In less than 48 hours we got 14 offers. Here’s how we chose a buyer. Real Estate |
- In less than 48 hours we got 14 offers. Here’s how we chose a buyer.
- People who bought $500k houses in the last months: what’s your household income and what do you do for a living?
- Cash offer from investor not a family. Accepting feels wrong.
- What is a popular home feature that you don't like, need or wouldn't use?
- Wife Inherited House - Does It Look a Good Rental Unit? (Milwaukee, Wisconsin)
- Homebuyers, what are you sacrificing in this market?
- What design trends are currently in right now for houses?
- Agents are awesome sometimes. Talked me out of a huge potential mistake. There’s good honest agents out there. We appreciate you
- Who can we go to for real estate advice?
- Buyer asking credit for repairs.
- House sale capital gains question
- What is a uncommon/rare home feature that you like, but don't see often?
- Sellers- what are your thoughts when you meet a potential buyer?
- Inspection found roots in sewer scope and sagging roof ridge line. Should I walk away?
- Has anyone else dealt with trigger happy buyers that flake?
- What is the cost of maintaining & updating old homes(1940s and 50s) ?
- Needing help!
- I guess being married has its perks
- Sellers Remorse
- Obtain Pre-Approval for Loan in Selling State or Buying State?
- Questions concerning a cash out refinance...
- First Time Buying --Military PCS Florida to Texas
- Can a CO-OP charge me an assessment fee without providing a written one?
- Home Inspection Results
- Selling my home a hot sellers market
| In less than 48 hours we got 14 offers. Here’s how we chose a buyer. Posted: 05 Mar 2022 10:14 PM PST Let me start by saying we are selling in Columbia, South Carolina. The market isn't as crazy as it is in the big cities. The SE is relatively inexpensive compared to the rest of the country. So you're not going to see anything outlandish in this market. However, we still managed to get a bunch of offers above asking. We set our listing a little above comps in the area, $229,900. The house is 10 years old, 3 bedroom, 2 bath move in ready. We bought it new 10 years ago at $202,000. We moved out 3 weeks ago when we bought another house for $590,000. Luckily, the market here above $500,000 isn't having issues with supply and demand. So we managed to get the new house at appraisal pretty easily. We listed the old house on Friday. Less than 48 hours later we had 14 offers ranging from our asking price to $269,000. Some sight unseen. 3 offers asked us to include a fridge. No idea why because there was never a fridge in the house during listing or viewing or in the pictures. Lol. Don't be that guy in this market. We also eliminated all the sight unseen offers. There's nothing wrong with the house as it's move in ready, but we didn't want them to have any reason to pull out later. We aren't considering these serious offers. We eliminated all the offers that were above $250,000 because they didn't offer to go above appraisal. I seriously don't think the house will appraise above $230,000. And offering super high doesn't make you sound like a serious buyer. Then we eliminated anyone that didn't have a local lender or local agent. It's not a huge deal to have someone local, but we needed to have a reason to eliminate. Our agent suggested going with lenders he knew could close fast and other agents he knew were reputable. We went into contract with a military family moving from North Carolina. They offered $232,000 and are willing to go $3000 over appraisal. It's a good solid offer. They want to close as soon as possible, as do we. Just wanted to share our experience in case it helps anybody. [link] [comments] |
| Posted: 05 Mar 2022 11:25 AM PST If you don't mind, please also share what area you live in. My husband and I were house shopping but got outbid each time. We didn't consider ourselves poor but now we think we might be. Would like to know who actually buys the kind of houses we were looking at. Perhaps we need to stop dreaming and/or lower our expectations…. [link] [comments] |
| Cash offer from investor not a family. Accepting feels wrong. Posted: 05 Mar 2022 10:10 AM PST Just as the title says, we put our house on the market yesterday and today we have a cash offer for asking price but from an investor/investment company. We live in San Antonio and I don't think the market is booming like in larger cities. But after reading how hard it is for people to buy homes I sort of don't want to sell to an investor. Is it wrong to not accept the first offer? I don't want to add to the housing problem. But I do need to sell this house sooner than later. I'm conflicted. [link] [comments] |
