Are houses you’re buying appraising for the amount you bid for? Real Estate |
- Are houses you’re buying appraising for the amount you bid for?
- [WA Seller] Agent left key stipulation out of purchase agreement, and is now asking us to pay it
- Grandma offered to sell me her home at a discount and in return gets to live there her remaining years
- HOA’s and AIRBNB
- Buying a house while starting a new job
- Owner Occupied Duplex.. crunching numbers
- Opendoor claiming multiple offers
- Repping both buyer and seller in “neighbor deal” for flat fee?
- Ethical Time Between Realtors, House offer
- Different ways to finance a property?
- If you put up a room in your unfinished basement without a permit??
- Seller threw everything but the kitchen sink at me so I would come down 5k
- Is there a catch with real estate agents who charge 1% commission?
- Seller credits
- Supplemental tax bill not mentioned or paid for at closing
- FHA Primary Loan
| Are houses you’re buying appraising for the amount you bid for? Posted: 11 Jan 2022 07:25 PM PST I'm frustrated…I'm in a metropolitan area in California and came into the market very motivated. Since End of October, my hubby and I have seen (in person) almost 60 houses and put in 14 offers with 95% returning a multiple counter offer for highest and best, and some asking to waive appraisal. We are first time home buyers, and want to make sure our loan will cover what we bid so that we aren't paying more out of pocket to cover the difference of appraisal from our winning bid. We are looking to start a family and want to save as much as possible. I've been bidding at least $20k above previous sold comps in the area within the last 3-6 months. Obviously we've been in a bidding war and gone way above that, but I've been reluctant to "play the game" because of my fear of it not appraising. It feels crazy now, and I'm not sure how appraisers are doing their evaluations. I'll see a house that sold at $800k at 1600sq ft and another in the same neighborhood for close to that same price for 1200sqft a month later. Both look the same in terms of looks, layout, materials, etc. What gives?! Did your house appraise at what you bid? How are appraisers evaluating nowadays? How can I be confident with my bid if I don't know how it will be appraised? Am I doing this all wrong? [link] [comments] |
| [WA Seller] Agent left key stipulation out of purchase agreement, and is now asking us to pay it Posted: 11 Jan 2022 06:55 PM PST Just signed a mutual with a buyer for the sale of our house. In our area, there is a county utility development cost that is paid by the owner of a property over a period of several years. Apparently, as a condition of the buyer putting in a better offer, they want us to pay off this charge (currently about $10k which normally conveys with the property until fully paid off via monthly installments - I do not know why they didnt just offer $10k less). This point was NOT included anywhere in the purchase agreement that we signed, and was not communicated to us by our agent until today, a day after the agreement was signed. We have not yet received earnest money from the seller, which is due tomorrow. What is the best course of action here? Our agent has fully admitted it was his mistake/oversight and has been very apologetic, but is asking us to agree to pay off the amount. We are a bit peeved, but do not want to tank the sale (especially as we do not yet have the earnest money). We are considering asking the agent to cover this fee out of his commission (nearly $50k - so he has cushion to do this), but are not sure if there is a standard remediation here. We can also offer to split the fee, but obviously would prefer the agent fully cover it. People of Reddit - what would you do in this situation? Are we crazy to consider asking the agent to cover this as it was his admitted miss? [link] [comments] |
| Posted: 11 Jan 2022 05:43 PM PST So I've been wanting to invest more in real estate for awhile and last year brought up buying my grandmas house from her never acted on it. My grandma 78 came to me and stated she would be willing to sell me her home at a discounted price but in return would want to live there for her remaining years. She would continue paying all bills except homeowners insurance and property tax which will be about $3,000/year combined. I am worried though as I live in Florida however I visit home a lot and always stay at her house when I do go home. I would also like to do many upgrades in the future like remodeling bathroom and laundry room. What would be a reasonable discount, for some reason I'm gearing towards at least 15% off [link] [comments] |
| Posted: 12 Jan 2022 01:11 AM PST |
| Buying a house while starting a new job Posted: 11 Jan 2022 09:19 PM PST So I am looking to buy my first property. I have just been pre-approved for a loan and I've started conversations with a real estate agent to start searching. My current lease ends in June so I'd like to purchase and move into a house before then. There is a possible curveball though... A job opportunity has presented itself to me and I'm considering taking it. The new job would be heavily commission based but offers more earning potential down the road. My current job is 100% salary. If I take this new job, could that cause any issues with getting the loan since it is almost entirely commission? Is there a recommended way to go about this? For additional context I'm 26, have been at my current job for about 3 years, and don't have any other debt. Any additional advice is appreciated. [link] [comments] |
