- Houses in flood zones in the US are currently overvalued by a total of $43.8 billion based on information in publicly available flood hazard maps, raising concerns about the stability of real estate markets as climate risks become more severe
- A friendly reminder to clean up your social media!
- Ready to sell house I just bought
- Is it normal to feel a little regret when selling our old house and moving to a new one?
- can you get a mortgage with zero credit and zero credit history if you put 20-30 percent down and have a qualified co signer?
- Crazy for buying a house that needs the roof replaced?
- Should I buy a house with previously repaired brickwork and leaky basement
- Downpayment strategy
- (PA, usa) Is making a cash offer and getting delayed financing a good buying strategy right now?
- Should I Fire My Realtor? / Did I Just Make a Terrible Mistake?
- Frustrated with lender
- Land survey timeframe?
- Pros/cons and risks of building your own home vs buying an existing home
- Was the “all cash” offer really a better deal?
- Is 98125 in Seattle a good place to invest for townhouses?
- [NYC] Was planning on putting 1BR Co-op unit on market soon but noticed on Streeteasy my neighbor as just put their unit on sale
- When is it too late for me to back out an offer as a buyer?
- Does this common real estate argument still hold true?
- History of realtor scamming applicants out of application fees and ghosting them- Can I report this to the city?
- (TN) Seller is trying to break contract
- Offer got accepted but I am fed up w my realtor. Do I really have to deal w her until closing?
- LLC for Rental Properties??
- I found my dream apartment, need advice
- I live in Houston, TX. My real estate team has never heard of anyone getting a sewer inspection, thoughts?
| Posted: 01 May 2021 12:57 PM PDT This is currently a top post being discussed on r/science https://www.pnas.org/content/118/17/e2003374118 What risk factors are average homeowners looking into when buying a home? We checked flood maps, fire hazard severity zones, air quality maps, etc What environmental factors are investors looking into when buying a property? Are investors (who I'd guess, but could certainly by wrong, are more knowledgeable about financial risk factors than average homebuyers) factoring in climate risks? [link] [comments]  |
| A friendly reminder to clean up your social media! Posted: 01 May 2021 01:06 PM PDT We recently got an offer accepted after losing out on three others. The week before I decided to clean up my Facebook after hearing about sellers looking buyers up... I changed my cover photo from a Pokemon picture (lol I'm really into pokemon) to a picture of my two corgis and made certain posts private/public. We met the sellers during the inspection and the first thing they mentioned was my corgis and how they looked me up on Facebook and how their son also had a corgi. It was a very sweet conversation. I'm not sure if it was THE deciding factor on getting our offer accepted (we did go 12% over list, waived appraisal and had 15% down payment, but kept the inspection contingency).. not sure if we were the highest offer but they did mention they had other very strong offers... but I think it made the sellers feel comfortable that they were selling to people they "liked". [link] [comments]  |
| Ready to sell house I just bought Posted: 01 May 2021 07:16 AM PDT I closed on this house in February and moved in March. This house is a walking maintenance disaster. I no longer want to own this house or any house. I want to go back to renting an apartment. There is a major plumbing issue that needs to be addressed. This was not on the seller's disclosure. The plumbers said this had to have been an ongoing issue. What are my options? Added: I had a home inspection only. There were no issues found related to this. [link] [comments]  |
| Is it normal to feel a little regret when selling our old house and moving to a new one? Posted: 01 May 2021 07:09 PM PDT We really love our current house and have lived here for five happy years. We viewed (and are offering on) a house today that is much more expensive and bigger yard, but needs some work inside to be as pleasing to us as our current house. If our offer is accepted, we will be getting a pretty good deal on a much bigger house in a high demand area, so I'm not worried about losing money, but I do feel very sad to think about moving. I would love to just take our current house and move it to a bigger lot if I could... Is it normal to question whether you are making the right decision when moving? Is it normal to feel kind of scared and sad about making that decision? [link] [comments]  |
| Posted: 02 May 2021 02:12 AM PDT can you get a mortgage with zero credit and zero credit history if you put 20-30 percent down and have a qualified co signer? I know there's a lot more to it than that but assuming I was otherwise qualified could I get a mortgage? I have 34k in the bank and I want to buy a 68k home. [link] [comments]  |
