Real Estate: Found out why a house closed for over 40k less than we offered on it. |
- Found out why a house closed for over 40k less than we offered on it.
- Warning about Cody Sperber
- Is a love letter from a young single person ever beneficial?
- Builder built in my setback, NO permit, NO variance.
- Square Footage Misrepresented
- What interest rates are you getting right now?
- Offer got accepted and now in underwriting!
- Adverse Possession / NJ
- Buying a house from my Mom...
- Anyone with experience buying a tear down home?
- Earnest Money and buyer's agent incompetence
- Residential real estate bubble?
- Should I buy a duplex now or wait?
- Refinancing options
- Does Days on Market Matter to Buyers?
- Question about home loans
- Is there a general recommendation % equity before selling?
- Sale Fell Through, Buyer's Employment Was Supposedly Not Long Enough to Secure FHA Loan
- Gift for mortgage broker?
- Steps to sell house FSBO?
- Property Manager (St Louis) Recommendations
- liabilities For names on a Title vs Mortgage or Deed of Trust
- [SE MI] Our 9 month search for our first home!
- Quicken Loans Workplace
| Found out why a house closed for over 40k less than we offered on it. Posted: 13 May 2021 07:39 AM PDT House was listed at 699k with recent comps being between 650-700. This house was renovated very nicely but was on the smaller side and more $ per sqft. We offered 756, with 20% down conventional loan, agreed to cover appraisal gap and agreed to not ask seller for any repairs. Winning buyers offered $777 but did not waive appraisal contingency. Appraisal came back at 634k. Sellers decided to cut their losses and meet at the middle at 712k. Taking the risk of accepting an offer for 21k more than ours ended up costing them 44k. I can't help but feel smug that they took a loss considering their rejection letter said that they "accepted a higher offer that better suited the sellers needs" when clearly it did not pan out that way. Houses in this neighborhood have shot up over 30% in the past year so the fact that they even considered an offer that didn't waive the appraisal contingency was a really dumb move. Buyers ended up getting a sweet deal though, so good for them. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 12 May 2021 04:03 PM PDT The course is completely useless and is full of information you can find on this subreddit. Never will actually tell you how to do anything. Also, it is marketed as a one time purchase course (Clever Investor program) however i got hit with a renewal fee 3x the size of my purchase. Filed a claim, got money back, Clever Investor team disputed it—won. Clearly this is how he makes his money. Just a warning to those who may have been considering his program! 😬 [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is a love letter from a young single person ever beneficial? Posted: 13 May 2021 06:47 AM PDT Hello, I have seen a lot of posts discussing the merits of sending a love letter to the seller when trying to purchase a house. There seems to be a 50/50 split on whether they should be used. Pretty much all of these posts have one thing in common, they are all from the perspective of a young couple/newlyweds who are getting ready to start a family or have young children already. I would like to know your opinions on a love letter coming from a 20 something single man. It is hard enough trying to compete against dual income households. I am sure most sellers would much rather have a young couple move into their house compared to a bachelor assuming the offers are similar. Since love letters are meant to play to the sellers emotions, do you think there is ever any benefit to a young single person using a love letter? Is outbidding the cute young couples the only option for single people to get an offer accepted? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Builder built in my setback, NO permit, NO variance. Posted: 12 May 2021 08:25 PM PDT City of Atlanta, Dekalb County. My next door property sold to a builder, and he threw a 4500 sq foot house up in two months. It's still just lumbar, but it's very close to my house, and it's huge. I started looking into it when he began adding a second story to the detached garage, which would completely block the gorgeous view from my master bedroom. I called my friend who is a permit expeditor, and she called me back immediately and said "not only was his building permit denied, he doesn't even have a demo permit." According to the city, the little old ladies house is still standing. I was mindblown. Being the obsessive human that I am, I took a tape measure over to the property. The garage is set back just 5.5 feet, and at some places the entire home is only 4 feet from the property line, not including the roof overhang. The setback in my zone is 7'. I contacted the builder and he initiated a meeting with me about the garage. As soon as he knew I was aware he built the house un-permitted, he was visibly anxious. He agreed to stop working and get a site survey done. They attempted to tent the house, but had to stop, because the city showed up (someone else knows?) What can I do? I don't want the house built that close to my property line, and being that it is completely, 100% un-permitted, what do you think will happen? I'm down to lawyer up. Edit **I've contacted code enforcement and the NPU. I'm curious if anyone has ever seen a situation like this play out. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 07:14 AM PDT I'm curious if anyone has experience or good advice on this situation (we will not likely be going forward with the property since it has this and other issues, but I'd love to understand everything theoretically and have all possible information if we did decide to go forward): we were working hard to but a farmhouse that is FSBO. Everything looked great in the listing. Upon seeing the place there were some issues but not necessarily insurmountable issues. Things like the water isn't potable (might just need UV filter but perhaps requires new well and filtration), the barn isn't in great shape, the floors are scratched to hell, etc. but my real question is about square footage. It is listed at nearly 2900 square feet for the house. When we got in, it clearly wasn't. According to my measurements, it can't be much more than 1800 square feet. The seller seems to believe the high number is correct, and I know these things are usually subject to the buyer doing due diligence, but the difference is so massive and the current asking price is over $190 per sq foot while the lower square footage would put that over $300 per square foot. If the property were valued below $200 per square foot and under 2000 square feet it would be an easy decision to buy, but not at the current asking price. Any experiences or advice on the situation? I know I can't confront the seller directly on this because they're irrational about their property. (If I'm omitting important info, let me know). Thanks everyone! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What interest rates are you getting right now? Posted: 13 May 2021 08:12 AM PDT I am buying an investment property and two of the lenders I've talked to are offering around 5% for a 20% down conventional loan, which I'm a little unhappy with. Obviously APR is based off your underlying financials but I was expecting better. What's everyone else getting at the moment? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offer got accepted and now in underwriting! Posted: 13 May 2021 08:23 AM PDT Hi there! I am so excited If things go according to plan and goes smoothly! Monday 5/10 was the inspection. 5/12 was the appraisal! I am so nervous. I have not been able to sleep. What worries me the most is the Appraisal part. But overall I am so excited to be a first time home buyer! I've been looking since last November and finally got my offer accepted! NorCal / Central Valley . Wish me luck! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 04:58 AM PDT I bought my home, my first, in 2019. I didn't know much at the time, and have used the extra time on my hands during the pandemic to better educate myself as a homeowner. I dug up the survey of my house to have another look now that I have a slightly better sense of what I'm looking at, and I noticed something unusual that I didn't clock the first time around: the pre-existing fence on one side of my property encroaches by about three feet onto the property of the two businesses next door. I was able to find the permit for the fence, which was built in 2013, and the house had one other owner between then and me buying it in 2019. One of the adjacent businesses seems to be vacant at the moment, and I don't know the owners. The other is a bike shop, the owner of which seems not to be the friendliest guy in town. I don't know if he's aware of this at all. I'm mostly interested in cleaning this up for when the time comes to sell the house or replace the fence. I have done some research into tacking, adverse possession, and prescriptive easements, but I'm not sure of the best way to proceed. I have found historical satellite photos that seem to indicate that a fence has stood on the same spot for longer than 30 years, the adverse possession timeframe in NJ. I'm also in the process of trying to dig up old surveys of the house and permits of any old fences. Both my wife and the lawyer who helped with our closing think I should leave it alone and that there's no reason to make trouble when there isn't any, but I thought it might be worth getting some other opinions. Any advice is much appreciated. What would you do in this situation? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 07:05 AM PDT Hi all, hope everyone is well. Long story short. My mother can't afford her mortgage anymore since my father passed away, so she is giving me an opportunity to buy it from her. House appraised for $710k, agreed upon purchase price is $462k. She owes roughly $330k on it still. I am already approved for the full amount. What I am wondering is what type of taxes she would be responsible for in 2022 from the $132k profit? Capital gains? Gift tax due to selling price being so much lower than market value? This house is in NJ BTW. Thanks for the help in advance! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anyone with experience buying a tear down home? Posted: 13 May 2021 08:25 AM PDT I want more land and less house, so I'm looking at property with older mobile homes or homes that have been uninhabited for years. My hope is that as long as a home has been on the property it will be easier to rebuild...I would have a water/sewer/power/ driveway/ building pad already on site, I am hopeful it would be cheaper to build new than buying raw land and hoping a perc test passes and I find water, etc. However, I'm not sure if the cost of removing an old mobile home or house is worth it. Anyone with experience or advise? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnest Money and buyer's agent incompetence Posted: 13 May 2021 10:59 AM PDT Had a question about malpractice/liability with our buyer's agent. We had an offer accepted on a house with an inspection contingency, after the results of the inspection we decided to exercise this clause and end the contract. Unfortunately our buyer's agent sent the paperwork to the wrong agent and now the sellers are refusing to return the earnest money. If they do not budge on this, is there any recourse to withhold the amount from the agents commison? This is one of many clerical errors and frustrations we've had but we're on a deadline to move due to work and our agreement doesn't have a termination agreement. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate bubble? Posted: 13 May 2021 10:50 AM PDT Just want to have a conversation. Certain markets (Montana) have seen house price rising close to 40% year over year. I was just curious as to what your opinion is.
