Sold our house to Opendoor, since then the builder of our would-be new home has raised the price beyond our budget (after we put a deposit down). Are we screwed? Real Estate |
- Sold our house to Opendoor, since then the builder of our would-be new home has raised the price beyond our budget (after we put a deposit down). Are we screwed?
- (TN) First time homebuyer in a seller's market - houses are being sold within hours of coming on the market
- This market, SF edition
- How do you take age of the home into consideration when you are evaluating it?
- Other options besides traditional stick-built homes in this insane market?
- Selling Condo in San Diego--advice for a quick sale
- New homebuyer with question reguarding Closing cost.
- Will the real estate markets will turn in to “buyers” market, after banks will be allowed to report foreclosures, given that forbearance will be no longer allowed after June 2021 ?
- Inexperienced real estate agent
- Agents in this market
- My lender says that my second home has to be 100 miles away from my first home for the FHA LOAN. I paid off my first house already. Does the 100 mile rule still apply?
- [TX] Any concern have a lender also be realtor for home purchase?
- Down payment for new home construction (2.5 acre parcel of land will be a gift from my father) West coast, Washington State
- First Time Home Buyer
- Cleanest way to do a rent-back (or not) if money isn't an issue?
- Can afford a 20% down but are considering 10% for now to stay more liquid. Any downside (besides PMI and recasting cost) to paying up to 20% later? (TX)
- Showing a home with an “illegal” bedroom.
- Is investing into a house that's already rented for the next 3 years a good idea?
- House in Florida in Flood Zone A with septic system, should I avoid as a First Time Buyer?
- Buying a home from open door
- The market is overpriced and it's a sellers marker, but how overpriced is it? [US]
- Are showings worth it?
- Meeting with C-level exec for grad school rec
- [Silicon Valley / Bay Area][CA] First-time home buyer, how to get started with house hacking and generate passive income?
| Posted: 06 Mar 2021 08:20 PM PST Here's an ongoing horror story for you: Long story short, we signed selling our house with Opendoor but we no longer have a house to move into. Our agreement with Opendoor was that we wouldn't have to move out until our new house was ready so we're still in the house we signed to sell but the builder has raised the price of the home after we paid a deposit for the lot. Our agent has been horrible and would ghost us for a week at a time but when contacting the builder they said we had to go through that agent. Does anyone know if it would be possible to back out from the sale at this point? Bonus question, after we put a deposit down on a lot can a builder still raise the price of the house? That seemed wrong and really screwed us. Thank you all in advance. [link] [comments]  |
| Posted: 06 Mar 2021 11:35 AM PST This is really getting old. I find myself glued to the computer several hours a day checking to see if any new homes have come available. If I see one, I am at the point now to where I just go by the pictures and hope there are no major problems with it - but then that's what inspections are for - so I just call my realtor and tell them to put an offer in. I need help with closing costs, so if a house is listed for $180K, I will offer $186K if they pay some of the closing costs. What I'm finding however is that while I'm over here putting in a bid for what I am approved for via FHA, someone has offered the seller $25K over asking price with no contingencies, buying it as-is with no repairs. I can't compete with that, and I'm wearing out my welcome staying with my aunt and uncle while house hunting. I realize now that the list price is just a jumping off point for a much higher price negotiation. I just never know how much to go over asking - I mean, I don't want to be upside down in a house... but at the same time, I feel like if I don't get aggressive with my offers, I'll never even get chosen from the 150 other people out there bidding for the same house... and I'm not kidding - the houses go within hours of going on the market. The city is Clarksville, TN. I'm at the end of my rope. Any advice is welcome. [link] [comments]  |
| Posted: 06 Mar 2021 10:24 AM PST I just want to share some thoughts and vent a little. I know the market is nuts everywhere and there are so many posts about it every day. I hope this is a once in a lifetime event and some kind of normalcy returns (whatever that looks like). We're quite well off in tech in the Bay Area, and so lucky to have a great (albeit expensive) rental home. We sold our starter condo in the fall with every intention of upgrading. Too comfortable in the rental to scoop up any good deals before the new year, when things seemed overpriced but at least sold close to asking price. Here are some results of homes (list vs purchase) we were interested in since January. All SFH in SF / Peninsula area 1.5M -> 2.3M, 1900 sq ft 1.7M -> 2.4M, 1900 sq ft 2.4M -> 3M, 2600 sq ft 2.9M -> 3.7M, 2700 sq ft These are in nice areas but not the most desirable. The list goes on. Seems 600-700k over asking / 1200/ft is becoming common for SFH around here. At the higher price point, I didn't think there would be so much competition (20-30 offers in 1 week). I guess a lot of pent up tech money, bitcoin, etc was laying in wait and people just don't give af how much down payment they have to fork over (I can only assume these people aren't taking out $2.5M loans, even 500k+ income makes that a bit of a stretch in terms of cash flow). Supply and demand is one thing, but these numbers just look downright silly. Any thoughts on long term ramifications? Not everything sold this year is quite so extreme, but the trend is emerging. For me, renting at about 15% of gross income, it's impossible to justify buying into such froth. I think this is the right choice. I'll be fine so while this is agonizing, waiting a while won't hurt. I feel for everyone here in all locations trying so hard to get out of less-than-ideal living situations, feeling like that American dream is further out of reach despite saving up a sizeable nest egg. Hang in there, don't panic buy, and remember that all markets are cyclical. [link] [comments]  |
| How do you take age of the home into consideration when you are evaluating it? Posted: 06 Mar 2021 06:19 PM PST I used to think that newer was better (i think many people do) but after reading about how builders nowadays skimp on materials and try to rush everything resulting in poorer quality homes while homes that were built decades ago are supposedly in better condition and quality. Of course I'm sure that depends on each individual property so I can't say a blanket statement that old is better than new or new is better than old. I've seen some listings that look great and fully remodeled etc so that it looks like a pretty modern home even though it was built in the 60s or 70s for example. I'm trying to help my mom find a new home and she automatically assumes that newer is better and old is bad. She thinks that old homes will have a lot of maintenance issues and will need more money to fix in the near future while a new home should be free and clear of issues. Based on my research, even new homes can have issues as well. So what's the appropriate way to factor in the age of a home? Can you remodel a home so much that it's effective age and its physical age are drastically different? Meaning a home that's physically 80 years old can be renovated to the point where it's more like a home that is only 10 years old. Is that possible? And regarding the issue of potential maintenance issues, does that all come up in the inspection? So if you have a home you're interested in but let's say it's built in 1969, will the inspections be able to find out all the potential maintenance issues and let you know whether the home will be free of defects for the foreseeable future or tell you if the home needs a lot of potential maintenance work? [link] [comments]  |
| Other options besides traditional stick-built homes in this insane market? Posted: 06 Mar 2021 04:45 PM PST I posted this in /r/Frugal, but not getting much help there. Thought I would, idk. Not sure where else I'd ask this question, so I'm going to ask here. If this would belong somewhere else, please point me in the right direction. Thanks! Talk to me about frugal homes. I've seen articles about modulars and shipping container houses, but it talks about how sometimes they cost as much or more than a stick built home. With the insane increase in housing prices lately, I've been trying to figure out whats out there for more frugal options in the ~2000-2500 square foot range. I know it's probably more money, but I LOVE the idea of a large pre-fab steel commercial building, with a house built into the end of it, something like these (although not quite as fancy): https://gensteel.com/steel-building-kits/offices/ https://www.epsbuildings.com/shouse.php https://www.metalgaragecentral.com/40x61-metal-workshop-building [link] [comments]  |
| Selling Condo in San Diego--advice for a quick sale Posted: 06 Mar 2021 09:57 PM PST Hi all, looking for some advice. My brother and I co-own a condo we bought three years ago using a 1031 exchange from a (sold) property we inherited. Neither of us is interested in managing a property anymore and we are willing to take the tax hit to get out of the landlord life. We currently have about 160k in equity (before selling fees, etc.) The condo itself is pretty basic in a smallish, non-flashy complex of 16 units. 2 bed, 2 bath with an attached garage. New flooring throughout. Basically, we want to have sold this thing yesterday and our agent is cautioning us that condos move slower right now, which is making me nervous. It has been tenant occupied since we bought it, and the current tenants have about 3 weeks left in their lease (we wanted to list it vacant). Is there anything we can do aside from competitive pricing that will help increase our chances of a quick sale? The condo, while not flashy and really quite plain, is in a very desirable neighborhood that is super competitive for single family homes. Any legwork we can do in the 3 weeks we need to wait for it to be vacant? What percentage below "typical" list price should we aim for given the current market conditions for condos? Thanks for any help or insight you can offer! [link] [comments]  |
| New homebuyer with question reguarding Closing cost. Posted: 06 Mar 2021 11:11 PM PST We opened escrow on a home in So cal. When we were originally quoted closing cost by a lender about a month ago he told us it would be no more than 2-3% of loan amount but we got the loan estimate in today and the closing cost estimate is over 5%. Not sure how to feel about this its a huge chunk of cash. .is this normal? [link] [comments]  |
| Posted: 07 Mar 2021 12:00 AM PST Part of the reason I think inventory for houses is really low:
Whats your opinion? [link] [comments]  |
| Inexperienced real estate agent Posted: 07 Mar 2021 03:03 AM PST Have been casually talking to a friend who is a new (2 yrs) agent for the last year, went to a couple open houses with him last summer but never signed anything and made it clear we were not serious yet. We now want to buy new construction and sell our 1920s home in a hot area. We let him know we are starting to get serious now. He wants to work with us on both buy and sell obviously (has nothing to do with the new build yet, our friends own the model and we had a brief intro with the builder's sales person who knows we may bring in a buyers agent), but we are frankly really nervous about working with him given he has only been involved in maybe 5 transactions in the last two years, mostly as a buyers agent and has zero experience with our builder. What are things we should be thinking about regarding who we ultimately choose as our agent? If we decide not to work with him on either are we terrible people? Should we give him some kind of compensation for the few open houses we went to with him? I keep thinking we should give him a shot but am worried given the massive significance of this - our house is really all we have aside from a few small retirement accounts. We also thought maybe we should work with him on either the buy or the sell, but we have no idea which one might be worth taking a risk with a newer agent (he's super great other than lacking experience). Many thanks for thoughts especially from agents and anyone who has experience here. [link] [comments]  |
| Posted: 06 Mar 2021 01:07 PM PST Hello, as a buyer in this market and seeing how insane and fast these properties can move I'm in kind of a Dilemma. I know agents have lives, and don't blame them for not being available every minute of every day... however as a very motivated buyer in this market, constantly watching the market and getting notices for new homes often times I see an ideal property come up and want to go see it that same day. The issue comes when I see a property I want come up, and message my agent to find out they can't show it that day, or just seem uninterested. I hate to waste peoples time, and have them show me properties and end up switching agents half way through the process. But given how competitive and how fast some properties move, I feel it's on my best interest to find an agent willing to show me the property right away.. Is this wrong to switch agents? Am I being too impatient? At the end of the day, I want to be a fair person. But I also need to be competitive and do what's best for me and my house hunting journey. Edit - Do the majority of people stick with the first real estate agent they use? [link] [comments]  |
| Posted: 07 Mar 2021 01:53 AM PST |
| [TX] Any concern have a lender also be realtor for home purchase? Posted: 07 Mar 2021 12:42 AM PST I just want to make sure there aren't any issues I'm not thinking of. The lender for the mortgage would also be the realtor for the home purchase. [link] [comments]  |
| Posted: 07 Mar 2021 12:39 AM PST I've read that the lands value can be considered part of the down payment for the construction loan. Would that still apply if the land is going to be gifted to me? The value of the 2.5 acres is approximately 100k. New construction budget would be about 400k. Credit score is 830 and have no debt. If I were to pay cash for a 20% down payment, I would need 80k. But would the value of the land reduce the amount of cash I would have to shell out as a down payment? [link] [comments]  |
| Posted: 06 Mar 2021 05:06 PM PST Hi, I am new to the housing market and this is going to be my first time buying a house.. I live in Mass and I know houses are selling over asking price but specifically in MASS, is this something that's happening a lot and by how much? I really like this one house that I want to put an offer on but I don't know how much to offer. It's priced at $299,900, 950sqft and on a lake.. I don't want to offer something crazy because the house is small but it's perfect for me because I'll be living there alone. [link] [comments]  |
| Cleanest way to do a rent-back (or not) if money isn't an issue? Posted: 06 Mar 2021 01:02 PM PST We're thinking of making an offer for a house where the seller would like to do a rent-back through mid-July, as they're waiting for their new construction to complete. Clearly, that's an unusually long rent-back, even if we were to push closing out, it's past the 60d most lenders are okay with without it becoming an investment property. The house is listed at 1.3 million, and tbh the 3 months of rent is inconsequential compared to the headache of the rent-back/agreements. Given the market, I'd like our offer to look more attractive anyway. What's the cleanest way to get this done? Any creative ideas? Can I push closing out that far to avoid it all? If I could avoid the paperwork, long rent-back term, and eviction risk, I'd be willing to just pay for the place for a few months. I'm just fine in the house I own now for however long, and the sellers seem extremely clean-cut (and are in the RE business). Edit: location is CA [link] [comments]  |
| Posted: 06 Mar 2021 04:29 PM PST Also there's a rate cliff with this mortgage company - 10% down will put my total loan amount over it and save me a few thousand at closing compared to 20% for the same rate. Feel like it's worth it for that alone. [link] [comments]  |
| Showing a home with an “illegal” bedroom. Posted: 06 Mar 2021 07:27 PM PST We are getting ready to try to sell out home. Our house is legally a 2 bedroom. My husband and I have been sleeping in an unfinished basement room. We though when we bought the house that we would be able to turn it into a bedroom. But unfortunately it just won't work out. Will we have to remove our bed during "show time" so that the buyers don't think we are suggesting it's an actual bedroom? [link] [comments]  |
| Is investing into a house that's already rented for the next 3 years a good idea? Posted: 06 Mar 2021 10:54 PM PST I just made 166k profit on my home sale and I'd like to invest half in a rented house, half in my own new condo where ill reside. The house is being rented at 1900$ for 3 years. The corporation who is renting pays for all maintenance. With my low interest rate it will be a net profit of 772$ after paying the mortgage. This will help me pay my new condo where i live. Is this a cood idea? [link] [comments]  |
| House in Florida in Flood Zone A with septic system, should I avoid as a First Time Buyer? Posted: 06 Mar 2021 04:48 PM PST Found a great property, newly renovated. Althought it is in Flood Zone A and has a septic system that is most likely original from 1990s. As a first time buyer, am I setting myself up for failure? I love gardening and there is plenty of space to add additions to the property. So, it is like a long term home for me. Any advice is appreciated on long term costs. [link] [comments]  |
| Posted: 06 Mar 2021 08:49 PM PST Hey everyone I'm currently under contract with a open door home but a bit nervous that the house isn't gonna appraise for what we offered and got accepted(waiting for appraiser to get out there and look at it) it's about 4K under what listing price was and was curious if anyone had any knowledge of how close open door lists there homes compared to appraised value of homes [link] [comments]  |
| The market is overpriced and it's a sellers marker, but how overpriced is it? [US] Posted: 06 Mar 2021 08:27 PM PST I want to buy my first home and finally move out of an apartment, but the market is not in my favor. Even though I am looking at homes priced well below what I can afford, it still leaves a bad taste to be buying in these conditions. Is this concern over hyped though? Assuming the market corrects, but doesn't crash like an 08 scenario, how far above the "correct" market values are homes at currently? This feels very much like how people say time in the market beats timing the market. If I buy now and the correction comes in 2 years, the house could have appreciated for those last 2 years and then the correction still puts it back at where I paid. This scenario is fine for me as I intend on living in my first home for some time. But are we talking homes are 35-40% overpriced? I may put an offer on a home tomorrow that's asking $385k and the realtor is thinking I probably need to come in around $400k to have a shot at it since there are currently 5 offers on the table. Would appreciate thoughts on what it means to say the market is over priced. [link] [comments]  |
| Posted: 06 Mar 2021 07:32 PM PST Is it worth it to put an offer in without even looking at the house? I'm a first time home buyer and this market is just too frustrating. There were houses that had 30 offers the first day on the market. If cutting corners can increase our chances of securing a home, I'm fine with it. Are showings a waste of time? Is it worth it especially when you can hire inspectors? [link] [comments]  |
| Meeting with C-level exec for grad school rec Posted: 06 Mar 2021 07:26 PM PST I am meeting with a c-level exec from a large private equity real estate investment firm to discuss a recommendation for grad school. I have never done anything like this or had a meeting with someone like this. I would eventually like to work for this firm and I took a course with the exec in undergrad and this person also teaches in the grad school program so I do not want this to go poorly. They seem willing to write the rec but just want to get to know me better. Any suggestions or questions to expect?? [link] [comments]  |
| Posted: 06 Mar 2021 11:00 PM PST I'm a first-time home buyer looking to buy later this year and I also recently learned about house hacking. However, I'm in the Bay Area / Silicon Valley in California, the housing market here is super hot, and it's challenging to plan out the logistics for house hacking. The plan is to stay in the master bedroom and rent out the other bedrooms. Many of our preferred places that are within budget, include the following.
Single-family homes in the area, that are within budget are either old, small, not in good areas, or a combination of each. The main challenge with our plan is that these places all have HOAs, which might have various restrictions. For example, a top HOA concern might be parking availability, which can be limited in such communities. For any given unit, it's likely that there will be more bedrooms than parking spots (e.g. 4 BR, 2-car garage). Street parking could be limited and have strict time limits. It's also likely the HOA might require the owner to live there. What if we decide to house hack more homes in the future? For example, we get a second home and move out of the master bedroom of the first home and rent it out. Can HOAs knock your door, find out the owner doesn't live there, and penalize the owner in some way? With these challenges, is it still possible to house hack condos and townhomes? Or are single-family homes the best (and only) option? In regards to house hacking, what else can we do to get started? What are some other options for our first home? Can potential home buyers get copies of HOA agreements prior to buying or beginning the process? Or even while browsing around for homes? EDIT: In terms of purchasing, I also heard that first time home buyers (owner-occupied) can qualify to down-payment as low as 3-5%. However, that would mean that they would need to qualify for a higher amount of mortgage, which also increases the monthly cost. What are some strategies with purchasing the first home? [link] [comments]  |
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