Newsflash: Suggested readings for a first-time home buyer

Hi r/realestate, I am looking for recommended readings (preferably books) that will help me learn all processes and terms that buying a home entails.I realize that there is a link on this page titled “Recommended Reading”, but it appears that that is more geared towards folks looking into real estate investment, whereas I am eager to learn about what the home buying process is like.Thanks in advance!

Read more at https://www.reddit.com/r/RealEstate/comments/e45bav/suggested_readings_for_a_firsttime_home_buyer/?utm_source=ifttt

Newsflash: Contingent offer vs non contingent?

We originally listed our house with the intent to buy one specific house that my husband has fallen in love with. We originally went in with a contingency offer at 285k seller paying the closing costs and it was verbally accepted. Long story short, the seller never signed our written offer and had another higher contingency come in a couple of days later. Our realtor should have been putting pressure on the sellers to sign but I suppose the seller knew the other offer was on the way hence the stall.Our house is under contract and the buyer has her own house under contract. Everything on our end is moving to the closing process with an upcoming appraisal that shouldn’t be an issue.My husband still wants the original house that he fell in love with and we’ve come in with a non contingent offer. The seller wouldn’t accept our original offer again, since the contingent offer she has is 15k (ish)higher.She will accept 295k, but it comes with a bunch of stipulations. I’ll go into specifics if they matter, if anyone asks. I feel like we’re getting a bad deal and spending unnecessary money. I know it’s just 10-15k, but we’re already at the top end of our budget and I’m getting nervous. My husband is in love with the idea of this house but both our realtor and myself feel like the seller is getting really greedy and thinks she can demand whatever since she has two offers.It doesn’t seem like the current accepted offer will have any movement anytime soon. It has an expiration of the end of the year. The other potential buyer can not remove their contingency since their current home will have to sell for them to buy. I’m not sure if the address but the sellers realtor doesn’t seem to think the contingency is getting removed before the expiration.Do we wait out the expiration knowing we will likely have to rent short term between closings? The house was on the market for over 1 year which isn’t common in our area.Just pay the extra since it’s minimal on the monthly payment and let her have her outlandish requests? I understand wanting more money If someone else says that’s what they’ll pay, but IMO she’s risking a lot by wanting to have two offers at the same time and play them against each other.

Read more at https://www.reddit.com/r/RealEstate/comments/e44tka/contingent_offer_vs_non_contingent/?utm_source=ifttt

Newsflash: Taking over rent to own property

Hello!I’ve been looking through the local Craigslist for apartment listings and several properties have come up, looking for someone to take over a rent to own property. It feels kind of scammy, but I guess before going to look at a property and advice/ or heads up for what I could be getting into with taking over a rent to own property?

Read more at https://www.reddit.com/r/RealEstate/comments/e44uvi/taking_over_rent_to_own_property/?utm_source=ifttt

Newsflash: Should I purchase my first home in Utah in a “sellers market”?

So I’m strongly debating whether I should buy a home here or move out of state. I’m a 31 year old single guy with no debt, 720 credit score, 2 cars, 20k saved for down payment and 10k for emergency savings. I was reading an article how Utah ranks 2nd in the nation for rising home prices. Due to this, I’m wondering if I should act fast before prices continue to rise or if I should continue to save that money towards a home in another state? One of the perks I would have though if I stayed here is my friend, his wife, and his kid might be my tenants depending on location I would choose. So here is the pros and cons I see with a few plans I’ve made:Plan 1 (buy home here locally): I would be able to put a down payment before house prices skyrocket. I’m thinking I would be able to start building equity and ride the wave of home appreciation. However, since prices just keep going up and up, my 20,000k I’ve been saving for some time is no longer as big of a down payment as it once was. I’ve been reading though of other redditors here here who have put down around 15% and said it was worth cause if they would have waited longer the house would have been completely out of reach due to rising value. I’m thinking of saving around 10k more and putting 30k or 40k(if i use savings) and buying a home around 250k to 300k.Option 2 (move out of state) Keep saving and invest part of my income into index funds. I can save around 20k a year with my current expenses. From there, I would like to save around 50k ish and go buy a house elsewhere. I’m thinking renting, dating, getting married here, and finding the ideal state to live from there.Option 3 (buy home here in farther city)There is a city here called “Eagle Mountain” that appears to be where a few of my colleagues have bought homes. They say they anticipate rising value although it’s a ways off. One of the plus sides is that it would fall under a “rural housing loan” which would mean no down payment. The downside is the 35 minute commute to my job and my friend and his wife said they wouldn’t be interested in moving so far. The homes here are around 250kSo what are your thoughts? thanks in advanceEdit: making 2400 after taxes and would qualify for 1100 to 1400 based on a few mortgage calculator websites (not sure how reliable they are) . Currently pursuing job that will pay me 50-60k a year or more