| Owner Occupied Duplex.. crunching numbers Posted: 11 Jan 2022 07:00 PM PST So I recently got qualified through a couple of lenders for a home loan for my first SFH. Years ago I had a dream of purchasing a duplex, owner Occuping one side, and renting the other half, managed via a property management company. I have to double check, because I'm reading some conflicting information, but I have an email from a lender claiming they're willing to do 5% down conventional on a multi-unit. Now, if this is the case and they can allow me to put 5% down, would my total mortgage being 33% of my debt to income be too much, considering there's factors like higher maintence.. or is this spot on? I understand that I should be able to afford the property without a renter.. but realistically, from what I read, I can probably assume occupancy 75% of the time. Even without a renters, I can cover it. It's tight, but i can afford it. But if I account for occupancy at 75% of time, it would be cheaper for me than a single family home per month, yet I'm gaining significantly more equity. The area I will be purchasing in (Grand Rapids, MI area) seems to have an issue with more demand, than supply for rentals right now. I doubt vacancy would be a concern. Pros: -Lower cost for my "rent" -Can rent both sides out for income once I move -Potential recurring income -Building equity faster -Path towards owning more properties and therefore wealth Cons: -Place can remain vacant for a long time -Tenants can destroy my shit -Tenants can refuse to pay rent whole occupying -Takes time and effort -Property management costs -If rent dips, not living there wouldn't make financal sense. So.. like usual in life, I feel like I have to be overlooking something. What am I missing? Another question I have is, it it actually feasible to live in a duplex and the other tenant not be aware you're the owner? Or is this perhaps unethical (or illegal?) My lender recommended me talk to someone she knows who is a bit more experienced in this regard, and I likely will.. but I always appreciate Reddits very objective thoughts. [link] [comments] |
| Opendoor claiming multiple offers Posted: 11 Jan 2022 08:43 PM PST Been looking at a house on opendoor for about a month in a city with a pretty hot market. The house has been on the market for almost 6 months, and my agent had previously confirmed there weren't offers (IMO it's overpriced by around 50k based on comps and knowledge of the area). Had talked to buying agent regarding the home and never mentioned other offers. Agent went to put it an offer on the house today and suddenly they have multiple offers on the table. Submitted our offer regardless, below asking- they are taking 1.5 days to review. Anyone seen this happen? FWIW We do really want the house, and could offer more, but this shit seems shady and I don't feel like budging. [link] [comments] |
| Repping both buyer and seller in “neighbor deal” for flat fee? Posted: 12 Jan 2022 12:10 AM PST Does anyone do this? I'm in California and buying my friend's house. We'd rather not pay 6 or even 5 figures for paperwork. Can someone recommend a professional to help broker the deal for less than, say $7000? [link] [comments] |
| Ethical Time Between Realtors, House offer Posted: 11 Jan 2022 11:28 PM PST I was working with a real estate agent since November. Last week, I decided to go with another agent after two deals fell through (not wholly his fault….mostly just market forces, mortgage process, but his inexperience was a factor). There is a property I'm interested in that he showed me back in November. I'd like to pursue it with the current realtor. How ethical is that? It's been two months since he showed me the property. We discussed the property with the seller agent but no contract ever. Should I wait longer? Should I pass on the property all together? Before you ask, we signed no exclusivity contract. I believe legally I would owe him nothing. [link] [comments] |
| Different ways to finance a property? Posted: 11 Jan 2022 11:20 PM PST So I'm 20 years old looking to purchase my first multi family property. My uncle has been renting one side of a duplex for a few years. The ceiling in the living room of his unit isn't in the best condition, it's kind of breaking apart. Porch could use a paint job as well. The owner is 63 years old, owns a few properties, and maybe he'd be willing to sell. If I contact him and he agrees to sell to me, how could I go about financing it? How should the conversation with the owner go? Do I tell him I'd want to finance with a bank/lender? Zillow zestimate is $237,000, which I'll have to try to agree on a way lower price. But what would the process be in this? How would you guys go about it? [link] [comments] |
| If you put up a room in your unfinished basement without a permit?? Posted: 11 Jan 2022 11:00 PM PST Do you have to tear it back out to sell it?? What if the buyers want you to leave it? [link] [comments] |
