I just closed on probably the best deal I’m going to find in my lifetime. Real Estate |
- I just closed on probably the best deal I’m going to find in my lifetime.
- News: US home prices hit the highest gain in 15 years in February
- Will we ever see a rise in cheaper small housing?
- Appraisal came in higher than what Im paying for property
- Highest priced home on the block fell out of escrow and now 22 days listed in a hot market.
- Do I have any sort of recourse against a hellish neighbor?
- Not understanding Cash to Close vs. Closing Costs
- Buying home vs staying in house with amazing rent
- ���� MERCHANT TOKEN SPECTACULAR MARKET ENTRANCE CONFIRMED - FIRST MEGA DEAL APPROVED - WATCH OUT FOR THE NEW CRYPTO TOP DOG OR GET BITTEN - NEW PARTNERSHIP ANNOUNCEMENT
- Take New Job During Closing Or Not
- Finally Closed! (US)
- How long till price drop
- Just bought a house - title agent called saying sellers gave me to much closing costs
- How much are you paying above or below appraisal in this market?
- Networking to find off market opportunities?
- Salary vs Budget in HCOL areas
- Water heater
- Can i just ask a realtor for information on a house without having to hire them?
- Can you house-hack for only 5-10 years?
- Sell in Summer or Winter
- New career opportunity
- Plat of Survey wrong on a new build
| I just closed on probably the best deal I’m going to find in my lifetime. Posted: 27 Apr 2021 04:18 PM PDT When I say "just closed", I mean the ink is still wet on the closing documents. I'm in a HCOL area. Two years ago, I bought a condo. I didn't realize or appreciate it at the time, but I got super lucky because my HOA is probably one of the lowest in the county but still covers 100% of the exterior (no pools or club house or other expensive common areas). The HOA is also pretty relaxed with low key CCRs. Two months ago, I notice the condo behind mine was suddenly vacant. I could see it was still furnished, but there wasn't anyone living there. Through a mutual friend who knew the owners of the property, I learned that a couple had bought it to house their disabled adult son. However he started having behavioral issues and was trying to move in his toxic girlfriend, but the parents said no, so he moved out. Mutual friend said they did indeed plan to sell it, so I asked her to pass along my contact info because I was very interested. I was super nervous because I wanted to try to make the owners an off market offer. I knew I couldn't compete with cash offers or a bidding war. Looking at comps on the market, another unit in our development was listed in December for $379k and sold for $420k. It sold for $41k over asking. Just insane. Looking at all the comps made me realize how desirable these condos were. We had our own private yards, no neighbors above of below (townhome style, while most others condos in town are apartment style), and each unit has a 2 car attached garage. I waited for 2 weeks for the owners to reach out to me, meanwhile researching what I could offer to make it desirable enough to accept without publicly listing. I was a ball of anxiety. I hadn't exactly planned on buying a second property right away, but now I had this opportunity to make an offer and I didn't want to mess it up. I started working as much overtime as I could possible take in. A supervisor at work also moonlights as an agent, and when I told him the situation and what I wanted to offer, he just laughed at me, told me I was ridiculous and they would be insane to accept it and forgo the opportunity to get into a sky high bidding war. He chastised me and acted like I was a child with no knowledge of real estate and bragged about these million dollar deals he was closing that were going for hundreds of thousands over asking. It felt super defeating. I finally get in touch with the owners after a couple of weeks of waiting on them to reach out to me. I explain to them my situation, how I wanted to buy the property so I could eventually have my frail aging grandmother nearby someday when she had difficulty living alone. They were empathetic because they had bought and fully remodeled the condo to house their son. But after he moved out, the parents decided they weren't here to be landlords, so they decided to sell the condo. However, it all came at a very inopportune time, as they had just bought a new house themselves, and were trying to downsize and list their current house. It sounded they were quite overwhelmed, but they agreed to show me the unit. We did a walk through and it was just lovely. As they said, fully remodeled and upgraded. New floors, ceilings, tile and granite. Gorgeous cabinetry and custom drawers. The entire place had been redone. At the end of the walk through, they told me they didn't have an asking price, but they mentioned they knew comps were selling for between $380k-$410k and wanted to know what I was willing to offer (I guess they didn't see the $420k Comp). They also made clear that they understood I was saving them money by not using an agent, and they wanted to pass along some of those savings to me. I told them that while the unit was very beautiful, it wouldn't appraise for $410k because that particular comp had some features that this one didn't have (automatic garage door, wrap around back yard, etc). But I told them that even if we used agents who did get them tippy top dollar, they would still only walk away with less than $375k after listing fees and commissions. So I offered them $10k over that, a sale price of $385k. And I told them I would cover the expense