$4.2M house and THESE are the photos you take? Real Estate |
- $4.2M house and THESE are the photos you take?
- [USA] Market is cooling! But not for good reasons necessarily.
- Listed home for 355k, took offer at 427k
- After finally finding a house and working on closing . From nowhere my agent comes and says don’t forget there is a 499$ coldwell bankers Realator admin fee.
- [RANT/Opinion] - The shit builders are pulling these days needs to be made very transparent in the future
- Sellers pulling out constantly TX
- Seller’s tenant won’t leave and closing delayed?
- Frustrated House Seller in Hot Market
- Be sure to protect yourself on off market deals...
- Undisclosed Address
- And so it begins.......
- Feeling down after possession transfer; seller got nasty
- To Stage or Not to Stage, That is the Question (US-TN)
- How bad is Peoria , IL? I see single family homes for less than $50k?
- using owner occupied financing to purchase house with existing tenants
- Zillow App - has anyone else noticed since the updates over the last few months Zillow no longer seems to hide pending properties? Or if it does it's so user unfriendly I can't figure out how to make it work.
- (CT) Neighbor has easement to use driveway in perpetuity. Intended for inclement weather, but terms are in their favor, and tied to property.
- Cracked Sewer- Should I Tell The Winning Bidder?
- Be careful with new builds...im seeing homes being built with no sheathing...just tyvek wrap. Mind=nuked.
- HOA withholding letter for closing
- CFPB Proposing new rule called Regulation X, that would effectively ban foreclosures until the end of 2021, while also making it easier to keep borrowers in their homes.
- Who is responsible for lockbox on listing?
- Sellers didn’t disclose water issues, what would you do?
- Does solar system add value to the house?
| $4.2M house and THESE are the photos you take? Posted: 08 Jun 2021 08:26 PM PDT This house is listed at $4.2M and the photos look like they were taken by a fucking toddler. How does this happen?!? How do realtors like this get any work? [link] [comments]  |
| [USA] Market is cooling! But not for good reasons necessarily. Posted: 08 Jun 2021 09:12 AM PDT Just sharing some news and reason to be cautiously optimistic (only slightly) - Watched Jason Walter's last video, and he showed data of aggregated US market that inventory is up and purchases are simultaneously down month to month. Also, homes are receiving fewer offers. Home prices are still breaking records because they lag behind a month. New house construction is still very behind pre-COVID levels. Unfortunately, while supply is up, demand is down because people are priced out en masse (me), and what they can now afford is unpalatable to them at the price point they're looking at (me). People are also now spending time and money on fun, travel, pre-COVID life things. Even in markets that were ridiculous pre-2020 (SF, LA, SD) I'm seeing fewer offers, lower over asking prices (though still high). I'm sure cities with space for new construction might see a minor correction in the future but for coastal cities locked in by the ocean and mountains like CA cities, I hope prices will at the least stall and competition cool off - just a bit. EDIT: By "cool down", I meant the market improved from "ridiculously absurd" to just "terrible" [link] [comments]  |
| Listed home for 355k, took offer at 427k Posted: 08 Jun 2021 06:45 PM PDT 14 offers, about 4 offers over 400k, 2 over 426k. Everything waived. Home in a very good school district, 3bedroom 2.5 baths. [link] [comments]  |
| Posted: 08 Jun 2021 07:56 PM PDT What the hell! Where did this come from . I never signed any document that tells me I'm paying a 499$ extra now. What can I do now? I have already signed the purchase agreement and my agent has also signed the document . After paying so much everywhere . I cannot pay another 500$ now Any suggestion guys ? [link] [comments]  |
| Posted: 08 Jun 2021 08:34 AM PDT I want to preface this that I'm not a victim of any particular builder. I know this comes off as someone who got burned and is just throwing a fit about it, but I'm really just drowning in empathy for the people who ARE victims in this time. This is going to be long-winded. I'll TLDR at the bottom for those of you who like to comment "Didn't read your post, <but here's something you cover 1/2 in and I'm too lazy to read and I'm strongly opinionated!>". I have a colleague who is a victim of their predatory ways, and have been made more than aware of it through my continued churning through this subreddit's posts, my own realtor, and inspector who has done a total of six inspections for me on the properties I've bought / considered buying in Austin. So there is a reason for my empathy. I also hate seeing the big guys trample over people who are already down (homebuyers). I'll start by saying that I think there is some basis for a price increase where home completion is just not financially possible for the builder at their agreed upon price. My reasoning is that the situation seems more to be "Do you want a home, or do you not want a home?" To me this would be more in line with someone who signed a contract, and prices legitimately jumped several-fold on lumber, rendering the (probably small) builder unable to perform on the