch up to the market soon? Which would reduce appraisal gaps? Posted: 20 Apr 2021 04:50 AM PDT |
| (Canada) Sellers dug out garden 3 weeks before closing Posted: 20 Apr 2021 02:51 AM PDT Perennials, blueberries, and raspberries we're all noted as selling features in their MLS listing, they did not exclude any of the garden in the agreement (and lawyer confirmed plants in ground are fixtures). Has anyone encountered this? Apparently one of our new neighbours took some of the plants and the rest the sellers are taking to their new house? Not sure what to do here...I've heard you can withhold a reasonable amount of the remaining payment (a couple thousand) at closing to deal with the contract being breached but not sure if this is worth the stress...certainly thought we were getting a garden with out purchase and already sent pics to my family of it... What a way to start our relationship with out new neighbours too!! All opinions appreciated [link] [comments] |
| A List of Reasons Why This is Not a Bubble - Feel Free to Contribute and Especially Counter! Posted: 19 Apr 2021 11:13 AM PDT I've been studying the market extensively for about a year now, talking to realtors around the country, obsessively browsing everywhere on reddit, and keeping tabs on hundreds of houses across zillow, realtor, redfin, and various MLS invites I've gotten from said realtors in hot areas. Everything from the obvious places like Seattle and Phoenix, to Middle-of-Nowhere Eastern Tennessee is exploding. I'm very interested in what is going on right now, and am trying to paint an accurate picture of what exactly is happening in the US when it comes to housing. I'm also very interested in getting countered with anything anyone has, so definitely feel free to refute some or even all of these points. Here's my breakdown on why I think that this is not a bubble:
Anyway, this is the argument for no crash, or at least no crash anytime soon. A perfect storm of reasons for this market to be absolutely bonkers. As I said at the start, these are opinions and I'd love more than anything to see a counter post that gives bullets for why there should be a crash. [link] [comments] |
| Posted: 19 Apr 2021 10:51 PM PDT Just happy and wanted to thank everyone here. I have been taking notes on everyones input on the current market and their experiences with selling and buying homes recently. Just yesterday me and.my wife closed on a house here in east county san diego (santee). We definitely werent the biggest offer on the home or even the only offer that waived the appraisal contingency. But we got accepted! Our realtor put in a nice little fairy tale description about us and how we are a very young newlywed couple at age 25 ready to move onto the next step in life. I think the little note resonated with them enough that they chose our offer. After months of getting beaten by people putting 10% more over asking price, we finally got one. It might be true what some people have been saying around here. A nice little story about yourselves and your situation might help get your offers accepted. Good luck! [link] [comments] |
| We got our offer accepted ! (With all contingencies and $5K towards closing VA loan) Posted: 19 Apr 2021 03:52 PM PDT Jacksonville FL Asking Price $329,000 Offer $335,000 with $5,000 to buyer for closing costs and all contingencies (inspection, appraisal etc) VA Loan We have been looking for about a month, this was the 4th house we put an offer on (other houses we offered $15,000+ over ask and even offered to pay $5,000 towards seller closing costs). We got super lucky that the owner came to my agent to sell their home and he knew it would be the perfect house for us. They still wanted to put the house on the market, and it was for a couple days but ultimately we were the only offer. (a lot of the other houses we made offers on had 10-20+ offers). Working on our final mortgage documents and locked in a 2.591% interest rate. Super happy how everything went and extremely lucky to get this in today's market. (even if this would have been a very average deal a few years ago). [link] [comments] |
| Recent Horror Story from Friend Posted: 20 Apr 2021 03:54 AM PDT I will keep this short. My friend just closed on a house with the following criteria. -$330,000 listing price -waived inspection because it was in a "newer" area and everything seemed fine during the general walkthrough. -waived appraisal and offered $345,000. House appraisal at $340,000 so he was pretty happy about that and all was well in the world. Fast forward to after closing and the following happens. -in the master bathroom under the sink vanity was a disaster. Obvious signs of leaks. He did not open any of the cabinets during the walkthrough so he had no idea. Looks like the entire vanity need to be removed, plumbing fixed. -the basement was filled to the top with boxes and what not during walk through. Apparently there are large cracks on the walls that are filled in with calk, half ass job. He is going to look into this further to see if it's actually important to fix. -similar issues under the kitchen sink, more leaks from the plumbing. Sounds like the previous owner had small un-noticed leaks with their plumbing? Or do you think this is why they accepted the offer right away waiving inspection? [link] [comments] |
