• Breaking News

    Sunday, February 13, 2022

    Ban Corporations from owning Single Family Housing Real Estate

    Ban Corporations from owning Single Family Housing Real Estate


    Ban Corporations from owning Single Family Housing

    Posted: 13 Feb 2022 09:16 AM PST

    I would have to imagine the public would broadly support such a law but I'm curious if anyone has opposing opinions here.

    What benefit do we get from allowing large institutions to own SFHs? (including Zillow, Blackrock, etc)

    Edit - would love to hear any other solutions from anyone down voting. if you don't believe this is an issue you are up for a rude awakening if this continues on the pace that it is moving at.

    submitted by /u/Different-Hyena-8774
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    My old house is back on the market after 1 month

    Posted: 13 Feb 2022 03:48 AM PST

    The owner lived in it for such a short time he didn't make his first mortgage payment yet. I heard from my realtor that sold it for me that apparently he had a bad breakup with his live in girlfriend and needs to sell it. Not sure why he isn't trying to find a roommate but it's a cautionary tale why you don't make a major purchase that's dependent on someone else when you aren't in a serious relationship or at least dating longer than 3 months.

    He's trying to price it to recoup his closing costs and not take a bath on it but there aren't any comps in the area that'll help appraise it that high.

    submitted by /u/ioncloud9
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    What Seller's Market? (and concerns with my agent)

    Posted: 13 Feb 2022 10:39 AM PST

    So I've been trying to sell my house since 1/13. I have already moved to an apartment that is about an hour away. I wanted to share some of the various pieces of experiences I had so far and want to hear if this is to be expected or any insights you can give me.

    TL;DR: would love to fire my agent, but there is already so much damage done during the staging that I'm forced to go with it for now.

    • Even though my agent's office and his personal home is less than a mile away and claims that he visits 'every day' to check up on it, every time I go in, the lights are on and the floors are dirty from the showings. I am driving back just about on daily basis basically just to close the doors and lights. Of course I talked with my realtor, but his answer comes down to 'every day' which is one of many factors that I do not find him trustworthy at all.
    • Let's back up though: I have interviewed about 7 different realtors, and for better or worse, nobody seemed to stand out from one another and seemed all decent enough, and chose my realtor based on the closet proximity. A couple of them called me practically non-stop even after telling them that I chose someone else which has been very annoying.
    • The agent seemed happy that I already moved most of my furniture away, and says nothing needs to be further touched because it looks presentable as is. When visiting the house the day before showing though, about half of the items are moved such as my heavy 9'x12' carpet somehow being dragged to the floor of the basement, frames moved, and bunch of items piled in the closets and garage all without a single communication. I've spent a very long night and a couple of trips (4 hours on driving alone) just to clean those up because I know it doesn't look good to have those piled up.
    • I didn't get angry, but made a comment that please communicate if he wants to move my stuff. Eventually, he moved just about every item of the house including replacing my mattress cover (which were utter garbage) or replacing my expensive down cover with another extra-cheap ones. He also broke the frame that he moved, while using a permanent tape to hang it while I have always used Command strips. He claims it can easily be removed using a credit card, but he has yet to remove the permanent tape.
    • I did get plenty of showings, but never received an offer which I found it odd -- I visited the house about 10 days after the showing and it was in a state of mess with salt all over the floor. It was in a state that even if someone wanted to buy the house, the presentation would run just about any buyer away, and this is when I started to come to the house just about every day.
    • About 10 days into the showing, he updated the pictures so that it was 'virtually staged' -- not sure why he couldn't do this from Day 1.
    • After 2 weeks into the showing, he suggests we do staging. He first orders to throw away just about all furniture. I do have quite some classic Ethan Allen and La-z-Boy furniture and thought those were never the problem, but I did sell it and it sold away very quickly. I still left my desk and the table because the agent said he can work with those for the staging. I was also reminded that the staging crew would use command strips and won't damage the house at all.
    • Of course none of the promises above were kept -- the staging crew nailed just about every corner of the house to put some crappy frames, my desk and table were moved to the garage which has probably warped at this point, and I see several scratches in his house. I got really enraged at this point, and he simply claims that his is normal wear and tear and it will have no effect on any buyers.
    • I managed to get my one and only offer that is almost 10% below the listing price. For context, this is close to the price that I paid back in early 2019 when I bought this house as a new construction and I have been the single owners. Kind of unbelievable that the rise in value is close to none after 3 years, but I am more than happy to have a buyer and move on.
    • There was essentially no negotiation -- the buyer suggested his price, and I had less than 24 hours to accept, or by noon the next day. My agent didn't start negotiating until the morning of.
    • I accepted the offer and signed some documents, but I just got the news today that the buyer walked away. Apparently got a job in California, but at this point I find it easier to not trust anything what the buyer says.
    • I have less than 15 days before I can fire this agent, but I'm concerned that any next agent will comment on all the nails that have been done and make do re-paint on my dime. Not to mention a good number of furniture that have been either thrown away or sold for dirt cheap out of urgency. I feel like there have been so many irreversible damages by this agent and I'm fairly convinced that this might be the general quality of agent -- it's hard to find any consistency between what he said and what he did, including the broken frame that he replaced, but I have yet to see.

    Edit: really appreciate the comments and feedbacks. A lot of ask on where I am: I'm located in SE Michigan. A lot of comments that I may be overpriced -- although I will point out it is getting closer to the price that I originally purchased in early 2019. It was a brand-new construction, so it was sold at a more or less non-negotiable price by the builder; neither underpriced or overpriced. I am fairly confident that I did a reasonable job of keeping the home in a pristine state after 3 years.

    Edit 2: the agent was the one suggesting to list even higher by $10k and i was the one to suggest to reduce the asking price.

    submitted by /u/For_GoldenBears
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    Has anyone else been on the market looking for a house for Two years?

    Posted: 12 Feb 2022 08:35 PM PST

    We have been looking for a house for almost two years now in the NYC metro area. Budget is 750k and we are hopeless. We lost out on soo many houses. It's literally impossible to buy a house in this covid market. Anyone else in the same boat ? I'm soo depressed and feel like no point of working soo hard for nothing. It's been me and my husbands dream for 40 hours to buy a house. Last week we put a offer on poss the best house we've seen, owner accepted verbally only to decline our offer a few days after because he got a better one last minute. I'm heartbroken. Over 100 plus open houses we have been too and nothing

    submitted by /u/igetmoneyyuhuurd
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    Am I overthinking a contractors statement about a realtor?

    Posted: 13 Feb 2022 04:54 AM PST

    Hi all,

    I am getting ready to sell my house and spoke with 3 realtors. All have a good reputation specific to our area and type of house. All 3 had roughly the same advice as far as things to address prior to listing, but differed a bit on pricing.

    Realtor 1- list at 650-675k

    Realtor 2- list 625-650 (thinks we'll get bids over list)

    Realtor 3- list at 560k (also thinks we'll get bids over list)

    Now, by all public metrics realtor 3 is the best option. However, their sale strategy is wayyyy different than the other 2, and they won't give us an answer on what the "bids over list" will realistically end up at.

    We had a carpet contractor recommended by realtor 3 come out for estimates and while they were here they said "I'm so amazed by realtor 3. They sell so many homes and they sell so fast it's crazy".

    By all means that should be a positive thing, but if you combine that statement + their pricing strategy it kinda sounds like "I trick my customers into listing their house way to low in order to get quick sales".

    As I said, realtor 3 has the best reviews and is apparently in the top 200 realtors for the US, but I'm kinda feeling like they got there by screwing over some customers (whether the customers realized it or not).

    Am I thinking too far into this, or am I right to feel apprehensive towards realtor 3 now?

    submitted by /u/ZealousidealEntry870
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    January 2022 U.S. Foreclosure Market Report shows foreclosure filings were up 29% from a month ago and up 139% from a year ago.

    Posted: 13 Feb 2022 03:52 PM PST

    KEY TAKEAWAYS:

    In January 2022, foreclosure filings were up 29% from a month ago and 139% from a year ago.

    Lenders repossessed 4,784 U.S. properties through completed foreclosures (REOs) in January 2022, up 57% from last month and up 235% from last year.

    Lenders started the foreclosure process on 11,854 U.S. properties in January 2022, up 29% from last month and up 126% from last year.

    submitted by /u/Lionshare_
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    To sell without realtor?