of a real estate attorney to facilitate the entire transaction ($5k). They really loved this offer and jumped on board. Since their son had moved out and pretty much left the condo fully furnished, they gave me the opportunity to buy back the furniture in the unit: couch, love seat, coffee table, dining table and chairs, desks, twin trundle bed, queen bed, dressers, night stands, and all the wall decor. I told them that even though I loved how it had been decorated after the remodel, I really couldn't afford to make an offer because the lawyer expenses were eating up my extra reserve cash. They understood this and told me that they loved my offer so much, they were just going to sell me the unit fully furnished as is. During the entire escrow, I was super nervous that the sellers would back out and decide to publicly list the unit. I knew they could be getting more than $385k for it. I thought about all the negative shit my supervisor at work had said when he laughed at my idea of an offer. To compound the stress of everything, I had a preplanned trip out of state in the middle of escrow. It was absolutely chaos trying to get all the requirements for the loan satisfied before I left town. Appraisal was completed while I was out of town, came back at $405k. This was exciting but also just peppered me with anxiety that the sellers would back out all over again. But here we are! Today finally arrived! We closed escrow 3 days early. I got a 2/1 condo, 1050 sq ft end unit for $20k under market value, and fully furnished on top of that. I just saw the sellers after the final signing. They gave me a huge hug and thanked me for being the lead on this transaction. They said during the hectic transition of selling their own home and moving into the new one they just bought, they were very pleased with how smooth I made this transaction for them and it was just what they needed. So I guess my two big lessons learned here are 1) shoot your shot. The worst they can say is "no". If you never ask, the answer will certainly be no. 2) don't be intimidated by FSBO. Agents certainly have a place and can be beneficial. But conducting this sale without agents got the sellers more in their pocket, and cost me less in the long term. I don't think either of us could've hoped for a better outcome. [link] [comments]  |
| News: US home prices hit the highest gain in 15 years in February Posted: 27 Apr 2021 07:46 AM PDT Case-Shiller just labeled Phoenix number one in the country. Here we go. [link] [comments]  |
| Will we ever see a rise in cheaper small housing? Posted: 27 Apr 2021 01:57 PM PDT With the market pricing loads of people out right now, it seems like rentals are going to be the future for most of the USA at least. It honestly seems like a shitty scenario though. I'm sitting here in my oversized 1700 sq ft house just because no one in 100 miles was building anything smaller at the time. I use half of this thing. If I could move into a smaller 500-1000 sq ft house I would, but they are all either old or in the middle of nowhere with no internet. Before this I rented. It was shit. I hated having people connected to my walls. It's why I didn't go the condo route. I really just wonder why there isn't any kind of government incentive or something to build smaller. The US is humongous. There is so much completely unused land out there just sitting. I can't really see a negative to offering some kind of incentive to get people off the rental treadmill and into something that builds equity. Especially now that the housing market is basically impossible for most people. I know the tiny house movement is slowly gaining some traction, but there is so much resistance to it. It's pretty much a meme at this point. Getting a permit for something under 1000 sq ft is near impossible in loads of places. Anyway, just me ranting. I'd love to ditch this thing and get a small house that doesn't cost a fortune in taxes every year, but there is no economical reason for a private company to build small so here we are [link] [comments]  |
| Appraisal came in higher than what Im paying for property Posted: 28 Apr 2021 03:38 AM PDT I had an appraisal come back a few thousand dollars higher than what I paid for the property. The catch is, the appraiser is one that my lender exclusively works with. Making sure the houses appraise and the loans move forward is probably beneficial to them. Is it common for appraisals to come in OVER? I figure, if they just wanted to pass the loan through they could just appraise it right on the dot of offer price, but perhaps that would be a bit suspicious. Just wondering what other people think about this. Honestly, I feel like I slightly overpaid for the house by maybe 5% but the appraisals says I paid less than it's worth? At this point it doesn't really matter anymore I'm just wondering what others think. [link] [comments]  |
