Is using a realtor really THAT easy ? Real Estate |
- Is using a realtor really THAT easy ?
- I backed out from purchase after a poop water leak just days before closing. I want my $6k earnest money back, but sellers refuse to release it
- My home buying journey and mistakes!
- Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k
- We found out our home was not up to code after we moved in, now what?
- Can I do my own inspection? Could I back out after that inspection?
- Buyers agent wants to charge use extra $
- Final walkthrough revealed hidden damage
- Can I get out of this Dual Agent Situation or is it too late?
- What happens when the developer changes in a preconstruction condo?
- June 30 Closing Date?
- Closing costs and a negative Cash to Close
- Roller Coaster Day
- If you had two homebuyers- one with cash up front but one with more money offered, which would you choose?
- 21 y/o newly licensed agent
- Mobile home VS building house ourselves
- Looking to buy rural homes with land and have no idea how to get started
- Looking for tips on being a part-time agent
- Homestyle Lender Recommendations / Experience
- Are these fair repair requests? (In an extremely hot market)
- get letter from neighbor to prevent Adverse Possession
- Do I need to have 15% down payment on a duplex if I plan on it being my primary residence and using FHA loan?
- In your honest opinion is this a terrible time to buy a house and sell a current house in the PNW?
- Advice on selling a home that needs a lot of work?
| Is using a realtor really THAT easy ? Posted: 25 Jun 2020 06:54 PM PDT I've been doing everything myself since day one. Finding places, booking a time to have a look, getting all the documents and information from the seller/sellers realtor, double checking it with the county and city and literally everything. Today someone recommended a realtor they've used multiple times and grew up with. So far I was asked to provide a bit of info (budget, size, location, must-haves, etc) and was told he'd let me know when he finds something matching my criteria. Then we could set up a time to look at it and he'd do everything else. And all for "free", he gets paid from the sellers commission. I've never used a realtor before, is this how it's supposed to go and be this easy ? I went from doing everything and spending hours researching things to literally only saying which places I like and when I want to see them in less than 5 minutes ? Is this how it works ? [link] [comments]  |
| Posted: 25 Jun 2020 06:54 PM PDT My first-time homebuying experience could have gone a lot better, but at least I learned a lot! The process went mostly smoothly... no problems with my financing, agreement of inspection items, or depositing the earnest money. We were scheduled to close on a Thursday. Then sh*t hit the carpet:
At this point I was completely done with their side and the people that are supposed to have my interests in mind (what a joke). On Monday we went a cancellation letter. The sellers demanded I close a week later instead - a closing date I never heard of, much less agreed to or signed to, but was "discussed" over the phone by the attorneys (of course, mine never told me this!). We'd actually used their proposed closing date in the contract, which was several weeks later than what I'd initially asked for. A month later I agreed instantly (in a written addendum) when they wanted to move it back another day. Now they're refusing to release the $6k and are still blustering about damages and retaining a litigation attorney. There's nothing in writing agreeing to that date, and my contract has a "time is of the essence" clause. My #1 lesson from this is that many people that are supposed to be professionals are just terrible at their jobs, and fiduciary duty doesn't mean anything. :( At least I'm better prepared for next time (not any time soon though). Now that I'm not buying their leaky sewage condo, the sellers are refusing to sign the mutual release form for the EMD. Contract says both attorneys must agree on its release, or else it will be released to courts to decide as interpleader. My crappy attorney thinks I should offer them half when all they've done is demand I close, demand I give them the entire EMD, demand "damages", threaten litigation because I didn't close a week later... Losing $3k might be worth avoiding future hassle, but at the same time, I feel I'm entitled to all of the money. Sellers, both attorneys, both agents all wanted to pass this bag of crap to me and I refused to hold it. How many times am I supposed to visit a place with leaking sewage water+gas? Much less pay $$$ and live in it? I may just file in small claims instead to recover the entire amount. [link] [comments]  |
