No inventory at all Real Estate |
- No inventory at all
- Can’t tell anyone since it’s not official but too excited: 3-days into 40-day escrow, 3% initial deposit wired, 2.5% 30 year fixed locked, physical inspector scheduled for Wednesday, appraisal for next week, let’s do this!
- Do Buyer Realtors lie about comps & interest in property?
- We closed!
- Lower the floor on your search
- Timing the Market or just buy
- Refinanced on my own earlier this year. Any reason to consider refinancing again next year jointly, assuming the rates stay low?
- We Closed, A thank you and how it went.
- Any projections when we'll have another buyer's market?
- Incorrect home purchase price signed - moral dilemma
- Any experience with making an offer on a house you are already renting?
- Indiana, USA - What will happen to the 1980s suburbs "outside the loop" in the next 30-50 years?
- Can’t afford NYC, want to buy a rental property out of state. Where should I go?
- Adding to mortgage
- Are Co-Ops really that bad??
- How would refi work for this?
- Seller Here: How to handle multiple offers?
- How many months of bank statements do lenders typically ask for?
- Should I back out of my contract, as buyer?
- Why nearly adjacent land is appraised at 2x value ?
- Do loans get much lower than 2.25?
- First-Time Buyer - Don't Know Where to Start
- Silence after signing closing papere
- How to list my house on the MLS in Mississippi?
| Posted: 05 Oct 2020 05:20 PM PDT This is basically just a rant. I've been searching for a home for over 7 months now. We sold our condo in January, closed in late Feb right before all this craziness started. The plan was to sell when prices were high and then buy in the spring when all the inventory came on. Thank goodness we have a place to rent, but seriously, I kick myself every single day for selling my condo for less than I would have gotten when the market went insane just a few months later...all while having no homes to buy because of covid, forbearance etc. Might be time to join a depression subreddit. Ugh. [link] [comments]  |
| Posted: 06 Oct 2020 12:34 AM PDT I know I have nothing to celebrate yet but I've been looking for over a year in SoCal and the thought of moving to a place I love that I would own started to feel like an unobtainable dream. Over 50 open houses later and my entire life savings sans my stocks and mutual funds gone, I'm hopeful this is the one. My first home purchase (hopefully) as a buyer and with my CA real estate salesperson license so also making back 2.5% of the home purchase price (my license is hung under my father who is a licensed CA broker and he's kind enough to give me the full commission to help out). If anyone has any tips to chill the fuck out during escrow I'm taking whiskey suggestions. Thank you to all the people that make this sub such a fantastic resource. It might not always have specifically what you want but you always learn something. [link] [comments]  |
| Do Buyer Realtors lie about comps & interest in property? Posted: 05 Oct 2020 07:28 PM PDT So, there's a place that's been on the market since March with several price drops, most recently at end of August. My SO and I really like it and want to put in an offer. Our buyer Realtor, though, said that there have been several showings, some second showings even this week and so we should go in at our top budget - about 91% of current listing. She also ran the CMA, however, it only showed the 3 most expensive sales of similar houses in that neighborhood in 2020 and left off the more recent Aug/Sept sales that are ~$30k under the 3 pulled. I did a lot of research and they have same beds with similar baths, similar/more square footage, similar amenities, built 5yrs more recently, and were on the market for much shorter time. Is it possible that my Realtor is trying to manipulate the data pulled and given to us to try to get us to put a higher offer in? I agree that the house probably is worth what she's telling us to put in, but the house has been on the market SINCE MARCH. And other properties have sold for much less. [link] [comments]  |
| Posted: 05 Oct 2020 07:39 AM PDT We 'kind' of lucked out with this house. It isn't in an area we really wanted BUT it had all of the space we were looking for to grow into, wasn't far from family and was in the 'better' part of the neighborhood. When initially walking through the house before putting in our offer, I noted it had never been updated and probably wasn't worth more than 195k. We werent getting any other hits so we put in an offer at 195k with our escalation clause at their asking price of 205k. We never expected to win the house as there were people adding over 20k over asking for most properties and the house was just nice enough that someone desperate would do that. (Someone did but immediately backed out after offering them 225k) The sellers Agent even told us not to hold our breath on our offer but called back in a few hours wanting our escalation clause price. This was the start of hell, misunderstandings and foul language. After accepting our offer and signing on we ordered an inspection. Seller said (turns ot Agent said) there would be no disclosure but we were sent one anyway. Found out the property had been exclusively a rental property and was being sublet by the existing renter. This was a huge red flag for us because we've been renters and had awful landlords. Every 'fix' was never a fix but a bandage on a growing problem and many parts of the house were no different. After the inspection we wanted to run but (against my better judgment) our realtor talked us into letting the owner fix the problems. I had zero faith he would. We ended up needing a second inspectiom because there were vital places the inspector couldnt get to previously. When buyer heard the inspector was coming out he brought his agent and handy man with him. I was there alone and proceeded to watch the handy man and inspector fight about the obviously leaking water heater. (You could see the water stains on the walls, the floors and on the water heater itself that something had happened there, plus it was over 10 years old). Handyman proceeded to make it seem like me wanting to fix thr holes in the walls behind thr door knobs was bothersome and not worth his time or thr owners. At this point, I was screaming to run but Agent got us t stick around. At this point we were upset, angry, looking for any reason to hate the place as it had a water leak under the sink, the vinyl flooring was done poorly, the garage doord were beat in and non functional, and etc. Our savings grace is if the appraisal came in low or he didn't fix anything in the house. We anticipated that this guy was such a jerk that surely he wouldn't sign off on the appraisal amount or fix any issues with the house in our amendment. So appraisal came back at 180k. The appraiser even mentioned that had the house ever been updated then it would have been worth 208k easily. So we gleefully sent the amendment for the 180k price. Laughing that surely, he wouldn't agree to that. Well he did. (FUCK!) We all thought. I cried. We were told that he did the fixes we asked but we still had to check if they were up to our standards. I reluctantly went with an inspector again to ensure and it turns out he received a copy of our inspection. He fixed: the leak, put new boards in the patio that were rotted previously, repaired rotted wood in the exit/entry way, brand new water heater, brand new garage doors, fixed the flooring, filled in the holes in the walls behind doors (not perfect but significantly better), fixed the broken toilets, fixed low water pressure in the kitchen fixed moisture in ceiling of garage, treated the storage space for termites, brand new water heater, and had the house deep cleaned. We only asked for like 1/4 of these things. Only things we need to do is paint, have the air vents/dryer vent cleaned and move in. We can do updates later. It turns out the asshole was his realtor. The guy was so pissed that the Owner agreed to the 182k that he ghosted him at signing and never followed him with him. He also apparently didn't tell him that we asked about a painting allowance to cover all the holes they filled in but that wasn't a big deal to us our agent wanted to push for that. So thats how we got a 5br 3ba for 180k. We are happier about it as while it isn't in our ideal area it leaves us in a better place financially to actually update it and live in it while also being able to have a healthy nest egg for future repairs and renovations. [link] [comments]  |
| Lower the floor on your search Posted: 05 Oct 2020 03:23 PM PDT I wanted to post this here because it helped me find my house and it may help others as well. If your glued to your screen looking at houses on Zillow, Redfin, mls, or what have you. One thing to consider is how you search. I started out with this budget in mind of 140K so I would do searches from 120-140K. Well at that price point I was either in the hood or really close to it. So I had to open up to spending more obviously. My search creeped up froM 130-150K and and at the peak I was looking from 150-180K. So what happened was as I raised my ceiling I also raised the floor. Well I was laying in bed at 3am looking at Zillow on my phone and tinkered with my search criteria and opened it up from 140-200K. I was like f*ck it show everything. Suddenly.......my house magically appeared The house I now own and love was listed at 149,900. If I did not expand my search from 150-180K to 140-200K I would have never seen it and likely had been renting another shithole apartment that I hate. The kicker is that I got to a point where I searched 100$ too high (150K being my floor). (FYI I worked with a realtor is awesome but she did not do much of my searching we only made a contract when she made my offer). The house appraised at 170K but I suspect the listing agent posted that 149.9K price to stir up some competition. When we viewed the house 3 cars stopped and we had a bit of a bidding war. It made me think that others could miss out on a house cause they searched 100$ too high. Another part to this is you might end up bidding against someone you are narrowly financially better off than. I won my house because I was able to lean on my good credit to go conventional over FHA. The competing offers were FHA and I started out with an FHA offer but switched to conventional and threw the escalation clause out there which got me to the closing table. In the reverse, there is probably competition who would have beat me if they had decided to drop below 150K. This part of my experience seemed worthy to pass along. Good luck to those still looking. [link] [comments]  |
| Posted: 05 Oct 2020 03:08 PM PDT Hi guys I'm new to real-estate and also an upcoming first time homebuyer. We've been saving for the down payment for 10 plus years. With cash-flowing sons college, cash paid vehicles, and cash flowed car repairs. Let me tell you it wasn't easy to save up money and be debt free. As you may have assumed we've been renting for 12+ years, we're blessed enough to have an extremely low rent payment for the area that we are in. But I think its time for us to move and set down roots. My question is that with the current climate of the world, house prices are high but interest rates are low. Fortunately nothing has changed for our family income, in fact we can see a bit of an increase in the coming months. Should we wait until house prices go down if at all, or should we just go for it and at least get pre-approved? [link] [comments]  |
| Posted: 05 Oct 2020 04:23 PM PDT We bought our house with a crappy FICO a year ago at 3.875% + FHA insurance. Refinanced as planned, in six months, at 3.25% conventional, no MI, just me on the mortgage, both on title. I think I got a great rate, and wouldn't be upset if that were it going forward. Same thing, me on the mortgage, both on the title. We're finally past 760 FICOs and aggressively paying down debts, which moved from credit cards to cars. We're finally doing well and saving. If the rates keep as is, should I start looking to refi together? Question:
Basically, is there any reason to do this jointly? Or even bother with another refi to go from 3.25 to lower? We paid no points, and technically made money on the refi with the Amex credit and a waived appraisal, but with short credit histories, I'm wary of making yet another set of inquiries to our credit if it won't help. Just thinking ahead on this one. [link] [comments]  |
| We Closed, A thank you and how it went. Posted: 06 Oct 2020 03:43 AM PDT We closed on Friday finally. This will most likely be my last post here now that the journey is over. 3 years of watching the market followed by finally being pre-approved to waiting a few extra months due to COVID, seeing multiple houses, and finding one that is beyond anything we could of dreamed. Closing went smoothly for the most part, the lender sent over the wrong packet that had a higher down payment than I was initially told. Took about 10 minutes to correct it so not a big deal. Signed over my life so to speak and got to meet the seller. Seller was a very nice older lady and she gave us a death certificate they found in the walls that was dated 1892 (the house was built in 1915). Was really cool! They also let us know the house is basically a time capsule as every time they remodeled they found something and left something in the walls so that is exciting and a huge bonus for my wife as she is super into that kind of stuff. We have been to the house every day (moving Saturday) and got to meet our neighbors. Very nice people! Hindsight, not a bad idea to meet them beforehand but seems like I really lucked out. It was a long journey and I truly believe that everything worked out for the best in the end. Lastly, I wanted to thank all you awesome people for the advice you gave as I have learned a lot from this subreddit. It may be a long journey but I hope you all find your dream home also :-) [link] [comments]  |
| Any projections when we'll have another buyer's market? Posted: 05 Oct 2020 06:37 PM PDT Buying in Massachusetts is absolutely brutal right now under 650-700k. Trying to figure out if we should give up hope and continue to rent, or hold out and keep looking [link] [comments]  |
| Incorrect home purchase price signed - moral dilemma Posted: 05 Oct 2020 02:42 PM PDT Hi all! First time posting here. As mentioned in the title, I'm having a bit of a dilemma. Basically, my partner and I had purchased a home but the contract that was signed has the incorrect price (lower by less than $5k). Initially, we gave an offer that was accepted by the seller (the one on the contract), and a few days later they came back and told us that they had a family friend who was interested in the property as well but they would still sell it to us for the new price. We thought it was odd that they suddenly had another buyer and were trying to get a little more from us but we agreed nevertheless. When we got the contract, we noticed the error and we pointed it out to our attorney, who pointed it out to them/their attorney. We were told to sign anyway and they'd fix it later. We mentioned it at least one more time after signing it. Now we are supposed to close and suddenly they realize the price is wrong but seller and their attorney were given this heads up before. They want to change the contract but it would delay the closing process and legally, we can hold them accountable to what they signed - but would it be wrong for us to do this? [link] [comments]  |
| Any experience with making an offer on a house you are already renting? Posted: 05 Oct 2020 01:28 PM PDT We've been renting a house for two years. We're in good standing with both the property management folks and the homeowner. When the homeowner visited last year my wife asked if he would entertain an offer on the house. He said that our property management group had tried to buy it but he turned them down as he would only want to sell to someone who would live there. He didn't seem especially eager to sell and may have sentimental attachment because his parents built it. We are now seriously entertaining the idea of making an offer on the house. What's the best course of action? [link] [comments]  |
| Indiana, USA - What will happen to the 1980s suburbs "outside the loop" in the next 30-50 years? Posted: 05 Oct 2020 09:09 AM PDT I've googled some and haven't been able to find much pertinent information. When my parents grew up, they were within a few miles of the downtown center of a city of 100-300k people. The neighborhoods they grew up in have now become "the bad part of town". There are several reasons for this (white flight, industry changes, age of homes, etc.). I often think about what will happen to homes that were built in the 80s and 90s that are "outside the loop" i.e. interstate. I see thousands of homes that are 2500 sq ft or more that were built during these times, are apart of additions or winding cul de sacs. These homes are now approaching 30-40 years old. Again, these homes are huge with some approaching 4000 or more sq ft. Will these homes suffer the same fate that old large homes suffered during the latter half of the 20th century near downtown areas? Will whole neighborhoods be torn down to build anew? The city I live in now has hundreds of blocks full of blight and neglect closer to downtown, of which are full of homes approaching 75-100 years old. Will the poorer population start to move out of cities into older suburbs because of neglected homes / too large to keep up? Will the additions outside the loop progress towards the blight seen in downtown areas in the past? Sorry if this sounds like rambling but I hope I made my questions clear. Really interested in different perspectives! Edit: thanks for all the comments I find this topic really interesting. As I've mentioned I'm an engineer by training with little real estate experience. That's partly why I'm looking at things through a lens of maintenance and upkeep. [link] [comments]  |
| Can’t afford NYC, want to buy a rental property out of state. Where should I go? Posted: 05 Oct 2020 09:20 PM PDT Ok so I have $50K cash, and that is not enough to buy a parking spot in NYC. I think I'm going to continue to rent and invest in an out of state property as a rental. Has anyone done this? I'm planning on using a management property. Is a city like Orlando a good place to buy a condo as a rental property? My monthly take home after taxes and living expenses would is around 7K (I am very frugal). Would a 200K mortgage at around 1100 a month, and 500 cash flow be possible? Or should I just invest in the stock market? Or buy something for 800K in NYC and eat ramen? I absolutely refuse to live in a COOp, and one bedroom condos in the areas I want to live in are around 800K. [link] [comments]  |
| Posted: 05 Oct 2020 08:23 PM PDT We bought our first home about a year ago, a small 1x1 condo in the center of a major city. We were approved for a mortgage up to 350k, but the top of our realistic price range was 320. We were fortunate to find a place we liked for 260 and have been enjoying a nice comfortable mortgage payment. A small "studio" just listed in our building for 40k. It is basically a 200 sq ft room no kitchen or bath (though there is a sink hookup so some possibilities there), but could be a great detached office and occasional guest suite. Could be nice to have for working from home and since there isn't much space for guests in our unit. My question is, is it possible to add 40k to our existing mortgage to purchase? [link] [comments]  |
| Posted: 05 Oct 2020 10:21 AM PDT I've been looking to purchase something since the beginning of the year (I'm on Long Island, NY). I'm a single young female so ideally I want a condo or a little cottage/bungalow but unfortunately with the market these days I'd be grossly over paying. I'm wondering if Co Ops are truly out of the question for me because at this rate it seems like the only thing I won't be getting into a bid war over. I've read countless posts and I seem to have an idea of how strict the rules are in a Co Op but aside from the possibility of my maintenance fees going up monthly or the whole having to have approval for any repairs I think I can handle it. My question is as far as the maintenance fees go is there any sort of paperwork I can see before buying that would outline how high they can go? I just don't know what is financially best for me because right now I can get a really low mortgage rate and basically pay not much more than my rent. However I plan on selling in about five years so it's not like I'll really be making any money compared to if I got a single family/condo. Do I wait it out and hope the market settles eventually and keep renting or go for the co op? [link] [comments]  |
| Posted: 05 Oct 2020 10:40 PM PDT Bought this condo in April for $400K with 3% down and 3.625%. It appraised at $420K. Fast forward today, comparable quality units in the same complex have sold above $450K. Seeing that many on r/realestate are getting close to 2.5% on refis. 6 months in, should I try to refi with 385K outstanding? Could I refi off of $420K appraisal? Could I try to reappraise it for $450K? [link] [comments]  |
| Seller Here: How to handle multiple offers? Posted: 05 Oct 2020 10:42 AM PDT We are in the process of selling our home. Went on the market Thursday. We've had 70 showings and 11 of those went on to get pre-inspections. We are expecting multiple (probably at least the 11 that got pre-inspected) "as is" offers tomorrow afternoon (offer deadline is 1pm). I know that some of the offers will already have escalation clauses. So let's just assume the field is narrowed down to a few offers ... What types of things should we be looking out for? Here is our wish list: 1) As-is Are there other things to prioritize that I am missing? [link] [comments]  |
| How many months of bank statements do lenders typically ask for? Posted: 05 Oct 2020 10:44 AM PDT Throwaway account because I'm a bit embarrassed to admit but I am a recovering compulsive gambler. For the past 6 months I've saved my paychecks and budgeted very well. However, my bank statements prior to 6 months ago show a very different story. My account was constantly overdrawn and there were multiple withdrawals a week. I really don't want a lender to deny me for my poor history. Can this affect my chances at getting approved? [link] [comments]  |
| Should I back out of my contract, as buyer? Posted: 05 Oct 2020 04:49 PM PDT Hi everyone! First time homebuyer here. While I have my finances in check and a secure job, I rushed into the home buying process without being educated enough. I'm under contract now on a home I love, but I'm very fearful I'm overpaying. Here's the details:
Anyways, the mortgage only comes out to 1090 a month and interest rate is 2.75%. I can absolutely afford the mortgage, but my concern is that I'm still overpaying for the house. I'm a 28 y/o single woman and while I intend to stay in the area for a few years, I likely won't live here forever. This area does have a university in town and is a local tourist area (mountains of NC), so I think there's good rental prospects. However, I'm nervous I'm over paying and will lose a lot of money if I want to sell down the line and who knows if renting is reliable. Thoughts and advice? Thank you! [link] [comments]  |
| Why nearly adjacent land is appraised at 2x value ? Posted: 05 Oct 2020 07:56 PM PDT Hello, I was comparing two listings that sold 2 months ago. One with 4.84 acres land and the other with 5 acres. Specifically I was looking at the taxes - the appraised land value. For the first one it's 387k, For the 2nd one it's 180k. So the 1st one is worth 2.15x as much as the 2nd even though it's a bit smaller. Here they are on a map: https://i.imgur.com/7jRJqiA.png Thanks [link] [comments]  |
| Do loans get much lower than 2.25? Posted: 05 Oct 2020 07:34 PM PDT Just locked in my loan application at 2.25. Its my first time buying, I'm told it doesn't get much better than this. [link] [comments]  |
| First-Time Buyer - Don't Know Where to Start Posted: 05 Oct 2020 06:11 PM PDT Hello! I am getting ready to start the homebuying process, hopefully within the next 12-18 months. I'm 40 with an 11-year-old son, and advancing in my career to a Sales Director position (starting as interim director, likely permanent within the next 6 months to a year) in a medium-sized company. I've always rented, and have been pretty bad with finances. I have a hundred questions, but don't really know what to act on first. Here are some facts:
My instinct is to start saving for a down-payment, but would I be better off throwing as much as I can to debts? How much of a down payment should I try to save? Is a better credit rating worth more to a mortgage lender than a down payment? How much "house" should we buy? Our intention is to buy something in the town where we currently live for now, to keep my son in the school district, and to stay close to the rental unit/his mother. Once kiddo moves on in 7-8 years, we would want to move to a place we like better. Currently, the town we live in has higher house prices than surrounding towns, but I really like that my son walks to school and friends houses at will. Moving further away from the school means more driving for us - and our commute is already a pain. Thanks for any advice! I know this is pretty nebulous and subjective, but we don't have anyone to give us solid advice, other than our realtor friend who is younger than both of us and just starting out. [link] [comments]  |
| Silence after signing closing papere Posted: 05 Oct 2020 12:11 PM PDT I went in to sign closing papers on Friday morning. I heard nothing from anyone the rest of that day. Now it's Monday and still nothing. I've reached out to my real estate agent and lender and neither are responding. Is that normal? I'm not even sure where to go from here now. [link] [comments]  |
| How to list my house on the MLS in Mississippi? Posted: 05 Oct 2020 05:42 PM PDT I'm selling my house as a FSBO and was wondering what the best way to get my house on the MLS. I'm not having much luck finding a flat fee broker, so I just need to call around to different real estate agents and ask if they'll list it for me? The couple websites I've found a rather seem sketchy or don't mention MLS, just Zillow trulia etc. Mlsmyhome claims to do this, but I'm skeptical due to the multitudes of bad reviews. BestChoiceFlatFee looks okay but for $400 I was wondering if anyone has any experience before spending that kind of money. I live in the Memphis suburbs. [link] [comments]  |
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