If everyone is in a mad dash to buy a home, then why are rental apartment prices also through the roof? Real Estate |
- If everyone is in a mad dash to buy a home, then why are rental apartment prices also through the roof?
- How is it like to be house poor?
- I feel dumb - how do I sell my current home and buy another without having to live in a motel for a week while the cash clears?
- 650K house, 20% down, no debt and 87K salary?
- What is the appeal of buying a flipped house?
- Offer finally accepted on a home!
- FINALLY an accepted offer! It can happen!
- Backing out of buyer's agreement?
- Should I buy 50% of the family vacation home
- Fiduciary duty real estate
- Seller hasn't signed termination agreement and we might go under contract soon with another house. What will happen?
- Washing machine backup> $20k damages
- What programs are there for first time homebuyers?
- Townhome Question
- Assigned covered parking spot missing.
- Any data on what happens when areas go from LCOL to MCOL or even HCOL?
- Is it wise to buy=BUILD in this kind of market?
- Appraisal came above Listing price
- Cash vs No Financing Contingency
- It’s a competitive market, and someone waives their financing condition without actually being approved for financing. How often would you say the offer falls through? Is it common?
- What matters more - the team or the individual realtor?
- Advice needed: Selling property in Mexico while living in USA.
- With all the cash offers, appraisal and inspection waivers and competitive bidding going on right now, is it a better choice to go for new construction houses ?
- Putting my foot down with a pushy client/family member?
- Offer was accepted on house then they decided not to negotiate and seller went MIA
| Posted: 28 Aug 2021 10:35 PM PDT Some context: I live in Southern California and moved from Orange County to San Diego County since the cost of living is cheaper (I've been wfh). I've come to terms with the fact that I've never own a home here, but it's incredibly discouraging to see that even really shitty 1BR/1BA apartments in SD are going for, on the low end, $1600/month. I can't seem to find any predictions from a renter's standpoint--only that, "this is the time to buy!" and "this housing market is unlike 2008!" Like the title says, if most folks are buying homes due to the low interest rates--which I'm assuming that they're buying to live in themselves and to not rent, then why are apartment complexes also raising their rental prices, at what is seeming faster than normal? Why has the renter's market also increased so drastically/suddenly? I can't imagine this is just a local problem but happening in most of the major cities in the US? [link] [comments]  |
| How is it like to be house poor? Posted: 28 Aug 2021 12:55 PM PDT |
| Posted: 28 Aug 2021 03:56 PM PDT I have searched any keywords I can think of. Here's my situation. 1) I own my current property, owe 70k, worth about 270k. 2) I have found a property I'd like to buy, 385k list. 3) I try to maintain low cash reserves and high investments into Roth, 401k etc, so I don't have the cash for a second downpayment. Let's call it 40k in liquid and semiliquid assets, the rest is untouchable. I need ~80k to close. How do I sell my home, use the proceeds from that sale to fund the downpayment on the new home? This has to be the simplest thing... Do I need to "rent back" from the buyer for a week? Or do I need to move all my belongings to a storage unit, wait a week in a hotel, then close on the new home? Other options I've seen mentioned are bridge loans and HELOC but I'm not sure how the timing of that might affect my eligibility for the new loan. If it matters, I have a good enough DTI ratio that I can easily pay both mortgages simultaneously if necessary. Any and all advice is very welcome. I'm a nerd about finance and real estate valuations, but I hadn't really ever looked into what exactly is involved in buying while selling. My last home I wasn't living in when I sold it and we had no belongings (Hurricane Harvey) so it wasn't exactly very complicated, I just sold it as is to be rebuilt by the flipper who bought it. [link] [comments]  |
| 650K house, 20% down, no debt and 87K salary? Posted: 28 Aug 2021 05:00 PM PDT Location: California Part of me thinks it's doable, and part of me want to be cautious/conservative, just need some extra opinions thanks. I have the current breakdown of costs for different scenarios, and according to the broker, my DTI is around 30%. About me: Single and no debt, currently living at home since finishing college With a 20% down payment, and assuming the house gets up to 670K (if it goes beyond that, I'm backing out), the monthly is about $2990 (rounding up). This is gonna eat into my emergency fund (closing costs), so likely will not do this. With a 17-18% down, and PMI, the monthly is about $3200 (rounding up). The PMI is about $46 a month. Again, no debt. Not the type to spend lavishly or go on vacations etc. Any thoughts? [link] [comments]  |
| What is the appeal of buying a flipped house? Posted: 28 Aug 2021 05:33 PM PDT |
| Offer finally accepted on a home! Posted: 28 Aug 2021 09:42 PM PDT Hello all! After 4 failed offers lost to cash buyers we finally had an offer accepted and are under contract, per our lenders last update we are in the underwriting stage. My wife is over the moon that we finally had an offer accepted. I myself like to play it more cautious. We already sent our earnest money, paid appraisal and updated my pay slips and bank statements as the lender asked me to send over updated ones since the last ones were from about a month ago. My question, if I have been pre qualified and pre approved already before underwriting do I have a right to be as excited as my wife to be at this stage or should I remain cautious?? I hear underwriting is hell. But everything I submitted and said is true and backed my documents..idk just worries. [link] [comments]  |
| FINALLY an accepted offer! It can happen! Posted: 29 Aug 2021 03:05 AM PDT I just want to thank this sub for getting us through the past year and a half. I learned more than I ever thought I needed to know about real estate transactions, and it is a great resource. We are buyers in a HCOL area (greater Boston) and have been looking for 1.5 years (with a VA loan!) for a home in an extremely hot market. We got an offer accepted on a beautiful colonial today for only slightly above asking after a tense negotiation. I just want to offer hope to anyone else who is still out there looking, it CAN happen for you. We refused to do anything with appraisal gaps, waiving appraisals, we didn't even need to do 20% down. From what we can tell, there is a slight softening to the market right now. Take a chance on the properties that haven't sold after the first week, that is what ultimately paid off for us after 10 rejections. Good luck out there!!! [link] [comments]  |
| Backing out of buyer's agreement? Posted: 28 Aug 2021 08:34 AM PDT A month ago, my husband signed a buyer's agreement form with this older wife and husband agent who had worked with my in laws in the past. We trusted my in laws' judgement since this will be our first time buying a house so we decided to go with them. Now we're bound to them for six months and they are not... the best. The wife handles all paperwork and works full time somewhere else whereas the husband only shows houses. Husband and I wanted to look at two houses that had been on the market for a couple of days, so we had asked our agent if we could go look at it the day before yesterday. Yesterday morning comes and I saw that two new houses had just come on the market and we asked if we could see them along with the first two houses. The agent calls my husband and tells him we could only see the two houses that just came out because the first house(mind you, we wanted to see two) was under contract and my husband asked, "both houses?" And the agent said, "I think so" So I reached out to a Redfin agent just to make sure and she told me that the first two houses were still on the market and that there were currently no offers... Then I texted the wife and asked if we could get a copy of the buyer's agreement form because we had been asking for it for a while and she asks me, "what buyer's agreement form?" I told her, "the form that we signed upon first time meeting." She ends up sending it over super late. I'm not happy with these people. The husband told us once before that if we put in a higher due diligence in our offer, we wouldn't get it back, at all. Thing is, we know that since we've worked with a previous agent before, but that's only if the seller accepts our offer and we back out, then we'd lose it. But he argued saying that even if the seller doesn't accept our offer, we would still lose our due diligence... A few hours later, he calls back and says, "oh yea, sorry about that. Y'all were right." We really don't want to work with them anymore and we don't know if we could cancel our agreement or if we could, how? Or just stick with them until we do find a house or wait for our term to end? I don't know. [link] [comments]  |
| Should I buy 50% of the family vacation home Posted: 29 Aug 2021 02:22 AM PDT Hi all, let me preface this by saying that I (22F) am a rookie real estate agent (1y) and doing pretty well for myself. Once clients have decided to buy/sell real estate, I make it happen. But I wouldn't know whether they should or shouldn't buy, if that makes sense. I'm still learning. Onto the actual situation: TLDR: I may have an opportunity to buy 50% of the family vacation home on the French Riviera. I would then own it jointly with my grandpa, and after his death, with my dad and aunt. It would however be my primary residence while still being their vacation home (big plot of land, many opportunities). Before I broach the subject with my grandpa and his brother, I want to be sure of myself. Long version: The house used to belong to my great grandparents, and currently is owned by my grandpa and his brother. They are very attached to it. Following recent conversations with my grandpa's brother's kids (the heirs to his current share), it appears that none of them are interested in keeping the house when their father passes away. There are 4 kids on that side of the family. Only one of them uses the house for about 1 week a year, but they have expressed that they would rather rent someplace while on holidays, than keep this particular house. The other 3 don't come at all anymore, since my great grandparents passed. None of them would have the money to buy the others' shares. Hence why I believe that if I were to approach my grandpa's brother and offer to buy him out, he would consider it. I should also mention that my grandpa's brother has his own house + another vacation home that is solely his, so they would still have a vacation home. Just not this one. The house is pretty much a tear down at this point. It is impossible to rent out in this condition, and we only tolerate it because it's ours (has been for generations). My grandpa and his brother have opposed most renovating/restoring ideas we have had, so it's only getting worse. BUT it sits on a very nice piece of land, the beach is a 2 minute walk, and new builds on similar parcels are selling for around 1.2M euros. Renovated older houses are selling for around 800k. I have loosely estimated our house in its current state to be worth around 550-600k (essentially the price of the land). I would be able to afford half of this in about a year with a mortgage. However, it would have to be my primary residence while still allowing my dad and aunt to enjoy it as their vacation home. I'm thinking of putting a trailer/tiny house on the land and leaving them the main house for now. What have I not considered? It seems like a pretty good way to keep the house in the family while allowing those who don't care about it anymore to be bought out. It will be a nightmare if my grandpa's brother passes and his 4 kids inherit and hold on to it while not doing anything to keep it afloat, which is why I'm trying to be proactive. Of course I would not be sole owner, and my grandpa/dad and aunt would have to sign off on every thing I want to do to the house/land. Thanks so much for your help and sorry about this terribly boring novel I just wrote! [link] [comments]  |
| Posted: 29 Aug 2021 01:42 AM PDT I have a question in terms of fiduciary duty in relation estate. I am currently in a situation where a realtor asked questions that I found inappropriate and continued to send me listings that were outside of my budget. Her excuse was that she wanted me to buy a property of value and she was selling me a lifestyle, not four walls and a ceiling. However, the monthly payments for the places she was showing me were more than double my budget. I got preapproved through the lender she suggested, and we all had a frank conversation about what was possible financially. At what point can a realtor claim that she is showing me properties for my benefit if they are outside of my price range? At what point are they no longer providing fiduciary duty? [link] [comments]  |
| Posted: 28 Aug 2021 06:07 PM PDT We recently put an offer in on a house and it got accepted and after the inspection the house needed basically like 40k worth of work. So we decided to tell the seller we'll move forward if they'll take 10k off asking price and 30k credit to fix everything. They told us no, which is perfectly fine so we signed the termination as we have a contingency on home inspection being to our liking. With that being said, the seller has not signed the termination contract. We might be going under contract on another house here soon, as it seems this owner likes our offer. What will happen though? Our agent is pushing for the seller's agent to talk to the seller and have them sign the termination contract but we haven't heard anything yet. Our agent is hoping to get this taken care of before the sellers we have an offer in on have made a decision. I don't want to lose the new house because the old house seller is dragging his feet. [link] [comments]  |
