One of the spam emails I get from Redfin was an update that the house I just bought sold! Real Estate |
- One of the spam emails I get from Redfin was an update that the house I just bought sold!
- This market sucks for buyers.
- Praise for my agent
- Should we trust, or are we being played?
- Bad Inspection
- (US, GA) I just got approved for renting a house. But my question is...when is rent due? Kind of confused. Excerpt from the email inside.
- I don't remember it being like this with my first home purchase
- Lender quoted an amazingly low interest rate. Is this too good to be true?
- why does zillow over value homes by like 50K on average?
- Questions - Buying a House with Rent Back Agreement
- FHA Streamline Refinance Questions?
- How to get appointments from prospecting
- Want to buy a real estate company stock. Redfin or Zillow?
- I ride a motorcycle, is that going to be problematic?
- The parcel number for my property was erroneously recorded with the county on someone else’s home purchase. Title company and county not fixing it citing the pandemic. My house is still appearing as sold on Redfin and Zillow and the buyers are appearing as the purchasers of my property. Advice?
- Title issues. Closing TBA again...take early occupancy?
- What is reasonable for new construction punch list
- Who pays to fumigate?
- Penalty for not putting 20% down on rental property in Canada, specifically Ontario?
- Worth shopping around for homeowner’s insurance?
- Judgement
- Future first time home buying, would it be affected by a family member putting my name on the deed to their house?
- Buyers wanting to increase sells price.
- Closing Might Be Delayed Last Minute Due to Bank IT Issue
| One of the spam emails I get from Redfin was an update that the house I just bought sold! Posted: 29 Oct 2020 03:47 PM PDT I mean it was already super exciting and official when escrow closed on Monday, but to see the spam email with my new address, saying it was sold, made me even more excited! Like, yeah! It is! I did that!! [link] [comments]  |
| Posted: 29 Oct 2020 05:25 PM PDT Feel like I need to vent. We just lost the second round of bids for a house we love. First time we came in 2nd with an offer 10k over asking, buyer got cold feet so the seller went back on market for three hours. Our realtor just called to tell us that we lost this bid (fucking second place again). $35k over asking.. we lost out to a lower bid that waived the inspection on a 35 year old house. Every other offer we have made on a place over the last couple months, always over asking, has gone to a cash offer or someone waiving inspection, appraisal, or both. This is rediculous. It is making it feel impossible to buy right now without huge cash reserves or a huge amount of risk. /rant. [link] [comments]  |
| Posted: 29 Oct 2020 09:55 AM PDT I've purchased two houses in my life; The first in 2009, the second about 4 months ago. In both cases I found the house myself, and brought my agent along (the same agent both times). I'll tell you the story of how I met him, and why I used him again (and why I'd use him a third time if it was ever necessary). Back in 2009, my wife and I knew we liked a particular area in Northern NJ and decided to do some open houses. We went into Trulia and picked some houses on a map... The housing crisis had just happened so we were very conservative with our budget. We ended up one town over from where we originally targeted, as nothing was in our range. We went into a house, a fixer-upper. The agent there showed us around, asked if we had kids (nope), wanted kids (yep), and told us "Well that's great! You could buy this house, fix it up, and when the kids are old enough you can cash out the equity and move somewhere with good schools!" That statement woke us up to the fact that we really hadn't done any research on the area, and we needed to do more work. It definitely turned me off to that house, but I brought that same agent in to represent me when I did find the house I wanted, literally 3 hours later and one town over, with great schools. Number of houses he had to find and show us: zero! He had to do his work, handholding us through the first-time buying process, but the house was a good one, we were well qualified and everything went fine. I appreciated his candor throughout the process, pointing out things we should check, for instance abandoned oil tanks (we had a scan done). He never tried to sell the house, just walked next to us as we went through the process. Fast forward 10 years, our family had outgrown that first house and we were looking to move up. I contacted the same agent and we started the process a bit more traditionally, giving him a list of the things we wanted, areas we wanted, etc. He'd send us lists occasionally, but really I did most of my own searching using the RedFin app... It was great because if I favorited a house, my wife could see it and vice versa, and if we BOTH favorited one, we knew we were on to something. And that app gets data faster than Zillow or Trulia, and we'd very commonly send our agent addresses we were interested in before he'd even seen them on MLS. We started the search in 2019, well before the pandemic, and we weren't in any real rush... Most of our viewings were open houses, once in a while sending a request for a showing to our agent. Normal stuff. The reason I want to praise our agent came in April of this year: We'd been looking for a while at this point, there wasn't anything that was meeting our requirements that was also in our price range. So I decided to expand the search area to places I hadn't looked before. I found a house about 30 minutes away from us. It had more than an acre of land (we had a 50'x120' lot), a stream running through the back of the property, a balcony off the master bedroom overlooking the stream... It was lovely! We called our agent, toured the property, etc. We had our pre-approval letter updated to match that property address and asking price, and we were off to the races. Our agent had worked out the comps and he was adamant that the asking price was WAY out of line. The house was in generally good repair, but nothing on it was new. The last time it sold was in 2005 for $1,111,000 (welcome to Northern NJ), and they were asking $879,000. Obviously they took a major hit from buying near the peak. But our agent said that they should have been closer to 800 based on comps and some other factors. So we offered $775... The house had only been on the market a week or so at that point. They flat-out rejected the offer, did not counter. OK. We upped to $825, they rejected with no counter. Well OK, we lost out on that one. My wife was actually fuming at our agent, blaming him for losing that house for us. I was on the fence, as I'd looked at his research and had been doing the majority of the searches up to this point as well, but obviously was very disappointed. A few weeks later I found another house in this new search area. It checked every box for us, had some really unique features, and was just really lovely. The asking price was the same as that previous one, $879,000. Our agent recommended we go in at $865, and I had to convince my wife that we should listen to him. Sellers countered at $872, and we took it. So he clawed back a little respect in my wife's eyes, as she'd wanted to just offer at asking, so he saved us $7k right off the bat. And of course, we love this house so much, we can't imagine living in that other house! But the icing on the cake came this week. We never met or talked to the sellers on that previous house, but the fact that they never countered or anything really left a sour taste in our mouths. They finally closed their sale, 6 months after our $825k offer... For $770k. It was a lot of work sifting through RedFin for months (did you know they have a limit on how many homes you can hide? It's thousands, and I hit that limit!), and I wish my agent had been the one to find this house, but really he paid for himself at the offer table. TL;DR: Our realtor's research saved us from overspending six figures on a house, and we found our forever house just weeks later. Sellers on overpriced house took another 6 months to close and sold for $55k less than our offer. To realtors: Don't sugarcoat, you should point out the faults in a house, let the buyer go in with eyes wide open. They'll thank you for it! [link] [comments]  |
| Should we trust, or are we being played? Posted: 29 Oct 2020 04:01 PM PDT Property went on the market Monday. We saw it Tuesday and put in a full price offer, only contingent on inspection, with a super flexible closing date. Wednesday we hear from our realtor that the seller "loves our offer," and "this is exactly what they wanted - a quick and solid offer - no games." BUT - our realtor says "There's an issue with the inspection on the seller's next property, so they're not comfortable accepting and stringing you along. They're stressed and don't know what to do." Our realtor told us they were trying to figure out the logistics and she'd be in contact with the listing agent throughout the day and keep us updated. Wednesday night our realtor told us this whole sob story about how the listing agent was having trouble with her phone all day, so she hasn't been able to talk to her. Our realtor convinced us to give them the benefit of the doubt and give them until today. Spoke with our realtor today. The logistics are still up in the air, and now she wants us to give them until Monday. Through this whole process, we've given the seller everything they've asked for. They're asking us to trust them when they say they really want to make this work - they just need more time. We understand all of this is stressful and hard, so we're totally OK giving them the benefit of the doubt, BUT: They continue to have showings of the unit. They have an open house scheduled this weekend. To us, at this point, it feels like the sellers AND/OR realtors are using our offer