My area has now turned into “let me throw my crappy house on the market and see how overpriced I can list it for”. Real Estate |
- My area has now turned into “let me throw my crappy house on the market and see how overpriced I can list it for”.
- How is it fair when a company can buy a house and write off closing costs as a business expense but a family buying the same house cannot write off those same expenses?
- If there are so few houses on the market right now, why do appraisers take so long to get to the house? Why are we a month out?
- MO - offer was just accepted and our house under contract within 1 week
- Can someone just help ease my anxiety about this dang appraisal?
- Normal? Loan officer says we need to come up with money to bring down DTI and today was last day of purchase agreement.
- People who sold your homes recently: who were the buyers?
- Buyers requesting photos for estimates
- Anatomy of a winning offer (from a sellers POV)
- pointed in the right direction
- Asking for furniture when buying condo?
- Breaking our contract?
- NFCU
- [SoCal] How to make an offer stand out?
- Owner occupant purchasers only?
- Question about USDA income reqs for guaranteed loan
- Buying from Main Street Renewal
- Concerns buying a home with current tenants?
- I'm getting cold feet. I'm looking for thoughts and opinions.
- Building a 3000 sq feet on the lot
- Signed a lease/purchase agreement last year, now the home price is skyrocketing..
- Using relative as realtor
- Any advice is greatly appreciated!!!
- Maintenance of 2.6 Acre Lot
| Posted: 07 May 2021 08:45 PM PDT I think the downturn in the market is coming, now it's just overpriced shit in my area and people aren't taking the bait. [link] [comments]  |
| Posted: 07 May 2021 02:25 PM PDT In such a tight market we keep hearing about investors buying houses. It's really unfair, in my opinion, that investors can write off required costs as expenses, but a a typical home buyer cannot write off those costs. Why do we subsidize investors buying real estate but not owner occupiers buying real estate? [link] [comments]  |
| Posted: 07 May 2021 08:47 AM PDT Something is worth whatever someone is willing to pay for it. If a bank disagrees, that's not what I'm asking. Take an all-cash deal, if someone offers $500k and someone else offers $550k, what is that house worth? [link] [comments]  |
| MO - offer was just accepted and our house under contract within 1 week Posted: 07 May 2021 12:52 PM PDT We live in central Missouri and outgrew our 3 BR 2 Bath 2 car attached garage house. It sits in a quiet subdivision on a large fenced in lot. Asked $129,900 but accepted an offer for $140k on a conventional loan. That was last night. We had several showings not even in 24 hours and 2 offers. We put it an offer Monday with a contingency that our house sells. It is a 5 BR 3 Bath house with a 16x32 inground pool. Asking $250k, got it for $225k. Using my VA loan. Excited to be getting a new, bigger house and a pool. Should be a good time as long as everything goes smooth. [link] [comments]  |
| Can someone just help ease my anxiety about this dang appraisal? Posted: 08 May 2021 02:17 AM PDT So we have been looking for a house for a while. For our jobs we have to live in a specific county and we only like a few areas within the county. We finally got under contact for a house! We bought it off market and had to waive inspection and appraisal. Prior to going under contract our realtor was like offer 250. We get home talk about it and want to do 242. She says you really need to consider 245-250. So fine 245. We begrudgingly waive the inspection and appraisal because we really like this house, been looking for a long time, tired of playing the game, have to live in this specific county, etc. etc. Now we get to the appraisal (has not been done yet) and I, being an anxious person, am like it will appraise right? And she is like 🤷🏼♀️. Can she legally not tell me yes or no? The comps in the area are hit or miss. A lot of investors have been buying crappy houses (that just happen to have decent square footage), redoing them and renting them out for stupid amounts. The house directly across the street sold for 235 in the last 2 weeks. Our house is a bit bigger, nicer, has 2 decks, fence and the lot is a little bit bigger. It's going to be fine right? TL;DR I bought a house for 245. House directly across the street sold for 235. My house has nicer finishes, a tad bigger square footage, 2 decks, a fence, and is a bigger lot. It will appraise. Right? Edit: realized I left an important part out. We did a cap at $8k so we would have to renegotiate if it appraised for less than 237k. But now I really wish we didn't because of the stress. [link] [comments]  |
| Posted: 07 May 2021 10:41 PM PDT Understandably we know the market is insane and we won't get a hold of the loan officer from the mortgage company that easily but my gut tells me something is off. Brother and mom were applicants for a house (new construction). Mom was applying as non occupying borrower. Everything seemed fine with the process until we get a call today and loan officer says my moms DTI is too high so we'd have to prove cash reserves or pay off some debt. My brother asked how much time they had to pay that off and she said by end of the day today. They got called about this at 2pm. And unfortunately, they don't have an additional 20k to pay off a car loan to satisfy the DTI needed to proceed with the loan. Does that seem fair that they didn't get more time to think of a plan B? To be fair, the loan officer told us she wanted to bring this up so that she could proceed with a loan denial and we wouldn't lose our earnest money. But is that really in her best interest or am I thinking way to skeptically of the situation and not facing reality. [link] [comments]  |
| People who sold your homes recently: who were the buyers? Posted: 07 May 2021 11:10 AM PDT I am writing to test my theory that the majority of the cash buyers that end up winning bidding wars are not working individuals but companies that buy to invest. Has that been your observation as well? [link] [comments]  |
| Buyers requesting photos for estimates Posted: 07 May 2021 06:56 PM PDT We're at the repairs negotiation phase, and the buyers are asking me to send photos of a retaining wall that they want repaired. I'm not totally opposed to this, but I am concerned that these will solely be used to create a repairs estimate. I prefer the estimate be written up by someone who actually had eyes on the wall. Is this a normal thing to request, and is there any harm in sending them? [link] [comments]  |
| Anatomy of a winning offer (from a sellers POV) Posted: 07 May 2021 08:57 AM PDT We recently accepted an offer on our home. Most offers were in the same range but some offers really stood out good and bad. Everyone was over asking. We had over a dozen offers. Hoping some here will find this helpful.
So what did we accept? Sorry to disappoint everyone, but waived inspection won out. It was not the first or even 2nd highest and it was not all cash. They had a relatively low down payment, but specified what they could cover for an appraisal gap. We did not have to negotiate anything on the offer and were able to accept it as written. Our realtor is very clear he would never recommend any of his clients waive inspection. From what I've been told, they brought someone who could evaluate the house during the walkthrough to waive it. There's no major issues with the house you wouldn't see in a walk through, but it avoids any possible renegotiation scenarios the higher offers might request after inspection. What would be my advice to those looking right now? Find someone you trust can judge a home to waive the inspection. Hire someone if you can afford it. You'll be paying someone anyway if you win with an inspection. Your offer will be far more attractive at any price point without it. Quick edit:. I want to be clear I would not recommend straight waiving an inspection. If you can find an appropriate alternative then you can get a better deal. I heard someone would book a 2nd appointment, with an inspector, on a house they were going to put a bid on. Being creative can pay off. [link] [comments]  |
| pointed in the right direction Posted: 07 May 2021 10:09 PM PDT I just recently finished reading the book "The wall street journal complete real-estate investing guidebook by David crook" After reading the book I have an Idea as to what I want out of buying real Estate, personally I have no interest in traditional housing for families, I want to get or build a small rental property on some land I buy, I wanted to build some of those long rectangular box like apartment units with about 4 minimum to 5 max studio or small 1 bed room units, I was gonna live in one unit and be the landlord onsite and rent the other units out. I wanted to get two of these style units built on a half acre that's the goal, I understand there's a lot to go into this such as zoning, permits and loans, as of now there's a lot I still need to learn such As I'm still trying to find out which companies I can go get loans for buying land and building units like this, I tried my bank and they don't do those loans, I need recommendations for such, besides that I need to get some books on landlord law and tenet rights books and other books that cover rental property tax avoidance laws so I know how to depreciate the property on my tax returns to save money on taxes. As of right now I'm not looking to pull the trigger on this with the market conditions with the high cost of lumber and the buyers market driving the cost of housing up, I'd much rather wait until the market tops out or crashes in 6 month to a year, I'm basically trying to get book recommendations to understand what I need to know. My personal situation, I live in Arizona, have about 30 grand stashed away, no debt whatsoever and I could stash an additional 10 to 15 grand away by spring of next year if I kill it on overtime making my total cash saving 40 to 45 grand by then, my credit score is about 730 as well. major pointers I need. -book recommendations -where can I get loans for building such property -any other pointers I might need to know your Time and advice is much appreciated. [link] [comments]  |
| Asking for furniture when buying condo? Posted: 07 May 2021 02:36 PM PDT Hey y'all, First time homebuyer!! I'm in the NYC area and I entered a contract to purchase a condo. At this point I don't know much about the sellers, but I was wondering if it's weird to ask to purchase any furniture? When I move out of my current place, I'm not taking 60% of my furniture.. so I figure if they don't even want it I'd be doing them a favor? Is this weird to ask? When would it be appropriate? [link] [comments]  |
| Posted: 07 May 2021 12:48 PM PDT I'm closing next Wednesday. No later then next Friday since our agreement says 5/14. I've been cleared to close, everything is fine on my end. UNTIL my realtor just told me my sellers went on vacation until 5/17?!!!! We've been knowing our closing date is no later then 5/14 since 3/28. I read our contract again and it states I am to take occupancy and possession on or before 5/14, the sellers signed. What can I do about this?! My realtor is in Mexico for vacation but will be back Monday. The sellers aren't out of the house and I HAVE to move next weekend or now me and my kids are homeless! The sellers knew I was taking occupancy and they decided to go on vacation until 5/17.... what the?! What can I do?! They want me to sign to close on 5/12 but why would I want to do that when I can't even have the keys like I was supposed to? I paid $1k ernest money, could I get that back? [link] [comments]  |
| Posted: 07 May 2021 05:29 PM PDT Has anyone ever been denied for a Navy Federal Credit Union mortgage and went through the appeal process? If so, how did it turn out? [link] [comments]  |
| [SoCal] How to make an offer stand out? Posted: 07 May 2021 05:52 PM PDT Hey all, First time homebuyers looking near the greater LA area of SoCal. Conventional with 5% down. After losing out on a couple homes so far we've found one in an area we love that checks all our boxes. All we know from the sellers agent is the home is 'priced to sell' at 600k. We want to make sure we do everything we can to put out the best offer for this house - so what should we do? Waive contingencies, offer $ for an appraisal gap? We won't waive inspection, and our realtor suggested most buyers in this area aren't removing contingencies, but I don't know how true that is... the last two we lost out on had larger down payments. Thanks for any advice. [link] [comments]  |
| Owner occupant purchasers only? Posted: 07 May 2021 08:02 PM PDT Hey there! I saw a listing for a home that is owner occupant purchasers only and it caught my eye! It requires some investment for repairs, but all in all looks like a great opportunity for me!! It is in a different city than where I currently reside, but even though I like where I currently reside, my present life circumstances are such that I could have flexibility to live elsewhere for the next year or two. Anwyay — what all is entailed / required of listing that are owner occupant purchasers only? Have you seen someone do a move for this? What are risks? Any other considerations? TIA! [link] [comments]  |
| Question about USDA income reqs for guaranteed loan Posted: 07 May 2021 07:36 PM PDT My wife is an RN and has been receiving a "retention pay" addition to her hourly wage. With this retention pay, we are pushed over the limit, but this retention pay has only been in place a few months, was recently reduced, and will be ending this year. Will this retention pay actually count towards the gross income used for determining eligibility? [link] [comments]  |
| Buying from Main Street Renewal Posted: 07 May 2021 03:26 PM PDT Does anyone here have experience purchasing a home from the property management company Main Street Renewal? I currently lease a home of theirs and am considering making an offer when the lease is up. I would be a first-time homebuyer, so I know very little in general, but nothing about buying from a property management co. Does anyone know the steps I need to take? I don't want to reach out to MSR just yet about my interest, as I am still considering my options. Thank you so much for your assistance! [link] [comments]  |
| Concerns buying a home with current tenants? Posted: 07 May 2021 06:53 PM PDT I just got an offer accepted (yay) but the seller has a family renting it until the end of June at the latest (contractually and the renters can levee early unpenalized) and they have been notified of the intent to sell. I really like the house but I was just wondering about the possible downsides to something like that. Thanks! [link] [comments]  |
| I'm getting cold feet. I'm looking for thoughts and opinions. Posted: 07 May 2021 01:55 PM PDT Here's my situation I'm a first time homebuyer and in the process of buying a condo. The contract has already been signed. the initial inspection has already happened and ernest money is in escrow($12k). We're just waiting onthe appraisal to be done. Closing date is early june (people are currently renting the unit; their lease ends end of may). And I'm getting a serious case of cold feet. So why did I put in an offer? The unit itself is beautiful. The current owner did a really good job (and clearly spent money) to maintain it. The inspection showed only a few minor and those will be easily covered under credit. The location is pretty great. And it's a good price (well under budget). And to be honest, I kinda got swept up inthe moment. I'm shopping with my GF. It will be only my name on the title and mortgage, but I'm been trying to be accomidating to her, So I've made some compromises. We went to probably a dozen showing and nearly (but decided to not) put in an offer on another place. For this place, right after the initial viewing, she was super excited. I was really happy with the look and feel of the condo. It was only after I stewed fora bit my other concerns popped in my head. And part of it was, places are getting gobbled up quickly. We've looked places only for them to go off the market within days. 1 viewing we had scheduled was cancled because the seller accepted an offer. So I was admittedly feeling the preasure to make a decision quickly. The 3 things that keep popping in my head. Part of me is concerned for my dog she's 9 years old now. the condo is on the 3rd floor. She can handle the stairs fine now, but in 3-5 years? going up and down those stairs every time she needs to go to the bathroom will be problematic. Part of me doesn't like the backyard...or lackthere of. Part of me always imagined owning a house not a condo. I feel kinda stupid for getting swept up in the moment because some of the reasons we passed on the other place are very similar to my concerns about this place. It was also onthe 3rd floor and I was worried about my dog....it was also much more expensive. And regardless I am kinda panicing about spending a huge amount of money and making a very long term commitment. Am I just grasping at straws in my panic/anxiety? are my concerns legitimate? [link] [comments]  |
| Building a 3000 sq feet on the lot Posted: 07 May 2021 10:28 PM PDT Hi guys I was thinking of buying some land from a friend in California in San Joaquin county, does anyone know how much would the county fees and permits cost just a rough estimate the land is about an acre with no sewer system. [link] [comments]  |
| Signed a lease/purchase agreement last year, now the home price is skyrocketing.. Posted: 07 May 2021 04:30 PM PDT Hey there! My wife and I negotiated a lease purchase agreement with a friend last year with a 2 year option to buy by August 2022. To make a long story short, building our credit is taking a terribly long time, even with good car loan payment history and secured credit cards, etc. We are worried about not being able to qualify for a loan by the end of the lease period and will lose the house. (This is our current residence) We have 2 questions: 1) The home's value has skyrocketed since we signed the lease, though our price is locked in far below the current estimated value. Would that help our mortgage application? 2). Will the fact that we we can prove a consistent high income and work history have any effect on our ability to procure a mortgage if we don't meet the credit score requirements? We have 2 months of bills saved. Separately, we have any closing or purchasing costs set aside. Our monthly lease payment includes money that will be set aside for a down payment, though I am a veteran and we hope to do a VA loan, the down payment will still be paid. [link] [comments]  |
| Posted: 07 May 2021 09:52 AM PDT What is the general consensus on using a relative as your realtor? My husband did not want to use a relative of mine because he said that it's business and prefers to keep that separate from family. [link] [comments]  |
| Any advice is greatly appreciated!!! Posted: 07 May 2021 10:20 PM PDT I'm looking for opinions on how I can make my offers look better. I've been making offers of 10 - 15k over asking with 100k down. I've also been guaranteeing the offer after the appraisal. Please help!!! Any advice is greatly appreciated. I'm in located in Phoenix, AZ. [link] [comments]  |
| Posted: 07 May 2021 09:46 PM PDT Planning to buy a house that sits in a 2.6 acre lot in the burbs. Half of the lot is filled with trees. I was wondering how much maintenance and expenses should I expect having this size of a lot in the Chicago Suburbs? Any advice? Thanks. [link] [comments]  |
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