| Sellers are taking forever to respond to repair request and due diligence period is almost over Posted: 20 Apr 2021 03:35 AM PDT I'm under contract on a house and sent my repair request after the inspection to the seller about 4 days ago and they still haven't responded. The requests are reasonable but a few big things need to be fixed. My due diligence period is over tomorrow ($1,000) and After 4 days I still haven't heard anything from the sellers. Should I cancel our contract if they don't respond by tomorrow? I'm worried that they're dragging this out to go past the due diligence period and then going to tell me they won't fix anything and keep my $1000 earnest money My real estate agent reached out to the sellers agent yesterday but they did not respond [link] [comments] |
| [PA] Closing will be extended for a second time Posted: 20 Apr 2021 08:21 AM PDT Hey all, I got into a contract mid January, with a 90 day closing period. Seller wanted time to fix a few items in code violation. First closing came, and I decided to extend it by another 5 weeks. They still haven't done much and looks like we will need another extension till late May or June. Since January house prices have gone up 3-5%. Is there a limit to number of extensions I can request, and if I want to extend, and they are in default, can they unilaterally terminate the contract? Ty! [link] [comments] |
| Should I increase my homeowners coverage? Posted: 20 Apr 2021 05:11 AM PDT I live in an area where home prices are escalating quickly. Given that and the fact that construction materials cost a lot more these days, should I look at upping my homeowners insurance coverage? [link] [comments] |
| Posted: 20 Apr 2021 07:37 AM PDT We are looking to sell our House and contacted an agent my coworker recommended. She is moving and recommended a coworker. She has took almost 24 hours to respond to us initially and now we are waiting for a response about a time to meet since yesterday. I don't know if this is a red flag or normal. I don't want to use someone who will be hard to get ahold of or is too busy for us. Thanks for any insight! [link] [comments] |
| We finally got a house (Austin) Posted: 20 Apr 2021 09:07 AM PDT We've been renting for the past two years with large groups of people. Unfortunately, given the state of the real estate market, that was not an option anymore. Nobody is going to rent to a group of 5 unrelated individuals with pets when there are 19 married couples lying that they have no cat applying to the same houses. So, just my long-term gf and I were applying and had no luck, even with large guarantor backing of parents. We applied to 6 houses over the course of 8 weeks. Every time, we were told we were the backup app, 2nd place 6 times. Sometimes we were offering 25% additional rent over asking, double security deposits, you name it. So, we said screw it and transitioned to buying. No longer at the mercy of a landlord. Able to live with whoever we wanted. Change the house however we wanted. Have whatever pets we wanted. We avoided strict, gated HOAs. We focused on areas that were likely to see growth in the future due to Apple, Samsung, Tesla, etc moving in here. It was extremely competitive. We saw all the underpriced houses being listed, feared appraisal waivers, and put in offers for 60 day+ leasebacks with 1 day option periods and buttloads of earnest money. We competed with anywhere from 7 to 20 other applicants. Our biggest upset was a house we put an offer 30% over list on with an "under the table" 100 day free leaseback, 3 day option period, and lost to a cash offer that was 10k less than ours. But finally, a golden goose appeared. A house where the listing agent actually researched the comps and put it at a price that wasn't greedy but also wasn't so absurdly low that a 20 person bidding war would ensue. We put in an offer, not high over list, with an option period that allowed time for inspections, and we got it. We are over-the-moon overjoyed and relieved. In just over 30 days, we'll be moving into our new home. Be persistent. Keep at it. We were giving up so much and going so high over list in all of our other offers, and it turned out to be the house that we went least over list with the best terms for us that ended up working out best. [link] [comments] |
