What do you wish you knew before buying a home? Real Estate |
- What do you wish you knew before buying a home?
- Options for financing adding a second floor?
- I’m under contract!
- My first week(ish) as a realtor
- Need Advice: Should I list it as is or renovate?
- Reoffering on a condo
- How do you know when it’s the right house?
- Anyone own and rent out their crop land?
- Placed our first house offer 12% under asking
- Can realtors give first dibs to close ones?
- Real Estate Agent has COVID
- Finally purchased a house after 6 months
- Flipping an inherited property? Advice.
- Property Manager wants to pay me at end of month?
- Excess seller credit above closing costs
- Outgrowing home - mortgage fraud though?
- First property as investment.
- Closing in a couple weeks, buyer has asked for 3rd inspection.
- Have you bought a place that you weren’t that excited about but knew it was “good enough” for a starter home? How did you “cope” during the beginning blues?
- Home Buying Advice
- intermittent issues that aren't always obvious during a single home visit?
- How does a Shared Equity Finance Agreement work?
- How much should I be paying in rent with only a $14.00 an hour job?
- Best way to buy this house?
| What do you wish you knew before buying a home? Posted: 02 Feb 2021 02:10 PM PST Is there anything you think would've been beneficial to know prior to buying a home? Anything you would have done differently looking back? [link] [comments]  |
| Options for financing adding a second floor? Posted: 02 Feb 2021 12:35 PM PST My wife and I would like to add a second floor to our home. We've been told that $150K is probably a decent budget to work with. Our house is probably work $100k more than what we owe. I think that if we added a second floor our home would be worth at least $100k MORE than what we would spend. I've looked into refinancing and lines of credit, but it seems that the most we could get from that would be $60K but probably more like $45K. I've also looked into construction loans but it looks like they are only offered for new constructions. Finally, I looked at a company (renofi.com) that appears to offer what we're looking for, but I'm not sure if they are the way to go. Does anyone have any experience with this that could offer advice? [link] [comments]  |
| Posted: 03 Feb 2021 01:23 AM PST First home purchase. This was my second offer. And it was accepted after a lot of back and forth. My accepted offer was 20% over asking. Everything waived (we did an inspection before putting in the offer). 3.5 weeks for closing (home is vacant). Seattle area. Market is nuts. So excited! [link] [comments]  |
| My first week(ish) as a realtor Posted: 02 Feb 2021 02:55 PM PST Hey guys, Just wanted to post some thoughts/tips I have learned after starting my career. I know close to nothing so I won't pretend to do so, I only want to work my ass off and earn each client through honesty and hard work. Here are some things I learned/found out/would recommend to new or aspiring agents. *NOTE: This is only my experience in my specific area, I cannot speak for the entire real estate business everywhere. Things you can do BEFORE you get your license:
There's a ton more you could do prior to taking classes to get your license, but I just wanted to point out a few that are not always stated in this sub. Some things I learned:
This is all just a brief overview of my first week, and I'm still brand new so I don't want to act like I know anything, I just know I'll keep pushing through and getting better each and every day. I look forward to working in this business as I see it as a way to help people find what they are looking for while working with good people around my area. [link] [comments]  |
| Need Advice: Should I list it as is or renovate? Posted: 02 Feb 2021 04:18 PM PST We have outgrown our home. We have 8 people (me, hubby, 5 kids age 22, 20, 18, 17 and 15 plus my son's girlfriend who is expecting their first baby in June) all living in a 20 year old home and we have made the decision to move. We currently reside in Burlington, Ontario. There are virtually no houses around us for sale, and the ones that have gone up in the last few weeks have sold for well over asking, in the 1.2 million range. The house is badly in need of updates, I would estimate around 150k worth of work to get it to a habitable state. This was something we had planned on doing as the kids got older, however we don't really like it here and would like to look for something more rural with a bit of property. Our realtor has advised us to leave it as is and list under market in the hopes of drumming up some interest. He said if it was fully renovated he would look at listing for 850k but in its current state he would list at 700k, possibly having competing offers. I just can't imagine that anyone would walk into this place as it is and want to buy it. Just curious to see how others who have been in a similar situation played it out. Is it worth it to throw 150k into renovating and hope to get it back in the sale? Or do we just cut our losses and run. [link] [comments]  |
| Posted: 03 Feb 2021 03:08 AM PST A month ago I offered on a condo and they wouldnt really budge. they went 10k below their asking in which I declined. Fast forward to today -one month later, they still didnt drop price on listing. I offered 400 and they want 409 lowest at that time. Condo needs certain jobs done before moving in which is why I am not too desprite for this specific unit unless my price is met. Should I reoffer lower than my initial 400k offer now that its been sitting for over a month? I was thinking of coming in at 397-398k now. Is this a good idea or just stick to my initial offer and try my hand again? Note: The seller is a investor not a tennat living there. Paint and appliances need to be replaced. [link] [comments]  |
| How do you know when it’s the right house? Posted: 02 Feb 2021 08:58 PM PST We're touring houses right now and I went on my own and took a look at two houses today. First one is likely out of our range, but second one is within and initially I walked in and immediately had a good vibe from the house. It checked pretty much all the boxes. The only box it doesn't check? It's not the ideal neighborhood I wanted. As I was leaving, I started to get some anxiety and began nitpicking and as the day has progressed, my anxieties have continued to grow. How do you know when it's the right house? I feel like I haven't felt 100% certainty on a house yet, and I'm assuming that feeling should stay hours after seeing the house and going into the next day. [link] [comments]  |
| Anyone own and rent out their crop land? Posted: 03 Feb 2021 02:51 AM PST Looking to buy 20-30acres of land to build a house on but no such listing exist. We are entertaining the idea of buying 100+ acres of land and renting out the farmland. There is a property with roughly 60 acres of crop land (corn and soybean). This is in PA. I was reading that crop land can be leased for about 100-200 dollars per acre. I would assume per month. Would they rent this year round or only selected months? [link] [comments]  |
| Placed our first house offer 12% under asking Posted: 02 Feb 2021 10:11 PM PST Hi there! After several months passively looking at homes all over SoCal, my wife and I finally put in our first ever offer. House was listed at $699k, we offered $615k, 20% down, we'll cover all closing costs and no contingencies. It's in a remote town where houses stay on the market for 60+ days before an offer is accepted even in this hot sellers market. The more expensive the house, the longer it stays on the market. Homes above $600k seem to take months before they sell. This particular house was initially listed at $699k exactly a year ago. It was delisted in May 2020. Then related again at the start of Novembe for the same price. So it's been on the market for roughly 90 days since relisting. There were no offers as of when we saw it this past Sunday. Our offer went out this Monday early afternoon. Although it sounds like a lowball offer, houses in the higher price ranges usually sell for much less than asking (anywhere from 5-18% off initial list price). Also, this home is the most expensive from the perspective of $/sq ft in the community. But there's a catch. The owner did some remodelling without permit and added some sq footage in the process. He has no idea what the current sq footage is. They don't even know whether the attached casita is included in the sq ft calculation from the original assessment. As soon as the sellers agent received the offer, she mentioned that another offer just came in for the same property. Had we known, we would have sent a more competitive offer. But I think she's bluffing. What are the odds that on the very day we make an offer, given that there was no offer as of Sunday when we saw the house, an offer comes in a few hours before ours. Anyway, we plan on this being our quarantine home, and then post-covid, it'll be our second/vacation home if there's ever a need for me to head back to DTLA. We are currently tired of our little apartment in DTLA and this home is 2 and a half hours away, over half an acre and a dreamy backyard. If we can get it closer to our $615k offer, we can get a condo in the city in a year or two if need be. The offer went out around noon on Monday. We still haven't heard back. Is this a positive indication that they are probably considering the offer to either counter or accept it? I'm assuming we would have had a rejection by COB Tuesday if they were going to reject it. Perhaps it's true that there's a second offer and the seller is negotiating with the other interested party? I will update ass soon as the agent circles back. [link] [comments]  |
| Can realtors give first dibs to close ones? Posted: 02 Feb 2021 07:52 PM PST I've been looking for a house here in nyc and prices are insane. But when searching on Zillow sometimes I see that there are some that go for lower prices and I tell myself I can't believe I missed that! So I was thinking could it be true that those buyers got first dibs to the house before it even went online? Because there was this particular house that was literally listed the same day or 1 day and it said it's in talks already. Can realtors give someone say like their friend or someone they know first crack at a house before it goes to the masses? [link] [comments]  |
