Landlord protections in potential stimulus plan? Real Estate |
- Landlord protections in potential stimulus plan?
- Sellers took fixture with them before closing date
- Anyone else starting to see price cuts on existing listings?
- Is the SF East Bay in a housing bubble that will burst now?
- Hard money not lending
- Do we go through with the build or back out? East Bay/Valley CA
- Home Seller doesn't want to close til June. Is that even reasonable?
- Just got burned by iBuyers and COVID-19 today March 24, 2020
- Help! Sellers threatening to sue for more than EMD.
- Currently in Escrow
- Real Estate Appraiser AMA
- NYS covid stopping us from buying home
- My journey of real estate
- Invalidating buy of a property in Spain due to Coronavirus
- 1927 home inspection didn’t come back as expected
- Buy House now? or wait? (Partner and I are in Rental Income)
- What's a good resource to lookup new construction builder ratings?
- [TX] Can someone explain the payout process to me?
- FHA/Conventional Appraisals back way different
- Advice needed
- Is a short sale a good option or not right now?
- [Update] Selling my house through Zillow Offers (California)
- Wanting to end lease early due to school cancellation and virus
- Is it a good idea to complete a purchase in the SF East Bay?
| Landlord protections in potential stimulus plan? Posted: 24 Mar 2020 10:19 AM PDT Has anyone heard or read of any potential landlord protections in the proposed stimulus plan being voted on by congress?
However, I rely on my rental income as part of my living wages...I can't go too long without receiving payment. Sorry if this has already been posted. I looked but didn't see anything. [link] [comments]  |
| Sellers took fixture with them before closing date Posted: 24 Mar 2020 06:23 PM PDT I'm buying a home with my wife and our closing date is tomorrow. Today we had our final walk through, and the first thing I notice is the sellers took the $1000+ smart toilet from the master bedroom with them, and replaced it with an standard toilet. The smart toilet was there when the house was inspected and appraised. I'm really pissed off right now, I'm not sure what to do with this. I have talked with my lawyer and realtor, and they have confirmed that there's indeed nothing in the contract that says they would take any fixtures with them. They said the lawyers will figure it out tomorrow at closing. I just want to hear your opinions on what should I expect or do here. I have told my lawyer that I don't want the sellers to put it back themselves, I want a licensed plumber. If they do offer me some kind of credit on the sale, I don't even know how much I could ask for, I don't know for sure what's the price of that toilet. Is it crazy to ask them for a proof of price on whatever number they come with? [link] [comments]  |
| Anyone else starting to see price cuts on existing listings? Posted: 24 Mar 2020 07:47 PM PDT At a major metro area on the west coast which I recently moved to, I have started seeing price cuts on existing lists. This is very much a sellers market and there are sometimes multiple offers on a property. Not rare to have a property under contract in a week. Some of these listings are a week old, some several days and some a couple weeks. Just curious what others are seeing. Wondering if this is the start of a downturn. [link] [comments]  |
| Is the SF East Bay in a housing bubble that will burst now? Posted: 24 Mar 2020 06:40 PM PDT Curious if it makes sense to continue with closing a purchase in the SF East Bay. Far along in the process when the Corona virus hit. I'm assuming that prices will take some hit but would be fine with that since I'm planning to stay in that home for a long time. I'm concerned about prices taking a big hit though as I also need to sell my current home (renting out the home isn't a good option). I know all responses are speculation, so speculate on... [link] [comments]  |
| Posted: 24 Mar 2020 10:19 PM PDT I spoke with a few hard money lenders today and they mentioned they will be halting lending through this crisis. They also mentioned that they stopped funding projects mid construction! I know there's other ways to fund projects but is this a sign of something bigger? [link] [comments]  |
| Do we go through with the build or back out? East Bay/Valley CA Posted: 24 Mar 2020 09:25 PM PDT We have been watching a new development for several months now and two weeks ago decided we wanted to go through with the build — we are 4-6 weeks away from securing our lot, but...clearly things have changed since we made that decision and now we are not sure if we should go through with the build or not. My husband is the only one who works; he is the sales manager of a very large commercial construction company in the Bay Area; they do work for huge companies like Facebook, Google, Apple, and Salesforce, along with residential high rises and multi family units. His actual salary is $175K a year but he makes much more than that because of bonuses. In 2018 he made $300K, 2019 he made $315K, and this year he SHOULD make $380K as long as the company pushes through these crazy times and he continues to meet his goals. We currently own one house and have $420K financed, we just had it appraised and that came back at $535K, if the market does not crash and burn we should be able to net $50-$60k after all fees. We have one additional debt, our car, it's a 2018 and we owe $33K on it. We currently have $115K in liquid cash. If we do go through with this we should have around $150K saved by the time the new build is completed and ready to close. The new house should be between $600-$615K once all the upgrades are added. We built our current house with the same builder so we are very familiar with their pricing and upgrade options. We have three young children and this is the house we would like to raise them in. We plan on putting $100K down on the new build; using $50K of equity and $50K from our savings. We understand that we are financially in a good situation right now; we have somehow managed to play all our cards right and are terrified of making the wrong move. We know we can make the monthly payment without any stress, we are just worried about pulling money from our savings to put towards the down payment and then to landscape and furnish the house. I'm not sure how much my husbands job will be affected by what is going on. I'm 99% sure he will not get laid off as he is one of the most valuable employees at his company. He is currently working from home as we are in CA, but is still getting his full pay. We are not too worried about his pay for the next six months, we are worried about what's going to happen in the next few years as the economy recovers. What should we do? [link] [comments]  |
| Home Seller doesn't want to close til June. Is that even reasonable? Posted: 24 Mar 2020 10:29 PM PDT We are home shopping in a very tight market that is heavily propped up by a gigantic military presence. Any kind of market fluctuations are greatly reduced in this market. That said, we sold at the top of the market and are looking to buy a home to be occupied for 10+ years with enough space to grow into. We found a good house in a great location, but needs a little updating to be comparable to neighboring homes. We are potentially considering making an offer but the seller seems a bit odd. Seller's agent insists that the seller wants to wait to close until June on any offer they get. Normal in our area is 30-40 days. This seems like a giant window for any buyer, us included, to back out and go elsewhere. Schools are out for the remainder of the academic year already, so while I'm not certain their reasoning, this long off closing date the seller has communicated seems excessive. How common is something like this and what are the pitfalls? I'd be worried as a seller in this market uncertainty that the appraisal would not come back as high in three months. Since we as buyers are planning on long term ownership, the value fluctuations are not very concerning to us. We'd just prefer a place to live sooner than later. TL;DR: seller of a potential home is insistent via their agent on a June closing. Seems excessively long. Opinions? [link] [comments]  |
| Just got burned by iBuyers and COVID-19 today March 24, 2020 Posted: 24 Mar 2020 05:46 PM PDT Note: I'm not a real estate agent just a home owner that wants to post this as a precaution before considering any iBuyers (Zillow Offers, Open Door, Offer Pad, etc. etc.) in the future. Due to budget and time constraints I was selling my home in the Triangle Area of NC to move further out of suburban hell, to get a bigger home and possibly more land. I applied to 3 iBuyers and went with one which made the highest market offer. After the Fees and Inspections, I still had net profit and decided to go under contract. Utilizing a buying agent (friend), my spouse and I found our dream home, went under contract and began due diligence process. Everything was lined up perfectly, I was going to close with iBuyer on April 1st, 2020, utilize their 3 day post close occupancy and then use the proceeds for down payment purchase of dream home on April 2nd, 2020. That is until today March 24, 2020, I got a very lovely corporate email indicating that my iBuyer was no longer purchasing any real estate properties after March 30th, 2020 due to the impact of COVID-19 and latest public health orders issued. That's correct, I missed it by 2 days and no they would not move up my close date when I asked. They provided 2 options to you and 48 hours to respond. I don't want to go into the personal details of how I'm going