Real Estate: What is the role of the Buyers Agent? Are they just a glorified door opener? |
- What is the role of the Buyers Agent? Are they just a glorified door opener?
- NYTimes: "U.S. Home Sales Are Surging. When Does the Music Stop?"
- Florida Market
- Buyer burnout. At what point did you quit looking to preserve your sanity or are you still going?
- Has the housing shortage made low appraisals unavoidable?
- Just lost in Seattle east side after making $200K over listing
- Chicago market
- CA supplemental taxes showing as delinquent on preliminary title report
- People who lived through 2008, were there any pessimistic people back then with warnings ?
- Coping mechanisms for offer days?
- Landlord showing my home without giving option of dates
- Buying a house UK - Reality Check Needed
- Appraisal needs revisions?
- Lennar buying experience. Bidding?
- [Can]What are the pros and cons of re-listing at a higher price?
- First time buyer- but not right now! Advice requested
- Bad Neighbors should I sell?
- VA Loan and GI Benefits?
- Home inspection - should I back out?
- Do two story houses sell for more? If two houses are in the same nice neighborhood, and the same square footage, which sells for more; a ranch or two story? My 2 story house would have an extra half bath downstairs and a cathedral ceiling compared to the ranch.
- First generation homebuyer
- Bridge loan financing?
- Why would real estate company have a fake office listing?
- First offer accepted on house in Western North Carolina, but the inspection has been complicated
| What is the role of the Buyers Agent? Are they just a glorified door opener? Posted: 22 Apr 2021 05:51 AM PDT So we are in the process of looking at buying a home and are first time home buyers. We are feeling completely exhausted and that we are doing most the work. We find the houses, we research the area, our realtor opens the door, then when we like a house we have to determine what to bid and we just feel completely stupid and lost. We ask questions of our realtor and the responses we get are usually "It's a crazy market, just waky and nothing is predictable, just go with the highest and best number you feel comfortable spending". Shouldn't a realtor know like rough idea what a house is worth? Or that our bid is going to be blown out of the water? Or that the offer we are throwing out there the house won't appraise at? We just feel like we are not sure what we are allowed to ask of him? Is he really just paid 2.5-3% of the sale price of the home just to open doors? We understand it's a sellers market but we don't want to make stupid costly choices. We are also now looking at new construction and we were basically told "Go tour the parade of homes, find what you like and we can go from there". Is it really supposed to be the buyer doing everything? [link] [comments] |
| NYTimes: "U.S. Home Sales Are Surging. When Does the Music Stop?" Posted: 22 Apr 2021 07:17 AM PDT Good article here, for anyone interested in how the pandemic and current market compares to 2008. Of course no one can truly predict what will happen, but a good exploration nonetheless. So you don't have to click, here are the nuggets:
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| Posted: 21 Apr 2021 05:59 PM PDT Just wanted to put this out there. I'm a realtor in Florida in the Orlando area. We've been waiving appraisal contingencies, going above asking from 15-30k, and using home inspections only for home owners insurance purposes. Everything you should not do. But even with these we are still losing out on offers. I would like to share how crazy it is getting. The home is on the market for 0 days, multiple offers and that sort. Well it recently sold back in March 2021 not 2020 for $240,000. It listed this Tuesday for $270,000 and the offer that won was above $290,000. Best of luck to everyone out there. For first time home buyers we will keep our fingers crossed for you. [link] [comments] |
| Buyer burnout. At what point did you quit looking to preserve your sanity or are you still going? Posted: 22 Apr 2021 07:51 AM PDT We've been looking at homes almost every weekend for 7 weeks now. We have a good loan, downpayment set, ready to go. We've found 3 homes we've wanted, one we were third highest bidder, one we saw too late and it went under contract before we could bid, and one that went under contract before it even hit the MLS (heard about it from a neighbor and was excited for the listing). Rushing out to see homes every single weekend and either being disappointed in them, getting outbid, or not even being able to bid before it sells is just mentally exhausting. We are also watching the uptick in prices every week and feeling regret about not bidding higher on the first home we saw. Part of me wonders if we would have been better off to live in ignorance in our rental and ignore the housing market completely. Then in a year when we tried to buy in this area, we'd see all the prices are way beyond our price range and be like, ok, priced out there, let's choose a neighboring town. Instead the current method feels like a slow agony of watching a neighborhood that in January was well within reach, slowly slip out of reach, week after week. Are we better off to just accept our rental and let the market do what it will than trying to fight so hard to snatch the last "affordable" home in our preferred town? [link] [comments] |
| Has the housing shortage made low appraisals unavoidable? Posted: 22 Apr 2021 07:46 AM PDT The house I'm looking at just appraised for 29k less than our accepted offer. We live in New Orleans and selling prices of homes we've seen are, IMO, pretty damn inflated. I get that people are asking more because of demand, but when all houses are listed for higher than they're worth, are low appraisals inevitable? We have a tough decision to make. The market experts are saying one thing but the banks are saying another. I hate the notion of having to make $29,000 appear out of thin air — but what I'd hate worse is to walk away from this house just to get another low appraisal on a different house. [link] [comments] |
| Just lost in Seattle east side after making $200K over listing Posted: 21 Apr 2021 09:29 PM PDT I don't know what to say at this point. The house was listed at $899k, I bid $1.1mn, waived ALL contingencies, and still lost the offer. Someone decided to pay $1.17mn for it. WTF. 😔 [link] [comments] |
| Posted: 22 Apr 2021 07:47 AM PDT Anyone have good analysis or thoughts on Chicago? More specifically near west and tri Taylor? I'm asking because I'm looking to buy a SFH in Tri in the 600k range and currently in a condo near UIC. My condo I purchased literally at the worst possible time for 360k in 2007 and it took awhile for me to get back to cost basis and finally thanks to this recent market, it would sell in the 430-460k range. So my question is, do you feel I'm repeating the same "mistake" again as I did in '07. Last thing I want is to pay 600k+ and then watch it drop to 400-450k by 2025. On the other hand, I'd be selling my condo "high" right now too. One thing I have noticed is, although prices have risen here, it's not like coastal cities where there are multiple offers and all selling for way above ask. Thoughts? [link] [comments] |
| CA supplemental taxes showing as delinquent on preliminary title report Posted: 22 Apr 2021 06:34 AM PDT I understand that these are one-time taxes to pay the difference in assessed value taxes when property is sold in CA, and that these taxes do not come out of the escrow account. It looks like the sellers did not pay their supplemental taxes and they are listed as delinquent on the preliminary title report. Am I, the buyer, stuck paying this if I proceed with this sale since escrow is not involved with collecting these taxes? Sellers have owned the home less than a year if that helps give context. [link] [comments] |
| People who lived through 2008, were there any pessimistic people back then with warnings ? Posted: 21 Apr 2021 10:43 PM PDT Just trying to analyze this from a sentiment point of view. Everytime someone says current times look all too familiar like 2008, most of the responses say "Back then it was sub prime mortgages and it was so easy for anyone to get a loan... But banks have been strict the current times".. Similarly, back then did common people in forums like Reddit or in person express their pessimism towards an anticipated crash with the reason as easy underwriting practices ? If yes, what was the counter argument back then from people who were bullish of the market. Was there any rational reasoning in support of bull market like today where we say "supply is low but demand is high while interest rates are the lowest".. [link] [comments] |
| Coping mechanisms for offer days? Posted: 22 Apr 2021 08:18 AM PDT Offer days are getting harder and harder. Our bids are higher, our offers are riskier, and the sting of rejection and knowing we need to keep searching is worse each time. Anyone have any good strategies for keeping their cool on offer days? Yesterday we lost a bid (by just 10K ðŸ˜) and it crushed me. I couldn't focus on my work all day while we were waiting for the answer. And when we got the rejection I bawled like a baby (I'm a tough person and I rarely cry). We went to the park, got takeout, tried to relax but it was the hardest one yet. I need some better ways to handle this or I can't keep doing it! [link] [comments] |
| Landlord showing my home without giving option of dates Posted: 22 Apr 2021 07:21 AM PDT My landlord is doing an open house for 8 hours Sat and 8 hours Sun. I work a 24 hour shift In the ICU that finishes Sunday morning and won't have anywhere to sleep after. My roommate also bought a flight for her dad to come help her move that weekend. My other roommate is working those days and was told she has to have her cat out of the house during open houses. Is this allowed? Any other weekend would be fine with us but she said it's already set. [link] [comments] |
| Buying a house UK - Reality Check Needed Posted: 22 Apr 2021 04:51 AM PDT Hi all, I'm in the process of buying a house in the UK. Its a house I really like. I guess I could say, a "dream house". My hopes of buying the property have been torpedoed by the enviromental / brine survey. The house is in an area that has been historiacally mined for salt. The house is probably about 100 years old and looks to be in good condition. My conveyencer has done a Brine Survey which revealed these results:
My concern is resaleability and house insurance costs. I dont want to get stuck with a house I cant sell. I wanted opinions on what you would do in this situation. Should I pull out of the deal? Any feedback welcome. [link] [comments] |
