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    Thursday, April 29, 2021

    Home Unlabelled Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened. Real Estate

    Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened. Real Estate

    April 29, 2021

    Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened. Real Estate

    Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened.

    Posted: 28 Apr 2021 05:29 PM PDT

    Today was supposed to be my closing day

    Posted: 28 Apr 2021 04:38 AM PDT

    I saw a house freshly listed on Saturday March 6th, so I called the realtor I was working with. We never signed a contract to be exclusive. She was really slow to respond so I reached out to a buddy of mine who does real estate investing. I was just venting, but he messaged me back 30 min later that he got the door code from the sellers agent.

    We went to look at the house and he brought with a friend who is a home inspector so I could essentially have an inspection that day and wave it if I wanted to put in an offer. I loved the place. He gave me the all good and I submitted an offer to let the seller's agent represent me as well. I did this hoping he'd fight for my deal to be chosen more since he'd make double commission.

    It was between me and a cash buyer, but I won by $1000 with my offer. I breathed a giant sigh of relief. Getting under contract is the hardest part right? Nope...this is when my nightmare began.

    I was pre-approved with a lender, so I paid the deposit and get to work on the underwriting process. I had such great luck, by the following Sunday my appraisal was completed.

    I wanted to make sure it appraised for enough so I kept bugging the lender for the details of the appraisal. He said the appraisal had to "clear the underwriting desk" before I'd finally get a copy.. After nearly 10 days he tells me appraisal came up $7k short and specified that a range must be installed in the kitchen and an 8ft by 12ft section of siding must be completed on the back of the home.

    I was worried about the price gap, but thought no big deal on siding and range. The seller is the daughter of the guy who owned the house. He passed away from cancer.

    The seller agreed to come down $5k and I came out of pocket for the other $2k. She agreed to put the range back in the kitchen and I agreed to put the siding on. That Friday (March 26th) my brother-in-law helps me install the siding.

    After this I reach out to my lender. I was told I needed a reinspection to prove these required repairs are completed no less than 2 weeks before closing. I get his voicemail and an auto-reply he is on vacation.

    A week goes by and I haven't heard from him. Now it's Monday April 5th. Then I get a phone call. It's my lender and he says the deal is dead. Underwriting flat out declined the house. You see there is no second story direct permanent heat source. Just ceiling/floor vents above the downstairs gas wall heaters. Underwriting says no go. Also at this point I also find out the appraiser used awful comps. Like almost a year old and nowhere near similar to my property in size, finishes or just anything.

    I ask the lender if the heat issue were solved can the deal be saved and am told no. The house has been deemed unsuitable collateral by underwriting. The deal is dead.

    But wait there's more!

    Now it's April 7th. Exactly 3 weeks to closing date. So my realtor (representing me and the seller) offers a solution. New lender. She is great and I'm told if she says she can do it she had never failed to make a loan happen.

    Ok cool, but what about the heat issue? I don't want the house rejected again. It is decided an in-wall heater upstairs will solve the problem. So I get to work finding an electrician to install a heater. This is another item coming out of my pocket for a house I dont own. Seller is ok with it, but refuses to put a single dime in. Also claims she's too emotional to set foot on her dads old property. Ok yeah whatever.

    So I'm approved with the new lender. Meet with electrician to get a quote for the job and schedule a date to have the heater installed. Then I just need to get a new appraisal for new lender and all is well.

    Except it's not. New lender cannot possibly close by the 28th. The actually need another 30 days. Ok no big deal. Seller just needs to agree to extend closing.

    Annnnddddd that's where this whole thing dies. Throughout this process seller was pissed im not paying cash and she had to come down on price. She saw her chance to go back on market, get cash and possibly more money and she took it.

    I'm pretty devastated. This property was a unicorn in my area. Anything similar in neighborhood and property type is easily $100k more.

    I very much feel like I am priced out of the market now. I have an appointment tomorrow for an affordable apartment near my sister's place and I'm done.

