I am sick of seeing listing photos where the realtor thinks they're an IG lifestyle influencer Real Estate |
- I am sick of seeing listing photos where the realtor thinks they're an IG lifestyle influencer
- Federal judge overturns CDC's eviction moratorium
- Home buyers - are you increasing your budgets / offers in this frenzied market?
- House has bad vibes?
- Likelihood of buyer backing out
- Blackstone Private Equity, the Largest Corporate Landlord in the World, Could Tank the Housing Market with Overleveraged Rental Properties and Cause a Global Economic Disaster
- Buyer asking for last minute things (IL) is this a scam?
- Is real estate worth it?
- Seller contemplating pulling out with 10 days to close escrow
- Should I become a real estate agent?
- D.C. judge throws out CDC moratorium
- Can I buy a house if...
- No one can tell the future, but...
- This is the the current housing market situation in Long Island NY
- Questions on property purchases
- Pending then relisted for ~20% more
- Possibly buying from a friend. What to do (and not do)?
- Do I have to use a realtor?
- Sheriff sales / auctions info needed pls
- We are now looking at townhouses/condos
- Closing on my first home - is it OK to move in the next day?
- Confusing Agent or Unreasonable Buyers?
- Fannie & Freddie regulator on next steps in mortgage market reform
- Landlord selling duplex. Quiet Enjoyment Question (Connecticut)
- Tough Loss...
| I am sick of seeing listing photos where the realtor thinks they're an IG lifestyle influencer Posted: 05 May 2021 01:49 PM PDT Realtors, please stop with the instagram inspired photographs. I don't need to see a cliché sign that says "Home" nor do i need to see a close-up of a kitchen faucet with a natural bristle scrubby on the side of the sink. Just stop. Even the most high-end faucet is only $1500. A specific kitchen faucet will not make me fall in love with a house; i know how to change faucets. What i want are roughly to scale diagrams of the home's layout. Photograph the the breaker box so i know if it's been updated. In the text description, list the age of the major systems and whether they've been serviced on a regular schedule. Is this all too much to ask? [link] [comments]  |
| Federal judge overturns CDC's eviction moratorium Posted: 05 May 2021 08:24 AM PDT https://www.axios.com/eviction-moratorium-cdc-judge-22290142-d045-4f50-88eb-4ee71642c0c4.html " A federal judge on Wednesday vacated the Centers for Disease Control and Prevention's temporary federal eviction moratorium, which had been extended multiple times since being enacted by the Trump administration last fall." A lot of discussion on this forum about this topic. Well here we go. [link] [comments]  |
| Home buyers - are you increasing your budgets / offers in this frenzied market? Posted: 05 May 2021 07:49 PM PDT I find myself upping my housing budget and stretching it in order to attempt to win in this competitive market. I recently started to waive the appraisal contingency in all my offers (have already been waiving loan contingency) and found myself going over my initial budget on a home, since everything in the greater Los Angeles area is going about 50K+ above ask. I'm trying to buy anything in the 700K-1M range but recently started going above 1M which I never saw myself doing although i did take on a new job that pays a bit more. Is anyone else blowing up their original housing budgets? [link] [comments]  |
| Posted: 05 May 2021 06:31 PM PDT Has anyone walked away from bidding on a home that checks all the boxes and looks great because you just got weird/bad vibes walking through it? Hard to explain to real estate agent when it meets criteria, price is right, neighborhood good, and yet you don't want to offer because you just don't picture yourself living there and just feel off about it [link] [comments]  |
| Likelihood of buyer backing out Posted: 05 May 2021 05:28 AM PDT The buyer and I are $5k apart on their inspection asks. I am not being unreasonable (offering $11k), their quote for sewer replacement was just $6k higher than ours from a reputable company, so we provided our quote +$4k extra to get more in the middle. Feels reasonable to me. Waiting on their response. But if it comes back at their full asking I am very tempted to say nope. I realize that is a risk on our end, as we'd like to close with them and relisting doesn't guarantee the same offer price, but we aren't in a huge rush regardless. I also think it's a wash on our end, if we relist we take on additional expenses that would cover half of that $5k but it's a principle thing at this point. But, they have more to lose than we do. Asking a bunch of strangers since y'all can keep the emotion out of it and help me decide haha. If it matters, this is a current rental property we have. [link] [comments]  |
| Posted: 05 May 2021 11:23 PM PDT Blackstone, a private equity firm, has been buying up every residential property they can get their hands on. It's suspected Blackstone could be overleveraged on those residential rental properties which could cause a massive housing market and economic collapse. https://youtu.be/i8yc_QfWbiY - video speaking more in depth about this issue. [link] [comments]  |
| Buyer asking for last minute things (IL) is this a scam? Posted: 05 May 2021 11:10 AM PDT I've posted a few times on this sub, dealing with my nightmare buyer and their lender. Now the day before closing, they've decided they have more demands. The property I purchased had a cabinet that may have been installed in the kitchen before I bought the home in 2016 (If it was installed after the original cabinets, I have no clue) It is a very nice cabinet, attached to the wall in the kitchen, and serves as additional pantry space. It is in fine condition and opens up a ton more storage in the kitchen. Buyer did a final walkthrough last night and is demanding the cabinet be removed, as it is "loose" (its not) and "doesn't appear to be a part of original cabinetry." How they would know that, is beyond me. I actually went and found the photos of the original listing from when I bought it in 2016, and there it is, in the original photos, so its safe to say I did not install it, it was part of the original cabinets as far as I know and its not my personal property "to remove when I leave." They are claiming it is a safety issue as it's loose. I just went back and its not loose...you have to shake it pretty damn hard to get it to move, as any cabinets in the entire house or any house do. To top it off, my property is being sold "as is", signed in their contract. Inspection turned up no issues with an "unsafe cabinet". My real estate agent thinks they are going to "grandstand" at the closing and refuse to sign without some sort of credit. My lawyer says if this happens to yank the deal and take the earnest money. Anyone dealt with this before? Advice or what to expect is helpful [link] [comments]  |
| Posted: 06 May 2021 12:37 AM PDT I'm currently a senior, getting ready to go to APU college in California for a double Major in music performance and a business degree. I am on a full ride. I'm deciding what business degree would best help me in the real world (besides financing and accounting). I came across real estate and am wondering if I want this job for flexible hours (so that I can focus on my instrument) but also gain an income as a serious realtor. Would someone tell me if this is a realistic option as a career path for me? I'm good with talking to people. I have strong social skills. I am also wondering if this career would be stable if I work for it. I live in LA, CA. Let me know. Any advice appreciated [link] [comments]  |
| Seller contemplating pulling out with 10 days to close escrow Posted: 06 May 2021 04:03 AM PDT My wife and I recently got an offer accepted in SoCal after 4 months of losing out. We were initially looking in the Temecula/Murrieta area but realized we were losing out because we were going for the best homes that people in our budget range were going for. Mostly losing out to all cash offers that where anywhere from 8-15% over asking with all contingencies waived. We decided to expand our search and threw in other areas closer to my office but not as hot (yet). We also decided that we were open to doing renovation and took having a pool off our list. That weekend we received two counter offers and were the backup offer for one more. Suffice to say, we lost out on all the other turnkey homes. The best of the two homes was in Riverside in a beautiful community with million dollar homes. The house looked like it hadn't been updated since it was built in 1988 but had the dreamiest backyard of any home we had seen in our 6 month long house search (first 2 months was searching for a vacation home in the palm springs area). Home sits on 0.7 acres lot on a cul de sac with so many mature trees, a lagoon pool, spa etc. Out of the 30,000 sq ft 25,000 was perfectly manicured with the remaining 5k fenced off in the back for any future additions (adu, etc). We saw a lot of potential but only bid $22k over asking and kept inspection contingency since it was one of the older homes we were looking at. Due to receiving a multiple counter offer for the home (seller only request 30 days rent back and accepted all our terms), we revised our offer $5k higher and decided to allow the seller to stay there for free for the 30 days rent back they were requesting. Inspection came back with many minor issues here and there, but inspector said overall the home was in good shape and to focus on the big things. Such as termite droppings in attic and some wood damage, HVAC system and safety features that had to be fixed by law before escrow closes etc. Appraisal was also done during the same time window the inspector was there. House appraised at our offer. We then send the sellers a list of questions/things that had to be fixed before we moved in (6 items, 3 questions) . And requested $5k towards closing costs in the event they chose to let us handle it (termite fumigation a line for a home that size was $4k estimate). Two days ago, 19 days after opening Escrow, the sellers agent contacts us that the seller is contemplating pulling out because they are getting frustrated from losing out in the market. We had no idea they were even looking and the purchase contract did not have a contingency of them finding a home first. Supposedly, they saw a home they really loved, and were looking forward to seeing it, but the seller accepted an offer that was too good to be true so cancelled all other showings. This is very normal in this market and had happened to us a few times. Per the agent, they are getting discouraged and if they have to fix the items we requested then they're thinking they'd rather just keep their house. This was a list of 6 items, 3 of them mandatory safety items requested by law, 3 were regarding the termite issues, ac unit not cooling to standard, and the third was more of a question. There were many other issues we did not include since we considered them normal Maintenance and in a sellers market we didn't want to push it. We received official loan approval from the bank yesterday so sent the sellers a notice that we have removed all contingencies. Because going back into this market is our last option, I've looked in the past 2 days and nothing on the market gives me hope. Ontop of having to win another bidding war. The other two homes that we had our offers accepted on also are now in pending. Infact the one we were backup for initially was our first choice, but it fell out of escrow after 6 days, and we had already opened escrow on the Riverside home so decided to waive our backup option. That home has also since gone back into escrow as of yesterday. In the event the sellers decides to still cancel our contract, what due process do we have? How is this even fair. The financing is approved and we're now just waiting to close. We've spent money towards inspection, appraisal, pool inspector, paid a contractor to go look at the structure (during inspection) to discuss the validity of renovations i planned to make etc. We should know by the end of this week if they want to officially cancel the purchase. A part of me feels like they just want to re-list for more money. My agent has never seen a seller pulling out under such circumstances in her 20 yrs working as an agent. The sellers agent is actually one of the nicer ones we've dealt with. I've grown to have a disdain for sellers agents in this market. It'll be another 500 words if I'm to open that can of worms. [link] [comments]  |
| Should I become a real estate agent? Posted: 06 May 2021 12:09 AM PDT I've been thinking about getting my real estate license and becoming an agent. I read online that you only start to make good money after a few years but I wanted to know other people's experiences and how fast you start making money. I live in an extremely hot housing market, and houses go for around 300k. [link] [comments]  |
| D.C. judge throws out CDC moratorium Posted: 05 May 2021 11:07 AM PDT |
| Posted: 05 May 2021 10:15 PM PDT I want to buy a house but I don't have credit and I don't have a two-year work history (I want a mortgage), can I still buy house (and get a mortgage) , if yes how??? In California ..I don't know if this goes here... [link] [comments]  |
| No one can tell the future, but... Posted: 06 May 2021 02:00 AM PDT The title says it all. I know no one can predict what the market will look like in a year. HOWEVER. If you were me, in my shoes, what would you do? I'm 26, in a long term relationship (not married, yet), and have a solid, high paying job (healthcare). Liquid assets of 190k cash, ~85k in retirement/IRA/brokerage. I feel ready to buy, but houses in my area (Philly suburbs) have been very competitive, and any house that is in a halfway decent area in my price range (300-400k) feels like I'm settling. Fwiw I'm living rent free with my parents, but eventually would like to move in with my gf. Should I settle on a house I don't really love, bid over asking now, and just get a house? Or do I wait for something I really love, or at least avoid doing crazy things (waiving home inspection). Need some experienced advice. Thanks! [link] [comments]  |
| This is the the current housing market situation in Long Island NY Posted: 05 May 2021 01:42 PM PDT https://i.imgur.com/M4znid6.jpg and it'll probably go for over a million [link] [comments]  |
| Questions on property purchases Posted: 06 May 2021 01:29 AM PDT This is more of a general question but I figured this could be the right place for it. I'm a little short on cash as I'm paying my way through school, but I have a job contract for next year that comes with $15k signing bonus and about $4k/month with most of it not taxed (government). I'm looking at trying to find a way to get some sort of property I can live in for the next few years as I get settled in the world and I wanted to know what kind of options I might have. I've never bought a home, never had a car payment, have not yet taken any loans out for anything (might take some out for school if I can use my cash for something more financially reasonable). I was mostly curious if anyone has bought land/property in an auction, via foreclosure or estate sale, from police seizure, build on small urban plots of land, things of the sorts. I'm trying to live in a pretty urbanized area but rentals have gone up about 30-40% in the last year so I want some sort of other option. Experiences with similar issues, advice, etc is what I'd like to hear! Thanks [link] [comments]  |
| Pending then relisted for ~20% more Posted: 05 May 2021 06:30 PM PDT Has anyone seen this in their market? I see a house go pending, and then come back on market 2-3 weeks later for 15-25% more. [link] [comments]  |
| Possibly buying from a friend. What to do (and not do)? Posted: 06 May 2021 12:28 AM PDT Some background: My husband and I are about to move to a new city with an especially hot housing market. We are first time buyers and while our budget is high enough to be competitive, we're still looking at probably having to make multiple offers competing against people who are offering way above asking and waiving inspections. Recently we learned that one of our friends is selling their home in our new city. In short, their home is everything we're looking for. Great location and the exact style and size we want. Our friend texted us out of the blue asking about our moving timeline, sharing photos of the house, and asking if we'd be interested in looking at it. We obviously said yes and will be walking through it with them in a couple weeks. I'd love some advice on potentially moving forward with this, in the event we want to buy. We don't know yet whether they're working with a realtor already, or how much they plan to ask for it. At what point do we ask these types of questions? Would it be showing our hand too soon to ask during the walk through? We don't want to seem overeager, but at the same time I think it's telling that they came to us with this opportunity, not vice-versa. Also... then what? Do we pay to have it appraised/inspected? Is there anything specific we should say/do or not say/do? We know that mixing business and friendship is dangerous, and we're trying to navigate this as carefully as possible. We'd appreciate any advice or insight you may have! [link] [comments]  |
| Posted: 05 May 2021 03:16 PM PDT .21 acres adjacent to a property I just bought up for sale. I reached out to the owner (a church) and they were open to selling. I offered $2500 cash and they accepted today! Do I need a realtor to handle this transaction? Can we do this on our own? My realtor quoted $1500 in fees to handle it, but that just seems asinine on a $2500 cash sale. [link] [comments]  |
| Sheriff sales / auctions info needed pls Posted: 05 May 2021 12:26 PM PDT Hi I have seen quite a few properties for auction at sheriff sales . How does the property end up in sheriff sale? How do I participate in one? Like the opening bid is pretty less than the actual price..!!! Do I get to inspect the property before participating in auction...? I have lot of questions on this... Can anyone who have experience in this pls throw some light on this... [link] [comments]  |
| We are now looking at townhouses/condos Posted: 05 May 2021 05:44 PM PDT My wife and I like many of you have put in 10+ offers over the last year and haven't had any luck. We waive all contingencies, offer significant amounts over asking, write letters... all of it and still nothing. All the while listening to family and loved ones (most of which haven't bought/sold a home in 10+ years) make comments like "Wow that's a lot" or "I just don't want to see you make a mistake". While I understand their concerns unless you're buying a house right now you don't know what it's like to put an offer in at the very top of your budget to only get rejected the next day. For those reasons (along with having an 8 month old in an 800 Sqft apartment) we are now looking at townhouses and condos. We found a duplex in a town we like that's comfortably within our budget, new construction and a reasonable $150/month HOA (covers snow removal and landscaping). I do also see this down the line this becoming an investment property if the market settles down in 5+ years. This wasn't our original plan but this doesn't seem like a bad option for the time being. I'm curious if other people have done the same and what people think about this option. [link] [comments]  |
| Closing on my first home - is it OK to move in the next day? Posted: 05 May 2021 12:58 PM PDT I close on a condo in a few weeks that is move-in ready. No painting needs to be done, no repairs, no replacements, etc... I plan to have a cleaning crew come in between the closing and move-in, but other than that, am I missing anything? Is there any reason not to move-in the day after closing or am I over thinking this? [link] [comments]  |
| Confusing Agent or Unreasonable Buyers? Posted: 05 May 2021 11:26 PM PDT Our agent told us in March that the owner of an empty house with 60 DOM was never going to accept an offer with contingencies to rewire. We made the offer she advised us on & it was accepted over a full price offer because our loan is conventional and we stipulated no contingencies. We knew we'd have to eat some of the price of rewiring but also that we could walk away after an informational-only inspection. The inspection had no surprises but for one relatively minor issue that could become a more major issue: the sump pump outflow (outside the house) has a leak that sprays water under the vinyl siding onto the foundation, with some seepage into the only broken window in the place, which is a basement window. The inspector said the fix is very simple and it indeed appears to be a simple tightening of gaskets. We requested that the window be at least blocked off and the gasket addressed ASAP so further water damage doesn't occur during the underwriting period between inspection and closing (about 7 weeks total). We were told that was a reasonable request and it would be done. 5 weeks later we ask the attorney for confirmation that it's been done. We had observed (when meeting electrician at the house) that the window was covered with plexiglass so assumed it had been. Agent flips out, says attorney should not get involved, that she'll follow up with listing agent and there are still 2 weeks o closing so there's plenty of time. She called us and we reminded her that the whole point was to have it done ASAP. She then said that is "very unusual" as if she hadn't said 5 weeks ago (in writing) that it wouldn't be a problem. Proceeded to tell us the window had never been exposed, even tho it was, and it was even... photographed in the inspection report. We sent her the photo and reminded her of how it was she who had pointed it out at the inspection in the first place. She then says that it will be fixed right before closing, and the only way for it to be addressed now is to hire a licensed plumber through attorney agreement. It's a hose, outside the house. We asked if she or the listing agent could do it (which she said initially would be what would likely happen 5 weeks ago). She said no, she could lose her license. We said that's a ridiculous rule. She accused us of calling her ridiculous. We said "what? We thanked you, we also specifically said the rule was ridiculous". At this point I recognize it's not going to happen, and we aren't walking away from the sale in this market, despite it being a violation of the P&S. The agent is actually a friend of mine and has gone completely cold on me. I feel like this transaction has turned into us balancing managing her while trying to also prevent further damage to the house, and frankly suspect the investor owner who bought the place at auction last year and flipped it actually has no idea. I suspect the agent never addressed this or at least never told us it wasn't going to happen, or failed to follow up. She's made it clear that she thinks we are being totally unreasonable. I happen to know she is not busy because there are next to no listings and she's my friend, so she told me recently that this is a terrible year because she's not selling anything. I wasn't worried at all. I was excited. But now I'm worried. Am I being unreasonable? [link] [comments]  |
| Fannie & Freddie regulator on next steps in mortgage market reform Posted: 05 May 2021 11:25 PM PDT CNBC's Diana Olick talks with Mark Calabria, director of the Federal Housing Finance Agency, about the administration's next steps in its plan to end the conservatorship of Fannie Mae and Freddie Mac. [link] [comments]  |
| Landlord selling duplex. Quiet Enjoyment Question (Connecticut) Posted: 05 May 2021 10:56 PM PDT I've posted a related question before but I have a follow up question so I apologize. Long story short landlord is selling duplex that's in disrepair and the adjoining side is vacant. The first day it was for sale there were about 7 showings between 8am and 7pm. The next day there was around 12 Showings between the same times. (The realtor texted me the times) I requested the realtor lower the amount of showings and do so within normal business hours and he agreed so we have been ok with it so far. The only problem I have is when there are showings they are parking in my driveway even though my side is occupied and they are extremely loud next door banging around and talking loudly around the property including my side. I feel my quiet enjoyment is being violated.. do I have any standing here? I know technically I don't need notice for them to show the vacant side but I do have a right to quiet enjoyment of the home and it's hard when they are banging around next door and talking loudly outside not to mention people knocking on my door asking questions even though there is a sign not to knock and to speak to realtor. Of course even though my landlord is a terrible person, I want to avoid legal action if possible. For perspective our lease is up at the end of the month and we are in the process of moving out. [link] [comments]  |
| Posted: 05 May 2021 07:10 PM PDT First time home buyer here and I'm here to share my experience. For those who are frustrated, trust the process and keep at it. I live in a HCOL area and have been looking to get into real estate for more than 18 months. Initially, I didn't think that I could invest in my area so looked in another state where my money could go further. 6-7 months ago, I started to look in my area because that was more comfortable for me to manage, especially if I built a real estate portfolio. I was looking for the goldilocks property. Ideally a 2-4 unit MFH or SFH with an ADU (additional dwelling unit) so I have the option to house hack without roommates. I wanted to cash flow either immediately (extremely unlikely in my area) or after I move out. Something that doesn't require foundation work, move in ready, and preferably completely vacant (at least one unit). All within my price range. I'm competing with the lower half of the median price range in my market. Everything in bold are pretty much non-negotiable for my criteria. Last week, I spoke to my realtor late in the week and found a duplex. Area was fairly decent. It was an up/down duplex where one unit was rented but paying market rates (yes!). My realtor was able to book an appointment last minute and off we went. Up to this point, I had made 5 offers. Checked out the property. Large yard, it was definitely move in ready and the foundation, from what I could tell, looked like it was in fairly decent shape. Also, I was able to cashflow once I moved out. During our debrief and thought process, my realtor informed me that they wouldn't be surprised if investors to come and price me out - this has happened to me once already. At this point, I really liked it. I was hesitant to say I love this property because I don't want to get attached yet. I made up my mind that I would come aggressive. I offered $45k over asking, and this was right at the limit of what I could offer with a conventional loan and inspection/appraisal contingency. 24 hours later, I get a note from my realtor saying they countered all offers, and wanted $70k over asking, and were okay with both contingencies. This was semi exciting because it wasn't a flat out rejection. I unfortunately wasn't qualified for $70k over asking even with a FHA loan, but I could do +$65k with FHA, so I did that. Numbers weren't as attractive, but they still met my requirements. Moments ago, my realtor called and I could hear from the tone of their voice that it wasn't news I wanted to hear. The seller had mine and another offer in hand. They decided to go with the other offer. Apparently, the deciding factor was the fact that my loan changed to FHA. 💔 I'm secretly (not so secretly now) wishing that deal falls through and they come back to my open arms. Anyways, I heard words of encouragement from my realtor. They also said that we're getting closer and closer to closing on a deal. I'm understanding both this market, and what buyers are looking for so my outlook is dampened, but still quite positive. [link] [comments]  |
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