| Washing machine backup> $20k damages Posted: 28 Aug 2021 05:15 PM PDT Sorry if this isn't allowed. The other week I noticed my washing machine wasn't draining properly so I removed the drain hose and cleaned it out, then reinstall it. I ran it once no problem…but the second time it must've backed up, and when I came home from the store it was raining in my downstairs living room. Called the plumber, they called water restoration. The water restoration lady called my insurance company, told them what happened, and had me sign some documents. Basically they were forms that gave them authorization to do the work and how much it would cost ($3k-8k). They started work today and oh my god is it a lot. The house is unlivable, so Monday I'm going to ask insurance to provide a hotel. Contractors need to come in and replace probably 70% of my floors. All from one leak. How much B.S should I expect from my insurance? I don't want to be liable for anything. Kind of feel I was a bit railroaded by water restoration lady, but I also feel like if SHE called the insurance on my behalf and they didn't give her the okay to start ripping stuff out then they would've have started so quick. So yeah, what can I expect moving forward? [link] [comments]  |
| What programs are there for first time homebuyers? Posted: 28 Aug 2021 11:04 PM PDT Looking to buy a house somewhere in Massachusetts for a job I'm starting next year. [link] [comments]  |
| Posted: 28 Aug 2021 04:54 PM PDT For those of you that live in townhomes, are the walls thicker than the paper thin walls that apartments usually have? Can you hear you neighbors on a regular basis? [link] [comments]  |
| Assigned covered parking spot missing. Posted: 28 Aug 2021 08:03 PM PDT I bought a one bedroom condo almost a year ago, and on closing day discovered I couldn't find my assigned covered parking space. My agent and I were thrown off and very confused. My agent called the listing agent and the LA said all one bedrooms come uncovered. Strange I thought, but at the moment I really didn't care, nor did I go over my HOA documents and terms. Fast forward 10 months, I bought a brand new car, and we're in the dead of summer sweating my A off every time I get in my blazing hot car. So one day I took it upon my self to count every single covered spot. I counted 46 spots out of 48 units. SHOCKED, I pulled up my HOA docs and lo and behold it clearly states each unit is entitled to a covered parking spot. Where is mine?? obvi the agents just lied to me to avoid acknowledging the situation. There is no information in the official CC&Rs regarding parking; just documents signed by the board such as question letters, a document on rules etc. which mentions each units parking space. So a few weeks ago, furious, I called my HOA offices manager and told her about this. She was also very thrown off and confused on why I dont have a space. Never heard from her again after our brief convo. I called back a week later and she said there is no parking space in my deed. (No one owns their spots, therefore it wouldn't be deeded to me). They are ASSINGED by the HOA. and I will have to wait for the next board meeting which is in almost 2 months. for them to make a decision on what to do. smh. I can tell they're thinking of ways to BS me and find a way to not extend one of the existing carports for the remaining 2 units... Not sure what my next step should be. This is a clear breach of terms and duty. If they tell me they wont extend a carport should I take this to small claims court, or? It may also be in violation of zoning rules in my town, not sure about that yet. Just need advice on what I should do next to make sure I get what i am entitled to per my HOA terms in which I pay the same fee as every other owner in my complex. [link] [comments]  |
| Any data on what happens when areas go from LCOL to MCOL or even HCOL? Posted: 28 Aug 2021 03:03 PM PDT My area has gone from LCOL to MCOL. This isn't just with house prices going up 300% within a year. All the food is double what it was even one year ago. It's a very poor area with the last survey the mayor did the average household income was 35k a year. Wages have not gone up, but everything else has. I'm curious as to how some people make it? The locals that are here still making $12 an hr, not the Californians that came in and bought houses at 100k over asking. [link] [comments]  |
| Is it wise to buy=BUILD in this kind of market? Posted: 29 Aug 2021 12:53 AM PDT I don't put a lot of faith in rumors, which is why I want to ask actual experts. The buyer would pay cash in this scenario: This would be a build-from-new simple 3 BR ranch house, master BR and two smaller BR, with the basement (modestly) finished for a wet bar/games/movie area. Within 50 miles of 45202, preferably to the south or east. [link] [comments]  |
| Appraisal came above Listing price Posted: 28 Aug 2021 07:43 PM PDT Bought a new Perry home in Houston and appraisal came 40-50k above the price we are paying .Don't know how to take it tbh . [link] [comments]  |
| Cash vs No Financing Contingency Posted: 29 Aug 2021 04:16 AM PDT Is a cash offer stronger than a "no financing contingency offer" assuming you show proof of funds in both cases and the seller is not in a hurry to close? edit: also assume a substantial EMD in both cases. [link] [comments]  |
| Posted: 28 Aug 2021 09:18 PM PDT |
| What matters more - the team or the individual realtor? Posted: 28 Aug 2021 08:50 PM PDT We are looking to sell our home. It's a desirable location (suburban with best transit links to city, established homes with giant lots, and etc.) and there are 3 top realtors in our house's price range/area. We've met with all 3 and the services/marketing was comparable. However, we were more impressed with one specific realtor, J, over the others. Her team is smaller (about 1/2 size) of the other realtors but by no means tiny. We would have more of a "machine" if we went with Realtor M (60 agents, loads of sales in our city) but the individual realtor was not as impressive and didn't know the area as well. Realtor J put into words a lot of the reasons we think our home is desirable. So what matters more - the team and the more mass marketing (magazines, social media, etc.) or the capabilities of the individual realtor for your listing? Thanks for your thoughts! [link] [comments]  |
| Advice needed: Selling property in Mexico while living in USA. Posted: 28 Aug 2021 10:57 PM PDT Hi, all. My dad has a property in the state of Durango, Mexico that he wants to sell. He doesn't know the value of it but it is right next to a stream and has been used for planting crops. What would be the best way to go about selling it without having to travel over there? There is no house on the property as it is agricultural farmland. There is electricity. He has the ownership papers here in the USA. [link] [comments]  |
| Posted: 28 Aug 2021 10:40 AM PDT Prices may still be inflated, but most developers cover major repairs up to a year, so it is a safer bet. Does this makes sense ? [link] [comments]  |
| Putting my foot down with a pushy client/family member? Posted: 28 Aug 2021 07:11 AM PDT Sorry if this is the wrong sub if so please let me know. Looking for some advice here. Im a new agent and representing an Uncle to list his property. He's being very pushy about everything with constant check ins, saying "please do this ASAP," trying to bribe me if I sell the property within a month then holding that over my head, etc. He is clearly using the fact that I'm new-ish to try to push me around. He also wants me to pay for a big sign to add to the other two signs, as well as list the property on a bunch of paid additional sites (at my expense). Looking for tips on putting my foot down to unreasonable requests. Also looking for tips to prevent the constant nagging - when will this be done? Please do ASAP. He acts like my life revolves around him and because I'm family it's ok to nag me. For starters, I think I'm going to start responding every other day. Thoughts? [link] [comments]  |
| Offer was accepted on house then they decided not to negotiate and seller went MIA Posted: 28 Aug 2021 08:03 AM PDT Our offer was accepted on a house- we offered asking price. We are under contract with them and all that. Getting bank loan. Then the seller told us he wouldn't deal with our inspector so we got a different one, then we asked for three big fixes that the inspector told us about— then the seller just never responded. (We were willing to still buy the house even if the seller said no to all) It's been the whole 5 days or whatever it's supposed to be. Our earnest money has been paid etc. So now we have no house we were supposed to close sept 20, our apartment lease is done October 10. My husband is upset the guy has decided not to respond… he's actually going to look at other houses today even though I really like this one. And we paid for inspector now will have to find somewhere to live etc til we get a house. Has anyone ever experienced this? Any advice? I hate that we are going to have to put our stuff somewhere and move our 4 year old with us to some temporary place or something. But really I just want a decent house and hope this doesn't happen again! [link] [comments]  |
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