Is my realtor not good or are my expectations too high? Real Estate |
- Is my realtor not good or are my expectations too high?
- How does a property's flood rating play into your purchase decision?
- Townhouse with door connecting two sides of the house. How weird is this?
- Another Opendoor Selling Experience, AMA - Long detailed post
- Clear to Close on Wed Morning. What are some things I should do right away?
- How do you guys not have a stroke from all the stress.
- Any tips for New Agents?
- What would you do? After homeowners and reevaluations plus permit our perspective mortgage increased $450 per month
- House on an acre or more
- I finally found my deal
- question about closing
- New construction homes in Texas
- Mortgage Company Bought Home insurance on my behalf
- Starting a Matterport 3D scanning business
- Do you think the housing market will crash or go down anytime soon? In ny if that matters. ����
- Newly Licensed
- Any luck with upgrades
- Investment Property Contractor Difficulties: What would you do?
- Pros/Cons of buying a Condo in NYC under a LLC?
- Nevada Tax Lien Question
- Rural zoning code makes no sense, only 1 "use" per lot?
- How can a new web developer who has had a lifelong hobby following real estate combine the 2 interests?
- A question for those around during 2000-2010
- December month end inventory predictions
- I want to buy my rental
| Is my realtor not good or are my expectations too high? Posted: 26 Dec 2021 06:07 AM PST We are building a new construction in Texas. Our realtor never comes to the house when we go check and doesn't seem to pay attention to any issues we raise with the builder. We are almost at the end of the process and the realtor missed the inspection and also left earlier during the walkthrough meeting. Overall there was no involvement after signing the contract. They get 3% commission. Is just that a bad realtor? I see other realtors check on their clients construction progress. I guess too late to fire my realtor. [link] [comments] |
| How does a property's flood rating play into your purchase decision? Posted: 25 Dec 2021 04:35 PM PST I'm on Realtor.com and one house I happen to click on is a "high risk" under FEMA's rating and a 9/10 under the Flood Factor rating. Would that automatically make you look elsewhere? I'm just curious what the general consensus is. EDIT: So I checked the actual FEMA maps and while the flooding area does fall within the property boarders, the house itself is about 30 feet from the edge of the flood area (labeled as Zone AE). The property has a mild slope on one side, with the house on the higher end of the property. A small corner of the detached garage is within that AE zone. Not sure if that would change my mind about skipping this house or not. I am not well versed in flooding issues, so curious if this new info from the FEMA map would change anyone's mind. [link] [comments] |
| Townhouse with door connecting two sides of the house. How weird is this? Posted: 25 Dec 2021 10:41 AM PST Was looking at rental places, one of the places I toured was a 2 story townhouse, split right down the middle so each side has two floors and a basement—landlord lives on one side. However, one odd thing I found with it that I never saw with another townhouse was a door in the basement storage connecting both sides of the house together. It was a setup where two doors are stacked over each other, like you'd see in hotels to connect two rooms together. Each side's door had its own unique lock and deadbolt, so both sides would need to unlock their doors for there to be access between the two sides. Still, even when locked, it feels weird to have a doorway connecting both sides of the home. Do you guys see how there'd be a problem with this, or an I overthinking it being weird? Edit: reading comments so far, its not that weird and I'm starting to agree lol, thanks for the input everyone Edit 2: For clarification, there was no door to the basement—just a railing and a set of stairs from the main hallway. Part of the basement is finished with carpeting and drywall. Then there's an unlocked door to a storage with unfinished surfaces that contain the heater and whatnot. That room is where the two sides of the house connect. I just thought of it as weird in the back of my mind cause you're like 6 steps and a doorway away from someone else's living area without ever leaving your own, no hallway buffer or anything. [link] [comments] |
| Another Opendoor Selling Experience, AMA - Long detailed post Posted: 25 Dec 2021 08:26 PM PST I was researching this community quite a bit going through the opendoor process so I'll try to be as comprehensive as possible to help anyone needing insight. Changing specifics dates and dollar amounts for anonymity but will happily elaborate if questions come up. For about a year now, I've entered my email address to both Opendoor and Zillow, and they've sent me repeated and refreshed offers, until Zillow shut down. The figures peaked during the hot market and then began cooling down. We had several reasons for wanting to go with this type of transaction. A) the house was not in a desirable area B) the house potentially had foundation issues C) we planned on moving across country False dates, but timeline is accurate. Not exact prices. 