Our experience buying our first condo in San Francisco Real Estate |
- Our experience buying our first condo in San Francisco
- Making more from stock trading than day job and planning to buy a home next year. Will this be a problem?
- Foundation Repair is Scaring-off Potential Buyers
- Is my lease still good after the property has sold to a new owner?
- Did I make the right call?
- I paid off my condo and want to buy a house.
- Are all the items mentioned in the MLS description part of house sale?
- Early termination due to job relocation
- How do you know what your must haves/wants are?
- Is this legit? WA
- Seller changed mind on closing date - what are our options?
- Listed by redfin property, scheduled a showing, new mystery person showed up. will they expect to be my buyers agent now.
- Curious to get some opinions on condos with an hoa
- College For Careers in Real Estate; A Waste or Good Idea?
- Resale value of covered patio
- Thinking of putting my live in home In my LLC. Help needed.
- Are distant closing dates ok?
- First time homebuyer, offer question.
- Tearing down and rebuilding a home from scratch?
- What do I need to know before buying land that I don’t plan to develop anytime soon?
- I'm new to real estate
- First Post, Question About Land Purchase DD
- Seller listed home while still in escrow
- Is buying a condo a bad thing?
| Our experience buying our first condo in San Francisco Posted: 05 Dec 2020 04:00 PM PST My husband and I recently closed on our dream condo -- our first ever -- in San Francisco. We've had aspiration for settling down in the medium-term future, but would not have imagined doing that in 2020 had it not been for COVID-19. We had ramp from 0 to 1 on the entire purchase process, and owe a lot of that to insights gleaned from this sub. Posting a recap in case anyone finds it helpful! -- Timeline We started browsing casually on Zillow and Redfin around April. We got underwritten pre-approvals in late August. We chose a realtor in September (after multiple tries, see below) and made our first offer in early October, which was accepted. We closed in early November. Budget and financing We felt strongly about not becoming house-poor, but our budget steadily creeped from ~$600 to $950K throughout the process regardless. We were still able to put 20% down and have some cushion, just not as much as we would have hoped. We got fully underwritten pre-approvals from various lenders prior to viewing a single home, since that was the recommended best practice in the Bay Area. Highly recommend this since some sellers make this a prerequisite for tours. Finding an agent Having a soft spot for young upstarts, we initially started touring homes with Flyhomes. We backed the f$#$ out in like a week when we realized how much support we would need as first-time homebuyers and how little they were able to give. We started getting uneasy when different associate agents would show up for our scheduled tours, equipped with ZERO information and advice. What led us to break from them is when we found a condo we wanted put an offer in and they emailed us a 400-page disclosure document with no guidance or context, and asked for a decision since the offers were due for the next day. If you were to take anything away from my post it is this -- in an uber-competitive market like the Bay Area, you need to have a competent agent who will negotiate on your behalf and own the entire process end-to-end. Offer and closing In a pinch, we contacted the listing agent for our dream condo. We found her to be experienced and personable, and asked her to be our buying agent. Things took a funny turn when the condo we initially flagged didn't sell because the sellers did not like the offer price. Having seen a dozen or so property at this point, we decided to make a move. Our agent (who had listed the condo) introduced us to her colleague in the same agency to avoid double representation. We wrote an offer in an afternoon to make the second deadline and our offer was accepted that evening. I've seen some discussions floating around the state of condo market in SF. The market is subdued, although it varies starkly by neighborhood and type of building. We benefited from this trend in that we only competed against one party. But even in this climate, we still had to waive all contingencies and bid ~10% above the listing price to have our offer be accepted. Closing took about ~30 days. We had some minor miscommunications with the lender along the way (changed terms, missed deadlines, etc), but chose to let them be since they were not dealbreakers. We were also exhausted by the process at this point. In retrospect, we wished we had identified the agent we trusted and gelled with earlier on in the process.. Although we are happy with the outcome by and large, we felt like we had little leverage throughout the closing process since our agent reported to the seller's agent, who also owned the brokerage. Other miscellaneous tip (that is often raised on the sub) is to have all the cash you have on hand prior to making an offer. We had barely started liquidating assets when our offer got accepted, and it added unnecessary stress to the process. Motivation for buying and other major considerations These are more personal, but I'll add in case they're helpful to anyone in similar shoes. Buying vs. renting We had both started new jobs about two years ago, and were renting a beautiful, spacious loft in a not super beautiful part of San Francisco which was close to both of our offices. The loft set up became very difficult once both of us started working from home in the spring. The search for a new apartment better suited for long-term remote work parlayed into discussions around buying. Bay area vs. anywhere else During the early phase of sheltering in place, we explored far-fetched ideas like moving to Joshua Tree and going embracing remote work long-term. We were excited by the potential of moving literally anywhere and getting much more space for our budget. As the year continued, however, we affirmed that we would choose our city, its surroundings and the community we have here in spite of the pandemics and decided to double down. SFH vs. Condo Having learned (from this sub!) that SFHs on average are better investments, we explored the idea of moving to certain areas in East Bay. After some deliberation, however, we decided the right choice for us is to choose a location we love and then find a place we can afford. Once we narrowed our preference to a few neighborhoods in San Francisco, the choice was made for us! I'm also somewhat relieved not to have taken on the full responsibilities of homeownership, not having much more experience than changing a lightbulb when it comes to maintenance. -- That's all. Hope my recap is marginally helpful, and happy holidays! [link] [comments]  |
| Posted: 05 Dec 2020 10:29 AM PST So I currently make $50k at my day job, and this year I have a realized gain of $70k from the stock market. When I file my 2020 taxes and I apply for a mortgage and they see my tax return, will it cause them concern that the majority of my income this year came from short term capital gains? Also when they call my employer to verify my income will they ask my employer about my huge capital gains and how it relates to my day job? I was fortunate enough to work from home this year so I was able to day trade stocks, but I don't want my employer to know that cause he might think I was slacking. [link] [comments]  |
| Foundation Repair is Scaring-off Potential Buyers Posted: 05 Dec 2020 04:01 PM PST I am selling a 75 year old home in a historic/mid-high income neighborhood that I purchased in 2017. Upon closing in 2017, the previous owner agreed to have all of the foundation cracks repaired (around $10-$15k) Since the repair, I've never seen a drop of water in the basement. That being said, the concrete walls are white, and the injection/fiber straps are grey. When you initially walk into the basement, it does in-fact look pretty gnarly (horizontal crack along 3/4 walls and some vertical repairs), but the work is fully warrantied for the lifetime of the structure. Of the 25 showings I've had, about 10 have said (perfect house, but way too concerned about foundation issues) I've shown buyers the warranty info and purchase orders, I've even offered to pay for engineering and moisture reports to show that it is just as solid as it was when it was built, if not more. I've had to drop the price $20k below comps just to get more showings. Would it be worth painting the injection areas white to match the walls (will not void warranty) or perhaps drywall over it? (Edit: paint the walls + injection area the same color) Or, do I just need to wait for the right buyer who is willing to listen like I did in 2017? [link] [comments]  |
| Is my lease still good after the property has sold to a new owner? Posted: 06 Dec 2020 02:56 AM PST I rent a house, and it is currently in escrow to a new owner. I am a long term renter and have a lease through June. The current landlord told me that, by law, the lease would protect me from early eviction. I just received a letter stating that the house is in escrow and that he is required to give me a 90 day eviction notice. He requested that I sign some documents. Do I need to sign the documents? Is my lease still good, or can I be evicted in 90 days? I am in Oregon. Thanks in advance for any insight you may have! [link] [comments]  |
| Posted: 05 Dec 2020 10:13 PM PST Toured the home. Instantly knew it was bad in Raleigh NC While speaking to my realtor she said whats bad about it. I mentioned the place looks old ( that's because the furniture, painting, fixtures) the owner is a senior lady. But didn't say anything else. Mainly because I was upset all homes I loved was outbided. The bad. EVERYTHING is closed off. I.e closed octagonal kitchen Closed dining room Odd living room. When you enter the house. You get the windows on the left, closed kitchen and dining on the right. In front is a fireplace and a door going to the backyard. Paint, and a few damaged areas of the house that can be fixed so im not worried. The good The area is growing. The market in the area is growing at least 4% a year. Walking distance to a golf course Cheap home. Which means if I want to rent it out at a reasonable price and still make a good profit. Also it's the same price as renting an apartment Right next to major highways so major cities is at most 20-25 minutes away. Construction of more expensive homes are being built around the area so it could raise value in the future. Every part of me wanted to back out. But I was ashamed to do so. My realtor helped so much and did not want to upset her. I did not want to lose my due diligence. I really wanted a home before I lost my opportunity to do so. From the time I started looking till now home prices are constantly going up. I close on the home on the 11 and its killing me knowing I have SO MUCH work to at least make it feel a bit more modern. But I was pulling through knowing it could potentially be worthwhile a few years from now. [link] [comments]  |
| I paid off my condo and want to buy a house. Posted: 06 Dec 2020 12:45 AM PST I bought a condo in Arizona in 2010, and paid it off in February 2019. I am planning on buying a house within the next year and renting my condo. The realtor I purchased my condo with reached out, property values are skyrocketing and my original value has doubled. He mentioned that I would be able to use the equity in my condo on as a down payment on a house. I had a couple questions I wanted to ask unbiased parties with more experience than me. If I use my condo's equity, will I be required to take a mortgage out to get the down payment? -or- Is the condo used as collateral and that counts as a down payment? I was planning on just using a standard cash down payment, I don't need the biggest and best house. I want my rental to cover most of my mortgage. Would there be a benefit to using my condo as collateral or am I better off treating it as a separate purchase? Thank you for any advice, I know I have homework, there's so much I don't know. (Edit for clarification) [link] [comments]  |
| Are all the items mentioned in the MLS description part of house sale? Posted: 06 Dec 2020 02:32 AM PST I'm in contract and the house listing highlighted smart fridge in the description and in the laundry features, washer & dryer are mentioned. Since these are highlighted in the listing, we thought they are part of the sale. But the sellers agent says they are not mentioned in the purchase contract so not part of the sale. If they are not part of the sale, why are they mentioned in the MLS description? What do I do now? Any suggestions are appreciated. [link] [comments]  |
| Early termination due to job relocation Posted: 05 Dec 2020 10:42 PM PST We live in Illinois and our rental lease is up October 2021. I have to relocate to AZ in March 2021 and I do not know how to bring this up to my landlord. Lease does not have a termination clause but i do not know my legal options. Any advice would be appreciated. [link] [comments]  |
| How do you know what your must haves/wants are? Posted: 05 Dec 2020 06:43 PM PST So I received my pre-approval letter the other day and I'm going to start "interviewing" realtors soon. I'm sure as part of that process they're going to be asking me what I'm looking for in a house. While I have a list of things I need/want, it feels so... incomplete. Needs 1) Off street parking (I'm looking in city limits and while most places have driveways, it's not guaranteed) 2) Finished or finishable attic (and possibly basement). 3) Small yard. I don't have a dog or kids and I don't want to do yard work. And that seems like it. Everything else I'm willing to negotiate on, so to speak, or I don't have a clear way to express what I want. Things like 1) Mostly interested in a duplex, but will consider single family. 2) I want a nice kitchen, but I don't know what that means for me. I enjoy cooking and hosting people. So open? With an island? I dunno. It's kind of like one of those things where I know it when I see it if I would like it. 3) I prefer open spaces, but it doesn't need to be open concept. I'd be happy with like double or triple wide arches that some homes in the area have so I can still see through my house. 4) As little carpet as possible. I think it's gross and a pain to keep clean. 5) I'm even flexible on price/condition. Like if it's under a certain price I'll consider needing to do update but if it's above that, I want pretty much turnkey. Is this enough for a realtor? Am I wildly unprepared and need to do more homework? How did/do you know what were your must haves and wants? Are there any things I should consider? [link] [comments]  |
| Posted: 05 Dec 2020 08:43 PM PST Hello all, Renting after years of ownership, could someone tell me if this experience sounds legit? I searched but did not see the exact scenario. We requested a tour through Zillow and provided phone number and email address. Someone emailed me a reply introducing themselves as realtor and said we could go see the house anytime. He gave directions to the house and location of the key. We went and looked at the house, then requested the rental application just in case we decided to push forward. The rental application came through rentapplication.net asking for a lot of personal information, bank statement, tax returns, social security, etc., along with several calls and texts encouraging us to hurry as they hope to wrap up tomorrow and make a decision on the applications. I searched the real estate agent's email and phone and he comes up everywhere, Facebook, Linked In, Zillow, all the other real estate sites as well. Forgot to mention that the phone number that showed up in my voicemail notifications was different than the number that called me. Never seen that before, thought it was strange. Are there any red flags here, or am I being overly cautious in protecting my information? Is this a usual experience in Covid to hide a key outside and send people to look independantly? Thanks but better to be safe than sorry. [link] [comments]  |
| Seller changed mind on closing date - what are our options? Posted: 05 Dec 2020 08:35 PM PST Our agent is a total walnut - gives terrible advice, doesn't take responsibility, has no idea what's going on - asking him about this situation is not an option for me. Vermont - signed purchase agreement mid October for a townhouse. Dec 3 closing date. Communication through agents throughout the process and in person at inspection and appraisal. Seller asked for a couple more days in the condo on Tuesday - two days before closing (Thursday). As there were also delays with our lender, we agreed Monday would be better for all of us. We also went back and forth about furniture that was scheduled to be delivered this weekend to the townhouse - seller said we could have items dropped off over the weekend and we also agreed to let him store a couple items in the garage after the closing for a week. This was all initiated by the seller on Tuesday and Wednesday and his agent wrote up the extension addendum. We signed it Thursday morning. Got a phone call that evening at 7 pm from our agent letting us know that he just got word from the sellers agent that the seller changed his mind and would not be selling the condo. Our agent also said that as the seller never signed the extension and it was now the original closing date, he believes the seller is not technically in breach of contract. WHAT What are our protections and rights here! [link] [comments]  |
| Posted: 05 Dec 2020 08:11 PM PST So, i saw a property online that is listed by redfin, i called the sellers agent and she said she does her scheduling online through the app. I made the appointment then got an email saying they cancelled and select another time, i did and then they said i confirmed with a new mystery agent. so i show up and its a redfin agent. If I want to buy this house and have my buyers agent put in an offer, is this mystery guy going to claim he is representing me? in GA USA [link] [comments]  |
| Curious to get some opinions on condos with an hoa Posted: 05 Dec 2020 11:18 AM PST Hi all just wanting to gather some data for the future. The wife and I bought our condo right after we got married a little over a year ago to reduce our cost of living and pay off debt. Well the time is drawing near where we've lived well below our means and payed off debt (fucking student loans) yay. Now the fun, the condo is in a gated community with a pool, gym, ample parking and spanning 29 acres just outside of Philadelphia. I'd like to keep it to rent the wife on the other hand is a bit hesitant.. all this said we've put some money and more sweat equity into the condo. fortunately I am handy and have a contractor father so it has been a nice way to spend time with dad. That said we bought it under market value and fixed it up. We didn't dump money into it, but by the time we're done with the finishing cosmetic touches all in it will be about 15k invested into it. Properties like ours, a 2 bed 2 bath condo, typically sell between 180-195k depending on their condition. The HOA is 401 a month but they do take care of everything and it includes cable/internet, water, trash, building maintenance, landscaping etc are all apart of that fee. You end up paying the electric separately.The HOA generally leaves you alone to do whatever you want to your unit, but there's some stupid shit (like always ) if you say put a sign up or chairs outside .. why that bothers people I'll never know. Anyway I'm looking to see what you all think of an HOA fee of 401 a month and how it would impact your decision to buy a condo with said fee of 401 a month. would it be a pro in being that you didn't need to deal with much of anything outside your unit or a con that you pay the extra money on top of the monthly mortgage and taxes.. which luckily taxes are quite low. The perks of the area are that it was a diamond in the rough and people are realizing it as it's far enough outside the city but close enough as well. The regional rail is here and the neighbors across the way are a branch campus of a major university. All in all I'm just looking for some data on what folks think of the hoa fee, and if renting vs selling is a better option. Thanks in advance! [link] [comments]  |
| College For Careers in Real Estate; A Waste or Good Idea? Posted: 05 Dec 2020 11:16 AM PST Hello, I am an eighteen year old college student and am planning on going to the business school at my univeristy for undergrad, but don't really have an interest in any of the sectors (finance, econ, marketing, etc.) except for Real Estate! As I understand it, becoming an Agent is more about hard work and making connections within the field and not about a degree, is that true? If so, is there any point to specializing in Real Estate in University? Would that be for jobs that have to do with Real Estate but not necessarily becoming an agent? Thanks for any responses, I m just confused lol! [link] [comments]  |
| Posted: 05 Dec 2020 07:57 PM PST My husband and I are in the process of buying a new build house, and are currently reviewing all the upgrade options. The house comes with an uncovered patio standard, and it would cost $2600 to upgrade it to a covered patio. Ideally we'd prefer a covered patio, but we'd happily go without it to save the money. But we were wondering if having a covered patio would increase the resale value of the home down the line? Is this something we should invest in now, or would any increased resale value be negligible? [link] [comments]  |
| Thinking of putting my live in home In my LLC. Help needed. Posted: 05 Dec 2020 11:27 PM PST The home is 100% paid for. What are the benefits of putting it in an LLC? Problems? Insurance? Possible loans in equity? [link] [comments]  |
| Posted: 05 Dec 2020 11:06 AM PST My wife and I will need to move to a new city because she will start a new job on July 1st, 2021. We will need to sell our current house but I'm curious if it is kosher to place the home for sale in say, March? With a clause that closing cannot occur until June? Is this something that can be done without scaring off potential buyers? I'd be fine with listing it closer to summer but would always like to take care of things further ahead of time as we are expecting a newborn in late Feb. Any advice would be much appreciated. [link] [comments]  |
| First time homebuyer, offer question. Posted: 05 Dec 2020 06:50 PM PST I'm looking to move out on my own and I feel as though buying a home is a better choice than renting. My maximum price is around $70k. There's a house I'm interested in thats listed at $85k however some years back there was a fire upstairs and it was left unrepaired for quite some time. This is in Upstate New York mind you so it was exposed to rain, snow, ice, etc. The damage has been repaired and the house remodeled however the house has been up for sale for almost 2 years now. Would offering $60-65K be insulting on the $85k listing price? [link] [comments]  |
| Tearing down and rebuilding a home from scratch? Posted: 05 Dec 2020 10:25 PM PST My parents are willing to transfer their rental home to my name, under the condition that I will pay "rent" to them. However, the home is very outdated, and not in the best shape after nearly 20 years of being rented out. Is it ever a worthy investment to re-built a home from scratch? How does one go about evaluating the cost of this process? [link] [comments]  |
| What do I need to know before buying land that I don’t plan to develop anytime soon? Posted: 05 Dec 2020 04:14 PM PST I'm looking at land in FL where I plan to move in the next 10-15 years. My first thought was, if I buy it now, then when I'm ready to move and have enough saved to build, that the area the land is in will be more developed by then. Some questions: Is it a waste of money to buy the land now or is it smart to get it while it's cheap? The land I'm interested in doesn't have any access roads and is very wild. The description says "future development to be verified with the county by the buyer". Does that mean it's possible it will never be zoned for building a home? What questions should I be asking or due diligence should I be doing before I buy land? [link] [comments]  |
| Posted: 05 Dec 2020 09:03 PM PST I'm new to real estate and I was wondering if you can get a loan for a four plex [link] [comments]  |
| First Post, Question About Land Purchase DD Posted: 05 Dec 2020 04:26 PM PST Looking to invest in a nice sizable piece of land for the long term. I'm 25 now and while my job keeps me in a more urban area, I am thinking about buying a large piece of land in a more rural area for a second home/place to get away. Slowly over time I will build what I want on it making it exactly what I want. I've started looking at different parcels online but I am wondering what the next level of Due Diligence is once you have reached out to a seller. Is there a certain consultant you can hire to do land inspection of sorts. Meaning survey the land and identify what's buildable, land use restrictions, possible issues, flood zones, etc. Any other tips are also appreciated. [link] [comments]  |
| Seller listed home while still in escrow Posted: 05 Dec 2020 07:12 PM PST Need advise!! First time homebuyer, CA, VA loan. Got stationed in a new town and after months of making offers on houses we finally got an offer accepted. We realize the market is hot right now so we offered over asking price. We entered escrow and appraisal came back 40k+ lower than the price tag. We tried to negotiate and offered 15k cash. Our agent made the offer two days ago and we're waiting on a response but we haven't heard anything yet. What's troubling me is that we saw that the house went back on the market online. I called the listing agent from another phone to ask if indeed it was back on the market and they confirmed it. My real estate agent said she still hasn't heard anything and that the selling agent isn't answering her calls or emails. What does this mean for us? Is this a breach of contract? I wanted this house, but I won't put down 40k+ cash if it's not at that value. I checked going conventional and FHA and the appraisal was only 10k more than the VA's. Am I just entitled to my earnest money back or can I get compensated for the home inspection too. TLDR: In escrow, VA appraisal 40k lower, haven't heard back from the seller but saw that the house is back for sale online, what now? [link] [comments]  |
| Is buying a condo a bad thing? Posted: 05 Dec 2020 07:03 PM PST We purchased our first place and were ecstatic about it. I recently actually received a text from some of friends that were joking that we are "condo people." My wife and I are devastated and didn't realize there was a stigma behind living in a condo? [link] [comments]  |
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