Suddenly lots of listings in Indiana and Ohio, but no distress prices Real Estate |
- Suddenly lots of listings in Indiana and Ohio, but no distress prices
- Which housing markets in the US do you anticipate seeing the largest price drops from this situation?
- Tell me I am backing the best decision - house purchase [NC]
- LA housing Market
- Buying - are we insane?
- Is Opendoor incompetent, fraudulent, or something else?
- First time buyer, don't close for another month. Am I crazy going through with the deal?
- Backing out of a deal - Chicago
- Are Leasing Complexes going to drop rent rates?
- cancelled my real estate contract to sell. Question about relisting after this storm.
- 5G small cell being placed in front yard after offer accepted and before closing
- Finding a Broker with Investment Experience?
- Seller didn't disclose bankruptcy on disclosures...
- First time homebuyer with a question about rates
- Applying for privately subsidized rent from apartment that recieve s LIHTC
- Help with decision on buying dream home during this unstable situation
- [HI] first time property buyer...is now a terrible time?
- Aside from PA, have any other "shelter in place" mandates completely stalled closings?
- When is it too late to renegotiate additional incentives?
- How bad is angle iron? Should house buyers stay away?
- Buying a home someone died in; Los Angeles, CA
- Thoughts on the future of commercial real estate? (Western Pennsylvania)
- Credit and mortgage payments
- Breaking sublease as landlord before move in date
| Suddenly lots of listings in Indiana and Ohio, but no distress prices Posted: 22 Mar 2020 05:51 PM PDT I see on Pillow that there are 18,000 houses For Sale in Indiana and 32,000 in Ohio. This is eight to ten times the usual number. However, the prices are still way up there -- half a million for a pretty ordinary Victorian in Columbus, for example. Is the market getting flooded in your area? When do you expect distress pricing to start, if ever? [link] [comments]  |
| Posted: 22 Mar 2020 05:46 PM PDT |
| Tell me I am backing the best decision - house purchase [NC] Posted: 22 Mar 2020 02:52 PM PDT Some background - my wife and I are selling a house outside Raleigh, NC. Proceeds will give us around 50K. We make around 150k annually. With the current economy I am feeling some instability in my job (corporate employee at daycare company) - wife works in dept of agriculture - job is as secure as anyone's. We are set to close on a house on 3/27. 345K home - 10% down and all closing costs covered by seller (tax assessed value and appraisal was 375k). If we lose my income we will need to rely on unemployment to make ends meet. Otherwise if we both lose our incomes we have 6 months of emergency funds. We are contemplating pulling out of purchase to rent an apartment until the economy stabilizes (hopefully around a year). This would allow us to live on my wife's income alone. We are in love with the home but want to make the right choice. I told our agent we want to go through with the house but I am thinking we need to cancel the contract and go to the apartment. Is this the best decision? FYI: we would get our due diligence and earnest monies back. [link] [comments]  |
| Posted: 22 Mar 2020 02:31 PM PDT Maybe I'm just looking at the market more or maybe it's just coincidence, but within the last week I have seen homes going up for sale near me for under 600k. Usually in my area up to before the Covid situation, homes were at the least 600k for a 3bd 2bt, but now like I said in the last week or so I have seen a handful of homes under 550k. Anyone else in the LA area notice this? [link] [comments]  |
| Posted: 22 Mar 2020 02:08 PM PDT 5 kids (14, 10, 9, 7, 3) Combined income 270-300k Lots of child expanses (call it 2k for round numbers per month). No CC debt. Both cars = $850 a month total. Both will be paid off in < 2 years. Own a property we can sell for 10% down. Rest comes from sale of current residence plus cash if needed. Should have 20% down - at worst 15%. Current house: 2500 a month. House is cramped. Looking at a budget of 750k. Obviously payment is going to be nearly double. I think it's way too much - but to get what we want space-wise, that's kind of the range. Maybe 550-650 if we can 'find' them - which is the dilemma. I am saying we stay put from a logical perspective. My 'wants' brain disagrees and so does the wife. Thoughts? [link] [comments]  |
| Is Opendoor incompetent, fraudulent, or something else? Posted: 22 Mar 2020 03:04 PM PDT I've been trying to buy a house from opendoor for over a month. So far, they have produced six different documents with financial and arithmetic errors in their favor. From the initial sales contract, earnest money request, amendments, to the final title documents, I've found errors in every single document -- and every error in their favor. Opendoor continually claims that the errors are typo's and mistakes that would be fixed immediately -- and they are fixed. I spoke to a "manager" who said that every document that goes out is double checked before I see it. But even just statistically speaking, it's clear that Opendoor is intentionally making these "errors" on purpose. If six errors are detected by me, and every document that they produce is checked by two people, that's 12 chances for them to catch an error. If there's a 50/50 shot that errors would be in my favor or theirs, I think that's something like 0.024% chance that it's random error -- not even taking into account how many errors they actually catch. My bank has chosen to enact "enhanced review" of the documents because of opendoor's constant mistakes -- and closing is likely not going to happen. Is anyone else seeing these kinds of issues with Opendoor? UPDATE#1: First, there was a "due-diligence" fee (~$2,500) that made no sense to me. They removed it immediately, without even trying to defend it. Then there was a "house cleaning" fee ($550). They tried to justify this as, essentially, cleaning the house after the previous owner moved out. They dropped it. Then there was some vandalism to the property - people removing blinds, cabinet knobs, etc. while "touring" the house. I demanded that they fix it, they refused, I called off the deal, they agreed to fix it. Then, the costs appeared on the closing statement. Haven't resolved this one yet. ($~2,000) Past due HOA fees that appeared on the closing statement -- again, they removed it. ($800). Then the inspector's fees appeared on the closing statement, which I paid on my debit card. (~$600) Finally, the survey fee for a survey they had in hand ($800). After seeing this one, my bank demanded a copy of the new survey instead of the existing ~12 month old one. OD said that the fee was added by mistake. Last but certainly not least, OD obtained a copy of the appraisal directly from the appraiser because of their "call to access the property" system. The appraiser didn't know who he was calling and emailed them the appraisal as requested. The appraisal came in ~55K higher than what I'm offering. When they tried to re-open the contract for more $$, my bank caught onto what they had done, and advised OD that the price would not be changing. THEN... COVID-19 came along and OD had no choice but to accept my offer. Now, we're in "enhanced review." I would have walked after the second or third BS fee, but I recognized the difference between market vs value very early in the process. [link] [comments]  |
| First time buyer, don't close for another month. Am I crazy going through with the deal? Posted: 22 Mar 2020 09:59 PM PDT All, I'm a first time buyer in a market that's been consistently competitive for a while. I had an offer accepted on 2/24, with an extended close, 4/24, which at the time worked well for my situation, as my current lease ends on 5/30. I offered 5% above ask, and beat out 7 other offers, the closest by 1k. I probably jumped the gun an locked in my rate a bit early, at 3.75. With the state of things, I'm getting really worried about going through with this. I feel like my job is stable, and am well in my affordable range with the payments I'm expecting, but with so much uncertainty, I really want to hear some opinions. [link] [comments]  |
| Backing out of a deal - Chicago Posted: 22 Mar 2020 10:01 PM PDT Hey guys So our family had decided to buy a beautiful property in a suburb of Chicago (next to a pond / with a gazebo etc ) Closing was slated for next week but due to the current state of affairs we decided to back out. The primary reason being the fact that I'm the sole earner in my house and if anything happens to my job.. we are screwed. I have a townhouse and currently am paying the mortgage on that. So in effect I'll have 2 mortgages ( idea was to rent / sell the townhouse but now I doubt This will happen ) My company hasn't said anything yet about layoffs etc ... Am I overthinking this? [link] [comments]  |
| Are Leasing Complexes going to drop rent rates? Posted: 23 Mar 2020 03:49 AM PDT This is pertaining for new tenants only... Amidst the Virus going around, are apt complexes going to drop rent rates to lure in potential renters that are afraid of an economic downfall? I'm asking since I saw one complex reduce rates (unsure if related due to the virus or not, but they had tenants, luxurious complex) and it got me wondering if others are going to follow as well... [link] [comments]  |
| cancelled my real estate contract to sell. Question about relisting after this storm. Posted: 22 Mar 2020 11:54 AM PDT My contract was cancelled to sell my house. I probably will re-list in about a month or so, but would like to go with someone else. I think I am ok ,but am a little worried because the contract originally said through September. Is this going to be a problem? [link] [comments]  |
| 5G small cell being placed in front yard after offer accepted and before closing Posted: 22 Mar 2020 01:01 PM PDT Buying first home in GA, found a good place, good price, good mortgage rate, inspection done, loan almost approved, and set to close mid-April. It is a bit scary buying a home in this chaos, but my job is secure and we have gotten good deal, so was proceeding with it. Now the seller has notified us that Verizon will be putting on a 5G Small cell tower in the corner of our front yard soon, which they say they just found out from the door hanger. Googling around, it looks like this is happening all over the country and there is little property owner can do about it. Would be great to get thoughts around this situation.
I don't really know what to think about health concerns, but if people rather not live in a house with 5G small cell, that is enough to make resale harder, which de-values the home. In few years, it may become more common issue, as these wireless carriers are putting the poles up every 500ft for 5G, in public rights of way, so there is not much room to avoid. Due Diligence period is already over, I do have financial contingency. Thank you [link] [comments]  |
| Finding a Broker with Investment Experience? Posted: 22 Mar 2020 10:13 PM PDT How to find a Real Estate Broker with experience in Real Estate Investing? Recently got my Real Estate license in the North East for the express purpose of getting my feet wet in Real Estate investing. This is a 2nd job for me. Salesmen need to work under a Broker for a set number of years before becoming a Broker of course and it would make sense to find a mentor who can help with the mission. Tools, knowledge, professional connections, etc. Strategy ideas of how to find a Broker with experience in the investing side of Real Estate? [link] [comments]  |
| Seller didn't disclose bankruptcy on disclosures... Posted: 23 Mar 2020 01:54 AM PDT Supposed to close on a home soon that is evolved in the seller's personal bankruptcy. Court has excluded home from creditors and okayed selling it under homestead exemption. Seller didn't disclose it was involved in BR on disclosures or at anytime I only learned of it when they asked for extension to close. House is well worth the money even if market drops, but if I do want to back out, failure to disclose the home is involved in BR on disclosures...he checked no, would be grounds for breaking contract and getting escrow back wouldn't it? [link] [comments]  |
| First time homebuyer with a question about rates Posted: 22 Mar 2020 04:52 PM PDT We are using a smaller home loan office that is very close to our house (Axia Home Loans) and have already been pre-approved. With all of the volatility in today's market I did some research and learned about options for locking in your rate with an option to float down. I asked Axia about this and they do not offer any way of locking in rates until we have a signed offer. Is this pretty standard or should I start looking for another lender who will provide these options. It looked like Quicken had some deal for locking in a rate at anytime for 90 days. [link] [comments]  |
| Applying for privately subsidized rent from apartment that recieve s LIHTC Posted: 23 Mar 2020 01:19 AM PDT If i'm approaching a privately owned property about applying for a unit that is with HUD, how exactly do i request personally subsidized rent as opposed to the set low rent? How should the conversation go when i speak to the manager? Also, i qualify for HUD and make a little over 30% AMI [link] [comments]  |
| Help with decision on buying dream home during this unstable situation Posted: 22 Mar 2020 05:06 PM PDT Some quick background and I would love to get some advice - myself and significant other have been eyeing a move down to South Carolina for literally 7 years. The stars finally aligned and we put a contract down with a new construction build due to close on 21 April. I can close on that property with approximately 45% down payment and still have a year or more of rainy day fund in the bank. Further I have roughly 230k in equity in my current property in the DC area. With everything going on now, I am wondering if this is a good time to try to pull off a buy/sell. My EMD was 20k and, as everyone is aware the rules are all written in the builders favor. Walking thru the logistics of trying to sell this house during the pandemic, travel down for my punch list (during the pandemic) and the stress of potentially carrying two mortgages while my equity disappears is stressing me out a bit. Would welcome any advise from the experts here on options I may have - I have resisted the urge to reach out the builder to request a delayed close while things settle down but I may go that route. Alternatively, I could close ASAP and sell my current house vacant- reducing possible exposure to the virus from prospective buyers. Then, all bets are off if the lenders in SC cant close at all (they have not indicated this yet). - welcome thoughts guys [link] [comments]  |
| [HI] first time property buyer...is now a terrible time? Posted: 22 Mar 2020 12:58 PM PDT Military, just moved to Hawaii right before everything got shut down. Looking at maybe buying a condo over in town somewhere, but have no point of reference as I've never owned any property before. I've got a lender who I think might not be giving me the best rates (he's saying around 4% due to volatility and such), but I don't know any better. Is Hawaii a growing market that's worth getting an investment property that I can hold onto and remotely manage, with the intent of it making me money long-term? Or am I just living a pipe dream? [link] [comments]  |
| Aside from PA, have any other "shelter in place" mandates completely stalled closings? Posted: 22 Mar 2020 08:12 PM PDT I read that PA didn't consider real estate an essential service, which introduced a new source of anxiety around our closing process that I hadn't considered... Whether or not the businesses required to close will be allowed to operate. We're set to close on our dream house on April 15 in AZ, and I'm starting to get really nervous that all of this is going to crush the deal. Our governor is typically the last to move on anything, so that gives me some hope, but I was wondering if anyone else in states that have similar mandates have seen closings dramatically affected by COVID-19? [link] [comments]  |
| When is it too late to renegotiate additional incentives? Posted: 22 Mar 2020 10:42 PM PDT I'm within one week of closing. Only review/acceptance and closing are left in the process. I negotiated for additional incentive once a couple days ago. Now my wife wants to renegotiate with builder for more incentives due to the risk of buying vs walking away/losing deposit. This is newly constructed home with home orientation done 5 days ago. Thank you [link] [comments]  |
| How bad is angle iron? Should house buyers stay away? Posted: 22 Mar 2020 07:56 AM PDT Hi! We live in Winnipeg (central Canada), and are getting ready to put in an offer on a house. We've really fallen in love with it and are ready to go, but our real estate agent, after initially thinking it was a pretty great property, discovered that one basement wall has been reinforced with angle iron. He's in the process of getting the permits for more information, but he seems to think we shouldn't be going after this house anymore, in light of this new information. However, I've done a little googling, and this sounds like a pretty common solution to a pretty common problem, so I just wanted to get another opinion. So, without knowing that it was done poorly or that there is another problem, should new home buyers completely avoid anything with angle iron? Any advice would be greatly appreciated! Thanks! [link] [comments]  |
| Buying a home someone died in; Los Angeles, CA Posted: 22 Mar 2020 04:36 PM PDT Our dream home is going up got sale in our neighborhood. The previous owners both died in this house in December apparently from an 'accidental overdose'. My question is does this depreciate the value at all? If so, for how long? Are there any questions I need to ask the realtor specifically surrounding this or anything in general I need to know? [link] [comments]  |
| Thoughts on the future of commercial real estate? (Western Pennsylvania) Posted: 22 Mar 2020 02:54 PM PDT In December I made a prediction that by 2030 the areas outside of our county would experience significant growth because businesses would start to eliminate the expense of commercial leases for office space and employ a remote workforce. Because of our county's dire real estate tax situation, people who worked downtown would start to flee to the lower tax areas north and south, and both residential and commercial office space in this region would take a huge hit. Given the crisis, this may happen much sooner than 2030. What are your thoughts? [link] [comments]  |
| Posted: 22 Mar 2020 06:45 AM PDT How much does credit score effect mortgage payments ? If we have good credit but then pay off our debt before locking in with a mortgage company will that bring the payments down or is it all based on the interest rates at this point ? They're just about 2 percent more than when we started the process so we're trying to figure out the best move going forward. [link] [comments]  |
| Breaking sublease as landlord before move in date Posted: 22 Mar 2020 08:10 PM PDT My wife and I are about to close on a condo. Since our current lease expires July 1st, we found a sub tenant to take our apartment for 2 months, starting May 1st, and will likely extend the lease. What would be our consequences if we sign a lease with the sub tenant and the close doesn't happen? I understand the implications of a valid contract, but let's talk realistically. No money has exchanged hands yet. [link] [comments]  |
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