- Looking to buy duplex that’s rented through June and July but would rather buy a vacant duplex. Can I make an offer contingent on the current tenants moving out and not trashing the place?
- First Time Homebuyer Question: How do counter-offers work?
- Consequences of overpaying on new construction
- Selling, offer accepted, inspection done, appraisal pending. Neighbor now about to sell for much lower- should I be worried?
- Is this normal?
- Real Estate mobbing
- Has anyone recently closed with PenFed?
- Where can I get an official letter stating price of a house?
- Highest and best offer? Legit?
- What can you do to protect tenants & property during a riot? (OH)
- Did I make a good deal?
- Any recommendations or advice for first time home loans?
- First time homebuyers help
- Pricing out future updates when purchasing 27 year old house
- Seller missing closing twice now
- [CA] FTHB w/ FHA Loan - When do you officially enter the underwriting process and how many times does the lender pull your credit prior to closing?
- What's the hardest part of selling a home?
- [MO] Does Title Insurance Protect against a Prescriptive Easement?
- Worth Refinancing to get rid of PMI and lower interest rate?
- Real talk, if you could summarize the 3 major points of what you learned in Real Estate licensure courses, what would they be?
- House in preforeclosure
- Negotiating Repairs
- Brand new here...please be nice
- AHC Lending. Has anyone used them before?
- Second Offer on a house now off the market?
| Posted: 30 May 2020 05:26 PM PDT Of course I wouldn't expect them to vacate with 2 weeks notice, but could I do a 45 day closing contingent on them leaving and the property being in good condition? The last thing I'd like to do is buy a property, immediately ask inherited tenants to leave and have them trash the place. Thanks for the help! [link] [comments]  |
| First Time Homebuyer Question: How do counter-offers work? Posted: 30 May 2020 02:35 PM PDT I submitted an asking-price offer on my dream starter house. We put the offer 6 hours after it went on the market, however we expect 5+ other offers to come on the first day as well. I am pre-approved and have the flexibility to move in ASAP or wait awhile. I am willing to go up 10% on the purchase price. My main concern is that I won't have a chance to counter if an all-cash offer comes in. Does anyone know how this works? Will I always have a chance to counter? They have until noon tomorrow to respond to our offer. [link] [comments]  |
| Consequences of overpaying on new construction Posted: 30 May 2020 06:34 AM PDT Back in March, before we all knew what kind of impact COVID-19 would have on the market, I went under contract on a new construction home in a desirable zip code in suburban Raleigh, NC. The price I paid was fair at the time, but very recently the builder has lowered the price of new construction comps in the same neighborhood creating a roughly ~$50k difference between market price and my home sale. I expect this to have a non trivial impact on my short term resale value. I have roughly $27k in (non recoverable) earnest money sunk into the property and am considering pulling out. Am I crazy? Or should I just go forward and hope the market catches up? [link] [comments]  |
| Posted: 30 May 2020 08:02 PM PDT Live in a townhouse community and keep our home in great condition. Just sold for a great price, over $25K higher than the last home in this community (or any other home has sold for) two years ago. Now find out today direct neighbor is going to list their house for $40K lower than what I sold for. Can them listing for so low hurt my appraisal? Our home inspection was last Wednesday and we believe went pretty well. Hoping things keep moving so our appraisal gets done sooner than later. Thanks for any input. [link] [comments]  |
| Posted: 30 May 2020 10:26 PM PDT I saw a house the day it went up for sale. I contacted the agent multiple times without response looking for an appointment. When he finally picked up he informed me there were no offers but when the day of our appointment came he completely ignored my attempts to communicate with him and that day the house went pending. Looking back, i feel discriminated due to my broken English and don't feel i was given a fair chance and i don't know if that's considered normal. Im not sure wether he lied to me about being no offers on the house or he rushed an offer below asking price. Would this count as some kind of discrimination? I contacted a different agent after and offered listing price however the other offer below had been accepted already and the house had been up 3 days. Some more backstory: I contacted the selling agent the day it went up and was told he couldn't show me the house that day and we could talk tomorrow. I called the day after which was memorial day and he told me he didn't work that day so to call the next day. Come Tuesday i had my appointment at 6, and he never responded any of my messages or calls regarding my appointment and come 4 pm the house became pending. Sorry for the long post just really curious whether the ghosting on the agent's part was some sort of discrimination. [link] [comments]  |
| Posted: 31 May 2020 03:31 AM PDT Has anyone ever dealt with real estate mobbing? I would be the first to admit that the outside of my house needed major work. What I did not know is that apparently my neighbors thought i was going to go through foreclosure and was making plans for his family member to swoop in . Now that I've started putting in the work to the outside of my home, coverts harassments and attitudes has exploded. It's like I am targeted by a real estate mafia. I've spoken with family, coworkers and friends and have given names as well as having a will. Has anyone experienced this? [link] [comments]  |
