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    Tuesday, July 27, 2021

    Home Unlabelled Is it normal for someone’s agent to show them a house under contract? Real Estate

    Is it normal for someone’s agent to show them a house under contract? Real Estate

    4 years ago

    Is it normal for someone’s agent to show them a house under contract? Real Estate

    Is it normal for someone’s agent to show them a house under contract?

    Posted: 26 Jul 2021 03:06 PM PDT

    So a couple weeks ago I purchased a beautiful home in Charlotte. And one day just enjoying my living room I see a big pimped out truck and a new Infiniti pull into my driveway. I walk out and say "what's going on?"…long story short…agent questions me if I really did close on the house and proceeds to show me on his phone the house is still under contract. Then tells me I need to have that fixed. with attitude.

    Now, my agent probably dropped the ball and didn't have the home updated as "sold", but IMO I still feel like an agent shouldn't be wasting their clients time showing them homes under contract.

    Thoughts?

    submitted by /u/Liaomeow
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    Friend buying house and wants to add girlfriend and her father to the deed. Bad idea?

    Posted: 26 Jul 2021 06:35 AM PDT

    I have a friend that is looking at a house. It would be his first house. It's a condo in a nice area but it will need major renovations due to the interior being about 40 years old. His SO isn't really contributing any money herself but her father is a contractor and will be doing the renovations with him and also contributing some money to the mortgage. He is also putting his mother on the deed because she will be contributing money as well.

    I personally don't really agree with the purchase. I don't really see the point of splitting a house like that 4 ways. But that's none of my business.

    My real issue is what happens if they decide to break up. They are not married. Is there any way they could set this up to protect each party? Would buying it under an LLC help?

    Edit: reassured my friend it was a great idea and that nothing could possibly go wrong. Got my name added to the deed as well.

    submitted by /u/zooziod
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    Offer accepted!!! $10K under list with all contingencies in place!

    Posted: 26 Jul 2021 12:48 PM PDT

    I'm pretty excited! I even maintained 10 business days of due diligence and already have my inspection scheduled. I've been actively looking since March and my pre-approval was about to expire. I've viewed 12 homes and offered on 2 other places. I was beat by $56K on one (offered $15K over) and came in 4th on the other after offering $35K over with waived inspection (that place hasn't closed yet & i'm curious to see what it sells for). Wowza....it's been a slog.

    The listing agent did the seller no favors and took horrible photos of their messy rooms with bad lighting. Pulled up a previous listing and saw how charming the place had been. Listing was 2 weeks old and comments said the seller was "motivated."

    submitted by /u/Marchesa-LuisaCasati
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    Being priced out

    Posted: 26 Jul 2021 07:41 PM PDT

    I don't know what to do. The owners of the house we rent have decided to sell. But are not willing to sell directly to us, rather want us to put in an offer with the heard.

    We have already put several offers in on other houses 20k over asking and still don't get them. Plus 10 due diligence.

    Rent in the area has gone from 1450 to 1800+ in just a year.

    We've been priced out of both home ownership and renting with a baby on the way and can't leave because we're here on military orders for at least another year.

    Any advice on what to do? How to win a bid?

    Clayton, NC.

    submitted by /u/LeastInvestigator710
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    New Home Sales Slip 6.6% in June

    Posted: 26 Jul 2021 08:04 AM PDT

    New Home Sales Slip 6.6% in June

    New home sales fell 6.6% in June to an annual rate of 676,000, the U.S. Census Bureau and Department of Housing and Development reported on Monday.

    May's sales number was revised downward to 724,000, from the previously reported 769,000.

    The median sale price of a single-family home was $361,8000.

    The June number was below consensus forecasts of 800,000 and may suggest a cooling of the red-hot housing market.

    Housing has been one of the brightest lights of the economic recovery from COVID-19, but a shortage of homes for sale and rising prices have crimped sales.

    Mortgage rates remain near record lows, which is driving demand along with millennials entering the age at which people typically settle down and raise families.

    "As we lap the one-year mark of housing's post-pandemic recovery, new home sales activity remains at a high level," said Danielle Hale, Realtor.com chief economist. "The momentum is generally steadying at a pace that's roughly on par with pre-pandemic rates, but lower than during the 2020 fall frenzy. Nevertheless, new home prices remain high, with the median new home sales price up 6% from this time last year."

    Many economists believe that the economy has reached a peak in its recovery from the coronavirus and the associated shutdowns and restrictions. This week will see the government report its first estimate for second quarter gross domestic product. That number could come in close to 9% annual growth, following 6.4% growth in the first quarter. But growth should slow in the remainder of the year.

    Still, consumers are flush with cash and household debt levels have climbed to levels not seen in 20 years. That means the slowdown, if it comes, will still allow for moderate growth.

    "The aggregate household balance sheet has never been higher, "Natixis economists Joseph LaVorgna and Troy Ludtka wrote last week. "Consumer net worth rose nearly $12 trillion to $130 trillion last year, the highest reading ever...a large cash buffer, ample liquidity, elevated savings and record high net worth will underpin consumer spending going forward."

    submitted by /u/Myltch
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    Sales of new homes sink to lowest level since pandemic as high costs and slim pickings frustrate buyers

    Posted: 26 Jul 2021 09:42 AM PDT

    Article

    The numbers: Sales of new homes in the U.S. fell in June to the lowest level since the first month of the U.S. coronavirus pandemic in early 2020, as high prices and a limited selection frustrated scores of would-be buyers.

    New-home sales dropped 6.6% to an annual rate of 676,000, the government said Monday. That's how many homes would be sold in a year if the same number were bought in each month as they were in June.

    Sales of new homes are falling High prices and limited selection frustrate would-be buyers. The decline in sales was much larger than Wall Street had expected. Economists polled by the Wall Street Journal forecast an annual sales rate of 795,000. ! New-home sales had leaped in January to the highest level in almost 15 years — an almost 1 million annual rate — as buyers took advantage of record-low mortgages rates.

    Yet sales have fallen since then because of high costs and a shortage of new properties for sale.

    The big picture: Plenty of people want to buy homes, but high prices and a limited selection are the biggest obstacles. The average cost of a new home is about 12% higher compared with a year earlier and near a record peak.

    High home prices are the result of strong customer demand and more expensive building materials such as lumber. Builders also can't find enough carpenters, bricklayers and other skilled craftsmen to do the work.

    In some case, builders are even waiting to list homes because they don't want to get stuck eating the higher cost of materials. By waiting they can pass the costs onto customers.

    These problems are expected to act as a drag on the housing market for months to come. Not only that, but also it's preventing many homeowners from selling their current homes because they might not have another home to move into.

    Key details: Sales rose in the Midwest, but they fell everywhere else.

    The median sales price of new homes dropped to $361,000 in June from an all-time high of $380,700 in May, but they are still higher than they were one year ago.

    The inventory of new homes for sale rose to 6.3 months from 5.5 months. That's how long it would take to sell all the houses listed for sale at the current pace of home buying.

    The annual rate of sales in May was also revised down to a 724,000 from an initial 800,000.

    What they are saying? "The jump in home prices has worked to sideline potential home buyers," said economist Katherine Judge at CIBC World Markets. "This print is another piece of evidence confirming that residential investment will likely have become a drag on growth in the second quarter, following a strong performance in the previous few quarters."

    Market reaction: The Dow Jones Industrial Average DJIA, 0.03% and S&P 500 index SPX, 0.05% fell in Monday trades.

    Major home-builder stocks such as D.R. Horton DHI, -1.15%, Lennar Corp. LEN, -1.16% and PulteGroup PHM, -0.91% also fell, although all three stocks were near multiyear highs.

    submitted by /u/JustGetRichTonight
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    Buyer wants to switch from conventional to FHA 2 weeks before close

    Posted: 26 Jul 2021 07:38 PM PDT

    My buyer's offer was with a conventional and now he wants to switch to an FHA since he apparently didn't get approved. He's got $3K down and another $5K for appraisal gap. We're past both the inspection period and the loan approval period. Nothing came out of either one from him. Since he hasn't got a loan at this point, I'm pretty sure I could walk away with his money. But that isn't my primary motivation.

    Last Wednesday, my agent learned that the lender was putting the appraisal on hold, which obviously made us concerned that he was having issues with his loan. Later that day, we were told that everything is fine after all and the appraisal is scheduled for the following Tuesday. Ok, cool. Fast forward to this afternoon, the day before the appraisal, and we learn that the buyer wants to switch to an FHA so my agent tells me that if we agree, we'll need to sign an addendum to our contract.

    I start doing research on FHA appraisals and learn that they are a bit more stringent than conventional. Especially around possible safety issues. Our house is in pretty darn good shape, but the roof is getting older and is about 4-5 years away from needing to be replaced. I'm pretty pissed that I'm only finding about this the day before when they likely knew the middle of last week when the appraisal was scheduled and that the house is going to be under this additional scrutiny by the appraiser and lender.

    So I went back to my agent and told him I want the buyer to put up another $3K in earnest money. This way, we up the ante on him and if he can't get the loan then we at least get a decent payday for the trouble. If he doesn't pay it, then he loses the $3K already in and we know he's not a serious buyer. Also, we are expecting a potential appraisal gap. My agent says the now $6K deposit will give us leverage in those negotiations, if needed, because he will lose it if we can't come to an agreement on the final purchase price and close the sale due to the change to FHA and not making the loan approval period.

    So, does any of this not make sense? If not, why?

    submitted by /u/g8trjasonb
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    Housing boom over (according to CNBC article)

    Posted: 26 Jul 2021 09:12 AM PDT

    [CA/LA] Are there any perks to selling a house we inherited and haven’t set foot in?

    Posted: 26 Jul 2021 12:05 PM PDT

    As the title says... my wife and I have inherited a house that her father owned. We haven't visited or been inside it since her grandmother owned it 15 years ago due to her addict brother has stayed there whom we wish to avoid. The house has gone into disrepair over those 15 years and we don't know to what extent at all. An appraiser has appraised it to be about $740k from photos and an external drive by. Additionally, we have to evict some squatters that have never paid a dime of rent since coming in (brother's addict friends) and taking advantage of her father a few years back.

    A while back someone had mentioned that knowing less can be advantageous when selling as we wouldn't be liable for things that are found after. Is this true? Are there any other reasons to not dig into its current condition? Also - would going in and painting and cleaning it up negate any potential perks of not touching it at all?

    Thanks much!

    Bonus question: I see others selling via Open Door and Zillow. Any reason to go that route and not a realtor? Thanks again!

    submitted by /u/incunity
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    Have an accepted offer but just found major flooding in garage after a big storm. Should I run while I still can?

    Posted: 26 Jul 2021 08:30 PM PDT

    Had an inspection done on saturday and it showed there was pretty significant water damage to the wood in the detached garage. And that was BEFORE a major storm hit us that night. I asked to see the house again on Sunday and the garage was basically one big puddle.

    Basically just looking for any experiences with similar situations and opinions on whether it's worth trying to negotiate or if this a big enough red flag that I should run. I'm a first time home buyer and am not looking to burn through savings quick.

    submitted by /u/Plopwitdaflops
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    What will happen when forbearance ends?

    Posted: 26 Jul 2021 11:40 PM PDT

    Mortgage Forbearance ends on Sept 30th. What affect will this have on housing market? Currently there's 1.75 million homes in forbearance. Will we suddenly see an influx of homes hitting the market and therefore sending value lower?

    submitted by /u/sushicary1
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    [WA] Does subdivision/upzoning increase or decrease land value?

    Posted: 27 Jul 2021 01:44 AM PDT

    From an economics point of view, I'm really wrecking my brain trying to figure this one out because there seems to be 2 ways of answering this that lead to polar opposite conclusions.

    Decrease camp:

    A lot in a city that forbids upzoning/subdivision/townhome/condo reduces the value of the land because builders/developers typically can make much more money from constructing multiple than just 1 single family residence. For example, all other things being equal, dividing 1 acre into 4 sub's and building 4 homes (each with 10k sqft land) most likely will be more profitable than building a single home. This is especially true because in most city codes, maximum allowed structural coverage does NOT scale linearly with lot size.

    For example: In city of Medina, WA, a 20k sqft lot has a max structural coverage size of 4.2k sqft. But with a subdivision into 4 equal lots, max structural size becomes 6k sqft. Relevant code here.

    Increase camp:

    This one is more empirical. Most expensive neighboorhoods are partially expensive because they have more restrictive zoning laws, leading to larger lots with fewer houses, hence the price.

    Example: Once again, City of Medina, WA, home to bill gates and jeff bezos and often ranked top 10 most expensive zip codes in USA. The city rarely allows subdivision and embargos condo/townhome/commercial. The city has 1 grocery store and a nursery, both established before the area got incorporated. Of course, I should note, it also does have schools, a church and a post office (which, do they count as commercial, residential or something else?)

    Conclusion:

    So both arguments sound convincing and are supported by empirical evidences and obviously both cannot be true simultaenously.

    submitted by /u/sbrueding
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    What Happens if You Can’t Make it to Closing due to Covid/Travel restrictions?

    Posted: 26 Jul 2021 06:59 PM PDT

    Knock on wood but my closing date is approx. first week of September. IM traveling from NYC to see my family abroad in ITaly and everything should be fine. but due to the Delta variant i'm starting to think what could happen if they force me to stay in quarantine or whatnot.

    I was wondering what can happen? i sent same question to my lawyer but curious to hear other experiences.

    submitted by /u/Radiant-Text-5706
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    Having Second Thoughts

    Posted: 26 Jul 2021 08:53 PM PDT

    We started our house hunt on 6/4/2020 in Maryland. We've seen approximately 30 homes and our first two offers were not accepted. Well wouldn't you know it, third times a charm. Our offer has been accepted. We are using a VA loan and decided we will not pass on an inspection contingency and would not put any money towards an appraisal gap. We were thinking it was going to be a while before someone accepted our offer. The house we put an offer on is nicely renovated, new appliances and a garage in a great location for commuting into DC. Well I was initially ecstatic but now I'm having second thoughts. This is a three bedroom house and we have two kids but we're considering having another child in the next year. So the bedroom situation will be an issue at some point in the future as we want the kids to have their own room. The other big issue is I didn't pay attention to the boundary schools that my kids will go to and well they aren't all that great. Now I'm over here having second thoughts and thinking that I need to find another house that would allow for my kids to go to better schools. My husband is annoyed with me and feels that though the schools aren't the best but they aren't the worst. He says that our kids will be just fine in these schools. I mean I went to worst schools than these and I made out with a masters degree so I guess he's right in one sense. I just think that maybe we should focus in the better county to give our kids the best opportunity. I want to find a way out of the contract. We have our inspection this week and still haven't checked the HOA docs so im sure we will be able to find a way out if we wanted too. Again the schools aren't bad and the high school is getting remodeled. It just feels like we should hold on a while longer and get a house in a better school district. My husband has agreed to find a way out if it bothers me that much. Part me feels it is just cold feet. Im a first time homebuyer and this decision is freaking me out in general but I know its the best for our family to buy a home. What would you do if you were in my shoes? It does seem like houses in our area are not flying off the market as quick. So maybe it wont take as long and I can find something not only in a better school district but also with a fourth bedroom.

    submitted by /u/ms_catch22
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    Best site for finding land?

    Posted: 27 Jul 2021 12:03 AM PDT

    I notice Zillow had some land but I'm wondering if there are better sites. Looking in Northern California.

    submitted by /u/profullstack
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    How much deposit?

    Posted: 26 Jul 2021 11:20 PM PDT

    I'm looking to buy a 5 year old townhouse, how does the deposit/doe payment structure work and how do you calculate it if it's 780,000? I've been looking at pre con condos and they usually say 20-20% down payment but that is for pre con.

    submitted by /u/supersaiyangotenks
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    Real Estate Photographer

    Posted: 26 Jul 2021 11:06 PM PDT

    Hello!

    I hope this is okay for me to post here. Firstly, hi my name is Iris and I just moved to Los Angeles from Europe. I am a real estate photographer and new to the area so I want to get connected with the right people. If you know of anyone that could use my services (photo and video) or just wants to get connected then please feel free to reach out. I would love to answer any questions you may have.

    Thanks! :)

    submitted by /u/Cultural_Device_5152
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    How can we use my girlfriend’s income to qualify for loan without her minimal, but poor credit history disqualifying us?

    Posted: 26 Jul 2021 10:27 PM PDT

    Considering first time buy. I have a 790 credit score and because of my profession, qualify for state down payment assistance and discounted mortgage rate programs (up to 5% down payment assistance available with rates 3.5% or less for an FHA loan).

    My girlfriend and would-be co-buyer has almost no credit history. Never had a credit care, car loan, anything. The only thing on her credit report is unfortunately a collection- had to move on short notice a few years back and a cable bill got lost in the shuffle and went unpaid. Paid now, but she's sitting in the low 500s. Minimum to qualify for above mentioned programs is 650.

    With our joint income and our space needs, we feel that up to $250k is a reasonable budget. That puts us around $1500/mo including PMI and estimated taxes, well less than 1/3 of our joint income. But more than 1/3 of mine alone.

    Until now I've only ever rented and so I've always seen and used the 1/3 gross income rule... are mortgage lenders going to use the same standard for income requirements?

    If I alone gross $45k/yr, with strong credit and my only other major debt being a ~350/mo auto loan what are the chances I'm approved for an FHA loan on just my income?

    Is there any way at all to use her income without her credit history affecting our approval? Or any way to make it such that payments from her are included in my income. Would it be above board to buy with just me on the loan, and include in my income the future revenue of "rent" to be paid by her (I.e create a lease contract that she will rent a room from me at $X/mo)?

    submitted by /u/Eagle694
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    First time seller. I can't sleep lol. Buyer turning into a hassle

    Posted: 26 Jul 2021 10:26 PM PDT

    First time home seller. We received 5 offers and went with what my wife and I felt was the strongest offer. Two of the five were very good offers and stood out. The offer we accepted wanted an inspection but was also offering to pay additional cash to fill any appraisal gap. The second offer required no inspection but no appraisal gap.

    Anyways, the house was built pre-1900 so it's pretty old but it was renovated by previous owners. Home inspection was over the weekend and we received a repair list from the buyer. Without getting into too much detail, it feels like they were picking at straws.

    There is some electrical and roof work they want repaired, and a few other things. They want me to replace my service line, claiming it is frayed but it's actually a shitty paint job peeling from the previous owner who decided to paint it.. There are a few other questionable items on the list that I don't actually feel exist.

    I offered to knock the purchase price down by a few grand and fix more than half of the issues. They came back saying they want everything fixed or 15k off purchase price. At this point, I'm just ready to move on to the next offer and see if they're still interested. I feel like im being ragged around. I think my agent is also realizing this.

    So, tomorrow we are reaching out to offer number 2 and I'm also going to get an electrician and a roofer over in the meantime to give me some estimates on the repairs the current buyer wants. My guess is the repairs will come to maybe 3-5k depending on what repairs are needed.

    Anyone else have this sort of "fun" experience? Just waiting for that light at the end of the tunnel lol. I don't mean to be so vague with details here but I wanna try to remain under the radar.

    submitted by /u/ilikemypizza
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    Looking for advice. Should we walk away?

    Posted: 26 Jul 2021 05:14 PM PDT

    We finally got an offer accepted on a house that we love. $30k over ask no contingencies waived. The home was built in the 1930s and needs some updating which we were prepared for.

    The inspection turned up a few things. Firstly, there is mold in the attic. We had a mold remediator come in and give us a quote for that. The inspector noted that the chimney was leaking, so we had the chimney looked at. The chimney company found that the liner had failed which was causing the condensation we saw. They gave us a quote for the lining replacement and we sent both quotes to the sellers.

    The sellers are willing to credit us for one, but not both. What would you do? These both seem like major issues and knowing the house also needs updates, like new appliances etc, it just seems like a lot. Of course we really love the property and I already paid about $1k for the inspection, so walking away really hurts. There were also some minor items on the inspection, like non working GFCI outlets, which we were ok with handling ourselves, but it all adds up.

    submitted by /u/PopotoPancake
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    20 day lease while house closes?

    Posted: 26 Jul 2021 08:58 PM PDT

    My sisters and I are selling my mom's house. It is under contract to an engaged couple with 4 kids between them. They sold their house on the far other side of town. It closes on 8/10. The inspection on our house is 8/4. House is being sold as is. No surprises expected. School starts here on 8/11. Buyers would like to lease the house from us from 8/11 to 8/31. House is vacant except for some furniture left behind for staging so on our end this is doable. They are both medical professionals and seem like reliable people. They are prequalified. So…. Any opinions about the pros and/or cons of doing this? If we did lease what should we put into the lease contract? Any advice appreciated.

    submitted by /u/Motor-Winter5581
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    When do I need to decide on a lender?

    Posted: 26 Jul 2021 09:00 AM PDT

    I'm currently under contract for a new construction home that is expected to be completed in 8 months. Before going under contract, I was pre-approved with two different lenders. Because the house completion is so far out, both lenders gave me a rough estimate of how much my closing costs will be and stated that once I'm closer to the house being completed, then I will go through the rest of the underwriting process. My question is when do I need to decide which lender I actually want to use? I'm getting an FHA loan.

    submitted by /u/Available-Strength22
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    Can I get added on to my mom's deed?

    Posted: 26 Jul 2021 08:38 PM PDT

    I'm loaning my mom 15-25k for surgery, but we both agreed we should work out a way that I get my money back, probably when she passes away, which may be 30 years or whatever. I won't be getting the house in her will, unless it is the amount I loaned her plus interest. Should I get added to the deed for whatever percent the money I'm loaning her translates to on the house, or just alter the will? We want to do whatever is easiest/cheapest, and she says updating the will could take $1000.

    submitted by /u/condor1670
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    Florida purchase complications

    Posted: 26 Jul 2021 10:39 AM PDT

    This has been the most difficult property I've ever been in contract for with the most incompetent selling agent I've ever dealt with. I'll stick to facts that are relevant at this point because there's been a lot to unpack along the way.

    Today is suppose to be the day we close. We went for our final walkthrough and there is some furniture and decorations through the inside and outside of the house. But most notably, there is a PODS container taking up the entire driveway. The sellers are not going to sign until approximately 8pm tonight, which delays the transfer of money and keys to tomorrow. The title company did not send a title commitment or copy of the survey until this morning when my lawyer requested it. Upon reviewing the survey while we are going through final closing documents, we discovered there is a utility easement crossing the entire pool.

    I have my lawyer working on this but I wanted to see if anyone had thoughts or suggestions. Personally, I don't know how major of an issue the easement is. I am also considering looking for a way to back out because (1) i believe I could get a better bang for my buck now because I have seen prices dropping and inventory increasing and (2) I don't want to put money in the selling agents pocket. I know (2) is petty and emotional and I'm usually good at avoiding that but I can't deny it's presence because this agent has been such a nightmare.

    submitted by /u/Recovering_Junkie
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