Real Estate: OMG ACCEPTED!! |
- OMG ACCEPTED!!
- News: US home prices hit the highest gain in 15 years in February
- In 2020, the top lobbying spender in the United States was the National Association of Realtors, with a total spending of $84.11 million U.S. dollars.
- First Time Homebuyer Course
- Biden’s New Bill? 15k Tax Credit?
- Are slumlords selling their slum property in your community too, With as-is conditions? Maybe the real question is Why people are buying these filth properties and paying 40k-100k over asking? Is it desperation? Is it all the free money laying around?
- Are more homes sold over list appraising?
- Walk through before closing
- We just had the strangest experience while viewing a house
- How long is "long enough" in this market to make a below list offer? Especially if there was a price increase.
- What causes PMI to change?
- Buyer's agent wants sales price changed on MLS to reflect amount of accepted purchase contract.
- How buyers are getting offers accepted in my market... ridiculous.
- Owners title insurance
- [CA] 7th time's the charm! Offer Accepted! [VA Loan]
- Trying to buy an off market HUD Home
- Views # not changing on Zillow
- Raising $2.5M by May 31st.
- Lakeside Idaho City is America’s top housing market.
- Selling house as-is
- Where are we in the selling phase?
- Can you get a mortgage with a cosigner if you dont have 2 years of tax returns and zero credit and only make 1150 a month? (the co signer has a credit score of 740.)
- Boston Real Estate Tax Assessment Trend Question
- Assessed Value vs Market Value for Queens, NY?
- Getting a loan for a condo
| Posted: 26 Apr 2021 05:47 PM PDT I am the same person who literally posted the "I Give Up" post recently. We had one last offer submitted but I honestly gave up on it as I figured we had no chance as the house before that had like 30 offers. This house we literally offered asking price and did not waive a single thing, just submitted one for the heck of it to see what happens. The one catch for this house, was my relative used to be their next door neighbor so I made sure to include that in the letter. Apparently they really liked my relatives and threw out every other offer to accommodate me. In the letter I also wrote that we were first time home owners who had no chance in the current market lol extremely desperate sounding haha. 285k 3 bedroom basically move in ready and 2 mins from the high school I went too. [link] [comments] |
| News: US home prices hit the highest gain in 15 years in February Posted: 27 Apr 2021 07:46 AM PDT Case-Shiller just labeled Phoenix number one in the country. Here we go. [link] [comments] |
| Posted: 26 Apr 2021 11:02 PM PDT |
| Posted: 27 Apr 2021 05:35 AM PDT UPDATE: Thank you everyone for the suggestions. Freddie Mac Credit Smart U was the one that satisfies my lender's requirement. Hey everyone. My lender requires me to take a homebuyer course and mentioned that the course should be about 2 hours of basic information. However, I see courses as long as 8 hours. All the courses I see charge some sort of money. Are there any courses available for free that isn't going to take too long to complete. I need it to be completely online with a certificate of completion provided at the end. My spouse and I are both required to complete it. We close on the house very soon. If its important, I reside in NYC but the home purchase is Philly. Can anyone point me to the right direction? Thank you. [link] [comments] |
| Biden’s New Bill? 15k Tax Credit? Posted: 27 Apr 2021 05:16 AM PDT I heard talk about a new thing Biden proposed that made it to Bill form a day ago or so? Says it will give 15k tax credit to first time home buyers and I think they removed the "first generation requirement" and this would apply to anyone who purchased after JAN 2021? Anyone else hear about this or if I completely butchered what the actual proposed Bill is? —Edit—- Actually I do have mixed feelings about this. We just got an offer accepted and yeah it is more money for us but what the heck is this going to do to the economy for the future? We don't "need" it. It seems like it's going to force more people into housing they can't afford 10 years from now. [link] [comments] |
| Posted: 26 Apr 2021 12:14 PM PDT |
| Are more homes sold over list appraising? Posted: 27 Apr 2021 05:49 AM PDT Just a general question about where appraisals are right now. I've heard that there is risk that an offer too high over list is at risk of not appraising. However in this current market with so many homes selling over list, and even new construction homes prices continuing to increase, shouldn't appraisals "come up" to these new elevated prices? [link] [comments] |
| Posted: 27 Apr 2021 05:24 AM PDT I live in ontario and our rental unit has been sold. We are currently in a stay at home emergency order. I know that real estate is essential and therefore can continue but our LL agent advised us the buyer will be conducting multiple walk throughs before closing. How many are they usually allowed? Is it on a case by case basis set by the buyers agreement? [link] [comments] |
