Trudeau announces that Canada will ban foreigners buying properties for 2 years, existing prop to be taxed if vacant and owner by foreigners Real Estate |
- Trudeau announces that Canada will ban foreigners buying properties for 2 years, existing prop to be taxed if vacant and owner by foreigners
- Am I crazy for waiting to buy a home until interests rates go up?
- Zillow vs Opendoor vs Traditional listing results
- On a "do not rent" list?
- Lose deposit on new construction for cheaper house. Crazy?
- Seller isn’t completing an agreed upon improvement
- Seller wants to back out a week before closing
- Red flags with designated dual agency?
- Ideas needed for wooded acreage/previous farm land
- Animal Welfare
- Won a bid on a home, but it's not pending
- Sell or rent out?
- Post Inspection Negotiation Advice
- Getting real estate license without hanging license at a brokerage?
- Renovating Existing Home
- Sell or find renter
- First-time home buyer, appraisal came in significantly under purchase price, need advice
- Do sellers get mad and walk if you ask for a concession? Or typically just counter offer?
- QUESTION: At what point can I back out of a refinance with a locked in rate without paying any fees?
- Builder shaking me down- any recourse?
- Any recommendations for property management software?
- Anyone use new contribution preferred builder lender (DHI Mortgage) to purchase a used house?
- Lender secretly got a 2nd appraisal?
- in contract delays
| Posted: 09 Sep 2021 07:27 AM PDT "Houses shouldn't sit empty when so many Canadians are trying to buy a home. So, we're going to ban foreign ownership in Canada for the next two years, and tax the existing vacant, foreign-owned properties." https://twitter.com/JustinTrudeau/status/1435293477231906822?s=19 [link] [comments]  |
| Am I crazy for waiting to buy a home until interests rates go up? Posted: 09 Sep 2021 04:33 PM PDT I'm a first time home buyer trying to determine if my logic is way off base here. Let's assume mortgage rates have an inverse relationship with home prices. So when interests rates are low, like they are now, prices are generally higher. And when interest rates are high, monthly mortgage payments are higher, so sellers drop the price to make the home more competitive. For the sake of this example, let's say the total cost of the house after everything is paid is the same (albeit appreciating at the rate of all real estate). This would suggest that it doesn't matter if I buy now or later, as long as I'm saving and earning at the same rate real estate is appreciating ~12% YOY). BUT low interest rates also increase the availability of capital for people/businesses, increasing demand. There is also low supply due to the pandemic and mortgage forbearance in effect. This also increases demand. These are the hallmarks of a "seller's market", according to Investopedia. If my rent probably won't increase, I have a steady, well paying job, and I'm saving money at a pretty rapid rate, is there any reason I shouldn't wait until it's a buyer's market? Is there any reason to participate in this seller's market frenzy right now? Edit: since I'm getting a lot of posts about not timing the market and buying when it makes sense for me, I'll just add that my biggest priority is getting an awesome house, don't really care as much about it as an investment. Edit 2: a lot of people saying interest rates and housing prices aren't related, but this was relayed to me by my realtor, and supported by this Investopedia article. Is this article wrong? Edit 3: looks like 90% of the feedback is BUY BUY BUY, BUY NOW. k [link] [comments]  |
| Zillow vs Opendoor vs Traditional listing results Posted: 09 Sep 2021 10:00 PM PDT [Warning...long post] Market: Castle Rock, Colorado House: Built in 2000 4 bedroom, 4 bathroom (1 full, 1 half, and 2 3/4), ~2600sqft (700 of that basement). Purchased in 2013 for $304,900. We have about 40k in upgrades (paver patio, landscaping, master bath) and a <3 yo water heater, furnace, and ac unit. I have done a ridiculous amount of reddit reading around anything 'ibuyer' 'opendoor' 'zillow' and there are two schools of thought:
Strategy: Try and get a ibuyer offers AND list the house to see how the two compare. We will list our house once we have the inspection with the expectation that the offer turnaround (3-5 days) will coincide with showings, etc. We'll take whatever is higher but if the two are close go with Zillow (pick our closing date and no issues with buyer financing snafus). tl;dr- Net Zillow offer ~**$46k MORE than what we received in the open market** (assuming buyer agent fee of 2.8% and ~3k in repairs needed for traditional sale). Agent responsiveness is less than ideal for someone anal like myself..but I typically get a response at least a day or two after emailing. **Timeline**
