Real Estate: Is venting allowed here? I’m about to close on my first home and cannot stand all the unsolicited opinions about the current market. |
- Is venting allowed here? I’m about to close on my first home and cannot stand all the unsolicited opinions about the current market.
- Got PMI removed
- New home builder wants 80k more. :(
- Closing Adventure!
- Seller: Offer received with inspection contingency, but "as is"
- Lender Credits
- Offer accepted. It’s a miracle.
- OFFER ACCEPTED!
- Should I give my real estate agent a gift?
- Is it just me or anyone else thinks the market is cooling off
- (MD) Could an Ikea refrigerator deter buyers?
- What are the risks of closing but then letting sellers spend the night and leave the next morning?
- Condo Appraisal?
- Had to read it twice to ensure I read correctly but we are down to 8 days of inventory here in Phoenix…
- Dealing with FOMO as someone who doesn't even plan to buy for another 5 years or so
- Temporary Occupancy
- Website listings
- House in escrow and estimated costs/work on updating electricity
- how do you verify an online mortgage company ?
- How to find a lender
- Got a house relatively quick.
- Ex-Spouse Delinquent on Property Tax
- Buying coop with boyfriend
- Closing issues due to current tenants
| Posted: 19 May 2021 08:25 AM PDT I finally got an offer accepted for a home I absolutely love. Nice location, great space, and doesn't need any major updates or repairs. I also paid over asking and covered an appraisal gap. Not ideal, but expected in this market and it's all still within my budget without straining. Now that I'm about to close, it seems like everyone and their mother wants to tell me what they think of the market. Specifically, that the bubble is about to burst, I'm going to be underwater on my mortgage, and I should have waited a year or two. If I hear what a horrible idea it is to buy right now one more time I may have to slap someone. I get it. Market sucks. But I don't see prices dropping significantly any time soon, I needed a bigger space, and I hate living in apartments. The only thing worse than buying right now is trying to time the market because no on knows what will happen. I wanted this home, I can afford this home, I bought this home. End of story. Any other buyers dealing with this annoyance? [link] [comments] | ||||||||||||
| Posted: 18 May 2021 08:39 PM PDT Bought my house in Oct 2019, refinanced for a lower interest rate in June 2020. As a result of recent housing market surge, thought I would try and see if I can get PMI removed. Called loan company and asked for PMI removed. They asked me to pay $105 for a BPO (some form of appraisal). Appraiser came and took pictures of the house and asked me what major upgrades I had made. Mentioned backyard upgrade, new paint, crown molding installed etc. 2 weeks later, got a notice in the mail that PMI has been removed. That SIMPLE! [link] [comments] | ||||||||||||
| New home builder wants 80k more. :( Posted: 19 May 2021 07:23 AM PDT I'm little lost, never imagined this to happen to me... We signed the contract oct/Nov 2020. They just started construction this month, slab down and started framing. Got an email stating that they want another 80k for material increase. I told them I want to work with them show me the invoice and but they're pretty much brushing that idea aside saying that they won't know til the wood or material drops and the dry wall is up. So, either I take the 80k increase or they terminate my contract.. I feel defeated, it's like if I break the contract they keep my deposit. If they break it all they do is return my money and get to sale the house at a higher price and make more profit? I live in Texas, any advice or what I can/should do will bre appreciated. Thanks Added link to contract https://drive.google.com/file/d/1bDXXj6OGixZbg34GeefimeD2SX4FmRUV/view?usp=drivesdk [link] [comments] | ||||||||||||
| Posted: 19 May 2021 09:50 AM PDT The day before I was supposed to sign my closing paperwork my realtor called me and said "Don't freak out".... never a good sign. A "Nigerian Prince" type scammer listed the house on Craigslist the week prior and renters moved in over the weekend. Apparently the next morning after the "renters" moved in, they were talking to a neighbor and mentioned they were renters. He immediately called the sellers who got their realtor and police involved. According to another neighbor, the cops showed up sirens blazing armed with assault rifles and surrounded the house. I feel awful for the people who got scammed, they were already out thousands of dollars, didn't need that trauma as well. Thankfully they did move out immediately so I was able to move into my new house on time. I introduced myself to the neighbor who called it in the day after I got keys. I brought him some treats and profusely thanked him from preventing an absolute nightmare for me. I can't imagine how long it would have taken to go through an eviction process. Keep an eye on your properties, particularly if they have been sitting vacant for a while! [link] [comments] | ||||||||||||
