Real Estate: My area has now turned into “let me throw my crappy house on the market and see how overpriced I can list it for”. |
- My area has now turned into “let me throw my crappy house on the market and see how overpriced I can list it for”.
- Any Sellers Encountering This?
- How is it fair when a company can buy a house and write off closing costs as a business expense but a family buying the same house cannot write off those same expenses?
- New construction 3rd party inspections...did you have one? What issues were found?
- Subject to financing time frame
- Question I've found a property that I like that has been on the market almost a year, what should I offer?
- What happens if I list my house, don't get an offer that's "worth it", and then decide to just stay?
- Basic question about contractors
- Will holding cryptocurrency affect my mortgage application?
- Can someone just help ease my anxiety about this dang appraisal?
- Loan against empty plot of land
- Sale of House
- UW thinks house is overvaluated
- (US) Have land prices rose over the past few years at the same rate as house prices? Or are the two largely unrelated?
- At what point does a homeowner’s insurance company inspect a home to be purchased? How does that process work?
- Anyway to bypass minimum 2 years of steady employment?
- Buying/Selling Homes (Dayton/Columbus) Ohio
- I work for myself and can live anywhere. I'd like to get a home fast. Are there any tools that make it easy to do a broad search?
- Trying to buy my first home...
- MO - offer was just accepted and our house under contract within 1 week
- ELI5 - the appraisal process
- Having a co-signer from out of state
- Buyers requesting photos for estimates
- People who sold your homes recently: who were the buyers?
| Posted: 07 May 2021 08:45 PM PDT I think the downturn in the market is coming, now it's just overpriced shit in my area and people aren't taking the bait. Realtors are laughing at all these dummies buying money pits while they make a nice commission. [link] [comments] |
| Any Sellers Encountering This? Posted: 08 May 2021 09:33 AM PDT So my wife and I have put our house on the market...Before we even had the weekend showings, got a fantastic offer well above ask. We cancelled the showings and accepted offer. 3 days into the 5 day option, they back out. We open things up next weekend with not as much momentum but still double digit showings. Got another offer above ask but not as good as the first. Oh well, accepted offer. Now, we're being told 2nd buyer may be backing out. This is getting frustrating as it looks to me like buyers are putting big offers out there to tie up a house they may want and 'get it off the market' and they can still look at others and back out. So, I'm sure we will end up selling over and it will be fine, but just so everyone knows, buyers are playing games in this market, too. [link] [comments] |
| Posted: 07 May 2021 02:25 PM PDT In such a tight market we keep hearing about investors buying houses. It's really unfair, in my opinion, that investors can write off required costs as expenses, but a a typical home buyer cannot write off those costs. Why do we subsidize investors buying real estate but not owner occupiers buying real estate? [link] [comments] |
| New construction 3rd party inspections...did you have one? What issues were found? Posted: 08 May 2021 09:00 AM PDT Getting a pre drywall inspection in a few weeks...from what I understand the builder is probably not going to correct anything that is just a recommendation. Just wondering what are some typical items that may come up, that would be recommended vs the builder needing to fix. [link] [comments] |
| Subject to financing time frame Posted: 08 May 2021 10:27 AM PDT So my girlfriend and i had our offer accepted on an apartment on tuesday and our mortgage specialist at the bank has send in our info to have it reviewed for the mortgage acceptance on Wednesday. We need to remove subject to financing by monday and it's now midday saturday and I haven't heard anything back. My real estate agent messaged the mortgage specialist yesterday, no response. She's going to try again today. Should I be worried? How long does it usually take? There are 10 other people who made offers so if I ask for an extension i'm scared he'll just sell to one of then. [link] [comments] |
| Posted: 08 May 2021 10:21 AM PDT The asking price for the lot is $99k and it has gone unsold due to a dilapidated home near by, what should I offer? Thanks! [link] [comments] |
| What happens if I list my house, don't get an offer that's "worth it", and then decide to just stay? Posted: 08 May 2021 07:10 AM PDT What kind of consequences could there be by taking the house off the market if I don't get an offer that I like? Am I obligated to anything? [link] [comments] |
| Basic question about contractors Posted: 08 May 2021 06:20 AM PDT Hi all, We're looking to hire a contractor to add a side to our house— basically extend it enough to add a bathroom on the ground floor and then extend the bedroom on the first floor. This is in Boston area. Can anyone recommend any good contractors there? When the contractor comes to do an estimate, do they charge for it? Do we need to hire an architect too? Who else do we need to talk to? As you can tell, we're total newbies. [link] [comments] |
