Closed on our first home today! Real Estate |
- Closed on our first home today!
- Supposed to close tomorrow. Buyer is being a nitpicky dickhole.
- Confession time: Home sellers of reddit what's something you "forgot" to point out on a house you sold? (I.e. crazy neighbors, loud planes flying over, etc.)
- TIFU by not locking at 2.875% with $3,500 refund. AMA.
- Some common first time homebuyer mortgage mistakes
- Suggestions for buying property in Turin?
- Lender slipped and lost owner's money, and got my mortgage loan denied
- How much does an engineer report help in selling my property?
- Are our buyers being unreasonable?
- What is a realestate agents responsibilities?
- Phx, AZ Buyers- what are you seeing? Multiple offers? Getting Outbid? Slowing down?
- Things Ive Learned from House Shopping.
- TIC Properties
- Unsolicited phone calls from "cash buyer"
- How do you evaluate a property like this?
- Capital gains tax on home sale
- Outlook for the Next 6-8 Months (NJ to AZ)
- First time VA home loan
- First-time homebuyers and first offer didn’t work out. Bummed.
- Dilemma about paint color - does it affect the appraisal much?
- Hard money pros and cons?
- Paying back mom for down payment
- Rent or sell
- If someone just bought a home but they want to sell it because they would make a huge profit can they?
| Closed on our first home today! Posted: 13 Aug 2020 08:08 PM PDT We did it. Finally closed on our first home. [link] [comments]  |
| Supposed to close tomorrow. Buyer is being a nitpicky dickhole. Posted: 13 Aug 2020 12:28 PM PDT So we're selling our home, and the buyer came back with a laundry list of things. Most of it was really minor (a $20 roof jack here, a $15 flue for the water heater there). We rejected the majority of the list and only agreed to fix things that posed a danger or were major — wiring in the attic wasn't covered and some of it wasn't up to code, etc. He looked at our list of proposed fixes and agreed to it. He signed off on it. We're supposed to close on Friday, and yesterday he came back with a list of things he needs fixed before he "feels comfortable" closing. All of it is minor or nitpicky — and these were items both parties agreed we weren't fixing initially. Is this common? I feel like he's nickel and dime-ing us at this point. Our real estate agent should have immediately rejected this malarkey. Time to walk away? It feels like he's trying to extort us when he has zero leverage in this market. [link] [comments]  |
| Posted: 13 Aug 2020 07:16 PM PDT |
| TIFU by not locking at 2.875% with $3,500 refund. AMA. Posted: 13 Aug 2020 04:32 PM PDT |
| Some common first time homebuyer mortgage mistakes Posted: 13 Aug 2020 05:40 AM PDT This is by no means an all inclusive list and is purely based on my experience writing and processing mortgages for first time home buyers. Feel free to add additional, as a lot of the questions in this sub seem to cover the same mistakes:
These are just a few, what others can people think of? [link] [comments]  |
| Suggestions for buying property in Turin? Posted: 13 Aug 2020 05:42 PM PDT I am looking to buy my first property. I live in New York but have EU citizenship and would love to purchase something in Europe to live in periodically but also rent out as an AirBnB. I have a budget of 250.000 EUR, and would like to buy in a major city (preferably with a metro), but that is not going to take me far in a city like Paris or even Madrid. I am considering Turin - I have not had the chance to visit yet but the real estate prices seem reasonable, the city is a good size (and has a metro), and it has that classic European charm I desire. Are there any pitfalls I should be wary of? [link] [comments]  |
| Lender slipped and lost owner's money, and got my mortgage loan denied Posted: 13 Aug 2020 04:27 PM PDT I'm going to try and summarize this as shortly as possible lol. So for the last year I had been renting a house and thr lease was up August 1st. My grandma offered to sell me her house for less than market value, and I love this house so I couldn't pass it up. We started the process towards the end of June so it was really crunch time for all parties as we had to be out end of July. I made it very well and clear to lender, underwriter, bank, etc that the seller was my paternal grandmother. From the very beginning. I was eligible for an FHA loan, and got all the way to nearly the end of the entire process, and was headed to the next step after underwriting. Soooooo much back and forth paperwork and documents and being as mindful with getting all my stuff in ASAP. Almost a month ago now, my grandma had to pay for the appraisal. The report came back and said they needed to add insulation to remind attic to meet FHA guidelines. Okay, cool, no biggie, but obviously wasn't a cheap repair. Mind you, we had to move into the house before closing because the lease was up August first and we hadn't closed yet. So we moved in the day after the appraisal and got nice and settled in since then. A week ago he said that the appraiser told him the house was vacant, and asked me how long it had been, so I told him 2 years.) A couple days ago, he tells me the loan was denied due to the property being vacant for more than 60 days. (My grandma bought a new house about 2 years ago because she needed a 1 level because she's.....well, old!) Why wasn't this question asked in the very beginning? Then I ask him to show me a link of that info because I was confused about everything. He sends me a link that also has to do with us being family members. He didn't mention that that was a factor. So he said that I will have to rent from my grandma for 6 months, and we will have to start the whole process over again. -____- So my grandma wasted money on attorney fees, and the appraisal, because the appraisal only lasts 4 months, and will have to be done again January or February. How did the lender not know any of this from the beginning? I got no apology for this mess up, and he did not hold himself accountable AT ALL. We are so frustrated and confused. But my grandma and I made an agreement and wrote up a lease for 6-8 months. Is this not absolutely ridiculous or is this common?? [link] [comments]  |
| How much does an engineer report help in selling my property? Posted: 13 Aug 2020 11:18 PM PDT Long story short had water in crawl space and 4 years later and many contractors later and many thousands of dollars later as well as employing a civil and structural engineer I completed repairs on a curtain drain, new gutters, and new downspouts. I had a final visit from the engineer and he wrote in his report the conditions on his visit years ago vs the conditions now and states that with continued normal home maintenance the home should continue to perform as expected and no further repairs are required at this time. I spoke to him as well and he said he didn't see any mold in the crawl spaxe. The foundation has always been in good shape. The house has been standing since 1962 and I might be the first owner to tackle these problems but it Seems there was really never enough water to cause an actual issue with mold or wood deterioration based on my talk with both engineers but they both agreed during very heavy rains localized water puddles may form but based on the performance of the house to this point there's no need to install a pump. Unfortunately during my curtain drain install the contractor struck a small section of the sewer between two bells but he replaced the small section and wrote a 3 year warranty on that repair. Redid all the landscaping added gravel Walkway and bender board borders around plantings grading yard properly. Reconnected downspout to daylight to curbside by restoring drain connection. Anyways, my main question is my realtor seems to think this won't be an issue and we should just publish the letter up front with all receipts of repairs and seems to think there won't be any issues getting the house sold or me getting murdered during negotiations. Does any other realtor have an experience working with a seller like me? What should I expect during negotiations. During my time here I also put in a brand new furnace, AC, kept both maintenanced, new water line to fridge that didn't exist before with a licensed plumber, garbage disposal. The house has all new electric and plumbing put in 5 years ago when I bought it and it had a newer roof back then too. Updated kitchen appliances and granite as well as updated bathrooms. New kitchenaide fridge and Washing machine and swapped the outlet for lint. There was a roof leak very briefly but we fixed it quickly and replaced a wood soffit that got wet and repaired the drywall and repainted hasn't had issues since. Was just some missing flashing. I also plan on doing some paint touch ups and swapping some carpet. I've put my life and soul into this house and it's drained me. I'm just worried a buyer is gonna try to put me through the ringer since that engineer report and prior defects will be there. I'm gonna be in a tough spot to get this house off my hands carrying two mortgages for a bit since I need to buy a house first and I'm currently under contract. Feeling really stressed. It willl break my heart if after all this work I'm taken to school buy a buyer during inspection. I'm in a seller market in Washington states [link] [comments]  |
| Are our buyers being unreasonable? Posted: 13 Aug 2020 05:07 PM PDT Today was the last day of our inspection term. Our buyers got back to us asking us to fix everything on the inspection including a few minor cosmetic things on a 10+ year old house. They also are requesting a $500 credit and our $5,000 safe with no compensation to us. This feels very out of the blue. Is it normal for buyers to do this? What happens if we do not agree to these terms, is it likely that they will back out entirely? They offered us $15,000 under asking and we took it without a counter. I'm feeling as if we should have tried to push them up $5,000 just to compensate for what they're asking for now. [link] [comments]  |
| What is a realestate agents responsibilities? Posted: 13 Aug 2020 10:46 PM PDT I'm a first time buyer. I don't know shit about houses or buying a house. I've lived in apartments all my life. I found a realtor that didn't feel like a used car salesman. However, when I ask her opinion on a house, she deflects by saying; what do you think? It doesn't matter what I think. I don't know shit. She's the one with 20 years of experience. I told her that I'm not materialistic and just want a house for financial reasons. Meaning, Im not trying to fall in love with a house, I just don't want to buy a money pit. However I'm getting almost no feed back from her. It's like all she does is open the doors. Am I expecting too much? Is this normal? Should I get a new realtor? [link] [comments]  |
| Phx, AZ Buyers- what are you seeing? Multiple offers? Getting Outbid? Slowing down? Posted: 13 Aug 2020 10:03 PM PDT Just trying to get a better understanding of the PHX market. What's your price range? What part of the valley? Still needing to waive contingencies? [link] [comments]  |
| Things Ive Learned from House Shopping. Posted: 13 Aug 2020 07:01 PM PDT I've been actively shopping and now have my commitment letter. I bought my first house 7 years ago and rushed it. I was a moron. I didnt want tk make all rhe same mistajes. Maybe this will help people, I'm not sure. Some of it is ranting/venting. More of an atypical list. I skipped the find a trusted realtor and financial stuff. People covered that a lot.
Thats all I can think of for now. Have a good night all. [link] [comments]  |
| Posted: 13 Aug 2020 07:25 PM PDT Would love to hear anyones experience with tenancy in common properties as buyers/sellers/investors. They're starting to pop up in my market (LA) and I have read a lot about them but interested in hearing any first hand stories, especially having to do with appreciation. [link] [comments]  |
| Unsolicited phone calls from "cash buyer" Posted: 13 Aug 2020 01:41 PM PDT For the last several months I've been getting phone calls and texts from out of state "cash buyers" looking to buy a home that I am in no way associated with. I assume it's a foreclosure or delinquent in some way. How do I get my number removed from what ever service they are using? The property is in Delray Beach FL. I'm happy to post the address if it helps. [link] [comments]  |
| How do you evaluate a property like this? Posted: 13 Aug 2020 05:51 PM PDT Hi, I saw this on zillow. https://www.zillow.com/homedetails/4-Echo-Trl-Monroe-NY-10950/31802249_zpid/ How do you even begin to evaluate a property like that? On Zillow it says it was sold in 2019. Is there any way of finding old real estate postings to see photos from when it was put up then? [link] [comments]  |
| Capital gains tax on home sale Posted: 14 Aug 2020 01:57 AM PDT Not sure if this is the proper place to post but anyway, purchased a home from in-laws at a "family discount" price March of this year, in North Carolina if that matters at all and now due to work relocation am having to move about 100 miles away. The house is worth significantly more than what we owe on the mortgage and is now under contract. We don't want to save all of the proceeds left over after current mortgage is paid off, but rather use it for down payment on the new home loan sticking some of it back in savings. The best I can understand is that a home sold in less than 1 year of ownership is subject to a high tax hit but there are ways to be "exempt" from certain amounts depending on different factors etc. I also don't know whether it being sold due to work relocation helps me or not or if the funds being put towards a new home purchase will exempt it or not. Thanks for any advice [link] [comments]  |
| Outlook for the Next 6-8 Months (NJ to AZ) Posted: 13 Aug 2020 05:29 PM PDT I live in NJ right now, and am thinking of making a move to Phoenix, sometime early next year (March/April). I'd be selling a 2 bedroom townhouse, and buying a house in the low 300s range. What does everyone think of the outlook in the next 8 months. Will prices in NJ and Phoenix remain close to where they are, or do you think we'll see a surge in pricing? What's everyone's thoughts? And any other tips to prepare for this? [link] [comments]  |
| Posted: 13 Aug 2020 05:17 PM PDT I am a 100% disabled veteran who wants to use my benefits. I want a 15yr fix at a max of 200,000 loan. I'm exempt to the funding fee and property taxes in TN. Now, I'm extremely scared of getting screwed over by the lender. My real estate agent also helped my benefits when I seperated the military so I know that they have my interests in mind but also have to make money. Can y'all please help me through the process and make sure I'm not getting taken advantage of? [link] [comments]  |
| First-time homebuyers and first offer didn’t work out. Bummed. Posted: 13 Aug 2020 06:22 PM PDT We thought we found the perfect home that checked off all our boxes. Made an offer at asking price that was immediately accepted. Upon inspection it was discovered that the siding of the house was likely a defective brand of cement siding that is involved in a class action lawsuit. This type of siding prematurely shrinks causing gaps and cracks and thus water damage. The owners already replaced one side of the house but did not disclose to us that this was a problem. We could not get a competent siding expert out there in time to look at it since people are buying houses and repairing their homes in a frenzy in our area currently. The sellers offered a company for the inspection but it seemed fishy because they were from out of town and mostly did commercial construction. A little facebook stalking reveals the owner of the construction company is the seller's cousin. Now at this point we are feeling suspicious of these sellers. The siding expert we were able to get out couldn't give us a very specific evaluation of the damage. If it is defective then it'll cost 20-30k to replace it on the whole house. He didn't seem worried about wood rot but there really is no way to tell at this point. The sellers broker made it clear they will not be replacing the siding and this is just not an expense we are willing to deal with as first time home buyers. Furthermore we learned from the sellers broker that the cousin was the one that did the repair on the fixed side of the house and also repainted the house among other things. The whole thing is just shady. On top of that the HVAC was corroded and either needed repairs or replacement due to improper maintenance. The filter needed to be replaced for gods sake. Why wouldn't you do that before an inspection? Of course there were other smaller issues we would be willing to deal with but the siding issue really killed the deal. Anyway, we are super bummed and continuing our search. Thanks for reading my sad story. [link] [comments]  |
| Dilemma about paint color - does it affect the appraisal much? Posted: 13 Aug 2020 03:30 PM PDT This is a pretty boring question but I'd love some opinions. Background info: I just bought a duplex that we will eventually rent out full time, after living in one unit for at least a year. We got a great rate on it but the PMI is a killer so we want to refinance for a conventional loan in a couple years. The property hasn't been kept up over the years, so we are hoping that some basic upgrades will make a difference in the appraisal later on. The issue: Right now the exterior of the property is a pale yellow/white and it just looks awful because it's been so long since it's been cleaned and painted. Any paint job will be an improvement. Initially we planned on painting all the houses in our portfolio the same colors so we can use the same paint for touch ups, but I want to deviate on this one (and if it looks great, just make this one the new template for all future paint jobs). The color of our other properties is a pale yellow with dark green trim. It's neutral, and looks fine, but I think it's not that appealing. I guess I should mention that I'm a woman and all my business partners are men. I came in after they had established paint colors and I would have picked different colors initially if I had been part of that discussion. This property is in a quirkier area, where houses are painted lots of different (tasteful) colors. I want to paint this new property a blue/gray color with white trim and red or yellow doors. I've driven around looking at all the nicest houses in the area and the ones with a similar color scheme to this all look great, and I think it will hide dirt really well over time. My business partner is skeptical because we haven't used a blue paint before and we have already lined up painters to come next week (so there isn't much time to try out different colors). He is afraid that the color will turn out differently than we want and it'll be an expensive mistake. Personally, I think green trim was a mistake but I understand wanting a really neutral color. He thinks blue paint won't help us in an appraisal. Can I get some outside opinions on this and if anyone has insight on how much weight the paint color has in an appraisal? I think if it's new paint it'll be better no matter what. My other thought with this is that it's going to be difficult to get good renters for awhile because of the current situation and I'm hoping that having a lot of curb appeal will make potential renters like it, before even seeing the inside. Especially in a market where there's a lot of cute and quirky houses for rent, I think it would be wise to try to fit in with the neighborhood in that sense. What do you think? Edit to add pictures and clarify that I'm asking about exterior paint color: Here's a picture of one of our other rentals, with the green trim This is what I'd like to do for the new property: blue house with white trim [link] [comments]  |
| Posted: 13 Aug 2020 02:01 PM PDT I have 600k in capital and Im thinking of doing some flips. I have 2 crews of 4 people each that can do the repairs at very good prices Ive used them before on my rentals. Im thinking of using hard money lenders Ive recently found one that charges 3% origination fee and 9% annual interest . For a property I saw today its 50k and needs 55k in rehab the ARV will be 190k. Potential profit of 65k after all fees said and done. The rehab would take 6-8 weeks for my crew. I would take out 100k for purchase and rehab with 10k down payment. Most likely with a 6 month timeframe to sell I'd pay 10k in fees total. Looks really well for me to turn a 10k investment into 60k profit. What are the negatives im missing for hard money deals? I can refinance with a regular bank if needed in case I couldn't sell the property so I can turn it into a rental. My full time job is owning and managing 47 sfh rentals at the moment. The same lender also offers 30 year rental mortgages under my llc with 6.5 interest and 3% origination which is high but not horrible for an llc deal. What are the risks I Should know of? Thanks for any help or advice hopefully my post made sense im on my phone and just want to be precautious. Up until now Ive been working with big banks and some credit unions. Hard money by comparison is extremely easy to qualify for which worries me. They just wanted a report of my credit report showing my score. A list of my properties with rental profit per month. No taxes and no proof of income since its asset based loans. [link] [comments]  |
| Paying back mom for down payment Posted: 13 Aug 2020 07:31 PM PDT So this might get complicated and I'm not entirely sure this is the correct place to post this. I bought my house 5 months ago with a $100,000 down payment "gift" from my mom (which was from my grandpa's estate when he died last July) and my mom says it's basically like I'm getting my inheritance early. I have a $140,000 mortgage for the remainder. My relationship with my parents has recently become very strained (my siblings are also feuding with my parents) and I want to find a way to not have to owe my mom because I don't think this conflict will be resolved (at least not easily). I'm currently in grad school (and work full-time) and I graduate in May. When I get a job in my degree field (GIS), my income could easily increase by $20,000-$30,000. I currently make about $45,000. In the future, is there a way to refinance my mortgage so I don't have that $100,000 "gift" from my mom hanging over my head? Would it be easier/make more sense to just buy a new house when I'm financially able to fully cover the mortgage without the down payment from my mom? [link] [comments]  |
| Posted: 13 Aug 2020 07:30 PM PDT I recently bought and moved into a 250k house. I have not sold my old house yet, which is a 150k starter home. The newer house is just a little more fancy in about every way. If I sell the old house, I will make a 30-35k profit, and it is paid off. Rent would get me about 1k per month. Wondering if I should rent the starter home or sell. New house is not paid off ... only 20% down. Both houses are in the same city in the Midwest. If I did rent, it would be my first rental. I worry renting will be a huge headache. But I also worry that cash I would get from selling is just going to get inflated upon really fast with the current economy. [link] [comments]  |
| Posted: 13 Aug 2020 11:14 PM PDT My cousin just bought a home (fha) and would like to sell it because when he bought it the price was 150k and he can easily sell it now for probably 200k due to a surge of people moving in the area - realtors have told him it's sort of a no brainer to just sell... but is he allowed to do that with an FHA? [link] [comments]  |
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