So over this market (rant) Real Estate |
- So over this market (rant)
- What is your bumping into your buyer story?
- How do you guys make good profits when you have to pay a 6% agent fee every time you sell?
- What do we do with our down payment?
- I can't get anywhere near 3% (without points) in this market. What am I doing wrong?
- Changing jobs prior to applying for loan?
- Do professional videos improve sales?
- (GR) Can I sell a house that is currently under mortgage but the house is worth more than the loan?
- Can I walk?
- Confused on what pathway of real estate to take
- Is this the typical order of events on closing day?
- When is the mortgage secured?
- Worth jumping into the process if I'm just interested in one property?
- Is there a way to save on fees?
- How does an increase in foreclosures help first time buyers?
- Will I offend sellers by offering 7% under asking price?
- Buying a house... Current owners provided video of a sewer inspection from 5 years ago... What am I looking it? Main concern is ruling out Orangeburg pipe.
- Direct Offers to a Very Specific Neighborhood- How to go about making the offers more appealing by suggesting no agents without spooking sellers
- Condo in market for >60 days — how much should i offer?
- What's the smartest way to come up with a 20% down payment out of the following options?
- What percentage of your take home pay are you paying to your mortgage in relation to what the bank approved you for
- Resell value for home with carport (rather than a garage)?
- Taking my CA RE Sales Exam on Tuesday (Anyone Want to Study or Tips?)
- Interview With Realtor on Monday
| Posted: 25 Oct 2020 06:20 PM PDT I sold my condo just before COVID started. The plan was to be in the market for the spring inventory, and rent until we find something. We all know what happened next. 8 months later we are still looking. Houses are selling for nearly double what they were just 4-5 years ago, and are up 20% or more from last year. Inventory is at a historic low, so get ready to pay big $ for a house you probably don't really even want that much. And worst of all, my state (Maine) is being overrun by Boston and NYC people with deep pockets and cash to burn who have decided that Maine looks like a good place to live in our new pandemic reality. Actual Mainers are being priced out of our towns. You can't get into a decent 3 bedroom in coastal southern Maine for under $500K; often much more. I have no problem affording that with financing...but cash is king, all contingencies are being waived and the houses are under contract in 2-3days, over asking. Anyway, that's my rant. No houses. Prices sky-high. Rich Boston and New York folks laughing at us as they outbid us in cash. What a time to be trying to buy a house.. I also have to wonder what it will mean for taxes in a few years when houses that used to be worth $300k are suddenly worth $600k, combined with towns that need to find tax revenue after the COVID tax losses in a vacation state. Just to squirt a little more lemon in our eye. :) [link] [comments]  |
| What is your bumping into your buyer story? Posted: 25 Oct 2020 09:05 AM PDT I just literally ran into my buyer in Target. She was so lovely. She said hello, and thanked me again for taking such good care of the home I lived in and sold her. She then asked me if she could show me pics of what she had done to it and the 1 bedroom apartment attached to it. It looks great, and she was so happy, it really made me almost proud like I had Actually done something. Even though I just sold my home. I know she was very appreciative I took her offer because it was FHA and I guess another home offer was denied (well they went with a different offer) due to being FHA. Anyone else ever have something similar happen? [link] [comments]  |
| How do you guys make good profits when you have to pay a 6% agent fee every time you sell? Posted: 25 Oct 2020 05:52 PM PDT How do people make any real money in real estate investing when they have to pay 6% in agency fees every time they sell a house? Or do savvy real estate investors find a way to avoid these fees? If so, how? Just by selling the house themselves (without going through an agent)? But then they'd still have to pay 3% for the buyer's agent, correct? [link] [comments]  |
| What do we do with our down payment? Posted: 25 Oct 2020 09:13 PM PDT We're set to close on the sale of our first home within a few weeks. We have been waiting to start looking for a new house until farther into the sales process so that we can make a stronger offer. We expect to make about $90k in profit after paying for closing costs, etc. This might be a silly question but do we just take our big ol' check to our local Chase branch and pop it in our checking account until it's time to make our down payment when we find a house? There will be a 2-6 week gap between closing on houses. Should we open an account at the credit union we instead to get our mortgage through so that transaction is easier? It's more money than we have handled in the past. Thanks in advance! [link] [comments]  |
| I can't get anywhere near 3% (without points) in this market. What am I doing wrong? Posted: 25 Oct 2020 11:41 AM PDT
the best i've found is 3.375% with $8k in points or 3% with even more in points via Better.com. super frustrating to see such great rates and yet i can't seem to sniff them. [link] [comments]  |
| Changing jobs prior to applying for loan? Posted: 26 Oct 2020 04:23 AM PDT Will switching jobs in the months before applying for a construction loan/mortgage affect our ability to get the loan? Wife has a stable job, I do too but may be switching in the near future. We also have land as a 20% down payment and ~200k in various retirement and savings if that matters in the process. Thanks! [link] [comments]  |
| Do professional videos improve sales? Posted: 26 Oct 2020 03:59 AM PDT If I upload professionally made videos of the properties to the online platforms I sell on, does this have the potential to improve sales? [link] [comments]  |
| (GR) Can I sell a house that is currently under mortgage but the house is worth more than the loan? Posted: 26 Oct 2020 03:43 AM PDT Not sure If my question makes sense, I'm not exactly familiar with the terminology regarding real estate and banks. Any input appreciated. [link] [comments]  |
| Posted: 25 Oct 2020 07:51 PM PDT Found a lake house to be a vacation home. It is 3 hours from my home so made an offer without seeing it based on the MLS info. The MLS said it was 5000 sq feet and had 8 bedrooms. The inspection showed it is actually 4500 sq feet and 4 bedrooms. The other 4 bedrooms that were determined to not be bedrooms because they are in the basement and there is only one way into and out of the room. 2 of the disqualified rooms had small exits cut out of the closet. Kind of like the half doors you sometimes see to get to storage space. The other 2 disqualified rooms, there is no other way out. So they are officially very large storage closets. We are waiting on the appraisal but my question is, if I don't like the appraisal, can I walk and get my earnest money back due to the false info on the MLS listing. The listing agent is supposed to confirm all the info in the MLS listing I believe. I can post pics if needed. [link] [comments]  |
| Confused on what pathway of real estate to take Posted: 25 Oct 2020 04:59 PM PDT Alrighty, so I'm about to become a truck driver and will be making decent amount of money while still living at home. I know that I must be in the same field for 2 years when applying for a mortgage. My biggest question: When I move out my dad house in 2 years (I'm 21 yo) I was wondering should I RENT an apartment just for a roof over my head, and try to do a BRRRR strategy ( I have 40k saved right now which will be about 80k in 2 years) and buy a property, fix, rent, refinance and repeat? OR should I try and get an fha loan and buy a property, live in it for 1 or 2 years, move out & put a tenet in it, and repeat this process? Is it possible to try the BRRRR strategy while having a loan from the bank (so two loans) OR should I just to the traditional house hack? Duplex, 3x, or 4x and just rent out the units and live in one for free or minimal payment? I'm just confused on how people do this while having to pay for a roof over their head, that is all. Does that even come into play? Am I overthinking it lol thanks so much guys [link] [comments]  |
| Is this the typical order of events on closing day? Posted: 25 Oct 2020 03:46 PM PDT Here is the plan (all occurring on the same day): Wire the funds Thursday morning Conduct a final walkthrough Thursday late morning/afternoon Closing/Settlement at 3:30pm Thursday Is this correct, that we would wire the funds BEFORE the final walkthrough? Just checking. nervous FTHB. THANKS! [link] [comments]  |
| Posted: 26 Oct 2020 01:25 AM PDT After a roller coaster of offers, I finally had an offer accepted on a house that's currently vacant. Sellers are letting me move belongings in (not live there) before closing once my mortgage is secured. When does this usually happen? I've reached out to my lender but haven't heard back so thought I'd check in here, thanks! [link] [comments]  |
| Worth jumping into the process if I'm just interested in one property? Posted: 25 Oct 2020 09:38 PM PDT Hey all, Current renter here who has been saving for a purchase. There is a certain condo complex that I really like and have seen some units come and go on the market. While I was originally planning to wait another 1 to 2 years to buy, a condo in this complex came up for sale in the last few days. Anecdotally, home-buying in my area seems to be a really competitive - as in multiple offers on the same day as a listing competitive. Would I be ill-advised to try and go through the whole mortgage/buying process for my interest in this one condo if I don't believe I'd look at other possible moves? I guess the main concern would be the credit score hit, magnitude of which I'm not sure of but I do have an excellent credit score now (estimates in the 780 range) and have no intent to pursue any other loans or credit cards before eventually purchasing a home. Any advice would be helpful! [link] [comments]  |
| Is there a way to save on fees? Posted: 26 Oct 2020 01:15 AM PDT A friend will be selling his house that he still has a mortgage on soon. I am interested in buying it from him to use as my first rental. Fully financing it. If he doesn't list it, is there a way to save on fees? Do we still both need an agent and follow all the usual processes when it comes to buying/selling if we both agree on a price? [link] [comments]  |
| How does an increase in foreclosures help first time buyers? Posted: 25 Oct 2020 09:29 PM PDT I am curious how the expected wave of foreclosures would help out first time buyers, or even average buyers. I've heard some opinions that it's worth waiting on the market to cool once the wave of foreclosures hit once forbearance expires but I just can't see how that would help given that foreclosures are often expected to go for all cash and without contingencies like inspections. I've worked with a few agents and they have no idea how to approach that market, nor do they recommend it. Aren't the usually purchased by people or companies that fix and flip them for a higher price? Thx for the insights. [link] [comments]  |
| Will I offend sellers by offering 7% under asking price? Posted: 25 Oct 2020 04:01 PM PDT House was recently reduced and on market for 30 days. [link] [comments]  |
| Posted: 25 Oct 2020 06:30 PM PDT I live in an area where Orangeburg sewer piping in the 1940s to early 70s was fairly common, so I was advised by a home inspector to get a sewer scope. The sellers told me they had the same concern and had it scoped when they bought it five years ago, and sent me three videos from a professional drain/plumbing company. I uploaded one of those videos: https://www.youtube.com/watch?v=cdk36VlQ-CA&feature=youtu.be I was expecting the video to be narrated in some way but it's just a video of the camera, and i have no idea what I'm looking at. There is no report accompanying this video, but the sellers indicate they were satisfied at the time with the video and comments. If anyone can offer some insight into how to interpret these videos, or point me in the right direction, it would be very much appreciated. [link] [comments]  |
| Posted: 25 Oct 2020 04:46 PM PDT We really want a home in a very specific neighborhood of mostly old homes (1950's) in mostly original condition. Not upscale and varying degrees of owner equity. We want to send out hand written letters with offers for an off-market buy, and in order to make them more appealing than some mass mailers they may have received, we want to offer some flexibility, including using no agents and letting them keep the cash they would be paying on commission. We would hire a real estate attorney to guide the paperwork/process, and escrow/title company will take care of their parts. But I'm wondering about a seller who is not completely familiar with selling, and whether they might be spooked by not having agents involved. Do we try to convince them to each hire our own attorney and suggest to them the benefits of it for commission savings? Or do we go with agents anyways and forget about the savings in order to not come across as sketchy? We want the best shot at getting one of the houses and believe the cash savings is a big opportunity, but not if it scares them away from the sale entirely. [link] [comments]  |
| Condo in market for >60 days — how much should i offer? Posted: 25 Oct 2020 10:41 PM PDT there is a brand new building in the city i am purchasing which isn't able to move 2/2 condos. i really liked the place and i want to live in it for 1-3 years and likely just rent it out after. how much below asking price would you offer? i also do not have an agent on my side and i do not intend to get one so i am saving them 3% too. any advice? the reason why the condo isn't moving is because they built them way too big and with even lesser ppsqft than comparable condos the price gets into small single family home territory. plus the hoa is a bit high at $400 per month. [link] [comments]  |