to pull out of this nose dive. But lets just say my real estate agent is amazing and worked with the Listing Agent/Seller our dream home to allow us to push out close for 30 days. I'm optimistic here in my local market, that we can list and get current home under contract ASAP. The reason I wanted to make this post is as a warming to other individuals thinking of using iBuyers in the future. You have to remember, you are dealing with a corporation that is only interested in profits and does not care about you as an individual. The work, time, emotions and money you've put in to these real estate transactions is of no concern to them. In my opinion, the iBuyers are pulling out because of the stock market crash. The executives and stock holders are nervous and do not want to be burdened with the financial liability of real estate. In that they don't want the time/costs it takes to convert real estate back into profit. Thus, they simply will just back out of contracted deals and pay a small penalty, regardless of the impact of losing your dream home or starting the home selling/buying process all over again from scratch. My apologies if I'm ranting or broke any rules. Link to article posted this morning. [link] [comments]  |
| Help! Sellers threatening to sue for more than EMD. Posted: 24 Mar 2020 06:59 PM PDT With everything going on, we had to make an unfortunate decision and pull the plug on our upcoming closing. I feel terrible for all parties involved but without a true economic foresight I can't reasonably jump into this new house. I told my agent that we understood we'd lose our EMD. But now the sellers broker put it in their head to sue me for liquidated damages. Above and beyond my deposit. The house needed to have some work done before it should have been listed so we requested it. They claim they didn't know it was an issue but I doubt anyone else would have put an offer without it being corrected. I'm not asking for sympathy but understand it's been a stressful couple of weeks and this is adding to it. I want to do right by everyone involved but getting sued into buying a house really upsets me. [link] [comments]  |
| Posted: 24 Mar 2020 08:04 PM PDT Hey I'm currently in escrow for a house purchase. Should i pullout and wait to see how the market gets. Or do you guys not think the housing market is going to crash? Edit: this is in Southern California by the way. [link] [comments]  |
| Posted: 24 Mar 2020 09:51 AM PDT Anything except what is going to happen to values going forward [link] [comments]  |
| NYS covid stopping us from buying home Posted: 24 Mar 2020 06:36 PM PDT So my wife and I accepted an offer on our place right before all this happened. We got through inspections and then cuomo shut down the state. My buyers are pushing forward and were likely closing by May. Is there anything we can do to slow down closing or view homes so we can find a place to live in the middle of all this? My realtor is writing a petition but obviously it will take time. [link] [comments]  |
| Posted: 24 Mar 2020 09:00 PM PDT Hi guys! I will be filming my real estate journey on YouTube. Starting from the very bottom as I take classes next month. Hope you enjoy the video. Leave a like and comment if you enjoy. If you end up watching THANK YOU! Thank you for trusting another link to someone's random YouTube channel. You're the best. [link] [comments]  |
| Invalidating buy of a property in Spain due to Coronavirus Posted: 24 Mar 2020 04:31 PM PDT Hi everyone! I'm looking for some advice. We wanted to buy a property in Spain, we even signed a Purchase Sale Contract, paid the deposit and we were meant to pay the whole amount in April. Now because of the Coronavirus our estate agent and current owner want to postpone signing the contract until June, hoping for the situation to calm down a little bit. The problem is that we are not sure about finalising the transaction any more, as we wanted to make some renovation before holiday time, rent it for the summer months (so it could pay itself for some of the mortgage and community fees) and then use it for a few weeks during winter time. Now we all know that this year will be a no-no for holidays in Spain, values of the properties might go down and we honestly would like to have these savings saved for uncertain times, rather than pay for the property which will generate a lot of expenses (mortgage, tax, community fees etc.). So we are opting for some way of invalidating the contract (due to the pandemic) rather than extending it. Can you suggest if there is any good way to cancel the contract, due to the unforeseen circumstances, and get the deposit back (or at least half of it)? I was trying to find something on the Internet but obviously, it's not that easy, as there were not that many similar situations in the past. Any advice or help will be greatly appreciated. [link] [comments]  |
| 1927 home inspection didn’t come back as expected Posted: 24 Mar 2020 11:07 PM PDT I put an offer on a 1927 home that looks great on the inside with a renovated kitchen, newer floors, mostly all new windows and nothing visually out of place. It looked like it was in great shape. Today the inspection was done and I was surprised to see multiple issues come up, some of them seeming pretty serious:
My question is: is this normal for a house of this age? Should I back out or lowball the seller by 20-25k to cover the repairs? Is it even worth putting that much into it? It's not a house I have to have, but I do like it a good bit. Also with the way the economy etc. is going I'm kind of unsure if I should even buy now. [link] [comments]  |
| Buy House now? or wait? (Partner and I are in Rental Income) Posted: 24 Mar 2020 08:34 AM PDT Hey All, Business Partner and I have one House C+ B- area, after all taxes and fees getting a 1% income from rent. We are looking to buy another one, prepared all the necessary documents and finances and have cash on hand to purchase our next house in the same area. I am hesitant in this current Global crisis, My Business partner thinks regardless of if the markets drop or put on hold, it would not effect the fact that people need housing, and people need a place to rent. We know if we buy a house now, the current crisis could make the house lower in value. He wants to rush into getting something ASAP, however when looking in the area, there are not many options for our price range / C+, B- area right now. Should we wait until spring time? Summer? I am afraid of
I have other worries too, but what are everyones thoughts? Push through, buy a house and try to rent it? or wait a bit and see were this market might head? Thanks in advance. Side notes: Yes Having 50/50 ownership can be difficult with situations like this, but in the end, we both agree on something or it doesnt happen and we find something else. [link] [comments]  |
| What's a good resource to lookup new construction builder ratings? Posted: 24 Mar 2020 11:07 AM PDT Looking to purchase a new construction in NC and have no idea how to lookup builders and how to filter my home search. We do have a buyer agent but prefer doing my due diligence in addition to her recommendations. Any suggestions are appreciated such as any lists of best/worst builders. Thanks. [link] [comments]  |
| [TX] Can someone explain the payout process to me? Posted: 24 Mar 2020 04:26 PM PDT This is mainly out of curiosity... I'm working with a new real estate agent and we're looking at rentals. I've found a place that I liked and I think we're going to pull the trigger on it. He's contacted the listing agent (I believe that's what they're called, right?) and we've gone through all the approvals. The place is $2,150 a month with a $2,150 security deposit. My question is, how does my agent get paid? How does the listing agent get paid? About how much are they getting paid? When do they get paid? Who pays them? Is it the duty of the person I'm renting from to pay the listing agent and my real estate agent? Do they have a certain time frame in which they need to pay the listing agent and my real estate agent? If this is the wrong sub, could you please direct me to the right one? Thank you [link] [comments]  |
| FHA/Conventional Appraisals back way different Posted: 24 Mar 2020 02:02 PM PDT Hello All, My girlfriend and I are currently in contract for a house and we have a bad feeling about some of the information we have gotten. We started with an FHA based loan. The house is a flipped renovation that was mostly rebuilt from the studs up. The area is still pretty upcoming but there hasn't been anything close to what the asking cost was, but also there isnt anything close to the quality either. The asking price was 219k. Our first FHA appraisal came back at 141k with no signs of damage to the foundation or anywhere in the house. Since its an FHA loan on a flipped house, there needed to be a second appraisal. This next one came back at 159k. All the comps that came back werent that comparable, but were all around 140k- 160k. Well, we settled on a price of 170k and were set to close. 2 days before we supposed to close, we get the news that we had to use the lower appraisal which wasnt made known to us until then. Now were scrambling and realize we can't make it work since we thought wed only have to bring the 11k difference to the table, but now its 29k. The seller then says we can try to go down the conventional route so we attempt this way as well. The addendum says we have to use their approved lender and such so we agree. Well, the new appraisal comes in at exactly 219k and we're extremely confused as the appraisals came back so different. The only comp they looked at in the new appraisal is 2.4 miles away and sold about 7 months ago. So my question to the community is do you think something doesn't sound right in this situation? This is our first time trying to buy a home and we don't want to get ripped off on a deal, especially if there's something shady happening. Can anyone share some advice on this? Thank you. [link] [comments]  |
| Posted: 24 Mar 2020 05:09 PM PDT Hi, we are hoping to place an offer on a property thus afternoon. We are in Victoria, Australia. They have advised they are after between 470-500. The house was supposed to go to auction this Saturday but I got a message on Monday they are cancelling the auction and offers must be in this Wednesday (today). Finance has been approved, this is not an issue. But we are stuck in how much to offer. I rang the agent yesterday, she said that they received an offer on Monday, so the owner is allowing counter offers. BUT the owner is actually in a nursing home, so that makes me think that the kids need the money to pay for that. On top of that, when I asked during an inspection if they were accepting offers before auction, they said no. They want to go to auction. Then covid-19 happened. And at every inspection I asked if they had much interest, they generally seemed negative. So this makes me feel that they don't actually have an offer. We are thinking of offering 487. But do you think we should go lower? Or believe them and offer more? TIA [link] [comments]  |
| Is a short sale a good option or not right now? Posted: 24 Mar 2020 04:41 PM PDT Hello! My fiancé and I are looking into buying our first home together. (Houston TX) We have closing costs and 3 years of mortgage saved up. For our first home we are purchasing way below what we got approved. And we found a really good home today but it is a short sale. Would right now be a good time to purchase a short sale? Extra information: We need a home because his job finally gave him a permanent location and he won't have to move around anymore. I have always lived in Houston and currently live with my parents. But him moving in with us is not an option. He's getting back to Houston in late May. We both have "essential jobs" his falls under infrastructure and mine in childcaring (non profit shelter) so we are both told by our companies that we're not to stop any time soon due to covid. Thank you for yalls help! [link] [comments]  |
| [Update] Selling my house through Zillow Offers (California) Posted: 24 Mar 2020 08:37 AM PDT Here is a link to my original post https://www.reddit.com/r/RealEstate/comments/fkh0y5/selling_my_house_through_zillow_cash_offers/ So about 10 days ago I received my initial offer from Zillow and had scheduled my home inspection. Last week I had my home inspection and it was with a different inspector. This guy was thorough. Very thorough. He took a picture of every scratch on the floor. He turned on the AC and checked the temperature of each vent. Looked in every crawl space, etc. The previous home inspector from Zillow did not do any of that. When I had my inspection from Zillow in January, they came up with about $12,000 in repairs. With this inspector, I had about $30,000 in repairs! I was not expecting that at all. I tried getting hold of my account manager at Zillow but she never answered me. It was not until last Friday they reached out and said they will not be going through with any cash offers at this time. I was hoping this would not happen but it did. I was really upset about it. The good news is that I was not upset for very long. My real estate agent reached out to one of his investor clients and they made a cash offer close to Zillow's offer and I accepted! I am in escrow right now and should be closing next week. In the end it all worked out. [link] [comments]  |
| Wanting to end lease early due to school cancellation and virus Posted: 24 Mar 2020 07:04 PM PDT Hi all, I just have a quick question as to whether or not I am able to legally end my lease early due to school being shut down and my roommate and I moving back home across the country. I do not want to keep paying the high rent since no one is living in the apartments anymore. Any help would be appreciated! Safe safe! [link] [comments]  |
| Is it a good idea to complete a purchase in the SF East Bay? Posted: 24 Mar 2020 06:45 PM PDT Trying to decide if it is a good idea to complete a purchase in the SF East Bay. Far along in the process when the virus hit. I'm assuming that prices will take some hit but would be fine with that since I'm planning to stay in that home for a long time. I'm concerned about prices taking a big hit for the next 3+ months as I need to sell my current home (renting out the home isn't a good option). [link] [comments]  |
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