Unless urgently needed, is it a good idea to wait out the pandemic before making a house purchase? Real Estate |
- Unless urgently needed, is it a good idea to wait out the pandemic before making a house purchase?
- What are some things you should definitely run away from as a DIY renovator?
- It feels almost impossible to buy a home right now. As a military family we feel disheartened using the VA loan
- My wife is freaking out our house may not sell
- What career in real estate do you do and would you recommend it to someone going into the industry?
- When should I move... Help me decide!!!
- Should I start this?
- Waiting until the middle of 2021 to upgrade from our starter home!
- Me and my girlfriend want to build a manufactured home on land
- Investing: where to start?
- Town Home UAG then a shooting happens...
- Is it a money-laundering thing? 50% cash downpayment & mortgage with the seller.
- Help! We’re listing tomorrow and I don’t know if we should delay.
- 3-yr roof certification. Worth it?
- Signed contract with seller, they backed out literally seconds after receiving my signed copy
- Here are my financials, should I purchase another home and rent out my current?
- Who does the last VOE and Credit pull before closing?
- Bought a way overpriced house in Seattle, now I want out - sell at a loss or try to rent out?
- Changing loan type after offer is accepted.
- House with missing shower knobs
- Neighbor wants to sell his house without an agent to avoid commissions. I’ve been working with my realtor for 6 months.
- Looking for Info on Brookfield Residential
- What websites do you guys use to see free information and data on the appreciation rate of certain towns and cities?
- Va loan EMD
| Unless urgently needed, is it a good idea to wait out the pandemic before making a house purchase? Posted: 11 Oct 2020 04:55 PM PDT We've been trying to buy a house in Seattle market and it's crazy hot right now. Not sure if it has always been this hot? Literally saw a house listed at 1.3m going for 1.8m. Not only are the houses going well above the listed price but also most buyers are even waiving off contingencies. Both I and my wife have stable tech jobs. Pandemic hasn't really affected our line of work. But seeing how the market has been first hand, we feel like we will end up overpaying for a house since the supply is so low and demand is so high. Although we have enough saved for a down payment, we can definitely wait for another year and a half to buy a house and continue renting in the meantime. In all probability the low mortgage rates will continue into 2021 as well so we aren't missing out on this if we waited a little further. What do you guys suggest? From what I've been reading on this thread, the real estate prices currently reflect pre pandemic days and it will only be in next year when we will see pandemic influenced prices. Just wanted to know if I'm overthinking this or waiting is the right strategy at the moment? [link] [comments]  |
| What are some things you should definitely run away from as a DIY renovator? Posted: 11 Oct 2020 07:47 AM PDT When you first enter a property before even deciding to make an offer and getting an inspection what are some things that you would personally look out for? Things that are total deal-breakers for the DIY home renovator who's willing to put in a little extra work into a house. [link] [comments]  |
| Posted: 11 Oct 2020 12:39 PM PDT We have put in a total of 4 offers so far. Each home we could picture ourselves in. And each time we were beat by either an all cash offer, an offer of 10k or more on the home with the appraisal waived, or an offering of someone's firstborn child- on top of an all cash offer. It feels like a never ending road. Our realtor has been nothing but supportive and knowledgeable. Some offers you just can not beat. On top of that the market is getting flooded with big cooperation home builders that have nothing but terrible reviews. That makes us shy away from new builds. We don't have much time before I have to PCS to a new state and have a home ready. I hope we can find something in time if not we have to rent again and that's just something we didn't picture for our future. [link] [comments]  |
| My wife is freaking out our house may not sell Posted: 11 Oct 2020 01:53 PM PDT I don't hold this opinion to be clear, but I am starting to have doubts. Our house has been on the market for almost 2 weeks and have had close to 30 showings. We were even under contract for 4 hours when we found out the buyers had no intention on buying the house (don't ask... I don't know what they were thinking). We have a really nice house with a city park and city ponds located right behind us. The only thing I can think of that is making some people not want to buy is a local pig farmer has been tilling his land (does it every fall/spring) and it literally smells like a porta-potty outside sometimes. Most of the houses around here are under contract in about a week. Does my wife have cause to be concerned? Our Zillow stats are Time on Zillow: 12 days, Views: 1,333, Saves: 68 [link] [comments]  |
| What career in real estate do you do and would you recommend it to someone going into the industry? Posted: 12 Oct 2020 01:55 AM PDT |
| When should I move... Help me decide!!! Posted: 11 Oct 2020 07:38 PM PDT First off thank you for your time. I hope all of you are well durring these times. My wife and I own a home in Chicago and have about 230K in equity. We plan on moving out of state when our son finishes 8th grade in 2 years. My question is should we consider moving sooner (6-8 months) and rent. I think we should move take equity and rent for the remaining time. I say this as I think a housing crash will becoming. Just looking for other thoughts and comments. Thanks. [link] [comments]  |
| Posted: 12 Oct 2020 04:00 AM PDT Should I even begin my real estate career right now? Tell me I shouldn't just because I question it I don't care! Just be honest with me, should I even go down this path or will it be gone with a bunch of other careers do to AI? Let me know [link] [comments]  |
| Waiting until the middle of 2021 to upgrade from our starter home! Posted: 11 Oct 2020 05:51 PM PDT Me and My wife purchased our Starter home and have been in it for 2 years. The purchase price was 125K we owe about 75K more and will be able to sell it for 125K-150K. Anyways, we both have a decent combined income 255K a year. We are looking to upgrade our house but the real estate market is on 🔥 still. However, this is an odd year due to covid and the mortgage protections from Covid 19. There is now mortgage forbearance, mortgage relief and other mortgage protections due to covid. I feel like once this protections are lifted December 2020 if it's not extended. The Housing Market should start coming back down to reality levels. What's everyone else's opinions? [link] [comments]  |
| Me and my girlfriend want to build a manufactured home on land Posted: 12 Oct 2020 02:49 AM PDT So me and my girlfriend want to buy land but it also has a foreclosed house in the property already. But with 10 acres to work with i was wondering what needs to be done prior. Can we just build next to the existing home or do we have to demolish the existing home first? [link] [comments]  |
| Posted: 12 Oct 2020 02:37 AM PDT I've found a small-ish city about an hour away from me me that has houses/duplexes in the 70k-150k range with pretty good COCR. I've always been interested in investing in real estate. I've contemplated getting a house by me or renovating something and doing airbnb. However, I feel like getting cheaper properties with high cash flow and continuing to add on more is likely the best strategy. Basically all of these houses are 30+ years old. While I like the idea that I live somewhat close so I can go to the property if I need to, I honestly don't know jack shit about anything relating to building/fixing things (especially houses). I'm concerned that my decision making may be subpar, as I lack the fundamental knowledge about the types of things I need to look for when purchasing older houses, as well as the ability to fix issues, thus I may get killed in contractor fees throughout the years. So, I suppose my question is for other RE investors -- do you have knowledge on these things, or is it not needed? Should I try to find somebody more savvy and partner with them? [link] [comments]  |
| Town Home UAG then a shooting happens... Posted: 12 Oct 2020 02:20 AM PDT Wife and I finally found a place we're really excited about. All signs have been pointing in the right direction. We have our home inspection on Tuesday. Then today we see on the news that there was a police standoff with someone in the development. Shots were fired but no one was hurt and the suspect was taken into custody. Evidently he was having a mental breakdown. This is really out of character for the area, and it's probably a fluke, but it still has us feeling uneasy to know that there's potentially a loose cannon near us. Anyone have insight? Not really sure what to make of it... I'm having trouble deciding if this is something to really be worried about. [link] [comments]  |
