Got a knock at 6am, then it got weird Real Estate |
- Got a knock at 6am, then it got weird
- I watched myself get priced out of the market in just 4 months
- Ok guys, this market is officially out of hand! Check this out...
- Sellers refusing to go through with possession of house
- Agent gave buyer my contact information after unit was sold
- We found a unicorn!
- I not only lost a bid 50k over asking on a 150k house there were almost 30 other offers over mine
- Ready to buy a flat (new building) but bank is now asking for 15% deposit
- So Stressed- my high offers are still no competition...
- Lender rate lock, can I change lenders?
- Does a bedroom need a window? Chicago, IL
- Picking an offer
- How long before I can buy a house/get a loan with a new job?
- TIL to remind seller to disconnect services
- Greater Fool Theory: If I buy now, am I?
- Whats the risk of 3 or 5% down?
- First Time Homebuyer: Asbestos, who?
- Can appraisers just choose to not use certain comps, even if they are nearly identical?
- First time buyer turned first time seller, any advice is appreciated
- Update on Buyers Loan Being Pulled
- Difficult Selling Agent...am I in the wrong?
- Financing to purchase Residence for Addiction Treatment Company
- How reliable are appraisals?
- Just looking for guidance/advice
| Got a knock at 6am, then it got weird Posted: 29 Apr 2021 03:05 PM PDT This was about 4 years ago and we were in the market for a home and found a small place priced below market value. We made an offer above the asking price as is custom in southern california. The next day our agent told us the list price had gone up by 15% but no response on our offer. Now our offer was lower than asking. We asked if there were competing offers and their agent said no. We thought that was a pretty strange response and certainly backwards way of negotiating so we did nothing, assuming that our offer was rejected. A few days after continuing to do nothing, I was in the middle of shaving around 6am and heard a knock on my door. Wife and kids were still sleeping. I did not open the door but asked who it was. "This is the voice of God" what? "I have a message from God, he sent me". I'm sorry who are you? "Are you [first and last name]?" Please identify yourself. "Did you put in an offer to buy a house at [address]?" I'm serious tell me who you are or I'm calling the police. "This is the owner of the house, [name]" I crack the door open and just look at the guy. He then goes on to say that he's sorry for the bad attempt at humor, but he felt compelled by God to tell me that he wants us to buy his house and nobody else. Then he explains that his agent is a crook and forced him to list the house at a low price and that the house is worth much much more and then rambled on some more. I eventually stopped him and explained that if he's interested in negotiating, send a counter offer through the agents, but please don't come to my house again. Later that morning I get a call from our agent and apparently the guy showed up at the real estate office after leaving my front door, demanding to talk to our agent and barged right past the receptionist to look for his desk. Gave them must of the same spiel before security escorted him out the building. Finally I get a call from the owners wife a few days later apologizing for his behavior and explaining again that their agent is a crook, but now her husband is in the hospital and they are taking the house off the market. Anyone else had bizarre experiences from the buyer / seller exchange? [link] [comments]  |
| I watched myself get priced out of the market in just 4 months Posted: 29 Apr 2021 09:59 AM PDT Wife and I are first time home buyers who are looking to get out of our SFH rental in a not great area after 4 men attempted to kick in our door in the middle of the night last November. We began looking at homes right away in November on Redfin/Zillow trying to figure out our budget price range, getting pre-approved, and learning all we could about the housing market. Early January we pulled the trigger on an agent and looking at homes in person. Delay was in part due to Covid-fears but we wanted to feel safe again in our home. Every house we put offers on, we were too low. Sometimes by a little, sometimes by a lot. As the months went on, the asking prices of similar homes was changing significantly. House styles/sizes we saw in January were now being listed for 50k more and selling for 30-50k above that still. Every few weeks the prices seemed to sky rocket more and more. Now today, as I look at the market. Tiny 3 bed 1 bath 1000 sqft homes that were selling for 500k in November, and 540k in January, are selling for 680k in April. Regular 3 bed 2 bath 1200-1500 sqft homes are now listing at 700-730k and selling for 760-790k. They had previously been selling at 580k to 650k in November. Our starting budget had been 550-740k based on our research. We went from being in a comfortable price range with wiggle room for a 3:2 home to being priced out of the market in less than 4 months... These insane price increases can't be normal. I'm sad that I can't help my wife feel safe at home again. That we can't move closer to her work now either to help cut down on the long commute for her. Our choices seem to now be, move further away or stick to the unsafe areas of our current city where pricing is still high but not unaffordable. Screw all of it. [link] [comments]  |
| Ok guys, this market is officially out of hand! Check this out... Posted: 29 Apr 2021 09:00 PM PDT https://www.realtor.ca/real-estate/23126232/467-1st-conc-line-wheatley-wheatley I wish this was a joke... I know there is an external link but honestly couldn't pass up sharing this it's too ridiculous. [link] [comments]  |
| Sellers refusing to go through with possession of house Posted: 29 Apr 2021 07:27 PM PDT Context: Metro Vancouver Area Apologies if we've posted to the wrong subreddit but hoping we can get guidance on a very stressful situation we are currently in. We're supposed to take possession of our new home tomorrow but today we were informed by our realtors that our sellers are refusing to hand over the keys for possession tomorrow. We've already closed on the property and it is / will be legally ours. We sold our current home and the new buyers are supposed to be given possession of our place two days after we were supposed to move in. We will still be showing up with our realtor at possession time tomorrow very well prepared with the possibility they won't handover the keys at which point we will be going directly to lawyers. Has anyone dealt with something similar or know how lawyers proceed in these situations? This is extremely stressful as we now have to arrange storage and seeking accommodation in a hotel. I really hope no one has to ever deal with a stressful situation like this let alone for the biggest purchase of their lives. Any insights or experiences or guidance is appreciated. Regardless, looking forward to seeing a lawyer tomorrow. Thanks in advance! [link] [comments]  |
| Agent gave buyer my contact information after unit was sold Posted: 29 Apr 2021 11:07 AM PDT I recently sold my vintage condo in Chicago. After the closing, the buyer apparently reached out to my agent for my contact information, and my agent gave it to him. It bothered me a bit but I didn't think much of it at the time. Now the buyer is contacting me daily about various things. At first, they were pretty innocent, questions about things in the unit, where the appliances were purchased, the color of paint in a specific room. Now, a lot of the things he contacts me about are really random and strange. He's gone as far as demanding we pay for things that have gone wrong since he moved in (a ceiling fan light doesn't work apparently), like we are some kind of home warranty service. I've stopped responding but he just doesn't give up. Is it common practice for an agent to share contact information like that? [link] [comments]  |
| Posted: 29 Apr 2021 08:39 PM PDT Still a bit in shock as it's only been three days since it happened but we found a unicorn in the area we're moving to (west of Boston). Long story short, after looking at 49 houses and having 10 offers rejected we were at the end of our rope. The morning of our 10th rejection, I sent some houses that had been on for longer than a week to our agent to check into, to the shock of all of us, one seller came back saying they had an offer but weren't thrilled with it and the buyer was ticking the seller off. Our agent did some sweet talking to find out what the sellers needed, told them what we could offer (which they liked) and then she practically ran out to see the house (we're doing virtual showings as we live in PA) while I convinced my husband to at least give it a look (it wasn't on his radar so he hadn't done any research on it). Our agent spent close to an hour in the house, we loved it and while she drove home, we figured out our offer. The offer (list price, 20% down, no inspection but were able to keep financing and appraisal contingencies) was submitted three hours after we saw the house and accepted about two hours after that. Had a bit of a tense moment today when FedEx wasn't able to deliver the check to the selling agent but she finally had it in hand by early afternoon so we are in the clear. We sign the P&S next Friday and close in mid-July with plenty of time to get our kids settled in before the new school year. We went from the depths of despair to elation in less than 12 hours all because another buyer was ticking the seller off. This was dumb luck but I'll take it as we finally have a house. [link] [comments]  |
