First time buyers remorse, my experience & naivety Real Estate |
- First time buyers remorse, my experience & naivety
- Buyers backing out less than 24 hours before closing. In search of some guidance.
- Anyone here have experience buying a new home in a different state? How was your experience? Recommendations? Do’s and Don’ts? I’m here for horror stories but also, hopefully, happy stories.
- Pay for sewer line scope?
- Not sure if this is the right sub. First time homebuyer; new construction home. What is the protocol for communicating with the foreman about issues with the house?
- Real Estate agent has found out how much I was pre-approved for. Since then has been pushing places with higher listing prices.
- MAJOR undisclosed septic issues on new house, where to go next
- (MI) Received Down Payment Assistance May 2019, now may be moving out of state
- Paranormal Guarantees or Disclosures to Buyers
- First time home buyer. Where do I even start?
- My Buyers want to back out of Tenant occupied home
- In Which country and which city I can purchase a beachside home for the cheapest?
- After taking a round of offers, seller decided to delist
- Buying our first home in a potential future flood zone
- Mortgage Interest Rates?
- First Time Buyer: Found a house I like but needs work, should I make an offer?
- New Home Build - Deposit Required
- How realistic is moving out of the city to remote work?
- The price of homes in HOA communities/builder in the beginning, during, and after construction?
- Pending VS. Pending continue to show
- Unemployment question
- How would the ending of eviction bans affect real estate and rental prices in LA & Orange counties?
- Neighbor has chirping/annoying birds
- Buying a house without realtor!?
- Zillow application to rent a home approved. Can't tour it until September. What happens now?
| First time buyers remorse, my experience & naivety Posted: 02 Aug 2020 01:44 PM PDT Figured I'd post something about my experience, maybe it'll help someone else or I can get some advice out of it. I was recently put in a position where I had about 6 weeks to find a new place to live. I couldn't find a new place to rent that wasn't outrageously priced or a complete dump, and I had enough savings so I figured I'd look into buying a house. It made sense, I have no debt, my money wasn't invested in anything, and I'm going to be in this state for another 3-5 years minimum. I set a budget for myself and tried to keep in mind that I'm not looking for my forever home. I found a realtor who had great reviews online for "first time home buyers". I was on a time restraint and first impressions with him were good, but I had no idea what I was getting myself into and I didn't know the market or how things work. I get the spiel how hot the market is, how every house has multiple offers, going way above asking, he's never seen it like this in 40+ years. Tells me I'm going to have to increase my budget by 100-175k (still affordable). We look at a bunch of houses, nothing I really like or want to get into a bidding war over. Finally a house gets posted that has potential. I text him, and we get the first showing since listed. Great neighborhood, I liked the house, but I wasn't in love with it. Very outdated, 21 year old AC, 20 year old furnace with a lot of cosmetic issues, but everything was working and well taken care of. The entire time he was pressuring me, this is the one, this is it, houses never go for sale in this neighborhood etc. Tells me I have to put in an extremely competitive offer within the hour as they have multiple showings tonight. Recommends I skip all contingencies, he's been in enough houses to know a solid house when he sees one. Being skeptical and having to argue with him a bit, I tell him I want a house inspection for sure. I make an offer way above asking with the price that he recommends. My gut didn't think the house was worth it, especially with the potential AC/furnace replacement. But I was pretty convinced that this is just how the market is right now. He sends me over the offer and first red flag was the seller requesting 14 days possession after closing. I question it, and he says it's extremely common in this market, and he actually "negotiated" it down from 30 days knowing my situation. I reluctantly sign, assuming it is what it is, not knowing the legal or financial complications. The offer gets accepted by the end of the night. Realtors attitude towards me pretty much changed the day after. I still had a lot of questions and needed guidance. It went from getting calls/texts multiple times a day to maybe an answer 2-4 days later, and me having to ask the same thing every other day just to try to get a response. Inspection goes fine, no issues besides what I knew. House appraises for 2k above my offer. Everything was moving so fast. I ask when I'm going to be able to get my final walk through closing. 2 days later and re-asking, he tells me there is no point. All their stuff is still in the house, it will look the exact same as it did when I was there for the inspection. Tells me final walk throughs are only for repairs requested. I start researching online more about possession after closing. I realize the position I'm in now, where the realtor didn't protect me at all. I should have hired an attorney, but hindsight is 20/20. There's nothing in my offer about rent-back, lease-back, security deposit or anything. Nothing about what happens if they're still there after 14 days. They just live rent free in my house for 2 weeks and any damages after closing I'm responsible for. I closed on Thursday and I still have no information about the sellers or their situation. I have reached out multiple times to my realtor, and every time I've been told "he'll find out" . Fed up, I contacted the sellers agent, and she told me she does not hand out any of her clients information. She said she'll pass my contact information to them, but I haven't heard anything. I started looking online to see what all the other houses sold for I looked at that had "multiple offers" and "bidding wars". Only 1 was above asking, the rest right at asking or under. Whole process has definitely made me feel like an idiot. Feel like I let myself get bent over and screwed hard. Sellers got everything and then some, and can't even spare 2 minutes to talk to me on the phone. TLDR: Closed on a house and I have nothing to show for it. Watch out for possession after closing. EDIT: Thanks everyone for the advice and kind words. I learned a lot about the process and I was just far too trusting of my realtor. I was too timid and accepted whatever answer I was given assuming he had my best interests in mind, even if it seemed wrong. I was very naive. I think how hot the market is right now (houses being sold within hours) played a big factor too. I wasn't able to properly research everything and having to make such a large financial decision in a short time was overwhelming. It was easy to rationalize putting my trust in somebody else. This isn't a PSA that all realtors are bad, but definitely be wary. Especially as a first time buyer. Looking back on it, there were some red flags I should have caught and he preyed upon my situation. [link] [comments]  |
| Buyers backing out less than 24 hours before closing. In search of some guidance. Posted: 02 Aug 2020 02:09 PM PDT So we have been under contract since the end of May with an understanding that the buyer wants a closing date of July 31st, 2020. Ok, fine. During this time the buyer has asked for multiple things, such as being able to bring some plants over mid July from their current home and plant them in our yard, to which we said ok...this is just one example of so many questions and requests. We found a rental house and made sure that we were out of the house before July 31st. Fast-forward to July 29th and the buyer asked if we could push the closing to August 3rd. Trying to be accommodating we said yes, but we had to sign closing papers that had to be overnighted to use since we would not be present at closing and we had less than 24 hours to get the papers signed, notarized and sent back. So we scrambled at got this done. The bank said we are cleared to close and everything is all set up. We received a phone call from our realtor saying he was informed by an attorney that the buyer is looking to back out...Money has been transferred already and papers on our end have been signed and received by the title company. Though I believe we don't really have much that we can do, I am just seeing what, if any, options we have. [link] [comments]  |
| Posted: 02 Aug 2020 03:25 PM PDT |
| Posted: 02 Aug 2020 04:43 AM PDT I am selling an older home that has shown no issues with plumbing, other than age. Our buyers had their inspection and as part of repairs they want all the plumbing lines scoped. The way I see it, nothing on their inspection pointed to a plumbing problem so I don't know why I'd pay for a survey that doesn't benefit me at best and could lead to major renovation costs or forced seller disclosure at worst. Was this not the responsibility of the buyers to perform, if they so wished, during the inspection phase? Is there any reason we should consider having this scope performed on our dime? Thanks! [link] [comments]  |
| Posted: 03 Aug 2020 12:58 AM PDT First time homebuyer. I purchased a new build home in Feb and I'm finally closing at the end of Sept. Whenever I notice things that are wrong, I text it to the foreman. This last time he said he'd get to them but that he's very busy. Should I be texting him problems that I see throughout the process or should I wait until the final walk through? [link] [comments]  |
| Posted: 02 Aug 2020 11:26 PM PDT Is this normal? Ever since this individual has found out my number it's been nothing but pushing to put an offer on this condo that is a lot higher than my original price limit. [link] [comments]  |
| MAJOR undisclosed septic issues on new house, where to go next Posted: 02 Aug 2020 06:47 PM PDT Major undisclosed septic issues with new home, do we have a case? Hello! So my husband and I just closed on a new home in July. We of course got an inspection and everything seemed ok. We asked for them to fix a few minor things. Sellers disclosure did not list any active issues with the septic system. Almost as soon as we moved in, we had issues with water backing up into the toilet and bathtub in our one bathroom. We had a plumber come, he snaked it, but the issue came back right away. Now a few weeks later, we have sewage coming in from a drain in our basement. My husband started digging around the septic tank today and found out that it's in pretty crappy shape. Multiple neighbors came by while he was digging and said that the previous owners had many ongoing septic tank issues. One neighbor even said the issue was so bad, the previous owners didn't even do laundry at the house. They had the service tank pumped right before closing so we are thinking that they hoped that would put a bandaid on the issue. None of this was disclosed to us and now we are stuck with a horribly expensive house that we can't even use the plumbing system in and a potential new septic tank purchase. What's the best route to go here? Do we have an actual case to peruse or is it just bad luck? Our realtor basically said we need to either contact the seller ourselves and attempt to resolve the issue or contact a lawyer. The realtor isn't willing to get involved any further at this point [link] [comments]  |
| (MI) Received Down Payment Assistance May 2019, now may be moving out of state Posted: 02 Aug 2020 08:16 PM PDT I need some help. Here's what happened: I applied for and received $15,000 in the form of a DPA loan. $3,000 is forgiven every year for the first 5 years. I moved in May 2019 and now may have to sell/rent to move out of the state. House value is $55k and balance owed is $32k. There is a chance I will have to pay a recapture tax if I sell before 9 years. (How do I calculate that?) There is a chance that if I rent it out, and the agency finds out, the balance of the loan will be due, or the whole balance of the loan and mortgage will be due. I can't figure out which. My mortgage payment is $301, and I could rent it for $800 easily. A property management company I found charges 10%/monthly. I can't figure out if I will lose money if I sell, or break even. I would rather keep it as a rental, but not on the chance that I would have to repay the balance with very short notice or face foreclosure. Suggestions? Thanks in advance [link] [comments]  |
| Paranormal Guarantees or Disclosures to Buyers Posted: 02 Aug 2020 06:25 PM PDT I fully acknowledge that this sounds like a stupid question, but I need to ask a group of strangers with backgrounds in real estate. Is there such a thing as paranormal guarantees/disclosures for buying an old home (>75 years old)? How does a buyer protect themselves from buying a haunted house? I'm in SE Minnesota. I'm thinking about buying an acreage. The problem is that all of the homes with a few acres in my price range are very old (>75 years old). I think one home had an old 'butcher's shower' in the basement from being a prior farm home. I am a fan of 'ghost stories' and they sometimes start out with 'I got this really great deal on this old home.' I'm not afraid of ghosts but I do have small kids that might be frightened. If I sink my life savings into a home, then I'm not going to be pushed around by ghosts. A buyer's realtor wouldn't disclosure 'urban legends' with ghost stories. Right? My state (Minnesota) gives loose guidance on disclosures - https://www.revisor.mn.gov/statutes/cite/513.55. [link] [comments]  |
| First time home buyer. Where do I even start? Posted: 02 Aug 2020 06:20 PM PDT Currently renting, I have a decent job, excellent credit. I wanna start the process of buying a house. Where do I even start? [link] [comments]  |
| My Buyers want to back out of Tenant occupied home Posted: 02 Aug 2020 05:56 PM PDT Buyers reached out to me and wanted to find a second home in Lake Tahoe under a million. They reach out to me on a townhome I had sent to them earlier in the day. I find out it's tenant occupied and we are unable to view the inside due to covid rules. I explained that once we got an accepted offer then at that point we could try to work something out with the Seller (who is also the owner) to get inside. Seller tells me it won't be a problem and that he just needs to clear it with the tenants first. So, we move forward with the offer and it's accepted. My clients ask if they can view the unit the next day at 1:30 and it's approved. Then my clients say they're running late and can't make it til 2:30. I tell them I will have to clear it with the seller and he will have to clear it with the tenants. I never received a response from the seller and I let me clients know this and told them we can't just show up on their doorstep I need approval first. My clients then tell me they can't buy a home without seeing it first and want to cancel the contract (they drive from Fremont California to North Tahoe). I feel like they knew all along about the tenant rules and for them to make a last minute change of time screwed up everything. Are they in breach of contract and if not what do I put on the cancellation instructions for the reason they're backing out ? Seller will not be happy as I told them my clients were solid. [link] [comments]  |
| In Which country and which city I can purchase a beachside home for the cheapest? Posted: 03 Aug 2020 12:31 AM PDT |
| After taking a round of offers, seller decided to delist Posted: 03 Aug 2020 12:14 AM PDT I toured a home this past weekend. It was nice. The original offer review date was Wednesday so I was not in a hurry. Then later Sunday afternoon, my agent told me that seller has already received multiple offers over the listing price, and decided to review offers on Sunday night. I than called my lender (who is really nice and professional) and we were able to get an preapproval letter which is 100k+ more than the listing price, and my agent helped me sending in our offer. Later my agent told me that seller has received a few more offers, though ours are at the top tier, the seller is not willing to sell unless we increase by another 20k. I think this might be an endless nightmare so I backed out. A few minutes later, the seller sent an email to us saying he is considering delisting and relisting the property with 30k more than our offered price. I understand that sellers wish to get a better price. But I feel this is not the proper way to get there. At least not the moral way, right? [link] [comments]  |
| Buying our first home in a potential future flood zone Posted: 02 Aug 2020 08:20 PM PDT Hi all, My fiance and I have been looking at Massachusetts houses for the past month and are hoping to purchase our first home soon. We found a new house (build in 2017) that we really like in the suburbs of Boston, but it seems to be near a flood zone. According to the 2014 FEMA flood maps, it is out of the flood zone, but it seems to be getting surrounded by blue AE zones. Also, on realotor.com it points out that this property is an 8/10 'severe' flood factor, according to new data on floodfactor.com. I think its kind of odd that it calls this out right on the listing..but whatever. We love the house, and only have until tomorrow to make an offer, but is this a red flag? We'd just want the home value to stay strong, and of course, not deal with any flooding. Thanks everyone. [link] [comments]  |
| Posted: 02 Aug 2020 08:00 PM PDT It seems like 30 yr mortgage interest rates have fallen to 3.5% from 4.5% or so. Do you think it'll drop down further in 2021/22? Or will it go up? Would it be smarter to buy a house then rather than right now? [link] [comments]  |
| First Time Buyer: Found a house I like but needs work, should I make an offer? Posted: 02 Aug 2020 11:19 PM PDT So I just started looking for houses after getting pre-approved. 2 days in and I already found a place I like: checks all the main boxes, but seems like there is water/flood damage to the floors. The house is not huge but I'm thinking worst case I might need to spend $10k on repairs/renovations if I take this place. It is in a nice neighborhood, and they say buy the worst house in the best neighborhood so I think this would be it, but I only just started looking this week. Should I wait and see if other nice houses pop up or should I make an offer here? I'm in california so the house prices are really high and houses are going off the market in around a week or so. I feel like if I don't make an offer now it will be snatched up. but it feels weird finding a place so fast. also is the inspection prior to house, is that out of pocket? if they find some issues and the seller doesn't agree to fix it, what do i do? do i absorb the cost and buy it anyways? [link] [comments]  |
| New Home Build - Deposit Required Posted: 02 Aug 2020 07:26 PM PDT We are looking into building a new home from a developer. They have quoted us a $500 earnest deposit to save our place in line and then 5% of sales price upon plan approval. What are our best options to come up with the 5% of sales price upon plan approval? We have nearly 75k equity in our current home. We love the plans from this reputable builder but kind of caught off guard by this high down payment required. I've seen other builders requiring $5,000 at the start and financing at the very end which was much more appealing and kind of what led us down this new building path. Are these deposits negotiable? We have a pre-approval letter for $50k more than the approximate price of the new build. Any ideas or suggestions are greatly appreciated! [link] [comments]  |
| How realistic is moving out of the city to remote work? Posted: 02 Aug 2020 03:15 PM PDT So extremely high housing prices in the big city aren't a new thing and the consensus seems to be that they won't be falling (much) despite the recession. A common suggestion for struggling renters/ first time buyers online is to just move away from the city, especially as remote working may be here to stay. Looking at the housing market here in the DC metro area where even a 3 bedroom dump not renovated since the 70s costs half a million dollars, it definitely sounds tempting as both mine and my husband's job can be done remotely... But I'm wondering how realistic it really is to make that move. We don't have any family or friends here so that's not an issue but we moved here from a rural village in Germany and the main issue there was a lack of high speed internet. Is