PSA for people buying houses - everyone is booked up and everything is out of stock, so plan ahead Real Estate |
- PSA for people buying houses - everyone is booked up and everything is out of stock, so plan ahead
- I made an offer based on a square footage figure on a listing that appeared to have been modified later. Anything I can do?
- I’ve been tracking some of the smaller expenses associated with home buying. What expense caught you off guard?
- (SoCal) Seller countered with offer higher than asking?
- Is radon gas a very common problem in new buildings or is it a random hit and miss thing ? How come builders can't detect that ahead of finalizing the building ?
- How much does it cost to build a second floor?
- First time landlord. My “tenant” signed a lease, and now is demanding a lot (TX) and signed another lease too
- What state are you in and how is the market there now?
- Is it time to just sell and semi-retire?
- Job change and closing on same day!
- Paying over appraisal value on a home we love
- Landlords Agent Broke and Misrepresented the least
- Under contract, negotiating leaseback
- Questions about being a real estate agent in Florida.
- Nightmare “leaseback agreement”. Please help :(
- It would be funny if it weren't so sad
- Chicago summer real estate slow down
- How do I
- Well, it happened! Price increase 8 months in [New Build, UT]
- Desperate to buy a house that's already in escrow
- The median sales price for a 3-bed house in Portland appears to have peaked 7 weeks ago, and has been slightly lower since
- House Valuation - Under grade but with a basement?
- Home improvements for selling - what's worth it
- 10% down vs 20% down: does it really help buyers stand out?
- I own my home outright. Would taking out an 80% cash-out refi to buy another home outright work?
| PSA for people buying houses - everyone is booked up and everything is out of stock, so plan ahead Posted: 05 Jun 2021 09:46 AM PDT We just bought a house! To our surprise, the sellers used none of their 30 days post-closing occupancy and the house was empty at our final walkthrough. I immediately put in our notice to vacate with our apartment complex (lease ends at end of June and we closed 5/27) pleased that we'd have a month to do everything without holding over. We're trying to get the interior painted before we move in. Four out of five painters (large companies) that I called were not able to fit our painting in before we need to move. I'm just desperately calling down the list for anyone at this point. One painter told me Sherwin Williams doesn't even have ceiling paint available right now due to supply chain issues. We're also struggling to find a moving company. If you think with the lack of inventory that labor projects associated with moving would have lots of availability, you might be mistaken and find yourself scrambling like me! So plan ahead if you can! Edit: Lots of people are telling me to do it myself. I have cervical dystonia, a neurological movement disorder no one has ever heard of. Manual labor, especially over a long period of time, causes my neck muscles to inappropriately contract and stay that way the rest of the day causing lots of pain and discomfort. My disorder is well managed without physical labor. But for this reason, I can't do it myself. I'm sure we'll find someone to paint, but I just wanted to make sure other people buying houses might know finding a painter could be an issue, so that's why I made the post. [link] [comments]  |
| Posted: 06 Jun 2021 01:12 AM PDT We found a great home on a lake. Made an offer over asking, covering the appraisal gap. I based this offer on the listing's square footage using a range from some local comps, and was very confident that the appraisal would be very close to the asking price. Offer was accepted. Came to find out later that the square footage that had shown in the listing included a (nicely) finished basement. The square footage on the listing has since changed back to the non-basement figure. First appraisal came back so low that it threw off my financing goal, and I saw that it was appraised based on that smaller square footage. I decided to switch lenders and order a new appraisal. Second appraisal came in just over the asking price. That said, the dollars-per-square-foot number difference between what I thought I was offering and what I actually offered was significant ($272 vs $385). I close next week and, although we love the house, I can't help but think the seller snuck in a change to the listing after offers were finalized to fetch higher offers. Unfortunately, I have no way of proving this. Should I relax and be ok with including the (nice) basement as part of my offer? Should I have expected my agent to communicate the discrepancy in square footage (they said nothing)? How could the second appraisal have been so different from the first? Did I get bamboozled? Is there anything I can do? [link] [comments]  |
| Posted: 05 Jun 2021 07:11 AM PDT
These expenses aren't going to break the bank, but I wanted to show how the small expenses add up outside of the actual closing costs. And, imagine going through that multiple times if your offer falls through! Hang in there, friends! [link] [comments]  |
| (SoCal) Seller countered with offer higher than asking? Posted: 05 Jun 2021 02:56 PM PDT List price of home was $800k and the house has been sitting for over 100 days. I offered $725k which is in line with comps with no contingencies and the seller countered at $900k. I don't think I've ever read of a counter that is higher than the list price? Anyone experience this before? Was the seller offended by my 'low' offer and countered with something ridiculous? Not sure the next steps, but I'm thinking it's walking away. [link] [comments]  |
