Bought a house under asking price in LA area Real Estate |
- Bought a house under asking price in LA area
- [FL] Can someone ELI5 the concept "backdooring" a waived appraisal contingency into the finance contingency?
- Real Estate Pros of Reddit that have Netflix: What do you really think of Selling Sunset?
- Get really discouraged
- We got an agent. We are the tenants. Aren't we supposed to be asked if showing time works for us.
- I need help!
- Close tomorrow on a second home, and I can’t sleep I’m so anxious
- Are there any gotchas after closing I need to watch out for?
- Best way to be alerted before property goes for sale?
- What are your thoughts on houses built in the early 2000s, specifically 2002?
- For a younger person not in a rush, is it more expensive to buy land first, then build a house onto it later? Or better to try to find a decent house on a land plot you really want.
- How does cutting in a new driveway work when you own a home?
- cash out refinance vs HELOC vs home equity loan...using a simple example? (US)
- How to price a portion of land to sale to a neighbor
- Is it typical for sellers agent to not disclose contingency for seller to find an acceptable house in the MLS notes ?
- The Advantage of small and local lender
- Redfin says contingency but I haven’t heard a peep ?
- First time homebuyer - Need advise on re-writing an offer after the initial offer fell apart
- Funding best realtor + lender
- First time buyer, where do i start? will i even be considered?
- Low appraisal
- What is the process to buying land on Redfin/Zillow?
- My mortgage company had a tricky proposal involving a small second lien in texas
- Novice question: Does mortgage interest rate matter?
- Buying occupied Duplex in CA - can I move in?
| Bought a house under asking price in LA area Posted: 01 Aug 2020 12:33 PM PDT We've been looking at houses for 3 months. Missed out on a couple that we liked. There was one house that we liked in great shape with everything that we needed (4bd, high rated schools) except a back yard (only a small patio). It was overpriced by about $10k as well so we didnt make an offer. Fast fwd a month it was still sitting and price had dropped by 10k. We think this mainly due to lack of staging, horrible pics and using an out of town realtor. Houses in this area are usually gone in one weekend with multiple offers. Made an offer and after some counters we got it for 15k under the new lower asking price. We're planning on spending the money we saved to turn the driveway that runs along the side of the house into a yard/driveway using drivable grass pavers. TLDR: got a good deal by going for the house that didn't have any staging and bad pics. [link] [comments]  |
| Posted: 01 Aug 2020 06:29 AM PDT Like many others have voiced, for new buyers, the residential market in South FL is absolutely ridiculous right now. I've lost out on 3 houses even though I've offered 5%-10% above asking price on all 3. My realtor is suggesting waiving the appraisal contingency to make my offer more attractive. Her position is that the finance contingency provides the same protections to the buyer because if the appraisal is lower than the contract price, my loan will be denied and I'll be off the hook per the finance contingency. I'm having a very difficult time wrapping my head around this -- in the above scenario, wouldn't I still be approved for a loan? Wouldnt it just be for the lesser appraised value(in which case, the finance contingency would be satisfied? ) Appreciate any help. PS: for purpose of clarity, I'm doing an 80/20 conventional loan, and would still be keeping the inspection contingency. [link] [comments]  |
| Real Estate Pros of Reddit that have Netflix: What do you really think of Selling Sunset? Posted: 01 Aug 2020 07:03 PM PDT |
| Posted: 01 Aug 2020 04:20 PM PDT Not sure if this is the right place, but i guess I just wanted to get some perspective. My wife and I have been looking for homes in the city of Cerritos (about 30 minutes south of LA) mainly for the great school district. We've placed offers on several houses and more often than not getting beaten by someone that has an all cash offer. This is really starting to wear on me. She says we'll find the right one and I believe her but a lot of the homes we've put offers on I thought we're the right ones. Most of the offers we've put down are close to asking with a 10 day inspection and 20% down. Not sure what else we can do to look more attractive to the sellers. Just sigh. Thanks for reading. [link] [comments]  |
| We got an agent. We are the tenants. Aren't we supposed to be asked if showing time works for us. Posted: 01 Aug 2020 07:58 PM PDT Thankfully my agent texted me about the showing on our unit. The landlord left no note, no call or anything this time. I'm a 3rd shifter. Husband is a 2nd shifter but natural night owl. Maybe this is a misconception but aren't agents supposed to confirm with you as well to make sure the showing works out? Or is that only the seller of the property? We have been doing out best to accomidate these showings by leaving. However I do not think we will be able to tomorrow. As soon as we woke up I had the text. Too late for us to modify our sleep schedules. I'll probably still be up when the showing happens. It's smack dab in the middle of husband's sleep schedule. On days he works he sleeps from 830 to 130. 5 hours. Unit showing is at 1030. We had about 12 hour notice. We have told this agent what times work best. Granted I know other agents can make appointments too. So is it weird if I leave a note on the door saying please come in and look around. Due to my husband's work schedule he is currently asleep. I however have left? I know it is customary to leave. This will be the only one on 3 months we haven't been able to completely accomidate. We have been lucky enough that nothing has really been a huge inconvenience until this one. Even though most of them haven't been in our preferred hours. We want to be accomidating as much as possible. In your opinion as long as I leave is leaving the note mentioned above ok? [link] [comments]  |
