Potential Buyers realtor gave client lockbox code. Real Estate |
- Potential Buyers realtor gave client lockbox code.
- Another cancelation in Texas. Reason : buyers complained and demanded too much. The builder then relist the home for 110kk more. https://www.star-telegram.com/news/business/growth/article251873963.html?fbclid=IwAR2v8pe9-TC-DsdkLGGI4MAM64O5Oq_x-Q030HRIwwd1NiLtZn1NVMiUVJY
- Our OpenDoor Experience (disappointing)
- Nightmare closing, missing wired funds
- Looks like my time, new construction being threatened with termination by builder.
- Finally Closed! Success!
- Update for [I actually answered a cold call from a realtor, and this is what happened (Highly sought after neighborhood in Austin, TX)]
- FTHB Offer Accepted - A Success Story
- Opendoor and other iBuyers
- More than one lien on mortgage in NJ?
- Where to deposit home sale funds?
- Applying before viewing.
- First home advice.
- Has market cooled in the states since the easing of covid restrictions?
- With no inventory, are realtors low-balling me in order to make a sale?
- Any luck with Escalation Clauses?
- Shea homes priority list process
- Am I going to lose the house because of my terrible landlord?
- How much does bad carpet depreciate your home? Worth replacing or not?
- iBuyers offering MORE than market?
- Should I sign the disclosure this late in the game? (TORONTO)
- Can I include walk-up attic in square footage? If so, how?
- Appraisal question
| Potential Buyers realtor gave client lockbox code. Posted: 04 Jun 2021 11:49 AM PDT The realtor was supposed to show the client this morning but I got a notification on my ring doorbell. I watched as the client spoke on the speaker phone to the realtor who gave her the phone and also said "You know I can lose my license for this". I'm really kind of annoyed but not sure if there is anything I should follow up on or if I should just let it go. [link] [comments]  |
| Posted: 04 Jun 2021 04:58 PM PDT The couple already sold their current home and have to move out in a couple of weeks. The clause builder used to cancel called "Termination for Convenience" https://www.star-telegram.com/news/business/growth/article251873963.html?fbclid=IwAR2v8pe9-TC-DsdkLGGI4MAM64O5Oq_x-Q030HRIwwd1NiLtZn1NVMiUVJY [link] [comments]  |
| Our OpenDoor Experience (disappointing) Posted: 04 Jun 2021 09:51 AM PDT Hello all, Hope this is allowed - wanted to share our OpenDoor experience as it seemed almost bait and switch. I am hoping this is atypical for them. They gave us a preliminary offer of 522k along with 'most offers increase after video walk through'. We completed video walk through, multiple upgrades/details were documented on walkthrough (nothing negative), then external inspection happened, no issues. Final offer provided by OpenDoor was 476k (including ~$32.5k in fees), so net proceeds $443k.
They need to tweak their algorithms. Home was built in 2017 FYI, also this is in the greater Tampa Bay, FL area. FYSA their 'fee' breakdown: Offer price $476,000 [link] [comments]  |
| Nightmare closing, missing wired funds Posted: 04 Jun 2021 06:03 PM PDT I wanted to share my experience today in the hopes might be able to offer some advice. I was supposed to close on a house today. Everything had been smooth sailing up to this point. Yesterday we were finally told how much $ to bring to closing, and were told it had to be wired and were sent instructions on how to do so. I dont know if this is normal, but we were to wire money to bank a, and include notes saying lawl jk forward this to bank b...for...reasons? Having never wired anything before in my life, and after reviewing the wire instructions, I asked the person who sent me the wiring instructions to clarify a few points. She did. Great woohoo ezpz I thought, however after a few hours the wire was returned and money was back in my account. So I call the closing attorney office and explain what happened. They double check everything, and tell me to wire again, they have a contact at bank A who says send it again we will look out for it. I confirm the info is correct and send the wire again. Going into the attorneys office to close this morning they say they still haven't received the wire. Bank of america confirmed the wire successfully went out the 2nd time. The flow of money should have been me -> bank a -> bank b -> closing attorney. So now Bank A claims they wired the money back to my account at 10am, but lo and behold there is no money in my account. I call bank of america, they dont see any pending transaction. I call bank a, they wont talk to me about the funds cause they should have come from bank b and bank b is their client. I call bank b, they tell me they'll find out what happened...they never reach back out. I