Sellers Realtor didn't disclose our offer to seller. Feeling frustrated. Real Estate |
- Sellers Realtor didn't disclose our offer to seller. Feeling frustrated.
- Officially Under Contract to Buy My First Home
- Need objective advice on level of investment.. Am I being rational or emotional?
- We just moved in!
- Taxes raised while under contract
- Stigmatized Homes
- Are buyers now more forgiving?
- What should I be sure to do at final walk through and closing?
- Better to pay extra towards current mortgage or have that as cash at closing?
- Home offer may be calling through - how bad should I feel?
- Houses close to the airport
- What to do as an 18 year old
- Realtor charge for assessment?
- Has there been any major corrections in market since 08/09?
- How do I price an option to buy my property?
- What do you wish you did before closing?
- How do I remove the 3D walkthrough of my home from Redfin?
- Fannie Mae's new COVID19 self-employment application regulations
- Is a condo worth the location and HOA fees?
- FHA appraisal came in $20k lower than asking/sale price
- Title Company for Refinance Recommendations (San Diego Area)
- Dan you negotiate with new construction / home builders?
- Pest inspection done but did not check attic?
- NYC SONYMA vs FHA mortgage
| Sellers Realtor didn't disclose our offer to seller. Feeling frustrated. Posted: 08 Sep 2020 01:11 PM PDT Hello r/RealEstate Kinda want to vent and see if this is how it is. Saw a multi-unit for $485k. We've been looking for a while and this was in great shape. Spoke with the homeowner when looking around and I fell in love. Offered $550k and FHA. The realtor came back saying that they want to go conventional. Conventional would completely wipe out my savings and I'd have a property that needs some work and no savings. It is definitely rentable right now. We were bummed out about it. I stopped by the property, I know its a big no-no, to talk to the lady. I grew up in the neighborhood and wanted to see if there was anything reservations she had about the loan. She was super nice and we chatted for a while about a lot of things. I told her my offer and she didn't know about it. The realtor had only told her that there was a high one but that the house wouldn't qualify for FHA. My realtor invests in multi-unit in the area and sees no problem that it would qualify. We even offered that if it didn't qualify FHA that we would go conventional at $520k. The realtor was excited about that and wanted us to send it over. The seller said she had 2 showings yesterday and she would definitely talk to her agent. I feel like I've done all that I can and the cards might be stacked against me. Its frustrating that the realtor wont work with us or even disclose offers to their seller. She was floored by the amount I came in at and I feel like maybe this is just the way things are? We've been outbid before, no big deal, we had to pull out because of covid and my job, it happens, but to be so close and knowing you're coming in higher yet still being pushed aside is so frustrating. Any insight? Is this the nature of the beast? Anything else I can do? Thanks for reading. Edit: took some advice from people here and dropped off a signed offer. Realtor immediately called mine and said a def NO to FHA. Mulling over it but having my savings ran through is a lot. [link] [comments]  |
| Officially Under Contract to Buy My First Home Posted: 08 Sep 2020 05:25 PM PDT Finally got to put in my offer and had it countered for 2k mor than my initial and accepted. I am going to work on getting the inspection set up tomorrow by getting prices and availability and I am so excited. Already approved for a loan and working toward a FTHB program my bank will have available at the start of October. Seller knows and all is good. Either way I have the down payment. If the program doesn't pan family will gift it so all good. I didn't have much hope before this but I am so excited. The home is pretty old so getting inspection in case it comes back with something big. I don't anticipate any problems but we'll see. It will need carpet removed and vinyl put in. SORRY rambling a bit. This sub has been super helpful and I was ready for it and what comes next. Anywho, when it is all done, hopefully by Halloween, I'll post my story with more details. BTW, I live in a pretty small town and got an offer in for 10k under asking. It has been on market for a year and ten months mostly due to a miniscule yard and lack of a decent detached garage. So yeah all good for me as I am blind and need neither of these things to deal with. Also no plan to move in my future. [link] [comments]  |
| Need objective advice on level of investment.. Am I being rational or emotional? Posted: 09 Sep 2020 04:31 AM PDT TLDR: is a mortgage equivalent of 4 year's salary (before tax) too excessive? Hi. Firstly thanks for reading. I'm all set to buy a property but my ex-husband has me now convinced I'm making the wrong decision. Looking for objective assessment please. After selling the family home I have a decent deposit. The children and I made a list of everything that makes us happy, content and makes a place feel like home. After getting rid of the extravagant, we decided that a 3br house with one living area and a flat garden where we could play, have friends over and trampoline was what we wanted. The mortgage on this would equal four years gross of my salary. I am still young enough to take out a 30 year loan. Tonight he told me I was being ridiculous and that I should be aiming for a place that would only mean I have a mortgage equivalent of two years gross income. A place like his. This means an apartment, but the kids will be fine not having a yard, as they are fine when they stay at his place that has a communal pool and tennis court. Before today, I thought that a new home was the right thing for me, the kids and pets. Was I delusional and dreaming too big? Or did he just undermine my decision and belittle my choices making me feel small. (Looking back over the years he has had a narcissistic tendency to make me doubt my own strength and influence me to always do what he says). Sorry, probably too emotive for a real estate subreddit. But thanks for reading to the end. I'd love your opinion. [link] [comments]  |
| Posted: 08 Sep 2020 10:33 PM PDT Just bought our first house. Spent 5 months looking, did the offer/counter/rejected/keep looking dance with 4 houses until we found this one. Ticked most our boxes and we like it more each day. Best tip I can give is to really spend some time on your final walk-through, or even better, do a couple thorough walk-throughs. Flip all the switches to see what they do (yes we have a mystery switch) and ask where the water shut offs are (I cant find the sprinkler system shut off, suspect it's under the house). Anywho, our process was overall quite smooth. Good luck out there. [link] [comments]  |
| Taxes raised while under contract Posted: 08 Sep 2020 11:42 AM PDT Need advice. We are in the middle of purchasing a condo, just about to complete the appraisal and mortgage application when we are notified that the taxes on the condo were raised $1600. Now in the long run the taxes don't effect our budget that much but the current condo owner put in an appeal for the taxes. Our attorney says he thinks we cannot take over the litigation (tax appeal) and that if we are going to fight this and try to pull out we need to start paying him $300 hourly rate as this is outside of our agreed upon terms for this home buying process. I don't know what to do, pull out or stay in and try to deal with the litigation. All these unexpected fees are now surfacing from this all because the current condo owner didn't show up to allow the tax evaluator into the condo to assess. Help! We don't want to lose our down payment trying to fight this :( [link] [comments]  |
| Posted: 08 Sep 2020 04:44 PM PDT I want to understand more about stigmatized properties, in particular those that have had large scale illegal drug milling/processing activity. How does this affect the tenets of habitability, the appraised value, the willingness of lenders to participate and ultimately the future marketability and requirement to disclose? [link] [comments]  |
| Are buyers now more forgiving? Posted: 08 Sep 2020 05:32 PM PDT We just closed on our new home (thanks to all on r/) and are planning to list our old one in the next ~2 weeks. We're having some painters come to clean up some flaking paint that might exclude an FHA loan, but are eager to offload it sooner than later. It's an old house (built in 1850) that is in good structural shape, but isn't everyone's cup of tea (dirt basement, stone foundation, no subfloors). Our realtor assures us that we don't have any "gnarly" issues, and that everything can be overlooked because people are so desperately looking for houses. I don't want to underwhelm with an initial listing only to have to take it off later when work is done. Putting the age and age-related aesthetic issues aside, it is a good deal (4B/2Ba, 1700 sqft in a great school district, looking for somewhere in the ~$120-150k range in Central New York). For a house like this, how much do little things really matter? [link] [comments]  |
| What should I be sure to do at final walk through and closing? Posted: 08 Sep 2020 06:35 PM PDT The search for my first home has been such a whirlwhind, I had a solid inspection and don't think I need to do much - but do you all have suggestions for this final visit to the house and closing appointment? [link] [comments]  |
| Better to pay extra towards current mortgage or have that as cash at closing? Posted: 08 Sep 2020 04:46 PM PDT If I'm planning to sell my current home and purchase in 5-6 months, would I be better to take extra money and build up more equity by making extra payments or just put the money in the bank? I'm at 3.5% interest. [link] [comments]  |
| Home offer may be calling through - how bad should I feel? Posted: 08 Sep 2020 08:33 PM PDT Home offer may fall through due to some issues surrounding a contract with the solar panels. How bad should I feel about this and continuing working with my realtor on another home purchase? Market is so hot right now I want to continue searching as soon as possible... But we're stuck in limbo until the seller basically tells us they won't buy out the solar contract.. which I'm sure he will do. [link] [comments]  |
| Posted: 08 Sep 2020 07:52 PM PDT Just general questions to the community. Do houses in the vicinity of airports generally list lower and appreciate slower? Logically I would think so. And in general, is it advisable to buy houses close to airports? I checked statistics about the airport I'm considering, and they're significantly down on operations as compared to the same period last year, but you would expect that to come back as pandemic related stuff recedes. [link] [comments]  |
| Posted: 08 Sep 2020 11:28 PM PDT I'm 18 and want to start investing as soon as I can. I'm currently studying to get my license and starting college. It's kind of a lot right now and I don't have time for a job to make money. I don't really want to become an agent either, I just want to do real estate investing. What do you guys think I should do? Should I stop pursuing my license? I want to have a part time job where I could help out an investor and make some money. Is there anything like that? There's just no way I could be an agent and a college student at the same time. Feel like I'm wasting my time pursing s license. Anyway I can make some money while doing real estate investing related work while in college? [link] [comments]  |
| Realtor charge for assessment? Posted: 09 Sep 2020 02:51 AM PDT Hi, I am a seller who is trying to figure out what is worth updating in the home and what would cause us to lose money if we spent it on repairs and upgrades. There are a few, slightly more complicated issues that are going to need an experienced eye to take a look. My question is, do realtors charge to do a walkthrough and assessment? Who else does that kind of thing? Do they look at the same kinds of things when they do an appraisal? How do I go about this in the best way? Actually... what is the difference between an assessment, an appraisal, and an inspection? And which one do I get to help me with this problem of figuring out what to fix and what to leave alone? Oh, and what are "comps?" [link] [comments]  |
| Has there been any major corrections in market since 08/09? Posted: 08 Sep 2020 11:03 PM PDT Discouraged by the LA market right now. I'mc urious if the prices have ever dropped much, if ever since the big crash on 08/09? People always say the market is cyclical, but nobody ever mentions anything other than 08.. Thanks [link] [comments]  |
| How do I price an option to buy my property? Posted: 08 Sep 2020 10:52 PM PDT So I have 6 acres of land zoned agricultural (with my house and about 500 fruit trees) in an area that has been very reluctant to change zoning to commercial. I live adjacent to a very busy gas station and convenience store. They could easily double or triple their business if they could expand. But, they cannot expand without my property and a zoning change. They've looked at my property for years under the previous owners but not moved due to zoning issues. They recently presented ideas that may fly with zoning and they approached me. The market is hot and I could probably get an attractive offer on my place around $1m as a residential/agricultural property. I've met with the owner of the business (they have several similar successful businesses in the region). My property has zero value to him without a zoning change. With a zoning change it has immense value. The zoning change has will take some time and is not guaranteed. If I sell my property to a non retail purchaser the property may never be available to the business owner and he knows this. I gave him a month to present me with an option to purchase the property. Non refundable if he does not purchase the property. Otherwise I would apply a portion towards purchase price. I have to cover tax and insurance. My questions are:
This is outside of my ability to evaluate and appreciate ideas. [link] [comments]  |
| What do you wish you did before closing? Posted: 08 Sep 2020 09:51 AM PDT Hello everyone! First time homebuyer here obsessing over everything. I already have an offer accepted and home inspection scheduled. Based on some other wonderful posts here I already looked at the permits for the house (one still pending from over five years ago, others unpaid, and where is the hot water heater one?) and tried to pull 911 calls and crime stats. I'm also going to wait to redo the kitchen, new curtains, and whatnot until I lived in it a while (thanks for those suggestions). Do y'all have anything else you wish you looked at before closing on a home? Any other suggestions? [link] [comments]  |
| How do I remove the 3D walkthrough of my home from Redfin? Posted: 08 Sep 2020 08:57 AM PDT I was able to remove the photos but the 3D walkthrough is still there. [link] [comments]  |
| Fannie Mae's new COVID19 self-employment application regulations Posted: 08 Sep 2020 09:37 PM PDT About to start the process of applying for a mortgage and came across the new Fannie Mae/FM COVID regulations introduced recently that requires self-employed borrowers to provide audited YTD profit/loss statements (on top of the typical tax and bank docs) - My question is, does this apply to all coventional loans from any bank or lender, or only Fannie Mae/Freddie Mac loans? Planning to speak to a mortgage broker asap but just wanted to see if anyone here had insight. [link] [comments]  |
| Is a condo worth the location and HOA fees? Posted: 08 Sep 2020 03:38 PM PDT I am looking at possibly purchasing a house in the next few months. I cannot afford to buy a house in the neighborhood I rent in now, so have been looking at small houses is other suburbs and neighborhoods. Everything right now is selling so fast here. In my searches, I found a super unique condo in my current area. It is in my budget and in a fantastic area. It is a two floor unit in a historic Rowhouse. The catch is the HOA which is $350 a month. That includes trash, water, landscaping, exterior maintenance, and snow removal (maybe more, but that is what I know of now). I am just wondering if that is worth the extra cost? Does anyone have a recommendation on whether to go for a house in a less desirable area or a condo in my ideal location? [link] [comments]  |
| FHA appraisal came in $20k lower than asking/sale price Posted: 09 Sep 2020 12:59 AM PDT We are in the final stages of purchasing our first home in Northern NJ and our appraisal came back $20k low at $340k. Asking price was $359.900 and we offered $360k. We're putting 5% down which gives us 1.5% wiggle room to reallocate that cash (3.5% FHA down payment minimum) towards the purchase price. The house is definitely a first time buyer home. Not very large, but turn-key ready. Owner bought the property 1 year ago for $135k and did a complete renovation. But it's a small house, so I doubt they put in $225k. Therefore I'm pretty sure they'll still make a profit at $340k. Any advice on how we should proceed? This is the 2nd house we've been under contract for this year so we REALLY don't want this deal to fall through too! [link] [comments]  |
| Title Company for Refinance Recommendations (San Diego Area) Posted: 08 Sep 2020 08:58 PM PDT I'm way out of my element here and am hoping others can help. I'm refinancing my mortgage and need to choose a title company. Does anyone have any recommendations for a title company? What should I be looking for other than cost? Is it safe to simply go with the lowest estimate? I had Chicago Title Company during my initial purchase if that helps. Thanks in advance. [link] [comments]  |
| Dan you negotiate with new construction / home builders? Posted: 08 Sep 2020 03:58 PM PDT Basically the title. Edit: Apparently not the title, typos /: Wife and I are looking to buy in the next few months. We have our range set but there are a few houses 5-10k outside of our range (desired range, we prequalified for more than what we'd like to spend), but everything I'm seeing online says home builders won't really move on their prices since they're obviously in it to make money. How true is this? Can you negotiate them into helping with closing then? Any tips for looking at new construction homes? Sorry if this is a bit open ended, just a lot to think about. All help is welcome. Thank you! [link] [comments]  |
| Pest inspection done but did not check attic? Posted: 09 Sep 2020 12:21 AM PDT I got a pest inspection but I noticed they checked off not looking at the attic or plumbing areas. Just wondering if that's a common thing? The attic is pretty easy to get it into, there's even a ladder so I'm surprised they would overlook and plumbing areas. Also the inspection company that looked at the house is 2 hours away. That's awfully far to drive. Should I be suspicious? [link] [comments]  |
| Posted: 08 Sep 2020 08:35 PM PDT Hi Reddit, i'm in the beginning stages of buying property in the NYC area. Specifically Brooklyn/Queens. Has anyone had experience with financing a home through the NYC SONYMA or FHA programs? Which one is better? Is there even a difference? My plan and stats: Looking to buy co-op or condo, 1 BR (Haven't decided between the two). $300-$350k budget Current salary of 97k, no loans or debts, excellent credit score, 70k cash in savings. What's the best option for me? I was thinking maybe with the SONYMA or FHA loans I could put less than 20% down payment and be able to afford a condo, which almost always seem way better in terms of the actual physical property. [link] [comments]  |
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