| Wells Fargo refusing to refund appraisal fee for appraisal that was never performed Posted: 20 Apr 2021 06:34 AM PDT We were going to purchase a property and was going to go with Wells Fargo for the mortgage. All the terms in the loan estimate were fine so we were ready to proceed. One of the first things requested was $575 for an appraisal which we paid. We also provided all documents Wells Fargo had requested at this time (which was only bank statements). This was still in the beginning process of the loan so no other docs had been asked for. After providing bank statements a week went by before hearing anything from them. In the meantime the appraiser called and asked if a sales contract had been submitted to the bank. I said the bank had not yet requested the sales contract and they said they wouldn't do an appraisal until Wells Fargo had the sales contract. I tried calling Wells Fargo a few times and they never returned my call. Then about 5 days later I get an email from Wells Fargo with a list of about 20 different items they needed and one of them was the sales contract. At this point I was fed up with Wells Fargo not returning calls, not coordinating with the appraiser properly, and just the shoddy way they were handling the whole process in general so I decided to go with another lender. Now they are simply ignoring emails, won't return phone calls, etc for requests on refunding the appraisal fee on an appraisal that was never performed. Is there anything that can be done? Can they legally keep this money? [link] [comments] |
| I put an offer on a home 35k higher then what it sold. How did I not win? Posted: 20 Apr 2021 04:13 AM PDT Hello, I just saw today that the home I put an offer on in Feb sold for 35k less then the offer I put in. Seems stange that the owners didn't pick me. How do I know that my real estate agent submitted things properly? How do I know something fishy didn't happen? Edit: I had a loan with 10% down and appraisal contingent Update: agent found out I got beat by a cash offer [link] [comments] |
| Renting is a better deal than you think. Here’s why... Posted: 19 Apr 2021 05:37 PM PDT We owned a single family home in the suburbs for 8 years before we sold it and moved to a temporary rental condo in a new state. We have kids and in our old home they had the white picket fenced in yard, suburban dream. We have found this past year in our rental incredibly refreshing. People often compare the cost of rent vs. own as simple math between rental payment and mortgage payment plus taxes and maybe a repair or two. In most areas of the country you get "more house for the money" buying than renting when you just compare the 2 monthly payments. But you are missing a HUGE piece of home ownership and that is the dreaded snowball of conspicuous consumption. Here's an example: We decided we might like a stone patio in our backyard. We got quotes, installed the patio, and wow! Lovely! But wait, now we need patio furniture! So we bought patio furniture. But wait! Now we need landscaping around the patio! So we landscaped. But wait! Mosquitoes biting us during our patio dinners! So we had the pest guy spray. This cycle of spending is never ending in home ownership. In our home we were ALWAYS buying something. A piece of furniture, a light fixture, mulch for the yard, a snowblower for snow. In the past year renting we haven't bought a single item of furniture, haven't mowed the lawn or shoveled, or done pest control once. The kids play in the grassy common area and use the condo pool, which we don't clean or maintain. We save so much more money renting than we ever expected. We are still actively looking for a home to buy, but going forward we are going to be more conscientious about purchases we make related to our home. When you add all the hours and money spent landscaping and cleaning that big ole house, it's a bigger sunk cost than you think [link] [comments] |
| What is wrong with these buyers? Posted: 19 Apr 2021 02:11 PM PDT They made an offer on the house sight unseen and after inspection they are requesting all new electrical, all new plumbing, and access to a crawl space that doesn't exist. ( the house sits on a slab and says so in the listing) Their inspector also took pics of some dryer lint and claims it's "mildew" and is requesting a mold inspector also and an additional inspection to examine the foundation. The house is priced below market and was listed as needing updates. Do some people not realize this is a sellers market and as a buyer you have zero leverage? I've told them we are not doing anything, the house is sold as is. If they don't want it then stop wasting my time so I can get it re-listed ASAP. [link] [comments] |
| Posted: 20 Apr 2021 09:28 AM PDT Anyone have experience with perennial van lines? They have the best quote for moving by a large margin , wondering how legit they are. Did you have a good experience with them? Any problems ? Thanks [link] [comments] |
| Wall Street’s Cooked Books Fueled the Financial Crisis in 2008. It’s Happening Again. Posted: 20 Apr 2021 08:49 AM PDT |
| What is the best Title Company to settle your deal in the state of MD? Posted: 20 Apr 2021 08:42 AM PDT I just signed a contract on a new construction home. I don't want to use their title company because their fees seem high. Does anyone have any recommendations and good experiences to share? I'm also a first time home buyer in MD. [link] [comments] |
| 26 year old requesting real estate advice Posted: 20 Apr 2021 08:41 AM PDT Hi guys I am 26 years old from Canada and I purchased a stacked condo about a year and a half ago and the equity has grown significantly I've also purchased a new build townhome that won't be ready for the end of the year....my question is is it better to sell my condo or to keep it and put as a rental? Either I can sell the condo and cash out, or pull the equity out and put it towards my new home and put the condo as a rental property? [link] [comments] |
| What are some basic principles to consider when deciding whether or not to buy? Posted: 20 Apr 2021 06:58 AM PDT I had been waiting to buy due to job issues. That has now been resolved. What is the balance I should consider between low interest rates and high house prices? At what point does it make little sense to buy vs. wait? [link] [comments] |
| How are condos selling in your area? Posted: 19 Apr 2021 05:55 PM PDT I purchased a condo 1.5 years ago. It was perfect for me. Soon after, my boyfriend moved in. A little snug, but still doable. Now we have a baby on the way. I know kids don't need a ton. But we will likely out grow it in 2 years. We've been priced out of our desired areas to live in the past 1-3 years, and every day more so. I also refuse to bid 20k+ over, waving whatever. There's no inventory, 1/4 of what it usually is. We live in an amazing, safe, walkable area right next to 1-3 million dollar homes. The cheapest houses in our neighborhood are still near double our budget, and I don't anticipate either of us suddenly doubling our income. It's mid century, single story, but $400 HOA. I'm totally regretting not buying a house (I think all the time how that goes could be x much more house). Because I'm nervous nobody wants a condo anymore. Thoughts? [link] [comments] |
| Can we pay into buyers escrow with cash at closing instead of it coming off proceeds of sale? Posted: 20 Apr 2021 06:35 AM PDT I swear it's one thing after another. We called our lender to ask this same question, we are just waiting to hear back We are in a sell home contingency. The closing date for both houses is next Friday. We are putting down almost all of the money we make off our current house straight into the down payment for the house we are buying. We had it worked out where after closing costs and agent commissions are paid, we were about even. That is until the buyers found an issue with our house and we negotiated on paying half of the repairs. Our agent said this will be escrowed into an account at closing. Now he's telling us it will have to come straight off the proceeds of our house, and the check they are going to cut us at closing will be $4,000 less than what we needed to bring to our new houses closing. We didn't think anything of it until we called our LOs assistant who said we are approved at X amount coming from the sale of our house, and she thinks us having to pay for that $4,000 out of pocket at our closing might mess up our loan approval? So she's having our LO call us, but I don't understand why we can't pay for that $4,000 at the buyers closing in cash or a cashiers check, so that the check they cut us for our new house is what we were approved for. Am I over thinking this? This has to be common right? This is our dream home we are buying and I'm so scared something is going to go wrong before our closing date! [link] [comments] |
| Posted: 20 Apr 2021 06:22 AM PDT We've been undergoing some renovations to start the year, and my intent has been to cash-out refi at the end of the process at current low rates, probably in May. Has anybody else done a cash-out recently? Curious primarily how appraisers are handling the unique market dynamics right now, with the limited supply driving prices well above expected growth and reducing the number of available comps. My historical experience with cash-outs after projects is mixed. Banks are naturally disinclined to ascribe full market value to cash out refis as there's no contract in hand. Although appraisers are supposed to be independent, I have enough data points to feel they know the game. [link] [comments] |
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