Anyone else throwing in the towel for buying a home in 2022? Real Estate |
- Anyone else throwing in the towel for buying a home in 2022?
- Final Update [CA] Buyers moved into my house before close without permission
- Don’t squander a good bidding war
- If you're wondering why sellers overwhelmingly prefer all cash offers
- Overpriced home
- Cameras Frowned Upon During Showings?
- Why I think that home prices will eventually fall
- Removing PMI
- PenFed Mortgage
- First time selling
- Can I withdraw an offer
- They don’t ring a bell at the top
- Purchased a fixer upper in NY last summer, how soon to re-appraise?
- Any Americans living abroad use America Mortgages?
- Is there a way to tell if a house used to be a duplex?
- 5% or 20% down in today's market?
- Sellers agent is dragging things out rant
- Real Estate as a Food Chain
- Texas Buyer Agency Agreement (refund)
- What state is livable and has the best prices. Something safe.
- Inherited a extreme fixer upper, Ohio duplex 6 bed 3 bath plaster walls water damage in one room
- I am looking to buy a house and asked my cousin how much he paid for his.
- Could someone explain the rising cost of homes and rent?
| Anyone else throwing in the towel for buying a home in 2022? Posted: 20 Feb 2022 10:39 AM PST Misery loves company and this market is just too competitive, overvalued, and nearly impossible to find something. As times goes on interest rates keep rising and I'm getting priced out. Everyone keeps telling me home prices are not going to come down and they will keep going up as interest rates rise. I can tell you I can't afford a home anymore with the rise in interest rates and home prices still continuing to climb. How is everyone especially with higher interest rates and high home prices able to afford it? Is everyone just wealthier or is everyone just going to deal with the higher payments and be reassured there won't be a housing price drop? I know in the stock market the rises comes with a fall. Is everyone's opinion this home price rocket ship is forever soaring with no return in sight? Leaving this open to thoughts, ideas, and encouragement to anyone else in similar positions. I'm trying to buy a home in Texas if anyone is curious. [link] [comments] |
| Final Update [CA] Buyers moved into my house before close without permission Posted: 20 Feb 2022 07:29 PM PST Refer to this post for the backstory: https://www.reddit.com/r/RealEstate/comments/ez4z1g/update_ca_buyers_moved_into_my_house_before_close/ I filed a complaint against my buyer's agent with the California Department of Real Estate. I submitted all the documentation I could including:
It took them several months, maybe over a year, to review my complaint. In the end they determined the buyer's agent didn't do anything wrong!!! When you look up his license, there is no record of any complaint filed. He does a high volume of sales for a big name broker. I don't know if that has anything to do with it. Lots of folks were telling me to file a complaint so I just figured I would provide the update that I did and nothing came of it. I'm out less than a week's worth of utilities, less than a week's worth of rent, and gained a crazy story! [link] [comments] |
| Don’t squander a good bidding war Posted: 20 Feb 2022 09:29 AM PST Last weekend, we found what looked like the perfect listing and knew we'd need to jump all over it. Our agent offered to video-tour it for us because we live a couple of hours away and based on that tour, we (and 5 supposed other buyers) made a full asking price offer with a $25K escalation clause and were told there would be an answer on Monday. Monday came and the seller's agent updated the listing asking for "highest and best" by Thursday night with a Friday decision. Our agent inquired and found out we were "one of the best" offers but the sellers wanted more. Thursday morning, the seller's agent called our agent asking for bank statements proving we could cover the appraisal gap on whatever our next offer was. We complied, but also decided it was time to see for ourselves exactly what we were about to bid on. As we rolled by the house, my wife's one-word response summed it up: "Nope." She immediately texted our agent saying we were out. Nice house in a crappy neihhborhood totally lacking comps. The next day, the seller's agent called our agent asking if we'd reconsidered and today, another two days later, the house is still on the market and the listing has been updated to remove the offer deadline. I have no ill wishes toward the seller and hope they make their sale, but can't help but think they squandered their first weekend on the market and a good bidding war. The newness and initial frenzy of their property freshly hitting the market has worn off and buyers may even be wondering what's wrong with it that it didn't sell already, like we often do. It's a massive seller's market, but you can still overplay your hand. [link] [comments] |
