Got my first rejected offer today... Real Estate |
- Got my first rejected offer today...
- My Controversial Opinion: Buyers should be more open to a townhouse as an alternative to a SFH
- How do I fire my realtor?
- How to get a house out of my head?
- Which builders are demanding more money on new constructions after the contracts have been signed?
- Listing Agent not replying to my agent?
- Question for Apartment managers
- Which real state agent should I pick? Option A 20 years of experience in different part of town or option B 5 years of experience in the desired part of town
- Need opinions - should I decrease my offer?
- Should I Do Sewer Scope When Buying House With Sewer Line Replaced 7 Months Ago?
- How to find relevant people for Interior or Exterior rendering
- Does including a high pre-approval with your offer help?
- Offer Accepted with Non-refundable deposit
- (Cheyenne-WY) Help assess this offer and situation
- What to offer ?
- [GA] Seller wants 30-60 days lease-back on property. If they do not leave by the agreed date and it escalated to an eviction situation, would the COVID NO-EVICTION LAWS protect them?
- First time seller - penalties/taxes/fees on sale of home (NYS)
- Success story for those ready to give up
- Disclosure of previous termite damage
- Getting a Realtor Internship
- Bathroom Remodel Order of Operations
- Get property out of pre-foreclosure
- What happens if someone accidently records your legal description in a mortgage? (North Carolina)
- Buying the Townhouse We’re Renting
- Why do so many listings use over exposed photos?
| Got my first rejected offer today... Posted: 06 Jun 2021 05:05 PM PDT ...and I have no clue how some of y'all have gone through this disappointment like 15 times. Do you just get numb after some point lol. [link] [comments]  |
| My Controversial Opinion: Buyers should be more open to a townhouse as an alternative to a SFH Posted: 06 Jun 2021 04:39 PM PDT A few days ago, there was a nice discussion on buyers remorse that millennial first time home buyers are feeling in this market. I happen to be one myself and I shared my 2 cents here. After making that post I have thought about the following point for the past few days: Maybe the problem is too many of us have this preconceived notion that SFH are a vastly superior choice for most buyers. Prior to owning my home I rented a townhouse for a year and have concluded that I was actually a lot happier in my townhouse for the reasons mentioned in the the thread, namely less outdoor maintenance responsibilities, neighbors, and location (at least in my case). Now, I am not going to say SFH's are completely overrated, I think they are still a good end-goal for people with kids who enjoy being outside. But I am seeing a lot of people in my millennial demographic (which is a lot less likely to have kids) also being unnecessarily pushed towards SFH ownership when a townhouse would serve them just as well if not better. My ideal would still be a SFH if it was a smaller structure with a decently large xeriscaped yard, but those are quite hard to find in my area. In fact, I have recently had a strong desire to sell my SFH and "downgrade" to a townhouse once I have lived here for two years and am able to avoid the long-term capital gains tax. In previous discussions of this subject on this sub I have seen an overwhelming sentiment against townhouses, but now that buyer fatigue has reached all-time highs and affordability has reached all-time lows for the SFH market, I am wondering if people are having second thoughts about this conventional wisdom like I am? And before people ask:
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| Posted: 06 Jun 2021 06:22 AM PDT So to make a long story short- I am using a friend's mom as my realtor. She helped us sell our home and now we are trying to buy. We originally wanted new construction but that's (probably) falling through. My realtor doesn't do this full time and has another job. She is very accomodating to me and always is on the ball getting us showings anyhow. That being said, I sense that she is annoyed or doesn't really want to do the showings especially lately. She is uninformed and doesnt seem to know the market very well. She always has to ask me to repeat what I want my offer to be several times and seems confused everytime she writes an offer. She told me "not to bother" putting my offer in on a house this weekend bc the sellers realtor told her they were expecting 100k over asking and we wanted to put 80k over. I looked at area comps and nothing had gone 100k over asking in the area so I felt 80k was a good offer. Well- I basically had to force her to put the offer in and guess what? We were 2nd place the winning bid was the same offer with a higher down payment. She isn't actively looking on my behalf we only see listings if I send them to her. Anyway- in summary she is a lovely person, has accomodated everything I ask of her eventually but she just isn't doing this full-time and