UPDATE: Really high offer from Zillow Offers, I backed out and went with offerpad Real Estate |
- UPDATE: Really high offer from Zillow Offers, I backed out and went with offerpad
- Anyone else sick of every house/community looking the same? Would you want to live in a European style village community built in the US or something unique?
- A note to First Time Buyers in the US- Expected appreciation and price of homes
- Realtor had keys stolen for our house on closing day.
- Selling agents "refreshing" their listings and resetting days on market to look like new listings. Why does the MLS allow this?
- Help with Re-Platt Advice PLEASE
- “Renting” out my home to my parents
- How to find an appraiser?
- Trying to Understand Pacaso - Very Sketchy Company (CA)
- Are USDA/FHA construction loans a myth? Do they actually exist? NO lenders seem to do them!
- Switching lenders
- Saving for a big down payment
- [VA] Realtor forgot to tell broker he was rebating me part of his commission (to be credited towards closing costs). Now he's issuing me a W9... which will be taxed.
- To Split Lot or Not?
- How much is closing cost on average for a Veteran home loan.
- Forgot How Exhausting This All Is
- Just out of curiosity...anyone out there ever have to fire a client? And...why did you do it?
- Is now the right time for me to buy?
- Don't laugh, but: what happens if a house's appraisal doesn't "make?"
- Am I spending too much on our first home?
- Mortgage being flagged AFTER approval?
- Can I get the mortgage with part-time job status?
- Seller responded to repair request, need advice
- Airbnb investing
| UPDATE: Really high offer from Zillow Offers, I backed out and went with offerpad Posted: 14 Sep 2021 02:56 PM PDT Update to this thread To recap from May, Realtor came in and said we should list at 450k with 5% fee, Zillow offers offered 480k with 1% fee - it was a no brainer. I chose 90 day closing and after about 60 days my neighbor caught me outside and said he tried to call zillow after he heard how much I got and they wouldn't make him an offer(maybe they didn't want 2 homes next to eachother?). So he went to offerpad and they gave him an offer of 570k, I know a lot was taken out for repairs and a 5% fee but it was still unbelievable for a home I thought was pretty comparable to mine. I called offerpad and they offered 550k, with a 5% selling fee. I called zillow and to my surprise they were happy to let me back out for "personal reasons." Offerpad does do their inspection after you sign and they came asking for $8500 repairs compared to Zillows $1200. I was still up a lot at this point but I tried to negotiate it. I got them down to $5k but they showed me there were recent comps in my neighborhood for MUCH less than they were paying and basically said that I'm lucky they're only asking for 5k. And they are right, there was a model match listed 460k with a realtor. A couple notes:
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| Posted: 14 Sep 2021 07:05 AM PDT I'm here in the southeast where every new community looks pretty much exactly the same. I realize it is cheaper to build the same 5 floor plans, but it seems every subdivision built in the last 30 or 40 years looks almost identical. So I am curious, if there were a European style village development close to a city with plenty of green space and amenities, would people like this kind of concept? I am not talking cheap reproduction, I mean authentic European style villages with all the modern interiors/floorplans and amenities built on the outskirts of major metro areas instead of the middle of no where. Rather than having individual yards, they would have large amounts of green spaces, parks, etc... I am picturing master planned communities with small hilltop and/or valley villages of a few hundred people spread out over large land plots with farms, parks, estates and trails in between them so there is not development on every square inch of space. Meant to be a walkable community where the architecture is a main feature A few examples could be Bibury, Rothenburg, or any of these on this list. Curious to hear what others think. [link] [comments]  |
| A note to First Time Buyers in the US- Expected appreciation and price of homes Posted: 14 Sep 2021 08:27 AM PDT A bit of observation from a homebuyer and seller, in that first time homebuyer segment, and regarding what you pay for a house now, and what to expect in the future. Obviously 2021 is a very different market than what existed 15-20 years ago. My wife and I bought our property in a pretty hot market, locally and nationally, in early 2004. We paid 162K, which was the going rate in the neighborhood and region we were in. We stayed there for 17 years, until we sold in this past spring, at 226K. During that time, we saw very marginal appreciation, and actually lost value during the housing crash of 2009, probably not recovering until 2012, 2013. At that point, we had been there 8-9 years, which might be considered the time when a FTHB might have decided to move on from a home, due to the family expanding, income growing, relocation, and really any reason. But, if we had sold during that time period (09-12), we would have sold for less than we paid. So, we stayed. The appreciation we saw to get to 226K, essentially all happened in the period between late '19 and early '21. A span of about 18 months. In 2019, homes on our street were still selling in the 165k-185k range. Meaning, virtually no appreciation over 15 years. Now, this neighborhood was small, but very secure, and very stable, with no problem neighbors, flood issues, the usual storm risks, but nothing outrageous for the area. A neighborhood with no HOA, but also only about 40 identical homes. Pretty standard suburbia stuff. During that time, we replaced a roof, 10k, a hot water heater, 2k, an HVAC system, 7k, upstairs carpeting, 2k, and all major appliances, 7k. That's 28,000 dollars of investment, and I'm not counting privacy fencing around the back, twice, as I did that work myself. Then, the interest, the taxes, the PMI in those first few years, and the insurance, none of which I'm counting, as those would likely all be a part of your equivalent rent. So, bottom line is this: be sure you are prepared as best you can to remain in that property a while. Obviously, most markets appreciate faster, and you will benefit. But, things will need to be replaced over time, and they will be even more costly now, as opposed to the time I owned mine. Be financially prepared for those things. If you have bought or are buying in 2021, also note that you are buying into unprecedented house value price appreciation, and that may never be replicated in your time while you own the property. Finally, the old adage that homes never lose value, is outright untrue. It's possible, and it does happen, though I pray it's never in a national housing value crash, like we experienced, and has never happened prior. There have been regional bubbles to burst, and that's more frequent, but not on the scale we saw in 2009-2012. I contend that some home value pricing that accelerated in 2021, was mostly due to the pandemic, and I figure most won't disagree. And, perhaps, some of the run up in prices was reverting back to the mean, when including home depreciation that occurred during that housing crisis of 2009. But, buyer beware. What you think you understand about the value of a home has been challenged in recent times, and it can, and likely will, be challenged again. We could continue to see runaway home value increases. We could settle for a bit. Or, we could see another financial calamity, which seem so frequent now, and you could be underwater on that mortgage for a time. All are possibilities, and nothing is off the table. Prepare for the unexpected, friends. [link] [comments]  |
| Realtor had keys stolen for our house on closing day. Posted: 14 Sep 2021 09:27 AM PDT This just happened! Our realtor thought it would be funny to leave the keys to our house under a statue in the front yard and sent us a photo wear we could find out keys. My husband went to go pick them up couldn't find the statue. I went after work and still no statue no keys. I contact realtor and turns out someone stole the newly rekeyed lkeys to every door. Still can't access our new home. Now I am worried about the kind of neighbors I have. How soon can I resell? Edit. This is a pretty expensive neighborhood. [link] [comments]  |
| Posted: 14 Sep 2021 11:49 AM PDT Some recent examples: Originally listed on August 20. As of yesterday, it was on the market for 25 days, never went pending. This morning, it's been listed again, same price, same photos, same listing agent. The Days on Market has changed to "4 hours." If you look through the listing history, you'll see the original August 20 listing date. https://www.redfin.com/CA/Canoga-Park/22216-Strathern-St-91304/home/8097330 Another one. Originally listed on August 6. Delisted on September 7 and then immediately listed again on the same day. Same photos, price. Days on market has been reset to 7 as of today (would have obviously been 37 had it not been for the reset). Also, immediately becomes a "hot home" in the Redfin algorithm, despite not selling for nearly a month previously: https://www.redfin.com/CA/Canoga-Park/8017-McLaren-Ave-91304/home/8098429 Another one. Originally listed on August 23. Reset on September 9, now Days on Market has changed to 5. Same price, same pics, same listing agent as the August 23 listing. https://www.redfin.com/CA/Canoga-Park/8535-Remmet-Ave-91304/home/5873822 [link] [comments]  |
| Help with Re-Platt Advice PLEASE Posted: 14 Sep 2021 11:15 PM PDT My apologies for the desperate wall of text. A year ago, my father started the process of re-platting his property (Williamson County Texas if it matters). He is selling almost 2 acres, and the realtor put him in touch with a surveyor who claimed it would take 2-6 months "tops" to re-platt the land, start to finish. We are now sitting at a year with the surveyor Chris having dragged this out ridiculously long. Back in february he claimed he was only waiting for Aquamerica to send a letter of servicability. When May rolled around and he'd still failed to get it, dad called them himself and got a service rep Nancy to send out a team in June to do the survey, but Nancy constantly failed to do her job and send the letter of servicability out. Finally the prospective buyer who signed and keeps extending since March called on a day worthless Nancy was out and got a decent manager who agreed to come out and meet with both them and dad. He literally sent the letter of servicability the next day. After that Chris said he can file the replat application AFTER dad gets the name and address of whoever at PNC bank (the mortgage holders) are authorized to sign off on the replat. Infuriating since if he knew what he was doing, he would've said MONTHS ago. The sale of that piece of land will enable dad to pay off in entirety his mortgage and other debts. Apparently no one at PNC knows who is authorized to sign off on a mortgage being paid off. He has called multiple times and emailed. They sent him a "partial release form" which is utterly inapplicable as he wants to pay the whole thing off at once and the sale of the partial property will more than allow for that, and through email they told him they couldn't speak to him because his email address (of the last 11 years) is different than the one he gave them 17 years ago when he took out the mortgage. Dad is retired and currently living on the breadline. I can only do so much having my own bills too. If the surveyor wasn't so incompetent he would have told us we needed this SIX MONTHS AGO AT LEAST, and we wouldn't be so down to the wire now. If PNC was competent at all, they could have given us a name and address weeks ago of who is authorized to sign off on the replat/mortgage payment. Dad owes $55k on the property, the sale will net him enough to fully pay it off as well as all realtor, surveyor, credit card etc. fees but only if he can sell and soon. Buyer understandably upset at the delay. What do we do now? Banks will only loan tops 50k which leaves out 5k and he'd have to wait 2 more months for PNC to release the property from what we understand. I've become very afraid he'll make good on his casual talk of just killing himself to escape this major stress. How do we get PNC to give us the name and address of a person capable of signing off on a replat that will pay off the mortgage? Please, please help if you can. And thank you in advance for trying. [link] [comments]  |
| “Renting” out my home to my parents Posted: 14 Sep 2021 11:02 PM PDT My SO and I will be moving into a new home in November that he purchased. We currently live in a home that I own on my own. I planned on renting it out but made an agreement with my parents that they will come live here until they get a place of their own. They will be paying all of the necessary bills so I will only break even and not make a profit. Since I am not in my SO's new home mortgage or title, do I have to disclose anything tax wise? Current place will stay under my name for everything. [link] [comments]  |
| Posted: 14 Sep 2021 10:57 PM PDT First time doing this... Where and what should I look for when looking for an appraiser? I'm trying to get my house appraised to drop my PMI. Just trying to see if my house appreciated enough. I originally put down ~10% down. I'm assuming this is pretty basic for any appraiser to do? Or should I take some time to look for a good one? [link] [comments]  |
| Trying to Understand Pacaso - Very Sketchy Company (CA) Posted: 14 Sep 2021 08:08 PM PDT I have read several post about Pacaso and recently saw they continued to raise more investor money. They seem to continue growing in size rapidly and claim to be a "start-up", but a lot isn't adding up. For example: Take their Fairhaven property 1755 Fairhaven Pl, Miami, FL 33133 USA It's listed as 1/8 share for $856,250 Total home value of "$6,850,000" The property was listed until August 2020 for $4,750,000 before being removed. I understand Miami real estate has been insane since COVID, so we'll say the property has appreciated 44% in 1 year (suspicious). Then we move on to the sale details dated 7/30/2021. The purchase of the property was by an LLC connected to Juan Carlos Escotet - chairman of Venezuelan bank Banesco. Now we have the share purchase breakdown per 1/8 share: $108,964 for "Pacaso Service Fee" $51,786 for "Home Upgrades & Closing" Bringing the total payment made to Pacaso for 8 shares to $8,136,000 Someone maybe interested because the 1/8 LLC buyer is now paying $2,520 monthly in management fees and lets assume they are high networth and pull the $1,017,000 from their personal line of credit at 3% so $2,540 in monthly interest for an annual cost of $60,720 ($1,380 per night @ 44 nights a year) which isn't bad for a 4 bedroom mansion on the water in Miami. Does the LLC borrow against the house even though its investors made payments of $8,136,000? How does this company with $200 mil in real estate assets have a $1.5 billion valuation? What is the scaling of the company? It seems to fall in an interesting place between those that can afford a $5 million house and choose to Airbnb/VRBO themselves (similar to someone chartering their yacht/jet to cover operating cost) and someone who wants a rather high end vacation house, but doesn't have the means to afford it themselves. This would comprise the .01%-.10%-of earners. [link] [comments]  |
| Are USDA/FHA construction loans a myth? Do they actually exist? NO lenders seem to do them! Posted: 14 Sep 2021 03:08 PM PDT Hi All. We're building our retirement home in Vermont, but we're having an issue with financing. Not because we can't qualify, that's no problem - our financials are fine. But while we could get a loan to buy an existing home in ten minutes, construction loans are harder. And for various reasons, the construction loan programs offered by the USDA and FHA have some very attractive features. We believe we qualify, and would love to get one of those. Trouble is, despite being widely advertised online, so far we have had zero luck finding a lending institution that actually offers those programs in Vermont - or anywhere else! I've spent countless hours on the net searching, and YES, I even called and spoke with the local USDA office, which could not point me at any lenders they knew of. But the result is always the same: "we don't offer USDA or FHA construction loans in Vermont". I guess we may have to just give up and write those off as mythical since they don't seem to actually exist, despite a lot of talk online. It's easy to find information about the programs, there are a bunch of different web sites that describe them, but no places that actually DO them. When you click on "hook me up!" you get redirected to sites that just do regular home purchase loans. But it seems odd to me that such big government programs would have NO lenders - ZERO - participating in the whole country. There must be at least a few, right? So I thought I'd try one last thing and ask here. Does anyone here have, or know of anyone who has, a USDA or FHA *CONSTRUCTION* loan? Some places participate, but only for buying existing homes, not building new ones, despite the fact that both types explicitly say they can be used for construction. Any pointers to people or institutions would be welcome. If we have to give up on those and go with a more traditional one I guess that's what we will have to do, but one last shot here to see if in fact any of these loans have ever been done anywhere in Vermont and if so, who does them? Or even a national lender? Thanks!! [link] [comments]  |
| Posted: 15 Sep 2021 04:18 AM PDT Closing date is on the 15th of October. If I decided to switch lenders, how long would that process take? Would I still be good for the 15th? I super quick with providing documents and what not [link] [comments]  |
| Posted: 14 Sep 2021 09:16 AM PDT I feel like saving for a big down payment in this market is impossible for me.. I feel like every time i save up to a certain amount, let's say it's $25,000, then the houses just keep getting more expensive and i have to keep saving more and more. What're your opinions from your own experience? Because I don't want to have to pay a big mortgage bill every month if I can cut that down with a good sized down payment, but if it only changes the mortgage by a couple dollars then it doesn't really matter if I put $10,000 down or $25,000 down, right? [link] [comments]  |
| Posted: 14 Sep 2021 10:10 PM PDT Long story short, my realtor forgot to tell the broker he was crediting part of his commission to me. So instead of putting it towards closing costs and adjusting it at closing, he's sending me a check after the fact and issuing me a W9, which will just be treated as income now. Is there anyway to resolve this? How can he give me the money without me having to pay taxes on it? Thanks in advance! [link] [comments]  |
| Posted: 14 Sep 2021 09:47 PM PDT have a extended family member with a home in a highly desirable location although it backs up on a busy road ' but the city is an A plus in desireability. House is old though built in the 60s. The land could easily be split into two plots, maybe even 3. They want to know what is the best way to maximize value if they were to sell - they dont want to wait 2-3 years to build new homes. Would the ideal thing be to officially split the plot through the city and then sell? would it be to build until the foundation and some amount of the house is built for two places and sell individually with plans for completion. Or maybe the way to maximize is just sell it as is, what is the way to make these decisions. Thanks for the help [link] [comments]  |
| How much is closing cost on average for a Veteran home loan. Posted: 14 Sep 2021 08:41 PM PDT Talked to a broker and he quoted (ofcourse with 0 down payment) 7,000 to close on a house ? Is this normal to pay on average to close on a house or am I being picky with my VA home loan already? [link] [comments]  |
| Forgot How Exhausting This All Is Posted: 14 Sep 2021 01:45 PM PDT After a long, difficult negotiation, extended inspection period revealing plenty of issues, more negotiations with difficult seller, lots of stress, blah blah, it looks like it's really happening-- if our house sells. Trying to get this cluttered house ready to list. Needs some minor repairs, one room needs paint, and need lots of yard work on a quarter acre in triple digit heat. No workers are available anytime soon-- if you can get them to call you back. Forgot how fun this all is. Remind me this eventually ends and no one dies or gets debilitating PTSD. [link] [comments]  |
| Just out of curiosity...anyone out there ever have to fire a client? And...why did you do it? Posted: 14 Sep 2021 08:32 PM PDT |
| Is now the right time for me to buy? Posted: 14 Sep 2021 08:00 PM PDT So im 25 and I've been thinking about purchasing a house for a few years now. My lease ends on my apartment in November and I'm thinking it might be time to buy. I've always wanted to start putting my money in real-estate as I am truly passionate about it as an investment source, and I really want to have something vig to call my own. I want to make sure I'm making the right choice at the right time. My current finances Income $2880 a month gross (about $2000 after deductions. My current housing expenses are about $1300 a month total witch I split with a roommate. So approximately $650 I have about $10000 in savings and $12000 in my 401k. I also have a car loan for $12000 the payments are $220 a month with $200 for insurance. I'm currently making quite a bit of extra money from working lots of maditory over time and a $3 per hour pay incentive for covid. I know those won't last forever do I didn't include them, but I do think I will be getting a promotion and pay raise soon. My current roommate has agreed that he would like to come stay with me and pay rent if I did buy the house and I might get an additional roommate as well. My credit score is 717 and I live in North Texas if those things make a difference. Do yall think that I may be in a good place to really consider buying in November. Would i be leaving myself enuff time to make a deal come together. Or should I resign my lease and try again next year? [link] [comments]  |
| Don't laugh, but: what happens if a house's appraisal doesn't "make?" Posted: 14 Sep 2021 05:00 PM PDT So I'm dumb about buying houses, and am right smack dab in the middle of the process right now. Am waiting on appraisals now---my house and the house I want to buy. Both are appropriately priced, I think, and I haven't been sweating the appraisals, but suddenly it occurred to me: What happens if one is appraised well below the price we've already agreed on? Like, let's say a house is under contract for 200K but appraises only for 180K. Is a buyer likely to say, Hey, I know we're under contact for 200 but let's make it 180, buddy! And is the converse true? Is a seller likely to ask for more if the house gets appraised higher than the under-contract price? Or does the appraisal not have that much impact? Am I misunderstanding totally? [link] [comments]  |
| Am I spending too much on our first home? Posted: 14 Sep 2021 05:11 AM PDT After 5 years of my career, I'm finally ready to buy a home. I have fully liquidated my investment account and have around $188k cash sitting in my bank. I was planning to spend a maximum of $150k in all expenses and have a comfortable 6 months emergency fund ($5k/month expense). That is putting our max budget to $650k based on my math. We ran into an absolute 5000 sqft dream house yesterday. Everything is so perfect and move in ready. The extra expenses are probably cleaning it, and buy some basic furnitures. It's $750k, and we are negotiating now trying to get to $710k-$720k (we started at $700k and received a counter offer of $735k). This is really stretching our budget thin. At $710k, the estimated cash needed to close is $152k, and we will have to buy furnitures. The other house in the same neighborhood is $660k and we are trying to negotiate it down to $600k-$620k. It has the same potential as the first, but it needs so much work because it's very dated. It's usable, but we prefer to get some work done before move in because they are harder after moving in like flooring and kitchen. This one will give us a lot of breathing room upfront, but more maintenance moving forward. Which one should we go with or should we move on? [link] [comments]  |
| Mortgage being flagged AFTER approval? Posted: 14 Sep 2021 09:43 PM PDT I'm either going to cry or start a riot. I need some thoughts on this. Can your mortgage approval be revoked..? I literally am supposed to take possession in 10 days.. Timeline of Events Beginning of August - Mortgage Pre-Approval. This entailed all the paystubs, income tax, TDR, banking stuff to make sure I can actually afford a mortgage. Everything a-okay. Fantastic income, TDR and credit. August 16th - Put offer in on house. Negotiated. And settled on sale price. Signed offer to purchase. August 18th - Papers finalized and sent to Lender. August 23rd - Lender sends documents for me to sign which state mortgage amount, payment schedule, and all other details. Also forwarded to lawyers for title check August 28th - Home inspection done and passed August 30th - Lender questions where my down payment money is. I state that I was waiting for confirmation of approval before putting into my account. September 2nd - Realtor asks where financial approval is since deadline is the 6th. Lender states he "forgot" to send it along to myself and the realtor. Turns out I'm approved. September 3rd - Put money in account. Some money from estate of late grandmother and some from common law partner. As well as my saved money. Gave bank statements to lender. September 7th - Told this wasn't good enough. I needed letters of gifting. Completed these and sent along staying one certified cheque was on behalf of the estate of my late grandmother and the other certified cheque from my significant other September 9th - Told all good, wait for lawyers to complete their work September 14th - Told by my broker that Lender "will not accept" the money from my partner as valid. When questioned why he states its been flagged (how did you approve me then...?) The Lender stated at this point that any money gifted for a down payment must be from an immediate family member. Neither me nor my broker were ever told this. We asked what our options were because the money is in my account and due to lengthy estate settlement issues (yay covid) I can't use that. He claims I can use an excel spreadsheet as proof of income for my home business (never confirmed whether this would actually work or not). When my broker asked him why my partner giving me money was suddenly an issue he very confidently said "well if they're common law why aren't they buying the house together." Yes both myself and my broker forwarded this and all previous communication, or lack thereof, to the district supervisor. We also mentioned the absolute unprofessional behavior. But now I'm panicking over what is going to happen. [link] [comments]  |
| Can I get the mortgage with part-time job status? Posted: 14 Sep 2021 09:29 PM PDT Hi everyone! I am working as a sales associate for a retailer in Canada. My husband and I plan to buy a townhouse in the BC area. I have been working with a bank, and they said that I could not use my income to get the mortgage since I am working a part-time job so that they will use my husband's income only. What is the solution for us? Honestly, I really want to support my husband and increase the mortgage amount more than just my husband's income. I appreciate your time and your support. [link] [comments]  |
| Seller responded to repair request, need advice Posted: 14 Sep 2021 08:42 PM PDT Even though I got downvoted, I really appreciated all the advice on my last post, so following up on this: The seller finally responded to the repair request and agreed to everything, except: 1) Seller will not provide a 2 year roof certificate. 2) Seller will not level out walkway. 3) Seller will not make any water heater repairs including: a) installation of expansion tank b) drip pan; or c) service disconnect switch by water heater 4) Seller will not repair 3-way light switch in dining room 5) Wood stove and piping are to be removed at COE and capped at ceiling as per the MLS; no chimney/wood stove repairs will be made. Now per the USDA (502 Direct Loan) these all need to be fixed BEFORE closing, otherwise I would just say great and move on. (Except I think the wood stove might be resolved since it will be removed). Our realtor said the seller got an all cash backup offer and are having 2nd thoughts and maybe trying to get us to back out. She suggested we get quotes on everything and she is going to clarify with USDA if we can do repairs ourselves or if it requires a licensed contractor/electrician/plumber/etc. and if we do go that route, how to protect ourselves if we spend money on a home that isn't ours yet and the deal falls through - put an addendum that we be reimbursed by seller. Or she suggested raising offer price if they do repairs? But idk about that. We are near the top of our price range already. I'm worried seller might make it difficult if they want to back out. What are the obligations on both sides here? What would you do as the buyer (keeping in mind the restrictions of my loan)? [link] [comments]  |
| Posted: 14 Sep 2021 08:32 PM PDT Hello everyone! I'm looking to get into buying a property in Chicago sometime. I'd love to hear how some of you guys got started and how its like managing them. As well as any tips you guys have. Thanks! [link] [comments]  |
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