Broker offers me a “discount” Real Estate |
- Broker offers me a “discount”
- NYC Broker Stealing My Home
- 1031 Exchange 45-day Deadline Approaching
- Anyone who lives in a condo, how much is your monthly HOA and what does it pay for?
- My buying agent is telling me not to be present for a home inspection.
- 30-yr fixed/comb, 5% down, @ 3.35% with no points - am I done? Or can/should I try to get them to hustle more?
- 30k above appraisal, am I crazy? Should I back out? (GA)
- Appraisal came in $45k under selling price
- Seller agreed to making repairs, appears to have just covered up issue to close escrow and now I need to properly repair. Any recourse? (CA, USA)
- Employee is resigning to "get into" real estate
- Washing machine issues
- Does it make sense to buy knowing it is only for 2-3years?
- I'm trying to not look at listing price and instead look at what comparable homes sold for. But how do I actually do that? I'm seeing results that seem strange
- Un-married couple, only 1 of us listed on loan. WWYD?
- Do you any new construction SFHs in your area have decent sized yards and spacing between neighbors?
- How would you fix the housing market for younger generations?
- Does my realtor need to know my entire financial position/net worth?
- House didn't appraise, Buyer has to ask for appraiser to reconsider errors?
- Does anyone know why our realtor is being so pushy about us replacing our roof before sell?
- Grandma's House/Trust?
- 1st Right of Refusal
- Applicants prior address has been associated with fraudulent activity.
- Home affordability in the future
- Work History Questions
- Specific Housing Proposals For Shortage
| Posted: 29 Jan 2022 09:19 AM PST We're interview possible brokers now to list our house. The one who came yesterday offered us a "friends and family discount". She said she usually sells for 7 percent commission, 4 for her and 3 for the seller's broker. But she will give us a discount by taking 3 percent and reducing the other broker's discount to 2.5 percent. How fast should we run away from her? Or is this a standard thing now? She said she would put the other broker's 2.5 fee in the MLS listing. [link] [comments] |
| Posted: 28 Jan 2022 04:09 PM PST Can anyone help me? About Five years ago I contacted a Broker to see if he could rent out my home. He decided to serve as a property manager and rent the house himself. He forced out my tenant and subleased part of the house. I asked him to exercise an option to buy in April PS '21 as I could not continue to pay the mortgage and would ultimately be in a foreclosure situation as he never paid consistently nor did his payments ever cover my full mortgage payment. At this time he said he needed 90 days. After 90 days, I did not hear from him, so I listed the property. He immediately called the listing agent and told her we would never get access to the property and he stopped paying rent. Now my home is in foreclosure and he is sitting in my home. Isn't this unethical from a broker. Also, BTW, He's also an attorney! [link] [comments] |
| 1031 Exchange 45-day Deadline Approaching Posted: 29 Jan 2022 08:52 AM PST A sold two quads last week and used a 1031 exchange to hold proceeds of $310K. I'm now not seeing any good deals for multi families in my area and somewhat concerned that I won't find anything within the 45-day window. I prefer to look for residential income that will cover the mortgage and expenses instead of having to pay out of pocket to cover mortgage costs. What other options do I have to ensure I can still invest the funds without taking the tax hit? [link] [comments] |
| Anyone who lives in a condo, how much is your monthly HOA and what does it pay for? Posted: 29 Jan 2022 09:35 AM PST I'm just curious what your HOA does/does not pay for. I've seen a variety of things on different listings. Some pay for most utilities, some pay for only water and trash removal, some include parking and other miscellaneous things etc. So again, I'm just curious what's included in YOUR HOA fee and how much it is per month. [link] [comments] |
| My buying agent is telling me not to be present for a home inspection. Posted: 28 Jan 2022 04:19 PM PST This is opposite to what I've read online. Is this the right thing to do? For context, the place is pretty beat up, which I'm willing to accept. But I want to be able to talk to the inspector to understand what is going on with the property. Looking to buy property in the Bay Area. [link] [comments] |
| Posted: 29 Jan 2022 09:07 AM PST No debt, excellent credit. It seems like after the steady rise to start '22 it has relaxed a little. This is all nerve wracking. Just looking for affirmation/opinion here. The other recommended broker I was working with wasn't too close to that and only offered to match when I showed it to them. [link] [comments] |
| 30k above appraisal, am I crazy? Should I back out? (GA) Posted: 28 Jan 2022 07:46 PM PST After multiple attempts to purchase a house in the surroundings of Atlanta (Kennesaw, Powder Springs, Duluth, Lawrenceville, Marietta,...) we finally went under contract on one home, probably because of our terms: 30k above asking price, waived appraisal contingency, cover 30k gap on the appraisal (regretting). The appraisal came back equals asking price. I'm stuck with a 30k out of pocket now, and I don't know if I should back out from the deal and loose $5k earnest money and $1,1k on appraisal and inspection. Please someone gives me some advice! I'm torn 😫 [link] [comments] |
