New Construction Boom - what happens to the older homes? Real Estate |
- New Construction Boom - what happens to the older homes?
- Please help! Realtor and Lender lying to me and pressuring me into signing to buy?
- Don't fall in love before you close.
- Just want to rant...
- Bankowned property
- Inspection went well except inspector noted in report that "some outlets aren't grounded". What does this mean for me?
- [Louisiana] Asking for lower rent?
- [USA - Ohio] Where is the Housing Market at in its Cycle?
- How risky should I be?
- [Bay Area, CA] Buying a small condo in the East Bay VS Buying a large home in Manteca/Lathrop
- Application Question
- How honest should we be with our real estate agent about our price range?
- First Time Homebuyer: Escalation clause for the offer or no?
- Is it worth getting preapproved again to make an offer?
- Offering half what is listed. We’re the current tenants.
- Is it better to flip and sell or rent out?
- Feedback: Tool for investors
- (TX) A first-time buyer with a few questions about a house and maybe potential red flags.
- Tenant runs a personal chef/food delivery service, how does liability work [Mass]
- Zillow vs. PVA
- Where can I buy a place for $100k in cash?
- First Investment Property tips
- Why won't they let me see this house? [PA]
- First time buyer. How is QuickenLoans?
| New Construction Boom - what happens to the older homes? Posted: 11 Mar 2018 10:04 PM PDT We've bought & renovated three homes previously but they've all been in densely populated areas of Los Angeles and San Francisco. We're looking to move to smaller cities that have tons of new construction. [TX, GA, IL]. Looking at homes in the area that are 10-12 years old and they seem so sad compared to the new. Dated finishes, poor layouts, high amounts of wear & tear. Is it ever worth remodeling those homes when brand new homes are so prevalent? If you do buy new, 10 years from now will your home be that sad dated home that no one wants because there's a better looking, easier situation a few miles down the road? Any strategies or perspectives to this process you want to share? [link] [comments]  |
| Please help! Realtor and Lender lying to me and pressuring me into signing to buy? Posted: 11 Mar 2018 09:09 PM PDT [FL] I am a first time home buyer in Florida and I'm just very confused. I went to see some places in early Feb and put in an offer, I asked the realtor if we negotiate price and we did and came to an agreement. From the very beginning I was told everything looks good. We are extremely close to closing, the lender is asking for a co-signer...I don't have one. They told me the other option is to pay an extra $6 down which I don't have, when I said that she asked again for a co-signer. I was told I could use anybody and she got in touch with my grandmothers. One couldn't co-sign and the other agreed she could try to use her, my grandmother has no income and no job. If I need a co-signer on this loan am I right to assume it's because the numbers aren't showing I can afford the house on my own? Why would this lender ask for my 75 year old grandmother to co-sign - who again, has no job or income and I advised her of this. I am very uncomfortable with this situation and let both the lender and realtor know I am uncomfortable. I was told the seller will sue me if I don't go through with this purchase and that they would speak to me tomorrow. I don't know what to do. [link] [comments]  |
| Don't fall in love before you close. Posted: 11 Mar 2018 07:46 AM PDT One more time: DON'T FALL IN LOVE BEFORE YOU CLOSE. This isn't my first buy; I already knew the golden rule, but I ignored it. The house of our dreams sold three days ago and I haven't been able to think of anything else since. I can't even browse other homes because they are all so lackluster compared to that one. Anyways, don't make the same mistake. Wait until after closure to fall in love with your home. [link] [comments]  |
| Posted: 11 Mar 2018 06:03 PM PDT My girlfriend and I are in the process of selling our home to buy a new one. It's been frustrating, having two offers to buy a house fall through because we're contingent on selling our home. We have an offer but we weren't supposed to go under contract until the 15th. Yesterday we viewed a beautiful home with everything we wanted. Fat yard, amazing kitchen, just an amazing house. We put in an offer at full price and our agent explained that while we are contingent on selling our home we go under contract on the 15th and that our inspection has been done and we're waiting on the report back. Well, we go all day without hearing from the sellers or their agent yesterday. Our agent calls us this morning and explains that they have prepared a counter offer but are worried about the contingency. Understandable. They wanted until 6pm tonight to make a decision. We get a call back at 4pm from our agent and she tells us that if we can get the contingency terminated today, they are willing to work with us on a deal. We contact our buyers and they're cool about the situation. We make a deal with them to end the contingency all in under two hours. Our agent gets on the phone with the agent of our sellers, "Oh, we've accepted another offer." WHAT. THE. FUCK? After all that back and forth and rushing to get our contingency terminated and telling us you're willing to work with us you accept another offer? And you didn't even have the courtesy of contacting us about it, we had to contact you! This is the third house we've had fall through. Back to the drawing board! Edit: In the metro Atlanta area. [link] [comments]  |