| Posted: 01 Aug 2020 07:57 PM PDT My grandpa said that he owned some land in Pahrump a long time ago . He says he isn't sure if he owns it still or if the city took it away from him . Is there any websites that I could use to look up his name and see if he still owns any property out there? [link] [comments]  |
| Close tomorrow on a second home, and I can’t sleep I’m so anxious Posted: 02 Aug 2020 02:42 AM PDT We're about to close on our second home. The house is bigger, in a better school district for our kids and crossed off many of the checks on our house list. However, it still needs some updating that we're prepared to do and triples our mortgage. I can't sleep about if we're in over our heads... my husband makes $175,000/yr. He also brings home anywhere from $10,000 to $50,000/ year in bonuses. But we're not counting on that. His job is extremely secure. I am currently home with our kids but kept up my nursing license with the intention to go back part time.... so maybe about $25,000/yr when I do. We bought the house at $657,500 (appraised for $680,000!) and are going to be putting down 25%. The house did sit for over a year before we came along. Our mortgage amount is around $490,000. Our monthly payment with taxes and insurance will be about $2,900/month with our monthly take home pay being about $9,300. We have no debt other than one car payment $600/month. We have about $340,000 in savings with $183,000 of that going towards our closing costs/DP. We expect to get about $100,000 in equity out of our current house when we list it and sell it and hope to keep updates/repairs at our new home under $125,000. That would leave us after all is said and done with about $130,000 in savings. Our 401K is in decent shape (400K). My husband and I are 39 and 38. It's just so scary going from owing $155,000 on your mortgage to more than triple that. We currently pay $1500/month on our mortgage. The biggest intention for the move was to get out of our current crappy school district and to find a house with a better setup for our family of 5. We have three kids with our oldest about to enter 6th grade. We figured this was our last year to get out of our current home. We didn't want to move our oldest during middle school. Am I losing sleep for nothing? I'm obsessing about all that is "wrong" or could go wrong with the house and not focusing on what we found right. Ugh! Are we getting in over our heads? [link] [comments]  |
| Are there any gotchas after closing I need to watch out for? Posted: 01 Aug 2020 01:58 PM PDT I am buying a house and supposed to get the keys on Tuesday. Are there any scenarios where the lender can retract the loan or adjust the loan after I have the keys? I have told them the whole truth and at this point have sent them about 70 documents this month. I just don't want there to be some gotcha after closing, and I want to know how I can protect myself. Lender has fat-fingered a lot of forms and had inaccurate math frequently, so I'm terrified some unknown is going to bite me in the ass after I've moved in. Thank you! [link] [comments]  |
| Best way to be alerted before property goes for sale? Posted: 01 Aug 2020 08:14 PM PDT Hi guys, I am slowly starting to look into some property in Palm Springs or Joshua Tree, for my first rental/airbnb. I am am open to Land or Land w/house. What's the best way for me to start the process and how can I be put on a list of some sort/ have a realtor alert me when things pop up? Thank you for the advice! [link] [comments]  |
| What are your thoughts on houses built in the early 2000s, specifically 2002? Posted: 02 Aug 2020 01:32 AM PDT I'm coming from a sturdy brick 1960s house with old growth wood looking at a real nice 2002 property in a better area. I'm in Washington state. Just don't know a lot about this era of construction. Any red flags ? [link] [comments]  |
| Posted: 01 Aug 2020 09:44 AM PDT To be more detailed, I bought my first house recently moving from out of state and I love it, I just would like to work for something bigger now that I have a better idea of some features to land or my home I would want. When I say not in a rush I mean I don't mind the time it would take for the Initial time until move in for a constricting a home I just am not sure if financially it makes more sense to just settle for a decent good bones house on a fantastic piece of land. Rather than try to buy the land first then figure building a house onto it I would want to spend around 200-250k for a home and land , or around 50k in land and 150k to build a house on it. Using fha construction loan. I would do a septic out there but use a public water line, and also run internet to the house , preferably fiber cable. Would there be two separate payments because of the land being a separate purchase? Such as taxes on that land and also taxes on the house. Would using a premade floor plan help keep the cost of the house down? I'm not trying to build a massive dream home crazy floor plan house. A 1500sq home with a basement. My questions may come off as silly, I am just trying to see what option I should be looking into over the next years , I would absolutely prefer to pick out land and build a house on it, but maybe I have the misconception that it is much more expensive to build a house and buy land. Maybe others with experience with this can give me a pointer [link] [comments]  |
