Newsflash: Bid hurt by Redfin ?

I’m a homebuyer in suburban Philadelphia and used Redfin to put a bid on a house. We bid about 11% over asking price and waived inspection up to 50k and waived appraisal. We were preapproved for a mortgage that size. Plenty of money for down payment great credit etc.We lost the bid the listing realtor told us we had the second best bid.The house sale completed recently and it sold for only 5% over asking. I can’t imagine why the buyer would take an offer lower than ours or one that didn’t waive the same things as ours. We asked for feedback but received none.I was wondering if having Redfin was a negative for us? I say this because the area we were looking in is predominantly one old brokerage listing the neighborhood. Whenever we would roll up to see houses the slick listing agent would meet us and sneer at our Redfin agent.I like the idea of Redfin shaking up the industry which is why I’m trying to use it. I’m wondering if in the somewhat more expensive homes 1-2m it may be hurting us. I’m sure it wouldn’t matter for a hard to sell home but for a hot house with multiple offers maybe?

Read more at https://www.reddit.com/r/RealEstate/comments/729fzn/bid_hurt_by_redfin/?utm_source=ifttt

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Newsflash: Infrared vs Regular Home Inspections

Hey guys what do you think about the two? The infrared technology seems to give a very through inspection based on what is advertised, but others are saying it’s a scam. What do you guys think?Here is a guy claiming it’s a scam: http://www.texasinspector.com/2014/08/dont-fall-infrared-camera-hype/Here is some people saying it’s not the end all, but has it’s uses: http://www.city-data.com/forum/real-estate/1441669-thermal-imaging-worth.html

Read more at https://www.reddit.com/r/RealEstate/comments/728o32/infrared_vs_regular_home_inspections/?utm_source=ifttt

Newsflash: Zillow and Trulia don’t have maps any more?

Starting house hunting again, but since we last looked it appears that Zillow and Trulia have gotten rid of their map view. Are there any other good websites which still have a map view? Can’t be an app, don’t have enough memory on my device for more apps.And also, WTF? Why on earth would I waste time looking at carefully chosen pics of the front of a house that might be a mile from the station, or on a busy road, or anything.

Read more at https://www.reddit.com/r/RealEstate/comments/728qy7/zillow_and_trulia_dont_have_maps_any_more/?utm_source=ifttt

Newsflash: Bought a new construction but electric company has no records at address. Advice?

Here’s my situation. Any and all advice would be more than appreciated.Buying a single family home, new construction in Chicago IL. Closing is in 4 days. I went to switch the Gas and Electric over to myself last week and neither utility company had any record of our address. Reached out to seller, and they said that both had been mistakenly registered in the wrong address. The builder built two houses with street numbers #10 and #6. #6 was sold last year, and I bought #10 but they are saying that the utilities are registered under #8 (which doesn’t exist physically). They also provided account numbers for Comed (electric) and People’s Gas (Gas).Gas: I called People’s gas to explain the situation. They were able to locate the account registered at #8, switch it over to me on the closing date, and change the mailing address to my real address. They were not able, however, to switch the actual service address from #8 to #10, even though I told them that #8 doesn’t exist.My question regarding gas is:How concerned should I be that the service is registered at the wrong address?People’s Gas didn’t seem to have encountered this before. Anyone know how to resolve it?Should I require the seller to do this fix before taking possession? Or how much should I require in escrow for them to fix this?Electric: This is where things got sketchy. The seller provided me with a 9 digit account number for Comed and said that the address was registered to #8. I called Comed and they told me a few things:Comed account numbers are 10 digits not 9.There is no electric service at #8 or #10. Comed has no record of either one of these accounts.Comed claims that the only way there is service at that address is if it’s illegal (we had the inspection several weeks ago and had no major issues, especially no issues with gas or electric).The seller claims they have been paying gas, electric, and city utility bills. They sent us a sample gas bill and a city utility bill (water, sewage, etc). So I’m kinda sketched out. I think there’s still a decent chance this is just one big messup. It’s certainly possible that they just misspoke the account number and I talked to someone at Comed who didn’t really know what they were doing. Comed told me that I would need to get a new hookup to the house and started asking me all sorts of technical questions (is it 3 phase? what voltage, etc). They also said the timeline for just getting an inspection done for service would be 3 weeks (was planning on moving in next weekend).My questions are:Is it realistic that they would get an illegal hookup or is this absurd?If this is the case, how much would it cost to rectify the situation?If this is not resolved by the closing date, how much should I request in escrow to make sure they deal with this?What am I missing? I know nothing about electrical hookups or Comed’s metering systems. Are there alternative situations that I’m missing?Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/7287d0/bought_a_new_construction_but_electric_company/?utm_source=ifttt

