(WA) Seller accepted my (probably lower) offer because of my letter (First Time Buyer) Real Estate |
- (WA) Seller accepted my (probably lower) offer because of my letter (First Time Buyer)
- When is the "buyer's market" going to happen? While searching we've been observing the opposite.
- My realtor is pressuring me to sell to his other clients with no discount for me as seller. I have a non contingent offer out currently. Any reason I shouldn't/couldn't tell him I'm not going to sell at this time/FSBO with a 3% commission which is what a normal realtor would get?
- "Move in ready". I WANT a fixer upper.
- First time apartment buying experiences
- I know absolutely nothing about real estate, where’s a good place to start?
- US - nationwide, but I'm in CT. People, if you're seriously looking for a home to buy, do NOT click on the major internet sites to contact an agent.
- Lots of showings and no offers, why won’t our house sell?
- Home Inspection Results ... is it worth taking on this list or walking away?
- Are we obligated to disclose potential furloughs?
- Paying off a reverse mortgage
- In escrow and my 15 day loan contingency is up. Seller pushing me to drop it but I'm "conditionally approved" by underwriter (California)
- To leave all TV wall mounts when selling?
- If more companies, such as Twitter, allow people to WFH forever, how will this affect the real estate market?
- How do normal people afford $400k houses without taking out ridiculous loans?
- Wayy too early Home Purchase
- Redfin showing wrong sale price
- Does a mortgage preapproval amount include the down payment?
- Looking to buy vacation home in Arizona. What’s a good, affordable area?
- Closing costs too high? First time home buyer
- Sellers sitting on the sidelines
- What are the conditions for a foreigner to buy a house in US (CA)?
- Forebearances get messy
- Rent to own
| (WA) Seller accepted my (probably lower) offer because of my letter (First Time Buyer) Posted: 12 May 2020 09:54 AM PDT Hit the jackpot I think. Average homes in neighborhood comped around 375-400. Amazing home goes on the market for 380k Saturday morning, offer review Monday at 5pm. I offer ask and submit a letter detailing how I'd make use of some of the more unique features the home has. I am a guitar maker, the property had a shop. I'm also a chef, and the kitchen has a full custom Thermador kitchen (I can't believe the prices on this stuff). The property was booked for showings every half hour for Saturday afternoon, all of a Sunday, and all of Monday. Allegedly, there were over a dozen offers. 5 of these (allegedly) exceeded mine. I got word around 10pm last night that the seller accepted my offer. Turns out the seller is quite like me (guitar maker and chef) and agreed that the home was perfect for me, in a letter he sent to me. I'm very surprised because I expected this home to go for quite a bit over asking, and probably could have. Time to panic and watch my money go bye bye. [link] [comments]  |
| When is the "buyer's market" going to happen? While searching we've been observing the opposite. Posted: 12 May 2020 07:00 AM PDT My Fiance and I have recently gotten our pre-approval and started looking. Weeks ago we were told to look even slightly above our price range because "you never pay full price", and today we were told by the same team "you'll have to go under, houses ate getting so many offers that most are selling above the asking price". Now obviously I'm no expert not even properly informed as I've come to learn, but I was always led to believe with the pandemic it would become a buyer's market, that there was going to be a crash in prices. We've not observed this. While searching we've only seen prices trending upwards and we are seeing houses be posted and disappear in less than a day, consistently. We arent exactly in a high demand area, I would say we're pretty average and not a hugely growing region. Has the speculation of the market crashing and prices tanking and houses flooding the market just been a load of BS? [link] [comments]  |
| Posted: 13 May 2020 12:20 AM PDT |
| "Move in ready". I WANT a fixer upper. Posted: 12 May 2020 11:20 PM PDT It really makes no sense in the 90's, a LOT of homes were "fixer uppers". But I'd rather save money buying a home that needs updating rather than spending $30,000 more on a home that's been fully updated to move in ready status. As a matter of fact, that is exactly what my oldest brother did. Bought a home around the year 2000 and fixed up a little at a time, and it looks great today. Literally every listing I ever freaking see has new paint, new carpet, new appliances, new furnace and air conditioner, new hot water heater, etc. Why is this? Are people sinking $20k into a house before they sell it so they can get $30k more? [link] [comments]  |
| First time apartment buying experiences Posted: 12 May 2020 09:00 PM PDT Hi! First time posting here. I have absolutely minimal knowledge about real estate and the business world. I usually let my husband deal with it. I am a nurse and my husband is becoming a CPA. My husband now brought up the idea of buying apartment complexes to rent out as our investment and our passive flow of income. I am quite skeptical about it, but he is very sure that it's one of the lowest risk of investments when compared to stocks, bitcoin, etc. My problems with it is about managing it which he counters it by saying we would just hire a property managing company to do all the "dirty work" like dealing with the tenants problems, etc. I'm a full time nurse and he's becoming a CPA. Will it eat up more time to our full time jobs? My question, how was it like owning apartment complexes? Was it a lot more work than you thought? Or is it really the best way to invest your money? [link] [comments]  |
| I know absolutely nothing about real estate, where’s a good place to start? Posted: 13 May 2020 02:04 AM PDT I know absolutely nothing about real estate investing, but I'm interested in learning and considering this a career path because I like the "sales" aspects of the job. I have worked sales jobs at retail companies and love talking and influencing people to make purchases. I have a degree in psychology and I found psychology to be really practical in all my sales job. There's only so much you can do working in a corporate setting and would like to branch out towards something more independent like real estate. I am aware that it is a lot of work and one has to be self-motivated to succeed. From someone with 0 knowledge of the subject, but the willingness to learn, where's a good place to start? Or perhaps can someone share how they started from no knowledge as well? Thanks [link] [comments]  |
| Posted: 12 May 2020 03:28 PM PDT They do not put you in touch with an agent without first taking a 40% cut of the commission, just for clicking on a link. They do no work, verify no information and the agent who ends up working with you gets paid roughly half of what they would have. You get less agent for your dollar. Reach out directly to a local broker in the town you are seeking to make a purchase. Imagine if a car mechanic got 60% of their hourly rate - what kind of effort are they going to put in? [link] [comments]  |
| Lots of showings and no offers, why won’t our house sell? Posted: 12 May 2020 06:00 PM PDT Looking for input and ideas. We listed our home for sale in mid-Feb. In the months leading up to listing we interviewed several agents who gave us all similar comps and suggested prices, all were sure we would sell in no time (this was pre-COVID and yes I know the agents job is to blow smoke). In preparation we had some window work, plumbing, and painting done, and all these people who set foot in our house knowing we were preparing to sell fluffed us up with surety our house would sell quickly. So we listed mid-Feb and accepted a full price offer on day 3. Moved through inspections quite quickly. We moved out 1 week before the closing date, and then 3 days later the buyers backed out. This was mid-March, and their reasoning was "COVID". House was relisted 4 days later. It has now been relisted for 47 days. We dropped the price $10k. There have been 26 showings in that time, 3 of which were yesterday. We have had no offers. The most promising lead was an out of state buyer, buying for their adult daughter (who loved the home in person). They decided against because they noticed on google street view that some businesses in the area have bars on the windows and some yards in the neighborhood are unkempt. These two things are absolutely par for the course anywhere except for the outer 'burbs of the metro area. Things to note:
I am so dejected. How could we go from a full price offer 3 months ago to nothing for two months? I have heard that steady traffic is a sign that the price is right, otherwise people wouldn't look. But I've also heard that the main reason houses don't sell because of the price. What are we missing? Financially we have come to the point where we don't want to continue to pay expenses for two homes, so we will be moving back in June. Our listing agreement with our realtor is through the end of May. Do we keep it on the market? Do we remove for awhile (how long?) and relist while living there? I appreciate any insight. Listing in comments. [link] [comments]  |
| Home Inspection Results ... is it worth taking on this list or walking away? Posted: 12 May 2020 07:28 PM PDT I just got the results of a home inspection of a property I have been looking at. There are a few points that caught my eye that seem like a decent amount of work. I'm looking to see what everyone else thinks... -Roof past its age, needs to be replaced (this we knew about already and factored into cost) -missing siding shingles, along with shingles begin to curl, and split -Flashing on the roof around the chimney is poorly installed and separating away from the chimney. As a result there are staining leaks under the soffit next to the chimney along with soft spots under a couple shingles around this area he believes to be deteriorating wood. -Deterioration on bottom part of basement door frame due to poor drainage at the stairwell, along with door/frame being too low. New stairwell may be need leading to basement from the outside? -Walls of the bathroom in the basement are poor quality and beginning to peel at the seams allowing moisture to enter the wall structure. Some damage is noted to the back of the walls from the utility side around the tub area. -Master bedroom windows won't stay open and need to be propped open. -Corroded pipes in the basement and corroded shut offs -Non-functioning and flickering lights so he wants to make sure if the lighting fixtures are functioning -Noticed original wiring in numerous spots of the house (1964 house) and recommends rewiring -Water staining on the foundation wall under the chimney clean out, probably from the bad flashing -Water heater is 17 years old, life expectancy is 10-15 recommends new one -Heating system appears to be 25+ years old -Some basement windows are cracked and broken, need replacement -Bricks on chimney need to be re pointed and repaired, bricks are worn and deteriorated with cracks to the exposed flue -Basement bathroom needs complete caulking because of water leaks to the non-sealed areas. -Finally ... no service notes on heating system since 2005, check with owner for updates. There's more to this list that I just left off such as trim boards around the exterior needing to be repaired and replaced, some leaks, some foundation cracks, gutters needing to be replaced, caulking around the exterior and skylight exterior window beginning to crack and get damaged to name a few. This would be our first home and I'm starting to wonder if this list is just way too much to take on at the moment. The price point does not necessarily justify the repairs in my opinion [link] [comments]  |
| Are we obligated to disclose potential furloughs? Posted: 12 May 2020 09:40 PM PDT My wife and I just put an offer in on a home, it's about to be inspected tomorrow and the broker is sorting through everything tomorrow for underwriting. We have the money for everything, downpayment, closing, inspections and plenty of savings that could last us a few months if we were both laid off. We were both on paternity/maternity leave for the past few months and I've already returned to work. Her on the other hand, who is the primary bread winner between us, her jobs reopening has just been pushed back a little further past her maternity leave status. If we file for unemployment during the time before closing, do we have to disclose it? Will it change anything? What if we don't file for unemployment? As I mentioned before, we have the savings to last us damn near a year or more of the new mortgage. So we're just trying to get into the house as our current living situation is pretty precarious. [link] [comments]  |
| Posted: 12 May 2020 05:51 PM PDT My father recently died and his house has an approximately $500k reverse mortgage on it that will need to be paid within 6 months of his death. The houses in the neighborhood go for about $750k. He left the house to my mom but I want to pay off the reverse mortgage and live in the house so she can live her final days there. What do I have to do? Do I take out a loan to just pay the reverse mortgage? Do I have to be on the deed? Do I have to buy the house from my mom? I make just over 100k per year and have about $60k cash. Can someone point me in the right direction of who to talk to in this case? Thanks in advance! [link] [comments]  |
| Posted: 12 May 2020 09:31 PM PDT It's 17 days since my acceptance. I have excellent credit, but I'm paranoid. The seller is pushing me to drop my loan contingency. But all I got from my bank right now is that the "underwriter has conditionally approved" the loan and that I can drop the contingency. Should I take his word for it? What would you do or suggest? [link] [comments]  |
| To leave all TV wall mounts when selling? Posted: 12 May 2020 08:55 PM PDT We just went into contract with our house and we are making plans on what to take and leave. I understand that leaving TV mounts is common practice. But what if we have 3 TV mounts (one in the living room, master bedroom, and bonus room). I'm fine with leaving the living room one because it's more than likely they'll have a TV in the living room but I would like to take the other 2 since it's no guarantee they even have 3 TV's to mount. Could we stipulate taking the mounts? [link] [comments]  |
| Posted: 12 May 2020 03:51 PM PDT |
| How do normal people afford $400k houses without taking out ridiculous loans? Posted: 12 May 2020 11:03 AM PDT I make around 75k/yr and feel like I live very comfortably. I'm also looking to buy my first home and am looking around 100-150k which would put my monthly payments at $600-900 depending on price and down payment. But how do people afford financing 4x that, or even more? I know there are the doctors and lawyers that can easily afford $2-3k/mo, but people with that high of salaries aren't THAT common. Are people buying these homes older people that have amassed enough equity in their home from years of ownership to be able to put down 300k? Are people over-leveraging and spending every last free dollar they have on a house? Or are they married couples that bring in a combined 125-150k? How do people swing it? [link] [comments]  |
