Airbnb hosts are planning to sell off their properties because of the pandemic Real Estate |
- Airbnb hosts are planning to sell off their properties because of the pandemic
- Closed on our first/(hopefully)last house today!
- Do People Put a Offer on Homes Contingent on Selling Their Home?
- CA - Financing for Jumbo loans
- Dogs in House Showing?
- Underwriting discovered seller needs “sign off” by four other people, closing delayed
- New to Investing/Flipping
- Home inspection found signs of rot in bathroom floor
- Lost out on a great house
- How does land have no value?
- My stupid questions about selling current home and buying another
- Buying a house in a pandemic
- Is it true that modular homes don't have the same level of inspections?
- Did you guys have self doubt and lack of confidence in the beginning?... Hearing your personal story shared, and absorbing anything I can pick apart from it, would mean a lot. From downfalls to your successes, to where you are now. Hope everybody is hanging in there/healthy through these tough times
- Need help figuring out what I owe to my ex
- Homeowners Insurance
- Lender credit vs interest rate break even
- What is a REASONABLE Closing Cost ?
- Buyer won't allow showings before an offer is accepted?
- What is your honest opinion of this color scheme?
- How do I officially terminate a contract to sell my house?
- Anybody able to give advice based on this home inspection regarding sloping floor, moisture?
- Advice for the application/interview process for a leasing agent position with firms/brokers?
| Airbnb hosts are planning to sell off their properties because of the pandemic Posted: 27 May 2020 10:52 AM PDT |
| Closed on our first/(hopefully)last house today! Posted: 27 May 2020 07:12 PM PDT After 60+ days we finally closed and got the keys today. Changed the locks, mowed the lawn and scrubbed cabinets down. Can't wait for the first beer after getting things moved in this weekend. Worked so hard to get here, and just really happy this day has finally come! Thanks for all the great info! [link] [comments]  |
| Do People Put a Offer on Homes Contingent on Selling Their Home? Posted: 27 May 2020 08:25 AM PDT My realtor keeps telling me that it is not good to put an offer on a home before selling ours. Previously we found a home we liked and then put our home for sale, we had a contract on our home the first day. We went into a bidding war for the home we liked (was on market for 60 days) and lost. For the next 2 months March and April we found no homes that suited us. The contract on our home fell through. We took our home off the market. We do not want to repeat the same process again. We asked if we could put a offer on a home before selling ours. Our realtor said we would not be able to negotiate much and would end up paying more for a home. My coworker said they put a offer on a home contingent on selling theirs last year and everything went fine. Our home price right now is hot and is selling within a week (230K). We are looking for homes in the (400K) range which has been taking months to sell. Not sure if I should go the same route with selling our home contingent on finding another home or force my realtor into putting offers on a home without selling ours? [link] [comments]  |
| CA - Financing for Jumbo loans Posted: 27 May 2020 10:10 PM PDT I am looking into buying a house (San Diego). One house I wanted to tour is requesting a pre-approval letter before allowing a tour. I have been saving for a few years and have about 350k ready to put down. Also, I have credit score which ranges from 817 to 845 depending on the 3 major agencies. The house I was looking at was in the 2M range. After waiting for a few days I follow up with the broker who said they were sorry but they cant find any banks who are doing jumbo loans at the moment. The best they could do was do a 7/1 arm and I would need to come in with 35% down. Anyone else having this issue? Is the going to cause armageddon in the housing market since all jumbo loans are basically banned right now from what they were saying? Any ideas on how to get a 10% or 15% down jumbo loan right now or just a bad idea? [link] [comments]  |
| Posted: 27 May 2020 04:25 PM PDT Today some people scheduled a showing of our house from 5:30-6:30. They didn't arrive until 6:20, which we thought was a little weird but were fine with as long as they were out by 6:30. The problem is, we saw them bringing a dog into our house. Is this allowed in most places? We are in North Carolina. EDIT: Our realtor looked into it and apparently it was their realtor's dog, who was not a service dog. Our realtor made sure to tell them that was not allowable (we think their realtor is new) and apparently they were very apologetic. [link] [comments]  |
| Underwriting discovered seller needs “sign off” by four other people, closing delayed Posted: 28 May 2020 03:55 AM PDT Less than 72h prior to closing, I received a call from my buyers agent. The seller is the executor of deceased parents estate. Title company/underwriting received documents from estate lawyer: deceased parent's siblings must sign off on sale of home. So now we have to either: A.) walk away B.) give extension of 15d for starters... and maybe more??? We have contractors lined up to show up tomorrow, such a mess. My son cried and cried last night — just add this to a pile of his expectations that have recently been shot down (canceled summer camp, no real school/5th grade farewells, no sports teams, etc.) Questions: 1. How did seller/seller agent who is an actual broker not realize this before listing property? Is that even possible? 2. What financial negotiations are reasonable at this time if we decide not to walk away? For starters I am thinking the seller needs to cover: 2a. cost of rate lock extension 2b. asking seller to clean out house (we were buying house with what "shall remain," ie a bunch of trash.) 2c. anything else standard that you guys can think of? I don't wanna be an jerk, I want to be fair. 3. Maybe a 15d extension is too long? Maybe start with 5d? 10d? Like, in 5d we could probably have a general idea if estate reps are going to "sign off" or not and then extend further than that to give time for actual paperwork if needed. I don't wanna be locked in and not be able to move on another property. [link] [comments]  |
| Posted: 28 May 2020 03:49 AM PDT I'm generally new to investing and honestly don't totally know what I'm doing. I've read a bit of a book, watched some YouTube videos, and talked to a friend who sells real estate (acquaintance, don't want to him him up constantly/be annoying). Generally from what I've learned, if you want to see what a house will go for, you need to see what similar properties are going for in the same neighborhood - try to go by $$$/SQ FT. I found this condo online that I think is way undervalued currently. I'm linking to a screenshot of something I created in Excel - it's property A. The other properties are in the same complex but are going for nearly $100 more per SQ FT. The cheap one isn't even in terrible shape, it's just dated to more of a late 90's/early 2000's look. I think with a high budget of $50k you could easily afford to install new carpet/hard wood flooring (10k?), stainless steel kitchen appliances (15k?), add in washer/dryer (3k?), and AC (5k?). If you raise the value from $108 SQ FT to just $180 SQ FT, you could make around 50k in profits before tax. I'm honestly ignorant to closing costs and taxes involved with fix/flip, so I'm hoping I overestimated those in the Excel sheet. I tried to find prices of similar properties sold on RedFin within the past few years but it wasn't showing them for some reason (probably user error). So overall, do I have a solid approach with evaluating flips if I'm able to do a better job of finding similar properties sold in the area within the past year or so? Any feedback is appreciated! [link] [comments]  |
| Home inspection found signs of rot in bathroom floor Posted: 27 May 2020 08:04 PM PDT Just got back from my home inspection. Everything came back pretty good except a poor bathroom install which has signs of rot around the shower pan. Looks like the shower pan doesn't drain properly and water pooled on the floor in front of it. The floor is cheap linoleum and spongy in front of the shower. I'd rather fix it myself than have the sellers do it, someone did a shoddy job to begin with. I'd like to be there when it gets ripped up to see how much damage there is and make sure it all gets fixed properly. The bathroom is a 3/4 bath off the garage and contains the washer and dryer. It's about 90 sq ft in area. It looks like the damage is localized around the shower but who knows. What's a reasonable amount to request as a credit for that kind of unknown? It's probably not enough for me to walk but I would like to have some money to fix it. [link] [comments]  |
| Posted: 27 May 2020 03:46 PM PDT Hi all, me and my partner are looking to buy our first home. We saw a great home within our budget and marked everything on our checklist. However this was our third home we saw ... and were hesitant to see if anything better would come. Regardless, we put in an offer at listing price and lost out on the house. Now we're regretting not going over asking price... we live in the Boston area so the housing market is very competitive. I just wanted to vent and ask for some advice on how much longer it took for others to find a home after going through a similar experience. We really want to buy a house this year because of how low interest rates are however, inventory is especially low in the Boston area. [link] [comments]  |
| Posted: 27 May 2020 12:24 PM PDT i have a contract on a house on 18 acres 5 of which is cleared the other 13 is wooded. the appraisal came back and he is only putting value to the 5 cleared acres saying its excessive land and has no value. and of course its not appraising for what it should. [link] [comments]  |
| My stupid questions about selling current home and buying another Posted: 27 May 2020 10:56 AM PDT My husband and I own and live in a small townhouse with our two cats. It's a nice place but we are stuffed in here like sardines. I recently inherited a large amount of money so we'd like to sell our place and buy our forever home. We bought our townhouse two years ago for $650k and most of the houses we like are around $800k (Bay Area). I'm just wondering about the logistics here. Do we buy our house before we sell our townhouse? I just can't imagine showing this house to buyers while we still live here. We have a lot of stuff and our cats kick litter everywhere constantly. Do we put our stuff in storage and try and stay with friends while we wait for our house to sell? We are in the position where if we bought our new house and had to carry the mortgage for our current house for a few months, we can. I just don't know how most people do this. Thanks for any advice! Neither of us really have parents who can guide us on this. We also aren't in a rush, just thinking about it in the next year or so. We have also considered keeping our townhouse and renting it out but the thought of being landlords is kinda stressful (especially now). [link] [comments]  |
| Posted: 27 May 2020 07:56 AM PDT Hi all! So I know there is a COVID19 thread here, but I didn't exactly find what I was looking for there. I was really hoping someone could help me out with my dilemma. Hubby and I have spent the last five years saving. We currently have 90k. We really want to buy a house, but I am afraid of losing my liquidity in the middle of unprecedented economic times. My company is doing very well this year, and we are still doing raises & hiring. We've blown past revenue goals. Husband says his company's fairly safe, but you never know. I live in the Dallas area, and the market is crazy in suburbia. The suburb we prefer is filling up. The houses we like are $450k. I think we can put $45k or so down. I just need people's opinion. Is this stupid? I mean record high unemployment and I'm giving up my liquidity... Just need honest advice. Thank you so much in advance. [link] [comments]  |
| Is it true that modular homes don't have the same level of inspections? Posted: 27 May 2020 05:21 PM PDT Or is this a conspiracy of Big Stick Homes? Lol just kidding, but I saw this video: https://www.youtube.com/watch?v=wjwnM12iLh0 and was wondering if these issues are common with modulars [link] [comments]  |
| Posted: 27 May 2020 07:18 PM PDT Real estate is 100% what I want to do. It wasn't my original dream career, as I originally was on my way to becoming an MD, but unfortunately, physical health which turned to mental health issues kept me from getting through med school. I am studying for my license exam now. I took a year to educate myself about the career (the pros/the cons), I've read countless books. This is what I want to do. I just haven't taken my first step yet, and I guess the residual "feeling like a failure" vibe because I couldn't make medical happen has my confidence a little shaken (it was only 16 months ago when I took my permanent leave). I won't lie, I have the type of mind, that creates very high levels expectations. I won't lie, I want to one day be making the $300k plus yearly income like a lot of you "big dogs". But I also want to study and master the craft and most importantly FALL in LOVE with the craft. I expect to fail, I don't expect to come out the gate making $100k. But I do expect to grow, and I won't accept not reaching levels I set out for myself. I'm scared, my confidence has been really shaken the past couple years, but I'm willing to get to work and start putting in the grind... Thanks for anyone who shares the story! And again, I hope whoever reading this, is healthy as well as your loved ones... [link] [comments]  |
| Need help figuring out what I owe to my ex Posted: 27 May 2020 10:59 PM PDT Hi, I do not know if this is the right place to post this, and if it is not, please refer me where to post. (I really am no expert in this kind of thing) Long story short, I bought a house with my now ex girlfriend on Feburary 28 this year. Three weeks later, she broke up with me, and I decide to keep the house so I will buy back her cash down and the tiny amount of capital that she has paid. Fast forward to today, we are disagreeing on money, of course, and the day that we go see the notary is coming fast. When we arrived in the house, the previous owners left us some stuff, like a ping pong table, an outdoor table with chairs, a lawn mower, etc. Of course, some of that stuff where written in the selling contract, but most of it was not. (I'm specifying this in case it has an impact) Where the disagreeing begins is that I think that all the stuff that the previous owners left us should stay with the house, and are part of the amount of money we paid to buy the house (which will soon be 100% assumed by me) since we would not have gotten all that stuff if we did not buy the house. On the other hand, she thinks that we should "evaluate" all the stuff and divide everything in half, or the person keeping more (me of course...) should pay the other money. Her argument is that she would sell that stuff to make money out of it, which is why she want me to pay her. I personally have a problem paying her things that we both did not pay, except that we paid the price of the house to have those things. So, do you think that my way of seeing things is reasonable or am I missing something? And do you think that the notary will help us resolve this when we go see him? Thank you to those who will take the time to read and respond to this, I really appreciate it. These are hard times and I can't wait to be past that. Edit: I'm sorry if anything does not make sense, English is not my primary language. [link] [comments]  |
| Posted: 27 May 2020 10:54 PM PDT Someone in my family had some health issues and is quitclaiming me their property. They tell me that they did not have homeowners insurance. I am likely selling the property in order to buy one closer to me where I live. Is it worth it to buy homeowner's insurance on the existing property even if it is just until I sell? [link] [comments]  |
| Lender credit vs interest rate break even Posted: 27 May 2020 06:34 PM PDT I'd like to get Reddit's thoughts to see if my thought process makes sense. I'm applying for an FHA loan with 3.5% down and the lender is offering me 3 options. Option 1: 2.875 interest rate with $325 lender credit. $2919 payment Option 2: 3.0 interest rate with $1724 lender credit. $2952 payment Option 3: 3.125 interest rate with $3104 lender credit. $2985 payment I'm leaning toward option 3 as the break even point is about 40 months, I'd keep more cash in my pocket and I'd like to refinance to a conventional loan once I get to 5% equity (hopefully within a year or two) Does this make sense? [link] [comments]  |
| What is a REASONABLE Closing Cost ? Posted: 27 May 2020 10:18 PM PDT I'm getting loan proposals for a refinance with closing costs (origination fee plus lender fee) that varya lot. $2400 - $3500 Shouldn't I be able to find someone with closing cost fees less than $2000 ? Is this process really that complicated to warrant such high closing cost fees ? Or is this just a gouge ? thanks [link] [comments]  |
| Buyer won't allow showings before an offer is accepted? Posted: 27 May 2020 10:08 PM PDT My fiance and I are looking to purchase our first home. There is limited stock in our area (central CA) currently so we're unfortunately not able to look at much in our price range. There is a house in our sights that only has photos of the outside and the seller says we can't see the inside until there is an accepted offer bc it's being rented and the tenant isn't cooperating. It's in the area we want, our price range and the square footage is what we're looking for. It's listed on our realtor's portal as only having been on the market for 9 days, but has been listed for over two months on some sights. My question is, can this be to our advantage at all? They don't have any offers currently and I'm wondering if we should put in a low offer or an offer asking them to cover closing costs and then pull out if we hate the house or if it needs too much work. We're really new to this so I guess I'm just looking for some advice on what seems to be a slightly strange situation. Title should have read -seller- won't allow showings [link] [comments]  |
| What is your honest opinion of this color scheme? Posted: 27 May 2020 09:48 PM PDT Hey everyone :) I'm just curious to see what others think of the color scheme for this house in the middle. It seems sort of out of place next to the others, but maybe that's just me? Do the colors bother you? [link] [comments]  |
| How do I officially terminate a contract to sell my house? Posted: 27 May 2020 09:36 PM PDT I signed a contract to sell (FSBO) first week of March. Things were going good until the virus shut things down. We agreed to move the closing date to end of April. Then things seemed to stall - couldn't get in touch with buyer. End of April gets near and they weren't ready to close. I find out he'd been furloughed but was supposed to start back to work the last week of April or first of May (his company kept pushing it back each week). He's back to work now. He and his mortgage company have basically just told me all paperwork has been resubmitted and they are waiting on underwriter to approve (that was last week). We've obviously missed the April 30 date, and I haven't pushed the issue yet because of the shutdown. But it's now end of May and they haven't given me a new closing date. I've moved out of the house so it's just costing me money at this point. I'm getting impatient- three other houses in the neighborhood have been listed and under contract since first of April (all within less than 2 weeks) so I know people are buying in this area. I have not officially agreed to extend the closing date further - haven't signed or verbally agreed to anything since March. So my question - how do I officially terminate the contract? Can I terminate since we've missed the closing date and he hasn't been able to secure financing in almost 3 months now? How exactly do I formally do that? I know losing his job was the reason this fell through, but I can't keep waiting and paying mortgage month after month. At this point I'd love to get a realtor involved and list it - hope to find a buyer who's pre-approved and ready to get moved in ASAP. The only reason I agreed to FSBO was because the guy literally asked to buy my house when he found out we were moving. Can I just walk away at this point? [link] [comments]  |
| Anybody able to give advice based on this home inspection regarding sloping floor, moisture? Posted: 27 May 2020 09:01 PM PDT Hello! We did a home inspection today of our favorite house on the market, and unfortunately found some potentially very serious structural issues. Anybody have experience with sloping of the floor and moisture penetrating the drywall? House built in 1996 and renovated beautifully. Located in Georgia. I know I need to call out a structural engineer/contractor to evaluate the issue and obtain an estimate and go back to the negotiating table....just wonder how big of a can of worms this is? Any experience with these types of repairs? Or is this a I should run away with my earnest money as fast as possible type situation? When the inspector was looking at the basement, there was noticeable sloping of the floor towards the back patio in two spots such that when you're walking on these areas you can definitely tell there's an elevation change. There was a crack in the tile of the basement, which concerned the inspector combined with the above because he thought it was likely due to ground shifting and the house essentially being at different elevations, causing lifting of a portion of the tile and therefore the crack. The entire back wall of the basement has a moisture meter reading of anywhere from 70 - 100% :( so now I have to do a mold inspection on top of seeing how much it costs to fix the moisture issues. The inspector was concerned that the moisture barrier of the foundation could have been cracked by the shifting of the earth underneath the house or something to that effect. Here's the inspector comments regarding the basement:
Then there's the attic:
Other notable issues include
[link] [comments]  |
| Advice for the application/interview process for a leasing agent position with firms/brokers? Posted: 27 May 2020 10:21 AM PDT I've nearly completed my leasing agent course in preparation to take the exam for licensing. As I move through the materials, I'm beginning to get pretty excited about the opportunities as a leasing agent with a broker/firm. I've looked into property management and other possibilities with the license, but, as I hope to become a realtor in the coming years and don't have much interest in dealing in managing properties and apartment complexes as my career, I would really like to stick to becoming a leasing agent specifically with a firm. I do want to ask--how does the leasing agent application and interview process normally go with brokers? I live in Chicago and plan to apply for such a position with firms in and around the city come the fall (if all goes according to plan with licensing and whatnot). Any and all help would be appreciated! Thank you so much! [link] [comments]  |
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