| Crazy for buying a house that needs the roof replaced? Posted: 01 May 2021 01:59 PM PDT So as everyone knows, the housing market is a melee battle ground. My partner and I are first time home buyers and have been looking in Oregon for the past 2 months. We've seen 30+ houses, put in 12 bids, and got 2 accepted that both fell through (first because their listing agent is a major fuckhead, second because it needed like 100k worth of work on both the roof and the foundation). That is to say, my partner and I are TIRED, like everyone is. We recently got a bid accepted on a very cute house in a quiet neighborhood with good schools on a .5 acre plot that is next to a small lake. We're very excited about it. We ended up having to offer 50k above asking with a 15k appraisal gap, and agree to only ask for repairs called out by the appraiser. We weren't even the highest bid, but we got along well with the owners who are about our age so they chose us. They're moving to Texas. We just got our inspection back and the whole roof has to be reframed/replaced (water damage, lack of ventilation, mold, etc). There isn't anything else really wrong with it and even our inspector said barring the roof, the rest was in good condition. I asked if our inspector thought it would be called out in the appraisals and he said that because the damage was mostly interior, it probably won't be called out which means we'd be footing the bill. My partner and I have accepted this and we have the money to do it, but as soon as I sent the report of my mom she freaked out. She's a licensed architect (has been for 30+ years) and she said: "Sounds like a hard pass unless you really like the property. Much leakage and water damage has happened and a lot of repairs." I respect her opinion, but literally every house in Oregon has water damage. It's the nature of living someplace where it rains for 9mo out of the year. And my parents have been in their current house for 10 years - they have no idea how hard it is to even get an offer accepted. She is suggesting we cancel and move on, but my partner and I still really want the house. We're having two roofing companies come out and give us a bid on how much the work will cost. With the current price of lumber we know it'll be high. It's really hard to separate smart decisions from home-buying fatigue at this point. Are we crazy for still going with this house despite the fact it may need 20k-30k in roof repairs? Is that just the way it is in this horrific market? Everything else about the house is so nice and we love the layout, location, land, and privacy. [link] [comments]  |
| Should I buy a house with previously repaired brickwork and leaky basement Posted: 01 May 2021 05:55 PM PDT Hello, My wife and I are considering putting an offer on a house but we are worried some previous repairs may be a sign of a larger issue that we should avoid. The house has had some brick work repaired at the back and below the back in the basement there has been previous leaking that has been repaired internally with a membrane / sump pump solution. Are these repairs likely to last or is it likely there is a bigger problem or that this will become a maintenance nightmare? [link] [comments]  |
| Posted: 01 May 2021 06:05 PM PDT Hi RealEstate people ! So I've been hearing from seller agents that I should absolutely go with 20% down because it gives more confidence to the seller that any appraisal gap can be handled by someone who puts forward more cash rather than less. However I think that money being cheap, why would I want to spend my cash instead of borrowing it ? I can have some reserves to fix a few things here and there and put the leftovers on an index fund (say a Vanguard VTI). Also wouldn't it leave me more cash on hand to bridge a possible appraisal gap if I DON'T put 20% ? For instance, say I have 250k cash and I bid on a 900k house and Appraisal comes back afterwards at 850. If I had put 15% , + 3 % CC, 162k, I am good because i can find this 50k easily. If I put 20% + 3% CC, 207k, now I'm short 3k for the appraisal gap. Can someone help me see what I am not seeing ? Is it just a question of perception? Should I have my broker write a letter saying that even though I put 15% I have more cash on hands for appraisal bridge ? What's your experience as sellers,buyers ? Thanks ! [link] [comments]  |
| (PA, usa) Is making a cash offer and getting delayed financing a good buying strategy right now? Posted: 02 May 2021 04:57 AM PDT With things being how they are, I've had friends suggest that using cash to buy a house (assuming you have it of course) and then getting a mortgage after the fact is the best strategy. Because at these rates you'd probably rather your money be freed up or in another market like stocks or crypto. I am not really familiar with this strategy... is it sound? Thanks [link] [comments]  |
| Should I Fire My Realtor? / Did I Just Make a Terrible Mistake? Posted: 01 May 2021 11:59 PM PDT Been house hunting for a while. Never really thought realtors did much but everyone says use them so I do. We've been looking at houses for 4 months. Every house we've looked at I found and brought to her attention, but that's beside the point. I've made offers on 3 properties so far and she was pretty firm about what she wanted me to put in it, but I figured she knew best so I didn't really think much of it. None of them were accepted and realistically I wasn't all that upset to miss any of them. Whenever I would call or text her up until recently she never seemed to know who I was until I said my name which was a bit odd, but whatever. Now my main issue. I found a house I absolutely love and HAVE to have. They want 800K for it, but I'm fine going way over and decided to make an offer at 910. Despite my hesitation my realtor insisted I make the best, "cleanest" offer possible and removed all contingencies. My lender called this morning and threw a fit because I can "probably" qualify for a loan at 910 so removing the loan contingency may or may not have been ideal. The house is rather new and appears immaculate so the inspection contingency is probably reasonable to remove as well. The main issue is I waived the appraisal contingency. There