    Seller did feel guilty enough to offer to pay me back for the materials and siding I installed. I'm also getting my deposit back.

    Thanks for reading.

    submitted by /u/Striving_4_Change
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    Were There Bidding Wars/Waived Inspections/Etc During the Run-up to 2008?

    Posted: 28 Apr 2021 11:39 AM PDT

    Hi all,

    Curious to get some insight from people who were active in real estate (agent, bank, buying, selling, whatever) in the early/mid aughts. I was in college at the time and it wasn't really on my radar, so it's interesting to hear from people who experienced it.

    My question - back when the market was extra hot leading up to 2008, were the things we're seeing now like intense bidding wars and waiving of inspections commonplace? Did homes typically go for tens or hundreds of thousands of dollars over list? Are there any new phenomenons you're seeing this time around (covering appraisal gap?)

    Thanks!

    submitted by /u/LittleBongBong
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    Tips and Tricks to Secure an Offer!

    Posted: 28 Apr 2021 05:35 PM PDT

    Don't have an extra 100k under your mattress for a bidding war? No problem!

    First time home buyer here, finally had an offer accepted and is going smooth so far. Here are my tips and tricks to increase your chances in today's market.

    1. If you are new to home buying like me, then go down that Reddit wormhole. I can't thank this community enough. I have learned so much about various real estate related things in such a short amount of time. I went from not knowing how to even apply for a loan to suggesting contingency strategies with my realtor lmao.

    2. Try and make sure everyone knows you are looking for a home! This includes friends, relatives, and coworkers. All it takes is that one friend of a coworker's third cousin's next door neighbor who's selling to give you an edge. I promise you, your chances are much higher awaiting that one person who just so happens to know someone who will be selling soon or in a few months than trying to win a offer with today's market.

    3. This sort of goes with #1, but be quick! The offer that we sent that was accepted was submitted like 15-20 mins after the house actually hit the market.

    4. Write a super desperate buyers letter to the seller. Make sure to tell them your a first time home buyer and are absolutely getting eaten alive in today's market. They might feel bad for you! Ours did!

    5. Screw whatever is on Zillow, Bluefin, Realtor, etc. Use some of that time driving around instead. We spotted at least four homes for sale that we swear we did not see on Zillow in the same subdivision we were looking. Reason I say this is that it's impossible to compete if you don't have the cash with the massively advertised listings.

    6. This is the most important tip. Don't give up. I had my highs and lows, depression and excitement myself.

    submitted by /u/Historical_Night_770
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    Why doesn’t anyone bring up adjustable rate mortgages when discussing 2008/the bubble?

    Posted: 28 Apr 2021 11:08 PM PDT

    Just wondering but I don't see it discussed much. It's my understanding they don't do them anymore but that was a big part of the bubble wasn't it? We keep saying "unqualified buyers" but people were getting loans, maybe barely scraping by, and then the payment would jump up and they'd lose the house.

    Can someone compare that aspect to today? To me it seems less like a bubble now without adjustable rate mortgages

    submitted by /u/Smushymushy
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    Bad inspection - can we back out?

    Posted: 28 Apr 2021 06:07 PM PDT

    Got lucky on first offer in this crazy market but inspection showed some big ticket items that were just downright atrocious and needed replacement (electricity, plumbing, AC, just to name a few).

    Can we just back out and say not interested? Is this legal? Tips?

    submitted by /u/jakson669
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    Looking to sell a property for my mother but need more advice please.

    Posted: 28 Apr 2021 11:31 PM PDT

    As stated in the title, my mother has asked me to help sell a property for her but the problem is I am having some trouble with starting out. For a little background info, my mom moved to an island as soon as I graduated high school and just kind of left the property for me to deal with since then. I have tried renting/Airbnb and other such things to help at least break even on the property costs. But it's becoming more of a headache for me as I live 3 1/2 hrs away for work reasons and dealing with all the little problems that come up have taken a toll on me. I talked about it with her and she agreed that it would be less of a headache if we just sold the place, but that she wanted me to handle all of it. The main issue is that I am inexperienced in real estate, 20 years old and sound even younger. So I'd really like to avoid any obvious pitfalls due to inexperience/age.