| I not only lost a bid 50k over asking on a 150k house there were almost 30 other offers over mine Posted: 29 Apr 2021 01:01 PM PDT |
| Ready to buy a flat (new building) but bank is now asking for 15% deposit Posted: 30 Apr 2021 03:54 AM PDT Hi all, I've been saving for a deposit for a house for my family ( a wife and daughter), and I have just over 10% of the deposit that is supposedly required. Now I am a complete noob when it comes to buying a house, I've read several reddit post, online articles but didn't help. I have additional savings for stuff like insurance, white goods, etc. I came across something called Agreement In Principle (AIP) which I've done with 2 banks so far, and both are asking for 15% for a New-Building Apartment. How comes they are asking for more money for a new apartment? Is there any other way around this? Can I go to a broker instead? The current place we are currently living in, is not really healthy for my family and I need to move out. And I really don't want to rent as I will be paying someone else's mortgage when I can have my own. Am I screwed and do I have to just wait to get 15% deposit at least? Location: Kent, United Kingdom [link] [comments]  |
| So Stressed- my high offers are still no competition... Posted: 29 Apr 2021 09:43 AM PDT We have even started to look at 2 bedroom 1 bathroom houses because we really want to get out of the apartment living situation and have a house for our baby. Even with offering asking and higher on THOSE houses people are still going insanely high on them. I know, I know... in the long run, they really are screwing themselves and we def cant and wont compete with that insanity. It is just so discouraging. Its all of these out of state people. Sorry, just venting. [link] [comments]  |
| Lender rate lock, can I change lenders? Posted: 29 Apr 2021 11:19 PM PDT I'm currently using my realtor's suggested lender. The house we won a bid for wanted a 60 day escrow. The lender wanted us to lock a 60 day rate. Unfortunately I did not know that it costed us more in interest rate to lock a 60 day rate. This ends up being a little over an extra $100/month. Interest rates are staying steady at 2.75% for 30 years, am I able to go to a new lender and get a regular 30 day rate for 2.75 instead of the 60 day rate that I currently have at 2.875? We're in the conditional approval phase, have not signed the final loan. Thank you. [link] [comments]  |
| Does a bedroom need a window? Chicago, IL Posted: 29 Apr 2021 07:26 PM PDT Condo in Chicago, IL that I am considering buying but wondering if it was just a den conversion vs an actual bedroom. It's a 2bd/2ba and 1,000sf where as most other 2bd/2ba in the building and area are closer to 1,200 The 2nd bedroom has a door, a closet and the dimensions are 10'x9' There are 2 full baths, 1 of which is directly across the hall from the 2nd bed Is this a true 2 bed condo, or is this a 1 bed + den conversion - if so, how does it affect the value when it comes time to resell? [link] [comments]  |
| Posted: 29 Apr 2021 05:54 PM PDT We have two offers both at $615k, one with 20% down but no backstop on the appraisal, one with 15% down and a 15k backstop on the appraisal. We are slightly worried the house will underappraise (we bought it 2 years ago at 499 and it appraised there, and these offers are 26k over asking. Any thoughts/advice? [link] [comments]  |
| How long before I can buy a house/get a loan with a new job? Posted: 30 Apr 2021 02:34 AM PDT Is there a subreddit to ask about loans for a house? English is not my fist language so some sentences will be a bit rough around the edges, I hope they make sense. I know people are gonna downvote me but I don't care because this is important to me. Our lease is ending and our rent is going up and I want to do a month to month now. We are sick and tired of being crammed in a one bedroom apartment with a baby. I haven't got a call back from my interview recently, but I just wanted to know which way would get me faster at getting a loan for a house because I am sick of paying rent to something I'm never going to own and call my own. So I want to buy a house fast but I need a job, I'm not asking you guys to help me find a job or anything just help me on understanding how fast I can get a loan. So let's talk salary and hourly, full and part time. How long do I have to work for, before I can get a loan for a house? How long if I work part time hourly and full time hourly? And how long for salary which I believe is only for full time? don't think they have a part time for salary? Which is the fastest way I can get a loan? Please and thank you for your patience and time on helping this dumb chick out. [link] [comments]  |
| TIL to remind seller to disconnect services Posted: 29 Apr 2021 09:49 AM PDT We've had an excellent reminder here about having sellers disassociate their smart stuff before leaving, but after spending 4 hours with a utility provider, I learned another time saver. Before beginning to set up utilities, ask the seller what dates they set with their utility providers for disconnection. Sometimes they forget, sometimes the dates overlap and the greedy providers say nothing, they just gladly accept overpayment. It will save you the hassle of being asked by a provider to prove ownership, often by releasing otherwise confidential documentation, delays to installation, and a whole lot of other grief. When we sold our home last August, we got a call from our cable provider warning us our service was being d/c'd in 4 hours. Problem was, that was a week before the sale closed. Turns out comcrap didn't care that there was already service established and no order to d/c, they just took the buyer's word and processed the order. Now that we're fast approaching close on our new house 9 mos later (yeah, we practically gave birth to this baby), in setting up cable here, we were hit with the weird (according to our loan officer, title officer, and realtor) request to provide a copy of our mortgage and/or lease agreement. It took several emails and more calls for the company to finally answer why this was necessary (after all, if it's common, you'd think all the aforementioned would have a handy form to use, right?) it turned out it was because the current subscriber hadn't processed the disconnect. Within 2 hours, everything was a go, but the hassle was enormously unwelcomed and could have been easily thwarted had the sellers been gently reminded of these few seemingly insignificant details. TL;DR: Save yourself the hassles by reminding seller to d/c all services before going about establishing them in your name. [link] [comments]  |
| Greater Fool Theory: If I buy now, am I? Posted: 29 Apr 2021 10:21 PM PDT I came across "Greater Fool Theory" while I was watching the last episode of The Newsroom. I googled and realized if I buy a house right now that will be a "greater fool". Am I right? Some background, trying to buy a house for the last 6 months. Lost bids to cash, no contingencies, outbid by 20% and I am tired. When I read about the Greater Fool Theory I felt like the market cannot sustain these prices. It might take a couple of years but the prices will stabilize, by that time inflation would cross 2%, and the rates will go high but if I buy right now I would be overpaying and the price of the house will still the same for next 2-3 years. [link] [comments]  |
| Whats the risk of 3 or 5% down? Posted: 29 Apr 2021 06:51 AM PDT I've seen a few postings here where buyers mention avoiding PMI and only putting 3-5% down (conventional). Beyond having more equity and lower payments with a higher downpayment, is there any other reason this is frowned upon? Sorry for the newb question but as someone looking at a 5% down loan, I don't want to miss anything. [link] [comments]  |
| First Time Homebuyer: Asbestos, who? Posted: 29 Apr 2021 06:19 PM PDT My wife and I have been trying to buy into a very competitive and what feels to be inflated market. We got an offer accepted last week, inspection Monday, inspection objections yesterday, inspection resolution today. One of our asks wasn't met: to test the attic insulation (vermiculite) for asbestos. Some had fallen into a bedroom closet due to a poorly sealed surround of a vent pipe; yeah, this is an older house. They've agreed to remediate that, and seal the surround, but my concerns are: 1) remediation costs for the attic, and 2) where else might this stuff be leeching, is it air-bound? Total attic sq. footage is probably 1300 sq ft. Anyone have experience with this insulation? Wife and I love the house, want to be in the area, are just concerned on the costs of remediation and making the home safe if it does test positive for asbestos. Edit: forgot to add that there is a need to upgrade insulation in the attic in general, as well as access for some of the other inspection notes. [link] [comments]  |
| Can appraisers just choose to not use certain comps, even if they are nearly identical? Posted: 29 Apr 2021 09:19 PM PDT Basically the title. We got an appraisal back that was lower than expected. When we reviewed the comps they used, we noticed that not a single comp was less than 90 days old, despite there being a nearly identical property that sold a month ago (among other, still comparable but less identical properties). We appealed and asked that they include that property, but they refused on the grounds that the property had new floors and paint (the interior of ours is in like-new condition...this seems like a BS excuse, especially as all the other comps they used had much different interior conditions from our home). It seems like the only reason they would not use this comp is because it sold for a much higher price, but that's the case for anything selling in April vs January in this city. Am I missing something? [link] [comments]  |
| First time buyer turned first time seller, any advice is appreciated Posted: 29 Apr 2021 04:33 PM PDT The long story short, I bought my first home in 2019. It's a cute little 1940 590ish sqft home. My mortgage was for less than 100k. I really began to regret it in the summer of 2020. Being a single homeowner is an insane amount of work. Pair that with the fact that my property was not well mantained by any of the previous owners, and I'm just done. I get no enjoyment out of this house. So I want to sell. My parents said I could move in with them, which is a win win - I can be closer to help them (as they're both 70) and I'll have way more room for my dog. My current gameplan is to begin moving the stuff I'm keeping over there in the next week. Once my stuff is there, I'll fix a fence panel, have the yard professionally cleaned, and have the house professionally cleaned. I know I'll need to reach out to a realtor, but I'm not sure how to / what to look for. Any advice would be greatly apprecaited. [link] [comments]  |
| Update on Buyers Loan Being Pulled Posted: 29 Apr 2021 05:56 PM PDT This is an update to my previous post. We are closing tomorrow with the same buyers, different lender. It seems that the issue was the buyers used the Mortgage Forbearance and had to make 3 payments to be caught up. They made 2 payments then sold the condo. Because they didnt follow the protocols exactly there was an issue. We did sign the amendatory clause. We weren't happy with it, but it was the quickest way to close, plus we didnt have to show the house empty and risk getting a lower offer. The buyers also signed an amendment granting us $3k credit for closing. Very stressful sale. If this was a different market I'm not sure we would have trusted the buyers, but they are 'homeless' and there is so little inventory on the market in our price range that we assumed they didnt want out. [link] [comments]  |
| Difficult Selling Agent...am I in the wrong? Posted: 29 Apr 2021 10:59 PM PDT Got into contract in this crazy market! But now we Are hitting some major problems. Here's the breakdown: Offer price of $610,000 ($10K over asking) Appraisal waved if it came in at $580,000 or above. Asking price was way high imo even in this crazy market, hence no crazy offer over asking. (House was listed as 3 bedroom but is actually a 3* and needs a wall added to make it an actual 3 bedroom. Next to train tracks, needs updates) So, contract states we have the option to exit with the low appraisal, cool, we still want the house. This is where it starts to get weird. Selling agent contacts my lender and demands a second appraisal. My lender politely responds saying that he works for me, the buyer and this can only be initiated by me. My lender then calls me and informs me of what will happen if we get another appraisal. The lender will only use the lower of 2 appraisals. So if we want to go down this road we will need a total of three appraisals, and they will pick the one in the middle. My realtor then call to negotiate price, which doesn't go very well. She still wants the second appraisal. Problem is, if we get a second appraisal for $580,000 the contract will default to the original offer price of $610,000 but the bank will only accept the $560,000 appraisal meaning I will have to come $50k out of pocket before paying down any LTV. This is where it gets really weird. Selling Agent sends my lender an email that I am copied on saying that I, the buyer, authorized the second appraisal per my agent. This is after her previous email to my lender that I was copied on that stated "something is going on between buyer, lender, and appraiser" because we should want an honest appraisal. Not sure if I am in the wrong but I responded with a very professional but firm email that said she needs to follow a chain of communication and that I have not authorized anything because I hadn't had a chance to speak to my agent about what they had discussed. I feel like I am in a losing battle with this woman. She has been manipulative, shady, and non-responsive. It also has the feeling that she is not communicating our proposal to her seller. (He is an older gentleman moving into a relatives house). Today we sent over an official addendum proposal and she immediately responded saying it was denied. So now we have asked her to send the denial in writing along with the sellers acceptable terms but so far radio silence. We just want this gentlemen to actually see the number and sign off that he is denying it. Then write down what he wants and send it back. I guess it feels like she is just trying to kill the deal. We are maybe $20k apart from what we proposed and what we have verbally been told the seller would accept. I could cover but really don't want to because I'm at the point where if I go up anymore I will have to look at draining my emergency fund, or introducing PMI. Not sure what to do hear, any advice is appreciated. Am I out of line for thinking her tactics are insane/ unprofessional/fraudulent or is that just how it is when anyone is in contract these days? [link] [comments]  |
