Bought a money pit Real Estate |
- Bought a money pit
- Correlation between stock market prices and real estate
- We got screwed over pretty hard after the purchase of our first home and I’m looking for advice.
- Starting new job getting a mortgage
- Just curious - how did the Tech Bubble Bust (2000-2002) affect Bay Area Real Estate?
- Foundation/Settling Issues
- Really like my real estate agent, but I feel like he's misleading me a little
- Should I buy new build with backyard near busy road?
- Building your own small home/cabin worth it?
- Transferring my rental property to a LLC
- Spring Market 2022?
- Friend who is an appraiser found we have 200 extra sq feet vs documentation
- In this crazy market can I be a secondary hone buyer?
- Frustrated by the homebuying process in a competitive market
- Would you buy a house with a 9 year old sprinkler system?
- Concern is agent wanting to sell my place to her client?
- Can I buy a home with the seller agent directly?
- Any of you rent out houses you own out of state?
| Posted: 24 Jan 2022 08:24 AM PST My partner and I are first time how owners. We bought our home around a month ago, and we have had unexpected expensive after unexpected expensive. We found a house in our ideal neighborhood. House was 60 years old, but we were expecting to buy an old house if we wanted a good location. Inspection came back. The only thing that was really marked as needs to be checked out was our crawlspace. The previous owners had encapsulated the crawl space and added a dehumidifier. Inspector noted mold and joist damage. Inspector said dehumidifier was never serviced, and that was why there was mold. We leave in a damp area, so this made sense. This was a 4k fix. Sellers agreed to pay for our closing costs, so cool, that works out to paying that for us. Pipes were galvanized. Inspector said that they are near the end of their lives and need to be repaired. We understand this and figure we can replace them in 3 years and save up. Since they were "working" we didn't want to ask the seller to replace, especially in this hot market. Then we move in. Turns out the pipes were actively leaking! Fun! We get all the supply lines replaced for 7k. Might as well do it all at once. We also found out our second bathroom is on a severe back pitch that makes it unusable, which is a pretty damn big thing for the inspector to miss. Fixing the back pitch will be another 3k at some point.; Then our sink stops working. This was noted as being "slow to drain". We shrug it off and plan to check the p trap when we move in. We only had a one week inspection window and just calling to make appointments to get things estimated is hard to do when you work during working hours. And plumbers found out the ac is leaking into the crawlspace. Another 2k to fix. Crawl space people come out. I let my real estate agent arrange this one, and I think he told them to get as cheap of a quote as possible. Turns out the house needs jacks, and that we shouldn't get the mold sprayed but removed. That's another 8k. Cracked joist is also due to water damage, which would have been good to know! Then our skylights started leaking. Inspector noted that skylights are prone to leak but found no sign they were leaking. Which I'm not sure how because I gave it a good look and can see water stains. We went for the cheaper option which is getting them roofed over, which is another 4k. So we're looking at at like 27 k of unexpected costs on this house. I'm furious that our inspector didn't catch things like active leaks and a huge fucking back pitch. I'm also mad at the initial crawl space estimate didn't actual cover everything. And I'm mad at myself for thinking a one week inspection period would be enough. It really sucks that you're expected to know how to buy a house without ever living in a house. Hearing things like "sink drains slowly" to me means it needs to be unclogged, not "galvanized pipes rot from the inside in and that entire pipe needs to be replaced." We bought from an estate, so the people we bought from had never lived in the house and couldn't tell us anything about it. Also a bad idea. But I can budget and have a good paying job. I'm fortunate that I can put aside 1k a month to tackle this problems. And I'm not allergic to mold! [link] [comments] |
| Correlation between stock market prices and real estate Posted: 24 Jan 2022 09:16 AM PST I have read countless articles over the past two years that the huge spikes in home ownership was at least partially attributed to the huge gains in the US Stock market since covid hit. People buying homes using loans secured off their stock portfolios, or cashing in the profits to buy a house instead. Is there any correlation historically between stock bear markets and reduction in housing prices? [link] [comments] |
| We got screwed over pretty hard after the purchase of our first home and I’m looking for advice. Posted: 24 Jan 2022 08:56 AM PST My husband and I have been dealing with a really unfortunate situation after the purchase of our first home. When we were going through the inspection process we paid extra to have everything inspected. Mold, radon, sewer lateral, the works! My mom had recently had a bad experience of purchasing a home that turned out to be a moldy mess because she didn't pay for extra inspections; we took a lesson from that's Well upon inspection it became clear that the sewer lateral from the stack to the street needed to be repaired or replaced since it was cracked in many areas and had excessive roots in the lines. We got a proposal from a company to have them repaired by cleaning the out and then coating them. It was about $11K for the repair estimate. The seller agreed to replace, not repair, the sewer lateral; title company is in charge of making sure it's done, all should be well and good. We closed late 2020 and a few months later had a small sewage back up. We called our realtor because if everything had been replaced like it was supposed to there was no reason for this to happen. They call the title company to get the name of the plumber who did the work and send him out to snake the drain all the while all parties maintained that the work had been done properly. A few months later we get a washer and dryer. Very exciting, no more laundromats or bumming off friends for us! Well, we noticed that water was pooling around the drain quite a bit and as time went on when we did laundry we would have a small lake/whirlpool in our basement because the drain wasn't able to keep up with the output. We figured again this wasn't really normal as it was getting worse overtime. At this point it has been about 10months since we closed and I figured maybe my nieces or nephew had flushed a toy during a sleepover. I didn't think to call the plumber who did the repair and had come out after the initial backup. Honestly I thought he was surly and kinda rude and thought it would be easier to just have someone else. (We later find out why he was so surly) When the new plumber came out they could find no real reason for the back up, there was just a lot of "soft clogs" from toilet paper, soap scum, hair, nothing that should be causing this bad of an issue after having the entire lateral replaced. I have an invoice provided by the title company, whose job it was to make sure all repairs were done properly, stating that 70' of pipe from the stack to the street had been replaced. New plumber decides as a courtesy, no charge, to run a camera through and look at what's going on. What we found absolutely infuriated us; there was a reduction from 4" PVC to 3" PVC with no tapering 35' from the stack, and then at 38' the pipes return to the original clay pipes. Not only did they do a "repair" that was not up to code and therefore illegal, they only did half of what they say they did. The guy advised us that it needed to be fixed and until it was we should not flush anything down that doesn't need to be, including toilet paper. He wasn't qualified to do an estimate as he was just trained in simple unclogging and snaking issues. Remember we paid extra for all the inspections so we have a video of the line taken before the work was done proving that this was not there before "replacing 70' of pipe". We had someone come out to do an estimate of the repair work and it's going to be about $13K. We have grounds to sue the buyer and through some miracle I was able to get an attorney to work with us on a contingency basis. That was nearly six months ago and the seller has been difficult to track down and the sellers agent isn't being any help because they are trying to protect themselves and their client. In the meantime the money has to come out of our pockets and it just isn't in our budget. We are average Americans living paycheck to paycheck and all of our money went into buying our first home. Knowing we wouldn't be able to afford a big repair like this is why we paid extra for the additional inspections. I'm wondering who is at fault here. It is the seller for hiring a plumber to do a half-assed job? It is the plumber for misrepresenting what he did? Is is the title company for not making sure the work was actually done? The invoice that was submitted was for only $3200, anyone with any real experience would know that's about 1/3 or what it costs to replace a sewer lateral. We didn't see the actual invoice until much later because everything was done virtually and "curb side" due to Covid. All I know if that it isn't our fault and yet here we are stuck in an impending lawsuit looking at fronting $13K for a repair that was supposed to be done before we got our keys. I'be become very depressed and the impact on my mental health has been enormous. Who is responsible and what should I do? Who should this lawsuit be focused on? Do you guys have any advice? ETA: I confronted the original plumber about it when it came to our attention and he said that the seller had him come in and just do the second part of the job and someone else and done the rest. He heavily implied the seller was aware and had deliberately cut corners, he just went along with it. He very much resented the implication he did anything wrong. [link] [comments] |
| Starting new job getting a mortgage Posted: 24 Jan 2022 04:10 AM PST Hello everyone. Thanks for anyone who helps me out here. My wife and I currently want to move out of our house and purchase another home. We both have good stable incomes both at the same job now for 8 years. I was recently offered a new position with a pay increase with a new company. Would this hurt our chances of getting a new mortgage loan if I would accept this offer? [link] [comments] |
| Just curious - how did the Tech Bubble Bust (2000-2002) affect Bay Area Real Estate? Posted: 24 Jan 2022 09:02 AM PST Question for those of you who were living in the Bay Area in the late 90s/early 00s. The Nasdaq peaked at about 5000 in March 2000 and slumped all the way to 1600ish by late 2002. Many, many companies' stock prices declined by 75%+. I would think that this would have had a tremendous impact on the real estate market in the Bay Area (a negative one, if that). Can anyone explain how that affected prices then? [link] [comments] |
| Posted: 24 Jan 2022 06:07 AM PST Hello, I just put an offer for a very well maintained 3bds/2ba house that has foundation/settling issues. Should I walk away from it? There are several 16" long fractures coming from the corners of door frames. The outside of the house is brick, and there is a major separation in the brick of about 1/4" in the top section of the wall, that converges to about 1/16" towards the bottom of the wall. The garage floor looks like spider web, and there are several fractures noticeable on the slab as you walk around the perimeter of the house. How expensive is it usually to fix these types of issues with mudjacking or foam? The house is 1800sqft. Thanks! [link] [comments] |
| Really like my real estate agent, but I feel like he's misleading me a little Posted: 24 Jan 2022 10:17 AM PST Planning to get a new construction and I really like my agent because he's done a good job of explaining stuff and being on top of things with me (he responds SUPER fast), which is much better than my prior agent who would take days to respond. Anyways, recently found a place that I really like and I started asking my agent about certain upgrades, whether it would be cheaper to do in construction or post-construction (i.e. private contractors). Well so far he basically recommends to do everything in construction because according to him, it's usually always better quality and cheaper in his experience. I know he has an incentive for me to do more stuff in construction, since that will raise his commission, but I also do recognize that in my brief research there is stuff you should do during construction. At the end of the day, I need to be my biggest advocate, so are there any good websites that give me a good idea as to which upgrades are worth it during construction v. post-construction? I've watched a few YouTube videos, but they're fairly anecdotal and rather niche. Alternatively, any advice in general for dealing with an agent like this? Other than finding a new one. [link] [comments] |
| Should I buy new build with backyard near busy road? Posted: 24 Jan 2022 09:06 AM PST Found a new build for a reasonable price in this crazy market that'll be ready for delivery soon. The house is in a new subdivision with great schools but the backyard abuts a semi-busy main road. There is a tree line separating the yard from the road but there will still be noise I'm guessing. Also, the HOA doesn't allow a fence. The house is priced to account for its location but I'm not sure if I should move forward based on the location and potential impact on appreciation, along with the inability to put a fence up with kids and dogs. Would you buy the house? [link] [comments] |
| Building your own small home/cabin worth it? Posted: 24 Jan 2022 08:58 AM PST Looking for advice from anyone who has done this. I'm looking to make my primary residence a small cabin of under 1k sq ft. Was it worth the headache, time, and extra money to make this kind of thing happen? Will I have a hard time finding a contractor to build something so small? Thanks! [link] [comments] |
| Transferring my rental property to a LLC Posted: 24 Jan 2022 07:49 AM PST I have my mortgage with PNC bank. The bank just told me that they cannot transfer the title of the property to llc. Any idea how to handle this? [link] [comments] |
