My offer was just accepted to purchase my first home! (Connecticut) Real Estate |
- My offer was just accepted to purchase my first home! (Connecticut)
- Those living in a house significantly less than you can afford
- Seller want to make sure we buy a house “AS IS”. Sketchy?
- Virtual tours: rant.
- Buyers hid foreclosure, switching to FHA loan 2 weeks before closing.
- 1 lot with 2 houses. 1 of the houses is owned by (A)
- Seller (Opendoor) said they’re sitting on multiple offers??
- Could 2 furloughed days impact our mortgage approval?
- "No foundation companies are allowed to inspect the property." in Addendum, Is this a red flag?
- Shell company?
- Cheapest Real Estate Market in the world?
- Verify Employment
- Buyer having issues with the power in the house
- Refinance noob
- Getting a Loan with Almost No Work History
- What’s the downside to purchasing a condo to live in?
- Is it OK for me to go to open houses without my agent?
- Time to change realtor?
- Real Estate Jobs
- [NJ] how soon can i buy after refinancing?
- Question about "Exclusive Designated Buyer Agency Contract"
- Inspection Question (advice needed)
- Keep my house or no?
| My offer was just accepted to purchase my first home! (Connecticut) Posted: 16 May 2020 07:41 PM PDT After a couple days of negotiations, the sellers accepted my offer! It's my first home, and it's so much nicer than I thought I would be able to find. It's 3BR, 2 bath, 1900 sq ft, over a century old with timber-frame construction on a granite foundation, original wood floors and trim, and original windows, but brand new furnace, kitchen, and central air. The roof and gutters are 20 years old, but the basement and attic are bone dry, and I'll probably replace the roof/gutters with slate and copper in 15 years anyway, because a house of its age and construction shouldn't be wearing asphalt and aluminum. The only work I intend to do before moving in is to redo the master bathroom. I'm trying to decide if removing the walk-up attic stairs is worth the extra space to make it a little less cramped. It's really the one place where the floor plan shows its age. It's on two acres with a little creek in the back yard. It's in a nice community on a river, and which has great schools. Oh, and it has an actual barn as a garage, which is... something. I'll probably turn some of it into a play space for my kids someday, or maybe splurge on a golf simulator for myself. I was pretty nervous through the negotiations, but I knew my offer was competitive and I am paying cash. Definitely did a lot of pacing around today. It's a little painful to lose the liquidity to put back into the market given the present circumstances, but it's a small chunk of my net worth for a house that I've admired every time I've driven past it for five years. I figure the point of investing is precisely so you can buy something like a house, and I wanted my offer to be as competitive as possible. I'm really discerning (read: picky), and if I missed out on this it probably would have taken me years to find somewhere else that sparked the same enthusiasm. I'm at peace with the opportunity cost. :) [link] [comments]  |
| Those living in a house significantly less than you can afford Posted: 16 May 2020 08:55 AM PDT Hi there! I don't know what's gotten into me (actually, it has a bit to do with an unstable neighbor, but that's not the point of personal finance) but I've started getting house antsy and looking at Zillow when I'm bored. I mostly love our current home- it's big enough, the commute is good, school district is great, it's close to family, we've made a ton of esthetic changes to our liking, etc. Lately I've been focusing on what we don't like, though- no 3 car garage, doesn't back up to woods, not in a fancy neighborhood... I guess I would just like someone to let me know if they've been in that same boat (maybe a form of keeping up with the Joneses) and what you do to move on from it. Thanks so much! [link] [comments]  |
| Seller want to make sure we buy a house “AS IS”. Sketchy? Posted: 16 May 2020 05:14 PM PDT Hi all, First time home buyer here. I will appreciate any recommendations. I'm in the process to buy a house. Did the Home Inspection, the well & Septic Tank inspections and sent the seller a list of some concerns. I have been told that that's the usual process. So we make the list and the seller was offended because "it was too many things" (15 to exact. "Dishwasher installation is not finished", "grading of the terrain is toward the house risking the foundation", and a couple more. Our realtor told us that he basically want to get out and put the house back to the market and get out of the signed contract. Today we received a call from our realtor and he told us that the seller now wants to "sell the house "AS IS"... and that he wants a contract amendment stating that if we buy the house have to be "AS IS". Does this sound normal to you? Our realtor told us that that's not normal. For me is kinda sketchy. Like there is something that's going to break at any moment and he doesn't want to repair or something. First time going thru this process so any recommendation opinions will be much appreciated. Thanks [link] [comments]  |