Read more at https://www.reddit.com/r/RealEstate/comments/e43if0/should_i_purchase_my_first_home_in_utah_in_a/?utm_source=ifttt

Newsflash: Homeowner is short and offer accepted

If it matters, this is in the Bay Area of California. The seller is short about 2-3 percent and it wasn’t known until an offer was accepted and escrow started. Seller does not want to go short sale. What are the options for the home seller outside of asking everyone to pick up 0.5 percent or asking buyer to rewrite the offer? Can the buyer make the seller sale despite it being short?

Read more at https://www.reddit.com/r/RealEstate/comments/e43l27/homeowner_is_short_and_offer_accepted/?utm_source=ifttt

Newsflash: Anyone ever have buying remorse?

We have been our house two months now moving from Houston to the Austin area, paid all cash. I feel like we overpaid seeing what other houses are popping up and price reductions, wife thinks it was a good price. I am now thinking we should have borrowed a little to get what I really wanted. We have done some renovations, but have a long way to go. Wife likes the house, but I can’t stop thinking about what could have been. Location is great, fits our needs with small kids, right across from a great community center with a park, pools, and our kids preschool. Wife has a 5 minute drive to work.Its just after living there the house lacks character I was used to in our old smaller house. Inspector didn’t find any major issues but I just found a small 12 inch piece of drywall (tiny straight vertical crack along the two seams) splitting above a door to the office and it has me worried. I know its probably nothing, but still isnt fun 2 months after moving in. Closer inspection makes it look like the ceiling has also been repaired in the same general area at some point.We’ve spent quite a bit on renovations and have lots more to come to get it to a standard I feel will make me comfortable, then I dread knowing we might not get a majority of it back, or if the house has major structural issues. Probably should have ponied up for a structural engineer, but the inspector was adamant their were no issues. House is 7 years old.I am having major anxiety, not sleeping, and just thinking about it all the time and continue to look at houses in our area like we haven’t bought yet.Am I going crazy? Anyone else experience this? Hoping to keep this positive, just looking for advice on how to move on and accept the house we bought.

Read more at https://www.reddit.com/r/RealEstate/comments/e42i6c/anyone_ever_have_buying_remorse/?utm_source=ifttt

Newsflash: Should I refinance?

Current situation: 7/1 ARM 3.625% (until 2025) $205/month mortgage insurance Remaining balance – $325KBest shopped for refinance rate so far: 30 year fixed 3.875% $1200 closing cost $65/month mortgage insurance $385k appraisal assumption (loan would be for 328k)This is a primary residence condo. It’s hard to say how long I plan to live here probably a couple more years and then would ideally like to rent it out instead of selling. Looking forward to hearing some opinions, thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/e41950/should_i_refinance/?utm_source=ifttt

Newsflash: PA Real Estate License Expiration Question

Hello! I am working on getting my real estate license this month, but had a question about expiration.I know in PA they expire every even year by May 31, so if I were to get my license Dec 2019 or Jan 2020, would that mean it is still going to expire in May 2020 even if I’ve only had it for a few months, or would it expire for the first time in 2022.Thanks for the help guys.

Read more at https://www.reddit.com/r/RealEstate/comments/e41hhe/pa_real_estate_license_expiration_question/?utm_source=ifttt

Newsflash: For someone to accept or decline a counter offer, do they have two days or two business days

Put in a counter offer on Thursday (Thanksgiving) & have yet to respond (Saturday). What is the latest they could respond? Would today be the last day or Sunday?

Read more at https://www.reddit.com/r/RealEstate/comments/e4138o/for_someone_to_accept_or_decline_a_counter_offer/?utm_source=ifttt