| Appraisal came in $45k under selling price Posted: 28 Jan 2022 08:15 PM PST Just got our appraisal back. Our offer was accepted at 680k and the house appraised at 635k. In this crazy market, we waived our appraisal gap coverage so we're responsible for the difference. Luckily it's fine because we accounted for this but should we be worried about long term implications? Does this mean we'll probably lose on our house if we sell in 3-4 years? EDIT: I honestly feel stupid. I feel like we let the fact that there were 6 other offers get in our head and we went too big. We got the house & we love it but can't help but feel a little deflated. [link] [comments] |
| Posted: 29 Jan 2022 10:37 AM PST In short, a wood repair issue was not properly repaired as agreed upon per the contract (Request for Repairs) and the seller appears to have just covered it up and claimed it was repaired. Upon closer examination following move-in, it appears that very little was actually done to repair this issue and it will cost me several thousand dollars to repair myself. Given that they agreed to complete the repair and did not, do I have any sort of claim in pursuing damages? What's the best next step, small claims court? Just eat the expense myself? Any advice appreciated. [link] [comments] |
| Employee is resigning to "get into" real estate Posted: 28 Jan 2022 05:39 AM PST I have an employee who makes good money for their age in a major metropolitan area where the real estate market has also been booming. My educated guess is that this area is oversaturated with real estate agents, and with interest rates rising it will be difficult to break into the job and might be tough to match their current salary. Am I way off? I want to convince them to stay and maybe suggest they try getting into it part time on the weekends, though I realize PT real estate is not likely. I want what's best for them. I'm also afraid if they leave they won't make much money and will struggle to pay their bills. Also curious how hard/easy it is to make much money when starting out in the business. [link] [comments] |
| Posted: 29 Jan 2022 10:09 AM PST I am a first time home buyer - closed on my town house in September of last year. After a month or 2 of use, the washing machine won't drain. There is another washing machine that's in my building that I pay $1.50 every wash to use. I don't have home warranty. Is the draining something that I need to call someone in to take a look at? Is it a simple issue? All the YouTube videos I watch make it seem like a really complicated fix. Any experience knowledge would help me. [link] [comments] |
| Does it make sense to buy knowing it is only for 2-3years? Posted: 29 Jan 2022 09:58 AM PST Moved to a new city (MCOL) last year and were planning to buy but decided to wait and rent based on the HOT market. Currently, we don't see a lot of options in the area and the ones that fit our needs are between 450-550K. Due to the WFH culture becoming a norm, we are planning to move back/go remote to our hometown (approx. 8hours away) in the next 2-3 years. Our current plan was to keep renting for 2-3years as it didn't make financial sense to buy a 500K property only to sell it in 2 years. Now, the owner of our townhome has offered to sell the property to us. Zestimate (if that means anything nowadays) says 260K. Based on ball park figures, our mortgage payment+home insurance+property tax+HOA will be within 5% of our monthly rent. I ran some numbers and I don't see any reason to not pursue this option. We have lived here for almost 1 year and kinda know the property and were anyways planning to keep renting it. So, the question I have for all you folks is: am I thinking rationally about this? Are there any pitfalls I am not thinking of? Edit: the 2-3years could turn into 5years (at max). The neighborhood is great and school district is one of the best in the state so we are covered from kids perspective. [link] [comments] |
| Posted: 29 Jan 2022 09:20 AM PST I've been looking at houses in the area but i'm having a really hard time understanding what they should sell for. I'm trying to look back at houses sold in the last few months on Zillow but i'm seeing some unexpected results. Here's an example. Nice looking house on a quiet street that sold about 2.5 months ago. Zillow says it was listed for $600 and then sold for $595 (under asking? what!?) Now here's another house I just recently went to visit. It's in the same cul-de-sac as the other house and has similar dimensions(The SQFT here includes the basement whereas the other listing did not. MLS has them about the same above ground SQGT). IMO this house doesn't seem as nice as the other one but was listed at $675 and the realtor I spoke to expected it to sell at about $725 (some of the pictures look nice but they were really deceptive. The place was incredibly awkwardly laid out and cramped) Am I missing something? Is it just the case that there must have been something wrong with the first house? Maybe more people find the 2nd house nicer (125k nicer though...?) but this was just the most recent example. I've been looking at a bunch of recently sold houses in the greater area and i've seen quite a few examples of final sale price being lower than the listing price which doesn't make sense. I'm also seeing a lot of examples of houses that seem to be selling for quiet a bit under what comparable houses are currently being listed at. How should I be getting a good understanding of how much I should be paying for a house? I'm flexible and looking at a very big area (basically any nice suburbs 40 mins from Philly) and having a hard time comparing the prices of town to town. [link] [comments] |
