They just counter offered my $500k offer! (NY) Real Estate |
- They just counter offered my $500k offer! (NY)
- CNBC: Mortgage Industry on the Brink of Collapse
- A neighbor asked me to join a class action lawsuit against a local builder who is building a house next door. What should I do? (TX)
- I just had to back out of my first deal right before closing due to me being laid off :/
- Should I back out of my new construction home & wait until the market tanks to purchase a different house for cheaper?
- Would you wait to purchase in this market?
- Should I buy now or wait?
- Right now I'm feel pretty good about buying a condo for 120k, mid covid, with income at 50k, no debt. Smack me back to reality. Why shouldn't I do this? And how can I do this smartest? NC
- Is it normal for a seller's realtor to make sure the buyer's realtor has review all contingencies before seller accepts an offer?
- Seller Keeps Asking Why I Backed Out
- Can you get a blanket mortgage on 4 single family houses and use future rental income to qualify?
- New construction, builder wants to complete upgrades after close
- Septic and drain field failed inspection. Really nervous here.
- Switzerland is my top pick right now.
- Preapproved without a credit check?
- California, friend owns commercial real estate trying to get clarification on his banking situation
- Closing next week
- Do you think its possible for me to buy a home in the next 6 to 9 months
- Should you start real estate career during pandemic?
- (AZ) Declaration of Deed Restriction?
- Cashier’s Check vs Wire Transfer
- Hold Harmless Agreements
- Advice for a young person that wants to pursue real estate?
- Pipe burst in brand new home resulting in water damage to basement. We have not closed on it yet..how will this affect the resell value in the future?
- What happened to the Bay Area post-2008?
| They just counter offered my $500k offer! (NY) Posted: 06 Apr 2020 03:55 PM PDT I knew it was a fucking game. LIST price was $450k. I offered $500k. They counter offered with $525k. I told my real estate agent that I'm done here [link] [comments]  |
| CNBC: Mortgage Industry on the Brink of Collapse Posted: 06 Apr 2020 11:01 AM PDT |
| Posted: 06 Apr 2020 07:32 AM PDT So, yesterday a neighbor rang my doorbell and said he noticed the home being built next to mine is being built by a builder who has numerous "red cards" in the DFW area. At the end of next week, he's filing a class action lawsuit against this builder for issues regarding:
My neighbor wants me to join this class action lawsuit. Apparently at least five others have done so. I don't really see much reason for me to do so just yet but, I'm a bit anxious now. Honestly I don't really care about the trash issue, it's not excessive and it's hard to police. I do care about the erosion and water run off though. You can't even walk down one side of my house because there's so much mud from the construction. The walking paths are usually blocked by their machinery and lots of mud flows down their driveway into the street. I have no idea where to really start. Should I reach out to the foreman? Do I hire an inspector to check if there's issues starting to crop up that I need to keep my eye on? This is my first home that I bought barely a month ago. I have no idea what I'm doing. Should I reach out to the builder and express my concerns? EDIT: Again, I'm a new home owner so, for all I know this is nothing. [link] [comments]  |
| I just had to back out of my first deal right before closing due to me being laid off :/ Posted: 06 Apr 2020 02:57 PM PDT Im really depressed now ive lost 2000usd from EMD and appraisal fee. I worked really hard from extra hrs at work and saving every penny an putting off having fun just to buy this property and right at the end I had to back out :/ now im still stuck in this shack of a home where i reside i feel so terrible. I feel as if all my hard work was for nothing an loosing 2grand usd is really disturbing my mind [link] [comments]  |
| Posted: 06 Apr 2020 08:28 PM PDT On March 1st, I signed a contract for my very first home - a new build in Surprise, AZ for $425k. I absolutely love this home but I'm paying all cash - I have bad credit so I can't get a loan. I'm super worried that the housing market is going to tank causing my house to be worth half of what I'm paying for it. I talked to the builder & they said they won't come after me if I don't go through with the sale but they would keep my $16k earnest deposit. Should I back out now or keep the house? I know nothing about the housing market. [link] [comments]  |
| Would you wait to purchase in this market? Posted: 06 Apr 2020 07:36 PM PDT My wife and I are moving to ABQ and looking to purchase our first house. We have plenty saved up and are able to put down a good amount for a house. ABQ's housing market isn't exactly thriving, but one house we were looking at already dropped from 425k to 400. With so much uncertainty right now, would you wait to purchase and see if the housing market drops even more? [link] [comments]  |
| Posted: 06 Apr 2020 10:26 PM PDT I'm living at home with my mother with a lot of cash in the bank. I'm wanting to get out of her house and grab something small but things are uncertain with the epidemic. Should I anticipate house prices dropping and wait, or would it even be worth waiting? [link] [comments]  |
| Posted: 06 Apr 2020 05:13 PM PDT TLDR: Good zip code in a soon to be coming up area. Big city. Older building. Condo. Lovely interior just renovated. 3 bed 2 bath. I'm trying make make a move here The math looks solid, I got grit and a little cash. I'm 25. Make me regret the decision please!. I need the strong counter narrative to stay level. I stack most of my paycheck and get some sales commission and have close to 10k just like 10 months With 6k down, 3+ as a buffer I take a 120k loan for 3.8-4.0 percent over 30. Principle, HOA, taxes, maintenance, insurance ~$1000. Principle and interest is about $600 of it. Initially owner occupy plus one roommate and my office. I charge the dude a reasonable area rate but probably a little more than 2/3 total my cost. I reduce my rent costs for the forseable future. I eventually become President of Denmark and move on. But I don't sell. With 3 rooms 2 bath near a college . 3 students at 600/head and now we making money. I'd probably reinvest 60-80% of the additional revenue and pay it off by 35.... [link] [comments]  |
| Posted: 07 Apr 2020 01:55 AM PDT *Disclosures not contingencies With an offer on the table from a buyer, is it normal for a sellers realtor to go out of their way and make sure a buyers realtor has read and shared all disclosures with the buyer, before the seller even accepts the offer? [link] [comments]  |
| Seller Keeps Asking Why I Backed Out Posted: 07 Apr 2020 01:55 AM PDT SE Minnesota. In March, I backed out of buying an inheritance home from a home seller. No realtors involved. Our purchase contract was pretty simple with only an inspection contingency. The contract was written by a local attorney and signed by both parties. The inspection contingency had two options for the buyer: (1) try to negotiate a lower price based on the inspection report or (2) inform the attorney that the purchase contract will be cancelled because of the inspection. I informed the attorney that the home failed the inspection report and I wanted the purchase contract cancelled. The attorney prepared the cancellation paperwork and I'll receive the earnest money back. Anyways, the home seller keeps emailing and calling me every 4-5 days asking why I cancelled the purchase contract. The home inspector told me that he already talked with the home seller about the many issues and she denied everything. Off the record, the home inspector said that the home seller is likely a con-artist. I don't really want to call the home seller back as I feel that she will likely try to talk me back into buying the home. I'm definitely past the emotional stage of home buying and the home isn't a logical purchase. I feel that I should say something because my sister lives across the street from this home. We will likely awkwardly see each other. Questions -
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| Can you get a blanket mortgage on 4 single family houses and use future rental income to qualify? Posted: 06 Apr 2020 07:36 PM PDT One. I've spotted a good deal on several properties and was wondering if I could use future rental income to qualify for a blanket mortgage (4 Single Family Houses, owner/not owner occupied)? Also, one of the properties is next to a University and has five rooms. Two. Would I be able to use the income I would get renting out each room individually for that specific property as part of the income qualification? [link] [comments]  |
| New construction, builder wants to complete upgrades after close Posted: 07 Apr 2020 01:15 AM PDT Hello! I received a call that the builder of my new construction townhome. They want to place an addendum to complete some upgrades after closing. I believe this is due to difficult getting materials to complete a built in desk (waiting for same finish as other countertops). I believe this is bc lack of supply chains right now with COVID. I'm currently in escrow and under contract. Most of townhome is complete beside this. Is this standard practice, can I use this as some type of leverage? I don't just don't want difficulty down the road after closing. Thanks! [link] [comments]  |
| Septic and drain field failed inspection. Really nervous here. Posted: 06 Apr 2020 07:56 PM PDT Hi. We are in the process of buying a house right now. On 3/30 our realtor said he received the septic inspection and the whole system failed. They needed to replace two tanks and a drain field. During all of this we are in a shutdown state. Original close was this Thursday. We took the opportunity to delay closing until May but our realtor put in a contingency that once the seller completed the work we can pick a sooner closing date than May 5. I got the paperwork back today from our relator and I am seriously weary of this whole thing. Inspection failed on 3/30. It says permits were acquired 3/31. I have an estimate from a private excavating company from 4/1 for all the work that needs done. And in the email from our realtor he says that the County approved the final project on 4/2. How in the world can all of that work been done in one day? Two new septic tanks and a whole new drain-field. In a state that is shutdown? All of this was done so quickly to keep closing on Thursday. I don't know... can someone help me out? Is there anything I can do? Something seems off! [link] [comments]  |
| Switzerland is my top pick right now. Posted: 06 Apr 2020 11:30 PM PDT With a low COVID-19 stat and the world's money running through it, I figure I can still afford a small building anywhere in NYC to execute day trades from, and dial the money home. Anyone with me here? [link] [comments]  |
| Preapproved without a credit check? Posted: 06 Apr 2020 10:27 PM PDT I wasn't able to find a good answer on google. My husband and I spoke to a lender for an hour today, he answered all our questions and was very knowledgeable. This is the second lender we have spoken to and it was a much better experience. At the end of the call, I asked what the next step was to get preapproved and he said we are preapproved and would be happy to send a letter of prequalification if we want to submit an offer. The thing is that he only asked us about our financial situation and ran numbers but didn't do a credit check or get paperwork or paystubs or anything. Is this normal? [link] [comments]  |
| California, friend owns commercial real estate trying to get clarification on his banking situation Posted: 06 Apr 2020 10:26 PM PDT So his bank has told him that he can delay commercial mortgage payments for up to 6 months, interest accrues and at the end of the 6 months the whole deferred payments are due at once. How is this suppose to help at all? That seems near impossible given some of his commercial tenants are closed up etc. And a fat lump some payment of 6 months rent is near delusional at this point. Anyone else have a similar or different arrangement with their banks and are there any sources outside of PPP loan which not everyone will get since the funds could possibly run out? [link] [comments]  |
| Posted: 06 Apr 2020 09:56 PM PDT I'm meant to close next Monday with Opendoor here In AZ I was just wondering people's opinion of that actually happening with offices closing or having reduced staff. They sent me a email today stating they are having a hard time finding notaries willing to meet. I wasn't sure if it can be any notary instead of a mortgage notary. Just wondering if anyone else is in the same boat [link] [comments]  |
| Do you think its possible for me to buy a home in the next 6 to 9 months Posted: 06 Apr 2020 09:45 PM PDT Some back story and context to the question. My family moved here to the U.S. when I was two, we've never owned a home out right, we have lived in apartments the entirety of our lives, and me (M22) and my younger brother (20) have shared a room since we can remember. Every year we decided we would get a house, but something always came up (my father going to jail, or younger brother going to the hospital) this year I decided enough is enough I'm getting a house before the end of this year. I have a 605 credit score. And about 350 in savings. The average cost of homes in my area (suburbs outside of Philadelphia) are between $250,000 to $350,000. Is it possible to get a mortgage with my credit score? Should I focus on raising it before even trying? I know I definitely need more for a down payment, but what would be a good amount 15k? 25k? Any answers or advice would be extremely useful. Infinite gratitude [link] [comments]  |
| Should you start real estate career during pandemic? Posted: 06 Apr 2020 09:14 PM PDT Hi all, I posted a little while ago about me passing my exam and what to expect next. Well now i'm unsure if i should start my career right now due to the pandemic. My fear is I start paying monthly fees and can't recoup any of my invest because we are shut down. The only positive i see is that the downtime i can use to hit the ground running when we return to normal but i just don't know. [link] [comments]  |
| (AZ) Declaration of Deed Restriction? Posted: 06 Apr 2020 09:10 PM PDT Please be advised that this Home is subject to a Right of First Refusal to Habitat for Humanity and a decision can take up to 60 days. We are currently looking for a low income buyer due to a Declaration of Deed Restriction which means that the home can only be sold to a low income qualified buyer. Can somone break this down for me? What qualifies as a low income buyer? [link] [comments]  |
| Cashier’s Check vs Wire Transfer Posted: 06 Apr 2020 09:03 PM PDT When closing on a house, does anyone have a preference on doing one vs the other to pay? We are closing soon and I use an online bank and was planning on doing wire transfer. Part of me would just "feel" better if I had a physical cashier's check in hand. It's just that feeling of not knowing if there'll be issues trying to do the wire transfer. [link] [comments]  |
| Posted: 06 Apr 2020 04:23 PM PDT I've been looking into foreclosures and just recently come across a foreclosure that has had several price reductions. I contacted my agent to ask what's going on with the property, why is it so cheap and has been on the market for so long. She said there was a hold harmless agreement necessary to sign just to view the property. I've never heard of this type of agreement being required just to look at a property. Judging by the photos, it looks like there's been some water damage and possible mold growth. Is that enough for a seller to require a hold harmless? Any information would be very helpful [link] [comments]  |
| Advice for a young person that wants to pursue real estate? Posted: 06 Apr 2020 08:02 PM PDT What would you advise someone who is under the age of 18 that wants to be able to live off of rental income? How should they save/what kind of jobs should they start out with? [link] [comments]  |
| Posted: 06 Apr 2020 06:55 PM PDT |
| What happened to the Bay Area post-2008? Posted: 06 Apr 2020 09:27 AM PDT My fiance and I are looking to by our first home in the Bay Area (Oakland, CA.) Supply for the type of place we're looking for has been narrow from the get go. We have a lot of boxes we need checked to have the place feel "right" and just came across our perfect forever home. Now we're concerned that if we wait it out we're going to lose the opportunity to buy our dream home as it will get pulled from the market or bought by someone who's funds are recession "proof." Is the Bay Area an outlier in the sense of price drops nationally for residential property? My fiancé's dad mentioned that home values in the Bay Area only dropped by 4% during the 2008 crash. Is it safe to say that if we get in at $2.5m this month that in 5 years our house will be worth $2.5m? It seems like the Bay Area will always have a limited supply and high desirability. Thanks for any insight. We're inches away from sending our offer letter with proof of funds etc. [link] [comments]  |
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