| Posted: 05 Jun 2021 07:31 PM PDT |
| How much does it cost to build a second floor? Posted: 06 Jun 2021 02:13 AM PDT How much would it cost to make that a two story? Or is that not a thing? [link] [comments]  |
| Posted: 05 Jun 2021 04:23 PM PDT Just curious if any landlords have had this issue? We are in Austin, TX. I've owned property before. My wife got pregnant so we just bought a bigger house (mine is 1400 sqft) up in the suburbs. We don't want to sell the house we have as the location is excellent and we decided to rent it out. I feel like I did everything right and already hitting a huge annoyance with it. I hired a management company, replaced the baseboards and painted inside, had the house deep cleaned and had the management company filter tenants. Here's what our criteria / rental info was: Monthly rent (central austin, near 45th and lamar) at $2850 a month. Require first, last, deposit ($2850) and a pet deposit ($1425) Filter renters based on: Making > $125,000 house hold income Credit score > 750 (for all tenants) No evictions on their record We got a tenant who him and his wife are moving here next week from LA to sign a lease with us. The lease is suppose to start next week, and they are now saying they "found a house priced the same but with better amenities and upgrades" such as a nest thermostat, doorbell, smart locks, and a tankless heater.. so we need to reduce rent to $2300 or they walk. My management company said the future tenant is a software engineer and his wife is a nurse who has a job offer from a local hospital. He told me that in Texas the fact they signed a lease with me isn't going to go well in court here (it's a boilerplate lease that says they can't change anything without permission) The kicker is that he says they actually already signed a second lease with the other landlord who is also about 12 minutes north of me (which explains the cheaper price), and showed a copy of the lease to me. It feels so bizarre they signed two leases. I have done a little digging and it seems like they're a pretty young (25ish?) couple who both just graduated... Anyone ever had something like this happen? What do I even do? [link] [comments]  |
| What state are you in and how is the market there now? Posted: 05 Jun 2021 08:40 PM PDT I'm seeing a lot of conflicting info in here. People are saying the market is cooling down and more houses are listing ...prices are dropping... but im seeing the exact opposite. If there is any cooling at all, I suspect its due to the covid restrictions being lifted and people just fleeing to the beaches, restaurants, and vacation. [Keep in mind, houses aren't necessarily on the market longer... its just that the status hasn't changed since going under contract]. So what state are you in? Whats going on there? [link] [comments]  |
| Is it time to just sell and semi-retire? Posted: 05 Jun 2021 03:10 PM PDT I bought my house 6 years ago with cash in AZ. It's way too big for just me, but I figured it would be cool to live in my bank account essentially, and maybe if the stars align raise a family here. Stars never aligned, but it has been the best bank account ever. My neighbor just sold his smaller house for 450k. I never even dreamed of this happening here. Just 3 years ago this thing was barely cracking 220k. I'm really considering just selling it and moving somewhere cheap and rural, while just drawing commissions online for money. I do it now on the side, but a few extra hours into it could fully support me with a low cost of living. Is this a horrible plan? I'm sure my property tax bill is going to be terrifying here soon and this thing already has ~1k in HOA a year. [link] [comments]  |
| Job change and closing on same day! Posted: 05 Jun 2021 10:04 PM PDT I am in a very precarious situation. We put an offer on a house and everything worked fine so far and we have a closing on 6/25. Now - I am working as a consultant for a client and the client offered me a full time position(with obviously better benefits). And the joining date is 6/28. I need to serve a 2 week notice with my current employer which makes my last day with the current employer as 6/25. So in a summary: Closing date: 6/25 Last day with current employer: 6/25 Start date with new employer: 6/28 I checked with the mortgage company and they said that job change is not an issue here as my role and field of work is not changing. They are concerned with the employment verification before the closing. I might cause issues with the underwriting. I am trying to avoid a scenario where I have to move the closing date. Does anyone have any ideas? [link] [comments]  |
| Paying over appraisal value on a home we love Posted: 05 Jun 2021 05:24 PM PDT So after 3-4 months of looking in more cities than I could count and offers on 6 houses, we finally got accepted on an amazing home that happens to be in the same town as both our parents, which is perfect because we have a child who is almost a year old and plan on having more soon. We were very picky with what houses to offer on because we want to make it a forever home, but we were also on a time limit having to vacate our apartment by July or renew a lease under their disgustingly high prices. House was listed 300k, we offered 340k willing to cover 5k of appraisal. Based on comps we expected it to appraise atleast 330-335k. There was also nothing major on the inspection, although some things need work or replaced in near future, but nothing that was worth losing the home over in negotiations. The final hurdle, the appraisal came back at 320k a week before closing... So we instantly sent over our offer of 325k (since we offered to cover 5k gap originally) and seller said meet them in the middle at 330k. We felt losing a home we love trying to negotiate over an extra 2k-3k wasn't worth it at this point even if it was probable the seller would have accepted. Our loan and down payment are now both smaller, but we are coming out of pocket more. No matter what situation we are putting 20% down, meaning we saved 4k on down payment but covering an extra 10k for appraisal gap so we are spending 6k more than originally planned out of pocket. I'm not sure if anyone who reads this post gives a shit, I've just browsed this sub daily for our entire journey of finding our first home and wanted to share my story. I honestly feel for everyone else out there who is struggling in this market [link] [comments]  |
| Landlords Agent Broke and Misrepresented the least Posted: 06 Jun 2021 03:20 AM PDT Long story short, in the last 60 days of the our lease our landlords real estate agent broke the terms of our lease on several occasions. I spoke with a a lawyer yesterday to review the situation and the lease in question and he said it was fairly black and white. He's part of a fairly large brokerage. Is there any value in reporting him there? Or elsewhere? Also, obligatory happy to be hopefully closing as a FTHB in three weeks! [link] [comments]  |
| Under contract, negotiating leaseback Posted: 06 Jun 2021 02:37 AM PDT I'm currently a buyer under contract with an option that seller has 3 months to find a place to live. They've had a few offers rejected and have indicated that having more cash in pocket would help. Around the same time I reached out to my agent suggesting a leaseback would protect me from them backing out of the sale after the three months. It sounds like both sides are amenable to the leaseback, and most of what I've read so far is that a typical rent covers PITI. Would it be unreasonable to ask for PITI + 10% or so to put a very modest dollar figure to my willingness to accommodate? [link] [comments]  |
| Questions about being a real estate agent in Florida. Posted: 05 Jun 2021 10:06 PM PDT Hello, What is the likelihood that I will find a broker that will let me prioritize my current businesses and not fire me if I don't sell for a few months at a time. All in all I pretty much just want to work for myself and just buy houses and sell them as opportunities arise or for myself as investments. I would like to possibly become a broker down the line and have other real estate agents under me (after I have some years of experience under my belt) [link] [comments]  |
| Nightmare “leaseback agreement”. Please help :( Posted: 05 Jun 2021 10:06 AM PDT To start off, I wanted to mention a few things… -my husband and I have a meeting with a lawyer later this month (it's the soonest we could get). -the real estate agent and now her boss are aware of the situation -we've asked our title company and realtor for help and they are useless My husband and I just bought a house and we are in the middle of a nightmare "leaseback" agreement (also known as a rent back agreement). We already closed on the house over a month ago and we own it. When we made our initial offer, the seller of the home told our realtor that she needed a little time to find a place to live. Her plan was to rent and she was already looking. We said it was no problem. Our realtor wrote up a leaseback agreement where it was agreed that the seller would pay a daily fee for living there after closing, and that she had to be out by June 30th or else she would start paying 200 dollars a day. The seller was also supposed to put 2500 in escrow with the title company until she moved out. There was supposed to be a walkthrough as well. My husband and I signed this document. Throughout the closing process, our realtor reassured us that the seller was moving soon and that she was helping her find a place. After closing, our realtor realized that she never submitted the leaseback agreement for closing. To make matters worse, she never even got the sellers signature on the leaseback paperwork!!!!! The title company and our lenders had no idea about this leaseback agreement because the realtor forgot to inform them. Our realtor had assured us it was taken care of and as first time homebuyers, we didn't know better. The closing process took forever so my husband and I allowed the seller to have one month free living in our newly purchased house. Well the month is up on Monday and she won't pay for the rest of June. She left us a check made out to the WRONG NAME and she also underpaid by several hundreds of dollars. We couldn't even cash the check because it had the wrong name on it. The payment is due Monday and we know she won't pay. She's avoiding us and avoiding our calls, and living in our house for free. When I did get her on the phone, she tried to argue with me about the amount she owes us. We sent a very clear email asking for the money with the proper amount and how to send it. To make matters worse, the seller keeps trying to push back her move out date and I am 8 months pregnant. She decided to buy a house and said she closes on the 24th, but that she can't find movers. I don't believe her at all. If she doesn't send the payment, we thought maybe we should send her a 5 day notice to pay or quit? But here's the tricky part… she never signed the leaseback agreement. There technically is no legal agreement. There is no record of it in the loan or with the title company. She stated in an email months ago that she would sign it, but she never did…. would the courts consider that an official agreement? Or is she technically a trespasser living in our home? She has been very non communicative and awful. Is there anywhere we can get legal advice quickly? I'm so lost. We live in Virginia. Any advice at all would help. [link] [comments]  |
| It would be funny if it weren't so sad Posted: 05 Jun 2021 12:28 PM PDT This was posted in /r/Seattle but I thought it would be appreciated in lots of markets right now http://imgur.com/aLzcBvA [link] [comments]  |
| Chicago summer real estate slow down Posted: 05 Jun 2021 02:47 PM PDT I've been on the market for a 1-1.2M house in Edgewater and Lincoln Park for the last few months. It seems like there have been a lot fewer listings recently city wide. Is anyone else noticing this? Any ideas about when inventory will pick back up? [link] [comments]  |
| Posted: 05 Jun 2021 09:20 PM PDT I can no longer live in my two-story home. I have a MS in the stairs to my bedroom are unbearable. I have fallen down them enough times that I think it is time to move. I would love to buy some property and have a house filled, even a steel building, but I have no idea where to begin. I live in Missouri near St Louis. I have a wife, 7-year-old, and 1-year-old twins. If anyone has any idea on how to plan, architect, develop... Please reach out. [link] [comments]  |
| Well, it happened! Price increase 8 months in [New Build, UT] Posted: 05 Jun 2021 06:41 AM PDT As if COVID hadn't done enough for my husband and I, between our cancelled wedding and two canceled honeymoons, we got a call at 5pm on a Friday from our builder saying "pay us $28k or walk. Oh and by the way, we need an answer by the weekend." They essentially told us we already have $130k in equity and that no one should get to have that much before they even close on the house. Unfortunately, this being a new build, the contract does have a clause for "unacceptable material price increases at sole discretion of seller". So they are claiming lumber increases, and refusing to provide me the bill of lading or any documentation showing how they got $28k. I will also state that they didn't start framing until I called at 6 months to complain that we were supposed to be closing in July(now delayed, obviously). They paid more for the lumber because they waited. This is a crapshoot they caused and we unfortunately have to pay for. We signed in October, and our sales guy gloated to us that our base price went up 3 months later by $60k. We will be looking at our resale house options this morning before agreeing to pay the mob. Unfortunately, we will likely have to pay because this is the home we spent days designing. Oh, and did I mention we are in the middle of IVF? My review of this builder is already written, now I just need to edit this piece in. [link] [comments]  |
| Desperate to buy a house that's already in escrow Posted: 05 Jun 2021 11:43 PM PDT I've been solely interested in a small market that rarely goes for sale. I've solicited some homeowners directly with no luck and I've just been resigned to waiting. Then the perfect house popped up in the listings but it's already in escrow. Apparently a friend of a friend is buying the house from the owners, but the agent is still showing it just in case. The buyer is a lawyer so it's assumed financing will come through, inspections would be the only issue. Thing about this house is it's pretty much a dream in terms of my budget and what's available in the area. I would gladly pay 15% over the current sale price, which is already over market value. My understanding is that the seller can't back out of escrow (especially when they are tied up socially with the buyer), so my only chance would be with the buyer... Is it possible to buy the escrow contract from the buyer? How much would be a reasonable offer? Is this something worth trying if I'm willing? I know I don't need this property, but I've been waiting 5 years for something like this so it seems like it's worth a shot. [link] [comments]  |
| Posted: 05 Jun 2021 01:07 PM PDT I posted this in /r/Portland/ and was going to crosspost here until I realized that /r/Realestate doesn't allow image posts, so doing as a text post and if you want to see the graph image you can view it here: https://old.reddit.com/r/Portland/comments/nt3ukw/the_median_sales_price_for_a_3bed_house_in/ Details of methodology: I've been tracking and analyzing house sales in Portland Oregon for the past few months. This data comes from Redfin, which lets you download sales transactions filtered by various criteria (city, # of bedrooms, price range, etc). I then used PostgreSQL and Google Sheets to analyze the data and create the graphic. The median for those that don't know is the point at which half the sales prices are above, and half are below. The lower quartile is the line at which 25% of the sales prices are below the line, and 25% of the sales prices are between the line and the median. The upper quartile is the line at which 25% of the sales prices are above the line, and 25% are between the line and the median. The dates on the horizontal axis are the starting dates of each week. The median rolling average is a two week average (current week and prior week) simply to provide a bit of smoothing of the weekly change. [link] [comments]  |
| House Valuation - Under grade but with a basement? Posted: 05 Jun 2021 12:22 PM PDT 3bd/2.5 bath house purchased as a foreclosure ten years ago. 2600 square feet, two car garage, basement (enclosed and studded, concrete floor, but is a walk-in and not finishable due to being a 6 foot ceiling). House appraised for cash out refi 5 years ago. No issues. Now we are ready to put our home on the market, and have run into a problem. Two different realtors have said that they can't value our house based on full square footage, because half of the square footage is below grade and therefore technically 'the basement'. When I asked how we could possibly have a house with two basements, given that we have an actual basement, there was lots of shrugging and no answer. The claim is that the house technically has 'no bedrooms and only a half bathroom' because none of the living spaces have closets in room. Would welcome any help here! House is built on a steep lot, so that the front/street view is a single story while the rear view is three. It has a flipped floor plan with the main floor as the living/kitchen and instead of going upstairs to the bedrooms you go downstairs. All three bedrooms are downstairs. Only one wall of the house on the second and third floors is 'below grade'. Three sides of the lower level are fully exposed. Every room has above grade windows and even a huge wall of sliding glass doors across the back that open to two bedrooms and a bathroom. The basement is further beneath that and also has full windows and a regular sized door. No one during any of our previous inspections, walkthroughs, realtors, appraisers, has ever suggested the layout is a problem for square footage or appraisal purposes. Although it's not traditional, it's actually been very helpful in terms of keeping the bedrooms cooler because we live in a hot climate. So - do we live in a 3/2, 2600 sq ft, with a basement? Or do we live in a 0/.5, 1300 sq ft, with two basements? [link] [comments]  |
| Home improvements for selling - what's worth it Posted: 05 Jun 2021 01:33 PM PDT Selling a house and determining what to do in terms of improvements that will increase the home's value in relation to cost/effort. Not trying to flip or do major upgrades but generally reaching out here to see anecdotally what you've found adds the most value. It greatly depends on the shape of the current home but generally your experiences. In this case it's an old home in not terrible shape (already painted the outside and fixed up landscaping). Going forward with new carpet and painting inside at a minimum. Considering a minor kitchen remodel as well as replacing back doors that are outdated. Perhaps partial manufactured stone veneer on exterior. It appears the market may be cooling down so considering whether any of this necessary besides the carpet (pets) and paint. Thanks! [link] [comments]  |
| 10% down vs 20% down: does it really help buyers stand out? Posted: 05 Jun 2021 01:01 PM PDT I'm a nervous Nelly, and I found a property I really want. So I basically made my first offer, but the market here is crazy and I have lost out before. So... My real estate agent is saying 20-30% down would sweeten the deal, the problem is it's an incredible amount of money. It will roughly be like $325k. I have it in cash, I have more in the stock market (but really am reluctant to take that out at any point for the next 10-15 years), but paying that $325k for 20% leaves me with a low emergency fund and an inability to buy furniture for the new place. I would really rather stick to 10-15%. Both my real estate agent and my loan guy keep saying they think I should promise that I'd pay 20%, then after it goes through, the loan guy would write a thing to the seller saying I wanted to save some money and am only doing a 15% down. He says he's never seen a seller reject that. I feel like, to some degree, it's just an unknown variable and it also could be seen as shady. And what if they DO reject it, then there goes my spending money? And ultimately, as long as a buyer can see my credit is perfect and I have good funds in the bank and a great salary, 10% vs 20% won't make a huge difference--the buyer's main concern is that I simply walk or the loan fails anyway, and if they can see my statements (with sensitive information scrubbed, of course) and if I give them a very good if I walk amount (i.e. I pay $20k if I cancel for any reason, including loan not happening), it should be fine? [link] [comments]  |
| I own my home outright. Would taking out an 80% cash-out refi to buy another home outright work? Posted: 05 Jun 2021 02:07 PM PDT I paid off my mortgage last year. Now rates are so low, I'm thinking of taking out another mortgage to buy another home outright, then use the rental income to offset the mortgage payment. Of course, the retail market for homes is nuts right now, so I'm thinking of buying a foreclosure once the eviction ban is lifted in July. I know this sounds like a dick move, taking advantage of someone else's loss, but it might net a better deal than buying another place at current prices - and I can take out a mortgage on my place at 2%, whereas if I mortgaged an investment property, rates would be higher. I'm trying to rebuild a retirement fund, so this is my current plan. Thoughts? [link] [comments]  |
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