Building house for $520k, appraising for $780k at completion! Real Estate |
- Building house for $520k, appraising for $780k at completion!
- Selling House to Friend, Questions
- Agent says he is appointed by Zillow to be our buyer’s agent, but we have our own agent?
- (CAN) Advice Needed on First Apartment Purchase
- Sold for price.
- Looking to buy my first house and I’m sure there are questions I should be asking, or things I should look out for. Have you bought a house? Any wisdom to share?
- Offer accepted, first time buyer, wondering if it’s a bad deal?
- When does a sellers market turn into a buyers market?
- Looking for advice - our own realtor's sister wants to buy our home
- Second home or investment property?
- Cash offer sight unseen
- Renters insurance claims affecting premium for homeowners insurance
- Have a a question
- [UT] Unique situation: first-time home buyers super narrowed in on one specific street
- no seller disclosures before escrow?
- Advice Needed On Building Realtor Partnerships
- Mobile Home Panic
- Double Dipped for Homeowners Insurance: aka, I'm just irritated.
- Buying Farmland
- Is it worth it to get my real estate license (IL) solely to buy and (eventually) sell my own home?
- Builder wants us to sign closing docs before we've had walk through and inspection
- Who has best mortgage rate advice?
- How to shop for closing services?
- Recent fire in building, should I be concerned??
| Building house for $520k, appraising for $780k at completion! Posted: 11 Feb 2021 03:40 PM PST We started construction on our dream home last year for $520k all in including land, septic, utilities. The project is finally wrapping up and we're doing our appraisal to refinance from construction loan to mortgage. The house is appraising at $780k and similar houses in our new neighborhood are selling for $800k-$900k within a couple days of being listed. This is along Lake Travis near Austin, a place where almost nothing is available and everything seems to sell above asking in days. I'm seeing the opportunity to basically pocket $200k cash after real estate fees and taxes. I'm torn on just moving in or selling it. Do you all have any advice or have you ever been in a similar situation? [link] [comments]  |
| Selling House to Friend, Questions Posted: 12 Feb 2021 03:57 AM PST Hello r/RealEstate. I'm a relatively new home owner. I just bought a house last may, however my girlfriend and I are looking to move into a larger house so we can start a family as our current one is not suitable. It's much better for a single person or a couple not looking to have kids. Now we already have a friend of ours who is interested in buying it. So I have a couple of questions 1) Do I need a realtor for selling it to him? 2) Do I even need to list it? 3) Where do I acquire documents for selling it to him? It's alleviated a lot of stress already thinking about selling it to him, so I'd like to continue making it relatively stress-free. [link] [comments]  |
| Agent says he is appointed by Zillow to be our buyer’s agent, but we have our own agent? Posted: 11 Feb 2021 02:02 PM PST So we buy a lot of investment properties and flip them and we have our own agents, lawyers, private lenders and what not. However we are trying to buy a single family house to live in. I saw one on Zillow, contacted the seller agent, some other agent (we don't know) contacted us telling us he will be there with the listing agent. We assumed they were both on the same team (sellers). So now we are trying to write an offer through our own agent but that guy who was there during the showing is saying he is appointed by Zillow to be our agent? What is this BS ? We never signed any papers whatsoever with this guy and never once did he mention to us he will be our agent until my agent tried to send in an offer. My agent wasn't present during the showing because we are real estate experts so we don't drag our agents to check properties with us until it gets serious. Is this legal? He is implying that we are obligated to have him as our buyers agent? [link] [comments]  |
| (CAN) Advice Needed on First Apartment Purchase Posted: 12 Feb 2021 04:29 AM PST I recently purchased my first apartment and I am doubting myself whether the purchase was worth it or not. From an objective standpoint I will list all the features of the apartment could you guys just tell me from your perspective if paying a premium for a lower floor apartment with a terrace was a good choice? Apartment Specs:
Cons I have noticed:
Should I have just purchased a normal unit on a higher floor and saved my money? [link] [comments]  |
| Posted: 12 Feb 2021 03:27 AM PST Can a realtor report an inflated 'Sold Price' for their listings? [link] [comments]  |
| Posted: 11 Feb 2021 11:30 PM PST |
| Offer accepted, first time buyer, wondering if it’s a bad deal? Posted: 12 Feb 2021 12:49 AM PST First time home buyer here. I'm worried house-hunting burnout may have made me and my partner desperate to get a house and maybe make a bad deal, I'm wondering what you all think. It's a 1960's brick 1 story ranch layout home. It wasn't selling fast because it was listed too high and needs some updates. We discussed the needed updates with our realtor. The larger updates are switching electric base board heading to a heat pump, and adding a shower to the master bathroom (right now the bedroom closet walls go into the bathroom, so we want to take those out and put a shower in what is now bedroom closet space). Other houses in the neighborhood have sold for 10k more than our final agreed price and they've needed no upgrades. I don't know the exact cost of the upgrades so to be conservative I'm thinking 10-20k to make them. We still have inspections to do, so will find more out after that. My partner thinks it's a good buy because of desirable factors about the neighborhood, and he thinks that once we make the upgrades, in 5 years or so we can sell it for more than we spent. I don't know if this will be the case. I am in a city that is growing in population and housing prices generally do rise. It also has a nice yard and no HOA. I also trust my realtor and he seemed to think our final agreed price was good for us. I'm just worried house-shopping burnout has made us desperate. Does anyone know about the cost of these renovations or have experience with this sort of thing? Thanks. [link] [comments]  |
| When does a sellers market turn into a buyers market? Posted: 11 Feb 2021 02:47 PM PST Hello everyone So this is a random question but at what point do sellers markers become buyers market? I'm not looking to sell this moment but in the next few years I will. Where I live in Georgia is a redhot sellers market. You can hardly find a house to buy. I'm thinking it's because of low interest rates but idk for sure. [link] [comments]  |
| Looking for advice - our own realtor's sister wants to buy our home Posted: 11 Feb 2021 11:39 AM PST Hello, just looking for some advice. We were looking to list our home around the end of March so were interviewing a number of realtors. We verbally confirmed we were going with one of them about 10 days ago, and finalized the realtor contract four days ago. Yesterday, he calls to inform us that his own sister wants to buy our home, is willing to pay the full asking price, and that he would continue to represent us while finding someone else to represent his sister. Everything seemed great and wonderful at first, but red flags are now popping up in my head. 1) Am I wrong to think this is a conflict of interest, having a realtor represent us in the sale of our home to his own sister? I'd prefer to tell him to represent his own sister and we find someone else, but we did sign the contract a few days ago. Speaking of... 2) This offer coming only a couple of days after signing also seems a bit convenient. I'm sure he knew his sister was looking to buy in our neighborhood beforehand, is there any obligation to disclose something like that? Maybe I'm looking I'm looking gift horse in the mouth, happy to get that feedback as well. Thanks in advance for any advice. [link] [comments]  |
| Second home or investment property? Posted: 11 Feb 2021 11:29 PM PST Hi y'all. I'm hoping you can give me your opinion on a situation I have. I'm buying a home that is more than 1000 miles from where I live now. It's in a state I have family and friends and visit every year. The amount of time I spent there varies. Some years it's about 2/3 weeks some years more. I decided that since where I live is too expensive for the type of home I'd like, it would be nice to buy a home where I go back to when I see my friends and family every year. That way I don't have to stay with them and can stay in my own home. I would not rent it out to anyone and I would pay the mortgage, taxes, insurance, utilities, etc. At the same time, my mother isn't doing well financially. I was thinking of having her live in that home rent free. She would not pay for rent, taxes, utilities, or stuff like that. I would even give her a stipend every month to spend on groceries, gas, etc. So not only will I not make money off this property through renting or otherwise, but I'll lose out on it if my mom moves in cause I'll essentially pay for her. I spoke to a mortgage guy today to see what type of interest rate I could get. He said north of 3% even though (I) My base salary is more than the price of the entire home I want to get, (ii) my credit score is 800+, (iii) I plan to put down 33% down payment, (iv) I have more than 3x in monthly disposable income than the mortgage/tax/HOA/insurance payment involved, and (v) the market rates now are around 2% for 15 year fixed. He says he has to give me a rate of more than 3% because he thinks my property is an investment property. How is a property an investment property if it's literally my vacation home and my mom might live there for free and cost me more money than if she didn't? It doesn't seem right to me. I'm hoping people with more experience can weigh in. Thank you! [link] [comments]  |
