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TooMuchAbstraction posted:What's the difference between offering a credit and just reducing the sales price? I guess it means the agents get more and there's a bigger transfer tax? It's for people who can not afford the house they are buying to have some cash in hand and/or pay the closing costs they didn't bother to find out about until the very end. And they're financing it for 30 years with their house as collateral (i.e. it's rolled into the mortgage - the seller isn't giving them anything). See also: "seller assist." If that what sells your house at the right time and the right price go for it. It's not your problem they're gonna be house poor.
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Nov 17, 2023 14:03
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priznat posted:It feels like the market will go bananas in the late spring once rates start going a bit lower so would be nice to get a new purchase done now.
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Nov 17, 2023 16:54
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The stock market is betting on a few cuts, but still high overall. https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
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Nov 17, 2023 16:57
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Arsenic Lupin posted:I cannot emphasize enough that you have no idea what Federal rates will do in the late spring, nor does anybody else this far out. And mortgage rates are tied to Federal rates. It's a pretty interesting thought process anyway. "Need to hurry up and buy a home at higher rates before they go down and more people want to buy... because... of lower rates..." If you don't have a need to buy right this minute and you think the rates will go down, waiting works for you anyway.
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Nov 17, 2023 17:45
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It sounds like timing the market, which is nothing more than gambling with the pretense that you're not.
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Nov 17, 2023 17:47
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Unless of course you have insider information. But if you knew in advance what the Fed was going to do, and this was how you decided to profit off that information, then props to you for being astonishingly principled, frankly.
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Nov 17, 2023 18:01
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anyone here have any experience with buying or selling in a "community property" state like Texas? My mom ran into a snag with the title where she was told the guy she married a year after buying the house and divorced four years ago could have interest in the house? What is the process here? the guy is a drunk and a drug addict and contributed nothing during the two years he lived there. Do we seriously need to track him down and get him to sign a paper?
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Nov 17, 2023 23:12
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hatty posted:anyone here have any experience with buying or selling in a "community property" state like Texas? My mom ran into a snag with the title where she was told the guy she married a year after buying the house and divorced four years ago could have interest in the house? What is the process here? the guy is a drunk and a drug addict and contributed nothing during the two years he lived there. Do we seriously need to track him down and get him to sign a paper? That is a question that can be answered specifically by her divorce attorney as it was their job to take care of this at the time of filing.
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Nov 17, 2023 23:14
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Is there an apartment hunting thread anywhere on the forums? Since search engines went to poo poo, that's gotten a bit harder.
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Nov 17, 2023 23:54
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We just had an offer accepted on a house in RI (hooray). Built in 2005, inhabited since by the guy who built it/had it built, a guy who's a minor figure in the neighborhood real estate scene. Problem: turns out he never had anything inspected by the city, ever. Some permits were pulled when they started building but nothing ever got signed off on. We knew there was no certificate of occupancy when we made the offer ("just a chimney that needs to be a few feet higher," the realtor said) and have a clause in the contract requiring an unconditional CO before closing. We can also get out penalty free for a couple weeks. How much of a mess is this? Should we be running away or proceeding carefully? On the one hand, the seller's a dolt and trusting that he built this thing right with no oversight terrifies me. On the other hand, it's an incredible house and it's stood for 18 years without (obvious...) damage. My instinct is to try to pause the sales process until there's a CO, giving us 10 business days from the permanent CO to have the place inspected and/or back away. But I don't know what the city inspector would do, or what to get our inspector to do.
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Nov 18, 2023 05:32
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If it were me, I couldn't trust that there's not a million ticking time bombs in that house. You'd have to tear the entire thing open to properly inspect it, at which point it'd largely need to be rebuilt. So yeah, I'd walk away.
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Nov 18, 2023 05:43
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Motronic posted:But if you want to sell your house for the market price in a reasonable amount of time you're going to pay 5% or a bit less if you Redfin it, which likely will extend the time it takes to sell it. Do you mind expanding on why Redfin will extend the time it takes to sell the home? Eyeballing a February list and considering using Redfin so would love to hear more about experiences with them
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Nov 18, 2023 18:47
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hobbez posted:Do you mind expanding on why Redfin will extend the time it takes to sell the home? Eyeballing a February list and considering using Redfin so would love to hear more about experiences with them Buyers' agents get paid out of a split from the sellers' agent fees. Redfin agents get paid less, so buyers' agents are disinventivised from showing Redfin-represented houses to their clients.
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Nov 18, 2023 18:51
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Cerekk posted:Buyers' agents get paid out of a split from the sellers' agent fees. Redfin agents get paid less, so buyers' agents are disinventivised from showing Redfin-represented houses to their clients. Ah. I thought they just took a cut out of the sellers agent fee and left the buyer agent's fee intact at a market rate. Still tempting, especially in this slow market where realtors seem to be pretty hungry. Volume is down so seems like a safe bet buyers agents aren't especially choosey at present. hobbez fucked around with this message at 19:04 on Nov 18, 2023 |
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Nov 18, 2023 19:01
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I don't know the last time someone told me they bought a house their agent found vs one they found.
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Nov 18, 2023 20:40
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Lockback posted:I don't know the last time someone told me they bought a house their agent found vs one they found. That meant that we only made the drive up for tours of the ones that looked like a really good fit. We couldn't have bought without a local agent, and ours was so good I wrote a reference letter to her management.
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Nov 18, 2023 21:22
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Lockback posted:I don't know the last time someone told me they bought a house their agent found vs one they found. I'm not saying a buyer shouldn't have a local agent. I'm saying that I think it is likely local agents will still show your home even if their commission is on the low-end because there just aren't many homes being sold right now. I think in a hotter market with a lot of high quality inventory this perhaps holds less true.
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Nov 18, 2023 21:37
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When I sold an inherited house in a trust our attorney advised us that anything over 5% commission isn’t typical for the area and that a beneficiary could potentially raise flags. Of course our real state agent vehemently disagreed but when we told her we’d have to go with someone else she magically dropped it down from 6%. Having said that she still kept her 3% and the buyers agent got 2%.
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Nov 18, 2023 23:19
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Cerekk posted:Buyers' agents get paid out of a split from the sellers' agent fees. Redfin agents get paid less, so buyers' agents are disinventivised from showing Redfin-represented houses to their clients. A good reason to ignore whatever your agent wants to show you and instead tell them which houses you want to see, I think it's probably just boomers that need their hand held but even my retired mom got very familiar with redfin, zillow, and realtor.com when she was looking to move.
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Nov 19, 2023 00:15
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QuarkJets posted:A good reason to ignore whatever your agent wants to show you and instead tell them which houses you want to see, I think it's probably just boomers that need their hand held but even my retired mom got very familiar with redfin, zillow, and realtor.com when she was looking to move. My father just turned 60 and whenever I mention moving somewhere he starts sending me zillow listings from the area. I feel like only the most old-fashioned, technologically inept buyers aren't doing most of the leg work themselves these days. It is an increasingly small segment of the market. All the more reason to not sweat 1% getting chopped off the buyers agent commission, money moving directly into my pocket.
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Nov 19, 2023 00:25
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We’d look at anything we wanted but the only warning of note we got was from OpenDoor homes having foundation issues pretty consistently
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Nov 19, 2023 00:29
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George H.W. oval office posted:We’d look at anything we wanted but the only warning of note we got was from OpenDoor homes having foundation issues pretty consistently Algo fast flippers burning VC cash aren't good people to buy you home from? WHAT? Who could have known?
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Nov 19, 2023 00:32
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Some buyers agents will make you sign something saying they get 3% and you need to make up the difference if they don't get that from the sale. I wouldn't suggest going with that type of agent though.
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Nov 19, 2023 01:50
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spwrozek posted:Some buyers agents will make you sign something saying they get 3% and you need to make up the difference if they don't get that from the sale. I wouldn't suggest going with that type of agent though. That provision is a filter, like when scammers intentionally add spelling and grammar mistakes to an email
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Nov 19, 2023 02:09
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QuarkJets posted:That provision is a filter, like when scammers intentionally add spelling and grammar mistakes to an email Unfortunately a lot of people don't like reading.
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Nov 19, 2023 02:51
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spwrozek posted:Some buyers agents will make you sign something saying they get 3% and you need to make up the difference if they don't get that from the sale. I wouldn't suggest going with that type of agent though. Ours is 1.5%, which seems reasonable.
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Nov 19, 2023 03:05
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Well our offer on a stupidly expensive house was accepted, hope we didn't make a big mistake! On the other hand, what good is money, anyway. The driveway is slightly encroaching on the neighbor according to the seller's survey, hopefully I don't have to saw off a few inches. Edit: of course we are trying to close quickly during the holiday season, so the kids had to stay home sick right when we're trying to apply for financing.
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Nov 21, 2023 03:57
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PerniciousKnid posted:The driveway is slightly encroaching on the neighbor according to the seller's survey, hopefully I don't have to saw off a few inches. Get your own survey. Then make the seller deal with it before closing, and either modify the driveway so it is no longer encroaching or convince the neighbor to sign an easement
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Nov 21, 2023 08:11
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This underwriting discussion is alarming to me since I parked a bunch of cash in SGOV while chanting, "Die! Die! Die!" at the housing market.
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Nov 28, 2023 02:59
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Handsome Rob posted:We just had an offer accepted on a house in RI (hooray). Built in 2005, inhabited since by the guy who built it/had it built, a guy who's a minor figure in the neighborhood real estate scene. Problem: turns out he never had anything inspected by the city, ever. Some permits were pulled when they started building but nothing ever got signed off on. Complete distrust of his work aside, if the permit expired then you may need to bring it up to current code, not 2005 code. I'd check with the jurisdiction (and maybe clue them in while you're at it). I've had to bring a few unpermitted 'owner specials' into compliance and it's a total pain in the rear end. Time and materials, no cap is the only way I'll touch one these days.
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Nov 28, 2023 04:32
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How expensive is it to fix a cracked joist above the unfinished portion of the basement?
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Nov 28, 2023 18:17
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PerniciousKnid posted:How expensive is it to fix a cracked joist above the unfinished portion of the basement? Anywhere between $1 and $5,000. (i.e. you need a quote form someone who can look at the job and is willing to do the job in your area)
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Nov 28, 2023 18:23
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Yeah it depends so much on the details. Assuming everything is completely accessible it's a matter of sistering in a new joist, after jacking the existing one back into position slowly over time (assuming the crack has led to it sinking). Now, if you can't access the entire span... Not fun.
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Nov 28, 2023 18:47
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Jenkl posted:Yeah it depends so much on the details. I think that I can. We agreed to pay for the first $5000 of inspection findings in our offer, so I'm trying to figure out if any of this stuff will exceed that. The floor isn't sagging or anything, so I'm assuming this would be on the cheaper end to fix. (Or if it's covered by the 10yr structural warranty.) Also they put trim around the garage circuit breaker so it can't be opened, what the hell is that about.
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Nov 28, 2023 19:55
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PerniciousKnid posted:what the hell is that about. It's about the size code violation that completely destroys any chance of getting a C of O if you're in a place that requires that sort of thing on a property transfer.
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Nov 28, 2023 20:56
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Motronic posted:It's about the size code violation that completely destroys any chance of getting a C of O if you're in a place that requires that sort of thing on a property transfer. Well it's not required here but I'm debating if it's worth asking the seller to remove the trim so we can get the garage breaker inspected.
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Nov 28, 2023 21:06
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Yes, because there's two reasons they'd do that: gross ignorance, or intentionally trying to hide something. In the first case you still want to see the state of the insides, especially if it's been sealed shut for many years, and in the second case... well, that should be obvious.
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Nov 28, 2023 21:18
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PerniciousKnid posted:Well it's not required here but I'm debating if it's worth asking the seller to remove the trim so we can get the garage breaker inspected. Yes you should. Not that any small thing is a deal breaker but you'll want to know the state of any breaker box in the house.
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Nov 28, 2023 21:59
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Leperflesh posted:Yes, because there's two reasons they'd do that: gross ignorance, or intentionally trying to hide something. In the first case you still want to see the state of the insides, especially if it's been sealed shut for many years, and in the second case... well, that should be obvious. I guess I'm sort of unclear on what the inspector is even looking for with respect to the breaker, aside from just checking that the switches work. Are they looking for something else?
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Nov 28, 2023 22:02
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PerniciousKnid posted:I guess I'm sort of unclear on what the inspector is even looking for with respect to the breaker, aside from just checking that the switches work. Are they looking for something else? Yes. They are looking at the wire entering the box, how it is terminated on the breakers, the condition of the panel itself and the bus bar among other things.
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Nov 28, 2023 22:06
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