| Will holding cryptocurrency affect my mortgage application? Posted: 08 May 2021 07:38 AM PDT I've been investing in crypto in the past few years and have only bought and held. I have not sold any of my crypto yet and plan to continue with DCA and long-term holding. On the housing side, I have sufficient down payment funds. Do I need to disclose my crypto assets during the Mortgage application? If so, how will it affect my application? I've heard of cases where people got denied for selling crypto. [link] [comments] |
| Can someone just help ease my anxiety about this dang appraisal? Posted: 08 May 2021 02:17 AM PDT So we have been looking for a house for a while. For our jobs we have to live in a specific county and we only like a few areas within the county. We finally got under contact for a house! We bought it off market and had to waive inspection and appraisal. Prior to going under contract our realtor was like offer 250. We get home talk about it and want to do 242. She says you really need to consider 245-250. So fine 245. We begrudgingly waive the inspection and appraisal because we really like this house, been looking for a long time, tired of playing the game, have to live in this specific county, etc. etc. Now we get to the appraisal (has not been done yet) and I, being an anxious person, am like it will appraise right? And she is like 🤷🏼♀️. Can she legally not tell me yes or no? The comps in the area are hit or miss. A lot of investors have been buying crappy houses (that just happen to have decent square footage), redoing them and renting them out for stupid amounts. The house directly across the street sold for 235 in the last 2 weeks. Our house is a bit bigger, nicer, has 2 decks, fence and the lot is a little bit bigger. It's going to be fine right? TL;DR I bought a house for 245. House directly across the street sold for 235. My house has nicer finishes, a tad bigger square footage, 2 decks, a fence, and is a bigger lot. It will appraise. Right? Edit: realized I left an important part out. We did a cap at $8k so we would have to renegotiate if it appraised for less than 237k. But now I really wish we didn't because of the stress. [link] [comments] |
| Loan against empty plot of land Posted: 08 May 2021 04:54 AM PDT We have a 10 acre plot of land just outside of Los Angeles that is empty (planning to develop when construction prices come down in 3-5 years). Most recently valued at ~900k. We are thinking of purchasing a new home and taking a loan using the empty plot of land as collateral. Are there lenders who will do this? [link] [comments] |
| Posted: 08 May 2021 10:48 AM PDT Selling our house we grew up in. It sustained significant water damage but sticks and bricks are solid. We've been getting offers before putting on market. What's better monetarily. 1. Take the best offer as is? 2. Spend 6-8 weeks renovating to maximize return? We don't live there anymore. We are busy with our lives and to put in serious time and energy for a reno seems daunting but could be a better return. Of course the current offers are low but tempting. [link] [comments] |
| UW thinks house is overvaluated Posted: 08 May 2021 10:43 AM PDT first appraisal came in low (~50k below offer), filed a dispute, took more than a week for the updated valuation, 2 days before closing, new appraisal comes in at offer and the UW comes back with more questions to the appraiser on reasons for the adjustments + more comps to provide. We have filed for an extension but we actually requested to stop the appeal process and just move forward with the first appraisal value. What are the chances the lender will accept our plea to just move forward with the first value so we can just get the CTC. [link] [comments] |
| Posted: 08 May 2021 09:58 AM PDT I'm considering building a custom home in the near future and, well, I've been blown away by how much the whole thing will cost. But I'm curious to know: are the land prices we're seeing right now normal, or did they rise alongside the cost of already-built homes? Because, if land prices were not affected, I'll probably buy land soon. If they were affected, however, I may wait until the market calms down a bit. [link] [comments] |
| Posted: 08 May 2021 09:55 AM PDT I do not recall having an inspection done by homeowners insurance on any of the homes I have purchased, so I'm a bit confused about how this process works. To summarize my situation, we are under contract to sell our home. The buyers want a total roof replacement, but have failed to produce a roof inspection that shows the roof needs to be replaced. In fact, their own home inspection report states that the roof is in good condition. I made a post about this previously in case you need more details. The buyers now want to get their insurance agent out to determine if it's insurable. I am concerned that their continued pressure to replace the roof without substantive proof will damage our home's reputation if the sale falls through, which it seems likely to do. I know it's often easy to get a buddy with an insurance license to confirm a buyer's bias without adequate proof. I keep telling the buyers at this point, we need concrete proof that the roof needs to be replaced, not opinions. I have also suggested we go through with the appraisal, and if the appraisal shows that the roof must be replaced, we are willing to seriously consider roof replacement at that point. However, my agent tells me that since we countered the TRR, the buyers have 10 days to conduct additional inspections. I cannot find official legal or contractual language stating this, so any advice about how this process works would be appreciated. I know my agent is the best source for this info, but I'm having a really hard time getting answers from her. Basically, I'm curious about how post-TRR inspections work. I would also like to know at what point in the process the insurance company comes out to look at the house, and just how that process works. And of course, any additional insights or wisdom are always appreciated! [link] [comments] |