| My home buying journey and mistakes! Posted: 25 Jun 2020 06:12 AM PDT My wife and I always joked about wanting a complete remodel. When it came to buy, we viewed a few and wow so much work. We elected to go with a house we knew needed some work but was liveable. We elected for no inspection, kept our appraisal and financial contingencies. Offer sent 5/15 5:45pm Offer accepted 5/15 7:13pm Going great so far! We obtained a previous inspection report from two months prior, Minor things. Needs a slight grade, Furnace is 18 years old, water heater is 11 years old. Outlets need replaced. Water was off for a year and a half Time to close We are set to close at 9am the next day. Great! No issues or hiccups, per our lender and agent smooth transaction. Until less than 14 hours to go my lender calls me and says we aren't closing at 9am. The Insurance agent has sent a policy that has a typo four times and isn't responding.. shit We scramble but no luck that nice. Agent gets the policy corrected as my agent went to their office to make sure they got it. Side note: They spelled JPMorgan wrong and entered the wrong address. Great! Corrected document sent, lender gives the OK. Closing attorney says hold up and squeezes us in at 3pm the same day. No more drama right? Oh no... we didn't get the inspection. Surprise, we turn the water on. Test everything, and the main drain pipe for the sewer is leaking every time a toliet is flushed. son of a... Get a plumber out, $490 later with a discount and it's fixed! Great! Oh the refrigerator doesn't fit? Time to remove the overhead cabinets.... What's this? They cut lines running to the breaker box because they never updates from 100 amp to 200 amp.. ALWAYS GET an INSPECTION So here I wait to spend another $1900 to change from 100 amp to 200 amp so I can connect my Dryer and replace my outlets. A $500 inspection could have saved me 4K, the 4K could go up from here. Be vigilant! [link] [comments]  |
| Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k Posted: 25 Jun 2020 11:27 PM PDT Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k. Must be safe, close to a supermarket and town. [link] [comments]  |
| We found out our home was not up to code after we moved in, now what? Posted: 26 Jun 2020 04:29 AM PDT My husband and I purchased our first home a little over a year ago. We were first time home buyers. We didn't know much about purchasing a home and the sellers knew that and used it to their advantage. Once we moved in we found out that our home was violating many codes and had many safety hazards. These are all quite expensive fixes that are going to cost us at least 30K. We had a home inspector. He left this out of the Inspecton, we also had a CO inspection from the township and they missed these things too. Coincidental? I dont know! Do we have any kind of case that would hold up in court? [link] [comments]  |
| Can I do my own inspection? Could I back out after that inspection? Posted: 26 Jun 2020 04:29 AM PDT I'm in a seller's market so home inspection clauses are a given. I'm pretty confident in my ability to do my own inspection (I own a Flir camera, moister meter, have gone through two to-the-studs full home renos). But let's say I find something like a crack in the foundation or potential water damage, get spooked and want to walk. Do I have that ability? Can I just make statements like "moisture meter reading under the window at 30% indicative of water ingress and possible structural damage" and walk? [link] [comments]  |
| Buyers agent wants to charge use extra $ Posted: 26 Jun 2020 03:57 AM PDT First time home buyers here. We have been interviewing buyers agents in NH, hoping to find a knowledgeable reliable agent who can help us find a home. We've been running into a lot of KW agents who use all use the same search tools, but work under various brokerage aliases, still powered by KW. This new referral we received said his firm charges the buyers an extra $400 admin fee because there's been a trend in sellers not offering as much of a percentage this year... and they've implemented this extra cost to ensure their office can handle all the paper work and admin tasks that I would normally expect the percentage to cover. He's also trying to push us into an exclusive contract immediately before even bringing us to any properties or offering us any sort of tangible incentive to sign with him. Not sure how I feel about paying their admin fees as that doesn't seem like my problem considering I'm about to invest a large portion of my time and life savings into a home. I might be getting hung up on principle but wanted to get your opinions. Thanks! [link] [comments]  |
| Final walkthrough revealed hidden damage Posted: 25 Jun 2020 10:46 PM PDT Final walkthrough revealed extensive staining and gouges of hardwood floors that was hidden under furniture and rugs. The flooring that was visible is not perfect, but what was hidden is multiples worse. I looked at seller disclosure, and it says nothing about the condition of the floors. Is it reasonable to ask for a credit? Can I cancel the contract and keep my deposit? I'm guessing refinishing will cost me $6-8k. [link] [comments]  |
| Can I get out of this Dual Agent Situation or is it too late? Posted: 25 Jun 2020 10:15 PM PDT My partner and I were looking at houses in the Hudson Valley, NY's hottest new market. We saw a few clunkers on Saturday with our original agent (after having many things offered out from under us before ever seeing them). Let's call her Barb. We stayed over night and Barb couldn't show us anything on Sunday so I requested a viewing for a house that I loved via Zillow, thinking I was speaking with the Buyer's agent. My plan was just to bring Barb in as Seller's agent if we liked the place. Well, because I'm a dumbass, it turned out this person, we'll say Carol, was working as seller's agent and buyer agent for us. And we loved the place. Before we got too far, I spoke to Carol and requested to have a different agent from her company operate as Buyer's agent. I said this was our first home and I wanted an expert to tell us the best price. She gave me a price that my partner and I had independently arrived at so it seemed fair. Basically, she talked me down. But I can't shake this feeling that I'm missing something or getting screwed. At this point, we've signed the purchase offer at this price, and mailed the earnest money. Am I SOL, to be filed away for a learning lesson, or is it possible to get out of this situation and perhaps get a better price, or more costs covered by the seller? [link] [comments]  |
