2.5% ?! Real Estate |
- 2.5% ?!
- Why are they always naked?!
- Finally bought a house in the bay!
- Inherited a property, don’t know what to do with it
- Thoughts after closing on my first home today
- Would like to fire our realtor, but we are still in contract for a backup offer.
- Selling land
- Feeling like giving up finding a place in LA
- First offer rejected but willing to negotiate
- My Experience Buying During the Pandemic
- Lost Income Right Before Closing
- Lied about HVAC on listing.
- What if we don’t find anything
- Low Appraisal by $10k - next steps?
- Buying a home with an open permit
- How to value my Home
- Issues discovered after closing
- Disentangling from Dual Agency
- Would you work with this type of realtor?
- Interested in Duplex in Central PA
- Damage caused during inspection
- How is it possible for a solar lease to have NO cancellation clause?
- Our sale may be falling through on the day of close
- Does adding a Mini Split (ductless AC) increase home value?
| Posted: 19 Aug 2020 06:31 PM PDT Our offer was accepted today and we locked in 2.5% on a fixed 30 year mortgage! Nuts! [link] [comments]  |
| Posted: 19 Aug 2020 04:42 AM PDT This has happened to me several times during the pandemic...SEVERAL TIMES! So most homes I show tend to be vacant. However, some are still owner occupied. I have never once arrived at a home early for my approved showing appointment. I know most people are still working from home so I was to be as respectful as possible of the owners time. Well...for probably the 5th time this year I entered a home (after knocking and after announcing myself from the doorway) to find another naked person! This time it was a naked man watching wrestling on the couch. Previously it's been a naked man making a sandwich in the kitchen, a naked man using the downstairs toilet with the door open, a naked couple in the backyard pool, and a naked man asleep in a recliner. "Oh, I forgot there was a showing today" is always the response I get. What the heck is going on?! [link] [comments]  |
| Finally bought a house in the bay! Posted: 19 Aug 2020 05:53 PM PDT After four failed offers, we finally had our offer accepted today. The property itself has everything we want, from square footage to layout and amenities. We didn't realize when we first started that buying a house in the Bay Area was such a crazy process, but thankfully, we learned a few things along the way.
Anyway, I guess I'm just excited to finally end our search. Thanks for reading and happy to answer questions if you have them. [link] [comments]  |
| Inherited a property, don’t know what to do with it Posted: 20 Aug 2020 02:50 AM PDT Hi all. I have a situation which I'm having trouble dealing with. My father used to be relatively wealthy, and in his immense wisedom he bought a run-down property in rural France which he planned to renovate. None of the family knew he bought it, or that he was renovating it until he passed away. The property consists of 1 Main House (pictured on the photo), 2 cottages (1 of which is almost liveable), and 1 large barn. It has around 20 hectares of forest/garden area that are overgrown. My dad was able to renovate about half of the main house, to really good standard, until he had to stop because he ran out of money and basically our family was almost bankrupt (not really because of this renovation, but mainly other reasons). Anyway, the property has been lying empty for 4 years. 4 years without renovations or any work. Since then French vandals have looted most of the hard work my dad put into it. The garden is overgrown. I suspect the local youth hang-out there on weekends to smoke weed and spray-paint in the houses. Tried selling it - no one will buy due to the location and the state of the place. So I'm not sure what to do with it. Ideally, I'd find someone to live in one of the cottages (one of them is almost in a liveable condition), to keep the place free of vandals and the local youth. I'm 21M and don't have the money required to do it up yet. I have 2months holiday per year for my job, and earn a decent amount of money. My job is elsewhere so I can't live there full time. Anyone have any suggestions on:
[link] [comments]  |
| Thoughts after closing on my first home today Posted: 20 Aug 2020 01:17 AM PDT I closed on my first home yesterday in Vegas. I don't know what I am feeling? I'm excited to own a home, but also feel like maybe I could have done better from many aspects. There's also uncertainty given it is Vegas but I'm optimistic about the future. Home Search/Price: Inventory is pretty low in Vegas. I had a very specific neighborhood I wanted to buy in. I wasn't on the market very long and made an offer on the first acceptable looking home. At the time the house was listed $10K under the same model home across the street that was also on sale, but after my contingencies expired the home across the street dropped their price by $15K, and ultimately it sold for $30K less than what I paid, albeit theirs was a cash offer. The bank waived the appraisal and I opted not to do one. Looking back, I would have stayed on market longer and viewed more homes or waited for more inventory. There are