PSA to first time home sellers Real Estate |
- PSA to first time home sellers
- Showing Poopers
- PSA on appraisals
- Can I burn down my house that has a squatter in it?
- Buyer came back with insane list of repair requests after inspection
- [Triangle area,NC] offer accepted!
- Can't compete with Investors
- What happens if we don't close on time because of lender issues?
- Why is Chicago's housing market relatively tame compared to every other metropolitan area?
- Is it really mainly work from home causing the spike in rural areas?
- Washer & Dryer
- New Construction/Newly Build Real Estate (Semantics Question)
- Appraisal came in at 85% of contract price. Appraiser's "strongest comp" is a home sold in January.
- S Corp and underwriting
- Conveyancer In GC for off the plan purchase
- First-time HB and appraisal came in wayyy over purchase price — nothing but good, right?
- Duplex I rent recently put up for sale.. questions.
- How do you sleep at night? We just started looking, havent even made any offers yet. The pace and intensity of the market are enough to keep me up at night. How are any of you coping with it after you make an offer and are waiting for an answer?
- Sellers are pulling out from seller’s remorse 10 days before closing. We want to sue for the house and attorney fees. What are our chances?
- Cash offer, as-is, 2k over asking same day as listing
- Seller asked to postpone closing date
- Should I lock in this interest rate?
- Seller says they will take care of all inspection-flagged issues, but there's only 5 days left on my Inspection Contingency.
- First Offer Expired - Submit second offer at new price?
| PSA to first time home sellers Posted: 03 May 2021 10:25 AM PDT Do not, I repeat do not dig up all of the flowers and bushes the day before closing and hand them out to all of your friends and family. LOL The new neighbors across the street came for the final walk through and found that all of the bushes and flowers around the house were taken. The husband is steaming mad speaking loudly to their realtor and I get a front view from my home office! Update: they all left, nothing really was said other than "thank you" and "we'll be waiting to hear from you" the realtor did go around the house and based on how he was holding his phone, looked like he was taking pictures. Idk if this means anything but he put the keys back on the lock box and redid the lock. When we closed last year we were given the keys right after the walk through and went to closing. So I'm not sure what is happening. [link] [comments]  |
| Posted: 03 May 2021 10:06 AM PDT We just got back home after listing our home Friday and having 40ish showings over the weekend. EVERY SINGLE ONE of our toilets in our home was used AND someone clogged our master toilet with poop and a ton of toilet paper. Who does this? Is this normal? People are gross. Thankfully we have multiple great offers so far but I'm slightly traumatized by what went down in my bathroom and what some people viewing the home after must of thought 🤯 [link] [comments]  |
| Posted: 03 May 2021 07:08 PM PDT I've seen a lot of misconceptions regarding appraisals and thought it would be helpful to provide some guidance base on our situation. We made an offer on a house listed for 849K; with an escalation clause, the accepted offer was 1m. This was towards the end of March. Our first appraisal, ordered by a large bank, came in 104K under purchase price. Speaking with our realtor (who has been in the industry for decades), she explained that the appraiser was not interested in talking to her, hearing about other comps, and generally was disinterested. Since we had no appraisal contingency, we went to another lender (broker) and started the process. Instead of ordering the appraisal, we waited 3 weeks (they always say it takes time to schedule and generate the report, but both times it only took a few days for the appraisal and a few days for the report - underwriting can process in parallel). Although the lender kept warning that we needed to order it, we held off until the last moment. This time, the appraiser was interested in hearing how many other offers there were, what kind of comps our realtor had (including those under contract but not sold), and generally was open to a dialogue. The second appraisal came in at contract price and the report used all the levers it should/could (inventory shortage, prices rising - the first appraisal said everything was stable). A few takeaways:
This was in a very hot county outside NYC. Obviously YMMV, however approach it strategically and prepare up front for dealing with a low appraisal. [link] [comments]  |
| Can I burn down my house that has a squatter in it? Posted: 03 May 2021 03:19 PM PDT I inherited my mother's home. I hired a management company to handle the rental. The property was leased to a single individual who then brought in a roommate. The roommate had no lease. The renter died and the roommate paid the rent for six months without notifying the management company. This person has been in the property without paying rent and just from the outside there is about $50,000 in damages. The management company said there was nothing they could do so I fired them. I then hired an attorney to evict them. Then the roommate filed bankruptcy and the attorney said that even though this person had no lease they were entitled to stay on the property. This is a bloody nightmare and I see no way out of it. Can I just burn the house down while this person is at work? The lot is really valuable and I can't see any reason to fix the house up at this point. [link] [comments]  |