| Highest priced home on the block fell out of escrow and now 22 days listed in a hot market. Posted: 27 Apr 2021 07:44 PM PDT We were the 'first' sale of the 2021 hot selling season in our neighborhood back in February and sold over asking, including credit on a minor stucco issue we had no idea about (completely reasonable, given the appraisal contingency and this neighborhood historically being dead for sales in Q4 for the past decade we've been here. Everything went as expected - no regrets). Our neighbors listed at our contact price a week later; more recent kitchen, powder room and a screened in porch. They sold 35k over list in March. Now, their adjacent neighbor has listed their comparable (to ours) house at 45k over our original list, went under contract immediately and fell out within a week. It's been two weeks since they relisted and neither their status nor price has changed on the MLS. My nosy hypothesis is that because they fell out of escrow once, they're not changing public status of the property until DD is fully sealed and/or cleared for closing. Old neighbors of ours think it's because they're steadfast in selling at that price because of our house being the same footprint but the other one's updates net a higher price (other house buyers far overpaid with no contingencies at 1800sq ft smaller and older mechanicals/ roof - I actually feel bad for them.) Houses don't stay available on the MLS for more than 3-4 days here unless they are ridiculously overpriced or have a major deterrent. This is in a highly desirable area within the zip code 30075. What is going on here? [link] [comments]  |
| Do I have any sort of recourse against a hellish neighbor? Posted: 27 Apr 2021 10:44 PM PDT My neighbor is making my life a living hell and I don't know what to do. It's a family with three kids, father and mother are extremely aggressive people and the kids have no respect for anything or anyone due to their shitty parents. They're constantly coming into my yard and throwing junk into it. Their yard is a total disaster with junk and refuse all over and they never mow their lawn. They have backyard parties with loud booming bass that I can feel inside my house every weekend and some weeknights. I have called the police non emergency before with noise complaints and they come out, stay for two minutes and the music resumes as soon as they leave. They've also purchased a loud go kart and their kids zoom it up and down the street and sometimes through my yard. Cars in the road are always stopping and yelling at these kids for blocking the road. They've also put up handwritten signs pointing towards the neighborhood with aggressive messages (presumably because of the numerous police calls and complaints to the city about their disgusting yard. I've only called the police once and never complained to the city so obviously my neighbors are also fed up.) What can I do?? Cops seem to be no help in this situation. I looked up their address and it seems to be a rental through some sort of agency. I really don't want to go nuclear but should I contact the rental agency and tell them about their behavior? [link] [comments]  |
| Not understanding Cash to Close vs. Closing Costs Posted: 27 Apr 2021 04:42 PM PDT I put in an offer on a 233,000 house and was accepeted. I'm putting 5% down (11,6500). I put down my earnest money - 5k My broker is telling me that I will only need to bring about 7 -9 k to closing, but I'm looking at my Total Cash to Close disclosure and it's reading 20k. When I google "Total Cash to Close" it says pretty clearly that this the balance of money you should expect to bring to pay at closing. I didn't get any concessions or credits from the seller. Can someone please help me understand? I'm in Illinois. [link] [comments]  |
| Buying home vs staying in house with amazing rent Posted: 28 Apr 2021 12:39 AM PDT GF and I (currently living in West LA) are thinking of buying a home but we're torn because we have an amazing deal on the house we've been renting for 10 years. We pay 2100 for a 2 bedroom house which could easily get 3500-4k right now. The landlords are basically begging us to move out and actually have the nerve to tell us it's "not fair to them" that we pay so little compared to market rate. That said, we would really like to purchase a home and have the financial means to do so, but would need to be in a way worse area and be much higher a monthly cost than we pay now. But then again, we'd be homeowners. Is the trade off worth it? And before you ask, we spoke to the landlord about buying the home and they pretty much said to go f*ck ourselves. [link] [comments]  |
| Posted: 28 Apr 2021 04:16 AM PDT This project has real world applications and established clientele, expertise and infrastructure right from the start.Good luck competing with that, shitcoins and ivory tower tokens on github!🔥 BREAKING NEWS: HIPS and The Payment House, a leading payment processor for taxi companies, just announced their partnership, which will enable payment with Merchant Tokens in over 20,000 taxis in Scandinavia and 10,000 taxis in the UK! 🚀🔴 ICO LIVE RIGHT NOW: https://limited.merchanttoken.orgSee: 👁️🗨️ LinkedIn Partnership Announcement | See: 👁️🗨️ HIPS Press ReleaseThe Merchant Token Opportunity In A Nutshell?This brings crypto to POS terminals and consumer protection to crypto via DeFi smart contracts. The missing bridge from crypto to the real world, the last puzzle piece to mainstream trust and electronic payment adoption:
This is not financial advice, do your own research if you like the project, but check out their very interesting white paper: https://static.hips.com/pdf/white_paper/merchant_token_white_paper.pdf This is HUGE in my opinion. This to me looks like an undiscovered hidden gem. The missing piece for crypto payments to reach massive market penetration and mainstream consumer acceptance in a global mega market (POS? I mean, EVERYWHERE!) with the potential to go parabolic and explode as soon as this hits the exchanges (July 2021). The ICO started on 1 April and is scheduled for 90 days until end of June, but already sold out 50 of 100 phases after only 10 days. Very important additional aspect for my investment decision to BUY: Limited to only 100 million tokens total supply – still at only $0.90 each right NOW ! Compare this to 1 billion DOT, 2 billion Filecoin, 45 billion ADA, 100 billion Ripple and check their current prices. Some people on twitter already see it at $15 and even $100 in the future. The best part? Mainstream investors and even crypto influencers haven't even really heard of it yet! About the CompanyHIPS is a provider of innovative payment solutions and a complete omnichannel payment gateway and platform for businesses, ISVs and ISOs that want to offer their customers payment terminals or online payment services. Check out their Fintech Finance Virtual Arena interview where they mention Merchant Token: This video appeared on the official "Fintech Finance" Channel, with 6k subscribers and 5M views. Founded Feb 15, 2015. HIPS AB and MYHSM are well established Swedish and British companies founded years ago. Verify on https://www.crunchbase.com Check out their key executives' LinkedIn profiles: https://merchanttoken.org/tokenomics#team Also, check out their existing tech stack, API reference and documentation: To me the idea, the project, the whitepaper do look profound. I hope they can deliver the best. Obviously they need funds for that. You can still easily get the tokens here as long as there are any left: https://limited.merchanttoken.org (just press the "Join" or "Buy" buttons and sign up for free) I hope this is helpful. Might well be the Moonshot of 2021. Last chance to get in this early. SMASH THE UPVOTE if you like! (Bonus video if you read and understood everything so far) [link] [comments]  |
| Take New Job During Closing Or Not Posted: 27 Apr 2021 07:30 PM PDT Hello, my wife and I are purchasing our first home in Florida. She currently stays at home because she's pregnant so we live off of my $65,000 salary. A few months prior, I had applied to a new job but I never heard back from them, so I assumed I did not get it. Today, I received a call saying that they will offer me the position with a $90,000 salary. This is life changing money, at least for us. However, I'm worried that this may cause our loan application or closing to not work out. If I accept this job offer, will it negatively affect my ability to secure this mortgage loan? What should I do? Edit: We're currently at the home appraisal stage. [link] [comments]  |
| Posted: 27 Apr 2021 02:51 PM PDT We put an offer $10K over the asking price and all contingencies, the seller counter-offered with the asking price and waiving the appraisal which we happily agreed thinking the difference between the appraisal and the asking price would be less than the $10K over we offered. The weeks waiting for the appraisal to come were a torture, we were anxious thinking what we would do if it came over $10K and had some sleepless nights because of it. In the end, and to our surprise, the appraisal came $600 over the asking price. People told me the two days prior to the closing date were hectic because we would have to provide additional documentation, get the wire transfer details and go to the bank to wire the down payment, etc. Not for us! The lender didn't ask for more documents but we got the details on the day of the closing! Now we are homeowners and, because we always lived in an apartment, we're trying to learn how to do basic stuff, like mowing the lawn, taking out the trash, etc. All in all I would rate the experience 5/7. Thanks to this subreddit for all the advise, I will see you all in r/homeowners [link] [comments]  |
| Posted: 27 Apr 2021 10:21 PM PDT We're selling our home and we had an offer on the first weekend (this past weekend). But the buyer rescinded the offer before we could review the offer with our agent citing the buyer of their home backed out so they are afraid to move forward. Now our house is sitting out there with little activity. We're in Wisconsin where it's not as crazy as other parts of the country but homes are going into contract within 48 hours. Our home is on the higher price $450k bracket and our agent did say at this bracket it's a little slower. How long before we ask our agent about dropping the price? I honestly thought we were over priced but the agent insisted that it would have no problem going for that much. Now the first weekend is over and I see other homes in our bracket that came out the same time go into contract but ours sitting around with very little activity. Getting a little nervous here. [link] [comments]  |
| Just bought a house - title agent called saying sellers gave me to much closing costs Posted: 27 Apr 2021 02:01 PM PDT Closed last week and today I get a call from the title agent saying you were given an extra 500 toward your closing costs and to send the sellers a check. I'm not comfortable just blindly sending a check, what am I liable to here? What should I do? [link] [comments]  |
| How much are you paying above or below appraisal in this market? Posted: 28 Apr 2021 12:48 AM PDT |
| Networking to find off market opportunities? Posted: 28 Apr 2021 12:34 AM PDT I recently made an offer on a house that I didn't get in an area that is top of my list. During the viewing, I struck up a conversation with an elderly neighbor who ended up giving me his full name and home phone number. I Googled him and discovered from an article that he and his wife are lifelong residents of this neighborhood and he was active on the town's council. I was thinking of writing them a letter (obviously know their address since we were talking over the fence) to tell them a little more about myself and why I want to live there in hopes of them keeping an ear to the ground if they know people who might be looking to sell. Do you think this would make me look like a total weirdo? More importantly...do you think this has any chance of working? [link] [comments]  |
| Salary vs Budget in HCOL areas Posted: 27 Apr 2021 09:47 AM PDT I read a post the other day from someone who was making $100k in a HCOL and had a budget of $500k. As someone who makes about the same in a MCOL area, the budget seems quite high and I would assume the mortgage payment would be at least 1/3 of the persons take home pay if not more. Out of sheer curiosity, are those of you living in a HCOL area that make a relatively normal amount of money just resigned to the fact that you're paying a large chuck of your salary to live in said area? [link] [comments]  |
| Posted: 28 Apr 2021 12:14 AM PDT Is it reasonable to ask seller to credit or replace for a water heater that is 18 years old. Second viewing of place we turned on the tap and it ran orange for a few minutes. Still waiting for inspection though. [link] [comments]  |
| Can i just ask a realtor for information on a house without having to hire them? Posted: 27 Apr 2021 11:57 PM PDT I was wondering when do you pay your realtor, every time they show you a house or is it when you finally close on the one house? And do you pay them for all the months they've helped you? Can I ask a realtor about a property I'm interested in but not hire them? Or do I have to hire them before we can start doing business? [link] [comments]  |
| Can you house-hack for only 5-10 years? Posted: 27 Apr 2021 11:54 PM PDT I am interested in house-hacking when I move out of my parents house. I am basically asking if it is worth it if i'm willing to do the maintenance required? For this scenario let's use the following figures: Home price (3 Bedroom)- $200,000, Down Payment (20%/No PMI) - $40,000 (I can do this), Mortgage - $700/month, Rental Income - $1,200/Month, 5 years. Basically, if this were the case, after 5 years, I would have made a profit of $30,000. So essentially, I live in this house for 5 years, saving most of my working income, and pay only $10,000 to live their in total. I can't imagine the value goes up widely in 5 years but that can be counted for also. I guess what I am asking, is house-hacking in this scenario truly what I have found it to be? Are the figures correct (estimated)? Will I truly live there for 5 years and spend $10,000 in total? If so, why is this not a more common thing, especially in college when people need a place to live? Is it because people are not aware of this, are they afraid, too lazy, etc? Thanks! [link] [comments]  |
| Posted: 27 Apr 2021 10:59 PM PDT We're building a home which won't be finished until around January. We're deciding when to sell our current home. Our agent says they generally see a lot more offers come in March-August but then it slows down a bit. Our first thought was to sell in June and rent until the house is finished. But part of me thinks we should wait to sell until the new home is ready because we'd have slightly more equity (vs paying rent) and take advantage of what I assume will be higher home prices (at the rate we're going right now). Will selling in the winter offset those benefits? If you were in my shoes, what would you do? Thanks! [link] [comments]  |
| Posted: 27 Apr 2021 10:41 PM PDT Hey all! I should start by saying excuse any ignorance, I am by no means super well educated in Real Estate. I (25m) have been selling cars at a high volume dealership for the past 2.5 years and have done fairly well for myself. When I started out my wife was in college full-time and working a part time job so I did not mind the long hours involved in dedicating myself to making money. I've been working 9-11 hour days 6 days a week and can officially say I am burnt out. I'm now willing to take a small pay cut to work hours more conducive to a family life. I was gunning for a job in the finance department at my dealership but fear it'll be a decade before any of our current managers retire or drop dead. Even then I do have some stiff competition in getting the promotion and while the pay is substantially better, they're the last ones to leave at night. I've decided to explore some other options. After spending hours researching different paths I believe I have finally found something that fits what I am looking for in Mortgage loan originating. Does anyone have any advice on transferring into an MLO position? Will my sales background be desirable/beneficial? Where do I begin in my education? Should I reach out to an MLO and ask to speak with them? Any info is helpful and appreciated! P.S. High school diploma, no college degree [link] [comments]  |
| Plat of Survey wrong on a new build Posted: 27 Apr 2021 06:47 PM PDT He All, We are closing in a few weeks on a new build and we noticed on the appraisal that the Plat of Survey shows the fence gate to the back yard on the opposite side of the house compared with the reality. Will this cause any issues down the road? We should sign the closing docs if the Plat of Survey is not accurate? We had another issue with the appraisal when they had wrong information (from another lot # including lot size and legal description) and they send it back to the appraisal to get it fixed. It came back but few corrections were missed including the legal description, will this be an issue at closing? This is in DFW area. Thank you! [link] [comments]  |
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