| Has anyone recently closed with PenFed? Posted: 30 May 2020 02:33 PM PDT I find their responsiveness to my inquiries a bit on the slow side. I'm supposed to be closing on Monday, but haven't received the all clear to close and they haven't requested additional documents from me. [link] [comments]  |
| Where can I get an official letter stating price of a house? Posted: 30 May 2020 05:23 PM PDT The purpose of this is for college financial aid. My financial aid advisor says the house (that my parent's rent out for) is worth 300k according to their public data, but I it's worth 220k based on public data from RedFin. I do see the 300k estimate from sites like Zillow which is where they probably got it from. Not sure if this is the correct subreddit, but who should I contact to get an official letter on the current market value of the house to try to appeal this issue? Also, around how much should it cost to get this letter? [link] [comments]  |
| Highest and best offer? Legit? Posted: 30 May 2020 04:45 PM PDT Opendoor is selling a house, and it's been on the market for 3 months. You can check their website and see if an offer has been made and as of yesterday morning it said it had no active offers. I submitted an offer and now the website says it has an active offer. They emailed my agent and said, we need the "highest and best offer" because we have a multiple offer situation and they'll be deciding tomorrow. Now, I'm not the smartest person, but it seems like they haven't had any offers for a while until mine, and now want to get me to raise my offer. I'm giving them almost exactly what they want. Think they're telling the truth? [link] [comments]  |
| What can you do to protect tenants & property during a riot? (OH) Posted: 30 May 2020 08:33 PM PDT We finally bought our dream house close to both my and my spouses jobs. It's almost a half an hour bus ride downtown, plus a little profit from the current renters finishing up their lease isn't bad. Now we're seeing images of places just a few blocks away just trashed by riots (flipped burning cars and such). I'm terrified for our tenants to say the least. We've reached out to them asking to keep us updated; but is there any more we can do? [link] [comments]  |
| Posted: 31 May 2020 12:19 AM PDT Just got my first offer accepted as a home buyer. It's exciting but stressful. Idk if I made the right choice but I love this property. Info: bout in a good neighborhood with decent schools. 40 min away from my job. Bout for 175k and with comps the house is worth 190k with work it needs. How do I know if the house needs more work than I can do? Work needed: trees cut down, paving the driveway, get on city sewer line and off septic, landscaping, patio needs to be redone, flooring needs to be taken out and laminate put in. Extra bath needs to be added, potential drainage needs to be fixed for flooding. My plan is to fix it all over a span of a couple years. Not going to try and redo everything at once. Did I make a good decision? [link] [comments]  |
| Any recommendations or advice for first time home loans? Posted: 30 May 2020 06:05 PM PDT My boyfriend and I are beginning the process of buying our first home we want to get pre-approved for a loan before we start seriously looking at properties. We've received many opinions on loans and banks to use, but we need advice for finding the best bank and loan for us. Is a credit union, large bank, or a local bank better? What do we need to consider when getting pre-approved? What does the process look like? There are so many things we need to consider and don't know where to start. Any advice helps!! Thank you! [link] [comments]  |
| Posted: 30 May 2020 05:56 PM PDT My girlfriend and I have been preapproved for mortgage loan and are starting to look at houses. We have been talking to a realtor who works for a very well established agency in my area. Should we go with them or is it better to go with a strictly buyers broker? Just concerned that they will try to push their in house listings on us, is that something to worry about? Thanks! [link] [comments]  |
| Pricing out future updates when purchasing 27 year old house Posted: 30 May 2020 01:15 PM PDT Hi all - Posting to get some perspective on pricing a 4,000 sq ft home in Sussex County, NJ that's 27 years old. From the seller's disclosure, I know that there have been no major renovations (other than finishing the basement) over the life of the home. Major items that will likely need replacement soon are the roof, vinyl siding, septic, and HVAC/furnace. The floors look in good shape. There is an in-ground gunite pool that is also 27 years old and without doing a pool inspection I'm not sure what condition it's in. The sellers claim that they've maintained the house well and there's another 5-10 years of life left in those items. The question is how to price in these near-term renovation needs into the purchase price. As an example, comps in the neighborhood seem to price a house in good condition (less than 20 years old with nice pool) at $700-750k. This house is asking at the upper end of that with these major renovation needs, which I suspect will total at least $40-50k. Due to the relatively strong market and sellers' reluctance to come down on price, I'm debating whether to bite the bullet and bid on the asking price or pass on the house because it will likely be overpaying some amount for the house plus renovation needs. Thoughts? [link] [comments]  |
