Fed official: US cannot afford housing market ‘boom and bust’ Real Estate |
- Fed official: US cannot afford housing market ‘boom and bust’
- Pretty much over this shit market, and flawed appraisal system
- “Inspecting” open house visits
- To all those desperate and defeated wanting to buy a home in this hot stupid sellers market just wait. Finally the market is reversing, prices are stumbling down a bit, and it will be easier and cheaper to buy. Don’t get FOMO.
- Those of you who waived inspection: did you get an inspection after closing?
- This home buying process has me realizing that bigger isn't better
- Difficult seller trying to back out of an offer via cash. Need advice.
- Buyer didn’t pass HOA application, NOW what?
- Should you bid right the day after a tour or wait a few days?
- Update to: Dream House!
- Just Closed on a House, Having Anxiety
- Tenant moved out; turns out they never paid their electric bill
- [US FL] Renter looking to buy: If I can wait 4 months, should I?
- When should I get the cashier's check??
- Can you remove a restrictive covenant?
- Would I be stupid not to refi?
- Need advice on purchasing a house with cash
- Please help: is this the right time to sell and upgrade?
- Need Help - Past Short Sale Issue
- Lost bid by $5k, "No Escalating Clauses"
- Buyers backed out AFTER inspection - how often does this occur?!
- Flood Insurance Limits
- New Construction: No inspector allowed during open wall walkthrough
- I did a semi-weird thing
- Help! House has sold but now new owners are complaining (PA)
| Fed official: US cannot afford housing market ‘boom and bust’ Posted: 28 Jun 2021 11:40 AM PDT https://www.ft.com/content/ff83ed04-3bb5-444a-9af0-1b466201ef67 Some parts of the article for the lazy: "It's very important for us to get back to our 2 per cent inflation target but the goal is for that to be sustainable," Eric Rosengren, the president of the Boston Fed, told the Financial Times. "And for that to be sustainable, we can't have a boom and bust cycle in something like real estate. "I'm not predicting that we'll necessarily have a bust. But I do think it's worth paying close attention to what's happening in the housing market," he said. "You don't want too much exuberance in the housing market," Rosengren said. "I would just highlight that boom and bust cycles in the real estate market have occurred in the United States multiple times, and around the world, and frequently as a source of financial stability concerns." ———— Commence discussion on our fav topic! As a reminder, no one knows where the hell market will go, but it's fun to speculate. [link] [comments]  |
| Pretty much over this shit market, and flawed appraisal system Posted: 28 Jun 2021 07:09 PM PDT After months of looking I got an offer accepted. I put in all the normal bullshit you expect in the contracts. I waived the appraisal contingency, and offered $105k over asking. I had the money for 20% in my account ready, as well as enough to cover any reasonable (up to $100k) appraisal gap. We put a 40 day closing date (which my realtor said is the max he has done). The offer had $2000 of option money, and a 3-day option period. Inspection went well, and we asked for no further money / credits from the seller. Had a pre-approval with my offer, and as soon as we got the offer accepted the lender ordered the appraisal and I paid for it immediately. I have enough to put 40% equity toward this loan (per my offer), and 3 days from closing.. Appraiser who picked up my appraisal 2 weeks ago has a personal issue, and had to cancel. Next available appraisal according to my lender is 7/13. The seller wants to back out and their LA is trying to talk them out of it due to the fact they don't have any cash back ups, the market is cooling, and this issue is likely to come up again... This is after I already paid extra to expedite the appraisal, fyi. Not really sure what their angle is - they already have moved out / on. The market here is slowing down and a lot of stuff is sitting on the market for a few days followed by price decreases. I think our offer was really in line with the upper-limit of their expectations. Basically, I don't see what I could have done differently here other than offered cash. Offer was strong, my cash reserve was strong enough to back it, my DTI and income are enough to ensure I get a loan, and I have enough money to gap an appraisal. Appraisal picked up by wrong appraiser, taken "out of the appraisal system" for 2 weeks while waiting on said appraiser, and then put back in with a new date of 2 more weeks out. This will mean I'd of gone nearly 8 weeks before getting an appraisal if the seller sticks with my contract. FWIW I have expressed interest in going forward, offered to show my ability to "gap" the appraisal (via a statement from my bank), and basically everything in my power I could do to show good intentions to the seller. Even when you win in this market, you can still lose and be out over $3k at no fault of your own. Really hope they play nice and release my EMD if their true intention is to back out. [link] [comments]  |
| “Inspecting” open house visits Posted: 28 Jun 2021 10:12 PM PDT As a first time home buyer visiting open homes, what are some things to "inspect" and pay close attention to? What are some major red flags and non-red flags I can deal with as a buyer/potential owner? [link] [comments]  |
| Posted: 28 Jun 2021 08:55 AM PDT I was one of those trying to buy in this stupid market only to be turned down by cash offers. I like to see the trends in my market daily for hours at a time (let's call it my entertainment) and have noticed properties are staying longer in the market, some are not even selling anymore and are getting their price reduced. This was almost imposible to see a couple of months ago when everyone had FOMO. Hell, my own house has dropped in price the past week. Where Homes where selling in literally a day now they are starting to sell in 1 or 2 weeks and some don't even. There's a nice area where I live where homes were snatched the same day by investors I am guessing. Some houses were ugly as hell in need of repair and selling for stupid money. Now the same neighborhood has like 6 listings that haven't sold in 2 weeks. Just don't get FOMO. Everything that goes up crashes down. [link] [comments]  |
| Those of you who waived inspection: did you get an inspection after closing? Posted: 28 Jun 2021 07:04 AM PDT |
| This home buying process has me realizing that bigger isn't better Posted: 28 Jun 2021 07:12 PM PDT We're under contract to buy a home. We will sell our current home shortly after. The amount of money we're dropping for bigger space to store shit isn't worth the lose of financial security. I'm seriously considering backing out of the contract and losing our escrow. This life lesson will cost a few thousand dollars. [link] [comments]  |
| Difficult seller trying to back out of an offer via cash. Need advice. Posted: 29 Jun 2021 12:15 AM PDT Location: Southern California So I'm currently in escrow for what I thought would be a pretty straight forward transaction. We opened on June 10th and scheduled to close July 15. They countered my initial offer and we both signed for about 20k over asking, which is common for this area and market. In the counteroffer, it was stipulated that all contingencies had to be lifted by 21 days, aka July 1. Everything was going smoothly until about a week ago, seller suddenly requests a lease back. I had already made plans to occupy at closing and had other roommates that were ready to move in as well so I declined the request. This is when the fun started. A few days later, they issued me a Notice to Perform (Fri, June 25) to lift my appraisal contingency by Monday, June 28th. This was strange because the appraisal was scheduled for June 28th. This is when I realized something was up. After some digging by my real estate agent, she found out from the selling agent that they were trying to back out of the agreement. So instead of communicating with me, they tried to trip me up by serving me this Notice. Unfortunately for them, it was invalid because the counteroffer specifically stated that I had until July 1st to remove the appraisal and loan contingencies. Seller has now offered me 10k + return of my earnest money for me to cancel the deal. I've already spent money on the home inspection and appraisal and I really want to move forward with escrow. I've spoken to a few of my attorney friends and I believe I have all of the leverage right now. Is there anything I may be missing or should be afraid of? Potential refusal to vacate/squatting? Destruction of property on the way out? Gridlocked so we can close escrow? Any insights would be appreciated! [link] [comments]  |
| Buyer didn’t pass HOA application, NOW what? Posted: 28 Jun 2021 12:58 PM PDT I'm currently selling a house which has been under contract for 45 days. The closing is in 2 days. I got a call today from my realtor saying the HOA board of directors, disapproved the buyer's application on grounds of "criminal history". The buyer apparently had an ugly divorce a ten years ago, it was based around the kids. His X filed for a restraining order. We don't know if there were ever any charges or arrests made, but he has since moved on, remarried, and started a new life. To my knowledge there is nothing in the community's covenants and bylaws that would disqualify a person for this and no amendment has ever been passed to change that. I also don't think there are state or federal laws that disqualify a person, solely based on this. It's possible the board is discriminating without legal ground, but for the sake of keeping this short, I am out 7K for the time it was taken off the market. The buyer put 10K initial deposit in escrow contingent upon him securing financing (which he already had). Before this gets out of control, should I lawyer up? Based on what my agent is saying, the buyer plans on hiring an attorney to challenge the HOA ruling, but if the decision stays final what are my options? This is pretty fucking disappointing. I have a lot of questions; should I hire an attorney? What do I look for? should I extend the closing a week? Should I talk directly to all parties? Should we get the HOA's attorney involved? Should I just look at recouping my losses now? Thanks in advance for the help. [link] [comments]  |
| Should you bid right the day after a tour or wait a few days? Posted: 28 Jun 2021 11:07 PM PDT I went on a tour and there was one other guy, very little interest. Bidding opens today and am wondering if I should put down a bid now or wait a few days. Logic being if I wait a few days I won't seem as desperate. If they know I'm desperate, they'll wait for me to put in a really high bid. [link] [comments]  |
| Posted: 28 Jun 2021 03:24 PM PDT Offered 100k over asking, waived inspection and a 30k appraisal gap.... On a listed at 585k house. And we did.....not get it 😭😭😭😭😭😭 [link] [comments]  |
| Just Closed on a House, Having Anxiety Posted: 28 Jun 2021 06:58 PM PDT FTHB. Just closed on a house. Previous rent + utilities = $2,300 Current mortgage + tax&insurance + utilities = $2,500 My current pay = $7,600/mo after taxes After buying the house, I don't know what the future holds. I'm not sold on being in Los Angeles but my job here pays me well. My job contract is until 2024 here in LA. Now I'm doubting that purchasing a house was the move and maybe renting and saving some extra cash for a nicer place where I'll settle might've been the better move. I can afford the house, but after reading how long it'll take to break-even with all the news about a big pullback/crash soon, I'm genuinely just paranoid and have major anxiety. [link] [comments]  |
| Tenant moved out; turns out they never paid their electric bill Posted: 28 Jun 2021 10:31 PM PDT Bought a small duplex last year and the neighbors moved out at the end of the year. Just noticed a bill from the local electric utility in their name while renovating their unit (first time a bill had come in six months since they moved out). Opened it and it's for over $6,000!! Am I liable for this bill?? I'm so lost on where to even start.. [link] [comments]  |
| [US FL] Renter looking to buy: If I can wait 4 months, should I? Posted: 28 Jun 2021 07:28 PM PDT This must have been asked a million times now, but if you could sit this market out, until October, would you? I am a renter, my lease ends in 10 days, the property I rented was sold, no luck finding a new place to rent or buy. [link] [comments]  |
| When should I get the cashier's check?? Posted: 28 Jun 2021 07:58 PM PDT Hello everyone, Or should I get it tomorrow morning just to be ready to go for Weds? [link] [comments]  |
| Can you remove a restrictive covenant? Posted: 28 Jun 2021 08:42 PM PDT I'm making an offer on a house on a lot that was once subdivided into townhouses in the back. On the disclosure, there is a set of covenants that seem to be targeted for the people who share walls on a townhouse whereas I share no walls, building, land or any component with them except for the fact that their egress is along my fence. The house is a Single Family Home on its own land. Even though there is no HOA, the covenants are restrictive- no rentals, pets, restricted use of parking spaces (even though I have my own parking on my own driveway/land parcel that no one else can access) and are only there because the Builder lived in the SFR when he was building the townhouses...etc but in my eyes, feel completely irrelvant to me. Has anyone managed to successfully remove covenants or severed their property form it? On another note, how is a covenant enforced when there is no HOA? Will someone sue me if I get an extra dog? [link] [comments]  |
