- Brother sold his house and moved to our town and should be closing on the new house in 2 days. Just found out that the seller is extremely delinquent on their mortgage and being foreclosed on and has no legal right to sell the house.
- First time buyer in contract feeling remorse
- Prospective buyer has re-listed house as flip on CL before closing
- As a buyer would you be ok with me just getting estimates for the requested repairs, and giving you cash at close to fix them?
- Everyone is buying houses rn, why??
- Two days after going under contract, received e-mail from random moving company.
- Are these normal times, in terms of real state?
- Sell or rent family home
- Sellers Market, Buyer asking for concessions
- Best Online Real Estate Courses
- How long should it reasonably take to receive your earnest money refund after you cancel your contract?
- Looking for flexible realtor, selling my units in Mexico
- Broker not removing my listing ?
- Will my sale show up on Redfin, Realtor, Zillow, etc?
- Looking to shadow a Real Estate Agent
- Is it time? Roughly 280k saved
- Home prices heated up in April, despite brief sales drop from coronavirus
- How do escalation clauses work, and in what circumstances?
- Sellers Market!
- (USA) Home Buying Process Precautions
- Buying land in Texas.
- Shady Real Estate Agent or Common Practice?
- Property taxes on recently purchased rehabbed home (IL)
- Do property taxes make anyone else depressed to think about?
| Posted: 30 Jun 2020 05:14 PM PDT SD - The title says it all. This dude is being foreclosed on by the bank and is trying to sell the house. My brother is currently living in a motel waiting for the closing on July 2nd and was just informed by the buying agent that the seller has no claim to sell the house. The realtor called the bank and they said it will be sent to auction and that they have no interest in selling it private party. How the fuck has none of this come up in the past 2 months? They just closed on selling their house in WY this morning, and now have nowhere to live. How did the title company, the selling agent, the banks involved, anyone not know about this until 36 hours prior to closing? Who is responsible? What can we do? [link] [comments]  |
| First time buyer in contract feeling remorse Posted: 30 Jun 2020 09:35 AM PDT My wife and I are first time home buyers and I'm already feeling some remorse after entering into contract. The house itself is very nice and my wife and I discussed about 15-20k in renovations when I move in though I feel in retrospect we agreed to pay too much. Our agent who was recommended by family members and is very reputable in my city suggested we offer 25k less than listing for our first offer, they seller responded by offering 10k less than listing. We asked if they would bring it down by 15k and they said no so we agreed to pay 10k less than listing. However looking at comps for recent sales in the area and Zillow/redfin estimates for other homes of the same model it seems that by comparison our house is priced 25-40k above what it should be. I'm told this is a sellers market and 2 other houses we liked were gone within a day so we acted quickly to put in an offer and now I'm kicking myself feeling that my wife and I acted too hastily and overpaid. I'm in the process right now of getting a lender and I've already signed up for an inspection. Before we put in our offer our agent said she believed the house would appraise lower than the contract closer to our original offer based on the comps. I didn't understand at the time most houses appraise at the sale price. I'm worried we made a bad financial decision. Don't get me wrong we can afford the place and we like the house I just don't feel like we got a fair price. Has anyone been in this situation that can give me any advice? I'm praying our appraisal comes in low so we can renegotiate. We also have HOA, loan and inspection contingencies. [link] [comments]  |
| Prospective buyer has re-listed house as flip on CL before closing Posted: 30 Jun 2020 08:49 PM PDT I signed a contract to sell a small, cheap, vacant fixer upper to a local contractor / fix and flipper a week ago. The contract gives him 10 days to do diligence and inspect the house. During this time, he can pull out if he finds anything undisclosed etc. However, it was just brought to my attention that he listed the house on CL at ~15% above our agreed price 2-3 days after we signed. So basically he's created a free option for himself. He could just be using the 10 days as a window to try and do a quick flip and will come up with some excuse to avoid buying if no one bites on his ad. And in the meantime I've let other interested buyers know the property is off the market. There's some language in the contract that he's only allowed on the property in order to do inspections and collect bids from contractors or something along those lines. So I guess if he brought a prospective buyer on the property, he'd be in breach and I could back out. In any case, I think the price we agreed on was pretty fair and doubt he'll get his asking price for the quick 15% profit. So maybe I shouldn't care. But it's shady and in bad faith imo considering he went into detail about how he wanted to fix it up and had restored a bunch of properties in the area, etc. And more specifically, he's representing himself as the owner which he is not. Thoughts? [link] [comments]  |
| Posted: 01 Jul 2020 04:19 AM PDT |
| Everyone is buying houses rn, why?? Posted: 30 Jun 2020 07:50 PM PDT Other than the rate being low, isn't it still a sellers market?? I feel like every time I scroll down social media someone posts "bought a house" "took advantage of covid and got myself a nicer piece of shelter" [link] [comments]  |
| Two days after going under contract, received e-mail from random moving company. Posted: 30 Jun 2020 04:28 PM PDT Hey guys, just wanted to confirm my suspicions, or see if there are other possibilities. I went under contract on a house a couple days ago. Today, I received an e-mail congratulating me on the move and offering "moving consierge services". This email included the address of the property and my email address is not registered to a Zillow, Redfin, Trulia, etc account. The only people (that I know of) that have this e-mail are: My loan officer, my real estate agent, the listing agent, and the title company. Someone I know recently used the same loan officer and this didn't happen to them, so that narrows it down to my realtor, the listing agent, their respective companies, or the title company. To me, it's most likely that one of them sold my e-mail. The only other thing that I can think of, is public record, but it happened very recently, so that seems unlikely to me. What do you guys think? Curious to know if this is common and if there are other possibilities. TLDR: Got email from a random moving company that included the address of a property that I went under contract for a couple of days ago. I think it was one of the real estate agents or the title company. Whodunnit? [link] [comments]  |
| Are these normal times, in terms of real state? Posted: 30 Jun 2020 08:40 AM PDT This is my first time buying a house so I'm not sure how the whole bidding war works. I live in MA, I've gone over asking price by 15-20k on three different houses so far and still lost to other people with higher offer and waived home inspection contingency. Considering I live around Boston, most of these houses are old and I don't feel comfortable waiving the home inspection contingency. However, I'm wondering does this always happen with people going way over asking in hot markets? Or is it because of the limited inventory? On Redfin/Zillow I've seen that houses earlier in the year were bought at listing or went over by only 5/6k. I am considering waiting until Fall but am unsure if the situation will get worse with less people putting their house on the market. [link] [comments]  |
| Posted: 30 Jun 2020 09:17 PM PDT Going to take the reigns on handling an abandoned family home. There is over $340k in unpaid principal. There are 26 years left on the mortgage. [link] [comments]  |
| Sellers Market, Buyer asking for concessions Posted: 30 Jun 2020 09:10 PM PDT I recently listed my home in SE Michigan for 210K, I received an offer same day for 212k which I accepted 2 days later. Prior to accepting the offer the buyer added 7 days free occupancy and increased the EMD from 1K to 3K. After the buyer's private inspection, they have come back asking for 5K in concessions for the Water heater(oldish, but works fine), AC (only 10 years old with 5 more years of warranty, no issues), furnace (a little beat up, could use some repairs, maybe worst case, a new blower ~$400-$800), a missing shingle 🙄, and a "leaky" pipe the is 100% not leaking. They seemed pretty eager with the offer/increase and the market is red hot/low inventory. First reaction is to tell them to GTFO, is this a normal concession request, should I dig in, or counter with a smaller amount? [link] [comments]  |
| Best Online Real Estate Courses Posted: 30 Jun 2020 09:01 PM PDT Hi all! In the midst of this pandemic, I am looking for a career change. I've always had an interest in the world of real estate and I'd really like to take that extra step and getting a license (in California) and making new moves. What online courses do you recommend? I'm seeing really mixed results with Real Estate Express, but I realize that I will be looking into other testing materials and prep courses outside of RE. Your help/opinions are greatly appreciated. [link] [comments]  |
| Posted: 30 Jun 2020 08:54 PM PDT Long story long: my parents (recently empty nesters) have been looking for their retirement home for years and finally found one that hit all of their boxes on their list—no nearby neighbors, on a golf course, quiet and peaceful, 3 car garage, cool floor plan with a courtyard, etc. Basically the house they thought they would have to build themselves. They were afraid it would go under contract before they could make an offer (they have been burned before) so they staged the house and amazingly went under contract in 3 days. They excitedly made their offer, the seller countered, and they accepted. Earnest money was sent (the requirement according to the sellers agent was that it be FedExed and received within 72 hours of the offer being accepted.) Everything looks good until the inspection. The house is in the Houston area—very humid—and is made of stucco and stone, so they got the recommended stucco inspection which was finally allowed after some hesitation on the sellers side. The regular inspection came back with over 50 hidden issues, 3 of which were code violations, as well as the stucco inspection showing holes in the side of the house where golf balls had impacted and gone through. My parents were livid as the first showing of the house had been during the beginning of COVID when the golf course was closed, and the second showing the owner refused to leave the premises and wouldn't let them see the backyard again. Had they seen the golf ball impacts, they would not have proceeded with their offer. (I know that it is something to be expected living on a golf course, but they thought that the house was on a part of the course out of the way of flying golf balls) But I digress. Needless to say, they cancelled the contract and requested the earnest money be refunded. That was over two weeks ago. They have been getting the runaround from the title company and were told that the check is in the mail. The original earnest money check was not even cashed until the day after the contract was voided, and the title company took 10 days to say that they put a refund check back in the mail. They also did not send it registered, so we do not have a way to track the money or know if it was truly sent. (Frustrating when the same company required the check be overnighted to them to start the process) My parents are so frustrated with the situation that they have decided to just build a new house on a different lot (Which I told them they should do from the beginning). Either way, is it normal practice to not receive ones earnest money more than two weeks after invoking the option period and ending a contract? My parents are very frustrated that they were required to overnight the original check, and now the title company does not seem to care about returning the money or answering phone calls. Thank you! I'm hoping to help calm them down if someone can give me some good information. TL;DR: Ended contract over two weeks ago and still have not received earnest money refund. [link] [comments]  |
| Looking for flexible realtor, selling my units in Mexico Posted: 30 Jun 2020 11:48 PM PDT Hi, does someone know where can I find flexible realtors to help me to sell my units? Obviously I'm paying commisions... every agency near-by ask me for exclusivity and I don't really want to cross my arms with that, I want to keep growing. I am aware of marketing cost, but I`m looking realtors with contacts or normal people who would like to sell. [link] [comments]  |
| Broker not removing my listing ? Posted: 30 Jun 2020 11:10 PM PDT Hello, everyone. I put my house up for sale a few months ago. The real estate agent I enlisted has done a terrible job. He never answers my calls and put off taking the pictures of the property for months. I wanted to switch brokers, and so I told him to cancel the listing and take off my house for sale. He said no problem. After two weeks of putting it off (in which I CONSTANTLY reminded him to send over the cancellation forms), he finally emailed them to me. After I signed them off, he still didnt take off the listing. He isnt answering my texts or calls, and whenever he does, he tells me he'll get it done tonight or tomorrow, but never does. It has been an additional two weeks. How can I get him to take off the listing? The cancellation contract has been signed and sent. Is there anyone else I can contact to help me with this situation? Thank you 😊 EDIT: I live in Canada, if that matters [link] [comments]  |
| Will my sale show up on Redfin, Realtor, Zillow, etc? Posted: 30 Jun 2020 07:59 AM PDT Hello! My husband and I recently purchased a home from our landlord, without the house being publicly listed. A real estate agent was involved, but at a limited capacity. Will our house sale and price we paid be posted on the the typical sites (Zillow, Realtor.com, etc)? Thanks! [link] [comments]  |
| Looking to shadow a Real Estate Agent Posted: 30 Jun 2020 10:59 PM PDT Hey guys! I just graduated high school (17yrs old) and I'm going to uni for theatre since that's what I thought I'd enjoy doing, however, it's not anymore. I'm really interested in RE and thought gaining some experience through shadowing an Agent would be a good first step. I live in Toronto and have a car so I could get around pretty easy. Would you or do you know anyone that might give me a shot? Any replies would be very much appreciated! Thanks!! [link] [comments]  |
| Is it time? Roughly 280k saved Posted: 30 Jun 2020 04:26 PM PDT Hey guys, I'm looking for some advice regarding what my next move should be.. I have roughly 280k saved with no debt. I live in California: LA 27 year old male My goal is to buy a house or two in Nevada, rent them out as my brother did and live in California, maybe rent an apartment and have the houses pay for my apartment. Would you say making that move would be good idea? Any suggestions would be freakin amazing [link] [comments]  |
| Home prices heated up in April, despite brief sales drop from coronavirus Posted: 30 Jun 2020 06:41 AM PDT
I don't think anyone in the market recently would be surprised to hear this. The article also goes on to suggest inventory is on a "steep downward trend." [link] [comments]  |
| How do escalation clauses work, and in what circumstances? Posted: 30 Jun 2020 04:08 PM PDT Asking in hindsight and in general. My example: we bought our home at $405k. Listed at $420k, then dropped to $407k one week later. We put an offer on our house at $402k. The day we viewed it--and the day we put in the offer--there were at least two other viewings, before and after us, though the house was on the market for just over a month then. The listing agent asked for best and final, because there are competing offers. Listing agent told my buying agent that another offer was at original listing price, so $18k over us. We counter-offered at $405k plus an escalation clause at $1k above the other offer with proof. We were willing to go to $425k exactly, but not happily. Our agent suggested the escalation clause so we went for it. The selling agent countered with, "the other offer has a selling contingency, so we can ignore the escalation clause, the house is yours at $405k". Was there no other offer? If there were, surely they would've used our escalation clause? Or do escalation clauses only apply to "like" offers, so if we also had a selling contingency? [link] [comments]  |
| Posted: 30 Jun 2020 09:44 PM PDT I live in Hawaii where real estate is pretty high but I'm getting depressed because it seems unrealistic at this point to buy a home. Homes are flying into escrow within days and selling way above average. We don't even stand a chance to put in an offer as most homes are not having open house due to covid. So I guess people either schedule showings immediately or offer without viewing in-person. One place I was looking at had a similar townhouse in the same area (same sq footage) sell for $415k in January and the ones on the market now are asking $499k. I hear the real estate prices are soaring nationwide. Anyone can relate? [link] [comments]  |
| (USA) Home Buying Process Precautions Posted: 30 Jun 2020 05:33 PM PDT First time home buyer looking to not get screwed over. If I have all of the appropriate contingencies in place such as home inspection and appraisal, is there any way I can get sucked into a bad deal? Besides the low inventory, the entire process seems relatively simply UNLESS I am missing something. From my understanding, if my offer is accepted, I can back out of the deal anytime AND get my earnest back if 1. the home inspection turns up bad and the seller does not want to fix what I ask 2. the house does not appraise and the seller will not negotiate on the price. The only way I will lose my earnest is if I back out of a deal without a valid reason. Is all of this accurate? Is there anything I am missing? Is there anything my realtor/listing agent or mortgage company can do down the line as a "gotcha" that results in me having to pay more than what is on my closing cost estimate sheet? [link] [comments]  |
| Posted: 30 Jun 2020 09:19 PM PDT I'm not really sure if this is the place to post this or where I should post this if not here. But I am looking to buy land in Texas to eventually build a house on. My plan is to start at 20-50 acres but I want the demographic around me to allow me to expand to maybe 100 acres or more. I want to be an hour at most from Dallas. The only place I've looked so far is Athens. I hear stories that land goes for around 2500$ an acre? Anyone have an idea of how any of this works? Can I get good land for around that price? How do I find out if the land I buy will allow me to expand later? If this isn't the right place for this post let me know!! [link] [comments]  |
| Shady Real Estate Agent or Common Practice? Posted: 30 Jun 2020 09:12 PM PDT Hello all, Currently on an apartment hunt (to rent) and I reached out to the lister of a unit. When I texted the agent, she had replied by the end of the day requesting $55 even before seeing the apartment because it "covers [a] form fee and my car gas." My fear is that I pay the $55 and never hear from her again. I've been searching for places for about 2 weeks now and haven't come across this. Is this common practice amongst agents or? Any and all help would be much appreciated! [link] [comments]  |
| Property taxes on recently purchased rehabbed home (IL) Posted: 30 Jun 2020 03:11 PM PDT If my city is on a triennial reassessment schedule for property taxes and the next round isn't set for 2022, does that mean I am grandfathered in to my current taxes on my home that was gut rehabbed and purchased in January of this year until 2023 (since IL pays in arrears)? [link] [comments]  |
| Do property taxes make anyone else depressed to think about? Posted: 30 Jun 2020 03:05 PM PDT Hi, I am planning on buying a house which will finish construction in early Feb next year. Everything is pretty sweet. New home, good size and lot. But man... I think Im doing everything the right way. Put down the 20% to get the monthly lower... No... Tax on a $405,000 home at .0159 is still $6500 a year. Bumping my 30yr mortgage from $1300 to $1850. There's more... I get taxed federally and by my state (CA) already at a rate of about 30-33% combined. Not including Social security! Now with my TAXED income not only do I need to pay sales tax on all my good but also used my TAXED INCOME to pay a Property tax + Mello Roos for a total of about $800 per month. So year after year even if I pay that mortgage out right i'm still due for a $8500-$9000 tax bill annually and this doesn't include any reassessment if the house goes up in value. People always rave about equity and blah blah blah. After interest on a new 30 yr conventional loan and property tax and special taxes I'm good for about 25% (if im lucky) of my $2200 mortgage to go towards principal. Like what kind of world are we living in and where the hell is all this money going! Just makes me depressed especially because there's no way around it. Sometimes I wish I was a complete fool and just blindly paid without caring. [link] [comments]  |
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