Everyone has an opinion. Real Estate |
- Everyone has an opinion.
- Deal fell through for $1000
- Ridiculous Buyers
- Are we screwed?
- Redfin market report - Great news for people who “are going to wait for prices to drop”
- Is there a rule about home price and home renovations?
- Real Estate Poetry
- I am sad
- Proof of funds for cash offer?
- Homebuyer Fees Help $430 Document Prep Fee??
- I'm wholesaling a house in probate. Can I assign my purchase contract as I would with a normal assignment or is it different with probates?
- Want to buy a house or mobile home but I'm single and don't make a lot of money . Advice?
- Rookie Construction Loan Question
- Want to buy first property in 2022, worried about VOR
- We are planning on selling our condo, just got a letter from an interested buyer who lost out on our neighbors unit.
- First time homeseller
- Retirement Planning and Home Value
- How to sell a rental?
- Questions about capital gains taxes
- Escalator clauses.
- Home foreclosure. County shows sold. Previous owners still living there?Bergen County NJ
- Waiving Financing Contingency
- For a mortgage of 480k on a 600k condo, how much interest do I end up paying?
- House Hunting: Is This Price Right? In parts of the San Francisco Bay Area, sellers deliberately underprice homes to spur bidding wars, leading to sales prices that can be double the list price. https://www.nytimes.com/2021/09/07/realestate/house-hunting-is-this-price-right.html?
| Posted: 11 Sep 2021 12:42 PM PDT My wife and I just got preapproved and are looking to buy a house in the Chicago Suburbs. We decided on a budget much lower than our preapproval amount and picked a few suburbs to focus on. Now, our coworkers and wife's family have a whole bunch of opinions. Buy here, not there, bigger house better resale because prices always go up, wait till next year for a better deal you will over pay now. I wish we never mentioned it to anyone. [link] [comments]  |
| Posted: 11 Sep 2021 07:36 PM PDT I am first time home seller. Looking at state of market i decided to FSBO. I went for a local listing company which lists the house on MLS and all major real estate website. I got 3 offers at list in couple of days. They were all financed deal. I was about to accept one of them and i got a call from an agent that they have cash buyer who will waive appraisal and were willing to pay slightly above the list. He mentioned that they have waived appraisal in past which concerned me because that meant that they must have walked away from deal before. I still went with them. They did the inspection and came back with pettiest things which they found during inspection(loose burner knob, slight crack on stucco, wood chipped on baseboard etc) and asked $2000 credit, i tried to negotiate and said these things weren't worth that much to repair. I offered them to get these things repaired instead of offering money in closing cost. They were adamant and asked for the money and threatened to cancel the deal, i offered them $1K but their agent came back and said they have cancelled. I had to relist the house and now i am worried i wont be getting as much traction because people may think there is something wrong with the house. [link] [comments]  |
| Posted: 11 Sep 2021 04:47 AM PDT This happened to my son, not me, but I wondered if anyone else experienced something like this. My son put his house on the market and had an accepted offer in 24 hours. It was close to asking, no closing costs and standard inspection and financing contingency. The inspection turned up two minor issues that my son took care of immediately. Everything went smoothly until... Ten minutes before closing, the buyer requested an additional $1000 to change the wiring from aluminum to copper. It had already been inspected and looked at by three electricians with no indication of anything wrong before then. The electricians said it would be good to change the wiring but wasn't actually necessary. My son was livid. He told his agent to tell them to suck a bag of dicks (the agent didn't phrase it that way) and said he was willing to lose the house he was purchasing when he received funds that afternoon. They wanted an additional week to think it over before closing. Apparently, they told the electrician that they were concerned about resale value in a couple years. Semi-understandable but who waits until closing to negotiate something like that? The agents decided to give up part of their commission to get the deal done. Apparently, they are now getting estimates to rewire the entire house. Crazy. [link] [comments]  |
