Real Estate: Escalation clause |
- Escalation clause
- Day 242. Another offer rejected.
- Anyone relieved to decide to keep renting?
- When did you know it was time to switch your realtor?
- We finally pulled the plug and signed our lease for another year
- How does new construction appraisal work and what happens if it comes in high?
- How hard to refi?
- Seller refusing to meet with buyer after signing contract
- Possible to close on a mortgage in two weeks?
- Forbearance?
- Hard copy of title search
- Using VA Loan to buy a new home while preparing the current home to sell?
- [MICHIGAN] Will it hurt or help to add me on the mortgage?
- We had an offer accepted on a house in OR and then everything went downhill fast - they advertised half of the fenced property as being included when it's really owned by the power company. The actual backyard is what they have advertised as a tiny dog run.
- Selling a house with multiple owners
- How to choose a real estate agent?
- Buying our first home, our lender asked us a question we don't know to answer, please help (it's time sensitive)
- Lost an offer since the house was renter occupied
- Should I sell or refinance?
- New agent needing brokerage in CA
- Unable to get financing for a home with only a woodstove?
- Remodel or Buy Another Duplex
- Can we even do this?
- Knockdown and part out lot to finance build- possible?
| Posted: 17 May 2021 07:03 AM PDT We received two offers on our home. Offer A is for $15k over asking, but they are requesting $15k back towards settlement costs (so net, full price). Offer B is full price, but has an escalation clause for $2k over next highest offer. Does the escalation kick in at $17k over asking or just the net ($2k over)? If it matters, this in the great state of Maryland. Thx! [link] [comments] |
| Day 242. Another offer rejected. Posted: 17 May 2021 10:10 AM PDT |
| Anyone relieved to decide to keep renting? Posted: 16 May 2021 11:13 PM PDT I've been searching for some 3+ months now, largely due to want of a backyard and property ownership (ability to do own upkeep, have a stable asset). However seeing home prices rise a percentage point or more each weekend slowly demoralized me. Then some 2 weeks ago something happened - houses in my market (in not the hottest neighborhoods, anyway) stopped selling. Now there's SFHs that are still on market for 2+ weeks. In 75% of the OHs we went to in past 2 weekends, we were literally the only ones there aside from the agent. It feels like we finally hit a plateau or peak in the unsustainable weekly appreciation. I might be wrong and this is just a minor dip in activity correlated to Mother's Day and Tax Day, though. And even though the prices and competition is getting better, I am becoming much less interested in buying and just decided to keep renting today. I realized that the monthly payment to own a house of similar value as I'm renting now would cost me 1-1.5k per month more, something I knew but never really bothered to consider the implications of. On top of that, most houses I've been looking at are a slight downgrade to where I'm currently living; just the idea of wanting my own property and building equity has been a strong influence. This saved 1-1.5k/m along with downpayment being put into different assets (stocks) should theoretically match or surpass the gains from home appreciation, albeit at expense of building home equity. Finally, as places are starting to open up and working remotely permanently may become an option, the idea of traveling the world or temporarily living in a foreign country while working is beginning to seem more appealing than being tied down to a house.. [link] [comments] |
| When did you know it was time to switch your realtor? Posted: 17 May 2021 03:55 AM PDT We've been with our current realtor since September of last year. I don't deny that she is a great realtor but we feel as though we have become more of an expense than a asset to her. We've started to feel like it would be good to get some fresh eyes on our situation. When did you all switch realtors and why? [link] [comments] |
| We finally pulled the plug and signed our lease for another year Posted: 16 May 2021 01:08 PM PDT After months of looking, 20+ offers, and two real estate agents, we decided this is not the right time for us. It has been an extremely depressing process. Crazy appraisal gaps and offers over listing. No way we could compete. Good luck to those of you out there who are buying! It definitely is not easy. [link] [comments] |
| How does new construction appraisal work and what happens if it comes in high? Posted: 17 May 2021 07:07 AM PDT We bought a new construction home at the beginning of the year that is still under construction, it's taking a while due to obvious supply chain delays/shortages. The neighborhood itself is established and nearing completion, there are a couple thousand homes. The base price of our townhome was 340k, we added 20k in upgrades, but immediately after we bought the base price increased by around 20k. Due to the high demand in the neighborhood and the other craziness happening, we've seen comparable homes in that neighborhood already selling for 5-10% more than what our total purchase price was. Once we finally get in our home, how will our home appraisal work? Are they going to go off of how much we paid for it or comparables in the neighborhood? What happens in our appraisal comes in higher than expected? I've been able to find a lot on the internet about low appraisals on new construction, but not much about high. [link] [comments] |