| Posted: 12 Mar 2018 12:47 AM PDT What is the best online source to find bank owned property for sale in New Jersey [link] [comments]  |
| Posted: 11 Mar 2018 06:07 PM PDT Old house ~1940's. Updated in 2013 but not everything was updated or changed over. It has a modern 220Amp breaker. Inspector didn't say anything about it at the time but gave us his 40 page inspection report. Upon reading through one of his notes is that some outlets are ungrounded. Not sure what this means for me and what I should do about it if anything. [link] [comments]  |
| [Louisiana] Asking for lower rent? Posted: 11 Mar 2018 07:30 PM PDT Basically just hoping for opinions on if this is offensive/if not, what's the best way to ask is. My current landlord owns about 50 properties, as far as I can tell. I don't want to stay in my current house when my lease ends, but would like to remain with my landlord. Yesterday my boyfriend and I went to look at one of his houses and loved it, with the only issue being price. He has it listed for $1350/month, up $60 from last year's rent of $1290/month. Is there any polite way to ask for a reduction in rent to around $1300? Is that extremely offensive? I think that he would say yes if asked, for a variety of reasons that basically come down to the fact that his typical tenants are partiers and this is a nice neighborhood where he needs someone quieter. We are college students and the $50 saved would make a difference to us, but I don't want to ask if it will poison our landlord-tenant relationship. [link] [comments]  |
| [USA - Ohio] Where is the Housing Market at in its Cycle? Posted: 11 Mar 2018 06:33 PM PDT I was recently talking to my realtor about the market and how, for the large part, a lot of properties have been selling at full asking price. It struck me as a bit strange and having recently dealt with it first hand on a property I offered on it caught my curiosity. My realtor mentioned how in our area (and I realize each market is a little different) the cycle seems to have "peaked" and thus prices should begin to stabilize. With that said, is he right? And to that end does this transition happen quick enough to affect someone like myself who is hoping to buy within the next 2 months? My understanding of the cycle tells me no, but I am curious. I also know inventory is low coming out of the winter months and should pick up considerably over the next month or so, which may also help normalize prices. [link] [comments]  |
| Posted: 11 Mar 2018 09:15 PM PDT So I'm a first time buyer, out here in Hawaii. I work in the center of the island and am trying to buy a place near work. There's this valley that has a lot of townhomes I've been interested in. However the valley is in a very lush, humid, "jungle" type area. It's very tropical. One of the complex's I was looking into had an assessment done by a team of engineers, who determined that "soil creep" was putting some of the structures at risk and they needed to be stabilized. The board in charge of that complex put out to the homeowners that they will be taking out a loan to cover the costs and raising the monthly maintenance fee, subsequently TONS of units in that area went up for sale. There was also recently a landslide somewhere around there supposedly, but that's something that was new to the area. I'm going to try and do more homework and look into whether this has been an ongoing issue or not, but I'm wondering what you guys think. I'm wondering if it's the old Warren Buffet adage of "buy the fear, sell the greed", or if I'm thinking I'm smarter than I am and would be smarter to just stay away from this area. Obviously you don't want risk when buying a home, but if this is essentially a one time thing I might be able to get a great deal due to everyone panic selling. Looking up that area of the island historically, town homes and condos have been appreciating in value anywhere from 25-50k a year the last 5 years. So I'm thinking maybe it would be smart to pull the trigger anyway, barring disaster. Thoughts? [link] [comments]  |
| [Bay Area, CA] Buying a small condo in the East Bay VS Buying a large home in Manteca/Lathrop Posted: 12 Mar 2018 12:34 AM PDT Im a 39 year old, single male finally ready to buy. I have all my all my ducks in a row, money is there, and Im working with a realtor. Now, where do I buy? Im all by myself, no wife, no kids. Do I buy a small, 1 bedroom, older condo in the East Bay, where Im close to family and friends, twenty minutes from work and a small mortgage. OR Do I buy a large home for a 100 grand more in the Manteca/Lathrop area. Id be about an hour away from said work, family and friends. Mortgage would be about 400-500 dollars more a month. However, there are some big beautiful homes out there that I would never be able to afford in the East Bay by myself. Id like to hear your guys pros and cons for each. [link] [comments]  |
| Posted: 11 Mar 2018 09:43 PM PDT I am thinking about filling out an application for a new apartment I was interested in this week, but my parents are concerned because the real estate agency asks for copies of my social security card, three of my pay stubs, and my ID. Is this typical practice? The building is definitely reputable and a lot of people live there already, but obviously with that combination of information I could really be at risk. I am trying to move into a big city in Pennsylvania. [link] [comments]  |
| How honest should we be with our real estate agent about our price range? Posted: 11 Mar 2018 04:46 PM PDT My wife and I are preparing to buy a house in cash. We have an ideal price range but we also have the money to stretch about $50k higher than that if everything was perfect about the house, location, etc. We're a little scared of telling a real estate agent (we don't have one yet) about our true price ceiling because we think they might only want to show us houses in that upper range, or that things might creep upwards from there. Are we just being paranoid about this? Would appreciate some opinions on this. [link] [comments]  |