| Posted: 16 May 2020 06:40 PM PDT Dear Realtors/Sellers: Stop being lazy and just posting a video of the same pics on your website. I want to see EVERY room, including the laundry, the stairs ( for the basement and the upstairs) The inside of the garage, the backyard. If it's supposed to be a virtual tour, then walk around the home as if you are the buyer. Also, don't swing your camera around as if you are the director on a Michael Bay movie. I don't want to get seasick trying to focus on your fast pan around a room. One more thing: I don't care if your homes a bit messy because you have children under the age of 5. But FFS declutter before your Agent comes to take pictures. There are homes selling in the 100k price range, and I can't tell if theres carpet or what on the floor due to hoarding like debris EVERYWHERE. Rant over, thanks for reading. [link] [comments]  |
| Buyers hid foreclosure, switching to FHA loan 2 weeks before closing. Posted: 16 May 2020 08:20 AM PDT I'm at a loss. We accepted an offer on our home after having it listed for 3 days. We were told closing would take 45 days. We have about 2 weeks left in the home selling process (closing date May 29th), then we get a call from our realtor. Our buyers have a foreclosure on their record that the bank just found, and they'll only provide financing if they switch to an FHA loan. How did the buyers hide this for so long? Isn't this something that would pop up on the credit check they'd have to do for pre-approval?! We have to make some more changes because we live in a 110 year old house, and have already gotten deep into the moving process. Thankfully the bank is sending the same appraiser who came out when the house was nice and staged. Our realtor is optimistic for passing the appraisal, but I just don't understand how they would find this out this late into the process. The appraiser didn't even give us a value the first time around, just emailed, " I don't see any issues with the purchase price." [link] [comments]  |
| 1 lot with 2 houses. 1 of the houses is owned by (A) Posted: 17 May 2020 01:38 AM PDT The 2nd house has 3 owners. One being (A). (B) owns 1/4. (C) owns unknown portion (inherited). (A) doesnt get along with (B) and (C). (A) would never consider buying them out. (A) has been paying taxes on the property for 20 years (since division). What could be done? [link] [comments]  |
| Seller (Opendoor) said they’re sitting on multiple offers?? Posted: 16 May 2020 04:03 PM PDT This house has been on the market for 3.5 months. I offered the other day and they countered with the asking price. I upped it barely and they then said give me the best offer I have because they're deciding between multiple offers tomorrow. SoI upped it a couple K more, nothing big. Would opendoor really sit on multiple offers on a house that has been out there for 3.5 months? Or is the agent actually telling the truth? Seems like they're just trying to scare me into offering a lot more. But it's not going to work haha What do you think? Georgia US [link] [comments]  |
| Could 2 furloughed days impact our mortgage approval? Posted: 16 May 2020 03:55 PM PDT We are under contract on a house that we love, have conditional approval for a mortgage rate that we're happy with, and are aiming for a closing date of June 3... and I just got an email from my union that they are considering 2 furlough days for staff between now and the end of the school year. (Last 2 Fridays of the school year.) It will be put to a membership vote next week. The furloughed days wouldn't really impact our finances (husband makes significantly more than I do, and we have a comfortable amount in savings beyond our down payment and closing costs, and we selected our purchase price with the ability for me to take time off after children in the future) but I am worried about it impacting our ability to get final approval for our mortgage. I have 2 questions: 1) Are we obligated to inform our LO if these furlough days do happen, even if we close before they would show up on my pay stubs? (Closing would hopefully happen 6/3, affected pay stub would show up on 6/25.) Mortgage fraud or lucky timing? 😬 2) If our closing is delayed, or the deal falls apart and we need to keep looking, are we totally hosed if I have these furlough days on my pay stub? Should we reapply with just my husband's salary? We both have good credit but mine is incrementally higher. Crossing my fingers, but cursing this timing. [link] [comments]  |
| "No foundation companies are allowed to inspect the property." in Addendum, Is this a red flag? Posted: 16 May 2020 04:14 AM PDT I am seeing a home to buy in Texas and I see following clause in seller disclosure addendum Is this a red flag? What do you folks think? [link] [comments]  |
| Posted: 16 May 2020 07:43 PM PDT Can I make an LLC Shell Company and put real estate ownership under it as well keep all finances related to it (mortagage, tax, income, etc.) under said company? I'd like to keep my personal finances and my real estate finances separate. Plus I believe there would be legal protections not having them be personally owned by me but by my company/llc. [link] [comments]  |
| Cheapest Real Estate Market in the world? Posted: 16 May 2020 11:24 PM PDT |
| Posted: 16 May 2020 07:20 PM PDT I am at my last step to get CTC, and heard from lender that underwriter will call my workplace to verify my employment, however, the problem is our workplace is closed on Monday and Tuesday and underwriter will review our file on Monday and might as well call on the same day. What should I do? Thanks. [link] [comments]  |
| Buyer having issues with the power in the house Posted: 16 May 2020 10:59 PM PDT Hello, My buyer moved into her new home and the lights in the living room, one of the bedrooms, and the only bathroom, as well as the garage, were working fine this afternoon and suddenly stopped working while the other lights work fine. After checking the circuit breaker, it seems to be fine, but still not working. When we got the home inspection the lights were recommended to be checked by an electrician but the buyer decided not to get one. What could the lights not working be? and what options are there now to get that fixed? [link] [comments]  |
| Posted: 16 May 2020 10:36 PM PDT Currently 3 years into our 30 year 4.375% loan. $200,000 left on the loan. Neighbor is a realtor and had her check it out, she thinks it'll appraise for between $350,000 and $375,000. The wife and I are planning on moving in 5 years to be closer to her family. Other current debt is $20,000 on her car and about $15,000 in student loans. Currently she is paying all the bills and I'll be done with school in the next 2 months. We're not struggling to pay the bills currently, but we aren't putting a ton in savings either. Can someone give me a quick rundown of our options here? I'm perfectly capable of doing the research, but at this point I don't even really know where to start. *Edit, both our credit scores are around 780. Thanks [link] [comments]  |
| Getting a Loan with Almost No Work History Posted: 16 May 2020 10:33 PM PDT Going to start working for a family member very soon. The job is guaranteed but previous to this I have no work history besides for a few months. My girlfriend has work history for three years but makes less than I do. We can put 10-15% down, maybe 20% but that's less likely. I'm just not sure whether I can even get one due to my lack of work history, and also not sure if she can get one because she doesn't make a ton of money. Any help is greatly appreciated! [link] [comments]  |
| What’s the downside to purchasing a condo to live in? Posted: 16 May 2020 10:22 PM PDT |
| Is it OK for me to go to open houses without my agent? Posted: 16 May 2020 02:42 PM PDT I am going to see some houses with my agent tomorrow late afternoon, but he is busy in the morning. Likely with other clients and there are some open houses for some places I wouldn't mind seeing. Is it OK for me to go there without them? I fully plan on using this agent through the buying process if we end up wanting to put an offer on a house that we see it without them. He has worked with us quite a bit and I don't want him to end up not getting paid once it has all been said and done. This is in Ohio if that matters. [link] [comments]  |
| Posted: 16 May 2020 10:09 PM PDT My wife and I just moved to my hometown after being gone for many years. We began browsing homes about 6 months ago and started getting serious with getting a realtor, pre-approval, etc. about a month and a half ago. We're in a pretty hot market where desirable homes are going at close to asking if not a bit above. Since we started working with this realtor we've made competitive offers on two homes and lost both. The latest one, we really fell in love with the house as it satisfied both of our fairly specific and dissimilar needs and made an above asking offer immediately after viewing (only offer in at the time) after our offer, two others came in that had escalation clauses that exceeded our offer. We countered with an escalation clause of our own saying we'd beat any offer by $2,000 up to $15,000 above asking. Our realtor informed us today that the seller accepted another offer because of a nice letter the buyer included. I asked my realtor if he had any clue what the offer value was in relation to ours (higher or lower). He said he did not know. My wife was extremely frustrated and ended up calling the listing agent herself and was able to suss out the fact that ours was the highest offer. My wife has never bought a house, I've bought one, but neither of us had heard of this letter writing. She talked with her friend who's a realtor out of state who told us it's super common and she usually drafts a letter for her clients based on their personal situation. I asked some family members who've bought/sold a fair amount of homes and they echoed that it's a common practice. So while I like my realtor as a person and he seems knowledgeable, we can't help but feel like this would be something he could've advised us to include with our offer, especially since we actually probably have a good story if we knew sellers cared about that kind of thing. I also kinda feel like just big picture we've