Hi all. First time home seller here. Our house has been on the market for 60 days now. It’s currently on the market at $485k and it had a $10k reduction a month ago. It’s had a couple open houses and 26 showings so far and is still getting showings about every other day.The first and only offer came in yesterday for $450k all cash. The buyer also happens to be a customer of my agent so I would only be paying the seller’s agent commission on this. While the all cash offer with short escrow is appealing, our neighbor in the same community with the same floorplan and square footage closed last week at $477k and another neighbor just listed theirs at $550k. So it doesn’t seem like we’re priced unreasonably. Factoring in the fact that the commission is cut in half, this offer would be effectively around $10k below the most recent sales comp.Any thoughts are appreciated. Thanks.
Hello guys, I really need some help on this.So, originally I was going to move in with my parents to this new house that my parents are still waiting to have it finish closing (papers and all). So I decided to change my mind and stay in the northern VA area since this is where the jobs are and I have few options for colleges.However, my mom wanted to transfer the loan to my name eventually (long story). Do I have to physically live in the house to have the loan and title transferred to me? This is for the state of Maryland btw. If I do, is there any way around this like a power of attorney or something since the house isn’t for commercial use it’s just my parents will be living there but I won’t.Thank you to anyone who can add some enlighten on this 🙂
I’ve bought a home before, and my real estate agent gave me access to the MLS. He made a filter based off of what I was looking for (e.g. 3BD home with at least 2BA), but I could also search outside of those parameters and browse for myself. It was the FMLS if that matters.Fast forward 1.5 years, and I can’t use my old agent because he’s out of the biz. I’m chatting with a different real estate agent and she’s saying that she’ll look around based on what I told her I’m looking for and email me some houses that she thinks will fit. I asked her about access to the MLS and she says that the MLS is for agents only and there’s no consumer-facing site/app for it. She also says that I can just send her links from Zillow or RedFin and she can set up showings (I guess by then plugging the address into her agent version of the MLS).This doesn’t seem like the most efficient way to do things. Is she blowing smoke/doesn’t have the right tools to do the job? Should I try finding another agent?
We are interested in buying two neighboring houses — one we would own 100% and live in, the other we would split equity with other family members perhaps 50/50 and they would live in it. We would not live in the second house, but might share use of the yard etc. How would this work? Split the down payment, mortgage payments, and property tax but have the occupants pay all utilities? What about repairs/improvements to the house — would those need to be tracked and split 50/50? Would the occupants need to pay “rent” to us at 50% market rate?Please skip any of the “this is a bad idea” feedback. Simply trying to understand the financial logistics of an arrangement like this.Thanks!
Have been corresponding with two Realtors via phone and online. I picked the Agent I like best and wanted to see a house tomorrow. (Our house is under contract, and it’s time to buy a new one.) Told her we wanted to make an offer on a listing she sent us. She acknowledged my email, said she was busy and would call me back. It’s been hours and I haven’t heard from her. I’ve emailed her 3 more times. No response. She’s the one who emailed the listing to me.Would it be improper to switch Realtors mid-stream and have the other one show it to me before it’s sold? We would like to buy it this week, like tomorrow! I haven’t met either Realtor in person yet. Am I obligated to her in any way? ThanksEdited to add: They are in a city several hours away from where we live.
My wife and I plan on upgrading our home spring/summer of 2020. The kind of property that we want (large lot, slightly rural) don’t go on sale very often. So I don’t think we’ll have the luxury of selling our house and then finding something new to move into. That being the case, we are planning on waiting for a house we want and buying and moving into the new house prior to selling our current home. This will allow time to find the right property for us, but obviously provides some logistical challenges financially.We’re looking for some guidance on our options to pull off buying the new house before selling the current one. We talked to someone at our bank (not a loan officer) who said our only option was a contingency on our offer, but I think it’ll nearly impossible to pull that off in our market.Some details on our situation:Loan remaining on current home: $228,000Current home value: $336,000Current payment: $1,312Yearly household gross income: $135,000We have no debts other than our mortgageWe will have around $25,000 to put toward a down payment by spring/summerThe new house would be in the $500-000-$550,000 range.One strategy that I’ve thought of to this point was that we could use the $25K in savings to make a minimal down payment on the new mortgage, move into the new house, sell the current house, then put the money from the sale toward the second mortgage and have them recast the loan. The issue with this one would be getting approved for the new mortgage. DTI with the existing home’s mortgage, the new home’s mortgage & cost of childcare (if they include that) would be around 49% if they include all 3. If the don’t include child care, we should be good.So what are our other options? I’ve seen bridge loans mentioned, but don’t understand how this can help. Any guidance on the above or new suggestions would be very much appreciated. Thanks!
Yet another interesting headline in the world of health and well-being. Hawaii Extends Thirty Meter Telescope Permit Amid Protests
“Because TMT construction is not imminent, I am withdrawing the emergency proclamation effective immediately,” Ige said on Tuesday following a decision to allow an extra two years for construction.
I’m studying for my real estate license in MN and have my state portion exam tomorrow. I didn’t pass first go around last week. I feel like I’ve covered all the material I struggled with last week except for 2 related questions I can’t find covered in my course material anywhere.I’m sure I’ll pass now but I can’t help wanting to know the answer here.The meat of the question is whether or not it is legal for a brokerage to buy a property that is listed with them. The second question was related to whether or not there were restrictions on offer amounts with an option saying no because it’s illegal. To be clear this is specific to MN.I have poured over my course work for days trying to cover everything I feel like I needed work on after my failed exam and I can’t find a word about brokerage buying their list properties anywhere. Studying with Kaplan with what it’s worth and I’m doing online only or I would ask an instructor.Edit: a word
I am designing a kitchen remodel for a client who just purchased a home in Texas. Their home had a leak and flooded into kitchen, and the seller’s insurance is covering “replacement” costs since it happened right after closing.The Seller’s are claiming the Buyer’s cannot be in charge of their own remodel and are paying the insurance companies suggested suppliers and contractors directly. The buyer was going to remodel the kitchen anyway as it is outdated and the layout is awful, but wants to have that money go toward materials/labor of their choosing so they actually get what they want and don’t waste money putting in subpar materials with no input on design. The money the sellers are putting into the fix is not going to cover all of what they actually want, but it will be a decent chunk and allow them to get things that are better quality than what is there now. The sellers are pushing back and saying they aren’t allowed to do that and are essentially forcing them into a new kitchen they don’t want.Anyone have advice on what their rights are and if the seller’s truly can dictate what goes into the new kitchen even though it’s not their home anymore? This seems sketchy and completely unfair, and such a waste of money and materials that they would want to rip out anyway (which they probably won’t now and just live with a kitchen they hate).
I’m trying to network and speak with people who work in the same market as myself. Also, if anyone has any particular websites they enjoy reading or they find helpful regarding real estate news in this area, so I can stay up to date a little better.