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| Posted: 09 Sep 2021 09:31 PM PDT Remove if not allowed. So my girlfriend and I just found out today that we are on a "do not rent list" for apartments for complaining too much? We rented an apartment in a complex last year in the beginning of December. Shortly after we found out we were pregnant. We really liked our apartment until the neighbors next door started to smoke marijuana pretty heavily. This apartment complex was suppose to be smoke free environment in the building. You could smoke a cigarette outside if you were more than 25 feet from the building. There was signs on each door leading into the common ways. We were not the first people to report the smell. We came home one day (about the last week of feburary)to a paper on the door asking that whoever was smoking marijuana, needed to stop as it was not allowed in the building. Naturally they stopped for about 2 weeks. They started smoking again, this time it was heavy enough you could smell it from the other side of the building when you entered the "front" door ( we used this door the most going in just for convenience of parking even tho we were at the other end of the building) this time we called management to complain about the smell due to our apartment and surrounding area reeking of the smell. Again, just a note on the door saying dont smoke. My girlfriend being pregnant did not like smelling it just about every other day to the point she refused to stay in the apartment all day. Only staying nights if there was no smell. (Some days it smelled like someone smoked in our room, we had a cat and I left the windows open for him, guess who's windows were right next to ours) Another 2 weeks went by and still nothing was done and the smell just kept getting stronger. We complained again, this time even called a police officer to try to talk to the neighbor. We live in new Hampshire and were not 100% sure if it was even legal, we were just having enough of the smell. Again, just a note on the door and management saying they will do something about it because it's not allowed. This time only about a week went by and the smell was probably the worst I've noticed when I got home and entered the common area. We called management the next day and said we wanted to end our contract due to nothing happening for 2 months. At this point my girlfriend refused to even be in the building. We left at the end of april, ironically another note about the smell was on the door the day before we left. Sorry for the long story. My question is, how do we get off this "do not rent" list? The only reason we are on the list is because we complained too much about one issue? And we now realize that this is the reason we have been turned down by so many other apartments that we have applied to. What can we do? It seems reasonable to complain about something that A) wasnt allowed in the first place B) wasnt getting resolved at all and C) we didnt want our developing baby to have any issues from the heavy smell we were breathing. [link] [comments]  |
| Lose deposit on new construction for cheaper house. Crazy? Posted: 09 Sep 2021 06:40 PM PDT Alright, Reddit. My wife and I put earnest money down on new construction which is aiming to be ready sometime in mid January 2022. House is $532,000 for a 3 bed/bath house ~2500 sqft. Earnest was $17,500. My wife has been looking around, mostly due to curiosity/boredum, and has found a few houses that would meet or exceed what we're getting in the new construction for significantly less (~$100k less) and has started to throw the idea around of dropping out of the new construction for something cheaper. I'm not game on this, as we'd essentially have to throw away our deposit, however, her logic is we'd easily make up for that loss with:
She's starting to convince me, but I still can't stomach the idea of throwing that money away. Is this crazy? Obviously the smart move would of been to just not buy new construction to begin with. We're in the NW suburbs of Chicago if that matters. Update: Thanks all for your feedback! I think it's clearly in fact crazy and that's that. Truth be told we're both happy with the decision. While yes, we probably could of found something that met our needs a little cheaper, we can easily afford the new one and it's everything we want. It would be crazy to walk away from that. [link] [comments]  |
| Seller isn’t completing an agreed upon improvement Posted: 09 Sep 2021 04:34 PM PDT Seller is supposed to connect city water/sewer. This isn't happening. They thought they could do it for cheap but the city informed them otherwise. Are there really no repercussions for them and their realtor promising this and not delivering? By any date (literally moved every week). I will not close without 70k in escrow and the flipper doesn't have it, and I'm not waiting at least 4-6 more weeks. My realtor is also slow to follow up and push their hand. I'm so angry. And what? I'm out inspections but at least get earnest money back. They literally lied and wasted 3 months of my time. I've missed out on other homes. [link] [comments]  |
| Seller wants to back out a week before closing Posted: 09 Sep 2021 02:40 PM PDT First time home buyer, Any help would be appreciated. Background: Purchasing a home in NH with a VA loan, from an owner who also used a VA loan so is familiar with the process. Closing Date: 9/17 Financing Deadline: 9/03 Financing deadline statement: 'BUYER fails to provide written financing commitment or written evidence of inability to obtain financing to the SELLER by the Financing deadline, Then SELLER shall have the option to either: (A) Declare buyer in default of agreement; or (B) Treat the financing contingency as having been waived by the BUYER. Then SELLER declares BUYER in default, in addition to the other remedies afforded under this agreement: (A) SELLER will be entitled to all deposits; and (B)This agreement will be terminated; and (C) The premises may be returned to the market for sale. There was an initial request in the contract that we would schedule the VA appraisal within 5 days of signing the contract. This was at the sellers request due to him already knowing that VA appraisals are backed up. We put in that request. We have emails and essentially a paper trail between me - - bank - - my realtor - - their realtor - - seller. Showing that: I was conditionally approved for the loan by the underwriter in mid August (pending VA appraisal) All inspections and appraisals were scheduled. Come the financing deadline of 9/03 - Seller wants to see a 'Clearance to close' as proof that I have obtained financing. My bank says that they do not provide clearance to close with a VA loan. They also informed the seller that I am conditionally approved, and just pending the results of the VA appraisal for the ALL GOOD. They cannot give a clearance to close before the appraisal- which is out of our hands. 9/08 - I get a call from my realtor saying that the seller wants to keep my $13,000 deposit and say that I am in default of the contract. They send a written request for this money. -Bank rushes through on appraisal upload and approval. - My realtor and his realtor work for same broker. Inform me that he has been trying to get out of the deal since the start. 9/09 - Bank rushes on clearance to close - say that we are ALL GOOD. - I do not sign the statement from last night. My realtor sends back unsigned statement + Clear to close + email documents that show communications with bank along the way. He has also been aware of the bank conditionally approving me for quite some time. - Seller responds to email saying that they do not want to move forward with closing and that we can keep our $13,000 as long as I sign a statement that I will not take legal action. Not sure what to do here. My agent said he is trying to back out based on a 'loophole' in the contract. I am pretty frustrated with everyone, including myself for not seeing this when reviewing the initial documents. It is also worth noting that my current lease is up in October, I paid up front for $550 VA appraisal, $1,000 home inspection. Can't tell if I should take my $13,000 and walk away, or even if I should call a lawyer, would I be looking for a property litigation lawyer? I don't want a drawn out case but it is quite annoying how as a buyer we are held accountable to have a legitimate reason for backing out of a contract + losing money, but a seller can find a loophole and just walk away at the last second. Thanks. [link] [comments]  |
| Red flags with designated dual agency? Posted: 09 Sep 2021 06:51 PM PDT TLDR: We want to buy a house, but the agent has made ambiguous or untrue claims. And because they are acting as a designated dual agent, we are afraid they might favor the interests of the seller over ours. Should we back out and get our own buyer agent to send the written offer? Context Bob was not able to make it during the visit and arranged for one of his friend to show us the house. To this day, we never met Bob in person and only spoke over the phone or by email. We liked the house, so we made an informal offer. Issues
Now what? We have not signed anything yet, so we are considering tell Bob we don't consent for dual agency. And then get an independent agent to act as our buyer agent and send the signed offer. What do you think? Are we too paranoid? Is it too late to back out now? [link] [comments]  |
| Ideas needed for wooded acreage/previous farm land Posted: 09 Sep 2021 09:09 PM PDT Seeking suggestions about what to do with 9 acres of land in Illinois. Partially wooded. No city utilities. One farmhouse on the property in good condition. Besides just selling to the highest bidder, does anyone have creative ideas to maximize returns? Zoned residential. An hour drive to Chicago. [link] [comments]  |
| Posted: 09 Sep 2021 02:29 PM PDT I recently went into a home for an inspection. Thank god the buyers weren't with me, but we found the home a total mess and a German Shepard in a crate that was too small for him. The crate was full of urine and he was obviously distressed. We gave him some water and he slurped it down as fast as we could bring it to him. We gave him a couple cuddles also to calm him down. Full disclosure, the listing agent forgot that the inspection was today, so we got a glimpse into just a routine day for the seller. The dog is obviously in a bad place but I'm not sure how I should proceed with calling animal welfare. Thoughts? [link] [comments]  |
| Won a bid on a home, but it's not pending Posted: 10 Sep 2021 02:09 AM PDT Won the bid yesterday though the home is not marked as pending on any website. When does a home go to 'pending' status? [link] [comments]  |
| Posted: 09 Sep 2021 08:20 PM PDT Hello, I own a condo near disney world (on 192). I thought it was worth around 160-170k but recently the condos in my gated community sold for up to 200k. Now i received a cash offer of $209k and after fees $197. Should i accept the offer or look for a renter? There are some big companies moving to orlando and i could rent it for $1600 (minus $250 for HOA, insurance....) But on the other hand the offer is pretty damn good. Any opinions? Thank you [link] [comments]  |
| Post Inspection Negotiation Advice Posted: 09 Sep 2021 07:54 PM PDT So I'm in the process of buying a home and recently we went through inspection and found out the only shower in the house has a terrible leak that has mold all underneath it and the inspector mentioned that it needs to be replaced within a month or it will collapse. I asked for a price reduction but the seller is being very stubborn. Is me asking for a 10k price reduction reasonable for a situation like this? [link] [comments]  |
| Getting real estate license without hanging license at a brokerage? Posted: 09 Sep 2021 07:49 PM PDT I'm interested in getting my real estate license, but not financially ready to pay the fees associated once I have my license. In the meantime while I save money, I want to know if I'm able to become licensed and not hang my license with a brokerage? If so, how long could I have my license without joining a brokerage and selling/buying real estate? [link] [comments]  |
| Posted: 09 Sep 2021 05:06 PM PDT Is there anyway I can 'record' the interior of a house and turn that into a 3d model I can look at on my computer? This house is intact, doesn't need much work, just some modernizing. The original Cabinets for example don't even have a scratch, but the entire house has a very 90s color tone. Gonna be painting etc, the roof needs some insulation and garage needs drywall. Just want to be able to tackle these issues through my computer. [link] [comments]  |
| Posted: 09 Sep 2021 06:58 PM PDT Hello, I own a condo near disney world (on 192). I thought it was worth around 160-170k but recently the condos in my gated community sold for up to 200k. Now i received a cash offer of $209k and after fees $197. Should i accept the offer or look for a renter? There are some big companies moving to orlando and i could rent it for $1600 (minus $250 for HOA, insurance....) But on the other hand the offer is pretty damn good. Any opinions? Thank you [link] [comments]  |
| First-time home buyer, appraisal came in significantly under purchase price, need advice Posted: 09 Sep 2021 10:31 PM PDT Hi, I am under contract for a home in FL with normal financing and inspection contingencies for a conventional loan with 20% down. The seller only recently bought the home one month ago for $720k cash and is reselling at a loss (supposedly some family emergency came up and they need the cash, but who knows). My purchase contract is $715k. House is dated and needs some work, but the inspection did not reveal any urgent, major repairs. After inspection we agreed to $12,500 in seller credit. I am a realtor representing myself and my brokerage allows me to keep 100% of the commission since its a primary residence. Commission is 3%. Appraisal just came back at $650k, so the bank will not loan more than $520k. Seller offered to reduce the sales price to $675k, providing I forfeit my agent commission and seller credit. I've never done this before and I'm not sure what to do. I feel kinda over my head with this. Zillow's Zestimate has the house at $740k and Redfin has it at $685k, so the valuations seem to be all over the map. I plan to speak to my broker tomorrow but I'm curious if any of you have advice. [link] [comments]  |
| Do sellers get mad and walk if you ask for a concession? Or typically just counter offer? Posted: 09 Sep 2021 03:04 PM PDT Sellers realtor said they had some wiggle room and I asked for $4k hoping for $2k. Normal people don't walk away over that, do they? Concession is for dated mechanicals (AC, furnace, water heater), and a new toilet. [link] [comments]  |
| QUESTION: At what point can I back out of a refinance with a locked in rate without paying any fees? Posted: 09 Sep 2021 02:58 PM PDT I locked into a rate with Better Mortgage 2 days ago and almost immediately after I signed the disclosure forms I saw that they ordered title services from their title company. Upon seeing the order, I immediately sent them an email to let them know that I was interested in using the same title company I used the last time I refinanced my home. They didn't cancel the order. Then I CC'd them on an email to the title company I wished to use and got a quote. I told my loan officer that I'd only use Better's services if they were within $50 of my quote. He responded that it was only a difference of about $300. They didn't cancel the order. I think he assumed that $300 would be reasonable for me. Today, I got an email stating that they've received my title report. I emailed back and asked them if it was with my previous title company and they responded that it wasn't and it had already been ordered before I requested to use my own company. WTF? I didn't know I had to make that request within minutes of signing my disclosure forms. Due to the frustrations I've already experienced with them since they've locked my rate in I am considering going with a different lender. If I opt out at this point will I be obligated to pay for the title services? I feel bad that people had to needlessly work on my behalf but I also do not feel responsible. [link] [comments]  |
| Builder shaking me down- any recourse? Posted: 09 Sep 2021 08:16 PM PDT I asked the developer (3600sqft McMansion style home 7 lots) to quote an estimate on custom paint (standard is SW super paint in agreeable grey) to emerald snowbound- in January right after I signed the contract, I have an email saying roughly upcharge of $500-1000… fast forward to now it's time to paint, they are saying it's $4k and no room at all to negotiate or talk about it. Wtf. Do I have any recourse here? [link] [comments]  |
| Any recommendations for property management software? Posted: 09 Sep 2021 08:05 PM PDT |
| Anyone use new contribution preferred builder lender (DHI Mortgage) to purchase a used house? Posted: 09 Sep 2021 08:00 PM PDT So our new house build is taking a lot longer than we wanted it to and expected it to. We went with the builder lender for DR Horton which is DHI Mortgage. It seems like our house won't be done building until November and we have to be out of our current place end of October. We have asked our land lord for multiple extensions as the house was supposed to be done in June but he can't extend our lease after October. We are fully approved to close by DHI mortgage now since we had a closing date of 9/30 before we got pushed again. I am self employed so starting the mortgage application process again would be a nightmare. Could we use DHI Mortgage and the application on file to purchase a used house? Has anyone tried this or experienced this before? We should have a faster closing period as we are fully approved, would only need to get inspections and appraisals done. [link] [comments]  |
| Lender secretly got a 2nd appraisal? Posted: 09 Sep 2021 01:59 PM PDT Long story short, We listed our house, and accepted an offer on our home. Recently got the results of the appraisal, 2 weeks before closing, signed all the addendums online and everything. 2 hours before we go to sign the final paperwork with the escrow officer and give them bank account info... We get a call saying that the lender (not the buyer) had gotten a 2nd appraisal done, somehow in secret, $10,000 lower than the appraisal that the buyer's had done. Is this normal? Something doesn't seem right about it. [link] [comments]  |
| Posted: 09 Sep 2021 07:53 PM PDT I'm selling a house, it's has been in contract since July, in upstate NY. The contract says that the buyer will have a mortgage commitment by 8/12, and then closing on or about 9/4. There was a delay with the appraisal, the appraiser didn't even visit until 8/14, then gave the report to the lender on 8/27... but they're still not clear to close. Not only are they not clear to close, the mortgage commitment and closing dates in the contract have come and gone... but there are no new dates. I asked my attorney to send a notice to the buyer's attorney saying that they'd missed the mortgage commitment deadline, and see if they wanted to propose a specific, new deadline, because having a 'deadline' in the past seems like there's just no sense of time. He said no, don't do that, it's to my advantage to have them past the deadline - which seems true in a limited sense. At this point, since we're past both the original mortgage commitment date and closing date, and neither has been done, and nobody has suggested new dates, I'm very much tempted to send a notice of cancellation to the buyer and see what happens. I imagine that would wake them up, and get them to propose some new dates and actually work towards them. [link] [comments]  |
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