more attractive homes for lower list prices after my contingencies expired, but I didn't really want to back out of the whole process and lose my earnest money. I don't know whether I would have still gotten the appraisal though, somebody had to feel like the house was worth it. Interest Rate: I locked in at 2.75% with $1,000 in lender credits a a month or so ago. But damn, now people are getting 2.5% with zero points. Good for them, but damn it. I have zero complaints about my loan process though, it was super smooth with nothing surprising requested. Inspection: I don't understand the point of hiring a generalist to do an inspection. In hindsight I would have gotten specialists to do it. Telling me there are stains on the ceiling and a potential leak isn't very helpful when I could have already gotten a plumber out for 1/3rd the price of the home inspector. After the home inspector came out I had trouble finding a roofer and a plumber to inspect issues, and the seller refused to extend due diligence -- so I accepted the risk. Then after I closed today, I was changing a few bulbs and running the water but noticed there seems to be some significant grounding issues where I get zapped by the water. When I was changing bulbs, they actually flicker when I touch them. None of this was in my inspection report. But pretty pictures of where my circuit breaker was is in the report. Neighbors: I would have staked out the house for like 12 hours in hindsight rather than driving or running over at random times. For some reason the neighbors across the street have 12 or so cars stacked 3 deep at the end of the cul de sac every day late afternoon. It's seriously a mini parking lot but I think they just have a ton of relatives that enjoy socializing together. Also, the next door neighbor seems to pump iron at 6am and BLAST the radio out of their garage. So that's cool. I only realized this cause I had to do a final inspection at that time. Real Estate Agent: Can't stress importance of finding the right realtor or agent. There were certain points where I felt my agent didn't deliver and I seriously wanted to fire my agent. But I also know that my agent worked hard in other aspects and I rather not screw them out of their commission. I guess it's 1am and I've run out of thoughts and rants but I seriously hope there isn't a leak and the grounding/electrical issue can be fixed pretty easily. Joys of home ownership, I guess. [link] [comments]  |
| Would like to fire our realtor, but we are still in contract for a backup offer. Posted: 19 Aug 2020 06:13 PM PDT So I am in a potentially sticky situation. My husband and I have been working with a realtor for a few months now and while the relationship was good at the beginning, it has fallen apart with time. We have put in offers on a few places, including one that we absolutely loved but lost out on. The sellers offered us a backup offer, in which we are next in line if the first buyer falls through. It has been 3 weeks since then and nothing from the seller. I seriously doubt that anything will come of it, but if it does, we would definitely want the house. Otherwise, we no longer want to work with our realtor. She only sends us houses that are out of budget, basically assuming that if we will pay that much for one house, we will pay that much for any house. She doesn't seem to take our concerns seriously. There is more involved, but the point is we aren't communicating well and I want to move on. How do I fire her, but leave the door open if the backup offer turns into a real thing? I am happy to work through closing with her since she did the work on the offer, but otherwise want to move on. [link] [comments]  |
| Posted: 19 Aug 2020 05:46 PM PDT I own a parcel of land on a residential street. It's the only land in a nice neighborhood that's not developed. I'd like to sell it, but after getting it checked out by a surveyor I'm not sure what steps to take? It's approx 0.2 acres in MA. Edit: I should mention this neighborhood was developed about 17 years ago by a big developing company in the town. Should I approach them before listing it? [link] [comments]  |
| Feeling like giving up finding a place in LA Posted: 19 Aug 2020 10:50 AM PDT Put in a bid 100k over asking and didn't even get a counter offer.. place went over 200k asking it was such a perfect place and I put a lot of effort in researching the area, putting together the letter and offer... it's so discouraging. I always feel one step behind here in LA! [link] [comments]  |
| First offer rejected but willing to negotiate Posted: 20 Aug 2020 04:18 AM PDT We've had our first offer rejected but they stated they are open for a second offer. Stating our first was too low. The offer was 9.43% below the asking price. We are willing to go up by 4,000 pounds but that is our max for this property. Too much work for anything less. Would the best move be to give it some time and offer 4,000 pounds more. They got back to us in less than 24 hours. Not sure if that works in our favour. [link] [comments]  |
