(sensitive) Has any one here bought a house before/during COVID and then got laid off? Whats your story and whats your game plan? Real Estate |
- (sensitive) Has any one here bought a house before/during COVID and then got laid off? Whats your story and whats your game plan?
- Woe is me
- Do you remember how much commission you made during your first year as a real estate agent?
- Is seller liable for undisclosed structural damage?
- Will we ever escape this crazy market now that the fed has confirmed low interest for the long term?
- Fearful that tenants won’t move out after my 60d to owner occupy. What happens?
- What is a typical weekday for an agent?
- Agent Advises To Go Under Contact ASAP
- Anxious about financing being ready before close date
- My mortgage banker will make no money on me?
- Choosing Between Better Home vs Better Location
- New construction, vent not properly align
- Need advise - BUYER'S PERSPECTIVE
- PMI despite 20% down payment?
- Extremely hot market where I live
- Buying a home with my family.
- Buying a property with solar lease (Solar City). Getting cold feet
- Thoughts on 7.5 ft ceiling?
- Pretending to be my dad during refinance?
- What will happen if I cut off my benefits before the lease is up without an increase in income?
- Homebuy With New Stairs, Railing Not Up To Code
- Question about filing a complaint against a broker (NY)
- Possible Foundation Issue?
- How to remove your name from House Sale articles ?
- Anybody ever disputed a flood zone?
| Posted: 21 Sep 2020 12:35 PM PDT Just wondering how are people dealing with this. It is so scary to think about it tbh. Edit: thank you all for sharing your experiences and I've enjoyed reading them and understand the struggles of what some people have gone through during the housing crises. Even though I was young and was graduating HS during 08 - 10 and had a decent waiter job and was fortunate to have a roof over my head and was doing ok. I've seen a man in my bus ride to work yell out "does anybody know if any one is hiring?". It was very sad and no one could help him. (During 2010) Any ways here is my side of story, I'm 28 now and married. I work for a hedge fund as an IT guy. Thanks to covid, our company is thriving and we've been wfh. (They even hired few more people). Unfortunately, my wife is/was furloughed from local city gov. (Starting a new job in few weeks, and were thankful). And very fortunately, she was able to collect unemployment throughout. Luckily, my salary is enough to pay the bills and even save/invest (stock market). We bought our first house in 2019 with a 4.75% int rate. Luckily, we were able to refinance in May and got our rates down to 3.25%. (Shaving off $400 a month). I appreciate and know that I am fortunate that this pandemic hasn't really affected us. And it would be really scary to think of losing both of our jobs and the stress we would have to go through. Thank you all again. [link] [comments]  |
| Posted: 21 Sep 2020 05:54 PM PDT Just feeling sad. We didn't get our dream home. We bid 25k over asking, waived contingencies other than major structural issues, no contingency to sell, and it still wasn't enough. So bummed. We don't know what to do at this point. Feel like we are getting pushed out of this market. We have 3 kids and really wanted to settle in our forever home. [link] [comments]  |
| Do you remember how much commission you made during your first year as a real estate agent? Posted: 21 Sep 2020 08:00 PM PDT |
| Is seller liable for undisclosed structural damage? Posted: 21 Sep 2020 03:08 PM PDT This is Delaware. My daughter bought a townhouse in 2019. The pre-sale inspection noted water damage on the top of the basement wall in the basement sill and 1 adjoining joist. The cause was listed as an improper grading that allowed water to pool at the foundation. The wood is intact and repairable. We just finished removing her deck in order to regrade the area, and because the deck was rotting. The chimney chase ( "the "box" around the prefab fireplace flue that looks like a chimney) sticks out past the foundation, above the water damaged area. When we removed deck boards next to the chimney, the siding came loose revealing that the wood structure is severely rotted and needs to be replaced. The rot is definitely coming from rain not from ground pooling at ground level because it extends up at least 8' and is much worse than the foundation damage. Also there is no plumbing in this part of the house. It seems like the seller (a flipper) must have know about this problem because several of the planks that we pulled up were new and he would have seen then damage while installing them just like we did. Does my daughter have any recourse if she can demonstrate the seller knew about this damage but didn't disclose it? [link] [comments]  |
| Will we ever escape this crazy market now that the fed has confirmed low interest for the long term? Posted: 21 Sep 2020 07:34 PM PDT I've been dicking around in what was supposed to be a temporary apartment in Louisville for way longer than I'd like. I sold my house at the beginning of the year with plans to pick up something a little cheaper around Kentucky/Tennessee/Virginia. I've had 3 realtors in and out over the last few months just digging up anything they can find. Every time it's a massive bidding war. Even houses out in the boonies are seeing 10 offers in a few days and a transformation into bidding way over what it's actually worth. I get that there are a million factors at play right now. Economic instability makes people less willing to move meaning less inventory. People scare of the virus not listing. Rock bottom interest rates means everyone wants a house now. Big juggernaut slumlord companies scooping up as many properties as they can find. We really are living in the perfect storm. All 3 agents bitch about the lack of inventory and how they've never seen this before and feel like something is off. Is this just coronatime and things might get back to normal in the future? I heard the fed said they had no plans to raise interest rates again for years. I really would like to get into something with some equity that isn't a guys 700 sq ft barn in the back that is a "HANDYMAN SPECIAL!" that no one wants. [link] [comments]  |
| Fearful that tenants won’t move out after my 60d to owner occupy. What happens? Posted: 21 Sep 2020 05:58 AM PDT I bought a house with current tenants. They signed a letter that they'll vacate on or before the end of their lease end date. This is important because my family and I will be owner occupying that unit. They haven't bought a house yet or leased anything, though they're looking occasionally. They're quite settled in the current unit and have a young family. My biggest concern is getting hammered by the bank, but there doesn't seem to be anything I could even do. Given COVID, I won't be able to evict them. What is my best course of action, and do I need a lawyer? [link] [comments]  |
| What is a typical weekday for an agent? Posted: 22 Sep 2020 03:05 AM PDT I am thinking about a career change and I know there will be a lot of evening showings and weekend open houses. What is an average weekday schedule? After you've pushed out listings what are the other tasks? Is it one hours work or 7? [link] [comments]  |
| Agent Advises To Go Under Contact ASAP Posted: 21 Sep 2020 08:03 PM PDT Our buying agent constantly reminds us how insane the market is and how difficult it is to buy a house right now. He advised that if we like a house, the strategy in this market is to submit an enticing offer asap to make the sellers bite, then spend the due diligence period deciding if the house is right for us. We've submitted three offers in the last month, we lost one and backed out of two. Curious if other buying agents would agree with this advice. It just feels wrong and a waste of time on everyone's part to do it this way. We have felt stressed and guilty using this strategy, but perhaps it's truly just the nature of this market? [link] [comments]  |
| Anxious about financing being ready before close date Posted: 22 Sep 2020 01:39 AM PDT Im anxious about my 30 day close and out of my element here. There is nothing concerning in my finances but it is a jumbo loan. I have the ability to pay cash but I imagine if I pay cash on close date theres no way the lender would give me back the money they were going to give the seller. What happens in this case? The deal falls through depending on the seller and if I pay a per diem? [link] [comments]  |
| My mortgage banker will make no money on me? Posted: 21 Sep 2020 10:52 PM PDT I've applied for a mortgage, paid for appraisal, credit report. At the end deciding to go without loan. Will I expect to pay anything else to the lender? Will the mortgage banker make $0 from his effort? Edit:. I will be buying with cash, no loan. [link] [comments]  |
| Choosing Between Better Home vs Better Location Posted: 21 Sep 2020 08:56 PM PDT I'm looking to buy one of two homes, both listed at the same price and am having trouble choosing which one I should pick. Would love your input! Home 1:
Home 2:
I know the 3 most important factors in real estate are location, location, location. But at what point should I sacrifice a better location for a better home? I know I'll be happier with the location that the townhome is in, but I'll be extremely happy with the home because it has everything I'm looking for (minus location). You might say, "Find a home that fits your description in the location you like" but that is definitely impossible. Trust me, I've been looking for a couple years. I just don't know what to sacrifice. Would love the community's thoughts. [link] [comments]  |
| New construction, vent not properly align Posted: 21 Sep 2020 07:29 PM PDT So it seems they just cut a hole in the drywall and cut a hole in the return air vent. There is exposed insulation and dust just getting sucked into my AC. Shouldn't these be flush/connected? https://imgur.com/gallery/BucNCDU [link] [comments]  |
| Need advise - BUYER'S PERSPECTIVE Posted: 21 Sep 2020 07:02 PM PDT NEED OPINIONS. In Michigan. We're paying $1300 in rent, outside of our lease, month to month. Pregnant and due in Jan. Considering buying a house. Houses are selling at least $15k over asking. At current house prices, we're looking at paying MORE for a mortgage per month than rent! Watching "decent" houses only in the ~$230k ..which comes to a few hundred MORE a month just to buy. Remember when renting was more expensive? LOL Been in 2 bidding wars and all I can think about is I'm offering $230-$250k on a house that sold for $150k 7 years ago.. and barely anything has been done to improve the house. Kinda pisses me off. Tell me .. should I wait to buy next year? I desperately want to have a home before the baby comes, but I don't want to be a sucker. My agent wants us to buy now, and says it's going to get more copetitive next spring. Help :( [link] [comments]  |
| Posted: 21 Sep 2020 03:21 PM PDT Hi Everyone, I am slated to close within a week or so in upstate NY. Just closed on my house in NJ today, and am using some funds from that sale for my down payment in New York. Since we did really well from the NJ sale, I informed my lender that I am able to put 20% down on the house in NY rather than the original 10% they estimated me for a month ago. When the lender sent me the updated loan estimate noting 20% down, it stated PMI for years 1-2 of the mortgage and then after that, No PMI. Wtf is this about? I thought 20% down automatically equals no PMI. I'm waiting on an update from my lender - I refused to sign because this alarmed me! Any insight on this? Thanks!! [link] [comments]  |
| Extremely hot market where I live Posted: 22 Sep 2020 01:34 AM PDT I'm not sure what flair to put that's relevant to this, I'm in the market to buy my first home and I'd like to stay near my parents but the market here is so hot the houses are selling within 2 days of being on the market sometimes shorter. The house I made an offer on had 20+ offers. Would it be wise to just back off for now or just keep looking and finding houses that meet my needs? [link] [comments]  |
| Posted: 22 Sep 2020 12:59 AM PDT So, my father never built credit, he simply bought the home we live in outright which is worth 208000 on the market value. My family wants to move to a new home valued at 450,000. Problem is, my father never built credit but has a very high income while I have a very high credit but very low income. Is it possible to have a loan I can we can cosign. We definitely have the money, problem is we have each others weakness. Is it possible to get a mortage? Ideally conventional, but an FHA wouldn't be bad either. [link] [comments]  |
| Buying a property with solar lease (Solar City). Getting cold feet Posted: 21 Sep 2020 02:50 PM PDT After a very frustrating 3 months and putting multiple offers, We are in contract to buy a single family house in San Ramon, CA. The house has a solar lease for another 15 years. The lease costs 70/month and there isn't any way to exit unless the seller buys out the contract. Around $15k remaining over the lease period. We did negotiate the house price under list price because the house doesn't show great at first look and seemed overpriced in first place. In the counter offer, the seller did mention the buyer to take over the solar lease. However, we did have it as part of our contingencies. I've read some past Reddit posts, where almost every one of them says solar lease is a con than a pro. The reality for us is that it's tough to compete for a single family home in such a hot market. So we agreed in first place. We still in contingent period, if we wish to back out. I'm nervous if taking over the solar lease is a right thing. Pl help figure the right move. I'm assuming future buyers will also have same issues if/when we want to sell the property. [link] [comments]  |
| Posted: 22 Sep 2020 12:00 AM PDT Like the title said. We toured a house where part of the ceiling seems to be about 7.5 tall. It seems like only the living room has that ceiling height. It does feel a bit lower than typical houses I've been to. It seems like a typical ceiling is at least around 8ft high. It's in a safe neighborhood, good schools, good commute to future potential work places. What are your thoughts on a 7.5 ft ceiling height? Is it possible to raise the ceiling? [link] [comments]  |
| Pretending to be my dad during refinance? Posted: 21 Sep 2020 11:38 AM PDT Hi everyone, so I have been going through the process of refinancing for my dad because he speaks not much english. While going through this process, I have spoke to three different people, when I spoke to the second one I mentioned that I'm actually speaking on behalf of my father and he said it was fine and I just decided to go along pretended to be my father. I continued talking to them and we are currently near closing. I am really stressed out because I feel that this is wrong so I called earlier today and mentioned that I have been speaking on behalf of my father and now they won't speak to me until they get his approval. Can I get in trouble for this? I've been feeling pretty anxious and felt that I just needed to be honest even though the second person I spoke to said it was fine. [link] [comments]  |
| What will happen if I cut off my benefits before the lease is up without an increase in income? Posted: 21 Sep 2020 11:27 PM PDT I live in Florida and rent an apartment. The rent is based on my income. I get ssi benefitts. i'm guessing it's section 811 or 202. It's basically housing for young disabled person. I'm feeling healthy right now and I'm looking to start working soon but still unemployed. I was going to cut off my benefits and start looking for work. My lease is up in February and my rent is very low. What be the next steps moving forward. Would the rent go up to market rate or would it stay the same until my rent increases [link] [comments]  |
| Homebuy With New Stairs, Railing Not Up To Code Posted: 21 Sep 2020 10:59 PM PDT Just curious if the current owner (the seller) is liable for making the stairs and in turn, the railing that they just remodeled up to code? Long story short, we put an offer on a house that had a DIY stair remodel in progress. We did the inspections and well, the new completed railing is not only funky as all hell, but is made from low grade 4x4s (for the knewels) and 2x4 (for the hand rail with no cutout for grip). The hand railing is also in about 7 different pieces to make it work on a "winder" style stair. The inspector just said that the code is"____" but didn't mention that it would have to be fixed, which seemed odd, especially with a VA loan. My questions lie with a remodel being done and not meeting code (handrailing/knewel return and terminate, no cutout for a diameter greater than 6.25", crossection greater than 2.25", and not having a continuous railing from top to bottom). I have seen the continuous railing rule here and there but of course I can't just view a state residential code without dropping a buck. Could we potentially be liable for bringing that up to code or possibly be neglectful in the future by not doing so? Thanks in advance for your considerations and help strangers. [link] [comments]  |
| Question about filing a complaint against a broker (NY) Posted: 21 Sep 2020 12:19 PM PDT I had a strange situation occur recently and am not sure if I have a claim against the broker. I found an awesome (most likely under priced) house on zillow. I reached out to the listing agent who told me it was his parent's house. The agent lived 2 hours away but had the listing b/c it was his parent's house. He setup a time and his father showed me around the house. No broker or agent came and I did not sign any disclosure forms, dual agent forms or covid forms. We made an offer the next day, the agent called his father to present it, called me right back and I upped my offer slightly. He then called his father again who accepted. We were thrilled and ready to sign the contract and schedule an inspection. They were having some plumbing work finished in the basement the following week and asked to wait until the construction workers were out of the house until we could inspect. We asked if we could sign a rider saying we could back out after the inspection so we could start the mortgage application. They did not want to do this but our lawyers agreed on a contract and the agent had sent an offer letter to our lawyer listing himself as the buyer's agent and the listing agent. They assured us they were no longer showing the house anymore but did not want to sign with a rider. They asked we wait the week or two for the inspection. 2 weeks became 4 but we had a date set for the inspection. The morning of the inspection, the agent texts me to cancel and that their lawyer told them there was an issue with our mortgage. We're using a first time home buyer loan and had confirmed this was okay with them early in the process. I ask if we could put in the contract that we will use a traditional loan if the first time home buyer loan is rejected. He tells me that might still not work. I asked if they got another offer or if the contractor broke something and they were trying to fix it. He said he didn't know if they had other offers which was really confusing to me. When I asked how he wouldn't know if he's the broker and it's his dad's house, he told me that he's only my agent and that his boss is his parents broker. I checked the zillow listing and saw that his boss was now listed as the listing broker. He told me to call his boss to discuss what was going on. I got in touch wit his boss who told me that in the past 2 weeks they received a few offers above asking and that he would be presenting them to the seller the following day. I agreed to up my offer slightly to put it behind us and go forward. I explained to him that I had an offer letter from his employee listing himself as a dual agent. I explained the whole situation and he told me that I was lying and that my lawyer was acting as my broker and that he (the owner of the company) was the seller's broker. He claimed the agent I spoke with was not involved in the deal, even though I had paperwork from him. The zillow listing is now back under the son's name and at a higher price. I want to complain or sue the broker b/c i do not feel my offer was properly presented. I also am Hispanic, but do not appear it, so feel my offer may have been rejected based on my name. I did not sign any anti-discrimination forms and the broker begged me to before telling me they were going with another offer. Are they liable for not having me sign the typically disclosures? Who should I approach about this? [link] [comments]  |
| Posted: 21 Sep 2020 02:07 PM PDT Hey everyone, first-time homebuyer here with a question: A possible foundation issue came up in the home inspection report and I'm not sure if how seriously to take it. What's weird is that the home inspector didn't even highlight it verbally or in the report summary. I had to go 70 pages for its specific section. That makes me think it's not that serious, but the home inspector just had to mention it to cover himself. I know I shouldn't assume and that possible foundation issues would always be worth have a structural engineer come and inspect, but just wondering if anyone had initial impressions or thoughts based on the pictures. The pictures are of the exposed foundation as you enter the house from the garage. [link] [comments]  |
| How to remove your name from House Sale articles ? Posted: 21 Sep 2020 11:56 AM PDT So recently bought a house . Living there happily... However other day randomly put my name into google - and here we go ... 3 search from top - it's " Will county Gazzette " article about me purchasing a house back in January with my name - address on it ... I understand this is a public record ... but who knows who google me in the future ..? And they just find out my address that easy ? Don't they need my permission or something ? I tried looking them up. And all you can do .. is find some email for will county gazzette . No physical address or phone number ... ironic .. when they post everyones information. Is there nothing can be done ..? [link] [comments]  |
| Anybody ever disputed a flood zone? Posted: 21 Sep 2020 09:23 PM PDT Buyer's lender on my house found our house to be in a flood zone during due diligence. The flood zone does come onto my property but only into my back yard, not actually onto the house. Is that reason enough to dispute? If not my house is also built with a six foot retaining wall that I can almost guarantee was not considered in the flood surveying. That should add to my dispute I would think. [link] [comments]  |
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