Real Estate: People aren't even doing home inspections now??? |
- People aren't even doing home inspections now???
- Buyer came back with insane list of repair requests after inspection
- How do you sleep at night? We just started looking, havent even made any offers yet. The pace and intensity of the market are enough to keep me up at night. How are any of you coping with it after you make an offer and are waiting for an answer?
- Builder is offering a few 'downgrades' to help us meet our price point
- My offer was $50k over asking and $200k over appraisal (waived appraisal contingency)...any advice?
- Buying a house with plans to sell in 4-5 years
- Buyers breaking doors and stealing keys during showings
- Pre-listing house (Good or bad idea?)
- Are there any cities/states that real estate isn't crazy in right now?
- Smart home "stuff"
- How do we get an AMA arranged for the buyers of the following listing?
- Sellers staying past occupancy agreement
- Crazy how 100k over is nothing these days….
- Showing Poopers
- Any other buyers just give up and decide to wait, are you gonna look in a year? 2 years?
- Farm and Ranch Clients
- market in/around Portland, OR?
- Are Adult Communities Supposed to be That Much Higher?
- What app or services is missing? Questio for Real Estate agents/Realtors.
- RedX
- 2023 build on Austin, need Advice
- When will the market ever get back in order???? Return to normalcy!
- Advice on steps to get a proper appraisal to make an offer to the landlord (OR)
- Issues with seller after offer submission, worth pursuing?
| People aren't even doing home inspections now??? Posted: 02 May 2021 05:38 PM PDT House listed at 788. Offered 820. They came back and said there were other offers so we could counter but we had to agree to no home inspection, no termite inspection. I won't even buy a used car without an inspection and I'm supposed to spend that much on a home? Long run, turns out it didn't matter anyway because someone offered $900. $900 on a $788 without any inspections. Absolutely insane. Who are these buyers and where are they coming from? [link] [comments] |
| Buyer came back with insane list of repair requests after inspection Posted: 03 May 2021 06:22 AM PDT We're looking to close sooner than later due to our moves across state and closes overlapping. But this buyer has come back asking for two entire pages of repairs, many of which are cosmetic and/or simply renovation. Examples: doesn't like that there isn't a rail - add rail across entire backyard. Replace numerous windows(windows are in decent condition, not new but certainly fine and functional). Replace a single missing brick to the siding. Make adjustments to the brand new roof that is six months old. Repair the unappealing trim(a few pieces have broken off on the windows, mostly unseen but definitely not great to see). Make adjustments to the brand new HVAC that was installed in august. There is rust at the water shut off valve, replace the entire regulator. I was anticipating some requests, but the house also has new roof, HVAC, floors, and hot water heater. This buyer is essentially writing a book for us to remodel the house for her. Very few of her requests (like 2-3 of the 2 pages) are safety related. I want to close as soon as possible, but we were getting like 6 showings a day prior to this contract. My agent wants to straight up walk from the deal due to their demands. [link] [comments] |
| Posted: 03 May 2021 07:46 AM PDT |
| Builder is offering a few 'downgrades' to help us meet our price point Posted: 03 May 2021 07:28 AM PDT So back in February we signed an agreement to purchase real estate for a new build at the price of 609k. We put a 1k deposit The agreement stated that we would sign the P&S in 2 weeks and provide 5% down payment at that time. Well the builder dragged their feet on the P&S but we didn't put too much fuss into it because we were in the process of selling our current house (put on the market also in Feb) We closed on our prior house 4/9. The following week the builder calls a meeting- says the cost of lumber is so high that he can no longer sell us the house at this price (cringe). He says that they expect to be pouring the foundation in about a month and at that time will order the lumber and at that point can give us a price. We can choose to go forward or walk away at that point. At TODAYS lumber prices he says the house as we planned it will be 650k. He did offer to nix two things that would bring the price down for us- at TODAYS lumber prices we could get the house for 615k if they get rid of the 9 foot ceilings and they don't finished the bonus room over the garage. Now personally I'm like who cares about 9 foot ceilings and bonus room? It's already a 4 bedroom house we don't need all that space anyway. But - wanted an outside opinion. Are 9 foot ceilings a big deal? Thoughts on this? Edit- want to say that I totally see everyone's point about just backing out of this over the builder being a pain to work with. The thing is that we love the location and lot- and there is literally no other new builds at all even remotely close to the area where we want to be. And - I already sold my house so we're a bit on borrowed time here. We considered just buying (not new build) but after bidding 70k over asking on older houses up to 620k and not even getting it - it starts to make me wonder what the benefit is of purchasing an older home for the same price is be getting new? I'm in Massachusetts btw not sure if that's relevant [link] [comments] |
| My offer was $50k over asking and $200k over appraisal (waived appraisal contingency)...any advice? Posted: 03 May 2021 09:12 AM PDT So I have been putting offers on lake homes for the past couple months. The first two offers were rejected. Both of these were well above asking (~$50k over asking prices of around $650k - $670k). But both of my offers had appraisal contingencies. Having been rejected twice, it was clear that I needed to get more aggressive. Seeing how the market is right now, people are waiving appraisal contingencies, so I pondered it as well. So our third offer ($730k) was not only $50k over asking ($680k), but we also waived the appraisal contingency AND included an escalation clause; 30% down payment. I made a gut-check estimate that the house would appraise for at least $600k, so I figured that even though our offer was significantly more than that number, we still loved the house enough to pay that. And wagered that - due to market conditions - other offers would probably come in higher than the asking price of $680k. Well, our offer was accepted (escalation clause was not executed). We were excited, inspection went well. House is only 8 years old, so no major issues were discovered. We were a bit higher than local comps, but not enough for me to worry. Until the appraisal came in this morning... The house appraised for $200k less than my offer. I felt sick. I expected to pay 10-20% over appraisal, but here I am at ~40% over. Can I afford this house? Yes. Do we love it? Yes. That said, with 30% down, the loan is $511k. However, the appraisal is $525k. The investor in me is puking. Here are some questions:
Thanks for any advice, a slap to the head, or commiseration. [link] [comments] |
| Buying a house with plans to sell in 4-5 years Posted: 03 May 2021 07:41 AM PDT Hey everyone, Little bit of background: I will be moving in August to a LCOL area and am considering buying a house there. I've been renting for a few years and have enough saved up for a 20% down payment on a home that is within my budget (15 yr mortgage + insurance + taxes + 1.5% of home value per year in maintenance is about 21% of monthly take home). Two things are holding me back. One being I don't plan on staying in that area for more than 4-5 years. Mainly just because I'd like to end up back closer to home sooner rather than later. The second being current housing valuations. Prices in the area are up 10% alone this year in a city where home appreciation is generally steady but low. I've played around with various rent vs buy calculators and they all conclude that buying would be the right move in most cases (closing costs included) except a combination of having to sell the home in 4-5 years for less than I pay and 2-3x higher than planned maintenance costs. Or of course a huge drop in valuation or a 20k maintenance disaster along the way. Would I be taking on too much risk buying a house in this situation with high valuations and a potential 4-5 year timeline? I'd hate to continue renting after working hard to save up a down payment, only to end up in the same boat 4-5 years from now. Thanks! [link] [comments] |
| Buyers breaking doors and stealing keys during showings Posted: 03 May 2021 08:44 AM PDT Selling a house and WTF is this normal? - someone kicked in our basement door - someone turned up the heat as high as it would go and left it that way - someone stole the keys out of the lockbox (presumably one of the showing agents) - lights left on - blinds ripped down Our agent is just ignoring it all like it's totally normal. [link] [comments] |
| Pre-listing house (Good or bad idea?) Posted: 03 May 2021 03:16 AM PDT Just curious on your thoughts about pre-listing my house before actually taking offers. I have a meeting today with an agent and i want to list my house on a Monday with the caveat that i will not be showing nor taking offers until Friday. Why?.... Obviously i want to generate the maximum amount of exposure as possible. Too often homes are under contract and buyers dont even see it hit the market. Also, I have a pitbull and I live an hour from where i work, i can't be leaving my dog there during showings nor can i leave work to remove the dog while they show it. I can, however, leave for the weekend, take my dog, and let my agent show it as many times as humanly possible during that weekend. My goal is to go under contract during the one weekend that i show it while obviously maximizing competition/price. I know the market is hot all over the U.S. but I'm in North Carolina just outside Raleigh...it's nothing like the market in Cali. I don't know if I'm being ridiculous or smart or what. Is there really anything negative that could come from doing it this way? TL;DR: Want to pre-list house for a week before taking offers, curious if this is unnecessary or if it could lead to anything negative? [link] [comments] |
| Are there any cities/states that real estate isn't crazy in right now? Posted: 02 May 2021 09:17 PM PDT Just trying to get a pulse.. Edit: are townhomes and Condos in the same situation? [link] [comments] |
| Posted: 03 May 2021 07:09 AM PDT My neighbors are selling their house and we have been discussing all the things they are doing to prep it for showing. Then I read a 14 page comment thread on city-data about "whether or not a ring doorbell can be removed and replaced with a cheap standard one before final walkthrough". It got me thinking about our current situation. We have various smart home devices around our house: thermostats, ring doorbells, ring floodlights, ring spotlights, flood sensors, motion sensors, outdoor lighting and various ring stick up cameras in the garage and other places in our house. The doorbell and thermostat are wired into existing wiring and communicate via wifi. The outdoor cameras are hard wired into existing wiring and communicate via wifi. The stick up cams and access points are simply plugged into an outlet. I also have a small mounted network rack in the back of our pantry. It provides wired internet to most of the rooms in our house. I also have a wireless mesh network with access points mounted in 3 locations in our home. How are these types of things typically handled? Most of these devices are associated with my personal accounts and although most can be "unregistered", I don't have the setup instructions for any of it anymore. Should these things be explicitly listed that they do not come with the house? Because some people say these are "fixtures" and come with the house unless otherwise stated. Should they be left and listed as a selling point? Should they be replaced before showings with non-smart options? How are people handling these gadgets? [link] [comments] |
| How do we get an AMA arranged for the buyers of the following listing? Posted: 03 May 2021 06:24 AM PDT Because my god, the fact it sold for $520k is simply mindboggling. https://www.redfin.com/VA/Fairfax/3910-Estel-Rd-22031/home/12030524 [link] [comments] |
| Sellers staying past occupancy agreement Posted: 02 May 2021 11:17 PM PDT We closed on our new home over a week ago with a 7 day post closing occupancy agreement written into the contract. We have a 15 day post close occupancy built into the contract of the home we sold, so we had some cushion (or so we thought) if things did not go according to plan. The seller's agent has communicated they are having difficulty obtaining the CO for their new construction home and need extra time beyond the agreed upon 7 days. We are now going into day 3 of their agreed upon daily rental rate of $500/day, with still no clear idea as to when we can get into the home. It is unbelievably frustrating. We also have yet to receive any money from them, which I now believe after having read through this sub some we should have required money in an escrow account for this exact reason. Our agent is working diligently to ensure we receive what we are owed. We are now at a point where we are having to make special arrangements (delaying our movers, potentially canceling out of state guests, etc) to accommodate these people when they are very much financially capable of putting their items in storage and staying in a hotel. We have to be out of our home in 5 days in order to not be in the same situation with the buyers of our home. So we will be forced to put our things in storage and live in a hotel with 3 young children. As inconvenient as that will be, we will not put another family through the hassle of the situation we are living through. We were so excited to buy our dream home and never envisioned we'd be in this nightmare situation. At this point, is there any recourse beyond the $500/ daily rent back fee? Can we pursue compensation because of other expenses incurred due to their unwillingness to move out? And are they considered tenants at this point even though they have not paid anything to us? Do we have any leverage with shutting off utilities to the home? I really want to avoid this route, and I'm not even sure if I am able as I was under the impression that utilities do not switch over to us until previous owner ends their service, regardless of date we set for new service to begin. I will consult an attorney if needed, but most of this information came about Friday afternoon and there's not that can be done over the weekend unfortunately [link] [comments] |
| Crazy how 100k over is nothing these days…. Posted: 02 May 2021 01:27 PM PDT It's just sad how we live in a society where $100,000 over is considered nothing these days where people are giving two $300,000 over [link] [comments] |
| Posted: 03 May 2021 10:06 AM PDT We just got back home after listing our home Friday and having 40ish showings over the weekend. EVERY SINGLE ONE of our toilets in our home was used AND someone clogged our master toilet with poop and a ton of toilet paper. Who does this? Is this normal? People are gross. Thankfully we have multiple great offers so far but I'm slightly traumatized by what went down in my bathroom and what some people viewing the home after must of thought 🤯 [link] [comments] |
| Any other buyers just give up and decide to wait, are you gonna look in a year? 2 years? Posted: 02 May 2021 11:48 AM PDT I can only put 3% down and simply can't compete out there. I am really thinking it's time to stop looking to buy and just rent for 1-2 years. Others do the same? I am tired of making offers I know I won't win. [link] [comments] |
| Posted: 03 May 2021 09:55 AM PDT Im looking to contact out to Farm and Ranch landowners. What techniques have you used with any success to get ahold of possible land sellers? [link] [comments] |
| market in/around Portland, OR? Posted: 03 May 2021 09:51 AM PDT How is the Portland market right now? Downtown Portland has gotten so much heat in the last year I'm sure it's turned people off. How have the Portland suburbs faired in response (like Raleigh Hills, Beaverton etc)? Seattle and SF area obviously insane, and Portland is another major (albeit smaller) player on the West Coast, so do you expect Portland area to reach their level of frenzy in the next few years? [link] [comments] |
| Are Adult Communities Supposed to be That Much Higher? Posted: 03 May 2021 02:14 AM PDT My parents are interested in moving to 55 and up community in the area and I see that the houses are listed for $200 per square foot for resale and $261 and $230 per square foot for the new construction. When I look at what's sold in the last 6 months for homes that are similar in size, age and lots, the price per square foot is more like $150-$169. I happen to know there is a capital investment fee you have to pay when you buy a new home, for the amenities center, so I'm not sure if that's included in the new construction price. I'm concerned - is the difference in pricing expected for being in an exclusive neighborhood where children and younger adults aren't allowed or are people getting ripped off? They do have nice amenities and activities for residents, but there is also the HOA to cover those costs. I'm a little freaked out by the costs I'm seeing on the houses listed. As far as what's actually sold recently in the development, it's 5 homes listed on zillow between $185 and $209 per square foot, so people are buying them. They aren't appraising that high though. [link] [comments] |
