Real Estate: Are most realtors just bad at what they do? |
- Are most realtors just bad at what they do?
- If there are so few houses on the market right now, why do appraisers take so long to get to the house? Why are we a month out?
- Dropping PMI in less than 2 years after a renovation (UWM mortgage)
- Offer #9 was the charm!
- Mortgage payment
- Seller in coma. Yes, coma.
- Realtor wasn’t clear about appraisal
- When to get a relator?
- Anatomy of a winning offer (from a sellers POV)
- Buying the home I currently rent, but there are potential zoning issues. It's zoned as single-family, but it's probably going to appraised as a multi-family. I need help!
- Is it a good idea to do rent back with eviction moratorium in place? [CA, bay area]
- Is it bad form to reach out to sellers agents to find out why our offer was rejected?
- Certified abandoned oil tank
- Buying first home, question regarding appraisal
- Real Estate/ Unemployment
- How to Deal with Criticism?....(rant!)
- Selling home after 14 months. Capital gains!!?
- Using relative as realtor
- Failure to Disclose - Next Steps
- Need an assistance with the closing info
- How to find a business through real estate agents?
- Sorry for the dumb question, but how many times will the lender pull our credit if we don’t find a house in 3 months?
- Buyer backed out; never deposited earnest money
- How are people able to get multiple mortgages a year? Does that not kill their credit?
| Are most realtors just bad at what they do? Posted: 06 May 2021 06:49 PM PDT I've hired a few different realtors over the years and aside from the most basic information and footwork on the front end they have all seemed to be very uneducated, bad instincts, bad advice on the entire process. Anything technical they refer to the brokers and even the easy information I find a simple Google search or forum question challenges their advise most of the time. It's like they just say whatever to get the commission and could really care less if your deal is good for you or not. Is this the norm or have I just had bad luck with realtors? [link] [comments] |
| Posted: 07 May 2021 08:47 AM PDT |
| Dropping PMI in less than 2 years after a renovation (UWM mortgage) Posted: 07 May 2021 06:41 AM PDT We purchased our metro Detroit home in 2020, before the market REALLY went crazy. We got a really good deal on it, as an off-market listing that needed a LOT of work. The initial appraisal blew us away, coming in right at contract price, with added value for "updated kitchen and bathrooms". That being said, we know the prior owners - all were updated in the late 90s. There wasn't even an oven in the kitchen, it was in the utilities room in the basement. [link] [comments] |
| Posted: 06 May 2021 05:07 PM PDT We just got our offer accepted, at list price with full contingencies in my pretty crazy market. Seller is elderly and didn't want to mess with a pile of offers, so first one that came in (ours) she took! Kind of exciting, the house seemed to be in very good condition, for being an old lady she was still very good about replacing/ maintaining things. Only problematic thing is she was a smoker, so there's still a smoky smell inside, but we plan on washing every wall/ painting before we move in to not risk my asthma too much. It was a long ride and hopefully the inspection comes back good, and god am I glad it's over for now at least lol [link] [comments] |
| Posted: 07 May 2021 05:07 AM PDT Hi everyone! We (sellers) accepted an offer to close on May 31. Do we still need to make our monthly mortgage payment for June or will that be calculated as what we owe in the final loan amount (we still owe on our house) once everything and everyone is paid off? [link] [comments] |
| Posted: 06 May 2021 05:11 PM PDT As the title says.. My offer was accepted on 4/27 and the seller of the home was in a motorcycle accident last Friday that left him in a coma, which he is still currently in. First and foremost, I am hoping for a full recovery for both himself and his family's sake. That leaves me to ask y'all a question, what are the options here? My realtor is giving me a couple options, which include waiting to see what transpires, going to probate court or seeing if he has any power of attorney that has been identified. Unfortunately, the closing is at the end of the month and I am out of my rental two days after. It seems like all parties are on the same page, but I'm curious to hear if anybody else has had an experience of this nature.. it's early in the process, but obviously this is a pinch. His realtor posed the idea of us renting the location, as he is currently flipping the home, thus it is not currently homestead. However, no details of where that rent will go or how they will manage the property without him being around. [link] [comments] |
| Realtor wasn’t clear about appraisal Posted: 07 May 2021 09:26 AM PDT Hi everyone, I'm in the process of purchasing a home in California. We got a counter offer. In which we have to remove our appraisal within 10 days, but also state that we're willing to pay over the apprised value. These two things were contradictory. Before signing I asked my realtor if we'd still be able to use the appraisal contingency. They said yes. However, after signing they said we would not be able to. This change of tune has me worried in case the home appraises for less. Any advice or feedback on this would be helpful. I feel dumb for signing the counter offer and I'm scared to lose the deposit in escrow. Felt like I should've went with my gut instinct instead of listening to my realtor. [link] [comments] |
| Posted: 07 May 2021 09:12 AM PDT We would like to upgrade to something bigger within the next year or two. I have two target neighborhoods (currently own in one of them), but the thing is houses that meet our criteria and budget rarely hit the market. Looking at past sales since we lived here, there's maybe 1 or 2 houses a year that might be a good fit. When should we loop in a relator? If the right house gets listed now we'd like to make an offer, but just with the even lower inventory than normal and the crazy market I think it's doubtful we find a house we like that's also in our budget. I'm hesitant to waste a realtor's time if we don't end up buying for another year or two, but it would be nice to find someone to work with early in the game and to get some input on our current home on what we need to do to sell it. Also, we used Redfin to buy our current home and had a great experience, but not sure we want to go that route this time considering we'd be selling too. [link] [comments] |
| Anatomy of a winning offer (from a sellers POV) Posted: 07 May 2021 08:57 AM PDT We recently accepted an offer on our home. Most offers were in the same range but some offers really stood out good and bad. Everyone was over asking. We had over a dozen offers. Hoping some here will find this helpful.
So what did we accept? Sorry to disappoint everyone, but waived inspection won out. It was not the first or even 2nd highest and it was not all cash. They had a relatively low down payment, but specified what they could cover for an appraisal gap. We did not have to negotiate anything on the offer and were able to accept it as written. Our realtor is very clear he would never recommend any of his clients waive inspection. From what I've been told, they brought someone who could evaluate the house during the walkthrough to waive it. There's no major issues with the house you wouldn't see in a walk through, but it avoids any possible renegotiation scenarios the higher offers might request after inspection. What would be my advice to those looking right now? Find someone you trust can judge a home to waive the inspection. Hire someone if you can afford it. You'll be paying someone anyway if you win with an inspection. Your offer will be far more attractive at any price point without it. [link] [comments] |
| Posted: 07 May 2021 06:20 AM PDT I am currently a renter in Philadelphia. I live in a three-story home with one shared wall. My home is split into two units. There is an entry vestibule with two locking doors off of it. One door leads to the first floor. The 1st floor has a full kitchen, a living room, a bathroom, and one bedroom. The second door leads up to the 2nd and 3rd flood unit, comprised of a living room, kitchen, bathroom, and three bedrooms. My wife, kids, and I live on the 2nd and 3rd floor, and my parents live on the first floor. We all moved in February 2020, on one lease, excited to stay put for a little while after moving several times in the last 5 years. There are two electric meters, one for the first floor and one for the top two floors. The landlord pays the water/sewage/trash and the gas bill, which is combined as one bill. My landlord is unexpectedly selling the house, and I was planning on purchasing it as my first home purchase. I am doing so without a real estate agent. The alternative would be hoping an investor buys the house and wants to keep us as tenants – our lease is good through next February. My parents plan on moving in a few years, and I was planning on moving into the bottom floor and reconfiguring some stuff when this happens. The property is zoned as a residential single family attached. The contract I haven't signed yet is for a residential single family attached. I am planning on a conventional loan with a 5% down payment. My loan officer has spoken to a few appraiser colleagues, and believes when the actual appraiser views the property, they will say this is a multi-family home. With only a 5% down, that would mean I would need to switch to an FHA loan to purchase, because a conventional would require 15% for a multi-family home. This seems unattractive to me because I assume if I refinance in the future, interest rates will have risen. Also, if it is appraised as a multi-family home, it seems I would then be lowering my homes value by combining the first and second floor to live in. My loan officer suggested removing the joining doors, and removing the upstairs oven for the appraisal, so that it would present as a single family home. The two electric meters would be the only thing pointing towards it being a multi-family home (other than the big hole where the oven should be and the hinges on the door frames?). This seems suspect to me, and even if it worked, I think it could create issues down the road whether I want to eventually sell it, whether it be as a multi-family home, or if I want to convert it to a single family set up. Sounds like he is suggesting some sort of fraud. Does anyone have any advice or thoughts? A) I am now hesitant to sign the contract because I'm not sure if I want to purchase it if I need to use an FHA loan. My loan officer says if it is appraised multi-family then the contract would be void and I could walk away having only lost money on the appraisal and inspection. Does that seem accurate? B) If the appraiser says it's multi-family, then I would be purchasing and living in a multi-family home that's zoned as a single-family home. Could this present future issues? C) If I remove the doors and the oven to present it as single-family for the appraisal, and it is appraised as a single-family, then I move everything back, isn't that fraudulent? D) Is there anything I'm overlooking if I purchase it as a multi-family home with an FHA loan, but it's zoned as a single-family? It's a good deal on a nice home, with a nice yard, lots of parking, and a detached two car garage, and I really don't want to move again. Thanks! TLDR: Landlord is selling the split level I live in with my parents. I want to buy it. I think it's going to be appraised as a multi-family home, but it is zoned as a residential single-family attached. My loan approval and contract are for a single-family home. Would it be fraud to remove the joining doors and the upstairs oven, what other issues would it present? [link] [comments] |
| Is it a good idea to do rent back with eviction moratorium in place? [CA, bay area] Posted: 07 May 2021 08:31 AM PDT I have read quite a few posts that say rent back can be done with proper agreement that includes hold on a percentage of escrow and penalties for extending the move out. But with eviction moratorium in place these days is it a good idea to do rent back? What will be the legal recourse if things go south? Looking for any helpful info because i need to take a decision on rent back. [link] [comments] |