    Now, I have a general list of real estate agents in that area that I'd like to call in the next few days to figure out which one would be the right fit for us. But I have never talked to a real estate agent before and while I've read articles and asked for advice i would like to know if there are any mistakes I might be making.

    I was also told conflicting opinions by family friends that I'd like to have clarified if possible. 1. Don't give the specific address of the property until I know that the agent is the one I'd like to book. 2. Get a general quote of what the prospective agent could sell it for before showing the property or 3. Show the prospective agents the property to get an accurate quote even if I don't know if I will stick with them yet 4. Dump the interior of belongings(there's A LOT of storage but the residential is just gen furnished still) or 5. It doesn't matter until the property is officially ready to welcome prospective buyers/doesn't matter at all as most will be interested in the commercial value and not the contents

    When talking to the agents: I would start off with a general description of the property which is in NYS, -residential/commercial building -res: 1500sq ft~ com: >10000sq ft -res is a 2 bed, 1 bath with a firewall separating from commercial area, built in 2016 -36 acres of surrounding land as well as a frankly beautiful lakefront property. -the building has unfinished areas but that means it the buyer has room to do what they want with the rest.

    Then I would ask about a gen quote of the value.

    Next would be to ask about the agent's background experience, houses sold, references, marketing plan, commission fee, etc.

    Is this a good plan of action?

    I am also wondering if I should find a real estate lawyer before I commit to an agent? I just found out that New York requires a real estate lawyer for buying and selling, which is another list and plan to find. But I'm not sure if I should find one ASAP or if it can wait another week or two. I just know that I plan on taking a trip to the property after I am fully vaccinated and tested neg for COVID in about a weeks time, which would be the perfect time to meet with an agent in person.

    Thank you for reading and any advice you might be able to give.

    submitted by /u/HostDesigner8263
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    Sellers’ agents not even responding

    Posted: 28 Apr 2021 03:50 PM PDT

    I know we are all navigating this insane market. On several offers, I've had sellers' agents not only turn down the offer, but absolutely not respond to it outright. Is this something that others are experiencing in this current market? It seems as though in any other market, agents would be courteous enough to actually respond.

    submitted by /u/Conscious-Side-2771
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    Are things getting worse or stabilizing in your area?

    Posted: 28 Apr 2021 08:06 AM PDT

    I'm so damn confused right now.

    We had friends looking for homes in my city last year. They had an enormously hard time but eventually got a home in November. They said they consistently bid 20-30k over on houses and lost them, and eventually got one for 35k over asking by making a clean offer. Back then (less than a year ago), if you bid even close to 50k over you were all but guaranteed to get the home. They just couldn't stomach it hence why it took them 17 offers!

    Flash forward to today when I am looking for a house. We have lost two bids and in both instances have been over the % average of the comps.

    First house - List $350,000. Comps showed an average of 8% over. We bid $401,000 and lost to someone bidding $420,000 clean.

    Second house - We decided we needed to start looking at fixer uppers because maybe there'd be less competition. NO. We found a house in a less desirable area for $330,000. Comps here have been 0-5% over on average. Electrical needed to be redone, and the house was wall to wall carpet and very dated. We ended up bidding $375,000 and the selling realtor called us to give us a "nudge". It's illegal to say anything other than "We liked your letter." So we decided to come up to just over 380,000 and do a clean offer. I was SWEATING because I'm terrified of not getting financing. Anyway, we find out that phone call and a sham and we weren't even close. The house went for $410,000 clean. I'm struggling to understand how a fixer upper in a less desirable area went for $80k over.

