What does $800k buy in your location? Real Estate |
- What does $800k buy in your location?
- Under Contract - Thinking of backing out/Sad and Confused
- Some good news!
- Been rejecting homes with electric range. Agent says converting to gas is NBD.
- New construction home slated to close end of june, now builder is demanding 10% more or threatening bankruptcy.
- Any ever use Ribbon home? If so what was your experience?
- Seller refusing to allow inspection during weekdays due to WFH
- To buy or not to buy?
- Remember, shut off all your autopay accounts when selling
- Getting bad vibes from my realtor pre-listing my home for sale -- enough cause to back out (no contract signed yet) and find new representation?
- Being gifted raw land in New Mexico, what’s next?
- Can sellers agent entertain offers sent after the ‘offer deadline’?
- [Southern California] neighbor tree pushing and damaging shared fence
- What does $80k buy in your location?
- Home listed already under contract but “accepting backup offers”
- Preconstructed condos when do you start paying the mortgage?
- Are corner lots better or worse to actually live in?
- Sewer main line crosses under neighbors commercial building
- Lending Cash to Buy Home Question
- First-time homebuyer: Should I expect to supply additional documentation during underwriting to explain a five-month employment gap?
- Carolinas Mortgage Rates/Lenders. Under Contract!!
- Am I crazy to buy a town home in San Jose, CA?
- "Boomers aren't selling" --- so, when will boomers sell?
- Landlord won’t let me off the lease two months early - what would you do?
| What does $800k buy in your location? Posted: 03 Apr 2021 10:46 AM PDT Pretty good deal around here. Nothing a little paint can't fix. https://www.redfin.com/CA/San-Jose/950-N-4th-St-95112/home/684873 [link] [comments]  |
| Under Contract - Thinking of backing out/Sad and Confused Posted: 03 Apr 2021 06:19 AM PDT First time home buyer in the Carolinas. I believe I stand to lose 25k if I walk away before my dd period ends this upcoming Friday and another 5k in earnest money if I walk away before closing (end of May). I've had trouble sleeping. Offered 30k over asking with 25k due diligence (which I now regret), 9 day due diligence period, and appraisal addendum (also regret). Appraisal is due back Weds. I'm worried that there might realistically be a 50k appraisal gap, which terrifies me. My agent was focused on "winning" and had me convinced that a winning offer in this area is consistently 50k over asking, but I'm just now starting to see sold numbers come in and it seems like most solds in Feb are about 20k over asking for a similar home in my area. I'm also worried that the sellers priced the house at a competitive rate to begin with and that my 30k over takes the home far above appraisal value. The house is 10 years old. It's not my "dream home" but it's not too outdated either...I just feel less and less excited about it the more I realized that I feel I "overpaid" for it and the more I realize how much maintenance and associated costs will be. It's in a lovely area with great schools. Concerns in inspection report are "evidence of moisture penetration of the foundation wall in the crawl space" and "several large openings between siding board but joints" and "a few siding boards do not lay flat." Insect report shows "evidence of Old House Borers in joist in the crawl space that is an "infestation that now appears to be inactive." Regarding the HVAC: "When the second floor was calling for heat, heat was delivered to the first floor HVAC registers. This indicates the dampers are not operating properly and will make temperature control difficult." Both my agent and the inspector (who she consistently works with and recommends) have tried to reassure me that all of this is normal for a 10 year old home and that these items are not a cause for concern. Advice/thoughts/experience appreciated. [link] [comments]  |
| Posted: 03 Apr 2021 04:08 PM PDT We just had our offer accepted, and on a house we actually really like too!! I am so overwhelmed. They weren't supposed to make a decision until after Easter, but we got a call from our realtor today. So surprised and elated! Timeline: Place was posted to MLS Thursday morning. We are out of state and have been calling our realtor to do video showings of places we're interested in. We've been at this for a few months now, have really pared down what we're willing to compromise on and not. We knew from looking at these pictures that we were willing to make an offer even though it isn't a "perfect" house, and we'd lost a few places before this waiting for the showing video because things are going so quickly. So without a video tour, site unseen, we told our realtor to draft an offer. We had to re-work our preapproval paperwork, and it took about 24hrs. We finally got the offer submitted yesterday (24 hours on market). We offered $25,000 over asking price. We hoped it would be competitive without horrifically overpaying. Historical sales over the last 3 months in this neighborhood have shown good houses selling in 2-3 days ranging from $10-50,000 over asking price. Only houses selling at asking had been on market for 30-90 days, likely with some major problem. For whatever reason, the owners hadn't posted it to places like Zillow or Trulia, so we hoped it had less visibility than some other places. We hoped $25k would be good enough because we're so over this process. Since it was a holiday weekend, we were able to take off work and drive across two states to make it here this morning for a showing (48 hours on market). We liked it enough after looking at it that we were actually willing to increase our offer price. Luckily, we didn't have to because they accepted our first offer! Now as long as we can close in 30 days 🤞...we're finally home owners!! 😁😭 I've posted here before for advice and commiseration. I'm happy to have something joyful to add! Thanks for being a part of this with us! [link] [comments]  |
