Have you ever sued the people you bought your house from? Advice? Real Estate |
- Have you ever sued the people you bought your house from? Advice?
- Phoenix Home prices projected to appreciate by 26% according to Zillow
- When you purchase a property sight unseen…
- Home too dark
- Should I stop spending on a credit card prior to pre-approval letter and how long to season funds?
- Opinion on the state of real estate
- Inspection issues
- Nervous First Time Buyers
- Question on escalation clause...
- Should be put off buying?
- New agent in MD (need help with listing)
- Selling home using Redfin agent
- Where to find Zillow Buyer-Seller Index (BSI)?
- 4 Investment Philosophies followed by UHNIs
- Looking into my 2nd Property, is it possible?
- First time home buyer loans
- Zillow?
- How hard is it to buy a duplex, rent one, live in the other?
- On our 3rd closing date extension.
- First time buyer, advice please
- Any good way to see if you can get broadband level internet in a rural spot?
- Examples of large price increases in your market?
- Owning Prime Real Estate via Secure Tokens - opinion
- How can one ever generate paper loss for rental real estate?
| Have you ever sued the people you bought your house from? Advice? Posted: 04 Jul 2021 12:13 PM PDT In the first three weeks of living in our house we have discovered a weather head that leaks directly into our electric panel, a chimney with birds and structural issues, a leaking roof, and a busted furnace with a leaking gas line and semi-broken water heater with an out of code setup. In the beginning I just started calling around to get quotes but just by dumb luck I've come across companies that did previous work/quotes on my home. I requested all the service notes etc. and realized the sellers knew about a vast majority of the issues and didn't put it in the property disclosure report. I have spoken with the inspection company, who has admitted fault for overlooking some of the issues and filed a claim with them but I don't anticipate it going very far. We are looking at 30k+ to make the house safe and free of water. For instance the electric panel is a fire hazard due to water leaking on it for many months and more likely years, and it is only 5 feet from a leaking gas line going into a busted furnace. I spoke to a lawyer and because of all of the documentation we have acquired he believes we have a case and is reviewing the information. It's pretty damning, I have pictures of our roof from three years ago and a quote to fix it (which was never done) as well as pictures of the roof now from the same company showing it had never been done. Just as an example. I reached out to the sellers via our real estate agents and offered a 5k buyout and they essentially laughed in our face. They aren't aware of the documentation we have gathered and essentially accused us of harassing them. If the damages were less I would not have considered going a legal route but here we are. It's not my favorite option but there is a pattern of neglect (and many more details of dirt, filth & neglect in the house) and I'm concerned we will just continue to find major issues. I feel like an idiot not knowing this house was in such disrepair, it's a nice neighborhood and the sellers moved within the small town, I assumed they were good and trustworthy neighbors. Has anyone been down this road? Is it worth it? I'm confident we would win but can we sue for legal fees? Which would potentially cancel out the effort? It would be good to hear some opinions outside our lawyer and real estate agent who seem to think this is a slam dunk. I'm sure people will ask, yes I saw the house and it was messy but the sellers had just had a baby and were moving so I reserved judgement. I was told by the inspector it was a "solid little house" so I didn't have a ton of reason to believe it would be a money pit at the time. Truly, if it had been one or two things I would have dealt with it but at this point we are dealing with almost every major issue a house can have (I'm told the foundation is fine, despite the many leaks in our basement). TIA. I do appreciate it. [link] [comments]  |
| Phoenix Home prices projected to appreciate by 26% according to Zillow Posted: 04 Jul 2021 08:21 PM PDT https://www.zillow.com/central-mesa-az/home-values/ do you think this is an accurate assessment? [link] [comments]  |
| When you purchase a property sight unseen… Posted: 04 Jul 2021 09:50 AM PDT Surprise!! Somebody asked OP if they ever inspected the house. OP replied along the lines of "it was inspected over Christmas, but they don't do pool inspections". It would appear OP did not lay eyes on this "pool" prior to purchase. I guess on the bright side, OP got some new free pets! [link] [comments]  |