| Would I be stupid not to refi? Posted: 28 Jun 2021 07:10 PM PDT I bought a home five years ago for 245k. Presently, Zillow estimates my homes value at just under 500k. We live close to where my wife will work for the next 25 years, so we don't want to sell. I owe 210k on the current mortgage at 3.5%. I used Zillow's mortgage app and it estimated that I could get a refi at 2.8% plus a 1k fee. Currently property taxes are 2.5%, with a 2.5% override totaling 5% per year of the homes estimated value which the town puts at 300k. Refinancing would save me roughly 550 a month. Is it correct to assume that the new refinance would come with a new appraiser? Would the town be privy to the newer, higher estimate; in turn leading to higher taxes that would likely offset any potential gain? [link] [comments]  |
| Need advice on purchasing a house with cash Posted: 28 Jun 2021 07:27 PM PDT Found a house that I would like to purchase. My parents have enough cash to cover the whole asking price and wants to pay it for me. The deed will be in my name. My question is, how does this work? I've never purchased a house before. Let's say we get the accepted offer. At closing, do my parents just give me a bank check for the amount? I know there's some tax implications like they have to report to the IRS about it and it counts towards their lifetime inheritance tax? Anything else to consider? Am I over simplifying the process? Is there more proof the seller might require? [link] [comments]  |
| Please help: is this the right time to sell and upgrade? Posted: 28 Jun 2021 10:07 PM PDT Me and my wife had a baby and we are looking to upgrade from a two bedroom condominium to a townhome or an affordable detached houses. We've listed our place for sale and at the same time have been looking for a new home everyday. Unfortunately, the inventory for a townhome is very scarce in my area and even when one came up, it was sold way over asking price. Me and my wife thought to change our minds about listing and then we had an offer of a good price (above market) for our current home. Our realtor is really keen on us selling and convinced the buyers to have a three month closing date so we can look for a new place. We have half a day to decide whether or not to sell it but since the beginning last three months we have watched the market and have not seen anything we can buy. So should we wait for more inventory to show up or should we pull the trigger and risk hoping something will come up in the next three month that we can buy? [link] [comments]  |
| Need Help - Past Short Sale Issue Posted: 28 Jun 2021 07:18 PM PDT So to make this as quick as possible, i had an offer accepted on a home 10 days ago. I was pre-approved already with a reputable lender, for far more than what the asking price was on the home. The lender also provided me with a Pre Qualification letter to submit with my offer. My credit is 780, single. I'm doing a conventional loan and all seems well so far, the initial review seems to be approved but today the lender told me all was well, and the only thing needed was to complete a "Framework First Time Homebuyers Course" and show them the certificate of completion. Here's the weird thing, i'm not a first time home buyer, and have never told the lender I was. I bought a home in my early 20's in 2007, and ended up having to short sell the home at the end of 2012 due to being laid off at the beginning of 2012. I wasn't in a great mindset that year with my house value being a fraction of what it was when i bought it due to the collapse and jobs were nearly impossible to come by. One last weird thing, the short sale hardly hurt my credit at the time at all, and in fact hasn't shown up on my credit report in a few years now (i know they generally stay on roughly 7 years, but this dropped off after about 3-4). So my question is...does my lender think this is a first time homebuyer transaction? And if so, what happens when I tell them i'm not? I'm not trying to scam the system, but i'm actually terrified the lender will derail the deal, even though its nearly done and everything else matches up perfectly. Can I tell them that I owned a home more than 12 years ago and sold it in 2012? Or do I have to say it was a short sale since it doesn't' show up on my credit? I'm going to be devastated if this falls through... [link] [comments]  |
| Lost bid by $5k, "No Escalating Clauses" Posted: 29 Jun 2021 03:32 AM PDT We recently drove across country to an area we want to move to. We found a nice property with a list at $440k. The seller's agent told me that they weren't accepting Escalating Clauses on bids. So, we decided $480 would be an offer we could live with, win, lose, or draw. The winning bid was $485k. If it had been $490k, or $500k, I would have simply been disappointed, having lost, but $485k? Seems unlikely that some other buyer chucked in a bid that was exactly $5k over ours, and won. I suspect some kind of hanky panky going on here. Too close to be random. Did the seller's agent take some cash under the table to tip off the winner? In this market, I'd have to guess that that is how we lost. [link] [comments]  |
| Buyers backed out AFTER inspection - how often does this occur?! Posted: 28 Jun 2021 04:46 PM PDT Selling my house - buyers were very eager - I did not actually formally list my house to the public (a risk I know). Anyways, I got a very good offer (hot housing market!) but the buyers backed out after the inspection. I'm a little flabbergasted - My realtor and I thought I could get more if I listed but I did not want to deal with the pain of listing/people through my house/prep work. So I got probably 5-10k less. Prior to deciding to sell, I tidied up the house, fixed the odds and ends, serviced the HVAC system (which they found a crack hard formed in the drip pan - but I mentioned I would fix this ASAP, everything else works fine). I also "hired" one of my buddies who is an inspector (24 hour pack of beer!) and he mentioned there was nothing egregiously wrong with my house other than needing a new paint job on the outside, new water heater in a few years, and HVAC system will need to be replaced in 5-7 years. shingles are only 8 years old - interior is newly remodeled. Any reason why buyers woudl back on on a good "inside deal" offer after an inspection where they would normally pay 5-10k more and deal with multiple offers/etc? [link] [comments]  |
| Posted: 28 Jun 2021 11:11 PM PDT Hi, I am looking to put in a offer for a house that has a creek flowing through the property - the dwelling itself is setback quite a bit away from it and completely out of the flood zone and Wetlands buffer around the creek. But because of the brook on the land, it means that property comes under Zone A flood zone, hence likely requiring flood insurance by lender. So I am trying to budget for the flood insurance before putting in offer. How much limit mortgage lender typically require? Upto the limit of the mortgage Or Amount to rebuild the house or another amount? One of the Flood insurance agent I spoke with said that Flood isurnace with 250k limit should be enough. 250k will be substantially lower than either mortgage amount or the amount required to rebuild. Any help will be greatly appreciated. [link] [comments]  |
| New Construction: No inspector allowed during open wall walkthrough Posted: 28 Jun 2021 02:57 PM PDT What are people's thoughts on this? Seems strange? They're ok with an inspector prior to the final orientation when the home closes. Thanks! [link] [comments]  |
| Posted: 28 Jun 2021 03:35 PM PDT This past winter, I did a semi-weird thing and purchased my next door neighbor's house. The opportunity just fell into my lap, but it was the right thing to do for a variety of reasons (pandemic and WFH space were major factors). We managed to complete the transaction smoothly without the traditional listing agent/buying agent representation, which saved each of us a bundle of money and time. I've been fixing up my old house in preparation for sale for the past several months and it's very close to finally being ready. Now, my questions:
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| Help! House has sold but now new owners are complaining (PA) Posted: 28 Jun 2021 11:38 AM PDT Update: thanks for the advice. I will let the RE address the remaining issues we are obligated to handle. THANKS EVERYONE. The whole selling process was a mess and both real estate agents were part of the problem. The new owners did an inspection and visited the house multiple times while we occupied the house. Problems were addressed and negotiated before the final sale. Now (a week after the final sale was signed) they are complaining about lingering smells. I can agree that my dogs did pee on the hardwood floors and I did my best to address that while I lived there. The new owners want the smell addressed by me now. I'm not sure what I'm obligated to do since the smell issue was not discussed at any point before the sale nor during the final walk through. We never masked the odors with candles nor did we hide the dogs. What am I obligated to do? Can we be sued or something? [link] [comments]  |
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