    We have a very experienced realtor who is KNOWN for winning bids (in fact, our friends mentioned before lost like half their offers to her clients haha) and she is gobsmacked.

    So my question is - are things getting worse everywhere or is it just here? The average comps from the past few months in my city are 8-10% over and now it's consistently been 20% and higher over.

    submitted by /u/calmflower65
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    Hi, I'm a new real estate agent and I am in the middle of building a website . What is a good name for a real estate's agent website ?

    Posted: 29 Apr 2021 02:55 AM PDT

    How serious of a threat is a California property that's located in a Very High Fire Hazard Severity Zone?

    Posted: 28 Apr 2021 08:33 PM PDT

    Looking to buy a new home build and in the disclosures that's located in a Very High Fire Hazard Severity Zone.

    How big a deal is this in SoCal, particularly south orange county? Is this just pretty common all over SoCal or is this a deal breaker in your opinion?

    submitted by /u/limache
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    My experience in DC Metro-A tale of three houses

    Posted: 28 Apr 2021 01:29 PM PDT

    My husband and I are taking a break from looking after our experience looking for houses in PG county over the last 2 months. PG county is the most affordable suburb of DC. Here is a tale of three houses:

    House 1: 2 BR 1 BA home 1150 sq. ft. plus an unfinished basement. Excellent condition. Asking was $365,000 went for $450,000. We put an offer $15k over. We were not surprised we didn't get it but were shocked at the price. We figured it had something to do with the fact it was on a double lot and some investor bought it and wrote it off as an anomaly.

    House 2: 2 BR 2 BA 1375 sq ft. including basement in same neighborhood as house 1. They claimed it was a 3 BR but they were counting the basement as a bedroom and it was definitely not a bedroom. House had an outdated kitchen with no dishwasher. Bathroom on first floor was part of the sunroom and had no heat. Asking was $350,000 went for $455,000. We didn't put an offer on it because we didn't like the house at all and were floored it went for that much. We figured this neighborhood was super desirable.

    House 3: 2 BR 2 BA 1100 sq. ft. with 600 sq. ft. basement. Different neighborhood than house 1 and 2. Again claimed it was a 3 BR but the third bedroom was in the basement but at least it was passable unlike house 2. This house was a flip. Did a pre-inspection and found mold in the brand-new finished basement and decided not to put an offer in; we were going to offer $460,000. Asking was $430,000 went for $540,000. My friend bought a 3BR 2.5 BA flipped house in this neighborhood in July 2020 for $440,000.

    Now I will say one caveat here and that is we have looked at like 10 houses and these were by far the three worst in terms of price. But it is unpredictable.

    I called our realtor and told her we are taking a break and will wait it out. I am not going to pretend that I know when/if prices will go down but I want a better first time homebuying experience than this. I just want the price to be the price and not get beaten by offers 20% over asking. Is that too much to ask?

    submitted by /u/headoverheels14
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    I just went under contract for a house at list price with no waived contingencies! (MI)

    Posted: 28 Apr 2021 02:59 PM PDT

    I sold my house last year. My plan was to wait until the market corrected. That's starting to seem unlikely to happen for a long time with the continued extensions of moratoriums, etc.

    We've been keeping an eye open for anything good and reasonably priced on the market, but generally have refused to take part in anything that looks like it's going to be a multi-offer frustrating mess with people trying to outbid and out-waive each other. We have no interest in playing that game.

    A house went on the market Monday evening, we saw it Tuesday morning, and put in a full price offer at noon that expired in 24 hours. Terms are full price, conventional loan, inspection contingency, no appraisal waiver, 30 days free occupancy.

    The sellers accepted it with no changes. Apparently they had multiple showings lined up and an open house scheduled for the weekend. They cancelled it all and just accepted our offer.

    The things that I know helped are that our realtor is easy to work with and known to the seller's agent, and our realtor conveyed that we are very well-qualified. So the sellers know it should be a smooth transaction.

    I'm still kind of shocked that we had an offer accepted as-is in this market, but I'm glad because I really didn't want to keep renting indefinitely or grossly overpaying for something and waiving contingencies.

    Good luck out there everyone. You never know what might happen I guess.

    submitted by /u/shakeyshake1
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    Question on employment and loan!

    Posted: 28 Apr 2021 08:00 PM PDT

    We haven't closed on our loan just yet, about to in a few days. I was offered a job that doesn't start until May 24th, is it a good idea to let lender know of this or does the underwriter have to know this?

    The job is a higher pay too. I just want to know if I have to let them know, I will still be employed at my current employer until May 24th.

    submitted by /u/cosmicsmaug
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    Seller asking for partial direct payment (CA)

    Posted: 28 Apr 2021 02:39 PM PDT

    Have been negotiating with a seller on a property (1.8MM), and his final offer is that I pay him $500k directly, and submit an offer for $1.2MM on the property, waiving all contingencies and buying "as-is". He will then accept the written offer after the direct payment is received. This is throwing all sorts of shady red flags for me - but I'm confused on what the seller is actually trying to do or stand to gain? Also surprised that the seller's agent agreed to put this proposal up to me in the first place. My buyers' agent is likewise astounded.

    submitted by /u/brisbaneres
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    Question for FHA/Conventional Loan?

    Posted: 29 Apr 2021 01:51 AM PDT

    Hello I am currently a sophomore at a university majoring in computer science. I won't be graduating until 3 more years and would love to buy a SFH in my town and either house hack with an FHA loan or get a conventional loan so I can start building equity while I am young. My family can give me a loan of $20,000 but the only problem is I don't have long term work experience but I just got hired at HEB and they pay $14.50 and I plan on working there 20 - 25 hours a week. I am wondering if I keep working part time and establish a year or employment. Would I be eligible I get an FHA Loan and borrow $20,000 from my family and buy a home to house hack?

    submitted by /u/avan295
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    Similar neighborhood house just went pending. We are supposed to list next week. Should we wait for it to close before listing?

    Posted: 28 Apr 2021 01:37 PM PDT

    A house down the street from us listed at $435k and went pending today after 5 days on the market. We were planning to list at $400k next week.

    Should we wait for the neighbor's property to close before listing so that we have a solid comp? I suspect that the appraisals could come in low for both of our houses.

    Should I adjust my price upward? I had originally justified listing at $400k to capture people searching in the 300-400 range as well as the 400-500 range.

    submitted by /u/senn_diagram
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    Interest Rates

    Posted: 29 Apr 2021 01:23 AM PDT

    Is there a community that posts their interest rates? I think it would be useful. Is it different in every state? I know it depends on credit score and a lot of other stuff but I wouldn't mind reading what other people got or sharing what I have.

    submitted by /u/lchaem
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    USA population grow since 2009, 26 million. Housing units built since 2009, 11 million. Household size, 2.6 persons. How is there actually a shortage of housing? There's more houses comparatively!!!

    Posted: 28 Apr 2021 07:22 PM PDT

    The numbers don't seem to add up for the USA actually having a shortage of housing.

    • Population has increased by 25,795,570.
    • The number of housing units has increased by 11,236,100.
    • Household size is 2.6.

    25,795,570 / 2.6 = 9,921,373

    11,236,100 - 9,921,373 = 1,314,727 more housing units comparatively than in 2009, a time when there was supposedly a glut of supply.

    Have there really been millions of houses torn down in the last 10 years?

    Sources:

    Housing units built https://www.census.gov/construction/nrc/xls/co_cust.xls

    Household size: https://www.arcgis.com/home/item.html?id=b597302950234000b7ba4fa33cd785eb#:~:text=The%20average%20household%20size%20for,household%20population%20by%20total%20households.

    submitted by /u/ToasterWaffles
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    What else can I do to get my offer accepted?

    Posted: 29 Apr 2021 01:02 AM PDT

    I have a conventional loan putting 5% down, I'm pre-qualified up to $350K but we don't want to go over $300K. I'm currently looking at a home about 40 minutes south of Austin going for $270K with no HOA that needs some work (cracked tiles, hail damage to roof, dirty, etc.), that's leased until mid-may, in a neighborhood we're already renting in.

    We're going to offer $300K with a waived inspection (my father builds houses and remodels and would do the work for basically free), no option period, a love letter, and potentially offer up to 2 months free rent to the seller's child who lives in a shed on the property. The housing market is ridiculous right now in Texas. The house already has 2 offers and viewings don't start until this Sunday. We are getting desperate. Both me and my spouse really want this house, so any advice is appreciated!

    submitted by /u/KnivesCutlery
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    Those of you that WANT to sell and move, but are stuck due to FOMO and not wanting to join the struggle, how are you handling it?

    Posted: 28 Apr 2021 01:04 PM PDT

    I don't know about all of you, but I was planning on moving way back in January. I had big plans to finally leave this state that I've hated since i was a teen and moving to a place more like where I grew up with actual seasons and weather.

    But things were already crazy last year, and it's even crazier this year. I'm stuck here because my house keeps going up at an astronomical rate I can't resist riding the wave on, while simultaneously watching zillow listings for houses I like in the area I want to move to that isn't anywhere close to a major city swap their description to "MULTIPLE OFFERS, TAKING BEST BY FRIDAY!". I sure as hell don't want to deal with searching for a house for the next 6 months.

    Anyone else in this position? Not looking forward to another summer here, but it's looking like this is how it's going to be for 2021.

    submitted by /u/Finderal
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    I live in the SF Bay Area, and there are a number of redevelopment projects planned in various areas and regions. Should I or should I not buy my first home (owner occupied) near or in these areas? Why or why not?

    Posted: 29 Apr 2021 12:57 AM PDT

    The two cases I'm aware of are the SF Shipyard in Hunters Point and Richmond near Hilltop Mall. There could be others, but those are the neighborhoods I'm familiar with at the moment.

    submitted by /u/GoldenGateGeek
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    Multiple offers - what is the highest number of offers you have seen on a property?

    Posted: 28 Apr 2021 05:17 PM PDT

    I saw a property sell with 49 offers last month in the Bay Area, that's the biggest number I've seen. It ended up going for ~400k over asking (1.05M vs 1.4M) What's the record?

    submitted by /u/TiDoBos
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    Guy next door thinks he should be able to build a tiny home in front yard. He already had 2 under the radar houses in the back and one main .. what would you think of that ?

    Posted: 28 Apr 2021 06:26 PM PDT

    Like, I have never been the type of consider calling the bylaw on someone, but honestly we got a suspicious call from the city planning department 2 days after he poked his head into my basement Reno (that is not major enough to really require permits)

    Even though this guy is a creepy jerk , we have been trying to live and let live, for our peace around our house but he is sort of pushing us.

    The way our house situated it would be right in our face, he could probably lie and say he will move t or the renter lives in the house, as he mentioned... lol.. they won't like his sewer hook ups he put in the yard though, they will hate those.

    Would you get a lawyer when dealing with a pathological lair trying to break the rules? how to stay safe and sane ?

    submitted by /u/homestead1111
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    Origination charges/closing costs

    Posted: 28 Apr 2021 11:07 PM PDT

    Me and my wife are buying a manufacturer home in IL for $72,000. Lender has origination charges at $700 them changed it to $1200+. Closing costs are $9100+ and sellers are paying $2000 of it which means we're out of pocket $7100+. Does this sound right? The lender originally messaged me saying we would be paying around $5600 for closing costs excluding the sellers $2000 which would mean we would be out of pocket $3600 or so. But now it's almost doubled.

    submitted by /u/keitpo
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