there any reliable data to check beforehand if the region you're looking at has fiber at all? Satellite may be enough to work but the connection we had in Germany was not really fast enough for skype and definitely not for gaming. Also would it be smarter to move into a small town or rather look at proper rural areas (maybe still around a larger city)? Truth be told, we're barely keeping up with yard work as it is so not really looking for a larger property, let alone a farm, just a cheaper version of a suburban home. Or I guess a house in the woods where no one looks at our yard lol. I don't know how schools even work if you live in the middle of nowhere but also heard that small towns might not be very accepting of newcomers, especially non white ones, so maybe that would be worse for a child(?) [link] [comments]  |
| The price of homes in HOA communities/builder in the beginning, during, and after construction? Posted: 02 Aug 2020 08:55 AM PDT Ive lived in new construction communities for 8 years now (2 communities). I am semi unhappy with my new community and plan on leaving for somewhere cheaper and lower HOA fees down the road. I had an interesting discussion with a broker who mentioned builders building keep the price of ("used/new") homes up. This person is very wise, however I did not get their logic. If I had a community with 100 homes. 50 owned and 50 brand new, I dont understand why anyone would pay higher than builder price for one of the 50 owned homes unless it is a lot premium or something fantastic was added to the property. Once the builder finishes, pretty much all the homes are off market, and then home owners can set the price of their home to how they please. So, when a community is being built, what is the trend of the value of the homes, excluding extraneous factors such as economic crashes or new developments near by? [link] [comments]  |
| Pending VS. Pending continue to show Posted: 02 Aug 2020 04:21 PM PDT Could someone explain to me what the difference in the to pending types are? Why would a house still Be shown if it's under contract and has buyers? [link] [comments]  |
| Posted: 02 Aug 2020 06:30 PM PDT Quick question for our brokers and agents: If a person were ready to take their state license exam as a realtor, but was not looking to actively partner with a brokerage or work actively as an agent, would having your license alone make one ineligible for unemployment? Thanks in advance! [link] [comments]  |
| How would the ending of eviction bans affect real estate and rental prices in LA & Orange counties? Posted: 02 Aug 2020 09:56 PM PDT California's ban on evictions will end on August 14th. I was wondering:
[link] [comments]  |
| Neighbor has chirping/annoying birds Posted: 02 Aug 2020 03:47 PM PDT We are looking to buy a house where the next door neighbor has about 40 chirping parakeets or something of the sort. You can hear them inside the home when the slider back door is open. What is the best way of blocking the noise out? We are thinking to plant ferns or something that will grow tall enough and block out the sound. Would this work? Are there any other ideas other than opening the cage and letting the birds out? [link] [comments]  |
| Buying a house without realtor!? Posted: 02 Aug 2020 05:53 PM PDT Hi everybody, I've been on the market for 6 weeks now and I have been outbid on 3 occasions with 10-13% above asking price. Today accidentally stumbled upon a house that the seller has not put on the market and plans on selling it without realtors on both sides. We liked the house and we think we have very good chances of getting this as house as there not gonna be bidding wars and the only competition is one more couple that is hesitant on buying at this moment(thats what i understood from the seller. Now this is the first time we have this kind of situation and i wanted to ask all of you that has previous experience with this. - In regards to the offer, do i go straight to the lawyer so he can send a contract with the offer, or what would be the procedure without the realtor? - Our realtor has been perfect all the way but since the seller doesn't want realtor and I want our realtor to be compensated for the time she spend with us what are my options? Should i pay out of pocket ( i definitely can't do the full 2.5% cash, because thats how much she was going to get if it was a regular sale)? I feel so excited that this could really be the house we get(checks out most of the boxes), but i want to be completely fair with my agent because nobody should be working for free. I would love to get some input from you guys as we are first time home buyers and so far this is the first time we face this type of situation. For reference we are in the North NJ market and it is burning HOT at the moment!! [link] [comments]  |
| Zillow application to rent a home approved. Can't tour it until September. What happens now? Posted: 02 Aug 2020 09:26 PM PDT What happens if a lot of people apply and have their application approved, who gets it? Sorry, first time Zillow user and I don't know if this is a common scenario. [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