Epiphany in an insane market Real Estate |
- Epiphany in an insane market
- Wtf is going on with the market?
- Island Ranges
- Frustrated.
- The Lack of Inventory is Staggering
- I gave up looking for a home in SoCal
- An alternative to venting your frustrations on Reddit
- NYC coop application
- Thinking of waiting for the craziness to pass (Greater Seattle Area)
- Buying from landlord
- In this market when houses literally sell themselves, listing agents should be paid a flat fee.
- Offer within 7 hours of listing, need advice
- Those of you waiting for a crash due to all the forbearance
- Subagency vs Buyer’s Agent
- A quick write up regarding my attempt to buy from Opendoor
- HOA for new construction condo...how do they work in the beginning when there are no reserves/not all units sold yet?
- Bought a house didn't notice so much cat urine...
- Third home
- Advice on filling out rental application
- Can I use the IRS online transcript in place of my actual tax documents, to submit to my lender for approval? I lost my actual tax documents and I have to submit them by tomorrow.
- For probate sales, do owners generally pass away at their property prior to the property getting listed?
- How much does it make sense to fix up a 15+ year rental before selling?
- When is the right time to buy a house in New York State?
- Home Inspection Results Just Came In, Yay /s
- When purchasing a home, how do you negotiate closing costs into the contract? Do I ask my realtor to help me with that?
| Posted: 02 Mar 2021 07:22 AM PST So like everyone else, we lost yet another bid yesterday and I was so frustrated. I am used to planning my life and the powerlessness in this market is crushing me. I over-analyzed and ranted on this sub on all the things that are wrong in this market and this world. Then my husband came home. And he smiled and hugged me and said he loves me and we will find another house. Thing is, he liked this particular house more than I did. It has certain features that are his dream and he really, really wanted it. So I woke up from my nightmare and realize that life is wonderful in reality. I have an amazing husband who is a blessing to share a life with in whatever house or townhouse or condo. I am writing this down to remind myself of this. I already have all I need to be happy. Even if we never find a house and continue to rent a small condo, if the only thing I get from this roller-coaster ride is the realization that I actually do not need a house to be happy, it is a true blessing in disguise. Because it is good for my soul. [link] [comments]  |
| Wtf is going on with the market? Posted: 02 Mar 2021 08:17 PM PST We live in a nice well desired area... That noone that owns wants to sell. Schools are awesome etc. We got a Rea estate agent knocking in our door mentioning that a couple was interested in our home and wanted to pay 50k over appraised value all cash waiving inspection etc. BTW this was a legit real estate agency and I knew the lady that knocked on our door - she is friend of a friend. What is going on? Is the market that hot? Its unbelievable. [link] [comments]  |
| Posted: 02 Mar 2021 02:20 PM PST I hate them and they make no sense to me. A large chunk of flips I see on the market have put the stove top in the island. Very often without a hood. Where does the grease go? Will the ceiling eventually turn color? Why would I want my kids, or guests, to get splashed with grease as they sit at the countertop? Is there anyone out there who actually likes this abomination? Rant over. [link] [comments]  |
| Posted: 02 Mar 2021 08:29 PM PST Yes, another vent post. Put an offer in, $65k over list. Waived everything, they even didn't need to clean and offered to dispose of anything they left behind because they leave for California next week. 30+ offers. We weren't even close. We weren't even the middle of the pack. Hope all you tech bros scooping up houses under anyone that can only afford so much get stuck in traffic and have to go back into work. Frustrating. [link] [comments]  |
| The Lack of Inventory is Staggering Posted: 02 Mar 2021 09:40 AM PST I'm a religious refresher of Redfin/Zillow for my local area (Philadelphia suburbs) and the lack of new listings is shocking. We're rapidly entering what is typically the hottest season (early-Spring), and in years past, within a given zipcode, I'd usually see 6-7 houses posted per day. This year, I see 1-2 a day, if that. I've also noticed that listings go under contract fast. The only listings that are still active are dogs that are priced too high or have major drawbacks that I can see from just the photos. I have never seen it this bad in the 15 years I've lived in the area. Perhaps there will be a tidal wave of listings in the next few weeks, but I highly doubt it. There's almost always a ramp up that starts strong mid-Feb as sellers try to get a jump on the season. [link] [comments]  |
| I gave up looking for a home in SoCal Posted: 02 Mar 2021 12:15 PM PST Hey all, been looking for about a year and half. Boy we should've bought pre-covid because this market is nuts. As a first time home buyer, I can't stomach the idea of paying 3/4 of a million dollars on some average house with a shoebox backyard. Month after month of bidding with increasingly ridiculous buyer terms and over asking $100k+, I'm throwing in the towel. The place we rent now is letting us renew and the home and price isn't that bad. It's not in great shape and we can't wait to make a property our own but not in this climate. We're gonna wait for another 6-12 months and re-evaluate the situation. While remote work may be here to stay in some form many people are gonna wanna live in an urban env for work or play and we're hoping that will relieve some pressure on the housing market. Knowing my luck tho everything will double again in 12 months. Overall, it's been exhausting looking for homes that have 30 bids on them already. Anything remotely desirable is getting ridiculous offers. [link] [comments]  |
| An alternative to venting your frustrations on Reddit Posted: 02 Mar 2021 11:10 AM PST Write your representatives in Congress! Inform the people in charge of your local government. Tell them about your concerns for rapidly-rising home prices, lack of inventory, outpricing by out-of-state buyers, intrusion and monopolization by all-cash (foreign) investors. This is a national crisis. It's not just happening in your town: it's all across the country. Ask them what we can do to help the situation. Obviously throwing $X cash at everyone has just made it easier for people to bid $X above asking. How feasible would it be to give a tax break for primary residences (i.e. non-landlords/second homes)? Can we restrict foreign investors from buying U.S. properties? What about a real estate vacancy tax? Subsidies for home builders? Something, anything. We need legislative action to help this problem, and complaining on Reddit ain't gonna cut it. [link] [comments]  |
| Posted: 02 Mar 2021 11:08 PM PST Hello Everyone! First and foremost this has been an amazing community! I have learned so much in the past few weeks so wanted to give my thanks. I am putting together my coop application (by myself) and was wondering if the assets amount should match your most recent bank statement or the bank reference letter amount? The bank reference letter is more recent than my statement so I'm getting very confused. Any help or advice is appreciated. Thanks!! [link] [comments]  |
| Thinking of waiting for the craziness to pass (Greater Seattle Area) Posted: 02 Mar 2021 10:49 PM PST First time home buyer, trying to find a conservatively sized single-family home for the fiancé, dog, and myself. Wondering if it would be best to just stop offering on houses for a couple months and see how things play out in late spring/early summer. To give some context, the area I live in has always been pretty crazy in regards to housing prices. However the last couple months have been insane, and we aren't even looking close to downtown, just in the suburbs 25-35min away from Seattle proper. The closest we have come to getting a house was 2nd place with an offer that was $153k above asking and $70k down (seems even more ridiculous when I type it out). Have never posted here before so I am interested in what some thoughts are from people in the industry or with more real estate experience! [link] [comments]  |
| Posted: 02 Mar 2021 05:04 PM PST Our landlord has offered to sell us the house we're renting. He's given us a verbal amount that is honestly way lower than what houses are going for in our market. This is the second house I'd ever bought and last time we had agents involved, this time there's no agents. We've contacted a lawyer but what exactly should I expect from my lawyer and from the seller. What do I need to do besides an inspection. How do I deal with title companies, escrow, etc.? We have been looking for a house for months and have a mortgage provider lined up already. Pre approved and am told we can close in 2.5 weeks. [link] [comments]  |
| In this market when houses literally sell themselves, listing agents should be paid a flat fee. Posted: 02 Mar 2021 11:39 AM PST Prove me wrong. Anyone still forking over 3% is out of their mind. At the very least we should be seeing lots of competition in the form of ridiculously reduced commission percentages. I know some listing sites have 1% fees, but is the average agent lowering theirs? [link] [comments]  |
| Offer within 7 hours of listing, need advice Posted: 02 Mar 2021 07:51 PM PST Hello, First time home seller. House was listed 7 hours ago and someone came to look today with an agent, they submitted an offer and we have not even uploaded photos or had a chance to hang up our for sale sign lol. They offered $5k above list, but the loan is conventional and 3% down. Would you guys just take the first offer you had or wait ? I am just so scared of going to closing and because its such a low percent down maybe the buyer is not so strong. Has that ever happened? [link] [comments]  |
| Those of you waiting for a crash due to all the forbearance Posted: 02 Mar 2021 12:40 PM PST Tldr: free money thrown out by the government which means people in forbearance has no reason to sell. My state just sent out an announcement notifying that residents can get up to 12 months of rent / mortgage payments (pretty sure mortgage is included) if they are impacted by covid19. Applications are now open. So much free money is being thrown out and Im afraid the crash that some people have been waiting for is probably not coming this year. As a landlord, I can get all the backrent since covid + couple months of future rent from the government. [link] [comments]  |
| Posted: 02 Mar 2021 11:26 PM PST I'm studying for my real estate license in Texas and I'm towards the end of my course. I've just been introduced to "subagency" and I'm utterly confused. From what I can understand, a subagent is a license holder sponsored by a broker that isn't the listing broker for a property that a prospective buyer is interested in and therefore becomes a subagent under the listing broker in order to show the property. A: Wouldn't this just make the subagent a buyer's agent? Aren't buyers agents showing clients all sorts of properties, most of which aren't listed by their broker or did I go all the way through this course (and life) not realizing that buyers agents are only authorized to show properties listed by their broker? That would make for dual agency or an intermediary transaction, no? B: what's in it for the license holders? If the subagent is now working for the listing broker wouldn't this mean they're either not getting paid or the broker, listing agent and subagent, all take away a smaller commission seeing as they're all technically listing agents since they all technically work for the seller? Edit: afterthought P.S. If it's a matter of representation, why involve a third party (someone from a separate firm) instead of referring the unrepresented customer directly to the listing agent and having the listing agent show the property and so on and so forth? [link] [comments]  |
| A quick write up regarding my attempt to buy from Opendoor Posted: 02 Mar 2021 10:36 AM PST I'll try and keep this brief and hope to give anybody some kind of insight when buying a home through the company Opendoor... So me and my fiancée decided to start the house hunting-buying process not too long ago. And now that we are in our new home and settled, I feel it's appropriate to post this. There was a house that was move-in ready and very well under our budget. It was on the market for over 20 days with no offers. We offered the list price. Our agent was contacted by the company and they basically said a few other offers came in that day; hinting that we should up our offer. We all thought 'bullshit' but wanted this over as quick as possible. So, we offered 5 over asking, but 3 in closing. Again, our agent was contacted and asked if we were sure we wanted to offer that due to more offers coming in now. We in no way wanted to offer more as other homes in the same neighborhood, same condition, did not sell over our offered amount within the year. Opendoor did not accept our offer and stated they're going with another. Fast forward to us finding a home we like. Our offer is accepted and the escrow/closing process begins. Our agent, who is allowed to know, tells us that 'offer' that Opendoor decided to go with, did not go through. For shits and giggles I look at it on Zillow and it was actually taken off the site temporarily. It was later put back on about a week later at the original asking, etc... We close on the house we wanted after about 3-4 weeks and I found myself wondering if the Opendoor house ever sold. It did... for $3k below the asking price. To preface a bit, all communication between Opendoor and our agent was apparently a giant headache. They were unprofessional, unorganized, yada yada yada. Basically, they not only instigated/created an illusion of a bidding war, but also ended up selling the house way below both my offers. Not sure what strategy that is, but oh well. Anybody going through Opendoor, I wish you luck and ask that you be prepared for some fuckery. [link] [comments]  |
| Posted: 02 Mar 2021 06:21 PM PST Are there more likely to be assessments right after the condos are being built since there hasn't been anyone paying into the HOA, or do the developers try to make sure no big projects will be planned/required until reserves are built up? Also, if the units are slowly being bought one by one, how are things decided when the seller still owns most of the units? Or is it a good time to be in the HOA since there are fewer owners? Do they wait until all units are sold before voting on things? [link] [comments]  |
| Bought a house didn't notice so much cat urine... Posted: 02 Mar 2021 07:13 PM PST I love my purchase. Amazing beautiful house just what me and my girl wanted. Only problem is after moving in and readjusting the humidifier (they had it set to 100%....). We noticed there was urine smells in various areas around the house including the master bedroom. Obviously this isn't a deal breaker and I'm mainly posting here to air out my frustration. I'm curious is there anything I can do as a buyer to bring this to the sellers attention or is it too late? We closed about 6 days ago. Already located a few spots and attempting to clean with vinegar and baking soda just feels like I'm always finding more and just annoyed at this point. Anyway this was probably more a rant then anything... Cheers everyone! [link] [comments]  |
| Posted: 03 Mar 2021 02:20 AM PST TLDR; how do I acquire a 3rd low $ down loan after already having 1 usda & 1 fha backed loan? I currently live in a "rural" area, which allowed me to acquire a USDA and FHA loan on two properties for 0% and 3% down respectively as "primary residence" (over 3 year span btw). I am wondering if any investors have taken these primary resident routes, how you were able to buy that 2nd/3rd home for low $ down? From my understanding you can only have 1 fha loan at a time? Or can you just reup on FHA's every year? [link] [comments]  |
| Advice on filling out rental application Posted: 02 Mar 2021 09:50 PM PST I live in the United States, and right now the housing market is insane. While I continue to save for a down payment, I'm looking into renting a home for myself and my significant other. I have great credit and decent income. My significant other has terrible credit and low income. How can I increase my odds for being approved for a home rental? Do I need to include my significant other as a co-tenant or co-applicant on the application - even if my income and credit are high enough to meet basic rules of thumb? [link] [comments]  |
| Posted: 03 Mar 2021 01:29 AM PST |
| Posted: 03 Mar 2021 01:20 AM PST |
| How much does it make sense to fix up a 15+ year rental before selling? Posted: 02 Mar 2021 08:38 PM PST San Gabriel Valley, California After we moved out of my childhood home over 15 years ago, my parents have been renting it out. Only on their second renter, and his family has been there for over 10 years. The house was built in the late 80s, and other than a modest kitchen remodel done in the 90s, is largely original and not in the greatest shape. Bathrooms are outdated, windows are single pane, etc. And, from years of renting, it's not exactly in pristine condition. My parents got notice that the tenant is leaving, and as they are getting older, are thinking about doing a 1031 exchange (in the event it goes away soon) for a place by a beach and renting it out for the foreseeable future, and maybe they will retire there. Maybe not. Anyway, they are under the impression that because the house is severely outdated, they need to put in $100k+ (basically, a flip) in order to get top dollar. I've always read that the ROI isn't worth it - I told them they're probably better off just putting in some flooring and a fresh paint job and calling it a day. While they are very knowledgeable about real estate, they are not really investment savvy. They believe that they could maybe get in the $900k range for the house as-is, but $1.5 million for it if they put in the money. I think that is very optimistic. There aren't a lot of great comps, but I think the house is realistically worth around $1.0-1.1 million. My logic is pretty simple - the market is red hot, buyers are being crazy, it's a sought after school district and there is a legitimate chance they could not take advantage of the 1031 exchange in the near future. Contractors are incredibly busy right now, who knows when the work will be done, and financially they would not be in a great position to not collect rent for several months. I know this is all very fact specific, but I can't help but think the ROI just isn't there in a market like this. [link] [comments]  |
| When is the right time to buy a house in New York State? Posted: 02 Mar 2021 04:34 PM PST I have looking to buy a house either in Rockland or Westchester county and the properties are so scarce in the price range I can afford(350-450K). Should I wait a little longer leading up to summer or fall to buy a property? Will there be more listings during that time? I am so worried the prices will increase again if I wait longer. Any suggestions? [link] [comments]  |
| Home Inspection Results Just Came In, Yay /s Posted: 02 Mar 2021 08:12 PM PST TL;DR: Have the owner make the fixes and trust him not to make them himself? Seller credit of under $10k? The deck looks wild. Walk? Get off Reddit and get estimates? The owner did a lot of the work on his own. He was there during the inspection and seemed very proud of the work he had done. Once we were outside, the Inspector let us know that the report would say this a lot: "[Insert thing here] does not appear to have been built by a licensed qualified contractor.The basement and all its components should be verified to local municipal standards prior to closing.The electrical,plumbing and HVAC systems may be effected". I don't want to walk away from the house, but if I am reading things correctly, seller concessions when the downpayment is below 10% can only be 3% of the sale price. That's a little under $10k. We are totally fine with waiting until something else pops up (Specifically in Jersey City, hence why there's no driveway or massive backyard), but we liked the place before the snow melted and the inspector did his thing. It is also $50k under what we planned on spending. I guess logically we spend that on fixing it up or buying something in that range. I just wonder if all this looks worse than it is. If we were to sell, I do think this would be a problem years to come. Thank you in advance for reading this journal entry. [link] [comments]  |
| Posted: 02 Mar 2021 10:58 PM PST |
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