Buying a home right now is insane Real Estate |
- Buying a home right now is insane
- Offer accepted!
- Too good to be true
- Thinking about backing out on the house I have under contract- what are my options?
- Realtor asking for credit karma password
- Welcome Gift?
- Under contract with inspection contingency. Can we just walk without getting an inspection?
- Is it a good time to buy? First time buyer - San Diego native
- Sites to list a rural property FSBO
- Buyer expectations from seller when taking possession
- Sellers agent wants us to go conventional over FHA.
- Home Near Corn field
- Is it normal to "interview" potential realtors when seeking a buyer's agent?
- Taking a break from home search. Its a frenzy out there (Orlando)
- Forbearance and refinancing
- Can I switch Buyer's Agent during middle of contract? 1 month before closing.
- Considering getting my Texas RE License— need advice!
- Rent Leaseback to seller after offer
- What’s a tenant’s responsibility upon termination of a lease?
- Timing of starting improvements on rental property?
- Mortgage Rates for Multi-Family Western New York Area
- Flood zone ae just behind property line. Deal breaker?
- Interpreting California purchase agreements
- Tax Appraisal vs Lender Appraisal
| Buying a home right now is insane Posted: 27 Sep 2020 07:54 PM PDT None of this drama when I purchased my first home.. I recently had an offer accepted (out of attorney review as of last Wednesday). The sellers are insisting on a mortgage commitment by the 19th and a closing date of the 26th. No one thinks this can happen, but they also gave us the soft "we'll extend if needed." Promise - but nothing in the contract. We like the house so we're moving forward hoping the sellers aren't massive assholes. Lender sends me the application with errors left and right. I tell him I'm not signing as he left off a property's HOA and some other shit that I don't want to squabble over with the underwriters. I shit you not, this guy says "just sign it well fix it later." Lmfao. I tell him no. He says find another lender (basically). So I have another lender (who actually gave me a better rate) but I'm essentially starting over from square one .. hoping to get a commitment letter by the 19th. 😵 [link] [comments]  |
| Posted: 27 Sep 2020 10:52 AM PDT We fired our inexperienced Zillow agent and went with a referral from my coworker who has 20+ years of experience. She was patient with us as we looked at a few places and when we found the right one she cancelled another appointment because she knew this property would sell quickly. We put in a strong offer, 20% down and will be paying all closing costs. Well, lo and behold the offer was accepted and we'll be under contract later this afternoon! My realtor even wrote a short note to the sellers about how we're a young family looking to buy their first home near family. I don't know if that made any difference, but it's the thought that counts! Just wanted to say thanks to everyone who gave some advice a few weeks back when we made an offer that wasn't accepted. Cheers! [link] [comments]  |
| Posted: 28 Sep 2020 03:44 AM PDT We've read so many crazy stories and experienced the insanity of this market (one house we viewed received 19 offers in 24 hours after listing), but now we're a month out from closing and it seems unreal. This is the story of how we got to this point. We'd been working with a realtor my husband had encountered years before we met, but she was slow to respond and when we asked about the first property we truly found interesting, she referred us to another realtor because it wasn't in her area. So I used Trulia to contact someone just to get some questions answered quickly and it put me in touch with the best possible buying agent we could have asked for. She was willing to show us anything in the state and after a few showings she admitted this was more a hobby to fund her nonprofit that cares for veterans, and she did it yet know my husband is a disabled combat veteran. Needless to say, her commitment to finding us the right place has been next level and we've become friends in the process. Now that we had the perfect agent, we happened upon a perfect place, a gem of a property in a very small neighborhood. Long story short, we put in an offer but it was not accepted. It was the first time we'd done this so it was a bit heart breaking, but we forged on looking at other places. But over the weeks, we just couldn't get over some of the benefits of that home and one morning I see another house in that neighborhood with a similar layout is on the market! Unfortunately, it's listed for 15k above our preapproval. I casually tell my realtor how much I'd love to see this place but we know it'd be a waste of time and she contacts the listing agent only to get back to me to say the sellers are in a hurry to move for a job and need an offer on their house to secure their next purchase, so it might be worth our time to see it. We go up that weekend and it's stunning, dream kitchen, well cared for, beautiful landscaping, 4600 sqft with a finished basement, we love it. So I wrote an offer letter explaining our situation, not only was this place a great fit for us, but it has a 9/10 rated k-12 for our kids and enough room to care for my retired father. We ask our lender for 10k more, which they approve, so we offer 5k under asking price and request 8k in closing costs as this is a VA loan and we anticipated zero down. They take the offer... with a contingency that they have 5 days to secure their housing. As we dropped off our earnest money, I admit that I assume they're going to find a way to break the contract and go with a better deal, but my realtor assure me they were moved by our letter and weren't planning to intentionally back out. The 5 days come and go and they secured their home and we're still in agreement. Then we get the inspection, we get a great guy our realtor knew and he's been doing it for 25 years with multiple degrees. He tells us most homes he sees are about a B, B- , but this house is an A. It's been so well maintained with solid upgrades over the last 20 years the owners had it, the only things he found were negligible, like a loud bathroom fan and garage door opener not working. While this is all taking place, our USAA lender is telling us the best he can do is 3.5% and we keep reading stories here about the 2's. So I mention to my realtor that we thought we'd find more competitive rates (2 other lenders we spoke with weren't significantly better), so she refers us to a local lender who loves doing VA Loans. We call her, tell her our situation with closing costs, and she gets us 2.5%! Yes, we'd be buying points but it's the sellers paying for them essentially. As of today, we are halfway through the process and we've been approved by underwriting. Now we're waiting for the appraisal, but everyone we've come in contact with assures us we're getting this place for a steal, so we assume there won't be issues there. But I am seriously waiting for the other shoe to drop, like are we really going to close on this place? Is this real life? Lol The scary part is breaking our rental lease, which has no clause for termination, but we'll deal with that fall out when it comes. My poor father can't believe this is happening, it's going to take him out of a miserable situation so I think the possibility of something not happening makes it too painful to hope it's real and that's rubbing off on me. I guess I wanted to share that all these good things can happen in this market and reassure myself that we're just in a waiting game to close but it is really happening. TLDR: Found the perfect buying agent and then a unicorn property, offered under asking, seller paying majority of closing costs, inspection went nearly perfect, waiting for something to go wrong lol [link] [comments]  |
| Thinking about backing out on the house I have under contract- what are my options? Posted: 28 Sep 2020 04:30 AM PDT I had an offer accepted on a home in the Bay Area that I found off market back in late July. The seller can't close until October 30th, but seemingly I got a good deal for the house and got to do full contingencies on the deal for the long close. Inspections went well and house appraised at the price I bought it for. I removed all contingencies and since then I've gotten cold feet. The house is super cute in Oakland, but I just don't think I want to stay in the Bay Area long enough for it to make it worth buying the house right now. With the new tenant protection laws in place in Oakland, renting it out isn't really worth the risk either. Considering I still have more than 5 weeks before I can even close, can the seller come after me for my deposit? Any advice for getting back my deposit would be great. I'd be happy to give him my inspection report so he could list it immediately. In this market, he should be able to sell it for higher than the price in paying by October 30th with a non contingent offer if he really wants to. [link] [comments]  |
| Realtor asking for credit karma password Posted: 27 Sep 2020 05:21 PM PDT My dad is in the process of buying a house and the realtor asked him to give her the Credit Karma password to be able to check the credit. Is this normal? One of the main rules in security is to never share passwords[1] but at the same time besides the credit report there is little she could do with it. Is this a normal practice? [1] https://www.cisecurity.org/daily-tip/do-not-share-your-password/ [link] [comments]  |
| Posted: 27 Sep 2020 08:08 PM PDT We (sellers) are closing in a weeks time and was wondering what are some good welcome gifts to leave for the new buyers. They are buying their first home. FWIW, house sold for $32k over asking. Is it customary to give a welcome present? When we bought the house, the sellers at the time gave a succulent plant, ring doorbell from amazon and a shower squeegee (yes, really) [link] [comments]  |
| Under contract with inspection contingency. Can we just walk without getting an inspection? Posted: 28 Sep 2020 03:57 AM PDT My husband and I put a contract on a home a few days ago. The sellers happily accepted as we offered full price and only asked for closing costs covered (home had been listed for just a few days). We added a contingency about having 12 days to do inspections. Our realtor wasn't able to set us up with an inspection until this coming Saturday, and in the meantime, I've started to have cold feet about the house. In this scenario, can we just walk without having the inspection? Like everywhere else, the buyers market here is really competitive. I'm worried we jumped on the first house that seemed promising (and not under contract!) without putting too much thought into it. That said, it's a super cute house but it's a little small. I have been comparing the house with everything else that sold relatively recently in the neighborhood. This house was built in '67 and probably last updated in '86. It's dated but well maintained. Beautiful yard and landscaping. I wish it had a finished basement. On the plus side, it's really affordable for us and has tons of storage in spite of being so small as far as actual living space (unfinished basement, attic, two car garage) Anyway, I've been comparing with houses in the same neighborhood that sold over the last year and so many of them seem MUCH nicer (completely updated), somewhat larger, and many sold for 10% less than this one! Updated kitchens and bathrooms, more space, some have in ground pools, etc. Even after Covid hit. Seems like these kinds of houses starting drying up in terms of availability starting in June/July. We've been through the ringer trying to find a house over the last few months and I feel like a jackass telling my realtor we're considering backing out. I guess I want to know at this point, can we do that without getting an inspection or are we legally required to do so at this point? If we do get an inspection and it doesn't find any issues, can we still back out? I feel so bad about all of this but I'm not sure it's smart for us to move forward on this one. Just wanted to add it's so damn depressing to finally have the money for a down payment after so many years only to find there is so little inventory to choose from. Looking at the "sold" listings on Zillow, and comparing what's out there now (or lack thereof) even from just a few months ago, is positively gutting. Is this all down to Covid? Should we just give up and stick it out where we are for another year or two? Ugh. Thanks in advance for any guidance! [link] [comments]  |
| Is it a good time to buy? First time buyer - San Diego native Posted: 27 Sep 2020 06:41 PM PDT I really need to buy a home soon but I don't know if I should wait, I've waited way too long as it is. I am a San Diego native I grew up in Vista. My fiancé does work as a contractor in San Diego but we've considered moving. Do you think buying in San Diego is a good idea? Do you think buying a house right now in general is a good idea? Thank you so much for your advice! :) [link] [comments]  |
| Sites to list a rural property FSBO Posted: 28 Sep 2020 03:15 AM PDT I live in a small town in wyoming and own a small home. Due to personal dilemma I really need to sell but it's difficult to get it "sale ready" to list with a realtor. Now I just heard that similar entry level houses are being bought site unseen in neighboring town by people who work remotely, ect. Not gonna lie it needs some cosmetic remodeling but I do have good internet connection. Where/what is the best way that I could connect with these remote buyers? I'm not on a fishing expedition, really just want a quick sale at a fair price. [link] [comments]  |
| Buyer expectations from seller when taking possession Posted: 28 Sep 2020 02:51 AM PDT Virginia Is there a requirement for the sellers to provide things like keys to all of the doors or garage door remotes? Just took possession and they gave us a key to the front door and that's it. No keys for the storm door, sliding door, basement exterior door, and no garage door remotes (they did give us the code to the exterior keypad). We did a rent back, so I have a deposit. Before I speak to my realtor, I'm hoping everyone can provide some expectation management. [link] [comments]  |
| Sellers agent wants us to go conventional over FHA. Posted: 27 Sep 2020 08:05 PM PDT Just got off the phone with our agent about an offer we submitted for a 4B/4B at asking $430K + Lease Back for 3 weeks, FHA. The home still needs a little bit work but in pretty good shape overall. The seller's agent tells our agent that there are 6 other offers. Some $10K over asking and buyer paying tittle. We stay firm with our offer and change nothing. After some time, we hear back from our agent that were are top 3 but they want us to go conventional over FHA. Our agent is confused because she's never experienced anything like that and she doesn't think the house isn't going to appraise so no need for conventional over FHA. Also, the sellers agent is a friend of the sellers apparently and seems to be fairly new. So now we're confused? How is our offer still in the game when there are other offers that are better on the table? And why do they care if it is FHA or conventional? Are they bluffing? [link] [comments]  |
| Posted: 27 Sep 2020 04:55 PM PDT I am looking at a potential twin home for myself that really fits all my check boxes for a home. However, the home is right across the street from a corn field. My question is, will this affect the price of the home and if I go to resell would this also be a factor I should consider? Thank you in advance! [link] [comments]  |
| Is it normal to "interview" potential realtors when seeking a buyer's agent? Posted: 27 Sep 2020 07:22 AM PDT Potential first-time home-buyer here, going through the process of reading all the "how-to" and "tips" articles ever written on the internet. Many of them suggest the best way to find a realtor that will work in your best interest is to interview them - asking questions about years of experience, asking for references, asking what neighborhoods they're most familiar with, how many clients they helped buy a home in the past year, and so forth. It's not something any friends or family who have bought homes have done - I think they basically just go off a friend's recommendation. I just want to make sure it's a normal and accepted practice and not just something people write about on the internet. Assuming it is an accepted practice, how would you initiate that kind of conversation. Just like, "Hi, we're looking for the services of a realtor and would like to have a brief conversation to see if you'd be a good fit?" It feels a bit weird since I'm the one soliciting their services and not the other way around. [link] [comments]  |
| Taking a break from home search. Its a frenzy out there (Orlando) Posted: 27 Sep 2020 08:52 AM PDT 5 offers. 4 at list price, 20% down, closing costs paid by me. Most homes are getting offers 1-3 days after listing. Selling for 10% more than they were early in 2020. Only inventory left are from people dumping their airbnbs mostly fully furnished. Location is not fit for a SFH because of all the short term rental environment and insane HoA fees. I guess its time to call it quits until this whole thing dies down. Even realtors shop full price offers around just because there is so little inventory to choose from. Crazy to hear other states going 100k+ over list price. I guess no area is immune. Anyone in the same position? And what timelines are you looking at? I was really hoping to spend Christmas in a new home, but here's to next year! [link] [comments]  |
| Posted: 27 Sep 2020 07:06 PM PDT Currently in forbearance on my 4PLEX (FHA) due to tenants effected by COVID-19 I'm trying to qualify for a cash-out refinance and a new purchase at the same time Can I continue to be in forbearance through qualifications and in good standing before closing or do I need to be resolved before qualifications? [link] [comments]  |
| Can I switch Buyer's Agent during middle of contract? 1 month before closing. Posted: 27 Sep 2020 11:36 PM PDT I am wanting to possibly change my buyer's agent on a home I am about to purchase in East Texas. Is this allowed? I have signed an agreement with him. I don't want to jeopardize the home purchase with the seller but I want to know what my options are when it comes to switching to a new buyers agent mid-contract. I'll elaborate on the facts below. I am a new homebuyer and I knew that the buyer's agent and the seller's agent were both brothers working for the same brokerage. I didn't think it was a big deal because the buyer and seller agents were both different people. Little did I know that this is still considered dual agency because they are working for the same firm. When I decided to make an offer, I didn't think that we needed to make a lower offer than the list price. When asked by my agent about seller concessions, I said no. I don't recall if he asked me specifically "closing costs" although he may have. Fast forward a couple weeks, I get the mortgage application that lists crazy high closing costs. I had wished I asked that the buyer pay some of the closing costs but at the time I didn't realize that this is what a seller concession is. I don't recall my agent mentioning that it's a good idea to ask the seller for this concession. Everyone I have spoken with including a friend who is an agent says that you always always ask for closing costs, at least some, from the seller. Again, I don't feel that my agent ever really pressed me on this. My friend who is an agent said that it is common for agents to forego some commission to help move the deal along. I let my agent know about how high the closing costs would be but have not yet asked him to forego some of his commission. Basically, I feel that since my agent is a dual agent and did not mention to me such a huge issue as closing costs that I have been screwed with. I'm a new homebuyer and I am a smart guy, but I'm dumb as rocks when it comes to this sort of stuff. Yes, I should have done better due diligence. I am considering scraping the entire deal if I don't get some help with the closing costs. My agent friend said that it's not uncommon for other buyer agents to take over a deal in progress. Any info is helpful. Thanks. [link] [comments]  |
| Considering getting my Texas RE License— need advice! Posted: 27 Sep 2020 11:32 PM PDT Hello! I am considering getting my Texas Real Estate License and was wondering if anyone knew of a really good online school for Texas or any tips for passing the licensing exam? Thanks in advance!! 🤍 [link] [comments]  |
| Rent Leaseback to seller after offer Posted: 27 Sep 2020 10:55 PM PDT Recently in bidding war for home in Sacramento, CA area and agent wanted me to put free 15 day lease back to seller to sweeten deal. Did I screw myself in the offer by letting this happen and can I cancel the contract after the seller accepts before inspections and appraisals without losing earnest money deposit or getting sued? [link] [comments]  |
| What’s a tenant’s responsibility upon termination of a lease? Posted: 27 Sep 2020 07:01 PM PDT What is expected of a tenant when they move out of the unit? How clean should it be? Should they patch holes from nails in the wall? Replace lightbulbs? Clean oven? Etc.? [link] [comments]  |
| Timing of starting improvements on rental property? Posted: 27 Sep 2020 10:39 PM PDT Say you want to renovate your tenant's only bathroom (1 bath apt). Instead of doing it during a vacancy, does it ever make sense to plan with the existing tenant to renovate when they're going to be away (assuming a good tenant relationship)? I imagine it would be nice not to lose out on rent in the future doing the work in between tenants and they would be happy to have a new bathroom. But I'm sure there are practical downsides too right? [link] [comments]  |
| Mortgage Rates for Multi-Family Western New York Area Posted: 27 Sep 2020 06:48 PM PDT Working with a mortgage broker, I am receiving a rate of 3.5% off the bat. This is before I purchase any points. I am putting 20% down on a home using a conventional loan. Is this reasonable? I feel like I should be getting rates of 3.0% right off the bat and feel like I might not be getting my money's worth here. [link] [comments]  |
| Flood zone ae just behind property line. Deal breaker? Posted: 27 Sep 2020 10:29 PM PDT My husband and I are looking at making an offer on a house that we both really like and I just looked up the flood map to find that just behind the property line looks to be a floodway zone ae. I really have no idea what this means and don't understand the information when I googled it. Can anyone tell me if this is a concern or deal breaker on this house? Thank you in advance! We really appreciate the help! [link] [comments]  |
| Interpreting California purchase agreements Posted: 27 Sep 2020 04:31 PM PDT So, we have a buyer who has been a royal pain in the ass since Day 1. Ignoring all deadlines and contingency removal periods. In California, a buyer has to remove a contingency in writing; they don't just expire automatically. And, I tell you, getting contingencies removed has been like pulling teeth every step of the way. Were I not already in escrow to buy another house, I would have kicked him to curb weeks ago. So ... here we are ... almost at the closing date and buyer only agreed to remove the loan contingency (two weeks following the expiration date mind you) IF we agreed to extend the close of escrow (COE) for another week. What the buyer doesn't know is that he did us a HUGE favor. Our new home won't be ready for another week anyway. So, guess who gets the last laugh? Anyway, here is my question: the new COE date is set for Wednesday, Sep. 30. Our purchase agreement says 'possession shall be delivered no later than 3 calendar days after COE' and also says 'the last day of the performance for any act required by this agreement shall not include any Saturday, Sunday, or legal holiday and instead shall be the next day. So three calendar days after COE falls on a Saturday. Can I wait until the Monday following COE to hand over the keys? [link] [comments]  |
| Tax Appraisal vs Lender Appraisal Posted: 27 Sep 2020 04:27 PM PDT When I bought my house in April, the lender appraisal came in at $401,000, but my county's appraisal is $248,500. Out of curiosity, why is there such a difference? I understand assement vs appraisal, but I'm just wondering why the county's appraisal is so low. I'm sure it's based in methodology, but one would think the county would want to use the one that allowed for higher assessment and thus more taxes. Edit: It's a new construction property if that helps. [link] [comments]  |
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