to encourage competition. Our realtor has tried a million different ways to convince us that that's not what's going on, but their actions don't match the story they're telling us. It just doesn't add up for us. At this point, we've given them an ultimatum. We've decided that if the sellers don't accept our offer by tomorrow at noon, we're going to pull it and walk away. We want to pull the offer before the open house because we feel like it's the only power we have at this point. What do you think? Should we believe them, or are we being strung along? Should we keep the offer on the table, even though they're still showing the property, or should we pull it and maybe call their bluff? Also worth mentioning that our realtor and the listing agent work in the same office and are friends. It seems to us like maybe they're working together to try to push the price higher. We've been looking for months and we love this place and want it to work out, but it just feels fishy at this point to us. [link] [comments]  |
| Posted: 30 Oct 2020 03:42 AM PDT We are under contract for a home that was recently remodeled. Unfortunately no permits were pulled for anything and none of the electric was done properly. Additionally they did not do the calculations for furnace output when finishing the attic and basement, so it isn't able to handle the square footage. And of course the tax assessment is like nothing, so the taxes are probably going to at least double. We are not buying under market value and the market in our area is pushing most offers above what houses will appraise at (this house is no exception). We have put probably at least 10 offers, all of them significantly over list, and I'm concerned about walking away from the one we finally have on hand. The finishes look phenomenal, but none of the work was done to code. I could really use some suggestions as to what to do. Home is located in MN. [link] [comments]  |
| Posted: 29 Oct 2020 06:49 PM PDT Due to Reserve your property- Due by Friday 10/30/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted ) A Property Reservation Fee of $1,095 Lease administrative fee of $150 Total amount of: $1,245.00 ***This Reservation fee will become your first month's rent at move-in. A Property Reservation agreement will also be sent for signature via Docusign shortly. Due At Move In: 11/2/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted) Residence Monthly Benefit Fee of $20 …….See the attached document for all the great benefits! Security Deposit of: $1,400 (Higher deposit due to lack of rental history) Move in/move out fee of $250 Total amount of: $1,670.00 **Your Second month' rent will be pro-rated for those days you did not occupy in November ** I paid the first $1.2k. Today. I'll pay the $1.6k tomorrow. I move in tomorrow or Monday. But when is my first months rent due? Dec 1st? [link] [comments]  |
| I don't remember it being like this with my first home purchase Posted: 29 Oct 2020 06:43 PM PDT We heard back from the underwriter on our loan today and he had a list of questions as long as my arm. Proof we paid our taxes owed this year (yep), asking about a company that sent me a I managed to get everything rounded up this evening, but I don't remember things being nearly this involved when we bought our first house - and that was when we were broke college students with 20k debt, not adults with 6-figure careers spanning 20+ years and no debt. Is this normal these days, or do I have a particularly difficult lender? [link] [comments]  |
| Lender quoted an amazingly low interest rate. Is this too good to be true? Posted: 29 Oct 2020 04:52 PM PDT Buying a home.Leader Bank in MA quoted me rate 2.25% with about 8.5k in closing costs for 30 year fixed. Total loan costs 3k. I just cannot believe this rate. Although communication-wise they are slow but wanted to ask if anyone has had this rate or any reviews on leader bank [link] [comments]  |
| why does zillow over value homes by like 50K on average? Posted: 30 Oct 2020 03:16 AM PDT |
| Questions - Buying a House with Rent Back Agreement Posted: 29 Oct 2020 11:16 PM PDT Currently offering on a home in Southern California and the seller is open to a rent back agreement of 60 days. I'm hoping that since we are flexible and also open to it, this would give us an edge in the competitive market. This helps them as they don't have enough cash on hand to purchase their next home, and wouldn't have to move into a rental before purchasing a new home. It also helps us as we want a later move in date and 60 days fits our timeline well when finishing our current lease agreement. The issue we ran in when we arrived was that there were 2 renters in the home already (renting 2 bedrooms from the sellers), because the sellers needed help paying the mortgage. This worries me for a few reasons:
I'm wondering if its more worth it to just try and close normally, lose our competitive edge and possibly risk the house? Doing so I would have to pay rent and a mortgage since my current lease would not be over. Thoughts? [link] [comments]  |
| FHA Streamline Refinance Questions? Posted: 30 Oct 2020 02:33 AM PDT Looking for some input. Have an older FHA loan from pre 2013 (so no lifetime mortgage insurance premium MIP). I'm actually at 75% loan to value, so MIP has been gone off of it for a bit. Thinking of doing a FHA Steamline Refinance. First, any suggestions on which lender is the easiest to deal with, lowest rates, etc.? Also, if I refinance, will there be MIP since I'm already at 75% loan to value? If I refinance, am I agreeing to have this house as my primary residence for another year or something? When can I rent it out? Finally, I heard about some 0.5% increase in interest rates on refinances coming soon. Is that just for conventional or FHA as well? Anything else I should be thinking about? I'd like to lock in rates in the 3%'s with an easy no/low doc refinance and considering renting the house out in a year or two. Thanks! [link] [comments]  |
| How to get appointments from prospecting Posted: 29 Oct 2020 08:16 PM PDT Hello! I work in real estate and have just started in a sales position. I am working to get appointments and conversions to listings so any input would be greatly appreciated. What has worked for you? What hasn't worked for you? Thanks in advance. [link] [comments]  |
| Want to buy a real estate company stock. Redfin or Zillow? Posted: 30 Oct 2020 01:40 AM PDT Hi, perhaps it's more a stock market question than real estate, but allow me to post this question here as it really is about real estate companies. I have experience using Zillow years ago. It made a good impression and that memory came back to me a few days ago and I was like "yea, why didn't I invest at least a small amount in Zillow, like stock gurus who find ideas from their personal experience?" I made a quick research and realized things have changed since then. There are now good competitors to Zillow in the market and Redfin looks like a big challenger. Both stock prices are much higher than they used to be, but the PS ratio (price to sales ratio) suggests that Zillow might be slightly overpriced than Redfin as of today(5.5 for Zillow and 4.5 for Redfin). Price aside, I think the app-centered real estate brokerage market will continue to grow for a decade or so and will end up making a big market. What I don't have any idea is WHO will be the winner of that market. Redfin, Zillow, or someone else. Any opinions, suggestions, or comments welcome [link] [comments]  |
| I ride a motorcycle, is that going to be problematic? Posted: 30 Oct 2020 12:40 AM PDT I'm 20F and I'm super close to getting my real estate license. I'm not planning on getting into traditional buying and selling and would prefer to get more into property management. I'm just wondering if it's going to look bad that I ride a bike, or if that even really matters and I'm overthinking. [link] [comments]  |
| Posted: 30 Oct 2020 12:05 AM PDT |
| Title issues. Closing TBA again...take early occupancy? Posted: 29 Oct 2020 06:00 PM PDT Hey all. Received word today there are even more issues with the estate settlement for a clear title on the home we chose. Now, my mid November closing date has vanished(original date was this week), was maybe late November, now its unknown. Sellers had put early occupancy on the table due to ongoing issues and still have it available. They've also now said no charges and can move in anytime. All I have to do is tell my realtor to draft it. We are thinking of going ahead with this. I don't see any cons at this juncture, short of economy tanking again and losing employment but that's a risk no matter what these days. Any other cons or should we go ahead? Any thing to do before confirming it? We've waited and done all our required parts as buyers and been patient. We can't keep waiting and I don't want to walk and find another home(we liked it too much). We could stay where we are, but it is a significant burden. [link] [comments]  |
| What is reasonable for new construction punch list Posted: 29 Oct 2020 11:44 PM PDT We expect to close on our new house tomorrow. Today was our final walkthrough. Today, there was nobody from the builder at our final walkthrough, but (maybe because) there are two major issues remaining. How would you deal with this? 1) The engineered hardwood floor had paint overspray on all edges. For about a week now, the builder has had someone trying to remove the paint with different brushes and chemicals. In some places, the finish has been rubbed off. In other places, the paint remains in the grain of the wood. This happened because the painter failed to properly mask the entire floor. 2) The county inspector, two days ago, flagged the two front concrete steps for being more than 3/8ths of an inch different from each other. To address the deficiency, the builder had their concrete guy add about a quarter to a half inch of concrete to the middle step. The nest day, someone stepped on the edge and it has broken away. I am not a concrete specialist, but I understand that a light layer of concrete will never last. It will crack and fail. Our contract says we cannot not close. In fact, we signed our docs yesterday. Tomorrow, we get our keys. I don't think they have a leg to stand on regarding item #2. If the county signed off, it was because the steps are now both the same height, but nobody is going to say that is a proper fix. I want them to bust out the stairs and re-pour them. I also want flooring replaced, and not repaired. Maybe not all, but certainly anywhere that the brand new floor is still painted after a week of trying, and anywhere that the finish has rubbed off. I don't think it's unreasonable to ask for the entire floor to be re-installed. I have no idea what choice I have, other than legal options if the builder does not see things my way. What do you think? [link] [comments]  |
| Posted: 29 Oct 2020 07:38 PM PDT We had our offer accepted. The seller did a roof and pest inspection prior to the acceptance and in it she mentioned $7k of pest repairs and $14k in roofing (the roofing my recent inspector told me do not need to be done.) But as for the pest fixes, I was under the impression that seller has to fix these things since she discovered them (and my lender will need it done!) But my realtor is telling me I am not able to ask for these to be remedied because it was known prior to acceptance. And that it's supposed to be done by me since it was disclosed. (It is in the contract as an addendum). Is she right? [link] [comments]  |
| Penalty for not putting 20% down on rental property in Canada, specifically Ontario? Posted: 29 Oct 2020 07:35 PM PDT |
| Worth shopping around for homeowner’s insurance? Posted: 29 Oct 2020 07:27 PM PDT It never really occurred to me to do so until now, our agent messed up something major on our closing documents. I got State Farm upon my father's recommendation when I graduated from college and got my own car insurance. 20 years later, I'm a real adult with a lot more insurance, and all of our policies are with them and I'm not even sure why. I've never even met my agent in person. Do homeowner's insurance rates vary widely from one company to another? Is it worth the time to shop around a week away from my closing date? [link] [comments]  |
| Posted: 29 Oct 2020 07:13 PM PDT Can I still get a refinance or purchase a condo if I have a judgement and my part time wages are being garnished ? (This is on a teri loan from 20 years ago and after it I became disabled couldn't do what I went to school for.) Even if my credit is good besides that. Which isn't on my credit report . I am on ssdi and also work part time. I really don't want to claim bankruptcy but may be my only option. Is it true if you do chapter 13 you can refinance or purchase in a year or so after ? This is what a attorney told me today. [link] [comments]  |
| Posted: 29 Oct 2020 07:11 PM PDT Both my family member and I live in Arizona, and I was considering buying a home in the next few years with assistance from a first time home buyer program. The relative is putting together their will and recently asked me if they could put my name on the deed to their house in the event that something were to happen to them, it would be easier for division of assets. If my name is on their deed, would it affect my eligibility to purchase a home at all since my name wouldn't be on their mortgage, just on their deed? Sorry and thank you in advance, I know absolutely nothing about real estate! [link] [comments]  |
| Buyers wanting to increase sells price. Posted: 29 Oct 2020 07:10 PM PDT I have renters living in my home in NH. The market has been doing very well and my house appraised for over 400k. The renters have decided they want to buy our home will pay our closing costs. Originally they agreed to purchase the home for 400k and pay all fees/closing costs We are not using realtors but have hired attorney/brokers Their agent came back and said they want to increase the purchase amount to 406k so that we would net the same amount if we were to pay for closing. I Originally did not intend to spend any money towards selling the home. Does this seem weird or is it normal? [link] [comments]  |
| Closing Might Be Delayed Last Minute Due to Bank IT Issue Posted: 29 Oct 2020 06:29 PM PDT We are scheduled to close on our first home tomorrow morning. We just got a call from the lender that their computer system is down and they have not been able to print the paperwork. If their IT team is not able to fix the issues by tomorrow morning then we may have to postpone closing. Everything was set and approved, but they literally can't print the paperwork we need to sign. We only have a few days before we need to be out of our current apartment so we were counting on our set closing time. Do we have any options? Has anyone else been in this kind of situation? [link] [comments]  |
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