- We overpaid 10% for a 3 day old new construction home because losing bidding wars to no contingency cash offer yolo buyers was crushing our souls and literally making us sick. A Millennial FTHB experience.
- The construction of large new apartment buildings in low-income areas leads to a reduction in rents in nearby units. This is contrary to some gentrification rhetoric which claims that new housing construction brings in affluent people and displaces low-income people through hikes in rent.
- (AZ) A thanks from an appraiser to my agent
- Love Letter Bingo
- Fha, conventional 97 and down payment assistance question
- How to find new construction homes?
- In Contract Asbestos Found, what to do?
- How Much Does a Busy Road Lower Property Value?
- Advice for FTHB
- Today is our deadline to consider buyers offers
- Adding a Pool
- Have a good opportunity, need help to know if it’s worth it.
- Seller is being nosy on the sale of our property
- Thoughts on Inverted Living?
- Roughly how long before listing should I start meeting with a realtor?
- Owners Title Insurance on a Refinance with different Co-owner
- Home buying help
- I need to vent
- Mortgage Pre-approval.
- I wonder if this huge western real estate jump.. from Canada to US.. was just a bunch of about to downsize retiring boomers finding a way to quickly inflate their #1 nest egg by using their lifelong honed skills of manipulating millennials who are emotionally vulnerable these days because covid ?
- Capital Gains Tax?
- 10% down in this market?
- Power Line in Backyard - Boca Raton, Florida
- Advice on Lot Purchase
- Finding a sponsoring broker in Illinois
| Posted: 09 May 2021 08:54 PM PDT Wife and I are in mid 30s with 2 kids (2 and 4). We used to live in California but moved to Georgia in 2019 because we were sick of California. Our plan was to rent for 1 or 2 years, feel out the area and buy a home before our daughter entered pre-k. (Insert rant about how it would have all been so perfect except 2020 happened) Fast forward to April 2021. Wife and I are zombies from working from a 2BR apartment with 2 toddlers during quarantine. Despite having 800 credit scores, 120K income and 65K set aside for new house, we felt so trapped, hopeless and too exhausted to start searching with all real estate madness. So we froze and just did nothing. But one morning, after the first 9 hour sleep I got in a year, something snapped in me. I said to myself. I'm a father. I need to stop acting like a little bitch and be a man. I bought a 6 pack of redbull, read a bunch of FTHB articles and then applied for a ton of lenders. I read that it's better to get a new, hungry real estate agent instead of an established seasoned one because they will out to prove themselves and have fewer clients. I went to zillow and lookup up a bunch of local agents. I used a combination of stats and gut feel based on the picture and picked out a dude who I thought fit the mold. I was dead on. This guy was on point and hungry to work with a serious buyer. I told him we were prequalified for 30 year fix conventional and looking for homes in the 300-500 range. I liked him. He didn't make suggestions but he answered any questions very quickly and seemed to have some magic power where he could be at any house I was interested in within 60 minutes and have the door open for me. For a month him and I went to war looking for houses. I ate only fast food and drank only energy drinks. We were at every single house zone for a good school with enough bedrooms within a 20 mile radius. This ended up being 1-3 homes per day. During April we put in 5 offers above asking but always lost. 2 of these were "dream homes" for my family. I took at break at the end of April because I felt like I was going to die. I decided to investigate new constructions and went to every single new construction subdivision I could find. I was depressed to learn the it would take at least 9 months to have one of these built and many required lotteries for the lots to build on. I believe I was at maybe the 7th or 8th new construction subdivision just walking around just thinking about how much easier life would have been if we decided to buy a home in 1 year instead of "1 or 2 years". This subdivision was almost complete and it looked to me like they were just finishing off the final cul de sac. To the left I saw a home that was just starting, then next to it home that was almost done, then next to that a home that looked done but still have a bunch of trash outside. I pulled up the MLS and couldnt find anything about the 3rd house. I looked on zillow and I found it. It was listed as a "Buildable Plan" for New Construction and had that cut and past blurb about how this was only a plan and construction hasn't started yet. What the fuck I thought? I called up my agent and told him. He was instantly on it. He gets back to me in an hour and it turned out that the home builders had so much business that they were entirely focused on 3 other new subdivisions they were building. This community was old news to them and whoever was responsible for listing homes listed this one incorrectly. The listing looked like only a plan, it had default blurb about how it will take 9 months to build. So it sat there for 3 days on the market, completely ignored. We signed the contract for that house the next morning after walking through it. It was listed for $450k but only worth about $410 in my mind. I didnt give a shit. It had 4 bedrooms and within walking distance of schools rated 9/10 on great schools. I worked with their preferred lender who they said "would take care of us" and help with the costs. Their preferred lender gave us $9k in closing costs and 2.75% on a 30 year with 5% down and a 15 day close. I was like what the actual fuck is going on and signed away. House magically appraised where it should and inspection went perfect. We get the keys on wed and I still cant believe it. I may come back and edit grammer and sentences for better flow later but for now I just needed to get this out. I dont know if what I did was smart or stupid but my family is happy and I'm happy and that's all that really matters. [link] [comments] |