| Posted: 02 Feb 2021 06:00 PM PST Last week, I settled on a buyer's agent I really liked. We had an interview, she was going to send over paperwork the next day, and then... she came down with COVID and hasn't been able to work for 4 days. I kind of want to wait it out because she's a family friend and I'm out of other agent recommendations. I'm also not in a super rush to buy right now, but would like to get an offer accepted within 3 months so I definitely want to get out and explore the market. I'm very stressed about the situation and also conflicted. Any comfort or advice to help me get through this? Are there any options I can take, like going through a Redfin agent to see houses? I'm not sure how that all works, and I'd feel guilty for using them when I have another agent I want to work with. I haven't signed a contract with this agent yet, which is why I haven't reached out to her company/office for a temporary stand-in. She works closely with a couple other agents (one of whom is her husband who also has COVID), and I'm assuming they're taking on her clients for the time being. [link] [comments]  |
| Finally purchased a house after 6 months Posted: 02 Feb 2021 12:21 PM PST Just wanted to put it out there. We finally had our offer accepted on a house after looking for 6 months. This was our 5th offer - we had lost after offering 96k more, 45k more than asking. We offered 55k more than asking and got the house! There was an offer that beat us by 10k more but the buyer decided to go with us because we took out all contingencies. It was in a neighborhood we've been wanting and its a beautiful house! We were feeling hopeless with how crazy the market was but it finally happened. Just wanted to put it out there and wish good luck on everyone that's still looking! [link] [comments]  |
| Flipping an inherited property? Advice. Posted: 02 Feb 2021 09:00 AM PST I'll try to be brief. My aunt inherited a house from her father in law. She and my uncle live out of state and currently the property is just sitting there. Her FIL did not take care of it and it needs to be gutted. No mortgage just neglected. She has offered it to me to live in if I want but it's kind of far from where I need to be and it's probably a health hazard besides. My bf and I are thinking of buying it and flipping it or going in with them to flip it. Aunt has expressed that she doesn't know what to do with it. I am leaning towards going in with them in order to reduce friction/take on less financial burden since we are young and this would be our first. Bf wants to buy it from them so there's less fingers in the pot (both from a design/working perspective as well as profits). I'm just curious on if we go in with them how we would split the profit since they would probably fund the renovation but we'd be doing all the work and selling it as well as the fact that none of us purchased the property in the first place. Any advice/clarity would be greatly appreciated. [link] [comments]  |
| Property Manager wants to pay me at end of month? Posted: 02 Feb 2021 09:28 PM PST I've had my property manager for 8 months now for one rental property. She's been paying me around 2 weeks late since month 2. Due to COVID and her business model of guaranteeing rent for 3 years, she wants to deposit rent at the end of the month rather than the beginning/on time. We spoke on the phone in September about maybe in January 2021 (after the holidays and our wedding). I emailed her today for a payment update, and without notice or a contract, she's skipping payment this month. So I'm not getting paid January rent with zero notice. Our tenants pay on time, but others in her portfolio aren't. I've asked her at least 10 times for the original contract and she always puts it off. Should I just accept getting rent a month late and hope she continues to pay? Would it be hard to terminate her since we planned to sign a 3 year contract, but we never received a contract? Any idea why she won't send me a contract? [link] [comments]  |
| Excess seller credit above closing costs Posted: 03 Feb 2021 01:08 AM PST Hi r/RealEstate! We're in the final stages of our housebuying adventure and we've hit a potential snag. The house has a detached dwelling unit that needs a new roof and stucco. We calculated that we would like a seller credit of 20k to address these issues. However, our total closing costs (including prepaids, loan origination, inspection fees, appraisal, etc.) total out to $8000. Also, our interest is low enough that a point buydown doesn't make much sense for us, and in any case, we don't want to delay underwriting and risk missing closing. So my tentative plan is to ask the seller to cover our $8k closing costs and put $12k in escrow to cover the repairs on the detached dwelling unit. We would mutually agree on a contractor. If the repairs are less, she can take the balance back. So I have a few questions: 1) Is this okay to do? 2) Can we have our title company hold the escrowed funds? 3) Since we are NOT escrowing our property taxes or homeowner's insurance, can we still have her cover our property taxes for our first year with a seller credit? The problem is property taxes won't be due until May 2021. Could the estimated amount also be held in escrow with the title company? Alternatively, can I just prepay my property taxes for the full amount at closing and provide the receipt to allow this to be a seller creditable expense? Thanks in advance! [link] [comments]  |