| If you're wondering why sellers overwhelmingly prefer all cash offers Posted: 20 Feb 2022 01:48 PM PST Look no further than the sheer volume of appraisal related posts in this sub. Going under contract with a mortgaged offer is simply a huge headache at best and a legitimate risk at worse. In my market I'd say all cash is worth at least 50k on a financed offer, especially since you're likely to lose that 50k anyways or have the contract fall through due to some appraisal gap [link] [comments] |
| Posted: 20 Feb 2022 02:03 PM PST Any suggestions appreciated! We found a home that would be perfect for our family but I think it's significantly overpriced. The realtor thinks so as well. The home has been on the market for more 3 months without a single offer and no drop in price. Is there any point of putting in a lower offer + write a letter to the seller? I'm guessing there is little downside but wanted to get advice. This is in the Chicago suburbs for what it's worth. [link] [comments] |
| Cameras Frowned Upon During Showings? Posted: 20 Feb 2022 06:35 PM PST Is it frowned upon to have a couple cameras while out of town during showings ? I have a pet at home and some things in the house. I don't want to come off as weird but feel as if it's almost basic due diligence in 2022 on a security front. Thoughts or experiences? [link] [comments] |
| Why I think that home prices will eventually fall Posted: 20 Feb 2022 02:41 PM PST 1) We live in a world of social media where news travel fast and we tend to follow the herd. We Buy because everyone is buying and because it is the norm. 2) We are glued to our phones and we notice that inventory is decreasing and Zillow sends us notices that homes we were looking at are pending. Homes we were looking at 3 months ago have increased in price as well and FOMO starts to kick in really hard. Multiply this effect by million of potential Buyers and you get the picture 3) I had an agent told me to waive appraisal, financing contingency and inspection because it is the norm in this market. I basically stuck to my guns and he compromised. The norms can change and they always change. The only constant in life is change. If anyone follows markets, you tend to notice in recent years that the moves upwards and downwards are more violent. Stocks can increase fast and high for years and then they tend to crash fast as well. I think this is because of phenomenon mentioned in points above. News reporting is fast and everyone rushes for exits. So what's my point? Buyers and sellers need to understand that this is going to be a double edged sword. If we have a negative event and market starts to turn, the news media will quickly catch the stories and viral stories about real estate going bust will start traveling lightning speed reaching millions of potential Buyers. So what do you do? Don't make a rushed decision. It sucks to live in a home you could barely afford. Be patient until you find the right opportunity. Maybe travel, go have fun. Final thoughts: The current prices are not justified whatsoever. Don't get caught with your pants down. People are waiving appraisals and current prices are purely emotional/psychological based on points mentioned above. It's like saying I'm going to disregard current price of a stock based on company financials and offer 20% more. Life always finds a balance. It's just the way nature works. Don't stress and stay positive. The opportunity will eventually come to you. Just make sure you are ready :) [link] [comments] |
| Posted: 20 Feb 2022 07:56 PM PST Hello all, my lender says my only option to remove PMI off my FHA loan is through a refi. I thought they told me at closing once my "value to loan is over 20%" then it would automatically fall off? Instead of refinancing should a appraisal suffice? Loan originally was for $225k in 2020. Now will appraise for 600-650k Thanks! [link] [comments] |
| Posted: 20 Feb 2022 05:18 PM PST Currently under contract to buy the neighbors house in May, so roughly 100 days away. PenFed offered 3% interest, $2500 credit, and 90+ day lock for ~$500. This is by far the best offer, another lender said a 60 day lock would be like $5000 or something I thought was ridiculous. Now I'd love to lock with PenFed now and get that going but I've read some real horror stories about them, but all were from over a year ago. Does anyone have any experience with them recently to calm my nervous with using them? [link] [comments] |
| Posted: 20 Feb 2022 11:02 PM PST I'm in a hot market (BC Canada). My house was built in 1970 and has an outdated kitchen and flooring is a tad rough but not really bad (laminate and has some scratching). 4 bedrooms. All painted and house paint is an older light beige. Trim is mixed. Linoleum downstairs has a 2 inch rip out of it. Other than that house is ok. Outside is a bit ugly. Needs a paint job. My question is: The market is really hot. We don't want to put much into it if we don't have to. Should we upgrade the floors, paint and upgrade the kitchen? This would be pricy but would it add value? Is it worth it? Thanks for any advice on making out home more valuable/ appealing! [link] [comments] |
| Posted: 20 Feb 2022 12:40 PM PST Hi! I recently put in an offer. Then started to realize it's be a monumental task fixing up the home to my taste . (Needs some repairs, remodeled gutted kitchen etc) . I'm also going through the early stages of buyers remorse. My offer however just got accepted, I haven't signed anything further other than the initial offer. Is it too late to back out? Update: Thank you everyone, I've successfully got out of it. I'm definitely going to take more time to think on my next home. Thank you so much for the advise and kind words. [link] [comments] |
| They don’t ring a bell at the top Posted: 20 Feb 2022 06:06 PM PST |
| Purchased a fixer upper in NY last summer, how soon to re-appraise? Posted: 20 Feb 2022 09:06 PM PST Wife and I purchased a fixer upper for below the average home value in our neighborhood. We just completed all renovations inside the home. We spend nearly $70k and the house looks brand new inside now. Updated Electrical, AC, Plumbing etc. (forgive the ignorance here this is our first home)... should I get re-appraised? What benefit will we have after re-apprisal? Borrow against equity? Any negatives to this? Will the town charge higher taxes? Thanks [link] [comments] |
| Any Americans living abroad use America Mortgages? Posted: 21 Feb 2022 12:45 AM PST American, currently living abroad and looking for to buy an investment property in the US (AL). I've struggled to find a bank that would offer a mortgage since my income is earned abroad. I came over this mortgage broker, America Mortgages, online and I'm trying to figure out if they are reputable or not. Has anyone used their services? If anyone has any suggestions about how to get a mortgage while living abroad, I'm all ears! [link] [comments] |
| Is there a way to tell if a house used to be a duplex? Posted: 20 Feb 2022 06:22 PM PST Long story short, I was looking at houses around DFW. We are planning on buying a house next year. This house looks almost like it used to be a duplex but somebody converted it into a single-family home. Is there a way to know if that's true? My main reason is - seems like a massive waste! Right now, my dream is to buy a duplex and rent out the other half. It seems like the perfect bridge between renting an apartment and homeownership, but it's hard to find a good duplex that already exists and is for sale and I don't have the capital to build. I'd love it if anyone knows how I could check on this house just for the sake of curiosity about its history. Thank you! [link] [comments] |
| 5% or 20% down in today's market? Posted: 21 Feb 2022 12:17 AM PST If I'm pre-approved for $650k but can't afford a mortgage over $3100/mo, that leaves my budget with $450k homes. This is for the Dallas DFW area. High property taxes and high home insurance. Should I do 5% down or 10 or 20%? But anything less than 15% will make my mortgage $4500+/mo. Am I over leveraging myself with 20% down? We have $110k saved up. Combined household income is $200k/yr. We're DINK. I'm nervous and having the same anxiety just as you are. I'm going into the war optimistic that whatever happens I will not lower my standards into buying something where there's foundation issues, waive inspection or over bid. Just gonna be normal about the whole process. Edit: credit score 780 [link] [comments] |
| Sellers agent is dragging things out rant Posted: 20 Feb 2022 01:43 PM PST This is just me venting. We have made 5 offers on this house over 6 weeks. It has been on the market for 8 months, and we are the only asking price offer they've apparently had (everyone else was under). First offer, they said they liked it and wanted to accept it, but the owner is in her 70s and in a nursing home so wanted to know if she could keep her stuff there until after closing, because her nephew wasn't on top of helping her. So we worked some stuff out with her and were both satisfied. Second offer. This time the realtor says they're going to have the sewage scope done. It had been one of our contingencies. Sewage scope comes back with a clog, she starts working to fix it. Comes to an agreement with the plumbers that they'll be