Real Estate: People who want to shop for a house but won't apply with a lender: Why are you this way? |
- People who want to shop for a house but won't apply with a lender: Why are you this way?
- I am sick of seeing listing photos where the realtor thinks they're an IG lifestyle influencer
- Roof disagreement is stalling sale of our home
- Lots of wise people here - maybe someone can tell us about lumber prices and what to expect?
- We got lucky
- How to fire my realtor ?
- Mortgages and Escrow Issues - Post Home purchase
- Inspection came up with $16k worth of work to replace Knob & Tube
- Home buyers - are you increasing your budgets / offers in this frenzied market?
- Today we review the offers
- FTHB Just Put in Our First Offer
- Seller contemplating pulling out with 10 days to close escrow
- House has bad vibes?
- conditionally approved for mortgage, can you change your locked rate?
- Speaking of stretching your budget...
- first time home window shopper
- Is it worth buying right now? First time buyer
- How much do appraisals consider the inspection report?
- Reali Trade-In Reviews/Experience?
- US. Found a possible Rent to Own property that seems too good to be true. If it's a scam, what are they trying to do?
- Abandoned house help
- What can I do with a real estate license?
- Have an acerage, should I FSBO or use a Realtor?
- My friend in texas bought property and then found out the septic system was not located on her land.
| People who want to shop for a house but won't apply with a lender: Why are you this way? Posted: 06 May 2021 08:42 AM PDT I have about 5 people right now who are looking at houses, and refuse to fill out an application to see if they qualify. What is the motivation there? Is it an anxiety/worry thing about the outcome? Do you want the lender to follow up with you, or should I just take the hint? I don't understand. Edit: If the lender provided you an option to complete the application and upload the needed documents without pulling your credit, so that when you found a home to offer on, the credit was run then, would that motivate you to get everything else done? [link] [comments] |
| I am sick of seeing listing photos where the realtor thinks they're an IG lifestyle influencer Posted: 05 May 2021 01:49 PM PDT Realtors, please stop with the instagram inspired photographs. I don't need to see a cliché sign that says "Home" nor do i need to see a close-up of a kitchen faucet with a natural bristle scrubby on the side of the sink. Just stop. Even the most high-end faucet is only $1500. A specific kitchen faucet will not make me fall in love with a house; i know how to change faucets. What i want are roughly to scale diagrams of the home's layout. Photograph the the breaker box so i know if it's been updated. In the text description, list the age of the major systems and whether they've been serviced on a regular schedule. Is this all too much to ask? [link] [comments] |
| Roof disagreement is stalling sale of our home Posted: 06 May 2021 07:40 AM PDT We accepted an offer on our home, and the buyers just completed their inspections. They are now insisting that we have our roof inspected, specifically by an insurance adjuster. I had the roof inspected by a reputable roofer that is trusted and used by insurance companies. The report showed no hail damage. The buyer's home inspection report stated there was no roof damage caused by hail/storms. However, the buyers sent along a brief memo from a construction company that says they suspect hail damage, and recommends having it inspected by an insurance adjuster. We countered that we will not call an adjuster or repair the roof, based on the reports from our roofers and their inspectors. They have called another construction company to look at the roof. They are referring to this a "3rd party inspection" when really it's more like one of the party's 2nd opinion. My insurance agent has cautioned us against requesting an adjuster, because we will have that claim on our record and our insurance rates will rise. I'm just wondering if anyone has experience with similar issues or has any wisdom to share. [link] [comments] |
| Lots of wise people here - maybe someone can tell us about lumber prices and what to expect? Posted: 06 May 2021 06:56 AM PDT I understand that right now everything in the real estate market is insane. Including lumber prices. With that being said, does anyone have any sort of idea as to how long lumber prices will be where they are? Can we expect to see those prices go down at all in the near future, or do people here think this may be the new norm? Any idea? Of course I know that responses are going to be speculating, but just looking for opinions. Thank you so much! ETA: I'm being downvoted for asking this? 🥴 [link] [comments] |
| Posted: 06 May 2021 07:22 AM PDT Just wanted to post a success story for other home buyers out there looking for hope. I'm not going to name the market for security reasons but we are buying in an area that has a market similar to the rest of the country, barring SF and LA. Homes going under contract in days usually over listing price, cash offers, contingencies waived, etc. We were on our 4th offer. Previous 3 we offer up 25K over list (which is strong(ish) for this area) 5k escalation clause up to our over list offer, and up to a 20K appraisal gap in a couple of homes. We were always top two or three and usually lost out due to some factors out of our control. We are finally under contract but we just stopped playing games on this last one. We thought the house was a bit overpriced for market so we went in at list price, no waivers, no escalations, no appraisal guarantee and on a VA loan. My agent things the selling agent made a mistake in the timing of the listing and missed a lot of traffic. We got in just at the right time and were the only offer on the table. The day we go into contract we find out that other agents were trying to schedule showings. They were just a bit too late. Hopefully all works out from here. The only concern is if the house doesn't appraise but we're setting aside cash just in case. Buyers: Good hunting and keep trying! [link] [comments] |
| Posted: 06 May 2021 05:48 AM PDT Ok so we sold 3 months ago when the market was getting very heated. The agency we went with made $18k in realtor profit fees. They explained to us they split comission for all their profit equally over the whole office. So they may have multiple realtors over, but we still only worked with 1 of them. They did 1 open house and crammed 2 showings in the day before the 2 showings the day after. They gave us 2 hours notice on the 4 private showings and made it seem like if we denied them for not having enough time to get out, it would be our fault if our house didn't sell. Here we are 3 months later wanting to buy again because, hey, renting isn't working for us. We decide to use same agency. We decide to use same agency because they were quick right? Strike 1 Realtor told us houses need 24/48 hours notice to show houses, and I made a comment about how we must of been great sellers since we showed same day. He dismissed me saying you only did 4 showings. Ok, whatever maybe he's having a bad day. Add the fact that the day prior he said the market is very hot and if you want a house you need to offer over asking and be aggressive. He's not kidding, houses are literally selling same day. There are less than 800 listings in the entire state currently. Strike 2 They NEVER sent us listings until yesterday. We were with them a full 7 days before They sent us any listings. We were just searching on our own and giving houses we are interested in. When I confronted him he said oh my bad one of the emails was wrong. Strike 3 He's stopped responding to my texts about houses we are interested in/ takes a great deal of time to respond. He also told me to basically stop sending him so many texts and just send one with a list of them. So I did that yesterday and today, haven't heard back yet. Ok it may just be me, but if my partner and I are going to be making you $30k+ of comission in under 4 months, I expect grade a representation and customer service. Some people don't even make that a year. So here's my dilemma. How do I tell them I'm not happy with their service and I'm going to let them go? Do I owe them an explanation because they sold our recent house? [link] [comments] |
| Mortgages and Escrow Issues - Post Home purchase Posted: 06 May 2021 09:12 AM PDT I recently purchased a home in southern Louisiana where Flood insurance is required by law. After much research I decided I did not want escrow on my loan. Fast forward I purchased my house with no escrow included in the loan. However, two weeks later the Loan company is requiring me to open up an escrow account specifically for flood since it is a "federal regulation." I have all my documents signed, title transfer complete and they are coming at me and giving me 8 days to send a check for 3 months of flood to open the account. Are they allowed to do this? Am I going to be required to pay escrow for flood even though I signed and had it waved? Would rather not have an escrow account if possible. [link] [comments] |
| Inspection came up with $16k worth of work to replace Knob & Tube Posted: 06 May 2021 08:54 AM PDT As stated - I had an offer accepted on a 1050 sq ft house and brought in an electrician who found there to be roughly $16k worth of work to replace the old knob & tube wiring and ungrounded outlets. I can't imagine the seller will agree to cover most/all of this. Many of my friends have knob and tube wiring and feel ok about it. I feel like it's not worth it to proceed unless they are open to giving a large credit towards replacement work. I really like this house - but am happy to continue renting for now. I don't want to make a hasty decision. Any thoughts? [link] [comments] |
| Home buyers - are you increasing your budgets / offers in this frenzied market? Posted: 05 May 2021 07:49 PM PDT I find myself upping my housing budget and stretching it in order to attempt to win in this competitive market. I recently started to waive the appraisal contingency in all my offers (have already been waiving loan contingency) and found myself going over my initial budget on a home, since everything in the greater Los Angeles area is going about 50K+ above ask. I'm trying to buy anything in the 700K-1M range but recently started going above 1M which I never saw myself doing although i did take on a new job that pays a bit more. Is anyone else blowing up their original housing budgets? [link] [comments] |
| Posted: 06 May 2021 08:38 AM PDT I'm selling my house. We have several offers above asking. These offers are likely to be a lot more than what the bank assesses them at. My thought was I should take the highest offer with at least 20% down, rather than the highest offers, because they're offering only 5-10%, because the ones with 20% feel more solid. Am I making a mistake? [link] [comments] |
| FTHB Just Put in Our First Offer Posted: 06 May 2021 07:55 AM PDT It's been a crazy whirlwind of a week! My spouse and I only decided to start looking in earnest to get a house last week when we realized we had enough for a down payment. We live in a very HCOL area, very hot market. Got pre-approval for mortgage within days, saw a house we wanted to check out and let our agent know. She was on a flight back to our area, and let us know today was the offer review day. She managed to get us a viewing and slipped an offer under the door at the 11th hour. The house is older and will need some electrical work done and other minor repairs and probably some updates but it's seriously such a great place and you spouse and I are both very handy/project oriented anyway (he used to help his dad with renovation work during summer break). Anyways, we offered $35K earnest money, and $35K above list. Here's hoping our bid was competitive enough! Wish us luck please! [link] [comments] |
| Seller contemplating pulling out with 10 days to close escrow Posted: 06 May 2021 04:03 AM PDT My wife and I recently got an offer accepted in SoCal after 4 months of losing out. We were initially looking in the Temecula/Murrieta area but realized we were losing out because we were going for the best homes that people in our budget range were going for. Mostly losing out to all cash offers that where anywhere from 8-15% over asking with all contingencies waived. We decided to expand our search and threw in other areas closer to my office but not as hot (yet). We also decided that we were open to doing renovation and took having a pool off our list. That weekend we received two counter offers and were the backup offer for one more. Suffice to say, we lost out on all the other turnkey homes. The best of the two homes was in Riverside in a beautiful community with million dollar homes. The house looked like it hadn't been updated since it was built in 1988 but had the dreamiest backyard of any home we had seen in our 6 month long house search (first 2 months was searching for a vacation home in the palm springs area). Home sits on 0.7 acres lot on a cul de sac with so many mature trees, a lagoon pool, spa etc. Out of the 30,000 sq ft 25,000 was perfectly manicured with the remaining 5k fenced off in the back for any future additions (adu, etc). We saw a lot of potential but only bid $22k over asking and kept inspection contingency since it was one of the older homes we were looking at. Due to receiving a multiple counter offer for the home (seller only request 30 days rent back and accepted all our terms), we revised our offer $5k higher and decided to allow the seller to stay there for free for the 30 days rent back they were requesting. Inspection came back with many minor issues here and there, but inspector said overall the home was in good shape and to focus on the big things. Such as termite droppings in attic and some wood damage, HVAC system and safety features that had to be fixed by law before escrow closes etc. Appraisal was also done during the same time window the inspector was there. House appraised at our offer. We then send the sellers a list of questions/things that had to be fixed before we moved in (6 items, 3 questions) . And requested $5k towards closing costs in the event they chose to let us handle it (termite fumigation for a home that size was $4k estimate). Two days ago, 19 days after opening Escrow, the sellers agent contacts us that the seller is contemplating pulling out because they are getting frustrated from losing out in the market. We had no idea they were even looking and the purchase contract did not have a contingency of them finding a home first. Supposedly, they saw a home they really loved, and were looking forward to seeing it, but the seller accepted an offer that was too good to be true so cancelled all other showings. This is very normal in this market and had happened to us a few times. Per the agent, they are getting discouraged and if they have to fix the items we requested then they're thinking they'd rather just keep their house. This was a list of 6 items, 3 of them mandatory safety items requested by law, 3 were regarding the termite issues, ac unit not cooling to standard, and the third was more of a question. There were many other issues we did not include since we considered them normal Maintenance and in a sellers market we didn't want to push it. We received official loan approval from the bank yesterday so sent the sellers a notice that we have removed all contingencies. Because going back into this market is our last option, I've looked in the past 2 days and nothing on the market gives me hope. Ontop of having to win another bidding war. The other two homes that we had our offers accepted on also are now in pending. Infact the one we were backup for initially was our first choice, but it fell out of escrow after 6 days, and we had already opened escrow on the Riverside home so decided to waive our backup option. That home has also since gone back into escrow as of yesterday. In the event the sellers decides to still cancel our contract, what due process do we have? How is this even fair. The financing is approved and we're now just waiting to close. We've spent money towards inspection, appraisal, pool inspector, paid a contractor to go look at the structure (during inspection) to discuss the validity of renovations i planned to make etc. We should know by the end of this week if they want to officially cancel the purchase. A part of me feels like they just want to re-list for more money. My agent has never seen a seller pulling out under such circumstances in her 20 yrs working as an agent. The sellers agent is actually one of the nicer ones we've dealt with. I've grown to have a disdain for sellers agents in this market. It'll be another 500 words if I'm to open that can of worms. [link] [comments] |
| Posted: 05 May 2021 06:31 PM PDT Has anyone walked away from bidding on a home that checks all the boxes and looks great because you just got weird/bad vibes walking through it? Hard to explain to real estate agent when it meets criteria, price is right, neighborhood good, and yet you don't want to offer because you just don't picture yourself living there and just feel off about it [link] [comments] |
| conditionally approved for mortgage, can you change your locked rate? Posted: 06 May 2021 10:02 AM PDT So I'm about 3 weeks from closing, and I'm conditionally approved for a loan from my lender. The news today says that the rates are at a historical low, but I guess my rates are already locked in. Would they consider giving me a lower rate? I'm guessing not, but I'm wondering anyway. [link] [comments] |
| Speaking of stretching your budget... Posted: 06 May 2021 09:55 AM PDT What percentage of your gross income (or even net income) were you hoping to cap your mortgage payment at? If you are deciding to stretch, how much are you stretching to? Why? How are you justifying it ("I or my partner will eventually make more money," etc.)? Or maybe you are considering cashing out investments and putting them into your home? Share your thought process. [link] [comments] |
| first time home window shopper Posted: 06 May 2021 09:48 AM PDT Alright so ya'll got me scared. I got pre-approved for a home loan 500k ish. Here in California, I don't live in a major city area and there isn't much to see in some of the areas where I'm looking to buy. So I don't know how many people are looking to buy here. That being said I'm scared because it's seems people are just making cash offers for any house out there or am I falling for the home buying panic? Or is it really that bad buying a house right now? I'm getting set up with a realtor soon so I guess I'll find out. [link] [comments] |
| Is it worth buying right now? First time buyer Posted: 06 May 2021 09:47 AM PDT I currently rent a 1 bedroom apartment for $1100 per month, and my lease ends at the end of June. I'm about to start a new job an hour away from where I live, and I plan on moving somewhere close to there, as that's not a commute I'm willing to do for more than a few months. I have almost $100k saved up, and I figured that if I can afford a down payment, I should probably just buy a place rather than continue paying someone else's mortgage. Since I'm moving anyways, I thought this would be the perfect time to buy a place. But as you're probably aware, prices are skyrocketing right now, and it's making me hesitant to buy. If this was a question of buying now vs. buying later, I'd probably wait it out a little bit. But I know that I need to move in the next 2 months anyways, so it's a question of buying now vs. renting now, and I have no idea what the right move would be. I don't want to overpay for a house, but even if that's the case I'll at least spend the next year building equity and putting my mortgage payments towards something, rather than just pissing away $15k or so renting for the next year. What would you recommend that I do? I'm admittedly very uneducated about everything to do with real estate, I haven't researched the topic at all in my life until the past few days, and I'd appreciate any advice or knowledge you're able to provide. [link] [comments] |
| How much do appraisals consider the inspection report? Posted: 06 May 2021 09:19 AM PDT Hi all, I was wondering if appraisals consider the inspection, and to what extent? For example if the home needs a new roof, thats a major knock on the property value, I would assume thats going to bring the appraisal down some? Im trying to understand to what extent an appraisal can be used as leverage against waiving an inspection. No one wants to waive an inspection but it's becoming the norm in my market. If the appraisal will drop upon discovering major issues with the home, that is at least a little bit of a safety net, or no? [link] [comments] |