| What happens when the developer changes in a preconstruction condo? Posted: 26 Jun 2020 01:40 AM PDT I bought a unit in a preconstruction condo. The project is almost finished. If there is a developer change, what happens to the unit I pre-purchased? Do I have the option of getting my money back or is it just like having a mortgage with one servicing company who decides to sell the mortgage to another servicomg. The agreement is still the same, but the company that services the mortgage changes. Is that a good analogy for when a developer changes during the preconstruction phase? [link] [comments]  |
| Posted: 25 Jun 2020 07:27 PM PDT Hi Everyone we have been in contract since may 15 with a closing date of June 30th on the contract. We received our commitment letter may 27 and the appraisal came in june 12 (no issues thankfully ) and title report was completed and submitted 6/19. We still have not received our preliminary closing disclosure so now were just stressed if were even going to close on time? Everytime we call our mortgage broker she just says soon. Does it usually take this long? [link] [comments]  |
| Closing costs and a negative Cash to Close Posted: 25 Jun 2020 07:27 PM PDT Hi all, I'm a first-time homebuyer and I received my CD today ahead of closing on my home on Monday. In the Costs at Closing section, it says my Closing Costs are $851 but my Cash to Close is negative $1,000. From what I've read online, Cash to Close includes closing costs so does that mean I pay the $851 and get $149 back or do I just not have to pay the $851 and leave with a check for $1k? [link] [comments]  |
| Posted: 25 Jun 2020 09:25 PM PDT No advice needed, just my day. Took a little while to get inspector in to look it over and he found a few small things really. We didn't feel like trying to get it all fixed from another state so, we offered the buyer $3000 credit for her to get it fixed and she agreed. Our agent emailed some paper work on Docusign and we did it and sent it back. Couldn't of been five minutes before we a text. The buyer has back out completely. Went from joy to depression in a few minutes. Agent gives us a call shortly afterwards and says that she had been contacted by a man that had been watching the place but, had not been watching when we had our ad up. But he got it as soon as she had placed it back on the market. He was very excited and came by the condo a few times looking it over. Scheduled a viewing for today. We crossed our fingers but, didn't get our hopes up. Agent called and he offered full price, we don't have to make the minor repairs. On top of that it is going to close earlier than the original buyer. What a day. [link] [comments]  |
| Posted: 25 Jun 2020 06:34 PM PDT I know someone who is in this predicament right now but it makes me wonder what other people think. Say you own a home and just got 2 offers on the house you just put on the market. We can say the house is about $500,000. Offer 1: Buyer offers full asking price for the house off the bat. Offers 1/2 the payment of the house cash in hand upon settlement. Qualified for loan. Immediate sale. Offer 2: Offers $10,000 above asking price after finding out there is another offer. Offers no money as down payment- sellers must wait to hear back about qualifications. Which one do you choose? [link] [comments]  |
| Posted: 26 Jun 2020 12:14 AM PDT I've decided to work at Keller Williams, I was just wondering if there's any genuine tips from anyone. I'm in IN if that helps at all. Anything would help. Should I look into getting a part time job while I'm starting to get my feet wet? [link] [comments]  |
| Mobile home VS building house ourselves Posted: 26 Jun 2020 12:11 AM PDT My partner and I (32F and 29M) are trying to decide between buying a mobile home and building a stick frame home ourselves (literally ourselves). We currently live in Charleston SC and I have about 180k in equity built up in our current house (we are completely debt free including our home). But we are tired of living in the middle of the city and want to move to my partner's land in a more rural area of SC. He owns 100 acres that was inherited from his grandma. He never wants to sell any of the land. So any house we put on the property will never be resold. Therefore we aren't worried about resale value. We are basically buying a coffin we are commiting to dying in (haha). The options: New mobile home at the cost of about 90k delivered and set up. My partner grew up in a mobile home on the property so he is familiar with the upkeep and mobile home quirks. Building our own house. Framing it ourselves. Maybe having to hire a contractor for the electrical and such. We are both really handy, he is an industrial mechanic, and I'm a massage therapist who did architectural glass previously. We would probably have to buy a cheap property in town in order to be close enough to build the home. Using that property as a rental once we move. Our concerns with building our own home is passing inspection and dealing with all the paperwork and red tape. We don't have enough money to hire a company. We've looked and a 1800sqft home built on the property would run almost 300k. Which is insane to us. But would building our own home be realistic? Would we be bogged down with failed inspections and red tape? What do you all think? The mobile home is the fastest option but we feel like we could build a house ourselves that's a better value for the money. Thanks! I'm going to be cross posting with some other groups to get different professionals perspectives. [link] [comments]  |
| Looking to buy rural homes with land and have no idea how to get started Posted: 25 Jun 2020 11:28 PM PDT I am able to comfortably finance a 200k mortgage with 20 percent down. My mother and her sister would like something in the Midwest. Can anyone give me some pointers as to how to choose a place? I've picked somewhere in the Arkansas and Kansas regions and would like about 20 acres of land if possible away from cities. Am i being unrealistic? Stupid? My mother is a tough woman and I want to get her a place where she can relax if she wants but if I know her well, having the option of land she'll want to farm it. However, if she chooses not to, does the land incurr maintenance fees? Or can you just let it sit there? Alot of the listings I have been looking at say the homes are ready for whatever but of course the seller is going to say that. I have purchased property in the cities (Minneapolis and New York) so I understand that process. I am concerned about going in blindly into this so Id like to know any nuances I am not considering such as Does the inspection normally include the land also? What should I want in the land? Grass, downhill, uphill? General finances and general mortgage procedure I am familiar with. Its everything else I am not. If you can help or point me in the right direction to where I should research I would appreciate it. [link] [comments]  |
| Looking for tips on being a part-time agent Posted: 25 Jun 2020 10:50 PM PDT I've been an agent for about a month and have done a couple open houses for my broker. Made a few contacts but no serious buyers. I'm in banking full time and also have a turf business (like Trugreen but much smaller scale). I realize a challenge is going to be response times and availability, but I would like some ideas to grow a real estate business with keeping that in mind. I'm open to any ideas and criticism. I've gained some traction through Facebook as far as posting content and gaining page likes, but I know there are better strategies that I'm not using. Are Facebook's ads worth the effort? Does anyone have success with mailers? If so, what's the best way to promote without getting tossed in the shred pile? Should I keep asking my broker if I can host their open houses? Would love ideas. I would like to build a business where I'm a resource for investors, first time home buyers, retirees, and anyone who might be dealing with a major life event and need a creative approach to guide them. Just looking for some tested ways to get there. [link] [comments]  |
| Homestyle Lender Recommendations / Experience Posted: 25 Jun 2020 06:57 PM PDT I'm interested in buying a home and renovate / add square footage to the home (total Reno). It'll be my first home and it'll be a primary. I plan on putting down as a low payment as possible. If anyone has current experience with a social similar scenario, can you provide recommended lenders for homestyle renovation and first time programs? Any other thoughts or recommendations for a different approach is welcome! [link] [comments]  |
| Are these fair repair requests? (In an extremely hot market) Posted: 25 Jun 2020 09:59 PM PDT First time home buyer. Just got the inspection report the other day, and there were quite a few potentially serious issues. Problem for me is that the area and price range that I am looking to buy is extremely "hot" right now (almost all houses are going into pending within a week of listing, if not a day or two), and I don't have tons of money lying around to pay for big repairs right off the bat. The biggest problems with the house (that I am considering adding to a request list): 1) Several electrical issues: no electrical ground rod, gap in breaker box with potential for exposed wiring, and outlets have been wired wrong (reversed polarity) 2) Signs of termite damage in crawlspace (wood beams were repaired during renovation, but leftover scrap wood from construction had termite holes) 3) Abnormal amount of moisture in crawlspace due to poor ventilation (inspector recommended getting a vapor barrier installed). Was told there was a big potential for mold, and that it would lead to rot if not fixed. 4) Dip in the roof due to lack of proper reinforcement (there is a rafter system, but there is a weak spot that needs to be reinforced). 5) No gutters or downspouts (which is probably contributing to the moisture issue in the crawlspace) 6) Inspector could not find a shut off valve for the main line (indicating it may not exist or be easily accessible). There were a few other issues I'm willing to turn a blind eye to and fix in my own time (hail damage and "organic growth" on roof, missing filter for furnace flue, missing hat for chimney flue, bowing support beams on front porch, loose insulation around certain areas of venting, etc.) I might also add that this house was a flipper, so they did not disclose anything since they did not live there, and the house was definitely upgraded to be move-in ready. I'm going to be getting with my realtor to set up a request list, but was hoping to get some extra opinions. I'm extremely inexperienced, and am wondering which issues would be reasonable to request for repair. Are any of the issues a dealbreaker that I should definitely make the sellers fix? Any that I shouldn't bother with? [link] [comments]  |
| get letter from neighbor to prevent Adverse Possession Posted: 25 Jun 2020 07:58 PM PDT My neighbor has a small greenhouse adjoining my property. There's a chain-link fence between our properties. The other day I noticed that next to the greenhouse, he had put 3 sides (chicken-wire) of an enclosure in a small (about 4 feet wide and 15 feet long) area of my property (the chain-link fence is acting as the fourth side of the enclosure), complete with a padlock. And there is a line of plants he's planted, complete with a drip irrigation system. I don't have an objection to him using my land for a couple of reasons: 1) I don't do anything on that part of the land, it was just growing wild, 2) we're occasionally nice and helpful to each other. I do have an objection to the fact that he did this without letting me know. Anyhoo: my concern is "Adverse Possession". In my state it's 20 years to get Adverse Possession, and 10 if they do something called a "colored title" (I couldn't figure out what that means -- thank you legalese). So... in the coming week, I'm going to walk over to him, and have a brief talk, and hand him a letter template. In the letter, there will be wording (from him to me) to the effect of: "My fencing-in of my neighbor's property is temporary, and only for temporary gardening purposes, and I will not be converting this into an Adverse Possession case in due time." He will need to fill out the blanks and give me back the letter soon. My questions to reddit:
Updated: to clarify that there was already a chain-link fence between our properties. [link] [comments]  |
| Posted: 25 Jun 2020 01:58 PM PDT I have friends that have bought a duplex without having 15% down in the past. I just can't seem to figure out why everyone I've contacted about getting a mortgage has said that I will need to have 15% down given it will be considered an investment opportunity. I am also a first time home buyer and wanted to use the FHA loan. Any insight would be greatly appreciated. [link] [comments]  |
| In your honest opinion is this a terrible time to buy a house and sell a current house in the PNW? Posted: 25 Jun 2020 07:50 PM PDT I bought a house for 230,000 in 2015 and it's worth around 350,000 with a possible escalation now. Still in pretty good shape as well as it was remodeled when we bought. We pay around $1320 a month on our mortgage everything included (tax, insurance, etc...) we owe around $167,000. House is around 2k square feet with an attached garage. We are exploring moving closer to work in Seattle from Tacoma. However, inventory is pretty low and our price range seems to be falling around $500,000 to 550,000. Our plan was to put 5% down then move to the new house and sell the old then recast the mortgage to get rid of PMI which our broker said should be doable in 3 months from time of purchase. There will be a time where we have both houses during this period and are selling our current. I guess I'm getting some cold feet after looking at houses for the past month and a half. Finding an updated house even in the half a million range is proving challenging even in areas such as federal way and auburn which aren't even that much closer to Seattle. The places we do find need some work which we aren't really too keen on. On top of that the pandemic and news from the IMF about economy contraction being worst since the Great Depression and news about liquidation of air bnb investments potentially coming up due to unemployment also has me a bit uneasy. Am I right and justified to feel this uneasiness, or in your personal opinion is residential real estate not really going to be significantly impacted in the near term 1-2 years? How comfortable would you be as a real estate agent buying a house for yourself right now if you were thinking about looking, or would you be waiting to see more of what happens with this pandemic? I work in tech in network security by the way but it's also unclear how this this economic contraction will affect my employment yet either long term. Been at my current job around 5 years. [link] [comments]  |
| Advice on selling a home that needs a lot of work? Posted: 25 Jun 2020 12:00 PM PDT My current home needs lots of work. Around here a home in good condition could probably get $250K, but my home is in terrible condition. I could probably spend $50K on it to get it up to $250K price (maybe), but feels like I would be burning a lot of money and time for zero or even negative pay off? I'm not a handy guy, so can't do any of this myself. Is it better to try and dump it as-is or put money into fixing it up before selling? Major problems:
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