A nightmare closing day. Real Estate |
- A nightmare closing day.
- Buyers: Tell your lender EVERYTHING
- People in this sub are overconfident about their ability to tell whether there is a housing bubble
- Drop dead, Fred!
- What A Highly Competitive Scenario Looks Like From a Realtor's View
- Compass Realtors in MD area, how common is it for you to waive the $375 buyer admin fee for your buyer?
- Stay away from PennyMac
- Interest in buying an abandoned house
- Would I be able to qualify for a mortgage loan? Fresh engineering grad
- Where do people think this is headed?
- California's eviction ban
- Help me understand demand for $2 million homes. What am I missing here?
- Advice selling junk house with property
- Mortgage Question about repairs needed on home
- Will record low interest rates encourage homeowners to stay put for longer?
- Advice: Negotiate or Walk Away after Home Inspection?
- [Florissant, MO] Thinking of buying an American Legion Post on the Missouri River.
- House expected to sell for $100k over listed price. Should initial listing price be raised?
- Homebuyer: Saw some worrying cracks on the edge of foundation on a new townhome, what should I be doing?
- Cost to Connect to A Road
- Yay or nay? This market is wild
- Credit union won't allow us to buy mortgage points? What?
- Property Tax Appreciation (Homestead)
- Newcomer question here: What other payments exist after one would (theoretically) pay off/own a warehouse? Just utilities and taxes?
- First time buyer in a multiple counter offer situation. What can I expect?
| Posted: 30 Mar 2021 06:42 PM PDT Sooo.. today was my closing day and it went awful. I'm going to try to keep this as brief as possible. But it may be hard. I got a call from my agent (who's actually my ex step mom) and she says there's an issue with the appraisal. (Appraisal originally came in $100 over asking) Apparently the appraiser only submitted 2 comps and FHA wanted 3. The appraiser was non responsive and I had no clue until today. My closing was at noon, then got pushed to 3. Then didn't happen at all. So now we're awaiting to see if the comps they sent over are acceptable and if not we have to negotiate a lower price AND it may have to go through another appraisal which they want to charge me for. (Ffff that) The seller is a single mom going through a divorce and she was supposed to close on her house and she couldn't either. This is nuts. I can't believe this. So my agent says we're shooting for a close tomorrow but right now I'm in a hotel and I am steaming. How could this process get so far along without any communication and/or a "hey let's extend the closing date for a week?" Am I wrong for being absolutely warm about this? I realize that things happen during the closing process but this seems like absolute 11th hour horse shit. [link] [comments]  |
| Buyers: Tell your lender EVERYTHING Posted: 30 Mar 2021 06:22 AM PDT Had 2 clients under contract quit their jobs. They both have new jobs, but both also didn't think they needed to tell anyone. One went so far as to say "it's not the lender's business". The lender is TAKING A RISK on you by lending you money, they MUST know how they're going to get their money back!! I'm not sure how this doesn't make sense to people. ANY CHANGE in your job, your credit, your debt, even simple credit inquiries can affect your approval. Just wait, or if you can't wait, TELL YOUR LENDER about whatever you're thinking about doing before you do it. [link] [comments]  |
| People in this sub are overconfident about their ability to tell whether there is a housing bubble Posted: 30 Mar 2021 08:27 PM PDT Downvoting is welcome if you feel like it, as that is a useful data point for me about whether there is a housing bubble. Please make sure any trolling comments are at least funny. Thank you. [link] [comments]  |
| Posted: 30 Mar 2021 08:32 PM PDT We closed on our house a few months ago and the seller, Fred, left a note (see link below) in our mailbox today saying they drove by and noticed they left "their" bench and to please call. Ridiculous! The same bench was here when they purchased the place a few years ago. What's next, they'll want "their" lightbulbs back or "their" lemons off the trees? 😏 List of people I won't be calling: 1. Fred [link] [comments]  |
| What A Highly Competitive Scenario Looks Like From a Realtor's View Posted: 30 Mar 2021 10:51 AM PDT Hi All, I'm a realtor in the greater Seattle area and as there are many people on here trying to figure out how to get an offer accepted in this madness, I thought I would share what the process is like from the perspective of a seller and a listing agent. I had a very cute, remodeled home listed at what I felt was a good listing price based off of sold comps. This house was a bit difficult to comp as the similar homes to it were not updated at all. I used adjustments and we came up with a specific price (don't want to disclose to keep confidential). We had non-stop showings and very busy open houses. We got some early offers but my clients decided to stick to a review date. This was a tough decision for my