| Reali Trade-In Reviews/Experience? Posted: 06 May 2021 09:17 AM PDT I'm finding it difficult to locate first hand experience with the real estate company Reali. It seems to be exactly what we need to leverage our current equity into a cash offer for a new home, then move in and sell old home at the same time. Maybe it's too good to be true, hence the lack of reviews. Anyone have first hand experience? Or, does anyone have experience with other similar companies? We have estimated that we'll have roughly $8.5k/mo in costs if we move out (rental while listing/showing house, storage, paying current mortgage, etc.) and that whole process will probably take months. If we can save that $25-30k with one of these programs, it seems worth it. Just waiting to find a catch or a glowing review. Any help is appreciated! [link] [comments] |
| Posted: 06 May 2021 09:16 AM PDT I have Zillow notifications turned on to alert me if any property under a certain price shows up. I don't have my hopes too high, because I have my price set really low. I got a notification for a new property for 90k in my area. Sounds great, I decide to open up the listing, and Zillow says that the price dropped by 509k. Wtf, that's a ginormous red flag right off the bat. It's 3 bedrooms, 2 baths, and it looks like it's in pretty good condition. On top of that, it's newer than any of the other homes that I've been looking at. The description says that it's rent to own and gives a phone number to contact the seller. Cautiously optimistic, I contacted the seller and said "If this price is accurate, then I'm definitely interested." He responded by saying that the property is still available, and asked when I'd be able to view it. His grammar is a little awkward, but I went ahead and gave him a time. He responded by saying that he's in another state and that his son has cancer (I have no idea why he volunteered that information) . So he can't show me the property in person, but he'll give me a code to the lockbox so I can view it myself. There are so many red flags here, but I honestly can't figure out what the scam is. What's going on? What should I be aware of? If I move forward, what information should I get? [link] [comments] |
| Posted: 06 May 2021 09:12 AM PDT Hi everyone, looking for some advice. I found an (seemingly) abandoned home in Diamond Bar, California (LA County) that I'd like to purchase. Apparently (according to the neighbors), the wife died and the husband had some sort of mental breakdown. The inside of the house looks like something out of a hoarder TV show. And the outside landscaping was such a mess that the city had to hire a company to bring it up to code (trees were uprooting concrete). I had an agent friend look up the house's title and it still belongs to the owner. It's also paid off and no liens against. I've tried reaching out to the owners to inquire about sale but as expected, no response. I did some more digging and discovered that the property taxes are being paid consistently, but not by the owners. It's actually Wells Fargo Bank that has been paying the taxes! So, assuming that the house is potentially foreclosed or a REO (real estate owned - bank owned), I call Wells but even they say that it's not their house. It's almost like a murder mystery! So aside from spending 5 years squatting for adverse possession, does anyone have any tips or ideas how I could potentially purchase this house? The city seems unable to help. LA county? Would asking a real estate lawyer have an idea? Thanks in advance! [link] [comments] |
| What can I do with a real estate license? Posted: 06 May 2021 09:09 AM PDT So I've been studying real estate for a couple months now but every day I get a doubt in my head, saying is this license worth it. I don't want to be a salesperson with this license but I heard that I could do AirBnb, which is what really drew my interest. Are there any alternative uses to my license like AirBnb? [link] [comments] |
| Have an acerage, should I FSBO or use a Realtor? Posted: 06 May 2021 05:17 AM PDT I'm in a unique position: I just bought a house and got a good deal, but need to sell my old one. We were originally planning on keeping the old one through the summer to use the pool and do some minor updates before we put it on the market. At our closing on the new house we were told that there are exactly zero acerages for sale anywhere around us and we could ask for a decent price on the old one because there are tons of buyers but no sellers. Now we have to decide when to list it, and what price. I've even already had someone make a soft offer and gives me the option to bypass realtors altogether. But I may need an expert here. Thoughts? Need more information? [link] [comments] |
| My friend in texas bought property and then found out the septic system was not located on her land. Posted: 06 May 2021 08:58 AM PDT She is in Texas. Does she have a legal case against the agent. Does she have any legal recourse? [link] [comments] |
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