Just received the appraisal.. result: house is not livable due to flea infestation Real Estate |
- Just received the appraisal.. result: house is not livable due to flea infestation
- We Did It!
- Anguish as Eviction Moratorium Expires: "I Have No Idea Where I'll Go"
- Finally Done with a Purchase in SoCal
- Thinking of rescinding an offer
- High appraisal = Not approved??
- Home buying - choosing between newly made home or established home
- "House of Nightmares" follow up - Sold!
- Help! I’m a confused second time homebuyer!
- Clear to close?
- How do you know if your realtor is giving you the right advice on what home you can afford?
- What to do if imposed title company charges too much?
- [US Non-realtor] Would it be strange to write to every house in the neighborhood looking to see if someone is willing to sell?
- Is there a job I can work while working on my license?
- Your honest opinion about TOTAL & COMPLETE transparency on the residential real estate transaction.
- Pre-Approved for my first home loan, but now receiving new job offers..
- Teenager that inherited money looking for advice
- Appraisal scheduled after time sensitive closing date.
- Sight unseen addendum panic
- Are rising home prices good or bad for a homeowner?
- retirement home
- Advice please
- What are the pros and cons when getting into real estate?
- My FTHB experience
| Just received the appraisal.. result: house is not livable due to flea infestation Posted: 30 Jul 2021 12:44 PM PDT So everything is perfectly fine with the structure of the house but it was indicated that the appraiser was covered by fleas after the inspection... My real estate agent said she's never seen something like that. The report required a flea treatment and a second appraisal after that treatment gets done. Now comes the strange part: the person they hired for pest control said he could not find a single evidence of fleas. Is this normal? [link] [comments]  |
| Posted: 30 Jul 2021 05:57 PM PDT We tried to sell our house last year in August as the market was hot and could not find a buyer for reasons I still don't understand. We found a house in the meantime, and surprisingly was open to a Hubbard, but dropped us because we couldn't sell our house fast enough. We were devastated. This year, we got a new agent who I had worked with in the past (who is great and should've worked with to begin with) and got multiple offers over asking within 4 days. We rented an apartment and signed a six month lease to start, knowing it was going to take forever to find a house and would have to sign another six month lease most likely. We found the first house worth looking at in our price range online and asked our agent to look at it. We wanted to get a feel for the square footage we thought we would need and start finding out what was really important to us. We went to see it and it was beautiful. It checked all of our boxes except for a two car garage. Completely and beautifully remodeled from the studs up. Put in an offer for asking knowing damn well we wouldn't get it. Offer accepted, inspection went swimmingly, appraised for asking price, and closed today. The owner was there when we toured the home and took a liking to us even though there were other offers. Now we have our dream house, and it's a cape just like we wanted. Good things can happen. I read about people's struggles with the current housing market and wish everyone having trouble the best of luck. The right home is out there, don't give up! [link] [comments]  |
| Anguish as Eviction Moratorium Expires: "I Have No Idea Where I'll Go" Posted: 30 Jul 2021 09:35 AM PDT With all the talk about the eviction moratorium ending, this video shows the consequences of a potential eviction in Rhode Island. What is your opinion of this video? Do you think that this woman should already have plans for the eviction considering the moratorium has lasted for so long? How will she find the rental market compared to when she last looked 5 years ago? [link] [comments]  |
| Finally Done with a Purchase in SoCal Posted: 30 Jul 2021 11:27 PM PDT 2 buyers agents, 3 lenders, and 4 offers later I finally managed to nab a house in San Diego! And I only had to waive the appraisal and go 50k over asking ðŸ˜ðŸ˜¬ðŸ˜„. Thankfully appraisal still came back (I think the house was listed a low to begin with). Super excited, it's a nice cozy house in a cul de sac in north county. [link] [comments]  |
| Thinking of rescinding an offer Posted: 30 Jul 2021 07:31 AM PDT Hi folks! I am in a bad dilemma. I put an offer on a house me and my wife really liked and the seller accepted it. It's a 1996 house in a very central spot in Orlando, FL. We have access to a multitude of amenities in a 10 minute radius, it's crazy. When we toured the house, we were informed it had a septic tank, which was strange considering it's right smack in the middle of the city basically. We did some research, and as part of the inspection period we had a septic inspection done. We discovered the pump was dead and hadn't been working; which the seller said would be fixed this weekend (our inspection period finishes this Monday). The septic company also gave us an explanation on how that specific system works. It's not a septic system where the tank is hidden from view, it's a mound septic system because of a high water table. What this means is that there's a small hill-like "structure" about 3 feet high, that takes up about 3/4ths of the entire backyard and it's basically wasted space. We can't do a patio there, pool, anything. The 1/4th of remaining space is not fully usable either because the septic tank and the pump are installed there, so it gives us a very small strip or land where we can do a deck/patio/whatever we want. The rest? It's just a literal mound of crap. just hidden away. My wife is very disappointed, and though I initially talked her through and said we could manage (seeing the house is very well built, new roof, etc.), but I went to take another look by myself and found myself disappointed as well. Seller will be fixing the pump problem and other small things that were found during the inspection, but I am seriously considering pulling off the offer. I'd just lose the inspection money and would need to restart the whole house hunting aspect of things. My lease is up at the end of October so I still have some time to look around, and my finances are solid, but getting into the crazy market again worries me. I feel like I am against a wall and can't decide what the next step would be. Am I overthinking this stuff? Just looking for overall feedback really (aka just follow your gut or nope, it'll be alright). Also thinking about future value and how other buyers in 5 years would be worried about such system. EDIT: Google Maps Picture: https://i.imgur.com/2tF3Lhr.png (You can see the mound) [link] [comments]  |