| Posted: 17 May 2021 07:26 AM PDT How hard is it to refi immediately after you buy a house? The goal is simply to get into a house using a builder lender and then refi out to get a better rate rather than using closing credits to buy down the builder rate. [link] [comments] |
| Seller refusing to meet with buyer after signing contract Posted: 17 May 2021 09:48 AM PDT My parents sold their primary house and downsized for a condo a month back. Both them and the seller signed the contract and moved forward with closing. However, during the inspection the seller decided that they did not want to sell the condo anymore and have completely ignored any communications from my parents of their lawyer. I checked the listing this morning and they have completely taken it off the market. This leads me to believe that they have cold feet and don't want to sell anymore. My parents have already paid for an inspection and submitted all of the paperwork to the condo association. It seems like the sellers are just hoping that my parents forget and keep the property for themselves. I've come across "specific performance" as a way to get them to sell but I don't know what other options they have. My parents don't have anywhere to live as they had lined up the condo after their sale of their house and are now having to pay for short term rentals. Any help or ideas would be greatly appreciated! [link] [comments] |
| Possible to close on a mortgage in two weeks? Posted: 17 May 2021 08:08 AM PDT A bit over two weeks to go and I fucking hate Quicken and want to switch out. Closing date is on June 4th though. Is that too soon to get the deal done with someone else? [link] [comments] |
| Posted: 17 May 2021 10:00 AM PDT Currently in forbearance, hoping to have amount due added on the back end of loan. Was wondering about the escrow? Is that going on the back end too? Is it even being paid right now? [link] [comments] |
| Posted: 17 May 2021 08:54 AM PDT Hi, My attorney just asked me if I would like to purchase a hard copy of the title search which is done today. Do I need a hard copy of the title search if I have a PDF version already? This is NY. Thank you [link] [comments] |
| Using VA Loan to buy a new home while preparing the current home to sell? Posted: 17 May 2021 08:34 AM PDT I am looking to possibly move in the next few years and would like to see what the process would be to get another VA Home Loan. We have been in our current house for almost 4 years now but are looking to move to a different state. In terms of applying for a new loan while selling the current home, what do I need to prepare ahead of time and are there any limitations I may face during this process. I am trying to give myself enough time to get finances squared away before anything. Not sure if it is needed but our original VA Loan was around $275k and we are hoping to find our next house no more than $500k. [link] [comments] |
| [MICHIGAN] Will it hurt or help to add me on the mortgage? Posted: 17 May 2021 11:10 AM PDT Hello! I [31F] and my bf [30M] are house hunting. I have a decent credit score (670) and he has a great one (790). He has been approved for a mortgage and has $20,000 to put down on a house. I have no savings to put down yet. We plan on marrying but not in the next two years or so. Would it be reasonable or advised for me to get put on the mortgage right now? It was brought up to me by my boss as a suggestion. Will it help or hurt our search? Thank you for your time and input! [link] [comments] |
| Posted: 17 May 2021 11:00 AM PDT We feel sad, frustrated, and deceived. We put in such a good offer! Even allowed a 2 month rent free rent back because of the current seller's market. The reason this got so far that we placed an offer is because the seller blatantly fenced over land owned by the power company, and then built a chicken coop and shed on it. It seemed legit at face value during the tour. The description on multiple internet listings said it was large newly fenced yard, bragged that it was great for dogs and potential for building a shop. There were four pictures of just the large backyard in the listing. We aren't face value people though, and soon the acreage, and simple public record searches blew a hole in it. We actually used an app designed for hunters that shows where private property lines begin. Seller fenced right over public land and her little shed and coop could be torn down any old time. We contacted the title company and they sent the Trio which blatantly outlines the property, right down the middle of the chicken coop and fence. The actual back yard cuts off about 4 feet from the house, it's absurdly small. The seller signed papers after the offer was accepted saying there was no easement, utility rights to the property, or any weirdness. Yet they posted pictures of the "fenced backyard," that doesn't actually belong to them, and included it in the description. I feel deceived by the seller. I feel deceived by the listing agent. I don't want this person to be able to repost the property and pull someone else in like they did with us. If we had started pulling the money for the 35% downpayment out of investments, we would have had thousands and thousand in taxes for nothing, and we'd be talking to a lawyer. No interest in legal recourse, just want to get back to touring I guess. I'm hoping to hear from some realtors or buyers here about your opinion of this situation. Also, what we can do if we see this property pop back up across the internet as available and still including the illegal backyard by the same listing agent. [link] [comments] |
| Selling a house with multiple owners Posted: 17 May 2021 10:50 AM PDT My parents bought a house for my sister and I to live in during college in Reno Nevada. They then divorced and put the Reno home in my name, my mothers, and my sisters. The house has since appreciated in value and we all agree on selling. However, my understanding of the capital gains tax exemption is that I have to have lived there 2 of the last 5 years which Neither I nor my mother no longer qualify for. However my sister is still living in the home with her husband. What are our potential tax implications if we sell or options as far as changing the title ownership to avoid having to pay capital gains tax? [link] [comments] |
| How to choose a real estate agent? Posted: 17 May 2021 06:44 AM PDT Iʻm tasked with finding an agent to sell my moms house and a friend recommended an agent in my area, but looking at his past sales it look like most of the houses that he has sold are on the low end (think mid 200K) and my moms house is valued at around 750K. I say on the low end because this area has a pretty high cost of living. Heʻs got great recommendations on his site and has been in the business for over 20yrs, but is there something else I should be looking for? [link] [comments] |
| Posted: 17 May 2021 06:39 AM PDT She asked us "Do you want to Escrow your taxes and insurance?" We have rented all our lives and have no idea what escrow even means. Can someone break this down in laymans terms for us? [link] [comments] |
| Lost an offer since the house was renter occupied Posted: 16 May 2021 10:05 PM PDT We just lost an offer as I requested for a buyer contingency for the existing renters to vacate. They were supposed to vacate by end of July as per their lease but the seller wanted to close before mid June. I requested the closing to be after renter moves out. Not sure how to feel about this, on one hand feels like I lost a great oppurtunity with the house (had everything we wanted, wifey loved the house), but on the flipside, we could have had a bad time getting the renters out. Thoughts about buying renter occupied properties? [link] [comments] |
| Posted: 17 May 2021 10:00 AM PDT I'm not sure if this is the right sub to ask but, hopefully someone here can offer their opinion/advice. I currently own my home that I built in 2010. It is a 3 bedroom , 2 1/2 bathroom, with 2 living spaces, a formal dining room, granite in kitchen, huge backyard, 2075 sq fr. I did have to replace the AC coils a few years back, but other than that, the home has not needed any major repairs. It's in a state that is hurricane prone, but this home has never flooded or even come close. It is suburban but still close to 3 major freeways & about 15 minutes to a major medical center & 5 mins to an Amazon facility. It's in an excellent school district but is zoned to the worst schools in the district. Because of this, the houses in this area are considerably cheaper than the rest of the suburban area, even though it's technically in the BEST location. Everyday I get calls and/or flyers about selling. I was the sole occupant for 10 years until last year when I got married. Our plan after marriage was to sell my house & purchase a new one together, but then came a global pandemic & my husband was unable to work, so we just sat tight. We are now doing much better financially, he started a fantastic new job a couple of months ago. We are going to have a baby soon so we want to move/purchase where the schools are better, same district/suburb. Plus we need at least 4 bedrooms. -Outstanding mortgage balance=118k -Current Interest Rate=4.75% -Monthly payment=$1200 -Comparable homes recently sold in my zip=240-255k -Credit=770 FYI: Of course I considered refinancing to lower my interest rate a million times but, I never did because I think we might sell soon & the homes in the area sell in less than a week. I am torn because although this neighborhood is not ideal education wise for my growing family (even though we have plenty of children that all play outside together), it is so close to my job. I absolutely love my neighbors. We are close knit & have a family like community where we always help each other out & look out for one another. Also, I want our next home to be new construction, which is a gamble in a flood prone place. We'll have no point of reference of how the neighborhood will uphold in a hurricane. I'm afraid that if I don't sell soon, then I'll will never be able to profit this much from selling again in the future if/when this housing bubble burst. Is this irrational? I'm in a position where I could benefit from the current seller's market but then i will immediately be at a disadvantage because I will then become a buyer. I have analysis paralysis, so instead of making a decision, I'm stuck doing nothing, probably wasting valuable time. If you were me what would you do? [link] [comments] |
| New agent needing brokerage in CA Posted: 17 May 2021 09:44 AM PDT What is the best brokerage for new agents? I am not interested in EXP; tried that last year. [link] [comments] |
| Unable to get financing for a home with only a woodstove? Posted: 16 May 2021 04:54 PM PDT We have put in an offer on a home in Michigan with a 20% down payment and a conventional loan. We were told today by our realtor that the previous buyers were unable to get financing because the home only has one heat source, a wood stove. I'm wondering if maybe they had an FHA loan and this is why they were unable to get financed? I know conventional loans are typically more lenient with home appraisals. I've searched google all day trying to find an answer but I cannot find anything specifically on wood stoves. I've emailed my lender about it but they will not be in the office until tomorrow. Any insight would be much appreciated. [link] [comments] |
| Posted: 17 May 2021 08:59 AM PDT I'm a first time a home buyer/ real estate investor here. My partner and I are in the process of closing on our first duplex. This will be our first home purchase together. We will be living in one side and there is already a tenant on the other side. The property is in multi-family zoning so it can have six to eight units on it. There's a two-car garage that already has a toilet, sink, and electricity in it. The electricity panel isn't up to code and will need replaced. The two car garage has a nice concrete slab. The connected driveway is also level and paved with concrete. Our inspector told us that if we did all of the work ourselves we'd spend about $30,000 to turn it into a duplex or about $60,000 to have a contractor do it. The property also comes with an RV parking space and and fenced back yard. The current homeowner has an RV on the RV parking pad and the current tenant has no problems with it. I've thought about putting a tiny home out back and renting it out on Airbnb or monthly. My question is would it be wiser to buy another property or to remodel the garage into a duplex or even a four-bedroom small house meant to be shared by the local community college that is two blocks away? Or would it be wiser to start with buying a tiny home and renting that out? At what point would we be able to buy another property? Or should we just stay where we are and keep adding units as much as we can? [link] [comments] |
| Posted: 17 May 2021 08:53 AM PDT My MIL lived for 25 years in a townhouse owned by my BIL. She passed in Oct 2020. My SIL took over 6 months to clear out personal effects. My BIL, who lives in another state, now wants to sell but due to the very hot sellers market does not want to use a Realtor. He wants to FSBO the townhouse but wants my husband, his brother, to advertise it and sell it. My husband is not a Realtor. We do not want to get nicked for selling real estate without a license. Frankly, we think this is a terrible idea. So would it even be legal for my husband to act on his brothers behalf and try to sell this place? Just give informational purposes BIL has decided on a ridiculously high price so selling it could easily drag on for awhile. [link] [comments] |
| Knockdown and part out lot to finance build- possible? Posted: 17 May 2021 08:36 AM PDT I want to sell our home but we live in a hot market and can't find anything that I feel is worth buying. We like the area we are in but our home doesn't meet all of our needs as our family grows. With that said, we have gained a lot of equity and have an idea but not sure if it's possible or what would have to happen. Purchase Price 2013: $225k Current Remaining Mortgage: $150k Home Value: $600-650k We live on one of the largest lots in our area (2.5 lots) and many homes are being purchased by developers, torn down, and then 2-3 homes built on them that sell for $500-650k each. Our idea would be to sell off 1 lot, we keep 1.5 lots and then knock our home down and build new. We'd rent for a year or however long. What are the steps to get even see if this is feasible (if it is at all)? Not sure how a bank would work out the demo of their asset even if we could pre-sale the lot, etc. [link] [comments] |
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