House listed under market value had an interesting catch… Real Estate |
- House listed under market value had an interesting catch…
- $1.5M “Freeway Adjacent”
- [Tx] I want to buy the house of my recently deceased mom
- Recent post about “well” aka sinkhole under old house
- 49 days and counting to close....
- Seller financing / refinancing
- Am I wasting my realtor's time?
- Grandparents must sell the house my Aunt lives in. Aunt has nowhere to go.
- Sold with Zillow?
- California Residential Purchase Agreement section 14.B(5)
- Worth it to appeal tax assessment based on pandemic purchase price?
- Selling in Cali Fee ?’s
- Supposed to have simultaneous closings based on PA verbiage, but…
- Real-estate agent or Lender first? Hoe do I find each?
- How big a deal is past water intrusion in crawlspace and undermining of foundation
- Under Contract and Basement Flooded. Now what?
- Thoughts on Inspection results?
- Can discount point fee suddenly be added before closing?
- So happy about going through with it.
- Appraisal square footage 300 sq ft higher than listing
- How to handle risk of iBuyer cancelling (affecting the upleg purchase of a replacement property)?
- Is there a way to report or warn other agents and buyer/sellers about a bad real estate broker? TREC isn’t able to help but this brokerage/realtor group act in bad faith for clients and their agents if they decide to leave.
- Does real estate labor need to fundamentally change?
- 2.875% for 30 year fixed?
| House listed under market value had an interesting catch… Posted: 09 Jul 2021 10:42 PM PDT I'm a FTHB in California. I was casually browsing Redfin this morning when I saw a prime SFH listed for about $50k less than expected. I was pretty sure there was something wrong with it, but on the slim chance there wasn't, I asked my realtor to look into it. Turns out, the house is a rental. The current tenants haven't paid rent in months, but are unable to be evicted (I'm assuming because of the moratorium). The pictures were apparently all from just after the initial sale and are several years old. They can't show the house and dropped the price to compensate for all this. I suppose that's one way to offload difficult tenants. It seems like a whole lot of baggage, so I'm curious - what happens if someone buys this place? Do the tenants continue living there without paying rent? Are there a lot of people out there would consider this an acceptable "quirk" and purchase anyway? [link] [comments]  |
| Posted: 10 Jul 2021 01:17 AM PDT https://www.realtor.com/realestateandhomes-detail/13475-Portofino-Dr_Del-Mar_CA_92014_M23878-45978 Not that Southern California is the barometer for appropriate real estate valuations, but $1.5m to literally back up to the one of the busiest 10+ lane freeways in Southern California is a surprise regardless of renovations. [link] [comments]  |
| [Tx] I want to buy the house of my recently deceased mom Posted: 10 Jul 2021 02:09 AM PDT Hello everyone. First time using this sub so please go easy on me. My mother passed away a little over a week ago. In her will she left the responsibility of her house to my sister, and left me with her life insurance policy of $300,000. I've been living with my mom at this residence since she purchased it around 5 years ago. I've been talking to my sister about taking over the remaining mortgage and she's worried that the financial responsibility would be too much for me (26 year old making $28,000 annually). The remaining amount on the house is $290,000 and the monthly mortgage is 2,900. I can understand why she would be worried. I have two others who I trust and who are willing to move in to pay half of that. So I've been talking to my grandma who happens to be a realtor. I told her about my employment history, current employment. She even showed me a website where I could check my credit scores (mid 500s fml). I don't have any prior 2+year positions, and my credit isn't great. So far it looks like my only realistic options are to make a hefty down payment or pay off the remaining amount. Even then I'm not entirely sure what the bank's gonna say. I'm kind of overwhelmed right now. If anyone could give me some advice on how to build a better case for purchasing my home I'd greatly appreciate it. [link] [comments]  |
| Recent post about “well” aka sinkhole under old house Posted: 09 Jul 2021 11:53 AM PDT Sorry if this isn't allowed, but I was just scrolling through this post yesterday and now I cannot find it (tried scrolling back, searching, etc) House from the 1800s in Texas(?), seller said there was a well that needed dirt every few years…was def a sinkhole and there were a few scary photos, too Thanks!! [link] [comments]  |
| 49 days and counting to close.... Posted: 10 Jul 2021 03:30 AM PDT Thus crazy pandemic market wild causing delays like never seen before. Ally bank we're financing through has been terribly inefficient and incompetent causing delays. On top of that the basement of the home flooded before closing. Sellers are moving fast to repair but I'm afraid at the risk of getting it done right. I've had the work inspected while it was still being worked on and there was still several wet areas detected. I think they put the flooring on over a wet subfloor and now I'm concerned about mold. Closing is supposed to be on Monday, but I am not comfortable closing without some security that this will be done properly. Anyone experience this? We have an addendum drafted on terms for them to agree upon and I'm thinking of holding back funds until work is completed and returned to safe conditions. [link] [comments]  |
| Seller financing / refinancing Posted: 10 Jul 2021 03:14 AM PDT Hi all, scenario: My cousin has a multi family home I would like to buy. Rather than placing a down payment and getting a conventional loan, can we do something like this? I enter into a seller financed contract with him. He quitclaims the property to me. I then quickly refinance the property, and use that to pay him as the balloon. I guess the real question is how quickly can I turn around to finance and pay it off? The issue is that he is looking to sell because he needs the $ for another venture. I would like to buy it, but don't have the $ necessary on hand to purchase a $400k MFH. I have builder equity in my house, but don't really want to take out a HELOC or refi to just get another conventional loan. Thoughts? [link] [comments]  |
| Am I wasting my realtor's time? Posted: 09 Jul 2021 07:05 AM PDT We know the market is crazy right now and almost every house gets multiple offers over the asking price. We are first-time home buyers, and our finances are in order (per-approved, healthy down payment, no debt, etc). Our realtor is really kind and tries her best to show us houses with her honest opinions on each of them. So far we have been in the market for 2 months, probably seen around 15 houses with our realtor, and put offers in for 4 houses all with around 20% over the asking price, waived inspection. But all lost because some buyer offered 40% over the asking and waived all contingencies. I think this is the best we can do. Our realtor says right now a lot of people buying homes are making emotional decisions and often offer absurd amount over the asking price in this market. I understand buying a house can be an emotional decision, but I am financially aware that this could have significant consequence down the road, and reluctant to go over the top. It is as frustrating for us as is for her. Am I wasting my realtor's time? Should I just tell my realtor that I want to wait until the market cools off a bit? [link] [comments]  |
| Grandparents must sell the house my Aunt lives in. Aunt has nowhere to go. Posted: 09 Jul 2021 01:58 PM PDT Hey all! This situation has a couple twists and I was hoping there may be an outside the box solution that I haven't found yet. My grandpa has been dealing with dementia for 4 years and grandma has taken over the financials. While I was over helping her with some stuff, I stumbled upon her true financial situation where she has been racking up credit card debt, borrowing from her primary residence (home equity loans), and drawing from her 401k. Unfortunately, they are now in a $90k hole with $1,200/mo in payments which is unsustainable for them Fortunately, they own both their primary home and another property ($200k-$300k) outright (minus the draws on equity of the primary residence - don't ask me why she borrowed against her home instead of the other property). Unfortunately (gotta love the roller coaster - there are a few more), they have allowed my Aunt to live there at $500/mo (all she can afford). This is a roughly $1,000/mo discount from the going rate in the area. My grandma refuses to raise the rent because that would mean she has to evict my aunt and she wants to take care of family. And refuses to sell her primary residence and move in with my aunt or my parents (understandable but this limits our options). We thought of doing a direct sale to my aunt at a price she can afford. Hypothetically, my aunt pulls out ~$50k from retirement as a downpayment and finances $100k (roughly $500/mo). This would be a discount on the property but it fixes all the issues and concerns both my aunt and grandma had about debt, affordability, housing, etc. BUT, the home is a mobile home older than 1976 which apparently means you can't find a mortgage lender that will provide a loan for it. Only personal loans or all cash deals. Any way around that? - there is a stand alone garage on the property as well which is a permanent structure. Not sure if that's relevant. The only other option I can think of is selling the house my aunt lives in, paying off my grandparents debt, saving some of the proceeds as a cushion for grandma, then (at grandma's request, assist with the downpayment on a new home for my aunt). This option would be very tight if possible at all. There is a possibility the numbers wouldn't quite work out depending on the offers and other properties available. Last wrinkle: we are in Washington which is a very high cost of living state. Anything I'm missing, Real Estate Gurus? I've tried to think of every avenue to fix the situation while also keeping both grandma and my aunt happy. [link] [comments]  |
| Posted: 09 Jul 2021 03:26 PM PDT I'm curious who has actually closed with Zillow? We've done the zestimate, inspection and final offer. What was your experience with actually closing and getting your money. Good or bad! Thanks! [link] [comments]  |
| California Residential Purchase Agreement section 14.B(5) Posted: 09 Jul 2021 05:06 PM PDT Section 14.B(5) says "Buyer shall have access to the Property to conduct inspections and investigations for 17 days after acceptance, whether or not any part of the Buyer's Investigation Contingency has been waived or removed". As a buyer, I did not include an inspection waiver in my offer. The offer was accepted July 1. The seller has not allowed any inspectors access to the property, and is refusing access to the property except for a single day, the 16th. As a buyer, what are some options I have regarding this situation? Uodate: 2021-07-10 00:04 The seller informed our agent they've decided not to sell. This is 9 days into the contract, and the seller has no contingencies. I'm attempted to pursue a force close of escrow. Any suggestions? [link] [comments]  |
| Worth it to appeal tax assessment based on pandemic purchase price? Posted: 09 Jul 2021 09:43 PM PDT Hoping for a little perspective here; wondering if I'm crazy thinking I can successfully appeal? Purchased my first home in September 2020 for $231k. Previous assessment was $160k. It's a modest 1920s house, needs work but is in a great location. I've known I overpaid a bit since the market was so crazy competitive this past year. Got a reassessment notice that my new taxable value is $231k. Obviously this is where things get a bit complicated (for me, obviously not for the assessor since this is pretty solid data that the "fair cash value" for the house is $231k). Should I bother appealing? The appraisal before my purchase was about $6k less than the purchase price, the home needs lots of work that wasn't apparent at the time of sale (or appraisal, which was drive-by), and I've just recently looked and seen that my two closest neighbors (larger homes, more bedrooms, recent improvements) were reassessed this year at lower than what my house is now assessed for. It makes no logical sense to me that I'd be paying more taxes for a smaller house in need of more work simply because of the time at which it was purchased. However, I realize that tax assessments aren't necessarily logical so much as purely computational. Wondering if anyone has had a similar experience, or thinks I'm wasting my time/have a snowballs chance in hell at getting my taxes reduced. I've already put a lot of work into the house above what I thought would be needed over the past year, and I'm hoping I can avoid a big tax increase as the cherry on top. [link] [comments]  |
| Posted: 09 Jul 2021 04:40 PM PDT Brokers Fees Selling a house in Cali, the current tenant is going to buy it. I contacted an agent because I don't know how to go about doing the paperwork. Anyway from what I understand, agents asking for 3%. Is that about average? Just for doing the paperwork? Since my current tenant is going to be the buyer? Lol I have no clue here. [link] [comments]  |
| Supposed to have simultaneous closings based on PA verbiage, but… Posted: 09 Jul 2021 03:27 PM PDT The seller of the home we're buying is doing the closing virtually. They show no resistance to go through, but it's possible that we could be asked to sign documents to close on the house we're selling before the seller of the home we're buying signs their closing documents. Is this a concern? Here is the simultaneous closing verbiage found on the last counter offer signed: "Subject to closing sellers purchase at (address of house we're buying)" "Closing date changed to be simultaneous with sellers purchase which is scheduled for (date)" Is this verbiage protecting us despite what we sign at closing? Any advice appreciated. Edit: we're using a title company. [link] [comments]  |
| Real-estate agent or Lender first? Hoe do I find each? Posted: 09 Jul 2021 07:04 PM PDT I see some resources say to find an agent first. Some resources say find a lender first. Either way, im having trouble figuring out where to go to find each. For an agent, I dont know where to begin to find one that will work with a first time home owner and veteran. For a lender...my god there are dozens of them. Ive begun looking at navy Federal, veterans united, and usually. But I see plenty of top rated lenders that I've never heard of. How do I sift through all these lenders and find 5 or 6 to get pre-approved with? Other info Credit: 808 Price: 330k max (maybe? I think?) Employed full time (70k/year before per diem and bonus) Down payment: VA available but I have 60k liquid, 60k in Roth tsp retirement account, and 60k ish in other investments (stocks, silver, gold, crypto) New England area (RI) Thank you for any guidance/assistance! [link] [comments]  |
| How big a deal is past water intrusion in crawlspace and undermining of foundation Posted: 09 Jul 2021 08:51 PM PDT I am under contract to buy a house (built in 1991). During inspection we find that in the crawlspace there was evidence of past water flooding up to 1/2 foot deep. There is already a trench and sump-pump installed in the past. Inspector (whom I hired based on past good experience with him) also noted that the grounds around the house is sloped towards the house and suggest regrading maybe needed. "Moderate" undermining of the foundation was also found, perhaps due to water and/or trench construction. This is a estate sell so the seller states that they don't know anything about past water issues so nothing on the disclosures. On FloodFactor.com this house has 1/10 "minimal" flood risk. I have asked the neighbors who have lived there for >30 years and they never had issues with flooding so it's doesn't sound like a general problem for the neighborhood but more specific to that house . Since the past owner had installed sump pump and dug trench in the crawlspace, I feel that water entry must had been a recurrent problem to to have required such a set up. This is in Portland Oregon so we do get a lot of rain but a sump pump is still somewhat rare thing around here I feel. The inspector seems to feel that these are not necessarily a huge deal; he says foundations "can handle" some unsupported areas and maybe pour some concrete at the area of undermining, regrade the slopes, monitor water entry, and potentially add French drain. When I asked whether this need the attention of structural engineer, he provided some contacts but says he personally feel it doesn't warrant having an engineer to come out to see it. A family member of mine who have multiple houses and who I consult for real estate advice is in the other extreme and thinks I should just exit the deal. Maybe this is due to her never having to deal with sump pump situation before. So I don't know what to think. But I would like to get other people's perspectives on this. [link] [comments]  |
| Under Contract and Basement Flooded. Now what? Posted: 09 Jul 2021 10:46 AM PDT We're under contract on a primary and we were just notified that the basement flooded. The entire basement has a sheet of water after an unprecedented heavy storm. Sellers sent photos through our attorney. What kind of options do we have? We're past the inspection period. Our accepted offer is significantly over the asking price as we are all doing these days. There are no drains or sump pump. The basement is finished. Everything got water on- drywall, carpet etc, utility room, everything. Water was a few inches high outside the basement windows during the storm. Not in a flood zone. No known flood issues in seller's disclosure. We're under contract right out of the inspection period so we don't know the neighbors. Sellers had already expressed they no longer wish to sell prior to this happening, so they will not be making any repairs. Do we walk from this or can we force them to repair? [link] [comments]  |
| Thoughts on Inspection results? Posted: 10 Jul 2021 12:09 AM PDT We are in contract to purchase a 2 store home built in 2006. Listed for 660k, offered 675k based on nearby comps, accepted a multi-counter at 685k and won with all contingencies. Not much on disclosures worth mentioning except "maybe AC drain clogged" and "2 bedrooms sometimes less cold air". So we opted to add in a AC inspection as well. Results that concern me:
And the big ticket item:
We asked for the sale price to be lowered 15k (670k) to allow us to do the repairs and split the cost of the AC (realtors advice) We're paying about 80% cash, so this is essentially money in our pocket to directly use for repairs and loan amount remains the same. We love the house, but I have a sinking feeling the seller is either hiding something, or just very ignorant of things for the house he lived in for 11 years. Lots of miscellaneous things that I do not believe would be much to fix, but hint at the owner not paying attention to the house or general maintenance. On the surface, the house looks great though, so maybe I am nit picking. This is at the upper bounds of our budget, so if they do not accept, we are considering walking away. (Upper bounds in the sense we wanted to get solar, but if we need to do a whole AC unit + more, good by getting solar) Does anything above seem like a red flag to you? Am I just getting house buying nerves? [link] [comments]  |
| Can discount point fee suddenly be added before closing? Posted: 09 Jul 2021 11:53 PM PDT We are about 1 week away from the closing date. Everything has been going smoothly. We locked the rate a while ago with WF and heard our loan was approved a few days ago. Today, however, we suddenly received a new loan estimate and rate lock document online showing $3,000 discount point fee added with the same interest rate. Originally didn't have points and document from even a week ago states $0. We tried contacting the loan officer few times thinking this is an error but could not get to him before the end of the day. Since we won't be able to get an answer until Monday, we are starting to be worried. Pretty much anxious about everything before closing. Is there any case where discount point fee could suddenly be added (with no rate change or communication) right before closing? [link] [comments]  |
| So happy about going through with it. Posted: 09 Jul 2021 04:50 AM PDT I was able to buy the house that I WANTED. My FIRST house. Took me about 10 days to do in a highly competitive DC area. I offered 35k over asking and I was really lucky and it appraised for higher than I offered. Not by much but its better than the latter. Im really happy and love sleeping in something I own for once. I know were at the point where we have to waive certain contingencies and give people things like rent back and such but if you REALLY want a house. You will do what you gotta do. Wish everyone the best of luck. [link] [comments]  |
| Appraisal square footage 300 sq ft higher than listing Posted: 09 Jul 2021 11:03 PM PDT I recently closed on a house, and the listing said it was 1000 sq ft, while the appraisal came in and said it was 1300 sq ft (I had a hunch it was bigger than they said). Would it hurt my property taxes (or anything else) to update the square footage on sites like Realtor or Zillow? I would imagine this would increase the estimated property value on those sites, which I realize are not necessarily accurate, but is fun to watch climb. [link] [comments]  |
| How to handle risk of iBuyer cancelling (affecting the upleg purchase of a replacement property)? Posted: 09 Jul 2021 12:51 PM PDT Looking for input from those who have synchronized selling to an iBuyer and buying your replacement property at the same time. Just for additional context, we have received a pretty reasonable offer from an iBuyer at this time, but are trying to make sure everything is above board before signing. So we all know that iBuyers provide their sellers with a pretty flexible cancellation policy, allowing them to cancel anytime before closing with little to no penalty. That 'flexibility' however, also mirrors the iBuyer's own options, allowing them to do the same on their end. For people relying on the iBuyer closing on their property first before they can turn around and close on their replacement property, this seems to create a period of great risk, i.e., the period of time between when all contingencies on the replacement property are removed, through to closing. Specifically, what if the iBuyer were to cancel their purchase during that window of time? Assuming we're unable to secure alternative funds to still close on our replacement property, we would then have to cancel that purchase and be liable for the earnest money deposited. How have folks who have been in this situation dealt with this risk? [link] [comments]  |
| Posted: 09 Jul 2021 09:53 AM PDT It tens of thousands of dollars this firm is costing someone and I just think other up and coming agents in the austin Texas area should be warned before they're also taken advantage of. [link] [comments]  |
| Does real estate labor need to fundamentally change? Posted: 09 Jul 2021 10:15 AM PDT Please hold your pitchforks as I am new to real estate and ignorant. My girlfriend is a realtor for a brokerage and she is struggling financially despite the hot market. If you were to factor her total hours of labor she'd be well below the minimum wage in America. Listing agents seem to be making a fortune right now for little to no effort but her brokerage only gives listings to one individual on their team and doesn't allow anyone else to grow and learn. She doesn't get health insurance because she's not considered a "full time employee" yet she provides 60-80 hours of labor weekly for the brokerage. It just seems like the system is broken for everyone. Consumers hate paying for what they consider "door openers", sellers hate paying buyer agent commissions when that agent did nothing for the seller, the brokerages get away with robbery by doing nothing and having the agents perform the actual work. [link] [comments]  |
| Posted: 09 Jul 2021 06:56 AM PDT New home construction. Paid $222 to drop from 3% to 2.875%. No points. 5% down on 377k home. Excellent credit scores. What have you guys been getting? Edit: thanks to those clarifying that the money I paid to lower the rate is fractional points. [link] [comments]  |
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