| Un-married couple, only 1 of us listed on loan. WWYD? Posted: 29 Jan 2022 08:38 AM PST I acknowledge none of you are MY lawyer/real estate agent/financial advisor. Partner 1 is listed on loan but both partners will be contributing equally to the deposit/down payment/mortgage. We have small kids together and partner 2 wants to be able to keep living there in the event of partner 1's death. Is a will good enough or do we need to write it into our purchase agreement? Would partner 2 have to buy the house from partner 1's estate? Should we separate, what's the best way for either partner to recoup their financial contribution if 1 partner stays living at the house? Is selling and splitting profit the best way? Do we just get married real quick and keep our fingers crossed? (Option of last resort!) Is there a typical way this shakes out? Did your unconventional family have a similar experience? Thanks y'all! obviously we'll be getting advice outside of internet strangers [link] [comments] |
| Do you any new construction SFHs in your area have decent sized yards and spacing between neighbors? Posted: 28 Jan 2022 09:20 AM PST Every new community I can think of that was built in the last 15 years has these tiny backyards that are basically useless. The spacing between the houses is so tight you can practically reach out the window of your house and touch your neighbors house. They're packed in so tight that 4 houses share one driveway. I get that they're trying to pack in as many homes as possible but these new communities really suck. I'm just curious if this is happening around the country? It's happening in every city I've seen in California. [link] [comments] |
| How would you fix the housing market for younger generations? Posted: 28 Jan 2022 08:50 AM PST It seems obvious that most youth feel the current market is broken and has failed younger generations. There is a huge supply problem evidenced by rising costs relative to wages and new construction lagging far behind population growth for over 20 years. If the market has failed then some form of government intervention may be necessary. Rising prices from diminishing space seems unlikely. This is a huge country with a relatively high acreage per person. Even if space to build was an issue the government could a play a role by either freeing up some of the 640 million acres it owns or by limiting the amount a corporation or private individual can own. For instance the fact that 50 people own 31 million acres of land seems excessive. Rising prices from an increased need to be concentrated seem unlikely. Modern technology and our shift away from manufacturing mean many are able to work remotely. Most estimates are above 20% for those currently working exclusively from home. Who does the market benefit by limiting supply? Current homeowners have little incentive to change the system because they benefit from the scarcity. I get notices from Realtors that the current housing market shows the value of my home has increased by 40% over the last 2 years. That is insane and no where near supported by diminishing population growth and increased decentralization of the economy. Corporate and individual landlords own roughly 20 million homes or roughly a little over 40 million housing units when multi-unit dwellings added. That could be driving some scarcity. They definitely benefit from scarcity through increased "market-rate rents". Maybe government could limit the number of houses that can be privately owned by any one person? Government incentives to build new affordable homes that could only be used as a primary residence seems a good idea. Zoning laws are another area greatly limiting supply. Easing restrictions that limit the construction and placement of Accessory Dwelling Units or Tiny Homes would help immensely. Government intervention through programs that allow the government to own land and let people build or live in an ADU for free or a sliding scale would be incredibly helpful. Obviously an ADU as low as $100k would not be ideal living situation so most would move to something else when no longer young and single. However, many skeptics would realize the benefit of locking in monthly private housing costs of only $485. Many pay way more than that in shared rental housing that does not even build up equity. What do you think? Are there other options that would work better or do you feel the status quo is just fine? (I originally posted this under housing to Personal Finance but it was banned so reposting here if housing discussion is allowed.) [link] [comments] |
| Does my realtor need to know my entire financial position/net worth? Posted: 28 Jan 2022 12:34 PM PST Out of curiosity, what information regarding financials must clients give to their realtor? [link] [comments] |
| House didn't appraise, Buyer has to ask for appraiser to reconsider errors? Posted: 29 Jan 2022 05:31 AM PST Hello all- I'm in a medium COL area where the housing market has cooled SOME but the inventory is still relatively low. During my first weekend looking, I found 2 houses I liked. The first one was clearly listed about 80k above what it would appraise at (and is still on the market weeks later) and the other I felt was somewhat close. I bid on the #2 at asking with an appraisal and inspection contingency. So yeah I went the old school traditional way, and I got the house. ..and here's where it gets funky (at least for me). The house appraisal came back $27K below offer (house is in the 350-400k range). My Realtor expected that too happen to so I wasn't too surprised. The owners are asking for the appraisal to be reviewed/reconsidered because of some errors in how they assessed the comps. Specifically an error where one of the comps is recorded as one bath being a 1/2 when its a full and this (according to my Realtor) is indeed an error but would only equal 3-4K of an adjustment if the appraiser would consider the mistake at all. There are a few other inconsistencies but are insignificant according to my rep. Where the process is different is that Im using the VA Loan, which requires me file a formal request for adjustment with all the why's and how much'es vice the owner. I have to draft up a letter and submit it. This process could take a few weeks and Im due to close in that time. I have complicated feelings over me being the one to ask to pay more money when it won't make up the difference of the appraisal and I have zero interest in paying over appraisal. I understand that I may lose houses over that fact, Im not that in love with this place. The selling realtor stated that they knew the price was above market, but was "hoping in this market".....etc". My position as of this morning is to have them make a decision based on the appraisal and walk if they say they won't lower to that amount. I would consider if they countered with reducing all but the few $k but Im not sure what Id do then. What say all of you in this case? [link] [comments] |
| Does anyone know why our realtor is being so pushy about us replacing our roof before sell? Posted: 28 Jan 2022 09:19 AM PST We've already listed and accepted an offer at listing price. Our roof is less than 15-years-old and there are no leaks. Inspector wanted some flashing and some worn shingles replaced, then the realtor sent a roofer out to look at it, and the roofer said it needed to be replaced (business for him, so that makes sense), but when insurance came to look at it, they're denying the claim and saying that it's in good condition and still insurable for full coverage. They send us a letter saying that to provide to the buyer. Now, our realtor is wanting us to fight the insurance company to demand that our insurance replace the roof for the new buyer ... why? It won't increase the sale price, and our insurance is USAA. The buyer is USAF, so likely also USAA for insurance. We're trying to figure out why our realtor is being so persistent on replacing the roof when we already have an offer and insurance is willing to provide full coverage. Any ideas? [link] [comments] |
| Posted: 29 Jan 2022 02:49 AM PST Hi, everyone. My grandma is in need of money for her care. My family is considering selling her house for that money, but someone mentioned that that would mean all the siblings in the trust would have to pay taxes. They said that there might be a way to transfer the title to a family member and then my grandma can get paid from the trust. I am heartbroken at the thought of her house being sold; I would like to find a way to rebuild it, add an ADU, and rent the properties to bring in money for her and start a home design business. I believe this could help everyone in the family, if done right. Does anyone know more details about this kind of property transfer/trust situation? No one seems to know more, and she needs money for care as soon as possible. Is this a situation that sounds familiar to anyone? I'm not sure how to research this or what it's called. I'd be grateful for any help or advice! Thank you! [link] [comments] |
| Posted: 29 Jan 2022 02:17 AM PST Looking to buy a property under contract currently. The property is contingent on the other party selling their house. Listing agent stated that they "don't NEED to sell it, but want to first." They 48 hours to lift contingency after I make my official offer. They are not contracted for the full listing price. I want this property and am willing to offer anything up to full price. Wondering if any of you all know anything that may better my chances of scoring this property. Thanks all. [link] [comments] |
| Applicants prior address has been associated with fraudulent activity. Posted: 28 Jan 2022 02:50 PM PST Hey, I'm new to real estate investing and being a landlord. While looking for tenants I proceeded to run a background check on one of them, and one of the alerts that came up was "Applications prior address has been associated with fraudulent activity we suggest you verified the Applicants identity" What does this mean has anyone had a experience like this? Should this mean an immediate no to renting out my unit? [link] [comments] |
| Home affordability in the future Posted: 28 Jan 2022 02:37 AM PST Who will be afford a home (or even rent in some places) in let's say 3-6 years? Even if all markets cool down between 2023-2024, home prices would still be super high, but that's just a cool down, from my understanding homes usually appreciate in value 3.5% - 5% a year. So I'm going to base this off a market I'm hoping to buy in. Home values are predicted to increase at minimum 10%. The house I want to buy is 450k. 450k plus 10% = $495,000. That alone could price me out not mention the other years of minimal appreciation if I wait. Also it appears interest rates are about to increase. The real problem is JOBS aren't keeping up with this demand. There relatively Stagnate (in pay) compared to the increasing home values and increasing rents. It appears the only thing that can fix this issue is another 2008 or government intervention of some kind. What will happen based off these facts? [link] [comments] |
