‘A lot of buyers have had enough’: Bidding wars for homes falls to lowest level since 2020 (article.) Real Estate |
- ‘A lot of buyers have had enough’: Bidding wars for homes falls to lowest level since 2020 (article.)
- Squatters moved into abandoned house in the neighborhood.
- 9 more people moved in the house after I signed rental agreement
- Job Loss just before closing cost my friend the home and over $50,000
- giving up buying a house
- About to list our house while we’re still in it. How do you arrange showings? Want to sell fast but w working/living from home, also don’t want to be interrupted too much
- Surprised no one here is talking about the wider implications of Evergrande's inevitable bankruptcy/restructuring
- Unpermitted bathroom
- Modern townhouse upgrade ideas...
- As a first time home owner, what is a better option for the mortgage loan? Banks or Brokerage Firms? For information, the latter is giving better rates. I want to understand the risks associated if any with them.
- Update on -35K appraisal
- Selling after 2 years?
- Self-Employed in Escrow, but High Interest
- Confused about Lennar's Pre-Qualification Process (CA)
- I asked my agent to review a short sale listing I sent over two days ago. Sent a text to check up on the status of my offer today. But did not receive any texts within 2 days. What do I do now?
- Orchard Experience
- Are there any cautions or things to take note of if you are thinking of using offerpad to sell your home? I was thinking of going what seems to be the easy route with them versus a traditional realtor.
- Neighbor's Sewage Discharge into my Property
- NJ to PA to NY license
- How much mortgage can we really afford?
- 1031 Exchange Offer
- Is it common for sellers agent to ignore your messages?
- Forbearance repayment options (Usbank in California)
- Best finance program for siding job?
- Do sellers breach and what are buyer remedies?
| Posted: 15 Sep 2021 05:02 AM PDT |
| Squatters moved into abandoned house in the neighborhood. Posted: 15 Sep 2021 12:11 PM PDT What to do about squatters in abandoned house?? So we've had an empty house across the street for some time after the owner passed. It's ugly and all, but hasn't bothered anyone since it's stayed vacant. Two weeks ago, some young (late 20's) kids or adults, apparently broke into the house and have now taken residence. They've turned the power and water on. Multiple cars come and go and most recently they had a drunken get together till 5 am. The neighbors have called the cops numerous times. All they can do is knock on the door, and do nothing. Neighbor says the house is under probate. We have no idea what to do, it seems we are getting the run around. Any advice is greatly appreciated. We have kids and this is a nice neighborhood, we can't have a drug den here! Thanks!!!! [link] [comments]  |
| 9 more people moved in the house after I signed rental agreement Posted: 15 Sep 2021 09:15 PM PDT I'm renting a room in Southern California. My lease is 6 months, it started in July. My landlord lives in the house. Last month, his aunt and her 7 kids were kicked out of their apartment by the aunt's boyfriend due to a break up. So she and her 7 kids moved in. One week before that, my landlord's sister was kicked out by her boyfriend out of her apartment, and was already staying at the house when the aunt and cousins arrived. I feel very frustrated, because there are now 9 extra people living in the house, and I didn't sign up for this. They are gone in the morning, but then all of the kids come home in the afternoon and the rest of the day it is crowded and loud in the house. The kids run up and down the stairs, they yell and stomp everywhere. They use the washer and dryer almost daily, all day, causing myself and my other roommate to not have much opportunity to do our own laundry. They use the kitchen from lunch till dinner, they use my personal pans and dishes, and they take up all the space in the fridge (the only room left for me is a small corner), their stuff is all over the kitchen counter and the house, and one of them parks in the garage spot that is supposed to be reserved for me (each roommate gets a garage spot because you need a paid permit to park on the street). My landlord has dogs, and two of them aren't potty trained, so usually they are kept outside when they can't be watched, but my landlord is on vacation and they have been letting the dogs up the stairs, and they have peed and pooped in my bathroom 4 times this week. I don't think they are helping out with rent, and even if they were, I am just exasperated at the mess and the noise and not being able to do basic living stuff, and I'm the one who is paying to be here. I don't know how much longer they will be staying. I will talk to my landlord about it, but I wanted to know my options [link] [comments]  |
