Builder has asked for $120k over contract price after over a year Real Estate |
- Builder has asked for $120k over contract price after over a year
- Why Buy Into A Crazy Market?
- Question: If I sell my home for 500k, but my loan was only for 310k, do I get to apply the extra towards a new home?
- I heard there is a guideline like 'be careful not to spend more than 25% for your residence'. But me and my wife are thinking of spending 40% of income for buying. Do you think it's too risky? or still reasonable
- Inspection came back, what can we ask for?
- Hello American friends! We're Canadian and thinking to move to California (greater LA area). Is there a site that lists majority of the properties for sale so we can research housing market and plan accordingly?
- Real estate agent tactics on low ball offers… a couple questions.
- I need some advice about selling my house (CA).
- Rent-to-Own with a Friend
- First time home buyer, but don’t have 20% down payment. What are my options?
- We Think We We’re Lied To
- Helping tenant repair credit
- 1 STORY vs 2 STORIES
- Confused between condo and sfh
- FSBO - worth it if I start out with a buyer?
- Will a new build construction team put in a canopy hood vent we bought?
- Renewal rent greater than new tenant rent
- SF bay area - a small house in the excellent(8+) school district (south bay) v/s big house in 5-6+ school district (Santa Clara and neighboring) v/s big house in tri-valley
- How / When to build?
- Buying a home with unpermitted loft?
- Large Home Remodel Purchase
- Question regarding taxes on selling a condo
- making offer with no realtor
- Real Estate Agent Question
- Buying a house near a substation
| Builder has asked for $120k over contract price after over a year Posted: 06 Feb 2022 04:24 PM PST We have found ourselves in a tough situation and are seeking out any helpful advise or wisdom that can be offered. There is a lot more to the story but to summarize: We are in Virginia. The original new build contract was signed in December 2020 for a house on a good lot in the second phase of subdivision. The original estimated completion date was Oct 2021. After many delays, we were notified in January of this year 2022 by the builder that they could no longer honor the contract as it stands and have requested $120k over contract price. They have agreed to refund our EMD in full if we decide to back out. Our realtor has suggested that we hire an attorney but we do not see anyone winning if we go that route besides the attorneys. We sold our house in Dec 2020 in order to move forward with this new build contract and are now in our second year long lease at an apartment with two storage units and garage. We still love the house and lot. This is also not a good time to get back out in the market as a buyer. However we were blindsided by this request after the builder had twice verbally promised it would never come to this. They also cannot provide any estimated completion and will not negotiate new price increase. We feel that we are taking all the risk and the builder could simply keep delaying until market prices go down. Any wisdom or advise is appreciated. Thank you in advance. [link] [comments] |
| Posted: 06 Feb 2022 05:30 PM PST Is there a rational reason to buy into a rapidly rising housing market like we're seeing in Florida? [link] [comments] |
| Posted: 06 Feb 2022 01:08 PM PST Sorry if this is a dumb question, but my wife and I are considering moving and selling our house. Would the money sit in escrow until we find a new place to buy? [link] [comments] |
| Posted: 06 Feb 2022 07:29 PM PST ---- Me 100k Wife 125K Annual ------ The property we are thinking of purchasing is 925K with 500 HOA, 900 Property tax.(It's NYC) It's our first time buying and read some articles and advice, saying above 25% of monthly income is not a wise choice. What do yall think? What would be an average monthly with the annuals above do you all think? Any opinion/thought would be very very helpful. [link] [comments] |
| Inspection came back, what can we ask for? Posted: 06 Feb 2022 01:49 PM PST We want this house. Very much so. We knew there would be some things on inspection because it's an 84 year old house. Some of the items we would really need repaired such as no GFI outlets in the kitchen and the previous hvac wiring is just exposed in the basement. Some other things we don't mind fixing /replacing but they are higher dollar things such as the garage door needs replacing, basement needs water proofing, balcony joists are rotting and there is not any ventilation in the attic and mold is starting to form. What is a reasonable request to the sellers? We offered $30,000 over asking for the house (market is nuts). [link] [comments] |
| Posted: 06 Feb 2022 05:13 AM PST In Canada realtor.ca has a monopoly on listing and pretty much 99.9% of all house for sale are listed there. Even though it's annoying that the national association has monopoly, it's a great tool to figure out the market conditions for any city since the website is accessible t guyo anyone (24/48 hours delayed vs real estate agents' access). Any such things existing in US or in California? If the listing market is fragmented, what are the top sites with easily accessible data? [link] [comments] |
| Real estate agent tactics on low ball offers… a couple questions. Posted: 06 Feb 2022 07:26 AM PST I haven't purchased a house in over 15 years so thank you for bearing with what may seem to be ignorant questions….
My gut tells me, that's a LOT of coincidence. Being that springs coming something tells me they have no problem holding out to see what comes. Any thoughts on these tactics? [link] [comments] |
| I need some advice about selling my house (CA). Posted: 06 Feb 2022 06:24 PM PST Hello everyone, I will try to get to the point as quick as possible. I bought a house in March 2021 in Sacramento. The house its self is nice but what I want to do is to try to sell the house and retain as much profit as I can as I do not want to remain here long term. I know that if I wait 2 years total I won't have to pay any capital gains tax on the house however I'm not sure waiting 2 years will be the most profitable move as I am not sure what the housing market will be like in Sacramento in a year+ from now. Given the market conditions of Sacramento, what would you advise me to do given my goal is to sell this house and retain as much profit as I can considering I want to move within 1 and 1/2 years? I fully understand that no one has a crystal ball and I know that no one can give me bulletproof advise and I'm not asking for that but if anyone feels they understand the Sacramento Market I am here to listen. Thanks [link] [comments] |
| Posted: 07 Feb 2022 02:38 AM PST Hey guys. I'm 23, graduated college in 2020 and I'm new to real estate. I have come across a fortunate situation I'm trying to make the best of. I'd love any wisdom you guys have to offer. So not quite a relative, but I have a close friend that's a few years older than me and he's trying to sell/rent his condo. Great location, great community and amenities, etc. I personally was trying to give myself 6 months to a year to buy property, but he's trying to close in the next month because he just bought a new property. He's totally fine with renting to me. He'll shut out any offer that comes his way as long as I meet the minimum to offset the cost of his monthly fees related to the house, whether that's renting or buying. This is great for me in two ways. First, a fantastic rental property that fits my budget just opened up in the short term. Second, it's definitely a type of place I'd be interested in buying in a year. The big issue for me is that I'd hate for the money I pay for rent now to go to waste. I almost want to suck it up and buy it, but I just was not ready for that. Buying right now was not in my mind until he told me about his property. I don't want to rush the process of finding a lender and I want to save more for a down payment/closing costs. Ideally, I'd love to have a situation where all of my monthly rent that goes towards the premium go as credit towards the down payment or something. We took a look at rent-to-own situations, but they seem to be so predatory in nature and heavily in favor of the seller. Not sure who determines the terms of those kinds of deals. Upon doing a little Google searching I found out a bit about how seller credits work. Also thought maybe he could offer the house at a "discount" by subtracting the amount I've already paid towards the principle in 12 months time and offset the lower selling price with a sellers credit. My two main concerns with that idea are:
I've been trying to research on what other options are out there, but it's hard to find ideas when most resources assume the seller is trying to make the most money they possibly can. Any suggestion works so long as my friend doesn't lose end up losing money as a result. Thanks in advance! [link] [comments] |
| First time home buyer, but don’t have 20% down payment. What are my options? Posted: 06 Feb 2022 06:45 AM PST My wife and I would like to buy a house in the near future and have saved up $20,000 for a down payment. Our combined income is $175,000 and our monthly debt (student loans, car lease) are about $950. I've been shopping in the 400k-500k range in the Philadelphia PA area. Is this correct for our financial situtation? Obviously we don't have 20% for the down payment so that would mean we'd need to pay PMI correct? My uncle, over the summer, offered to give us a personal mortgage through himself. Would this possibly be a better deal? Would there be any downsides to this situation? Thanks for any advice! [link] [comments] |
| Posted: 06 Feb 2022 10:41 PM PST Our sellers said they have a great relationship with their tenants and they wanted to respect the tenants' needs/wishes. As a result, they only showed the house a total of 4 days. All mid-week. Like Tues & Wed. Sellers then wanted a 60 day escrow "to give their long-term tenants enough time to relocate". We agreed. However, they are now saying they want to change it to a 30 day escrow with the tenants still (supposedly) moving out in 60. The reasoning we were given is the seller has found a new house they'd like to buy, so they want to move up our closing date to get the cash sooner. But this feels like a hustle. I suspect that the tenants weren't too keen on having the house shown so they made it difficult. And now that the seller suspects they won't vacate 5days prior to close (like we said in our offer) they want to move up the close. They are asking for "30 days or less" with the promise that the tenants will move when their 60 days are up. The thing is, we absolutely LOVE this house. But we also don't want to take on the extra expense and time to evict the tenants if they refuse to leave. What are our options here? We've considered cash for keys, or maybe asking the sellers for a concession, but this isn't that kind of market. We're in California. Any help would be appreciated. Thank you. [link] [comments] |
| Posted: 06 Feb 2022 06:31 AM PST Hey all - I have a great tenant who, unfortunately, doesn't have great credit. I'm wondering if there's a chance to do some good in this business by using their rental payments to help repair their credit. Is this possible? There are some resources out there that claim to report to credit bureaus, but just curious if this is effective or if anyone has experience in this space? Some are paid services, which is fine - just exploring options. Thanks in advance! [link] [comments] |
| Posted: 07 Feb 2022 12:52 AM PST In the past we've bought 2 story homes because we just love the facade and "grand" feel of the frontage. We live in California and homes go for so much that we feel like if we're buying a 1M house we'd love for it to have some curbside appeal. The second story also adds an element of surprise and privacy. The homes that we are looking at all have very similar size. The 1 story really feels spacious and very accessible. Both are beautiful homes. I've been told one story homes sell faster, are better long term (if u plan to love in it til old age), appreciate more, are hard to comeby since its cheaper to build three stories than build the same size lot on larger land. I know this is more of a personal preference but i would love to read your thoughts. Maybe it will sway me one way. We currently reserved the 1 story home, I have 48 hours to confirm my reservation. [link] [comments] |
| Confused between condo and sfh Posted: 07 Feb 2022 12:23 AM PST Hey guys I am a 30 year old bachelor in seattle area who would marry soon (in next 2 years). I am really unsure about two options right now .
Option 2 is a stretch but option 1 is comfortable financially . While I will live in the condo / home , I would also rent out rooms . I am planning to sell in the next 5 years (if market is good) and therefore hoping for some appreciation . What would you say is the right buy for me ? [link] [comments] |
| FSBO - worth it if I start out with a buyer? Posted: 06 Feb 2022 05:36 PM PST I have recently been going back and forth about whether to rent out my small home or whether to sell it (I'm moving for a new job). I posted an ad to rent the house (lots of interest), but someone popped up and wants to buy it. It's a unique home in a great area with a large lot, in a town with very few small/inexpensive homes. The potential buyer has enough down payment to cover 40% of the cost of the house, and is getting pre-approved tomorrow. Ignoring for a moment that this deal may fall apart - would I need a realtor for this? I live in New York which requires a lawyer for all home sales. Could I just use my lawyer and he could use his? I realize that offers have to be made, and contingencies have to be agreed upon, but is that worth 6%? Thank! [link] [comments] |
| Will a new build construction team put in a canopy hood vent we bought? Posted: 06 Feb 2022 07:36 PM PST Hey all. First time long time. Sorry if this is the wrong place for this. Long story (kind of) short - we are building a new home as part of a planned subdivision. We signed the PA in November, and because of the pandemic, our design meeting was just this weekend. As part of planning our kitchen we wanted a SS canopy hood vent. It was part of a kitchen upgrade but the sales agent said we could custom order it at design since we didn't want some of the other things in the kitchen package. At our meeting, we find out they aren't doing that custom order anymore because of appliance supply issues and holding them for those who did get the package. Our design consultant said we might be able to build a relationship with our construction manager and see if they will put in a canopy hood that we buy separately since the company doesn't specifically allow for outside appliances before close. Does anyone know if crews do this, and if so, how to go about approaching it when the time comes? [link] [comments] |
| Renewal rent greater than new tenant rent Posted: 06 Feb 2022 03:41 PM PST I've anecdotally seen apartment renewal rents priced higher than the rent for the same apartment for new tenants. Has anyone here had experience with that? Are there some management software programs that push that as a price optimization? I would have thought the rents would be the same or the renewal might even be cheaper and I'd love to understand the business logic & prevalance of charging more for renewals. [link] [comments] |
| Posted: 06 Feb 2022 09:12 AM PST As a first time home buyer, I am a bit confused.
About us: Married couple, single income, first baby coming in 5 months I have some cash due to appreciated stock. However, I am not sure of future cash flow. Hence, I want to keep the mortgage based on conservative compensation. I am looking for a house within the $2.85M budget.
I want to live in Sunnyvale, Saratoga, Cupertino, and the surrounding area within a good school district (8+). I work in PA/MV, work could be flex remote (office only occasional or 1-2 per week). I am not sure if I can get anything within my budget unless I choose a tiny house or an okayish house.
If someone can share thoughts/opinions on -
I know tiny house v/s large house could be personal preference, needs, etc. Both are acceptable; however, a large house ~2000 - 2500 sq ft is desirable over a small one ~1200 to ~1500 sq ft. I know I can consider private schools if needed. I want to also factor in the future appreciation of the property. [link] [comments] |
| Posted: 06 Feb 2022 06:20 PM PST We are outgrowing our current House and would love to build in the future. What are the steps/things we need to do? Any helpful resources or tips on building? Completely new to everything! We bought our house 3 years ago this summer and now have 2 kids so we need more room in the next few years. [link] [comments] |
| Buying a home with unpermitted loft? Posted: 06 Feb 2022 09:37 PM PST So we found a house we really like but it has an unpermitted loft and the sellers are looking for a fast close but require a rent / lease back until end of mag (not sure why). What are the ramifications of the unpermitted loft? What if we just removed it? [link] [comments] |
| Posted: 06 Feb 2022 09:33 PM PST Ok digital friendos. In a bit of a quandry with the wife about a large home purchase that will be key to our FATFIRE goals. First, numbers for context.
We are looking at a house in downtown AustinTX on 1.5acres fo $4.5m. Older home from 1961, ranch style, heavily wooded lot with some slope, super quiet street and secluded but a stones throw to downtown. Only nine 1+acre lots in the neighborhood. We live 1 block away and have coveted this house for the 5 years we have lived here. This would be our long-term nest for 10-20years if not more and feels like real legacy land. Austin continues to have tremendous tail-winds of development and big tech offices being announced so the location of this house so close to downtown in an established neighborhood will likely mean it is desirable for the foreseeable decades. Deadline for bids is Tuesday morning. It's an estate sale by a bank. Already 2-3 offers. The house needs a robust remodel and we estimate $1-2m to do so over 1-2 years. Property taxes will be $75k a year. We would want a construction loan or potentially a HELOC to finance this (maybe a HELOC from our current home to free up the funds). LENDER & MORTGAGE - Lender will lend $3m if we do 20% down (leaves us $1m short) or $4m with 30% down (technically doable with cash but leaves us stretched for a couple months and maybe inclined to liquidate some of our stock to stay above water. Mortgage would be $25-30k a month. SELL PRIMARY HOME? - We might sell our current home once we move in to free up cash and pay down some of the debt, however its a cool spot (just to small) and would rent robustly. WE ARE BASIC FOLKS - We have only ever bought homes in a 'traditional' way. 20% down, ARM for 5-7years, then refinance into a 30yr fixed when rates are advantageous. Rates now seem like i we should just jump straight into a 30yr fixed and deploy leverage. Even if the market dips hopefully our timeline means we weather this well. Also this house represents a big step up in scale of figures for us and for the next 9 months would stretch us closer to the red-zone than we've been, but the coffers refill by the end of the year and over the next 10yrs of big tech employment we should hopefully receive about 20m in after-tax income (not accounting for appreciation, raises and leveling up). Question is, how do we buy this home. How would you do it given the above? I feel we might be being naive.
Welcome any advice on how to gain and deploy debt in an intelligent way here. Or are we crazy for doing this, the markets going to crash, and we should run away quickly? [link] [comments] |
| Question regarding taxes on selling a condo Posted: 06 Feb 2022 05:04 PM PST My fiancée and i are planning to sell her condo in a few months. My fiancée is on the deed to her mother's condo and the mother is selling her condo before us this year. One condo is her mother's primary residence, and the other condo is my fiancee's primary residence. There should be less than 250k profit indicidually on each regarding capital gain tax. If my fiancée is on the deed for two condos being sold, is she going to owe taxes? She wasn't going to take any of the profit from her mothers condo. This is in Ohio. [link] [comments] |
| Posted: 06 Feb 2022 12:55 PM PST My neighbor has invited me to make an offer on her house, which is not yet on the market. We're both hoping not to use realtors. Is there a site or somewhere I can go to download the necessary form to submit an offer to her (Buy/Sell Agreement or whatever)? We would be using a real estate attorney eventually, or do you think I need one now, simply to submit the offer? The offer will be all-cash, and with an inspection contingency. Thank you for any advice! [link] [comments] |
| Posted: 06 Feb 2022 08:17 PM PST We are looking to relocate and purchase a new home. This would be a relocation from another state. Gonna be going to visit the state and city a second time next month to scope out areas and also communities. We still lining up jobs so mortgage pre-approval and stuff is pending. We have a real estate agent who we plan on meeting up with to see options. She's asked if we are looking to lock/ commit to something in when we visit. What's the best way to respond. We likely will not be signing anything that visit but we'd love to explore areas and get to know what's out there. First time home buyer and new to using an agent. Just wanted to know best way to respond in this situation. [link] [comments] |
| Buying a house near a substation Posted: 06 Feb 2022 08:16 PM PST Location : north seattle, WA Me and my husband saw a beautiful house that we're considering putting an offer on. The only issue is that there's a power substation right behind it (it's just beyond the fence of the small yard - so probably about 40ft away). We personally don't have an issue with this - the house is beautiful, the neighborhood seems nice, etc. Based on google searches, I'm getting the vibe that people would prefer not to buy such a home, how worried should we be about a potential resale? I also read that it's difficult to get a mortgage on such a property. Does anyone have any first hand experience owning/living in such a property? Health hazards? Resale? Noise pollution? Thanks in advance! [link] [comments] |
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