| How does cutting in a new driveway work when you own a home? Posted: 02 Aug 2020 12:26 AM PDT Aside from the actual construction aspect of course, how does one get approvals for such things? Essentially we are looking at getting a corner lot house so we could bring our RV home for maintenance and storage and so far none of the properties we've seen have a second driveway into the property. I'd rather not bounce the RV up a curb and across grass, so how does one get a driveway paved the right (legal) way? I'd expect to pay for materials and labor for something like this and I'd imagine there's a permit or two involved but I can't imagine it's as simple as calling the City and requesting to put in a driveway from a public street into the back of a corner property? Any suggestions? Thank you for your advice. [link] [comments]  |
| cash out refinance vs HELOC vs home equity loan...using a simple example? (US) Posted: 01 Aug 2020 08:28 PM PDT could someone use a simple example let's say i owe $250k on a $300k home. How would each example TYPICALLy differ in all three cases, any regional implications to worry about? [link] [comments]  |
| How to price a portion of land to sale to a neighbor Posted: 01 Aug 2020 08:20 PM PDT Anyone have any ideas how to come up with a price for a portion of my lot of land that a neighbor wants to buy, the land value is 38k, the market value is 191k, full lots in the close proximity usually sale for around 200-300k but if i ever decided to sale my whole lot i believe i would only get around 150k(it's the biggest lot in the area but the house that resides on it is junk so would not really account for much value,) the amount of land we're discussing would be about 1/3 of my property, I'm trying to figure out how to come up with a fair price for him and myself. [link] [comments]  |
| Posted: 01 Aug 2020 11:56 PM PDT |
| The Advantage of small and local lender Posted: 01 Aug 2020 07:54 PM PDT I'm moving west coast to Midwest. Been approved US Bank. Due to sellers market it's been advised I get a recognized more local lender so my offer can stand out. Help me understand why this matters. From sellers perspective, I can see why cash is better and why conventional is better than FHA, but why does it matter what the lender is on a conventional? [link] [comments]  |
| Redfin says contingency but I haven’t heard a peep ? Posted: 01 Aug 2020 07:52 PM PDT I'm a buyer put in a big offer but I haven't heard anything neither than my agent but Redfin Changed. Is this usual or did I not get it [link] [comments]  |
| First time homebuyer - Need advise on re-writing an offer after the initial offer fell apart Posted: 01 Aug 2020 07:34 PM PDT Hi All - We are first time home buyers. We are looking for a house in a specific Neighbour hood with good school ratings for my 8 year old daughter and close to both my and my wife's work places since January' 2020. Most homes are sold in a week in this town. In February'2020, we liked a house which was in the market for 5 days. Our realtor asked us to go at asking price of 250K as similar house in move in condition(new roof, new windows, new HVAC) got sold for 240K across the street. Our offer of 250K was accepted. During home inspection several major items came up. HVAC system/boiler were not changed since the home was built in 1970 and can fail anytime ($15K estimate), floor was damaged by pet at multiple places ($3K for sanding and refinishing), Windows not working and leaking ($9K estimate for replacement) 7 large trees were damaged/infected and need to be taken down as they could fall on the house($15K estimate for taking down the trees and stomp removal), several other small items totaling an additional $10K in repair costs. All in all, the total estimate for getting the items addressed is $52K. The inspection and getting various estimates took a weeks time. Post inspection, we offered $210K and the deal fell apart. Now, the house is still not sold. It is on the market since February'2020. The asking price is reduced to $235K in June' 2020. We are thinking of rewriting offer once again. Could you please advise on the following items? 1. Given that we have repairs worth $52K and the house is on the market for 6 months, what would be a fair offer price? 2. Also, given the fact that so many things need to be fixed, should we continue to look for houses in better condition? 3. Is it even worth the time, effort and money to buy the house and get so many things fixed? Thank you ! [link] [comments]  |
| Posted: 01 Aug 2020 11:16 PM PDT |
| First time buyer, where do i start? will i even be considered? Posted: 01 Aug 2020 11:42 AM PDT Hello Everyone. I am a single dad raising three teens and apartment life sucks. I have been thinking about buying a house. My credit score is 750, I have about 9k in the bank and I make about 70k a year. My current rent is 1195, I own my car so my bills are pretty low. Ive only had credit for about 10 months, will this matter? I have been at my current position for 8 years so im hoping that gets considered. Should I wait or does anyone think I have a shot? [link] [comments]  |
