I wish I had never tried to buy a house Real Estate |
- I wish I had never tried to buy a house
- The rental market and the buying market seem totally disconnected
- FHFA Announces Conforming Loan Limits for 2022 - $647,200, high cost areas $970,800
- Just got PMI Removed
- Opendoor Experience
- Just sold my house three weeks. Just saw it listed as a rental.
- VA loan was to my advantage with the sellers (OH)
- PMI Question
- The rental inventory in Las Vegas has surged from a low of 700 to 1600 in 1 year. Will lower rent prices affect home values?
- Lien Notice Due To Previous Owner
- Just had about $2000 in stereo equipment stolen from a showing (Kings Of Real Estate)
- Sold to OpenDoor in late September, they have yet to release security deposit because escrow refused to hold it.
- Recommendations for LCOL within 1 1/2 hours of metro Atlanta. Want to sell our 4/2 Brick face colonial for 3/2 all brick single story home. At that age 60 plus. Perhaps there’s an are which I had not considered, thus asking.
- Why does it seem that Zillow postings don't list the HOA monthly fees for condos.
- Should home inspectors know and warn about Zinsco fuse panels?
- New Agent No Sale Yet
- I feel like i got a really lazy appraisal for my refinance. Please help
- Natural Hazards Disclosure, no seller signature? (california)
- Question About Banks, Appraisals, and Mostly Cash Purchases
- How to sell rental home to tenants?
- My twin brother and I want to purchase a duplex in SoCal
- Mortgage qualification ?
- Managing Properties?
- Relocating and selling a house mid-build
- Buying Land in Texas (Cash)
| I wish I had never tried to buy a house Posted: 30 Nov 2021 01:04 PM PST From start to finish, this entire process has been an absolute nightmare. We started looking in March, and put in many strong offers until we finally got an offer accepted in September. We originally wanted to close in November, but the sellers asked if we could close in October since they already had a house lined up. We agreed to this, and the PSA was signed. Important detail: the seller is an attorney. We got the clear to close 10 days before our closing date. However, the seller asked us to release from the contract because the deal on the house they were trying to buy fell through. We said no because there was no suitable housing contingency in our contract. We agreed to probably a dozen different solutions presented by the seller (delay closing to Nov 30, delay closing to Jan 31, etc.), but the seller wouldn't ever sign after any negotiations. We told the seller we were planning to close as scheduled at the end of October, and they didn't show up. We began legal proceedings since they were in breach of contract, and our interest rate lock was then expired. We tried to negotiate with the seller leading up to our court date, but no agreement was reached. 2 weeks before our court hearing was scheduled, he sent an email to our attorney stating they found a home and would like to close with us in December. We agreed as long as they would pay for the interest rate buy down since the lock couldn't be extended anymore. They argued they weren't liable for those costs, so we went to the hearing last week. Things were resolved in a conference in the judge's chambers where they verbally agreed to close in December, and we would pursue damages at a later time. Over the weekend, however, they decided they didn't want to do that anymore, so we had to have another hearing today. Their argument was that "there is an implied suitable housing clause if people live in the home already" (absolutely not a thing) and they shouldn't be liable because they have 2 toddlers. The judge decided that a court order to close is not necessary, even though the seller has proposed, agreed to, and then refused countless resolutions. We have no way of trusting they will actually close, and we could be right back at square one on closing day. The judge also said that they didn't feel prepared to rule on damages, so we'll have to pursue that later. They did however agree to us filing a lis pendens. In the meantime, we are having to cover the rate buy down and rent for January because we had no idea if we'd ever be closing by the time we had to either end or renew our lease. We're hemorrhaging money at this point. So here we are, long after we were supposed to close, still not knowing if we're going to close and screwed out a bunch of money either way (either we back out and lose what we've spent, or we go through with it and are out almost $9k). If we don't close, I'm going to have to back out because I won't be able to afford it anymore. I'm a first time homebuyer and I'm in a living hell right now. I wish I'd never tried to buy a house at all. Edit: Yes, I am sure it's worth the fight. I have carefully considered the advice of my attorneys and my agent, and this is the best decision for us. [link] [comments] |
| The rental market and the buying market seem totally disconnected Posted: 30 Nov 2021 05:21 AM PST The caveat is that I'm talking about specifically NYC or Bay area in California though I'm sure this holds true in many other places. I've been casually browsing around and I'm noticing a lot of single family homes in a specific neighborhood I'm looking at to be say 1.8-2.2m right now for a decent 3 bed 2 bath single family home in California. I'm seeing the same or similar places for rent going for about 4500 give or take. To me these numbers don't add up. If I were to buy a 2m place the rental property and maintenance alone would be more then the cost of rent not to mention the headache of actually dealing with home issues. Is there something I'm missing here or is the buyers market just totally inflated right now? [link] [comments] |
| FHFA Announces Conforming Loan Limits for 2022 - $647,200, high cost areas $970,800 Posted: 30 Nov 2021 09:05 AM PST |
| Posted: 30 Nov 2021 09:39 AM PST Just posting this in case anybody was looking for a timeline of the process. Bought in June 2021. Full rehab (minus 2 bathrooms). Had to show proof of upgrades to get the process started. Oct 3rd - Emailed Mortgage Company pictures, contractor invoice, and tracking number of check to pay for appraisal. Oct 4th - Mailed the check Oct 8th - They received the check and cashed check. Oct 26th - Emailed them as I had heard nothing about the process even though they cashed check on Oct 8th. Oct 27th - The independent appraiser called to set up a time to look at house. Nov 2nd - Appraiser comes out to look at house, take pictures, and ask questions. Nov 30th - Received PMI Removal approval letter. Total of 8 weeks from start to finish. Obviously every mortgage company will be different. The appraisal came in at exactly what I needed to get the PMI removed. [link] [comments] |
| Posted: 30 Nov 2021 11:29 AM PST My husband and I are looking to sell our home (NorCal, 4bd/3ba, 2400sqft, built in 2016). Comps are $640K - $680K. Reached out to Opendoor to see what they can do for us:
The offer is good for 10 days. Ultimately, we passed. The convenience of selling to Opendoor and not having to deal with showing the house (especially since we have two young kids) sounds very appealing, but we felt the offer was just too low. We might have gotten a more competitive offer if Zillow was still in the game, but I guess we'll never know. [link] [comments] |
| Just sold my house three weeks. Just saw it listed as a rental. Posted: 29 Nov 2021 02:14 PM PST I just sold my house three weeks ago, thinking the buyer was going to live in it. The purchase was financed through a VA loan. Today I saw it had been listed on Zillow as a rental (grossly over-priced, borderline price-gouging) by the buyer's agent. Isn't this mortgage fraud? Aren't all VA loans supposed to be for owner-occupied homes? Should I report it? The buyer was an a-hole throughout the whole transaction. [link] [comments] |
| VA loan was to my advantage with the sellers (OH) Posted: 30 Nov 2021 06:24 AM PST My family put an offer on an estate house—a fine specimen of love, attention, and upkeep. However, it is outdated. There's wallpaper, older carpet, old appliances, old curtains, cosmetic things. Nothing that scares me. We put an offer UNDER asking, well under with a VA loan and only inspection contingency. This is a highly desirable neighborhood. Well turns out, the estate was owned by a veteran who was well-loved by his family. They want the house to also go to vets. They countered with a generous drop in price and made it known their feelings about us. We are still going back and forth but I want to share to other buyers, don't fear the VA loan. [link] [comments] |
| Posted: 30 Nov 2021 04:52 AM PST Not complaining about having to pay PMI like another post on here but I AM complaining/questioning an aspect of it. We put 12% down initially and just reached our 20% principal. We naively expected PMI to drop off our statement. Nope. I have to write them a letter requesting it be removed. Otherwise we'll keep paying it until we're at 22% principal paid. My question is…. Why? Is it just so the insurer can keep getting paid if we don't notice we've reached that threshold? Put the onus on the homeowner to know they're own finances? Or am I missing a legitimate reason? [link] [comments] |
| Posted: 30 Nov 2021 01:13 PM PST I've watched the rental and housing market in Vegas on Zillow for a long time and this time last year there was only around 700 rentals properties in the Vegas valley. Now we are over 1600 and I believe this has mostly to do with the eviction moratorium lifting months ago. If the rental supply here continues to grow or stays relatively high, wouldn't this drive rent prices down and home prices down as well due to the lower return on investment of the homes? My theory is this factor and along with many other factors like rising interest rates, fed tapering, stagflation pressures, omicron fears, and the Chinese real estate crisis, these together should easily be enough to cause real estate to crash 50% here in Vegas and many other cities…? Can anyone say with confidence this won't happen and why? [link] [comments] |
| Lien Notice Due To Previous Owner Posted: 30 Nov 2021 09:01 AM PST Got a weird one - bought a fourplex in June and seller was a pain in the ass. Fast forward to today and I received a notice from the city that they intend to place a lien on the property due to an unpaid garbage bill; letter was address to previous owner but mailed to my address. Called up the city and they will not speak to me about it because I'm not the person who the lien was sent to and I don't have access to his account (my account is current with no outstanding balance). They won't let me pay the bill and sent me in a marry go round around their departments. I've contacted my agent in the transaction to reach out to the seller to remedy but in the mean time I'm looking for opinions on what else can be done. The amount owed is negligible but the city won't allow me to pay it and not sure what I would sue the seller for if a lien were placed? [link] [comments] |
| Just had about $2000 in stereo equipment stolen from a showing (Kings Of Real Estate) Posted: 30 Nov 2021 02:58 AM PST I kept getting mailers from the "your home sold guaranteed kings of real estate" people. I was already skeptical because the company sounds like an ad in the back of a hustler magazine. But curiosity did kill the cat... I started reading their pitch so called a guy to see what exactly they offer. He says they have an exclusive set of investors from out of state that sees the property online before it is listed. So I figured this would better my chances. The first red flag was he tried to charge a 7% commission. I negotiated down of course and started the process on the notion the sale could be expedited based on a wider viewing audience. Fast forward a month.. I get a low ball offer and rejected. He acted put off since I didn't counter. Another week goes by, I get another low ball offer. So I counter with the asking price. He says "I don't think they will agree to that". I said I don't care. I come home one day and the porch railing was loose. The back door had been left ajar as well from a showing. There's 5 showings grouped together in mid October. I come home another day to discover 2000 in stereo equipment had been stolen. The lockbox on the door had not been jimmied and there was no sign of forced entry. So it has been someone with the code to the lockbox and I am pretty certain it stemmed from one of the people who viewed the home on one of 5 showings (I would hate to think it was a realtor 😂). So I filed a police report and called him. He seemed rather indifferent. What's worse is I've been there every night so someone did it during the day. A few days later I get another lowball offer and rejected. He keeps telling me what a good offer it is and it's cash with no contingencies. I said no but it seemed off putting that a realtor would try and pressure a seller to take an offer not agreeable. A couple days later I discover someone had stole the faux ends on a curtain rod, the back door had been left ajar again and upon returning home from work the key had just been left in the doorknob without being put back in the lockbox. That covers just about everything with my experience. I had the listing pulled and the very next day the realtor calls me and says there's an offer for asking price. So I put it back with him and now it's under contract. I really do not want these yodels to get my commission money. They did not work for it and they obviously do not screen buyers. Is there any action I can take? I have sold 2 other houses in my lifetime without incident and this was like a tidal wave of poop. [link] [comments] |
| Posted: 30 Nov 2021 09:14 AM PST As the title says, we sold to opendoor and closed September 20th, the title company was to hold a security deposit for a late checkout, opendoor informed the title company to release said deposit. Apparently the title company provided the $1000 as a credit to the buyer because they couldn't hold the funds. Escrow Officer is no longer with the title company and open door is claiming the team that handles security deposits is un-response, I have all the communication and signed addendums. I believe the escrow officer messed up and I'm not sure how to get my security deposit back. I'm not sure how to proceed? [link] [comments] |
| Posted: 30 Nov 2021 12:14 PM PST |
| Why does it seem that Zillow postings don't list the HOA monthly fees for condos. Posted: 30 Nov 2021 01:55 PM PST I've been doing research on condos in the NJ area. Some of them don't have a value for the HOA fees. Is this a marketing technique, or do these condos/apartments for sale just not have HOA fees? [link] [comments] |
| Should home inspectors know and warn about Zinsco fuse panels? Posted: 30 Nov 2021 02:17 PM PST History: I bought a home a few months ago, and I hired a general home inspector to review. I'm very disappointed in his work, as he missed a leaking roof (which caused water damage on the ceiling), missed a leaking diesel furnace, missed leaking pipes, a moldy smell in the bathroom from leaking wall pipes, but the icing on the cake was the fuse panel. He noted some outlets had scorch marks, and suggested replacing the outlets. He even took a picture of the fuse box, but did not notate any issues with the fuse box. The fuse box clearly shows Zinsco stickers. Today: I had an issue with the electricity in one of my rooms not making any sense (giving me 520w in some cases, and changing current from 125w to ranges between 50-72w when I turned on/off a light switch), so I turned off the electricity to that room. I also had issues with the trailer outlet so I turned that off, too. When I called an electrical contractor, they said the fuse box was Zinsco and should be replaced immediately because my home could catch fire. It's a well-known problem in the industry and the electrical contractor said my home inspector should have caught that. My question: Should home inspectors know about the dangers of Zinsco panels and warn the potential homebuyer? Is my home inspector at fault, or do I chalk this up to a clear cut reason why an electrical inspector should also always be called out to inspect a home in addition to a general home inspector? [link] [comments] |
| Posted: 30 Nov 2021 08:11 AM PST I got licensed end of July. Started with my team and brokerage mid August. I've come close to a sale and listing but nothing yet. I'm getting discouraged and some days it feels easier to take a back seat (which I know isn't good). I feel like I've been doing all the things, my brokerage and team tells us to do. This is a very new journey for me and in a very competitive market. Any encouragement?? Are the holidays usually slower? Because it feels slower but I have a handful of nurtures who say they will be ready in 2022. Figure that's something along with a few locked in SOI for 2022. [link] [comments] |
| I feel like i got a really lazy appraisal for my refinance. Please help Posted: 30 Nov 2021 02:07 PM PST I'm not happy at all, the comparable homes used to value mine for my refinance are questionable. I've triple checked everything. and most of the homes are similar besides when they sold and how much per square foot. My house 856 square ft at $253 a sq. ft. lot size 7000 square ft - Appraised at 240k Comparable 1. 732 square ft. at $355 a sq. ft. lot size 7841 sq. ft. sold 3 months ago - 260k sold price Comparable 2. 836 sq. ft. at $287 a sq. ft. lot size 4966 sq. ft. sold 2 months ago - 240k sold price Comparable 3. 884 sq. ft. at $288 a sq. ft. lot size 3049 sq ft. sold 6 MONTHS AGO. - 220k sold price House prices have increased a lot where I live in the last 3 months. I have a big issue with the house being sold 6 months ago in "as is" condition being included because it's on such a small lot. The first Comparable just shows how undervalued mine is per square foot when my house is nicer than that one. The 2nd house being compared is weird. It's been listed 3 times in 2 years and I get the impression something is off with the house. This ruined my entire refinance. Looked up the appraiser online and he has a ONE STAR RATING. only one stars in all of them. Similar experiences in the reviews on weird comparable houses and laziness! Do I have any realistic options? [link] [comments] |
| Natural Hazards Disclosure, no seller signature? (california) Posted: 30 Nov 2021 09:54 AM PST My agent gave me the NHD report to sign but it has no seller signature. Shouldn't the seller sign first and then send it to me to sign since it is a statutory disclosure? If the seller refuses to sign or doesnt provide me with the signed copy in a timely matter does it give me the option to back out even if I've alreadysigned? (2) Any Statutory Disclosure required by this paragraph is considered fully completed if Seller has answered all questions and completed and signed the Seller section(s) and the Listing Agent, if any, has completed and signed the Listing Broker section(s), or, if applicable, an Agent Visual Inspection Disclosure (C.A.R. Form AVID). Nothing stated herein relieves a Buyer's Broker, if any, from the obligation to (i) conduct a reasonably competent and diligent visual inspection of the accessible areas of the Property and disclose, on Section IV of the TDS, or an AVID, material facts affecting the value or desirability of the Property that were or should h [link] [comments] |
| Question About Banks, Appraisals, and Mostly Cash Purchases Posted: 30 Nov 2021 01:38 PM PST If a home sale is a 90% cash buy and the buyer only requests a loan on the remaining 10%, can someone help explain to me the roles and motivations a bank would have with an appraisal in this scenario? In my case I have a mostly cash buyer who is looking to borrow $21k to close on a $310k contract, but the bank for some reason requested an appraisal and it came in under $5k. Why would the bank in this case even care to appraise? They have more than enough collateral even if the appraisal is under by a few thousand. The supposed issue is now the bank wont lend the $21k based on the appraisal which makes no sense to me. [link] [comments] |
| How to sell rental home to tenants? Posted: 30 Nov 2021 01:26 PM PST My spouse owns a home in Tennessee but we live in Texas due to the military and we've had tenants living in the Tennessee home for 3.5 years now and they want to buy the home. My spouse sees no need to use a realtor since we already have a buyer and have agreed upon a price with them. My question is how do we start the process of selling to our tenants without the help of a realtor? Also, we currently receive our rental income through a property management company and the tenants are on a month to month agreement with that company if that makes any difference. Any advice is appreciated. [link] [comments] |
| My twin brother and I want to purchase a duplex in SoCal Posted: 30 Nov 2021 01:11 PM PST We want to live in it, everything would be 50/50 Would we have issues along the way? What should we watch out for ? [link] [comments] |
| Posted: 30 Nov 2021 09:17 AM PST My wife and I are planning to buy a home next summer. My wife co-borrowed for a home for her mother about three years ago. The home was around 535K. My wife has no other debt and makes roughy around 81k a year. I have very little debt and make around 110k a year. The price range of the homes we are looking at are between 500k-600k. Will we be able to qualify for a home in this range with her being attached to another home? Will she need to have her mother refinance and take her off the mortgage? Our down payment will be about 50k [link] [comments] |
| Posted: 30 Nov 2021 12:52 PM PST Hey I'm looking for a software or website that can help me out managing my rentals, do you guys have any recommendations? I know Uplisting https://www.uplisting.io/?via=jhp but I want more references. [link] [comments] |
| Relocating and selling a house mid-build Posted: 30 Nov 2021 06:37 AM PST I've recently unexpectedly been given an offer to relocate for my job. It comes with a 30% pay increase and full relocation package, but I'm worried about the fact that since we are still in the process of building our home here, we won't be able to sell until it's completed (expected in February 2022). Anyone have any experience with selling a mid-construction home? [link] [comments] |
| Posted: 30 Nov 2021 09:54 AM PST All, What is the most secure way to buy land from a private seller? We are paying cash and want to avoid any scams. All suggestions are welcomed. Happy Tuesday! [link] [comments] |
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