| First Time Homebuyer: Escalation clause for the offer or no? Posted: 11 Mar 2018 07:35 PM PDT Numberwise, my wife and I are for in only with what we are comfortable with paying. That said, the house hits all boxes on our list (location, street, livable but could use some work, land, etc). We want to make a strong offer and so I'm thinking 1.5% above asking. I've also heard about escalation clauses to highlight our max but I'm thinking that might end up with us bidding against ourselves. What are thoughts around this? Is there a way to phrase "keep us in the discussion" without giving a max number? Something like "willing to go 1K over best offer"? I have absolutely no idea on this front. Doing more research in the area to ensure we're not overpaying but at the same time, this fits our forever home dream. Trying to stay logical. Anyway, thanks in advance for the help. Edit: Location is Boston metro west [link] [comments]  |
| Is it worth getting preapproved again to make an offer? Posted: 11 Mar 2018 06:03 PM PDT Husband and I have been searching for a house within two particular neighborhoods since October of last year. We were really over zealous when we found one we like back in October and did the whole pre-qualification process only to find out the house stood absolutely 0 chance of passing inspections for a VA loan. Since then, inventory has been extremely low and it wasn't until Friday a property listed that we were interested in. They are asking $139k (Midwest, Ohio to be specific). We found some issues: a potential plumbing issue where the only full bath doesn't drain almost at all (that could very well be all the way to the city sewer lines/tree lawn, we won't know until we have it snaked), some foundation issues that aren't an immediate concern, will need a new roof sooner than later, needs a new driveway almost immediately. It comes with no appliances at all and very dated fixtures. It does have updated HVAC, windows, and siding, and a remodeled kitchen. It is a 1.5 bath, 1.5 car garage home with 3 bedrooms on 1600 sqft. The thing is, the house directly across the street just sold in November for 141k. Same square footage and lot size, 3 bedrooms and a full 2 car garage and 2 full baths. Similarly it has a remodeled kitchen and new windows. But it also had brand new top of the line appliances and high end fixtures, a new roof, all updated mechanics, and a new driveway. Similar layout. Basically the same house but better. This seems about standard for the market in this neighborhood at this price. This considered along with the additional money needed to be put into it immediately, we were thinking at coming in at $115-118k. The problem is, there have been 3 offers (one which was rejected) on the house, two of which were today, since being listed less than 72 hours ago. We were planning on calling the mortgage company to update our prequal so we could make an offer today, but no one is available until tomorrow. If we don't wind up getting this house, it's extremely unlikely we'd find another house we'd be willing to purchase in the next 60-90 days. We had the good fortune of having three different types of contractors (one who is a licensed home inspector) already view the home, so on one hand were thinking we may have an upper hand with an offer because the average home shopper probably won't be aware of some of the issues we found until they have an inspector look at it. On the other hand we're wondering if it's worth the hard pull on our credit with a home that we're likely to get in a bidding war over, given we don't feel it's worth the asking price. It doesn't help that we don't have a realtor of our own to talk this over with until tomorrow. Any thoughts? [link] [comments]  |
| Offering half what is listed. We’re the current tenants. Posted: 11 Mar 2018 03:07 PM PDT Northern Utah I'm thinking of putting an offer on the house that we live in. We have lived in the house for a year. Housing prices are lower here, and the house is being listed at $200,000. For the area, a $200,000 can buy a newly constructed house. This house I am considering purchasing has only 1 legal bedroom (two rooms with no windows or closets.) 1 bathroom. Built in 1930 and not updates. Very narrow doorways, kinda creepy. Has not been updated, painted over wallpaper from the 50s. Very run down. I know the quirks with the house since I have been here a year. I received bids from friends and came up with around $100,000 in renovations to bring it up to at least code. Electrical (the biggest issue, we have 4 outlets in the whole house, 1 grounded,) plumbing, Sheetrock/drywall, to weather the house, new windows (no windows open.) among quite a few other things. I am thinking of offering $100,000. Compared to other houses even on the same block, large old houses are going for around $120,000. Is this a bad idea? I just believe those house has great bones. I really think it's quite charming. But not worth $200,000. [link] [comments]  |
| Is it better to flip and sell or rent out? Posted: 11 Mar 2018 06:11 PM PDT I am debating buying two cheap rehabs in a town with a strong market. I am wondering if it would be best for me to sell them or rent them after I renovate them. The quick numbers are: Current Purchase Price: $100,000 for the pair Renovation Cost: $50,000 Average Home Price in the Area: $252,000 Average Rent Price: $700-900 This is a college town and is pretty desirable. The houses are right next to each other and just outside town limits so I will only pay county taxes. The taxes are around $1100 for each person year if that matters. Rent or sell? In VA if that matters. [link] [comments]  |
