Never waive inspection, ever. Real Estate |
- Never waive inspection, ever.
- Another day another dump property for top dollar
- It seems like everywhere in the states, people are buying homes way over asking price. How long is this going to last for?
- It happened, we closed!!
- WFH is here to stay.... you can thank us later agents...
- Is it normal for a buyer of a vacant lot to want to cut down trees before closing?
- Seems like it will never happen for us
- Jumping into real estate...where to begin?
- Is it possible for someone else to own the land your house is on?
- Being a business broker in a pandemic
- I feel like the SF Bay region really screws up the rules. How much house should I be buying?
- Are high property taxes deductible or not?
- Recent successful home-buying experience for a modest-income couple
- Anyone start off as a redfin associate agent?
- Can I be on the deed if I’m not on the mortgage?
- Seller accepted another offer basically while I was walking around their home
- How to decide between an addition and selling/buying a new house?
- 30-year fixed (3) or 7 year ARM (2.375)?
- Is a low-inventory market a catch-22 for the buyer who is also selling?
- We went to an open house, fell in love, had an hour drive home while talking to my agent and lender to get everything together...
- Husband just changed jobs, increasing his salary. Does he have to work there for a minimum amount of time before buying a new house?
- Avoid a house that's been on the market for 90+ days in this market? (CA)
- Can a high appraisal during closing get us closer to getting out of PMI?
- Open work permit in co-op
| Posted: 07 Mar 2021 08:20 AM PST Just someone on reddit giving their two cents. Lots of advice to waive inspection but I just think that is being irresponsible with where you will call your home. "But what if I am outbid, waiving inspection may make my offer better?" Ultimately it is your money and not mine, but you will want the security of knowing you can walk away or negotiate price if you realize your house needs foundation work, a new roof, major electrical work, plumbing, etc. Edit: never, ever, ever waive inspection. Doubling down. [link] [comments]  |
| Another day another dump property for top dollar Posted: 07 Mar 2021 05:18 PM PST It's getting quite old. We went to a showing for a house we were very optimistic on even though no pictures were provided. The last comp of this was sold for 40k less so this one we were hoping would at least be on par. Nope. Not even close. House was trashed. Hoarders. Weird modifications. Would take Atleast 20-30k just to get it habitable. And our realtor said even if we came in 15k over ask it probably wouldn't cut it. I'm done. Throwing in the towel. Need to go have a beer. [link] [comments]  |
| Posted: 07 Mar 2021 10:56 PM PST |
| Posted: 07 Mar 2021 04:54 PM PST After a roller coaster of emotions thru this process we did it, we closed on our forever home. We love it! Now the hard part of moving.... [link] [comments]  |
| WFH is here to stay.... you can thank us later agents... Posted: 07 Mar 2021 11:09 PM PST If my parents would have told me I could work all day in my pajamas, make a six figure salary, play video games during breaks and lunch hour, own a house and travel freely.....I would have tried a lot harder...anyhow, WFH is having a huge impact on the Housing Market, vacant and lower apartment rates and vacant commercial real estate. I lived in one of the largest metropolitan cities in the US for 5 years, paid 3300 for renting a 1 bed/1 bath apartment, and bought a home on 3 acres, 4bed/3 bath, custom home, now my mortgage is 2500 and my company is paying my moving expenses.... WFH is here to stay for many of us.... [link] [comments]  |
| Is it normal for a buyer of a vacant lot to want to cut down trees before closing? Posted: 07 Mar 2021 09:00 PM PST There's a lot to this saga but I have a contract with a buyer on a vacant lot I own. They've been pushy and obnoxious throughout the process. Example of one of many things: they wanted a copy of a receipt showing I'd paid the January HOA dues. This was stupid and obnoxious because even if I hadn't it, it would just be taking out of the proceeds at closing. They countered with a delayed closing and I agreed but wasn't thrilled about it. Now we're 6 weeks from the end date for closing and I got an email from my realtor's assistant saying they're planning to have trees on the property cut down within 2 weeks of closing. I responded okay, but what does that have to do with me? I'd already gotten an ARB approval for cutting down 7 trees at their request. I'd thought they just wanted to know if it would be approved bc those things are usually specific to the person who's the current owner and name is on the ARB form. I mentioned in my reply that they'd have to reapply after the closing in their own name but it should be a rubber stamp process. I got a reply from the realtor that they wanted to do it before closing. I replied basically 'hella no, who does that?' And comments about how they'd pushed the closing back and because they're paying cash, they're trying to milk every dime of interest off the money while basically having the rights of ownership at the same time. I've scoured the internet for a list of what's normal for buyers to expect to be able to do on a vacant lot they don't own yet but found nothing specific. I have a real estate license that's inactive but I've sold real estate in the past. I imagine the broker that I worked for having a stroke if a buyer wanted to do that. It seems like a bad idea in a number of ways. The realtor's trying to act like this is a normal request. Is there any source that talks about what's reasonable for a land buyer to demand before closing? I'd never in a million years demand this from the seller. The assistant's email wasn't even written as a request but as a Fait accompli which made it worse. Does this seem as skeevy & inappropriate as it sounds to me? [link] [comments]  |
| Seems like it will never happen for us Posted: 07 Mar 2021 07:27 PM PST We're buying in DFW, our budget is 215k. 4 years ago we could have gotten a beautiful starter home at that price, but now we're struggling. The competition is fierce at this price range. Everything either sells in 48 hours or has obvious foundation issues. We wanted to put an offer on something today but the CMA came back and they're asking 20k over what anything has sold for recently when you look at price by square foot. It appraised for 10k under asking last year. I can't pay 10k out of pocket, closing costs including title, and my 5% down. I'm just so sad. I don't want to rent for the same price as a mortgage. I'm scared the longer it takes the less likely I will find something. [link] [comments]  |
| Jumping into real estate...where to begin? Posted: 08 Mar 2021 03:59 AM PST So I've finally found a job that has allowed me to start saving more and so Ive been looking at where to invest my money. I live in Brooklyn/Queens and I am currently renting and I thought maybe getting into some kind of real estate investment might be a good idea, though Im not sure how feasible it is to do it near the city. I was hopping to get some advice in real estate investing for someone with meager savings (less then $10,00). Ive been told to look at foreclosure auctions for property or REITS for investing. Thoughts? [link] [comments]  |
| Is it possible for someone else to own the land your house is on? Posted: 07 Mar 2021 10:00 PM PST Sorry if this is not the right sub for this question, but I'm hoping someone can shed some light on this for me. I am looking to buy a house and one that I'm interested in is confusing me a little. It's page on Zillow makes it sound great, but it's been listed for a month, which is rare in this market. It was also listed as a condo when it appears to be a single family. So I googled the address to try to find out more and two results come up: the active house listing on various realtor websites, and a different, inactive listing that appears to be for the lot itself. So is it possible that the house is for sale, but not the land? How would that even work? [link] [comments]  |
| Being a business broker in a pandemic Posted: 08 Mar 2021 03:55 AM PST So after 25 years of doing sales and business development in mainly industrial markets l decided to get my real estate license. I finished my registration and was ready to hit the ground running. Boom pandemic hits and everything slows down on the commercial side. I can't believe how incredibly "muddy" working in the real estate industry is with very little collaboration amongst peers within the office. I get how real estate agents are publically viewed as bad as lawyers. The clients I have had are unwilling to commit and want to suck you dry with information. Seriously alot of agents are living the fake it till you make it philosophy. Anyways I'm really struggling with this I can't seem to find any redeeming qualities in my current situation and I work for a really small brokerage who has very little marketing to compete with the sharks. I'm not sure what to do with my license at this point. I know it's something to keep in my back pocket but I haven't done a deals yet. I really could use a mentor. [link] [comments]  |
| I feel like the SF Bay region really screws up the rules. How much house should I be buying? Posted: 07 Mar 2021 06:30 PM PST We are pretty debt averse so we have been renting way too long and missing opportunities. We also both come from poor families so we've had to keep growing our down payment money. At this point we have about 125k and don't want to spend over 100k or so. Our income is 215k. Only debt is 400/mo on a car, but we do spend 1200/mo on childcare. We are looking at some nicer three bedroom townhouses north of SF in the 700k-800k range plus HOA (which covers roof). Is that reasonable? A $4200 mortgage is sensible to me. But most places seem to recommend we spend 900k-1.1m (which would be tricky as the conforming limit is 760k or so). What do people here think? Have I just been spoiled with relatively cheap rent for all these years? Edit: okay I guess to put this differently: I think we are comfortable with a 28/36 DTI but it does limit our housing options. Are we just being chicken? Should we go over that? [link] [comments]  |
| Are high property taxes deductible or not? Posted: 07 Mar 2021 08:00 PM PST Let's say the property taxes are $14,000/ year. Is there a scenario where they can be deducted vs just taking the standard deduction? Yes, I've heard you can deduct up to 10,000 in property taxes by itemizing, but the standard deduction is $12,400. So without also having mortgage interest to deduct, is there any point to itemizing? [link] [comments]  |
| Recent successful home-buying experience for a modest-income couple Posted: 07 Mar 2021 12:02 PM PST As we all know many of the posts on this sub are about how difficult or impossible of a housing market this is at the moment and I just thought I'd share my recent experience which may or may not be useful to others. The short version is that my partner and I whose combined income is less than 100k/year bought a house last November in Duluth, MN for 215k. Even though the market was hot all summer (by Duluth's standards) we were able to get into a house that checks many of not all of the boxes on our list. I just want to post about this as a minor counterbalance to all the negative experiences people are having. The longer version is that in late September of 2020 my gf and I moved to Duluth from the east coast because I had accepted a job here and she had secured the ability to work remotely indefinitely because of the pandemic. We chose Duluth because it was a good housing market and it was closer to my gf's family which is located in the midwest. I was previously out of work because of COVID and my only other offer was back on the east coast and so we decided to roll the dice on a fresh start. We arrived to Duluth at the end of a hot housing cycle. Real estate is more seasonal here because of the weather so we knew we needed to act fast even though housing inventory was low. Because houses were flying off the market n relatively short time periods, we took a different strategy and looked at houses that had sat for longer. We figured we would look and see what the issue was that had prevented them from getting sold in this kind of market and if that would give us an entry point to negotiate. The first house that we went after was a total dream for us but unfortunately the sellers agent used our interest to leverage a cash offer from another buyer. That was heartbreaking a little bit but in my mind it was us versus a boomer agent who had an advantage in this kind of situation and so we acted as best we could. we the turned our attention to a house that had sat for quite a while despite being on a nice-sized lot probably in part because they were asking way over a reasonable amount and the house needed a new roof. This time the sellers agent was far better to work with but the seller seemed like kind of either a sketch character or more likely incompetent. Not to go too deep into details but several times we had to press to have contracts and agreements fulfilled as originally signed by us and the seller. Ultimately the seller always came through but not after trying to get out of his earlier agreement. Ultimately we closed November 20, not even two months after arriving to Duluth. Ideally we would've waited until next year but frankly my gf and I were so tired of grimy shitty apartments that are barely cheaper than a mortgage payment. In my ten or so years of renting in my opinion rental housing is getting more and more trash as landlords have so little trouble finding desperate tenants, they either jack up prices or neglect their buildings. We were simply fed up with this and I knew that this was an emotional thing messing with my rational decision making but it was really difficult to overcome that and accept another six months in a grimy apartment building. Overall the house has some issues; it was a flip job and while I guess it's cool we have all brand new appliances, there are all sorts of minor electrical issues (three way switches that don't work and the like) and we had to get the water heater re-vented, and stuff like that. So far nothing catastrophic. I feel like we did the best we could playing the cards we had to work with. Tldr I guess my takeaway is that it is still fundamentally possible to get into a house if you aren't making money hand-over-fist. You have to be very flexible with a lot of factors and you have to exercise negotiation judo with those on the other side of the table— get them engaged and don't let them escape. Boomers in this market are have a huge advantage, but they aren't necessarily smart or competent. Good luck everyone and if anyone has any questions I can answer to the best of my ability. Just for perspective, I am not an expert. This was my first home buying experience. [link] [comments]  |
| Anyone start off as a redfin associate agent? Posted: 07 Mar 2021 01:34 PM PST Hi r/RealEstate, Has anyone here started off as a redfin associate agent? They pay per event instead of commission which is a downside, but I hear that they hire people who are new to real estate. I think this would be an ok position to start in to learn the local market and get some experience, but I wanted to ask you guys if any of you have experience as an associate agent or know of anyone who started as an associate agent with redfin. [link] [comments]  |
| Can I be on the deed if I’m not on the mortgage? Posted: 07 Mar 2021 06:33 PM PST My husband and I recently sold our house and are starting to look for our next home. I have a very poor credit score due to past mistakes, and it majorly raises the interest rate of the loan. Because of this, my husband will be on the mortgage by himself. Am I still able to be on the deed? Can anything else be done? I can't imagine anything happening to our marriage, but if something were to occur down the road, I would of course have nothing when it comes to the house if I'm not on the deed. [link] [comments]  |
| Seller accepted another offer basically while I was walking around their home Posted: 07 Mar 2021 07:31 AM PST I live in Southern California. A home popped up 45 minutes away from where I live, so I immediately made an appointment to see it the next morning. The seller is also the listing agent for this home and was home at the time of my viewing. She and I chatted and I asked a few questions. She was at her computer and on her phone a lot of the time I was there. I LOVED the home and asked her point blank what type of escrow she wants because I want to I give her what she wants. She seem flustered at my question and said, "Well there's already multiple offers....but 30-45 days. Whatever ....". Before I even left her driveway I asked my realtor to write up an offer. Before I finished my drive home my realtor called to tell me they already accepted another offer! I was heartbroken I didn't even get a chance to try! Why did she let me make an appointment to see her home? The house was on the market one day so far! Why wouldn't she even see what happened through the weekend just a few days later to see what offers she'd get? It made no business sense to me and to find out she is a realtor made it even more confusing. This hit me harder than other homes I've lost because I was outbid. I feel like I did everything right this time, even having a chance to speak to the owner, and still lost out. I decided to make a backup offer. The home is contingent, but not sure on what terms yet. They offered $85,000 over ask. I know my offer would have been stronger than the one she accepted because I could match what they offered, plus am all cash and no appraisal/selling my home contingencies . She told my realtor she felt stupid for not waiting to see if I would/what I'd offer. She has now signed the backup agreement with me and I will go automatically into escrow if the first buyer backs out. I have almost no hope, don't I? Can I offer on other homes in the meantime? [link] [comments]  |
| How to decide between an addition and selling/buying a new house? Posted: 07 Mar 2021 01:59 PM PST We (family of 4) live in a very small home in a high cost of living area -- 2br, 1ba. We are outgrowing this house rapidly, but are deeply torn about what to do -- selling our house to move somewhere bigger, or building an addition to add a bedroom/bathroom to the house. Our house is small, but cute, yet dated. Our neighborhood is pleasant but in the middle of neighborhoods in our city -- some are much worse, some are much nicer. One of us is leaning towards an addition, on the grounds that it might (?) be cheaper, and would allow us to stay in our cute [...yet dated...] home, with our pretty good neighborhood. The other of us is leaning towards selling and buying, on the grounds that it would allow us to walk away from a house that while cute has some issues that an addition would not solve (dated kitchen and bathroom, no entryway, no dining room), and not require us to live through an addition. We both see both sides but are at a loss as to how to move forward, so were hoping for some advice or insight from people who know better -- what should we be considering, what are pitfalls, how can we move forward? FWIW we make comfortable livings but are far from wealthy, so each of these options would stretch our finances, yet we feel something must change as our home is too small as our children grow. Thank you!! [link] [comments]  |
| 30-year fixed (3) or 7 year ARM (2.375)? Posted: 07 Mar 2021 07:52 PM PST I just had an offer accepted! I've narrowed loans to these four options and am trying trying to decide which to go with:
I'm a first time home buyer, no kids now but my wife and I bought a house that we'd be able to grow into. We have no plans on moving in the near future as well. I'm leaning towards going with the 7/1 ARM for the low interest but the credit in the 5/1 ARM is very tempting. The two extra years of locked rates in the 7/1 ARM is also good too. I feel like the .625% spread between the fixed and 7/1 ARM is a good too. Anyone have thoughts? Edit: My wife and I are planning on staying in this house 10+ years. We plan on having kids and bought in a good school district. [link] [comments]  |
| Is a low-inventory market a catch-22 for the buyer who is also selling? Posted: 07 Mar 2021 09:33 AM PST This may have been brought up in another thread already, but how are people going about buying a home while selling their current home in a market that barely has any inventory? On one hand, you can make an agreement that the sale of your current home will only go through IF you also find another home and that contract goes through. On the other hand, this may detract buyers knowing that you might not find another place because of the lack of inventory. Imagine making an offer on a home and the seller makes you wait 6+ months because of the current market being terrible to buy in. COVID aside, if people aren't putting their homes on the market because there isn't enough inventory to go around to buy a new one how do we break free of this cycle? [link] [comments]  |
| Posted: 07 Mar 2021 05:27 PM PST And the seller accepted an offer before we were able to arrive home. As soon as open house ended. WHY WOULD THEY DO THAT??? We were going to offer above asking and everything. It makes no sense. This isn't even the first time this has happened to us. It feels completely impossible. [link] [comments]  |
| Posted: 07 Mar 2021 10:54 PM PST We live on the border of GA and TN so could possibly buy in either state. His income has increased significantly allowing us the opportunity for a more suitable home. He was with his previous employer for 5 years then immediately switched to the new one with no gaps. He has now been there for a month. What would a lenders requirements be for this situation? [link] [comments]  |
| Avoid a house that's been on the market for 90+ days in this market? (CA) Posted: 07 Mar 2021 06:24 PM PST I'm in CA and found a house that seems to meet all my criteria, but the house is overpriced (even in this market) and on the market for 99 days. Is it even worth it to try and make a (more realistic) offer? Or move on with my life and ignore it. [link] [comments]  |
| Can a high appraisal during closing get us closer to getting out of PMI? Posted: 07 Mar 2021 10:11 AM PST My partner and I are in the process of purchasing a 600k home (closing on 3/30) - we put 5% down. The home is being appraised over the next couple of days, and we're wondering what it means if the appraisal comes in over what we're paying for the house. Hypothetically, if the appraisal came in at 625k, would that mean that our equity on the house would be our down payment, plus the additional 25k difference between what we paid and what the bank has valued the home at? And, if that's true, would that mean we own a greater share of our house and that we're closer to getting out of PMI? [link] [comments]  |
| Posted: 07 Mar 2021 05:43 PM PST Thinking about buying an apt in a co-op in NYC. Haven't signed a contract yet, but found out there's an open permit for the past 20+ years for the apt and there was no permit for the plumbing (removed and replaced and moved some things in kitchen). Owner doesn't want to close the permit because it will take months and since we want to do renovations, it would be a faster and cheaper for us to do it. Obviously this is not an ideal situation. Anyone know the timeline of being able to close the permit and open a new one in NYC (3 months, more?) and what that entails? [link] [comments]  |
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