| Posted: 22 Apr 2021 10:32 AM PDT We're miraculously under contract on a home in the Mountain West region - which is on the shittier side of the real estate shit show. Many tears have been shed in the last few months. I thought my stress was over once we heard we were under contract, but now it seems to just be compounded by even more unknown factors. Like a lot of people, we're very anxious to hear about the appraisal, which was due back yesterday. I reached out to our lender, and she said that the appraisal company asked the appraiser to make some revisions before sending it to us - she now expects it back by morning. Of course, this whole process has been making me lose my mind. Anyone have any ideas what could this mean? [link] [comments] |
| Lennar buying experience. Bidding? Posted: 21 Apr 2021 04:36 PM PDT Hello all, this will be my first post in r/Realestate with a question. Has anybody had any experience with Lennar? Currently attempting to snag a house in Southern California by Lennar. The rep gave us a tour and we fell in love with this home. The price was great and from what we can tell the build was fine. He told us we'll be on a list and to wait until it's our turn. However he told us many people don't follow through so he thinks we'll be able to get it if we wanted. A week later we get an email that a new "batch" of homes are released in a different section/community of the same neighborhood. In this email they mentioned this:
This awfully sounds like a bidding process and the fact that they are now changing their tune from "its first come first serve on the list" to a bidding style is kind of scummy to me. Granted this is a different section of the neighborhood and not the one we were looking at but we are getting spooked. Thoughts? [link] [comments] |
| [Can]What are the pros and cons of re-listing at a higher price? Posted: 22 Apr 2021 10:25 AM PDT This is my realtors advice on next steps. We got offers, but want higher. I don't get it. [link] [comments] |
| First time buyer- but not right now! Advice requested Posted: 22 Apr 2021 10:21 AM PDT Both my husband and I are in our mid- late 30s and returned to school for better careers. We will almost double our previous earnings (going from $80k to $130k combined). All of our savings is wrapped up in school expenses (we couldn't get ahead no matter what we tried thus going back to school). We want to get into a house as soon as we can. Realistically, this won't be until 3 years from now so I'm not too concerned with the craziness that is going on with the market now. If we go at the 3 year mark (2024) we may not have 20% down since we would be just getting going in our new careers and have student loans. Our options that I see are a first time homebuyers loan or the VA loan. We won't be eligible for the full benefits from the VA loan because of active time in service. I want to know the pros and cons between these loans and how to best prepare ourselves now to be in the best spot possible. I have the better credit but my husband is the Vet. He will have the higher income out of the 2 of us. Our goal is to avoid a HOA and get a single family home. Thanks for your thoughts. [link] [comments] |
| Posted: 21 Apr 2021 06:29 PM PDT Hi everyone, So I bought a house in 2018 for 115k. The current Zestimate—probably not a good thing to base the value of the home out of—is 144k. I've put in a lot of into the house. My guess is it would sell for 190k, that's a conservative estimate as the house across the street recently sold for 220k and they left due to our horrible neighbors. Anyways, would it be smart to sell and attempt to buy a home in a nicer area? By nicer area I'm looking in the 300-350k range. I currently owe 90k. I don't want to move if I'm looking at losing out on my comfortable $800 monthly payment but at the same time the neighborhood has just gone to shit. I don't really know much about real estate and sort of got lucky buying this house but now I'm just wondering what my options would be? Thanks in advance :) [link] [comments] |
| Posted: 22 Apr 2021 10:02 AM PDT Good Evening all! I recently separated from the Army and am receiving California Post 9/11 GI Bill money ($55k/year), but lenders do not recognize that because I only get it for three years. So they only count the job that I have rather than these benefits. My question is, does anybody know a lender that would accept my benefits? If not that, does anybody know a way to possibly bypass this rule? (Down payment, 3.5% FHA instead, etc.) Thank you for the help! [link] [comments] |
| Home inspection - should I back out? Posted: 22 Apr 2021 09:52 AM PDT I am a first time home buyer and I'm currently under contract for the first time. The inspection brought up some concerns and I don't know if I am overreacting or if I should back out. My main concern is the sewer line. It doesn't have a slope and is flat, so water and sediment is building up. The inspector said it would be 6-10K to fix, and he thinks it will be difficult to fix since he doesn't know why it is so flat. There is severe risk of sewage backup if it is not fixed. He said it is a "functional risk and a resale risk." Another main concern is the drainage around the house isn't good and needs some work. The stucko around the house is also getting moisture in the cracks and needs work. There are some other things that I consider pretty minor, but the sewer line and the drainage problems sound like big issues to me. I'm not sure how major these issues are, but they seem like a big deal to me. If the seller is unwilling to fix the sewer line issue, I will definitely back out. Would it be reasonable for me to ask the seller to fix all of these issues before I buy the house? Or should I just back out now and not waste my time? [link] [comments] |
| Posted: 22 Apr 2021 09:25 AM PDT |
| Posted: 22 Apr 2021 09:13 AM PDT As stated in the title, I have no experience with buying homes and limited knowledge from family members. I'll be buying in California. I have a few questions regarding mortgage and some small details. I am looking into purchasing a home within the next five years and just want to get a feel for what others know and/or have experienced. When applying for the mortgage, does your credit score go down? How much are people generally putting down? I know 20% is a special number but many people have told me they've only put down 3-4%. When doing less than 20%, isn't there an added fee to pay? Or some insurance? Is it worth waiting to put down the 20% in that case? I also just got a new job in December, will that really affect my mortgage loan? What type of loan is best for a mortgage? How does the mortgage work if two people are on it? Do we each get our own loan "approved" amounts and then come together for the purchasing part? If we are both first time homebuyers, should we go in together or not? What are the perks for first time homeowners in California? What are some things that I should be watching out for in terms of choosing a house? If you could go back, would you have done something different? Thanks so much for any answers or experiences. I really appreciate it. [link] [comments] |
| Posted: 22 Apr 2021 09:10 AM PDT In a nut shell, Looking at a new to me house the cost will be 100% covered by the sale of my old one. I own the old home free and clear so no mortgage involved. What is my best option finance wise to cover the time between buying of the new one and selling of the old one? [link] [comments] |
| Why would real estate company have a fake office listing? Posted: 22 Apr 2021 08:59 AM PDT My landlord is a slumlord and I recently created a court case against them. Suddenly I see a new google profile and even a website for them but the new address and their companies abbreviation. :S I'm pretty sure this "office" isn't real. What would be the reason for creating a fake office address, using only your companies abbreviation? The landlord has multiple companies and at his residence office for the real estate company, he also has an office for his insurance company. His own insurance company that does his own accounting. His brother abs him both have multiple sketchy businesses and don't do any repairs for the homes they do have rented. [link] [comments] |
| First offer accepted on house in Western North Carolina, but the inspection has been complicated Posted: 22 Apr 2021 08:59 AM PDT tl, dr; We ARE prepared to walk away, but I'm looking for any insight people have when it comes to negotiating credits. We know this is a hot market. We're less concerned with investing than with finally having a place of our own with a big yard for our growing family. This house has almost all of what we want (of course in this market, we have to make concessions,) including all the outdoor space. However, the inspection turned up a few problematic issues and we're not sure how to proceed. The septic system is a few years past its life expectancy, but it is still working fine. However, it does have some cracks and it could fail at any moment. The cost of replacing it now is ~$10K (quoted by a licensed septic installer,) but if the county determines it needs to move to a different location, that could easily balloon to ~$30K. Unfortunately, we can't get anyone in to confirm whether it needs a new site or not within our due diligence period, so we don't know the total cost. Additionally, the radon test showed elevated radon (It was over 6.0 pci/l, but the exact number escaped me.) We let the sellers know because they currently live there with small children and we would want to know if we were in their situation. They had a mitigation system installed, but the follow-up reading came in at 4.0, which is .1 pci/l above the EPA recommended amount. There is an additional slab penetration option, but the radon technician doesn't seem to think it will be necessary and that the amount is so close it's really fine. The sellers are hoping we are amenable to the current system. We have twin 20-month-olds and a baby on the way, and we feel uncomfortable with that level of radon. Of course there are a myriad of other repairs that need to be made which are found through most home inspections, but it does lend a general feeling that the house has been neglected somewhat (siding separated from house, water damage on exterior eaves, no fire or exhaust barrier from interior garage to house ($5K to fix,) rotted posts supporting the enclosed deck/children's play room $4K to fix,) some hazardous wiring, etc.) We know there are other people who would be willing to buy this property. We can see our family living there, but in order to protect ourselves financially, we are not willing to pay our original offer price. We just don't know what to request for credits when the needed repairs, especially for the septic, are unknown. How have other people approached any similar situations? We aren't trying to drive a hard bargain, we are only trying to protect ourselves. I am imagining we will say "We can't be comfortable buying this house unless the sellers agree to a ~$25K price reduction," and the sellers will say "No," and that will be that. [link] [comments] |
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