| Seller threw everything but the kitchen sink at me so I would come down 5k Posted: 11 Jan 2022 06:43 PM PST Offer Thursday 316k 60 days rent back zen estimate is 303k...they then proceed to pay 600 for inspection, couple 100 for radon test with the machine, and pest inspection for couple 100 to see what is wrong with the house. Pay for appraisal which thank God they can get that money back. Well...today is the last day and guess what man o man hvac is old and needs to be replaced, bathroom is out of code, the wiring is bad in the panel talking about two wires sharing one breaker...omfg you'd think we were selling them a pile of shit on top of shit. Says they want 5k off the price and me to fix all this shit...my response was I will fix the panel but everything else they can do themselves cause the fixes are easy like changing an outlet easy...as for the hvac that is what a home warranty is for...am I wrong or we not in a seller's market anymore??? Well in conclusion the broker went back to the agent and we haven't heard back since...but if I was a betting man these people offered high with the intention of coming in with a stupid credit so we expect them to walk like a penguin on ice waddling sobs...anyone else dealt with this crap before? [link] [comments] |
| Is there a catch with real estate agents who charge 1% commission? Posted: 11 Jan 2022 06:27 PM PST |
| Posted: 11 Jan 2022 06:09 PM PST We are in contract for a house listed at $254,900. It appraised for $258,000 We put $25,490 down and negotiated a sellers credit of $59,900 after seller failed to disclose they had existing septic tank inspection and we coincidentally hired the same company that was hired by previous potential buyers for our inspection to find out we need to update leach field at some point( not failing, just has an old leach field with a new tank). Our mortgage company told our lawyer that they were unaware of the extent of the credit ($59,900.00) and would have to reach out to a few of her colleagues, in order to let us know the correct verbiage required for the addendum, so as not to raise any unnecessary red flags on their end. We did explain that the matters for which the credit would be issued were not failed items, but rather that we are choosing to improve certain items on the property. We did mention those items were improving the recovery rate on the well and upgrading the leaching field. Is there a way to work this into a deal with an addendum and putting the money into escrow for repairs ? The sellers are already onboard. Is there a standard for such a thing? Why would this be an issue for the mortgage company? Edit: I should add that this house is currently part of an estate and no one lives there so my guess is that is why the sellers do not want to make any repairs because they would rather just cash in on the sale and split profit amongst estate receipents. Furthermoore, this house was purchased at $130kish in 2013 and would be sold at $195k with the credit. Not a bad profit for a mortgage your grandma paid for? Could be cost prohibitive of the sellers to undertake a leach field repair and pay taxes on the vacant home. Lets say they do the leach field for 45k and pay taxes, call it another 5k. Thats 50k in the hole for the house that appraised at 258 so yea they would probably make MAYBE 10k more than 195k(current value w credit) I could see that translating into less money especially when you consider its being split 4 ways. Who knows if sellers even have the cash to front 45k for the leach field in the first place. [link] [comments] |
| Supplemental tax bill not mentioned or paid for at closing Posted: 11 Jan 2022 09:21 PM PST First-time home buyer and poster looking for some advice. We bought a house about 3 months ago. A week or so ago, we got a bill from our county tax collector indicating that we owe taxes because the value of the house (the selling price) increased since their last assessment. The bill also clearly indicates that this bill is not being forwarded to the lender and it is my responsibility. However, the lender collects taxes as part of my payment, so I assume that the amount they collect is for the initial/reduced tax amount, not this new full amount (initial + supplemental). I get that property taxes are based on the value of the property. My question is that if the tax rate and selling price are known at closing, shouldn't this be part of the closing costs so that people don't get a surprise tax bill? How can I double-check correctly that I wasn't charged this at closing already, and also check the amount of taxes that were already paid to the county on my behalf (can I simply call them?). I'm contacting the title company that did all the calculations and paperwork, but their initial response was not very helpful and didn't provide any new information. Maybe this is how things work and my realtor should have warned me. Thanks in advance for your suggestions. [link] [comments] |
| Posted: 11 Jan 2022 03:19 PM PST Hello. I am in a little bit of a predicament and I'm not sure how to approach this. I closed on my house mid-September (Colorado) with the intent to occupy it as my primary residence, as I got an FHA primary residence loan. Ive been living there a few months and even have 2 friends who pay for a bed in the house. As of a few days ago I need to transfer and work for another manufacturing plant 12 hours away for the remainder of the year. From what my loan documents indicate this residence must be my primary residence for 1 year before renting it out. Do I just start working out of state and act like nothing happened? Or do I contact my lender and explain the situation? Realistically what can the lender do or say? I dont want to get in trouble 3-4 months down the line for not living there if they end up checking the residence as my primary..? Im nervous to contact my lender as I don't know how lenient they will be. I obviously cannot afford to pay the loan if they call it due, so I dont know what to do here. [link] [comments] |
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