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    Home Unlabelled VA appraisal came above the offer price! Real Estate

    VA appraisal came above the offer price! Real Estate

    June 03, 2021

    VA appraisal came above the offer price! Real Estate

    VA appraisal came above the offer price!

    Posted: 02 Jun 2021 05:55 PM PDT

    Great news! Just got an email from my VA loan officer that my house has appraised $1k more than the offer price. This has been the last hurdle and I'm now very excited to close in a few days!

    submitted by /u/douchiesnacks
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    64% of millennials regret buying home in current market, survey shows

    Posted: 02 Jun 2021 05:24 AM PDT

    I can't link it here, but it's easy enough to Google (Bankrate conducted the survey). Some key takeaways:

    • Boomers are not experiencing the same level of buyer's remorse: "64 percent of millennial homebuyers (ages 25-40) have some regrets about their purchase compared with just 33 percent of baby boomer buyers (ages 57-75)."

    • Unhappiness over size/location were the biggest factors for regret: "According to the survey, 15 percent of [millennials] said they disliked their new property's location. Meanwhile, around 30 percent felt the home was not the right size." I would assume both of these stem from buying sight unseen/not taking time to explore the neighborhood, but location issues might also stem from urban residents COVID-panic buying in suburbs/exurbs and realizing they hate suburban life, or having their companies call them back to the office.

    • Maintenance costs are the second biggest reason for millennial regret. "More than 20 percent of millennial homeowners said they felt the costs of homeownership were too high." Again, this stems from buying sight unseen, waiving contingencies, and purchasing fixer-uppers to save money.

    Speculating for a moment, I think such a high level of buyer's remorse might be a large contributing factor to a market correction in the very near future. Prices are starting to plateau in many markets, and people who bought before the latest surge in prices (i.e in early/mid 2020) may try to unload their houses en masse, since they've appreciated enough to at least recoup closing costs and if they're lucky, a year's worth of maintenance costs/taxes/other fixed costs. Such a huge flood of inventory would snowball, as more and more people try to sell as quickly as possible to avoid selling at a loss, flooding the market with inventory and driving prices down. If that happens, I don't see them rising again as precipitously as they did in 2021, since the market will be wiser and more cautious.

    submitted by /u/dirac_delta
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    My realtor tells me that all sellers are rejecting VA loans for conventional or cash buyers. What do I do?

    Posted: 02 Jun 2021 06:20 PM PDT

    I'm honestly at a loss for words , I kept asking for showings from my realtor and he's telling me that I'll probably end up having to pay someone to cash up the house for a fee or do a rent to own, I got approved for 250k which is about as good for shit if this is true. I am so discouraged.

    submitted by /u/Farfromgood5000
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    Just bought a second house and sold our first home in the Seattle area. AMA

    Posted: 02 Jun 2021 09:34 PM PDT

    We've got a new baby in 2020 and no longer fit into our old house. The timing was terrible - we are in the Seattle area and the market is crazy here (well, even more than usual) - people have to bid 100-300K over asking and waive everything to win a dream house.We ended up buying one for the asking price and just went into the mutual agreement on the old one for ~8% over asking. If we didn't have to upgrade I'd give up months ago.

    ​

    The process

    1. Buying. We decided to buy before selling because 1) temporary housing for an unknown period of time, two moves with 2 kids, a cat, and a dog seemed too hard 2) financially we'd likely be losing by selling too early on this market. We've got some equity from the old house for downpayment and appraisal buffer (HELOC, it took 2 months though because lenders were overloaded with refi requests). It took us a few months to find anything - we've made several offers - no contingencies, some with ridiculous escalations (lost in bidding wars or got rejected because of 20% down - didn't demonstrate enough proof of funds, check out learnings below).We ended up accidentally winning an offer on the house that 1) was not perfect - not the top choice: noisy road nearby, but great everything else 2) listed on top of the market - i.e. attracted fewer buyers. We've got it close to the listing price with no competing offer.
    2. Selling. I saw many posts here wondering why sellers list so low, provoking bidding wars. The truth is we had no idea what's good listing price and followed estimate and other houses lead. Our house was never that popular before - it is old enough, split-level, fully remodeled but 10 years ago. You can't make split-level perfect (low ceilings, layout). It's also on the street which might appear noisy according to our agent. If we list too low and get only one offer - we'll lose. If we list to high we'll get no offers and lose, so we just picked the Redfin estimate as the list price. Agents can only advise, but the responsibility is all ours.
      So we've got several offers and apparently, we picked the lowe one (20K lower than we'd get with other ones), but the least risky one that waived everything, we've got 8% over asking on it which was beyond my wildest dreams.

    ​

    Learnings:

    • When you buy, don't emotionally attach too much - pick a house that's not perfect, but you can live with it. If you ABSOLUTELY LOVE the house, likely there will be others with the same sentiment and they'll likely overbid you.
    • It'll probably take a few tries to win the house. That's fine - you're learning what's important and what you can compromise on.
    • You have to have enough for a 20% downpayment and any appraisal gap - the more the better.
    • Put higher downpayment or make your agent communicate clearly you have enough to cover the appraisal gap. We lost one house just because we put a 20% downpayment on the offer letter and sellers didn't know we can put more to cover the gap. I've also had to ask our selling agent to check if the buyer I liked has enough funds because it was not immediately clear on the offer and it ended up being the winner offer.
    • Love letters work (on me). I got one letter, it touched me and looked up buyers - they were in the same professions and company as me and we had common friends/colleagues. I wanted and sold my house to this person. I looked up other buyers too. If they had no love letters/digital presence demonstrating they are nice people, I had no hard feelings rejecting their offer. If you're a seller - don't look them up or read love letters if you want to pick an offer purely based on the financial side.
    • Waiving contingencies is a good alternative to high prices. We picked a lower offer just because it had no contingencies. Why? We got more than we expected anyway and wanted uneventful closing with a smaller chance for buyer to back out.
    • We used professional staging, cleaning and fixed all known issues, including major stuff (new roof). Not sure if it helped, I hope so.

    ​

    Happy to answer any questions, unless it reveals my identity. Good luck with your buying/selling!

    Edit: grammar/typos

    submitted by /u/Ok_Light310
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    Well, finally have a nightmare tenant - need some help

    Posted: 03 Jun 2021 04:19 AM PDT

    I have contacted a couple of lawyers over the last few days - heard nothing back yet.

    So, have a tenant who's lease has expired and refused all new attempts to sign a lease.

    Literally just says nope, I'm not signing.

    New drama is his ex girlfriend has reappeared and she's a heroin addict. My other tenant in a different apartment has a young daughter. Last night from 1am to 4am the upstairs drug addict tenant were screaming, banging, throwing stuff etc.

    Police came, it quieted down.

    I'm not sure how to even get eviction rolling. This heroin addict doesn't even live there it's his "guest". Without a lease, how do I prove this? Also, the tenant I want out has a full time job etc so is the moratorium during covid still applicable to him?

    Any prods in the right direction would be helpful. I'm in upstate Ny btw.

    submitted by /u/rettribution
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    If you could rent for a bit, would you?

    Posted: 02 Jun 2021 07:06 PM PDT

    My wife and I are getting ready to list our house in CO next week. We expect for it to move rather quickly based on everything. We're moving back home to TN, but given the market right now would it be wise to rent for a while until the market slows down a bit? Our friend (who is a realtor in TN) has told us horror stories of people offering $150,000 over asking and still losing out. This environment doesn't interest me at all.

    Should we just put our equity in the bank, rent for a few months to a year and then look at buying? Do you expect the market to calm down in a few months or are prices only going to continue to rise and we'll get priced out? What's your best guestimate?

    submitted by /u/RockyMtnAnonymo
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    Mountain View home sale sets new record, sold at nearly $1 million over asking

    Posted: 02 Jun 2021 11:45 PM PDT

    Remodeled 7-bedroom house in Waverly Park neighborhood sells for $5.477 million in just six days

    submitted by /u/Sf766
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    Can I end my lease without penalty? (Florida)

    Posted: 03 Jun 2021 04:37 AM PDT

    I signed a year lease back in November for a studio apt. It's infested with termites, they have been consistently swarming since April and now the termites are in my furniture too. I've told the property management people and the real estate person handling the lease (I never got a contact for the owner of the apt)

    They've sent an exterminator to do spot treatments three times but still the problem persists. Even the exterminator clearly told me that tenting the building is the only real solution.

    I have everything in writing. I have told them multiple times how bad the situation is and they just send the guy for a spot treatment and that does nothing. I don't want to live in these conditions anymore. I've tried to communicate the issue but nothing has been resolved and it's been months at this point.

    Would I be able to end my lease without penalty in this case?

    submitted by /u/sunnycurls
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    Can I force a seller to give me a copy of the engineering plans?

    Posted: 02 Jun 2021 09:59 PM PDT

    I'm buying a new custom-built home, and the home builder has shown me enough red flags for me to be overly cautious. The slab concrete foundation (not post-tensioned) has a 0.25" wise crack near the rear patio, so I asked for the engineering plans, specifically the foundation plans. They've ignored all requests from myself and my agent. I added the request to the list of repairs, but they denied that request saying that the plans belong to the seller's "partner". Also, the city does not have a copy on file.

    I'm more concerned about their silence and failure to reply to any requests. What can I do and should I be overly concerned?

    More context:

    1. This is a custom-built home. The home builder purchased a few lots on a city block and built upon those lots.
    2. A neighbor filed a lawsuit against the builder for failing to adequately fix all agreed upon repairs. That homeowner has a copy of his home's engineering plans. He shared that copy with me.
    submitted by /u/HelpPpPpPpPL8galQ
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    Did I get ripped off by Tri Pointe Homes when buying solar panels on new construction?

    Posted: 02 Jun 2021 10:41 PM PDT

    Just bought new construction in California from Tri Pointe Homes, and found out earlier today from my solar panel activation application to PG&E that the "System Cost paid by the Customer" (me) is $19,338. However, the builder charged me $22,400 for the "Solar 4.6 Kw System Purchase" on my Buyer Option Order. Is it normal for the construction company to mark up the price by that much? Will I be eligible to get a refund from them for the price difference? Just want to find out whether I was cheated, or if this is standard protocol. I would really appreciate any insight.

    Thanks!

    Vivian

    submitted by /u/vivi99245810
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    Realtor Issues, this one is a treat from the start!!

    Posted: 02 Jun 2021 07:57 PM PDT

    Get a load of this! So my fiancé and I recently bought a house, we are in a small rental house and we were able to snag an outdated older persons fixer upper at a good price in this market. Coincidentally my landlord called us the same week we bought the house and told us he was selling the rental we were in. He's a great guy and we've had a great relationship over our 4 years of renting.

    Anyway, he tells us we will have the weekend and a few days to clean up, cut grass etc. Again he is a great guy so we want to clean the house, and we had already rented a small dumpster to clean the junk out of the basement and garage. Even without cleaning the place it is looking/smelling 10x better than when we moved in, the landlord even expressed this a year ago when he came to fix something. This Realtor text us the day my landlord contacts us and tell us she is coming in a few hours to take pictures. We obviously told her no and called my landlord to confirm we have a few days to clean. He's was as confused as we are by her haste-fullness and told her to wait.

    A few day of cleaning later she is coming to take pictures. First thing first, she is 45 minutes late, with one text at the 20 minute mark that she was on her way. When she arrives she greets OUR NEIGHBORS. We are confused about their conversation and figure they are friends or something. NOPE, she is showing them the house with zero notice to us because she "figured we had a relationship with them." Which we have a "Hello" relationship, but that's it. I confront her about this after the showing and she brushes me off like she doesn't even see me and asks me about what doors we lock in the house. She then tells us she won't be listing the house for at least 2 days, then lists it the next morning. This bitch is straight treating us like trash because we are tenants and she thinks we deserve no respect.

    Side note, my landlord is selling 15 FUCKING HOUSES with this lady! I texted her, for visual proof, telling her she is unprofessional and that it is unacceptable the way she is treating us. She rebuttals back basically saying she has been communicating just fine and that it's not a big deal our neighbors were over. So I have no choose but to text the landlord. He basically says that is unacceptable and that he will handle it. I got a text from her a few minutes later apologizing for everything but it was obviously a "I'm sorry I got caught"...

    I get the market is stressful right now but what the fuck is this lady, mid 40's and is an experienced realtor, treating the people living in the houses she is selling like shit. She is risking losing over a dozen houses and/or future houses he may sell because you think you are better than the people renting this place? Me and my fiancé are both working professionals and can't believe someone can treat people like that, especially at their job. She knows they will sell, why be so pushy? Especially when you have people who want to clean up to make pictures look nice? Sorry for the rant, but I figured someone would relate!

    submitted by /u/Wicec3
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    Switching Lenders in Competitive Market?

    Posted: 02 Jun 2021 11:29 PM PDT

    Looking for some advice from others who have worked in a very competitive market (bay area). I'm a first time home buyer.

    Just yesterday we had an offer approved after going 50k over asking price (830k). Our realtor worked very closely with a local lender who she has a close relationship with in getting our offer approved.

    However, when I tried asking the local lender what the rate estimate would be for us, she never gave a straight answer. Now that offer is accepted, the lender told us that our rate would be 3.4%, which is considerably higher than the estimates I had previously found online.

    To double check, I called up another national lender to see what they could offer (I previously got pre approved with them) and they came in at 3% after going through all of the details, and assured me they could close on time since we're only one day in to escrow.

    I brought this to my agent, but she's pushing back, saying that if we switch the lender now, it will scare off the buyer, and we might lose the house.

    My gut reaction was that my agent is just trying to keep the partnership with the local lender, but we have also gotten word that the buyer has since received multiple offers for over 850k, so I'm worried that there really is some added risk to changing lenders now.

    I'd like to take advantage of lower rates, but the thought of losing the house over this is making me sick.

    Knowing that the seller has multiple other options, would changing lenders really open us up to risk of losing the house?

    submitted by /u/CleanBernieLean88
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    wtf - way over priced wtf is going on here

    Posted: 02 Jun 2021 10:16 PM PDT

    So i know the real estate market in california is way out of control but I was looking at home prices near me to gauge the value of my home and there was a recent sale according to realtor.com for a house smaller than mine, same size yard, same interior type nothing out of the ordinary. but it sold for 960k while everything similar and comparable in the area is all 300-450k. what the hell happened here? is this someone laundering money? Is it someone trying to really kick start the regentrification of the negbhooor? tihs is a crap neghobhood here like crack head crazy tweakers and homeless wandering through here. how is this even possible?

    https://www.zillow.com/homedetails/175-Arden-Way-Sacramento-CA-95815/26089417_zpid/

    submitted by /u/tebbythetiger
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    Home Equities on Investment properties and listed properties.

    Posted: 03 Jun 2021 05:12 AM PDT

    For years I searched for a lender who can do home equities for investment properties and on home that are listed for sale. From time to time these solutions were the only option for some of my clients. Finally I switched banks last year and now I can do both!

    Anyone else ever look for these two NO cost options because their clients need or asked for them?

    Anyone have similar products or services that are not normally available?

    submitted by /u/money-rocker
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    Closing date delayed many weeks

    Posted: 02 Jun 2021 10:13 PM PDT

    We're selling a house and we were supposed to close soon, but the appraisal came in low and the buyer is going to shop for a new loan. This will push us out for a month potentially. My realtor says there's not much we can do, because the wording in the contract says closing date "on or about" June xx and that courts have traditionally held 30 days from that date to be reasonable given the "about" wording. If I cancel, they'll get their earnest money back if they were unable to obtain a loan for the amount specified in the contingency. And even though I can probably find a new buyer immediately (reasonably hot market) it will still be at least 30 days to close. Should I really just sit on my hands for another few weeks?

    submitted by /u/velvet_lounge
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    Need help on understanding property tax. Florida.

    Posted: 03 Jun 2021 04:10 AM PDT

    So I'm looking to buy a house and everywhere i see it says property tax is like 1.08% or around that of your homes value per year. but when my realtor tells me what the taxes are he's telling me its like double per month what i see and understand from me looking up the houses. am I wrong or is he not taking into account homestead exemption because this will be my permanent house. thanks.

    submitted by /u/Pocket5785
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    Waiving inspection contingency?

    Posted: 03 Jun 2021 04:07 AM PDT

    We want to put an offer in on a house we saw in upstate NY. We brought our friend who is an electrician with us when we saw the house. The house is 91 years old. Our realtor basically said if we want to get a house we cannot have an inspection. We asked if we could put put in the offer that we won't hold sellers liable for any fixes or just looking for major issues and he said that isnt a thing. I really don't want to waive the inspection. Any advice? This will also be my first house.

    submitted by /u/minion9773
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    Under contract- during final walk through, noticed odd foundation work. What do I have here?

    Posted: 02 Jun 2021 09:48 PM PDT

    So today during our final walkthrough I noticed the house had a crawl space. After poking around I noticed the foundation looked to be slab concrete, with a section of cinder blocks. Directly above the cinder block section, on the main floor of the house is a wood fireplace and the chimney. The house was built in the late 70's. We are not in a market where inspections are common. Is the slab/cinder mix normal, somewhat normal or way out of left field? How concerned should I be? Here is a picture:

    https://imgur.com/gallery/uYPtefZ

    submitted by /u/120pnw
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    In escrow, real estate agent sending me other homes

    Posted: 02 Jun 2021 09:08 PM PDT

    My husband and I are really upset as we put an offer an a home and our offer got accepted. The twist is there is a contingency on seller finding a replacement home. We love this home and really wish it to be ours. We know the sellers are serious about moving and they are putting offers on homes left and right but it's not looking good so far. It will be a month since the seller accepted our offer on the 12th of this month. Our realtor sent us a home and said she just wants us to have options. What's the likelihood we'll get this home has anyone ever had any experiences like ours?

    submitted by /u/lucymest
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    [CA] How to find a decent realtor to help me sell a parcel of vacant land?

    Posted: 02 Jun 2021 11:18 PM PDT

    Long time lurker here. I have a 20 acre parcel of vacant land in rural CA that I want to sell and I think I need to get help from a realtor to make sure I get all the documentation right. It should be a pretty simple transaction. I'm looking for suggestions.

    • How do I find a good realtor for this
    • What is considered a reasonable commission % or fee
    • Where should I list the parcel, other than Zillow?

    Thanks!

    submitted by /u/legendary_spork
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    How can we recieve "reimbursements" for a termination of sale?

    Posted: 02 Jun 2021 08:40 PM PDT

    Hi All, im looking for some advice on what to do to get back money we have lost. Some of the details of the sale are just on what I remember as it is my parents transaction and I was just fed small details.

    Background: We decided to put our house on the market late February, and got a bite on the 2nd week of March. We officially signed the first of the contract around the last week of March after home inspection with the buyer and all the other stuff. Repair amendment signed second week of April. Closing was supposed to be on May 19th, and the buyer told us to move out ASAP before the closing date, which we did. We asked for an extension so we could find a place to live, but they denied our request. So we found a less than desirable place after being denied to multiple rentals and settled for a mobile home (in which we have not paid yet). They Extended the closing date to May 26th, so we asked for $500 to pay for the 1st month rent on the trailer property. They asked for another extension to June 4th after not meeting the previous closing date, and in return, we would get $1800 for our month rent on our house that we are selling.

    Now today, they have asked to terminate the sale, and we are now down $10k due to us adding another room in the trailer. Now, the sellers of the trailer are asking for the money which we dont have.

    What can my parents do to atleast recoup some of the money they spent?

    submitted by /u/24CarotMagic
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    Cabinet upgrades...worth it?

    Posted: 02 Jun 2021 08:30 PM PDT

    Question...standard builder cabinets are birch. I can. Upgrade to maple for 5k more.

    Is it worth it for a different type of wood? If we do maple they offer painting them. Bitch that isn't an option. Is that wood hard to paint?

    Thanks!

    submitted by /u/CherryManhattan
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    How much of a case do we have?

    Posted: 02 Jun 2021 06:01 AM PDT

    In March my husband and I purchased a home that was an obvious flip. The paint, the floors and the "modern" light fixtures gave it away. While I was anti-flip when home shopping, this location was perfect and on land. I personally love the layout of the house and thought I can always update the flip part to how I like as time goes on. This house was the top of our budget but we decided to go for it.

    3 months later, the basement floods terribly. The roof over the garage is flat. The flippers put a new roof on it but water has leaked from it almost instantly in many places. There is water coming in from the west side as well. My husband tore out the new drywall in the garage to find that they covered up huge problems. (Active termites & a falling wall with rotting beams to support it)

    The house was advertised with a new metal roof which was a huge selling point for us. Well the roof over the house leaks. We had a professional that specializes in metal roofs come out and say it was installed incorrectly and gave us a quote to fix it.

    The master shower was pooling water in our downstairs finished basement. My husband noticed and tore out the ceiling to find out they completely installed the shower wrong. Water and mold were everywhere.

    The window in the finished basement was installed incorrectly as well. Water has been seeping through onto the carpet. And there was no window well cover installed so water comes through the well and now our finished basement is covered in mold.

    My husband reached out to the contractor on Facebook and he claims zero responsibility for the roof and garage saying it was installed properly. He is open to checking out the shower. I made my husband cancel to appointment to have him come check it out because we met this man at our final walk through and he was aggressive.

    My husband wants to sue but we don't have a lot of money. He is handy so he thinks he can fix it all himself but wants monetary compensation. I'm at a loss wondering if we even have a case against him. Any thoughts?

    submitted by /u/MessThatYouWanted
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    How do appraisers take into account market trend?

    Posted: 02 Jun 2021 04:04 PM PDT

    My appraisal came back low - you can see my previous post about all the issues with it, but I wanted to ask specifically about market trend. The appraiser chose the first comp on a house sold 8 months ago. Comps 2 and 3 are from houses sold 2 months ago. Anyone not living under a rock should know house prices have increased dramatically, to the tune of 10-15% in the last year, or about 1% a month. The appraiser's report did not make any adjustment for this at all. The appraisal actually came back LOWER than the most similar comp. Currently listed homes are higher than my house's price. It's like the most glaring issue with the report that this appraiser did not take increasing house prices into account. Unfortunately there aren't many comparable homes sold in the area. Why is there no quantified adjustment made for market trend?

    submitted by /u/balefuleidolon
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