| We just had the strangest experience while viewing a house Posted: 26 Apr 2021 05:39 PM PDT Like many youngish couples, my wife and I are currently house hunting in a pretty hot market. It's not California hot, but it's pretty hot for "flyover country". Most things are on the market for 2-3 days with 10-15 offers. We arranged to see a house in a neighborhood that we like that's listed for $275k, which seems like a great price. I knew, based upon the listing photos, that it would need some updating since it clearly hasn't been done since being built in 1996. We're told in advance that the house already has multiple offers on it and that it would go for well over list... no surprise there. We get there and tour the house, but neither of us love it. The layout was extremely weird and the master bedroom was the same size as the other 3 bedrooms. It had cheap carpet, vinyl, 90s golden oak cabinets, MDF built-ins, and popcorn ceilings throughout. It needs $40k dumped into it just to get it into this century. Plus, the crawlspace was cold and it's 80 degrees out today. That doesn't seem right? Anyway, we finish up the tour and are just talking market conditions with our agent when a man comes up and rings the doorbell. I initially thought it was another prospective buyer coming to see the house, so my agent opens the door and asks the man if she can help him. He asks if she's the owner. She responds that she is not and that she is just a showing agent. The man responds that he needs to urgently speak to the owner. My agent tells him to call the number listed on the real estate sign out front. He stands there a little longer as we wait for him to say something else, which he does after an awkward pause. Again, he says he needs to speak to the owner. I half expected him to warn us about the house in some way at this point. My agent asks him who he is and he explains that he is the neighbor. He says that the owner listed the house for way too cheap and it is "fucking up our home values". He insists that the owner raise the listing price by at least $30 per square foot. The man seemed genuinely agitated about the whole situation and just our general presence. I chimed in and told him not to worry, that it would go for well over list, but these words didn't seem to mean anything to him. After another awkward pause, he gets his phone out and walks away. After watching the house that he walked back to, our agent looked at the history of his house and found something hilariously ironic. This man had purchased his home as a foreclosure for $175k 3 years ago, and now he was worried about his neighbor listing his house for $275k. Was this man crazed or in some harebrained scheme with the owner to try to boost the value of the house? What the hell kind of neighbor goes and complains to prospective buyers that the owner listed the house for too cheap? Does the man not understand that you can't list something straight out of 1996 for 2021 prices? Does he not understand that comps are based on the sale price and not the listing price? I have so many questions about this man's thought process. What I can say for sure is that even if we had been interested in the house, that experience would have put us off big-time. He's sure to be a neighbor from hell for whoever buys the house. [link] [comments] |
| Posted: 27 Apr 2021 08:31 AM PDT A property I was luke warm (small meh house but very good location) has been on the market for 13 days (with a couple open houses) in hot market. Listed for 745K, they got an offer (supposedly a couple) for 800K and was under contract for two days and the buyer backed out before inspection. Now they updated list price to 800k and it has been a full weekend/4 days longer. I was thinking of offering something in between like 775K since there are no other offers I get the sense that some of these were ghost offers (ie sight unseen or people putting out multiple offers) and maybe there is less FOMO past the first weekend. Seems weird they would not have backup offers [link] [comments] |
| Posted: 27 Apr 2021 08:16 AM PDT I signed closing disclosures last week. $57/month PMI. I'm signing closing documents today. I was reviewing them last night. $95/month PMI. Someone, somewhere along the process, snuck this in between closing disclosures from last week to closing documents this week. The difference in expense will be $3100+ over the first 7 years that they anticipate I'll be paying PMI (I put 10% down). The amount I'm loaning has not changed. My credit score has not changed. My escrow has been a month long, how is this getting changed at the 11th hour? [link] [comments] |
| Buyer's agent wants sales price changed on MLS to reflect amount of accepted purchase contract. Posted: 27 Apr 2021 12:07 AM PDT Home went under contract for 10k more than asking price. Buyer's agent is requesting price be changed on MLS to reflect amount of accepted purchase contract. He's adamant that doing so will help the appraisal come in at the accepted purchase contract amount. When asked to elaborate how this will help he says "believe me.. It just does". He can't explain the reason why this would influence appraiser to come in with a higher value. The appraiser could easily see that home's sales price was changed after going under contract. How could this help? I feel this could make things worse. Wouldn't an appraiser feel they were trying to influence/manipulate his appraisal? This would also create skewed sales data within MLS. I've been seeing sales price changed on MLS after going under contract a lot recently. It's not an isolated incident. Any appraisers want to chime in? Is there any validity to this? [link] [comments] |