call attorney, they assure me bank a sent me back the money... So now im stuck, not able to close, down tens of thousands of dollars with no idea where my money is, no one will help me. I have no idea what to do. I've spoken to at least 15 different people across these banks and attorneys and no one can help me. As an added bonus, each wire is a 30 dollar charge, and each return is 15 dollars...hurray... And as a double added bonus, the wire instructions we receive SPECIFICALLY say to write bank b's info in the "notes" field of the wire, which I did. Too bad Bank of Americas "notes" field is for your eyes only, and the info should have gone in the "description" (which is marked as optional) field. So these attorneys fucked me over and sent me bad instructions which caused all this...which of course they take 0 accountability for. This turned long and ranty, sorry this is just so stressful and frustrating. My money is vanished into the ether and i have no idea what to do. Any insight is appreciated. [link] [comments]  |
| Looks like my time, new construction being threatened with termination by builder. Posted: 04 Jun 2021 11:18 PM PDT After reading stories about people's new homes having issues with construction costs or just not happening, looks like it's my turn. My wife and I had a nice new construction in a desirable area of town. Beautiful home, 4 bed 3 bath, 3 car garage, 9 foot ceilings, the works. $650,000 before options. We signed just 6 weeks ago and locked in the rate per contract. Well, fast forward to today where I got an email late this evening that the builder said that after considering the lumber prices their going to either terminate contract or offer us to keep contract but at a higher price. The thing is, they didn't say what that price would be in the email. Says: "If Buyer is amenable to an upward adjustment in the Purchase Price, in the weeks ahead, when Seller locks-in its key materials prices, Seller will notify Buyer of its proposed Purchase Price increase ("Seller's Price Notice"). At that time, if Buyer finds the increase acceptable, Buyer and Seller will enter into an amendment to the Purchase Agreement. This amendment will set the new Purchase Price for the Property, and will commit Seller to moving forward with construction." The thing I don't like about this is I have no guarantee their not just going to come back in a month and do the same thing. To make matters worse, they haven't even set the foundation yet so there's at least 5-6 months more of construction. Tomorrow I'm planning to go talk with the builder representative. Thoughts? [link] [comments]  |
| Posted: 04 Jun 2021 07:56 PM PDT We finally closed today! I didn't want to post anything during the process in case I jinxed it. We had been looking for a while and lost out on 2 other bids. Then this listing popped up, it was in a neighborhood we never thought we could afford. The initial list price was overpriced and over our budget so we didn't bother to look at it. A week later the price was reduced but still over our budget. We decided to take a look. We offered significantly less and were countered at still way too high of a price tag for us, so we said no. After another week or two on the market they came back to us and after some back and forth negotiating our offer was accepted at about $40k less than list price! No contingencies waived. We later got a 10k credit after the inspection. I think a lot of buyers were discouraged from making an offer due to the fact it was already so overpriced and in this market we are all used to having to offer significantly over asking. Keep the faith if you are looking, and definitely take a look at any houses that are still on the market after a week! [link] [comments]  |
| Posted: 04 Jun 2021 11:14 AM PDT https://www.reddit.com/r/RealEstate/comments/n9xssh/rant_i_actually_answered_a_cold_call_from_a/ A few of the people in the comments requested updates once the house sold. I actually closed this morning on the sale of my property in Austin and am doing a 60 day lease back until I move to my Colorado home. The process went in a way I never would have expected. Way more pain free than what I've been reading. I've read a lot that even sellers get a headache with all the ingenuine offers on the market (builders casting a wide net, etc). I actually reached out to the realtor I used as a buyer realtor in Austin from years ago - they remembered me and have done good constant client initiation with me sending cards, cookies, etc over the years since 2013.. I've contacted them multiple times for contractor referrals and whatnot so I was happy to go with them for my sale. The overall process went as follows:
Overall I'm very happy with how this went. I understand that I could have maybe got a higher offer if I listed it, but then I'd have to deal with comparing tons of offers, people maybe backing out, having to re-list, etc.. I liked the "name your price" and she found me a buyer strategy. Overall I'm pretty risk averse and doing this was a positive experience for me knowing that the buyer didn't need an appraisal, waived the inspection, and put a decent chunk of earnest money down. I think a good realtor can be hard to come by, and I'm really happy I kept in a good relationship with mine. She came through for me and worked magic within the bounds of my expectations. [link] [comments]  |
| FTHB Offer Accepted - A Success Story Posted: 04 Jun 2021 07:57 PM PDT We just received the email from our agent notifying us that our offer was accepted! We're not telling anyone in person until we get the clear to close, so I figured I'd get some of my initial excitement out through a reddit post. Pre-search: We have been renting a 2 bed, 2.5 bath condo for the last 4 years. We initially started casually looking at houses last February. We quickly realized we would need to start saving agressively to afford the type of home we wanted. In addition, my partner's employer reacted to Covid very poorly, so we decided we would wait for him to secure a new job then wait 3 months to settle in before buying. He started his new job in March and we picked up the search soon after knowing that it could take some time. Coincidentally, our landlord informed us of her plans to sell the condo we're renting that same week. She's very kind, so she said she would give us flexibility, but it definitely put some pressure on the search. Search: Our search range was a broad region in southeast PA. We set a very wide set of criteria in terms of house requirements. 3+ beds, 2+ baths, 2000+ square feet. Other than that, we were open to fixer uppers, new construction, or anything in between. The key factor for us was to have enough property to afford us some privacy. We set it at minimum 0.5 acres. Max price 575k with 5% down conventional loan. We viewed probably 25-30 homes in person with our agent between March 29th and June 1st. All offers ended up being houses built between 1950 and 1985 in well maintained condition, but not fully updated. Lost offers: 1) List: 519,000 -- Offer: 551,000 -- Waived all contingencies except appraisal 2) List: 475,000 -- Offer: 512,500 -- Waived all contingencies except appraisal -- Additional: 12,500 appraisal gap coverage, pay for seller's transfer tax. 3) List: 500,000 -- Offer: 535,000 -- Waived contingencies except septic inspection and appraisal -- Additional: 15,000 appraisal gap coverage Accepted Offer: List: 525,000 -- Offer: 562,000 -- Inspection for informational purposes and appraisal contingency -- Additional: will pay seller's transfer tax and we had our mortgage broker call the seller's agent when we put our offer in. Ultimately, I feel really fortunate. The search was really stressful at times, but we never got to a point where we felt tempted to over-extend ourselves. Yes, we were waiving inspections, but we were bringing a family member along to showings who has experience renovating houses. It's not the same as an inspection, but it gave is reassurance. While we would never do this in normal circumstances, the market is what it is. As you can see, our offers were all somewhat similar. We don't know what pushed us over the edge this time, but we think having our mortgage guy call the agent helped. Another possible factor is that the first 3 houses followed the normal schedule for our area which is to list Thursday, hold open houses Saturday/Sunday, best offers deadline by Monday night. The house we have an accepted offer on was listed the Tuesday after Memorial Day and they set an offer deadline of Thursday at 5pm. This in theory limited the number of offers that we were competing against. Anyway, I hope this information is helpful to someone out there. Wish us luck as we begin the arduous process ahead of us to settle on our new home! [link] [comments]  |
| Posted: 04 Jun 2021 09:06 PM PDT Opendoor - They are currently in the process of flipping 206 homes in Las Vegas. They just listed a home near me for 467k that they purchased for 428k ten days ago. I just discovered this and am absolutely floored. As a consumer I'm shocked and very concerned for buyers trying to break into the market. As a licensed real estate salesperson I wonder what the future holds for real estate agents. [link] [comments]  |
| More than one lien on mortgage in NJ? Posted: 04 Jun 2021 10:54 PM PDT A lender my realtor recommended said I could only use one down payment assistance program because I couldn't "double dip" and have more than one lien on the home. Is this accurate? She told me about a grant through FHA, and then I found one through the state and a few through the counties I've been looking to buy in. I'm a good credit/cash poor buyer so the more assistance I can find the better. TIA! [link] [comments]  |
| Where to deposit home sale funds? Posted: 04 Jun 2021 05:20 PM PDT I didn't know where to post this so I put it here. I will be finalizing the sale of my current home and should be getting a lump sum check of a little over 400k. Where should I deposit this cash? Doesn't the FDIC only insure 250k? I needed some insight on this. Thanks! [link] [comments]  |
| Posted: 04 Jun 2021 09:48 PM PDT Hello all, My partner and I are looking for a rental property and I was wondering what legalities surrounded applying for a rental property early before viewing? Can you retract the application after viewing if you do not want to proceed. Located in QLD, Aus. Thanks. [link] [comments]  |
| Posted: 04 Jun 2021 04:17 PM PDT Hey guys, idk if this is the appropriate place but I recently landed my first job at SF after college and from the LA area. I want to help my parents move out into our first home but my mom is petrified( immigrants who don't know much about the real estate world) I myself am into Software engineering's do don't know about real estate to be truthfully honest. We want to make the right and best choice into our first home and see what we should consider and especially avoid to not get taken advantage of: Income 100k-200k California based (LA area) Advice? Please would be amazing. [link] [comments]  |
| Has market cooled in the states since the easing of covid restrictions? Posted: 04 Jun 2021 08:16 AM PDT |
| With no inventory, are realtors low-balling me in order to make a sale? Posted: 04 Jun 2021 01:56 PM PDT In my neighborhood, builder is getting $900K and a year to build. Recent comparable resales have been in the $700-850K range (about $275-310 /sqft). At the moment, there are NO homes for sale less than $1M. I've had several realtors give me estimates at about $700K. My house is nothing "special" but I would like to get $750K (about $300 / sqft), bearing in mind the $1M competition. What's wrong with my thinking??? Aren't the realtors hurting for business with no inventory? [link] [comments]  |
| Any luck with Escalation Clauses? Posted: 05 Jun 2021 12:28 AM PDT I've been beat out several times recently by buyers with escalation clauses. Recently started putting uncapped escalation clauses in. Seems insane but I figure I'll shake the contract in inspection if I land too high. We still have inspections here. Seems this is new standard here but I feel like Buzz Lightyear. To Infinity and beyond! Definelty not the most ethical strategy but I have to get a roof over my kids head. I see so many failed contracts, seems the whole market is breaking down. One house we liked went pending 4 times already. Had a seller counter they wanted cash only offers. Mortgage broker is telling me she is having huge failure rate because sellers are demanding 14 to 21 day closing and financing won't happen that fast. Buyers a bulking at 21 days and refusing to extend. Are we all just that greedy? [link] [comments]  |
| Shea homes priority list process Posted: 04 Jun 2021 04:27 PM PDT Hello! New to the sub, but I'm in the Phoenix area. It's been crazy out here with houses going for $150k+ over list. I finally got on a "priority list" for a new development at Shea Homes. Does anyone know what that process looks like? I just want to prepare myself if I have to go battle another 1k people for a house. [link] [comments]  |
| Am I going to lose the house because of my terrible landlord? Posted: 04 Jun 2021 11:57 AM PDT I am currently under contract to buy a house in the US after years of renting and going through the underwriting process with my lender after getting preapproved. For some reason the lender needs to verify that I have paid my rent for the last year, and this is causing significant problems. Last year the apartment I rent was sold from OldCorp to NewCorp, and I was instructed to start making payments to NewCorp. I have provided the lender a copy of my leases with OldCorp and a series of cancelled checks made out to OldCorp and NewCorp. They say that they can't verify with this information because the lease is to OldCorp and the payments are sent to NewCorp. They have had their contractor attempt to contact NewCorp multiple times to find out if I've paid, but those calls have gone unanswered and unreturned. I've even given Lender the deed where it shows that OldCorp sold to NewCorp, but even that isn't good enough for some reason I don't understand. Lender doesn't seem to have any further ideas on how to fix this. Am I screwed here? My agent thinks the house has a cash backup offer. Is there anything wrong with trying to bribe someone at NewCorp to return the calls? I just feel lost, and one of the reasons I wanted to buy was to get away from this terrible landlord, but they've become the massive obstacle between me and buying the house. [link] [comments]  |
| How much does bad carpet depreciate your home? Worth replacing or not? Posted: 04 Jun 2021 10:26 AM PDT Planning to sell our home this month, but all 3 bedrooms have bad carpet. Mostly from pet damage along the doorway entrances, but daughter's room is the worst, as she has spilled makeup and paint on it. We estimated it to be several thousand dollars to replace, or would it hurt all that much to sell it as is? How much does carpet typically affect a home's value? [link] [comments]  |
| iBuyers offering MORE than market? Posted: 04 Jun 2021 11:12 PM PDT We thought we would check out this ibuyer business, because why not? The process was fairly simple and we could always walk away if it didn't make sense. A real estate agent we had talked to but not signed with said she would recommend listing our house around $435K. She showed us the comps. We were skeptical that the house could sell for so much. Despite people talking about how crazy the market is, an identical house in our HOA sold for below list price in February, around $408K. A slightly smaller house in the HOA listed for $420K but had to relist and drop the price. They are still on the market. But iBuyer#1 offered us $460K. They have completed the inspection so this is a finalized offer. The estimated repair fees are $0. They take 4% plus closing fees. We would walk away with more than we had planned to list at (and we weren't anticipating a bidding war). What is the catch here? How does this work? They don't give us earnest money, so could they pull out? It seems too magical and simple. They'll sign up to 90 days in advance. We won't have to worry about showings or staging furniture. But I really don't believe they could turn around and sell the house for the price they're currently buying at, at least not this year. We talked to two other iBuyers too. IB#2 offered us $410K but upped to $448K once they found out there was a competing offer. IB#3 offered $420K and we're still waiting to hear if they can match. Have other people had similar experiences? [link] [comments]  |
| Should I sign the disclosure this late in the game? (TORONTO) Posted: 04 Jun 2021 04:01 PM PDT I purchased my first home about a week ago. It went smoothly and the offer is now firm. My agent called me today to tell me that the sellers agent forgot to send disclosure forms saying that both him and the seller are real estate agents and business partners. He wants me to now sign this disclosure. Although my agent thinks this is no big deal, I think this is a red flag. I did some research and real estate agents know that this is something they must disclose. I was looking for some perspective about what to do and if signing this disclosure this late in the game comes with any repercussions that I can't see now. [link] [comments]  |
| Can I include walk-up attic in square footage? If so, how? Posted: 04 Jun 2021 09:43 PM PDT I bought a 1,200 square foot home a few years ago and since the market is hot I'm thinking of selling. When I bought the house the hot water heater and washing machine were in the fairly small kitchen. I moved them up into the attic to create a nice kitchen. I had my construction guys sort of finish out the attic by putting in electric plugs and silverized foam board for walls and ceilings. Although the floors were 70 years old I put down a coat of polyurethane by myself and think it looks pretty good. I built a wall dividing the attic space in half so that I could store my stuff behind a locked door it I rented the place out on Airbnb and wanted to let my guests use the laundry equipment. So I am using 350 square feet of my attic space as a utility room on a regular basis and 350 square feet just to store stuff. Without question the second-floor space makes the house a whole lot more livable. But what do I need to do to properly claim some or all of this area as square footage? My thinking is to put sheetrock over the foam board. Anything else. Obviously being able to honestly market my house as having 1,550 or 1,900 square feet is going to draw more interest than a 1,200 square foot listing would. Thanks! [link] [comments]  |
| Posted: 04 Jun 2021 09:28 AM PDT Do appraisers try to get the house valued at what the house sold for? Ours came back at $500 over the offer price and I found it suspicious? [link] [comments]  |
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