People aren't even doing home inspections now??? Real Estate |
- People aren't even doing home inspections now???
- With the frenzy of hone buyers, I feel like I have no choice, but to buy land and get my own house built. Any advice is appreciated.
- Crazy how 100k over is nothing these days….
- Any other buyers just give up and decide to wait, are you gonna look in a year? 2 years?
- Are there any cities/states that real estate isn't crazy in right now?
- Venting: missed out on fsbo gem
- Sellers staying past occupancy agreement
- Closed two weeks ago house flooded
- Are Adult Communities Supposed to be That Much Higher?
- Should a $600-$700 HOA fee be a dealbreaker?
- How often do listing agents exaggerate or straight up lie about interest/other offers?
- Realtor was a no show
- Short sale, looking for guidance
- Pre-listing house (Good or bad idea?)
- Do we even have a chance?
- Lenders not verifying past tax paper returns due to backlog?
- Why aren’t large offers over asking being reflected in property sales data?
- Bay Area Free Standing Condo Without Parking (Red Flag?)
- Have Realtor, but found Seller myself. What to do about Realtor?
- Rent Out Primary Residence 6 Months After Refinance
- Buying a single family home in SF/nearby cities
- Septic nightmare
- What is the one or two things sellers always forget to do before listing photos (my realtors helping) but curious about others previous missed items
- First Time Homebuyer In Need of Advice
- House hunting spreadsheet
| People aren't even doing home inspections now??? Posted: 02 May 2021 05:38 PM PDT House listed at 788. Offered 820. They came back and said there were other offers so we could counter but we had to agree to no home inspection, no termite inspection. I won't even buy a used car without an inspection and I'm supposed to spend that much on a home? Long run, turns out it didn't matter anyway because someone offered $900. $900 on a $788 without any inspections. Absolutely insane. Who are these buyers and where are they coming from? [link] [comments]  |
| Posted: 02 May 2021 07:34 AM PDT Typically millennial here. Living at the parents. Wanted to buy home for years, but of course it just gets worse. If I can't buy a house, why shouldn't I buy land zoned for residential. Look through some home plans, do the research on what needs to be done. Permits, process of getting a home built. Hiring contractors, etc. At the rate of home prices increasing, I should be saving a ton of money this way by getting my own home built. Or I'm thinking I will. Or are materials and contractors charging up as well and I will actually be overpaying just as much? [link] [comments]  |
| Crazy how 100k over is nothing these days…. Posted: 02 May 2021 01:27 PM PDT It's just sad how we live in a society where $100,000 over is considered nothing these days where people are giving two $300,000 over [link] [comments]  |
| Any other buyers just give up and decide to wait, are you gonna look in a year? 2 years? Posted: 02 May 2021 11:48 AM PDT I can only put 3% down and simply can't compete out there. I am really thinking it's time to stop looking to buy and just rent for 1-2 years. Others do the same? I am tired of making offers I know I won't win. [link] [comments]  |
| Are there any cities/states that real estate isn't crazy in right now? Posted: 02 May 2021 09:17 PM PDT Just trying to get a pulse.. Edit: are townhomes and Condos in the same situation? [link] [comments]  |
| Venting: missed out on fsbo gem Posted: 02 May 2021 03:09 PM PDT 4 weeks ago I found a non MLS fsbo lake home listed at 750k. Pics weren't appealing so wife passed on it. Seller has since hired a realtor who posted much nicer photos. Wife went to open house today alone (I'm out of town) and absolutely loved it. Unfortunately it's listed for 50k more than when it was initially listed by owner. Our agent said it will most definitely go over asking. We just put in offer for 30k over, waved inspection and appraisal. >:( Edit: go easy on the username [link] [comments]  |
| Sellers staying past occupancy agreement Posted: 02 May 2021 11:17 PM PDT We closed on our new home over a week ago with a 7 day post closing occupancy agreement written into the contract. We have a 15 day post close occupancy built into the contract of the home we sold, so we had some cushion (or so we thought) if things did not go according to plan. The seller's agent has communicated they are having difficulty obtaining the CO for their new construction home and need extra time beyond the agreed upon 7 days. We are now going into day 3 of their agreed upon daily rental rate of $500/day, with still no clear idea as to when we can get into the home. It is unbelievably frustrating. We also have yet to receive any money from them, which I now believe after having read through this sub some we should have required money in an escrow account for this exact reason. Our agent is working diligently to ensure we receive what we are owed. We are now at a point where we are having to make special arrangements (delaying our movers, potentially canceling out of state guests, etc) to accommodate these people when they are very much financially capable of putting their items in storage and staying in a hotel. We have to be out of our home in 5 days in order to not be in the same situation with the buyers of our home. So we will be forced to put our things in storage and live in a hotel with 3 young children. As inconvenient as that will be, we will not put another family through the hassle of the situation we are living through. We were so excited to buy our dream home and never envisioned we'd be in this nightmare situation. At this point, is there any recourse beyond the $500/ daily rent back fee? Can we pursue compensation because of other expenses incurred due to their unwillingness to move out? And are they considered tenants at this point even though they have not paid anything to us? Do we have any leverage with shutting off utilities to the home? I really want to avoid this route, and I'm not even sure if I am able as I was under the impression that utilities do not switch over to us until previous owner ends their service, regardless of date we set for new service to begin. I will consult an attorney if needed, but most of this information came about Friday afternoon and there's not that can be done over the weekend unfortunately [link] [comments]  |
| Closed two weeks ago house flooded Posted: 02 May 2021 03:05 PM PDT So we closed on a rowhouse in DC two weeks ago and just got called from my neighbor saying the place is flooding. We were out of town. Came to find a major leak on an upper floor causing damage to multiple floors below and the ceiling dry wall to cave in. We shut off the water main to the house and turned off the power. Stopped the active leak. We filed a claim with our insurance company who I haven't heard back from yet. We only had a mattress and a ring security system in the house. The ring shut off at 11 PM last night which I assumed was because the wifi shut off but more likely that is when the leaking started. Any advice? Best next steps? We are first time homebuyers. Did a full inspection which revealed no issues. We don't need a place to live until July 1. [link] [comments]  |
| Are Adult Communities Supposed to be That Much Higher? Posted: 03 May 2021 02:14 AM PDT My parents are interested in moving to 55 and up community in the area and I see that the houses are listed for $200 per square foot for resale and $261 and $230 per square foot for the new construction. When I look at what's sold in the last 6 months for homes that are similar in size, age and lots, the price per square foot is more like $150-$169. I happen to know there is a capital investment fee you have to pay when you buy a new home, for the amenities center, so I'm not sure if that's included in the new construction price. I'm concerned - is the difference in pricing expected for being in an exclusive neighborhood where children and younger adults aren't allowed or are people getting ripped off? They do have nice amenities and activities for residents, but there is also the HOA to cover those costs. I'm a little freaked out by the costs I'm seeing on the houses listed. As far as what's actually sold recently in the development, it's 5 homes listed on zillow between $185 and $209 per square foot, so people are buying them. They aren't appraising that high though. [link] [comments]  |
| Should a $600-$700 HOA fee be a dealbreaker? Posted: 02 May 2021 02:18 PM PDT Shopping in west LA. A while back I had my heart set on a SFH because HOA fees seemed like such a waste. There are a couple great communities that have decent townhouses and apartments with great amenities, like a security service, heated pool, and jacuzzi, but the HOA is $600-$700, and the unit still costs ~$800k. My thinking for a long time had been to just live without those amenities and fold the extra $600+/month into a higher mortgage payment so I could afford more space in the form of a SFH (total cost ~$900k). Lately I'm having second thoughts. From what I hear, maintenance costs can be so crazy that a fixed $600-$700/month that obviates that might be worth it, especially if it comes with amenities. Moreover, there is no chance of getting a SFH within a reasonable commute for $900k in west LA ever again. Am I overestimating how expensive maintenance tends to be? Is it possible these very high HOAs might actually be worth it? [link] [comments]  |
| How often do listing agents exaggerate or straight up lie about interest/other offers? Posted: 02 May 2021 06:11 PM PDT Example scenario happening now in a very hot market:
Question: I know this could be legitimate but could this agent be trying to just get me to bet against myself? If the listing has been sitting for 2 weeks since the original offer that fell through, it is at least slightly over priced (it is not on a busy road/etc any obvious defect). Could they be lying about the interest/incoming offers? Or is there some regulation around this From my perspective, it makes sense to resubmit my same offer to see if they counter. The fact that is has been sitting does not make me think it is worth even more [link] [comments]  |
| Posted: 02 May 2021 12:41 PM PDT We are currently under contract with a realtor. Our house went under contract in two days and we are looking for a house at the moment. Our realtor has shown us about 12-15 houses. He's hit or miss. We tell him we want to see a house and a few hours later he will tell us we have a showing the same day, next day or two days from now. Sometimes...he never gets back at all. We had an appointment to see a house today. He never showed up. Never answered his phone. No text. Nothing. I don't want to deal with this guy anymore. He's not worth the hassle, and it's stressful enough trying to buy a house in a crazy market like it is now. Did he breach his contract by not showing up? Is there any way in hell I can tell this guy I no longer want him to be our realtor? [link] [comments]  |
| Short sale, looking for guidance Posted: 02 May 2021 09:51 PM PDT Hello all, I've been trying to find some guidance for my current situation, but can't find any posts with a similar situation. The seller has a realtor and an attorney. They accepted our offer back in November and it seems they sent it to the the bank in December. We have not heard anything back from the bank or the sellers. It seems that to get any information we have to initiate.. there doesn't seem to be any info coming from them to us otherwise. I think the seller is trying to avoid missing payments so the bank has no incentive to accept the short sale. It seems the attorney is there to 'convince' the bank. The sellers listing agent is basically left in the dark.. every time our realtor calls her she has no information. It seems that the attorney has started ignoring her calls as well. The sellers realtor also has straight up said she has 0 experience with short sales, which I read online is a big no no. Although, in this situation she is not the one coordinating the short sale. I'm not sure where that leaves us. The listing agent seems to be left in the dark.. the attorney seems to be the person coordinating the short sale. We've basically had no updates in the last 5 months except that the attorney think he's 'close', and that was 2 months ago. The listing agent seems to be frustrated anytime our realtor asks for an update. I don't understand why the bank can't just say no, or counter. That would allow us to make a decision to accept the counter or move on. Also, initially they had stopped all showings for the house. But recently our realtor found out that they are accepting showings again, but no offers. They have assured us that they cannot formally accept any other offers, as they are still bound to our offer. I'm not sure the reasoning behind this. Maybe the bank still wants showings to see if they will get more offers? Has anyone had any similar experience? Does this situation sound like one that will actually end in a short sale? Any other thoughts? To me it seems the bank wants a higher offer.. the seller owes a lot of money (400k above accepted offer). But it seems they do not want to counter, but rather see what other offers they can get and then come back to us with a counter. The fact that they haven't gotten any other offers is also interesting. Not sure where that puts us. Thank you!! [link] [comments]  |
| Pre-listing house (Good or bad idea?) Posted: 03 May 2021 03:16 AM PDT Just curious on your thoughts about pre-listing my house before actually taking offers. I have a meeting today with an agent and i want to list my house on a Monday with the caveat that i will not be showing nor taking offers until Friday. Why?.... Obviously i want to generate the maximum amount of exposure as possible. Too often homes are under contract and buyers dont even see it hit the market. Also, I have a pitbull and I live an hour from where i work, i can't be leaving my dog there during showings nor can i leave work to remove the dog while they show it. I can, however, leave for the weekend, take my dog, and let my agent show it as many times as humanly possible during that weekend. My goal is to go under contract during the one weekend that i show it while obviously maximizing competition/price. I know the market is hot all over the U.S. but I'm in North Carolina just outside Raleigh...it's nothing like the market in Cali. I don't know if I'm being ridiculous or smart or what. Is there really anything negative that could come from doing it this way? TL;DR: Want to pre-list house for a week before taking offers, curious if this is unnecessary or if it could lead to anything negative? [link] [comments]  |
| Posted: 02 May 2021 01:38 PM PDT I am wondering if I even have a chance to buy a house in this market? We currently have money to cover the down payment of a house 3.5%, plus 10k for closing costs. We are looking at houses in the 250/260k range in Houston. There is not many houses under the 250k range with enough bedrooms since we have 3 kids. We make around $80k a year. We are obviously outbid on every house so far. We cannot afford to pay the difference in appraisal. And our realtor says it we put an offer in over appraisal value, we'll have to pay the difference otherwise we won't close. Is there even a chance? Or do I need to try to build my savings and wait a year? I don't want to waste my or my realtor's time if there's no chance. [link] [comments]  |
| Lenders not verifying past tax paper returns due to backlog? Posted: 02 May 2021 06:09 PM PDT The IRS has millions of unprocessed 2019 paper tax returns because the IRS closed its offices during the pandemic. Are they still able to verify returns or is there a temporary exemption? [link] [comments]  |
| Why aren’t large offers over asking being reflected in property sales data? Posted: 02 May 2021 06:54 PM PDT We all constantly hear about the homes selling for 100k over asking, 50k over asking, or whatever amount it may be. But when I go to redfin and check out individual market's "sale to list price" they tend to be near 100% (meaning if it is listed for 100 it sells for 100). DC for example where you apparently can't get a property without 10 competing bids and 10% over asking is only at a 101% sale to list price. San Francisco (the subject of every third post here) actually has the lowest sale to list price in the last five years. It appears realtors intentionally price homes low in this market as well as the sale to list price has been over 100% for many years. One thing to note, Austin had a 107% sale to list price. It has exploded the last year. And while people have said Austin has been growing and growing, it's sale to list price was below 100% just a couple years ago. [link] [comments]  |
| Bay Area Free Standing Condo Without Parking (Red Flag?) Posted: 02 May 2021 04:54 PM PDT Hi Reddit Community, I have been trying to buy my first home in the Bay Area (San Francisco) for the last few months and am looking to you all for help with one red flag on the next property I'm looking to offer on. I am currently looking into a property which is effectively two detached houses built on one plot of land, each considered a condo. The front house faces the street and the back house is accessible by walking past the front house on a side entrance. Only the back house is in my budget and it fits all of my requirements in terms of rooms, space, location and aesthetics. HOA is just the city fees associated with the property (water, sewage, garbage collection, etc) and under $150 per month. Built ~20yrs ago it is considered very new compared to the ~100yr old houses I've offered on before. Property is walking distance public transit (Bart) but driving distance to all other things (groceries, restaurants, etc). My issue is with the lack of parking. No garage, no drive way, street parking only. I own a car and am comfortable enough with that neighborhood to park it on the street. The street isn't too busy right now, hard to tell post COVID but it's easy to find parking for now. However I'm worried that this will cause issues with re-selling, particularly anyone who owns an electric vehicle can't charge overnight. I would love to get your thoughts on the situation and how much of an issue a lack of parking will be. Thanks in advance for taking the time to leave a comment! [link] [comments]  |
| Have Realtor, but found Seller myself. What to do about Realtor? Posted: 02 May 2021 09:24 PM PDT I've been working with a realtor, though it's been more casually looking until now. We've only had two days where we've gone looking at places. I haven't yet signed one of those exclusive realtor contracts, so I don't believe I'm legally obligated to use my realtor for this deal. My landlord expressed that she might be selling. I'd be interested in buying and let her know so. If I make an offer on this property, should I include the realtor? Part of me says the realtor wasn't involved in helping me find this one, so if this is the one I go for, I shouldn't need to cut them in and it would give extra incentive for the seller if they don't need to pay realtor fees, but I'm also a first time buyer and would need/want some help in the process and I'd feel bad for wasting my realtor's time, even though it comparatively isn't much. [link] [comments]  |
| Rent Out Primary Residence 6 Months After Refinance Posted: 02 May 2021 08:53 PM PDT So long story, but basically I've lived in this house for the past 7 years and I closed on a refinance 11/2020. Some changes to my finances put me in a position to upgrade to a much nicer house and a house across the street from my sister came up and barring something crazy, I'm probably going to be moving into that house as the seller's are friends of my sister and highly motivated to sell....to me. I already toured the house and discussed with the owner's financial details so it is almost certain that we will have a drawn contract in the next 24-48 hours. The house is pretty new and I can't imagine it is going to fail inspection. I'm also not worried about the appraisal as I'm qualified for more than 100K higher than this is going to sell for. That brings up my dilemma. I want to keep my current residence because it will rent for far above what I pay per month. Assuming a 30 day escrow and 60 days to occupy, that takes us to 8/2021 which is 3 months earlier than I'm allowed to rent the house. What are my options? I'm locked in at an amazing rate (2.25% on a 30 year fixed) so I really don't want to refinance. Can I just pay both mortgages for 3 months and then start renting it? I also don't want to risk having the lender find out and tell me I owe the full amount now. I have never used this lender in the past and will not be using them for the new house. *Note: I'm not really looking for advice about the unique chain of events that led to the purchase of this new house and the fact I will be living across the street from my sister, but I'm not opposed to hearing people's thoughts there either. [link] [comments]  |
| Buying a single family home in SF/nearby cities Posted: 03 May 2021 12:22 AM PDT SF/nearby cities in California bay area, ideally 3b/2ba. Married, combined income is around 150k pretax. Take home pay is around 8.3k/month. Will be done paying off car this year. Still have about 15k in student loans. Currently spend about 2.2k/month on bills/loans/groceries/church offering/etc. but it should go down to 1.2k/month after loans are done. We pay our cc bills on time/in full every month. Planning to have a kid in the next 2-3 years. Salary will increase for us both 5-10k each next year. Have 60k saved now and projected 160k saved by Dec 2022. We're currently living with parents, so saving on rent/utilities. Planning on going to house tours in late 2022 and probably wont try buying until early 2023. Realistically, about how much mortgage can we afford? I've seen the 28/36 rule, I've seen 40%, I've seen going off of one income. We definitely want to do 20% down payment. I know we won't know exactly how much we can afford until the time comes and we're ready to buy (and know where we are in terms of 2023 income and how much student loan we've paid off), but wanted to get some preliminary ballpark numbers from those that might've been in our position. What can we afford? Tips/advice is welcome too, thanks in advance! [link] [comments]  |
| Posted: 02 May 2021 06:08 PM PDT We sold our house 2 months ago. In that sale, we and the buyer agreed we would put 25k in escrow for the septic to be replaced - the buyer will cover any overages, but it was quoted at 15-17k, 25k was worst case. Since the ground was unusually wet 2-4 months ago from excessive rains and a high water table, our county was straight up not issuing septic permits. Now it is two months later, and asking the contact i have who is slated to to the installation of a new system and is in direct contact with the county inspector, he says "This job turned over to md dept of enviroment ,they said because it's so wet." My question is is it possible that a replacement of any kind will be denied? Do i have anything to worry about? I feel really bad for the new owner... septic passed 5 years ago when we bought the place. [link] [comments]  |
| Posted: 02 May 2021 01:31 PM PDT Like the subject said what gets missed in listing photos or cosmetically ends up getting pointed out when showing a client a home that you are like "so big dumb" mistake? [link] [comments]  |
| First Time Homebuyer In Need of Advice Posted: 02 May 2021 10:44 AM PDT I've found myself in a crappy situation regarding a house I am under escrow for. Basically, my girlfriend and I have been in the market for a house for a little while now. This is our first time even considering the option to buy instead of rent, so naturally we have no idea what we're doing (first mistake, apparently). We have a realtor who was recommended to us by friends. My girlfriend and I work opposite schedules, and one day we saw a listing we were interested in so we got in contact with our realtor. My girlfriend had a free day, so she and a friend went and looked at the house with our realtor. Many weeks later, I still have not seen this house in person (second mistake). I've already put down earnest money and everything. I have been asking my realtor for three weeks now to meet up so I can see the house myself, but he never got back to me. During this time, the inspection period came and went. The home inspector reported a crack in the flooring tiles that spans from the front door to the back door. He said without tearing up the tiles, he was unable to determine if the foundation itself was cracked, but he did say he saw no other signs of a crack (no messed up drywall or anything like that). Unfortunately we did not know there were foundation inspectors and now we can't do anything about that since the inspection period is over. Without further inspection of the foundation, we're concerned we're going to be getting into a house that is going to have serious structural damage to it. Do I have any case for getting out earnest money back? We're going to be backing out of this sale, and honestly our realtor's dawdling on getting me into the house is what caused the inspection period to come and go without any major issues for the seller. Am I going to be out my $4,000? Can I take my realtor to small claims court to make any of that back since his willingness to let me see the house was basically non-existent? At the end of the day, if we lose the money we lose the money. I'd rather make a $4,000 mistake than a $300,000 mistake. TL;DR - We're in escrow for a house that potentially has structural damage to the foundation. Our realtor didn't get me into the house during our inspection period so I could view the damage for myself. We want to know if we have any chance at getting our earnest money back. [link] [comments]  |
| Posted: 02 May 2021 10:49 PM PDT We've been touring houses, and after a few weeks, hell even on he same day, things start to get a bit blurry. Its hard to keep in mind the list of houses we toured, our thoughts about the house, and tracking price, i.e. what it was listed was vs what it sold for. Ideally I'd like a spreadsheet where I'd paste a Redfin/Zillow link and most of the information would get auto populated. Most importantly there'd be a picture, so I have some visual reference, and a place to enter notes manually. Anyone here seen anything like this? Seems doable, but I surely can't be the first one to have this idea. There are a few shared here on reddit, but most are manual entry, which drastically reduces the chances of me using it. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment