‘Real Estate Agent’ Most Googled Job Search Term Real Estate |
- ‘Real Estate Agent’ Most Googled Job Search Term
- Building a home vs. buying an existing home
- It’s like I was cheated on…
- Rant: All New Construction in my Area Has HOAs
- Did sending Proof of Funds put me in a vulnerable position?
- Dumb question: If I have made 100k the last five years, but have periods of unemployment in between, will I get approved?
- Rent Back
- "Listing agent called my LO after offer was submitted. What does this mean? Is this unusual?"
- Crippling thoughts on homeownership: what is the realistic worst case scenario?
- In this hot market…
- Homebuyers: What is the one that got away?
- Locked in APR went down? Loan Officer sent me an updated Loan Estimate (6 days until closing) and they lowered the points...
- Is it just my area or are starter homes not going up for sale anymore?
- What is a Ground lease?
- Seller in my neighborhood won’t pay their share for a broken mailbox that the buyer doesn’t know about… how do I inform the buyer?
- Should I avoid buyer's agents who want me to sign a contract?
- (OH) Closing Agent goofed, we got our earnest money back, we weren't supposed to (?)
- Modular home vs. stick built
- We’re buying a house and this is the result of the home inspection. Any possible red flags or money pit?
- Investors are calling about my house in a small midwestern city...
- Can a new build appraisal by lender ever be lower than purchase price?
- Am I being ripped off on this house-flipping partnership?
- for those who own out of state rentals, would you do it again if you had to start over?
- Can I Just Walk Into A Broker And Ask If They're Looking For New Agents?
- New Builds: when did you lock in rates?
| ‘Real Estate Agent’ Most Googled Job Search Term Posted: 15 Feb 2022 07:12 AM PST |
| Building a home vs. buying an existing home Posted: 16 Feb 2022 04:17 AM PST I've been on the hunt for an existing home as a vacation home for about 9 months and the process is so frustrating. I'm seeing list prices go up and up, and list prices are meaningless anymore because every property I put in an offer is part of a massive bidding war. It's emotionally exhausting. I saw there is a plot of land for sale in a neighborhood I like (it's part of an established HOA community) and I'm considering buying the land and building. I've never built a house before. What is the process like? How do the costs compare? Are there hidden costs or risks I need to consider? I'm just trying to figure out if this is a logical or feasible path to pursue. I'm getting very defeated and trying to think outside the box. [link] [comments] |
| Posted: 15 Feb 2022 08:12 AM PST Imagine you're about to propose to your fiance, and she tells you she's been waiting for you to ask for her hand for months… so you know she's going to say yes. The big day comes, you get down on one knee, and she says "so this guy steve showed up yesterday, he already asked me…. Byeeeeeeee" That's what it feels like when I put in an offer for a house that was on the market six months, took my family to see it twice… only to be told the seller accepted another offer the very next day. We dreamed, we planned, we lost it, with no chance of even bidding because we bid too low. I've been crushed for a week and I'm still heart broken over it. I've looked at houses that have sold the last year, houses that are on the market… none compare. None. Everyone says "you'll find another don't worry" Man I still watch it's pending status… every day. Hoping the deal falls through on some crazy technicality. I know it's a 99% chance they won't happen…. Part of me wishes it would just be marked as sold so I can move on. Man I've never felt so horrible. I shouldn't have low balled, I can't believe that happened, I wish I had another shot. Dammit…. Dammit dammit dammit [link] [comments] |
| Rant: All New Construction in my Area Has HOAs Posted: 15 Feb 2022 01:01 PM PST So in the Greater Metropolitan Area I live in, like most places, prices increased, supply issues dramatically low. We are in our 30s, have saved enough for a downpayment, and we're ready to buy when the pandemic and the housing buy madness occurred,and supply is EXTREMELY LOW, and EXTREMELY expensive. We looked and gave up after 6 months, and decided to wait... I don't know for what, but anyways. Now, onto my rant. In order to combat the housing shortage in our area and, probably more likely, to make money, developers for all new construction are creating these monstrosity (my opinion) 3-story, attached home communities all over our area. No yard. Lots of indoor square footage. While I get not everyone wants a yard (I'm thinking of adults and those with teenaged kids), we want a yard because, you know, the American dream of our young little ones running around playing there. You'd think you were in New York or something and not suburban area that it is. [side note: I get it, kids in New York can play without yards, but anyways.] Worst of all, ALL the new construction has exorbitant HOAs. Like $260-$400. I'd rather pay extra 260-400 on mortgage than to THROWING IT AWAY (IMHO) to some bullshit HOA that will just keep going up, unlike a fixed mortgage. Worst of all, not even sure what the HOA is paying for, other than to line somebody's pockets. Yes, some places have "communal" areas like pools and a park, but even more galling is some places do NOT. So what an I even paying for? We asked one seller of a 2 story community we looked at. The home seller shrugged and said something like some roof replacement. Which comes up how many times per year, exactly? Huh? Especially if it's a new building?!?!? So we can be like 50 other couples and bid on the one suburban house that comes up for sale... or consider these awful of new houses. Shit sucks. Anyways. Rant over. [link] [comments] |
| Did sending Proof of Funds put me in a vulnerable position? Posted: 15 Feb 2022 12:57 PM PST Put an offer on a home- offer was for asking but we included a 30k escalation. Our realtor recommended we include a proof of funds in addition to our pre-qualification (for the full escalation price). We were hesitant to do so, for many reasons including not wanting others to know our financial standing. Plus, we are not paying cash or anything like that, just doing a standard loan with 5-20% down depending on which lender we go with. The problem is after we agreed and sent the offer which of course included the proof of funds at our realtor's encouragement, it seems like the seller and their agent are trying to squeeze more money out of us in our offer overall since they saw the amount of liquid cash we have in our accounts. They haven't even confirmed they have other offers that are better than ours... they just saw our offer and said "Hm Can you do even more? I think you should put your best offer forward..." and left it at that. My question is, how common is it to send proof of funds... especially when you are just doing a standard loan? Secondly, could sending proof of funds when you have a decent/above average amount of cash put you at a disadvantage in a negotiation since now the seller is going to get "greedy" because you can technically "afford to pay more?" What's the protocol for this? [link] [comments] |
| Posted: 16 Feb 2022 04:45 AM PST I feel really stupid for asking this. I have almost 800 credit score. My work history is making over 100k with a period of employment between, so the verified work history is spotted. Thanks [link] [comments] |
| Posted: 16 Feb 2022 04:43 AM PST My wife and I closed on a house 2/11/22. We agreed to a rent back (until 2/21/22) to allow the sellers to close on their new construction and move all their stuff. Our real estate agent assured us they will be out before that date, so we agreed. My wife and I need to move our stuff to that house this weekend (19th and 20th). In our contract it says we have the right to inspect the property during the rent back period. Do we have the right to pop up and "inspect" the property? My realtor says the listing agent needs to be informed and that we need to ask 24hrs in advance. Mind you we have the keys since the 18th of Jan, our original closing date. Also, our sellers couldn't close on their new construction purchase until we closed on the home they're selling to us. Is this common? [link] [comments] |
| "Listing agent called my LO after offer was submitted. What does this mean? Is this unusual?" Posted: 15 Feb 2022 09:19 AM PST Someone made this thread, then deleted it after I typed out this response. I'm re-making this thread just b/c I don't want my response to vanish into the ether. Thread title is the gist of it, I think they also mentioned that they were house hunting a couple years ago, but that house hunt never went anywhere, and they weren't aware of such phone calls. This is not unusual. This could happen: Listing agent gets 20 offers. Throw the bottom 12 in the trash (4 of those tossed in the trash were over asking, but not strong relative to market), leaving 8. None of the ones that are left are cash buyers (2 of the 12 lowball trash offers were cash, but they're in the trash where they belong), meaning none of them can afford this house. They are using some other person, called a loan officer, to make up that shortfall, who is going to come up with the bulk of the purchase price based on their own competence, as well as the personal finances of the 'buyer.' Google search 6 loan officer's names from the attached preapproval letters (2 of them don't need to be google searched b/c listing agent knows them and has worked with them before). Rule out 3 for either having no reviews (not a good market for a LO to be an "internet ghost" in) or poor reviews, leaving 5 (the 2 the listing agent knew, plus 3 with solid online reviews). Call all 5 by 10 AM. 2 answer, 2 get back by end of day (didn't speak to one b/c was on phone, but saw their missed call, that's good enough). The 3 that spoke with the listing agent all said their clients were super well qualified and wouldn't have any problems getting a mortgage, bla bla bla, standard, no one is going to toss their client under the bus, so they all say that, the IMPORTANT thing is they called back by end of day. So now we're down to 4 (let's assume the 4th one, had they spoken with the listing agent, would have said the same shit as the other 3). "Present" all 20 offers to seller to fulfill legal obligation to present all written offers. Here's an email with an attached zip file containing hundreds of pages of PDFs and junk, legal obligation fulfilled. Please ignore that email, Mr Client. ACTUALLY present the top 4, for the seller to pick from. IRL there's going to be greater differences between the 8 offers that make it past the first culling than just the loan officer, assume those are concurrently in play, assume there was also a round of "submit your highest and best to remain in the running" in there. Focused on the LO due to the nature of the question in OP. Also note that of the 20 offers presented in this case, over half (which included several over asking) don't even get a courtesy response. Not even a counter-offer, just the round bin express. Also note that this is presented by the listing agent as "we have multiple offers over asking, including cash offers, so present your highest and best!" -- they didn't note that the cash offers were trash lowball, because disclosing that would not serve the seller's interests. So this would be an example where one of those 12 people that never heard back, or one of the 4 ruled out, posts (& genuinely believes, in their heart of hearts, those sweet innocent first time buyers) that they "lost another offer to a cash buyer," which is of course followed by a post demanding that corporations be outlawed from buying real estate. [link] [comments] |
| Crippling thoughts on homeownership: what is the realistic worst case scenario? Posted: 16 Feb 2022 12:36 AM PST My wife and I are both working in tech in Seattle with no kids. We are unable to buy a house here. We thought about moving to other cheaper states but we enjoy Seattle due to close proximity with friends and family. I could move into middle of nowhere in the suburbs in Seattle and probably just barely make the 20% down payment and pay the mortgage with little to zero savings at the end of the month. It's risky because if either of us lost our jobs, we wouldn't have any rainy day (pun intended) savings for the mortgage for 6 months. That's kind of the only way we would be able to afford homeownership in Washington. BTW, we are talking about homeownership for the purpose of living there for next couple of years. Not looking for investment property. Having said that, I want to prepare for the worst so I can make educated gamble here in deciding if I should still buy or continue to rent - knowing how rent prices exponentially increased just over the past several months... What is the best forecast for the worst case scenario for the housing market in the next 3-5 years? We can factor in all the nuanced variables: past historical crashes, bubbles, Covid, supply chain, raw materials, WFH, politics, workforce, inflation, etc.
What are your thoughts? What's the realistic worst case scenario? And obviously, does any of these worst case scenarios validate the need to gamble into buying a home now or continue to rent? Maybe at the end of the day, there is no right answer because it's all subjective in today's market...? Just do what makes you happy and financially logical without stretching too thin? [link] [comments] |
| Posted: 16 Feb 2022 04:13 AM PST Recently looking, bid and lost on 4 houses, was able to win the 5th. Each bid we became more aggressive. We are 45k over list and hope the appraisal comes in high, as we're a VA Loan. Inspection has now come and there's quite a few issues/flaws, I would say none are absolute dealbreakers. Inspector did great job to ID safety hazards. What is the best strategy to get things fixed on the house, and reach closing, without queering the deal? It looks the sellers have been living in the house for a few years, probably bought it fixed up and have not done much maintenance since. If seller and us can't agree how do I angle to get my earnest money back? Want the house but want the main problems fixed or compensated. [link] [comments] |
| Homebuyers: What is the one that got away? Posted: 15 Feb 2022 03:52 PM PST I've been on this home buying journey for 9 months and have made so many offers that fell flat, lost out in bidding wars, had so many homes sold before my scheduled visit. It's been a roller coaster. But I always have one property that kills me. It was a home on a huge plot of land in my dream neighborhood, had a view of the water and even had a deeded boat slip. I showed up with guns blazing and ready to bid way over list price. The problem was the house itself. The selling agent made so many errors in the listing that when I visited the home it was just disappointing (e.g. the house was listed as 3000 sq ft but we actually 1900 sq ft, it was listed as having hardwood floors but was actually laminate, kitchen was listed as gourmet but was actually builder grade, etc.). Because I loved the location, I did make an offer. But it was under asking, with an escalation clause up to to asking. My logic was that my offer was based on the actual house, not the house as erroneously described in the listing, and made the offer based on those comps. Of course I lost out. In hindsight, I should have just went for it. It was the definition of the worst house in the nicest neighborhood. I've seen nothing in such a nice location come up at that price point since then, and all I see is the market continuing to go up and up. I'm still kicking myself. What was the one that got away from you? [link] [comments] |
| Posted: 15 Feb 2022 09:44 PM PST Is this normal? It's a little late right now, but I received an email from my loan officer stating I had an updated loan estimate. I log into their secure document site, download the latest LE, and the only thing I can see that has changes is that the origin costs have gone way down - the interest rate stayed the same, but the points dropped by like 85% - (2.9 to 0.4) which lowers my APR quite a bit and makes my points pay-over date much closer. This is a huge reduction in points and I'm wondering if this is normal or if I should expect a mistake and it to go back up. I checked in my "Locked Rate" section on their website and sure enough the points there have dropped as well. I'm not sure if it's a mistake that I'll end up benefiting from or if the nit-picky person in me wants to call my loan officer and ask what's up, perhaps risking the "Bank Error in Your Favor!" community chest card. [link] [comments] |
| Is it just my area or are starter homes not going up for sale anymore? Posted: 15 Feb 2022 09:48 AM PST My town has a couple sections of true "starter homes". A kitchen, living room, 3 beds, and 1 bath on a small lot is what you get. No basement or garage. Typically they go up for sale often as families outgrow them. Not so for the last 1.5 years or so. Is this a local phenomenon or is it something your area is experiencing also? [link] [comments] |
| Posted: 15 Feb 2022 04:41 AM PST There's a fast food/coffee restaurant that wants to ground lease. They would own the building that they build, and we own the land? How does this work exactly? As far as terms go. At the end of their lease term (say 50 years) would they just stop paying? How do you make sure they keep paying/leasing? Is there such thing as an infinite year lease Lol [link] [comments] |
| Posted: 15 Feb 2022 03:02 PM PST I'm currently organizing funds for a new locker mailbox that was vandalized and is now unserviceable. One person who uses the mailbox is selling their house and, thus, does not want to pitch in for said mailbox. This means as soon as the new owner moves in, they're going to be hit with a $350 bill in order to get their mail delivered to them at all (USPS will not let us install individual mailboxes, because of backwards efficiency, so that will not be an option for them). I personally think it's shitty of the current owner to not pay for this (is it even allowed?) and think the buyer has the right to at least know about this. Not to mention I'll be footing the additional $350 until the new owners do move in. So, how do I find out who the buyer's realtor is/how do I find any sort of contact info for the buyer? If I contact the seller's realtor, are they obligated to pass this info onto the buyer? Thanks in advance for any help! [link] [comments] |
| Should I avoid buyer's agents who want me to sign a contract? Posted: 15 Feb 2022 07:28 PM PST I'm moving to an area from another state and have been interviewing prospective buyer's agents. One of them wants me to sign a contract to work with them. I've read mixed things about having to sign a contract. Should I avoid at all costs? If not, what do I need to look out for? Btw, otherwise this buyer's agent interviewed very well. The contract bit is the only part giving me hesitation [link] [comments] |
| (OH) Closing Agent goofed, we got our earnest money back, we weren't supposed to (?) Posted: 15 Feb 2022 01:36 PM PST Just caught an IM from our realtor, who's been pretty solid so far. We closed. We have the keys...but... When we did the closing on the house, and signed all of the statements, the bank allegedly "noted the earnest refund incorrectly on the settlement" and "the commission check is short" the amount of the earnest money deposit. Again, we were given the earnest money check back altogether. They feel that it should have been noted as a "full refund" instead of a "reallocation of debt." They also noted that "since it was returned, and the title company screwed up the statement, we'd be responsible for the difference." Pretty sure I'm just going to have to cut the check here, but any insight? [link] [comments] |
| Posted: 15 Feb 2022 10:36 AM PST What are the pros and cons of purchasing a modular home vs. a stick built home? Is there a difference in quality? Does it impact resale value in the future? Any other considerations? [link] [comments] |
| Posted: 15 Feb 2022 06:42 AM PST My husband and I got unbelievably lucky and found pretty much our dream home. It was the first and only home we made an offer on and luckily the buyers accepted our offer after being on the market for just 3 days with multiple offers. The house:
We're working with the seller's real estate agent since we didn't have one yet and our initial offer was going to be $350k ($30k over asking), $5k over appraisal, $5k earnest. Our final offer was $330k, $1k over appraisal (which turned out to be $340k), and $5k earnest. We just got the inspection report and we're obviously going to talk to professionals but I know sometimes they can miss some stuff. Is there anything on here that looks like it could be potentially a huge money pit? We have $90k available from selling our house but we did want to spend most of that paying off our debt and updating the house as it does need cosmetic updates. https://i.imgur.com/fNbZ9va.jpg ETA: oh yea we're buying using a VA loan btw. [link] [comments] |
| Investors are calling about my house in a small midwestern city... Posted: 15 Feb 2022 12:15 PM PST I own a house in Indiana. I am now getting a call a week from "investors" asking if I want to sell. Realtor.com says 51 houses for sale in my zip code, 44 are pending. This is where you can buy a decent small house for well under $100k. It used to be $50 but prices are going up. Maybe they figure they can get more bang for their buck by buying 10 $50k houses rather than 1$100k house??? Idk but I am not selling. I paid $23k for that house and it makes me a good return. [link] [comments] |
| Can a new build appraisal by lender ever be lower than purchase price? Posted: 15 Feb 2022 09:57 PM PST Can or does this situation happen where a new build home is under construction and once the home is complete, before closing, the lender asks for an appraisal of the home and it comes out to be lower than the asking loan price? If this ever happens how would you proceed? Would you ask the builder to lower the price? Would I as the purchaser pay the difference to the lender? Am I able to walk away and get my earnest and option deposit back? Could the home builder get their own appraisal after seeing the appraisal by the lender or would they have wait a certain amount of time? This is a new build in a new community with various other homes being built (i.e. master planned community) Thanks for the thoughts [link] [comments] |
| Am I being ripped off on this house-flipping partnership? Posted: 15 Feb 2022 09:47 PM PST Hey guys I'm an equity partner in a residential flipping business. I invested $180k cash to pay for all of the hard money loan interest + renovations on a $680k house. The whole process is extremely hands off and I actually don't need to do anything. We are expecting to net $150-200k profit on the flip. In return, I will keep 33% of the profit after all of my initial investment is returned to me. I'm planning to do a 1031 exchange after this deal. What is the typical rate of return for equity partners? Am I getting a good deal? [link] [comments] |
| for those who own out of state rentals, would you do it again if you had to start over? Posted: 15 Feb 2022 03:48 PM PST hello, would like to know any out of state investors feedback on their own stories and what to look out for & if they had to do it over again, would they? out of state as far as south of the country etc [link] [comments] |
| Can I Just Walk Into A Broker And Ask If They're Looking For New Agents? Posted: 15 Feb 2022 01:55 PM PST I need a sponsoring broker and there's a specific area i want to work in. Can i just walk in cold to brokers in that area and ask if they're looking to get new agents? Or would I look stupid doing that. I'm in New York City if that matters. [link] [comments] |
| New Builds: when did you lock in rates? Posted: 15 Feb 2022 09:15 PM PST I was incredibly lucky to sign a purchase agreement on a new build we found that just happened to be in our budget. The builder is saying the house is looking like it might be delayed until July maybe August or September. I have a pre-approval for FHA with DPA. Right now, the rate is at 4.62 for me. My lender is willing to extend 120 days if needed to without fees. If I did that today, that'll put us in June without reassurance of closing in June. I'm just worried that the rates will increase so much that it'll make the mortgage unaffordable. Would you lock in the rate now, let it stretch for 120 days and then pay an extension fee? Or wait? [link] [comments] |
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