| Buyer came back with insane list of repair requests after inspection Posted: 03 May 2021 06:22 AM PDT We're looking to close sooner than later due to our moves across state and closes overlapping. But this buyer has come back asking for two entire pages of repairs, many of which are cosmetic and/or simply renovation. Examples: doesn't like that there isn't a rail - add rail across entire backyard. Replace numerous windows(windows are in decent condition, not new but certainly fine and functional). Replace a single missing brick to the siding. Make adjustments to the brand new roof that is six months old. Repair the unappealing trim(a few pieces have broken off on the windows, mostly unseen but definitely not great to see). Make adjustments to the brand new HVAC that was installed in august. There is rust at the water shut off valve, replace the entire regulator. I was anticipating some requests, but the house also has new roof, HVAC, floors, and hot water heater. This buyer is essentially writing a book for us to remodel the house for her. Very few of her requests (like 2-3 of the 2 pages) are safety related. I want to close as soon as possible, but we were getting like 6 showings a day prior to this contract. My agent wants to straight up walk from the deal due to their demands. [link] [comments]  |
| [Triangle area,NC] offer accepted! Posted: 03 May 2021 05:18 PM PDT Just wanted to offer some encouragement to those still out there looking - as bleak as things can look, and all the transplants shouldering the locals out of the market, keep plugging and making Competitive offers. These assholes can't win all the time, turns out! [link] [comments]  |
| Posted: 03 May 2021 10:10 PM PDT Was out bid on a shitty 450 sqft condo because some investor had 400k sitting in their bank account. Southern California is screwed. The average joe isn't meant to own anymore. The rich need their 5-10 investment properties. [link] [comments]  |
| What happens if we don't close on time because of lender issues? Posted: 04 May 2021 03:01 AM PDT First time home buyer, USDA Guaranteed Loan Went under contract March 11th, closing date on the contact is this Friday May 7th LO sends me an email this past Friday 4/30 with the "Request for Loan Guarantee" to digitally sign, but there was also the rather ominous-sounding note "Their review time is getting longer and longer, just as a fair warning, they are reviewing files as of 4/23 when I just looked right now." I have this gut feeling the LO hasn't been doing things in a timely manner on our loan. Everything they've asked us to do or send them we've done either same day or no later than 24 hours throughout the entire process. Do we have any chance of actually closing on Friday? And if we don't close on time because the lender is still working on it, what happens? [link] [comments]  |
| Why is Chicago's housing market relatively tame compared to every other metropolitan area? Posted: 03 May 2021 12:20 PM PDT I saw a list of all the major cities across America and their housing market ave price increases for the past year, and for some reason Chicago is on the bottom. Any idea why that is? [link] [comments]  |
| Is it really mainly work from home causing the spike in rural areas? Posted: 03 May 2021 11:23 AM PDT I'm currently in the process of selling my house and moving somewhere more remote to get away from everyone. Unfortunately even rural areas are seeing huge spikes and bidding wars, so I'm about to enter that battleground. I've talked to a few realtors now since I started this process, and all of them cite work-from-home as the #1 issue. People fleeing expensive apartments and condo fees in cities and scooping up houses for insane amounts with their huge tech paychecks. People forget that the population of these cities has always been astronomical compared to the more rural areas, so a massive shift like this is completely decimating inventory. People also forget that these city people have been making 6 figures for years across the board. I don't think anyone realized how many comparatively "rich" folks exist thanks to the boom in tech. Compare that to your average rural worker and they can't compete at all with the mass exodus from cities. Anyway, I guess my big question is, are there any other real factors causing this? It's what the real estate agents tell me, but they tend to just grab the nearest idea and drill it anyway. [link] [comments]  |
| Posted: 03 May 2021 06:57 PM PDT We will be listing our house pretty soon. We have a washer and dryer that we'd rather not take with us, simply because we are moving across the country. They are just a few years old and work great. Do you think we should include them with the house, or ask the new owners if they want them? Seems like a pain in the ass to list them. But then again, perhaps we should sell them independently? [link] [comments]  |
| New Construction/Newly Build Real Estate (Semantics Question) Posted: 04 May 2021 12:48 AM PDT TL;DR What is the best word to use when describing a building (commercial and/or residential) that was just finished, or is not finished yet but can be bought right now? Hello people...not a native English speaker here working on a real estate website written in English. I would like to know, what is the best word or better to say the most common word among Real Estate Professionals to use when describing a new building that has just been built or not yet finished building available for purchase. Should I use "New Construction" (Google translate suggestion) for both finished and unfinished "Commercial" and "Residential" real estate or is there a better word to use like "Newly Build" IDK ?!? Calling all native English speaking real estate specialists for some advice. Note: I would like to know the preferred word in both US and UK. [link] [comments]  |
| Appraisal came in at 85% of contract price. Appraiser's "strongest comp" is a home sold in January. Posted: 03 May 2021 03:50 PM PDT First time home buyer in Southern California. We won an offer on a house and we "only" had to go $20k over list price. We waived appraisal because we thought there was no way it would under-appraise. Well, fast forward to today and we got our appraisal back. It is short by $100k. Me and my agent were both floored. The full appraisal doc shows that the appraiser used a comp from January as the best comp. Does that even make sense given how fast things are moving? There are plenty of more recent sales in the area that could be used. We were having a very smooth close so far and this throws a wrench in the entire thing. We really want this house but we don't have an extra $100k to cover an appraisal gap. Even if I had it, I wouldn't pay it because I don't believe the appraisal is correct. We need to close within a couple of weeks so I'd like to know my best course of action: - Should we appeal the appraisal or just get a new appraisal entirely? - If new appraisal, can I do that with the same lender or am I better off just switching to a new lender entirely? Thanks for the help. I'm just shell shocked by this and did not expect to have to deal with an appraisal issue. It's not like I paid $100k over list price or something. [link] [comments]  |
| Posted: 04 May 2021 03:54 AM PDT We are in the process of buying a vacation property. We are going through a small bank that does in house underwriting. We have banked on good terms with this bank for several years. Also, we are an S Corp, which I understand can be kind of an issue with bank lenders. My questions are: will it make it easier to get the loan since the underwriters are in house and we have been in such good standing with this bank for so long? And, being an S Corp, how is income calculated? I know for taxes it counts our W2 and any income left over that can't be written off. Is this how they also calculate income for a mortgage? Thanks in advance! [link] [comments]  |
| Conveyancer In GC for off the plan purchase Posted: 04 May 2021 03:46 AM PDT Guys, pretty much as the title. Have a contract draft being issued soon and looking for recommendation for conveyancer for a purchase off the plan. Thanks [link] [comments]  |
| First-time HB and appraisal came in wayyy over purchase price — nothing but good, right? Posted: 03 May 2021 05:57 PM PDT In the final stages of purchasing my first home through a probate sale. It had big structural problems that made investors stay away—first offer backed out because of it—and I had my offer accepted under listing with a $100k renovation loan to fix foundation, plumbing, etc.. Just 5 percent down (which was honestly surprising), so was budgeting mortgage insurance for a few years. Appraisal just came in and it's wayyyyy higher—more than $300k over my loan. A few questions before I go into a call tomorrow with my lender...
Needless to say this is welcome and good news, but am a total neophyte that doesn't know what the smartest move here might be. Thanks! [link] [comments]  |
| Duplex I rent recently put up for sale.. questions. Posted: 04 May 2021 03:25 AM PDT So yesterday the duplex I rent was put up for sale and it was absolutely nuts. People were constantly stopping in front of my home and wandering the property with no realtor there. Some knocked on my door and the realtors kept showing the vacant side all day long. That frustrated me and since the house is in disrepair and the landlord wants me to cooperate he agreed to rules such as notice and reasonable hours even for the vacant side. (Yes I realize he doesn't have to but he wants me out so he's cooperating). I put a sign on my front and back door to not knock and it says unit is occupied, no showings please respect our privacy. Of course when he schedules a showing for my side I'm not going to stop him but this is for when they are just showing the vacant side. The worst part was some woman yesterday tried to barge her way in my home when I opened the door even though I told her before hand it's occupied. I have a couple questions. Do I have to answer peoples questions when they stop in front of my house or are waiting for a showing? I feel this is everytime I walk outside now. I don't want to be rude but I don't want to talk to them either. Also, are they allowed to just wander around my property? It's quite disconcerting and just plain annoying. They assume the house is completely vacant so they don't care. Can I put the sign on my door saying not to knock? I just want my reasonable privacy. I paid full rent with no discount so I feel I deserve that much atleast. [link] [comments]  |
| Posted: 03 May 2021 07:46 AM PDT |
| Posted: 03 May 2021 07:30 PM PDT The sellers started getting difficult during the attorney review period. There were some things that we were going to ask to get fixed but decided to not ask for them. The sellers acted offended that we even asked about the condition of the AC unit even after inspection. In fact, their attorney put in writing to our attorneys, "I just want to make sure I have this correct, your buyers are attempting to negotiate regarding the AC unit," almost to lock us in on something that didn't happen. My attorney said no that's incorrect. Yesterday I found out from a person who knows the sellers that they are having regrets about selling. Today, my realtor and attorney call me up and tell me that the sellers are pulling out of the deal. I said well that's unfortunate because we've now spent a few thousand in inspections, our time, and lost our on dozens of houses while we waited on this one. We will be using. Has anyone else heard of or done this in similar circumstances?How did it end? [link] [comments]  |
| Cash offer, as-is, 2k over asking same day as listing Posted: 03 May 2021 11:14 PM PDT Today we listed our house. It's in a relatively rural or suburban small town in central California. The house has a bit of a weird layout and was on the market for over a month back in 2018 when we bought it for 12000 under the listing price so I wasn't expecting much this time around. Today, several hours and 3 showings after listing, we got our very first offer. It seems quite respectable as a cash offer too. I want to accept the offer. Mainly because: Short escrow, it's at least over listing, less contingencies, and the buyer is local and is offering to buy the house as-is. However, my husband is hesitant wondering if we should wait a few days (this offer is only good till tomorrow though) to see if we get more offers for more money. Our realtor thinks it'd be a good idea to take it but didn't push hard on this and says it's entirely possible to get a higher offer later. She agrees with the mantra that the first offer is usually the best. Does this still apply on a first day offer too? What are people's recommendations here? Would just like some thoughts! [link] [comments]  |
| Seller asked to postpone closing date Posted: 04 May 2021 02:51 AM PDT Hi everyone, My husband and live in Northern NJ, where like everywhere else has a crazy housing market. What's worse is that we are close to NYC and those damn New Yorkers are leaving in droves and are willing to pay a lot over the asking price, making it virtually impossible for us to get a house. My husband and I left NYC last summer but we ended up renting an apartment and are now buying. My husband and I made several offers, some a good 20k over asking but lost them all of to people who bid significantly higher. About a month ago, I was browsing Redfin and I noticed one of the houses that we loved and lost on, was back on the market. We resubmitted our offer and got it. We began our attorney review, We did the inspection and the inspector found nothing major besides a large metal object under the ground that he said could have been an septic tank or a possible oil tank (which in NJ is a serious issue). We did an exploratory dig, and luckily it was nothing. We sent the owners a list of 10 repairs and they rejected all of them including a credit and said they would rather cancel the contract which wasn't worth it to us since all of the repairs were minor and not urgent. My worry however is the fact that we had set a move in date for early summer. The sellers have not found a house yet and asked to move it to the end of the summer, we asked if they would move it a little earlier and they wouldn't budge. Since we are stuck in a lease anyway it's fine with us and we only have to a mortgage extension fee. We are at the end of the attorney review, paid the deposit and our lawyer said we are on track for a good closing. I'm just worried that they won't find a house and then they will pull out at the last minute putting us in a difficult position. Is that possible? We love the house and don't want to lose it. [link] [comments]  |
| Should I lock in this interest rate? Posted: 03 May 2021 06:04 PM PDT Lender quoted me this today - 3.25% with a credit of 4800 dollars or 3.125% with credit of 2200 or 2.95 with credit of 300. My credit score is 750. I am putting 5% down on a conventional loan. I intend to live in the house from 5 - 7 years. If I take the higher credit, I can pay my PMI upfront. What do you think? Higher rate worth it for the lender credit? [link] [comments]  |
| Posted: 03 May 2021 04:10 PM PDT I got an offer accepted from a developer who flips homes. They did a gorgeous job on remodeling it. But our inspection showed some serious issues: foundation, roof, sewer line, termites. Our inspection contingency deadline ends in 5 days. My agent says that he shared the inspection report with the seller's agent who reported that the seller "will take care of everything." There's no way they can repair all of the issues in only 5 days. Is there an official process that can protect me so that if they do NOT properly take care of the repairs, but the inspection contingency deadline has passed... then I still have the ability to back out and get my deposit back? Thank you. [link] [comments]  |
| First Offer Expired - Submit second offer at new price? Posted: 03 May 2021 10:51 PM PDT In a HCOL very competitive housing market. Homes come on the market on Thursdays with offer review dates 'listed' as the following Tuesday. I've been burned over the past few weeks by not offering ASAP - many houses get listed on Thursday and are pending by Friday night. Changed up my strategy this week and put our best, top dollar offer (150k over list - waived everything) on a home we love on Friday morning, after a Thursday showing (best we've seen in 3 months). That offer expired Saturday morning. Seller was gracious and thanked us for the offer but mentioned they wanted to wait until Tuesday to see what else comes. As of Sunday, our offer was the highest by 60k (sellers agent mentioned this). I have no idea what's going to happen tomorrow but have the following question. Lets assume no whale comes in at the last minute and blows me out of the water, and I end up being the highest offer by 60k. Given my first offer expired... can I write the second offer at a reduced price, say 120k over list? (would still be 30k above highest offer in this scenario) This could be completely wrong thinking - but from my point of view, I gave the seller time to accept my best offer. Seller chose to wait (many people write expiring offers to bid on multiple houses a weekend). and now since they waited, I could reduce my offer since I know (or think I know) that I still have the 'best hand'. Many ways this backfires - seller has secret offers and I am no longer the highest offer at reduced price, seller gets upset at my 'negotiation' strategy and chooses the next best offer...am I willing to lose the house over 30k? no...and my wife would be super upset at me...but I logically think about how long it takes for me to save 30k and think to myself - why not try? Really just asking to see if folks have heard of this before - and from a seller POV what their thoughts would be. [link] [comments]  |
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