| Is it a money-laundering thing? 50% cash downpayment & mortgage with the seller. Posted: 11 Oct 2020 04:02 PM PDT This listing caught my eye as it's underpriced for cottage country outside of Toronto. Turns out the seller has these bizarre conditions:
Is this at all common? Why would a seller go this route? My SO and I can only come up with some kind of workaround to avoid the banks, maybe to enable money laundering or ..? [link] [comments]  |
| Help! We’re listing tomorrow and I don’t know if we should delay. Posted: 11 Oct 2020 05:35 PM PDT We were all set to list tomorrow. Our house looks great, the photographs are done, everything is perfectly organized and ready to go. This afternoon my daughter decided to spray 1/2 bottle of perfume in her room and the smell is very offensive. It's an overly sweet bath and body works scent and it's making the entire upstairs stink. My realtor says it isn't a big deal and to go ahead with it but I'm worried this smell isn't going to go away overnight and first impressions are everything. What do I do? [link] [comments]  |
| 3-yr roof certification. Worth it? Posted: 11 Oct 2020 05:27 PM PDT When we bought house, inspector said roof (asphalt shingle) is towards end of its life. Our realtor suggested bringing out roofer to have a look. Per roofer we need to 1. Reseal all exisiting vent flashing and flues 2. For garage, remove shingles and underlayment, spot repair deck, T&G starter boards as needed, then install new underlayment and shingles in repair area. Afterward he would then certify it for 3 years which would cost us extra. But any leaks during that time, they will come fix for free. Anyone with experience with roof certs? Worth it or waste of money? Per friend - best to just wait till there is noticable leak/problem and deal with it then. Like to hear what you think. [link] [comments]  |
| Signed contract with seller, they backed out literally seconds after receiving my signed copy Posted: 11 Oct 2020 08:45 PM PDT Long story short, view house, make offer that evening, told the next day they want to work with me. Send me a contract in the morning with deadline by 6pm same day to sign and return it. I go through, sign it, and send it back around 2pm. Literally within seconds I get a notification from my realtor that the seller backed out and is taking the house off the market. I asked for documentation / a release but the seller's realtor does not think it's necessary. Any recourse available? The whole situation was unprofessional and extremely frustrating. I'm not looking to do anything legal but I do feel like the selling realtor's actions should be documented in some way - especially since I was told the house was being pulled from the market and it's now in contingency. Seems pretty unethical to me they'd accept my offer, send me a signed contract to sign and return, then burn me literally seconds after sending it back to them. Can offer more info in DM's if necessary. Thank you! [link] [comments]  |
| Here are my financials, should I purchase another home and rent out my current? Posted: 11 Oct 2020 08:18 PM PDT Overview: We have outgrown our first home and like many first time home buyers have grown to regret a few things about our house. Luckily we live about 5 minutes from the local military base and can rent out the home and cash flow without an issue. This would mean purchasing another home as our primary residence. Here are my thoughts. Pros: make a smarter choice for our next home (more ideal location, size, layout, space and storage etc.) Rent out our current home, additional cash flow each month, and having someone else pay off our mortgage will be great Increase real estate portfolio and control 2 properties essentially doubling or tripling our net worth in 30 years. Take advantage of current ultra low interest rates Cons Two mortgage payments if we have a period the house isn't being rented. Real estate prices are high (due to lower interest rates) General Tenant issues or potential property management issues. maintenance for two homes Real Estate Overview Current home: Value: 200K (estimate) Mortgage 183K @2.75% 30 Years remaining (just refinanced) Mortgage (PITI + HOA): 1050 Should rent for 1400 easy = net cash flow 350/mo. New home: List 300K (conservative est. @ 3% 30 year ) VA loan 0 down. Mortgage (PITI) = 1800 (no HOA) Current Financials: Gross Household income = 82,000 (Only I work) I have a wife +2 kids, Currently invest roughly 2,000/ mo. Into stocks and ETFs (401K/ Roth IRA/ Individual stocks in a personal account.)
Conclusion I am looking for financial advice!, I know we should pay off the debt with some cash and we could. But I'd like to know: Are we in a good financial situation to buy another home for our primary residence and use our current home as our first rental property? Essentially taking advantage of low interest rates and diversifying our portfolio a little as well! Let me know if this is a good idea, bad idea or other, and if there is anything you would change! [link] [comments]  |
| Who does the last VOE and Credit pull before closing? Posted: 11 Oct 2020 08:06 PM PDT I'm set to close on the 19th, this past friday my broker said that the underwriter gave me a conditional approval. He just asked for my last paystub and bank transactions for this month. Broker said he hopes that by thursday we'll have the final approval. Once the underwriter gives his approval, is he the one who then before closing does the final VOE and credit pull or would that be my broker? [link] [comments]  |
| Bought a way overpriced house in Seattle, now I want out - sell at a loss or try to rent out? Posted: 11 Oct 2020 10:09 AM PDT I bought my first house at the peak of the 2018 housing market in West Seattle in WA. I did not do enough research on the area or the local housing market. Then the West Seattle Bridge was declared a disaster and will be shut down for 1 to 7 years, bringing my 12 minute commute to over an hour each way. I want to get out of here. Stats:
I ripped out carpet in master bedroom and put down high quality bamboo, and I've also put it LVP in the downstairs (original floor was polished concrete). Added closets from EasyClosets to replace the builder grade stuff. I also re-painted everything with quality paint so the walls are in perfect condition. Bought for 670k in June 2018 with 4.85% 30yr. Refinanced to 3.5% in summer of 2019 and just re-financed down to 2.75% 30yr. I owe 480k on the house and the monthly payment is including escrow and insurance is approximately $2500. After speaking with a realtor I don't think I can sell the house for more than 600k, even with todays lower rates, since a bunch of new houses have popped up for around 570-600k. It appraised at 640k in the summer of 2019, my recent refinance got an appraisal waiver. What I want to do is buy a house in or near Capitol Hill in Seattle, which puts the price-class somewhere around 800k to 1.2m. I haven't decided if I want a newer house or a fixer upper, and I'm handy enough to do most home improvement work except foundations and roofing. I'm fortunate to work in tech with an annual income around 280k (160k base, 100k RSU) so I THINK I could carry two mortgages, especially if I charge my GF about 1k in rent. But I'm not sure that's the best idea. From my research it seems I cannot deduct a loss on a primary residence. I don't seem to be able to convert it to a rental and then sell it and deduct either, because the cost basis used is at the time of conversion. I figure I could rent the house out for somewhere between 2500 and 3500 a month, even with the current commute mess. That said, reading up on Seattles tenant laws has me running scared, especially during COVID. One wrong tenant and I'm screwed. Anyone have any tips? I think I basically just need some re-assurance on the renting out part and to know if I'm missing something. [link] [comments]  |
| Changing loan type after offer is accepted. Posted: 11 Oct 2020 11:11 PM PDT I came across a not so honest comment on reddit where the commenter suggested that the vet get approved for a conventional loan and then switch to a VA loan after their offer is accepted because they are losing out on houses because of their VA loan. If the buyer does this... Can the seller back out of the deal? Or should the seller say from the beginning that they accept only cash or conventional loans? How would a seller prevent this kind of bs from happening to them? [link] [comments]  |
| House with missing shower knobs Posted: 11 Oct 2020 10:36 PM PDT I'm considering purchasing this "as is" house with inspection contingency. So far, everything looks good, other than old exterior paint and dirty carpet spots here and there. I just noticed the shower head and shower knobs are missing. Any thought? Just worried it's a sign of a bigger problem. https://imgur.com/a/35xo5Ei [link] [comments]  |
| Posted: 11 Oct 2020 03:02 PM PDT I'm a first time buyer and a neighbor down the block wants to sell his house to me without an agent to save on commissions. I've been working with my agent for 6 months and I have two concerns.
Any advice for this first timer? [link] [comments]  |
| Looking for Info on Brookfield Residential Posted: 11 Oct 2020 05:45 PM PDT I am considering having a new house built by Brookfield Residential, but I noticed they have a lot of bad reviews online. However, it looks like most builders have negative reviews overall in general. Does anyone know anything really good or really bad about this company that might sway my decision? [link] [comments]  |
| Posted: 11 Oct 2020 03:20 PM PDT So the only website that I have been using that actually shows some decent information is neighborhoodscout.com but even with this website you have to pay for a membership to make all of the information and data visible. Are there any websites that you guys use to see the appreciation rate of the housing market of towns and cities for free? If so, which ones? Also, are there any that have a since 2010 option? [link] [comments]  |
| Posted: 11 Oct 2020 09:00 PM PDT Has anyone every sent a offer with no earnest money deposit for their client using a va loan? [link] [comments]  |
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