Why U.S. house prices won’t recover Real Estate |
- Why U.S. house prices won’t recover
- As a buyer, is it reasonable to ask for HOA litigation documents before making an offer on the condo?
- Lack of Showings First Weekend on the Market
- Thoughts on a large house for a single person
- Is there anything I can do?
- Plan to move out of girlfriend's condo. Unusual situation.
- Refinancing 2 houses under 1 loan
- Have any of you guys done seller-financed deals that were sourced by realtors/wholesalers?
- Trouble determining if a home is modular or manufactured
- Bad at math and trying to understand how much to put down
- CA Real Estate Exam Prep
- Closing Delayed - Is it my fault? (Long rant)
- How to find what a property was bought for
- What happens to apartment complexes after they go old enough to be considered not livable?
- Please Move!
- Realistic time line for selling/buying a home.
- Housing for a convicted felon
- Smart idea?
- What should I do about my neighbor and easement issue.? Opinions welcome
- Manager partner offer
- What would happen if the housing market crashed again?
- Inspection contingency and seller's right to cure
- Margin loan to help bridge gap between homes?
- What site or app has the most up to date listings?
| Why U.S. house prices won’t recover Posted: 26 Feb 2022 08:01 AM PST https://www.marketwatch.com/story/why-us-house-prices-wont-recover-2012-05-01-1225310 Interesting article from 10 years ago [link] [comments] |
| Posted: 25 Feb 2022 08:25 PM PST I am looking to buy a condo in Southern California, as my primary residence. I found a condo in a building that I love but just found out that there are 2 pending litigations on the HOA. I haven't placed the offer yet but is it okay to ask for litigation details/documents (e.g. reason, implications on fees, etc.) from the listing agent at this early stage? I just want to find out if it is a dealbreaker for me before investing more time, energy, and emotions into it. Am I being unreasonable? [link] [comments] |
| Lack of Showings First Weekend on the Market Posted: 26 Feb 2022 07:38 AM PST I listed my house on Thursday. So far I've had 2 showings scheduled. One yesterday and one today. I have sold 2 other houses in the past year. Both had back-to-back showings and got multiple offers (although both were located in a bigger city, so I don't expect the same level of traffic or number of offers). I'm deeply concerned about the lack of showings and that my realtor priced my home too high out of the gate. I purchased the house last year for 280k. I replaced the HVAC, replaced all the flooring, repainted the interior, replaced all kitchen appliances, etc. so real money has been spent since owning the home versus relying on the market to increase the price. The house is priced at 310k (my realtor advised pricing it 15k below the price she felt it would sell for based on comp, to attracted multiple offers). But, given the lack of showings in this market, all I can think is no matter the comps we have started out of the gate too high. Everyone keeps telling me that my house will have no problem selling quickly, but I'm not seeing any evidence that there is even any interest in my house at its current price point. I've expressed my concerns to my realtor who feels like she is getting good traction via social media, but a like on Facebook means nothing to me if people aren't coming to see the house. My realtor felt like 6-10 showings would result in a couple of offers. Most homes (although not all) go under contract the first weekend. So am I panicking too soon? I hate this house and it has been a disaster from the start so I need if sold ASAP (plus with all 2 year old and a puppy I literally cannot manage to keep my house show ready for weeks). [link] [comments] |
| Thoughts on a large house for a single person Posted: 26 Feb 2022 09:54 AM PST I live in a small house in a cute neighborhood. But it needs some work and I'd like a larger yard. Most critically, I have truly awful neighbors. Loud trucks that backfire on purpose across the street. Those folks are also Neo-Nazis. I've engaged with the police a number of times and little has come of it. Next door is a two bedroom house with 10 people and frequent guests living there, all coming and going and smoking and being generally gross. For my sanity I have to get away. I'm considering putting an offer on a LOVELY house across town. My financial advisors say I can afford it. It ticks all the boxes. It's a small acreage (mostly wooded) without close neighbors and it even has a pool (silly but I've always wanted one!) But it's huge. I'm single. I don't need 4 bedrooms and 4 bathrooms plus a guest house. The thing is, the things I want (near water, on land, newer construction) are not available in smaller sized homes. I just don't need Downton Abbey! But it's so perfect in every other way. Is it ridiculous to buy that much house just for me? It feels a little ridiculous but also it feels like everything else about it is spot on. Thanks so much for any thoughts! [link] [comments] |
| Posted: 26 Feb 2022 06:20 AM PST Just bought a house November 18, probably a few weeks later I noticed a trail of water in the back bedroom closet in the basement, it was a small amount of water, nothing too concerning but went ahead and filed a claim with insurance due to failed sump pump. Feb 18 I got home from work and the whole basement bedroom carpet was sopping wet, which I then realized okay this is a big problem. Dried it out, tore up the carpet and padding underneath and waited a week for someone to come out and tell us what our exact issue is and a estimate of what it would cost to fix…which turns out it's going to be around $20,000. The foundation repair man came in looked and immediately pointed out places they cheated to make it look like they had tried to cover up some cracks. So obviously the previous owner knew there were some foundation issues. But when I asked my realtor to ask them if the basement ever leaked before their answer was no and they just installed the sump pump because they thought it would be required by the city we live in to pass inspection.. and me being 25 and never owning a house I knew nothing about sump pumps until someone questioned why ours was outside the house and not inside like everyone else's.. when we got an inspection done the guy wrote that there were a couple cracks but nothing major no action needed at this time and said the sump pump was less than professional but still serving it's purpose (which it's outside in the egress window) I guess there's also a wall that's pushing in by an inch an a half which I guess the most it should be is 1/4 inch. I know nothing about nothing it just sucks that I paid 15,000 over asking price and 3 months later already have a 20,000 problem. Would a attorney be a good idea? I was also told since the previous owner bought and flipped this house that they will probably get away with this since they can technically say they never lived in the house.. :( [link] [comments] |
| Plan to move out of girlfriend's condo. Unusual situation. Posted: 25 Feb 2022 10:39 PM PST I'm hoping someone can help answer a question about an unusual situation. I moved in with my girlfriend 12 years ago. She owns a condo. I've been paying rent so technically I'm a tenant. Unfortunately we've grown apart, and I plan to get a place of my own. However, my girlfriend's income is significantly less than it was when I moved in. I'm concerned she won't be able to make the mortgage payments when I move out. I don't want to put her in a position where she could lose her home. So I have an idea. Is it realistic to offer my girlfriend mortgage assistance in exchange for a written agreement that she'll pay me back when she sells the place in a few years? She should make a large profit from the sale. I could simply give her what she needs each month, but I doubt she'd accept my charity. Any help would be appreciated. Thanks in advance. [link] [comments] |
| Refinancing 2 houses under 1 loan Posted: 26 Feb 2022 10:19 AM PST I'm in a situation where I'm inheriting my parents house in upstate NY. It's in a college town where a lot of group of students rent a house instead of renting a dorm. I did the numbers and the numbers look great. At the same time I'm planning to rent out my house in Houston TX and move to a bigger place in the same city. Cash flow look great also. I using a management property for the houses Both houses are financed using FHA. Can 2 properties in different state be financed under 1 loan? [link] [comments] |
| Have any of you guys done seller-financed deals that were sourced by realtors/wholesalers? Posted: 26 Feb 2022 10:12 AM PST I'm looking for a primary residence in CO but don't qualify for a loan on a home because I have no W2 nor do I have 2 years of tax return. Because I don't qualify for traditional financing, I'm looking for someone to owner finance a property until I could refinance it but haven't had much luck. I've bought/built over 40 off-market units in the last year using various creative financing methods, so I'm very familiar with deal generation, acquisitions, and creative financing, I've just never done an Owner-Financed deal. Is finding a seller interested in owner-financing something I will ultimately need to source myself or is it possible to get Seller-Financed deals from wholesalers/realtors as well? I understand that it's a sellers market and cash tends to be more attractive than seller financing, but I feel like there's something I'm missing. [link] [comments] |
| Trouble determining if a home is modular or manufactured Posted: 26 Feb 2022 06:12 AM PST We're looking at a property on some acreage, and the listing says it is an "UBC/IBC/IRC Modular" from 1997. I know there's a difference between modular homes and mobile/manufactured homes, and that a modular home is technically no different than a stick built once it's put on a permanent foundation. I don't have anything against modular homes, but this one gives me pause for two reasons. First, the county website lists it as modular, but I've looked at other homes that are listed as HUD Manu on the MLS and those homes are also listed on the county website as modular, so I'm not sure if the county website is wrong ir the MLS is wrong (or the county lumps them together, which also seems wrong). Second, the house has a clear "seam" down the middle (made more noticeable by decorative beams the sellers have on it) that immediately made me think of a double wide. Is that typical for a modular home? Much of what I read online says you shouldn't be able to tell a modular home at a glance like that. I'm asking not only for this house, but because most of the land we look at has either modular or mobile homes on it and I'd love any tips on how to tell in the listing/pictures so we aren't wasting time seeing mobile homes. I know there are ways to tell during a showing or inspection but would love any tips to help prior to that point. [link] [comments] |
| Bad at math and trying to understand how much to put down Posted: 26 Feb 2022 08:57 AM PST I didn't get my degree in anything math related for a reason. I'm buying a house in my area soon. The top of my budget is $500k, absolute max. I've told my lender I can put down $100k, however, scrolling through various subs for months, it just dawned on me that I can put even less down and it would barely make a dent on my monthly payments. Is this true? With the current market, should I be taking advantage of being able to put less down, and if so, will that ruin what I have written up on my loan application? Edit: I figured I should be transparent with my budget, all of the houses I've looked at and toured so far have been in the $350-420k range. Trying to stay comfortable within my income ($90k). [link] [comments] |
| Posted: 26 Feb 2022 11:38 AM PST Hey everyone! I just turned in my application to take my real estate exam in California and now I need to prepare for the exam. Does anyone have any tips or prep courses that I can take that'll ensure I pass? [link] [comments] |
| Closing Delayed - Is it my fault? (Long rant) Posted: 26 Feb 2022 11:28 AM PST I have been working with a lender since Sept 2021 to purchase a new construction. Our closing date was Feb 25, 2022. It was going to be a sign away on the 24th with the money sent on the 25th. Any time I've been asked for something, I get it to them in 24 hours or less. Here is how it has played out. It is a $700k loan and my wife and I run a successful small business. Also, my wife is due with our second child in a few weeks. She could pop at any moment really. 2021 PnL was submitted in early January. Two days before closing, I was informed that the PnL doesn't match our bank account exactly. They wanted my CPA to correct it that day. My CPA isn't going to jump when I command her to, so I spent 4 hours redoing all of them. At the end of the day, they asked for a missing bank account statement. I returned it to them in 10 minutes of their asking. I was waiting on an elevation survey to finish so I could save on flood insurance. That dude ghosted me so I moved forward with full price payment and intend to fix it later. The day we were supposed to sign, I get a call from my insurance guy saying they wanted the home and flood to match exactly. They were off by $4k so I had to pay $23 before we could move forward. My insurance guy said he has never had to do that and they could have told him that days ago. Not sure if that is true or not. Ok so we are on Thursday with a signing at 11am. I ask for updates and they insist that they are pushing for the signing today but I might have to do it in person on the 25th. We are fine with that as long as we getting it done. 12:30pm, they let me know that they just submitted to the underwriter. Now it is Friday and my agent is pissed, the builder is pissed, the title agent is pissed and I'm pissed. I call at 9am and ask if we are closing today. They insist they are waiting on the underwriter and pushing to get it done. Now all the fore mentioned parties start asking for updates. It's clear by noon that is isn't happening. My agent calls my LO and basically tells him to get this done on Monday or they are done. My agent makes this LO several six figures. The LO send me apologetic texts every time my Agent calls him. The lender sent an email saying they were pushing to close on Monday. At 8pm last night (Friday the 25th), my agent and I get sent this PDF apology letter from the LO about how sorry he was and he was going to take ownership and not point fingers. Then he gives the timeline of what I just told you about the PnL and insurance. Basically saying insurance delayed everything. Then he says that the underwriter went on vacation on Thursday and they were trying to get the other one to close me but my file was basically sitting on someone's desk with no chance of being looked at. He says Monday doesn't look realistic, Tuesday was more likely, Wednesday was backup. 10 minutes after he sends this, his lender counter part sends an update saying they are pushing for Monday. I feel like I've been lied to and jerked around. Communication has been sparse and no one has expressed any urgency. We have had months to sort this out. Is it my fault that the mentioned stuff caused the delay? I'm mad but I also feel bad because my file is blowing up this guy's lively hood and he seems unwell. This all goes without saying I've had a train wreck of logistics for moving. TL:DR - delayed closing. Am I at fault or did they drop the ball? [link] [comments] |
| How to find what a property was bought for Posted: 26 Feb 2022 11:23 AM PST I inherited a piece of undeveloped recreational land after a family member passed about 20 years ago. I'm considering selling it but I want to know what it was purchased for because I'm assuming I'll have to pay capital gains taxes when I sell it and inherited property uses a "stepped up" rate. [link] [comments] |
| What happens to apartment complexes after they go old enough to be considered not livable? Posted: 26 Feb 2022 05:24 AM PST This maybe a weird question but i always wondered what happens to the apartment complexes and societies when they cross a sudden age (like 60+ years) what happens to the people who own the apartment?. [link] [comments] |
| Posted: 25 Feb 2022 07:02 PM PST Saw something really interesting today. I received a mailer from a prominent realtor in Huntington Beach, CA touting his successes with numerous local listings and closed sales - pretty much a typical promotional mailer. However, the last page had a profile of Nashville, TN and testimony from a couple who recently relocated there from Orange County. It showed numerous recent closed SFH sales in Nashville and discussed the positive attributes of living in Tennessee. I cannot recall ever seeing a local CA realtor trying to push people toward another city as a way to drum up business. There must be a lot of realtors hurting for work right now… [link] [comments] |
| Realistic time line for selling/buying a home. Posted: 26 Feb 2022 11:15 AM PST I just received a great job offer across country and now figuring out the move is the big deal. We currently have a home but will need to sell it to be able to purchase a new one. My issue is my time table. I need to relocate in about 6 weeks. We are taking the next week or 2 to try and get the house completely ready for sell. But selling that and then buying another one feels like there is gonna be some overlap where I need a place to live. Or is there a better way to buy and sell at the same time? I have never sold a house so I am not sure what it all looks like (though our housing market the average day is like 3 days on the market before it sells) any advice about it all would be helpful. [link] [comments] |
| Posted: 26 Feb 2022 10:52 AM PST Cross posted in r/landlords Looking for recommendations. My fiancé, two children and I will be moving to the Atlanta area from Ohio at the end of May. I recently got a job promotion and will be opening up a new branch in that area. My company is paying for the move and have agreed to help with being a guarantor on a rental if needed. I made $75,000 last year and will make more this year because of the promotion. My fiance did not work as she is going to school to be a nurse and will graduate around the time we are looking to move. The problem we are running into is that I have a felony (burglary) from 2010 and most (if not all) rental agencies automatically deny someone if they were ever convicted of a felony. My credit score is around 650 and hers is around 700. We would buy if we were able to, so that we could avoid the background check, but with the market the way it is, and not able to make a down payment at this time, we really would like to rent for a couple years when we first move to the area. My question is if anyone here can recommend a rental agency that could possibly help us find a Landlord that would rent to us? We would be more than willing to speak with any of them and explain our situation and my past as well as offering to pay a bigger deposit or a couple months rent in advance. Also, even though I have the felony and it's over 12 years old now, would my job agreeing to be a guarantor on the lease help with not getting denied? Lastly, where would we start our search to be able to find landlords that would be willing to talk to us (if they are out there) Any and all recommendations would be extremely helpful! Thank you! [link] [comments] |
| Posted: 26 Feb 2022 10:37 AM PST I have a question. I have the opportunity to buy a home right now that isn't ideal of want I want but it is in the 250k range. I can only see myself in that house for approximately 5 years. However I also have an opportunity to buy a house in the 330k range that I can see myself in long term. What is the best course of action? I'm torn on what the smart decision is. [link] [comments] |
| What should I do about my neighbor and easement issue.? Opinions welcome Posted: 26 Feb 2022 10:36 AM PST I'll try to keep it simple. Neighbor is selling his house. Neighbors driveway crosses my driveway. He has always thought he has an easement and so did I when I bought it, but he doesn't. Developer he bought it from 20 years ago messed up. I guess. We're on friendly terms now but he's a hot head and we were arguing all last year. His daughter backed into my truck as we were both leaving and I offered to split the cost of painting her bumper and he was a jerk and kept insisting that I pay. At that point I thought I might like to just have the driveway all to myself, or that it devalued my property to grant an easement across it. At first he didn't believe it but I think he's finally convinced. He was trying to sell his house last year to Zillow but changed his mind and now he has a for sale by owner deal going to sell it for a million bucks which is pretty profitable for him. I'm 100% sure he is going to not disclose the issue to the buyers. He's such a hot head I don't know if I want to get into it with him again. I could put up signs or block the driveway but he would probably try to sue me for interfering with his sale or God knows what else he would do. I've offered to sell them an easement for 10,000 plus costs which would probably be about five more . He could put potentially sue for a prescriptive easement, but it would probably cost him near that much and I don't think he'd win because he does have other options for access like redoing his driveway or opening up the fence on the other side of his front yard and rebuilding the driveway that he removed. But I'm hesitant to just let the deal go through. I don't want to have to get off on the bad foot with the new neighbor And they would probably have to turn around and sue him. I'm a real estate agent and as we are on friendly terms, he has been talking about maybe using me to buy his replacement house which would probably bring me about 10 grand. I have thought that if he were to work with me I would maybe count some of that towards giving him a discount on the easement, but at that point it would be too late, after he sold the house. I suppose I could offer the same discount to the new neighbors, but they would probably still want to turn around and sue him for not disclosing. It does occur to me that as I bought it thinking there was an easement, I've lost nothing and I could Just ask him to pay for the legal paperwork to fix what was a mistake originally. He might even be able to lean on the builder for it. But he was such a jerk over the daughter's car thing and afterwards, and I did decide that I rather just have the driveway to myself really unless I received some compensation. Just curious as to any thoughts. [link] [comments] |
| Posted: 26 Feb 2022 10:34 AM PST I've was offered to join as a manager partner of group of investors for a long term relationship who buys around 90 properties each year for fix&flip and buy& hold. I'd be responsible on the operating part: negotations, renovations, repairs,finds tenants, managing tenants and basically every aspect of the operating part. They will be responsible for funding the deals,office services and selling. Question: what kind of entity would you establish(LLC, S CORP) and how a manger partner would get paid consider that I'll be working most of the time,and the wheels behind this operation. . Thank you [link] [comments] |
| What would happen if the housing market crashed again? Posted: 25 Feb 2022 09:52 PM PST I wasn't really aware of what happened in 2008 when it happened (I was young) and I'm curious as to what would happen if it happened again. To my understanding housing prices keep goin up and up and the number of people who can afford it is getting lower and lower. From a completely uninformed perspective that is bad, how do people expect to keep raising the prices and it not eventually crash when nobody can afford anything? I don't have much of a grasp on how the housing market works so I figured I would ask. Thanks! [link] [comments] |
| Inspection contingency and seller's right to cure Posted: 26 Feb 2022 05:04 AM PST After an inspection, when the contract is written with a right to cure, can buyers insist on sellers curing items noted in the inspection, but not listed as defects? What happens if the buyer, instead of providing a notice of defects, chooses to negotiate through amendments but does not accept seller's negotiations by the stated timeline (in Wisconsin)? [link] [comments] |
| Margin loan to help bridge gap between homes? Posted: 26 Feb 2022 08:22 AM PST Current home is worth $800k with $475k left on mortgage. Looking to buy up to $1.5M home Have $300k in cash Have $400k in non-retirement equities If we buy the $1.5M home I calculate we need another $30kish to help cover closing costs and have a little extra $ on the side. Once purchased we would turn around and sell our current home. So to help bridge the gap I'm considering a small margin loan. Considering the amount of I have in equities, the size of loan I need, and the market has already sold off substantially, I'm thinking this is fairly low risk? Thoughts? [link] [comments] |
| What site or app has the most up to date listings? Posted: 26 Feb 2022 08:03 AM PST Hearing a lot of negative feedback about one site when speaking with people and I'm thinking (I'm a consumer) what site or app should I be using? A real estate agent said what I was using "it's fine, and gets a lot of hate but it still covers about 90% of the listings". What covers everything, anything? Thank you for any and all opinions you may have sites or apps you recommend. [link] [comments] |
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