ATTENTION NEW AGENTS Real Estate |
- ATTENTION NEW AGENTS
- Buying first home, scared shitless
- We sold our house (a modest house in a desirable area) for almost 20k above the list price. Our realtor says the appraisal will never come in that high so we won't actually get the amount the guy offered.
- Homeless woman sleeping in front of my listing
- How much does HOA committee reviews matter when picking a home?
- Damages to property after sale but before closing
- How much is home sale price "anchored" to purchase price?
- Need advice on something my agent did.
- Starting my own real estate appraisal company!
- Can I find a broker that does residential, commercial, and property management?
- First time home owner, lots of questions
- Well water quantity fail
- FYI: Sales Price can equal Market Value w/o it being a gigantic appraisal conspiracy
- Low Appraisal Problems
- Still haven't gotten any mortgage payment info on new house we bought. Loan originator wants us to pay over phone since the loan hasn't been transferred yet.
- Sellers cancelled contract days before close AND will not release EM unless we state we won't sue them
- The case of the stalling seller...
- Home Warranty wait period
- Lower debt to income or higher down payment?
- Investing
- Live in North jersey, looking for duplexs in Philadelphia but numbers dont make sense. Buy single family?
- Help for first time buyer
- Not getting the 'low' interest rates in my refinance inquiries and I'm trying to figure out what might be the cause (I do have high credit).
- Military Officer as Notary for Real Estate in Florida
- Shady Mortgage Broker?
| Posted: 02 Aug 2019 07:15 AM PDT See here: https://www.reddit.com/r/realtors/comments/6k5y3w/new_agent_megathread/ Posts that don't contain specific questions or concerns about working as a new agent will be removed. [link] [comments]  |
| Buying first home, scared shitless Posted: 02 Aug 2019 05:05 PM PDT So to try and make a long story short. I am 28 married with two kids and thinking about a third. I make good money about 105k a year. Just went through a month of searching to find our dream house and we did. Although we almost didn't. Offer was accepted and now we are waiting for close date on August 26th. I am freaking terrified. Its such a huge responsibility. They house is perfect & the inspection came back with extremely minor things. Was anyone else this afraid when buying their first home????? Need some reassurance. Purchase price 195k 20% down 4.12% rate [link] [comments]  |
| Posted: 02 Aug 2019 07:49 AM PDT I'm getting conflicting info from people I know. We have a modest house in a desirable area and had multiple offers in 2 days on the market. We wound up going with a VA loan nearly 20k above our asking price. This is a blessing for us because we are moving because of my job (I got let go 3 days back from maternity leave and the job market for my career is extremely competitive in our area. We are moving to a smaller town with a better cost of living several hours away from where we live now). We haven't had my income for months now and the expenses of a brand new baby... Our realtor claims the house will never appraise that high, so we will have to renegotiate the offer for what the appraisal comes in for. Is this true? My father claims the man bid an amount, so thusly he must pay it. [link] [comments]  |
| Homeless woman sleeping in front of my listing Posted: 02 Aug 2019 02:55 PM PDT I'm a Real Estate agent in Northern California looking for advice on what to do about homeless people sleeping in front of my listing. Another agent came by the property with his client and discovered a woman sleeping in the doorway. His client was so rattled that they left immediately and didn't even enter the home. I've called the HOA management company but what can they really do? I doubt they will be able to provide constant surveillance. What can I do? I thought about posting a no trespassing sign but I think that would be just as threatening to potential buyers as it would to the homeless. Anyone have any experience with this? edit: words [link] [comments]  |
| How much does HOA committee reviews matter when picking a home? Posted: 02 Aug 2019 03:55 PM PDT There is a house we really like. We are first-time home buyers. The only thing sticking around (pre-inspection) is the HOA has really bad reviews online. The company goes by the name: Morris Management and here are it's reviews. Some people are saying "if I knew this company was managing HOA, we wouldn't have moved" alongside verbose descriptions of their incompetence. I know online posters tend to be negative, but uniformly 1* worries us. How much does having an incompetent HOA matter? Has anyone heard of this company before? It's a community where the builder doesn't own any property anymore, and there is a "board" which sits on the HOA. What does a HOA company actually do if there is a board of residents making decisions? We aren't worried about special assessments, the place is built in 2016. The finances look pretty decent. I think the issues are mostly around their responsiveness and lack of doing anything when it matters. [link] [comments]  |
| Damages to property after sale but before closing Posted: 02 Aug 2019 07:36 PM PDT We made an offer to an MLS listed property. The seller accepted and so we have a sold firm situation. We have to arrange Mortgage and hence closing date was set 30 days later and 2 visits were offered to buyer. In the first visit, we noticed that the property has suffered some damages because of weather and negligence by seller in protecting the property.. After damages, the property is not in same condition when we made the offer. In this situation, what are the buyer's options please? Who has to fix the damages? The more days we delay fixing it the more damages can happen.is there anyway for the buyer to instill some urgency? [link] [comments]  |
| How much is home sale price "anchored" to purchase price? Posted: 02 Aug 2019 09:39 PM PDT I'm putting in an offer for a house. I was hoping the seller would come down by another ~4% (for upgrades that are important to me, and some of which will be important to other buyers), but it looks like they're not going to budge. I have a friend (who, for what it's worth, is a former real estate attorney, and owns several houses in the area) who says not to worry too much, because my eventual sale price will be "anchored" by my purchase price and is therefore likely to also be ~4% lower. If so, it makes little difference to my bottom line whether or not they come down. For now, let's forget about whether the upgrades I'm going to make will increase my house's value. Let's hold that factor constant across the scenarios. Let's also forget about whether she's willing to do the upgrades (she's not). In your experience, does this "anchoring" phenomenon really exist? Is there any data to support it? Or am I just taking a hit to my bottom line? [link] [comments]  |
| Need advice on something my agent did. Posted: 02 Aug 2019 06:59 PM PDT So, we weren't planning on buying. But we saw a home in foreclosure that we really wanted to put an offer on. I got pre-certified for a loan and my wife called a real estate agent. This homes garage had some fire damage. Nothing too extreme. Something I could easily fix actually. We went to my real estate agent's office and signed with him that evening and put an offer down for $160,200. My agent let me know that I most likely will not get this house because the market for foreclosures is going crazy. Over the next coming days we view some other properties. And eventually we decide that we want to build. We like the idea. On Zillow today I found that the foreclosed property sold for $159,000. Which leaves me a bit confused. Did my agent not submit the offer in hopes that I would build? Did he do something wrong? Am I just a complete idiot? [link] [comments]  |
| Starting my own real estate appraisal company! Posted: 02 Aug 2019 06:47 PM PDT I know it's kind of off-topic, but I'm excited! I quit my job yesterday. Gotta sign up for AMCs and solicit local lenders. I'm really worried about the future because of Fannie Mae's appraisal waiver and AVMs, but I figure I can make good money for the next 5-10 years. Unfortunately I'm only certified residential even though I have extensive commercial experience and could do commercial appraisals (fuck the licensing system). Thanks for reading. Working for myself should be fucking sweet. [link] [comments]  |
| Can I find a broker that does residential, commercial, and property management? Posted: 02 Aug 2019 11:15 PM PDT I'm moving to San Diego in a month and I'm very torn right now. I currently have a client ready to start looking at commercial properties to buy the second I get there, and I also have a decent amount of friends who I know are going to be hitting me up for renting/buying. Lastly, I want to learn about property management and my investor has already told me he wants me to manage the property he's going to buy. So I'm going to need to find a broker that's okay with all of that and probably three different mentors, one for each of the areas discussed above. Are brokerages willing to help someone with multiple different things even though the ink on his license is still fresh? Would be a HUGE bonus if you could name a few specifically! [link] [comments]  |
| First time home owner, lots of questions Posted: 02 Aug 2019 11:15 PM PDT Hello, [Demographics - 35, single, never owned a home before, good rental history, credit 650, Columbus, Ohio, 1850/mo documented income, additional low-level revenue streams from side gigs] I am in need of finding a new place to live, and have been told owning might be the way to go, and in some cases could be cheaper than renting even. I don't need anywhere nice, I just need to be sure I can afford it. What things do I need to know? What assistance programs or grants might be available? What pitfalls should I look for? Thank you! [link] [comments]  |
| Posted: 02 Aug 2019 10:41 PM PDT In the process of buying my grandparents home with an fha 203k loan. The home needs a new well drilled. Our county has an environmental health unit for private water sources that requires compliance at the time of sale due to my grandparents previously being required by the county to install continuous disinfection. They currently chlorinate and filter due to shallow depth (the well was grandfathered in to newer regulations in the 70s under these terms). The current well passed for quality but not for quantity (less than 3 gallons/min). Current well is too old and only 46ft deep. The 203k is meant to cover the cost of a new well. We submitted contractors bids for the project, had them approved, and were almost ready to close the loan. The lender will close with the current well failing quantity. The county environmental health unit requires passing inspections prior to sale, which seems to be a roadblock in this situation. Is there a way to get around the order of things with our county to make this happen? Considering the funding for the fix is available... I'm so disappointed. An alternative option I have is to have my grandparents pay for the well and increase the sale price of the home to get their money back. They are really iffy about wanting to do this though, last resort. They don't need to sell their home, they are trying to do me a favor and I don't want to push it. I'm just wondering what the best solution is. [link] [comments]  |
| FYI: Sales Price can equal Market Value w/o it being a gigantic appraisal conspiracy Posted: 02 Aug 2019 09:33 AM PDT In fact, oftentimes it should. Every person on this subreddit who says "appraisals always magically come in at sales price" is an uneducated idiot who has no business investing in real estate. They don't "magically" come in at sales price. They come in at sales price, because the definition of market value used in every federally-regulated financing appraisal requires the presumption that a sale has occurred, with a willing buyer and seller who have adequate representation and are acting in their own best interests. Which is "magically" how 90% of sales happen. If you call your local agent, price it at what the data says, put a sign in the yard, pops it into the MLS, and a buyer and their agent finds it there, takes a look, and then offers what they believe the data says, you negotiate, and then come to an agreement, that is literally the definition of a market value sale. There isn't a conspiracy. If everyone is acting in their best interests, then sales price can and frankly, should equal market value. The approaches to value exist solely because they are the best tools to measure what other buyers and sellers think. There isn't a magic formula or an algorithm. You look at what people are doing and try to quantify it. Including the buyer and seller. Before you ask, because I know you want to, appraisers are REQUIRED to review the purchase agreement. And it makes appraisals better, not worse, because it provides some insight into the motivations of the buyer and seller. The house next door is still the house next door, but a pending sale is a data point specific to the subject. [link] [comments]  |
| Posted: 02 Aug 2019 09:57 PM PDT Hi everyone's So we've put our offer in on our house it was acceptable everything was going good and then we got the appraisal. It was $114k and the loan amount is $118k. The offer we put in was $125k. The seller offered to pay for a 2nd appraisal and the underwriters denied this. So are we now at their mercy to try to come down to the appraisal price or come up with the difference? [link] [comments]  |
| Posted: 02 Aug 2019 08:00 AM PDT We closed on our house on June 21st and the beginning of this month was when we were supposed to make our first mortgage payment. We haven't seen anything yet on how to pay it so I contacted our original loan officer and she said it hasn't been transferred yet but we can just make our first payment to them over the phone. Has anyone had an experience like this? This is my first home so I'm not familiar with being able to pay a mortgage over the phone or if it's normal for the loan transfer to be taking this long. Any help would be greatly appreciated. Thanks! [link] [comments]  |
| Posted: 02 Aug 2019 10:46 AM PDT This is an odd situation and we do have lawyers assisting us. Nevertheless--curious to hear what you all think about this situation. We placed an offer on a house that we loved. There were multiple offers and I heard ours was the lowest. However, we had an offer on our home that was solid and moving forward. The sellers selected our offer because we were able to move fastest. During the attorney review period, we were told that another pin/parcel was part of the property although this was not originally listed with the MLS or in the assessor's docs/county tax records. My attorney questioned why this wasn't consolidated and the taxes for it and they informed our team that they were working on it and would be completed by our agreed upon closing date. We asked for the survey, tax records and title as part of a normal closing process. For 2 weeks post attorney review, we heard nothing from their broker agent or atty. We asked for title multiple times and got no responses. My attorney started to review the additional pin as he suspected there maybe an issue with it. And sure enough it looked like there was when he looked into the title documents. The pin that they attached to our contract, and what looks like is part of the property we were to buy, was actually owned by another adjoining property. And this property was owned by these same sellers and sold a year prior. The sellers and their attorney went to the adjoining property new owners and told them that they needed to sign a quit claim deed. The adjoining property owners were instructed by their mortgage company to not do this as the additional property/pin in question almost doubled their lot size and their mortgage was provided based upon assessed value of the home and removing this parcel would decrease the value of the home. Which now meant that a new assessment and survey needed to be done and this mortgage company would make a decision as to whether or not they would release this pin to the sellers. What resulted is that we sold our home and had scheduled our move. We were ready able and willing to close. They offered (through their broker via text, not a legal doc) stated that we could move into their home and told us that we would pay their full PITI/mortgage while they moved into their summer home. We were uncomfortable with this for many reasons--one being that there was no details provided as to how long this would take (we were told days, then weeks then possibly 2-3 months) and two there was no lease agreement drafted for us to review. This was just in a communication from a non-legal professional. When we asked for these clarifications as well as what are their solutions that they would put into place should this not work (ie escrowed funds for them to pay for our move out costs) we got a cancellation notice from their atty days before close. Now, what this caused is that we had to scramble to find a place to live for our family and we have a temp living situation in a small apartment. But we also had to store our belongings in storage. When we do find a place to live, we will have to move AGAIN. We have sent their atty numerous letters of default and breach. We have a litigation team that send a demand letter with costs incurred (movings, storage, rent, surveys, appraisals, inspections, lawyer fees, etc) which is around $40K. Kicker is that they refused to give us back the EM until we sign a form saying we won't sue them and the cancellation was mutual (which we won't say we won't sue them and the cancellation wasn't mutual). Their stance is that they did nothing intentional and it was a mistake. Therefore they don't and aren't responsible for our expenses. Thoughts? [link] [comments]  |
| The case of the stalling seller... Posted: 02 Aug 2019 01:44 PM PDT Ok this is a long one so bare with me. I finally found a home I really like - it has a decent yard and parking - both rare things in the areas I want to live. It was built in 1920 and totally renovated inside only keeping the original flooring. The quality of the reno is top notch. But the house has been on the market for 6 months with zero offers before mine. Or so the seller agent says. It's on a busy street so families with kids may not be interested but I don't have kids so that doesn't bother me. So, I make a written offer about $10,000 below asking. Asking is $397,000. I don't receive a written counter but the agents talk and I hear that the seller won't accept that. I come back verbally with a counter of $3,000 below asking. My thought there is I need to buy a washer dryer because there wasn't one added when it was redone. Verbal counter from the seller agent, the seller won't take that deal either. Keep in mind 2-4 days go by each time the offer is at the seller but I turn it each time within hours. It's really the house I want so I work with my mortgage loan agent and come up to full asking price but I request the seller cover 2% closing costs. I submit it as a new offer in a written contract. The seller eventually responds via text to her agent after a couple days with the verbiage she wants in the offer implying that she would accept it if written that way. It basically matches what I had sent with minor wording differences so my agent fixes the offer contract to match and sends it back. Also, I find out around this time that the seller is the owner who flipped it and is a "senior loan officer" with some bank. A week goes by. Both agents are asking daily morning and afternoon for her to agree to the deal the seller helped negotiate and sign the contract. I get word that the seller recommends I push my requested close date to the end of the month and I'm like "wtf does she care when we close!?" I don't alter the requested close date in the contract. Another week goes by. Seller still hasn't signed the contract and her agent can not explain why. My agent follows up day and night but the seller hasn't signed and the seller agent "can't make her sign it" How long can she hold me hostage in this state? Is there legal guidance? I'm renting and it's expensive so I really need to get the contract ratified because it'll still be a month or more to closing but I don't want to walk away yet because it's the house that meets my needs the best. What would her motive be in stalling for so long? Wouldn't she want to sell the house and make the money as quickly as she can? Any recommendations on how to convince her to ratify the contract? [link] [comments]  |
| Posted: 02 Aug 2019 05:29 PM PDT I purchased a new home warranty that has a 30 day wait period. My A/C broke two weeks after purchasing the warranty, but the contract's "effective date" isn't for another couple weeks. Is the repair covered since it happened after purchasing the contract? [link] [comments]  |
| Lower debt to income or higher down payment? Posted: 02 Aug 2019 09:05 PM PDT Located in Oklahoma, VA loan. We're just staring to look for a home, we have enough for 20% down (we know we don't need one for VA, we're still putting down money). I'm working a part time job waiting tables for extra money everything is going into savings so we can have new furniture, decorate a bit, etc when we buy. My question is this, our credit is good and we have money in savings, but from a lending standpoint would it better to have money in the bank or pay down our debt to lower debt to income ratio? Thank you in advance. [link] [comments]  |
| Posted: 02 Aug 2019 08:43 PM PDT Hello, I am a licensed agent in Tx. My dad wants to start a business or two and I told him he should invest in me or in real estate through me. Any ideas on how I could approach him with anything? Thanks in advance! [link] [comments]  |
| Posted: 02 Aug 2019 04:46 PM PDT My whole purpose is to have a cash flow positive asset and real estate is what i wanted for a while. I have 65k ready for it. What should i do ? Buy single family or wait till find duplex? Been looking for 2 years and put offers on like 9 places but all sold sold to cash buyers within 3 days or being on the mls Or do i should put 20% on a investment property single family in Orlando? I wanna cash flow at least 8% roi [link] [comments]  |
| Posted: 02 Aug 2019 07:43 PM PDT Hello, my family is looking to buy our first house. I'm really just going off of what my brother has said as he's the one urging to buy the house. The house we have in mind is 324,900$ listed in Connecticut, it's been on the market for two years now and the price has been steadily decreasing. I wanted to ask what the actual steps of buying this house would entail and what our mortgage would include? Would the mortgage include our tax payments for the property each year and the legal and realtor fees associated with buying the house? [link] [comments]  |
| Posted: 02 Aug 2019 09:29 AM PDT I'm hearing how interest rates are the lowest they've been since 2017 and most people who even bought in the last couple years can benefit from a refinance. I bought Spring 2018 and wasn't super stoked on my initial interest rate (4.875% on a 30-yr), though part of that was because we did an 80-10-10 and the primary loan will have a higher rate because of the HELOC 'risk.' So we just went with it to nab the house. Since that time, we've paid off ~$35,600, mostly on the HELOC ($8.5k left). Our house has appreciated a conservative $25-30k. So we're sitting on about $308,500 in debt between our primary and HELOC, and a house worth, oh, let's round down and say $405k. Husband and I have credit scores wellll above 780. We're looking at doing a 20-yr loan for the remainder, and I've been seeing 20-yr rates as low as 3.5% with no points and low/no fees. I've been asking lenders for quotes either subordinating the HELOC or including it in a rate/term, since it qualifies for that without being a 'cash out.' I'm getting quotes between 3.75-4% for a no-fee, no-point 20-yr loan. Can anybody tell me what about my situation is causing the rate to be much higher than what I see advertised? I am under 80% LTV, good credit, and apparently qualify to get rid of the HELOC with a favorably-termed rate/term loan. The lenders have not been very clear about why I'm seeing 3.5% advertised but getting quoted higher--maybe that's just a super common baiting strategy? And, does it make sense at this point to do a no-fee refinance to a 20-yr when I'm dropping my rate to just 4% (when my 30-yr was 4.875), or is that a laughable rate right now to take? If paying off a bit more and finishing the HELOC would benefit me, I'm considering just doing that (by around Feb 2020) and then going refinance-shopping again when I'm more competitive. Thanks for your thoughts! [link] [comments]  |
| Military Officer as Notary for Real Estate in Florida Posted: 02 Aug 2019 06:03 PM PDT We have ran into a situation while my husband is deployed and we need something notarized. We are in Florida. We Read online that a military officer can act as a notary. But where do you write the paragraph long excerpt that needs to go on the document? Obviously you cant type on a document already scanned to you that needs notarized so can they just handwrite it? And do they need to send back some form of identity? [link] [comments]  |
| Posted: 02 Aug 2019 07:59 AM PDT After receiving a Loan Estimate from a Mortgage Broker, I agreed to the terms and had it submitted. 30 Year Fixed, 3.875%, rate locked, no points. They quickly sent it off to a lender, and that lender then sent me the Loan Disclosure terms. They drastically changed the terms by:
It turns out the original Loan Estimate had the Origination Fee labeled as a Mortgager Brokers Fee, and the Fee list had a Buyer's Credit that cancelled it out. The new Loan Estimate has no such credit. Is it just me or was this deceptive and unethical? Should I run and take my business elsewhere, or should I push for changes? [link] [comments]  |
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