What’s the one thing you wished you knew before you sold your house? Real Estate |
- What’s the one thing you wished you knew before you sold your house?
- Bought a Condo, Didn’t know about Remodel Status
- One week from closing and this happens...
- What's the best sign we can put on our front door to encourage people to wear booties and mask without offending or scaring them away?
- Best time of day for shooting house photos?
- Disclosure by home owner on their Covid-19 status
- The apartment I rent is being sold and the real estate agent, I feel, is overstepping boundaries.
- Realtor priced too low? Should I fight the battle or accept his 10 years and great track record for selling quickly?
- [CA] Family and friends say our realtor isn't doing the work she should be doing. Are they right?
- Which is the better approach - buy a house VS keep renting and buy an investment property?
- Points on all Mortgages right now?
- Looking for advice on a house without a garden!
- A Messy Family Situation with a Condo, I need major advice. Please help!!!
- What advantages do buyers gain from not signing a release of contingencies?
- Living in the UK and interested in the idea of Part Exchanging
- CA closing in 2 weeks, 1st home purchase details, any help or advice would be awesome!
- What can a home warranty do?
- House hunting with flyers...
- Loan estimate. Closing cost too high?
- Inherited a house. Should I take the time to repair it?
- Backup offer may be accepted - would it hurt to renegotiate?
- Questions about Home Appraisals
- Townhouse end unit?
- [OR] Refinancing 6 months after purchasing
| What’s the one thing you wished you knew before you sold your house? Posted: 24 Jun 2020 07:42 PM PDT I learned a bunch of stuff when I bought my house (and I won't make the same mistakes again). But now I'm looking to sell my house. What's a hard-won lesson that you learned that could help a newbie? [link] [comments]  |
| Bought a Condo, Didn’t know about Remodel Status Posted: 24 Jun 2020 11:45 AM PDT I recently bought my first property in the form of a condo in downtown Chicago (April 1). The place was remodeled right before selling with the exception of one final piece of work needed, which was the microwave. The seller apparently had some issues with the placement of the microwave and ran out of time before COVID hit to finish it. During inspection and negotiations, I received a credit for this work to be done later. I was totally fine with this, but I just found out today that the unit needed to have a post-remodel inspection by the building engineer that was never done. They even came to my unit and pointed out a few things that they knew about before i bought the place that would need to be completed (they pretty much said: no big deal, you'll need to just pick up where he left off). I was not informed that this had not passed a building inspection yet when buying the place. Do I have any recourse as to why this was not disclosed by A) the seller B) the building or C) the inspectors I used for purchase? [link] [comments]  |
| One week from closing and this happens... Posted: 24 Jun 2020 09:24 PM PDT Our mortgage broker emailed to say that my husband's credit report "expired", because it had been 90 days since it was pulled. After it was pulled it was noted that his score went down. So therefore, our mortgage insurance was gonna have to go up. Why did his score drop? Because they pulled his credit and he got dinged for another hard inquiry. Two things: 1. WTF? They pulled his credit and dropped his score and WE have to pay for it?? There was no other reason for his score to be lowered.
Does this seem extremely shady and wrong to anyone else? Or is this typical last week of escrow stuff? Because it seems nuts to me and I'm furious. [link] [comments]  |
| Posted: 24 Jun 2020 04:39 PM PDT We just put our house on the market a couple of days ago and had a couple of showings yesterday. We have a 10 month old who crawls around the house so we'd like to keep the floors clean. We were told by our realtor that any showings will require everyone to wear at least a mask. We left a basket on the porch filled with booties for their feet, some gloves, a stack of masks and a trashcan to dispose of them when they're done. Out of curiosity, we looked into our ring doorbell's recordings and one couple didn't have a mask, refused to wear the booties, and on top of that, we heard their realtor tell them "no you don't have to wear any of that." Obviously, this was very frustrating for us because we had to clean the house again when we got home. Any advice would be appreciated. [link] [comments]  |
| Best time of day for shooting house photos? Posted: 25 Jun 2020 04:43 AM PDT Taking interior and exterior shots. May be used for a listing. [link] [comments]  |
| Disclosure by home owner on their Covid-19 status Posted: 25 Jun 2020 12:53 AM PDT Hello, has anyone used or seen used at a closing a legal document where a home seller admits if they or anyone they have allowed in their home has knowingly had Covid-19? The closing attorneys are asking home buyers and sellers to sign about this before people come in their business to do a closing. Just curious if anyone has seen something similar signed by a home seller. Thank you! [link] [comments]  |
| The apartment I rent is being sold and the real estate agent, I feel, is overstepping boundaries. Posted: 24 Jun 2020 06:56 PM PDT So this has been going on for over a week, I rent one of three family apartments in this house. I'm the only one who isn't drastically susceptible to COVID-19 so all the showings are through my apartment. I've had agents take their masks off inside, text me at 7am for a showing at 11am, make me wait and then not even show. Now they want me to allow them access while I'm not home. I wanna know the legal ramifications of me refusing to allow them inside, the agents have been inconvenient and overall intrusive while also jeopardizing my health. [link] [comments]  |
| Posted: 24 Jun 2020 04:57 PM PDT Tldr: Our realtor wants to list our house for $355K. I think it should be listed for $395K, but convinced myself it was okay if it fell to $375K. Zestimate estimates is $398,359 (range of $378K – $426K). It is taxed at $351K. A smaller, dated house I can hit with a rock from my house sold this week for $350K, which was very close to their Zestimate and $90K more than their tax appraisal. The neighborhood values have increased more than 25% since we purchased our house. If we went by the selling price when we bought it, and increased 25%, we would sell it for $375K. If we went by the appraisal price when we bought it + 25%, it should sell for $413K. We have invested more than $25,000 into the house over the last year, which was a bit of a disaster when we bought it. Should I fight this battle, or just accept his 10 years of realtor experience and cry about how much money we are going to lose? More details: We bought the house in 2016 for $299,999 but it appraised for $330,000. The seller was desperate and put it on the market way too low, expecting a bidding war that didn't happen. The owners before us furnished it with zebra print and red leather, the entire house had pink walls, mismatched light fixtures, the disgusting carpet, an indoor chicken that pooped on the walls, and they didn't even bother hiding their dirty laundry for the open house. The house is also on the main four-lane street (nosiest location in the otherwise quite neighbor), and it is a newer build (2006) in a historic neighborhood (most house are 100+ years old). Values in our neighborhood have skyrocketed in the past 5 years. Other houses that were purchased around the same time ours was have sold for 24%-33% higher than purchasing price (excluding the fixer-uppers which have sold for more than 200%). The tax assessment on our house has increased from $263,000 in 2016 to $351,000 today. Zillow had a Zestimate of $325,000 at the time we purchased it, which was below the actual appraisal. Zillow now has an estimate of $398,359 (range of $378,000 – $426,000). A house on the same block is currently pending a sell (it was on the market for two days). They were asking $349,950. It has a tax appraisal for $259,000 ($92,000 less than the tax appraisal for our house), and a Zestimate of $355,414 ($42,945 less than our Zestimate). It is 400sf smaller (1800sf vs 2200sf), 89 years older, has one fewer bathroom but same number of bedrooms, the kitchen is noticeably smaller and quite ugly (hasn't been updated since the 60's), the master bedroom and bathroom are smaller with fewer features (we have a steam room, jacuzzi, two walk in closets, and a full sized second-story porch outside of our French doors in our bedroom), we have duel AC and they do not, and we have a 1,100 sq ft attic we can use for storage, they do not have an attic. They, however, have a garage which we don't, their lot is 11% larger than ours, and although they are on the same block, they do not face the main street like we do (their neighbor does – so it isn't that much quieter). Brand new 1,800sf townhomes are going up six blocks down on the same street (toward a "bad" area), just past the edge of our neighborhood. They are starting at $345,000. Their location is right on the street (sidewalk and then door to house!), they are across the street from a mechanic shop and gas station, next door to an old boarded up warehouse, and there is no room for a yard in the back. Defiantly not the nice neighborhood feel I have at my house. Our realtor wants to put our house on the market for $355,000. In the last year we have put in some new appliances, installed top-of-the-line plush beautiful carpet, redid our rotting porch, installed a brand new HVAC (finished today actually!), put in all new lighting fixtures/fans, did massive landscaping, and painted the upstairs in a neutral light grey (as recommended by an interior designer who helped us choose all of our light fixtures as well) and have estimates to paint the downstairs. So we have invested more than $25K (and hundreds of hours) into the house that was appraised for $330,000 four years ago in a neighborhood that has seen an increase of 25%+ in the last 4 years. I am struggling to see why the realtor, who claims to have talked to several other realtors about it and even brought one over to look at it, thinks our house is worth considerably less than what the neighborhood values are. I understand we are a newer build and on a main street, and those things do affect the price, but by $50,000?! In full transparency, there was a house on our street three blocks down that went on the market last year for $395,000 and had a full price offer the first week, but it fell through. They finally sold it two weeks later for $372,000 (current Zestimate for $381K). Houses in our neighborhood never sit for more than a week, so I am sure he is taking that into consideration. I am not sure why the first offer fell through. How should I handle this situation? I don't want to be one of those unreasonable sellers, but I really don't understand why the price is so low. Inventory in our city is really low, so house prices have been holding with COVID. The three houses in the neighborhood who have sold since March have all been sold in 2-3 days and didn't seem to be asking less than what they would have asked pre- Covid. What am I missing? How bad would it be if he was correct, that it should be $355K and I ask $380 and it doesn't sell immediately (like all houses do here)? Would that destroy our chances of selling it because people would assume something is wrong? Should I just hold off a year and hope the price goes up to what I think it should be? Edit: I totally get that Zillow isn't gospel and they aren't accountable to anyone, etc. However, they were just short of $5K off the appraised value of my house when I bought it. I have also been noisily tracking houses in my neighborhood since I moved here. We are a pretty tight neighborhood, with a very active FB group, so I usually know when people are prepping their house to sell and I look up their Zestimate. The most Zillow has ever been off (pre- putting the house on the market) was when a house sold for almost $10,000 more than the Zestimate, but most sale prices were off by less than $5,000. Additionally, Zillow tends to underestimate the price far more often than they overestimate in my neighborhood - probably because prices have shot up so much in the past few years. I totally understand that a lot of you don't feel I should put any thought into the Zestimate, but why is it so close to every other house (including this one 4 years ago) and then $45,000 off for my house now? That's what I'm struggling with. Thank you all for your feedback! [link] [comments]  |
| [CA] Family and friends say our realtor isn't doing the work she should be doing. Are they right? Posted: 24 Jun 2020 11:26 AM PDT My fiance and I (both FTHB) aren't experienced in this and whenever talking to family and friends that own multiple properties, they say we're doing the "hard work" our Realtor is supposed to be doing. We look daily and find all of the houses we're interested in seeing and send it to her so that we can go see it. Other than the initial 3 he has showed us to give us an idea of high/mid/low-range houses for the area. All others have been found by us (about 10-13), including the one I'm about to go see in a few hours. She has been great in answering any questions we have and we feel she's been pretty honest about possible issues with all houses we've seen. She's open about things she'd change and is quick to point out the good/bad quality of certain things and what it could cost to replace it. We don't feel that she has been pushy at all and has been pretty easy to work with. Are they right or are we letting them get to our heads? edit: Sorry, I forgot to add that, she DID setup an automated search with our criteria and we get instant emails multiple times a day with new homes. Most of the time these come delayed because I've already seen them through whatever site I'm using to do searches. By the sounds of it, our family and friends are freaking out over nothing! [link] [comments]  |
| Which is the better approach - buy a house VS keep renting and buy an investment property? Posted: 24 Jun 2020 11:15 PM PDT Hi people, hope you are all safe. I have had this question for a long time to be honest, but never had the courage to ask until now. The question is simple: Is it better to:
I am very happy to be corrected. Hoping to hear some valuable feedback. Thank you for reading [link] [comments]  |
| Points on all Mortgages right now? Posted: 24 Jun 2020 06:36 AM PDT We are closing on Aug 7, lender is saying that all mortgages right now have points built in. Just want some feedback if others are hearing this too, or our guy acting shady? 30yr, 2.875 with 1.828 origination or $9,291 regardless of 20% down Thanks in advance [link] [comments]  |
| Looking for advice on a house without a garden! Posted: 25 Jun 2020 01:53 AM PDT Hello everyone! I'm looking for a bit of advice if possible around a house that my partner and I have gone sale agreed on. We managed to get our mortgage approved on Monday last week and Sale Agreed on Thursday in a mad turn of events. We both love the house and can really see it being our first home, there was a question right at the start about whether we would own the small backyard. It's a communal area that looked to be owned by the local council, the real estate agent assured us that it was owned by the house. Yesterday we found out that it wasn't... now we still love the house and would like to go ahead with the sale but not at the original price agreed. The thing is this is the first time we have ever bought a house and cannot work out how you put a value on something like a garden or renegotiate from there. Also the survey was completed and there's probably in the realm of 5k worth of work to be done on the house too, should that come off the agreed price also?!? Any help would be greatly appreciated! [link] [comments]  |
| A Messy Family Situation with a Condo, I need major advice. Please help!!! Posted: 24 Jun 2020 07:29 PM PDT My parents were divorced when I was 14 and I was raised by my single mother. When I was 20, my father came back in my life and gave me some money for college for redemption. I was also working a few jobs and always been frugal with my money. My mom ended up convincing me to buy a brand-new condo for $305,000 when I was 21 with my college money from my dad and personal saving as a down payment while she takes out the mortgage under her name only. She uses the excuse that I was too young, and they will not approve me for a mortgage, which she was correct. We both put down a total of $140,000 as down payment. I put down half and she put down half. Right after closing, she moved out of state to her new boyfriend and told me I must pay for all the mortgages, taxes, fees, and utilities since I lived there with the promise that she will add me to the title via a quit claim deed, which she did five years later. Therefore, I ended up giving up on college all together and spend the last 13 years of my life working 2 -3 jobs just to finish paying the condo off. The whole time, my mom was using excuses after excuses how she cannot pay for the condo at all. She only paid for the closing cost and first year's property taxes during this whole duration of her mortgage. She took full advantage of me. I am 7 months away from paying off the condo, but my mom went back around and said she did not put my name on any deeds and said its ineffective even if she did. She said the condo belongs to her only. She even disregards the $70,000 that I put in as down payment. However, my name is on a quit claim deed she signed when we went to our city hall together 7 years ago. I came to realize that my mom is also an emotionally unstable and needy narcissist. She takes full advantage of any men she dates. I was too young and naïve to fall in her trap back then. I believed in all her lies and felt bad for her. I even bought her a brand-new car at one point. What can I do in this situation? My mom used false promises to have me pay off this condo and always ask for money sporadically. My question is the bank issue a title under my name and hers after I am done paying the condo off even though the mortgage is under my mom's name only? But the quit claim deed has my name as well. Does the bank go according to the quit claim deed? Please help!! All my life savings and hard work are invested in this condo. My mom took every penny I have. I even took her to a few vacations that put me in tons of debts now. [link] [comments]  |
| What advantages do buyers gain from not signing a release of contingencies? Posted: 24 Jun 2020 09:04 PM PDT Are there advantages for buyers not signing a release of contingencies? And what are disadvantages for seller when buyers don't sign it? Thx [link] [comments]  |
| Living in the UK and interested in the idea of Part Exchanging Posted: 25 Jun 2020 12:19 AM PDT Hello, me and my wife are from the UK and are interested in the idea of part Exchanging our home instead of conventional selling. My parents advised us that you can part ex your home for another home and the home that youre buying doesnt need to be a new build. After doing a bunch of internet searching it seems i can only find offers for part ex with new builds. Are my parents simply wrong in this instance? Me and my wife would like a new build but we feel our budget won't stretch that far and so we would be more than happy getting a house that has already been lived in. Any help or advice anyone can give me would be greatly appreciated. Thank you :) [link] [comments]  |
| CA closing in 2 weeks, 1st home purchase details, any help or advice would be awesome! Posted: 24 Jun 2020 11:54 PM PDT My wife and I found a home on Zillow that we could afford with 4 bedrooms in Desert Hot Springs CA. Yes it is the worst city to live in Cali but its close to our jobs and pretty much the only real house we could afford. It was built in 1979 but has had all the major things replaced brand new 4 years ago. New roofing, furnace, ac, dbl paned windows, etc. The interior is dated but the home has only had 2 different owners. The carpet throughout would need to be replaced with laminate wood upon getting it due to cat pee smell. it was on the market for 180 days starting at 224,000 and lowered last month to 210,000, we offered 203,000 with 3 grand of that going towards closing costs. they waited to accept our offer due to another higher offer. We found another home that had a better layout for the same price but it had tenants who couldn't move till December. Since were using FHA we couldn't buy that house because we would have had to become landlords and FHA requires you to live in the home as primary residency. anyways what we think happened is the guy who was offering a better deal to the first home we wanted also was looking at the second home we wanted and he went with that one instead. The first home sellers decided to accept our offer as they needed to sell soon due to court order after a divorce settlement. Our agent walked us through the home a second time and we decided we would not need a home inspector as everything looked pretty good, and if there was anything we wouldn't mind paying to fix whatever it was that was broken. We had a good handyman go out and triple check all the basics a home inspector might look for and he did a very thorough job, noting that the major things he saw being the outdated circuit breaker box and poisonous plants in the back yard and the fireplace gas not working. All things I can deal with. We were given a thing to sign saying that we were deciding to waive our inspector contingencies and that the house is being sold AS IS. I understand the risk but it's a risk I'm willing to take, the seller doesn't even want to give up the home but has to. The home has a vacant lot next door I want to try to buy and The house has a lot of potential with a nice renovation! Thank you for reading, I'll update you all on how this all turns out. [link] [comments]  |
| Posted: 24 Jun 2020 02:06 PM PDT We just purchased a house 1 month ago, and it was explained to us that there was a very good home warranty option to purchase through Coldwell Banker. It cost about $800 and we paid this in full at the time of closing. It was also explained to us that in the case something should happen to an appliance (washer/dryer, dishwasher, hvac, etc.) Our warranty would be the silver lining. 1 month in and our hvac unit gave out. It was manufactured in 2012, so it's old in terms of AC units but not ancient. We were told that if we went through the home warranty, we would have to pay a $1,320 fee to replace the evaporator coil and a couple gallons of freon. Or we could purchase a new unit for $4,000 and the warranty would cover $400 of the cost. Does this sound correct to anyone? We essentially paid a $75 service fee to the warranty company to have a technician come out and let us know that in order to get our AC fixed, it's going to be a MINIMUM of $1,320? We had the expectation that we paid for this warranty so we WOULDN'T be in this situation. Any advice and guidance would be very much appreciated. Thank you [link] [comments]  |
| Posted: 24 Jun 2020 04:12 PM PDT So my wife and I recently found out we were pregnant with our second child. We are really excited but we have come to the conclusion that our house is just a hair too small. We are prepared to move. We like our neighborhood. Like, really love it and we want to stay here if possible. There's a fair amount of houses that we are interested in around here but they rarely go on sale and sell fast. I had a friend once who got her "dream house" sold to her by just asking the owner if they were interested in selling. So I got bright idea of printing off flyers with our picture on them and a solicitation explaining our situation and asking if they want to sell they should talk to us first. It's a long shot but I would like to try. Has anyone done this before? Any luck? Is it weird to do this, lol? [link] [comments]  |
| Loan estimate. Closing cost too high? Posted: 24 Jun 2020 10:03 PM PDT https://m.imgur.com/gallery/Kdc943F So I been wanting to buy a house but many companies wont lend to me because im not a US citizen or resident. So I make 65k a year, have about 8k in credit card debt just two cards, i had 2 others but I have paid them off. also 16k in car loan. I applied to a credit union and they denied it. Rocket mortagage gave me this loan estimate. The loan cost seem high but also dont have many companies that are willing to lend to me anyway is it crazy to keep going forward with them? I attached the laon estimate [link] [comments]  |
| Inherited a house. Should I take the time to repair it? Posted: 24 Jun 2020 11:04 AM PDT Alright so recently I inherited a 2bd/1b house from my uncle who lived roughly 600 miles away. I had business not to far from there and decided to drop by just to see what I was dealing with and I was kind of overwhelmed, but quickly realized it may not be as bad as it seemed. There are quite a few holes in the drywall, the kitchen cabinets are trash (they're sagging and appear to be made of particle board),and most of the floors are bare sub floor that needs to be scraped down because there's....I don't even know.. all over them. The only redeeming thing to the house that makes it not look like an abandoned 70s home is the large rock shower with sliding glass doors and tiled bathroom, somehow it's nearly immaculate, but small due to the shower being rather large. My question on this would be, should I bother sinking time and money into doing these kinds of things to the house? The foundation is good and there's no obvious electrical/plumbing/structural problems. The reason I'm asking is because I've recently started saving to buy a house in my area for a while and currently have my eye on a really nice 3bd/2b house and I figure if I could put a lower amount of money into the house I could have more toward a down payment once it sold. I feel like either way I could make a small amount ($10-$15K) but I'm wondering if it would be a better idea to put in a little work. (I HAVE background in carpentry and I have friends in that area who have told me they would help me do anything I needed to so I wouldn't be paying much for labor, I've just never personally "flipped" a house or know if it would even be worth it for such a low value home) [link] [comments]  |
| Backup offer may be accepted - would it hurt to renegotiate? Posted: 24 Jun 2020 08:42 PM PDT Fthb in Maryland (near DC). Seller accepted another offer, but the primary buyer needed to delay closing. So they reached out to me if still interested in being backup. My offer had an escalation clause, and the backup offer is close to the max. Also they didn't sign the post injection right to negotiate, but they did sign the post inspection right to cancel. At this point, would it hurt to counter with a lower figure, or ask to include the right to negotiate? The house itself has great curb appeal in a desirable part of town. Should I just accept for now and decide after the inspection? Thx [link] [comments]  |
| Questions about Home Appraisals Posted: 24 Jun 2020 07:44 PM PDT Hello All, I'm looking to buy some investment multi family property(s) before 2020 ends. I had a question about how the appraisal stuff works? Let's say ABC property is selling for 200k. Can I get it appraised before sending in a offer? If I do buy it for 200k and it appraised for 300k that's instantly 100k in equity right? I'm just very confused on the whole appraisal part! Thanks for your time and help! [link] [comments]  |
| Posted: 24 Jun 2020 07:40 PM PDT Do you believe $200 extra for a mortgage payment each month is worth an end unit? The end unit is 200sq ft bigger than the other units, has a side yard, and four extra windows. Just wanted to get some opinions :) thank you! [link] [comments]  |
| [OR] Refinancing 6 months after purchasing Posted: 24 Jun 2020 07:33 PM PDT Unsure where to ask so I'm pretty desperate. Also, I understand that I'm going to get a lot of comments saying that I didn't do my proper research. I just *really* need to know where I stand and what my options are. Fiance and I purchased a house bought in November 2019. First time home buyers. We didn't use a realtor as my father was the owner and was previously a real estate agent. A couple of months ago we started getting a lot of spam mail in regards to refinancing which we tossed. We received a piece of mail (I don't have it anymore: mistake #1) that stated to call this phone # by a certain date as we have a specific set of funds available and we could be eligible for an FHA loan. It didn't have the bank's name clearly stated and nowhere did it say that the specific $ amount was our equity. So, I call the phone number and they said that we were eligible for an FHA loan refinance through Allied Bank which would lower our mortgage payment. Awesome, I let my fiance know and he's cool with it. I give him all of our information and he sends us the official loan application information. I fill mine and my fiance's info out and send them all of the proper paperwork (this is a legitimate bank, just FYI), including our note and homeowner's insurance information. The mortgage officer sends us new e-docs to sign today and it showed that we may owe a few thousand dollars in closing costs. The e-docs apparently are the intro letter, loan estimate, affiliate business disclosure statement, appraisal waiver receipt form, and a 4506-T. I didn't know that we would be owing in closing costs (mistake #2, yes I'm aware I should have done my research and have been kicking myself for it). We were never told this in the beginning. I spoke to my father after getting said documents and he's pretty irritate that we took the bait and explained to me what the original letter meant. Anyway, here's my question: Is it too late to back out of this deal? Am I obligated to pay for anything? I emailed the loan officer promptly and profusely apologized for wasting both of our time, but that we're not longer interested in refinancing and why. I don't know what to do from here. [link] [comments]  |
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