| How buyers are getting offers accepted in my market... ridiculous. Posted: 26 Apr 2021 08:13 PM PDT After loosing out on loads of offers and getting feedback from the realtor these are the types of offers winning in my market: Offer 20-30% over asking, waive appraisal / give an appraisal gap guaranteed with cash, waive inspection, pay the sellers closing costs, offer free rent back and have a conventional loan either fully underwritten or give your lenders info to the sellers agent so they can make sure you can close quickly... all of that and you'll still be lucky if you're not beat out by a cash offer sight unseen. Is it this bad everywhere or just especially bad in my market? Things are getting out of hand and summer hasn't even started yet. [link] [comments] |
| Posted: 27 Apr 2021 02:16 AM PDT Hi all, If I buy owners title insurance before I closed on the house and let's say 20 years from now the title company that I bought the insurance from goes bankrupt.... what happens if I want to file a claim? Will my policy be any good? If I do want owners title insurance, do I purchase it through my real estate attorney when I am in contract or my mortgage broker? [link] [comments] |
| [CA] 7th time's the charm! Offer Accepted! [VA Loan] Posted: 26 Apr 2021 08:43 PM PDT After six unsuccessful offers, I was finally able to get one of my offers accepted. Looking back, I don't think having a VA loan was particularly detrimental to me in my market. According to my realter, with the exception of two offers, I was consistently making into top three. Two offers went to buyers that waived inspections and offered cash. Three were lost because Navy Federal has 35-45 day escrows, while the other buyers offered much shorter escrows. I didn't win the last house because the bidding got the point where the house and the land just wasn't worth that price. After the last unsuccessful bid, I was close to giving up on my house search. I wasn't getting past that last hump, even with $30k appraisal gap and offering to pay for closing costs. Luckily, my fiancé found this beautiful house on Zillow that somehow slipped through the cracks due to terrible photos. In my market, a typical 2/3 bedroom house in a good neighborhood has over 80 saves in the first day. This house only had 16 saves after 3 days. We ended up seeing it on that day and offered $20k over the listing price ($369k). Since letters are not allowed in our market, our realter called the sellers agent and told her not only my life story but also convinced her to fight in our favor. It worked because apparently the seller's wife's grandfather was a veteran that used a VA loan to buy his first house. They picked us despite getting higher cash offers from investors that waived everything. They also wanted the house to go to an actual family. Now that my search is finally over and Navy Federal has locked in my mortgage at 2.625%, it's almost as if all of my stress has evaporated. While I am somewhat worried about the appraisal, our contract price is well below the typical comps in that neighborhood. [link] [comments] |
| Trying to buy an off market HUD Home Posted: 27 Apr 2021 09:41 AM PDT Hi there, There's a beautiful Victorian house in my neighborhood that was foreclosed on almost ten years ago and it's been in HUD's possession ever since. I have no idea why they haven't brought it to market but it's just sitting there, rotting away. Is there anything I can do to try to work with HUD to purchase the property? It almost seems like they've forgotten about it. It would sell in no time (especially given the market conditions) but it's just a matter of bringing it to market. Does anyone have experience with a similar situation or dealing with HUD directly? [link] [comments] |
| Views # not changing on Zillow Posted: 27 Apr 2021 09:41 AM PDT This seems odd to me. House went live on Zillow yesterday. Got views right away. That # hasn't changed at all since then. Been nearly 24 hours and no changes which isn't right because I've sent the link to people who looked and the number still doesn't change. Is this weird? [link] [comments] |
| Posted: 27 Apr 2021 09:39 AM PDT Can anyone share some insight on raising a significant amount of capital for a real estate project through independent accredited investors? I work for a broker-dealer and we just launched a RegD for a property in a very affluent town in MA. Anyone have a good lead source or strategy for getting in touch with accredited investors that invest in real estate ? Thank you !!!! [link] [comments] |
| Lakeside Idaho City is America’s top housing market. Posted: 27 Apr 2021 09:31 AM PDT Live and grew up here, am in real estate and home building... [link] [comments] |
| Posted: 27 Apr 2021 09:23 AM PDT I purchased a house five years ago - two years in realized that there was a major structural issue with the foundation. I hired a lawyer, and we sued the home inspector as well as the previous owner. They both settled out of court but it's not enough to fix the house. I purchased the house for $93k, it is currently assessed by my city at about $120k, and the Zillow "Z-estimate" is $170k. The home requires about $70k in repairs which I absolutely do not want to take on. I talked to a realtor who really didn't want to help me, I get the feeling she felt it was too much work and she wouldn't get a big enough commission. In talking with others, they suggested that I sell it to a real estate investor as-is. I talked to the lawyer who represented me in my court case and he is willing to draw up an as-is contract so that I won't be held liable for anything. I found the name of about four real estate investors and I want to give them a call to get the ball rolling, but I'm not sure what kind of questions I should be asking. I really don't want to get a realtor involved because I don't want to pay the commission, I was hoping that my lawyer could help me navigate this process. What kinds of questions should I be asking the real estate investors, and how much should I disclose about my house. If they ask me if there are issues, how do I answer that? What kinds of questions should I be asking them? Is this something I should try to tackle on my own or should I try to find a realtor to help me? [link] [comments] |