| Posted: 11 Mar 2018 05:55 PM PDT I've thought about combining my 2 big interests by building a tool for real estate investors. It must focus on solving one major pain or annoyance, ideally something currently unserved (swiss army knife software tends to be a bad direction to go). What's the chief pain you guys face? From my own perspective it would be leadflow. Not sure what could be automated in that direction though; maybe there's a way to algorithmically pull pre-foreclosure data from some counties without having to buy lists? That's all I can think of, would like to hear your own pain or frustration. [link] [comments]  |
| (TX) A first-time buyer with a few questions about a house and maybe potential red flags. Posted: 11 Mar 2018 05:40 PM PDT Hello all! I found a house that's within my budget and it looks like a great starter home. However, there are some things that are bugging me about it. Based on the info that I can find on realtor sites it looks like it has been on the market for almost a year. Prior to that, it looks like it was a rental. I talked to my realtor about a walkthrough and she said that they currently weren't taking any until next week. Also, the utilities are not turned on currently. edit: bonus question: Does it mean anything if multiple houses are for sale on the same street/area? Thank you for any help! [link] [comments]  |
| Tenant runs a personal chef/food delivery service, how does liability work [Mass] Posted: 11 Mar 2018 08:11 AM PDT Hi all, I am sure I am not the only one, but I found out (by accident) that one of my tenants runs a personal chef service from my kitchen. After a search I found that this not legal without the state (Mass) coming in to bless the kitchen, processes, recipes etc. I am sure this was not done, as the kitchen is just a plain one and not an industrial one. After looking over the lease, I can't really find anything that would prohibit a running a home business, but this is one step further in my book. Does anyone know how to address this with the tenant, the state? How would it work with liability if/when the tenant is ever 'found out'? Am I 'harboring a terrorist' here and therefor liable? Thanks [link] [comments]  |
| Posted: 11 Mar 2018 01:50 PM PDT Can anybody explain this? On Zillow there is a property I am interested in listed at 31k. Then on the Zestimate it is around 90k as well as on the 'assessed value' of this property's PVA. So what could I expect to get this property at? It is for sale and not on auction btw. [link] [comments]  |
| Where can I buy a place for $100k in cash? Posted: 11 Mar 2018 10:51 AM PDT I will be moving overseas and want to buy a place that will be rented out via a property manager. I have about $100k in cash to spend and will not be taking a mortgage etc. I am open to anywhere in the country pretty much that you can suggest. So suggestions for a cheap state, area etc are welcomed. Thanks in advance for your help. [link] [comments]  |
| First Investment Property tips Posted: 11 Mar 2018 05:45 PM PDT Hello everyone, I just joined this sub and have been interested in purchasing an investment property for a few years now but never had the cash. I just started working and have about 20k saved with approx 4-5k monthly income after taxes. What is a good target price to shoot for an investment property. I still live at home and don't plan on moving out anytime soon unless I absolutely have to. Any help would be greatly appreciated. Also, thank you for all the helpful posts and insights on real estate investments it's really helped a lot so far. Edit- I live in the Houston, TX area and may relocate to austin but will focus on Houston for now. [link] [comments]  |
| Why won't they let me see this house? [PA] Posted: 11 Mar 2018 07:52 AM PDT There's a house on the market for 5 months now (listed in Oct) that we'd love to see. It's the style we like - determined via pictures from the previous listing (which our Realtor sent us), and it's in a high-demand area. Even for the high-demand area, this asking price is overpriced. (Keep this in mind...) The only problem? The sellers will not allow any showings. None. The showings calendar (accessible to realtors?) is booked solid (as "not available") to 2019. The listing agent is telling our realtor is telling ours that it'll be ready in a couple weeks. When pressed about why, his only response is, "It's a long story" and refuses to elaborate further. Another unusual thing - the house was last sold in 2013 for 170k LESS than its current asking price. Comparing the photos of the 2013 listing to the photos of the current listing, nothing has been updated. EDIT: The new price is 600k. What, exactly, is a seller's motivation for listing a house on the market but not showing it? Every piece of conventional wisdom is that you keep the house on the market for as few days as possible. What is going on here? Is there a reason to list a house but not actually want to sell it? [link] [comments]  |
| First time buyer. How is QuickenLoans? Posted: 11 Mar 2018 01:21 PM PDT Panhandle, FL. I read online you should always find the rates from multiple banks. However, QuickenLoans said that the lowest rates are 15yr 3.75 and 30yr 4.25 set by the government. If all banks are going to give me the same rates, what's the point of rate shopping? [link] [comments]  |
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