| Posted: 10 May 2021 05:21 AM PDT |
| (AZ) A thanks from an appraiser to my agent Posted: 10 May 2021 09:05 AM PDT This could be a massive block of text but Ill keep it short. We were not expecting to shop for a house right now but we got surprised with my wife being pregnant with our 3rd child. Our current home is a bit tight to fit a 3rd kid in so we decided to look. Because I have access to the MLS here in AZ (which I really like and its a great tool) I'm able to search for stuff really quickly and have direct contact with agents. We found a house we really liked that happened to be right next door to some good friends of ours. It seemed way over priced and was active on the market at the time for something like 80 days. Which is an eternity here in Phx. I did a back of the napkin valuation on it and figured its about 100k over priced. It is a unique house but was way over priced. I called the agent directly and asked if she would be interested in dual agency for our purchase and offered to have her also sell our current house. She was surprisingly un interested and not helpful. I had recently met an agent I liked on an appraisal I did and I called him asking if he wanted to be an agent for us. He agreed and I filled him in on what was going on. He gave us some great advice and we put an offer in on the house. We offered something like 125k less than asking. They came back offering 25k under their asking. We backed out after that. Short time later we found a 2nd house. It was a pre-listing "coming soon" house in a great neighborhood. The listing said it needed work. My wife wanted to go check it out and we had our agent sign up for the pre listing walk through. They only showed it for one day, for like 3 hours and had 5 offers. We offered asking price and the next day were asked to offer our "highest and best". Asking was our highest and best so our agents gave a 5k credit from their commission. We won the contract! We had to move quick after that to get our current house ready to sell. Our agents were total pros in handling showings and offers. Both houses are now closed and we have absolutely gutted the new house as it did need work. I was hoping to handle everything by myself but our agents were great and things went pretty smooth. While we were under contract we got a call from our friends that live next to the first house we offered on. They asked if we were interested in buying the house because they were upset with their agent and their house had been on the market for over 140 days at this point. Oh well. Here in AZ we feel like we were blesses that our first "real" offer was accepted and we are in a great neighborhood. Thanks to our agent for being pretty awesome. [link] [comments] |
| Posted: 09 May 2021 10:16 AM PDT Make sure to use at least 70% of these items to really make those sellers cry. [link] [comments] |
| Fha, conventional 97 and down payment assistance question Posted: 10 May 2021 06:51 AM PDT For those who have bough homes using 3-3.5% downpayment options and or grants, do you feel like your offers were taking less serious/ less desired by sellers? [link] [comments] |
| How to find new construction homes? Posted: 10 May 2021 06:01 AM PDT FTHB, wondering if there are any good resources for trying to get in early on a new subdivision? It seems like the lots get bid on really quick, so curious how people are aware of new land developments and get a new build reserved. I've researched planning commission meeting minutes for the nearby townships for updates on proposed sites, but nothing is really coming up. If anything, it's just the townships not approving anything or projects that have sat for 3-4 years with no update. Thanks for any info anyone can share. [link] [comments] |
| In Contract Asbestos Found, what to do? Posted: 10 May 2021 09:21 AM PDT I'm at a loss with this entire situation. In North East our offer on a house was accepted. We are in contract. The house needs a lot of cosmetic work, which we were ok with . Now, Asbestos insulation found during inspection. Air handler for the air conditioner in attic with asbestos. We ask the sellers if they will either give us a credit or remove it pre closing. We got a quote for 30k and made a demand for that sum or for them to do the work. Now the sellers attorney says they will not do any repairs, but the realitor is saying they are still trying to get their own quotes. I have not received any definitive answer besides their lawyer saying no to all repairs. We are not in a rush, we are financially stable, and do not want to buy someone else's problems because it's a sellers market. Do we just walk away all together, or wait to see if they are in fact getting other quotes? It seems like there is a real lack in communication between the sellers, their atty, and our atty. I have been the one to get the quote, extend the contract, only to have them say no to everything..... I'm ready to just cancel the contract and lose what money I have already spent on inspections etc. [link] [comments] |
| How Much Does a Busy Road Lower Property Value? Posted: 10 May 2021 08:43 AM PDT I'm looking for some advice and feedback, thanks in advance. We viewed a house last week that meets our standards, is in a desirable school district, and sits on a nice flat lot. However, the house is on a busy road. This is something that we are willing to compromise on and now we're trying to structure an offer. Currently, the house is listed in line with the comps if you look only at the house and lot size. Because of the busy road we feel that the house is priced too high. Two offers have been made but fallen through prior to going under contract (low appraisal maybe? Seller's agent wouldn't say why). The listing agent stated that there have been showings, but few offers due to the busy road. The property has been listed for 25 days. We also confirmed that the seller is willing to negotiate on price. Before anyone jumps in to say "just look at the comps," we've done that. Unfortunately no homes on busy roads have sold in this township/school district since late 2019, so the comps are not helping much to inform our decision at this point. My instinct is to go in with an offer 10% below list price. In y'all's experience, is this so low that it may offend the seller? Is this justifiable in your experience? Does a busy road have that big of an impact of value to an appraiser? [link] [comments] |
| Posted: 10 May 2021 06:14 AM PDT Hi all! I wanted to write a post because I've seen a lot of people on here ask advice on what to do to get a home in this crazy market and how far they are stretching themselves to make it happened so I figured I'd share my experience hoping it could help some people. [link] [comments] |
| Today is our deadline to consider buyers offers Posted: 10 May 2021 03:16 AM PDT So we just recently had an open house and today we are going to "sit down" and evaluate offers. I know of two offers that we have received (one under list price and one 5K over list price), should we expect more offers to creep in today since Mother's Day was this weekend? I'm excited and nervous at the same time. [link] [comments] |
| Posted: 10 May 2021 05:21 AM PDT If I find a house that is under the amount I am pre-approved for can I use the remainder to put a pool in? Or how do I get the pool financed into my mortgage? [link] [comments] |
| Have a good opportunity, need help to know if it’s worth it. Posted: 10 May 2021 06:22 AM PDT I'm a 21 year old electrical apprentice in MA expected to gross 60k this year. I live with my father at his 2.5 family home (2 floors, "illegal living space" attic where i live) My father is looking to retire but he needs to sell the home since he doesn't have any pension plans, 401k only SS. the home is estimated at about 535k. we talked and he said he'd be happy selling me the home for that price knowing very well he could get anywhere from 560-600 for it on market. My question is, is it worth buying and using my FHA 3.5% down and flip it? My plan was to look in NH and use my FHA but if i can make a 300-400% ROI (on my down payment) if everything goes to plan seems worth it. The problem i see is now I'd have to buy the next home with the 20% which would use up most of that said ROI since the budget is 350-400. Any info helps! Edit: not taking it because of obvious reasons of him compromising his own retirement for me. Thank you for the input [link] [comments] |
| Seller is being nosy on the sale of our property Posted: 10 May 2021 09:40 AM PDT I am a real estate agent and this is my first time being under contract on a home that the buyer wont be able to purchase without selling his home. I understand why the seller is concerned but am I doing my client a disservice by providing to much information? The seller of the house my client is buying is up my nose asking questions like, how did the open house go, why havent I posted interior photos of the house, and other personal information that she doesn't really need to know. Can I tell her, Ill contact you when the house is sold or should I give her updates on how the sale of my clients house is going? My seller has had some personal issues occur and we had to post pone the open house and photos two weeks out from when the home first went on the market. The seller is getting nervous we wont be able to sell. [link] [comments] |
| Posted: 10 May 2021 09:39 AM PDT Significant Other and I are in the process of choosing a plan for a new construction. One of the options is to put the kitchen/Dining/Living on the top floor (of 3). The benefits are the unobstructed (and unlikely to become obstructed) skyline view of Downtown, and natural light. The plans include an elevator, the cost and maintenance of which is not an issue. The main concern is reselling, as there are some worries no one would want something that 'unusual' and 'impractical'. Any thoughts? [link] [comments] |
| Roughly how long before listing should I start meeting with a realtor? Posted: 10 May 2021 09:30 AM PDT I'm in Bergen County, NJ and looking to hopefully have this house sold as close as possible to the end of this year. Might need to make some minor updates here and there but overall the house is in good shape. Would it make sense to meet with potential agents in June to list probably sometime in Aug/beginning of Sept? [link] [comments] |
| Owners Title Insurance on a Refinance with different Co-owner Posted: 10 May 2021 09:29 AM PDT I originally purchased my home in 2018 with an individual and paid for Owner's title insurance. I am refinancing the home now in 2021 and switching out that individual for my spouse to be on the mortgage/deed. Is my Owner's title insurance still valid if one person listed on the property is different now? Should I get a new policy? [link] [comments] |
| Posted: 10 May 2021 09:27 AM PDT I'm a first time home buyer, and I am not sure what to think of the market. There is huge sentiment saying that home prices will not fall for another 2-3 years due to insane demand and lack of supply caused by Coronavirus, and others saying that the bubble is about to burst, especially since there's inflation on the horizon and the economy shitting itself. We're looking to buy in the northern arizona suburbs for a few years (3-4), renovate and rent out the house to some family members and then eventually move to new mexico or texas permanently. Some guidance please? I am honestly looking for earnest answers that can offer me serious insight. Thanks in regard [link] [comments] |