| Seller missing closing twice now Posted: 30 May 2020 07:36 PM PDT Hello, looking for advice or maybe just venting. Me and my husband have been under contract since March for a house we love. This is our 3rd house, 2nd under a VA loan. We made a strong offer on a house (full asking price!), but requested pretty reasonable repairs. We only asked for the items which required licensed contractors (very minor things such as a couple electrical safety items), pool repairs (liner replacement), and anything that the VA appraiser flagged as a 'must be fixed'. Receipts required to be delivered three days prior to final walkthrough. We seller readily agreed and said it all sounded reasonable. We were pretty excited as we knew the pool liner would be a high dollar item, but the seller probably knew we'd push for price adjustment, because no one would buy the house with the completely trashed liner. We agreed to 60 day closing to allow time to sell our old house and get the repairs done. We sell our house very quickly, so seemingly everything was going as planned. Throughout the following weeks and a couple weeks before closing, we checking every couple weeks to make sure everything is on track. One week before closing, we ask if we are on schedule to have final walkthrough and appraiser final inspection. Seller stated on That Friday that everything would be ready for inspection and walkthrough on Tuesday. Well, Tuesday comes and we are told approximately midday that seller is not ready. We are shocked and annoyed, but try to work out an early occupancy agreement so that we are not homeless at the 11th hour and do not lose our deposits on movers and utility transfers. The seller verbally agrees to early occupancy on what would be Friday, a day after the original planned closing. New Closing to occur the following Monday. Our realtor drafts up the paperwork, sends it to seller, then we don't hear anything until the next day. Apparently the seller said their insurance provider said it was too large of a risk to let us move in early. I don't know if I believe that. We. Are. Pissed. We. Are. Homeless. Our agent works to ensure we get compensated for the deposits, extra living arrangements, and requests repair receipts now that things seem fishy. Also request to leave some money in escrow since we still lack receipts. The seller only agrees to half the costs and no escrow. Fine. Douchey since it's entirely his fault, but fine. Let's just sign this stupid addendum and get this over with. Apparently seller's agent is also pissed with him and quits on him. Now communication is through the broker. Still pissed. Final walkthrough now supposed to be 3:30 Friday, inspection and appraiser review Friday morning. Two hours before our final walkthrough, our agent calls to tell us seller failed the final appraisal inspection and final walk will not happen, so we cannot close on Monday. The repairs were simply not done. Around this time, the sellers agent cools down and starts working with him again. Meanwhile, a couple receipts FINALLY trickle in. Date of purchase is THE DAY CLOSING WAS SCHEDULED FOR. Delivery set for Saturday . This means he never could and he not intentions of meeting either walkthrough or closing which was scheduled. Also notice that one of the 'receipts' is from 'Acme Co.'. No phone number, not name, no itemized list of work. Shockingly, the pool repair for the liner, the most expensive item, was actually done. Definitely pissed. My kids are getting anxiety from the upheaval. Talking to a lawyer sometime next week. What do we do? We want the house, but also want to not be homeless. I don't feel confident that we can get any satisfaction from litigation other than just more costly waiting. We do know the guy owns several small side businesses in town, so has liquidity to put lean against if it comes to that. [link] [comments]  |
| Posted: 30 May 2020 04:31 PM PDT Hello! I've read quite a few posts regarding buying a home and the underwriting process, but couldn't quite find what I'm looking for. So here goes! My situation: I was pre-approved on Wednesday 5/20; contacted a real estate agent and set up an intense round of home viewings for Sunday May 24th; ended up making an offer on one of the homes at the end of the day on the 24th. Offer was accepted on Monday 5/25. EMD wired by me (and received by seller) on Wednesday 5/27. I had an open dispute on my credit report that was being reported to all 3 bureaus, so I also spent a good chunk of 5/27 calling all of them and requesting removal. Home inspection is scheduled for Monday, June 1st. My closing date is June 26th. On Friday May 29, I was contacted by a new loan officer congratulating me on being under contract and letting me know that she will be my contact point going forward. In the email she requested our updated paycheck stubs and the last 2 statements of the account where the rest of our downpayment is coming from. She also instructed us to start shopping for homeowners insurance. My question(s): Is this new person the individual that is working on underwriting our loan? When do you enter the 'underwriting' phase? Also, can you enter underwriting before the inspection and appraisal is done? Was the additional document request part of the underwriting process? Additionally, how many times do they do a hard pull on your credit during the contract process? I'm asking about the credit pulls because I have had 2 hard pulls thus far: one was for the pre-approval process and the other happened on Friday (5/29) after I let the lender know I took care of the dispute language on my credit report. Will they do a third hard pull? I intend to connect with my new LO contact on Monday and confirm she received everything, but any insight you guys can provide before then would be great! [link] [comments]  |
| What's the hardest part of selling a home? Posted: 30 May 2020 12:42 PM PDT What should a first time seller know about or be prepared for, when selling their home? It could be something that takes the longest time but could take less time with a bit of ground work or it could be something that a realtor or some other professional can help with. It could be a regulation or something about inspection that's not obvious. [link] [comments]  |
| [MO] Does Title Insurance Protect against a Prescriptive Easement? Posted: 30 May 2020 06:39 PM PDT If a property has a building that is encroaching on another property, would title insurance protect the encroached land owner from losing the land to a prescriptive easement? If not, how does one ensure that the malicious land owner does not gain the easement? They do not have permission to use the land, but how is that recorded legally? [link] [comments]  |
| Worth Refinancing to get rid of PMI and lower interest rate? Posted: 30 May 2020 06:36 PM PDT I bought my first condo in March 2019 and am wondering if it is worth refinancing to get rid of PMI and get a better interest rate with the rates hovering so low. It was a brand new build and no one had lived here before me. It seems a bit odd to refinance after just a year of owning but getting a smaller monthly payment is definitely enticing. I see myself staying in this house for another 2-3 years and then would like to keep it as a rental property. Facts: Purchased in March 2019 for $389,000 Current amount left on the loan: $341,000 Current Monthly Payment: $2,032 (includes $52 PMI) Interest Rate 4% I know that a Zillow estimate absolutely is not the end all be all but the Zestimate has been hovering around $409,000. I am unsure what an appraiser would actually appraise it at as I have have zero experience with that. I have added things like brand new glass shower doors in both bathrooms, blinds throughout the condo, and a new washer and dryer. Not sure if those actually add to the value of the condo which did not come with any of those things when I bought it. My mortgage broker said "If I am in your position I would not refinance until I have 20% equity to remove the mortgage insurance payment. It might take another year. To refinance & keep paying mortgage insurance does not make sense to me as you are likely going to have to refinance to get rid of the mortgage insurance later down the road. Do all at the same time & remove PMI & get a lower mortgage interest rate. It is more important to reach 20% equity to remove PMI than lower your inter rate by 0.75%. We never know what will happen with the mortgage interest rates. Let's check back in Fall 2020 around Thanksgiving & the lead up to the Presidential election. Could be an interesting time for mortgage rates with election & Covid 19." Seems like sound advice, but I know y'all have great advice so I would love to hear your opinions as well! [link] [comments]  |
| Posted: 30 May 2020 04:22 PM PDT Taking the course right now online, and these 3 courses feel very scatterbrained to me, and I've heard a lot of people saying half the stuff you don't even need in the "real world". What would you say are the main points I should take away from these courses in your own words. Thanks! [link] [comments]  |
| Posted: 30 May 2020 04:01 PM PDT We have found a house that is in pre-foreclosure that we are pretty interested in. The foreclosure sale was planned for next week but after we toured the house (like literally an hr after) it was postponed for two weeks... the postponement probably resulted from our interest in the house. The house is assessed at $1.1m and the owners owe $500,000. The house is old and needs a lot of renovations although a lot is cosmetic and could be done over time. It has been renovated fairly recently but only the kitchen and bathrooms. We haven't gotten an inspector out there yet.... Were getting one next week which we are going to pay for out of pocket if we never make an offer. We have almost a year left on our lease so we have time to renovate over the next year and we have the money to pay for it. One other thing that concerns us is that the old owners rented the house out so we worry that it wasn't kept in as good of condition, but we got to see it and didn't see anything that looked really bad. We were thinking of putting an offer in at like $700k or $750k. Our thinking is that that is still plenty of money for the owners to pay the bank back and still get a decent chunk of the equity for themselves. Plus the owners get to avoid the whole foreclosure mess. That would free up some money for us to do all the renovations and repairs that this house needs. We see it as kind of splitting the equity with the owners. Is there any chance they would take this offer? I am sure they want closer to $1m but we aren't so in love with it at that price and we also think that some of the the things mentioned above bring the value down. Our other question is are we crazy for considering a really old house? Could we end up with hundreds of thousands in unexpected hidden costs? [link] [comments]  |