| Job Loss just before closing cost my friend the home and over $50,000 Posted: 15 Sep 2021 06:12 AM PDT A friend of mine was all excited about closing on a home after a long search and many rejected offers. He lived in North Carolina which is a Due Diligence State so he had to pay the owner about $50,000 in a due diligence payment to be a competitive buy in a town where most homes go 10-30% over the asking price along with the huge upfront DD payment. Everything was going well until about a week before he was to close on the home he was laid off his job and escorted by security from the office. (Along with many other people.) The company that offered the mortgage called his (ex) employer the day before closing and found out he was not working there anymore. Mortgage canceling, no closing and no home. Because the due diligence payment was nonrefundable and maybe the escrow payment too, he was soon to be homeless, unemployed, and down over $50K. (His apartment was already rented to another person so he needs to find another place to live but because he is jobless, most places won't rent to him.) Ideas on his next step? [link] [comments]  |
| Posted: 15 Sep 2021 11:12 AM PDT I don't even understand what the point is anymore, aka looking to buy a house. I live in Phoenix and every house I like has someone paying 50,000 or more over asking price. asking price is already overpriced to begin with. Prices keep going up and up at like 2-3% every month. every month not every year. and sees no end to this madness. I have no idea where people are coming up with downpayments + 50k extra leftover. I know nobody can predict the future but how long do you estimate this madness to last? million dollar question I know. [link] [comments]  |
| Posted: 15 Sep 2021 07:30 PM PDT |
| Posted: 15 Sep 2021 09:39 AM PDT This news is self-explanatory: https://www.reuters.com/world/china/chinas-house-cards-evergrande-threatens-wider-real-estate-market-2021-09-14/ It's China's Lehman Brothers. And you better believe global banking institutions are all tangled up in it. This is really big news. [link] [comments]  |
| Posted: 15 Sep 2021 07:31 PM PDT I'm looking to buy a house with an unpermitted family room and an unpermitted bathroom in the master room. I am told that getting the family room permitted would add 300 sq ft and thus value to the house and also increase my tax. But any reason to permit the extra bathroom? If you've been through this process any advice? [link] [comments]  |
| Modern townhouse upgrade ideas... Posted: 15 Sep 2021 10:40 PM PDT I'm buying a modern townhome (to be built) and have an opportunity to really customize things. Its a detached 3 bed 3 bath with an attached garaged and roof top patio. What would you add into a place if you could? Current list. Electric car charger. Gas heater for roof top patio. Hottub install. Outdoor kitchen upstairs. Capped water line on roof top for irrigation. Hardlined ethernet to office. Security system installed. Quartz counters above the laundry machines Motion detector outside lights. Hot water in demand. Toss me some ideas to make my place potentially cooler! [link] [comments]  |
| Posted: 15 Sep 2021 10:10 PM PDT |
| Posted: 15 Sep 2021 07:20 PM PDT Copying previous post . So, have a 4BR/1B 1484 home under contract for 280,000. Currently using Bank of America for my mortgage. I qualify for their 16,000 grant that goes towards the down payment and closing cost. Suppose to close on October 15th. The home was appraised and the appraisal came back at 245,000. Both agents were appalled as the appraiser used out of date comps and used 2Bed room homes to make his assessment. Yesterday the sellers agent said we should refute the appraisal which we intended to do and that the sellers would give us some time. Today, they don't want us to refute the appraisal but order a new one altogether or switch lenders. Switching lenders would make us come 10K more out of pocket. Are they bluffing? I feel like I may have the upper hand. The home sat in the market for a month before I bumped into it and went through a price adjustment (originally they had it up for 299,999 than 285,000) Bank of America would not allow me to order a new appraisal until the old one is reviewed. Okay update They dropped the price down to 260,000. Still would need to come out of pocket another 15K. I can do 10K no problem. They have another House they're trying to buy so they have to sell this one. Here are my options Counter at 255,000 and I'll cover the last 10K for the appraisal gap Accept 260,000 but switch lenders in hopes that the new appraisal eliminates a gap (but it could also stay they same) Walk away all together. Help my life! [link] [comments]  |
| Posted: 15 Sep 2021 03:30 PM PDT Seeking advice as a new-ish home owner. Is it a bad idea to sell after just two years? We bought in our town for 2 reasons: community and commute (to major US city). Market went nuts after purchasing due to pandemic. Still hot over here. We are now both remote and feel the urge to move to lower cost of living city with lower taxes near family (we are presently not near family). What should I take into account before embarking on this? Our salaries would be adjusted to reflect local rate so that's one piece we've already taken into consideration. [link] [comments]  |
| Self-Employed in Escrow, but High Interest Posted: 15 Sep 2021 11:01 PM PDT Hi All - Hoping for some advice here. I'm currently in escrow on a home I purchased in Los Angeles (closing on 9/29). It's a $850k home and I'm putting 10% down. My mortgage broker initially had me set up with one bank and they were higher than I initially wanted as I'm co-signing with my parents. The rate was 3.5%. However, 2 weeks into escrow, we find out that the bank cannot do the loan because I'm not showing enough income. As a business owner, as many of you all know, we write off things to lower taxable income. Hence, me showing not much income. My mortgage broker finds another lender that does Bank Statements Mortgages. However, with this, I don't need to cosign with my parents, but my rate is now 5%. That's significantly higher than what I wanted. I'd hate to lose the home, so my current plan is to take the loan and look to refinance after filing 2021 taxes. My question is: is this a good solution or are there any alternatives to this? Also, when refinancing, do I need to go based on Tax Returns, or can I lower my rate in any other way? Thanks! [link] [comments]  |
| Confused about Lennar's Pre-Qualification Process (CA) Posted: 15 Sep 2021 04:37 PM PDT So me and my SO toured a Lennar model home in the Bay Area and liked it. Apparently, they are releasing one house every week and it's on a first come first serve basis. But they will only email the release to people who are pre-qualified with them. So when I called up Lennar Mortgage, they wanted to do a hard pull on my credit score for pre-qualification. As far as I understand, it's a soft pull for pre-qualification and a hard pull for pre-approval. Let's say I get pre-qualified with them with a hard pull and wait for home for the next 2-3 months, do not get one. I would again have to do another pre-approval to close another house by which my credit score would have been knocked down a few points. Anybody here been through the same process with Lennar? ps- My credit is hovering around 715, so I am scared that a hard pull will bring it below 700. [link] [comments]  |
| Posted: 16 Sep 2021 01:58 AM PDT I recently made a complaint post, in regards to my agent just a week ago or so. Since then, reading everyone's comments, I decided to give my agent the benefit of the doubt. I sent my agent two or three days ago a short sale listing I saw. I wanted to get more information in regards to it. But before then, I placed an offer on a home prior to that because I want to see if I can get that house accepted. I texted him to check the status with my offer today, as it's the day they're reviewing offers. I just want to know where it stands. But no text back.. I have placed offers left and right with him. And I was really hoping to get this house. After looking at the comps in the area, I'm pretty sure my offer was an appropriate range to hear to get a counter. But my agent has been very irresponsive. I don't want to miss on another chance to getting a home. He's been constantly telling me certain agents aren't professional. This one house I absolutely loved, he couldn't get them to answer the phone. It was the perfect house in my price budget. Now it's already pending!!! He was never able to get me any info on that listing. I am so so disappointed. At this rate, should I find a new agent? I think my patience is being stretched thin now.. [link] [comments]  |
| Posted: 15 Sep 2021 10:03 PM PDT Anyone using orchard recently? Would like to read your experience with orchard. [link] [comments]  |
| Posted: 16 Sep 2021 12:49 AM PDT |
| Neighbor's Sewage Discharge into my Property Posted: 15 Sep 2021 06:33 PM PDT I've had water intrusion coming into my property from the above (slightly uphill) neighbor for a while now, and just recently learned the water is actually sewage discharge. Its running through my entire property soil and causing my sump pump to pump out the to the front lawn. I bought the property 3 months ago and the seller had not disclose this. So right now, is it possible to sue both seller + the owner above me? What are some recommendations? So far I've contacted: 1) department of health (waiting on a response) 2) waste management (came and inspected the discharge and confirmed its sewage, nothing they can do as its owner's jurisdiction and property line) 3) property management of my neighbor (waiting for a response) 4) seller (has denied that she knew about the issue despite having a trail of contractors that worked on the property for drainage/foundation sinking) 5) water supplier (tested water for chlorine to determine if its theirs, tested negative, however, may not be accurate because the sewage water has gone through many levels of soil and filtered out many elements imo) [link] [comments]  |
| Posted: 15 Sep 2021 08:42 PM PDT I'm currently working on getting my NJ license. I want to be licensed in both PA and NY But I'm not sure which state I should get licensed in first. Would I be able to get my license in PA by taking the PA portion of the test then apply for the NY license using the reciprocity of the PA one? Or do I need to live in PA? Or is that just the sponsoring broker? I'm really trying to avoid having to go to NYC to take the test. [link] [comments]  |
| How much mortgage can we really afford? Posted: 15 Sep 2021 11:58 PM PDT I know we should be doing this calculation ourselves. And I definitely want to be more on the frugal side, because the bank approved us for more than we want to pay. We only used my husbands income to get pre-approved just so we know how much we can afford on one income. They pre-approved us for 800k. But 800k loan would be roughly 4K/mo. My husband earns about 10k after tax and then I work part time and bring another 5k. So we are around 14-15k together. But my income might go away in near future if I stay home with the kids. So let's say we have 10k income. How much is "comfortable" to give to a mortgage? We don't want to be house poor, and we live in California. So everything is damn expensive! It's also really hard to even snag a house without pushing ourselves and overpaying. It used to be that mortgage/rent was only about 25% or monthly income. Now it looks like it's closer to 50%! [link] [comments]  |
| Posted: 15 Sep 2021 05:58 PM PDT I received a cash offer today. The offer email from buyers agent mentioned 1031 exchange. I looked up on google and it says its a swap of investment property to defer capital tax gains. Not sure I fully understand what it is and why would someone do that. More importantly i want to know if there is any catch in this type of cash offers. They have waived off appraisal and will be doing inspection. [link] [comments]  |
| Is it common for sellers agent to ignore your messages? Posted: 15 Sep 2021 11:47 PM PDT We placed a generous offer on a property, were anxiously awaiting a response. We gave more than the sellers multiple counter offer was. But the sellers agent is so bad at communicating! He barely got back to us after promised time saying that there was a higher offer. When my agent inquired if we were runners up and if we could be backup. There was silence. Nothing at all! It was like pulling teeth with him even during the offer window, but after he stopped responding at all. Like wtf? it's not chump change we're working with here. That's just mind blowing to me! So unprofessional and just heartless. Wondering how common this is! [link] [comments]  |
| Forbearance repayment options (Usbank in California) Posted: 15 Sep 2021 07:42 PM PDT My forbearance is ending. Bank didnt ask any questions about my financial and their website is vague about adding suspended payments to back of loan.(saying they will tailor to individual customer needs..) I received a letter from them with options which include lump sum payment, payment over time, short sale, foreclosure but no option for payment deferral to put suspended payments to the end of the loan. I have a conventional loan. Do the banks legally have to provide payment deferral or can they just take the suspended payments back? This is the FAQ from US Bank website [link] [comments]  |
| Best finance program for siding job? Posted: 15 Sep 2021 11:27 PM PDT Next year the house, which has its original wood siding and shitty paint..I want to have vinyl sided, plus new soffit, fascia, etc. I am guessing this will run around 11-18,000 dollars. What is the best loan to do this with? Cash out re-fi usually has closing costs, and paying money to get money doesn't really make sense. There is also home equity loans, but I'd estimate I'd need probably 3 years of equity to do that, and I'm only 2 months in this mortgage. Unless I'm wrong (usually am) and if the house is now worth more than I paid, isn't that equity accessible? I also know my CU does home improvement loans, you bring in a copy of the bid. Also, this siding is a need and not a want. There is a lot of exposed wood that covered up before it gets more rotten and causes water damage. [link] [comments]  |
| Do sellers breach and what are buyer remedies? Posted: 15 Sep 2021 05:23 PM PDT Hi, So I have been seeing a lot of threads about contingencies and when buyers cant and cant back out. So for example, what happens if you have an agreement and the sellers decides to go with a new and better offer and pretend like no contract was signed. Are there damages? Some kind of court ordered sale? Also what happens when sellers misrepresent something about the property? Specifics pertaining to California would be good to know. [link] [comments]  |
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