paid when the house is sold. Third offer. They had expressed wanting to get the ball rolling on closing while the work was being done, so the plumbers didn't have to wait too long to get paid. Then the seller just decided she wanted all work done first. The fourth offer came 3 weeks later, after her realtor reached back out to ours after no contact for 2 weeks. Said work is done, occupancy permit is happening Tuesday, she'll be ready to accept an offer on Tuesday. So we put the offer in on Monday so she'd have it ready. Tuesday comes and goes. Wednesday comes and goes. Thursday her realtor said he was putting together the receipts of work to send us to sign that day and that was all they needed to accept the offer. Gets them to us Friday night, new offer on Saturday. Now her realtor is like "I don't like that you signed these receipts as separate PDFs, I think everything should be in one PDF so it's cleaner" and wants our agent to have us resign it as one 100 page PDF. He even admitted that he hasn't shown these last 2 offers to his client yet. Which according to our realtor, is highly unethical. It's a never ending song with her realtor, and it feels like he doesn't want the house to sell. I'm at my witts end and ready to walk tomorrow on a house that's perfect for us, and she's screwed over financially because she desperately needs the money from this sale. I guess moral of the story here is that if your house isn't selling, try a different realtor cause some of them suck. [link] [comments] |
| Posted: 20 Feb 2022 07:36 PM PST |
| Texas Buyer Agency Agreement (refund) Posted: 20 Feb 2022 11:11 PM PST
This was added in an offer we plan to submit, but I had never seen this form before, what's the purpose? [link] [comments] |
| What state is livable and has the best prices. Something safe. Posted: 20 Feb 2022 02:52 PM PST I'm in the DFW area and prices are insane. The only way I can survive is to move out of this state. I work from home, so that's not an issue. It's just one person. I like colder weather and would like a change in this respect. Probably a small to midsize city. Oklahoma Is close, but I'm not sure. It's still the south and a red state. I was thinking about NM. But I've read no. Any ideas? There are no houses that are decent lower than about 250-400k here. Thanks. [link] [comments] |
| Inherited a extreme fixer upper, Ohio duplex 6 bed 3 bath plaster walls water damage in one room Posted: 20 Feb 2022 09:54 PM PST TLDR: where do I start for a huge project house when it is already in my possession? It will still cost $$$$$ but could easily be a good investment. Just searching for general advice at the moment and any resources for getting started, first steps, or if we should just attempt to sell as is. Hey guys, not sure who to consult at the moment so Reddit seems like the correct answer. I recently 'inherited' a house. Sounds exciting right? Meh. It is more problematic than anything. My father passed in early 2020. His whole passing and estate has been a nightmare and my brother sister and I collectively inherited a house he was fixing. Brother and sister want nothing to do with it, I am considering taking on the project to flip the house as an investment. Currently there are 12k in property taxes owed, it is otherwise owned outright and was purchased as a bank foreclosure at 60k. Currently the water is shut off, there was water damage in the mud room that leads into the kitchen due to a bad roof which has since been replaced. It is a duplex house and one half has great hardwood floors the other side has been stripped down to sub flooring because of previous owners pet damage. There are plaster walls in one half of the duplex, attics and basement on one half. Septic sewer system, great lot, good location. This is a huge project, I have done some home renovation projects before and am extremely handy but pros will need to be involved to some extent. Just searching for general advice at the moment and any resources for getting started. TYIA [link] [comments] |
| I am looking to buy a house and asked my cousin how much he paid for his. Posted: 20 Feb 2022 05:07 PM PST He told me he didn't have to pay any commision to real estate broker because the seller paid both the buyer and seller broker fee. Is this common? I am budgeting to buy a house and it would be a big help if I saved money on commision and used that towards the down payment. [link] [comments] |
| Could someone explain the rising cost of homes and rent? Posted: 20 Feb 2022 08:40 PM PST This phenomenon isn't just in the US but across the globe. If it's a matter of supply and demand, has there been an explosion in population in the past few years? [link] [comments] |
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