is a novice. My husband is completely fed up and wants to fire her. I called her broker to discuss the situation and the broker was understanding and said if I want to fire her I can but I have to have that conversation with her. My problem is- she's my friends mom and this is going to be superrrrr awkward for me. I was thinking about just telling her were going to take a break and then go find a new realtor but she'd definitely find out that we bought a house from her daughter. Help? Edit- thanks for all the advice! I now realize in retrospect that I should not have hired my friends mom and should have kept this strictly business. I am intrigued by the idea of going with no agent... How does that work? Do I just need a lawyer? Do I write up the offer myself? [link] [comments]  |
| How to get a house out of my head? Posted: 06 Jun 2021 01:57 PM PDT My absolute dream of a house, that is also an absolute nightmare in some respects, is living, rent free in my brain. It would be an enormous project, at the very top of my financial abilities. Fixed up it could either be the place of a my dreams, or set for life type of money. It could also ruin me financially if it doesn't go to plan. It has been sitting on the market for 4 years with little interest, and I have been dreaming, planning, plotting endlessly. I finally heard that the seller was entertaining multiple offers (unsurprising In this market) and would be deciding shortly. Then it went inactive. I was initially heartbroken, and slowly, felt a weight had been lifted. It turns out it went inactive as it expired. Listing has been renewed. No word about other offers. And like that, it moved right back into my head. [link] [comments]  |
| Which builders are demanding more money on new constructions after the contracts have been signed? Posted: 06 Jun 2021 08:47 AM PDT Seeing a lot of stories in this sub recently of builders demanding more money for in-progress builds citing increased construction costs. However none of the posts seem to mention the builder or location. I wanted to see if there is any pattern I:e is it some specific builders who are being more greedy or is it confined to some particular area of the country? Full disclosure: We are also in the process of a new build in Northern California where we signed in November and there has been a significant appreciation in the base price and also delays from the builder. However there hasn't yet been any demand to change prices yet. But reading all these stories has made us tense. [link] [comments]  |
| Listing Agent not replying to my agent? Posted: 06 Jun 2021 04:57 PM PDT I'm new to the home buying game and in search of my first house. I've been in working with an agent I love who has been in the industry for 10+ years. She's seasoned, well connected, extremely responsive and amazing at what she does. A problem we've been encountering more often than not any time I find a house I'm seriously interested in is listing agents not responding to her emails or phone calls. There is a house I told her I wanted to see 5 days ago that is still sitting on the market, and we're still waiting for a response from the listing agent. I also found a house Friday morning that I'd put in a competitive offer for today if only the listing agent would get back to my agent so that I can see the house first and confirm that I love it. Contact was initiated by my agent Friday morning around 10:30am, it is now Sunday evening. I've heard of the 24 hour rule, and the 48 hour rule, but what does it mean if we're getting ghosted beyond that? Do realtors take weekends off? Closing deals quickly is a realtor's bread and butter so I truly don't understand the lack of responsiveness, especially in such a competitive market where time is of the essence. Is this a common thing? Why would a listing agent be completely unresponsive to a buyer's agent? Again, I'm new to the game so I never could've seen this sort of roadblock coming. Insight? [link] [comments]  |
| Question for Apartment managers Posted: 07 Jun 2021 04:58 AM PDT Who is in charge of buying amenities/services? If I were trying to sell a trash pick-up service or new clubhouse coffee machine service, are those decisions made by the community manager or somebody higher up in the property management company? [link] [comments]  |
| Posted: 06 Jun 2021 05:54 PM PDT I'm trying to decide which real state agent to pick. Both agents come from trusted referrals and have experience working in crazy 2020-21 market Agent A has 20 years of experience but mostly works in a different part of town. This part of town is more rich and houses are out of my league. Agent A is ok working in the part of town I want to purchase (30 min driving away). I also a suspect that agent A may have less of incentive because the house I'll purchase will be cheaper than the houses of her typical clients. Hence her commission will be lower. But is hard to beat 20 years of experience. Agent B only has 5 years of experience. He works on the are of town I want to purchase. He is very responsive and because he works in the area I want to buy he is probably used to getting that type of commission. So I suspect he may have more an incentive to do a nice job. Which one would you choose? And why? Thanks I'm advance! [link] [comments]  |