had two deals that he couldn't get closed, the second of which we had the highest bid on. I'm very familiar with the location - what do I need a realtor for if they can't get the deal done? In his defense, we are on a VA loan which I know can be less attractive to sellers, although we were explicit that we have extra funds if the home didn't appraise. My wife has already found a new realtor she wants to hire who she shares a common culture with and thinks will be more aggressive. Our current realtor also has a lot of plates spinning which hasn't made him unresponsive or anything but I also wonder if we'd be better off with a realtor with less clients and can focus more on our deal. Are we being unreasonable or does this seem like cause to change realtors? [link] [comments]  |
| Posted: 16 May 2020 09:41 PM PDT I'm currently a sophomore(at CU Boulder) pursing a bachelor's in business administration with an emphasis in real estate. I'm wondering, so I at least have some idea of what I'm want to do after college, what are the jobs that you can do with a BA Real Estate degree? I know there are a lot of jobs related to real estate but what is worth looking at? What jobs allow you to make a good amount of money, making my degree worthwhile? Also, is it worth getting a masters? I've heard it can help you get a more high ranking positions for example being an senior acquisitions/analyst specialist rather than starting out as an analyst and working your way up to the senior position. [link] [comments]  |
| [NJ] how soon can i buy after refinancing? Posted: 16 May 2020 09:28 PM PDT Hey I had a question for y'all: Currently presiding in New Jersey. We refinanced recently (a month ago), however my wife wants to start looking at buying a new house to live in. We are hoping to keep the condo we are in now, and rent it out, and get a new mortgage for the new house. Money wise we are pre approved for the second mortgage. However my lender mentioned that we may have to wait 6 months after refinancing before we can get a new mortgage? Something along the lines of mortgage fraud or we have to change one to an investment property? I tried to look this up but couldn't really find anything too back it up. My question is, is this true? Do i have to wait the 6 months? [link] [comments]  |
| Question about "Exclusive Designated Buyer Agency Contract" Posted: 16 May 2020 09:17 AM PDT Hey Guys! Just a quick info about me: I moved to Michigan from Europe a couple years ago and am looking to buy a house soon. After finding a interesting listing I looked up some agents in area through zillow and called one of them with positive reviews. I just had the showing today and now i got a email from him with some documents. One of those is the contract i have to sign and I am note sure if whats written in there is standard or not: (Sorry English is not my first language!)
As far as i know usually the seller pays a 6% fee that is split 3%/3% between the seller and buyer. So this part is saying that i am responsible for the 3% if they don't get it from the seller? How can this happen?
I have to pay a fee of 395$ so they retain the documents for 7 years? Is it one of those junk fees like 700$ doc fee to buy a vehicle or something i have to pay and its normal? Thank you very much in advance! [link] [comments]  |
| Inspection Question (advice needed) Posted: 16 May 2020 03:13 PM PDT We just had an inspection and our potential buyer's realtor is saying that the buyer is overwhelmed with problems with my house and are saying we have problems with plumbing, HVAC and electrical. They want a $3500 credit. They are wanting us to make an insurance claim and have our insurance look at our roof. I am not aware of any of these problems. We bought our house 7 years ago and then inspector noted no major problems. Our roof has never leaked, no missing shingles. We have replaced all our sinks and water heater since then. No backups. We did have our kitchen flood when Home Depot screwed up installing our new dishwasher, but we had all of that remediated. I asked my agent if I could see the inspection report because it was unbelievable to me, but she said it was a bad idea for us to see the inspection report because we would have to disclose everything we see on it. I wanted to just back out of the contract (we are in the option period), but my agent says that will look bad to other buyers if we go back on the market. What do you guys think? Am I being screwed with? (also the buyer is a FHA buyer) [link] [comments]  |
| Posted: 16 May 2020 02:20 PM PDT I moved to Las Vegas back in July and bought a house here. Long story short, I quit that job for another remote opportunity that eventually got rescinded due to covid. (Such is life) I just accepted an offer for a new job in Los Angeles, and would eventually have to move out there once restrictions are lifted. I'm contemplating keeping it as a rental property but I'm so uncertain given the economic climate of vegas, especially during a recession like this. The alternative would be to sell now and get back most of my equity back. [link] [comments]  |
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