| My Experience Buying During the Pandemic Posted: 19 Aug 2020 04:31 PM PDT Hello everyone, I hope everyone is staying as safe and happy as possible during these difficult times. I am writing to share my experience with buying during the pandemic. We sold two properties prior to purchasing our dream home, one a rental property and one a primary residence. We were able to make a substantial profit off of our residential home, which we only purchased two years ago. We decided now was the time to buy and sell due to the low, low interest rates. Our rental property went under contract on the first day on the market. Our residential home went under contract the second day on the market. We closed on the rental property in two weeks, all contingencies waived, and in cash. We closed on the residential property 35 days later- with a short delay. While purchasing our new home, it was recommended by our loan officer to raise the agreed upon purchase price to include all of our closing costs. The seller also agreed. Unfortunately, the appraiser utilized the original contract in his appraisal of the property. After discussion with our loan officer, realtor, and the provision of comps for similar homes in the area- the appraiser did raise the value of the home to reach the agreed upon price. Whilst on an approved vacation by our employers, we were contacted to be told that we would be forced to quarantine when we return from vacation without pay. In total, this meant three weeks without pay or paystubs. As you can imagine, this threw a wrench into our house purchase. We were initially told that we would be required to provide new 30-days' worth of paystubs. Instead, our loan officer went to work again. We were able to provide a letter stating our newly accepted positions and our salary along with a letter stating that we had returned to work full time and what we had worked over the past week. With this, the underwriter has given us an exception due to COVID. We receive our closing disclosure in the morning. We have been cleared to close on Monday, three days past the original closing date. The sellers have signed an extension with us until that time. Last but not least, we have until next Friday to be out of our previous home. Although, we would be considered 'renters', we were not required to pay any rent. I hope this is helpful for someone else out there. Thanks for all the help along the way, Reddit! [link] [comments]  |
| Lost Income Right Before Closing Posted: 20 Aug 2020 02:44 AM PDT Hello, I am in the process of closing on a home next week. We seem to be past all the document requests and are ready to close. However I own a 3 family income property which I used to show financial strength towards buying the home. Over the past couple days, I have been dealing back and forth with two of the tenants who are in a dispute over noise and people staying at one of the units. It has now gotten to the point where one unit has decided to leave the property and the other unit is threatening to sue me over breach of lease agreement. Given this change in situation, I am having serious financial worries. So my questions are;
Thanks! [link] [comments]  |
| Posted: 19 Aug 2020 01:50 PM PDT So today we are getting a home we put an offer on inspected. We are not able to visit as it is in a different city, but have a trusted relative and agent at the inspection. On the listing they state that the HVAC was replaced a couple months ago. Just got a text that the inspector says it's closer to 15 years old, but everything is working. Is this worth asking for a credit or what would you all suggest? [link] [comments]  |
| What if we don’t find anything Posted: 19 Aug 2020 03:14 PM PDT So as far as I've seen, it's first speaking to a lender? Right? What if we get preapproved and all that but don't find anything, will we have to do another pre approval because those expire right? [link] [comments]  |
| Low Appraisal by $10k - next steps? Posted: 19 Aug 2020 05:09 PM PDT We are in contingency on a house that we offered asking price for ($295k) in Raleigh, NC. The appraisal came back at $285k. The market is incredibly hot right now and is very much a seller's market. We've read about all the options and our agent is going to appeal the appraisal and come back with comps. While I hope this does the trick I like to prepare for the worst and hope for the best. Our next step would be to ask the seller to lower their price. However if that doesn't work, we were wondering if it would be an okay plan lower our down payment and ask for a higher loan. We're currently offering to put about $26k (8.8%) down. We have some wiggle room with our savings and wondered if we could ask to put $19k down and ask for a higher loan and pay the difference. The loan would still be less than the appraisal value - we would just have a higher monthly payment and were already paying PMI so it's all the same there. This is our last resort option but just want to make sure it is an okay idea. 10k is a lot but we think we can make it work. I know it's also dependent on what our lenders agree to too but we are first time home buyers and this whole experience is nerve wracking because it feels like we're trusting a bunch of strangers to give us advice on a huge financial decision! Thank you for any and all advice. Edit: accidentally called it a buyer's market when i meant seller's market haha sorry long day :P [link] [comments]  |