| Seller: Offer received with inspection contingency, but "as is" Posted: 19 May 2021 09:16 AM PDT we received an offer on our house with all contingencies, but they proposed an "as is" condition. I know this means no repair requests, but why would they offer that without us requesting it? Market is not that hot in our area. Are there any benefits for buyer or risks for seller because of that? Thanks for feedback. [link] [comments] | ||||||||||||
| Posted: 19 May 2021 10:13 AM PDT Our broker discussed some options with us regarding locking in the rate. Yesterday's rate was 2.875 and today's is 2.75. Here's what she showed me:
I'm surprised the lender credits/costs change so drastically. The difference between 2.875 and 2.750 is 5,642.13 in credits, and would take the monthly payments like 10 years to break even. Am I understanding this correctly? We think we'll live in this house for maybe 5-10 years then upgrade later. Do you think I should lock in the lower rate? Any other advice? [link] [comments] | ||||||||||||
| Offer accepted. It’s a miracle. Posted: 18 May 2021 06:09 PM PDT It happened. First time homebuyers with a pre approval for an FHA loan. Only three rejected offers. This house was going to be our last one before exiting the market long enough to save up more money. We submitted our offer for $20k over asking price, asked for $10k help with closing costs, because let's be honest - we needed it. We waived nothing. Definitely did NOT expect to hear that our offer was accepted when our realtor called the next day. I still can't believe it. Complete loss for words. Didn't see it coming at all, but we are over the fucking moon! [link] [comments] | ||||||||||||
| Posted: 18 May 2021 02:52 PM PDT These types of posts always got me through each day so I figured I'd make one now that we got an offer accepted! Central Maine, bid 22k over, 2k in earnest. Did not waive inspection or appraisal as it is a VA loan. This was our third offer. Keep trying and good luck to everyone! I'll update if anyone cares, as we go through the process. [link] [comments] | ||||||||||||
| Should I give my real estate agent a gift? Posted: 19 May 2021 10:42 AM PDT Closing on my first house this week. Not sure what the proper etiquette for this would be. She was an awesome agent. The sellers caused some problems at the end (I think they're going through a divorce?) and made us push closing back 3 weeks. Our lock rate was due to expire and she agreed to pay for it out of her commission since it wasn't our fault. If I did get her a gift... what should I get?? [link] [comments] | ||||||||||||
| Is it just me or anyone else thinks the market is cooling off Posted: 18 May 2021 12:35 PM PDT Started looking since March. Very crazy market and people always go thousands above listing prices and waive all contingencies. Never heard of these before last year in my area (metro Atlanta). But since this month, inventory increased a lot, and feels like you can get a mediocre house by offering 10~20k more. I mean, not as bad as months ago. And I saw more and more houses cut their prices. However, the newer ones, and the ones with good floor plans and nice upgrades are really hot. Which tells me people are more picky nowadays. Anyone feels the same in the area you are looking at? Update: Lumber Futures' Rout Deepens to 27% according to Yahoo Finance [link] [comments] | ||||||||||||
| (MD) Could an Ikea refrigerator deter buyers? Posted: 19 May 2021 06:12 AM PDT I'm looking to sell my 900sqft condo in 1-2 years and likely need to replace the refrigerator. The condo market in my area is always tough for sellers, so I don't want to spend money on something that potentially deters buyers. I currently have a GE fridge - 13 years old, top-freezer, stainless steel. I'm looking to replace that with an Ikea fridge - bottom-freezer, stainless steel. Would buyers rather see an old, top-freezer GE-brand fridge (it doesn't look old) instead of a new, bottom-freezer Ikea fridge? The Ikea fridge is like $1000 so it's not "cheap", and I personally like its design way better than its $1700 GE/Whirlpool counterpart. There's no branding on the outside of the Ikea fridge. I suppose the other option is going with the GE/Whirlpool counterpart, but that's more than I want to pay. The rest of my condo is in excellent condition, nicely designed (thanks to a designer's help), and has other upgrades to attract buyers, so I was hoping a new fridge would 'seal the deal', but I could really use an expert's opinion. Thanks for any insight! [link] [comments] | ||||||||||||