| What's the smartest way to come up with a 20% down payment out of the following options? Posted: 25 Oct 2020 04:24 PM PDT What's the smartest way to come up with a 20% down payment out of the following options? Quick back story of my situation: I currently own a small condo that I rent out for $1900 per month in San Diego that costs me around $1500 per month all in including principal, interest, taxes, insurance, and HOA fees. It's currently on a 3.5% 30 year fixed mortgage since it was originally my primary residence. I bought the place back in 2015 so i'm already 5 years into the mortgage. I am currently living in my girlfriend's father's rental house with her and my share of the rent is only $1000 per month which is one of the reasons the math made sense. Unfortunately, our relationship is a little on the rocks and there is a good chance it won't work out much longer so i'll have to move out of the rental :( Since my the tenants just signed a new 1 year lease, moving back into my condo isn't an option. That being the case, I am looking to potentially buy another small condo to make my new primary residence since the rates are so low and I wouldn't ever find a rental for $1000 again since it was almost half of market rent for my area. I'm almost 34 years old and don't really want roommates at this point even though that could save money. I considered a duplex but they are way out of my price range even with a tenant on the other side. The entry level condo's here in San Diego are between $300k-$350k in any of the decent parts of town near my work. That being the case, I will need around $60k-$70k the new down payment. Finally my question, which option is the smartest and why? Option 1: Do a cash out refi of my condo for the down payment since It's worth around $330k-$340k and I currently owe $186k. Downside of this option is I would go from a 3.5% rate to almost 5% or more since it's an investment property now and not my primary anymore. Option 2: Take some of the money out of my retirement accounts which has around $120k between my 401k, 457b, and Roth IRA. Perk of this option is since I tested positive for covid this year, I can avoid the 10% early withdrawal penalty and can also spread the tax burden of the 401k/457b over 3 years. Option 3: Use some of the 30k I have in cash combined with option 1 or 2. This is my emergency fund however and I don't like the idea of draining this below 25k since I will have 2 properties at this point which increases the risk of needing it . Thank you for reading and letting me vent! [link] [comments]  |
| Posted: 25 Oct 2020 04:17 PM PDT I have heard that 25% is the rule of thumb but I don't see that being possible if you live in California or other HCOL places and are head of household.. I'm curious to know where other people are at currently [link] [comments]  |
| Resell value for home with carport (rather than a garage)? Posted: 25 Oct 2020 09:36 PM PDT Hi all, I'm considering building a home on some land I am buying. I'm actually going to be living in the ADU, while airbnbing out the main house. I've actually never liked homes with traditional garages and just seems like wasted space/cost/etc. I was thinking about just doing a carport on the side of the house. What do you think about this personally (if you were buying a home) and do you think it affects resell value? I think it would probably save at least $15k, foregoing the traditional garage. [link] [comments]  |
| Taking my CA RE Sales Exam on Tuesday (Anyone Want to Study or Tips?) Posted: 25 Oct 2020 07:48 PM PDT I am cramming to get all my studying in.
If anyone wants to share study stuff I am down. I am just looking for the most practical way to pass. I know it is 150 questions and 70% to pass-- so I need 105 right. Some of the terminology is just so hard to memorize because it is so dry I want to focus my attention on the most necessary things or the best tricks to passing the first time. Thanks! [link] [comments]  |
| Interview With Realtor on Monday Posted: 25 Oct 2020 12:00 PM PDT I have an initial interview with my realtor (buyer's agent) on Monday and want to make sure that I don't miss anything. I plan to discuss:
Any things else that I should bring up? What should I look for in the buying agent's agreement? The realtor is from a national brokerage brand (e.g. Remax/Coldwell Banker/Century 21) Edit - I should probably mention that I worked with this agent about 5-6 years ago (before my divorce) to buy a home. We didn't end up buying a home but I was impressed with the agent and kept his business card over the years. [link] [comments]  |
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