Appraisal $6k under, my agent saved my ass Real Estate |
- Appraisal $6k under, my agent saved my ass
- Why do folks hate popcorn ceilings so much?
- What happens if I can’t sell a house?
- Buyers here - Closing today. 10 minutes before closing time got this news. Help!
- Bought our dream home and our inspector found undisclosed mold remediation work that hadn’t been kept up. “Almost 100sq ft of mold”
- Refi loan question
- Lender refuses to accept “ the work number verification”
- Best use of inheritance? (New York)
- Im looking at a HUD FHA home for 156k and I dont know what to ask or what i should know about these homes.
- Whats your opinion on 20% down payment? Is it dead?
- Trying to buy new house
- How to shop for lenders?
- [TX] Buying in greater San Antonio area
- USAA Real Estate Rewards Program Question
- Why this house (new construction) back on market?
- First Time Home Buyers - Inspection
- How to purchase part of an adjacent lot? [MI]
- buying a home which one?
- New house with/without detached guest house option
- Legal Distinction between Townhome and Condo?
- Accepted for loan while on Maternity leave?
- Real estate test (Connecticut)
- Touring potential homes without your significant other
- Any insight into closing in December vs January?
| Appraisal $6k under, my agent saved my ass Posted: 28 Oct 2020 05:09 AM PDT I made an offer on a property at list price about a month ago (huge townhouse with no maintenance). Inspections went well; minor stuff, got some concessions from the seller, all good there. Closing date is Nov 6th; it's been the longest month ever. The appraisal came in this week $6k under list price, which is less than 5% difference - nothing like some of the horror stories I've heard on real estate forums. My agent says it's only the second buy he's had this year that didn't appraise. The appraisal had the usual problems; stupid comps, mainly. The appraiser listed a couple of nearby SFHs that had higher cost per square ft than mine, and promptly ignored them in favor of one outlier. The outlier is a townhouse 30 years older than mine with aluminum wiring. I didn't poke through the nitty gritty details looking for other errors in the appraisal. My agent went to war immediately and got the seller to drop $4.5k, and I'll be making up the rest. I could have made up $3k without breaking a sweat, and probably more if I had to. As long as something doesn't come at me out of left field, I should be good to close on time. [link] [comments]  |
| Why do folks hate popcorn ceilings so much? Posted: 27 Oct 2020 09:13 AM PDT Neighbors house is for sale at a reasonable price and is in good condition. 4 beds, 2 baths. All decently sized. Updated kitchen and bathrooms. Great looking hardwood floors throughout. Only problem is that there is popcorn ceilings throughout the house, in every room except for the kitchen and bathrooms. I'm convinced this is what's turning off buyers as comparable homes that are less nice are selling for significantly more. Why do buyers hate popcorn ceilings so much? They are passing on what is actually a good buy, despite the crazy Covid marketplace currently going on for a stupid cosmetic reason. [link] [comments]  |
| What happens if I can’t sell a house? Posted: 28 Oct 2020 02:41 AM PDT My father passed. My sister and I inherited his house, but I don't see it selling anytime soon and that worries me. "Popcorn" ceilings take up the entire first and second floor and I'm told there's asbestos in the floor in the basement. I know this will cause a problem. The house otherwise is trashed with nicotine stains on the walls, excessive dust (literally everywhere) It's also located in an area where not many people are trying to buy houses currently. My question is, what happens if my sister and I can't sell the house? Do we keep paying the home insurance, electric, etc until it's finally sold? I'm certain the fixing of the house will take up the majority of its value. Any advice would be great, thanks. [link] [comments]  |
| Buyers here - Closing today. 10 minutes before closing time got this news. Help! Posted: 27 Oct 2020 06:03 PM PDT Scenario. Been under contract and met all our obligations and contingencies on time. However on way to closing got a call from our realtor that there was some bad news. The title company discovered a unreleased deed of trust on the property from 20 years ago for 48k. However we are certain the payoff has happened by the seller. Company A - who has the deed trust on the property sold the mortgage to company B. Seller paid off the loan off, however company A still shows up on the title. As a buyer who does due diligence, I found that the company A sold the mortgage to company B from sec 8-k filing which has the property info / seller info and the exact amount that shows on deed. Twist - company A is now defunct and doesn't exist. Seller failed to meet the clear title contingency at closing. How can they go about getting it removed from title ? We have extended closing for 2 days while we evaluate options. Seller has agreed to put in amount showing on deed in escrow with the condition that If they are not able to clear out within a certain time frame after closing, we get the money from the house escrow (50k). This incentivizes them to actually proactively work to clear the title . We are worried that the deed trust doesn't get removed and even if we get the money, it will create problems for us if and when we decide to sell. What can we do in this scenario? We are already packed, with lease ending and move out in 4 days. We have movers scheduled and utilities scheduled to be transferred. This is in virginia btw. Any tips / advice to help calm a nervous family? [link] [comments]  |
| Posted: 28 Oct 2020 06:07 AM PDT First time home buyer here. Finally had an offer accepted on our dream house. The sellers disclosure said they weren't aware of any mold issues in the house but our inspector says the mold in the crawl space had definitely been treated before and they even had a dehumidifier down there but they weren't running it. Not sure if the sellers were originally lied to but we find it hard to believe they had no idea about this issue. Waiting to hear back from a mold specialist but our inspector thinks the moisture originated from a leaking pipe going to the kitchen refrigerator. We absolutely love the house, and the inspector didnt find any other major concerns, but we have no idea what kind of nightmare we might be getting into with the mold. Anyone have any experience with mold and guidance on how they would handle this? We had originally agreed to covering a limited amount of fixes resulting from the inspection, but since this crawl space had mold issues in the past and it was not disclosed to us, we think at the bare minimum the sellers need to completely address the mold and we need assurances that it is very unlikely to happen again, assuming proper maintenance. But we're also wondering about the long-term value of the home. Should we ask for a lower price, in addition to the sellers covering the fixes? If so, what is a fair starting point for these new negotiations? [link] [comments]  |
| Posted: 27 Oct 2020 10:08 PM PDT About to wrap up refi from 3.5 to 2.875 , 30 years. No cost refi. The old loan charges upfront interest and new loan wants prepaid interest. Can someone explain the rationale. Feels like I am being double charged? [link] [comments]  |
| Lender refuses to accept “ the work number verification” Posted: 28 Oct 2020 01:24 AM PDT My lender is being super nit picky. I am currently on maternity leave and my company uses " the work number" a third party company that verifies employment and income. This relieves HR of doing any of this work . The lender is stating that the underwriter does not want to accept this and my loan is approved pending the pre doc condition that HR at my company provides a written statement saying when I will return to work, same pay and that I still work there. HR refers them to the work number and they say they do not want a third party to verify this. They then asked me to forward an email where I told my company I was returning to work Nov 6th and they began to go back and forth with that person asking for verification even though they already have it from the third party. Seems like discrimination and I'm not sure what to do . We have already released inspection and appraisal contingency and just waiting to see what the lender / underwriter will do about this I should add I am being paid 100% of my salary at maternity leave. And when I asked why they need this they said they want to make sure I intend on returning to work by my actual company not a third party. They also had me write a letter and sign stating the date I am returning to work [link] [comments]  |
| Best use of inheritance? (New York) Posted: 27 Oct 2020 07:56 PM PDT Hi real estate people! Posting this on a secondary account due to the personal nature of the topic. Hoping to receive some advice for how to approach an inheritance of about $1m (parents passed away). I am 25 years old and living in the New York metro area. I have a good income around $100k and a good credit score. Due to the pandemic, I am currently living rent free with my extended family and working remotely. Recently, I have been told to take advantage of low interest rates and the real estate situation in New York to begin the process for buying property. While I am very excited to begin the process and know that I am very fortunate to be in this position, I have no idea where to begin with the process. From what I understand, my current options are to:
I would love to hear other people's advice and thoughts! Has anyone else been in a similar situation and can share any insight/their experiences? [link] [comments]  |
| Posted: 28 Oct 2020 02:40 AM PDT First time home buyers with $8k saved up and she has nearly perfect credit, my credit sucks and my taxes are behind this year. Will be fixed by feburary so may not include myself on the loan. What do we need to know about these home buying programs? It seems like we'll be locked into the interest rate and not be able to refinance. It's a beautiful house and the price is at least 20k less than I feel it could sell for. From my understanding these homes are foreclosures. Would love advice. [link] [comments]  |
| Whats your opinion on 20% down payment? Is it dead? Posted: 28 Oct 2020 05:58 AM PDT I have been reading a lot of articles that are saying the 20% down payment is a thing of the past. What is your opinion on the topic? [link] [comments]  |
| Posted: 28 Oct 2020 05:25 AM PDT Hello all, Wife and I are currently trying to buy a house in the next town over. The house was originally on the market for 300k but went through a sale that fell through and came back at 285k with the price drop being due to the furnace and water heater being end of life. Note that the house is about 100 years old. Enter my wife and I, we absolutely love the house and put in an offer at asking price which was accepted. Shortly after we had the inspection which came back with a 46 page report detailing about 9-11 big ticket items. The estimate from two contractors was about 50-60k to repair all those issues. We are, however, getting independent estimates from a carpenter, HVAC and plumber as well as a mold remediation specialist. My wife and I are first time home buyers and don't have a big savings to draw upon so we don't want to deplete our savings to make repairs. The sellers apparently want to accommodate us and really want us to buy the house but we're wondering what kind of shot we have of getting them to compensate us between 50-60k, seems like a really big long shot even with them really wanting us to own the house. Issues range from entire heating system needing replacement in basement to rotting front door sill and trim, rotting dormers, porch posts all rotting, windows needing replacing, crawlspace needs new vapor barrier and insulation put in. Like I said there's about 10-11 things that need sorting to be a safe home to live in. One of those things also includes a radon mitigation system. Any insight would be great. Feel like I'm just burning money on the inspection and estimates if there's no chance of getting this house. Worth noting there is nothing else in the area that fits our needs, crazy market up here right now. [link] [comments]  |
| Posted: 28 Oct 2020 01:38 AM PDT Hi We just got into contract for our first home. How do i shop for lenders: my realtor asked me not to have any lender check my credit, but ask them directly what is the apr for a product along with closing cost so that i can have a competitive rate. Am i being guided in the right direction? Thanks [link] [comments]  |
| [TX] Buying in greater San Antonio area Posted: 28 Oct 2020 12:12 AM PDT I may be moving to San Antonio in the near future for a job opportunity. Exciting times! I've spoken with multiple unrelated people, and the consensus seems to be: buy a newer (within the past couple years) home. They mention a severe lack of insulation, roof issues due to a big hail storm a while back, and other problems. This is wild to me! I tend to like the aesthetics of older homes, and understand that upgrading/fixing things up is par for course, but this is something else. Could I get some insight from those familiar with the area? Thank you! [link] [comments]  |
| USAA Real Estate Rewards Program Question Posted: 27 Oct 2020 12:44 PM PDT I got an email this morning saying that they were going to cut me a check, but not for how much. After calling around, I found out that not only has the program ended, but that we were among the final recipients to get paid for using it. I wasn't sure which house this was for since we sold one house and bought another this year, but it seems to be from the sale. My old agent said that they pay on a "sliding scale." How much am I looking to get back? [link] [comments]  |
| Why this house (new construction) back on market? Posted: 27 Oct 2020 07:45 PM PDT There is a house (new construction) listed for $990K. It will be ready in the middle of next year. It went under agreement in a week. About one week later, it was back on market. The seller subsequently increased the price by 40K. My question, why it went back? The house has not being built yet. No inspection contingency, no mortgage contingeny involved.. How can the buyer get out of the contract? My guess is that the seller might ask the buyer to change contract with higher price due to material cost increases. Can the seller do that? If the buyer did not agree to the increase, he backed out of contract? [link] [comments]  |
| First Time Home Buyers - Inspection Posted: 27 Oct 2020 07:43 PM PDT Hey, all first time home buyer here. I am not too savvy on this kind of thing. The wife and I are found the perfect 5 bedrooms 2 floors with a basement. The concerning items from the inspection reports are:
Our initial response to the sellers was to do the following:
They countered in a matter of 2 hours and gave us 4 hours to come up with a counter or to accept. They responded with the following:
We asked for an extension for a whole day to decide, any recommendations as to what we should do? Any feedback is greatly appreciated. Thanks! [link] [comments]  |
| How to purchase part of an adjacent lot? [MI] Posted: 27 Oct 2020 11:16 PM PDT We have an adjacent empty (0.8 acre) corner lot next to our house that is currently for sale by a real estate agent/developer. He bought the lot 4 years ago for $65k and is now trying to sell it for $67 after paying to have the lawn cut/taxes/HOA fees etc. Clearly he is trying to unload it to free up capital at this point. Other lots in the neighboorhood people are asking $80k+. Part of the lot immediately bordering our shared properly line is wooded with very large oaks that provide us a lot of shade and privacy we'd like to maintain. We'd assumed when we bought our existing home last year that any potential buyer of that lot would most likely want to keep that wooded section. However, there was an almost buyer who we had an unpleseant encounter with who wanted to cut everything down and put a driveway and 2nd detached garage for a boat right on top of us. He was also in our backyard, kicking our kids playset, which is right up against the border on our side but led us to believe we might also have to deal with a property line dispute. The owner had made some sort of conditional agreement with him to sell the lot but the potential buyer submitted a few plans to the HOA and was rejected twice and now it seems is out of the picture. The previous owner of our house was a real estate attorny. She had a survey done last year before the sale and made some sort of deal with the lot owner next door to transfer a small portion to our property as the old lot line turned out to be right up against an outbuilding we have there. We have a copy of that survey and she was nice enough to talk with us earlier this year and told us where the line was according to her. That matched the survey and where we thought it was. She also mentioned the owner was "difficult" to deal with. At this point we just want to maintain the tree line and our privacy/shade and protect ourselves from bad neighboors/disputes. One of the trees is ~20/80 with the bulk on their side of the line. My understanding is that makes it a border tree, regardless of percentages, and we'd both have to agree to cut it down. The rest are a few feet over the line. We are primarily interested in trying to get the property line redrawn to transfer another small section that that lot to us so that the majority of those trees are ours. The HOA has no issues with that as long as someone can build a house that meets their size/distance requirements. The county has similiar requirements, but whe haven't talked with them yet. We'd need to confirm it but it seems entirely possible. If the owner doesn't want to do that we are also considering buying the whole lot, tranfering to ourselves, and reselling the rest. The HOA has a condition that you have to build but no requirements for when so that's effectively meaningless and people have been sitting on lots like for 18 years. What's the best way to go about doing this? I'm thinking of approaching the owner directly and just asking if he'd sell that part of the lot. I don't know what's a fair offer for such a small parcel of land (a few feet along the whole line), $5k? That seems like it would allow him to keep his price where it is now and give him a little extra cash out of the deal. It seems like a better deal for us to do that with all the expenses we'd incure owning/maintaining the lot as we tried to resell it as well. Our wife called our real estate agent, who we talked to about it, but I don't see why we'd need to use her for this. [link] [comments]  |
| Posted: 27 Oct 2020 11:07 PM PDT Hi guys its my first time posting here so bear with me. Im a 23 year old electrician living in bc originally from newfoundland on the east coast of canada. I plan to buy my first home in the next year but have 2 different option to pick from. scenario A: buying a home back in nfld. Its an island province that almost solely runs on oil and then some mining. So theyre facing the same situation as in alberta currently without the oversupply issue. Alot of big companies are planning to pull out and overall things arent looking good. Reason i bring that up is for future appreciation, i think house prices may stay the same or even dip abit over 10 years, but who can really say for sure. Just basing that off of the harsh economy, lack of jobs and mostly out migration once people finish university, but a large fraction do stay to be near family, id estimate it about 50/50. The big upside is it would cost me ALOT less then my 2nd option which is buying in chilliwack bc. I can buy a 4 bedroom 2 family detatched house on a half acre of private land right next to the university which is HUGE as its one of the cheapest in canada and very highly recognized and accredited, it constantly brings in migrant students and i think that will never end which is why im considering buying right next to the university. I can get a house around there for around 260-310k and can bring in 12k in rental PROFIT per year. That is the reason im highly considering it. [link] [comments]  |
| New house with/without detached guest house option Posted: 27 Oct 2020 10:55 PM PDT Hey Reddit, What are your general thoughts on whether or not I should get a $25,000 option for a detached 210 ft guest house for my new property. Pros: Adds one more bed & bath; very suitable for Airbnb; relatively inexpensive Cons: Replaces original patio area; juts out towards curb somewhat obnoxiously; no kitchen; not much space overall [link] [comments]  |
| Legal Distinction between Townhome and Condo? Posted: 27 Oct 2020 10:30 PM PDT I am in the process of drafting a condo plan and CC&R for my duplex. Is there a legal distinction in California between a "condo" and a "townhome"? It seems like there is no "legal" distinction between the two and the definition of whether a place is considered a "condo" or a "townhome" would come down to how the condo plan and CC&R is drafted (i.e. townhome would say in the CC&R that the exterior is part of the unit, whereas a "condo" would say in the CC&R that the exterior is a common area). Is this correct? [link] [comments]  |
| Accepted for loan while on Maternity leave? Posted: 27 Oct 2020 10:27 PM PDT So my cousin asked me to post this- She just got on maternity leave made minimum wage buy got all 40 hours a week since the beginning of the year. Been with the job for 3 years. Has around 720 credit score. / problem is. Now she's on leave. (Unpaid) (idk if there IS paid maternity leave. She just said unpaid) —- she will be due in 1 month and a half I think. Doc suggested she take the time off now. Her husband on the other hand makes 20$ an hour 40 hours/week. BUT he has shitty credit she says. Around 650-670? What're their chances of getting a loan? Btw they asked me to post because it chances are incredibly low, they'd rather not apply and lower their score because if no home loan they'd get a small car loan [link] [comments]  |
| Real estate test (Connecticut) Posted: 27 Oct 2020 09:36 PM PDT Any links? Tips? Videos? On how to pass the licensing exam? Any specific chapters I should be reading ? [link] [comments]  |
| Touring potential homes without your significant other Posted: 27 Oct 2020 06:40 AM PDT This housing market is so insane that if you don't view a house as soon as it hits the market you pretty much lose out. Both my husband and myself work shift work and we only get two days where we are off together. I'm finding myself having to tour houses without him. Has anyone else had to do this? We are on the same page as to our likes, needs and wants but still the thought of making an offer on a home where one of us doesn't have the chance to tour it scares me sometimes. [link] [comments]  |
| Any insight into closing in December vs January? Posted: 27 Oct 2020 09:16 AM PDT I'm in the US and am wondering if it makes sense to set the closing date as the end of December or beginning of January. Of course this is a strange year with covid and the election, but I'm about to put an offer in a new construction home that's already done and wonder if I should make the closing date at the end of December or early January. I'm thinking I have some flexibility since it's new construction and there are no sellers that have to move at Christmas time. I'm can be flexible when I move. I've heard never have the closing date on a Friday so I'll avoid that. I'm Looking at December 28th which is roughly 60 days from now but that may be just as bad if my LO takes off the week after Christmas anyways. Any realtors out there with experience with end of year closings? Should I wait til January? [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment