Caved—Decided renting is a better move Real Estate |
- Caved—Decided renting is a better move
- (CA) Looked at a home for $650,000 it sold a week later for $850,000
- How many people here are actual “FOMO” buyers, who were not planning to buy until shit got crazy?
- Meet Your Closing Date!
- How Lower-Income Americans Get Cheated on Property Taxes - Many homeowners are paying a total of billions of dollars extra because of inequities in assessing property values.
- Appreciate the Perspective of this Sub
- USA - Biden proposes no foreclosures until 2022, 40 year mortgages, and more.
- If Californians are moving out, who is buying their homes?
- My house has increased $700k in value since I purchased it almost 4 years ago. Will I be taxed heavily on capital gains if I use that money to buy another house?
- Please stop taking pictures with the camera on the floor.
- A virtual tour...
- With how crazy house prices are everywhere, is there any data somewhere that shows off places where houses were stagnant or dropped in 2020?
- It's currently one of the best seller's markets in US history. What factors are keeping you from selling your primary residence?
- Giving up hope
- Is it worth buying a manufactured home for the 10 acres it sits on?
- What's your prediction for mortgage rate in September 2021
- House we are looking at had a sewage back up five years ago
- Church Property?
- Is it worth waiting it out for now?
- Closed on a condo at asking price in Denver, Colorado �� This wasn’t easy to say the least!
- Flat roof? History of leaks? Red flag?
- WHO OWNS THE DAMN HOUSE ��
- Not an American but have a question about American real estate
- Can home owner pretend to have pending offer on house to avoid HOA / running construction business on the driveway?
- Appraisal came back over a week late. We had to pay extra in prorated rent, and now the seller is asking us to cover their extra hotel costs. Is there anyone we can hold responsible?
| Caved—Decided renting is a better move Posted: 06 Apr 2021 09:02 PM PDT I gave it my honest go and really I don't think ownership was ever in the cards. I live in a major metro in the US and was raised in one of the hottest neighborhoods in that metro. People are now starting to get into paying $100k over asking on cash offers. Not what the sub wants to hear but if this hits a Google search I'll tell you what and how it is for people who aren't like the robots on the budget forums here— if you're not a developer, doctor, or lawyer and don't have a significant down payment from strict savings, family, or dual incomes and you live in a city in the US that's in the top 10 in terms of population or gdp growth, don't buy;rent. If you're like many of us on here who get drowned out because you're ashamed you're still living at home after 30 because you thought saving money was smart but now have to compete in this? Don't buy—rent. It's okay. People online, total strangers, act like that's a sin against man; well guess what? It's not. It's okay to rent. If you want to move to the expensive part of town because you can, and even when people point out that's more than their mortgage, remember they weren't like you, you didn't need a down payment for that spot you're looking at. You didn't need to go do research on the entire market and compete with cash offers for an apartment. I'm typing this message up to show you it's okay to not own. You do you. But I am saying that as of right now in April 2021 if you're only making between 60-100k and live in an area where the avg cost of new construction is looking like 600-1.1 million and the average home cost has gone from 280-340 and you're still trying to justify living at home to save money; bite the bullet go find a spot to rent but make it a place you want to live. Not a place that's smart financially so you can buy because you're in market that unless you have the inside track cash is king and you don't generate enough of it. This is a message to all of the people who are wondering if they can do it. You see the messages on here telling you success stories but you never find one that fits you exactly. The messages where the individual wound up saving 100k; but worked at a 220k job but lived like they only made 90k. Or the story about the couple who had dual incomes of over $180k and bought a home at $500k. Those messages aren't for you. But the message you won't see? The one where the person is you know a foolish person? But somehow still lives their life? This is for you. Bite the bullet; move out for a year and see how it goes. Our lives aren't meant to be lived like a well organized work email so stop trying to meld it into one. I say this as someone who tried to do this with help and tried to figure it out. But ya know what? I'm like you I'm 32; I am you, just bite the bullet and rent. Ain't nothing wrong with it. Stop trying to plan your life like you play Witcher 3 but never finish it because you plan more than you play. Stop dreaming of the big thing you want when you can't even think about what you're looking for. This market, these prices, the advice people give that's considered good? It's not because it's not based in reality. It's not based in a world where you're you and you have flaws. It's not based on a personal experience with you; so it's okay. Move out pay 1.5-2k in rent for a year in a spot you want. Try it out see how it goes. Roll the die. You only do live once why waste it trying to live it according to how others say what's smart? I'm not saying anything here is the right or smart thing, but I am saying this because I know how you feel—I know the frustration and how angry you get trying to buy house just to be continually shot down. I know that feeling and I know you better than most on here. So go ahead with your 60k job and go live for once and don't worry about this market because unless you're rich or come from better off wealth this market ain't for you. [link] [comments]  |
| (CA) Looked at a home for $650,000 it sold a week later for $850,000 Posted: 06 Apr 2021 09:48 AM PDT Absolutely insane the house was definitely a fixxer upper but it wasnt even in the best neighborhood or even a house that i could ever imagine being worth $850k let alone closer to a million because the house HAS to be a flip. I can only assume that the house was bought to be fixed and then resold for closer to $1Mil just insane though my wife an i have only been looking for about a month or so now but every offer we put it HAS to be at least $30-$40k over asking or else we can say goodbye to even being countered quite frankly after the $10 Billion thing from Biden passes i really doubt this bubble is going to pop i thought there would be more homes in CA listed after everything started to re open but nope everything still costs the same and there is no more inventory than there was a month ago i dont see anything changing this year tbh, 100% houses are either going to stay the same price or keep going up i dont see the prices of homes dropping at all unless the housing market gets an insane influx of new homes this isnt really a rant i guess, moreso just a shock of whats going on literally the worst time in history to buy a home and i really doubt that its going to stop anytime soon [link] [comments]  |
| How many people here are actual “FOMO” buyers, who were not planning to buy until shit got crazy? Posted: 06 Apr 2021 03:57 PM PDT We've been saving for 2 years and happened to be ready when the market turned into this shit show. How many people would actually want to enter the thunder dome if they aren't in need of a home? I hear so much about FOMO buyers but no one in my world falls under this. We all just got screwed with the timing. [link] [comments]  |
| Posted: 06 Apr 2021 11:22 AM PDT It is important now more than ever to ensure you are meeting you contract closing date. I've worked in mortgage lending for several years now, and I have never seen what happened TWICE this week: In both instances, buyer and seller got to the closing table (one day after contract date due to various issues on both sides), and executed their closing docs. No problem there! Since lenders and title companies require an amendment to the purchase agreement extending the closing date by a day, this was requested by the agents so that the purchase could be closed and the loan could be funded. Sellers took this requirement as an opportunity to step away from the contract all together, so that they could turn around and re-list the home for a higher price and take advantage of the quick equity they built from when the original contract was executed (the standard 30 days in both cases). I understand that this is business, but there are some real asshole sellers out there right now. Don't put your guard down for a second in this market! Edit: I went back to both scenarios to check what caused the delay since there is a lot of curiosity about it in the comments. On both transactions, we as the lender were missing 1 or 2 signatures from the buyers on the executed closing package (signed by both buyers and sellers on the contract closing date). The title company did not get us the revised documents that we needed signatures on until the following morning. Since we did not have a complete package until the day after signing, we then needed the amendment extending the closing date in order for us to fund the loan. [link] [comments]  |
| Posted: 06 Apr 2021 04:51 PM PDT |
| Appreciate the Perspective of this Sub Posted: 06 Apr 2021 02:27 PM PDT It has been easy to feel sorry for ourselves these last few months. This sub has been so helpfully eye opening. Clearly those in any price range seem to be struggling as well. It's surprising to me that even those in the $900k range can't pin something down, and strangely it makes me feel better. I don't see anything changing in WA, so we'll be looking for a lower cost of living area in a couple of years. I'm a bit afraid that we'll need to hustle, as it looks like that will be the future for many. Thank you for sharing your frustrations and failures, it's been a strange but appreciated comfort. [link] [comments]  |
| USA - Biden proposes no foreclosures until 2022, 40 year mortgages, and more. Posted: 05 Apr 2021 09:34 PM PDT https://www.cnbc.com/2021/04/05/homeowners-in-covid-forbearance-could-get-foreclosure-reprieve.html Not sure if this is ok to post, but very relevant to everyone. In case you thought there would be a flood of inventory, the Biden administration does not want that to happen. [link] [comments]  |
| If Californians are moving out, who is buying their homes? Posted: 07 Apr 2021 02:58 AM PDT You see it and hear it all the time, ESPECIALLY, if you live in Las Vegas. I live in Vegas. Vegas is probably 50% Californians now. Every other person I meet moved from Cali because it was too expensive. I've also talked to people that were doing well and got up and left and bought large property here. This, of course, is driving the effing prices up in Las Vegas. Considering Nevada is a low income state, people are left to move out of Las Vegas... can you believe that? But I digress.. So my question: If Californians are moving out of California complaining it is too expensive, then who is buying their properties????? Who is actually moving back into California to keep this real estate going higher and higher????? Everybody is moving out of California, especially SoCal, but their houses are being bought easily?? Is it foreign investors?? Is California becoming a ghost owner state?? [link] [comments]  |
| Posted: 07 Apr 2021 02:48 AM PDT |
| Please stop taking pictures with the camera on the floor. Posted: 06 Apr 2021 02:54 PM PDT Are these pictures being taken by a toddler? I keep seeing all these houses with big luxurious rooms. Then I go there and the rooms are these small cramped boxes, like 'does a bed even fit in here'? Or you see a huge yard but you go there and its just the patch of grass between the street and the sidewalk. Why?? You know I'm going to go there and see this and its just wasting my time. [link] [comments]  |
| Posted: 06 Apr 2021 10:24 PM PDT is not an excruciatingly slow slideshow of the same exact MLS pictures that masterfully zoom out while your favorite elevator music plays in the background. Or is it? [link] [comments]  |
| Posted: 07 Apr 2021 01:53 AM PDT |
| Posted: 06 Apr 2021 12:14 PM PDT Like the title asks, what factors are keeping you from putting your home up for sale and capturing that equity? Fear of the economy and the future RE market? Not able to buy? Covid-19? Something else? What and why? Bonus question: if you ARE selling your home, what hurdles did you have to overcome to be able to sell it? [link] [comments]  |
| Posted: 06 Apr 2021 06:29 AM PDT I'm so tired of looking at houses... putting in super competitive offers, and then getting excited over nothing. Im tired of open houses when they are not needed- every single house has to have an open house now. They used to be for houses that couldn't sell. It almost seems like a waste of time anymore to even look. I hate renting and not having my own space. Sorry for the vent... but never in my life would I have imagined a market this bad where I couldn't get ANYTHING. In my area, even the beaters are going for crazy high... these are houses that would sit for over 150 days in a regular market. When will this change? [link] [comments]  |
| Is it worth buying a manufactured home for the 10 acres it sits on? Posted: 06 Apr 2021 10:16 PM PDT My husband and I have been searching for a house for a few months and found this one listing. It's a 10 acre plot of land that has 2 manufactured homes on it. One is a 3/2 the other is a 2/2 that are both less than 2 years old. This is our first home and while a trailer house isn't really my dream home, the land seems too good too pass up. The goal would be to build a home on this land with time, but are manufactured homes something that are easily sold/moved? Is this purchase worthwhile? [link] [comments]  |
| What's your prediction for mortgage rate in September 2021 Posted: 06 Apr 2021 03:33 PM PDT The mortgage rate has been going up for a few weeks now. Do you think it will continue to go up through fall this year? I signed a contract for a new build and my closing will be sometimes in September. I wonder if i should lock the rate now by paying extended lock fees or just wait out... What do you all think? I'm in Maryland, US [link] [comments]  |
| House we are looking at had a sewage back up five years ago Posted: 06 Apr 2021 03:17 PM PDT We found a house that we really like. But found out that about five years ago they experienced a sewage back up. The neighbor said they could smell it down the street. Inside we can see where they cut the drywall and replaced in the basement. Is the place still disgusting? If it got into the yard is the yard going to be disgusting still? Will I be walking on shit remnants? How clean can they get a place if there was sewage water. The basement looked clean but I'm wondering if there is anything hidden? Will the neighbors see us as the gross house? They said they had people in cleaning the place. Should this be a deal breaker? [link] [comments]  |
| Posted: 06 Apr 2021 11:01 AM PDT Alright, please no judgment as I have absolutely no idea how else to word this to not make it sound ridiculous and all over the place. I live in Virginia, I've rented my house for around 2 years now and in front of my house is an old church. I've never seen anyone at the church or inside of it. The cops were checking it out the other night for drugs apparently so I went to talk to them about it as I've also been curious about the property. Everything is still inside from what they told me but they said they asked dispatch and said they couldn't find anyone to contact about it. They found the keys to the doors inside and brought them to me. I opened my door and they literally handed me the keys and said "We can't find anyone to contact so we're just going to give these to you, you might own a church buddy" and literally walked off. I've done my own bit of research but still have no clue what to do or how to go about finding out what to do? I don't want the keys to this place unless I would be the rightful owner as it makes me feel like my responsibility to upkeep and everything. Any help in what direction or steps I should take would be amazing. I will say I looked up the property record to try to talk so someone but the ownership just states the church name. [link] [comments]  |
| Is it worth waiting it out for now? Posted: 06 Apr 2021 05:29 PM PDT Looking to move to a suburb in Los Angeles county to be closer to family. Around 700k-1.2 mil range. Been looking for 4 months or so. Every house we like is typically listed around 1.1 mil but has been selling around 150k above ask and comps with every seller asking to waive all contingencies. So then we started paying attention to the least desirable homes in the area, around 850k ish. These homes basically need to be completed gutted and need head to toe renovations but also are selling 150k to 200k above ask and with appraisal contingencies waived, the Downpayments start to creep very close to 400k. My concern is this is a place we really want to settle down to be closer to family (who were all immigrants with very little money but happen to have bought homes when the area was far more affordable in the 80s). At this point do we need to say this is just financially irresponsible to buy here? Or is there a chance the market gets less fiery? Is there an argument to wait it out in Los Angeles real estate? [link] [comments]  |
| Closed on a condo at asking price in Denver, Colorado �� This wasn’t easy to say the least! Posted: 06 Apr 2021 09:47 PM PDT Waiting and watched every morning at 7 am. Same day a deal had fallen thru on a condo I liked I texted my agent and we looked at the property at 10 am. Asked for the bylaws - they're pretty standard and flexible. Offer was in at 5pm w a 2 hour window. 20% down. 30 year conventional and nothing funny! It can happen - I refuse to pay over asking and lost a few deals before this one. It helped I had an epic real estate agent, pre-approval, and a great / easy to communicate lender. This close was a 1000X smoother than when I bought my last house in 2017 [link] [comments]  |
| Flat roof? History of leaks? Red flag? Posted: 06 Apr 2021 03:44 PM PDT House we are looking at was built in 2012. Modern cube home with flat roof (actually has a very small slope). There's a history of a leak which required insurance claim. Looks like current roof is a rolled roof, using torched down bitumen. Inspection report from the sellers didn't even look at the roof because the roof was "too high" which is ridiculous. Anyone have any experience with residential flat roofs and how they hold up? This is also in the Pacific Northwest so with lots of rain and dampness in the winter months. [link] [comments]  |
| Posted: 06 Apr 2021 07:09 PM PDT Listen .. I bought my home at a sheriff sale and got an amazing deal. I'm fairly knowledgeable about the process but this question has been just bugging me for years. The first couple of times I went to a sheriff sale I noticed something like Plaintiff: Bank of America Appraised value: 105,000 Defendant: John Doe Opening Bid: 70,000 Now Bank of America already paid whoever John Doe bought the house from. Let's say he bought it from someone for 100,000 and it forclosed with him owing 90,000. Bank of America is already out 100,000 because they paid someone for that home. They don't get that money back. So it goes into foreclosure for the amount listed up there 70,000. Why is Bank of America up there bidding to rebuy it? They are already out money. How much money could they possibly make when they are already out so much right off the bat. Sometimes these banks will overbid appraised value .. I get the legalities ok. I understand it has to go through a process. The title company can't just put another name on the title. It has to go through the sheriff sale auction. What I don't understand is why is Bank of America is bidding at all. Why wouldn't they want someone else to buy it to recoup the money they paid the previous homeowners that John Doe bought it from? Some insight would be wonderful 😬 There must be huge tax write offs for the banks. That's the only logically explanation. [link] [comments]  |
| Not an American but have a question about American real estate Posted: 07 Apr 2021 01:07 AM PDT So on tv and movies it shows in some cities there are neighborhoods that are very poor, very dangerous, and predominantly black. We obviously have better and worse neighborhoods here as well, but it doesn't seem to be as extreme. Is that even true? Anyway, with the current surge in prices are you seeing a change in the demographics of those neighborhoods? What about Detroit? I know they have thousands of abandoned homes, has their real estate turned around? [link] [comments]  |
| Posted: 06 Apr 2021 02:30 PM PDT We have a neighbor that clearly breaks HOA bylaws. We have made complaints for months. The couple sell cabinets, do home remodeling, and manufacture furniture right on the driveway. One excuse of theirs to the fining committee was "we are selling our house and we are doing repairs", which isn't near the truth. CAN a home owner 'for sale by owner' and create a fake offer / say the house is pending an offer themselves? Can agents do this for them (maybe friends of theirs)? Is this illegal? Any information is helpful. [link] [comments]  |
| Posted: 06 Apr 2021 12:28 PM PDT Backstory: Buying a house (TX). Our lender submitted for the appraisal (with rush order) first week of March. It was due March 17th, but got delayed over and over. We reached out to the lender multiple times per week asking for updates, and they told us just to wait and be patient. They reassured us we would be able to close April 1st, even going so far as to state we could close March 25th if we wanted. No indication whatsoever that closing might be delayed. The Monday of the week of closing (April 1) the seller's realtor emailed all pissed off because our lender didn't receive the appraisal but still set the closing date. Finally we hear that our original appraiser ghosted the lender and a new one was being assigned. We are now closing tomorrow, 4/7. We had to pay hundreds in prorated rent, and now the sellers are asking us to pay for their extra hotel days. We asked the lender to cover these costs (advice from our realtor) and they called my wife and were super unprofessional in how they told us no. Now our closing might be held up because the seller wants this hotel cost covered. Is there anyone we can hold accountable for this? The lender? The appraisal company? Or are we just fuck outta luck? [link] [comments]  |
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