| High appraisal = Not approved?? Posted: 30 Jul 2021 01:35 PM PDT Does this make any sense???? I'm currently selling my house. We agreed on 415k for the selling price. The seller was pre-approved for 420k. Now, the appraisal came back at 436k which is obviously a lot higher than the purchase price. Apparently, the buyer is having issues getting approved for the loan now because the appraisal was so high. How in the world can this be? [link] [comments]  |
| Home buying - choosing between newly made home or established home Posted: 30 Jul 2021 04:05 PM PDT If you had a choice, would you rather buy a newly made home or an older home? By newly made I mean going through a home builder to build on a lot, so you can move into a brand new house. What are the pros and cons. [link] [comments]  |
| "House of Nightmares" follow up - Sold! Posted: 30 Jul 2021 09:15 AM PDT This one (as of this moment the video is still up, watch it while you can if you haven't, as new owners often take it down): https://www.redfin.com/CO/Colorado-Springs/4525-Churchill-Ct-80906/home/34515765 - when that was originally posted, we watched it go viral live in the thread, someone "3 hours ago" posted "omg it has 100k views just on redfin already!" - and I was looking at 200k views "3 hours" later. This is the one where the original tenant's distant relation (of some sort) took over the rental house, didn't pay rent, got evicted, and destroyed the house when they were let back in to "collect their belongings," with year old meat in the unplugged freezer to boot (that's my memory from 1.5 months ago, I didn't re-watch video). Thought you guys might like some context on what backs these types of business purpose (read: few/no consumer protections) acquisitions. Here's a title report that shows some details about the buyer and the transaction. FYI your LO/Realtor can pull these, if you're ever curious about the transaction history of a property, digital records are accurate going back about 10 years, and get spotty before that. "F you Suzy!" was written all over the house, so I didn't black out the old owner's first name, I left it since there was speculation in the old thread about if "Suzy" was the landlord, an ex girlfriend, or what. - After being listed for $592,500, "Enterprises LLC" got it for $580k. - At closing, they took out a hard money loan from "Funding Inc" for $531k, which is about 91.5% LTV on the sticker price. - 5 days later, they took out a private second mortgage from "John Doe" for $110k ("John Doe's" natural human given name appears on public records, not a business entity), putting the total CLTV (combined loan to value) at about 110.5% on the sticker price. - Often times for these types of high risk hard money loans, they base the LTV/CLTV on the after repair value ("ARV" if you're a cool kid) (so they can internally justify the loan to themselves as being less risky than it actually is, at least as far as I'm concerned that's all they are doing), but that's an internal number we can only speculate on. - The reason these folks can do this high risk financing and close quick, but Fred First Time Buyer can't, is because: a) Fred is going to owner occupy, so all the consumer protections to protect Fred from "predatory lending" (aka risky borrowing) kick in, and b) Fred has no track record of success at this (sorry, HGTV and "I worked for a contractor for 7 years" does not count). "Enterprises LLC" also has deep pockets, they aren't doing ~10% down because they HAVE to. [link] [comments]  |
| Help! I’m a confused second time homebuyer! Posted: 30 Jul 2021 05:02 PM PDT Can you get approved for a mortgage while the sale of your house is pending….or do you have to wait until it closes? We are looking to sell ours eventually and buy something new, but I'm scared that if we have to wait until the house closes….then we wouldn't have time to buy a new house. Do banks take into account that your house is for sale? I have been trying to Google for days and can't get an answer, so I hope this makes sense! I love this Reddit group, by the way. It has been so helpful for an anxious person like me. I'm a planner and like to have all my ducks in a row well before we start. [link] [comments]  |
| Posted: 31 Jul 2021 02:30 AM PDT We just got the final approval from our lender. Our contract says closing will be 8/16. I know the CTC has to be issued 3 days prior. My question is- can the CTC be issued before then? [link] [comments]  |
| How do you know if your realtor is giving you the right advice on what home you can afford? Posted: 30 Jul 2021 10:20 PM PDT There are so many factors that go into affordability that its not always easy to know if your realtor is looking out for your best interests. The actual dollar sign is not usually the ultimate factor in affordability. What is the best advice you've ever gotten on how much house to buy? [link] [comments]  |
| What to do if imposed title company charges too much? Posted: 30 Jul 2021 06:19 PM PDT We are under a contract to buy a house. When we made the initial offer, a counter offer came back with a clause to use particular escrow and title companies. We agreed to that without realizing how much we would be charged for their services. Now our lender sent us an updated loan estimate with all the fees from title, and Section C fees adds up to $5,155 on a $1.15 mil purchase. Below is the list of all they want to charge us for. When we got the initial loan estimate with the fees from the lender's title company, a total for that section was only $1,200. Isn't $5,155 way too high? What should we do in this situation? Or are we pretty much take-it-or-leave-it in this situation. We haven't lifted the inspection contingency on the house.