Personally, I do not think that we are in a bubble, just short term price inflation. Just like everything else now day, price are inflated. Government printing trillion of USD. People not going to work because jobs are paying them less than what they get sitting home. I think once unemployment benefit runs out, people will be force back to work. Then the supply will rise, and demand will slow. So for example, both lumber and construction workers are low on supply right now. Once people get back to work, both those numbers will increase. Also, once people get back to work, they'll go back into the office at least for a few days. Thus less of a demand for bigger living space at home. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I buy a duplex now or wait? Posted: 13 May 2021 07:00 AM PDT I graduated college last year and am currently saving to buy a duplex. I will have a down payment by this fall and would like to buy a duplex with these low rates but am scared by the state of the market. I would really love to stop paying rent but I am unsure if/how much I would be overpaying for the duplex given the state of the market. Should I buy this fall/winter and lock in a better rate or wait this out and buy once the market shifts back towards the buyer? Any advice would be appreciated! I live in Western Pennsylvania if that matters. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 10:41 AM PDT Hi everyone. Looking to find the best refinancing options. I have done my research but I'm not very informed on how they all work. We are buying a vacation investment property with a bridge loan. Once we close we were told by our lender we will have a couple options, being: Refinance, HELOC, Equity loan, or cash out refinance. I was looking to get your opinions on the best option. I do know with the cash out refinance, you have to wait 6 months. So that's kind of a deterrent for us. Unless there's some reason that that option is much better than the others. We are Trying to get our ducks in a row so we can turn right back around and make the move as to not pay so much on the interest only bridge loan. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Does Days on Market Matter to Buyers? Posted: 13 May 2021 10:37 AM PDT I listed my home two weeks ago, had two viable offers. Sigh, one got messed up because of crossed wires and miscommunication and the buyer accepted another offer. The second one...buyer was a total asshole. Acting as his own agent and he kept making insane demands whenever we countered. I asked for rent back and he counters with a severely shorter rent back, an eye watering massive security deposit AND some of my custom furniture (!) and appliances. I shut that deal down immediately, no way I sell to that prick. So for now, my house sits on the MLS. I'm kinda okay with that because there is very little on the market for me as buyer to go after. Folks have trickled in but no bites yet. I worry that with my home sitting for so long, people will think something is wrong with it. It's a perfectly lovely condo in OC! TLDR: Will days on market deter buyers from buying your home? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 10:26 AM PDT Me and my wife talked to a loan officer about getting a home loan. We qualified and everything but I found it strange that they go with the lowest credit score out of the two. My score is about 740 and my wife is about 780, they went with my lower score. I don't understand why they don't choose the highest score? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is there a general recommendation % equity before selling? Posted: 13 May 2021 10:19 AM PDT 10% down payment, mortgage is below 25% take home pay. If we were to sell in 3yrs... (Hopefully a stable market and more inventory then) what should our equity goal be? I've read plan to spend 10% on commissions and fees. We plan to make some updates as well. (Biggest one being turning an open room into a 4th bedroom) Would 25% equity be a good goal? We will be saving a lot towards our next down-payment as well since we want to upgrade. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sale Fell Through, Buyer's Employment Was Supposedly Not Long Enough to Secure FHA Loan Posted: 13 May 2021 10:17 AM PDT So we accepted an offer on our current home Mid April. We live in a tiny town so we were just happy to be able to get under contract. The buyers offered 10k over asking, but with all financing, appraisal and inspection contingencies in place. They submitted their offer with their preapproval letter, so everything looked OK. We weren't thrilled about the FHA loan, but the house was well ender what they were preapproved for. They also agreed to not ask for any repairs outside of what the appraisal may require. For our market, this looked great for us. A week goes by, they do their inspection, everything checks out. Appraisal and termite inspections were ordered and were set to happen very soon. Then yesterday morning, our real estate agent calls to let us know the sale is going to fall through because one of the buyers may not have been at their job long enough to get the loan. I would think some type of employment verification would have occurred during the preapproval as all three of the lenders that we applied to during our own house search verified our employment. Anyways, we got the letter of denial from the bank so that we can relist the house. At this point, it's relisted This throws a huge wrench into our plans, but the biggest inconvenience is that we have 10-month-old twins and I'm really dreading getting the house in showing condition. It shouldn't take long, but it'll still be a challenge. We're also under contract on a new build. That was contingent on us selling our house originally, but not long ago, someone offered more money to the builder, so we had to remove the sale contingency. Luckily, their in house lender was able to preapprove us even without the contingency, but this will change the loan type we need to use for the new build, should it be completed before we're able to sell. Anyone have any similar stories? If so, how'd everything end up? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 10:01 AM PDT I'm in the end stages of closing on a house - just passed appraisal yesterday!! My realtor has been wonderful and put a lot of work into the deal, and I'm getting him a nice bottle of wine or something similar. My loan officer at the mortgage company has also been amazing; she specializes in working with first-time home buyers, and she has been extremely attentive in guiding me through the process and answering my numerous questions. My realtor even commented to me on how great she is to work with. Is it appropriate to get her something, and how would I do that? Would she be there at closing, and would it be weird and tacky to give it to her there? Do I mail it to her office and address it to her? Thank you! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 09:58 AM PDT Someone that we know is interested in purchasing our home once we move. Obviously since I already have a buyer lined up we would be doing this without realtors. What are the steps to do FSBO? I know meeting with a lawyer would be the first step, but is that only for the contract write-up or will they effectively be guiding us from start to finish? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Manager (St Louis) Recommendations Posted: 13 May 2021 09:43 AM PDT Anyone have a reliable, full-service property manager in St Louis that they could recommend? I live out of town and am looking to buy a duplex there and have it managed [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| liabilities For names on a Title vs Mortgage or Deed of Trust Posted: 13 May 2021 09:29 AM PDT Just curious what liabilities, if any, does someone who has their name on the title of a property incur? said person will NOT be on the mortgage or deed of trust. This is taking place in CA, specifically SoCal. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [SE MI] Our 9 month search for our first home! Posted: 12 May 2021 09:25 PM PDT TLDR: Landed our perfect dream home after 10 offers in SE MI! No matter how hopeless it feels, keep pushing and you will land your home in the end! We just closed on our first home after a 9 month search that started back in August 2020 and included 10 offers on 10 different properties. Like many of the folks here, at times we felt completely hopeless, but in the end we ended up with our dream home (#11!) at the top of our budget, and we couldn't be happier! I figured I would share a summary of all the offers we put and some reason why some were not accepted to give people an idea. As some background, we were looking for a 3 bed/ 2 bath with a 2 car garage as our main criteria with 1200-1800 sq ft in South East Michigan. Our budget was somewhere between 200-320K. The chart below shows each house's listed price, versus what we offered, and what it ultimately sold for. On average, we were offering about 10% higher than asking price with a 10% down payment, and roughly 1-2% earnest money deposit. At the start of our search, we were not waiving inspection contingencies nor doing appraisal guarantees. But we admittedly became desperate and considered those options with our last offer, which was accepted.
So as you can see, we ultimately had to structure our offers to what the market was expecting. Which meant no inspection, and some sort of appraisal guarantee. For us, we felt strongly enough about the home we got from the moment we stepped in and we knew we had to go all in to even have a chance. By all in I mean we:
I hope this gives you a good summary and a general idea of this particular market. It certainly wasn't easy and we definitely took big risks. But ultimately, we ended up with a home that we see ourselves living in for 10-15 years at a minimum. I wish everyone the best of luck in this crazy market! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 13 May 2021 08:36 AM PDT Hello, I'm a 25 year old Single Male and I worked at Verizon for a little bit in sales and now I do Cold calls. My goal is to financially stable and from what ive been reading, Quicken is the place to do that. As long as you work hard and maintain a good work ethic is management ready to help? What was the overall experience at Quicken? I'm very curious and interested because i've been looking for that Wolf of Wall street environment for some time now [link] [comments] |
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This is such an insightful collection of real-world real estate experiences, especially the detailed breakdown of the 9-month home search in Michigan. It really highlights how crucial high-quality presentation and professional photo editing service can be in making a property stand out in such a competitive, fast-moving market. Thank you for sharing these valuable lessons and cautionary tales with the community!
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