| Posted: 11 Sep 2021 03:28 PM PDT We bought a home with a septic system in 2019. With our inspection came the news that the septic tank needed to be pumped. One of our contingencies was that the sellers complete that chore. The exact phrasing in the contract was: "Sellers will provide Purchasers with record of the last septic pumping and inspection within 14 days of contract date. If the septic has not been pumped within the last 4 years, the Sellers agree to pump and inspect the septic prior to closing." The tank is very strangely placed (technically on a neighbor's plot, deeded to us, and up on a rocky hill) and hard to get to. They said they got it pumped and provided us with a receipt. The receipt says that the septic company "pumped pump station" among other various minor billed work. As naive buyers with no septic experience, that looked right to us. We accepted it and bought the house. Now it's time to pump again, so we called the same company. They have no record of pumping a tank at our address. They came out to do it anyway and could not locate it. I was confused because I had a receipt saying they had already pumped it in 2019. When I showed the company the receipt, an employee said, "Ohhhh. We pumped the pump. Not the tank." They said they were unable to help with the tank at all given the complicated placement. The pump is right next to the house and super easy to access. It was also in fine shape and didn't need maintenance, pumping or otherwise, when we bought the house. We are concluding that the seller knew that the tank was an ordeal so when they saw "pump the septic" they sneakily just decided to pump the septic pump, not the tank, and pass it off as if they were cooperating with our request after the inspection. We called the company that did the initial inspection, since at least they know where the tank is. They then said they couldn't complete the pump job, because: "We cannot pump it from the driveway so we will try to get it from the road above the tank but even that is still a long steep pull. The other concern we have it the tank is starting to bow in, and pumping the tank may cause it to collapse. I need to tell you this because if it does you will need a new tank (probably somewhere around $5,000-$8,000). I need your permission to pump the tank tomorrow knowing this, as we will not be held responsible if it does collapse, unfortunately that is what happens over time with you bury metal." Then later... "My engineer has been trying to work on the proposal for you but we just don't see any way to get our equipment back there.. you would need to get written permission from your neighbors to remove trees, make a road and use their property and driveway. Our equipment might also not be big enough to do this tank due to the location." So we are looking at a much higher estimate than $8k. We are seething that the sellers tricked us this way. Do we have recourse, or is the vague wording in the contract enough to get them off the hook? We are ready to eventually involve a lawyer, but if anyone has experience with situations like this, we'd like to hear it. p.s. Don't buy a house with a septic system on a mountainside. [link] [comments]  |
| Redfin market report - Great news for people who “are going to wait for prices to drop” Posted: 11 Sep 2021 05:26 PM PDT |
| Is there a rule about home price and home renovations? Posted: 11 Sep 2021 07:53 PM PDT Hello. Home owner since 2018. We bought our house for likely too much at the time but below our means with the plans of eventually doing renovations once we obtained the cash. Well now the price has appraised by a good percentage over the purchase price and we have a considerable amount in the bank. considering we are in Kirkland, Wa I think it's going up even higher soon. I wanted to ask you if there is a good rule for the amount you should spend renovating your house for a neighborhood? We don't plan to sell for 10 years or so, but would we be sinking too much money if our renovations were like 20% of our property value? If this is the wrong forum mods, feel free to delete but can you please tell me where I should ask this question instead? [link] [comments]  |
| Posted: 11 Sep 2021 09:47 PM PDT I lived here once, we all did. Behind the entrance door is where the truth hid. A home where parents became divorced. A place where happiness was never a source. A father left, so did his son and daughter How unsuspecting a family's bond began to falter. The daughter, a preadolescent when she ran away Because this place called "home" didn't feel like home enough to stay. The son, like many others, sought independence and freedom, only to come upon struggle and a limitation of income. Left was a young boy who experienced many lonesome nights and days, Because a single mother still has bills to pay. She had multiple jobs and very little time outside of work. Which meant no dinners for the young boy, let alone dessert. This home haunts me with its everlasting memories, But have no fear, these ghosts only exist within me mentally. What you see is a house for sale, but I'm reminded of the abandonment by how abandoned it is. "A home is where the heart belongs" and seeing this home for sale feels sentimentally wrong. This is where I grew up and all I've ever known. The empty rooms and spaces have become my emotional own. Every year, its value increases, but I can't help but feel it's taking mine (self-worth) as it decreases. What was that? Oh, yes, our home is for sale: 3 bedrooms, 2 baths I gave you the wrong info when you asked for details. I'm sure this doesn't belong here, but as I'm drawing closer to stepping away from real estate, I'd like to share this piece with whoever comes across it. In this business, or in all business, the motto is "don't take it personally, it's business." We often look at a promising future of a new homeowner, or the chance for a new beginning for a seller, but forget the human aspect of what goes into a home or what comes out of it. When you're looking for a house and are most concerned with price and location, don't let your "dream home" overshadow the importance of what it really takes to make a house a home. We all hope for a promising future, but life surely happens. I guess I don't have anything really significant to say, but good luck. Acquiring a property is just the beginning for the work you'll need to put into it and I'm not referring to renovations. [link] [comments]  |
| Posted: 11 Sep 2021 08:09 PM PDT (Wife and I are trying to buy our first house) …… it's not going well [link] [comments]  |
| Proof of funds for cash offer? Posted: 11 Sep 2021 06:59 PM PDT Do I need to submit proof of funds along with a cash offer? I had been looking at higher priced homes, but recently found a cheaper one I'm quite content with. Because my business is less then 2 years I was going to have to use a co-signer, but I can actually afford to purchase this one in all cash. It will also strengthen my offer in this tough market. Then I can get my own mortgage without needing a co-signer once the business is 2 years and pull out the cash. Between my business bank account, paypal, and stocks, I have enough for it. However it will take atleast a few days to transfer it all over into my personal account. Additionally, I don't want to sell my stocks unless the offer were to get accepted. What proof do I need to submit along with a cash offer? [link] [comments]  |
| Homebuyer Fees Help $430 Document Prep Fee?? Posted: 12 Sep 2021 03:08 AM PDT Hello all, finally will be purchasing a home and sending an offer tomorrow possibly. Just wanted to check on the fees for reference and advice from others. Below are fees from a local Loan officer at a Home loan lending group. Any opinions and advice would be highly appreciated! The ones that I am wondering highly about are Underwriting, Appraisal, closing/escrow, document prep???, Lenders title Insurance, and mortgage recording charge? I was just sent a rough fees list so there is no schedule A and the other stuff. Condo - $270k - 2.8% Rate - 5% Down - Sacramento County, CA Underwriting Fee - $1055 Appraisal Fee - $455 (I assume I can get a cheaper appraisal from someone else?) Credit Report Fee - $31 Tax Service Fee - $85 Flood Cert Fee - $12 Closing/Escrow Fee - $695 Document Preparation fee - $430 (Seen others on here from $30-$175.) Is this normal??? Lender's Title Insurance - $657 Mortgage Recording Charge - $340 Daily Interest Charges - $299.25 Hazard Insurance Premium - $540 Hazard Insurance Reserves - $135 County Property Tax Reserves - $1687.50 Total: $6421.75 Any opinions and advice would be highly appreciated! [link] [comments]  |
| Posted: 12 Sep 2021 01:56 AM PDT This is my first time wholesaling a house in probate. Luckily the probate process has reached the end of its timeline so there won't be any waiting. Can I assign my purchase contract as I would with a normal assignment or is it different with probates? I was advised , (by my mentor), that I would need to request a probate purchase agreement from an agency instead of going with my own, but many have said that assignment contracts can be drafted up. [link] [comments]  |
| Want to buy a house or mobile home but I'm single and don't make a lot of money . Advice? Posted: 12 Sep 2021 01:52 AM PDT I'm currently going back to school because my first career didn't work out. Being online , it's not going very well. I'm trying to find a career so I can support myself but that ain't happening soon. How much can I realistically afford on a Walmart budget ? I take home about $2000 a month after taxes. I see a 2 story house in CA for $280,000 that id love to own but that's not happening. I was hoping to buy it and rent it out then take over when I get a better job but know I won't even qualify. Payments were estimated to be about $1200 a month more or less. My next Choice is a mobile home. I found a brand new one for $89,000 that I really like but I just don't wanna live in a Mobile home community. Payments are estimated to be about $440 excluding the space. I'm sick of living with my grandpa, how much can i realistically afford on my own? [link] [comments]  |
| Rookie Construction Loan Question Posted: 11 Sep 2021 09:51 PM PDT I recently purchased some land that, like everything else in real estate, has appreciated substantially over the past year. I am now looking to build and utilize a construction loan to maximize the square footage and thus the value of the future home. That being said I am self employed software entrepreneur and not the ideal mortgage applicant (I don't have two years of steady tax returns), but am curious if there are any solutions you all are aware of. Here are the conservative and estimated numbers: Land Value: $1M-$1.2M (owned outright) Construction Total Costs: $1.5M Desired Construction Loan: $600k Credit: 800 Final Home Value: $5M-$5.5M I understand there are a few options with collateralized loans that could guarantee the bank with the land, stocks, crypto, etc. that could be used instead of the traditional debt to income ratio. Also I know asset depletion is also an option. The planned property will also include an ADU that will be generating an income to cover the monthly payment and I do have funds set aside to make up any gaps so I am very confident in covering the payment before and after I refinance for a couple years of no income. Just seems like the debt is less than the lot value by almost 2x so the bank is fully covered, but the loan officers (large and small) seem to be plugging it into their formula and encouraging me to find a co-signer (which I do not want to do). Any help is greatly appreciated. [link] [comments]  |
| Want to buy first property in 2022, worried about VOR Posted: 12 Sep 2021 12:50 AM PDT I was late on one rent payment this year. I know it's bad/careless, don't need a lecture or advice on that, am not looking to make late payments a habitual thing. However, I am looking to buy a condo or townhome sometime in 2022 and this will be my first home. I'm freaking out about the Verification of Rent and that this late payment will prevent me from getting into a home. How big of a problem will it be? Additional information that may be helpful: will have $100,000 down payment, credit score is currently 816. [link] [comments]  |
| Posted: 11 Sep 2021 12:15 PM PDT My husband and I have been painting our little condo to get it ready to sell. We've been planning on doing this and buying a house for a while. Our upstairs neighbor recently listed their unit the last week of August. It went pending within 3 days, good news for us since the units are all very similar and we are one of the few ground floor units. Just yesterday we got a letter in the mail from a realtor who's client bid on our neighbors unit and lost. Their client loves the area and the condos and asked us to reach out if we are interested in selling. Would reaching out and potentially selling without a real estate agent, just using a real estate attorney be a bad idea at this point? We have a smaller income, and the money we make on this will all go down on the next house. The extra money might honestly make the difference in our next home being for the next 10 years vs. Our forever home. That said, I know there's a reason most people use agents and that's because selling on your own can be difficult. At this point I've contact absolutely no one. Thanks for any input! [link] [comments]  |
| Posted: 11 Sep 2021 05:16 PM PDT Kansas We had 40~ showings and only 3 - 4 offers. Is this a normal ratio for showings to offers? Just trying to gauge if we should get out while the gettings good or hold till Sunday night/ Monday to make a decision on all offers. Not trying to yank anyone around but would still like to make sure I don't leave money on the table either. Offers are fine. Cash asking, 7k over and 10k over last I heard just didn't know if the show to offer rate is saying something or within range [link] [comments]  |
| Retirement Planning and Home Value Posted: 11 Sep 2021 09:17 PM PDT DH and I are in our late 40s with not much saved for retirement. We make $120k combined income per year. Current home has about $70k in equity. We bought at $170 and it's now valued at $240. Thinking with better credit scores now, we can get a better home in a better neighborhood at roughly the same mortgage (maybe a $400 increase). Our goal is to increase our value since our current neighborhood homes tap out around $300k. We want to move to neighborhood where we can tap out around $700 000 so we can start investing in our home. Any advice is welcome. Thank you. [link] [comments]  |
| Posted: 11 Sep 2021 02:50 PM PDT I own a rental property just outside east Raleigh NC. The top end value of the neighborhood is in the low 300s with low end being 220K or so. I've been renting it out for the last couple of years since moving to FL, and suffice to say, the COVID era renters did me no favors. As the house sits - it's worth 200 or less with about 30K of work being needed (carpet, a couple of windows, paint, etc). I really don't want to deal with it having to back and deal with the work, but I don't really want to leave a lot of money on the table. I'm just curious if anyone on the sub has ever been in this situation might have some advice. Thanks Reddit! [link] [comments]  |
| Questions about capital gains taxes Posted: 11 Sep 2021 04:52 PM PDT So i bought a home via the VA loan while i was stationed in norfolk virginia in the Navy. I live there for a year and was given orders out of the area to Rhode Island. A short assignment became two years then three. I rented the house following my transfer. With the market up so high right now, I was considering selling the home. But as I only technically lived there a year, I was wondering whether I would be on the hook for the 15% capital gains tax. Could I write this off? Do I benefit at all from being a disabled vet? Additionally, what would I be on the hook for in terms of taxes beyond the capital gains tax? (disregard closing costs and realtor commission)? Please help real estate and tax gods! Regards! I hope you all are enjoying fall and the beginning of football. [link] [comments]  |
| Posted: 12 Sep 2021 12:03 AM PDT Does anyone know if a buyer can add language to their contract to prevent the listing agent from using it as leverage by showing it to another buyer who has an escalator clause? For an escalator clause to be triggered, the listing agent needs to prove there is a higher bidder, by showing them my contract. [link] [comments]  |
| Home foreclosure. County shows sold. Previous owners still living there?Bergen County NJ Posted: 11 Sep 2021 01:40 PM PDT Homeowners Ned and Stacy have a mortgage on home in Bergen County NJ. Original loan is from more than 20 years ago at ~$400k. Somehow in the 2010's it becomes nearly $1M. They can't even pay the taxes for the fourth corner one year so town sells that off to someone. They are in financial hell looks like. Home enters foreclosure. Somehow they get out of it. Ultimately, public records show the house is sold from the Bergen County Sheriff to Lisa. House sells for ~$500k. This was more than 3 years ago. How are Ned and Stacy still living in the property? Again, county website clearly shows that Lisa is the new owner. Lisa renting it to them? Any other sites worth searching? Any professional opinions appreciated. Thank you. edit: Lisa's public record shows a half dozen or so "settlements" and one other mortgage commitment for a home 10 minutes away for $1.1M. edit edit: Ned and Stacy also took out a tiny $20k loan in the same year they took out the massive one and that loan was paid back around the time Lisa bought the place [link] [comments]  |
| Posted: 11 Sep 2021 01:31 PM PDT Let me say upfront that I'm in the Bay Area, which is the land of all-cash/waived contingencies (extremely hard/impossible to compete for a SFH with a regular contingent offer). Let's say I have the full inspection report in hand for a house I'm interested in. It has a laundry list of items that need to be addressed, but I'm ok with taking them on, budget and time-wise. However, I need financing, and I'm worried the bank will be not-so-into the fixer condition of the home. Is there a way to clear the issues with your bank ahead of time and get some sort of pre-approval for that specific house? Or do you have to just wait until appraisal and hope you don't lose your deposit? [link] [comments]  |
| For a mortgage of 480k on a 600k condo, how much interest do I end up paying? Posted: 11 Sep 2021 11:07 PM PDT Assuming 3% interest on the 480k mortgage over 25 years, how much do I end up paying in just interest alone? Want to see if it's better to dump more money at the end of the year to pay off the mortgage faster, or put any extra savings towards stock investments instead. Thanks [link] [comments]  |
| Posted: 11 Sep 2021 07:21 PM PDT Kim and Will Rohrer put in an $850,000 offer on a Berkeley house that was listed for $799,000. The house sold for $1.4 million.Credit...Jim Wilson/The New York TimesBy Candace JacksonSept. 7, 2021Kim Rohrer was looking forward to leaving the leaky windows in the two-bedroom Berkeley rental duplex that she shared with her husband and two small children. [link] [comments]  |
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