| Posted: 30 May 2020 03:57 PM PDT My husband and I are first time home buyers. We got our inspection results this week and there were a number of concerns. We requested the following items be repaired, keeping in mind that we ignored all aesthetic and a handful or smaller items we could handle easily. Roof needs replaced - lots of granular loss and missing shingles on the ridge cap. Nothing is leaning but it is at the end of its life. Plumbing Vents also need replaced as they are damaged and have large holes and cracks. ~16 square roof if 3 tab comp shingles. Not high end by any means. $6-8k to replace and we are not asking for the garage roof replacement. Dry rot on a barge board of a dormer. Should be easy to replace with roofing. (We ignored other areas of minor dry rot) Water heater is 23 years old. Lifespan is 10 years. Asked for replacement. $1k max with install. Plumbing is CPVC and is not insulated. This type of plumbing was common in the 90s when the home was built, but easily cracks with hot water and freezing. We do get freezing temperatures here and I work in Restoration, so I see these leaks every day and slow leaks are not commonly covered by insurance. Repipe would be probably $2000-2500. Electric heater does not turn on at all. They stated functional in sellers disclosure. Minor fix of a few hundred dollars at most. One toilet is loose. Needs a new gasket and reset ~$200 to fix. Rats and possums in crawl and attic. Asked for heavily spiked insulation to be replaced and multiple exterior holes to be sealed up. Maybe $1-2k total here. Today the came back with proposing to redo the insulation (nothing about sealing holes), fix the heater, and fix the loose toilet. They ignored the dry rot, water heater, and plumbing all together. No credits or anything. For the roof they received a bid that stated normal replacement is $8k, but something about the ventilation is wrong and that raises the price $2600. The seller wants to contribute the $8k, but have us pay the extra $2600. Not sure how an additional problem with the roof leads to us paying even more than the agreed cost with no credits for the other items. I really just need advice to see if I am being unreasonable here. More info: We are paying $273k and asking was $275k. Homes are going fast here, but this was on the market for two weeks with zero offers. They paid $165k for it less than 4 years ago as a foreclosure. Looks like they only addressed interior cosmetic issues since buying it and hone prices have not changed that much here. I also know they are closing on another house days after our closing, and are expecting their first baby 10 days after closing, so I think they need this to close more than we do. However, my husband is starting a new job after closing so if this falls through we would have to wait quite awhile to buy. [link] [comments]  |
| Brand new here...please be nice Posted: 30 May 2020 09:15 PM PDT My wife and I are just in the baby stages of looking to buy property. It sounds crazy but we're looking at some very inexpensive fixer uppers in Montana that we could pay cash for, live in for 2-3 years while fixing up, and then sell for cash in hand and use that as a substantial down payment on a larger house. I have my eye on a particular house and we don't have a real estate agent yet (or may not get one) and I have a few questions about the property, such as, is the water and electrical currently turned on (and if not, when was the last time it was) is the house inhabited currently, and even, is the seller is possibly willing to drop the purchase price (it's been on the market almost a year). Can I contact the seller's agent directly and ask these questions? I don't want to waste everyone's time viewing the property if it's clearly not livable and it's hard to tell from the listings. I know the seller's agent works for the seller but I didn't know if she would likely be willing to answer those questions or if that would be a faux pas? Thanks everyone. [link] [comments]  |
| AHC Lending. Has anyone used them before? Posted: 30 May 2020 02:11 PM PDT I came across them as they showed up as a lender that discloses all fees upfront much like AimLoan. The rates and fees on their site look better than AimLoan's. [link] [comments]  |
| Second Offer on a house now off the market? Posted: 30 May 2020 02:04 PM PDT Hey. Looking for guidance. My wife and I saw this great house with some rough edges for sale. The owner had someone renting the house who left a bunch of furniture behind, and the exterior is in eh shape (unpainted repaired shingles, wrap around deck is all rough in need of a good sand, landscaping is non-existant) and the interior is in need of a coat of paint. They were asking $340k. According to the selling agent, most people pull up for a tour, but then leave before touring the property. It had been on the market 4 months. Someone put an offer before us for $300 (which was turned down without a counter). We offered $315, but knowing we would go to 320-325. They countered the 315 offer with... 335 (original 340). We came back at 325 wanting to seal this, they countered AGAIN to 330, so we rejected. A month later the home had sat there, and now today we got the alert they pulled it off the market. The owners live in HI, house is in New England - and they never even lived there. Should I ask my agent to offer 320 again, or would the sellers no doubt reject/counter with 330 or higher in your opinions? [link] [comments]  |
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