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Home Buying Help Thread


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4 minutes ago, MWil23 said:

We built 2 years ago right as Covid started and happened to hit the ultimate sweet spot where materials were cheap and interest rates were low. We built for less than a buy and then refinanced 6 months later at 15 years at a 2.250 rate and our house appraised for over $100K more than we built it for, so with the built in equity we had over 20% down and PMI went away. Really thankful for that!

Very nice, when you see these 'build your home here' things for sale..does that include the price of the lot or is the lot a separate price/transaction?

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Just wanted to vent.

After close to a year of looking for a new house in the midst of the pandemic, we had finally found a house we love. Great location with a ton of renovations. Originally was overpriced and received no offers, then a week later they reduced the price by $75K. We schedule a tour and out of nowhere, the listing agent reaches out to our agent and starts to talk up the place, openly admits they have no offers, acknowledges the roof needs to be replaced and THEY offer us a $20K closing credit.

We do the walkthrough of the house, absolutely love it in person. Again, in continuous communication with the listing agent. We openly tell them we'll give you the asking price, which is not currently the norm given the price reduction and rising interest rates, but we want an additional $10K on top of the $20K in closing credits to help replace both the roof and a very dated HVAC system. They say that's fine, without any hesitation. We submit our offer Sunday night. Their listing agent reaches out to our loan officer Monday to confirm financing details, keeps telling our agent "we'll be in touch asap" and that there's no other offers at the moment. So, from Saturday up until Monday at 9 PM me, my wife and our buyer's agent all think we put forth a very competitive offer and are feeling very confident about getting our offer accepted. We randomly look at Zillow at 9 PM on Monday and see the house is now listed as pending and our agent receives an email a few minutes later from the listing agent simply stating "Apologies, my client has chosen to go with another offer that better suits their needs." No chance at a counter offer, no further explanation, nothing.

Feels like we were lead on the whole time and if we even had the slightest hint we had actual competition/another offer, we would of significantly upped our offer. The part that blows my mind is our offer was entirely predicated on information THEIR listing agent gave us, we never asked for the closing credits, they offered it out of the blue. Just makes zero sense.

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5 hours ago, AkronsWitness said:

Very nice, when you see these 'build your home here' things for sale..does that include the price of the lot or is the lot a separate price/transaction?

We went with our own custom builder and designed with an architect. Some of those lots mandate materials and have HOAs that mandate certain builders, which I despise. For example, they mandate certain looks, brick or stone wrap, etc. 

Do your homework. For instance, each turn the foundation guy will charge an extra $2K, so all of those fancy bump outs add a load, which is why rectangular shapes are the most cost effective. To brick wrap or stains wrap will add $20- $30K minimum to most structures, including additional foundation and masonry work.

Find out if you have to dig a well or add a septic, etc.

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2 hours ago, MKnight82 said:

Why would their agent have any contact with your loan officer? 

His information was included as part of our offer. I assume she called him to verify all the financials checked out? 

 

Then again, she was supposedly a "newbie" realtor. Not sure what the typical process is. 

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3 hours ago, MKnight82 said:

Why would their agent have any contact with your loan officer? 

I know when selling my house my realtor contacted the Buyer’s mortgage officer to make sure the offer is legit and there won’t be any issues 

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14 hours ago, RavensTillIDie said:
17 hours ago, MKnight82 said:

Why would their agent have any contact with your loan officer? 

His information was included as part of our offer. I assume she called him to verify all the financials checked out? 

 

Then again, she was supposedly a "newbie" realtor. Not sure what the typical process is. 

They need to confirm the type of loan or if it’s a cash offer as well, as some loans are more desirable, whether conventional, FHA, military, or obviously cash.

RTiD sorry man I would love to know what happened or if something got lost in translation or something else happened. I would flat out give your story on there and leave the realtor a 1 star review because unfortunately that’ll probably be the only way you send the message or get closure to know if your realtor dropped the ball or theirs is a scumbag.