contract due to their own financial situation. In general I think running a business has some inherent risk, and so does buying a home, putting up earnest money, etc.. I do feel that these builders should be required to show quotes to back their numbers of increase, and that this should not be a profit grab. I honestly don't understand why builders are getting away with demanding arbitrarily more money from their buyer, who signed a contract, and aren't having to provide concrete evidence as to where this random number is coming from. Most of the posts I have seen on this SR have been to the effect of, "Builder wants $60k extra for lumber, but won't show us the breakdown of their costs." - I'm sure some builders are going to reply here, and argue their point. I honestly don't give a fuck what their defense is. There is no reasonable defense to me for breaking your contract-price, then being unwilling to offer the buyer any validation to why you're asking for more. "It's more complicated than lumber" is not a valid answer. Show them your overall cost for the fucking project, and what your break even point is then. People who have $500k to throw into a new construction in fucking Austin, TX aren't so dumb as to not understand a fucking line-item'd stack of papers. Onto the meat of the bullshit. I recently bought a house, and I've used the same inspector for years. I trust him. I've used the same realtor for years too. The stories I get from them are the primary reason for my seeing this as being worth posting. The inspector has told me about the builders he's dealt with (Austin area), and the disgusting things he's heard them argue. New construction should be pristine - to code. Especially in Austin where we're basically a bunch of code-Nazis. It's not how it goes here, though. According to my inspector, the builders are PURPOSELY doing stupid shit, refusing to fix it, then expecting buyers to back out of their contracts. He gave me a few examples of this:
He also informed me that he's literally had builders he notified of their building "flaws" who said, essentially, "I don't care. If I cancel this contract I'll get $100k more." My city's (Austin) Subreddit even has a home inspector who posts ridiculous findings weekly - a couple of weeks ago he posted a video of a whole wall with ALL the windows installed BACKWARDS (not just one window, the whole wall). The only reason I could imagine someone doing something this fucking stupid is to force the buyers out of their contract. Pardon my French, but I'm of the opinion that if you are a builder, and you are pushing people out of their contracts using the tactics in the previous paragraph / bullet points, you are a scum of the Earth piece of shit, and I really hope people remember and that you lose business, get the shit sued out of you, and fall into the pool of victims you've created. It's literally created an environment where I personally would be terrified to go into a contract with any "reputable" builder without some serious changes, or lawsuits (victories) for buyers in this market. You just don't know what you're going to deal with. The standards are so different and unfair compared to buying a used home; I'm selling a home now. I entered a contract with a buyer over it. If I want to walk, they could sue me for specific performance and probably win. With builders, we're entering an era where the bidding war isn't over at contract-signing time. There's almost nothing stopping them these days from making an under-the-table deal with a new buyer who is willing to pay more than you after you're already signed and anticipating your new home. This whole situation has rubbed me the wrong way to the extent I've almost considered getting a Gofundme campaign set up to pay for billboards to label the "bad builders" in the area, right near their developments. TLDR: I get that some builders need to increase prices in accordance with cost to stay in business. This could be due to mismanagement on their part, poor risk management or bad luck, or all of the above. However, I think builders who are deliberately doing shoddy jobs to "nudge buyers out of their contracts" deserve a special place in hell, and I honestly hope this nation-wide bullshit gets cleaned up in the next year. [link] [comments]  |
| Sellers pulling out constantly TX Posted: 08 Jun 2021 01:33 PM PDT On our 3rd home now where we came in with the best bid, but because it was not insanely over, the sellers pulled the house from the market rather than sell for 20-30k over asking. Anyone else in the same boat? [link] [comments]  |
| Seller’s tenant won’t leave and closing delayed? Posted: 09 Jun 2021 05:10 AM PDT We just found out from our agent that the seller wants to push back closing from July 1 to July 27 because the tenant currently occupying the house is saying she cannot move out because she hasn't found a new place to live. Rentals in the area have doubled in price since she signed her 2-year lease in 2019 so I imagine that's part of the issue. She also has a high school kid and probably needs to stay in the school district. She has known the house was for sale since at least February and our offer was accepted in mid April. We had already originally (in April) agreed to close on July 1 because the seller wanted to accommodate the tenant's existing request to stay an extra month (her lease was originally up on May 31; they had extended to June 30). Our 1-year lease on our apartment is up July 31 and besides that we already booked a painter, flooring guy, scheduled movers for July 15, etc. The seller does have to pay us daily penalties starting one week after the original July 1 closing date. I'm so upset and worried the tenant is just going to keep pushing and pushing her move-out date and that the seller will say to hell with it and default on the whole contract after 30 days past July 1. We were so excited to finally get an offer accepted in this market and the seller otherwise has been really great. But we still don't know how much leverage we have and whether we should be really worried about this. If anyone has dealt with this or has advice/pointers (or words of comfort) we'd appreciate it. [link] [comments]  |
| Frustrated House Seller in Hot Market Posted: 09 Jun 2021 02:31 AM PDT Decided to sell our first home to tap into the hot market. 3 BR, 1.5 BA. Great neighborhood, great schools, near a big city. Lots of brand new updates (finished basement, roof, deck). No major issues with house at all. Looked at and and leaned on comps to price appropriately with our realtor who has worked local market for years. We even priced a little lower than we thought it was worth to try and induce bidding. We showed it for a week and other supply came on the market for a similar price point and feedback was our layout wasn't perfect for young families and competing houses (same square footage but 4 BD 2BR) got a lot more foot traffic and interest. Fast forward and the competition at the same asking price point got 9 bids and went $150k over ask and we got 1 bid at $20K under ask. Debating accepting the lower bid and swallowing our pride or letting house show for another weekend and taking a gamble. Realtor feels houses on for longer than a week in our market start to have a stigma and now more supply could hurt our chances.But we are floored that there is no interest in the house with everything going on in the market. I guess families can't make 1.5 BA work anymore...(?) Never thought I would be a frustrated seller, but here I am. Nothing but a tidal wave of bidding war stories and we are an outlier... [link] [comments]  |
| Be sure to protect yourself on off market deals... Posted: 08 Jun 2021 03:24 PM PDT Just a reminder for commercial brokers who do off market deals. While I can say I have been very fortunate in this arena, I just got burned on an off market lease deal that I brought together for repositioning an off market shopping center. Long story short, I have something in writing from ownership that they would pay me if I bring in a buyer and close on the deal. I don't have the same as far as a "lease". I suggested they reposition a tenant with a grocery store. Ownership thought it was a great idea. I reached out to a few potential suitors and found a great fit. Problem is, I wasn't "papered up" with the potential tenant and they back doored me with their own broker. Long story short....I brought the parties together on a +/- $2MM lease and I won't get a penny. Also increased the value of the center by at least $5.6MM in sales price....unsure if my Buyer will pay that. Just beware and be sure to protect yourself. I've been in the business a long time....doesn't stop us from getting burned at times. [link] [comments]  |
| Posted: 08 Jun 2021 07:35 PM PDT A listing popped up on the MLS that got our attention. Great listing. It's not priced too good to be true, but it's priced well. However, the address is undisclosed. What reason would a seller have to not disclose address? Mainly curious to see if its even worth our time and effort. This is one I would put an offer on over asking immediately. [link] [comments]  |
| Posted: 08 Jun 2021 05:44 AM PDT Here is a news article about a family that put a no inspection bid on a house. Text from the article: CANTON, Ohio (WOIO) - A Canton woman said she and her family always dreamed of owning their own home. Now that they do, their dream is now to move out. "From the very first day I moved in here, literally everything started falling apart," Desiree Davis told 19 News. The home-buying process was stressful enough for Davis and her family. With the ultra-competitive housing market she found bid after bid coming up short. Having an FHA loan made it tough to compete against buyers paying all cash or those with a conventional mortgage. "So I'm like what do I need to do to get a house? So, I waived my inspection," she said. It's a bold move. Though it doesn't exclude an FHA appraisal, which should include inspections for health and safety and requires repairs before the house is sold. Davis has her doubts the process was properly done. "I can't wash dishes. You run the kitchen sink and you hear the water pouring out through the basement," Davis said, who demonstrated the issue to 19 Troubleshooters, while also showing the sewage that lined her basement floor. Davis said the seller promised to fix some of the issues, but so far no repairs have been made. "He said he didn't mean to sell us a lemon," David said. 19 Troubleshooters reached out to seller and left a message. We are waiting to hear back from him. We also reached out to the seller's real estate broker who confirmed that a promise of repairs was made at one point, but couldn't speak on behalf of the seller to provide an update. Davis said she hopes her home issues are resolved, but wanted to issue a warning to other home buyers. "Just be aware, get inspections done," she said. [link] [comments]  |
| Feeling down after possession transfer; seller got nasty Posted: 08 Jun 2021 09:06 PM PDT So my fiancé and I closed on a house end of April. Gave possession through the first week of June. It was a unique situation in that we got the house off market and by meeting the sellers in person, instead of through realtors first. So they knew us and were able to contact us. These sellers have been nothing but drama and petty annoyances the entire two months we have been waiting for possession. Just stupid little texts here and there constantly, unwilling to fix/service even the smallest of things around the house because "they're technically renters" even though we didn't charge them a dime of rent to have the home thru May (then only charged them daily rent through June 6). But we always agreed, always said yes. Then they tried to sell us back the washer and dryer that had been included in the contract, which their own realtor put a stop to, and they then began to passive aggressively hold that over our heads any time we made a request of any sort. Then they asked us if we wanted to keep the bathroom mirrors. Etc etc. just continually whittling our patience down with stupid questions and requests and passive aggressive threats that we had to deal with Bc they lived in our home. Then, they proceeded to stay past possession change a full day and a half. Did not ask if it was okay. We are moving in from out of town so we were not there yet, but we did not like that they'd taken the liberty to just… come and go from our house? If they'd just been transparent about their timeline and needing additional time to move, we would've been fine, but they literally said "well, you said you're not moving in til later this week, so we thought it was fine." When I finally called her to put the deadline down, I very politely, but firmly told the woman that we needed them out by 2 pm Tuesday (the contract said they needed to be out by Sunday at midnight). She later proceeded to text me, my fiancé and and my realtor saying I was "disrespectful" and "unkind". I cannot fathom how she interpreted my simple statement as disrespectful. It was direct and short - less than a 30 second phone call. I don't know. I'm ranting and I'm sad that my new home journey is beginning this way and I'm just looking for someone to tell me I'm not crazy/irrational/wrong for expecting the seller to leave when they said they would. [link] [comments]  |
| To Stage or Not to Stage, That is the Question (US-TN) Posted: 09 Jun 2021 06:19 AM PDT I'm getting ready to put my house up for sale in the next month or so in a still pretty much red hot market in Tennessee. It's a 2500+ sqft house with a pretty open floor plan / lot's of space. Spoken to a few well regarded realtors who I already know personally and have been getting conflicting suggestions re: staging. One is pretty insistent that staging is worth the effort/expense, the other is pretty insistent that the state of the market means that staging is unnecessary. Obviously hoping to maximize profits on the sale, so it comes down to whether the final profit might be higher without staging or with staging (with the costs subtracted from sale price). I actually bought the house when it was empty, and didn't have any issues perceiving my "vision" for the space, just not sure if everyone is the same. Any recent buyers/sellers have opinions on this? [link] [comments]  |
| How bad is Peoria , IL? I see single family homes for less than $50k? Posted: 08 Jun 2021 08:09 PM PDT |
| using owner occupied financing to purchase house with existing tenants Posted: 09 Jun 2021 05:37 AM PDT as the title suggests we are looking to purchase a house to live in using owner occupied financing. 5% down conventional. We found a house that we like, but it is currently rented out to tenants. Their lease ends on 10/31. we fully intend on moving into this house once the tenants lease is up. Typically, in order to use owner occupied financing, we have to move into the house within 60 days of close and live there for a year. Assuming close takes about a month, it'll be longer than 60 days til we can move in. Does anyone have experience with an issue like this? Would we still be ok using owner occupied financing, even if it takes a little longer than 60 days to move in? *EDIT: please reply only if you have actual experience getting around this and/or have a creative solution. Responses like "The loan docs states you have to move within 60 days, if you don't move in that's fraud" aren't helpful. [link] [comments]  |
| Posted: 09 Jun 2021 05:13 AM PDT |
| Posted: 08 Jun 2021 09:15 PM PDT Long story short, I'm considering putting an offer on a home that neighbors an elderly couple that has a very steep driveway. There's an easement which grants them use of the driveway, as well as parking, in perpetuity - no terms, conditions, or restrictions. The current owners were lightly compensated to agree to these terms. Clearly this decreases the value of the property I'm interested in and raises the value of the neighboring one. A future owner of next door could view and use this driveway as well as the 1-2 extra parking spots it would naturally offer. I worry about liability of both personal injury (neighbor shoveling snow to get their car out, slips, falls) and property damage (tree falls and smashes their car), as well as any other negative things that may happen. Any suggestions here? Reduce offer by $X? Write in a contingency where the current owner pays for a lawyer to resolve? Is this a dealbreaker? Anyway, thank you! [link] [comments]  |
| Cracked Sewer- Should I Tell The Winning Bidder? Posted: 08 Jun 2021 01:57 PM PDT I have been looking for houses in the Seattle area and we found one we really liked a few months ago. In our area, buyers need to do inspections before they make an offer because most people waive the inspection contingency and good luck winning an offer if you are the only one not waiving it. The seller provided a pre-inspection for this house, but not a sewer scope -which you really need in this area. So we procured one before we put our offer in. The sellers agent just made it very clear that they don't want to know anything regarding the outcome of that scope. The scope revealed some big issues that need to be addressed sooner rather than later. We wrote our offer knowing that a $20K plus repair was an immediate need to avoid a massive problem down the road. We were the only offer out of 10 that had the scope done. We did not win the offer/ were not even close. But someone else did, and now they have a sewer line that is cracked in multiple places and it is very possible they don't know this. So Reddit, should I find a way to tell them since I know and it would save them a LOT of money to fix it sooner, or should I just leave it alone as it is really not my business? EDIT: The house has already closed. I would not be interfering with anyone's transaction- just giving the new owners a head's up. [link] [comments]  |
| Posted: 08 Jun 2021 09:43 PM PDT Cant imagine how this is even legal but ive seen it. I heard thermoply is hard to come by since there is such high demand for plywood alternative and plywood is too expensive to build with. [link] [comments]  |
| HOA withholding letter for closing Posted: 08 Jun 2021 02:43 PM PDT I could use a little advice from those in the know. Just listed my home for sale a few weeks ago and was excited to be under contract in 36 hours. We have already been through the due diligence process and concessions were made for some minor repairs but it's a well-maintained home and there are no major issues. This afternoon, I got An email from our HOA with a list of repairs and maintenance issues that they demand to be completed before they will send a closing letter. There are no outstanding assessments or violations. Some of these items are just part of regular maintenance such as mowing, edging and trimming the bushes. I thought my tenant was taking care of those and I can certainly have that done. However, some of the items include replacing siding and replacing the mailbox among other things. Since I made concessions during the due diligence process for repairs, it seems unreasonable to me that the association could hold up the closing for me to do repairs. If it matters, I'm in the state of Georgia. I can find nothing in the association bylaws that allows for this process but we're down to three weeks until closing. [link] [comments]  |
| Posted: 08 Jun 2021 01:03 PM PDT Seems less and less likely there will be many foreclosures from the pandemic. Rule explained and more general terms here: https://www.axios.com/pandemic-housing-foreclosues-biden-dc3993f4-311f-4f4f-bca0-af3f73a75e25.html [link] [comments]  |
| Who is responsible for lockbox on listing? Posted: 09 Jun 2021 02:19 AM PDT The listing agent for a new build that we're under contract for informed our agent to put a lockbox on the home for our inspector, etc. needs to enter the home. Isn't this the listing agents responsibility? [link] [comments]  |
| Sellers didn’t disclose water issues, what would you do? Posted: 08 Jun 2021 07:48 PM PDT First time homebuyers, moved in a couple months ago to a condo, and now the "fun" is beginning! Sellers attorney confirmed there were no water issues of any kind during the purchase process, but it turns out that isn't true. We just discovered by accident that the building was inspected last year for some "active moisture" in our specific unit which potentially needs $30k in repairs - these are building repairs that would be funded by the HOA but would mean we incur a special assessment. (Found this out from the company that did the inspection and suggested the fixes) So, what would you do? It seems like a pretty clear case of non disclosure to me, but I've never been through this before. Anything we should keep in mind? Or other things to think about? [link] [comments]  |
| Does solar system add value to the house? Posted: 08 Jun 2021 07:43 PM PDT Planning to purchase a house in Houston. The house has a solar panel system on top of clay roof. The owner said the solar panel was installed five years ago, and it was paid off already. Is it a good thing to own a solar system? [link] [comments]  |
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