What is the dumbest thing someone has ever said to you or asked about real estate? Real Estate |
- What is the dumbest thing someone has ever said to you or asked about real estate?
- UPDATE/RESOLUTION: "Cash As-Is" Buyer in GA wants $25k off after inspection
- We want to go see a house, but our agent doesn't want to drive out that far.
- House has an absurd purchase history
- Renegotiation Question
- Am I contractually bound to the the realtor that answered my question on realtor.com?
- Recommendations for a lender in St Louis?
- I gave $1,500 of earnest money unknowingly... can I get it back? (unsigned contract)
- (CA) Question for Homeowners with Rental Properties.
- Help with with a couple ?'s regarding a lake property.
- What type of carpet is best for selling a house?
- Live in Apt., went to 1st ever house tour from Zillow. LOVED the place. Was 290k, bought 2 months ago for 160k. Had paint, appliances, new tile, level 5 granite remodel and new A/C, water heater, floor boards put in. Should I avoid this house and just buy an 160k house and live/remodel?
- When is it ok to buy the most expensive condo in the building?
- A strange situation and advice for first time home buyer in white hot market
- New construction, best home in zip code.
- Denied offer due to lead paint inspection
- Lost 3 homes
- New Construction, builder swapping Cat6 for Cat5e without permission. (NM)
- Is it worth it to get a real estate license to just up your game in buying personal property?
- Questions on Capitol gains, and the 2 out of 5 exemption.
- First time buyer kind of freaking out
- Interest rates
- First time home owners want to sell house
- Should I be firm on our inspection response saying "licenced and bonded" so-and-so tech, rather than just "licenced"?
- Cash buyer wants to pay & occupy
| What is the dumbest thing someone has ever said to you or asked about real estate? Posted: 24 Feb 2020 05:12 PM PST I was speaking with a guy about selling a property, and we were deciding on list price. Inventory is very low in my market and it's a good time to sell, so I suggested listing on the higher end. He tells me that an online real estate company said his home value had been increasing at about 3%/month. I briefly explained how the sales of others homes determined that number. He tells me the price he wants to list at, and then says for every month it doesn't sell, he wants to INCREASE list price by 3%. I explained that we probably wouldn't be on the market that long, but it was still the stupidest thing I'd ever heard. What's the stupidest thing someone has ever said to you? [link] [comments]  |
| UPDATE/RESOLUTION: "Cash As-Is" Buyer in GA wants $25k off after inspection Posted: 24 Feb 2020 10:21 AM PST Hi, this is just a follow-up to my original post, which had some great advice and attention. Long story short, Cash Buyer was trying to throw a lot of weight around, inevitably getting me to close $24,500 lower than asking price for an "As-Is" Cash Purchase with a 1-week closing. Two days before closing (and, the last day of Due-Diligence per the contract), the buyer terminated because they found out that they had a $75,000 lien against their home/property. Since they were using the proceeds of their sale to buy mine for cash, they backed out. We went back on the market at $289,500 and luckily had interest pretty quickly, and were back under contract for $285,000 within 10 days. The only issue this time was that since this was an out of state buyer that is moving to the Atlanta area, and since they are doing an FHA loan, their lender needed 6 weeks to close, even though my agent tried to fight that one super hard, even telling the buying agent that they needed a new lender. Anyway. After inspection, the buying agent came back with a $10k punch-list, which included replacing both HVAC Units, even though the inspection said both were in great working order and just recommended a yearly service. The buying agent said because of the age they needed to be replaced, despite what his inspector said. Same for the hot water heater and the garbage disposal, both needed to be replaced because of their age, per the buying agent. Also on the punch list was a half-bath cabinet. There was a leak from the previous owner that had caused some wood inside the cabinet to warp slightly but had no impact on the exterior or function of the cabinet. The buying agent had recommended replacing the whole Bathroom Cabinet/Vanity and Sink. Lots of stuff like that. This is where I found having a veteran agent came into play because she really went to task with the buying agent, and we got the buyers to agree to only a $5,000 price reduction for their massive punch list. So, even though it cost me another mortgage payment on a house I am not currently living in (and haven't lived in since Ausugt 2019), we're finally closing, and closing at a price I am much happier with than what the cash buyer that kind of jerked me around had me at a few weeks back. I actually sign the seller's papers the day after tomorrow, because closing is on 03/06 and I will be in Greenland then. Thanks to everyone here for their feedback, advice, and support. I've learned that no matter what, buyers always think it's THEIR market and have the upper hand at all times, and to not just take it so personally. Thanks, all [link] [comments]  |
| We want to go see a house, but our agent doesn't want to drive out that far. Posted: 24 Feb 2020 07:18 PM PST So my husband and I have hit a bit of a snag and need some advice. We haven't seen any houses in our area that would work for us. We've been to all of the neighboring cities, and there just isn't anything that we can work with right now. However, we found two houses about an hour away that we really want to look at. We've talked about it extensively, and he is completely willing to drive an hour to work until he finds something closer. These houses have EVERYTHING we want and need, and the houses we've looked at that are closer have been extremely disappointing. So I sent them to the agent we've been working with, and he replied with, "I don't usually drive out that far. Sorry." But like....we really want to go see the houses. So what do we do in this situation? Do we get a different agent? [link] [comments]  |
| House has an absurd purchase history Posted: 24 Feb 2020 05:35 AM PST Only 1 actual owner but they've been trying to sell it since 2014.... and in an extremely popular part of Greenville SC so should be an easy sell. NINE different realtors! For sale sign is up so I'm assuming realtor 10 will be added this week. What are the chances this homeowner is a little eccentric. [link] [comments]  |
| Posted: 24 Feb 2020 11:08 PM PST We are looking at a remodeled $1m home in Los Angeles, CA. We paid slightly over asking, which is a premium based on the comps we looked at. During the inspection diligence we discovered 1) the contractor work was unlicensed 2) the electrical panel and sub panel were undersized for a house of this size and age 3) water heater wasn't installed to code We are thinking of renegotiating for credit. The question is what is each worth? 1) ??? Based on the work they seller said they did, it's mostly cosmetic aside from two bathroom redo's and installing some kitchen counters, cabinets, and appliances. I'm worried that the quality isn't there AND if something happens, I can't really compel the contractor to fix it like I could with a licensed contractor. Do I have any negotiating leverage for knowing the seller did something illegal like knowingly hired a unlicensed contractor? 2) electrician estimated it to be only $5k. How involved is this upgrade? Is there a potential to find a need to do more electrical work and end up spending $15k for work at a sub relay or something? I'm not a electrician so I don't know what I don't know... 3) it appears the only solution is a tankless water heater. The water heater is under ground so it needs to be elevated by 18 inches and have the pipes fit. I like the home but at the same time, I don't want to step into a large risk without being compensated to do so. I was thinking of throwing out 2.5-5% price reduction. am I making a big deal out of nothing and being unreasonable? [link] [comments]  |
| Am I contractually bound to the the realtor that answered my question on realtor.com? Posted: 24 Feb 2020 07:24 PM PST I asked a question and this realtor called me within 5 minutes to tell me she is willing to show us the property. The issue is the this realtor doesn't represent the property I'm interested in. Location is New Orleans. [link] [comments]  |
| Recommendations for a lender in St Louis? Posted: 24 Feb 2020 09:19 PM PST It's for someone in my sphere who is already pre-qualified. Would love to refer them to a fellow redditor who is able to devote a reasonable amount of time to educating a FTHB on their loan options. [link] [comments]  |
| I gave $1,500 of earnest money unknowingly... can I get it back? (unsigned contract) Posted: 24 Feb 2020 08:50 PM PST Location: Texas I gave a home builder (new construction) $1,500 (out of 2,000) of earnest money without even knowing what it was. I was told that the $2,000 was just to place the house on hold and that if I changed my mind, they would return it. Well... later on in the sales office I was presented with a Purchase and Sale Agreement which I asked to take home to look over. As it stands, the contract is still unsigned and I have not agreed to anything. After pre-approval with a bank... the house is too high of a financial stress for me right now. I plan on going back in two days to pick up my $1,500. Can I run into any issues with this? [link] [comments]  |
| (CA) Question for Homeowners with Rental Properties. Posted: 24 Feb 2020 08:01 PM PST Hey guys, First time posting here, figured I'd give it a shot. I just started a short term rental property management company. Right now we have two condos in Downtown Toronto, a cottage in Muskoka and a full house in a suburb. I was just curious to hear what your biggest hurdles have been so far as a homeowner when trying to manage a second/third/etc property. Some people I talk to say they love the management aspect, but wish they could make more from their rental. Others are the exact opposite; they don't really care to make more money than they already are, but they hate managing it! I'm also curious if anyone here has any advise as to how to prospect homeowners. So far, we've been using Kijiji and Facebook Marketplace, but I would love to hear about alternative methods if any. Thanks for any help in advance. Goal is not to sell anything so apologies if this goes against the sub rules, I'm really just looking for some insight :) [link] [comments]  |
| Help with with a couple ?'s regarding a lake property. Posted: 24 Feb 2020 11:20 PM PST Hello, so long story short my mother is wanting to purchase a house that is real close to a large lake, lake Dunlap in Edwardsville IL and has access to the subdivisions private docks etc. Great house, reasonable price etc. My mother was worried it was too good to be true and after some digging it seems over the next 15 years the 357 or so residents on this lake will be paying part of the $2-4.5 million to dredge the lake etc. All in all not too bad. However, completely by accident I recently found a bunch of articles of another lake, which ironically has the same name, lake Dunpal in Guadalupe TX and this lakes dam completely fell apart causing massive damage. After some more digging it seems the dams are only a few years apart. So this has me worried that this dam will fall apart like the other and my mother will be screwed. Now she has spoken to the hoa and others about the additional funds she have to pay and it's for dredging the lake but I am not sure about damn maintenance cost etc. Does this seem like a major red flag and potential problem or should she be fine if she purchases this house? I know theres a lot there and I apologise, any help would be appreciated. [link] [comments]  |
| What type of carpet is best for selling a house? Posted: 24 Feb 2020 07:04 PM PST https://www.homedepot.com/c/cost_install_carpet Which of these three are best, your opinion, if your goal is to sell a house. Does your answer change if you're looking for a new renter? [link] [comments]  |
| Posted: 24 Feb 2020 01:56 PM PST Basically, Im wondering how much of a profit are these flippers making? All I know is that they spent 1.1K (supposedly) Just on the stainless steel sink alone. The tile was imported porcelain and it was 1600 Sq ft. ish.... To me... all these did were the floors/fridge, cabinets, paint,door handles/light fixtures etc. and raised the price $130,000. If they only are going to make about a 20k profit then I wouldnt mind doing the deal.... But if they are trying to make like a 50-100k profit off someone falling for the emotional buy, then that tells me I can go and remodel a cheaper house myself and save big. Thoughts? THanks. [link] [comments]  |
| When is it ok to buy the most expensive condo in the building? Posted: 24 Feb 2020 06:52 PM PST What to do when the condo is 20% over comps in the building? Four months ago, a similar unit sold for 19% less than current asking, and was in slightly better condition. The initial bid, based on comps of 19% below asking, was met with doubt from the selling agent. There's a chance the condo could sell for 10% below asking. That's 9% above comps -- think it's worth it? [link] [comments]  |
| A strange situation and advice for first time home buyer in white hot market Posted: 24 Feb 2020 07:19 AM PST I placed an offer on a house last week which was rejected, and I have some questions about the experience. I have already gone over it with my (awesome) realtor, but I wanted to gain some additional perspective. The property was listed for 335k, based on the comps it was definitely over priced, my realtor was fairly certain it would not appraise out. We saw the house the very day it was listed and saw a lot of families there with varying levels of interest, though we were the only ones with an agent. In a normal market, I think we would have offered 325k. However, we really liked the house/location and the price was well within the budget, so we offered list price, with escalation to 340k. Then something strange happened. The sellers agent called my agent and said the seller was not accepting offers with escalation, we had to give an amount straight up. My agent thought this was really weird and was suspicious the seller's agent was doing this on her own without the actual seller's consent. Either way, this seemed to us like a pressure tactic because the offers were due by 2pm same day. Long story short, we offered the list price (335k) and to buy the home warranty ourselves (we had pre-approval as well). Our agent got the call from the seller's agent and told us they would be going with a different offer. As a side note, 48 hours after rejection the house listing is still active on MLS and Zillow (not pending). It sucks, but we were prepared that this might be the outcome. It was a nice house, but certainly not the dream home. This is literally the first time I've placed an offer on a house. My questions after this experience: -Is it actually strange that the seller refused an escalation clause, or does this happen a lot? Personally, it seems to me like this can backfire pretty badly and would most likely hurt buyer and seller, but what do I know. -We really didn't want to offer much over list price given the comps. My fear is that we would be re-selling in a normal market at a loss. Given it's a seller's market, are we just doomed to over-pay for a house? -In order for an offer to succeed in the future, do we really need to offer over asking price? How much over asking price is reasonable? I've heard stories of homes going for 30k over list, is this just the norm now? Thank you for taking the time to read this. Any advice is appreciated! [link] [comments]  |
| New construction, best home in zip code. Posted: 24 Feb 2020 04:27 AM PST Found a very rare new construction home we're interested in. It's near the top of our price range but it has several attractive features: -extremely energy efficient. Pellet furnace using one of the new super high end high efficiency systems. Built with 2x6s with spray foam everywhere. Very energy efficient and tight. -fiber cement siding -great windows -amazing layout, excellent materials. -area is talked about as the next up and coming area. (new development is actually finally breaking ground, and prices are rising). -it's very good for our commuting. The concerns: -no gas line -big one: literally one of the most expensive houses in the zip code. It's also &about 20% (100k) more expensive than basically anything on the street. -known as a rough neighborhood even though almost no crime in the immediate area. -very very few non-blacks live in the area and we aren't black. Unfortunately my current city is still quite segregated when it comes to where people live. I don't care but I do get looks when I run there. We're about to offer but It feels like a big speculation since there are literally no comps in the area. There's no question that this home is too notch in build quality and efficiency and checks basically every box we'd want in the home itself. But being literally the best house in the zip code makes us very anxious. There's a reason people say to not do this. Should we low ball the price to avoid as much future price mean reversion when it's no longer a new home? [link] [comments]  |
| Denied offer due to lead paint inspection Posted: 24 Feb 2020 08:39 PM PST Hi everyone! My wife, 13 month old son and I are searching for a house. We are looking to spend between 120,000 and 150,000. We need a place we can move right into that is safe for our son. Unfortunately, in the area we need to live there are only old houses in our price range. We are concerned about lead paint. I understand it's presence is inevitable, but before buying I'd like to know to what extent and what exactly will need to be taken care of. We found a house we loved, in a neighborhood we loved, put an offer in, they were ready to accept the offer but denied any opportunity to do a lead test. So, they needed a new offer without the lead paint inspection attached. We declined removing it so they accepted another offer. I still plan on including the lead paint inspection in any future offers, is this not a reasonable ask? Will this requirement make buying impossible? Thank you! PS: this is a house we are looking at tomorrow to give you an idea of where we are at [link] [comments]  |
| Posted: 24 Feb 2020 11:28 AM PST My boyfriend (25m) and I(25f) have lost three houses since starting our house hunt about 2 months ago.. wondering if anyone has any advice on how to navigate this insane "sellers market"? We're looking in the 150-260k range and are located in Michigan. Hoping to buy in Plymouth or Livonia. We've gone in over asking (not by much, just a few grand) on all of the properties either the day of or day after seeing them (which is usually within a few days of them being on the market). Each of these offers have been met with "the seller accepted a different offer" and we've had no chance to counter. We're getting super disheartened by the whole experience and wonder if we should keep searching or hold off and just rent for 6 months-year. Any advice is appreciated [link] [comments]  |
| New Construction, builder swapping Cat6 for Cat5e without permission. (NM) Posted: 24 Feb 2020 08:49 AM PST Hello all, I have run into a fairly annoying issue with my new construction home. As part of the advertised features, I was promised Cat6 wiring in my home, however it came to my attention the electricians installed Cat5e instead. I emailed my point of contact asking about this, and was told that they decided Cat5e was best for residential construction, and cited my purchase agreement for a clause stating they are allowed to substitute materials as they deem appropriate. Naturally, they don't reply till the drywall is up, so even changing this is going to be a massive pain if I can get them to. Basically my biggest beefs are as follows: 1)They advertised Cat6, and thats what I assume I paid for. 2)They are hiding behind a clause that says if the change is substantial, I need to be notified of their substitution and approve it (which I was never notified and would nave never approved). 3)At this point, can I trust that they have not tried to cheat me out of other aspects of my homes construction? So my question here is: Can I really do anything? I can't sue them over this, I signed an arbitration agreement. If I take them to arbitration, can I even guarantee they would be required to fulfill the terms of the contract, or would they just exercise the part of the purchase agreement allowing them to refund my earnest money and sell the house to someone else (The market here is really bad for buyers right now). And now that the drywall is up, any wall work would likely take up even more money and push back the already delayed (and unknown) closing date. Could I do some sort of escrow holdback or would the seller hold me in breach of my purchase agreement and keep my earnest money too? Ultimately, I don't want this to be the hill I die on, but rather than it just being a simple mistake, their straight up lies regarding them believing what's best for my house instead of what I paid for has left a really bad taste in my mouth and eroded any faith I had in the developer. Basically any comments or suggestions you have for something like this I would love to hear about. [link] [comments]  |
