Just bought my first house! Real Estate |
- Just bought my first house!
- Anything renters can do about aggressive realtors showing up at our home, sending letters and calling? It's starting to feel like harassment.
- “Wait Until Next Year”
- We're in escrow!
- Builder not able to purchase lots due to "lis pendens"
- Bought a home with a “new roof”, that was a lie. What can I do?
- Would you share the appraisal results with the seller?
- Waiving appraisal contingency - consequences?
- Buyers, what’s your appraisal experience under the current market?
- Any hope that inventory increases by June July?
- How bad are houses with driveways and front yards sloping towards the house?
- Advice on choosing first home?
- Affordable houses near Chicago?
- Repairs and nervousness regarding selling
- Landlord Asking me to show apartment
- Biggest hurdles when starting UK estate agents?
- The construction of large new apartment buildings in low-income areas leads to a reduction in rents in nearby units. This is contrary to some gentrification rhetoric which claims that new housing construction brings in affluent people and displaces low-income people through hikes in rent.
- Sold house and unable to find a new one. Options?
- (AZ) A thanks from an appraiser to my agent
- What is the point of “coming soon” listings?
- [CA, US] Name was previously on parent's home and mortgage, Am I still considered a first-time home buyer? Can I still take advantages of benefits for first-time home buyers?
- Is refinance worth it?
- Does anyone consider home buying fun
- Are we crazy for wanting to sell our current home and then rent another for a while until the market settles?
| Posted: 10 May 2021 10:08 PM PDT After months of losing offers, I finally won a bid. Paperwork is all set. Money is in the bank. Waiting to close. I'm so excited I can't sleep. Just had to share somewhere. If you're struggling out there, just know that it can and will happen. Good luck to you. [link] [comments]  |
| Posted: 10 May 2021 01:16 PM PDT We rent a home. We have around six months left on the lease of a home we've been renting for 3.5 years. Until last summer, we would get letters every now and then from realtors that wanted to let our landlord know they wanted to help him sell the house we live in. No big deal. However, like most areas of the country at the moment, ours has a big shortage of homes available for sale. In the last few months, agents from various real estate agencies in our area have really ramped up their efforts to get our landlord to sell the property. They send letters with pictures of our house (to include our vehicles in the driveway.) They stand in the street and discuss the property at length. They park their vehicles with company logos in front of the house and take pictures. I've even had them knock on the door to ask how long is left on my lease because a neighbor told them the house was a rental (after she pretended she thought I was the owner and then let it slip about the conversation with the neighbor.) Our landlord lives overseas. Our dealings with him are all through a property manager who is also a realtor. I asked her recently if she thought he was going to sell and she said he has expressed no interest in selling and that she anticipated that if we wanted to continue renting, he'd have no problem renewing the lease. I told her about the increasing activity and she just kind of waved it off and mentioned the crazy market. She did say that as long as they weren't on the property, there's not much I could do. This is all very frustrating. I just want to sit in my home without looking out of the window to see someone taking pictures, or bring in my groceries and go check my mail without dodging the real estate feeding frenzy. It sounds crazy but all of this is giving ME anxiety about the housing market even though I have no intentions of trying to buy or find another place to rent right now. It's honestly making me feel paranoid that he's maybe going to sell the house even though he hasn't said anything and I will have to scramble to find somewhere comparable to live. If I hear my kids say, "Mom! Someone's taking pictures of the house again," I'm going to lose it. [link] [comments]  |
| Posted: 11 May 2021 03:02 AM PDT Why do older generation aka parents always say "wait until next year, things will cool down"? Or "wait until next year, everything is over priced". This is not a rant or anything, more so a discussion. Looking at historical data, the average value of a house has been rising since the 1950s. An upward trend until the peak just because the crash of 2008. An upward trend meaning, overall positive. There may have been small decreases if you compare year to year but this looks to be at a micro level and not a macro level. So all in all, if a house has been appreciating for the past 50 years, where does the logic come into play that things will drop drastically in price in one year? —Edit— Another thing that I realized is a lot of parents went through the crash of 2008. Maybe this is why they believe such a depreciation will happen? [link] [comments]  |
| Posted: 10 May 2021 02:47 PM PDT OMG! I didn't think that this day would ever come!! We did it! We found a needle in the haystack! We live in Portland, OR where the housing market is insane (much like everywhere else). We must have seen 10 houses this weekend, alone, and almost took this one off our list because it was going to be at the top of our budget and we wouldn't have been able to compete if others offered on it. Thank goodness we didn't. We knew as soon as we walked in, it was meant for us. We put an offer in that night and by the next day, we got confirmation. Now we are scheduling inspections and in escrow. The best part is we didn't offer a ridiculous amount over the asking price! We wrote a compelling love letter to the sellers and had a strong offer with good terms. I am here telling you it will happen for y'all. Keep it up and keep going. We are in our mid 30's, both with good salaried jobs, and have a good amount saved up for down payment + closing costs (3.5% for an FHA loan). We aren't broke by any means, but searching in this market sure made us feel that way. You don't have to offer an arm and leg to get a place, and if you do- maybe it's not worth it or meant to be. [link] [comments]  |
| Builder not able to purchase lots due to "lis pendens" Posted: 10 May 2021 05:51 PM PDT First time home buyer here. After several failed attempts to buy a home in the last 9 months, I gave up and signed up for a new home construction. I paid the earnest money deposit, paid 50% of the design center upgrades and was eagerly waiting for the construction to start. I got an update today from the builder that they are unable to purchase the lots from the developer as there is a "lis pendens". I am not a lawyer but what I understand is that another builder has filed a lawsuit against the land developer and the developer is now unable to sell lots to any builder. I do not understand how my builder ended up in this situation. How did my builder "sell" the lot to me by entering into a contract with me? Is this how new home construction works? Do builders sell lots in advance which they do not even own? Builder says that this issue will delay the construction by several weeks, but I have my doubts.
This is in North Central Texas. I am really frustrated with all this home buying experience and I know I cannot do much now as the contract I signed is all builder friendly. [link] [comments]  |
| Bought a home with a “new roof”, that was a lie. What can I do? Posted: 10 May 2021 10:35 AM PDT I bought a home in September that was advertised as having a new roof, plumbing, and electrical. Obviously it was a fixer upper that was being flipped, but everything seemed to be in order. 2 weeks after closing, we get a big rain storm and I notice a SEVERE leak along an interior wall. Long story short, after months of trying to schedule a time to meet with the supposed roofer the seller used, I had another roofing company come out to take a look at the issue. The roof is NOT new, and has at least 2 patches that are failing. The roofer is estimating 2,000 worth of work. What can I do here? I'm a first time home buyer and feel like I've gotten myself screwed over. [link] [comments]  |
| Would you share the appraisal results with the seller? Posted: 10 May 2021 09:08 PM PDT I know I bought my condo for very cheap, and my condo appraised 5k over the price that we agreed on (and that was a very low appraisal). I just got word through my realtor that the seller wants to know the results of the appraisal. Would you tell the seller? [link] [comments]  |
| Waiving appraisal contingency - consequences? Posted: 11 May 2021 02:20 AM PDT Hello, My realtor is saying to be competitive in the current market in SoCal I will have to waive the appraisal contingency. So my question is what are the consequence? The realtor still recommend that I get an appraisal done right when the offer is accepted, but if it comes in much lower then the property worth and I want to back out will I lose my initial deposit? I plan to do a 20% down. The realtor said I can back out anytime before 21 days (expected close of escrow) without any penalty, how true is this? Thank you! [link] [comments]  |
| Buyers, what’s your appraisal experience under the current market? Posted: 11 May 2021 12:38 AM PDT In my state (MD/DC/VA), hot homes we've seen in our price range (1m - 1.5m) are almost always sold 10-15% above listing in three days. The market is completely nuts. Since we are waiving all contingencies, we are worried that we have to pay a lot out of pocket if appraisal is under sales price. Can you share with us your appraisal experience under this unprecedented market? Is it within a reasonable range of the price you offered, much higher, or a lot lower? [link] [comments]  |
| Any hope that inventory increases by June July? Posted: 10 May 2021 06:34 PM PDT My realtor is very successful and even he's said that typically a month in April or May is high in general for selling a home! He said that in June July is when inventory increases but I wanted to see some opinions of due to high demand do you guys think that's true? [link] [comments]  |
| How bad are houses with driveways and front yards sloping towards the house? Posted: 10 May 2021 04:59 PM PDT Hello Looking to buy a home, the region I'm looking in has a lot of hills. Some of the homes I'm looking at are on a hill where the front yard and driveway are sloping down towards the home. Are these homes prone to water damage when it rains? What should I look for or ask about when viewing? [link] [comments]  |
| Advice on choosing first home? Posted: 11 May 2021 04:14 AM PDT I am looking at purchasing a first home (apartment/condo), and I am looking for books or resources to look at that would help me narrow down what I am looking for. I don't know which factors to consider. I am looking in a large city, with a large suburban area, as well, and while I know it well, I feel confused about how to choose neighborhoods, age of building, how to judge build quality (is it a crapshoot condo or something that will turn into a century-old apartment?), and more. I would be living here, but I would also want good resale value, something that at least keeps up with inflation if not more, after all expenses. Are there any books you've personally read or websites you'd recommend? [link] [comments]  |
| Affordable houses near Chicago? Posted: 10 May 2021 10:01 PM PDT I'm from the south and I potentially have the opportunity to move to the greater Chicago area. It seems like the houses are pretty affordable over all. I see that the property taxes are ridiculous and I know it's crazy cold in winter but any other catches besides those? Do people not want to live here for some reason? What am I missing? Edit: As usual, many conflicting opinions and I'm more confused than when I started haha [link] [comments]  |
| Repairs and nervousness regarding selling Posted: 11 May 2021 03:26 AM PDT Hello all, So my partner and I are separating which means we are going to sell our home. We haven't reached out to a realtor yet, but honestly I'm nervous to. Our house is older and is nice in parts, but I'm worried with all the little repairs that it needs, I won't be able to sell it. For instance...
I guess what I'm asking is if it's even worth reaching out to a realtor with all the issues this house has. I do have about 40k worth of equity in the house, but I just don't see me walking away with much or even being able to sell it at all. Maybe I'm being pessimistic though. Thanks for your help [link] [comments]  |
| Landlord Asking me to show apartment Posted: 10 May 2021 07:50 PM PDT I'm currently renting a short term rental in AZ (2 months) and the landlord is now asking me to show the apartment to prospective tenants myself. I understand making availability to show the apartment (which is still slightly weird for a current short term rental), but have never heard of having to show the apartment myself. This was never discussed before signing the lease, at move-in, and is not discussed in the contract. I have never heard of something like this before so looking for advice. Landlord has been fine up to this point (no problems, but haven't asked for anything either), but this seems like a highly irregular request. Don't want to make a mountain of this, but this seems highly unreasonable. [link] [comments]  |
| Biggest hurdles when starting UK estate agents? Posted: 11 May 2021 03:07 AM PDT Hello everyone. I am based in the UK and have been working at a regional estate agents for a while now. Since my skills and confidence in the industry has increased I would like to start my own estate agents. Can anyone here shed stone light on what will be the biggest challenges I will face? [link] [comments]  |
| Posted: 10 May 2021 05:21 AM PDT |
| Sold house and unable to find a new one. Options? Posted: 10 May 2021 08:28 PM PDT We close on the sale of our house on June 3rd, and the buyer offered us free rent back until July 3rd. We have lost offers on many houses and can't seem to win. They were all pretty aggressive offers. Last offer we were 2nd. So essentially we have 3 weeks before we close and I'm brainstorming what to do if we can't find a place before we have to be out. 2 adults, 3 kids, and 2 dogs. What would you do in this situation? There is literally nothing to rent that accepts pets in our county. This isn't Seattle or Cali, this is rural Pennsylvania. [link] [comments]  |
| (AZ) A thanks from an appraiser to my agent Posted: 10 May 2021 09:05 AM PDT This could be a massive block of text but Ill keep it short. We were not expecting to shop for a house right now but we got surprised with my wife being pregnant with our 3rd child. Our current home is a bit tight to fit a 3rd kid in so we decided to look. Because I have access to the MLS here in AZ (which I really like and its a great tool) I'm able to search for stuff really quickly and have direct contact with agents. We found a house we really liked that happened to be right next door to some good friends of ours. It seemed way over priced and was active on the market at the time for something like 80 days. Which is an eternity here in Phx. I did a back of the napkin valuation on it and figured its about 100k over priced. It is a unique house but was way over priced. I called the agent directly and asked if she would be interested in dual agency for our purchase and offered to have her also sell our current house. She was surprisingly un interested and not helpful. I had recently met an agent I liked on an appraisal I did and I called him asking if he wanted to be an agent for us. He agreed and I filled him in on what was going on. He gave us some great advice and we put an offer in on the house. We offered something like 125k less than asking. They came back offering 25k under their asking. We backed out after that. Short time later we found a 2nd house. It was a pre-listing "coming soon" house in a great neighborhood. The listing said it needed work. My wife wanted to go check it out and we had our agent sign up for the pre listing walk through. They only showed it for one day, for like 3 hours and had 5 offers. We offered asking price and the next day were asked to offer our "highest and best". Asking was our highest and best so our agents gave a 5k credit from their commission. We won the contract! We had to move quick after that to get our current house ready to sell. Our agents were total pros in handling showings and offers. Both houses are now closed and we have absolutely gutted the new house as it did need work. I was hoping to handle everything by myself but our agents were great and things went pretty smooth. While we were under contract we got a call from our friends that live next to the first house we offered on. They asked if we were interested in buying the house because they were upset with their agent and their house had been on the market for over 140 days at this point. Oh well. Here in AZ we feel like we were blesses that our first "real" offer was accepted and we are in a great neighborhood. Thanks to our agent for being pretty awesome. [link] [comments]  |
| What is the point of “coming soon” listings? Posted: 10 May 2021 11:07 AM PDT I find these so annoying - why list a property when you can't go see it? Some of them are posted on Monday and cant be shown until Friday?! What is the point of this ridiculous listing status? [link] [comments]  |
| Posted: 10 May 2021 09:33 PM PDT My parents bought their home some time ago, then added my name to the home and mortgage some time later, when I was old enough. Due to some circumstances last year, they removed my name from the home and mortgage. I guess due to my name being on my parent's home, I could say I owned a home for few years. I'm getting prepared to buy my first home. Due to my name previously being on my parent's home and mortgage, am I still considered a first-time homebuyer? Does it only apply if I went through the home buying process? What if my spouse and I are buying a home together and she's a first-time home buyer? Due to my previous ownership, are we still considered first-time home buyers? Can we still take advantages of the benefits for first-time home-buyers? If so, where can I find a list of benefits for first-time home buyers? I recently spoke to a loan agent from a major US bank, and my past ownership and name on parent's mortgage, didn't come up in the conversation. I guess it doesn't really matter whether or not my name was on my parent's home and mortgage before? [link] [comments]  |
| Posted: 10 May 2021 02:39 PM PDT Currently looking at going from a 3.8% 30 year on year 25 to a 2.5% 20 year My monthly payment would increase by about $30 a month but I'd be cutting 5 years off the term. Closing costs out of pocket are about $2500 [link] [comments]  |
| Does anyone consider home buying fun Posted: 10 May 2021 12:11 PM PDT When I started this journey I thought it was going to be fun going and looking at different houses and imagining all the possibilities. I am a first time home buyer. In this market I quickly realized things weren't fun. We missed multiple houses because we wouldn't waive inspections. Then we waived inspections and got one under contract. Then came dealing with the lender which has only be bad because it's been such a waiting game to here back on an approval. I here of all sorts of real estate moguls talk about how great real estate is and I just wonder if this is how the process is for everyone and as you get use to it, it starts to be fun? Or if it's always stressful and I unpleasant . [link] [comments]  |
| Posted: 10 May 2021 07:53 AM PDT So we live in the Orlando, FL area which is a crazy market right now due to the usual pandemic craze, as well as a lot of people from up north trying to move here. We've had some issues with this house we bought 4 years ago (all fixed) that have made my wife absolutely hate living here, and she wants to move ASAP. Searching for a house to buy has not been easy obviously. Would it be a bad move to switch to renting somewhere else for a while and sell our house? Decent rentals are at least $400 more a month than our mortgage, but we owe $140k (bought for $160k) on the house and could likely get somewhere around $250k for it right now so it seems worth it... Edit: Comments seem to have confirmed that we should still buy if we want to move. A lot more responses than I thought I'd get too. Thanks yall! [link] [comments]  |
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