WHO IS BUYING ALL THE F’N HOUSES Real Estate |
- WHO IS BUYING ALL THE F’N HOUSES
- I got fired by my real estate agent
- Normal to have doubts/fear of regret before buying?
- house on the market for 160 days? should I be skeptical?
- Why not just list for what you want?
- I need help with a certificate for a house
- Long term capital gain on rebuilt property
- Pros/cons buying a brand new townhome?
- Desperately need advice - selling NYC house/land for my mom.
- I’m the guy who got fired from his agent. 2 days later we are offering on a house with no reservations ... weird how the world works
- Thoughts on sewer inspection on 16 year old home in nice development. Yay, or nay?
- New homeowner mistake
- All other things being equal: cheaper house more expensive hoa or expensive house cheaper hoa?
- New Construction. Yard is completely crab grass. Mold growing on basement stairs. Closing is tomorrow. What can I do?
- First time renter, should I go through a property management company?
- What are reasons a seller wouldn’t make a counter offer?
- Unpopular opinion: It is often better to buy a renovated home with a low interest mortgage than to buy most fixer uppers (Charlotte NC)
- Should I use a listing agent?
- Questions Regarding Buyer Agency Agreement
- Crazy Weekend Home Buying Excursion - First Time Home Buyer Questions
- Extensive Foundation Repairs (Houston)
- Seller accepted offer but I’m skeptical
- Am I contractually bound to the sellers agent after making a bid through them?
- First time home buyer noobie question(‘s)
| WHO IS BUYING ALL THE F’N HOUSES Posted: 09 Aug 2020 10:27 PM PDT For the love of Doug, WHAT IS HAPPENING. My sleepy ass town where beautiful houses take weeks to sell and houses are going pending same day. Why and what and STOPPPPPPPPP. [link] [comments]  |
| I got fired by my real estate agent Posted: 09 Aug 2020 09:06 AM PDT I guess I'm the client from hell/nightmare lol. We had two houses we walked on inspection, and our agent let us go. My work hours are wonky working night shift and I can only view on Saturdays, but wow. I know it's all business but what a bummer feeling to get after you've built a connection with someone. We are still friends as we were friends before I started looking. It must not be very common for a buyer to get fired so I must be a dumpster fire of a person LOL. Edit: lol ok guys thanks for the comments. Some good laughs in here and gave me some nice entertainment to end my weekend. Edit 2: thanks for carrying my sorry ass to the front page of r/realestate I hope you enjoyed it as much as I did. [link] [comments]  |
| Normal to have doubts/fear of regret before buying? Posted: 10 Aug 2020 12:26 AM PDT My family has been casually looking for a house for awhile (currently rent) and finally found one that ticked all the important boxes. Now in the early days of the offer process, and while we all still feel really good about the important things, I'm starting to have little doubts based on a friend's comments. The issues weren't huge in my mind - bedrooms are smaller than other homes we've seen and the kitchen is beautiful but compact. Far from some of the gourmet kitchens and expansive bedrooms we've seen in other walk-thrus, yes, but completely functional. I genuinely didn't care about these issues when we walked through a few days ago, because it far exceeded the others on the things in my family's MUST list (safe location, thriving community, lots of natural light, etc.). My friend, who joined us on the walk thru, asked great questions but zero'd right in on those "problems" and continues to bring it up. They are well-meaning, and I value their opinion, but their repeat comments about bedroom and kitchen size (and forwarding "comparable" options that lack our musts) has made me go from minor annoyance to actually starting to worry if they may be right...if this is something that we would regret later on. My significant other is in a similar place...was happy at walk-thru but starting to make comments about measuring furniture, what if something doesn't fit, etc. Obviously its a huge investment/commitment so we want to avoid buyers remorse...but I also feel like we would seriously regret losing this house. Plus inventory is terrible in our area and homes don't go up for sale often in that stable neighborhood. Anyone else ever have these pre-purchase doubts or worries? Did you go through with the deal anyway, and if so, how did it turn out for you? [link] [comments]  |
| house on the market for 160 days? should I be skeptical? Posted: 09 Aug 2020 06:45 PM PDT There's a home that we toured that's in our budget. It's in a nice neighborhood, has a large garage, and a decently sized back yard. It's a 100-year-old Victorian house but it looks well maintained for its age. It has new carpet and freshly painted walls and new appliances. I put in my offer already and I'm waiting so I could send an inspector. However, I'm a little skeptical since it's been on the market for such a long time. I do have a few theories as to why it hasn't sold the first one being obviously the age. The exterior of the house isn't aesthetically pleasing the paint looks old and washed out and it doesn't help that they only put 4 pictures on redfin just showing the rooms plus the exterior of the house. The asking price of the house is around 20k lower than the average house around that area. It was lowered 10k since it's been on the market. There was also a pending sale a few weeks ago but it got put back on the market. My concern comes from the fact that since it's so old and it's been on the market for a long time, there might be something off with the house. Has anyone else experienced buying a house that's been on the market for a long time? [link] [comments]  |
| Why not just list for what you want? Posted: 09 Aug 2020 08:11 PM PDT I'm honestly disgusted with sellers listing a house for X when their expectation is 1.2X. It's not an auction where bids can go up indefinitely- at some point you're out of appraisal range and most buyers drop out. It leaves buyers in a weird state of wanting to outbid everyone else but not TOO much or else blow appraisal (which of course you have to waive in hot markets). Plus from what I've seen in 5 bids over 2 months, sellers are skittish and would rather accept a bid than do a multiple counter and risk everyone dropping... it's like throwing darts blindfolded, oohhh I hope my 200k over bid beats everyone else's! Who knows! [link] [comments]  |
| I need help with a certificate for a house Posted: 09 Aug 2020 10:16 PM PDT My grandpa worked for the Air Force for 20 years. He died when he was 39 years old 1988, but when he died, my grandma was given a certificate to help her get a house. The certificate is $36,000 and doesn't expire. The problem is we don't know who to talk to about buying a house with this certificate and I won't ask my mom what to do, because even though she knows about this stuff and what to do, she's done my grandma dirty for years since before I was even born (I'm 19 years old now.) Can anybody help me or give me some information on what I need to do or who I need to call? [link] [comments]  |
| Long term capital gain on rebuilt property Posted: 10 Aug 2020 03:19 AM PDT If I wanted to purchase a property and demolish and old house and build a new house on the land and sell it, how would the long term capital gain be calculated? Could I deduct the cost of rebuild the house? In this example, would the long term capital gain be $300,000 or $100,000? Old property price: $300,000 Rebuild cost: $200,000 Sell price: $600,000 [link] [comments]  |
| Pros/cons buying a brand new townhome? Posted: 09 Aug 2020 10:27 AM PDT I'm in aN absolute crazy housing market (near Seattle) so housing Prices here don't match the house you get. Plus I don't see it cooling off here anytime soon, people are moving from all over to live here. Starter Houses are gone within hours of being listed. We are looking for a starter home. We found new construction in a nice safe area, small town but still near big cities, great school district, 3bd/3ba townhome (duplex) with a very large fenced in backyard. Also a nice playground within walking distance We currently live in a tiny studio apartment so we are used to neighbors next to us. But we are tired of renting and want to build equity on something. I love the area so much that I can see us living there a good 10 years or so Besides being attached to neighbors and having an HOA, any other things we should know? Do townhomes hold their value? As long as it holds it's value, I'm ok with it not appreciating as much As a house. [link] [comments]  |
| Desperately need advice - selling NYC house/land for my mom. Posted: 09 Aug 2020 02:47 PM PDT I live in Massachusetts. My mom, 71, lives on Staten Island, NYC and wants to sell her house. She owns the house outright. It was built in 1972 on an 80x200 corner lot (though there is some street widening part of that, but she pays taxes on the 80x200). It's a very atypical house for the neighborhood and is in need of repairs. It has original everything (except for roof) and needs two new bathrooms and a complete plumbing redo. It is a 1600sq ft French Cape. She is looking to sell the house as land as construction of new houses in her area is exploding. She's been told that probably two houses could be built on her property. Her home is her only asset/retirement income so maximizing sale price is very important to her. She has said that she didn't want to use an agent as to not "lose 6% of the sale price." She also has health issues and does not want "people coming and going" inside the house for showings. She is looking to move as soon as possible. The house was previously listed for sale in 2018 for $950 and again in January of 2019 for 860 and removed in May of 2019. There was some interest but no bids. We also had an appraisal done in March 2017. and was quoted at $900,000, however there was some conflicting concern from her agent that the appraisal did not deduct for the possible street widening that a buyer would have to do, but the appraiser said this was not necessary since she's paying taxes on it. The Zillow Zestimate (for whatever that is worth) is $830k Her immediate neighbor might be interested in purchasing the property and has asked for her asking price. She does not drive or use a computer, so I am trying to manage some of this from afar. After speaking with her, I need some advice.
I'm out of my element, so any advice and recommendations and pros and cons would be welcomed. [link] [comments]  |
| Posted: 10 Aug 2020 12:30 AM PDT So, we are gonna offer on a property a day after our last agent also a friend of mine fired us and 1 day into working with his referral from the same firm. This is actually kinda a crazy week. [link] [comments]  |
| Thoughts on sewer inspection on 16 year old home in nice development. Yay, or nay? Posted: 10 Aug 2020 12:28 AM PDT Just thinking it may be a waste on a newer home like this, but want to know if it's common to find issues even in houses of this age? It was a rental for a lot of years. [link] [comments]  |
| Posted: 09 Aug 2020 11:31 AM PDT Hi all, I need advice on how I may be able to rectify a mistake I made as a first time home owner. I was SO stupid and signed a buyer agency agreement early in my search and now may not wish to work with this realtor (explanation below). I signed up for a homeowners education course a few weeks back and was matched with a local relator. She is really nice and set me up with a homebuying portal where I could view houses I may be interested in. We've exchanged emails and calls a handful of times, but have yet to meet or look at houses. However, I unfortunately signed a buyer agency agreement she sent assuming I would work with her moving forward. Here is my dilemma … after receiving a preapproval from the Navy Federal Credit Union I was informed about their realty plus program. This program has a benefit of receiving funds (depending on purchase price of home) upon closing and using one of their matched realtors. The relator they connected me called me and after we spoke she seems to be a much better match for me and has better knowledge of the areas I am looking at. I feel really dumb for signing a buyer agreement with the initial relator, but now want to break this agreement. Is this a common mistake new homebuyers make? Is it a good reason for wanting to switch to a new relator? What verbiage would someone use to terminate an agreement? I'm aware I made such a stupid choice and feel badly as the initial realtor is so nice, but additional funds in my account after closing would be great for an emergency fund for the house. [link] [comments]  |
| All other things being equal: cheaper house more expensive hoa or expensive house cheaper hoa? Posted: 09 Aug 2020 11:33 PM PDT As the title says, I'm looking at 2 places both are equally good and meet all my needs. One is more expensive but cheaper HOA while the other is cheaper but more expensive HOA amenities are the same and the monthly payment including HOA ends up being equal Any suggestions? Tips? [link] [comments]  |
| Posted: 09 Aug 2020 07:09 PM PDT Contract states that the yard is to be delivered graded, raked, and seeded. It is VERY clearly none of those, and completely covered in crab grass. What can we do here? They said that they would take care of mold, but looking for advice on what I can do re: yard situation and how I should word this to the seller. [link] [comments]  |
| First time renter, should I go through a property management company? Posted: 09 Aug 2020 11:26 AM PDT [I apologize if this isn't the right sub to post this in, if anyone can recommend a more appropriate one that would be appreciated!]So my boyfriend and I have our savings racked up to the amount we needed to be ready to move out. We both have good, steady jobs and I have a good credit score. I've been inquiring about any places that are available for rent the last month and haven't hardly heard anything back. Most leasing offices are closed due to covid so I can't pick up applications, instead I've been trying to contact the properties directly and asking about it with no luck. I think covid has been making it especially hard to go about renting for the first time. I also live somewhere where it's harder to get a place right now because of the influx of people so there isn't much available. I figured maybe it would be better to go through a property management to send in apps or schedule tours since it's been impossible to contact properties myself. I just want to know if it would be a total waste of money or if anyone has any advice on what to do or how to go about it since it's our first time doing this, TIA! [link] [comments]  |
| What are reasons a seller wouldn’t make a counter offer? Posted: 09 Aug 2020 01:58 PM PDT We put an offer in for a Dream house (matched asking but asked for 2% towards closing costs, very common in my area). We knew they had another offer in so we also added a letter. We made our offer within 90 minutes of seeing the place. Seller's agent said he would deliver it the following morning. They said they were accepting the other offer because they didn't ask for closing costs. We are really surprised they didn't just counter-offer since the other offer is contingent on the offeror selling their home. Just, rejected our offer. So now we're trying to maintain calm during the contingency period and be prepared to move quickly if it falls through. Did we do something wrong? We're first time home owners. Love our agent and she's super well respected, no issues there. Also, if it does fall through, apart from making another offer without asking for help for closing costs, is there anything else we can do to strengthen our position? [link] [comments]  |
| Posted: 09 Aug 2020 11:15 AM PDT Hi all! I have an interesting thought for discussion. I'm 26 years old and I'm looking for a home to buy. I was approved for a very low interest rate (2.8%!) and I've been looking at homes in my city. It's a hardcore seller's market right now and every home I see getting listed is a move in ready renovated home for about $260-$300k. Every older person I talk to tells me buying a remodeled home is a waste of money and it's better to buy a 200k starter home and remodel it yourself with $50k in renovations and then sell it yourself for appreciation. Well, my problem with this logic is the low interest rate: At 2.8% interest, you are having to pay much less in interest. So, you have essentially financed the renovations to your home already in at 2.8% (plus the markup from the seller I suppose). When you renovate, you are giving up $50k in cash or financing at a 7% interest rate (the lowest I could find for financing renovations) which means significant opportunity cost to use that $50k to invest in an index fund (which over a 30 year period could potentially make more than 7%) or invest in another business. Yes there is the possibility that the $50k renovations you do increases the home value, but it seems to make most sense to use that money to invest in a portfolio that gets 6% returns, or in a business that can make you more money in the long run. Unless renovating homes is something you are very good at and have a passion for and enjoy doing anyway. If interest rates were super high like 5%, I would argue the fixer upper makes more sense but because the possibility to essentially finance the renovations at 2.8%, it actually makes a lot of sense to just buy one with the work done with the bank's money and then use the amount you would have spent on the renovations for investments in something more liquid than the home or the renovations. Thoughts? [link] [comments]  |
| Posted: 09 Aug 2020 10:11 PM PDT About to list my house. The market is really strong in my area. Going to hire a professional photographer to take listing pictures. Working on my own detailed description for zillow and like sites. Do I really need a listing agent? I figured I could still pay a buying agent 3% and could save my self some money. Planning to list for 125k. [link] [comments]  |
| Questions Regarding Buyer Agency Agreement Posted: 09 Aug 2020 10:09 PM PDT Fiancé and I are first time homebuyers in Alabama and have been house-hunting for about 3 months or so. Everything is selling for way over asking price and we've been beaten out on 6 houses now, but that's beside the point. We are unhappy with our Realtor. He's a really nice guy in person and seems knowledgeable enough, but lacks in communication to a very frustrating extent. I wrote out a giant rant about what happened this weekend, but realized a lot of it was probably not worth reading to most people, so ultimately deleted it. The gist of it is that he answers at a decent enough rate on a regular basis, but then seems to be totally MIA when it matters most. After today's struggles, it was the last straw and I did get in touch with him to let him know that we'd really appreciate better communication, explaining the details. His response was decent enough if not smeared with bullshit, but still. Maybe this will help things, but we aren't getting our hopes up. We would honestly much preferably work with a Realtor that our friend is actively using and says is great. However, ignorance put us under a Buyer Agency Agreement with our Realtor. It is through ReMax if that matters. There are a few things I'm unsure of regarding this, though. My first question is... if my Realtor has not shown me a certain house, could I just have this other Realtor show me it and then I do it all with them instead? It almost sounds like as long as my Realtor, specifically, doesn't show me the house then I'm free to do whatever I want. I think this is probably a stupid question and the answer here is no. My second question is... have I reset the effective start date of this agreement unknowingly? I ask this because it's kind of odd. On the first house we offered on, which was on June 5th, we signed the agreement stating that our Realtor will be our exclusive one for 90 days. Then on the second house we offered on, June 17th, we did not sign an agreement. However, on the third house, June 20th, we did sign a new agreement causing the 90 days to reset. The 4 other houses we've offered on since then, we have not signed any agreement. So, does this mean we are still on the agreement from June 20th or have we probably been resetting the 90 days each time we've offered despite not signing a new agreement? Within the agreement, I don't see anything mentioning it restarting by any means. It simply says it starts on x day and goes 90 days or until we close on something, whatever happens first. My third question is... do I have a way out of this agreement? I've read that you can sign a mutual agreement to end it. However, I don't see anywhere within my agreement that says a way to terminate it besides going through the 90 days or closing on something. Thanks in advance for any help! [link] [comments]  |
| Crazy Weekend Home Buying Excursion - First Time Home Buyer Questions Posted: 09 Aug 2020 09:55 PM PDT Boy, Oh Boy did I have a crazy weekend. My wife and I have been married for 7 years and have never owned our own place. There are many reasons for this, partly student loan debt, partly not knowing where we wanted to settle down, partly kid's and our medical expenses, etc... Well over a year ago, we looked for a house in our current location but ended up stopping due to a new job I got that was going to move me to Seattle in summer 2020. Well, Covid-19 happened and the move got postponed indefinitely. I kept the job, but now I am stuck in my current location. Fast forward to this past Friday: My wife and I were talking about some friends who just bought a home and I decided to look at the market for fun. Within a few minutes I come upon a home that is unbelievably perfect for us. It is a small older home (built in 1907. This is important later). We decided to call up our old realtor and ask him to get us a slot in their almost fully booked schedule for tours. We go the next day and... it is even better in person. We fall in love with the home. But there is a problem... Because we have not been looking for a house, we didn't have any kind of pre-approval for a loan, but the house was getting so much attention the standard process would take far to long. Our realtor (who is also a family member of mine) called up a favor of a loan officer buddy of his. This loan officer sent a pre-approval... without ever talking with us. Legal? Probably. With all of the quick preparations in hand, we decided to then make an offer on the house. Our realtor calls and finds out that our offer would be "competitive" but that there were already offers over that amount. In a last ditch effort we wrote a bio to the sellers. Our realtor sent it in and, would you look at that, there are even more offers over ours.... Great. Well, at least we tried. We slept that night putting the endeavor behind us. Believing our dream starter home was just not meant to be.... But then the next night we got a call from our realtor... The sellers LOVED our offer. And by "our offer" I think they meant the bio. The other realtor said that there were some even offers that said they would pay $1000 over any other offer (I forgot the term for this) So first things first: we FREAK OUT. Second things second: We start figuring out money stuff... and this is where the problem lies. When we were looking at houses previously, we were approved for a 0% down loan. There are programs where I live for first time home buyers for this exact thing, and we qualified. Well... not anymore... sort of. We still qualify for this program, but the house does not. There is some clause in the program regarding the age of the house... etc...etc... either way we have to do a down payment. Now, we have money saved, not a ton but some."What we have should be enough... right?"... Wrong. Down payment with closing costs equal to about $8000 less than what we have on hand (that is if we only have to do 3% down, which isn't guaranteed). We don't want to take out any extra loans other than the mortgage for various reasons... What can we do? Is there any other way to salvage this? Should we even try? This would obviously burn through ALL of our savings... which were not technically saved for this. We have been putting money away for a rainy day / new addition to our family (My wife just gave birth to our son who just got out of the NICU a couple weeks ago (he is doing ok)). We have insurance, but even with insurance it took us forever to pay off birth costs for our other two kids so we wanted to be prepared this time. Maybe we should not use this money? If we cant do it, then we cant do it... but I don't want to give up just yet. I understand that we may have made a rash decision in putting up this offer in the first place... and if that is the case then I am OK hearing that. I want to do what is best for my family. All advice is appreciated. Note: I live in the United States in Utah btw... don't know if this helps at all. [link] [comments]  |
| Extensive Foundation Repairs (Houston) Posted: 09 Aug 2020 09:54 PM PDT I toured a house today that had tons of foundation work. You can concrete patches all around the house by the foundation; it looked like it was done at difrent times. They also did foundation repair on the detachdd garage. You can also see cracks in the bricks on every side of the house . You can also see it in just about all the sheetrock inside. Is it possible that the house foundation is completely fixed or on the contrary with this much work, it's never going to be right? [link] [comments]  |
| Seller accepted offer but I’m skeptical Posted: 09 Aug 2020 09:51 PM PDT So we're first time home buyers and we're trying to make sure our agent is not pulling the rug from under us. We liked a house that was listed for 675k, our agent said their was multiple offers so we had to be competitive and advised we come in at 710k. According to our agent their was an offer for 717k but somehow the seller chose our offer. My questions are how do we know the agent didn't go too high just to make a better commission. Also, we still have to do an inspection and appraise the property, will we be able to negotiate the price of the home there or is 710k what we signed for? [link] [comments]  |
| Am I contractually bound to the sellers agent after making a bid through them? Posted: 09 Aug 2020 05:54 PM PDT I made an offer on a home a month ago without an agent (I went through the sellers agent) and had our offer rejected. Now, I've hired my own buyers agent and want to make another offer for that same house with my agent. Am I allowed to do that or am I contractually bound to the sellers agent when it comes to that property? [link] [comments]  |
| First time home buyer noobie question(‘s) Posted: 09 Aug 2020 03:42 PM PDT Me and the girlfriend are looking for our first home. We found a home at the top of our budget in a little bit of an odd neighborhood. The home we want is $170,000 for 1337 SQFT. It's $127 per sqft. It's a 2020 construction in the neighborhood, I looked around at all the other homes and they sold for roughly $150,000 for roughly the same feet. They are also building a lot more houses in the area roughly for the same price as the new one we want. Let's say in 5 years we want to resell, should we expect to make our money back/break even/ or lose? Is this a bad purchase? Thank you ahead of time [link] [comments]  |
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