| What is a popular home feature that you don't like, need or wouldn't use? Posted: 05 Mar 2022 07:25 PM PST I've been thinking about building a new house and as an agent, I constantly see people absolutely rave about certain things that they want/need/love. One option I'm looking at is putting a sink in the laundry room. Personally, I have ZERO need for that and would rather not spend the money because it would go unused, but I know a vast majority of buyers would absolutely love to have one and I'm debating the money. I've seen builders charge anywhere from $600-$2,000 for this sink. So it got me thinking, what popular features do you find utterly worthless to yourself for anything beyond resale value? [link] [comments] |
| Wife Inherited House - Does It Look a Good Rental Unit? (Milwaukee, Wisconsin) Posted: 05 Mar 2022 04:32 PM PST My wife inherited a house from her late mother this past month. Overall, it's in good condition but a bit older. We currently have a house fully paid off and we love living in it. We do not want to move into her mother's old house. We were thinking about either selling or renting it out. We do not have any experience in being a landlord, but we want to build some passive income. I've been looking at properties on redfin, estateza, and zillow as I've been learning about investing in RE. It's near UW Milwaukee so we're thinking about maybe making it a student rental (hopefully interview them before and make sure they're not going to trash it). The stats of the house are the following: (I used estateza to generate the rental estimate and financial forecasts. They seem pretty realistic given our knowledge of the area so I'm using it as a baseline for now). Location: Milwaukee, Wisconsin Beds: 4 Baths: 2.5 Sq Foot: 1800 Rent Estimate: $1,900 a month total Insurance: 1200 / Yr Utilities: To be paid by tenants: Taxes: ~4500 It looks like we're going to have great cash flow on this property given it's fully paid off. [link] [comments] |
| Homebuyers, what are you sacrificing in this market? Posted: 06 Mar 2022 04:43 AM PST We started actively searching for a home 9 months ago and in that short time I've seen prices increase at least 20%. What I could afford last fall is beyond my price range. I needed to either drastically increase my budget or make sacrifices. We wanted a medium size two story turnkey property on at least .5 acres for our dog to run. Now I'm looking at ranch homes, and homes on smaller lots. What sacrifices are you making in your search and what things are must-haves? Or are you keeping your requirements the same and increasing your budget? [link] [comments] |
| What design trends are currently in right now for houses? Posted: 05 Mar 2022 05:53 PM PST I'm not sure if this is the right space to post this. I feel like modern farmhouse has been done everywhere. What design trends people are liking these days? [link] [comments] |
| Posted: 05 Mar 2022 02:11 AM PST My agent just spent weeks with me going to place after place. Offers in, offers beat etc. rubbed my back when I lost my dream home and basically cried. Answered the phone at 9 pm, met me anywhere he needed too, gave me life advice about shit completely unrelated to RE, but that set me on a different career course He's an older guy, 50's I think. Talked me out of buying a way more expensive multifamily 550k that he would've got him a fat commission. Got me to get a 200k multifamily and a plan to go from there (my first home, owner/occupant benefits) To my forever home in about a year and a half. Saved me from making a huge mistake. I'm now profitable from my rental income by 400$. My mortgage is paid for plus money? Whaaaaat? Good people are good people. I think a lot of agents are in it for the money and the hustle. But some people genuinely want to change someone's life for the better. Those agents are the ones who get paid in happiness from helping others. [link] [comments] |
| Who can we go to for real estate advice? Posted: 06 Mar 2022 04:50 AM PST I need help navigating first time home buyers programs in my state and getting a recommendation for home purchase prices using my income. I want to go to a fiduciary but it seems like none of them specialize in real estate. Does anyone know if there is a certain name for people who provide real estate consulting with no intention to make commission off of you? [link] [comments] |
| Buyer asking credit for repairs. Posted: 05 Mar 2022 11:47 PM PST First time selling home. House listed for 260k, within 2days, received 12offers, all over listing. Under contract to highest bidder, for 284k ,but now they are asking 20k credit for repairs, main arguement is roof is old and needing replacement. It is little old but will probably still last 4-5years without any issues. Feel like they are asking too much. Is this a normal buying strategy? Any feedback and recommendations? Thanks in advance. [link] [comments] |
| House sale capital gains question Posted: 06 Mar 2022 04:44 AM PST We are a military family and are selling our house in DC this Spring (not living there now, but lived in it for 2 of the past 5 years). We have been in FL for 1 year (bought house here) and unexpectedly received military orders to move to another state. I understand we can claim capital gains exemption for the DC house, but is there any capital gains relief we could get for the FL house based on getting military orders and having to relocate for work? Though gains won't be substantial since we've only been here for a year, we did not anticipate having to leave so soon, and don't want to hold on to the house. Thanks for any help sorting this out! [link] [comments] |
| What is a uncommon/rare home feature that you like, but don't see often? Posted: 06 Mar 2022 04:20 AM PST Doing a counter to the post about the laundry room sink, what's features you would want to see more of? - More electrical outlets - Smurf piping for digital/technology cables (ethernet/etc) Bidet, heated bath towel rack/tower. I don't know if its a thing yet but a full room lightning connected to an wake up alarm system that increasing lightning similiar to a sunrise, that'd be cool. [link] [comments] |
| Sellers- what are your thoughts when you meet a potential buyer? Posted: 05 Mar 2022 10:01 PM PST On a showing today at 9am the seller of the property intentionally stayed home to show us the house. We were surprise and happy he was there. He's 75 year old who takes pride in his property so we appreciate that he showed us the house himself and explained most things in his house. Does it help at all when a seller meet the potential buyer or is it a bad thing? The owner gave my husband his business card with his cell and email address (seller is a Police chaplain and my husband, buyer, is a police detective). I honestly thought he liked us enough to accept our offer- only to be told by the listing agent that they're reviewing offer on Monday morning. Not sure what to think. I told my husband he should text the seller and thank him for showing us the house, let him know we loved it and made an offer etc, not sure though if this is a good. I'm really desperate to find a house. This market is sadly exhausted for buyers like myself. [link] [comments] |
| Inspection found roots in sewer scope and sagging roof ridge line. Should I walk away? Posted: 05 Mar 2022 04:11 PM PST My realtor said sewer scope looks good for an older house (1890) and it isn't a big concern. I'm posted here for an unbiased opinion. Is this something I need to fix immediately or more monitor situation and address in a few years? Inspector comments: "Cast iron pipe under slab is heavily corroded and needs to be de-scaled and assessed. Sewer line is in fair condition, some issues were identified that need to be addressed either now or in the foreseeable future. The camera was pushed from the clean out to the city main at 90.2 feet. Functional flow of waste water from home to city main was observed during inspection. Roots were found in the sewer later clay bell tile pipe." Roof looks to be about 15 years old. The current seller removed the chimney all work permitted by the city allowing them the tax abatement. There is no attic above the 3rd floor bedroom so there wasn't any access to check if the roof had any leaks or structural issues. Inspector comments: Center line chimney was removed and the ridge beam not replaced. There was a significant sag in the roof ridge structure I'm trying to do my due diligence as a first time home buyer and avoid any expensive surprises. There's a few other problems like broken and unbroken termite tubes in a couple basement joists, a couple windows that need replaced and the basement definitely gets water coming in but nothing else major. I really like the house and it has a lot going for it for the price and amenities. Was thinking I can get a home warranty and cover a lot of potential problems as well. [link] [comments] |
| Has anyone else dealt with trigger happy buyers that flake? Posted: 06 Mar 2022 05:10 AM PST List the house, 4 offers, 3 over asking, I pass on one 10k higher to get a cash offer with no due diligence. Buyer renegs, reduces offer by 10k and adds an inspection. 2nd time, 4 offers, 3 over asking. I take the highest offer, 15k over the next best. Gets an inspection, cites an aging roof and galvanized plumbing and asks for 20k off. I counter at 15 off just to match next best offer and sell the damn thing. Nope, they walk away entirely, not interested in the house anymore. I thought selling would be easy... seems like buyers have itchy trigger fingers and then get cold feet. [link] [comments] |
| What is the cost of maintaining & updating old homes(1940s and 50s) ? Posted: 05 Mar 2022 07:20 PM PST Currently, looking to buy a home in NJ. I'm a first time buyer. Most homes in the area are from late 1940s and 50s. What are costs that I should expect to incur maintain and upgrade (as needed) an older home? Planning to keep some money aside for repairs. What are costs for these -
Any other potential costs I need to be aware of. Thanks! [link] [comments] |
| Posted: 06 Mar 2022 01:02 AM PST I have a question for anyone who has knowledge of, or is experience with real estate. Sadly, my grandmother has recently passed away. After her passing, she left her home to my father. After talking to her lawyer, he stated, that after a certain duration of time, if no one came forward with any outstanding debts that she owed, that the house and all of its contents, would be over turned to my father. Well, that time has come! My father is wanting to sell the house, but he is wanting to do it without the use of a real estate agent. To me, this does not seem like a very good idea. The landscaping is not good, the house needs several small repairs, a wheelchair ramp leading to the back of the house, needs to be repaired or rebuilt and some odds and ends like that. She had the house built brand new around 13 years ago, so obviously a few things are going to have to be done it. Am I right that a real estate agent needs to be contacted, or my way off in left field? [link] [comments] |
| I guess being married has its perks Posted: 06 Mar 2022 04:24 AM PST You know, I tried to do everything right to set myself up to getting a nice home one day. I finished my MBA with no debt, got a job that makes 75k a year, constantly saving, maxing out retirement account contributions and I can't compete in this market. Why? Because im trying to do it alone. Age 26 male and not married nor am I with anyone serious to consider buying a home with. Not on purpose but I just so happen to be a lone wolf at the moment. Isn't that what the boomers tell you to do? Work on your career and yourself first? 75k a year is considered good money for someone at age 26 and I have saved up more than enough for a down payment but man I can't even get a condo because ill be outbid by someone who comes in with all cash or dual incomes. I either need an balanced housing market or somehow find the love of my life who also makes similar income or I'll never make it in lol Anyone feel the same? -SoCal [link] [comments] |
| Posted: 05 Mar 2022 03:29 AM PST I have been showing my home for 5 months now. 4 buyers all failed to secure loans and taken about a month of time each. I was told this is unusual. My biggest problem is having to pack up and leave every day during these showings. I work in the cold for 10 hours a day and they only schedule for times I could be home with hot water on my head. I am thinking of throwing the ethics out the window and remaining home for any showings after work. I'm so sick and tired of living in my car every day. After reading posts on Reddit, I see realtors calling sellers "idiots" and worse for being present. I'm honestly sick of it all and it's putting too much on me. I want to be an idiot. Would it be normal to request showings on weekends or during work hours? Maybe with the caveat of having to deal with me being home if they don't want to adhere. Idk. [link] [comments] |
| Obtain Pre-Approval for Loan in Selling State or Buying State? Posted: 06 Mar 2022 03:24 AM PST So we intend to sell our current home in Georgia and plan to purchase an existing home in North Carolina. Does it matter where your mortgage broker is located for pre-approval if I plan to buy in North Carolina? I've always heard that realtors won't take you seriously unless all your ducks are in a row regarding financial viability. TIA. [link] [comments] |
| Questions concerning a cash out refinance... Posted: 06 Mar 2022 03:04 AM PST Forgive me Im on mobile so formatting will be a disaster but here we go. So I bought a condo 1.5 years ago for $305,000 I used an FHA and put 3.5% down It's value is now $350,000 and my plan is in the next two years to move out and get an actual house. My problem is that I would like to rent out the condo and not sell it. So my plan was to do a cash out refinance to fund the down payment but I know you need 20% in equity to even apply for a refinance. So my main question is that if when the refinancing company does their appraisal, is the homes new value count towards equity I have accrued? Or do I have to have already paid 20% on the original mortgage before they will do a refinance with me ? Any help or other suggestions/solutions would be greatly appreciated. [link] [comments] |
| First Time Buying --Military PCS Florida to Texas Posted: 06 Mar 2022 12:42 AM PST Husband is Active Duty being sent to Reserve Base in Ft Worth Texas in June 2022. We are trying to buy. Our realtor led us to a New Construction site and are waiting on the builder to get with her to get with us on a contract. Prices have gone up a lot within the month we've waited. When we expressed the concern to possibly look at something below that we were told " The prices are the prices unfortunately... Builders continue to go up as pricing of materials go up.. Wood is back up." Which we totally understand but I am just afraid we can't afford it monthly. Its currently sitting at 337k and with just one income (E6 rank) We get about $2,400 twice a month and based on the monthly housing calculator for that area.. It will only increase by about $50. We have $2000 saved for down payment now and $1700 in a savings we cant touch till July. Mother in Law offered $1500 to help. My Mom said she would help but has 3 minor children and I hate to ask for much.. Nothing for closing yet... And the home will still need a fridge, washer and dryer after... On top of us moving ourselves FL>>TX and waiting for the government to reimburse us. We are expecting our first baby in August and will need temporary housing and a storage until the home is built. I should also mention we have 3 dogs which makes renting difficult. (Husband wasn't going to re-enlist and the plan was to stay in FL) We looked at already built homes (much cheaper) but were told we had to have money saved for bidding.. Well the military didn't exactly give us enough notice to plan to save for that expense 😅 Just want opinions/advice on whether the realtor is steering us in the right direction. Whether we should stick with this home. If this sounds right. If its living within our means. Feeling overwhelmed/stressed and like I have no control... All over the price going up and possibly going up again as we continue to wait for a contract.. 😭 [link] [comments] |
| Can a CO-OP charge me an assessment fee without providing a written one? Posted: 05 Mar 2022 04:14 PM PST I am the executor of an apartment that I am trying to clean up and sell. My dad did not leave a will. I have not changed the apt name yet. The toilet flooded. I already had my contractor repair the damage. This month on the maintenance bill I have been charged an assessment fee. I assume for the super walking into the apartment and calling me to tell me that I had to have someone come in get a quote and repair it? That was the bulk of our interaction. I pay 1500 per month for a near zero-amenity, pot hole laden building with most fixtures not being updated since the 90's. I assume my maintenance covers the super salary and free apartment. I was not asked to approve an assessment, I was not notified of any assessment fees or anything about the apartment that I inherited, I was not even informed that an assessment had been done and I was not provided with any actual written assessment. Calling me to tell me that my toilet flooded and damaged the ceiling downstairs hardly feels like an assessment that I should pay for. What services of the super are included in my maintenance if I'm being charged $70 for him to call me to tell me that my toilet flooded? How can they justify charging me an assessment fee without providing me with an assessment? [link] [comments] |
| Posted: 05 Mar 2022 04:07 PM PST So my brother is buying a home that was listed for $355,000. Beautiful home. Lots of offers. He ended up matching someone else's offer of $400,000 with the addition of a "peace of mind" home inspection in the contract to make his offer stand out. So I believe he can't ask for any discounts after inspection report. Not sure how that works. But the inspection was done and a couple big repairs. There's termites. Needs water heater Needs more insulation in attic. Beakers that control heat pump and air handler were off so we got a HVAC guy that's gonna check it tomorrow. Ac refrigerant needs repair. Other than that, ac is working around the house. Advices to get a warranty for ac because it's old And a bunch of small other things. Brothers agent is estimating more than 3k in repairs. Considering he has a "peace of mind " inspection. Should we back out? Is this too much not to ask for a discount. The house is 38 y/o btw [link] [comments] |
| Selling my home a hot sellers market Posted: 05 Mar 2022 11:23 PM PST I've had my home up for 4 days and have 5 offers so far. List price is $395,000. We have and offer for $400k and they waived the appraisal contingency so from my understanding they will pay $400k no matter the appraisal. We have another offer for $415k but they have an appraisal contingency and are willing to pay 8k over appraisal. My worry is that the house will appraise low….when I look up my home value some say $372k, $367k. So if I accept the offer for $415k with the appraisal contingency and they pay 8k more than appraisal, if it appraises at $370k I have to sell it for $378k? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment