Sent 2 offers for a house. The seller’s agent chose the lower offer and everything has been signed off on. Now the seller’s agent doesn’t want to proceed. Real Estate |
- Sent 2 offers for a house. The seller’s agent chose the lower offer and everything has been signed off on. Now the seller’s agent doesn’t want to proceed.
- First time home buyer here. How do people do this?
- Is insurance the next big obstacle for middle class home buyers/owners?
- Who's selling my information!?!
- I thought there was a tax incentive for rolling money from home sale into purchase of new home?
- Solar lease ($113pm) vs buyout ($9953 with tax credits) 4.5kwh
- Is this a good reason to buy a home?
- $500 house's in Japan?
- Proceed with caution with online lenders (like Ally & Better)
- How do I ask a real estate agent to find me a lease?
- Is it a scam? Ivry group
- Six Month Rentback (S. CA)
- My broker canceled my license?!
- Very confused about Mortgage shopping
- How to decide on a real estate investing strategy as a beginner? (My Journey)
- House under contract without allowing tours and before the open house?
- Should I sell my mobile home without a realtor? (California)
- Seller delays. Closing may take 3-4 weeks or more. Rate lock expires in 10 days.
- Is it legal to use a public finder’s fee (FSBO in Alaska)?
- What are some of the best books or online material to learn about flipping and repairing properties?
- Major unpermitted additions cons?
- Post closing drainage issues on a new build. How should I proceed?
- I just bought a home in San Francisco, CA. What property taxes do I need to pay and how?
- Closing tomorrow on new build! Any tips?
- Some good classes to learn more about the field?
| Posted: 28 Oct 2021 10:33 AM PDT I sent 2 offers to buy a house. Seller's agent chose the lower offer and everything was signed off on. Now sellers don't want to proceed after they realize their mistake. House was for sale for $250k, I first sent an offer for $255k and then a second offer for $270k. The agent's subordinate apparently screwed up and accepted the lower offer. I think this is weird but chalk it up to the seller wanting to skip the negotiating and sell their house quickly. We are now under contract with both seller and buyer having signed the purchase agreement. I have already completed the inspection, appraisal, initial deposit, as well as submit the HOA application. My agent calls me and tells me the seller doesn't want to proceed because apparently it was a mistake of their agent's subordinate. My agent then tells me he advises me to drive to the seller's residence (the home in question) and see if we can work out the situation as he can't contact the seller for ethical reasons. I drive to the seller's house and see if there's anything we can do to remediate the situation. He says to switch to the 2nd offer of $250k. I ask, what if the appraisal comes in lower, will he accept that (my agent expects the appraisal to come in under $260k)? The seller agrees and then tells me or my agent to contact his agent. That was 2 days ago and as of right now the seller's agent is not working with us and will only accept an offer of $270k. My agent even sent an addendum to contract to the seller to no avail as of yet. My question is what is the chance we get this house for the $255k that has already been signed off by both parties? Thank you UPDATE: My agent's lawyer had sent a strongly worded letter to the buyer's agent that the contract is legally binding and we expect to hear response to the addendum within 24 hours or the lawyer will aggressively pursue all legal and administrative remedies against the agent. 24 hours have just elapsed and it has been radio silence. I think they're trying to punk us out. My agent is thinking about looking at other properties if we dont hear back by tomorrow (Friday) but I dont want to give up on this. UPDATE 2: The seller is now blocking the appraisal. My agent's lawyer is now sending a letter of intent to sue if the contract is not accepted. The seller should receive it by Monday If the seller/agent decide to ignore our threats of a lawsuit I can't afford to bring it to court. Nor do I want to wait years for this to settle. I wish there was a way to actually force the seller's hand. [link] [comments]  |
| First time home buyer here. How do people do this? Posted: 28 Oct 2021 06:53 PM PDT The very prospect of buying a house for $500k (I get a tiny starter townhouse for that price in NJ) gives me sleepless nights. This will be one of the the biggest transactions I undertake in my entire life and a thousand things could go wrong in the next 10 years (the duration I plan to live in the house). How do I commit to paying a certain amount every month for the next 30 years when I don't know if the job I do now will even exist in 5 years, the way tech is replacing everyone's job. I understand that I would pay more-or-less the same amount every month even if I rented a tiny two bedroom apartment for the next 30 years since homelessness is not an option but still this stills weighs more on my mind. How do millions of people get the courage to do this? Am I missing something? [link] [comments]  |
| Is insurance the next big obstacle for middle class home buyers/owners? Posted: 28 Oct 2021 12:49 PM PDT I keep hearing horror stories of outrageous insurance quotes for new home purchase and renewals. 30-40% increases seem to be the norm from what I'm seeing. I'm also hearing tales of people walking away from contracts because they can't cover the monthly for basic homeowners much less flood if you're in a flood zone. Is this purely anecdotal and possibly isolated to my area (Raleigh MSA) or is this a nationwide trend? [link] [comments]  |
| Who's selling my information!?! Posted: 28 Oct 2021 06:36 AM PDT We closed escrow last week on Friday and this Tuesday I got spam mail about a package on hold from some company name Nuvia. How did they get my information so fast? I didn't register or even updated my address ANYWHERE. Anyone know what's going on? Update: So the gist of it is, transfer deeds are public record and basically everyone is selling your information. I guess it is what it is. Thank you all for the help and clarification. Update 2: ADT guy showed up at my door and asked if I just moved in, I said no. This is insanely invasive. [link] [comments]  |
| I thought there was a tax incentive for rolling money from home sale into purchase of new home? Posted: 28 Oct 2021 05:16 PM PDT I thought there was some sort of tax incentive window for using the money from your home sale to purchase a new home that would be your primary residence, but everything I'm seeing now is saying that it's just a blanket $250k individual/$500k married tax free regardless if you buy a new house or not. Is this accurate? [link] [comments]  |
| Solar lease ($113pm) vs buyout ($9953 with tax credits) 4.5kwh Posted: 28 Oct 2021 06:52 PM PDT I am buying a new construction with solar option. Any suggestions which one to choose and why [link] [comments]  |
| Is this a good reason to buy a home? Posted: 28 Oct 2021 08:04 PM PDT Currently making 120k a year, 0 debt, maxed out ROTH and have some good cash savings… My girlfriends going to school now and will be in a lot of debt when she gets out..we are renting out right now. We don't NEED a home , but buying one would definitely benefit us in the future. Not planning on having kids. I'd be paying most of the mortgage as well which freaks me out. [link] [comments]  |
| Posted: 29 Oct 2021 12:46 AM PDT Howdy there! I seen a Tiktok explaining that Japan is incentivizing foreign investors to buy abandoned homes in rural Japan areas, and the video went on to say that these houses are going for $500 per property. Has anyone heard of this? Can anyone confirm the legitimacy of this? Any helpful links that are trustworthy I can do my research on? Thanks kindly! Ti [link] [comments]  |
| Proceed with caution with online lenders (like Ally & Better) Posted: 28 Oct 2021 10:54 AM PDT Just wanted to put another data point out there that you should not rely on online banks if time is of the essence in closing a loan. Recently went through a refinance with Ally and had so many problems, bordering on incompetence on their part, that we closed weeks later than expected. Luckily, for refinance it's not a huge deal, but I cannot imagine if there was a time-sensitive deal hinging on them performing. It wasn't the first time we've used Ally either, and it was fine before, but apparently they're now outsourcing all closing services to Better and it's a complete cluster compared to their prior system. We're talking agents disappearing on vacation with no warning, automated rejection of uploaded documents, website failures before and after closing, impossibility of getting someone on the phone, and even sending the wrong paperwork to the notary, preventing closing on the agreed upon date. I'll end my rant now... just be warned about these companies if you want a smooth process! [link] [comments]  |
| How do I ask a real estate agent to find me a lease? Posted: 28 Oct 2021 10:41 PM PDT I'm trying to grow my farm but unfortunately I'm not well off enough to buy. That leaves me with leasing. But rural land deals are done at the pub or by asking around. Nothing ever gets listed because it goes to cousins/nephews/drinking buddies/ members of their leasors sports all team. Property that does get listed is by agents who want to sell, and they don't come up often. So how do I ask agents to find me a lease? Or a lease to buy? It goes against best interest for commission? Or if there's a better strategy, what should I be doing? [link] [comments]  |
| Posted: 28 Oct 2021 10:36 PM PDT Hey guys, have you heard of the Ivry Group? They mentor unlicensed people and give them classes to become licensed. Once licensed your mentor helps you close you first deals. The broker takes 50% of the commission, and from there pays your mentor a certain amount. So you're encouraged to get recruits so you can mentor and get a part of their commission. I think as you move up the split the broker takes reduces. What do you as realtors think? And if I dont join the ivri group what steps do I take to becoming a full fledged realtor? [link] [comments]  |
| Posted: 28 Oct 2021 10:34 PM PDT I'm interested in a house that would be perfect for me. However, the elderly couple who is selling is building a new place in AZ and is requesting a six month rentback. This is in an EXTREMELY hot southern California market. Normally, this would be a hard pass for me, but waiting six months actually meets my timeline of when I want to move and sell my current home (already fully approved for second home without having to sell my current house). I also think that being able to support their needs would help get me the house and even possibly avoid a grueling bidding war. Horror stories aside, is there a way to make this iron-clad? My chief concern is their new construction taking longer than expected and me not being able to get them out. Obviously, the rentback would not be free - no one is expecting that. [link] [comments]  |
| My broker canceled my license?! Posted: 29 Oct 2021 01:34 AM PDT I applied to a broker and they offered to pay for my 75 hour course and I'd reimburse them after my first deal. After signing the contract they send me out an email. This email had no instructions for a 75 hour course and just contained a link to 20 videos. I pass the exam and for many reasons (mainly they are an MLM charging $100/month to 300+ agents) I decide to look for work elsewhere. I find a great broker and am scheduled to start soon. I notify shady broker to terminate my affiliation with them they resist until I say I'll call NYDOS. A few weeks pass and I just looked at EAccessNY and my license is listed as canceled. To say the least I am furious and hoping this is some error or something. I tried looking up my license by my name and license number and I couldn't find anything. The only thing I'm hanging onto with hope is that under the status saying canceled it says it expires in September of 2023. Can anyone with knowledge please help out here and tell me what's the situation and what my next steps should be?! [link] [comments]  |
| Very confused about Mortgage shopping Posted: 29 Oct 2021 12:11 AM PDT So as the title says, I have been shopping for mortgage rates and I'm very confused as to how this whole process goes. I'm buying a new construction and my builder's preferred lender is giving me 3.375 interest rate but a lenders credit of $7500. This sounds like a sweet deal but when shopping around for rates, I see better mortgage has a rate of 2.8 with a lenders credit of around of $3,500. I brought this to my lenders attention thinking they would match it but that didn't happen. Instead, she said that is unreleastic in the curre r market. How do I know what the current market rate is? And should I shop around more to see what makes more sense? [link] [comments]  |
| How to decide on a real estate investing strategy as a beginner? (My Journey) Posted: 28 Oct 2021 11:15 PM PDT As a beginner, every real estate investing niche looks promising! Avoid going deep on all niches-you will get bored and give up Its unsexy work - optimize for time to mailbox money Go broad and shallow, pick a niche and then go narrow + deep Who should read this? You know the promise of REI to get FI and not sure where to start In life, if you are indecisive like me and feel emotionally clogged up w/ big decisions This framework was the defining reason I avoided analysis paralysis Btw, a related thread on why optimize for time to mailbox money Steve Jobs said this well, Let's blow it out! 1) First, list out all the choices/options/strategies you have come across. Ex - Buy and hold Single families 2-4 units Larger multi-families or mobile home parks BRRRR House Hacking Flips Student Housing Storage Units Mobile Homes Commercial Think about your mission and vision The mission is intangible. The why behind what you are trying to achieve - the thing that will pick you up when you are feeling low. It's the fuel! eg - Get my time back with enough passive income and give back to the world Think about the vision? It's the what? What will help you achieve this mission? It's the engine! eg - Get $20k/month in after-tax passive income in 3 years Think about the values - your likes and dislikes Some questions you can ask yourself Do you want a lot of money or just enough? Do you want power? Do you want fame? Do you want the freedom to do whatever you feel like and whenever? Do you want to work for yourself but still work? Do you want to pursue your interests and hobbies but don't have enough time? Do you like working with other people or do you like being on your own? Think about your strengths and constraints Some questions to ask here Do you have a lot of capital? Do you live close to the market? Do you have handyperson skills or know someone who does? Do you have time? Do you have business and tech skills? Do you have a strong network? Do you have a great work ethic? Do you have the RE knowledge? Leverage your strengths and work around the constraints Step 1 induces unbounded thinking so you can consider all options on the table. Then step 2, 3, and 4 will help you narrow down the options suitable to your persona and risk profile Put simply, here is the formula Your strategy = All choices filtered through your mission, vision, values, and strengths/constraints Summary: If you are focusing on everything you are not focusing on anything. To make radical progress, "Sharpen the axe first" [link] [comments]  |
| House under contract without allowing tours and before the open house? Posted: 28 Oct 2021 05:12 PM PDT Has anyone heard of a situation like this? I saw this house that I really liked but looked really familiar. Turns out it was up for sale 6 months ago but the sellers released the buyers from the contract because they had a contingency and were taking a long time to find for suitable housing. They also had an offer already. So the house has an open house but it was set for 2 weeks after the (re)listing date. I contacted my agent to see if they could schedule a tour because the open house was abnormally listed far in advance. My agent tells me the listing agent seemed difficult to contact and seemed very busy but finally got a solid response that they would not be opening the house to tours. I assumed it was because the sellers went through that process already 6 months ago and didn't want to again so I was going to patiently wait for the open house. I noticed today (2 days before the open house) that the listing was under contract. I told my agent and they're shocked and trying to contact the listing agent. This all seems weird. No tours, removing the listing before the open house. If they were already going to sell it to another buyer, why even bother publicly listing it? Safe to say I'm heartbroken as I was sure this was the house I'd overbid a good amount to get. But has anyone seen this happen before? [link] [comments]  |
| Should I sell my mobile home without a realtor? (California) Posted: 28 Oct 2021 10:40 PM PDT I live in California. I'm selling a mobile home for the first time and I don't have a realtor yet, but I've received an offer to buy it. The buyer doesn't want to use realtors and wants us to handle the sale ourselves. The mobile home park's manager claims it's easier to handle the paperwork when the sale is between two individuals and doesn't include realtors, and she's promised to help us with all necessary paperwork and contacts for inspections, etc. I'm hesitant to go along without a realtor, but it would be nice to save a little money on the realtor's fee. What are the pros and cons of selling on my own vs. with an agent? [link] [comments]  |
| Seller delays. Closing may take 3-4 weeks or more. Rate lock expires in 10 days. Posted: 28 Oct 2021 04:29 PM PDT First time home buyer here. Closing was set for tomorrow. My attorney found lots of title and probate related issues for the home I'm buying. Many things the seller needs to resolve, I was told this can take 3-4 weeks or more. My rate lock expires in 10 days. What is the best course of action in this situation? [link] [comments]  |
| Is it legal to use a public finder’s fee (FSBO in Alaska)? Posted: 28 Oct 2021 05:55 PM PDT Basically the buyer would list the individual at closing to receive the fee. I know it's an unusual marketing strategy for real estate but the property is for sale in a region where there are no realtors and everything is done by word of mouth. [link] [comments]  |
| What are some of the best books or online material to learn about flipping and repairing properties? Posted: 28 Oct 2021 05:48 PM PDT |
| Major unpermitted additions cons? Posted: 28 Oct 2021 09:33 AM PDT I'm a first time home buyer in California and I've found a super nice house that's been on the market for over 3 months, which is super rare and suspicious. After further digging, our agent found out that it's because the house had major additions all without permits and potentially not up to code. Additions included a small second story that only hosts a bedroom, there is a detached garage, and probably they added an additional bathroom (cause listing does not list it). There's maybe more but we aren't able to get a hold of the local office yet to find out and our agent thinks there were just so many additions and improvements that the office might not even know. Apparently the previous, previous owners were the ones who added all the unpermitted stuff then the next owner was a construction worker and did all the work himself to have the unpermitted additions to reach standards and did a myriad of other improvements. Throughout all this everyone just ignored all notices about getting permitted that is received in the mail every month. The sellers agent bought it from him for all cash, and has been trying to sell it. My agent thinks there might be issue with getting approved for a loan for something like this. My question is, is this house worth it? If it's not up to code, will the city tell me to tear it all down or what? How will it affect my loan? Also not sure it matters, but its on septic tank and community water or smth. I've lived my whole life in the city so I know nothing about that stuff. But are those potential headaches as well? Thanks for all the help! [link] [comments]  |
| Post closing drainage issues on a new build. How should I proceed? Posted: 28 Oct 2021 11:40 AM PDT Hi everyone. Apologies for the long post. I just want to describe everything that has happened because frankly I don't know what the next step should be. I don't trust the builder anymore. I got under contract for a new build in April 2021. I'm a first time homeowner, so there are still many things I do not know. The house closing date was set for 8/12, and they let me bring a third party inspector on 7/27. When my inspector visited the property, there was no landscaping or irrigation system installed yet. The inspector noted on the report that the backyard grading looked a "little flat" but "impossible to tell for sure if there were violations since the sod was not in yet. I didn't think much of it at the time, I guess I trusted the builder. One day before closing, I get a call from the builder and they tell me that the sod had not been installed yet. They then said they would put the sod in on 8/12, and push the closing day to 8/13 instead. I said I didn't have a problem with that. Fast forward a few weeks, and I notice that after the first rain my backyard is flooding. I assumed it had something to do with what my inspector had pointed out in the initial report, and I asked the builder about it. They said "it passed inspection before the sod was installed. if it bothers you put a little dirt on it, but not too much because you don't want to change the drainage pattern". I did not do this because it gave me a bad feeling. I kept pushing, until eventually, I convinced the builder to bring out an engineering company to re-do the grading inspection with sod in place. A few days later I get a text message from the builder saying that "there are problems with the grading" and that they "would fix it". That was over a month ago. I asked them to send me the new report, but they never did, so I called the engineering firm directly to get it. Here it is: https://imgur.com/a/KP19Yks I pushed the builder again after about a week, and told them that I received the report from the engineering firm and wanted to know how the planned to fix the drainage issues. They told me they would meet me at the house in a week to discuss the next steps. During the in-person meeting, the builder rep said that "the problem was not that bad" and that "the report was dramatized". They also brought a "grading expert" with them, who said that re-doing the backyard grading was impossible and that the next best solution would be an underground drainage system using catch basins. They asked ME to pick out the locations of the catch basins. I responded with "I am not a drainage expert, can you design the system so that it addresses the issues on the report?" They then pointed out two locations (it was very hand wavy). After that, the builder rep stated that once the drainage system was installed, the builder would no longer be responsible for any drainage issues. That last interaction gave me a very bad feeling. How can I trust them to do good work after that? How can I best cover my rear? I feel like I've been screwed over by the builder already. Thank you for reading this far. [link] [comments]  |
| I just bought a home in San Francisco, CA. What property taxes do I need to pay and how? Posted: 28 Oct 2021 05:16 PM PDT Surprisingly I can't seem to find the answer by Googling... What are all the city/county/state/federal property taxes I need to pay? How/when do I need to pay them? [link] [comments]  |
| Closing tomorrow on new build! Any tips? Posted: 28 Oct 2021 07:29 AM PDT We've been dancing the dance of home buying for nearly 2 years now. Tomorrow is finally the closing day, verified by lender and builder, that we are good-to-go. This is our first home and was wondering if I should keep an eye out for anything? I'm reviewing closing docs now. [link] [comments]  |
| Some good classes to learn more about the field? Posted: 28 Oct 2021 08:22 PM PDT Hey, ya'll. Got my license two months ago, currently signed up for the GRI. Does anybody have any good resources/classes they used/participated in when they first started? I'm full-time with a brokerage and am trying to maximize any knowledge I can get. [link] [comments]  |
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