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    Thursday, July 8, 2021

    Oregon bans home buyer 'love letters' Real Estate

    Oregon bans home buyer 'love letters' Real Estate


    Oregon bans home buyer 'love letters'

    Posted: 07 Jul 2021 10:10 AM PDT

    On this weeks episode of "lmao this housing market is fucking hilarious".

    Posted: 07 Jul 2021 03:39 PM PDT

    House A:
    Listed at 525k. After 2 days they raised the price to 550k.
    5 days later they just dropped the price by 25k. I guess the strategy was for the price increase to make it seem more desirable but looks like the market disagreed.

    House B:
    Listed at 685k. Been on the market for 2 weeks. Recent price change of +6k to 691k. In the description it says "seller is willing to give 5k credit to replace flooring". I can't see when this credit was added... but if I had to guess, it was around the same time they raised the price by 6k

    submitted by /u/TylersDailyThoughts
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    Alexandria, Virginia. Just had my offer accepted for a townhome that's perfect for me. Had two offers rejected prior to this, and thank goodness they were!

    Posted: 07 Jul 2021 08:35 PM PDT

    I'd been looking at Redfin weekly for years, always just to see what's available, and almost never in what was a reasonable price range. I'm single and live alone, and as all of my married friends bought amazing houses, I was renting 450 square feet. It was hard not to get down. But I jumped from making 65k to 110-130k (depending on bonus and stock) in the last 4 years while barely increasing my standard of living. I saved about 50k to use for a down payment and started looking for homes with a realtor in the 350-400k range.

    Over several weeks, that number rose. 350k is enough to get a one bedroom condo, but I have a dog so I really wanted a yard for him. I found a two bedroom condo with a fenced in yard for 400 that was 'good enough' and submitted an offer. When it got rejected I was very dejected, but kept looking. Two weeks later the same thing happened, and I kept looking. I rose my budget again. Set $450k as my new max, and told myself if I couldn't find anything I loved I'd stop looking and rent for another year.

    There was way more inventory at this price point. Hundreds of townhomes between 400-500k a couple miles south of Old Town Alexandria, so I viewed several of those. Pretty much everything I could afford had the exact same floor plan. 3 bed, 2 bath, partially finished basement, and a decent sized yard. All the best townhomes had redone kitchens - essentially doubling the size by taking down a divider between the dining room and kitchen. I couldn't afford that, but it was a long term plan for me.

    But then I found a unicorn unit, which was perfect for me and less appealing to everyone else. A single person had renovated their home in a way that just doesn't work for the family that normally look at these homes. They turned their 3 bed 2 bath into a 2 bed 3 bath. The smallest bedroom turned into an attached bathroom and walk in closet to the master. They had done work to the kitchen, and a ton to the yard - fenced in the front and back, added a huge porch, and lots of great landscaping.

    If this townhome was still three bedrooms, I think it would've gone for 500k and I wouldn't have offered. But somehow this was listed for 400k. My realtor said they listed it artificially low to create a bidding war. She expected it to go to 475, but it was worth a shot. I offered 430 and added an escalation clause to 460k. Waived everything except inspection. My offer was accepted for 451, which is more than I was hoping to spend, but it won't require the work I'd mentally prepared myself for.

    I know nothing is set in stone yet, but I'm so pleased with how this has turned out for me. I'll be spending about 1k more on housing per month now than I had been, but it's worth it for the huge upgrade in space. Now I just need to hope that closing goes smoothly.

    submitted by /u/sclvt
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    We closed and got possession of our first house!!

    Posted: 07 Jul 2021 07:10 AM PDT

    In this freaky real estate environment we somehow managed to find a wonderful house for us. We were seeing listings go pending in a day and it was rather frustrating since we're moving from from Tennessee to Indiana and we couldn't physically visit any houses before they were already pending. Eventually, we found a house on Zillow and asked our realtor to jump on it and it miraculously worked out. The selling agent said they'd accept asking for the house if we put in an offer then and now, so we bought it sight unseen. We paid 309K for a 2004 built 2400 sq. ft. house with 4 bedrooms 2.5 bath with full finished basement (with a movie theatre) and privacy fence in a suburb on a cul-de-sac. Shockingly, our closing went relatively smoothly, the inspection came back without issue (the sellers even bought us a one year home warranty), and appraisal came back slightly above what we paid. The sellers left us all appliances and the movie theatre equipment without complaint. We went through Better Mortgage and they were easy to work with and gave us 2000$ towards closing for using one of their affiliated realtors. We even did a remote closing with a notary which was a unique experience.

    Now we're just getting the house cleaned up and painted so we can move in. It's exciting to finally have a house after years of living in apartments and while Indiana is not where I'm from, I got a great job here that I'm really looking forward to. Oh and we also just bought a 2022 Hyundai Santa Fe. We don't have kids but we're slowly beginning to live that suburban American life!

    submitted by /u/viktor72
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    Closing date missed by lender

    Posted: 07 Jul 2021 09:41 PM PDT

    Hi guys, new to this thread so please excuse any issues but really don't know what else to do. We got a clear to close (with no conditions, it states this on the document and we confirmed) from our lender and were supposed to close tomorrow but now our lender is backtracking, asking for additional documents and now we can't close. What can we do? Just wait until another probably equally worthless clear to close?? We already booked movers, moved gas and electric, set up closing, etc. at the lender's assurance.

    submitted by /u/blanketburritotime
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    Buying a house before or after marriage?

    Posted: 07 Jul 2021 07:13 PM PDT

    So my partner and I have been loosely tossing around the idea of buying a house together within the next year. We currently live together in an apartment. My question is, for those of you who have bought a house unmarried, would you recommend it or not?

    I personally think I would prefer to be married before making that kind of purchase, but I'm very open to the idea of doing things differently.

    Thanks!

    submitted by /u/TastesLikePepsiColaa
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    Share your trying to buy a home misery with me

    Posted: 08 Jul 2021 04:29 AM PDT

    We've been looking to grow into a bigger house for over a year now. Selectively looking in a specific area. Have lost out on bidding on 9 houses in that time; the most recent has my wife upset.

    Please share with me your troubles as well so I can show her we're not the only ones in this predicament.

    submitted by /u/CherryManhattan
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    Appraisal

    Posted: 07 Jul 2021 07:42 PM PDT

    I had an offer accepted and we got a 30 day escrow. The 17 day appraisal period is up tomorrow and the appraisal still has not been done. My agent told me that as long as the appraisal has been ordered we have nothing to worry about. I just want some re assurance that this is correct. I did not offer any crazy amount over asking price but I'm not 100% sure home will appraise at the asking value. Any advise is welcomed.

    submitted by /u/nosequeponeraki
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    All cash offer w/ contingency or VA Loan offer advice

    Posted: 07 Jul 2021 10:12 PM PDT

    Help! Currently selling our house in middle America.

    We have one all cash offer at 4.5k over asking as-is no appraisal but with a contingency they sell their house (which goes on the market in a week) located in WA. Closing in Sept. and inspections will still be done. How's the market in WA? I'm assuming it's pretty hot?

    Second offer is 4K above asking with a VA loan and closing in 38 days. Inspections via VA loan protocols.

    We are moving in less than a month and will need the our equity to buy (we will have a short term rental in the meantime).

    We're pretty risk adverse and have had one offer fall through already (buyer got cold feet). Any guidance is appreciated. Going to talk with our realtor tomorrow. Thanks!

    submitted by /u/karenthebear
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    Is Slough, UK a good place to Invest?

    Posted: 08 Jul 2021 03:57 AM PDT

    As Slough Borough Council has set their sights on completely transforming the town with a 3.5bn regeneration program that includes everything from improving transport links to transforming the town centre, Slough will be unrecognisable in the next decade and dispel any myths about the town's quality

    The primary investment in Slough that should get investors excited is the fantastic new Crossrail route. Costing a whopping £14.8 billion, the new Crossrail links will offer frequent train services to London's key areas like Heathrow Airport (6mins away) Bond Street (38 mins away) and Canary Wharf (45 mins away).

    All in all, Crossrail links will bring around 1.5 million people within a 40-minute trip to Central London and it made Slough voted the 3rd most promising region in Europe for infrastructure by the European Cities and Regions of the Future report, as well as voted the 2nd best location in all of Europe for connectivity.

    These additional links will improve, substantially impacting house prices in Slough. It has been recorded that properties within a one-mile radius of the new Crossrail route have increased in value by a staggering 66%. So the time to buy property in the area has never been better, with the ability to take advantage of growing capital growth rates - and especially buying off-plan.

    But Slough demographics include over 55% of people working in one of 6,555 businesses across Slough, all contributing to an incredible economy worth around £9 billion and cementing Slough as the most productive urban area in the UK relative to its size.

    The majority of these businesses fill two sectors – information & communication and professional, scientific & technical – highlighting the progressive, forward-thinking businesses that Slough is adopting.

    Hosting so many companies, as well as the headquarters of worldwide businesses such as O2, McAfee, Fiat UK and Honda means that Slough is consistently attracting some of the UK's best and brightest young professionals, all of whom are contributing to a rising population and a growing demand for quality accommodation.

    Our developments in Slough are strategically placed for the best return on investment. As we are providing buyers with an opportunity of investing in one of our 238 stylish one, two and three-bedroomed apartments have uninterrupted and protected views of Windsor Castle that are positioned at the heart of Slough's 3.5 billion pound regeneration project.

    http://investors.haveyouclicked.co.uk/in

    submitted by /u/PaintingBrief
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    Influencers on social media says it’s so easy to find a rundown house just like that, if you have the cash. But my question is how do you even get ahold of these distressed properties?

    Posted: 08 Jul 2021 03:46 AM PDT

    Toronto home sales hit lowest point in a year as housing boom eases - sales and prices decline for 3rd straight month

    Posted: 07 Jul 2021 07:01 PM PDT

    Starting my own business. Have $120k down for a house and no one wants to give me a loan. Now what?

    Posted: 07 Jul 2021 08:13 PM PDT

    I'm so frustrated. I have $120k cash from the sale of my condo to put toward a place in a new state. My wife and I are starting a business but have no other income right now. Just savings. Condos around here are around $200k but I can't get any banks to give me any options to get into a place. "No verified income. Sorry can't help you." - Every bank I've contacted.

    Anyone know of an alternative that I could explore? I really don't want to rent a piss away the equity I built up in my last place.

    submitted by /u/Blackmere
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    As an investor/landlord, what would be the benefits of becoming a real estate agent?

    Posted: 07 Jul 2021 05:05 PM PDT

    Im always told you need to find deals before they hit market! Easier said than done. I cant compete with the "cash buyer" I also cant compete with people over paying for anything that hits the market. Now I get it the market is what it is and thats just how it goes, but seriously are there any investor/landlords/trades-mans that decided to go and become real estate agent's? Besides extra income are there any other benefits that helped you scale your businesses? I want more options than just the MLS scraps.

    submitted by /u/Thatdudedrock
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    28,000 closing costs? 17,000 cash to close?

    Posted: 07 Jul 2021 02:18 PM PDT

    So my husband and I plan to close on a house in Maryland in a week. We're getting a loan through veterans United. However, I feel like our closing costs are insanely high. It started at around $11,000 but they sent a disclosure today saying our cash to close will be over $17,000. We're first time home buyers so we aren't sure what we should be paying, but if we mention this to anyone they say we're crazy. Are we getting screwed over here? (30 year, 2.5% interest rate, $377,000 total)

    Some stats

    Origination fee: $3,500 VA funding fee: $8,487 State tax: $922 City/county tax: $5535 (what?!)

    Update: thanks for your help, everyone! I really appreciate it. I got a text from my lender shortly after I posted this. Apparently this is an amount they have to disclose, but something about the seller and transfer taxes will be taking off over 3k of our closing cost, so that's pretty good news! I'll speak with them more in the morning with some of your suggestions. Thanks again, I had no idea buying a house was so freakin scary.

    submitted by /u/woah-where-am-i
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    Texas Real Estate License question

    Posted: 08 Jul 2021 01:23 AM PDT

    Sorry if this is wrong sub for this question but:

    I obtained my Texas Sales Agent license back when I was 18 (I'm now 23) thru a course offered thru my high school (provided by Kaplan). I never did anything with it due to college so it was always inactive and now expired. I now want to get it back, but I was wondering what I need to do to reobtain. Can I just retake the National/State Exam, or do I have to retake the 180 hour course then exams?

    submitted by /u/hunterpostit
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    MA wants to use COVID-19 relief funds to close the racial homeownership gap

    Posted: 08 Jul 2021 01:20 AM PDT

    No particular take on this, just wanted to share some potential numbers as to the state changing the FHB downpayment assistance numbers.

    https://www.boston.com/news/local-news/2021/07/07/baker-covid-19-relief-funds-racial-homeownership-gap/

    submitted by /u/B1kerGuy2019
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    Ottawa's hot housing market beginning to cool off: Ottawa Real Estate Board

    Posted: 07 Jul 2021 06:57 PM PDT

    Proposed transformer box on our property.

    Posted: 07 Jul 2021 12:17 PM PDT

    TLDR: Do I have the right to say "no" to the power company asking to install a 4'x4' transformer/utility box in our front yard? What effect in property value will this have? I know I wouldn't want to buy a home with a utility box in the yard, so I know having it would turn some potential buyers away. Advice?

    I received a call from our power company stating they will be removing overhead power lines in our neighborhood and installing underground lines. I was told that I needed to sign something that gives them an easement and the right to put a 4'x4' transformer/utility box in our yard. Of course the location where they want to put it is the only area where our lawn looks best and this huge box will be an eyesore. The lawn is also sloped down to the house, so it's possible the box will be raised so it sits level. Is there a way to say "no" to installing this box? Will this ugly box reduce property value? I know I wouldn't want to buy a house with one located right where they're putting it. Our entire backyard is basically an easement because the sewer system/manhole runs right through the middle of the yard we have power and cable lines running down the back and sides of the property AND a storm drain that cuts through the side yard.

    submitted by /u/mikeys_hotwheels
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    Books?

    Posted: 07 Jul 2021 08:23 PM PDT

    Hi all,

    Does any one got any personal favorite books that you feel have made an impact on you in a commercial real estate career / as a person?

    Thanks!

    submitted by /u/fadcastle
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    What do I do if seller won't release earnest money to me?

    Posted: 07 Jul 2021 09:17 AM PDT

    I have(had) a contract on a home I offered $650k on with an appraisal waiver, so I was willing to cover the appraisal gap to whatever amount. House was listed at $600, and the offer price seemed fair given comps. I've been looking for over 6 months so I was ecstatic to find a home finally.

    Basically the offer was $650k (on a $600k list), 5 day inspection period where I can back out for any reason, $1200 option money, 2% ($13,000) EMD. We put a 45 day close window because the market we're in, appraisers are ridiculously unavailable lately. I got the house inspected the day after contract executed, negotiated $1200 in seller credits towards "fixes" and whatnot, and things have mostly been good. I've made my best efforts and have sent documents to the broker as they are required. My broker even called the listing agent when my offer was being negotiated to let them know that I'm pretty much a very strong buyer, including sufficient resources to bridge the appraisal.

    The wording of my contract says that if it appraises under my offer that I will cover the gap, or forego my EMD. Otherwise I'm left with an "out" if I can't secure financing for whatever reasons that are unrelated to the appraisal.

    Well, 37ish days into the contract we get notified that the appraiser who picked up our appraisal weeks prior "had a family emergency" and wouldn't be able to do it. The broker told me this as soon as he found out, and he found a hella expensive recourse for me that I was OK with. AMC or whoever was willing to expedite the appraisal for $3k. Literally $3k. So I pay that fee through the brokerage portal because I felt like there's little to no other. Well long story short, even the expedited stream of appraisers are tapped out here, and the soonest they could appraise would still push closing almost two weeks. My realtor was disappointed but understanding, broker was disappointed but understanding. They called the listing agent and he was totally empathetic saying he has many buyers in the same boat, and that he's "sure the sellers will be cool with it since there's not much we can do."

    So here's my situation now. Sellers weren't okay with it. Even with their LA telling them the situation and empathizing with me they seem to think that I'm personally trying to "get out of the deal" and they refused the closing extension. Not only that; They won't release my EMD to me. The LA has been in contact with my agent and has been trying to get them to release it but they won't.

    So, they fired their LA and went the FSBO route because they apparently had an FSBO buyer lined up and their house is now "under contract" again even though the EMD is not released to me, and they cancelled the contract we had due to not wanting to extend closing.

    Is there some way I can tangle their current deal up in title so that they can't sell the property until we resolve this matter? What should I do?

    sorry I'm mostly regurgitating what I heard from the agents and I'm not privy on this stuff.. I think the TLDR is:

    I offered on house, offer accepted. Appraisal couldn't be performed due to lack of appraisers and "act of god", even with me paying a $3000 rush fee. Seller backed out of contract, won't return EMD, and are trying to close on their house with a new buyer via the FSBO route and have fired their listing agent. I want my EMD back.

    submitted by /u/MangakaSauce
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    running comps on zillow in certain states?

    Posted: 07 Jul 2021 10:49 PM PDT

    i've been using zillow to run comps for a while by selecting "sold", filtering the home type, and setting "sold in last" to 90 days. i've realized that in certain states (Kansas, for ex) it just shows a "--" on every house rather than show the price it was sold at. how would i find comps in markets like these? it's hard to trust a realtor because they'll just pick the comps that serve their interests, so it's important to me to use an interactive map that I can parse through myself.

    submitted by /u/amirshowdown1
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    Differences in pre-application estimate of closing costs vs initial loan estimate

    Posted: 07 Jul 2021 10:22 PM PDT

    I am a first time home buyer pursing a 30 yr fixed physician's loan with Huntington Bank, and received a preapproval letter prior to looking at homes. I had to ask my lender's agent to send me an estimate of the closing costs, which other lenders seemed to send to me freely with the preapproval letter. He sent me a "Pre-Application Estimate" that stated loan amount of $361k at 3.125% interest rate with the following anticipated loan fees: Administration fee $330, Document preparation Fee $80. Processing fee $465, Underwriting Fee $290. There was also the appraisal fee and other various non-negotiable fees. Other loan estimates seemed to have a flat administration/underwriting fee of $980-1100, so this seemed to benefit me as I anticipate being able to negotiate waving one of those extraneous fees completely.

    But now that I am under contract on a house, he has sent me the initial loan estimate with loan amount of $365,750 due to a higher agreed purchase price. but now there is also a higher interest rate of 3.175%. The various fees are different amounts as well (Administration fee $330, Document preparation Fee $220. Processing fee $385. Underwriting Fee $190), but total to a slightly lower amount. My big confusion is the new line item that is included with the previous fees under Origination Charges showing "0.5% of Loan Amount (points)" of $1,829. From my brief time looking into mortgages, I understand that mortgage points could potentially be bought up front to lower the interest rate, which this new one is already higher than previously quoted, and my agent never mentioned these points. I have also read that origination points can be used to pay for the processing. So is my lender trying to double dip with the origination points of 0.5% and also the $1105 in various fees? And is it common for the interest rate to go up that much from the previously quoted one?

    submitted by /u/FroMan753
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    Financing a foreclosure auction?

    Posted: 07 Jul 2021 06:31 PM PDT

    Can anybody give me some insight or tell me if it's possible to finance a foreclosure bought at auction or from the bank ? From my understanding banks will not give you a home loan to buy a property that is sold as is. I thought this could be circumvented with a 203k "fixer upper" loan but that's a no can do. Would just like to know if it's possible to not come out of pocket for the entire property.

    submitted by /u/Heavy_Bet_9098
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    Counter offer laws in Oregon

    Posted: 07 Jul 2021 04:07 PM PDT

    Hey all,

    I just received a counteroffer on a home in Oregon. It gives me until 7/9 at 5 pm to reply. Sellers's agent says to hurry as they can withdraw and accept another offer in that time period. I thought they were locked in until the expiration. I was going to use the extra day to delay the inspection period so I could better align a few things.

    Curious about the laws in Oregon.

    Cheers all!

    submitted by /u/Elemental_Garage
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