sellers as the early offers were quite enticing (so I still recommend to people to do early offers if the listing agent doesn't specifically mention they're against them. But if it's an early offer, go STRONG - they won't accept a weak early offer). On review day, my sellers ended up with close to 20 offers. Almost all offers waived all contingencies (my sellers provided title, pre-inspection, & home warranty) and were significantly above asking price. When we conferred together, they looked at my spreadsheet and narrowed it down to the top few offers as far as price goes - then they looked at the terms of those offers more closely. The third highest offer was only $5k away from the two highest and the agent had really impressed me with her phone calls, emails, advocacy for her clients, and the lender had called and discussed with me as well and advocated for them too. My clients wanted just the highest amount they could get, and I knew how much this third offer's clients wanted the house, so I suggested to my clients that we reach out to them and ask if they would beat the other two offers by $5k and match some of their more attractive terms and if they agreed, we would sign? They liked this suggestion and so we went for it and they agreed. They were incredibly happy! This is all to say that sometimes you just can't compete and it stinks. There were some buyers in a lower price category who wrote awesome letters and had great terms, but at the end of the day my sellers needed the most money they could get for their down payment on their next home and most people aren't going to take a $50k price cut because of a letter. Even the highest prices were not investors, but other people trying to buy their primary residence and they had those same attractive terms. It sometimes happens that a letter will persuade somebody to take a giant price cut, but I think it's rare. I hope that doesn't discourage people but also help you to realize that you shouldn't put any blame on yourself - you have the funds you have and that's what you have. It's nothing personal and it's probably what you would do as a seller as well. However, it also shows that it is important to get an agent and a lender who will advocate for you. When it came down to the top 3, the offers were very close to the same, so then what? It may come down to someone who was persistent about calling and following up AND a letter. The winning offer did specify what they loved about the home in their letter. Basically, just do your best and keep trying. Try not to get too emotionally attached to a house before you're under contract or even before closing, though I know it's hard. If you can keep yourself a bit more aloof in the process, you may have the stamina to continue to make hard-hitting offers until one works in your favor. Also, look at what houses are doing in your area - what percentage above ask is typical in a specific zip code or neighborhood? Automatically add that amount in your head when looking to see if you could afford to be super competitive. If you don't have a lot of cash, getting an updated/remodeled house is going to be VERY difficult - those are the houses people go crazy on. You may need to look more into houses that need cosmetic updates. If you see a house that's been on the market longer than a week, look into it ! You may have a chance for a deal. In our market that just isn't happening, but there are definitely houses that only get a few offers because they're more cosmetic fixers - so try your hand there! Good luck all. Biggest thing is don't beat yourself up when you don't win. It's really hard. I'm proud of you all for trying. I hope this helps. Keep on keepin' on ! *I want to specify that I know home letters are not allowed in every state because of fair housing laws. They are allowed in our state, but mostly focus on what the buyers love about the home.* [link] [comments]  |
| Posted: 30 Mar 2021 09:01 PM PDT |
| Posted: 31 Mar 2021 02:08 AM PDT My mortgage was sold to PennyMac and they wanted to keep me during my refinance. Long story short, the loan officer screwed up my initial disclosure number, but I went along with it at the promise that he'd fix it. I close today. It is IMPOSSIBLE to reach the loan officer or processor after emails, calls, escalation. Promises are constantly made and broken. Save yourself a bunch of stress. STAY AWAY FROM PENNYMAC. [link] [comments]  |
| Interest in buying an abandoned house Posted: 31 Mar 2021 05:38 AM PDT Hello! There is a house near me that is abandoned. Through internet sleuthing I have found out that the house hasn't paid taxes in a couple years, and the mailbox is overflowing at this point. My wife and I love the house and would love to buy it but don't know how to proceed with figuring out anything we need to do. If there's something we can do, and what steps we could take. Does anybody have any advice on where to start? Thank you so much in advance for any advice or thoughts on the matter. [link] [comments]  |