| Posted: 11 Feb 2021 07:44 AM PST I listed my house yesterday and within a few hours I received a cash offer of asking price sight unseen as-is. The offer is from an investing firm and they want to close in 21 days with inspection and appraisal in 10 days. I'm in a semi desirable area and my house is appropriately priced. Is this like a scam? Are they trying to pull a fast one. I had 8 showings yesterday and got decent feedback from 3 of them other then the sight un-seen. 1 made an offer of 300k cash and the other 2 said offers would be submitted today. Any recommendations on how to proceed? I feel like the sight unseen is a scam. My realtor said he recommends telling the sight unseen I'm not willing to sell to a sight unseen but I don't wanna miss out on a good deal. [link] [comments]  |
| Renters insurance claims affecting premium for homeowners insurance Posted: 11 Feb 2021 07:37 PM PST Hi everyone- first time homebuyer in San Diego. I wanted to use AAA for homeowners insurance so we could bundle with our auto policy. They told us the annual premium would increase ~$400 because we filed claims back in 2019 when we were renting. We filed two claims due to things being stolen from our apartment. My question is: Is this standard practice? I would see how previous claims from the previous owner might affect the premium. Just seems weird to me that they would take claims from our renters insurance into account since they have nothing to do with the house. Thanks in advance! TLDR: AAA wants to raise homeowners insurance premium due to previous claims filed with our renters insurance. [link] [comments]  |
| Posted: 11 Feb 2021 11:21 PM PST What's the best way to get into real e state investments in 21 in about to start working and I wanna flip homes, wholesale, and rent homes out where do I start off I was thinking about community college [link] [comments]  |
| [UT] Unique situation: first-time home buyers super narrowed in on one specific street Posted: 11 Feb 2021 06:31 PM PST One of my SO's biggest passions is a niche outdoor sport that can only be done in one area. There's a street right next to this area that we've been in love with for a long time. Beautiful views and we can imagine ourselves raising a family in one of these homes for a long time. Based on comps of the area and the fact that most of these homes are older (built in the 90s), we believe they are within our budget ($500-600k). Unfortunately, there are zero homes currently for sale. We're talking a street of 20-30 homes, so I'm not surprised. Because of how laser-focused we are on this one street, we have decided not to use a buyer's agent for now. We have been hand-writing letters to some of the more promising homes (based on the limited info we can find online) explaining our backstory and asking if they have considered selling. We mentioned we're not represented (so they can save 6% in realtor fees), we're willing and able to pay fair market value pending inspection, our financing is in order, our timelines for move-in are flexible, and we have a real estate attorney to draft paperwork. Obviously it's unlikely anyone will be interested, so we're checking listings daily to see if anyone on this street has decided to sell. Basically - we're just wondering if anyone has experience doing something similar and how likely it is to work out for us. We're first-time home buyers and we had no idea this would be such an emotional process. I go back and forth daily between the various extremes of optimism and pessimism, lol. I just know if we compromise and purchase something on a different street, we'll be KICKING ourselves forever once our "dream" home goes up for sale. How long should we wait before broadening our search? We have a fabulous deal leasing an apartment so we're not in a rush, but we live in one of the hottest markets in the country and I'm worried we'll be priced out if we wait too much longer. [link] [comments]  |
| no seller disclosures before escrow? Posted: 11 Feb 2021 04:18 PM PST Hello, I interested in a property in SoCal, I just contacted the listing agent to get the HOA docs & disclosures so see it the property would be a good fit for us before we go see the place IRL. They replied that they can reach out to the seller's HOA to get docs but that they won't have the seller complete disclosures until they have an accepted offer and open escrow. Is this common? I already bought a place in NoCal and they always had the disclosures in advance, is this something I should be worried about ? How am I supposed to make an offer on the house if I do not have the disclosures? Thanks! [link] [comments]  |
| Advice Needed On Building Realtor Partnerships Posted: 11 Feb 2021 10:08 PM PST A Question About Realtor-Business Partnerships Hi everyone! I am not selling anything here, I would just love your opinions/advice on something. Do realtors ever partner with local services or business to offer perks to their clients in exchange for a referral fee of some sort? Do these sort of partnerships exist? I have never bought a house or dealt directly with a realtor, so I have no clue. I'm interested in partnering with local realtors for my small poop scooping business. Something along the lines of offering new home owners (who also have a pet) a month of our service (to make their move in easier) and if they continue with the service after the month, we would kick back like $20 to the referring realtor. Or having realtors give me a call when they get a disgusting foreclosure that let their backyard go to shit. If these partnerships do exist, do you have any best practices or tips for how I could go about forming them? Thanks in advance! Also sorry if this doesn't fit the sub. My bad if that's the case! [link] [comments]  |
| Posted: 11 Feb 2021 09:49 PM PST I've been trying to purchase a mobile home from a family friend's father who inherited the property from his aunt but never got the pink slip from her and at any attempt they made to receive the pink slip she was uncooperative because she won't open any letter or request from the government she hasn't inhabited the property in YEARS and has zero interest in it but it seems like this is the only path available to get the pink slip can we file for property abandonment or are there any other options available the previous tenants being my family freind paid space rent to the park owner but just never had the title in there name the father wants to cooperate in the effort and sell the property to us. [link] [comments]  |
| Double Dipped for Homeowners Insurance: aka, I'm just irritated. Posted: 11 Feb 2021 12:54 PM PST So we closed almost a year ago. Right before COVID locked everything down and things got real wild. We unfortunately closed on a VA loan at 3.6% (we're actually mid refinancing right now to mid 2%). After a couple of months of getting our loan bill (we can ONLY pay via check since their app AND ONLINE PORTAL HAS BEEN DOWN FOR MONTHS) I noticed we kept getting money thrown into escrow which I assumed was for homeowners insurance. We already pay homeowners insurance through our policy that our cars are ALSO on through USAA. So DH called our lender and they said they have no idea we even had another policy (but it was in our contract according to our broker (loan agent? idk what he is) AND RE agent) but it is for insurance. He called the place we allegedly have the 2nd homeowners policy through and they said "we have no information on your" and hung up. literally hung up. So he called the title company. They were clueless too. He called USAA to see if maybe they were being double payed. Nope. So we called our RE agent back who called the title company, Who gave him the run around so our BROKER called the title company. Who told him to call the people who hung up on us who told him the same thing they did us: what are you talking about? We still have no idea what's going on 3 days later. Thankfully we can afford it. We're just bummed that money could be going towards Principle but isn't. Basically we have 2k sitting in escrow for a home policy that we've already been paying. It's been confirmed that it IS for home insurance, and that we shouldn't be paying it. But it gets better... DH has been on the phone on and off for HOURS trying to call our lender to cancel their refi process with almost 12k worth of points (over 30 years of course). hours. they'll throw him on hold, disconnect him, send him to dead air for 34 minutes--- basically make it impossible to talk a human. So he emailed them and basically said no, stop the process. Not that they'll listen I'm sure. Which concerns me because that's A LOT of extra money at the end of our loan. So much so that we're basically breaking even instead of paying less/less over time. They fished us when they saw we were refinancing and tried to scoop it back up. But didn't explain why we were paying an extra 12k, just that we had a 1.90% rate. tldr; i hate lenders and needed to vent. [link] [comments]  |
| Posted: 11 Feb 2021 11:05 AM PST Does anyone know how to get the best ROI when shopping for farmland? Can a Real Estate Agent help with finding the best place to invest? I have recently came into some cash and looking for 100 acres or more of productive farmland [link] [comments]  |
| Is it worth it to get my real estate license (IL) solely to buy and (eventually) sell my own home? Posted: 11 Feb 2021 08:07 PM PST Some background on my situation. My wife and I are in the market for a new home in the next 6-8 months. We are currently renting and have great credit, so a loan shouldn't be an issue. Looking at places in the $600-$800k range and I continue to see the buyers compensation listed at 2.45%. That's basically $15-$20k as commission, which makes it seem well worth it. I know there's probably more to it than meets the eye, but the job of a broker seems fairly simple in terms of the offer process. Is it worth the time, money, and effort to get licensed if it's only for my own buying and selling? [link] [comments]  |
| Builder wants us to sign closing docs before we've had walk through and inspection Posted: 11 Feb 2021 12:26 PM PST We're buying a new construction but not in any real hurry because we are keeping our current primary to rent it out to family. We originally put the deposit for the new construction in September. Projected closing date since deposit has been February 24th. This has not changed until recently. The superintendent of our home build told us they are running a bit behind schedule and the projected finish date is now February 24-26th. Our loan has already been final approved as of a few days ago and docs have been sent to the Escrow company. Knowing that our projected close has now shifted to possibly the 26th, I went ahead and scheduled to sign docs on Saturday the 27th. The builder is now pushing for me to sign the documents sooner. We have not had the home inspection (hasn't even been scheduled) or the walk through. The walk through is supposed to happen on the 26th as of today. Something that is also frustrating to me is that my realtor is sort of taking the builders side and pushing me to close before March. She even suggested I sign the documents this weekend. A whole 10 days before the house is even close to being finished. I understand they want to close before March so they aren't responsible for having the property in March. However, I don't feel comfortable signing documents until I've seen the inspection report and done our own walk-through. Am I right for taking this stance? Need Advice! [link] [comments]  |
| Who has best mortgage rate advice? Posted: 11 Feb 2021 07:51 PM PST I will be building a house in the Tampa Bay Area, and although the construction company offers an incentive, the 2.99-3.25% 30 year conventional rate seems higher than what a lot of other people are getting these days. I'm just curious if this is reasonable (compared to other market rates, not existing). Is there a company, or bank, or credit union, or anyone (non-loan 🦈) that you'd recommend? Some additional details: First time home buyer, property value $400k, will put 10% down, 785 credit score, $100k+ annual salary. [link] [comments]  |
| How to shop for closing services? Posted: 11 Feb 2021 04:00 PM PST Closing soon on our first home and have a loan estimate that we like. We would like to see if we can lower some of our closing costs from the Services You Can Shop For section and would like to know how we go about doing so? Where do we look? [link] [comments]  |
| Recent fire in building, should I be concerned?? Posted: 11 Feb 2021 10:59 AM PST Hi all, first time homebuyer here getting close to signing on a condo in a major city. My attorney's DD turned up the fact that there was a major fire in the building in 2018. Cause unknown but appears to to have originated and been limited to one unit (fully engulfed), three floors and several doors away from the one I'm considering. Sprinklers went off throughout building and fire dept hosed down all floors. Listing agent says there was some water damage to my unit which has been fully repaired. Condo otherwise checks all my boxes and there's really nothing else on the market that matches my criteria. Comps in the building seem reasonable and don't seem to stay on the market too long. What should my level of concern be here? [link] [comments]  |
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