| Been rejecting homes with electric range. Agent says converting to gas is NBD. Posted: 03 Apr 2021 07:16 PM PDT My wife loves cooking and having a gas range is a must. We've been auto-declining to consider any home with an electric range. Our agent said as long as there's a nearby gas water heater that we could hire a plumber to run a gas line to the stove. Has anyone else had experience or advice to share with converting an electric range to gas? [link] [comments]  |
| Posted: 03 Apr 2021 01:27 PM PDT I am a first time home buyer and found a beautiful land/home package that finally fit in my budget. Signed a Virginia Residential Contract of Purchase last August which was also signed by the Builder that was estimated to close in March. Several months pass while permits and the such were obtained. Thought things were moving quite slow, but Winter weather and Pandemic were in the present. Lot was finished being cleared in February and foundation and framing started end of March. Got updated Closing date for the end of June by builders realtor office. All of the mortgage stuff has been done according to schedule. Used the Builder's preferred lender which has been a great experience. To my surprise, I got a blank email with a letter attached. The letter basically gave a sob story about how prices have increased and items are taking longer to get in due to delays. It also goes on to state that there are basically 3 options: 1) Continue to build until running out of money leaving all 5 in progress homes unfinished and the potential for bankruptcy. 2) Buyers pay 10% more in hopes that the homes will get done quick and maybe avoid potential further price increases. 3) Release us from contract. Now granted I understand that prices have increased since before Covid, but prices were already increased when we both signed the contract last year. 7 months elapsed from the time I signed contract till the first material construction began. Now within the past 2 weeks builders website has updated with 20+ new lots available to build, and has been running radio commercials advertising these new lots with about a 7 month completion time. The 10% increase across each home including mine is about $21k. Now this will put some people in somewhat of a pickle as in the 7 months the builder had us thinking things were fine, we have pretty much lost any opportunity to find a home in our price range that is totally not an overpriced turd. I am also sure that most average people don't have an extra $21k in buying power or savings just ready to throw at something. Granted I have been fiscally responsible and have reserves, and have a lease that I can stay until I decide to leave. To me this sounds like a cash grab, because home prices have skyrocketed, and the builder knows that they could easily get 50k more than we were contracted at. My realtor is consulting with the agency's lawyer to find out my legal recourse. I'm hoping the lawyer will have some options. Has anyone else encountered something like this, and if you have what was your outcome? ***Builder was fronting the construction cost, and I did not have to get a construction loan. So no money has exchanged my hands to them other than $1k as earnest money that is held in escrow till closing. So even with the increase in home price that they want, the builder will not see any immediate money until the mortgage settles. [link] [comments]  |
| Any ever use Ribbon home? If so what was your experience? Posted: 03 Apr 2021 08:13 PM PDT |
| Seller refusing to allow inspection during weekdays due to WFH Posted: 03 Apr 2021 09:13 AM PDT Is this a thing? I'm so frustrated. We're in the NJ market. We ended attorney review on Tues 03.30, and on Wednesday 03.31 promptly scheduled our inspection for the following Monday after Easter weekend as this was the soonest date available (04.05). One thing to note is that the seller originally wanted to grant us a 10 day inspection period, but given that the market is crazy and it can be hard to get inspection appointments, our lawyer pushed for 14 days and they eventually approved. Additionally, the appraisal ended up scheduled for Monday as well. Fast forward to yesterday (Fri 04.02) and we get a text from our realtor that the seller can't accommodate our inspection date or the appraisal because they work from home. Moreover, their listing agent informed us that the earliest we could do the inspection was next Saturday the 10th. That's 11 days into our inspection period and additionally, there aren't any appointments available as it's the weekend after Easter and it's all booked up. The next available appointment isn't until the 14th (past our 14 day period). I can try to book a different inspector but I want this specific one as 1. we've signed a contract with them already and 2. They do the tank sweep and everything 3. they have really solid reviews and the owner over the phone was very knowledgeable and polite. 4. I'm not confident that any inspector is going to have openings next Saturday anyway given the crazy market. So essentially, they are trying to force us into only conducting our inspection within a 1-2 day window. Do we have any recourse here? Other than scrambling to beg another inspector to schedule next Saturday? This seems straight wrong. Could this be a breach of contract? Last thing to note, the seller's agent is apparently inexperienced and incompetent (according to my realtor). [link] [comments]  |
| Posted: 04 Apr 2021 03:13 AM PDT Hi everyone! With interest rates on the rise, we are looking more than ever to try to get a house with a decent IR. My question is- is it wise to buy at top dollar or wait (god knows how long) for the housing market to crash before we buy? There's no telling if this IS the new norm or if things will turn around. We have more buyers than sellers right now too. We aren't looking forward to overpaying, but we do realize the competition. Also consider that rents in my area are at a minimum of 2200 a month and most dont include utilities [link] [comments]  |
| Remember, shut off all your autopay accounts when selling Posted: 03 Apr 2021 12:51 PM PDT Realized I better cancel all my utility autopay accounts since i'm selling the house. Easier to dispute a bill that someone mistakenly wants me to pay than to try and get back money they take automatically. [link] [comments]  |
| Posted: 03 Apr 2021 09:54 PM PDT I'm selling my home in a super-hot seller's market to move out-of-state this summer for a new job. I began doing my homework for selling my home back in mid/late February, asking friends and neighbors for realtor recs and interviewing three agents. Of those three, I chose one who seemed knowledgeable about the market for my property and most willing to accommodate my situation (not wanting to spend $$$ in cosmetic improvements/other expenses before listing, selling while working from home and with pets). My main priority is having a relatively stress-free selling experience so I can focus on my job, my move, and my life. It's....been the very opposite of a stress-free experience. The last 3-4 weeks have been hell for me. My realtor has been dropping the ball on things they said they'd do, leaving me to do everything. I've been working what feels like 80+ hour workweeks, between my 40 hour/week regular job and my 40+ hour/week "getting my home ready for sale" job. This has included stuff that's obviously my responsibility -- decluttering, packing -- but also stuff that my realtor assured me they'd do or help with, like finding vendors for certain jobs that need to be done before listing (my realtor assured me beforehand they had plenty of great contacts who did great work at non-exorbitant prices, but these great contacts haven't materialized and I've been stuck doing all the research and coordinating myself), getting bids for other projects that my realtor said they'd do to include in the listing, and going out and buying things with my own money to stage my home with since the stager the realtor is paying for is unwilling to loan out even the cheapest items. At this point, less than a week out from listing, I've probably spent $700-$800 out-of-pocket on home repairs, storage fees, and staging items (some of which I will never use again), and my realtor has spent $0. They are planning to pay for a quick staging visit to have a stager minimally rearrange my existing stuff (maybe $100-$200?), deep cleaning (~$300), photography (a few hundred?), and marketing, but none of that has happened yet. I've probably spent 100+ hours on getting my home ready for sale, shopping for staging items, finding, scheduling, and coordinating with vendors, and packing away more than half my belongings, and they've spent maybe a few hours texting me and talking on the phone a few times. Overall it's gotten to the point where I am getting really frustrated with this experience and this realtor. I've expressed to this realtor that I'm feeling stressed and have been spending a lot more time on pre-selling activities (to the detriment of other parts of my life) and would appreciate more help from them in the form of XYZ, but their response is basically "I'm busy, everyone's busy, and you need to be more accomodating" and "it's not my responsibility to do XYZ" (even though they previously said they'd do it). At this rate I have a bad feeling about moving forward with them, if we can't even be on the same page before the listing. We're supposed to go on the market in under a week, and we haven't even finalized a sale price -- they have largely ignored my requests for info about other similar properties in my area going up for sale or recently under contract (in my state, much of this info is not public record/publically available). They sent me listing docs to review a few weeks ago, but when I asked them some questions about the docs (simple "do I check this box for feature X of the property?" type questions), and then followed up by asking for a phone or in-person meeting to review the docs together, they never got back to me. So, I have yet to sign any listing documents or contracts with them, so I could technically end the arrangement and walk away without penalty (or at least, I think I could, unless there's legalities I don't know about). Is this normal for the selling process, and do I just have unrealistic expectations? Or are these legitimate red flags that should make me walk away from this arrangement and find a different realtor? If I let this agent go, the plan would be to interview a few more realtors and sign with one pretty quickly (since I think my home is pretty much good-to-go on the market now), so it would only delay me a few weeks at most. Alternately I could list after moving out this summer; I'll be renting where I'm moving to, and I can swing a mortgage payment and rent for a few months if needed. [link] [comments]  |
| Being gifted raw land in New Mexico, what’s next? Posted: 03 Apr 2021 09:17 PM PDT I'm being gifted land about 5 acres on some gorgeous land in the mountains. This is in new process. What steps should I take? Land survey etc? Any tips or advise help. [link] [comments]  |
| Can sellers agent entertain offers sent after the ‘offer deadline’? Posted: 03 Apr 2021 08:55 PM PDT |
| [Southern California] neighbor tree pushing and damaging shared fence Posted: 03 Apr 2021 10:35 PM PDT there is a tree on my neighbor's property. the tree has gotten pretty large the last few years. now the girth of its trunk is starting to push against our shared privacy fence. the fence is wood and is of 'picture-frame' construction. the fence has started to bow and buckle out at the post section. i have secured it with a brace/bracket. how does one normally handle and resolve this? obviously the best solution is if the neighbor would just cut & grind the tree down. but they have not responded to any notifications. [link] [comments]  |
| What does $80k buy in your location? Posted: 03 Apr 2021 06:47 PM PDT Close to where I live one can get a pretty decent place in a 'trailer park'. Don't worry, no Rickys or Julians. Maybe a Bubbles here and there. https://www.dwoskin.com/waples-mobile-home-community.aspx#pricingSection Actually I've been through this place and its really chill and calm. You could probably buy a place that's really nice for about $65k or less depending on the age, depreciation and size. [link] [comments]  |
| Home listed already under contract but “accepting backup offers” Posted: 03 Apr 2021 09:59 PM PDT I'm in a fairly competitive market with pretty limited inventory so I'm checking apps nonstop and I found a nice place that had been missed in my realtor's MLS updates (which are almost always in my inbox before they show up on Zillow/Redfin). It was missed because it was already under contract when it went live, however it was listed as "accepting backup offers" (which is pretty common here, just usually after a couple days for sale!). I'm going to see it tomorrow, but it just seems like a weird situation. The listing is fully updated with new photos and if it weren't for the status would just look like a brand new "for sale" listing. My guess is seller is under contract with the current renters but has concerns? I'm not holding my breath, but if anyone has guesses or advice I'd sure appreciate it! (I'm a FTHB and have been actively searching and making offers for a couple months now— no luck so far obviously.) [link] [comments]  |
| Preconstructed condos when do you start paying the mortgage? Posted: 03 Apr 2021 09:39 PM PDT Hi there! My close friend is looking to buy and hes considering a unit of condos that are being built in our area. One of the questions we forgot to ask the realtor was about the logistics of using a mortgage with a prebuilt condo. We were wondering:
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| Are corner lots better or worse to actually live in? Posted: 03 Apr 2021 08:26 AM PDT I've never lived in a corner house, but I'd think it's better. Neighbors only on one side, the lots are usually bigger, and they often are up against an empty lot, park, or other desirable thing. I do see people here listing that on their "undesirable" lists. What do you all think, people who have lived in them? [link] [comments]  |
| Sewer main line crosses under neighbors commercial building Posted: 03 Apr 2021 08:55 AM PDT Thanks for tuning in. Currently in a dilemma with neighbor about my sewer main back up. Before my neighbors commercial building was built the property used to be 2-3 houses and we all shared a community line to the sewer. Building was built around 2010 and my home was built around the 1920s. When he was building, I assume he rerouted our line along the perimeter of his building. We have had plumbers come to try to diagnose the problem and it seems that they believe the problem may be in their foundation. Our line goes under their building. Say hypothetically if we need to get a letter of work authorization to get onto their property to fix the damages and they don't allow it, what would be the next step? Get a lawyer involved? Thanks for your time and if you need anymore information feel free to comment. Edit: Neighbors building is a E1 Warehouse not commercial [link] [comments]  |
| Lending Cash to Buy Home Question Posted: 03 Apr 2021 08:52 PM PDT Posting on behalf of a friend who doesn't use Reddit. How would I got about lending $200K to a relative (think mother - daughter) to buy a house? The relative is looking to combine the $200K with their savings (say $300K) to purchase the house in cash. Is it as simple as writing up a loan agreement with the two of us for the $200K at the IRS minimum interest (which I think I saw is 0.14%) and then they would just go purchase the house as if they had $500K in cash? I'm not looking for any opinions on lending to family. The details regarding that have all been worked out. Will relay all responses to my friend, any additional info I can find out from them! If this is better suited for another sub just let me know. Thanks! [link] [comments]  |
| Posted: 03 Apr 2021 10:14 AM PDT Hello! First-time homebuyer here. I think my mortgage application is fairly solid: "very good" tier credit score, good salary, no debt. I'm trying to figure out if I should anticipate that my underwriter will ask for additional documentation due to a five-month employment gap. I'd like to have my ducks in a row so the closing process can go as smoothly as possible. I've been at my current job for 18 months. Before that, I have a five-month employment gap. I left my last job voluntarily, and took the five months off just to relax and have some downtime before finding something new. My prior job was in the same industry as my current one, and my current job is similar to the old one, but with a slightly higher salary. For anyone who knows about the underwriting process...I know they tend to be thorough about asking for supporting documentation for anything that seems even a little bit off. Do you think I'll be asked about this, and what would they be looking for? Extra years of W2s, extra years of tax returns? Bank statements from the time period when I was unemployed? Thank you! [link] [comments]  |
| Carolinas Mortgage Rates/Lenders. Under Contract!! Posted: 03 Apr 2021 08:46 PM PDT I was thrown WAYYY off guard when my offer got accepted. Did not think it would be accepted. Anyways. I got a pre-approval from Fairway. Seems like when we first talked they quoted me an interest rate at about 2.9. Now it's at 3.25. Is this where it's at now? My credit score is pretty much near perfect. Not putting in a big down payment however. What are other lenders i may try to look at? My realtor says sometimes the lender themselves can help me with the costs?? What other things should I look for or try to do in order to save the most money in the short and long term. I can put down more down payment if needed. They talk about point systems as well? Im very uneducated at this point on the money side. [link] [comments]  |
| Am I crazy to buy a town home in San Jose, CA? Posted: 03 Apr 2021 08:45 PM PDT Hi, A bit of background:
Townhome we are looking at is in Berryessa area of San Jose, CA. It's gonna go for about $910K, and we have the downpayment for it. HOA is also pretty cheap. The only issue is that we both work in near SF or in SF.
I'm just curious if you think this is out of our price range? Our goal is to hopefully save up enough in equity to put in a downpayment for a future home or rent it out. [link] [comments]  |
| "Boomers aren't selling" --- so, when will boomers sell? Posted: 03 Apr 2021 02:13 PM PDT Currently, boomers are aged 57-75 years old. Many people on this sub note that a contributing factor to the high housing prices is that the baby boomer generation is continuing to live in their homes and aren't ready/willing to sell to the next generation. This may be due to the increased life expectancy, added on COVID causing fear of retirement/travel/assisted living homes, etc... Now, I am not a housing expert. Not at all. But, I make this hypothesis without too much research ---- I can see this big "handover" occurring in the next 5-10 years. This will primarily be due to:
My parents are an example of this. They are both boomers. They plan on retiring in 4 years... they will be selling their home and buying a new home. Except, their new home is not likely in the same location that most millennials are looking to buy (retirement communities or in a rural area for relaxation) What do you guys think? When will we begin to see most of the boomer generation selling their homes? [link] [comments]  |
| Landlord won’t let me off the lease two months early - what would you do? Posted: 03 Apr 2021 11:42 PM PDT I have paid a very high rent for almost two years right on time. Because schools continue to be closed, I have to move near family to help with childcare or I will lose my job. I can't focus at all with the kids underfoot all day and have already taken a ton of leave. My landlord said, sorry, you're obligated for the whole year. Due to covid he dragged his feet big time to make necessary repairs. But now that I can't handle the lockdown situation anymore, covid is no longer an issue. What would you do? I can't sublease - there's barely anyone who wants to lease. Two units from the same landlord have been empty for months. [link] [comments]  |
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