| Outgrowing home - mortgage fraud though? Posted: 02 Feb 2021 08:49 PM PST Hey y'all, got a little situation. TL;DR: Refinanced home October/November 2020 as an owner occupied loan, outgrew home because of wife's business. What now? Need to wait the full year? In October 2019, my wife and I closed on a house and renovated it. Put close to 50k into the home and then in October/November 2020 we closed on a refinance with a great rate (specifically owner occupied). We're in a good spot but... over that year my wife started a business from our home and she is killing it. She now has two employees coming to our home everyday to work. About 60% of the home is now "business" dedicated and we're running out of space. Now, we are thinking "oh let's let's buy a bigger home" (which we can 100% afford) and rent out our current home to some family moving into town... but we just refinanced and don't want to be any where near mortgage fraud. I've heard of people having babies and "out growing" their owner-occupied home loan to move "early" but I'm not sure about our situation? P.S. I'm afraid to call our lender (local credit union) to explain and prepare for a new loan, in case he flags us for extra scrutiny or something like that. Is that a non-concern? [link] [comments]  |
| Posted: 03 Feb 2021 12:33 AM PST Anybody have any experience with buying your first property for investment purposes. [link] [comments]  |
| Closing in a couple weeks, buyer has asked for 3rd inspection. Posted: 02 Feb 2021 11:30 AM PST We are selling our house and closing in a couple weeks. Everything has gone well. The buyers are really obnoxious. Appraisal came back well, the inspection came back well and the termite inspection came back well. There has already been 2 inspections into my crawl space and no one has found anything and we have never had any problems with it. The seller is wanting a 3rd inspection into the crawl space. I was told my the broker I can't say no but he can't back out legally anymore either. Can the buyer just keep requesting inspections until they find something? My agent and their agent has never heard of this inspector before and they have been agents for years in this area. I'm worried he could "plant" something. Say there is something wrong that isn't or mess up something on purpose for the buyer. It seems very fishy. [link] [comments]  |
| Posted: 03 Feb 2021 12:12 AM PST My offer was accepted and inspection was mostly fine. I don't love the place. It requires some TLC remodeling but no dealbreakers and it fulfills all the major requirements — location, price, and size. It was 80k cheaper than alternatives. It's the little things that add up that make me go mehhhh. Shorter ceilings, poor lighting, extremely dated interiors everywhere. Some places I've seen I've loved instantly and could imagine myself living there and getting excited about moving in. But those didn't work out for whatever reasons; the particular unit in the building faces a noisy street, or another place was facing special assessments. After searching for many months, I was getting tired of looking. This place was my last choice, it's just mehhh. I didn't want to continue the search waiting for a unicorn that may or may not show up. And even if it did, risk that another person will overbid it. For those who've been in my boat, how did you find your experience change over time? Or remain the same? [link] [comments]  |
| Posted: 02 Feb 2021 11:54 PM PST I'm in the process of selling my house and I'm looking for a 5-10 year home with my fiancé. What are things people typically miss when they think of what they need in a house? Also what do people think they need, but don't actually need? [link] [comments]  |
| intermittent issues that aren't always obvious during a single home visit? Posted: 02 Feb 2021 05:31 PM PST What are the top 3 "gotchas" that get people? And how do you protect against missing these? (Like flooded basement a week after you move in) What are some issues that are intermittent that aren't always obvious during a single home visit? Timing issue? Like the local street gets jammed during rush hour. Or weekends. And you never notice that. Weather issue? The basement or yard floods only after a rain. [link] [comments]  |
| How does a Shared Equity Finance Agreement work? Posted: 02 Feb 2021 10:01 PM PST Sometimes it's just two folks trying to buy a house together. Sometimes it's parents wanting to help a child. When helping a son/daughter buy a home is a Shared Equity Finance Agreement something that is worked out with the lender, the title company, or just between the two parties sharing equity. (Say parent 20% kids 80%). Thank you Reddit RealEstate Pros [link] [comments]  |
| How much should I be paying in rent with only a $14.00 an hour job? Posted: 03 Feb 2021 01:19 AM PST I currently pay $980 and want to get a new apartment, but I signed the lease for this apartment when I had a $12.00 an hour job. I know you don't know all of my other personal expenses, but I'm just curious what you think a person should aim for with a $14.00 an hour job? I also live in Utah. TIA. [link] [comments]  |
| Posted: 02 Feb 2021 05:00 PM PST My neighbor owns her house, but is currently building another. She's open to selling to me and I have an idea that I have not approached her about yet. If I buy now, no realtor, she can remain in the property paying rent and this will allow capital for her build. Is there a best approach to this? Best loan setup? Are sellers typically willing to pay more in rent than they were on their mortgage? Any advice/insight would be greatly appreciated! [link] [comments]  |
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