| Financing to purchase Residence for Addiction Treatment Company Posted: 29 Apr 2021 07:08 PM PDT I recently opened an addiction treatment center a few months ago and it has been doing really well. The "center" is at a residential home where we treat the patients and provide 24/7 monitored care. We are finally breaking even and I accept to do exceptionally well when I start receiving insurance checks for treatment in the next few months. I am currently renting the facility we are in which brings a lot of uncertainty. Will the owners sell, raise the rent, etc.? I really need to purchase a residence to focus on the longer term goals of the business but given we are a startup, we do not have the traditional 25% needed for a down payment. We are looking at several properties ranging from $2M-$3.5M ( the market is insane right now where I am). I will also we are on the higher end of treatment centers so I am getting a 4-7 bedroom place on land for that price. Are there any non-traditional forms of financing I can look at to acheive this goal where I just have a monthly mortgage payment and no down payment? There is a degree of risk however, I have excellent personal credit, tax history, and the business financials and projections are good. Any help or direction would be greatly appreciated! [link] [comments]  |
| Posted: 29 Apr 2021 10:43 PM PDT Just got my appraisal back for a condo that I'm in the process of buying, and the appraisal came back 5k above my offer. This is all fine and I know it doesn't affect anything, but I just feel like the appraiser made really shitty comparisons. There are three comparisons listed in the appraisal report, and the only common thread seems to be that they're all about the same age as my condo.
Again, I know that appraisals are private and it doesn't mean anything, but I also know that compared to the other units that I was looking at, this unit that I bought was priced really well (the seller really wanted to sell asap because he also just bought a house), and I was kind of expecting to get an appraisal 35k above my offer (because I think that's the correct price for this unit), so I'm a bit bummed. I feel like I usually have a very good sense of the price of things, and I'm wondering if I'm super off in this case. So... how reliable are appraisals? [link] [comments]  |
| Just looking for guidance/advice Posted: 29 Apr 2021 10:38 PM PDT Hello fine folks of r/RealEstate. I honestly am coming in pretty fresh with this and if anyone has any insight or point me in a direction where I cant start making a plan I would appreciate it. So currently my friend has been renting the same house for about 6 years now and he's moving out in July and I'm trying to put my self in an advantage situation on buying this home. So a little background this home has a tax assessment of 170k and is in an area where people BRRRR hard and I'm sure it could go for 220+ in the area. Back story on the home: the lady who owns it had it willed to her about 4 years ago after her father passed away and she doesn't live in the area, has never seen the home. She lets a rental company handle the property right now and they as well have never laid is or done a walk through on the home. I can imagine she's getting phone calls every day on people trying to buy her out in a cash offer and so far she hasn't done anything. All i know is that the house is in major need of repair, the roof has leaked the past two years and finally hit the point where dry wall collapsed and mildew has grown in many spots. There's mice and ants in the home and plenty of other damage including the back patio having so much water damage the OSB has swollen and started falling down. As far as I know no one knows about any of this damage including the rental company and owner. Is there a way i could utilize this information on trying to make an offer? I don't want to BRRRR this or anything I just love what the property has to offer. I'm obviously new to all this and welcome every bit of direction or ideas. [link] [comments]  |
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