| Buying a home with an open permit Posted: 20 Aug 2020 12:33 AM PDT I am 8 days out from closing on a home in New Jersey and I found out the home has an open permit from 2013 for a kitchen remodel. What kind of risks am I taking on if this isn't resolved before closing? If the seller refuses to close the permit, is this something I can take care of myself after closing? Thanks [link] [comments]  |
| Posted: 19 Aug 2020 08:42 PM PDT Is there a free tool to value what my house is worth today. Zestimate is useless. [link] [comments]  |
| Issues discovered after closing Posted: 19 Aug 2020 04:29 PM PDT Unsure if this is the right subreddit, and I did not see any rules for posting. My wife and I recently purchased a home, our realtor's represented both us and the sellers and this was a "pocket" listing. During the processes, we learned they had at least some form of friendship with the sellers (we feel foolish) .Several items on our Treatment, Repair, Replace agreement were not completed, or not completed professionally as stated in the TRR. Many of these items were verbally confirmed to us by our realtor. We have further discovered water damage that was concealed behind a decoration they left behind. After sending a complaint letter to our realtors, we were referred to their broker whom we relayed the events to. Today we received the realtors statement from said broker and a query as to whether we are escalating to early settlement mediation. In brief, our realtor's response focuses on the fact that since we did not say anything during our final walk through, we have no recourse. I want to reiterate that our realtor verbally confirmed TRR items were complete. In response to the water damage, they state that since the inspectors did not discover the damage we have no recourse. We feel naive and irresponsible for moving forward with this sale and not more thoroughly checking that the work had been done. We also feel like our realtors were not helpful in representing our interests. We are moving forward with early settlement mediation, but we are alone on our side of the table. We feel like we will not be able to afford an attorney, and our realtors are siding with the sellers. I have kept the details as concise as possible, but it is hardly the whole of the story and we have documented the damages and issues with the home well. What can we expect during mediation? What are our rights to have the issues addressed now that we have closed? Once we agreed to purchase the home, are we out of luck? [link] [comments]  |
| Disentangling from Dual Agency Posted: 19 Aug 2020 08:14 PM PDT Hey Everyone! My family is preparing for a cross-country move and new job, when on Zillow I found a listing with phrases such as "loads of potential" and "sweat equity" both of which I've normally taken to indicate a house that is in dire straights. So I reached out the listing agent and asked for a Zoom tour of what I was *sure* would be a haunted house which showed the fixes were mostly minor (replacing a couple doors, adding baseboards, etc) and with much better condition than I expected. So, I'm hoping to visit the house in-person, place an offer and perform an inspection ASAP. I told the agent this and she offered to help draft an offer letter contingent upon job offer, home selling etc (this letter is not finalized.) Is it too late to state I want my own agent? I'm scared of the risk involved with dual agency but unsure of the appropriate way to express those concerns. Thank you! [link] [comments]  |
| Would you work with this type of realtor? Posted: 19 Aug 2020 11:11 PM PDT Hi all! I would love some advice from this sub on the type of realtor that you'd work with. I've been planning on getting my real estate license since last year, and with the help of a friend at my day job I'm finally on track to finish my coursework soon. I plan to take the exam by the end of 2020. In the meantime, I've been doing a lot of research using r/realtors and other resources. One piece of advice I've seen over and over is that, especially in today's internet/social media heavy world, it's important to market yourself and your unique talents to potential clients. I've developed a few ideas for what I want to create and cultivate in terms of an online presence and "persona" as a realtor, and I would love any feedback you're willing to give. Basically: do I sound like the kind of realtor you would hire to sell your home or help you buy a home? First, I would establish a lifestyle/architecture/design-based Instagram page that features me and my personal voice along with my listings and general tips for buying and renting in my area. This would be a good opportunity for me to feature my knowledge of interior design and overall "style" - I'm also interested in working with historic homes and would love to talk more about that here. I feel like this would also be a good way for potential clients to "get to know me" before working with me. I've seen a few people mention that they prefer to not go too heavy on instagram because Facebook is more accessible to home-buying