FOMO gone bad Real Estate |
- FOMO gone bad
- Sellers decided they “needed a few more days?” Even though we already closed?
- (NY-USA) Am I getting ripped off on my refi?
- 1031 Exchange Question
- Talk me out of building a custom home in Texas
- Has anyone here had success getting a decent cash offer from an iBuyer for homes in the 700k price range?
- Need advice
- Ally Bank screwed up our closing resulting in a fraudulent mortgage being set up and negatively affecting our credit report. Not sure how to fix it.
- Pros and cons of manufactured homes?
- Certificate Of Occupancy Clause for New Mortgages for Primary Residence?
- Denial Phase?
- Photos of real estate offices in the 1980s?
- Land loan like rocket mortgage?
- New Construction - Need some outside perspective on possible water damage after a construction delay
- Demographics of Prospective Neighborhoods
- Is it possible to act as your own realtor for a house purchase?
- "About This Home" Description on Sites like Redfin: Why Do Agents Use Superfluous Words to Describe Homes?
- Rates dropping after locking
- Question for the people that sold to ibuyers
- Cash out refi + purchase of Investment property / two many hard inquiries on short timeframe?
- Is my lawyer not doing her job
- Sellers trying to push closing back at the last minute. Help?
- Can I sell my rental at the end of the mortgage term?
- When does it make sense to sell a rental? Cash flows $500/mo and could probably make $100K on the sale. Also interested in doing a 1031 exchange.
| Posted: 10 Aug 2021 02:17 PM PDT A friend of mine that's on the board of an HOA relayed a FOMO saga that ended badly. He lives in a subdivision originally built about 18 years ago near me in California. It's a fairly nice architecturally homogeneous neighborhood consisting of 3 different floor plans. Just before Covid struck, two houses, same floor plan, sold for $1.05 million, both below asking with an average 45 days on market. Then this past April, another of the same floor plan was listed for $1.25 million. A bidding war ensued and it sold for $1.45 million in 3 days, all contingencies waived. Then came July, another unit in the neighborhood comes up for sale and naturally was listed at the recent comp for $1.45 million, though one this had some recent updates and was nicer than the comp but there were signs that the market was starting to cool. A week goes by, no offers, none. Price drop to $1.35 million. No offers. Another price drop to $1.25 million. Offer gets accepted at $1.2 million. So after realizing that they had "overpaid" and evaporated $250k in equity, the $1.45 million buyers contacted their realtor and demanded recompense because they claimed he told them that a "bully offer" was probably the only way they'd win out over some cash offers and it was his fault they overpaid. They also had the temerity to try and get the HOA involved on their behalf to argue to the realtor that they paid too much, obviously a bizarrely non sequitur and desperate move. My friend was even asked if he'd be willing to testify in court if called to do so. He's a retired lawyer, and after telling them there was little chance this would make it to court, their response was "we'll just see about that", and hung up. But wait, there's more! These disgruntled buyers then approached some of the younger homeowners in the neighborhood to rally them to take over the HOA board and get it out of the hands of the out of touch "boomers". One person they approached was my friend's nephew, their new next-door neighbor. The next HOA meeting should be a hoot! [link] [comments]  |
| Sellers decided they “needed a few more days?” Even though we already closed? Posted: 10 Aug 2021 04:49 PM PDT Soooo, really confused. Just arrived at my home I closed on yesterday and found out the sellers are still there. I called my agent who then told me it turns out they needed "a few more days to clear things out and thought i wouldn't mind". He's acting like this is pretty normal but I don't feel like the house is "mine" while I can't take possession yet. Any advice here? EDIT: Thanks all for your replies. So the agent ended up calling them up directly and they said they're not staying there, but rather still "cleaning up the place", otherwise there would still be a bunch stuff left in the house. I asked why they couldn't have done this prior to close, and they said they didn't want to take al their stuff out until they knew it was closed. They offered to leave right away, but then there would have been a ton of junk I would have been forced to clean up, so I just said fine to let them have the night to finish getting al their crap out and they would be nowhere in sight starting from tomorrow. Not ideal, but feel this is the least painful option at this point. [link] [comments]  |