| Anyway to bypass minimum 2 years of steady employment? Posted: 08 May 2021 09:52 AM PDT Hey guys, I know this is a barrier sometimes in buying a house. Is there any leniency on buying a home without being at the same job for two years? [link] [comments] |
| Buying/Selling Homes (Dayton/Columbus) Ohio Posted: 08 May 2021 09:48 AM PDT Anyone looking to buy or sell homes in the Dayton/Columbus area please contact me, thanks. [link] [comments] |
| Posted: 08 May 2021 05:49 AM PDT I'm here in Illinois and I actually don't think it's a great state for me - it's not the most business friendly (I have my own business), has a sizable income tax, and the weather isn't the best. But I've been looking around here just because it's what I know. I'd be happy to move somewhere else if there were a nice house. I'm open to any number of different areas. Do I just need to pick location first, or is there some type of tool that will let me do a broad search and keep my options open? [link] [comments] |
| Trying to buy my first home... Posted: 08 May 2021 09:21 AM PDT I'm looking for some advice on how realistic my situation and goals are. I want to buy my first home, more so interested in a condo if possible. I'm looking at no more than $120-130k for the loan in the St Pete FL area. I'm making about 33k a year. I have $570 in monthly expenses (car and personal loan payment), and I have great credit. 730 or 740 I believe. But I have no $ for a down payment. I've done some research on the local down payment assistance programs in my area so that could be an option. I guess I'm wondering how realistic is it that I'll be approved with my qualifications and what I'm looking for? [link] [comments] |
| MO - offer was just accepted and our house under contract within 1 week Posted: 07 May 2021 12:52 PM PDT We live in central Missouri and outgrew our 3 BR 2 Bath 2 car attached garage house. It sits in a quiet subdivision on a large fenced in lot. Asked $129,900 but accepted an offer for $140k on a conventional loan. That was last night. We had several showings not even in 24 hours and 2 offers. We put it an offer Monday with a contingency that our house sells. It is a 5 BR 3 Bath house with a 16x32 inground pool. Asking $250k, got it for $225k. Using my VA loan. Excited to be getting a new, bigger house and a pool. Should be a good time as long as everything goes smooth. [link] [comments] |
| Posted: 08 May 2021 08:17 AM PDT Hello all, like seemingly everyone I'm in the market to buy my first home. I don't understand how the appraisal process works though, and why it matters for lenders, buyers, and sellers. If I'm offering $415k and putting $60k down on a house listed at $405k, what does waiving an appraisal contingency mean? If the house is appraised at say $400k do I have to pay anything extra to the lender, or is that only the case when I buy something for under what the house is appraised for, then I have to split the difference with the lender? I thought appraisals and inspections were the same thing, but I'm leaning in this market to waive an appraisal since nearly everything is going over asking. Thank you in advance. [link] [comments] |
| Having a co-signer from out of state Posted: 08 May 2021 07:47 AM PDT Me and my family live in California, my parents are looking to finally go out and purchase a home but after talking to an agent my dad could only get approved for a loan of 450k. Most homes in our area are going for around 530-580k so my dad asked one of my uncles from Texas if he would co sign and he said yes. Can someone from out of state be able to co-sign on a mortgage? If not what are some loopholes that would make it possible. [link] [comments] |
| Buyers requesting photos for estimates Posted: 07 May 2021 06:56 PM PDT We're at the repairs negotiation phase, and the buyers are asking me to send photos of a retaining wall that they want repaired. I'm not totally opposed to this, but I am concerned that these will solely be used to create a repairs estimate. I prefer the estimate be written up by someone who actually had eyes on the wall. Is this a normal thing to request, and is there any harm in sending them? [link] [comments] |
| People who sold your homes recently: who were the buyers? Posted: 07 May 2021 11:10 AM PDT I am writing to test my theory that the majority of the cash buyers that end up winning bidding wars are not working individuals but companies that buy to invest. Has that been your observation as well? [link] [comments] |
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Great read — thanks for sharing! I can definitely relate to how market conditions shift so quickly and impact every part of the real estate process.
ReplyDeleteOne thing I’ve noticed working with agents is that high-quality visuals make a huge difference when properties go live, especially in competitive or changing neighborhoods. Clean, consistent photo editing can really help listings stand out and attract more serious interest.
At Phephotos https://phephotos.com/, we focus on supporting agents with reliable photo editing so listings always look their best. Really appreciate the insights in this post — very timely!