| Posted: 09 May 2021 02:46 PM PDT So my realtor went with me to go look at a house. The sellers realtor told us to be there at 11am or else you may not getting in. This was probably my 10th time at a house and this time my realtors mobile reader was not working correctly. We saw the owner inside thru the front door and rang the doorbell. The owner welcomed us in and was upset her realtor was not on site. The owner called her realtor about the situation and the sellers realtor laid into my realtor for 8 mins accusing me of harassing her. She accused my realtor of being in ethical for not having a working card reader. My realtor had to text this other realtor the license and business card. I am pissed at the sellers realtor accusing me of being an aggressor. I don't like being lied to. I like the house placed a nice bid higher than offering. With a letter. Sadly I'm worried we have been black listed the realtor may have deleted our bid from her email. Also the entire day no one else came to the house. (My parents live down the street and kept an eye out) my realtor has 20 years experience. The sellers realtor 23 years experience. At least I was able to have a nice conversation with the owner. But my gut is killing me thinking I have been black listed. The decision will be made by the seller tomorrow. Update. I found out that this listing realtor was upset for this following reason. After an hour the home was posted. It went pending on realtor. This realtor had an out of state investor provide a non cash over but a buy as is unseen. Way over asking price. The homeowner was about to commit that said lets give it another 24 hours to see the other potential bids. I feel as though she may want this house to go to a loving family and not be rented out. Who knows. [link] [comments] |
| Posted: 10 May 2021 09:24 AM PDT In your experience and generally speaking, where is the best place to start looking into mortgage options? My family tells me the a fast turn around time is important, anything else I should be aware of? [link] [comments] |
| Posted: 10 May 2021 09:20 AM PDT I know people want bigger houses cause covid and interest rates are cheap, but you got to wonder if all the boomers from the White House, to the lenders to the home buyers have all sort of though .. fuck this pandemic could destroy our asset like 2007, lets put out all sorts of traps like easy loans, and market hype and use this whole situation as a way to keep the economy floating.. they didn't anticipate the booming economy, and the never ending foolishness of the younger generations to inflate house prices in totally irrational ways. It is just a theory. For instance if all the millennial decided they weren't investing in houses this past year and instead were going to live outside in tents or something like this, the house prices would have tanked and been like 2007.. a buyers land. [link] [comments] |
| Posted: 10 May 2021 09:16 AM PDT I recently purchased a home last year and it has increased its value since then by about 50k. I am planning on selling within the next few months, but may decide not to depending on a potential capital gains tax I may have to pay. My question is this. Under what circumstances does this tax apply? I think I read somewhere that I have to pay this only if the sale produces at least 250k in profit and/or the house has been in your ownership for less than 2 years. Is this accurate? [link] [comments] |
| Posted: 10 May 2021 09:09 AM PDT Hey everyone, looking at Western NC area and was wondering if it'll be possible to put about 10% down on a house and actually land it in this market when people are buying outright in cash? Will I just get rolled over trying this? [link] [comments] |
| Power Line in Backyard - Boca Raton, Florida Posted: 10 May 2021 09:04 AM PDT Hi Everyone, We are having a rough time (like most) getting any offers accepted on homes. We found one that has been sitting and I think it's due to multiple factors: too high of a listing price and weird bathroom layout in the master bedroom. Aside from that, the only other odd thing I don't love is that there is a power line running through the backyard. It is in multiple people backyard but I am wondering what kind of impact that will have on future resale value. I'd like to go in under asking but I want to be careful about the future as I don't plan on being in Florida more than a few years. Thanks in advance! [link] [comments] |
| Posted: 10 May 2021 08:58 AM PDT Hello there! I'm currently in the study period for a 0.41 acre lot in a town nearby. The OSE and surveyor discovered that the neighbor's drain field encroaches by about 3-5 feet (he'd get more specific if I'm certain I'm moving forward), but he said it would not affect the foundation of my house or my planned drain field. He confirmed that I'd have room for the house plan I'm looking at. He said it's just news that makes some walk away immediately. The lot used to be owned by the neighbor as an extended yard before a divorce, so that's why it encroaches. I've been told I could put a courtesy easement in my deed or not, having them to fix it on their own property if it ever fails. Some non-real estate friends have shared their advice, but I'm hoping for some more words of wisdom as well as things I may have not considered from you all. Thank you in advance! [link] [comments] |
| Finding a sponsoring broker in Illinois Posted: 10 May 2021 08:53 AM PDT I just passed my real exam estate. I wonder how people usually apply to sponsored brokers. [link] [comments] |
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