    Posted: 13 Feb 2022 03:49 PM PST

    Just looking for information on selling a house in michigan without a realtor the market is hot and people are jumping on houses quick I hear of houses being bought and sold before they hit the market ? I looked around online to endless articles that go both ways . So here I am on the trusty reddit.. so what are things I need to be prepared for ? Should I get a real estate lawyer .any information would be helpful thanks.

    submitted by /u/Dspidle
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    What's the cheapest best way to sell my house?

    Posted: 12 Feb 2022 08:35 PM PST

    I purchased a house in the San Diego area in 2014 for $315k and am thinking about selling it. The house is now worth $700k-$750k. Houses in my area have been getting multiple cash offers as soon as they hit the market. I was thinking of using an app like Redfin and selling it myself to keep the fees low. Anyone done this? Is there a better cheaper way?

    submitted by /u/RphilRT
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    Why do older homes seem to be of better build quality or are they?

    Posted: 13 Feb 2022 02:18 PM PST

    Most of the older home I have seen in my area have been more preferable in terms of nuance, character, architecture style and build materials. They are usually made of brick and have beautiful wooden floors or ornate tiling. The new builds are usually these companies like Ryan Homes and DR Horton which are like a cancer on society and completely ruin new neighborhoods with their Walmart looking homes. Usually they all look like boxes with LVP and vinyl siding. Even the interior seems to lack any sense of style or character.

    Have mass cheap construction homes always been a thing or is this a relatively new phenomenon since the 90s? And is new construction usually subpar quality?

    submitted by /u/Successful_Leg_707
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    Update: Bought a $50k house cash sight unseen across the country.

    Posted: 12 Feb 2022 07:11 AM PST

    So for anyone who might care, i just thought I'd provide a quick update to my original post.

    https://www.reddit.com/r/RealEstate/comments/sackhf/just_bought_our_first_house_with_cash/?utm_medium=android_app&utm_source=share

    So we made the move, it took us 5 days to drive to Ohio. Got caught in a scary snow storm but we made it. We brought all that we could fit in our van and small truck.

    We've been here 2 weeks now as of today. The house is great, of course a little rough but thats to be expected. Gas, water, and electric are on. No leaks, no electrical shorts, alls good. Water heater works and has life left in it, and furnace looks pretty new and works great. The AC looks a little old and funky, ill go over it in spring. Basement has a little seepage, but nothing crazy. Already had a very heavy rain and it barely got wet down there. No water leaks in the house at all. Roof looks good.

    Our first week we spent redoing the hardwood floors and paint in two bedrooms for us and our son. The rooms are gigantic, ive never had a room this large. The dining room and living room area are huge too, we'll be tackling the floors out there soon but need to figure out how we'll do it with the dogs.

    Our master bedroom bath needs remodeled, its just out dated and kinda old. Main bathroom was actually already redone and looks great, same with the kitchen.

    We had an electrician come by and look over our breaker panel and he said it looks great. 200 amp service. That was a relief. Had him change out some wall outlet receptacles and ceiling fixtures while he was here just for peace of mind. Said wires look great, insulation on wires are great. Copper wire no aluminium.

    Of course the two back rooms need a lot of help, that will take some time. The large front room needs a little help too but weve been using it as storage. The office/den is awesome. Solid knotty pine walls and a built in library shelf wall. Garage is great. The out building/barn alone is bigger than our last house and was filled with old live edge wood slabs. I'll be using those for projects down the road.

    The 2 acres is nice, some steep sloping hills so most of it is for the most part unusable. But its spacious and tucked away nicely. Some large trees close to the house that give me a little anxiety, we'll have an arborist come over to assess them.

    Overall it was a nice risk that paid off. We're happy, things look good and the house feels much bigger than we anticipated. And a family of about 10 deer seem to have made our property their stomping ground, so thats nice to look at through the windows every day. Im not sure what else to say, so if you have questions feel free to ask.

    submitted by /u/lookingaround87654
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    Houses selling before they make it to the market- what am I doing wrong?

    Posted: 13 Feb 2022 06:53 AM PST

    I've been looking for a home since last summer and obsessively following new and coming soon listings on the MLS. I've noticed so many listings that are listed as "coming soon" sell immediately, sometimes before they are even listed as active listings. I'd see they are listed as pending within minutes of the listing going active. Ive also noticed so many homes that meet my exact search criteria pop up in my searches as sold or pending… and I never even saw them while they were listed. These all seem like the good house that check the boxes and are listed as a "somewhat" reasonable price considering this market. The ones that I see as active on the MLS just seem like the overpriced dogs.

    How do get in on these listings? I talked to my realtors and they committed to sharing with me anything that comes through their office, but they warned that inventory is so low that new listings are slow. And when I asked about visiting homes that are listed as coming soon, I learned that realtors are not allowed to show homes until they are active. So what am I doing wrong? I feel like a sucker by just watching the MLS, making an appointment and then making an offer. All the good ones are gone by then.

    submitted by /u/HeatherAnne1975
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    1) Buy here, 2)Wait and buy here 3)Move and buy somewhere else?

    Posted: 13 Feb 2022 12:26 PM PST

    We are living in coastal California Orange County where starter homes sell for 1 Million. Realistically to buy in our neighborhood would require 1.5-2 Million. I have entered 40ish years of age and have become apprehensive about never owned a home, and fear we will eventually be priced out forever (we may already be).

    We have a very substantial savings towards a down payment. Also currently saving/investing additional 4k+ per month due to an amazing long-term rental deal. Do we bite the bullet and take on a massive mortgage in the most expensive time to ever buy a home, wait and hope for a housing slump here , or tap-out and move out of state where middle-class people can buy a home?

    edit: adjusted saving rate

    submitted by /u/Kpowers2000
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    Cash buyer; Manufactured home budget or stretch for Traditional?

    Posted: 13 Feb 2022 03:54 PM PST

    A. I can buy a MF home with concrete foundation and recent renovations in a c- area. Solid work has been done imo to make it have more of a "real house" feel. Have enough left over to pay off all my debts and have tens of thousands left in savings. Still it comes with pitfalls in the future involved with those types of houses. Slower sale and appreciation

    Or

    B. Stretch myself Buy a 2 bed 1 bath cinder block home 700sq ft with minimal updates, no oven or cabinets and have maybe pay off half debt in a c+ area.

    Or

    C.

    Final option is buying a house similar to B but with better updates. In a area that is marginal on crime and close to some of the not so nice areas of town. D+

    I plan to live in it roughly 6-10 years

    Thanks for your time

    submitted by /u/Azrairc
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    Paying taxes on the money down after selling?

    Posted: 13 Feb 2022 09:49 AM PST

    Might be a dumb question, but the internet did not yield a clear answer.

    If I bought an investment property for $500k and put $100k down. Now I sell it for $600k. I will have $200k in my bank.

    I will only have to pay taxes on the $100k that I made, correct? Because I essentially already paid income tax on the $100k I put down initially?

    submitted by /u/IL0veCh1nks
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    Interest

    Posted: 13 Feb 2022 03:45 PM PST

    I am interested in becoming a real estate agent and I'm wondering if anyone would care to share some actual figures one would see on a sale? Any insight is appreciated ❤️

    submitted by /u/MrCo-Exist
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    Are these major roof issues from the inspection report?

    Posted: 13 Feb 2022 03:36 PM PST

    Just received the inspection report and it mentioned some issues with the roof and water intrusion, are these major red flags?

    https://imgur.com/a/Kq5blJz

    submitted by /u/kankurou
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    Is it a bad idea to put in a contingent offer on a house I haven’t seen before it’s on the market (owner is friend of my realtor)?

    Posted: 13 Feb 2022 08:02 AM PST

    OK so we've been looking for a home in a particular part of Westchester County, NY. A very expensive and inflated market with low inventory. We've been working with this realtor for the last 9 months. Basically every house gets snatched up immediately with 10+ backup offers. Homes that sold for $500K 5 years ago are now valued at $1M+ with no renovations.

    Now we've been looking at mid century modern houses that are more rare in the area and get bought up very quickly. We haven't put in any offers yet but there really hasn't been any good opportunities. This week while viewing homes with our realtor she told us that a friend of hers is considering putting up their mid century home on the market but hasn't yet (because they are getting up there in age and the idea of moving seems daunting). Our realtor said that we should put in an offer for at least $1M (house sold in 1994 for $495K) with the contingency that we get to view the interior—she see's this as a true opportunity for us to get in before the market frenzy starts and the price gets bid up. Also, apparently in NY its easy to put in an contingent non-binding offer with no costs associated.

    Should we do it? Do we have anything to lose? Is this a big conflict of interest because realtor will be representing both of us and knows our budgets?

    Thank you!

    submitted by /u/turtledude1989
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    Property purchase for this inflation

    Posted: 13 Feb 2022 03:25 PM PST

    is it good to purchase house to preserve cash value? I know this would have been better during start of inflation. Is it still better to purchase a house?

    submitted by /u/ddr1111
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    Are tattoos accepted in real estate?

    Posted: 13 Feb 2022 03:25 PM PST

    Hey all! I'm (hopefully) going to be getting my real estate license this year and starting in the field. I'm going to be 18 in a month and want to get tattoos on both of my hands. I have two tarantulas and I'm really passionate about them, I want to get them tattooed on each of my hands to make it look as if I'm holding them when I open my hands. My only concern is when I start real estate, it will deter clients.

    Thanks in advance!

    submitted by /u/disposablepig9
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    Outside of city limits on listing, bought it, went to build and find out it’s not!

    Posted: 13 Feb 2022 03:21 PM PST

    I purchased a home 8mo ago after being assured by the buying and selling agent it was outside city limits. It's not. At this point I already put in a garage on the property and have installed in a 20k fence without consulting the city that requires inspections, permits and fees for these things. Once the City finds out I will owe, or maybe worse if it's not up to code.

    I was planning on building a home soon, my neighbor was as well assuming we were county and just called me to enlighten me all about it. The home I intended on building won't be approved, will cost me thousands in permits, fees and taxes to build that I did not expect and that's not to mention the freedoms I assumed were included in NOT being a part of this city. The listing still shows it's unicorporated property in the original MLS listing and I have texts/emails from the agents asking this specific question multiple times.

    Legally what are my options here, if any. In Texas.

    submitted by /u/Jmanmack
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    What are your thoughts on fractional property ownership on the blockchain?

    Posted: 13 Feb 2022 03:06 PM PST

    What are your thoughts on fractional ownership on the blockchain?

    I am looking to grow my property investment portfolio (2 x 4bd house + 2 x 2bd apartment).

    I am keen to diversify and have been looking at both residential and commercial opportunities. (I believe a commercial property would require less of my time for management and maintenance, (interested to know if this is the case from anyone with experience?)

    A friend of mine who's big into crypto (literally it's all he talks about 🙄) told me to look into fractional ownership. He suggested a company called EstateX who will allow you to buy smaller pieces of a bigger real estate investment projects.

    My understanding is that you buy a share in a property and they deal with all the management and maintenance stuff paying you a proportional % of the revenue to the share you own, but in tokens???

    I've started looking into it but I'm still learning about crypto and blockchain so I don't fully understand how it works and how safe my investment would be. (feel fee to explain it like I was an 8 year old in the comments).

    I'm fascinated by the concept and would love to know what other people think and if you think this would be a sensible investment?

    submitted by /u/Hot-Statistician-255
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    Stumped on deciding between two homes, input appreciated.

    Posted: 13 Feb 2022 11:15 AM PST

    We are currently under contract for a home that we signed on in November. Seller still hasn't found a replacement home so we have been giving them extensions since the market is slim pickings right now. We have the option of walking away or buying something else.

    Another house popped up that has us considering it, though each house has its merits. We've gone round and round about them, so I'd love some outside thoughts!

    Background: We are selling our current house because the layout is wrong for us, no storage, everything needs to be updated but even with those updates, we would be dissatisfied. Basically going to let it go really low (but well over what we paid in 2009) because we either have money to update our current house or to move to a better house but not both and will be easier to move first then get this place ready to sell.

    HOUSE 1 - (under contract)Price 440k / 4 bed / 4 bath / 3400 sq feet / half acre / built 2004

    Completely updated with nothing needing done. We even love the paint color on the walls. Partial upstairs with 2 bed / 1 bath which would be our kids so it is nice that after they are out on their own (12-14 years away) then the upstairs wouldn't even be needed and we'd have all the living space. All the other spaces are equally nice. Downstairs has large family room and large office / den. Even has a playset for the kids. Missing a nicer back deck and just has a slab.

    Built on a development that is old farmland. One thing I didn't realize until after making offer and them accepting was that it is well and septic with no other option anytime soon. I hate well water taste though the house has an iron curtain, water softener, and reverse osmosis so, hopefully, well taste isn't an issue? (would love to hear from others on this point) Septic concerns me if anything goes wrong as there is no city hook-up option. Some concerns about possible leaching of old pesticides and whatnot into well.

    The immediate neighboring houses are worth probably around 300k and this house the highest on the street and one of the highest in the whole development / neighborhood.

    Biggest concerns are well / septic, buying the most expensive house in a lower priced neighborhood though hoping this to be the forever home, little privacy as all the lawns are flat and open with no trees.

    HOUSE 2Price: 430k (though I think could offer lower) / 4 bed / 4 bath / 3275 sq ft / .75 acres / built 1989

    Not horribly outdated (in a neglectful way) but not updated either. Beige walls, oak trim and wood everywhere (not a look I enjoy), all ceilings are popcorn (though not the most obnoxious I've seen). Has one of those odd "sitting areas" they love to put in larger houses that not sure how we'd use. The kitchen is better than house 1 in size, storage, and layout and would require no updates. Upstairs has the master and what would be kids rooms with one of their rooms butted up against the master. (No preferred for obvious reasons) The family room is a slightly better-defined space than house 1. Has a really nice large brick patio, larger lot with trees and privacy though the bulk of back of the lot is trees (which I don't mind). Master bath is almost too big with large wrapping vanity and a whole other make up vanity. Jetted tub looks original and could use an update, though we are both shower people. My office would be 4th bedroom in lower level, downstairs living space is a little weird / awkward shaped. Exterior is not neglected, just kind of ugly with poor modern curb appeal. It would need an update in time.

    This is the lowest-priced house in a neighborhood full of 500-750k homes. City water / sewer, very close to a park / land preserve that I love. No HOA. Mechanicals and roof all updated recent-ish

    The biggest concerns are the updates, bedroom situation, slightly less living space due to layout, and some wasted like the giant master bath. Exterior definitely needing an update.

    Schools are good for both and both are convenient enough for our jobs though #2 gives the Mrs a 5-minute drive to work. I love the location of #2 more but all the updates of #1 more. Septic worries me, if something goes wrong and we'd need a generator so we can get water in a power outage.

    #2 means eventually putting a decent bit of money into it to update but it would likely raise the value considerably. If we had to sell either in 10 years, I'd expect #2 to be worth at least the same or more with #1 being a little less sure. It might be a bit of an inflated price now and may not go up significantly.

    In our shoes, what sounds like the best play? The fully updated with well / septic that is the most expensive house on the street, or getting a deal in a higher-end neighborhood with the need to update being a definite thing?

    submitted by /u/the_talking_dead
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    Can you make your mortgage loan for more to cover updates you want to make?

    Posted: 13 Feb 2022 11:14 AM PST

    Our realtor has started sending us email updates with news houses. While the house's he's sending us are nice, there are one or two things that we'd like to have done to them (i.e. new flooring, fence yard, etc.).

    For example, let's say we come to an agreement to buy a house for $500k. Can we make the mortgage for $550k for upgrades?

    Is this advisable?

    submitted by /u/Bautch
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    Buyers agent for new development?

    Posted: 13 Feb 2022 09:00 AM PST

    Looking into buying a lot in a golf course development where you can purchase the lot and select one of five builders to do the construction. This would be a first for us. In this type of scenario does one use a buyers agent? Wondering if it is more of a "take it or leave it" scenario since the developer has multiple lots to choose from so you can choose a $ or $$$ lot and then work with the builder on selections to control costs there. Thanks!

    submitted by /u/Kgizo
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    More back on market

    Posted: 13 Feb 2022 08:50 AM PST

    In a hot southeast market. Recently, I am not only seeing more inventories but also more back on market even in a highly desirable suburb.

    This is definitely not a good sign. Does anyone else see this as well?

    submitted by /u/MeowMeow1819
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