Things you wish you knew when buying a house Real Estate |
- Things you wish you knew when buying a house
- My buyers agent doesn’t want me to do a final walk through after hearing that the sellers may have nearly knocked down one wall of the garage with their car while moving out.
- First-time home buyer, demoralized, beaten down and losing faith quickly
- HELP.
- Lender is suggesting to take two mortgages
- [TX] Purchase a home in an HOA required to become a member?
- Worried about Appraisal
- Home Reno Nightmare - Terminating GC/ Getting Refund After Home is Deemed Uneconomical to Repair
- Should I do a final walk through before renting back?
- market analysis
- Some Basics Idea About Real Estate
- Is it common for real estate agents to call themselves a real estate wizard?
- I am starting to see home sales slow down in some parts of California. Who generally pays for closing costs in this market, the buyer or seller? If buyer, is there any way to negotiate closing costs to loan or with seller in an off market deal?
| Things you wish you knew when buying a house Posted: 02 Jul 2021 07:58 PM PDT Please help. My husband and I are putting in an offer on a 900k house. This would be our first house. We've got kids and have been living at my parents for 7 years to save up money. Do you have any tips or things you wish you knew beforehand when buying a house?? [link] [comments]  |
| Posted: 02 Jul 2021 08:24 PM PDT We were supposed to have closed by now but my lender keeps delaying. Negotiations have been rough and we are told that the sellers are ticked off about delays (surprise). I drive by the property and it looks like the side wall of the garage is surprisingly about to collapse. I message my agent (buyer) about my (anger)…concern and questions of "what do we do to get this fixed". Their response is a final walk through isn't needed because of all the delays *my lender has caused.* (Basically saying, let's just ignore this, sign the deal, and you can pay to fix it on your own). My response was basically We are entitled to a walk through and this will need to either be repaired or paid for by the seller. We haven't sold our house yet, so if the deal falls apart we still have a place to live and they can try to resell the place at a huge price reduction. [link] [comments]  |
| First-time home buyer, demoralized, beaten down and losing faith quickly Posted: 03 Jul 2021 05:02 AM PDT First off, I just wanna say, this isn't as much an ask for help or advice. More over, I just need to bitch about how ridiculous, frustrating, demoralizing and down-right hopeless this entire home-buying process has been. My wife and I lost out on our sixth offer last night. It was a house in Central New Jersey that came back on the market; the listing agent had called us to let us know the house was back up, after the last offer fell through with septic tank issues. The home had an out-of-use septic tank that neither the sellers nor buyers wanted to deal with, though the house had public sewage. Since it didn't cause any actual/apparent issues to the house, we didn't care. We upped our original offer 2G to sweeten the deal a little bit, but didn't waive appraisal/inspections. (That's something we haven't done, and aren't going to do, on any house offer we put in.) We'd offered 5% down and a hefty amount over list price. The house had belonged to a married couple that recently divorced, so we were waiting on one more signature on the offer, late last night, before we headed into attorney review. Needless to say, I wanted to endlessly scream into the void. My agent felt confident that we had it locked up when she called. I was thrilled we'd get a house we actually, genuinely loved. But for this to happen for a sixth time — with more presumably coming — is just brutal and gut-wrenching. Listen. I know people have had it worse. One of my wife's best friends was on their eighth offer before they had an offer accepted. I've heard horror stories about 11, 12, 13 offers on houses. We've been on the hunt since March, so it's only been four-ish months of this process. Our agent (whom we trust implicitly) has told us that the market is softening … but then we're told there are 18 offers on houses that we want to put an offer on, with houses listed on Thursday and highest-and-best offers presented and accepted by Monday night. I just don't know how much longer I can keep doing this. It's a colossal nightmare. We've seen 30~ houses in person at this point, our budget has kept heading north, and our strategy has evolved: We've gone from some work needs to be done to turnkey and everything in between. But when you're offering 30-35G above asking, and still aren't sniffing the finish line, it's just beat. I just wanted to clear my chest. I have no idea whether to keep plugging away now and shooting shots or just pack it in for the next 5-6 months and figure it out later. Either solution is suboptimal. Anyway, thanks for letting me whine. Hope the search is going well for you guys and we can all enjoy some BBQs and birthday parties next summer. [link] [comments]  |
| Posted: 02 Jul 2021 09:35 PM PDT This is going to be a wild mess so I am going to try and make this short. Anyone who wants more info can ask but I need advice. Put in offer on house. Offer got accepted. Sold my house. Set to close on house we bought July 2nd (today) Set to close on new house on July 23. Bank ordered water test in order for us to get funding for new house 3 weeks ago. House tested for extremely high and toxic levels of nitrate in well water YESTERDAY 7-1. Dept of health says water is unsafe for drinking and bathing and animals. Bank will not loan unless it's fixed. Sellers will not fix. Bank won't allow us to pay the 20 grand to fix it (nor do we want to) Sellers still won't agree to fix it. If I don't buy new house and sell my home I am homeless. I have no one to live with and no one will rent to me and my family with our 4 dogs. I told agent that we may have to back out of new house and old house since we can't get financing. She told me bad idea because I am going to get sued. I cannot purchase house with bank with toxic water and if sellers won't fix there is nothing I can do. I am not backing out for the fun of it. This is miserable for everyone involved. I cannot move into home that is unsafe. How likely am I to be sued if I offer to pay earnest money, inspections, and offer some cash to buyers of my home. I can't afford to be sued and I can't afford to be homeless with my child and husband. [link] [comments]  |
| Lender is suggesting to take two mortgages Posted: 03 Jul 2021 05:43 AM PDT My wife and I are buying a new construction home here in soCal (800k). We were approved for a jumbo loan by the builder's lender (KBHS). We are currently underwriting and got a call from my lender officer saying that there is an issue regarding my wife's income because of an instability. Wife just got back from work due to medical leave for 2 years because of a work related injury. Now, my lender officer is suggesting to take 2 mortgages instead of a jumbo loan. It seems like this path will be more expensive. I also want to point out that I am renting my previous house so It will be another mortgage on top of that. Should I or can I still back out? We did put money to reserved the lot but no foundation yet. Edit: initial plan was Jumbo loan with 10% down payment [link] [comments]  |
| [TX] Purchase a home in an HOA required to become a member? Posted: 02 Jul 2021 10:31 PM PDT Is it a requirement in the State of Texas to become a member of a HOA where the home seller is a member? I'm really confused why I would have to become a member and pay dues in something I have no interest in their common areas. [link] [comments]  |
| Posted: 02 Jul 2021 07:34 PM PDT My fiancé and I put in a offer of $350,000 on a townhouse listed at $335,000. Unfortunately the only comps in the neighborhood were in the beginning of the month at $326,000 for the same size of home. In the same neighborhood the same model house listed for $365,000 and one 78sq ft bigger with a two car garage instead of one for $370,000. They had one (2 car garage with 78sq ft extra) under contract at a listing price of $365,000. So we thought when it sold it would help with recent comps for appraisal. Well… it sold this week for $350k which is our offer price. Even though it is a little bigger with a 2 car garage are they still able to use that for comps? And do you think it could raise the appraisal to around $340k knowing they both are in amazing condition. The only plus is ours has a fence while non of the other did. Is that something that could help us. We're just hoping whatever it apprises for the sellers use that as purchase price 😩 [link] [comments]  |
| Home Reno Nightmare - Terminating GC/ Getting Refund After Home is Deemed Uneconomical to Repair Posted: 02 Jul 2021 09:26 PM PDT So I'm in a fun situation where I paid $22,000 to a contractor to do some work on my house (in Florida) but we found such major structural issues that an engineer has rendered the home uneconomical to repair. The contract between us doesn't give me any clear options to terminate due to this usual situation.The contractor did demo but none of the rest of the work. In my opinion he's owed for the demo work completed but he wants to keep way more than that (he did about $7,000 per our itemized contract but only wants to give back about $5,500), do I have much recourse to go after him for the difference [link] [comments]  |
| Should I do a final walk through before renting back? Posted: 03 Jul 2021 04:30 AM PDT I closed on my house a few days ago. We did so without agents per the sellers request, in return I got a better price than I believe I would have otherwise received based on comps. My lawyer said we will do the our final walk through once the seller is done renting back (2 months from now). Is there any risk not doing two final walk throughs, one at close and one before we take possession post the rent back? I figure if any damage is done during the rent back they would be liable and there is a security deposit. [link] [comments]  |
| Posted: 02 Jul 2021 08:23 PM PDT Hello, does anyone here do market analysis, specifically estimates of property value increase or decrease from the impact of neighboring properties expansions or deteriorations? NJ. Looking for some help, can pay. or if you can point me in the right direction, that would help. I've already contacted local realtors who all said they don't do it. [link] [comments]  |
| Some Basics Idea About Real Estate Posted: 03 Jul 2021 01:47 AM PDT You enter the real estate marketplace the moment that you buy your first home. To purchase that house, you need to have set your finances up to be able to pay your current bills as well as any bills that are incurred at the new location. During the time that you own the property, whether you are buying it to flip or to live in, you are responsible for the utilities and all taxes related to that house. Make sure you look around the market before buying. You want to have a comparison before making an offer. That means that you can weigh up one investment against another. Some people with less money to invest may choose to opt for a house that needs repairs over a longer period of time. The fact that the house is in a bad state of repair will mean that the price on the market will have been relatively lower but the trick is working out what the home would be worth once all of these repairs are done and what the cost of those repairs is likely to come to. Equity is the amount of money that a property gives you as the potential for another loan on a property. If your property was bought for $100,000 and is currently worth $150,000, then you have an equity of $50,000 or you may find that your lender would be happy to advance that amount, depending upon how convinced the lender is that the value of the property would be reached should you default on your payments. There are different scales that you need to remember as well. The market value may differ from a valuation of the home for bank purposes because all a bank wants to know is if they will get their money back. The market value, however, may be something that is flexible depending upon changes in the market. For example, if there are not many houses for sale, then the house is more valuable because it's a rarity and something that people will be looking for. If there is a housing surplus and there are too many choices, then it is likely that it's a buyer's market and you may get less for your house. The other valuation you need to keep in mind is the valuation for insurance purposes is totally different from the previous types of valuation. This should be based on what it would cost you to replace the house in the event of it being destroyed. An insurance company will be able to give you a valuation so that you know what insurance is likely to cost you. [link] [comments]  |
| Is it common for real estate agents to call themselves a real estate wizard? Posted: 02 Jul 2021 09:11 PM PDT It seems like declaring yourself a real estate wizard is similar to me calling myself a technology genius, which I would be mortified to do. On the other hand, if this is normal in real estate I don't want to think the guy's a major braggart unduly. He always removes every bit of landscaping except grass from properties he flips so I already have a somewhat negative impression. [link] [comments]  |
| Posted: 03 Jul 2021 12:45 AM PDT |
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