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3 hours ago, MWil23 said:

They need to confirm the type of loan or if it’s a cash offer as well, as some loans are more desirable, whether conventional, FHA, military, or obviously cash.

RTiD sorry man I would love to know what happened or if something got lost in translation or something else happened. I would flat out give your story on there and leave the realtor a 1 star review because unfortunately that’ll probably be the only way you send the message or get closure to know if your realtor dropped the ball or theirs is a scumbag.

Yeah, the more I talk to other people, the more I'm convinced we were strung along simply so that they had an actual offer in hand that they could leverage against another buyer. Just a terrible way of doing business.

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1 hour ago, RavensTillIDie said:

Yeah, the more I talk to other people, the more I'm convinced we were strung along simply so that they had an actual offer in hand that they could leverage against another buyer. Just a terrible way of doing business.

That’s absolutely my gut reaction, and it’s extremely unethical. 

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1 hour ago, RavensTillIDie said:

Yeah, the more I talk to other people, the more I'm convinced we were strung along simply so that they had an actual offer in hand that they could leverage against another buyer. Just a terrible way of doing business.

I was coming in to say this is the most likely scenario. I'm sorry this happened to you. Unfortunately real estate agents and mortgage lenders are playing the game too much during a time when serious home buyers need someone on their side.

Don't be surprised if that deal falls through for that house though. I would talk to my agent about having an offer in as a "back-up" for that very scenario. It should be less than you were originally going to offer too. 

Good luck to you. 

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2 minutes ago, MWil23 said:

That’s absolutely my gut reaction, and it’s extremely unethical. 

There is nothing ethical about the current state of home buying/selling. Homes being sold for 20-150k above listing price. More cash offers than there has ever been. Everyone is a flipper apparently. Letters to the seller are extremely discouraged. Real estate agents communicate to increase their commission and maximize the buyers spending. Mortgage companies make it extremely difficult to get a loan and then gouge you with closing costs, self-regulated interest rates and blatant disrespect by telling "half-truths". 

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8 minutes ago, Slappy Mc said:

I was coming in to say this is the most likely scenario. I'm sorry this happened to you. Unfortunately real estate agents and mortgage lenders are playing the game too much during a time when serious home buyers need someone on their side.

Don't be surprised if that deal falls through for that house though. I would talk to my agent about having an offer in as a "back-up" for that very scenario. It should be less than you were originally going to offer too. 

Good luck to you. 

RTID ☝️

And I’d negotiate like a shark and demand they sign first. Ask for the sky if it falls through. 

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I've been in my house for a little over 7 years now and of course have discovered issues that should have been brought to light back when we bought the house from a proper home inspection. In my case I was out of state when my wife found the home online and the housing market was already plowing ahead here in northern California in 2015 so we made our offer match the asking price. If I were ever to do this again I think I would find a very good home inspector instead of relying on the realtor.

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On 7/3/2022 at 3:41 AM, billking said:

I've been in my house for a little over 7 years now and of course have discovered issues that should have been brought to light back when we bought the house from a proper home inspection. In my case I was out of state when my wife found the home online and the housing market was already plowing ahead here in northern California in 2015 so we made our offer match the asking price. If I were ever to do this again I think I would find a very good home inspector instead of relying on the realtor.

Problem with this market is that people are paying 20-100k over asking price w/o the inspection.

My neighbors house, this couple bought in early 2020 and moved in. Naturally I looked at the selling price online and they bought the house for 270k. They just listed their house for sale because they had to relocate for a job after only living in it from Jan 2020 -July 2022.

It just sold yesterday for 392k! These people lived in their house for 2 years and sold it for 120k+ more than what they paid for it....

I want to sell my house so bad just to cash in on this before the bubble pops and Im going to be sooooo pissed when we go to sell in 2023/2024 and our house is worth only 20k more than what we paid for it in 2019 b/c we are in a recession. 

Edited by AkronsWitness
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