| Is it worth it to get a real estate license to just up your game in buying personal property? Posted: 24 Feb 2020 08:00 PM PST I'm thinking of studying and getting a license just so I can learn about the industry. Mortgages are lifetime commitments, so why not? In addition to buying a personal home, I am interested in possible property for future restaurants and farm land. As an aspiring entrepreneur in those fields, should I get a license? Or is there something else I should study? [link] [comments]  |
| Questions on Capitol gains, and the 2 out of 5 exemption. Posted: 24 Feb 2020 03:36 PM PST So thinking about selling a home I bought In cash and have lived in for the past 18 months. We did it this way thinking we were going to move in the next few years and didn't want to pay rent. So we didn't quite make it to 2 years. We both the home for 197k, and our realtor is telling we could list it and sell pretty quickly for 212-215k. My CPA closed and I'm just curious before I can talk to her tomorrow but how does this work. Is the amount the home sells for taxable? Or is it just the appreciated value while I've owned it. I've also seen formulas online like (18/24)*250 Also did I need to have filed for a homestead? Lots of questions I guess [link] [comments]  |
| First time buyer kind of freaking out Posted: 24 Feb 2020 12:57 PM PST We're under contract on a split level built in 1989 and the inspection today revealed we need to have plumbing lines replaced, rebuild the back deck (15x15ft), and that the upstairs hallway is slanted. The inspector recommended we have it jacked up and the joists/beam reinforced. This sounds like way more than we want to have to deal with, but how big a deal is it? There aren't any cracks in the walls but a door jamb at the end of the hallway has moved at some point and the door itself won't close. I'm having a framer come take a look and considering calling a structural engineer, but is it necessary? The inspector didn't seem super worried about it, just pointed it out. Is this going to be a $10,000 repair that we can't afford? What do you all think? [link] [comments]  |
| Posted: 24 Feb 2020 06:50 PM PST Do all mortgage lenders give out different interest rates correct? I am trying to use a FHA loan for my first rental property but have only talked to one lender who "promised" a 3.6% interest rate. I know even the slightest difference in this number can make a huge difference in interest paid over a 30 year period. I really need some guidance on this mortgage stuff. My questions are... Should I get other quotes? Are interest rates negotiable? How do I know this lender won't raise the rate? Why do some lenders give out better rates? Any help is much appreciated! Thank you 🙏🏻 [link] [comments]  |
| First time home owners want to sell house Posted: 24 Feb 2020 03:02 PM PST So my husband and I purchased our home back in July 2018. We have since decided this house doesn't fit our needs any longer and want to sell. What are some protips to help us sell quickly. What can we do around the house to up our value? Edit: a word [link] [comments]  |
| Posted: 24 Feb 2020 06:28 PM PST We submitted our inspection response and got the sellers response back today. They changed our furnace service request and it no longer says bonded, just licenced HVAC tech of their choosing. Seems like the"bonded" part is what makes them (the tech) accountable for their work. I figure it's not huge, but the furnace is very old, and I guess I don't want them to have someone they know just pass it off. And thoughts? Is it a big deal to try to go thru anther round of responses? This is our first house purchase. Thanks for any input! [link] [comments]  |
| Cash buyer wants to pay & occupy Posted: 24 Feb 2020 08:41 AM PST Backstory: Charlotte county, FL; No agents or attorneys are involved, this is a cash buyer that approached me before I got with an agent. We haven't even signed the purchase agreement and the buyer wants to give me the check for full amount of house(!) and start doing work. I feel this is weird and could be fraught with unintended consequences (esp after reading horror stories on here!) should the title not clear. We are scheduled to sign the purchase contract tomorrow and get things rolling at the title co but he texted today to say he wants to give me the check for the full amount, says he needs to get moving on repairs. I hadn't even finished getting all my possessions out since the title co will take at least 2 weeks before they can close.... I'm not sure how to stall this guy - he was the one who pushed for doing the title co closing after we originally talked about quit claiming it for a speedy close. Not sure what the rush is as he isn't moving into it, just wants to do work. [link] [comments]  |
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