| Is it bad form to reach out to sellers agents to find out why our offer was rejected? Posted: 07 May 2021 08:16 AM PDT We are 0-3 now on offers and each time the house has closed for less than what we offered. First house closes for 25k less than our offer with a jumbo loan. We were the "back up" offer and were told that the sellers plan was to accept the first offer/tour of the day, which they did. Second offer goes for 15k less than ours to an all cash offer, which I can understand. Third house goes for a whopping 44k less than our offer to a conventional loan. Each of our offers have been conventional (local lender) with 20% down, a large amount of escrow and we waived the appraisal contingency and agreed to pay the gap if it doesn't appraise. We did show proof of funds. We are qualified for houses almost twice as much as the ones we have been offering on. I really want to reach out to number 3's agent to find out what gives but I'm not sure if that would be tacky. [link] [comments] |
| Posted: 07 May 2021 05:59 AM PDT I'm in contract on a house in New York with a rider that stipulated the active underground oil tank be removed before closing. The seller got permits, hired a licensed company, and a representative from the municipal was there to oversee the removal to legally close out the permits. They discovered removal of the oil tank would cause structural problems to the house and decided to abandon in place. We are still waiting for soil tests to come back. My attorney has told me we are fine to walk away as our rider explicitly states removal, however, before I do, I have a few questions:
Thanks, internet! [link] [comments] |
| Buying first home, question regarding appraisal Posted: 07 May 2021 04:23 AM PDT Putting down 20% (64k) but if appraisal comes back lower do I either pay the difference or lose my earnest money? I'm scared I'll need to come up with thousands more. TIA [link] [comments] |
| Posted: 07 May 2021 07:49 AM PDT So I'm currently collecting unemployment and my benefits don't expire until September. However I want to start a real estate course. When I get the license and apply to a brokerage, do I stop the benefits immediately even though I won't be collecting my first paycheck for probably months from now? Or can I still collect benefits up until that first paycheck? PS I live in NY. [link] [comments] |
| How to Deal with Criticism?....(rant!) Posted: 06 May 2021 08:00 PM PDT This is a follow up to previous posts. My fiancé and I had an offer accepted and everything has been going smoothly. Inspection had just maintenance related items that can be fixed down the line. The most frustrating part is dealing with some members of our families. They can't comprehend paying $350,000 for a 1,800 sft ranch home that is move in ready and we love everything about. Complaint #1: "You are over paying for a house BIG time and will lose your ass on it in the long run" Response #1: They don't understand that prices of homes have been going up for like the past 10 years or so. There are ups and downs along the way, but generally is an upward trend. I honestly don't believe the market will ever get back to the prices they paid unless there is a major depression again. Complaint #2: "just wait until next year, you are rushing and making a big mistake rushing into this purchase" Response #2: can't make anyone happy. At first they told me to wait until the summer...well it is May and we found the house we loved. We literally saw the base price of everything rise in the month we looked. Why would waiting a year drastically change prices? Complaint #3: "you are going to be strapped for cash and should just keep waiting and continue living at home with parents. Response #4: I strongly disagree. A HUGE reason why my fiancé and I overspend is because I am constantly going back and forth between houses and what not. She lives about 40 mins away and after dating for so many years you can't restrict yourself to only seeing each other a few times a week. We are basically married at this point. We both make more than enough income. It is not our fault that this same house you would of paid 150k 20 years ago. Complaint #4: you are not even married yet, how are you going to get an overpriced before you are married. Response #4: We tried to get married last year but everything was over priced because of COVID and there was also restrictions. So we decided to pursue getting a house instead and have a small wedding next spring. WHO CARES. Jesus. On top of it...the people who complained about this divorced and the other not married. Gah sorry for the rant. Just frustrating and wish they would not knit pick everything. [link] [comments] |
| Selling home after 14 months. Capital gains!!? Posted: 06 May 2021 10:21 PM PDT My wife and I are selling our home after living in it a little over a year. We just opened escrow today and it will close with on June 9th, marking about 14 months of us owning the home. We stand to profit 168k from this sale. We plan to buy a home in the near near future with the proceeds we make from this home. My tax guy told me we wouldn't pay any capital gains taxes if we buy within 12 months. Is this true? Thanks for the advice! [link] [comments] |
| Posted: 07 May 2021 09:52 AM PDT What is the general consensus on using a relative as your realtor? My husband did not want to use a relative of mine because he said that it's business and prefers to keep that separate from family. [link] [comments] |
| Failure to Disclose - Next Steps Posted: 07 May 2021 09:42 AM PDT I purchased an apartment in Colorado last summer. The complex has tons of issues that were not disclosed on the sellers disclosure. I received an updated sellers disclosure 3 days to close and it was still not indicated. The issues are pretty easy: 1- issues with roof from a hail storm in 2019 that I now owe $ from a special assessment2 - polybutylene pipes in whole unit that need replaced.I emailed the managing broker to let them know that I thought I was misrepresented by my agent, but they basically told me I was out of luck. I did review my emails and my agent did forward me a ton of HOA documents about a week before my closing. In those documents it did talk about the pipes and the hail storm, but it never said that those issues hadn't been resolved yet. Am I out of luck since the seller didn't disclose that the HOA was still working to resolve the issues with the roof and that the HOA is requiring everyone to replace all pipes in individual units at our own costs? (This is a whole separate question - can the HOA require everyone to repair their pipes when they had paid to repair other units pipes in the past?) I just feel like everyone knew about the issues (both my agent and the seller/sellers agent) and didn't disclose just to make the sale. It feels like I got sold a lemon and there is nothing I can do. Am I out of luck? [link] [comments] |
| Need an assistance with the closing info Posted: 07 May 2021 09:26 AM PDT So I have a home in FL and posted on the market for sale. Got an offer, and now in the contract. The contract have been signed on March 4th and closing was due in April 18th, however, buyers changed lenders in April 10th and now house was suppose to close at the end of April. When the closing day came they requested an extension of 1 week which I granted. Yesterday was suppose to be a closing day but house didn't close because Lender still haven't approved or released the funds or notified the title office. Since the deadline for closing was yesterday, I still have not yet received any addendum for a request to extend the closing day, what are my options? I had to move out at the end of April due to original closing date Initially I asked the buyers to give me 2 weeks after the closing date at the end of April so I can move out and go straight to an apartment because the lease and apartment was available from May 15th, to which they said I have to pay them money for each day I stay. So I said no, and just decided to stay in the hotel meanwhile. However on the day of closing they send me addendum requesting an extension for 7 days to which I agreed but yesterday the deadline have passed and they said they need more time to close and will be sending the addendum but still have not received anything yet. If I knew they would have done it like that I could have stayed in the house and not waste money on the hotel. Can someone give me an advice how I can proceed? They already knock the price down from original asking price by almost 10 grand, made me do couple improvements out of pocket and now I'm losing money by staying in the hotel. Thank you [link] [comments] |
| How to find a business through real estate agents? Posted: 07 May 2021 09:16 AM PDT hello, I am operate parking lots and garages. I cannot seem to find anymore to invest/buy in the NYC area. Does anybody have any tips on how to find these types of businesses for sale? I was thinking of emailing real estate agents but most of the agents I found are only selling houses and not garages. Any help and tips are appreciated. Thank you. [link] [comments] |
| Posted: 06 May 2021 07:33 PM PDT As the title says, we just started the home buying journey, talked with a lender (mortgage broker?? Unsure of the title) and was told we can get a preapproval but it's only going to be good for 3 months. In today's market we are not confident we can find something in that time frame, so I'm wondering what happens if we found a house in the fourth month? Would they need to pull our credit again then? Should I be worried about how that would affect our credit scores? Thank you for your time! [link] [comments] |
| Buyer backed out; never deposited earnest money Posted: 07 May 2021 08:54 AM PDT So we accepted an offer on Monday. We picked the offer we did because it had the shortest due diligence/contingency period of 3 days plus 5k earnest money. The buyer got an inspection on the second day and the morning of the 3rd day their agent sent a list of repair requests to the WRONG person. Our agent found out evening of the 3rd day and immediately tried to contact their agent but she would not respond to any form of contact. 4th day is today and still no contact until our agent got a "withdrawal" form by email which apparently isn't even the right form. Technically we are due the buyers earnest money by not backing out by the 3rd day but they NEVER deposited it 😠Are we just screwed? I feel like we got played and we turned down multiple great offers to accept this one. [link] [comments] |
| How are people able to get multiple mortgages a year? Does that not kill their credit? Posted: 07 May 2021 08:27 AM PDT |
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