Sellers have not vacated property Real Estate |
- Sellers have not vacated property
- The so-called "impending foreclosure wave"
- My Colorado lake house miracle
- Good stories?
- Waiting this market out: How long, if we are dealing with a housing supply shortage
- I have had buyers regret and I’d like some advice on if I should move to an apartment or tough it out.
- Is there a way to determine the property tax in a particular area, especially for new builds? We got priced out of a house because of Mello-Roos and can't find a tool that can help us accurately estimate property taxes on new builds and newly developing areas?
- Seller Didn't Disclose Insurance Claim in Disclosure
- Does writing a letter to the seller when making an offer , really make a difference? Could it help? Or is it one of those things that is “worth a try”?
- Is the entire market way up? Or just SFH? People talk about everyone leaving the cities... but are city houses/apts at a discount?
- When the federal eviction moratorium ends
- Can a lender cancel your refinance?
- Berkeley home sells for $1 million over the asking price
- Building management
- Offering under Asking
- Can I get a conventional with a 640? 20-25k cash on hand. 405-410k home price.
- Will one neighbor’s low sale price affect the streets property value?
- Rent back with home offer
- Lived in SoCal 20 years. Want to buy here, wondering if we even stand a chance? [CA]
- First time seller and got a site unseen offer of our asking price within 6hrs what now?
- Personal pet peeve: Inconsistent wording for ADU's on listing descriptions
- Inspection results and Reddit’s thoughts
- Why is the average home value posted on this sub so different from national averages?
- Negotiating a Foreclosure Alternative, possible credit effects
| Sellers have not vacated property Posted: Hi All, I can't believe this is happening but I closed last Friday with a 5 day rent back and was supposed to be getting keys tomorrow, but I just learned the sellers are not moved out. They waited until now to tell me that their own escrow had some hold-ups and they won't be ready to leave until Sunday at the earliest, but no guarantees. The sellers realtor stopped answering his phone. What should I do? I think they are actually planning to move out but nothing is certain anymore. Should I lawyer up immediately? They are telling me they will back pay rent. I had scheduled deliveries and plans for tomorrow... Edit: this is in CA I requested the sellers contact me directly and they did. Apparently this has to do with delays in their own purchase but never communicated it. They're telling me they will hopefully close their purchase end of this week so I can take possession Monday. I don't think they are appreciating the magnitude of the fact that they are squatting come midnight tonight. It seems like this will resolve though. [link] [comments]  |
| The so-called "impending foreclosure wave" Posted: Someone help me understand this: I've seen lots of people talk about the forbearance period ending, which will generate a ton of inventory because of a huge backlog in foreclosures. But in this hot market, and with demand so great, I'm assuming most of these properties "in danger of foreclosure" are not actually underwater, right? Prices have gone up such that the homes are probably worth more now than the owners bought them for. So my question is: will these homes even foreclose? Or will the distressed owners just sell them at current market rates (i.e. for a profit)? Don't get me wrong, this will be great for buyers by opening up more inventory, but it doesn't seem likely to result in many great bargains, much less a market crash. [link] [comments]  |
| My Colorado lake house miracle Posted: We did it! Closed today on a 1700 sq foot 3/3 on .34 acres literally on the shores of a major reservoir in the Colorado foothills 15 minutes outside of the hip college town where I work. Approved for 750 but looking around 650. Made three offers that did not work (and with significantly greater tradeoffs than this). My husband found a FSBO that wasn't on the MLS, listed for 700 and had sat for a week or so - we called our realtor, saw it, and our realtor came in person the next day to put in our offer. When our realtor got there, an agent was nailing up a sign! But we were "grandfathered" in since we saw it before and after some live action back and forth got under contract at 660, each side paying 1.5 commission, conventional loan with 5%, all contingencies intact (seller ended up crediting some repairs, we sweated the appraisal but it was fine). And then the calls started coming in based on the sign / MLS listing . . .too late. Lakefront, lake views, across from marina, backs to multiple trails, 20 minutes from my office, 15 minutes from town. Public water sewer and garbage collection. You can get internet and amazon. It's small and can use some touch ups cosmetically but after looking in and hearing about the experiences of others, just wanted to throw out that miracles can happen. Good luck out there! [link] [comments]  |
| Posted: Does anyone have any good real estate stories? Like a story where things went smoothly, or as smoothly as they can go in this market? Idk about y'all but I would like to hear some hopeful stories of people buying [link] [comments]  |