| Need opinions - should I decrease my offer? Posted: 06 Jun 2021 07:30 PM PDT I have submitted offer two weeks ago and did not get accepted (submitted at the listing price); Apparently house is back on the market due to buyer's financing. (I guess everyone would probably use this excuse for back on the market so not sure if this is truly the case) Just realized another house in the same neighborhood was listed 100k less than this one (but that house is 5 years older, less upgrade for bathrooms, and exterior seems like there might be issue) and went in contract last month. I'm debating whether I should submit the same offer as is, or if I should decrease my offer. As far as I know, they did open house this weekend and there's only one other offer that they are expecting. My realtor tells me that this is hot market so it's unlikely seller will take an offer lower than the listing, but I'm not sure as I start seeing houses staying longer in the market (due to seller's greed mostly; listed too high). [link] [comments]  |
| Should I Do Sewer Scope When Buying House With Sewer Line Replaced 7 Months Ago? Posted: 06 Jun 2021 06:14 PM PDT The house I am contracted to buy had foundation work and the sewer line replaced 7 months ago. Should I do a sewer scope? How likely would there be problems with such a recently replaced sewer line? [link] [comments]  |
| How to find relevant people for Interior or Exterior rendering Posted: 07 Jun 2021 02:46 AM PDT Hello dear Real Estate people, I run a small business of 3d rendering services in Sydney, Australia. I provide Interior, Exterior, Floorplan and Apartment rendering for over 3 years for real estate projects or architects. The problem is I'm having so low amount of traffic to my website. My targeted audiences are basically from AU. What I need to know is how to increase my reach to relevant people and increase relevant website traffic? I know Fb or Google advertising is relatively costly and I don't have much of a budget. Tried SEO for couple of years and our website is standing on the 12th position for a relatively competitive keyword. I know there are only a few people out there who goes to the second page for their desired result. So, I get a very few traffic from Google. If you have any idea on how to increase the website traffic, it'd very much appreciated. And if in this group anyone needs 3d rendering for their projects, you're warmly invited to give me a knock. Thanks. [link] [comments]  |
| Does including a high pre-approval with your offer help? Posted: 07 Jun 2021 01:20 AM PDT I just wanted a little insight into the offer process. I'm looking to submit offers for houses in the 400k - 500k range, but I can get a proper pre-approval for over a Million. Is it helpful to include this much higher pre-approval to prove that I can cover any gaps if they pop up, or does it hurt since the seller knows that I have a lot of room to negotiate? I'm looking to put down about 5%, and I know that can decrease the seller's confidence in the deal. [link] [comments]  |
| Offer Accepted with Non-refundable deposit Posted: 06 Jun 2021 09:30 PM PDT We offered the seller their asking price in Flagstaff, AZ and won by adding a 10k NON-refundable deposit pre-inspection. Home was a custom build in 2012 by the largest developer in town, with no apparent structural issues I could see during the Open House (I'm no expert though). Excellent pride of ownership, all the cosmetics and lawn looked fantastic. So unless I'm extremely unlucky, I think we'll be good. But it is still a risk! Thoughts? [link] [comments]  |
| (Cheyenne-WY) Help assess this offer and situation Posted: 06 Jun 2021 09:28 PM PDT Home was listed at $370k about 3 weeks ago. In retrospect this may have been a bit high and $355k would have been more realistic. I'm not in this market but I'm advising the seller. We thought the market was strong but now we're not sure. We're working with supposedly one of the better agents in the area but we're not 100% sure so seeking other opinions. Maybe 20 people have come to see it, no serious offers before today. An offer came in at $355k:
Seller is fine with getting $355k for the house but is planning to move out of the area when under contract but before close, so they are really trying to make sure they close successfully (so they don't need to relist while out of area). My thoughts: The terms seem very buyer friendly, especially compared to hot market. Is anyone familiar with Cheyenne or Wyoming in general or similar markets? Are offers like this more standard there? Seller really doesn't want to take the house off the market and get strung along for weeks by a buyer that can't close. The 8% down seems like a red flag. Would it be appropriate to ask for more financing information before accepting the offer? If there was some way to gain confidence in buyer's finances then seller would accept. Or maybe Seller should relist at $355k and hopefully get offers with better financing. Thoughts? [link] [comments]  |
| Posted: 07 Jun 2021 01:13 AM PDT Hi! I checked out previous posts Re: abandoned homes and couldn't find this question / answer. My good friend lives in a really wonderful neighborhood, there's been a neglected and abandoned home next door to her for her a while. Long short: Friend told me the story, father / daughter lived there with no utilities for three years So I found the owner and am in contact with an attorney, I've done a lot of research and found that the owner and his daughter live in another state and according to my friend have no plans to return because he is elderly and has services there. The home needs a ton of work. My dad is a contractor; he my cousin and I will gut the home and remodel it. I don't plan to flip it. I don't want to make an unreasonable offer and was thinking 10% below assessed value would be fair. Thoughts? Thanks! [link] [comments]  |
| Posted: 06 Jun 2021 08:19 PM PDT About to offer on a home in this crazy market. We would state in the contract that they would need to leave by 'X' date. What happens if they don't leave by the agreed date? Would the Covid No-Eviction Laws protect them? [link] [comments]  |
| First time seller - penalties/taxes/fees on sale of home (NYS) Posted: 06 Jun 2021 05:38 PM PDT In NYS what are the rules and laws as far as profits from a sale of a house into a new property (or not investing in a new property)? I'm currently selling my house, will probably not be able to make any competitive offers at this time on a new home. I'm prepared to rent at first so I can take my time buying (I'm moving to a new city and not selling my house with any contingency that I buy a new home in the process). My concern is being taxed extra or having to pay penalties if I don't turn around and buy right away. Is there a time limit to reinvest or are those taxes/fees/penalties only for the sale of houses (or profits earned) that are over a certain amount? I'm trying to figure out how much time I have to reinvest in a new home to avoid unnecessary penalties/taxes/fees. I'm sure there will be some taxes/fees but I'm specifically curious about options if I don't buy a new property. For what it's worth the sale of my current home is a private/personally used/single family residence (not a rental) and I'll be buying the same (again not a rental). The sale of the house will be hopefully between $160-$200k. I've been told vaguely the capital gains tax "it won't apply to you" and "you have two years" but the people who told me this aren't real estate attorneys so want some other feedback or guidance. [link] [comments]  |
| Success story for those ready to give up Posted: 06 Jun 2021 07:30 AM PDT We just moved into our new house and after months and months of stress it was worth it. Sharing some details to give people some hope. -Located in Orange County, CA -This was our 17th offer, we toured about 50 houses -We were saving up and had planned on starting to look in January 2021, so we spent months in the fall getting to know different neighborhoods and understand what was in our price range, so most of the houses we saw in person met our criteria. -Our offer was 20% down with a conventional loan -Our offer included a 29 day post occupancy (if it's under 30 days it's not considered a lease back and they don't have tenants rights which helped me sleep at night). I was worried about a post occupancy based on reading horror stories online but it worked out for us. There are some good people in the world. -On all of our offers we waived the appraisal contingency but confirmed with our lender that he could get the appraisal within the 10 day inspection contingency. I.e. if the house didn't appraise we wouldn't have grounds to negotiate the price but we would still be within our inspection period and could back our and retain our Ernest money deposit -We upped our EMD to 5% -All of our offers were about 3-5% over asking. On about 1/2 the seller did a "multiple buyer counter" asking for our best and highest and trying to shorten our contingency periods. On 1 they asked for very specific terms, exact price and rent back terms and we signed it as-is and still got beat -After every unsuccessful offer our realtor would call the sellers agent and ask for any feedback to "sharpen her pencil" next time. About half we were beat by cash offers. The other half they said someone else had more funds in hand and they felt it was less risky if the house didn't appraise. A few we got beat out on price by a very small amount when we countered. -After offer 10 we started submitting multiple offers at a time and my agent felt comfortable that no one would sign as-is and if someone countered she'd immediately pull the other offers. -On this final offer (which was accepted) we offered one price and put in a clause if they accepted and signed by midnight that night we'd up the offer price by $5k. They signed at 11:30pm that night. This was the first time we tried this tactic, I don't know if it would have helped in other situations but it's worth a try! -Our realtor warned us against writing "love letters" because it is now illegal in CA to protect against discrimination. We had a handful of selling agents specifically ask for us to send a letter because the seller really wanted it so we did in those situations. No letter in our winning offer. -Our agent was through Redfin. She was recommended to us by a friend and at the time she was with another company but switched to Redfin. I'd heard some bad things about using Redfin agents but we had a great experience and with the amount of houses we saw it was super convenient to just click "request showing" on the app to schedule. There was also a team of associate agents who could tour us if our agent wasn't available. Don't give up if this is something you really want or need. Take breaks, don't let home buying be the only thing you're focusing on. Don't tell family and friends unless you want to answer questions and get opinions. [link] [comments]  |
| Disclosure of previous termite damage Posted: 06 Jun 2021 07:21 PM PDT We found a beautiful home in our price range, the only glaring issue is that they have disclosed a previous problem with termite damage in 2015. The other disclosure states they had water coming in through a basement window (the basement is a finished room). The sort of makes me think that they have a high water table, and that termites will be a permanent problem. Should a previous termite issue be an automatic NO? We are first time buyers, thus have no experience whatsoever trying to control an issue like termites. Are modern methods for termite control 'really good', or do they just eventually comeback over time no matter how aggressive you get? We'd want to live in the place for 20-30 years. [link] [comments]  |
| Posted: 06 Jun 2021 11:07 PM PDT I'm 17, gonna be a senior in hs next year. I'm pretty interested in real estate and want to be an agent after college. Summer just started and I had the idea that instead of getting a job at McDonalds like most kids my age, it may be better to get an internship for a realtor. However there are a few things I think could potentially be problems.
So I guess my question is would it be better for me to try to get an internship for a realtor or should I just get a job at McDonalds for 14/ hour? And if the internship is a good idea would emailing realtors annoy them or is there a better way to contact them? [link] [comments]  |
| Bathroom Remodel Order of Operations Posted: 06 Jun 2021 07:20 PM PDT I am looking to remodel my bathroom, and want to gut check my process before jumping in with contractors:
I am going back and forth on if we need to replace the tub/toilet or not... they are slightly old but not the worst - will I be redoing a lot of work if I hold off on those two items for another year? [link] [comments]  |
| Get property out of pre-foreclosure Posted: 06 Jun 2021 11:00 PM PDT I have a client where the mortgage company has turned over the property to an foreclosure attorney. They're lender is M&T Bank — I'm trying to figure out a way for them to get there house from the foreclosure attorney and work out a payment arrangement with the original lender [link] [comments]  |
| What happens if someone accidently records your legal description in a mortgage? (North Carolina) Posted: 06 Jun 2021 10:32 PM PDT Was searching my legal description in the local county database and surprised before my deed was recorded, someone else recorded a mortgage deed with my legal description, the street address is different and so is the parcel code. The attorney was the same one I used for closing, so it looks like they fat fingered the legal description. Anyways, what happens now? I don't think the document stands in court since the person who took the mortgage had no interest in my property (legal description) and shouldn't of got the mortgage in the first place , but at the same time I just want to be safe, I emailed the closing attorney as well [link] [comments]  |
| Buying the Townhouse We’re Renting Posted: 06 Jun 2021 01:24 PM PDT My wife and I are looking to buy the townhouse we're renting. The owner is amenable. Are there any step by step guides we should be exploring to make sure we do it in a way that protects us from boneheaded mistakes? I'm not even sure what step one is: appraisal? Loan approval? Find a real estate lawyer? [link] [comments]  |
| Why do so many listings use over exposed photos? Posted: 06 Jun 2021 10:03 PM PDT Here is a good example. It seems like the new thing to do, but looks tacky. I want to see what the place actually looks like, not an overblown image. [link] [comments]  |
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