demographics, but I think my style would work better on Instagram. I could potentially start this instagram page before getting my license and try to build up a follower base. Once I'm licensed, I would also create a website for myself with more tips and tricks for buying and renting, listings, and contact information. This would be a more accessible place to reach me/learn about me for people who don't use Instagram. I also had an idea to offer low-cost "consults" through my website for people who are looking to rent but want someone to take on the stress of researching neighborhoods, prices, and amenities to suit their lifestyle. This could work as a lead generating tool for people who might hire me for a consult and later want to buy, or who would just recommend me to friends and family who are buying. Finally, it would be an essential part of my work to write and/or feature content on all my platforms about redlining, gentrification, and the racist and colonial history of land and home ownership in the United States. I plan on setting aside a portion of every sale to donate to housing justice programs and would also love to get to a point where I could advertise donation matching for clients I work with. One of the things that attracts me to real estate so much is the belief that everyone deserves a beautiful, safe living environment, and I could not work in the field without acknowledging the intersection of real estate and social justice. Fortunately, I live in a pretty liberal area and I feel comfortable including these beliefs in my professional persona. I know this will turn some potential clients away from me, but I plan on keeping my day job for the time being so I can afford to be selective about who I work with. Thank you SO MUCH in advance if you read all of this and can offer any feedback! [link] [comments]  |
| Interested in Duplex in Central PA Posted: 19 Aug 2020 07:20 PM PDT I am interested in a duplex that is priced around $110,000 and rental is about $900 each. Does it sound too good to be true? What should I ask from the agent who brought this deal to me. I have not worked with her in the past. [link] [comments]  |
| Damage caused during inspection Posted: 19 Aug 2020 02:09 PM PDT So we are in contract and the buyer scheduled an inspection. During the inspection they filled up the bathtub and it leaked down on to the first floor. We had no idea that this is even an issue. Obviously this has to be rectified, but who is responsible for this water damage? We are not sure at this point if we will be proceeding with the contract. If it matters I did a pre-listing inspection and none of this came up. Thanks all. [link] [comments]  |
| How is it possible for a solar lease to have NO cancellation clause? Posted: 19 Aug 2020 12:36 PM PDT I'm in the process of purchasing a home with an existing solar lease that won't end for another 16 years; the panels cover most of the front of the roof. Payments aren't onerous, but the lease itself is pretty sketchy: every year the monthly payments rise by 3% and there is an arbitration clause and no way to cancel the agreement. The current owner, who pays a second electric bill (the amount, $50, is actually the county average and the house is small, so no idea how much she's "saving") on top of the lease, doesn't want to take the panels with her, and will not buy the agreement out. It seems very odd to be forced into an extended lease agreement that cannot be cancelled; even if we were to buy the agreement out, the panels would still remain for 16 years. We are pro-solar but would rather own our own system as opposed to leasing. How is it even possible to be forced into a lease agreement like this? [link] [comments]  |
| Our sale may be falling through on the day of close Posted: 19 Aug 2020 11:28 AM PDT Our nightmare is coming true. My wife and I were all set to close the 6th and it kept getting delayed and delayed. They now said possibly Monday. Maybe tomorrow. I got news today that I may be laid off this Friday, it is all kind of up the air. We already removed contingencies because inspection and everything were completed. But now we don't even know when my final employment verification will occur. We have a years worth f expenses saved up so it wouldn't be the end of the world if we got the sale to go through and I did lose my job. Now we may lose our earnest money deposit, our landlord is moving back in to our rental on the 5th (which we originally thought was perfect timing) so we will have to scramble to find another rental which might not even be possible if I don't have a job. I don't even really know why I'm posting, I'm just in shock I guess. I feel so anxious and have this terrible feeling in my stomach. We can't really afford to lose 10k in earnest money if I do lose my job. [link] [comments]  |
| Does adding a Mini Split (ductless AC) increase home value? Posted: 19 Aug 2020 09:58 PM PDT I have central air in my 1900 square foot home. Last year, I added a really high quality ductless ac system, (mini split) to the second living room/ extra bedroom area. It was 7000. Does this at all add value to my home? [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment