Buyers: Fight Your FOMO Real Estate |
- Buyers: Fight Your FOMO
- How to get rid of evil squatters
- How to overcome fear of not affording mortgage payment?
- Closed on our sale today!
- What questions do I need to ask my realtor to make sure they’re a good fit? Anything I should look out for?
- Really glad I bought last year
- PA - am I required to let realtor come to home inspection?
- Yard Size vs. Square Footage
- Progressive bid vs counter offer
- Is Selling Farm Land More or Less Like Selling a House?
- Refi before buying soon?
- House not selling in Denver
- What are points?
- Appraisers keep reporting my above-grade bottom floor as a basement
- Forbearance, Repayment Options, and Buying Another Property
- Housing market thoughts on when to buy? SoCal
- When does DAYS ON MARKET reset?
- Can I get an inspection on unpermitted structures before placing an offer?
- Put offer in above asking price. Seller raised price 50k. Under-priced to begin with or something else going on? (San Diego)
- Anyone use the wfgmyhome.com to wire transfer the deposit?
- Entry level investing
- How to promote inspector?
- COVID-19 payment plan and security deposit
- How to go about finding an agent?
| Posted: 02 Jun 2020 08:50 PM PDT There are many buyers on here asking if they should buy. That depends on a lot of factors, but don't rush into something because of FOMO (Fear of Missing Out) or "House Fever". Inventory is insanely low in many markets, but it won't always be. Many sellers will wait for COVID to cool off. I'm in the Salt Lake market and within the last 3 weeks I've seen several bidding wars get crazy. One home had 16 offers and another got 34 (!!). Some buyers are freaking out and paying too much or waiving contingencies that will come back to bite them. If you can find a home you like for a fair price, go for it. But don't let panic drive you off a financial cliff. Take a deep breath. [link] [comments]  |
| How to get rid of evil squatters Posted: 02 Jun 2020 11:30 AM PDT Need some ideas as to how to get rid of a predatory tenant from a distressed purchased by my father. The tenant and former owner not only bought the property for $1million+ and didn't pay a single mortgage payment, but he managed to take out a total of 4 fraudulent mortgages against the property at the time of purchase! The bank finally foreclosed and put it up for auction, but they have not been able to get him out of the property since they sold it to my father four months ago. This morning this squatter/former owner called my father's lawyers to inform them that this weekend he took on a rental tenant of the property which, due to local COVID19 orders, effectively blocks any attempt to repossess the property legally. He also suggested he could accept $6500 to buy out the new subtenant's lease and consider vacating without taking the appliances. So, short of hiring thugs to break this guy's knees, I'd love to hear some creative ways to get rid of genuinely evil squatters like this. [link] [comments]  |
| How to overcome fear of not affording mortgage payment? Posted: 02 Jun 2020 10:45 PM PDT Spouse and I are buyers in high-cost of living California. We both make solid incomes, have 20% down payment, and are in the range of 20% front-end DTI and 30% back-end DTI on a $950K home ($760K mortgage). We've thought about how we could afford the home if one of us were to lose our job. We would be paycheck to paycheck on the lesser of our salaries and totally screwed if we both were out of work for an extended period of time. Questions 1) How did you all overcome your fears of not being able to afford your home? 2) Do most people not think about losing their jobs? 3) Are we being too conservative and overly concerned? [link] [comments]  |
| Posted: 02 Jun 2020 04:57 PM PDT We put our house's listing up as coming soon on April 22, and it sold in two hours. The whole process was way too smooth for comfort. Fingers crossed that the closing on the house we're buying is just as smooth 🤞🏻 Two other houses on our same block went up for sale during the time we put our house up and today, and they both had 'under contract' signs on them by the next day, too. These are crazy times. [link] [comments]  |
| Posted: 02 Jun 2020 04:58 PM PDT |
| Really glad I bought last year Posted: 02 Jun 2020 05:28 PM PDT We were debating continuing to save/wait until absolutely necessary (upgraded from 1 bedroom to a house). This season is way higher prices and almost no selection. Plus I would have had to ride out quarantine in a 1 bedroom apartment if I didn't jump last summer. [link] [comments]  |
| PA - am I required to let realtor come to home inspection? Posted: 03 Jun 2020 01:36 AM PDT My (buyer) realtor wants to come to the home inspection, but I don't want her there. Can I tell her no? This is Pennsylvania, Bucks County. [link] [comments]  |
| Posted: 03 Jun 2020 05:00 AM PDT If costs are equal - would you go for a smaller 3 bedroom/2bath house around 1500 sq ft with a quarter acre lot OR a 4 bedroom/3 bath house around 1900 sq ft with a standard 50x115 lot? We are looking in a new build community so the larger lot has a premium that makes it equal in cost to the larger house/standard lot. We do have a toddler, probably will have another in the future. My husbands ideal would be an office, but he's also always wanted a larger yard. Both lots will have no neighbors behind them, but the larger lot is also on a cul de sac. The secondary bedrooms in the smaller house are only 10x10, and in the larger house would be 12x11. We are first time home buyers so just looking for opinions on what sounds like a better long term option. [link] [comments]  |
| Progressive bid vs counter offer Posted: 03 Jun 2020 04:59 AM PDT I made a bid on a house that's been on the market for over a year. Magically some other bidder did the same on the same day. My agent says I can do either a counter offer, or something called a progressive bid where the seller is provided with my ceiling bid, and how much I want to beat the other person buy (but theyre legally required to provide the other bidders offer and proof of funds). My agent suggests doing the progressive bid. This seems fucking weird to me. After a year on the market, magically another bidder comes in the same time I do. I think it's just the other agents friend. Also, in regards the progressive bid why the fuck would I ever want to reveal my maximum bid price to the seller [link] [comments]  |
| Is Selling Farm Land More or Less Like Selling a House? Posted: 03 Jun 2020 04:58 AM PDT Hi! My wife wants to sell some farm land in another state that she inherited. We don't know if you just contact a realtor and ask to sell - just like if we were selling our home, or if it's something completely different. We rent it out right now, but the rent doesn't even cover the taxes. There's a dude farming on the land, but he is old so we don't know how much longer he would farm. Also, would his farming affect the sale of the land? I know these are bland questions. I just want to see what the internet has to say. Google just yielded a bunch of lame articles on investing. Thanks! [link] [comments]  |
| Posted: 03 Jun 2020 04:19 AM PDT We have started looking for a house but I am considering keeping our current house to rent (has some issues and we do not want to sell before we have something for a few reasons). Our requirements are extremely specific for our area so it could be next week or next year before something comes up in our price range, which is totally fine. We have roughly 60% equity in our ~150-160k house, and it would be nice to have some of that equity for a down payment. It would also be nice to refi to a lower rate if we decide to keep it and rent it out. Our current rate is 4.25 btw. Having said all that, would doing a refi now throw a wrench into getting a mortgage if something pops up in the next month or so? For reference our credit scores are both around 800, one $300 car payment and no other debt. Both mortgages and our car payment would only put us at around 34% of our monthly gross, so we can cover both if needed. PITI on our current home is 890, and would rent for 1200-1500. How would doing this affect us getting a mortgage in the short and medium term? [link] [comments]  |
| Posted: 02 Jun 2020 03:49 PM PDT Hello folks, We listed our house about 27 days ago, have had 11 showings, generally good feedback and no offers. Common feedback is "nice house, need a yard/don't like vertical layout/master bedroom too small". I guess those are self-explanatory, but one of our neighbors sold their similar house in March for significantly more than where we're priced. Our agent hasn't had any advice. Any suggestions? Lower the price even further? Other houses around here seem to be sitting as well, but we're within Denver city limits (barely) which I thought was a pretty strong market. Our house: https://www.redfin.com/CO/Denver/7740-E-Academy-Pl-80230/home/108423313 Neighbor that sold in March: https://www.redfin.com/CO/Denver/55-N-Syracuse-Ct-80230/home/109252515 [link] [comments]  |
| Posted: 02 Jun 2020 06:50 PM PDT I saw someone talking about using points to get a better mortgage loan interest offer. What are these points exactly? I just graduated college so still learning all of this stuff. [link] [comments]  |
| Appraisers keep reporting my above-grade bottom floor as a basement Posted: 02 Jun 2020 11:36 PM PDT I have had 3 appraisals over the past year. The first one, when I bought the townhouse, stated my bottom floor was not a basement but said it was living space. The others since both say it is a basement. It is above grade on all sides. The front has a staircase leading UP to the entry. And out the back/sides, the floor is about 2 feet above the ground. My townhouse is on a concrete slab. The sidings on the bottom floor are the same as the next 2 floors. All three appraisers did both an exterior and interior appraisal. What am I missing here? Why do they keep saying it's a basement? What are the criteria for a floor to be deemed a basement in appraisals? [link] [comments]  |
| Forbearance, Repayment Options, and Buying Another Property Posted: 03 Jun 2020 03:08 AM PDT I have an FHA loan on my first property. I'd like to use forbearance as an option to shore up my cash assets. Things aren't really tight for me as I've been lucky to have my tenant paying me their rent on time but this seems like a good time to take advantage of this option available to me. The plan is to get a 12 month forbearance, save my money up that I would be paying towards the principal and interest, and then get a payment deferral repayment option. Payment deferral takes the missed mortgage payments and puts them into a payment due at the sale, or refinancing of the home, or the end of the loan. My question is if I save up enough money during the forbearance and decide to buy a second property during the forbearance period, would the forbearance get in the way a second mortgage even if I have the 20% down payment in hand? [link] [comments]  |
| Housing market thoughts on when to buy? SoCal Posted: 02 Jun 2020 07:27 PM PDT Hey just wanted to get people thoughts on the housing market. Currently own a condo in SoCal, but want to get a house with some land. Do you guys think lots of foreclosures coming after forbearance period ends? I'd love to get a great deal on a short sale or some kind of fixer. And I'm in no rush. Just saving cash for now and waiting for some kind of drop. Honestly open to moving outside of LA (Thousand Oaks), or Austin TX, or Colorado all ideas really do want some land and space. But just wanted to see what people think of the near future of real estate (1-2 years). Thanks, [link] [comments]  |
| When does DAYS ON MARKET reset? Posted: 02 Jun 2020 04:53 PM PDT Sorry if this is a basic question but even my Google-Fu was turning up conflicting information between sources. Long story short, I'm taking my property off the market as I need to get it surveyed. We had a deal fall through because of this issue and I'm figuring it won't be ready to put back on the market after all the legal work that has to be done until mid-July at the earliest. Anyone know how long a listing needs to be off the market before that clock resets to 0? I've seen 30 days, 45 days, 60 days, 90 days, and I'm just not sure what's correct. Thanks in advance for the help on this. BTW, my agent said 6 months but that doesn't seem right. [link] [comments]  |
| Can I get an inspection on unpermitted structures before placing an offer? Posted: 03 Jun 2020 01:08 AM PDT My husband and I are interested in purchasing a home that has an unpermitted shed and solarium. Both are big reasons why we love the place. We're concerned about the associated costs and risks. We'd like to get a contractor to provide an estimate to get each up to code if necessary. Is this possible and is it common to do before an offer? The worst case scenario is having to tear them down. We also thought about getting a city inspector to come out, but maybe that would only be allowed after going into escrow. Any thoughts on the best approach to minimize our risks and get the best price? It's an older home and DOM is 77 days. Seems like we should be able to get a deep discount. [link] [comments]  |
| Posted: 02 Jun 2020 11:21 AM PDT Went and looked at a house last week listed for 435k. Offered slightly above asking price. Come to find yesterday they raised it to 485k. Do you think this house was under-priced to begin with or is there something else going on? [link] [comments]  |
| Anyone use the wfgmyhome.com to wire transfer the deposit? Posted: 02 Jun 2020 08:11 PM PDT The escrow company told me that due to the covid 19 they suggest deposit via wire transfer and provide the link to this website. Anyone use this or this could be something fraud? [link] [comments]  |
| Posted: 02 Jun 2020 05:52 PM PDT Hello, highschooler here. So recently I came across this video where this guy is able to live for free by renting part of his house and using tax write-offs. This kind of piqued my interest so I've been wanting to learn about real estate and investing, but don't know where to start. My question is — What are some entry level books and/or resources where I can learn about real estate, financing, and taxes? I'm really eager to learn and would appreciate any help I can get! [link] [comments]  |
| Posted: 02 Jun 2020 08:00 PM PDT I came across a really great home inspector that I used on a home last year, that I walked away from due too many issues. I am under contract now and called one guy my realtor suggested, I didn't like how pushy he was, so I called up the guy I used, and he was very accomodating with the tight timeline for the inspection. How can I promote this guy, as he stated he is slow due to covid causing his schedule to be very loose? With so many home sales, I was surprised he wasn't super busy. Also he's going to do a limited inspection of the pool at no extra charge. My only hope is my realtor adds him to her list of inspectors. But as a buyer, what can I do? [link] [comments]  |
| COVID-19 payment plan and security deposit Posted: 02 Jun 2020 07:55 PM PDT Hi. I was hoping to get some insight and suggestions. One of my tenants experienced a pay cut due to covid19, and indicated they would have trouble paying the rent, so I offered a matching deduction in the monthly rent for the remainder of the lease. They decided they were going to take this time to move to another state, but continue to pay the rent until the lease expired or the unit was rented to someone else. Curious what your thoughts are on returning the full security deposit. Thanks [link] [comments]  |
| How to go about finding an agent? Posted: 02 Jun 2020 07:27 PM PDT Hi all! I'm a new investor living in California, and am looking to invest in a different city due to the prices where I live (classic California investor, right?). So I've narrowed down on a specific city since I have family there (they can help assist with some of the process), and was wondering how to go about finding an agent that specialized in investment properties and can help me navigate the field. I obviously would like the agent to know the areas well since I will have less experience with that. Do I just a Google search and start calling numbers? Do I post in a local Bigger Pockets forum asking for recommendations? Any advice is appreciated! [link] [comments]  |
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