My experience as a FTHB in one of the hottest markets in the country (Austin, TX) Real Estate |
- My experience as a FTHB in one of the hottest markets in the country (Austin, TX)
- Is it even possible to be a cautious buyer in this market?
- Redfin 1% listing fee -- what is the catch???
- Help! Buyer here: Appraisal came in $100K lower than contract price. Buying in Seattle area.
- Finally Closed on our New Home!!! It is possible with VA Loan!!!
- Normal for a realtor not to be present during showing?
- Hike mortgage early pay off
- "Buyer To Do Own Due Diligence" - Is this odd to have in the listing?
- Does Zillow ever remove photos unprompted?
- Help! New homeowners - problem home
- Seller agreed to fha contract, now no response after inspection! Freaking out!
- Questions from a first time homebuyer.
- What are some ways a real estate agent has gone above and beyond for you?
- What are my odds of starting a refinance?
- selling home question
- Is there a way to see what a house was listed for and what it closed at?
- Buying a side yard
- Oregon Land, two homes
- Are condos built better than apartments?
- Loan Constantly Trying to Screw Me
- Commercial Land Appraisal. Is it a thing?
- Out of State Closing
- How does buying a new construction work?
- Jumbo loan qualification during bidding
| My experience as a FTHB in one of the hottest markets in the country (Austin, TX) Posted: 31 Jul 2021 10:22 AM PDT I am by no means a pro, but I learned a lot from this sub while buying a house, so I am making a post in case it is helpful to any other FTHBs out there struggling in insanely hot markets. My wife and I started trying to buy a house in Austin right when the pandemic hit, which ended up being terrible timing. We were under contract for a house summer of 2020, but that fell apart due to some nasty inspection issues. After that deal fell through, I looked at every listing in our expansive criteria online for the next 9 months and toured numerous houses. We made a few, in truth, not-so-serious offers on houses over the next 10 months. It was hard to forget the house (and price) that had slipped away. None of the houses we saw fit our criteria or were what we thought of as fairly priced. By Spring 2021, the market in Austin had reached a fever pitch. Most houses in the neighborhoods we were looking at were going for hundreds of thousands over list with who knows how many offers. It felt like every open house we went to had 5 Teslas out front with California vanity plates. The whole process felt hopeless. Our house ended up going on the market at the beginning of June. I toured the house the same day it went up. I thought the house would be bid sky high like usual because it was so unique and cool in person. The house itself was move-in ready with a few quirks that don't impact daily living, and on over half an acre. The listing was TERRIBLE. The seller was his own agent (investment property). The house was unoccupied (previously used as a rental), not staged, no professional photographs, no mention of the total renovation he had done 2 years ago, the rich history of the house, no proper disclosure filled out, etc. He even forgot to turn on the electricity. It was as if the seller-agent was doing as little as possible to sell his own investment property. I have only ever worked with one realtor, but I think this guy had to be one of the best in town. He never pushed us into a bid despite working with us for over a year, and he would always tell us when we should overbid or when to pass because he thought something was overpriced or a bad house. It felt like he knew everybody in town and all the quirks and strategies of every listing agent. Much to our surprise, our agent told us to submit an offer 10-13% below list. In Austin. In 2021. We were shocked when he told us that, but we trusted him. The seller-agent bluffed having another offer on the table, but our agent told us to hold firm and submit the low-ball offer despite our concern we would lose the house. The seller-agent rejected our offer, but our agent spoke to the seller agent who then threw out a figure of ~6-7% less than list price that he would be willing to take. We thought it over for about a day and decided we wanted the house for what ended up being only about 3% more than our initial offer. The inspection came back pretty clean except for an A/C unit not cooling properly that our agent made sure the seller fixed with a licensed technician prior to close. He was adamant we not take a credit. Another great call, since it ended up only working after the seller-agent spent a cool $2,500. Our agent even negotiated a few grand to cover a handful of other small miscellaneous issues that we have since fixed for less than negotiated. By no means did we get a cheap house. However, we ended up getting a house we like for a price per sqft cheaper than any other comp in our area, including comps that hadn't been updated in decades. I learned a few things in this brutal market as a FTHB. 1) if you don't really want to buy a house right now, just sit it out. We spent months wallowing after our first house fell through, and it was toxic. Nobody knows what the market will do, so do what is right for you and your family. 2) If you are ready to buy a house, knowing exactly what you want is critical. You need to be prepared to make an offer immediately after seeing a house and its documents. 3) The listing doesn't always match reality, which swings both ways. Don't judge a house by its cover (listing). 4) A good realtor is actually worth it. Not only did he get us a house, but the price we ended up spending for the house probably ended up being 10-15% less than what we would have offered if we had to go through the process on our own. [link] [comments]  |
| Is it even possible to be a cautious buyer in this market? Posted: 31 Jul 2021 05:20 AM PDT My husband and I have bought and sold three houses since 2013. Not really strategically, we just moved a lot but we have learned a lot of lessons along the way from dealing with a horror story of a different variety in each home. One thing we did finally learn is to be a cautious buyer, to ignore the aesthetic and focus on the meat and bones of a home, the roof, the crawl space, the attic.. Our market area right now has people plunking down huge amounts of due diligence money in order to 'win' against the massive competition. We really, really don't like this. In our other three sales we never did more than a thousand dollars due diligence. The idea of blasting 10k into the universe in the hopes that the inspection won't reveal some massive issues just doesn't sit right with us. We just will not do it. Speaking of inspection, lots of folks are waiving those! I mean, what? How can we compete with people who are putting up 10k due diligence and waiving inspections? And do we even want to, because those people are idiots (in my opinion.) Sellers have a great opportunity right now to unload lemons and I go to every showing assuming the seller is trying to screw us. This is a negative outlook I know but I don't want to give the benefit of the doubt into a money pit. The last house we saw yesterday had the crawl space padlocked shut. So I am supposed to piss 10k into the wind, waive an inspection and not even see the guts of this house with my own eyeballs? How the hell am I supposed to make an offer without even seeing in there? I can sense my agents frustration at our level of caution. I am wondering if it's just not even going to happen for us right now. We are currently renting and are not desperate to buy. However we prefer to be paying into an asset and we have the money to buy. I'm just not willing to be reckless, is anyone managing to buy right now who isn't just playing real estate roulette? [link] [comments]  |
| Redfin 1% listing fee -- what is the catch??? Posted: 31 Jul 2021 12:29 PM PDT I just learned about Redfin's 1% fee service to sell a homeowner's house. That seems too low to be true, but maybe it is. Am I missing something? I have to admit it feel like being robbed to hand over $18,000 to agents when selling a $300,000 home at a 6% commission; my previous house sold for $90,000 with $5,400 going to agents at a 6% commission. What makes selling a $300,000 home worth that extra ~$13,000 dollars? I would think agents would take a lot less than 6% to sell a $300,000+ home and maybe that is what Redfin has figured out? [link] [comments]  |
| Help! Buyer here: Appraisal came in $100K lower than contract price. Buying in Seattle area. Posted: 31 Jul 2021 01:37 PM PDT Here is the situation: we made an offer for a 2br condo in Seattle; two weeks later we learned that the appraisal came in $100K lower than the contract price (mid 700s), which was shocking. Selling agent proceeds to contact our agent and recommends that we start over with another lender in Seattle area, as we have been told that a low appraisal is very hard to dispute. I get that some appraisals may come in lower, but $100K? We called the lender that the selling agent suggested, and he goes "we never get low appraisals", making it sound as he could guarantee the new appraisal will be at value… how is that possible? I am no expert, we want a new home without having to risk our financial future. What would realtors do? [link] [comments]  |
| Finally Closed on our New Home!!! It is possible with VA Loan!!! Posted: 31 Jul 2021 01:37 PM PDT After three months of searching and 15 offers later, we finally got an offer accepted using the VA loan and just closed yesterday! For the people out there using the VA loan just stay confident and hopeful, something will eventually stick. The VA appraisal was the biggest hurdle in the whole process. Initial appraisal came in 20k under offer. Multiple errors were found on the appraisal and comps were outdated. Lender appealed it and submitted an appeal for an (ROV) reconsideration of value. I also sent a heart felt email to the VA RLC conveying my situation(PCS'ing and having twins). After a week of waiting we finally got an answer back from the VA and they re-valued at only 5k under offer price 4 days before closing date! Offered 385k appraisal came in at 380k. Flew to my new duty station, signed closing paperwork and keys in hand yesterday! [link] [comments]  |
| Normal for a realtor not to be present during showing? Posted: 31 Jul 2021 07:07 PM PDT Edit: This is for a lease of a rental property My husband and I recently purchased and closed on a house. Although our lease is up in a couple months, the landlord has agreed to end our arrangement at the end of August. The landlord is currently out of state but hired a realtor to handle listing the house and do showings while they are away. We agreed to let people view the home as long as we have 24 hours notice (we have pets to corral). Today we had the first showing and we were surprised the realtor hired to manage the listing was NOT present. He sent us a text yesterday giving us the 24 hours notice and let us know we have to be home to let him in as there is not a lock box on our door and he doesn't have keys to the house. So we were under the impression he would be present to show the house. Is this normal that the realtor was not present? I didn't expect I would have to walk people around the house, answer all their questions, and in a way felt like I was selling them the place. I was also home alone as I expected the realtor to be there and felt uncomfortable to have a group of strangers entering the house. I know the landlord is doing us a favor by letting us out of the lease early so we are trying to be flexible and very accommodating. But I also don't feel like it is necessarily my job to sell the house for potential tenants. Am I in the wrong for assuming the realtor should be present during the showings? [link] [comments]  |
| Posted: 01 Aug 2021 01:25 AM PDT What happens if I get q 30year mortgage and sell my home in 5 years?I know I'll have to pay the remaining amount of the mortgage, but does that include only principal or also the remaining interests? [link] [comments]  |
| "Buyer To Do Own Due Diligence" - Is this odd to have in the listing? Posted: 31 Jul 2021 08:24 PM PDT I found a property I really liked the looks of, but near the end of the property description, it says "Buyer To Do Own Due Diligence" which I found odd. Isn't this assumed/known? The property looks well maintained and is newly renovated, but it almost feels like they're trying to hide something and/or distance themselves from any responsibility if there's some sort of critical issue. I plan on getting a property inspection on any future purchases, but should this be raising some red flags? This is my first time buying, so any help is appreciated. [link] [comments]  |
| Does Zillow ever remove photos unprompted? Posted: 31 Jul 2021 05:31 PM PDT We bought a house in December and left the photos from the listing on Zillow. I occasionally check out my houses listing and I just noticed that all but 1 photo has been removed from Zillow. Does Zillow ever remove photos unprompted? Or maybe the previous owner asked them to remove the photos? It doesn't matter to me either way, I'm more curious than anything. [link] [comments]  |
| Help! New homeowners - problem home Posted: 31 Jul 2021 10:04 PM PDT We bought our first home last fall. Things were OK with the house until this spring, and since then there have been significant problems. At the moment, we are dealing with electrical issues in the house, even though we had the seller's fix certain electrical issues at our agent's recommendation by having GFCI outlets installed where needed (2 places) as well as a surge protector. This was done by someone who claimed to have a license. Flash forward: My spouse shocked themself on an appliance today, and we have asked an electrician to come out this week (we requested this electrician a month ago and at the time they said they would get back with us). Anyway, we think there is a good chance the electrical issues are due to critters in the walls and attic. Since the spring we have heard noises in the attic and in the walls too. We actually had a wildlife company come out and inspect because we thought there were raccoons in the attic, but they believe they could be bats. The wildlife company haven't come back to the house either, but we're "in their queue." We think there still could be either type of animal in the attic (which is not very accessible and which was overlooked by our inspector, who didn't want to disturb the former owner's closet). But there also critters that could be rats or mice in the walls chewing the electrical (a neighbor we share a border with is obsessed with feeding the birds and pours entire feed bags of grain on her yard, attracting birds, a herd of deer, and who knows what else). We have noticed sparks from an outlet in one room, blackened marks on an outlet in a room above that, and now the electrical shock. We are pretty pissed about all this, none of which was disclosed to us by the sellers. Our guess is that the previous owners had a critter problem (which they ignored), resulting in electrical issues that they also ignored. WE