| Posted: 24 Jan 2022 07:39 AM PST Will there be a real influx of homes come March/April? i'm trying to find an acreage property with something 1800 square feet or more and preferably 10+ acres... right now it just seems like its slim pickens.. Given the strength of the sellers market right now wasn't sure if i should compromise right now or wait another 6 weeks and hope there is an influx of homes? any advice would be appreciated [link] [comments] |
| Friend who is an appraiser found we have 200 extra sq feet vs documentation Posted: 24 Jan 2022 10:10 AM PST Assuming we have a neutral appraiser come into a do a reappraisal, what are the implications of this? Does it raise the value of our property? [link] [comments] |
| In this crazy market can I be a secondary hone buyer? Posted: 24 Jan 2022 10:09 AM PST As all of us know, buyers are getting into a bloodbath with bidding wars, over bidding, waiving inspections, cash offering etc… And sure enough I have started to hear tales of woe from the buyers relating to a Pandora's box they find after closing. Do you guys think I could employ the following strategy? Keep a list of properties that I lose out to. Where they waived inspection etc. Wait a few months after closing and keep an eye on the same properties. Approach the buyers.of the properties after a few months and find out if I can buy it for a price lower than they bought it for. If they agree then it means they found way too many problems than they are willing to deal with. [link] [comments] |
| Frustrated by the homebuying process in a competitive market Posted: 24 Jan 2022 09:54 AM PST My partner and I live in a pretty competitive market. Our first offer was rejected, partially because the seller was iffy about the preapproval letter coming from my father instead of a "reputable third party lender." (My father is a broker and loan officer; my mother is a real estate agent). We told the seller/listing agent that we'd get a preapproval letter from another lender, but in the middle of that process, they accepted another offer. So we just put a second offer in, only to have issues again. This place has been on the market for over 80 days. Before placing the offer, my mom called the seller's listing agent and asked if they have any other offers to see if we have any wiggle room. They said no. Come to find out today that yes, they did have another offer that they received four days ago on Thursday. The listing agent never communicated this and also didn't provide us with a counteroffer. So we bumped up our offer by $10K. Now they're saying they have issues with the preapproval letter because it's from Bank of America, and in the listing agent's words, "Bank of America is the worst." I feel frustrated because this feels unprofessional, and also not happy about having to go through the preapproval process alll over again. I used to own a condo, and the homebuying process was the exact opposite of this. I don't want to continue this cycle of placing offers and being strung along by the listing agent, only for nothing to come of it. How normal is this? Does anyone have advice for placing offers in a hot market? [link] [comments] |
| Would you buy a house with a 9 year old sprinkler system? Posted: 24 Jan 2022 09:51 AM PST A little background: My husband is a new real estate agent and he is the buyers agent for his parents looking to purchase a $300,000 home. His parents think they have found the house they want, but it has a 9 year old sprinkler system that hasn't been used in 5 years. It was winterized, but we are a little worried about what it looks like after 5 winters and summers. It is too cold out to test the pipes. During inspection the inspector mentioned it, but again, couldn't really do much to test it. Could this cause them problems down the line? My husband mentioned that the original owners paid almost $100,000 to put it in, but I'm not sure if that is relevant or not. [link] [comments] |
| Concern is agent wanting to sell my place to her client? Posted: 24 Jan 2022 09:32 AM PST Is this in fact a concern? I'm just wondering how she can give us the best deal while also trying to do that for her client wanting to buy it [link] [comments] |
| Can I buy a home with the seller agent directly? Posted: 24 Jan 2022 09:18 AM PST Buyer agents are useless at best. They don't help the buyers to negotiate and the only thing they know is to push the buyer to increase the bid so that they can earn as much money as they can. Therefore, I am wondering does anyone have any experience of buying from the seller/ seller's agent directly? Thank you. [link] [comments] |
| Any of you rent out houses you own out of state? Posted: 24 Jan 2022 08:52 AM PST Anybody live in say Maryland and own a house in Missouri to rent out? How's the work? Have you guys run into any big problems doing this? [link] [comments] |
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