| What are the risks of closing but then letting sellers spend the night and leave the next morning? Posted: 19 May 2021 04:50 AM PDT Anything I should be aware of? We've gotten friendly with the sellers and they'd like to schedule closing to accommodate their moving company. We're fine with that and told them we could be very flexible on the closing date when we made an offer. They'd like to close on a Friday and just jump in the car and head to their new place. They're having the moving company take the last of their stuff on Thursday and hiring a cleaner to come in Friday morning as well. My wife works on Friday - we hope she can switch shifts with someone but if she can't is there a downside of holding closing on Thursday and letting the sellers spend the night on an air mattress before leaving in the morning? We would do a final walkthrough on Thursday evening after the movers have finished but before the cleaning person comes. [link] [comments] | ||||||||||||
| Posted: 19 May 2021 07:31 AM PDT My brother is looking to purchase a Condo. List price is $315,000 His realtor pulled a report of 10 comps. 1 comp is a condo in the same subdivision and is pending. 8 comps are condo that were sold last year. 1 comp was a condo sold in 2019. The range in the report says from 298k-325k. The realtor recommends bidding 330k, and appraisal will be waived (standard in our market to get anything even considered). Would there be an adjustment do you think for how crazy the market is? Market has heated up a ton since those 2020 sales. Also to note that it does say that this condo is listed 10% lower than the average cost for the zip code, which could be a good thing? The Zestimate says anywhere from 312k-345k (328k), but yeah Zillow is worthless lol. —Edit—— Zillow off market estimate is 360k lol. These numbers are all over the place. [link] [comments] | ||||||||||||
| Posted: 18 May 2021 06:19 PM PDT | ||||||||||||
| Dealing with FOMO as someone who doesn't even plan to buy for another 5 years or so Posted: 19 May 2021 02:11 AM PDT I'm a 24 year old recent college grad whose plan was to rent in a HCOL city chasing career advancement initially, then once I have experience to have leverage, probably in 5-10 years, I'd telework and move back near my hometown in North Georgia. Seeing the current housing market is stressing me out, however. How likely is it that such a scenario becomes out of reach in the next 5-10 years? [link] [comments] | ||||||||||||
| Posted: 19 May 2021 04:55 AM PDT We keep ALMOST getting our offer accepted on houses and lose out while negotiating temporary occupancy. We are often offering a later closing PLUS 30 days free. After 30 days we have the per day fee at $500/day. The most recent one wanted 30 days free then $60/day after and that just doesn't seem like a good enough incentive that they will make a point to be out by then. My family of 5 is currently in a temporary living situation plus we have school age children that we would prefer to have occupancy of our home by when schools start here. What is typical for this? Are people truly giving sellers unlimited rent back? I guess we are the suckers for not asking for months to stay in our home we just sold. 😖 [link] [comments] | ||||||||||||
| Posted: 19 May 2021 10:51 AM PDT Hello, I am a new agent and just started my website! The only thing is I have no listings and no one in my office has given me the okay to list what they have on my website. It is essentially free marketing for them! Does any one have any tips?? Thank you I am located in Los Angeles! [link] [comments] | ||||||||||||
| House in escrow and estimated costs/work on updating electricity Posted: 19 May 2021 10:47 AM PDT We are in escrow in SoCal for an older house that we believed to be pretty move-in ready based on what we could see. The house was built in the 60's and we didn't account for possible electrical work. Had an electrician go out and he strongly advised at least upgrading the panel since it's original and only 100-amps. Other possible work to be done: rewiring (some parts, like in the attic, are updated), opening up walls to ground outlets, smaller things like GFCI and plates over outlets. He ballparked around 9-12k for everything (3.5-4k for panel alone), not including getting someone to patch up everything, paint, etc. He also mentioned when upgrading the panel, there's a possibility the city planner decides the wiring/location of the panel needs to be changed and that's when it could run really expensive, because you may have to breakup concrete on sidewalk, etc. How likely is this to happen? Anyone experience something like this and have advice? Any other costs/issues we should factor? It's a bit disheartening because based on the condition of the home, we thought it was pretty much move-in ready, but it sounds like a project of this scope may take a while and be costly. Wondering if this is reason to walk away from the house. [link] [comments] | ||||||||||||
| how do you verify an online mortgage company ? Posted: 19 May 2021 06:45 AM PDT they all have websites and nmlsids. How can we validate that they are legit ? [link] [comments] | ||||||||||||
| Posted: 19 May 2021 10:09 AM PDT I am trying to find a private money lender in my area to partner with on flips. I am new to the industry and wanted to know if anyone had any recommendations. [link] [comments] | ||||||||||||
| Posted: 19 May 2021 06:09 AM PDT Started seriously looking at homes about 2 weeks ago. Started with a couple of offers that got denied and I was getting discouraged. Finally found a home that accepted my offer that was 35k over the asking price. I am getting it appraised and told them I would be willing to pay a maximum of 7k out of pocket in the case of a low appraisal. Also giving them rent back for a month after closing, which is fine with me as my lease ends around the same time they move out. Yeah I had to do all of this to get a house. But I REALLY like the house and currently have the liquid to cover all of these costs. I wish everyone else luck. PS found this home in the DC area. [link] [comments] | ||||||||||||
| Ex-Spouse Delinquent on Property Tax Posted: 19 May 2021 09:46 AM PDT This pertains to property in California. I recently got a divorce. As a condition of the divorce (but before it was final), I transferred sole ownership of the marital residence to my (now-ex) spouse via a grant deed. The transfer was recorded by the county last December. I've just learned that she forgot to pay property taxes this February. Her name is the only name listed on the bill under "assessed to." If it matters, our divorce agreement stipulates that she is responsible for all taxes on this property. Will this affect me in any way? I'm worried that the county will somehow consider me partially responsible for the taxes. In particular, I'm worried about my credit score (although some websites indicate that unpaid taxes no longer affect credit scores). Thanks for the help. [link] [comments] | ||||||||||||
| Posted: 19 May 2021 09:44 AM PDT We are currently renting and looking to purchase a coop. Problem here is we aren't married. We talked about just going to city hall and making it official but it's not ideal nor the most romantic. We are trying to get a mortgage preapproval but everywhere I'm reading said unmarried folks should get a cohabitual agreement signed and consider applying as an individual rather than joint. We want to have a joint mortgage. How can we do that with those online mortgage lenders such as rocket? And should we just elope now before getting the mortgage? We are in the stage of finding a lawyer and mortgage and already have our offer accepted. [link] [comments] | ||||||||||||
| Closing issues due to current tenants Posted: 19 May 2021 09:44 AM PDT Hello! After looking around for the last year or so, I finally found a home in my budget. I put in an offer and it was accepted! This was the last week of March. The house is a bit of a monet cosmetically speaking, which is fine because it means I can slowly renovate it to my liking. It absolutely cannot pass any point of a 4 point inspection and there is mold growing in the shower deteriorating an interior wall. I have no problem with the state because even after the costs to fix everything, it's still a great deal. My problem is that there are currently tenants living in the house. I obviously can't get insurance and I don't want the liability. When we first saw the house I said I'd be open to them staying for a few months until they find a new place (I'm in Florida - huge rental shortage), but after the inspection I said I won't close until they're out. The tenants have not maintained the house at all. The floors are destroyed and a door frame has been completely chewed through by their dog. The pool is green. The gutters have weeds growing out of them. There's huge piles of leaves on the roof. They took out all the smoke alarms. I do not trust them. The realtor called me today to say we might need to cancel the sale if she can't find them somewhere else to stay. She keeps saying it's in the contract that there are tenants in the house. That's not true. It specifically says that the property will be handed over to me vacant. The "tenant occupied" box is also unchecked. They sent their "lease" over stating that they can stay until December. It's clearly fake and the signature doesn't match the documents between the seller and I. If I have to fight to get them out, how does that work? What is my recourse? And why on earth did they put up a house for sale that they didn't want to sell?! LOL [link] [comments] |
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