| What app or services is missing? Questio for Real Estate agents/Realtors. Posted: 03 May 2021 09:45 AM PDT Hey! I have been a Real Estate agent for 4 years in Barcelona(Spain). At the same time I learned app development. Here in Spain the Real Estate business is like wild wild west. Everything is a mess, and almost all the services/apps you can find are very low quality. I know that for worldwide there are a lot of CRM specialized on Real Estate, usually they are big in options and makes complicated to work with them. Is there any type of app that you think is missing right now and that can make a big change in your way of work? Can be a web app, mobile app. Cheers [link] [comments] |
| Posted: 03 May 2021 09:45 AM PDT Hello everyone. Does anyone recommend another company like RedX but better, I've had so many problems with them already and I've only used it for 3 months. Does anyone have a system similar to them that's great? [link] [comments] |
| 2023 build on Austin, need Advice Posted: 03 May 2021 09:39 AM PDT Hey everyone, first time posting here so let me know if I'm out of place. Backstory: I'm almost 25, moved to Austin 2 years ago and watching these prices go up makes me want to get on the ride before it's too late. I got on a waitlist for a condo being built in a rapidly growing area just outside of Downtown, but was surprise to see that a 660sq/ft studio is $275k and a 1100sq/ft 2 bedroom in the building would be a minimum $440k. I've been approved for $475k and because it will be my personal residence I'll only have to put down 10k until spring 2023. HOA $180/$200 This would give me the needed time to save for the down payment. After seeing these numbers I'm wondering what you guys would do in my situation. Should I lock-in this condo in this up and coming area, or would i get more value on a safer play like building a 1700sq/ft house in south Austin for $420k and house hacking when it's finished around the same time in 2023 I only have a roughly 60k salary and $20k in cash on hand so this would be a bigger risk for me than most real estate investors. I'd also could consider selling the condo right before or at move in to avoid the monthly fees and cash in on appreciation/inflation. Any advice is super appreciated:
Or should I just stay out of this mess until i'm older and have more liquidity? [link] [comments] |
| When will the market ever get back in order???? Return to normalcy! Posted: 03 May 2021 09:27 AM PDT We are first time home buyers and our first house we saw became our dream home. It was listed at 300k. We offered $310k, $7500 due diligence and waived inspection (our realtor was able to inspect for us, he used to be certified). And throughout all that, we didn't get the house and found out it was 22 other offers for just one house!!!! Wtf!!! I thought I had the best offer. The ZEstimate was $293k so it was well over and that's still not enough!!! Why is this so hard ?! [link] [comments] |
| Advice on steps to get a proper appraisal to make an offer to the landlord (OR) Posted: 03 May 2021 09:20 AM PDT Sorry for the vague title, there is a lot more in play here. I'm currently renting a very nice house on some land in a nice town that has exploded in popularity in the past few years. I know the market is hot everywhere but it's insane here. New houses sold before they are even started kind of thing. Anyway, the landlord casually mentioned about us buying the house but they are not in a rush. I said let me get some data collected and come up with an offer. She does not want to use a real estate agent. My first assumption is to call some local agencies and tell them I would like to get an official appraisal for the property but not looking to sell at this time. I'm worried about having sign anything that would lock me into using their services, or having them find out that it's a rental and going to the landlord and making promises about what it could be sold for. For the purchase it will be a cash offer to the landlord, perhaps even doing a 1031. Any advice would appreciated. Thank you. [link] [comments] |
| Issues with seller after offer submission, worth pursuing? Posted: 03 May 2021 09:08 AM PDT Hey all, First time homebuyers, we just submitted our first offer. Trying to keep expectations low as I expect we'll have to submit many more before one sticks, but I wanted to see if this house was worth pursuing. House is being sold by the owner's son, listed Friday morning and we toured Friday afternoon. Put in an offer right away and they planned to stop accepting offers Sunday afternoon. Sunday we get a call from our realitor that the seller's neighbor just listed their house for 70k more and the seller's mother wanted to pull the house off market and relist higher. They canceled all showings after ours so we're one of just 3 offers. I was told their realitor is discouraging them, but I'm worried if they don't relist and we have our offer accepted the seller is going to be a huge headache to work with, ie. we were told the seller would likely credit for major repairs including a new roof asap and dry rot fixes, but I doubt they'll be willing to work with us on that if they feel the house is worth more. Just wondering if this is even worth pursuing or if a seller like this is likely to cause more issues down the line... Thanks! [link] [comments] |
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