also understand that it is almost impossible to prove previous owners knew of any such issues before selling, so all these fixes and repairs fall on our heads. We also just replaced a sewer line in the house, though the previous owners did disclose some issues with that (but painted them as far milder than they actually were). WE did not expect all these other issues, especially critters and electrical. At this point, we just want to fix the electrical to make it as safe as we can, and disclose the critter issue, and sell the house as is. How much of a markdown would this be on a house? We have no equity because we have owned for only about 1 year at the moment, but I'd rather take something of a loss than invest money, time, and heartache in a house that will just have perpetual problems. Are critters a dealbreaker, even with a markdown? We just want a house that is safe for our family and at the moment we don't have it. [link] [comments]  |
| Seller agreed to fha contract, now no response after inspection! Freaking out! Posted: 31 Jul 2021 05:07 PM PDT Okay, so originally we offered over there asking price, and included if the appraised was lower we would pay additional 1,000 out of pocket to add to sales price, and not asking seller to cover any closing price. The contract was agreed on contingency for home inspection. We were told, one offer we beat out offered asking price and had personal use only for home inspection. (They were also fha loan.) Not sure what they had for closing or anything else, but we won the bid war, literally at our max. They agreed to us in less than 2 days, with exception that inspection is done is 10 days or less and closing date is Aug. 20th, (our original was 30th,) we agreed to all. We were barely able to get an inspector in time (because of market everyone seems to be booked for 2 weeks at a time.) Inspection was done on 8th day, and was sent over that night! We only asked for repairs of what we know appraiser will mark to be fixed. Such as termite damage, peeling paint, and old falling apart wood. We sent it back, basically saying only asking for repairs if the appraiser says it has to be fixed for us to get loan. Also added, if they already have contract with a termite inspector, they could provide proof that it's been checked and such. It's been 3 days yet no word on anything yet. I am curious why one would accept fha loan if they aren't willing to fix what needs to be to pass appraisal. We tried to be as fair as possible, only asking what will ping to be fixed to get loan. We don't have enough to offer money to fix repairs AND closing costs, What's the possible mind set for the seller in this? Last home we tried, they denied repairs and we walked away knowing wr would not get approved for loan for it. They completely took it off the market… If they don't respond or reject repairs, do they have to disclose all from inspection if they relist their home? What are some options if anyone knows? [link] [comments]  |
| Questions from a first time homebuyer. Posted: 31 Jul 2021 09:53 PM PDT My girlfriend and I are flying down to Florida (St Pete) from Michigan today (8/1/21) to look for a home. We have 5-7 listings we'll be walking through on 8/2/21. This is a first time buying experience for both of us and I'm looking for some input as to what questions we should be asking about the properties both in general and with geography/specific location in mind. Being from Michigan, I imagine there are some things to be wary of when purchasing a home in Florida and I'm hoping for some insight. What are some things to look out for? Thanks! [link] [comments]  |
| What are some ways a real estate agent has gone above and beyond for you? Posted: 31 Jul 2021 12:35 PM PDT What are some key differentiating things an agent can do [link] [comments]  |
| What are my odds of starting a refinance? Posted: 31 Jul 2021 06:19 PM PDT I am going back to work next week. I have been on unemployment since COVID started but am finally going back into the workforce. I am returning to my previous employer buy only part time at the same pay. I have also picked up another job part time to fill in the hours. I will probably be working 40-48 hours a week with a best guess gross income of around $25-2800 a month. My current house payment is $1k with escrow and a 4.5% interest rate. The house is worth almost 3 times my principle so there would be no PMI. Numbers i've crunched shows i can get my payment down to about $850 if i was able to get a 2.75% interest rate (my credit is over 800). What are the odds of getting a refinance approved with these circumstances? Thanks! [link] [comments]  |
| Posted: 31 Jul 2021 08:00 PM PDT hi i just bought a condo and was wondering if someone could help me out. i bought a condo for around $215k at 5% down. 30 years fixed int. rate. closing costs were around $5k. if i sell my home in a couple of years for the same price will i lose money? how can i do the calculation to see if i'd take a loss down the road? many thanks [link] [comments]  |
| Is there a way to see what a house was listed for and what it closed at? Posted: 31 Jul 2021 04:10 PM PDT We're trying to see how much homes are selling for in different areas as compared to what they were listed at so we can gauge what areas are seeing bidding wars etc. I can't tell based on Zillows recently sold homes what they may have listed at. Is there an easy way to see this without digging into records? [link] [comments]  |
| Posted: 31 Jul 2021 07:10 PM PDT I'm planning to purchase a side yard through a program where I pay half of the assessed value. The assessed value is 18,900$. Multiple side yards in the same neighborhood, even on the same block are assessed at 7000$. Can I pay for an assessment privately, or do I have to go with the county assessed value? I can't appeal until next year before April 1, but it doesn't look like I can appeal the assessed value if I don't even own the property anyway! [link] [comments]  |
| Posted: 31 Jul 2021 01:52 PM PDT Got a question if someone can help me with it. Family wants to a buy a few acres of land in Oregon, thinking right around 10-20 acres. We want to place two homes on the land, one for my parents and one for my family (I'm their son). Is it possible to do this since we would own the land or are there things we need to look into zoning with the city/county? [link] [comments]  |
| Are condos built better than apartments? Posted: 31 Jul 2021 04:33 PM PDT I was just wondering if anyone here had experience living in a condo vs an apartment. My main complaint living in my apartment is the sound of my upstairs neighbors stomping around all the time. Is this a problem in condos as well, or are they built better to handle the noise? [link] [comments]  |
| Loan Constantly Trying to Screw Me Posted: 31 Jul 2021 08:17 PM PDT So as everyone knows this market is completely wild. I have a been fighting for a house it's a blood bath. I finally might have gotten a house. Assuming nothing crazy happens. That is entirely different story. Now here is my issue when I was doing my initial paperwork I was approved for a loan my interest rate was around 2.3 ~ 2.5% I tried to have my rate locked at 2.3% they told me that it would be adjusted at closing. My loan offer sees me for the first time and we discuss details on my loan ect. ("I'm black") My paperwork cameback 3% be told me it's everything we discussed ofcourse I didn't sign that. There is always some mixup between him me and his team. We discussed a 30year locked rate. The paperwork comes back floating. Something slight is always wrong. I can't be switching lenders this late in the game while under contract. I'm so angry I have to be checking everything 10x because even if I sign something that is correct an updated paperwork shows something different. [link] [comments]  |
| Commercial Land Appraisal. Is it a thing? Posted: 31 Jul 2021 06:59 PM PDT I trying to get an appraisal of a parcel of land that has significant development potential. It's a parcel that held by three family members one of which is myself. It's in a location where demand has spiked due to covid. However we're considering a sale to preserve open space and prevent development. We found a potential buyer and they're willing to meet us somewhere between the raw land price and the value fully developed into buildable parcels. I have good comparables for lots of various sizes that give me a good value of the lots and extrapolating to a potential value. I need a good appraisal to verify my assumptions and to set a value for cost basis (inheritance cost basis). We have an appraisal from a residential appraiser which came back OK if just considering the existing residence but way off the potential value of the land. My efforts to find an someone with a commercial land approach has been fruitless so far. I may not know what I'm looking for or talking to the right people. Any pointers would be greatly appreciated. [link] [comments]  |
| Posted: 31 Jul 2021 06:14 PM PDT Currently have a multi million dollar property under contract in San Francisco, but buyer is in Michigan and wants to close in Michigan because of bank problems.They said they are willing to double the non-refundable EMD if we can close in Michigan. Is it possible through Amrock or another nationwide title company? Or does California only allow properties to be closed there? How can I work around this best to ensure everything goes smooth? [link] [comments]  |
| How does buying a new construction work? Posted: 31 Jul 2021 08:57 AM PDT If the home is nowhere near ready, how does financing work? Do you put a deposit and put a mortgage on hold? [link] [comments]  |
| Jumbo loan qualification during bidding Posted: 31 Jul 2021 01:54 PM PDT We are planning to go for bidding for a new subdivision. Hand over will be 14 months after bidding. How much scrutiny will be there for approval during bidding? We closed a house in Jan and my credit score is around 670 and SO's ~740. Would it be better to apply jointly for jumbo loan? [link] [comments]  |
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