Newsflash: I need to sell my house

Hi Ok, so I live in America, in Florida specifically. My house is a ranch-style build in 1980. Its approximately 1700 square feet on a 1/4 acre lot within a sub division. I want to sell my home and the home has a few issues. So I am asking here to find out what should I do?I have not had a realtor go over the property. But from what I can say, the property needs a new fence, the master bathroom shower needs to have the tile replaced (some of the tile is slightly bulging out away from the wall – I suspect some water got in there and there may be mold- I stopped using it months ago in hope of drying it out and maybe stopping any further damage- the roof needs some repairs made- the chimney surround’s wood on the roof is rotten and crumbles away when you touch it- The trim around the roof is also bad and needs replaced- the garage door is cracked and the automatic opener does not function- the garage ceiling has no dry wall- the previous owners merely screwed thin wood sheets into the 2×4’s with no drywall on the other side- the electrical box is out dated and not up to code- I also suspect that the house needs to be re-wired as I cannot run a toaster and the toaster oven at the same time- The kitchen cabinet’s doors were for some reason all removed by the previous owner, and for some reason replaced with 1 inch thick, heavy boards – no idea why-Thats about it- theres a new air conditioner, new washer / dryer, new stove, new refrigerator , new dishwasher all stainless steel kitchen appliances. The house has a parlor and dining room area that is closed off from the rest of the home by french doors-Oh, the porch, there is a porch that seems as if the previous owners constructed it themselves- it is screened and no glass- the porch roof leaks when it rains-What are the major issues that I should address before trying to sell this house? Zillow lists the house as being worth 180K but, Zillow doesnt know about the issues I described.I want to sell the house and walk away with 150K after the realtor fees etc- I can realistically invest 10K for repairs by November- I would like to sell the house by January.What should I focus on and should I bring in a realtor or home inspector to tell me what is most important to address with my budget?Is it better to sell the house “as is”?Keep in mind, I want to walk away pocketing 150K.What should I do?

Read more at https://www.reddit.com/r/RealEstate/comments/727y4y/i_need_to_sell_my_house/?utm_source=ifttt

Newsflash: [PA] Damage from seller occurs days before closkng

Husband and I are buying in eastern PA. We did our 2nd to last walk-through today to check on repairs made and to ensure everything is as it should be. We will do a final walk-through the day of closing. The seller still had several large pieces of furniture including a piano and two large hutches the last time we were there. They have been removed, presumably by way of the back deck. In its place are 6 deck steps(the steps go from the 2nd floor to the first) that have minor to major gouges and two have whole chunks of abt 2-3 inches nearly broken off. We obviously dont want them to come back with a DIY super glue repair. A temporary patch isn’t going to cut it. I hope for the sellers sake that she hired pro movers with insurance. What is our recourse? Our realtor was there with us and we took pics of the damage.

Read more at https://www.reddit.com/r/RealEstate/comments/7283uj/pa_damage_from_seller_occurs_days_before_closkng/?utm_source=ifttt

Newsflash: Little help: First time homebuyer, VA loan, [TN, MS, AR (memphis) area].

I am a veteran. I am transitioning to civilian life. I plan on using the VA home loan on my first home. I have an offer-letter of employment (which I accepted). The majority of my salary comes from overtime, bonuses, and profit sharing ect (but base salary is low). Both my and my wife’s credit score are in excess of 710 (if not 720). I had the HR write on letterhead two employee’s annual AGI for the previous 3 years (all 6 digit incomes); who have identical hourly rate to mine. Applied for pre-approval, was pre-approved contingent on spouse getting an employment offer letter (there-in lies the rub). Spouse is 8 months pregnant and is a school teacher. She cannot apply for jobs half way through the school year, go to interviews in another state we’re not in, and accept an offer in our current conditions (live on the other side of US, pregnant and can’t travel, school year already started). It’s looking like I’ll just have to rent until I have a history of proven income. I just wanted to check in here to see if you guys know of any other options. No one wants to move into a place for a year (or two?) just to move again. Especially given I’m a vet who’s lived in 10 locations in the past 8 years. It is no fun. TL;DR: First time home buyer, veteran, need mortgage but offer letter has low base salary despite proof from HR that annual income would be much higher (six figures). edit: formatting

Read more at https://www.reddit.com/r/RealEstate/comments/727bm1/little_help_first_time_homebuyer_va_loan_tn_ms_ar/?utm_source=ifttt

Newsflash: Apartment management not mowing

I live in a 4-plex and have had issues with the property management from the get go. I moved in 2 months ago and haven’t seen anyone mow. We got a ton of rain a few weeks back and the grass has now shot up and is greater than 12 inches high in some areas. Our city code states that the majority of the yard must be greater than 12 inches tall, so it’s not in violation yet. I signed a lease with a different management and it was transferred to the current management before I moved in. This current management drags their feet when it comes to everything, so I’m constantly hesitant to ask anything of them. The original lease I signed doesn’t specify who is in charge of lawn care. My options are:Let my management know that the grass is getting tallWait for the majority of the grass to get to 12 inches and report the property to code enforcementThoughts/opinions?

Read more at https://www.reddit.com/r/RealEstate/comments/727f6a/apartment_management_not_mowing/?utm_source=ifttt

Newsflash: [LA] Is now a good time to buy in Los Angeles?

Thinking about buying a condo in West Hollywood / Hollywood. My understandings is that property values are supposed to stay relatively stable over the next year or so. What are people’s general thoughts on market conditions right now and whether it’s a good time to buy? Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/727fph/la_is_now_a_good_time_to_buy_in_los_angeles/?utm_source=ifttt

Newsflash: Considering buying an old house in disrepair [MI]

We found a beautiful home built in 1917. It’s very unique in its design and architecture. On the market for 44 days, the market in my area moves fast. It’s not uncommon to see a house sold in less than a week. Originally it was being sold for 189k, and on 9/19 it was dropped to 179,900. Our budget is 200k, so we are excited about the house. We get there to find that the outside of the house has some damage, the plaster on the inside of the house has damage, it needs a few new windows (single pane) and possibly a new roof. Many minor repairs, and not only that the listing says there’s a 2 car garage, which turns out to be a completely unusable roof caving in pile of trash. There is a 80 foot tree fallen over and being held up by another tree on the property, over the garage. The pictures I got and the pictures on the listing make it seem like they put filters on and only took certain angles to make it seem in better shape than it is. The previous owner clearly had no idea how to maintain a house beyond cutesy decorations and paint. Inside is pretty nice, outside is kinda bad.Anyway, my realtor says there have been 17 tours of the house and not a single offer on it. I am not surprised, and the type of city we live in doesn’t seem to have a lot of people willing to fix up an old house. Houses that are very popular in my area are houses that are completely updated and move in ready. A lot of houses around here are the mass produced cheaply built large houses complete with HOA type deal. My wife and I have discussed the house repairs and plan to have her parents (house appraisers) look at it and see if there is more damage then we noticed. If they think it’s an ok house, we plan to put a low offer in pending inspection. We are willing to pay up to 165k for it, as long as there isn’t more damage that we have currently estimated. This house has so, so much potential to be amazing if it was cared for better. We are thinking of starting the negotiation at 150k or 155k, and see if they will sell it for 165k or less. We love the house, but to us the amount of work that would need to be done doesn’t make the current price worth it.I wonder if the seller realizes the extent of damage and would accept the offer. The seller’s mortgage is 150k, so they at least need that.

Read more at https://www.reddit.com/r/RealEstate/comments/727geb/considering_buying_an_old_house_in_disrepair_mi/?utm_source=ifttt