| Posted: 29 Jan 2022 12:52 AM PST Hello, I am looking to buy a house in july from family. I am wondering if we might run into some issues with work history from my fiance. I have been at my current job, salary for 2 years, but she was working part time after college graduation in 2019, then was laid off because of covid for 3 months in march 2020. She has been working part time since then at 2 seperate places and has been promoted to full time hourly as of 6 months ago and left the other part time job. All of this work is related to what she went to college for. Today we make about 95k combined a year and our expected DTI with loan and other debts would be about 37% and credit scores above 700. Do you think this would cause any issues for us getting approved for a mortgage? I know this is kind of specific, but any info would be greatly appreciated! [link] [comments] |
| Specific Housing Proposals For Shortage Posted: 29 Jan 2022 08:22 AM PST The housing shortage is a complex interchange of issues. Unable to do much about the Federal Reserve fiscal policy. However, I tried to summarize other specific steps that can be taken to help address housing scarcity in the both the near and long term. I intend to send some version of these to my various government representatives. Corporate Money: No limits on commercial real estate or new residential construction. No limit on buying existing residential apartments. All other residential real estate limited to only being able to buy after 1 year unsold. Penalties for any empty residence not on market set to same standard as vacation homes. Foreign Investor: Banned from everything except commercial real estate or new residential construction. Penalties for any empty residence not on market set to same standard as vacation homes. Private Money Non Primary Residence: No limits commercial real estate or new residential construction. No limit on buying existing residential apartment buildings. All other residential real estate other than primary residence is limited to 5 units and only being able to buy after 6 months unsold. Penalties for empty units not on market or units above 5 that were not new builds are set to same standard as vacation homes. Primary Residence: First time home buyers are only ones able to submit an offer for first week. All others seeking it as a primary residence will then have up to month 6 before competing with investment money. Federal Zoning Efforts: Federal government encourage higher zoning density via federal funds. Those could entail direct payments to local governments that raise or have existing high density, expedite permitting, or waive fees. Tax credits to individuals that install accessory dwelling units on primary residence property for rent. State Zoning Efforts: Similar actions as Federal plus emphasizing state resources towards higher density areas. Local Zoning Efforts: Ban or severely limit ability to transfer existing housing stock that is not a primary residence into a hotel stock via things like AirBNB. Urban Building Codes: under 6 units follow the IRC instead of the IBC, Remove all parking minimums, Eliminate minimum lot sizes, maximum FAR limits and resize setback requirements to what the fire department deems appropriate for safety, relax residential zoning to allow up to 6 units and some commercial uses by right. Light commercial (office uses, small retail) could follow IRC as well. Federal Regulations: Simplify a national building code that would be enforced by central government. Added complexity of many different state and local codes is delaying construction and raising costs. Universal standard would also encourage factory automation of a form of plug and play integrated materials for homes that could be adapted to local lot conditions. The more work that can be done by robots elsewhere the less that would need done on site. Vacation Homes: Penalize ownership of additional homes that are not being offered for sale or rented out for use through a scaled increase of property taxes. Second home x2. Third home x3. And so forth. Possibly even higher penalties for vacation homes in areas zoned for higher density. HOA: Change associated Covenants, Codes, and Restrictions to allow installation of ADU. Immigration: Specific New Construction Visas helping allow skilled immigrant workers address a critical manpower shortage. Homeless or Working Poor: Adopt International Residential Code standard of a minimum habitable square footage of 120 with minimum lot size 320 to facilitate housing options such as single bedroom motels being turned into apartments or condos. Occupancy: Increase maximum occupancy for larger square footage places to be in line with the minimum square footage requirements to facilitate intergenerational living. Materials: Incentivize via tax credits greener or sustainable new building materials such as precast concrete slabs, recycled plastics, reclaimed wood, recycled steel frames, hempcrete, ferrock, timbercrete, and so forth. Vacant Land: Increased property tax rates for vacant land scaled to zone density for where it is located. Lower property tax rates back to normal if vacant land is turned towards a public use benefit such as community or beautification garden, play space, green space, or public art installation. [link] [comments] |
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