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| Posted: 31 Jul 2021 01:41 AM PDT So there's this gated neighborhood that we really like, but out of maybe 100 houses, only 1 house is for sale (one that's right next to a busy street) Would it be considered "strange" to write to almost every house offering to potentially buy it as long as long as the inspections, etc. come back normal? Would I offer a price/sqft in the letter? Do people do this? I'm assuming someone would be motivated to sell because they could skip the 6% and use a real estate lawyer. Thanks so much for the help [link] [comments]  |
| Is there a job I can work while working on my license? Posted: 30 Jul 2021 12:12 PM PDT I am currently working through my license class, but I am getting screwed over by my current job and need a new position. Is there a job I can work in the industry that can I can get some good experience in while getting my license? [link] [comments]  |
| Your honest opinion about TOTAL & COMPLETE transparency on the residential real estate transaction. Posted: 31 Jul 2021 12:39 AM PDT Over a decade ago I had this foolish notion that I could offer an online service that would provide home sellers and buyers complete transparency on their transaction. I was laughed out of the sales presentation in some cases even worse. I know it was too ahead of its time. I am not naming the service this is not a plug! Times have changed and Covid certainly had some to do with that. The service essentially created a dashboard account with dedicated email and phone number that was assigned to each property and every single point of communication was centralized with no ability to erase or hide anything. Like a linked sequential transaction history. Clients could essentially oversee everything but they still had the experience and protection an expert brought to the table. Because realistically clients want an agent involved. Lots of "agentless" startups found out the hard way. Even big tech after spending billions pivoted to become regular brokers at this point. Granted they modernized some services and lowered commissions but their current business model is different now and eerily similar to what they intended to replace. Sad to say my idea bombed backed then. I think its a new world, a new generation. I would like to hear your thoughts, good and bad from both angles. As clients and as agents. Thank you. [link] [comments]  |
| Pre-Approved for my first home loan, but now receiving new job offers.. Posted: 30 Jul 2021 08:48 PM PDT Hello, is it ok to switch jobs in the middle of a pre approval? As long as I don't become unemployed or should I park the home buying process or job switching? I was officially pre approved this past week. The jobs that are calling now I had applied for almost a month ago and had given up hopes they would contact me. I would be staying in the same industry just switching from an in office position to a remote position with a competitor institution. [link] [comments]  |
| Teenager that inherited money looking for advice Posted: 31 Jul 2021 12:10 AM PDT Hello, my mom passed when I was 16 and left me around 50k, so I have a couple questions! I live in Canada, Ontario (the very south of Ontario to be more specific) Do any of you think it's advisable to use this money to get into real estate instead of paying for college? (pretty sure I know the answer to this but might as well ask) Is it even enough to get started? [link] [comments]  |
| Appraisal scheduled after time sensitive closing date. Posted: 30 Jul 2021 07:44 PM PDT So I own a duplex, and my lender required proof that we'll be renting the unit we live in out before closing on our new house. Closing date is scheduled for 8/13. My property manager got us tenants scheduled to move in 8/16. My realtor gets a hold of me today and says the selling agent told him that the appraisal is scheduled for 8/16, despite me paying for it 8 days ago and them knowing of our time sensitive closing date. I call my loan officer and she sounded absolutely shocked. Later she told me they had to light a fire under the company and will HOPEFULLY get the appraisal done by 8/3 so we can still close 8/13. What are my chances of this going through? And what the hell do we do if we can't close before my tenants are supposed to move in? Going to a hotel is a non-option because we have a cat and lunging him around in a carrier for days on end is not negotiable. [link] [comments]  |
| Posted: 30 Jul 2021 07:40 PM PDT Hi all, I'm supposed to be getting my keys to an apartment I've already signed the lease for and paid move in funds on this Sunday, 8/1, and I'm in dire need of your knowledge/advice. I toured a model in the apartment complex several weeks ago and loved it. My lease includes a move in checklist that I am required to turn in within 3 days of moving in which I can take note of any damages on etc. This is how all of my other apartment acquisition processes have gone. I have toured a model, signed a lease and paid move in funds, then seen my unit the first day I received my keys and completed a similar form, so I wasn't too worried. I signed my lease and paid all move in funds over a week ago in order to be proactive and make sure all my ducks were in a row. This afternoon I received a DocuSign email for a sight unseen addendum and it reads: "the undersigned acknowledge that they have not physically visited or inspected property to determine it condition and sustainability prior to signing the lease and hold rental_management_companyname here harmless from all claims and damages of any kind and in any way relating to or arising out of the matter set forth herein" (typos included, I swear I'm literate) I have several concerns with this - 1. Why wasn't this in my original lease? 2. I haven't been given the option to walk through the unit before receiving my keys and would be more than happy to do that with the company. 3. Most of all- does this mean that regardless of the condition my landlord/management company has no obligation to fix any issues that may arise? I sent an email response with these questions to the person I've been working with, but they they take forever to respond and I'm freaking out a bit. Is this normal//should I be worried? The unit should have just been renovated and I want to trust it will be in great shape but also want to make sure I'm protecting myself. Thanks in advance for your time!!!!! [link] [comments]  |
| Are rising home prices good or bad for a homeowner? Posted: 30 Jul 2021 07:24 PM PDT Maybe I've misunderstood the conventional wisdom, but to me it always said rising home prices are good. You're investment appreciated, what's not to like? Won't pretend I don't like seeing the Zestimate on my house climbing, but unless you are downsizing or moving into a cooler market, I don't see how climbing prices are beneficial. Of course most homes in your market appreciate just like yours, so if you are moving into something comparable or more expensive, nothing gained there. In net dollars, a more expensive home will only be that much more expensive relative to yours. As home prices rise faster than wages, seems like people may no longer be able to afford/get approved for a home that would have been in reach not long before. I guess this puts first time homebuyers and those looking to upgrade in the same boat. Conversely, if moving into something cheaper, the same is true/you'll net more so I see the benefit there. Maybe the conventional wisdom is "it depends" but I've just never been under that impression [link] [comments]  |
| Posted: 30 Jul 2021 10:45 PM PDT I recently retired and have been been looking for a house near relatives. I may have found it. It has almost everything I wanted. 3 bedrooms, deck, large bathroom etc. I submitted an all cash offer several thousand dollars above asking price with an escalation clause for up to 10 thousand more. Apparently the house which went on the market yesterday already has several offers. The owners are going to make a decision on Tuesday. The waiting is going to kill me. Horrible market [link] [comments]  |
| Posted: 30 Jul 2021 06:41 PM PDT Has anyone ever dealt with a horrible representative of a national builder? How did you go about resolving things? (Our realtor is our go-between. She refuses to address us or keep us updated on progress). Is there a way to speak with a supervisor? Can the representative make changes to the schedule of our build or delay it in any way? Is it even worth the trouble? I've tried being nice/civil and so far it has gotten me no where… TIA 😊 [link] [comments]  |
| What are the pros and cons when getting into real estate? Posted: 31 Jul 2021 02:02 AM PDT For long i been mostly on crypto investment , but as a young man I know diversification of income is the best. I have set aside $500k as my real estate capital. I stay in the US and am looking for advice on how to start up a real estate company or any form of investment involving real estate. [link] [comments]  |
| Posted: 30 Jul 2021 05:43 AM PDT I just closed on my first home yesterday and wanted to share my experience in this crazy market. I recently got a new job that would require me to move to the Atlanta area. Went up from FL with a week to find a house and get an offer accepted. I used a VA loan with 0 down. After a few failed offers I got one accepted within about 5 days of my home search. Offer was accepted on 06/29 for 5% under ask. Inspection done on 07/01. Negotiated 7k sellers credits from inspection items. Appraisal done 07/16ish, came in another 7% or 22k under the agreed price. Seller agreed to drop the price to appraised price. Got the clear to close from the lender on 07/23 Closed on 07/29. I feel that I got super lucky given the market and limited timeframe I had. The quick 30 day closing on VA loan surprised me. A big thing that helped was that the sellers were under contract on another home and had to sell this one to buy their new one. Just wanted to share my FTHB experience in this crazy and stressful environment. [link] [comments]  |
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