| Would I be able to qualify for a mortgage loan? Fresh engineering grad Posted: 31 Mar 2021 01:04 AM PDT Hi everyone! I am graduating in May with my degree, and I am starting full-time professional employment in mid April (around 65k). I have interned at the same company for the past year and a half (paid). I recently moved out of my parent's house (this past November). I have a 750 credit score. I don't have any debts (school or credit cards). I'm entitled to a good inheritance if I *BUY* real estate. This inheritance is between 150k to 200k. I want to use it as a down payment (20% or more...) for a house. I live in Southern California, if that makes a difference. I know that conventional mortgage lenders require 2 years of full-time employment. Is there any chance I would be able to bypass that? Thank you so much in advance :) [link] [comments]  |
| Where do people think this is headed? Posted: 30 Mar 2021 02:46 PM PDT Just lost another bid. 30 competitors. Someone bid 20%+ over asking on a place in pending need of a new roof, new windows, new bathrooms, new kitchen flooring, radon mitigation and a host of other quite costly items. Roof and windows alone will push the house to over 500k with what they bid. Metro area of 250k. The house was valued under 300 just 7 years ago and received no significant updates in that time. Where exactly do people think this roller coaster is going? I am about to hurl for these people. [link] [comments]  |
| Posted: 30 Mar 2021 09:08 PM PDT Hello! Me and my wife are about to close on a home in 2 weeks and we're wondering about the eviction ban. So on our offer, to make it stronger, we gave them 2 weeks free of rent as they need time to relocate.im just concerned because in california you can't kick anyone out. I'm just scared that what if they don't want to leave. Anyone have any suggestions on what I should do? Or anyone know someone who went through this [link] [comments]  |
| Help me understand demand for $2 million homes. What am I missing here? Posted: 30 Mar 2021 05:44 PM PDT I feel like I must be missing something, and I'm genuinely curious to hear other people's thoughts on this. In my area, the median household income is $50,000-$60,000. To be in the top 1% of income earners requires a household income of approximately $540,000. This means roughly half the population should be looking for a home at a price point of $180,000-$240,000 or less, using the 3x-4x income rule. If you make $540,000, and follow the 3-4x income rule, you could be shopping for homes in the $1.5 million to $2 million range (and this assumes you've managed to save $300K-$400K for a down payment which is no small task). But, in theory, you should be competing against only 1% of the other residents (at most) because only 1% of people earn enough to purchase a home at that price point. Yet each time one of these houses hits the MLS, it sells above asking price within just a few days. These aren't investment properties or run down houses in need of a reno that would draw in developers and flippers. These are renovated, move in ready single family homes in the $1.5-$2 million range. My question is, if only 1% of people can qualify for the mortgage on such a house, who are all these buyers and how do they have the funds for these houses? In other words, how are there enough people (enough demand) earning enough money to qualify for a mortgage on a $2 million house to make the market at that price point so insanely competitive? What am I missing? Is this purely a supply problem? Are people who make far less than $540K a year just saving up a million dollars in cash for a down payment over many years or something? I've thought about people who already own a home trading up and using their equity. Let's say you bought a starter home for $750K with 20% down five years ago, and now you sell it for $1 million. You would have $450K in equity, and after 6% commissions you've got a $423,000 down payment. You still need a very very high income to qualify for the mortgage on a $2 million house, even with $400K down. The principal and interest alone would be more than $7K a month, probably closer to $9K-$10K a month with taxes and insurance. [link] [comments]  |
| Advice selling junk house with property Posted: 31 Mar 2021 03:51 AM PDT My husband and are are seniors with an unusable house on our property. There's also 2 old sheds and 2 new sheds (redone as tiny houses) where we live. There is 1.5 acres. Located in Northern area of Upstate, NY. We'll be going to live near our children and need to sell the property within a few months. We'd like to make this as fat and painless as possible. The houses we live in are 2 years old and have electricity, furnishings, 2 mini fridges, etc. Oh, there are several power tools in the attic of house, which would be included. I'm sure a cash deal would be best, as we're willing to sell for best offer (unless it's way too low). What would be the best way to go about this? How can we protect ourselves from anything going wrong? Any and all help would be GREATLY appreciated. TIA [link] [comments]  |