| Posted: 01 Aug 2020 06:57 PM PDT Hi all, just looking for some advice. I'm in the middle of appraisal for a house and just got back the results. The home appraised for about 20k below my offer. Which was not a surprise to me considering it appraised for about the same as the initial asking price. What are the chances they come down to the appraised price? The sellers are in the middle of escrow on another house themselves. The home I'm purchasing is in Southern California. [link] [comments]  |
| What is the process to buying land on Redfin/Zillow? Posted: 01 Aug 2020 06:27 PM PDT I found a piece of land in a rural area that I want to buy on Redfin and contacted the real estate agent for more information on purchasing. As a newbie in the real estate world, what does the process look like when buying land? Can I negotiate? Do I need to get a real estate agent myself? I know the process is not like buying a home where you need to do inspections etc., so what are the comparable things I need to check for? Thank you! [link] [comments]  |
| My mortgage company had a tricky proposal involving a small second lien in texas Posted: 01 Aug 2020 04:11 PM PDT Hey reddit! I am trying to buy a house in one of the hottest markets in the country in Texas. I have solid income, but I decided to start looking earlier than I had originally planned. I just hate renting, and want a house with a workshop. Anyways because I opted to have a major surgery instead and paid that in full I have less than I want for the down payment. I with effort have gotten 5-7% cash for a down payment. There is a house, I will have to offer over asking and I expect I am not the most eager. But if I dont get this house next week there will be another in this area and price. I got 1-2 months so I am not tooo concerned, and can renew my lease if it doesn't work out. Before we get into it, I know someone is going to say I obviously cannot afford this, but without going into details lets just say the payments are no burden. My mortgage agent suggest that I get a second lien on the house, as due to the jumbo loan rules, I would not be able to meet the 10% requirements+. This seems questionable, and I want to make sure this isn't a scheme that would cost me my earnest money if they are incorrect. So I would take a my 5% down, and borrow more to make it a 20% down. She insists this wont be an issue with the title company, which is confusing as the repair for a septic was an unacceptable lien on the last house for the title company. The lien would be 15 years and be at 5%, talking maybe 15-20k, but it's not an issue to pay off fast. Removes the mortgage insurance as well. So is this legit, standard? It's confusing that she "brainstormed" for something that is, normal. I would be very upset if I lost 5k in earnest money. credit score like 770, the internet is not saying 5% on a jumbo in unacceptable, but with covid banks are being careful [link] [comments]  |
| Novice question: Does mortgage interest rate matter? Posted: 01 Aug 2020 10:07 PM PDT People around me are claiming that I should buy a home now because mortgage rate is so low. But, I'm not sure why I should decide based on that. I'm in bay area. Suppose I buy a home for $1M with 25% downpayment. Mortgage is $750k, which is within the mortgage tax deduction limit. So, no matter how much I pay for mortgage interest, it's offset when I file tax return, assuming I make more AGI than yearly mortgage payment, which I do. So, whether it's 3% or 5%, why does it matter? What am I missing? I rather feel the more important factor is the chance of home prices dropping in coming years, especially in urban areas due to rise of permanent work-from-home. -- Edits after understanding why it matters. Got it. So, mortgage tax deduction just reduces my tax payment for interest payment * income tax rate. 70% of the difference between 3% and 5% interest is still on me! Thanks guys. This novice misunderstanding is a proof of how far I am from actually buying a home; haven't even started basic investigation. [link] [comments]  |
| Buying occupied Duplex in CA - can I move in? Posted: 01 Aug 2020 03:52 PM PDT This duplex popped up in the perfect neighborhood of Bay Area, the first of its kind in over 10 years to be listed. There were bad photos and incorrect listing information, so I was able to see it first and make an offer before anyone else! Here's the catch... My offer is 100k below asking price with contingency that one of the units be vacant so I can move in - she said NO due to contingency, not price. Apparently the seller is acting weird and just not wanting to deal with asking this guy to leave / evicting him. He's got a lot of guns, taxidermy, dirt bikes, etc. and scares her. My question is - given I won't see an opportunity like this again in this area, should I proceed with buying the duplex at a fantastic price? His lease is month-to-month so I can give him 30-day notice, potentially offer cash-for-keys, or wait until courts are open to evict him (uncertain of when this will be). However it's unclear on how long this will take or what it will cost. Apparently it plays in my favor that I want to move in to the property myself rather than evict him for a new tenant? Thank you in advance for taking the time and for any ideas! Note: Yes, I am working with a good agent + lawyer to find out my options; I simply wanted to bounce the ideas around here to see if there's any new perspectives. [link] [comments]  |
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