Hot home. Real Estate |
- Hot home.
- Is a buyer allowed to hire their own contractor to "reinspect" repairs that have already been done.
- Oregon - Hilarious photoshopped grass, anyone else seen things like this?
- Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year
- Buying New Advice
- I have a preapproval letter for a 15 yr mortgage. Can I change that when I go under contract or should I re-apply?
- Inheriting A Manufactured Home.
- First Time Home Buyer Purchasing Secondary Home For Parents
- Getting my real estate license in Washington state
- Escalation clause Offer
- does anyone here own commercial property or own a franchise?
- How to find foreclosures and off MLS properties?
- Refinancing question - interest in preparing for whatever may come.
- Should I get pre-approved by a loan officer at my bank, a different bank, or a credit union?
- Anyone here in Baltimore area? Would like guidance about our market
- First time home buyers looking at a house that has had foundation work
- Need help with refinancing. Is this a good deal?
- Looking for schooling
- Refi Investment property rates
- I want to become a Listing Agent. Where do I begin?
- Clarifying some misconceptions I've had about buying a home in the Bay Area
- First home- Living and Renting
- Can I back out of a contract if I have buyer's remorse before the inspection?
- [Berkeley, CA] Wood boring beetles discovered during pest inspection
| Posted: 04 May 2020 09:41 AM PDT Just wanted to share my experience with a recent offer my wife and I made. Split level came on the market for 299k about a week ago and immediately it was a popular/hot home. It was hard enough to tour the place. We fell in love with it and our agent insisted we need to place an offer over asking to have a chance. Sellers wanted best and final offer by Friday at 4pm. He said to be competitive we should place an offer 10% over which we talked amongst ourselves and thought it was kinda outrageous considering the pandemic and unemployment rate. We ended up deciding that we would be disappointed if we placed an offer at asking and lost so we bid 20k over listing as a comfortable point where we can walk away knowing to us it's not worth it. Our offer was 320k with 10k earnest money and we added an as is clause for inspection with a flexible closing date. Both my wife and I are in healthcare so we wrote a personal letter making sure we let them know our job security was as good as it gets. We felt our offer was strong and we still lost out! Back to house hunting it is 😐 [link] [comments]  |
| Is a buyer allowed to hire their own contractor to "reinspect" repairs that have already been done. Posted: 05 May 2020 12:31 AM PDT I am trying to sell my house (in Oregon), and have a buyer and buyer's agent from hell. We had an inspection report come back that needed repairs done and the inspection period ended middle of April. We got quotes for all of the repairs and had them done. We forwarded the invoices to the buyer. The buyer now wants to bring in a different crawlspace company that he will pay for to "reinspect" the job that was done. This feels really off to me considering they have no reason to not try and tack on additional things that need fixed, even though everything from the repair addendum was completed. Do I have any rights to refuse this? This is still my house and "reinspection" is not in the contract anywhere. [link] [comments]  |
| Oregon - Hilarious photoshopped grass, anyone else seen things like this? Posted: 04 May 2020 06:40 PM PDT I imagine this is legal, what do you think on ethics? I saw this home today and let's just say I had a laugh. The yard is also not the only odd thing going on with this property. [link] [comments]  |
| Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year Posted: 04 May 2020 07:27 AM PDT Home prices will most likely fall 2%-to-3% through the end of the year from pre-coronavirus levels, and home sales to fall as much as 60%, before both begin to slowly recover to baseline levels by the end of 2021. The latest forecasts, based on published and proprietary macroeconomic and housing data, also include more pessimistic or optimistic projections based on the duration of the pandemic and the depth of its impact on the broader economy. The forecasts center around a baseline prediction of a 4.9% decrease in United States GDP in 2020 and a subsequent 5.7% increase in 2021. Under the baseline scenario, we expect:
Each of our scenarios implies very different paths for home prices and sales volumes. Our optimistic scenario features a small dip in house prices in Q2-Q3 followed by a robust recovery. The baseline medium scenario features a U-shaped trough in Q4 followed by a slower recovery and our pessimistic scenario features continued weakness through all of 2021 (more of a "long U" shape). Graph of 3 Scenarios: https://i.imgur.com/YqxpKpS.png At time of publication, we believe the medium scenario to be the most likely outcome, followed by the pessimistic scenario and then the optimistic scenario. These scenarios and our assessment of their likelihoods are open to revision and will be revisited periodically as more information regarding the timing, scale and success of relaxed social-distancing measures, among other factors, is released. Scenarios matrix: https://i.imgur.com/xnhi0ka.png Link to more detail and description: https://www.zillow.com/research/prices-sales-forecast-coronavirus-26975/ [link] [comments]  |
| Posted: 04 May 2020 09:41 PM PDT Hello all, creating this as my wife and I are buying a new home and after about 4 months of looking heavily we found our ideal. The price on the tag was $495,000 when we went and looked, but the builders agent said we had to pay for "premium lot" which meant it was $506,000 minimum for what we wanted. We also wanted to get the larger lot area, and they then said the price was $511,500. Our buyers agent was negotiating but eventually came back saying we can get the house with the bigger lot for $495,000. They did all of this within one day (negotiations began this morning). They just sent over the purchase agreement, and our question to our buyers agent was should we let them sweat for a day or take the offer. Buyers agent said take the offer because they won't go lower (we initially offered $490,000 and they wouldn't even entertain it). What do you all think we should do? Thanks! 😁 [link] [comments]  |
| Posted: 04 May 2020 05:12 PM PDT Title. I'm reconsidering a 15 yr. Lower interest rates but the more I think about it, the less I like the idea of so much capital going to a mortgage payment. I'm feel having a 30 yr but making extra payments (when I can, on my own terms) would be a much better interest reducer. [link] [comments]  |
| Inheriting A Manufactured Home. Posted: 04 May 2020 08:20 PM PDT Background: M 22 living in Florida with girlfriend and 2 kids. 740+ credit score current household income $2500, savings $2000 and working on a budget to hopefully add at least $200 every month. I also do not plan on staying in this house I want to move back to Michigan in the next few years. So in 2019 I lost both of my parents and since both my sisters live in Michigan I got the house. It is a 2001 double wide on 2.5 acres tucked away in an area with a decent amount of woods. There is $54,000 left on the mortgage at a 7% interest rate, and the house needs a decent amount of repairs not sure on the cost yet I still need to get estimates but if I were to guess if I wanted to get the place in really decent shape it would probably be around $10,000. The way I see it is I have three options A) Get a cash out refinance to lower the interest rate and use the money from that to either save for a down payment on a home when we move or use it to make repairs on the house if I haven't done so already, and then rent out the house when I move. B) Same as option A except sell the house so I don't have to worry about it when I move, the only thing I don't like about this option is the potential for having the property paid off later on in life and I could potential sell the land for a decent price. C) Refinance the house and with the lower monthly payments save up more money over some time for when we move. Sorry if I left out anything it's just a lot to think about and could use some helpful advice. Feel free to ask any questions in the comments. [link] [comments]  |
| First Time Home Buyer Purchasing Secondary Home For Parents Posted: 04 May 2020 08:15 PM PDT My parents are begging to struggle paying rent because of health issues and I am considering purchasing them a home. They will likely live there for at least 10 more years. The area is decently rentable too so I could rent it out after they have passed. Currently, I live and work about 3 hours away and in a different state. I am concerned about high interest rates since this will not be my primary residence and I am a first time homebuyer. Other mortgage criteria seem to be fine. ~175k income, >750 credit score, assumed purchase price ~275k. Could I claim the house as a rental property and "rent it" to my parents while helping them pay said rent? [link] [comments]  |
| Getting my real estate license in Washington state Posted: 05 May 2020 01:04 AM PDT So im 60% complete with my 60 hours of fundamentals and kinda need advice did any of yall actually read through the whole thing? What should i truly study on and practice to pass the real estate test my first try. ? Please and thank you. More details would be much appreciated im kind of tired of breaking my back picking boxes all day for barely rents pay. [link] [comments]  |
| Posted: 04 May 2020 09:14 PM PDT Looking for some feedback. I am a FSBO but paying a 3% to buyers agent. I have received an asking price offer with a Escalation clause. I am aware how it works but I am expecting a second offer, which I assume will atleast be asking price, but may not have a Escalation clause. Is it customary to go back to buyer 2 and let them know their is an Escalation clause in offer #1 and give them an opportunity to bid higher? [link] [comments]  |
| does anyone here own commercial property or own a franchise? Posted: 04 May 2020 11:26 AM PDT How profitable is it? How tough is it to start with a franchise and/ or commercial property? [link] [comments]  |
| How to find foreclosures and off MLS properties? Posted: 04 May 2020 08:45 PM PDT Hey guys, I'm trying to find out how to get listings of Foreclosure properties and other properties that may not be listed the area on MLS. [link] [comments]  |
| Refinancing question - interest in preparing for whatever may come. Posted: 04 May 2020 11:42 PM PDT Okay, so thank you for any responses (if I get any). I have a home worth ~$450K at today's estimates. I bought in 2009 for $320K and 10% down. Refinanced one year later to get rid of PMI/points. 4.25% IR My house is pretty small (1245 sq ft). We have two young kids now, and we're planning to sell within the next 12 months - hoping to upsize modestly. Now, with uncertainty around every corner and a massively overpriced and low inventory market here in the north east,I'm growing a bit concerned with future risk and would like to be in the strongest position possible. My wife and I are employed and have relatively solid jobs. It's not impossible that something could happen to our industries, but for now we are in a good spot. Our income has reached a point where we are able to save a good amount monthly (finally out of the horrendous daycare scramble). We have enough to cover our mortgage payments for one year. Only debt is mortgage and two very modest car loans. Credit score is very good. Sorry for the long roll out... My question is, should I refinance to a new 30 year term, which will save us about $500/month (rough calc based on quick searches)? My intention there would be to save more. I don't necessarily want to take money out. Simply reduce payments. Since we are still planning to sell at some point, would it be a wise play? You may say, just keep the house, but it's a 2 bed 1 bath with not much room for expansion (though maybe that would be the best strategy??). Hopefully this doesn't come across as stupid. I just want to do right by my family for the long term. [link] [comments]  |
| Should I get pre-approved by a loan officer at my bank, a different bank, or a credit union? Posted: 04 May 2020 02:56 PM PDT First time homebuyer here. I've had a hard time getting in contact with my bank's mortgage lender, we've played phone tag for three days and haven't actually spoken yet. I'm looking to buy in the next few months. I'm starting to wonder if I should go through somebody else for the pre-approval/mortgage, I know things can move pretty quickly when you're trying to secure a home and I don't want the communication troubles to cause me to lose a house I love. Does anybody have recommendations on the best route to go to handle this situation? [link] [comments]  |
| Anyone here in Baltimore area? Would like guidance about our market Posted: 04 May 2020 07:41 PM PDT I'm a first time homebuyer, potentially even with the idea of using it as a rental property... I've seen a lot of "it depends" when people are talking about the market and what will happen and if its a good time to buy. What about Baltimore? Also, is Fed Hill a good investment? My thought is living there for a year (maybe) but then renting it out afterwards. Thanks [link] [comments]  |
| First time home buyers looking at a house that has had foundation work Posted: 04 May 2020 07:40 PM PDT We are currently under contract to buy a house in the Redlands area of Grand Junction Colorado and just got the inspection report back. The area is known to have swelling clays and down hill creep. We where lucky enough to find the inspector who inspected the house 5 years prior. The house is built on a steep grade in 1980 and the inspector said that in 2015 the support beams had moved and was slanted due to movent of the soil. Comparing it to the photos from the recent photos the supports have been fixed and everything shored up. The other issue is that there was never a permit pulled to fix the foundation so it was most likely a DIY project. My question is if this is something that we should walk away from or at least negotiate further inspections or for it to be "fixed" by a foundation repair company? [link] [comments]  |
| Need help with refinancing. Is this a good deal? Posted: 04 May 2020 05:17 PM PDT I am currently in the process of refinancing my house( bought 2016) but I'm not sure if I'm getting a good deal. I have 2 mortgages(one is HELOC) and so I'm planning to combine both mortgages to one payment. I'm planning not to cash out but to lower my monthly payment and interest rate. Remaining balance and original terms: $458k(1st $388k and 2nd $70k) at 4.125% 30yr conventional Refinance: $472.5k including closing cost. Appraisal value: 675k with 70% LTV. New rate 2.99% with 0.5 points 30 yr conventional. Closing cost is $11865 and out of pocket is $1365. They are using my wifes credit score of 740. [link] [comments]  |
| Posted: 04 May 2020 07:17 PM PDT I don't know if this is the right place for this or not so please cut me some slack. I'm looking to become a realestate agent on the near to mid future. I'd like to be able to do most everything online if possible and am at a lost for schooling. I don't know what schools are legitimate and which ones are shams. Can someone here point me in the right direction? Maybe give some advice for someone looking to get into the field? [link] [comments]  |
| Refi Investment property rates Posted: 04 May 2020 09:34 PM PDT What's the investment property rates looking like these days on a 30 year fixed. [link] [comments]  |
| I want to become a Listing Agent. Where do I begin? Posted: 05 May 2020 01:05 AM PDT I know that I have to get my real estate license first . Whats next? I work for a company and they give me houses to list? Do I go out and find clients that I can list houses for? Does a Listing Agent simply post pictures/ add description of the property or is there much more than that? Also , hows the market in South Florida? Thanks for answering my questions ! [link] [comments]  |
| Clarifying some misconceptions I've had about buying a home in the Bay Area Posted: 04 May 2020 08:57 AM PDT Background: My salary is 109K/year with an 808 credit score with 11+ years of credit history. Significant other makes about 100K a yer with a 736 credit score. She has a shorter credit history (got her first credit card last year after she graduated and got a job) but she did pay off undergrad and graduate student loans. I think our combined debt to income ratio is somewhere in the ball range of ~11-15% (not sure if we're doing the calculation right). We have currently have about $65K saved up for a down payment in the Bay Area (more specifically the South Bay). I always thought we had no chance of being able to afford a house. I always heard stories of basically any normal 3br/2ba single family house starts at $1M (at least in the areas we like) with tech engineers and Chinese millionaires buying all the homes in cash and basically a 20% down payment is a non-starter in this market so while I've been saving, I didn't diligently save money thinking I could afford a house here. I've been doing research and browsing listings recently and it seems it actually is possible to buy single family homes in decent/gentrifying areas of the South Bay in the $800-$900K range. I thought since we don't have a 20% down payment, we'd need some type of assistance, so I started looking into CalHFA and assistance programs, but from reading some posts around here, it seems like even with a 5% down payment and good credit, we're in a pretty decent position and it seems like we'd be better off with a conventional loan? So, given our backgrounds/credit history/current financial position, it seems like I had misconceptions about real estate and we actually have a shot at something, potentially within the next few months to a year? Or is the Bay Area just too competitive and we need at least 20% down and preferably all cash in order to have a chance to get a single family home? We haven't gotten pre-approved yet, so we're not sure exactly what we can afford. Should we start talking to lenders and seeing what we qualify for? What if we find the amount we get approved for isn't quite enough yet and we decide to wait and save more to have a bigger down payment? Would we have to have multiple hard credit checks and would that hurt us? What should I look for in a lender? Also, what should I look for in an agent? [link] [comments]  |
| First home- Living and Renting Posted: 04 May 2020 08:45 PM PDT Hello, I just wanted some insight from people who were knowledgeable in the RE world. I'm hoping to purchase at least a duplex within the next 6-8 months. If I can get a duplex, I will be renting out the other unit to bring some income in. I live in NYC, but I'm okay with moving a bit upstate, and to certain areas of CT and NJ. I'm thinking about my max being a 300k home, and I'll be using FHA and will be trying to put 20% down. Any info anyone can offer? [link] [comments]  |
| Can I back out of a contract if I have buyer's remorse before the inspection? Posted: 04 May 2020 07:50 PM PDT I paid the Option Period fee, and the inspection is scheduled for Wednesday morning. I'm getting buyer's remorse and don't know if I can safely back out without losing my earnest money, and I don't want to pay for the inspection if I don't have to. [link] [comments]  |
| [Berkeley, CA] Wood boring beetles discovered during pest inspection Posted: 04 May 2020 03:28 PM PDT So the pest inspector found evidence of wood boring beetles in some of the framing under the house in the crawl space. They recommend a full fumigation/5 day waiting period after. The house was built in 1922 and from what I can tell through the work history dating back to 1997 pest issues were never addressed. Would this be considered a normal issue any house of this age would encounter? Estimates are roughly $11k for pest relative repairs with an addendum stating that once the "open up the stucco" they may find additional repairs that would be necessary/require a new price estimate. Pest Inspection findings (23 in total) [link] [comments]  |
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