| Mortgage Question about repairs needed on home Posted: 31 Mar 2021 03:43 AM PDT I am currently purchasing a home. Conventional loan with Quicken loans. After inspection of our home we found more repairs needed than expected, expensive ones. The seller is willing to negotiate the selling price after these findings. My questions are: 1. Our loan was sent to underwriting yesterday. The new price has not been agreed upon yet, how will this effect the process if we lower the selling price. 2. Is there a way for us to continue with current selling price but have the owner do repairs after closing with contractors of our choice OR for the seller to give us cash back at closing to do the repairs ourselves? [link] [comments]  |
| Will record low interest rates encourage homeowners to stay put for longer? Posted: 30 Mar 2021 08:11 PM PDT With so many homeowners refinancing at record lows or buyers locking in low rates, what will be the effect on the future real estate market? Assuming rates continue to rise, what percent of homeowners will be discouraged to sell their current home and purchase a new one at higher interest rates? [link] [comments]  |
| Advice: Negotiate or Walk Away after Home Inspection? Posted: 31 Mar 2021 02:45 AM PDT Mods- please remove if not allowed. First-time homebuyer looking for advice. My SO and I got lucky and had our first bid on a 1950's house get accepted for $165K in the Midwest (we have a combined salary of around 84K). We originally wanted to stay under 150K, but it's hard to find anything in the market right now that's not a fixer-upper at that price. The house got multiple offers – all over asking – in just a day on the market. We chatted with the sellers during the inspection (they seem like lovely people!) and we learned that we actually weren't the highest bidder, but they liked our conventional loan. The house checks a lot of boxes- it's a 3 bedroom, it's in walking distance from four (!) family members, it's a 30-minute commute to work, and appliances stay. I'm 3 months pregnant so we're eager to find a house. Additionally, the sellers bought the house as a foreclosure and did a lot of work to it (new water heater, updated electric, etc.). Now the bad- the inspection report had a TON of items. Some are concerning:
We really like this house but we don't want to sink tens of thousands of dollars into repairs (we're not great handymen). Knowing that others overbid us, should we ask for repairs (if so, what? What's the most urgent/concerning?) or walk away? [link] [comments]  |
| [Florissant, MO] Thinking of buying an American Legion Post on the Missouri River. Posted: 31 Mar 2021 02:38 AM PDT https://www.zillow.com/homedetails/17090-Old-Jamestown-Rd-Florissant-MO-63034/2087479157_zpid/ What do you think Reddit? If I bought this property, I would turn it into some sort of agritourism thing and also live there. This was somewhat common for wineries, organic farms, etc. in the state I used to live in. Does anyone have experience with agritourism in Missouri? What type of questions should I be asking? Thank you for your time. [link] [comments]  |
| House expected to sell for $100k over listed price. Should initial listing price be raised? Posted: 30 Mar 2021 12:39 PM PDT My girlfriends dad is selling his house in the Seattle area after getting a job in Arizona. He received the job offer last week and this Thursday his house goes on the market. I don't know much about real estate, but he is listing his house for $550,000 and the real estate agent said that it is likely to sell for $100,000 more than the $550,00 listing price since most houses in his area have been. My question is, does it make sense to list it for more than $550,000 if it is expected to sell for so much more? [link] [comments]  |
| Posted: 30 Mar 2021 07:43 PM PDT Hi! I'm currently waiting to take delivery on a 3-story townhouse built by DR Horton (Yeah, I know new construction is a gamble, although I didn't think I would be worrying about this!) I'm getting ready to lock my rate so I wanted to do a little impromptu walkthrough today and I saw a large crack on the edge of the foundation that appears to traverse the entire length of the wall (it disappears under each side past the sliding glass door). The area is in the middle of wetlands (ok, swamp :D) in NJ, but it's really built up and the rest of the units don't really appear to have any sort of problem with this. There's no basement so I figured no worries. From what little research I've done thus far, it appears that this sort of cracking can occur when the foundation is already moving/water underneath/they didn't fill it properly? More The very last image here shows another crack going the other direction but it seems MUCH smaller and might be normal settling? Imgur Edit: Also worth noting that the outside of the crack is now higher than the inside of the crack. [link] [comments]  |
| Posted: 30 Mar 2021 09:35 PM PDT I'm sorry if this question has been asked a bunch I've been searching for an answer and mostly finding discussions about easements to landlocked parcels. I'm buying a vacant wooded parcel next to a county paved road. I will need access to the land from the road - it'll need a culvert to cross the ditch and sloping, I'm assuming. Is it customary for the applicable government entity to extend the road onto the property a bit, or is this a cost I'll have to cover? Thanks in advance! [link] [comments]  |
| Yay or nay? This market is wild Posted: 31 Mar 2021 01:08 AM PDT Hi all, Currently under contract for a multi-unit property located in Chicago, Marshall Square neighborhood. Specs are 3 units, currently tenant occupied. Appraised for 25k higher than the accepted offer. Roof issues, foundation issues (mold/water damage), and possible city violation for not having front doors for units 2 and 3. The seller who is also a builder added a crappy front wooden porch and isn't stable. The stairs actually connect the windows because there are NO front doors on any of the units...My agent is saying to hire a PM, and slowly fix the issues. I definitely would want to fix the city violation before it blows up. After counteroffering the seller is willing to add 20k to the closing/ purchase price, but the repairs from the builder can cost up to 80k based on appraisal. The PM is saying he can do under 20k, nothing unusual for rehab properties. I don't have to do it instantly. But I am worried about the lack of doors and unstable wooden stairway being liabilities. The roof literally has a hole in it and the basement is uninhabitable due to water and mold damage, etc. Monthly rent ~ $3400 My monthly payment ~ $2600. The pros and cons are it can be nice for cash flow, negative is that this property could be super costly. I am not sure. Currently own my own home and am looking to just have some passive income investment. Any advice would be greatly appreciated. [link] [comments]  |
| Credit union won't allow us to buy mortgage points? What? Posted: 30 Mar 2021 06:08 PM PDT We have $1,050 in unused seller's credits that we want to use somehow or else it's just lost money... originally our loan officer told us the credit union don't allow ppl to buy down their rates...is that really a thing some places do?? Should I try to insist that we get a manager to let us do it? Or is there something else we could apply our credits towards? [link] [comments]  |
| Property Tax Appreciation (Homestead) Posted: 30 Mar 2021 11:29 PM PDT Let's say in 2016 John buys a house for $300K and pays annual tax of $10K a year. He filed homestead at purchase and in 2020 taxes increased and he now pays 12k a year. Homes in Johns neighborhood increases and Johns house is now worth 1 million. Now Peter goes to Johns neighborhood and purchases a house similar in size and value to John's house for 1 million. How much will Peter pay in taxes? Will he pay close to what Peter pays or he ll pay taxes on the current price of 1 million? If 1 million is there anything Peter can do to reduce his tax anywhere close to what John pays? [link] [comments]  |
| Posted: 30 Mar 2021 11:07 PM PDT Sorry the title was so vague, a preface: I am a student in Buffalo, NY. Pretty much half the city outskirts is uninhabited, where you can find rundown warehouses galore, and sometimes ones in good enough condition they make it onto the market. Say I want to buy a warehouse for a music/arts venue. Lofty goal ik, but that's not what I came to this sub for. I am almost a theater technician grad, looking forward to an arts management masters, so I can figure out those logistics on my own. As an idealist, pretty much every option dependent on others has its drawbacks. If I make it for-profit, it would need a bar to stay afloat, and we all know I would end up sinking my money into the void with that route. Make it a non-profit and now I need to work my ass off getting enough grants, funding, and institutional support, but now creative liberties like throwing metal, punk, hardcore shows is out the window given their institutional interests/image. Enough chit-chat, the goods: I think I just want to own a building. Find a place in my range, drop a down payment, work and save until I can pay it off. That brings us to oh, say 10 years from now. Maybe I own a pretty ok spot, maybe a double/triple size garage, tucked away in the industrial parks so no one complains. Let's just assume I open up shop/business legally (yet another question for another sub). Now what? I paid it off, obviously utilities are a must. But is it just that and taxes? Seems too good to be true, what's the catch? [link] [comments]  |
| First time buyer in a multiple counter offer situation. What can I expect? Posted: 30 Mar 2021 08:41 AM PDT I put in an offer on a townhouse which was on the market for 16 days. My offer was lower than asking (SF Bay Area) and to my surprise the seller is actually considering it. My realtor let me know that the seller was expecting one more offer before the end of the day yesterday and it did come through. Now the seller is going to counter both of our offers today. What are some do's and don'ts in this situation? I'm close to my max offer (not what the lender approved me for but what I know I can afford with financial security). Any advice is appreciated. [link] [comments]  |
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