| (NY-USA) Am I getting ripped off on my refi? Posted: 10 Aug 2021 08:21 PM PDT Hello /r/RealEstate! First time doing a refi! We bought for $275k in 2018 (conventional fixed rate 30yr loan at 4.33%). Zillow estimating today it's worth $330-380k in this weird crazy market shrug. The primary goal with the refi is to reduce our monthly payment. We are paying $9700 a year just in property taxes (central New York)!!! Our monthly payment is $2300 a month and we feel like we are almost getting taxed out of our property after annual tax increases within our county. So with that goal in mind... We ended up talking to Rocket Mortgage and they have us real close to closing. Now that I am seeing all the final paperwork in ink I'm starting to get a weird feeling like maybe we are being ripped off (or maybe just sticker shock?) and hoping to get outside perspectives. What they are offering is a 2.75% rate (on a 30yr fixed conventional loan). Closing costs are What has me feeling weird is just how significant the closing costs are. On the one hand we are reducing the monthly payment (which is our primary goal!), on the other hand we are losing 3 years of equity to make this happen. Am I crazy? Is there something weird going on here? Is this usually how these work? TIA to anyone willing to share their experiences/opinions. edit: thank you so much to everyone who quickly and kindly replied. It's good to get an outside opinion and some of you were kind enough to point me towards additional resources. [link] [comments]  |
| Posted: 11 Aug 2021 03:39 AM PDT I was wondering if anyone could shed some light on the legalities of a situation I was thinking about. I plan to sell a rental property I hold in Maryland. My wife and I are considering leaving MD for Florida, but we aren't ready to move this moment and are not yet totally familiar with Florida, but we want to free up this house and begin cutting ties with MD. We have a rough location of where we want to move though so it would be in that general area. Is it possible for us to 1031 exchange for a duplex in the target area and rent both units out, and then eventually move into one of the units as we transition to Florida? We could use that unit as a home-base for a while until we find the house we want to live in permanently and then continue to rent both units of the duplex. What would be the legal / tax implications of such a decision? If you have any suggestions of a better sub to post this in please let me know also! Thanks! [link] [comments]  |
| Talk me out of building a custom home in Texas Posted: 10 Aug 2021 09:32 PM PDT We're not in a huge hurry to buy a house, but we're fed up looking in the 600-750k range in our state. It's nothing but overpriced garbage. I'm resigned to the fact that I'll likely never find a home I 'love' here even in the next year barring a crash. I see custom homes in Texas are going for 150-250 per SQFT even at the tail end of the pandemic. I've heard a few horror stories, but far more success stories. Why not move to Texas and go custom? Appreciate the insights... [link] [comments]  |
| Posted: 10 Aug 2021 06:17 PM PDT Hi everyone! I'm a long time lurker but first time poster. I've learned a lot reading through all of your posts and I wanted to get some advice and maybe even some success stories from those of you who've been in my shoes. For context, I decided to get under contract for a new home before trying to sell my current home. Now that I'm under contract, I want to understand my options for selling my current home (suburbs of Atlanta) I've read the success stories from many of you here selling to iBuyers for competitive prices and I'm hoping I have that option as well. So far, I've tried Zillow and Opendoor but the feedback has been that my house is at a higher price point than the homes they typically buy. Has anyone here successfully sold their home to an iBuyer or similar company at this higher price point? If so, who did you sell to and where was your home located? Side note: I don't see value in going the route of a traditional listing agent. I've previously had success selling other properties by myself using limited services brokerages but I'd love to work with an iBuyer this time due to their ability to guarantee a quick close [link] [comments]  |
| Posted: 11 Aug 2021 12:15 AM PDT My(24) boyfriend(23) and I have been saving money to buy a house in CT. Neither of us know anything about buying a house. My credit is decent considering some irresponsible phases a few years back. My boyfriends is very good. We've saved about 12k in 8 months and our goal is to saved 30k before we even look at houses but I want to know what we need to do to get ready to purchase a house. Thank you to anyone that can give any type of helpful advice! [link] [comments]  |
| Posted: 11 Aug 2021 03:26 AM PDT We signed closing documents in California with Ally Bank to refinance a Connecticut condo. Several days later we were informed by Ally Bank that the closing was void because Ally failed to include a lawyer which is Connecticut law. We continued to pay the original lender. We ended up closing several weeks later. We then started getting mortgage bills from Mr. Cooper resulting from the original voided closing along with the new lender TMS. Now we are paying a mortgage that resulted from the official closing but have late and missed payments to Mr. Cooper on our credit reports. Our scores have dropped by over 100 points. This is the only negative thing on our credit profiles. Neither Ally Bank nor Mr. Cooper has helped us after hours on the phone with each. I can't believe this has all happened and don't know where to go from here. I think I need a lawyer but could I get the bankers to pay the fees? [link] [comments]  |
| Pros and cons of manufactured homes? Posted: 10 Aug 2021 05:49 PM PDT Hi everyone, I hope you all can help me out. We are looking to moving to Montana, and would like to own some land if possible. We have been considering buying a plot of land and then buying a manufactured home. Does anyone have experience with these homes, and what the pros and cons would be compared to a traditional home? I have been looking at some websites and these homes look incredible and you can customize so much about them. I know there is a stigma on them being cheaply made, but it seems like modern homes are very good. Any help would be greatly appreciated, thank you! [link] [comments]  |
| Certificate Of Occupancy Clause for New Mortgages for Primary Residence? Posted: 10 Aug 2021 10:27 PM PDT Had a question regarding the certificate of occupancy for primary residence on a conventional fixed-rate mortgage. How long are the clauses? The one-page certificate that I read from one lender only states that we must occupy within 60 days of closing as primary residence, but it doesn't state if it's for a year minimum, two years, lifetime of the house, etc. [link] [comments]  |
| Posted: 10 Aug 2021 06:34 PM PDT Im from the San Francisco Bay Area. So, let me tell you first of all that Im seeing encouraging signs in the market since last a month atleast. Good Houses are being listed in market, Houses are seeing price-drops, lowball offers (reasonable offers) are being entertained, offers being accepted with contingencies. Im a potential homebuyer, scanning market for 15 days now, going to open houses and stuff and occasionally putting a logical offer but using someone from the Seller's agent team. I'm still seeing that some realtors are promising a fortune to the seller and listing prices per the frenzy $$ values from 3-4 months back. Is this what a denial phase is? Why would real estate agent put themselves in such position to reduce the listing price or present a lowball offer to Client? Why cannot they be upfront that Market is stabilizing a bit. The part story is maybe Sellers are expecting same numbers as few months back, but I've had listing agents in the first open house say that "dont even think of bidding a penny less" only to see 50K+ price drops after next open house and so on. Like recently a reputed listing agent/relator called me up and said "How long you have been in market to underbid like that? This thing doesn't work" and this was when I bid 1.1M on a townhouse which was listed @ 1.15M. Even 1.1M was insanely high for that house but I was fine as it was gonna be my primary residence. Then her assistant calls me and says "Come on, please bid atleast at listing price. Let me have something reasonable to present to the seller". I mean just because you listed a townhouse at a bloated price doesn't mean I have to obey and comply to bid at your bloated price. Guess what, the house is still listed after 3 weeks (weirdly no price drops yet) I don't know this might probably be one side of the story but I am looking forward to views from people who are in the market right now buying/selling and also fellow realtors. Occasionally Im still seeing atleast one buyer pop up with money stashed in suitcase and willing to take the bet or bait?. Is it the hope of getting this buyer the reason for current state of Market? [link] [comments]  |
| Photos of real estate offices in the 1980s? Posted: 10 Aug 2021 04:07 PM PDT Hello all, I am looking for photos of real estate offices, particularly in Calfiornia, from the 1980's! Do you or anyone you know have any pictures? I am using it for an art project. Thanks! [link] [comments]  |
| Land loan like rocket mortgage? Posted: 10 Aug 2021 10:00 PM PDT Rocket mortgage stopped doing land loans. I'm living in California looking to buy some land to eventually build on. Are there any apps out there that make the process simple for land loans? [link] [comments]  |
| New Construction - Need some outside perspective on possible water damage after a construction delay Posted: 10 Aug 2021 04:49 PM PDT Hey folks! I have a new construction situation that I'd like some outside perspective if you care to weigh in. If there's a more targeted subreddit for stuff like this, let me know and I can crosspost it. tl;dr - New construction under contract, builder left house exposed to elements for seven weeks and claims everything is still usable despite heavy rains. Intends to continue building onto it. I am in one of the more active housing markets in the US right now. I sold my house in April and walked away with a tidy profit. I have since been staying with some very patient family members. After some grueling house hunting (getting outbid when I was already $47k over asking, etc) I settled on going with new construction. My realtor got in contact with a company handling one neighborhood near me and got me on the VIP list for notifications when the next lot was available. A couple weeks later, they listed a house in another nearby neighborhood that checked almost all the boxes I wanted and said, "Here's the price, we're not changing any options for you, do you want it?" So I took it. This was June 22nd. They asked for a $10k deposit/Due Diligence, which I paid. I went out and looked at the house, which is about 10 minutes from where I am staying, and the first floor was a bit more than halfway framed in. A week later, a bit more of the framing was done on the first floor, and half of the second floor had been put up. I thought that was great. After that, NOTHING else was done on the house. For seven weeks and counting. With no roof and only half of the second story framing, the house stood exposed to the elements through Hurricane Elsa and maybe a half-dozen heavy summer storms. There was Tyvek around the second floor, but absolutely nothing on the ground floor. My brother-in-law has flipped houses and does much of the home improvement work himself, so he has a pretty good (but probably not professional-level) grasp of the housing code. He pointed out a number of issues like mismeasured studs that weren't reaching down to the plate, LVLs that weren't properly supported, plates that weren't properly anchored, and cracks in the slab foundation. Since then I've been documenting various issues with the site and communicating my concern to the builder via my realtor. They had largely dismissed my concern, so I have requested a pre-drywall inspection be performed. We had one scheduled, but they quickly had to cancel it when they realized they had to push out the framing completion date due to material shortages. Over time, I have seen the exterior OSB puff and visibly bow in some spots, and there are many gaps where daylight can get through that weren't there when I went under contract. I went by right after a storm and water pooled uniformly over both floors, and I saw drips forming in the middle of OSB panels to fall on the ground floor, meaning they were completely saturated. I purchased a moisture meter and regularly measured 25-40% moisture in the OSB and even some studs. I have pictures and video to document this. I received an amended closing date three weeks later from the initial one from the seller and they asked me to countersign it. I told my realtor I wouldn't until they addressed my concerns. Initially he told me that if I let the original closing date pass and wait 14 days, I could hold them in breach for failing to turn over the property to me. I pointed out that my contract had a Buyer's addendum which let them off the hook for building material delays (which they cited), so we don't see that as a viable exit now. The builder asked me to meet them on-site, which I did today. I met with one of their managers, and walked him through many of the concerns I had. He said stuff like the mismeasured studs and unsupported LVLs would be fixed once work resumed. He acted like this was common practice to fix this stuff later on in the build, and I don't have enough experience with this process to know for sure if he's misleading me. He wasn't rude and we had a very civil discussion, but I know he's going to protect the business and I don't think that's going to extend to me in this case. He looked at the OSB (which had been drying for about 1.5 days by our meeting) and told me he didn't see anything to worry about. This was the biggest point of contention between us. He said he would evaluate the subfloors on the second floor once the stairs were installed (they've been sitting in the yard this entire time), and that he would have a structural engineer come out and verify the slab. Otherwise, it was clear they didn't make much of my concerns. Meanwhile, I spoke to my realtor and (through him) the closing agent. I asked if there was any chance I could be moved to another lot that was built in a timely manner (even if it meant pushing out the closing date), and she didn't dismiss it as an option. The builder confirmed that they were on track for the amended closing date (mid-October), so at this point the current plan is to wait for my inspector to come in once the framing is done and provide a more authoritative list of anything wrong with the build. The way I see it, my only options are to shut up and take the house they give me, ask for another lot that may delay my closing by months (and I might not get), ask them to let me out of the contract (which they don't have to do) or abandon my due diligence money (not a real option). Or send my numerous photos and videos to the local news agency and try to sic the journos on the builder (more of a nuclear option). This is my second house, and my first new construction. I'm getting a lot of advice from my realtor, my dad, and my brother-in-law, and a lot of sympathy from other family and friends, but I'm still not quite sure if I'm overreacting or if I'm about to mortgage a money pit. I am well aware of the materials shortages, and I completely understand that they had to halt construction. My concern is that in the meantime, they didn't properly protect the site, and the existing wood is so water-logged that my house is going to have issues with crazy amounts of creaking, settling, rot, and/or mold. [link] [comments]  |
| Demographics of Prospective Neighborhoods Posted: 10 Aug 2021 10:49 AM PDT Wondering if there is a site or app that doesn't cost money that will show me the demographics and crime of a certain neighborhood or zip code. Can't find anything that doesn't cost quite a bit of money to access. Thanks. EDIT: I have two young children and just want to move into a neighborhood that have some other young families. Best part of my childhood was biking/walking/playing hide and seek with my neighborhood friends. Would like to try and give a similar experience to my sons if I could. [link] [comments]  |
| Is it possible to act as your own realtor for a house purchase? Posted: 10 Aug 2021 08:59 PM PDT Context: I will soon be starting my path to become an agent in my home state of Maine. I am also looking for a house, and my buddy is willing to sell me his. Would it be possible/feasible to act as my own agent to purchase the home? I understand that owners can sell without an agent, but can I represent myself as one on the home if I'd be purchasing it myself? Or can we just skip agents altogether? [link] [comments]  |
| Posted: 10 Aug 2021 06:42 PM PDT I've read so many home descriptions by now that I'm wondering what purpose is served when realtors describe the home in flowery ways when the home isn't. Is it just to encourage foot traffic and interest? [link] [comments]  |
| Posted: 10 Aug 2021 10:14 AM PDT Rates are dropping a bit. Currently they are only very slightly lower than our current locked rate, but it's making me wonder. Would there be any way to lower our rate (without changing lenders or anything drastic like that) at this point? [link] [comments]  |
| Question for the people that sold to ibuyers Posted: 10 Aug 2021 06:35 PM PDT What kind of disclosure paperwork did you feel out? I've had termites in the past and am trying to figure out if they would buy or not. [link] [comments]  |
| Cash out refi + purchase of Investment property / two many hard inquiries on short timeframe? Posted: 11 Aug 2021 12:18 AM PDT I am looking to cash out on one condo and refi on the second one, then use equity to purchase an additional investment property. Are these many hard inquiries on my credit score on a short period of time? Will this impact significantly my score? Any way around? [link] [comments]  |
| Is my lawyer not doing her job Posted: 10 Aug 2021 08:16 PM PDT I bought a house in april. The lawyer told me it would only take around 3 months to complete the whole process (until i get the keys). Because i was a cash buyer. The seller also bought the house in cash. The house is individual freehold title. So we didnt need to apply for consent. We had covid movement control order in june. I already payed 100% in april to my lawyer firm's account. And they already transfered the money to the seller's lawyer firm account last week (august). What can i do if my lawyer is taking so long to complete the purchase. She said its taking so long because of the movement control order and blaming the seller's lawyer for taking a long time to exchange the documents. The thing that really gets me is that she's being rude about it. Like im troubling her when its literally her job and she already got her payment in full. [link] [comments]  |
| Sellers trying to push closing back at the last minute. Help? Posted: 10 Aug 2021 02:12 PM PDT So just as mentioned, we were set to close in a week. We already got our painter scheduled and have our moving men coming. We need to also be out of our apartment as we gave notice 2 months ago. It is nearly impossible to stay in our apartment any longer. On top of all that I start work right away and needed that time to move. What grounds do I have to stand on with this? We already gave the okay when we signed the contract to give them the extension they got. I have high anxiety as it is and this is making me go over the edge. I have been super patient waiting for this closing date to hit. Everyone I know that got a house after me is already in their house. Yes, my attorney and I spoke. He has to go back with the sellers attorney. Apparently he was surprised too because it had not been mentioned to him until now. [link] [comments]  |
| Can I sell my rental at the end of the mortgage term? Posted: 10 Aug 2021 11:51 PM PDT I have a 5 year mortgage amortized over 25 years. At the end of the mortgage, before the renewal date, will I be able to sell it without a prepayment fee? Thanks [link] [comments]  |
| Posted: 10 Aug 2021 07:42 PM PDT I have a 3 bed/2 bath condo that I purchased in 2015. There currently remains about $150K to the loan. I could probably sell it for anywhere between $260K-$290K now. I currently rent out my condo rooms each individually, each for roughly $500 a room. After expenses, I roughly make $500/mo net, sometimes less, sometimes more. By my calculations, I could sell it and make roughly 20years worth of rent right now, which I either pay capital gains on or I do a 1031 exchange and roll it into another property. Am I thinking about this right? This was my first investment property I've ever had, and I planned on keeping it just for forever until recently I had a bug get put in my ear and now I'm trying to think of all the scenarios that I can think of, and which one makes the most financial sense. [link] [comments]  |
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