| Posted: 12 May 2020 07:58 PM PDT My wife is finishing a very lengthy training in a VHCOL area and has landed her first "real" job near our midwestern hometown (LCOL). We will move sometime between May-Sep 2021. As usual, we began our home search in the area before an interview was extended. She is in the process of finalizing the employment contract now. We had planned to purchase a small investment property that could be paid off in less than two years. However, the first search of the area revealed our DREAM home. It needs some serious updates and sweat equity, additionally it is larger than we had expected in a first home. However, it is our "forever" (until a move or retirement) home. It has been listed on and off for approx. 5 years. Currently it is listed for 55% of 2016 ask and is approaching market. We feel we could negotiate down. Mortgage would be 75% of annual gross income. Several family and realtor/contractor friends have viewed the home and to our surprise have all given rave reviews. "Must buy... Great value." As the home has been listed for such a long period and the carry cost is not insignificant for the owner (not their residence), do we have any course of action to negotiate a hold or agreement on a future purchase? Realtors and mortgage broker contacts have suggested writing a letter to the owner or listing agent. We do not know where to start and what information to include about ourselves or our intent. Some additional info: Mortgage underwriter for lender we intend to use has verbally promised he would write favorable terms today based on my income alone - suggesting COVID has me working remote for the foreseeable future. We have roughly 75% of cash needed to carry mortgage, insurance, tax estimates on hand. So hypothetically we could put an offer on the home ~Sept 2020, but I would like to avoid that risk. Home is currently occupied, unsure if rented or family friend (single mother+3) staying for upkeep purposes. Thanks for the help! [link] [comments]  |
| Redfin showing wrong sale price Posted: 12 May 2020 11:43 PM PDT I recently bought a home in WA. Redfin is showing the correct date when i bought the home but is showing the wrong sale price (wrong by more then 50k) and the note says it pulled it from county records. Though county records show the correct price. Will this affect my resale value in the future ? How do i correct it and is it worth the time ? [link] [comments]  |
| Does a mortgage preapproval amount include the down payment? Posted: 12 May 2020 11:37 PM PDT I've searched everywhere and cannot find this answer. If I have a $80k down payment and want to buy a $200k house, do I need to get preapproved for the entire $200k or just the remaining $120k? [link] [comments]  |
| Looking to buy vacation home in Arizona. What’s a good, affordable area? Posted: 12 May 2020 07:33 PM PDT I'm interested in purchasing a second home in Arizona. I've only been to Cave Creek and Scottsdale and I loved both areas. However, my budget is only about 200k-250k. What other areas would you recommend? Are there any areas I should avoid? [link] [comments]  |
| Closing costs too high? First time home buyer Posted: 12 May 2020 11:13 PM PDT Hello, I posted this on r/personalfinance and r/FirstTimeHomeBuyer, but I hope you guys can help me with this as well. Here's the closing cost details. I am buying my first condo, as is, in Chicago, IL. The condo was built in 2017.I'm looking to see if someone can review the closing costs below as some of them seem very excessive to me and was wondering if there is anything that I can waive or negotiate. Please keep in mind I am reaching out to you guys because I am a first time home buyer and these costs might not be excessive so please educate and inform me if I am wrong. I would greatly appreciate it. After paying $1,977 in points my rate will be 2.990% for 30 years. The condo is $354,900 and I am putting $11k down. [link] [comments]  |
| Sellers sitting on the sidelines Posted: 12 May 2020 07:48 AM PDT This article says sellers are the problem in the real estate market right now, rather than buyers. Not surprising, I would think sellers see it as riskier to have bunches of people traipsing through their house at this time. https://www.cnbc.com/2020/05/11/coronavirus-as-states-reopen-homebuyers-rush-back-out.html [link] [comments]  |
| What are the conditions for a foreigner to buy a house in US (CA)? Posted: 12 May 2020 10:53 PM PDT Hello everyone, My mom ( doesn't have US green card yet) is currently living in a different country and she wants to buy a house in CA ( around 300-350k) before I can bring her here. Will she be able to do so? And what are the general conditions/requirements/taxes for her to buy a property here? Thank you. [link] [comments]  |
| Posted: 12 May 2020 06:54 PM PDT |
| Posted: 12 May 2020 10:16 PM PDT Looking for advice as a buyer who is being approached with a rent-to-own offer. Would mostly appreciate a guide to resources, but cautionary tales and general experience are more than welcome. [link] [comments]  |
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