is NO chance this house will appraise anywhere near my offer price. Most of the comparable homes in the area are gong for 800-850 and this one is quite a bit smaller (2300 sqft vs 2900-3200). This one is completely renovated and has a very fancy custom built pool with river and waterfalls that probably would cost $100,000 to add. Even despite all these upgrades I can't imagine it appraises much better than 850. My original offer of $910,000 is about the best I can do and if it appraises at 850 there is no way I can come up with the extra $60K to make up the difference. I also made a deposit of $15K even though only $9,100 is required. After a lengthy discussion, we elected to rescind the offer as we have not yet heard back. I placed a new offer at 875 WITH an appraisal contingency. She insisted over and over that I come up with a price I feel comfortable that will remove all contingencies but I just don't think I can waive the appraisal contingency. Zillow values the house at 700K. While I think that's way under, who knows. Even though my new offer may have actually been competitive had it been my first offer, I can't help but think the seller is pretty much going to have no interest in negotiating with me since I look quite sketchy at this point. The market is crazy here right now and every house is selling in 2-3 days with multiple offers well above asking. Should I keep working with this realtor? She's friendly enough and is easy to get a hold of, but I can't help but think her advice is putting me at risk for real trouble. [link] [comments]  |
| Posted: 02 May 2021 03:41 AM PDT We are in the process of closing on our second house. It's been fast.....we looked at the house on the 5th, our offer accepted on the 7th, we were meeting with a home inspector on the 8th, and signed the buyers agreement by the 10th. Then things slowed down, which was fine at first. Apprasial ordered by the bank on the 16th, and we were approved with conditions on the 21st. I got everything the bank asked for back to them the same day, asked if everything I supplied was good, and have heard nothing since. No idea where the appraisal is at, or how long until we are clear to close. I had to send them my newest paystubs this week, I asked if they need anything more from us and if the apprasial is the only thing holding us up. My loan officer responded with "As far as I know, we'll let you know if we need more". That's seems like total BS after 10 days of nothing. I'm getting worried because or mortgage commitment deadline is the 6th, and I feel like the bank isn't telling us anything. Is "approved with conditions" enough to meet the mortgage commitment deadline, or should I start hounding the bank to find out what the hold up is. [link] [comments]  |
| Posted: 01 May 2021 07:37 PM PDT I recently found a property that I liked and I am currently making an offer for it. The property is in a small town with 4.3 acres. My realtor suggested that a survey could take us several months and we should instead opt for, if I understand him correctly, speaking to an attorney and having them guarantee that the previous survey (we can't find it I guess and they need to research it?) is legit and that there's no liens or anything on the property. I am pretty clueless about this stuff, but does that sound right? [link] [comments]  |
| Pros/cons and risks of building your own home vs buying an existing home Posted: 01 May 2021 05:59 PM PDT With the market the way it is, we have found some affordable land in our area with literally hundreds of dollars left over (one area in particular with 500k to spare) to build our own home. I've heard some horror stories of some ppl attempting this thought, but success stories as well... Is it worth it and what's the risk? I read that it often goes over budget. [link] [comments]  |
| Was the “all cash” offer really a better deal? Posted: 01 May 2021 08:48 AM PDT Lost an offer to an all cash buyer a few months ago and house finally closed. Our offer was 675 (conventional loan with no appraisal/inspection contingency) and they went with all cash for 660. This house was under half of what we are pre-approved for. Sellers were not in any hurry to move and requested a delayed close (90 days) as well as a 2 week rent back. (Which we also included in our offer letter, that we would allow them to stay as long as they needed without payment). It seems like our offer was a better deal as the deal was not dependent on a fast close and we covered the major contingencies. I'm not sure what else we could have done to be the "better deal" as one would assume an extra 15 grand would be worth it. Am I missing something? [link] [comments]  |
| Is 98125 in Seattle a good place to invest for townhouses? Posted: 02 May 2021 12:16 AM PDT I'm moving to Seattle and looking for a townhouse. I'm looking at the 98125 area close to meadowbrook and the lake city way. Not very familiar with that neighborhood and wonder if it is safe to live and worth investing? [link] [comments]  |
| Posted: 01 May 2021 08:25 PM PDT I have a subletter in my 1-BR co-op apt but the lease is up soon and I am pretty sure I want to sell my unit. I just noticed my neighbor just put his/her unit (a larger 1BR than mine) on sale. I believe the possibility of buying and combining 2 adjacent units could make the existing sale unit more attractive as well as my unit. This is in a decent neighborhood in Brooklyn. For obvious reasons, if I could sell my unit without engaging a broker to help sell it, I would prefer it (and allow me to price the unit a little lower). How should I proceed - reach out to the neighbor? The neighbor's broker? If the latter, I would presume that broker would put pressure on me to engage him/her to sign to represent my unit. I'd be reluctant since I presume their allegiance would be with the neighbor. [link] [comments]  |
| When is it too late for me to back out an offer as a buyer? Posted: 02 May 2021 12:07 AM PDT Got an offer accepted. Is it too late for me to back out? I understand I will lose my earnest money etc...but I am fine with that. [link] [comments]  |
| Does this common real estate argument still hold true? Posted: 01 May 2021 01:15 PM PDT One common argument on this sub has been that real estate today is no harder for the younger generation because lower interest rates mean that monthly payments are the same as back when property values were low. Can this argument still be made? Are the monthly payments on these properties going 10% over asking still equal to the historical average? Don't you now need significantly more cash for the down payment than in the past? I thought most americans had less than 500 in savings? [link] [comments]  |
| Posted: 01 May 2021 04:15 PM PDT So I didn't get to look at the reviews for this realtor company and a lady had put a review about the almost exact situation that's happening to me right now. I was told I was the first applicant since no others had applied to the unit so far. I got a follow up the following week saying that they would like for us to move in a month earlier. Not happening. We aren't breaking our lease. From there the responsiveness and professionalism completely disappeared. It is not a one time occurrence.Looks like they just want to make fast cash and drag their feet to get more offers. Is it possible to report this? This is a full on scam, and to scam college kids (50$ is a lot of money to us) is just sogreedy and horrible. This is also in a big metro city area, so I want others to be aware [link] [comments]  |
| (TN) Seller is trying to break contract Posted: 01 May 2021 11:11 AM PDT Our relator found a house that was still being refurbished by the owner that wasn't on market yet, our relator asked the owner when they were planning on being done and when they wanted to put the house on market. The owner of the house also owns the remodeling and construction company that is fixing said house, the owner said they would be done finishing up the house in a couple of days and the wanted to put the house on market with in the next week. Our relator asked if we could come see the house to figure out if we wanted to put a offer in on it and the owner agreed. We see the house and we like it so we give the owner a offer for it which they accept, we now have a signed by both parties binding contract. A couple of days later we start making arrangements to have the home inspected, the seller says they need a couple more days to finish up be for the inspection so we give them that time. A couple days later our relator calls to tell us the the owner is wanting to back out of the deal because they ended up needing to rewire the whole house and don't want to deal with it so the want to break the contact. We call the owner and offer to give them a time extension to complete the repairs but the owner still will not agree to even a time extension saying they "don't want to be under pressure and just want to go on vacation." Also that they "Have other commitments to other clients and won't have time for us and don't care if we are under contract with them." It's everything we want in a house and it's were we want to live, our brokerage is going to call them and let them know the legal trouble they can be in if the break the contract. It's really hard to find homes in our price range and location in this market and we have be looking for about a year. Should we just sue them at this point? [link] [comments]  |
| Offer got accepted but I am fed up w my realtor. Do I really have to deal w her until closing? Posted: 01 May 2021 11:05 PM PDT |
| Posted: 01 May 2021 10:55 PM PDT I have three rental properties and have historically just had as investments but recently got an LLC to consolidate them under 'one roof' but not sure if this was even worth it. Should I have done this, everything was working fine without but I was a little concerned with liability. How do I even get the properties formally under the LLC? I basically now have this business license but don't know what to do with it..... [link] [comments]  |
| I found my dream apartment, need advice Posted: 01 May 2021 10:35 PM PDT **SCROLL DOWN FOR MAIN POST* MAIN POST ****Are there any ways to seek out units/spaces like this (this is a live in art and music studio, located near Newark, NJ) see top of post for more info websites are very unreliable I'd like to network with people in real estate and music business. Should I contact a realtor or ask the owner of this location if she knows of more places like this or who to put me in contact with? The obvious answer is to expand my search into NYC but theres no way my situation would accommodate that move. (Unfortunately I'm sure there're hundreds of places like this in Brooklyn lol, thats why I was so surprised to find one not 10 minutes from my job here in NJ.) [link] [comments]  |
| Posted: 01 May 2021 06:58 AM PDT The house that's going to be inspected is not on septic. That's what they told me, when I asked them. I didn't even know there was a difference as I'm a FTHB. I also asked the inspector about it, and he himself seemed thrown off by my question. It's and house. Over 40 yrs old. [link] [comments]  |
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