| Where are we in the selling phase? Posted: 27 Apr 2021 09:14 AM PDT Hello. We accepted an offer on 03/23 going the USDA way. We heard we had gotten appraisal almost two weeks ago, and last Friday (04/23), we heard from the lender that we had two slight things to repair. We completed the repairs that night, and are now waiting. We have to get it looked at again, now that the minor repairs are done. Our close date was supposed to be 04/29. Will this delay it? I don't want to keep bothering the realtor, this is a sub-$100,000 property. Any thoughts/guesses how far along we are now? Thanks [link] [comments] |
| Posted: 27 Apr 2021 09:13 AM PDT Can you get a mortgage with a cosigner if you dont have 2 years of tax returns and zero credit and only make 1150 a month? My income comes from a part time janitor job and plasma donations. I also get some money from my parents around 3 or 400 a month. (the co signer has a credit score of 740.) My debt to income ratio is basically zero as I live with my parents. I dont have 2 years of tax returns because I have only been working for around 10 months now. That said I want to get a small duplex worth 54k and rent it out which would add an addition 550+ a month to my income. Is this possible? could anyone in a similar situation recommend a good lender? [link] [comments] |
| Boston Real Estate Tax Assessment Trend Question Posted: 27 Apr 2021 09:13 AM PDT The link below contains house property tax analysis evaluated for Suffolk County, MA (Boston) from 2010-2017. The figures in Section 4 contain very interesting trends that show step changes in the year 2013. I am curious about the reasons behind this. Figure 4.1 depicts the average percentage deviation of home sales ratio (home assessment value divided by sale price) versus the median. This shows that the average deviation of actual sales ratio from the median in the time period 2010-2013 was >20%, while this drops drastically to ~12% in 2014 and beyond. My summary: After 2013, home price assessments were more consistent (normalized to sale price) at all price points. Figure 4.2 depicts a radio (Price-Related Differential) indicative of sales ratio as a function of price, where a value >1 indicates that less expensive homes are assessed at higher rates than more expensive homes. This Figure depicts a trend where from 2010-2013, this ratio was increasing from 1.1 to 1.2, meaning that less expensive homes were being assessed at higher rates than more expensive homes more and more frequently. Then, in 2014, there is a sharp drop in the ratio to a little over 1.0, and the rate has remained low. My summary: One of two things happened after 2013. Either more expensive homes were being assessed at higher rates consistently, or less expensive homes were being assessed at lower rates consistently. Either way, the disparity between sales ratio at different price points was decreased. These trends are similar in all counties in Massachusetts, and from looking at a few other counties across the country, this is specific to Massachusetts. I would like to understand these trends in my effort to better understand the housing market in this region. It seems as if in the 2013-2014 timeframe, something happened that caused home assessment valuations to be significantly more consistent (relative to actual sale price) across different price points, where before this period, there was noticeable discrepancy between home assessment valuations (relative to actual sale price) for cheaper homes vs. more expensive homes. I have been unable to find any MA laws or policies that were passed in this time that could explain this. Does anyone have any idea? [link] [comments] |
| Assessed Value vs Market Value for Queens, NY? Posted: 27 Apr 2021 09:06 AM PDT hello! like everyone in the pandemic; started looking into purchasing real estate and am coming across a bunch of questions. however, none more intense then the assessed value vs Market value question. i spoke to some friends in other states (not NY) and the disparity between AV and MV is roughly 10% or so (maybe more maybe less). however was looking at property in Queens, NY and started pulling numbers and saw property that $1m+ MV getting assessed at less than $50k?! (verified in pulling the records from the city etc!). so my major question to r/RE is, if these homes are purchased and renovated, should i expect the AV to jump all the way up to the $1m+ mark? ultimately how can i do renovations on a house and keep the AV as low as possible? anyone with experience would love to hear their stories. renovations would trigger permits which i would assume would draw interest from the city and cause them to re-assess the AV (is this wrong?). thanks again! [link] [comments] |
| Posted: 27 Apr 2021 08:48 AM PDT Hello. I live in Florida. I am considering buying a condo which I would probably rent out soon. I live with my spouse in a property which she has a mortgage on. She is the only person on that mortgage. Can I apply for a primary or secondary residence loan, or would I have to apply for investment property loan? Are there any consequences if I apply for primary residence loan and then decide to lease our the property? [link] [comments] |
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