| Posted: 04 Jul 2021 05:52 PM PDT There is a home I like, but it is too dark. What things would remedy this? Or if it can't be remedied, what things to look for a bright home (which way should windows face, etc.). If this makes sense. [link] [comments]  |
| Should I stop spending on a credit card prior to pre-approval letter and how long to season funds? Posted: 04 Jul 2021 11:12 PM PDT Basically, the title. The only debt that I'm carrying is $100.00 from a credit union (intentional to help bump up the credit score from many years ago by adding another on-time loan), and my monthly credit card spend which is paid off in full. Should I stop using CCs and only use debit cards at least X months prior to getting a pre-approval letter? Or I could still use CCs and just pay it off before the statement generates to show a $0.00 balance? Additionally, I have been reading that to season funds in an account, you need to have them there for at least 60 days since bankers will want the last 2 months of statements. I'd like to start consolidating my accounts and will be making some large transfers, as well as be receiving a cash gift (around $20k or so). Is 60 days enough to season funds or should I do so for a longer period of time? If it matters, this is in CA (Bay Area). Possibility of a new construction, but also an older home. [link] [comments]  |
| Opinion on the state of real estate Posted: 04 Jul 2021 05:09 PM PDT For the sake of simplicity, all data and figures references here are from the United States. There is a lot of talk about how housing is in a massive bubble. It is possible that housing prices crash in the most catastrophic way imaginable. But it is also possible that housing prices are here to stay. Housing prices are undeniably the highest they have ever been. But this chart is quite reasonable - showing that prices follow extremely linear trends and when the trends are broken, there is a well defined flattening out before the drop. This is because the housing industry lacks volatility found in common securities and currencies. A single house is not traded many times a day, it is traded at most a couple times a year. Assuming that this is the case, a low volume of houses will allow for changes in underlying asset values to be much less volatile. That brings us to another point. Housing prices are all based on real physical assets that are much more similar to new car prices than stock prices. The price of a house follows the general trend of consumer prices, or inflation. Housing prices are dependent on the prices of the materials used to build them. When it is expensive to build, and when wages rise, builders sell for more and people are willing to pay more. Americans have saved trillions in the past year, and they want to spend - which has led to extreme amounts of bidding to the likes that realtors have never seen. With so much extra wealth, houses on the market are being bought up faster and for the highest possible price. Consequently, a shortage has been created. I have heard many conflicting numbers, but about 6 million seems to be the consensus to the number of houses needed to end the shortage [See Note 1]. Based on the current rates of around 1.5 Million homes/year, it is estimated that it could take up to ten years [page 4, 8, 11-12] to fill the void of missing houses. If this were really a bubble, would the number of bidders on each house not be as high as realtors state, and why would NAR, which reflects the view of realtors, state that there is such a massive shortage? I am not trying to aggravate anyone, but instead I want to hear from those who have a different opinion - and facts to back that opinion up. Note 1: Shortage resources [link] [comments]  |
| Posted: 04 Jul 2021 05:38 PM PDT First time on Reddit, but I need your help. My partner and I are buying a house together. We got an offer accepted at list price (yay!) within our budget but the inspection found some troubling issues. The three main issues are: 1. The main support beam for the house is cracked and needs repair, plus there are no support columns. 2. The water main line inlet is corroded and needs to be replaced. 3. The basement had water in it and the foundation needs repair. They didn't disclose any of this and said it was "unknown" if there were water or foundation issues in the disclosure. It's a beautiful house, renovated from the 1830's. We estimated $40k of work needed and they offered $1500 back. Should we just walk away? The $40k estimate could be way off. The house meets most of our needs but I don't want to buy a money pit. Thank you! [link] [comments]  |
| Posted: 04 Jul 2021 10:22 PM PDT Hi Everyone - My fiancee (28F) and I (29M) are looking to become first time homebuyers! We're actively pursuing a condo right outside of Boston MA (right on the public transit line) and I'd love your advice. Right now, we collectively pay $2,750 for a condo that includes a parking space. This new home would require mortgaging $500,000 over 30 years with 5% down. From what I've calculated, our monthly payment, including interest and taxes that have a generous residential exemption, would be around $3,000. Do we take the plunge? If we continue to live where we are for the next three years, we'd either be paying our landlord over $90,000 or paying ourselves. We've created a pros and cons list, as follows: Pros - Paying ourselves, not a landlord - Garage parking with room for a 2nd - Investment in a stable growing market Cons - Lose 100 sq. ft. - Financial flexibility (no lease to break) - Cost (are we ready to spend $500k) - Kitchen needs new countertops + cabinets The condo we're evaluating is beautiful. It's been very well maintained, it has an updated bathroom, stainless Bosch kitchen appliances (except refrigerator - needs replacing), new windows, and the HOA is reasonable at $350. I do want to note that the association just put in all new windows for every unit in the complex, so the balance sheet is currently negative for 2021, which isn't great, but I'm not seeing it as a red flag. As for the finances, our avg. collective income is about $155k. I have $15k in student loans currently, and collectively we just have an Auto Loan of $21k. We've been approved for $500k with 5% down, so we'll have PMI at about 0.5%. The pre-approved interest rate is 3.25% (which is a bit high but understandable given my new auto loan as well as I also recently started a new job). Overall, I've projected our monthly payment, including taxes to be $3,000 or a little less. Closing costs will be around $8,000, but we'll get about $4500 back as a family member is our realtor. Asking is $500k and it has been appraised at $496k. We feel, along with our agent, that this is a great investment, but we're still gawking at such a price tag at our age. We're thinking to offer $10k under asking given the work needed, but we've been cautioned by our agent that it is priced already lower than it should be. I'd love some outside guidande. Thanks so much in advance! [link] [comments]  |
| Question on escalation clause... Posted: 04 Jul 2021 05:18 PM PDT We put in an offer for 5% above asking, seller did a multiple counter offer (to all five offers they got) of 15% above, but if we did 10% over it would likely be ours. We had an escalation clause and told realtor we'd be okay going up to 10% over and we'd match anything up to 10%, but the seller is asking for our max without giving proof of anything. My thoughts are maybe they saw we were highest offer and thought most interested in property and trying to milk us, but we'd be upset if we missed out on this property (ticks all the boxes). I'm just curious on what's the point of escalation clause if they don't have to show you proof of higher offers? [link] [comments]  |
| Posted: 04 Jul 2021 03:44 PM PDT Or are things only going to get worse? I know the market is unpredictable, but someone has to have some kind of accurate insight to offer us. Here's our situation. We're a couple in our early 30s who moved back in with his parents to save for a down payment. This was right before Covid hit and we will be first time homeowners. We're very grateful for the opportunity to save and pay no rent - but we are uncomfortable here, and we also are waiting to own a home to start a family, which we are ready to do now. Right around the time we were finally ready to start looking for a house prices and competition started going through the roof. Most houses we don't even have a chance to see before they're gone, or if we can see them it's only because the owners are intentionally holding out to collect highest offers. If we bought a house now we'd be able to put about $50,000 down. Our motivation for buying right now is like I said, to get our own place and get out of this uncomfortable situation, and start a family. On the other hand, if it's smarter to wait just a little longer for houses to stabilize and save some more, then we'd like to save ourselves the headache of even continuing to look for now. But how much longer could we be looking at, a year? 2 years? What would you do? [link] [comments]  |
| New agent in MD (need help with listing) Posted: 04 Jul 2021 07:56 PM PDT Finally got my first soon to be client (my grandmother) who is interested in selling her house this week. I'm a new agent which means I don't have any experience and I'm a little lost on where to begin. There's so much to learn and every time I turn around I have to pay for something or look up how to do it on YouTube which usually leads to nothing. I honestly get frustrated at times on how complicated this industry is and how brokers don't prepare their new agents and tend to forget about them. The lack of training/help is exactly why 90% of agents quit within their first year. Anyway, is there anyone out there who can assist me with step by step instructions on how to list her house and EVERYTHING I need to do via text or call or in the comments. I'm 21 years old and really want to excel in this industry. I'm just asking for a helping hand [link] [comments]  |
| Selling home using Redfin agent Posted: 05 Jul 2021 01:20 AM PDT I recently bought a home with a Redfin agent and it went pretty smoothly. I'm going to be putting my current home on the market soon, and plan on using a Redfin agent as well. Since I purchased my new home with a Redfin agent, by selling my current home with a Redfin agent I get a 0.5% discount on the fees; namely only 1% instead of 1.5%. (Naturally, the buyers agent still gets their 2.5%) I'm curious to hear from others who have sold their home via a Redfin agent? Any gotchas? Any things to look out for? Thank you! [link] [comments]  |
| Where to find Zillow Buyer-Seller Index (BSI)? Posted: 05 Jul 2021 12:13 AM PDT The index shows if the market is buyers' market or sellers' market. I cannot find the value anymore. Is there a link for the index? [link] [comments]  |
| 4 Investment Philosophies followed by UHNIs Posted: 04 Jul 2021 11:52 PM PDT |
| Looking into my 2nd Property, is it possible? Posted: 04 Jul 2021 10:11 PM PDT Hi All, Background/Numbers Redfin estimates it an ARV of $115k, but I'm going to be very conservative and say $100k for this example. I get $1,200 in cash per month from my tenants. Earlier this year I left my 9-5 job to pursue an entrepreneurial endeavor. It's been going great but the profits have not been steady. I saw $7k in pure profits one month, and another I saw as little as $4. (No losses). I have about $5k in savings and very little expenses (I live at home with family). Plan (Note: My credit score is around 800) Would it be possible for me to finance my second property this way? Appreciate any and all feedback. [link] [comments]  |
| Posted: 04 Jul 2021 07:35 AM PDT I am trying to figure out what would be the best route to go for my case. My fiance and I are currently renting a condo at $850 per month. Our landlord is looking to sell the condo and offered it to us for 100k. We would prefer our money go into something that will have value instead of down the drain with rent. We enjoy living here and wouldn't mind owning it. We both have good credit and a decent amount of student loans to pay off. Other than studentloans we have only my fiances car as debt. Any help would be appreciated. [link] [comments]  |
| Posted: 04 Jul 2021 09:48 PM PDT First time buyer. What should I do when I see a listing I like on Zillow? [link] [comments]  |
| How hard is it to buy a duplex, rent one, live in the other? Posted: 04 Jul 2021 09:08 AM PDT Exactly as the title says. We are NOT rich and this is probably our only way to own a home. Is it possible? [link] [comments]  |
| On our 3rd closing date extension. Posted: 04 Jul 2021 09:01 AM PDT Wife and I are in a contract for a $270k home in FL. I found the lender we are using through Costco, Cross Country Mortgage. They advertised low lender costs because of our membership level. Our contract started on May 18th. Our loan officer, according to the loan processor, screwed our loan process. We were told that instead of asking us questions during the process, the LO suspended our loan twice. 3 days before our closing date(June 30th), it was moved to underwriting. At 12:30pm the day before closing, the LP says we won't be closing in time. The LP said we would then close on Friday. The sellers agreed to an extension. Friday came and went. Friday afternoon, after it was apparent that we weren't going to close, I called the corporate office. I spoke to legal and they made it clear that communication would improve. Previously, no one would answer our calls or text for updates. Now, we are waiting for the sellers to accept the 3rd extension. They seem reluctant now. We have already wired the money to the title company, we did that before the Closing Disclosure after getting an a estimate. I've read that delays in closing are common but the experience that we've gone through is uncommon. The LP told us that we could have closed two weeks earlier had the LO done his job correctly. Our realtor told us that both the LO and the LP have called her crying, saying that this has never happened before. We've made sure that every piece of information required during this process has been sent within minutes. We've already moved most of our stuff, to my mom's house, as it's close by to the new house. We've already switched utilities and rescheduled internet installation twice now. My wife accepted a job at a high school in the area but has not switched so it doesn't screw up the loan process. We don't really have a place to stay during this. It looks like the sellers agent is looking for us to offer more cash to the deal. Which we are fine with, considering the delays and breach of contract. The new extension would be for this coming Wednesday. The sellers agent has said that we should go with a new lender. But that would take more time. Anyone dealt with this? Is our situation normal? Any advice for completing this transaction? Edit: The sellers agreed to an extension, Wednesday. Should we not close by then, they are going to walk from the deal and I dont blame them. I found a local backup should this not go our way. Thanks for all the suggestions and well written responses. [link] [comments]  |
| First time buyer, advice please Posted: 04 Jul 2021 07:16 PM PDT I have been trying on and off for a year and a half to buy a house and am now getting desperate. There is a very small but cute house I have found and love in the exact location I want. It sold in 2019 for half of the current asking price. They fixed it up a little but it still needs a good chunk of money into it to make it nice (very old hot water heater, AC, siding, etc). It's very small and my concern is I'm going to end up upside down when (if?) the bubble bursts. Advice please experts. Make a move or keep sitting it out? Wanted to add- it currently has three other offers, they're going with the highest they get by Tuesday. [link] [comments]  |
| Any good way to see if you can get broadband level internet in a rural spot? Posted: 04 Jul 2021 01:05 PM PDT I'm one of those L.A. exodus people looking for somewhere cheap and rural to work from once I sell my ridiculously overpriced house here. Most likely out in Kentucky or Tennessee since I've always loved those states. My job is basically set in stone since it's me and a friend running it, and we've basically gone 100% remote for good as of the pandemic. He already shipped himself off to Arkansas. I see a lot of amazing looking little rural houses that would basically remove all financial issues at all from my life if I scooped one up with amazing mountains, rivers, and lakes to relax in when I'm not working. Truthfully I couldn't care less about anything a city offers. Haven't been to a bar/club in a decade and I prefer cooking over fast food and restaurants. The only issue is I need solid internet. I don't see any reliable way to find out what has internet and doesn't though. Zillow and Realtor have power/water/sewer info, but not much in terms of internet connection. Starliink is still a ways off, and from visiting those places cell phone can be spotty, so it's really just wired to the house or no go. Is there a site or something somewhere you can punch an address into and find out if an area has internet? [link] [comments]  |
| Examples of large price increases in your market? Posted: 04 Jul 2021 08:17 AM PDT This thread is dedicated to showing off properties in your area that have seen large sudden price increases following the pandemic. This unit sold for 178k on February 26th in Scottsdale, AZ. This identical unit then sold for 227k on June 17th. So in roughly 130 days the value of this condominium has increased (227-178=49. 49/178=27.5%) 27.5%. This can be confirmed through other listings in the condo complex as well. This unit sold for 248k. This identical unit sold for 320k. A 29% increase in a few months. Even as someone that "buys into" the price increases in the PHX area, this is really scary. PPSF is now for the first time above where it was in 2008 in this area. Salaries do not support the higher home values here. And while I am sure there is out of state money flowing here, I find it hard to believe it is more of a factor than speculation. [link] [comments]  |
| Owning Prime Real Estate via Secure Tokens - opinion Posted: 05 Jul 2021 12:39 AM PDT Would you be interested in owning a piece of prime real estate in Europe/the UK via security tokens? Yes/No? And why? [link] [comments]  |
| How can one ever generate paper loss for rental real estate? Posted: 04 Jul 2021 05:33 PM PDT I read all these stories about how amazing having a "real estate professional" spouse could offset regular W2 income. My wife is a stay home mom and she is considering to be a full time realtor. However, I ran the numbers and it doesn't make any sense how can owning several properties could generate any loss. Can someone please dumb down to me what I am missing. Example: rent: 2.8k/month expenses (mortage not included): Mortgage interest + HOA + taxes + insurance = $1k/month depreciation expense: $1.3k (425K purchase price less land divided by 27.5 years divided by 12 months) other repair/misc expense: $300/month profit: 200/month So unless someone invests in some really terrible real estate, it is impossible to generate paper loss for tax purpose (since we can't take the mortgage amount into the expense calculation). Am I missing anything? [link] [comments]  |
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