01/01/21 - Opendoor sent their latest offer, not the highest one they ever sent but reasonable. $180K. The median price in my city is $340K, and my neighborhood was $200K. 01/04/21 - clicked on the link to explore the offer. Was connected to an Opendoor rep that would be our point person through the entire process 01/07/21 - had a video chat in home inspection. Planned for thirty minutes ending up taking 15-20. Mind you that we could've scheduled the video inspection as early as the day we connected with Opendoor but based on our schedule, we needed it a couple day later. No need to clean up or organize the house. Showed every part of the interior but wouldn't describe it as detailed. Rep asks us questions on the house, and recent repairs and upgrades. At the end of the inspection our rep scheduled an exterior inspection to be done in the next couple days with a finalized offer afterwards. 01/09/21 - we weren't home when the exterior inspection took place but our security cameras showed what all happened. Guy comes out with a tablet and walks the perimeter of the house, taking notes and snapping pictures. Probably a total of 10-15 minutes, and then goes into his car presumably to write his report and upload the pictures 01/10/21 - final offer comes at 20K higher than initial. We attributed that to the new roof that was installed recently and upgraded electrical work, we had to provide documentation for that. So offer is 200K. Repair bill credit is 6K, 5% service charge is 10K, closing costs is 3K leaving us with 181K. We felt like that was more than fair. A year ago we were getting Opendoor offers at 120K and cash investors offering 100K. We agreed and signed the contract and chose our closing date a month out at 02/10/21. We could've done it sooner had we wanted to but this date worked for our schedule. The contract has no contingency as it was an as-is sale but there is a 10 day inspection due diligence period that Opendoor reserves. We had flexibility to move our closing date up until three days from from the scheduled date. We could cancel at any time without penalty. We could not post the house on the mls if we went into contract with Opendoor, or it would void the deal. I've read that some have circumvented this by leveraging offers from other companies such as Redfin or offerpad, we didn't. 01/12/21 - we were contacted by the title company that Opendoor utilizes, or is owed by Opendoor, I don't quite know. This was the only downside of the process. A) their website that you have to use to verify your information sucks, it lags and there is a timer in which you have to answer security questions or you get booted out of the website. B) They also get slammed by the heavy volume of Opendoor transactions that you will have a difficult time reaching someone on the first attempt. This is also when you provide your bank information for the funds transfer and schedule your closing. Honestly they'll just contact you when they need something, but I had questions so it was not easy to get a hold of someone 01/14/21 - we receive a package from Opendoor contains a lockbox Fast Forward 02/07/21 - three days before scheduled closing. I'm a little paranoid that the deal falls through. The due diligence period is well over and Opendoor did not try to look at the house again. I think they grossly underestimated the repair bill and that they would pull the plug on the deal after I moved out. We had a mobile notary come to our house, we signed before the closing date, this may differ based on your state 02/08/21 - cleaned out entire house, Opendoor didn't want anything left and we interpreted that as no garbage bags left at the curb either. I rented a dumpster to come since there wouldn't be a trash day before my move out and closing date 02/09/21 - house is clean and we had to upload pictures to Opendoor , approx 10-15, they specify the rooms and angles they want to see. We leave the keys in the provided lockbox and move out. Once the pictures are uploaded we have to sign off that we have moved out and that Opendoor can come in. Again I was paranoid that Opendoor would come in and see the extent of their needed repairs and cancel the deal, and I would be left with just the earnest money deposit. I wouldn't ever know if they ended up coming in or not. 02/10/21 - scheduled closing day. 8am I text our Opendoor rep first thing in the morning to say that the photos were uploaded, and she responded fairly quickly to say great and that she would work to have the pictures "approved for checkout". Within half an hour she sent us and title company that we were good to go. 10am The title company responded saying that they are just needing the final signature from Opendoor, which I assumed came from our rep but actually comes from someone else in the company. 11am I get a confirmation email from the title company stating the wire transfer has initiated , by 1pm the money showed up in my account Overall was satisfied by the experience, the title company's communication left a lot to be desired. Two realtor friends of mine think that we ended up better off based on the house conditions and market for our neighborhood as opposed to posting the house for sale traditionally on the mls. This worked out for my family, but experience and situation may be different than yours, feel free to ask questions [link] [comments] |
| Clear to Close on Wed Morning. What are some things I should do right away? Posted: 26 Dec 2021 06:27 AM PST I'm a first time homebuyer so really learning as I go. I know I should change the locks right away. So I'm going to bring a screwdriver and new doorknobs and deadbolts with me to closing. I'm fortunate in that I still have my apartment until the end of Jan 31st so I can do some home improvements before I move. Really the only thing that needs to be done right away is to replace the carpet in the livingroom, and maybe the upstairs hallway. I'm assuming the utilities will switch over to my name on the day of closing but I probably have to figure internet out. I also probably have to change the garage lock which I have no idea how to do. [link] [comments] |
| How do you guys not have a stroke from all the stress. Posted: 25 Dec 2021 02:41 PM PST Needs to post to blow off some steam and help process everything. Started going through the process of buying a home at the first of Nov using a VA loan. After an insanely stressful underwriting process where I was wondering every day if I would be denied, and had to run around getting documentation for all of the payoffs I did on my credit cards during the process. We got the clear to close on Tuesday night with our closing set for this Tuesday. Now I'm a bundle of nerves as I hear people get denied all the way up to closing day. So I am spending all my time wondering if something is going to stick its head up and stop the closing like the fact that we pay all of our bills on the cards and then pay all the cards off (I make the card payments as soon as I see the charges pending, for example I saw the insurance payment coming through today and paid that to the card). I mean our credit rating actually increased about 20 points during the whole house buying process I just worry about any charges hitting the cards that we normally have and the company deciding it isn't worth the risk anymore because I hear they do pulls and monitor up to closing. I have a tendency to expect the worst on these things, and with underwriting and the process seeming so opaque it leaves my imagination to run wild. How do you guys not stroke out from all of the stress? And thanks for reading, I just needed to do something not to freak out between now and closing :). [link] [comments] |
| Posted: 25 Dec 2021 06:16 PM PST In a few short weeks I will be practicing real estate. This has been my dream career for a while now and I am eager to get started. Retired, current, or even clients of Agents: Any tips, tricks, strategies, or qualities you look for that will help me as a Real Estate Agent? [link] [comments] |
| Posted: 26 Dec 2021 06:34 AM PST Just curious how people navigate this kind of stuff. After actually securing homeowners insurance and running some final numbers, it seems as though our payment will be $450 more per mth then we had planned. A small portion of that we planned for as we new the homeowners would be more ( $100 or so). The surprise is in the taxes. There was an addition put on the home and they didn't pull permits at the time. The owner did mention this however she grossly miscalculated and said it added about 200 sq feet when really it increases the sq footage by over 500sq ft. That plus the new revaluations and we would end up paying an extra few grand a year in taxes. Honestly I'm not loving this. But we do have to be out of our house and rentals are hard to come by. Plus the whole who knows what the spring will bring issue. I know we have to do what's comfortable for us. I'm curious if this is typical and we are ill prepared?? [link] [comments] |
| Posted: 26 Dec 2021 06:17 AM PST How much does the amount of land figure into a house price/appraisal? [link] [comments] |
| Posted: 25 Dec 2021 05:02 PM PST I finally talked a family member into selling me her trailer park. 6 units, 4 livable, 2 need repairs, 2 currently rented with long term tenants (5 plus years). The others aren't rented because they are being used for storage for the other furnished properties they are fixing (hurricane damage). 225k total 2 units bring in 1600 a month which covers the current mortgage on them all which is why they aren't in a rush to finish (they are super conservative and try to do the work themselves on weekends). Repairs should run around 10k total for the 2 not livable. Now the total noobie question, which may sound dumb because so far it seems like a no brainer since it pays for itself already... What do I do when I actually starting bringing in 3200 profit per month (aside from paying myself back for repairs). I know extra money is the goal but at some point doesn't this start getting taxed heavily? I've been so caught up trying to make plans for the worst case scenario that I have no idea what to do in the best case. [link] [comments] |
| Posted: 25 Dec 2021 04:24 PM PST Hi, We're closing on a home in about a month. Our lender said our loan and financing will go through with no issues. We put down a good amount of earnest money. The problem is the seller is now refusing to come to closing and wants a one to two month extension to closing (the reasons given are trivial and questionable). They currently live in the home and say they refuse to move by closing. The contract was also signed with no rent back option. The seller and sellers agent are not very responsive to emails from both our agent and the title company, so we cannot really determine what's going. All we know is they are saying they will not show up to closing and are demanding an extension. What are our legal options to force them to attend closing as contractually obligated for the sale of the home? [link] [comments] |
| New construction homes in Texas Posted: 26 Dec 2021 04:13 AM PST It looks to me that people like to "build" in Texas and move into brand new homes at least a couple of times. There is kind of competition of getting a bigger house with more upgrade, green belt, etc. There are always conversation who got a nicer house with all the upgrades, what remodeling they are playing to do, etc. Why is this obsession with houses? [link] [comments] |
| Mortgage Company Bought Home insurance on my behalf Posted: 25 Dec 2021 08:58 PM PST I did a mortgage refinance in August 2021 through a company called UpEquity, I believe they are the broker from United Wholesale Mortgage (UWM). I have been maintaining the home insurance (including hazard coverage) since the purchase of the home and UWM was added to my policy in July 28. Today I received a mail from UWM stating that they have sent me several notice for the proof of the insurance and since I failed to provide the coverage, they have bought insurance in my behalf and will bill for me. They have purchased an expensive coverage from another company starting August 2021. Since UWM is already in my current insurance policy isn't that considered a proof of my coverage? Even if they made a mistake identifying my coverage is it legal to buy a coverage from the past in August 2021 when they are just sending notice now? I never received any call or certified mail stating that they are looking for the proof and they are already included in my current coverage. Even if there was a mistake to identify my coverage, they should have bought coverage starting now not in August. It seems like fraud to me or am I missing anything. How can I solve this issue? Can I take any legal action? [link] [comments] |
| Starting a Matterport 3D scanning business Posted: 25 Dec 2021 05:15 PM PST Im looking to start a matterport scanning business on long Island as a part time gig for the weekends. It looks like i can purchase a used system, tripod and charger for 2k. I figure i could charge about 15 cents a square foot to start. Im still doing a whole lot of research about this, Just looking for everyone's general opinion, advice/experience doing something like this. And if its even viable in the first place [link] [comments] |
| Do you think the housing market will crash or go down anytime soon? In ny if that matters. ���� Posted: 26 Dec 2021 06:13 AM PST |
| Posted: 25 Dec 2021 09:26 PM PST Hi everyone! I passed my real estate test (yay!) and now wondering what's next…. I am not financially able to quit my full time job right now but what can I do for real estate on the side? I know that this is not a side hustle and I cannot be a good agent part time, my questions are more are there assistant jobs in real estate or showing agents or something like that where I can learn and keep my salary until I'm in a better position to take on a commission only job. Would appreciate any insight!!! [link] [comments] |
| Posted: 25 Dec 2021 04:22 PM PST Looking into buying new construction has anyone had any luck with asking for money towards upgrades. I know going through their lender typically gives u some money but has anyone asked for like 15 to 20k in upgrades to purchase house and gotten it? [link] [comments] |
| Investment Property Contractor Difficulties: What would you do? Posted: 25 Dec 2021 11:15 AM PST Hello All and Merry Christmas, coming on here to get some advice about a contractor. A little backstory, I just turned 24 years old and am a first time property investor, in a southeastern city. I bought a run down 2B2B condo in October in a growing part of my new city. $110,000 sales price, 25% down (PITIA = $689, Rental Estimate when fixed up= $1200). The other finished condos in the complex were selling at $140k at the time (much higher now, there is no supply). After closing, there was a lot more work than I anticipated needed to be done on the property before being rented out. I was getting quotes for the ceiling alone for $10k and the lowest all in quote that I got was $15k. That was before the contract I chose offered to do it all for $4500. After months of dragging his feet, raising his estimates and being an overall nightmare to work with, the property is finally done. A lot of the times he would tell me a section was complete over the phone and I would go to the property that night or the next morning and it would not be complete. I live 30 minutes away from the property so I could not be there during work. End date on the contract was 10/10, he actually finished 12/24. Ended up paying him $9k in total. Still cheaper than any other estimate that I got and the work is actually quite decent, but not worth the headache at all. Either way, he met me outside of my primary residence yesterday, told me he was done, and his stuff is removed. I couldn't meet at the property because I was working. He gave me the keys back and I gave him the final check. I go to the property and there are tools & materials all over. Power drills, ladders, contractor cover up clothes, mixing set ups, excess paint cans, hammers, & ETC. It's a lot. The property is finished but there's all this crap. What should I do? I think he just lied again, saying he removed his stuff when he didn't. I hate not giving the benefit of the doubt, but after the 25th time... Can i throw it out, would I be liable for that? I was thinking of giving him a time slot tomorrow to come get it or I'm disposing of it. Also, he knows where I live and I'm new to the city, so there are some safety concerns if he feels slighted. I have someone who would like to rent out the property on January 1st. What would you do? Thanks!, [link] [comments] |
| Pros/Cons of buying a Condo in NYC under a LLC? Posted: 26 Dec 2021 03:11 AM PST Many homeowners have mentioned of buying a property under a LLC. Can anyone explain the benefits of doing this hustle? Appreciate some accurate info. on this please. [link] [comments] |
| Posted: 25 Dec 2021 06:36 PM PST Looking to purchase raw land in Nevada that has past due taxes. We found property we are interested, have done a title search, contacted assessor regarding other potential issues, and have an offer that the owner has accepted that's slightly higher than what their due taxes are. Anything else I need to do ? Typically I buy tax liens at auction … but never in Nevada. [link] [comments] |
| Rural zoning code makes no sense, only 1 "use" per lot? Posted: 25 Dec 2021 01:50 PM PST Relevant section of the code: https://imgur.com/a/Imqb178 Details: we're looking at buying a property (13 acres) to have a homestead / hobby farm. It's an 1880s house and barn, 8 acres of the existing land has been farmed in corn up until the last year, used to be a dairy farm but no animals in at least the last 20 years. I was looking at the Rural zoning code that it falls under to see if there are limits on animals, and I see this list. So, only 1 permitted usage, you can have "Agriculture" defined as field crops, "Animal Husbandry" defined as raising animals for profit (no limit in the code but you need at least 10 acres, which is fine) or a "Single Family detached dwelling" which is a house. But you can't have more than 1 on the lot??? So you can't have row crops and cows grazing on a lot? You can't have a house and field crops? By that definition the property is already out of code because it has agriculture and a house. I have been trying to get clarification from the zoning officer, but she's very terse and unhelpful. When I asked her if I can have more than 1 use from the list she said I can request a variance from the zoning board. Is this just an example of poorly written zoning code? I can't imagine anyone in this rural district is actually following this? But it's stressing me out because I don't want to buy the place if I can't legally have animals on it. [link] [comments] |
| Posted: 25 Dec 2021 08:59 PM PST It's been a hobby of mine to follow the real estate market since I was a kid. My father was a real estate agent when I was a young child and did a little investing, then later started construction businesses. We would all look at listings in the newspaper and whenever we were all in the car together and saw a house for sale, we would all guess the price, then look at the flyer to see who was right. Whenever we traveled, we would always check out real estate listings. As an adult, I continued to follow real estate, but got more into the analysis of the market, from things like interest rates and the real estate cycle, to government manipulation, to fraud. Then there are issues more on a micro economic level, such as how having an in law unit will benefit you, or if you should make extra payments or if low rates are really beneficial. And there are many topics I can think of that no one ever writes about, like for example how home ownership rates in Russia are over 80%, yet we are a rich capitalistic country and have much lower home ownership rates. The ideas go on and on. I often spend 20+ hours a month doing this, for around 20 years. And it's all been for fun. I realize this is A LOT of time. A quick calculation puts it at possibly 10,000 hours or more. So for web development.... I can make specialized calculators. I can make the output display in graphs or tables. I can build a database. I haven't done so yet, but there is the possibility for pulling data from other sources. What I'd like the most from this is being creative and making useful tools. But what would that be for all the people interested in real estate, whether it be people buying their own homes or investors? I know I have a lot of ideas to start with. But my question is, from your perspective, whatever that may be, what do you suggest my starting point should be? [link] [comments] |
| A question for those around during 2000-2010 Posted: 24 Dec 2021 11:41 AM PST What were the experts, media, economists and others saying about the housing market during the early 2000s? What was their reasoning to justify the huge YoY appreciation before it all came to an end. Inventory? Interest rates? (which were in decline and at historic lows at the time). I don't see any catalyst for a decline in US home prices but I'm also guessing only a very few did back then. Cheers. Merry Christmas. Edit: this isn't a debate about if the housing market is in a bubble or going to crash. I just want to know what the sentiment was back then before the crash and what people were saying to justify the market. [link] [comments] |
| December month end inventory predictions Posted: 25 Dec 2021 08:39 PM PST I had posted the inventory predictions and comparison with actuals for November Here are the predictions for December As expected, seasonal variation is going to result in a further drop in inventory. Expect more doom and gloom in the news soon -- but the inventory decline is expected and in typical years should start ticking up in March. [link] [comments] |
| Posted: 24 Dec 2021 11:00 PM PST I'm not sure if this is the right forum …. I have lived in my rental house for 4 years. I live in a fairly expensive, recession proof area. I would like to buy the house I'm renting but would also be willing to stay here, renting for however long. My question is- as a homeowner, if your renter let you know they were interested in buying but also had no plans to move, regardless would you be ok with that? Or would you want them to leave and maybe not renew their lease? How should they approach you? [link] [comments] |
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