| Waiting this market out: How long, if we are dealing with a housing supply shortage Posted: Check out this date on Freddie Mac's study of the housing supply shortage: 2018. I know we love to blame COVID for the current state of the housing market, but this problem has been brewing for a long time. Freddie Mac estimates the US needs 1.62 million new housing units per year to meet demand, and in 2018 they estimated we were 2.5 million units short. That number has gotten worse when you exclude the states with adequate/excess housing supply, since we can't move those extra houses to places where people need them, so now we are up to3.3 million additional units needed. All that is to say, sitting to wait this out is probably not an effective strategy. Rough numbers, if we increase new housing units by 20% from last year's number of new residential units and keep that number up (I'm not a builder, but I guess that's a lofty goal, given the labor and material shortages, and if we can manage, it will just drive prices up even higher) then we will have adequate housing supply in... 12 years. This is just one data point in a really complex scenario- inflation over those 12 years, interest rates, what you would otherwise be spending on rent, all of that should come into play. Buying a home may or may not be the right decision for you, but if you believe that it is, don't let the emotional aspect of this market be what keeps you from doing it. Deep breaths, keep going. [link] [comments]  |
| Posted: My husband and I rushed into buying a home. We did absolutely no research. We put 5% down on an overpriced unremodeled house, had bad credit, and didn't know what PMI was. We were stupid to go through with the sale but were hellbent on being home owners. Our mortgage for the first 2 years was almost $2,000. We refinanced recently and now it is $1,600, which is much more manageable. I'm so sick of owning this house. We have sank $30k+ into trying to make it presentable (appliances, new floors, paint, furniture, etc.) and functional. There is still so much more work to do, and always something new to fix. After recently refinancing and putting so much work into it, would it be silly to sell? We would definitely lose money on it, but would come out with about $15k in hand if it sells on the low end. I'm sick of the property taxes and flood insurance increasing every year. I'm sick of the area's issue with foundation. I'm sick of the fact that an apartment complex has their dumpster nailed to my fence. I could rent an apartment for $1000 a month until I save to buy again, but I know it'd be hard after owning a home. I have two dogs and I'd hate to do it to them. What is your advice to people who have been in my situation? EDIT: YALL HAVE BEEN HELPFUL. We are going to get our bathroom remodel done (needs it... we cannot even currently use the shower) and then list. EDIT2: NOW IM JUST MORE CONFUSED. I should probably just stay here for a while. Don't like my house but I can live in it. [link] [comments]  |
| Posted: We waited to purchase a new build in Ontario, CA in the Inland Empire in San Bernardino County. We did the math MULTIPLE times and used all kinds of wacky tools online to get a good idea of what our monthly payments would be. It appeared we could afford the home, but when it was our turn in the phase release we were told the tax rate is actually 1.86% and not 0.86% because it was a developing area and it was the 'mello-roos' tax. We were devastated. It meant that the property tax we were estimating to be around 500ish a month was going to be closer to $1200 a month which put us well over budget for our goals. Of course it was our fault - we should have asked. But now we've decided to pivot and considering getting existing houses in the vicinity (built post 2005) but scared we will run into a similar issue and don't have the time to call every single listing agent to confirm property tax on each house we're interested in. Any tips? [link] [comments]  |
| Seller Didn't Disclose Insurance Claim in Disclosure Posted: We are under contract to buy a house. While shopping for home insurance, our insurance broker told us that an insurance claim was made against the house for water damage a couple years ago and he needed to know what it was for. This was a surprise to me as the seller had stated in the disclosure that they had filed no insurance claims. The line specifically in the disclosure is: Have you ever had an insurance claim(s) against your Homeowner's Insurance Policy? The seller had responded "No" to this question. We've already completed the inspection but don't close for a few weeks yet. To me, it's very concerning that the seller omitted this claim (especially for water damage) in the disclosure. Our realtor is attempting to figure out what exactly the claim was for but that's moving slowly at the moment. I guess my question is have people seen this happen before and is their a chance it was an honest mistake or could this just be the tip of the iceberg? [link] [comments]  |
| Posted: I wanted to write a letter when we put an offer on a home. My real estate agent made it appear that it was pointless. Told me all seller cares about is getting the best offer and making the most money. Which is true? [link] [comments]  |
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| When the federal eviction moratorium ends Posted: My understanding is that its been extended and extended, eventually it will come to an end and I havent been able to read about any plan to handle those massively behind on their rental dues. Does anyone have information towards this? Id assume there will be a transition to prevent renters behind on dues being evicted Not sure if this is a reliable source, someone please link a more reliable source if it isnt, but this article is from december and states roughly 12 million are currently behind more than 5k on rent [link] [comments]  |
| Can a lender cancel your refinance? Posted: So I went with "Better" to refinance, started on Feb 19th, suppose to close on April 5th. The initial process was great. You apply online and upload required documents online, their website is straight forward. They called to me within the first week to see if I had any question. sent out the appraiser to get the work done. they seemed like they were on top of things. Then they dropped me like that. Fast forward today is 4/1 and no communication as to when we'll be signing the papers or when the funds will get transfer and I'm getting furious. I had to follow up to get a response from them. As of yesterday, they're asking me to provide the entire Trust Agreement, when I already provided the full Certificate of Trust (which I think should act the same) a few weeks back. Has anyone experience where you have to provide the agreement vs the trust? I'm upset because the rates have gone up lately and my gut is telling me this refinancing is not going to happen. Of course, if I had known, I could have gone with a different lender. from the reviews and I have seen most people have had good experiences. I think the loan officer that was assigned to me had dropped the ball in my case because I uploaded the documents required about two weeks ago and in the system it showed that it has not been reviewed until I emailed them for a follow up. Can I sue them if this does not go through? [link] [comments]  |
| Berkeley home sells for $1 million over the asking price Posted: A Berkeley home just sold for double its asking price, an unusual feat even in an ultra-competitive market like the Bay Area. The mid-century house sold for $1 million over its asking price at $2.3 million and received 29 offers in 11 days. [link] [comments]  |
| Posted: What if my building manager is refusing to help (on an apartment building that we all own). Unfortunately the tenants don't know each other. The manager has all our info. [link] [comments]  |
| Posted: We have just started looking for a house. Like everyone else, houses are flying off the market within days here if not hours. There is one house that is above what we want our mortgage to be (We were hoping in the $225k range but could afford more) but it has been on the market over six months. Looks like it had a pending sale recently that fell through and now its been back on the market for over a month. We've not seen it in person but are scheduling showings and will likely take a look. The home is listed at $320k. Obviously we are going to ask our realtor about this but how offensive would it be to offer $200k or $225k. With that, if they counter we may be able to get in our range through negotiations. My thought is seller isn't budging on price? I don't want to offer so low that they don't counter at all and I don't want to seem "cheap" but it seems like the house is not moving. [link] [comments]  |
| Can I get a conventional with a 640? 20-25k cash on hand. 405-410k home price. Posted: I'm looking to move to a smaller suburb of Sacramento. I have a 640 fico and 20-25k in cash in hand for down and closing costs. I also make about 110k/ year. The FHA limit for the county is only 370 and all the homes are going for 400+ and 40-50 over asking no appraisal. I would be buying a brand new construction home with the loan. Do you think I could get a conventional with 5 percent down, because I don't have enough to put down to cover the gap between the purchase price and the FHA limit. [link] [comments]  |
| Will one neighbor’s low sale price affect the streets property value? Posted: So there's a neighbor a few houses down that is selling his home way below market value for the area. I asked him about it and he didn't seem to care much. He's retiring and just wants to sell quickly and the realtor is his 20 year old nephew who has never sold a house yet. Don't think the realtor is aware of the market value either. Anyway, it's probably going to sell at a lot lower than other comps on our street. Would that affect our property value since we plan on moving a year from now? [link] [comments]  |
| Posted: I made an offer on a house in California. The seller told my agent, that they want rent back for 29 days. My agent convinced me to rent to them for free for 29 days. I have some questions about to this. Generally in these type of agreements does it say in the offer you make are making what would happen if they do not get out in those 29 days? Generally speaking of you give them rent back do they have to get out of the house by then or you can cancel and get your deposit back if they don't get out of the house? Or is it possible that the financing would be cancelled if they don't get out in 29 days and you would get your deposit back? Do you have to explicitly state in your offer that the housing deal would be cancelled if they didn't leave? I just want to make sure that I don't get I to the same situation that was in the news where the seller refuses to leave. [link] [comments]  |
| Lived in SoCal 20 years. Want to buy here, wondering if we even stand a chance? [CA] Posted: So my wife, daughter and I live in North County San Diego, Poway School District area. We've lived here since we were 10 years old, now getting into our 30's. Most of my family lives back in the Midwest, Minnesota/Wisconsin area. My parents moved to NorCal about 8 years ago. We really want to stay and buy a home here. Currently renting. But honestly I'm starting to wonder if that's just a pipe dream and if we should just give up and move to the Midwest for cheaper home prices and crappy weather. We make about 105K annually. We have $20,000 in savings. Obviously that means PMI for just about anything out here. Just a tiny amount in 401k as our employers both do not offer any matching. My wife has had her job for 10 years, got into upper management. I've had my job for one year. We don't have any debts other than a car loan that still has about 10K principle left and we've never missed a payment. Our credit bounces between 680 and 720 depending on our outstanding credit card bills which get paid off every month (or so). Other than that we have regular bills, cell phone, groceries, utilities etc but we pay all that in cash/credit that gets paid off routinely. We pay $1800 to rent 2 BDR/1 Bth, not including utilities. I am currently going back to school for I.T./Programming in the hopes of increasing my wages and moving career fields. But those are eggs that haven't hatched yet. We want more space. We'd like to build equity so our money isn't just disappearing into a hole every month. We'd like to own property. We'd like to stay in the Poway school system, as we've lived here most of our lives. But is that even a possibility for us? Home prices are basically 500K+. Condos/Townhomes don't go much lower than that either, maybe 400K+ at best. Anything below that is a trailer in a trailer-park which just seems like a bad investment as literally everyone I know who lives in trailer parks has lived there a long time and never gotten out. Honestly prices here make me feel defeated like we should just give up and resign ourselves to move to the Midwest closer to some of my family and buy a huge house for half the price. [link] [comments]  |
| First time seller and got a site unseen offer of our asking price within 6hrs what now? Posted: We are attempting a FSBO and got an offer of our asking price site unseen 6 hours after it posted to MLS. There are 8-10 other ppl that want to check out the house but it won't be ready to view till this weekend (we still live here). Should we reject the offer (24hr timeframe) and let others view the house. Nobody has been in it yet. The buyers agent says they are pre approved and flush with cash from a recent house sale. This feels like a dream scenario for a seller but since nobody has actually been to the house, I don't want to leave money on the table..? [link] [comments]  |
| Personal pet peeve: Inconsistent wording for ADU's on listing descriptions Posted: I know a realtor would do a lot of this work for me, but one of my pet peeves when searching for listings myself is inconsistent language regarding ADU's on description listings. This makes it really hard to use a word search/filtering on websites. So far in the past year I've seen:
Does this bother anyone else? [link] [comments]  |
| Inspection results and Reddit’s thoughts Posted: My realtor made me feel like none of these were adequate enough to negotiate ( she hasn't seen official report yet) and I was just looking for other opinions . Home built in 1956 , this is what came front the inspection. Seems like most water damage could be explained from chimney seal and from vent at top of the roof leaking - Not sure if this is RUN standards ... inspector was oddly happy with the house overall (wasn't sure they leaned any which way) Anyone's advice welcomed . I am just looking for help understanding the severity of this in a house this old ... so I'm not caught off guard when I speak to my Realtor tomorrow . top concerns. [link] [comments]  |
| Why is the average home value posted on this sub so different from national averages? Posted: I browse this sub often and the vast majority of posts are about homes priced 500k and above. According to Zillow the "typical home value" is at 272k in the US. Even in expensive regions like California the median home value is 580k yet you'll only see posts of SoCal homes for 800k plus. I was arguing with someone in another thread who said "lots of people" are buying in the 600k+ range, but in reality only a fraction of properties in the US sell for over 600k. Do a lot of people just humble brag here or something?? [link] [comments]  |
| Negotiating a Foreclosure Alternative, possible credit effects Posted: I'm in the middle of negotiating a settlement on my mortgage. I'm either doing a principal balance reduction, short payoff or deed in lieu. I'm current on payments currently & plan to be until I resolve the debt. My credit is currently around 800 with nothing negative & a healthy mix of accounts, etc. How would you approximate the credit drop from this? I can't find anything about it when you haven't had late payments along with it. I'm trying to negotiate out where they don't report it negatively but idk if that will happen. [link] [comments]  |
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