Home Buying & Real Estate Thread

[getback]

@RUSTLENOMICS Nice, congratulations

That's pretty much exactly what I'll be looking for in the greater Boston area. Perfect size for myself.

 

[ekrev98]

Custom cabinets have been installed and countertop should be installed next week. 2 more weeks to go and this house should be ready to go...

 

[slicknick951]

How many houses do you typically flip a year

 

[rsdplaya]

Just submitted an offer on my dream house and I'm freaking out! 

Congrats and best of luck!

 

[capital sb]

Those cabinets are interesting would like to see the professional pics once the flip is complete.

 

[aepps20]

As expected the scumbag division president of Richmond American Homes won't give me my EMD back. I am contemplating next steps. The last insult to injury is they sent me a contract termination with the reason as "buyer's remorse". I refused to sign the termination until I was allowed to fill in my own reason for termination.

 

[monstar]

Just submitted an offer on my dream house and I'm freaking out! 

Best of luck, hope everything works out in your favor

 

[babygawd]

So I just got the call that we lost the house. Supposedly someone went to see the house the day before we did and put in a full price offer that day. My real estate agent said that no one told her that the offer was submitted until she went to submit our offer. She said some BS about since it was a foreclosure and the bank processes the offers that it takes longer than it would if it were just a regular sale and therefore she wouldn't have known in advance anyways. 

How true is that? I feel like she may have dropped the ball and should have put the offer in early AF this morning when we submitted it or at least knew about an offer yesterday when we went to look at the property. This **** feels real bad, man.

 

[crcballer55]

 
So I just got the call that we lost the house. Supposedly someone went to see the house the day before we did and put in a full price offer that day. My real estate agent said that no one told her that the offer was submitted until she went to submit our offer. She said some BS about since it was a foreclosure and the bank processes the offers that it takes longer than it would if it were just a regular sale and therefore she wouldn't have known in advance anyways. 

How true is that? I feel like she may have dropped the ball and should have put the offer in early AF this morning when we submitted it or at least knew about an offer yesterday when we went to look at the property. This **** feels real bad, man.

Did she actually ask if there were any offers submitted, or just expect someone to tell her? A good agent should tell the listing agent within a couple hours that you're interested and will be sending an offer. Even through the listing agent can't say what the other offers were, they can say if any other offers were submitted and whether it's worth the time to even submit yours.

She's right though on the bank side. Foreclosures and Short Sales to tend to take more time to process.

On a personal note, I would stop getting my hopes up after a showing about your "dream home". Not to be cold, but it can take dozens of showings and offers before you find one that actually accepts your offer. Go in hoping they accept it and if not, it's just another house. We went through the same thing for our first home and had so many heartaches. It's a lot easier treating it like a business transaction than a life altering decision. At the end of the day, it's just a building.

 

[ekrev98]

How many houses do you typically flip a year

Last year my business partner and I only did 15 properties. Our goal this year is to do 30. The year started off slow due to low inventory but things are picking up. Have the one that is almost completed and 2 right now that are in escrow. I'm checking out 2 pocket listings this weekend that should be good ones and if we can get those, we'll be right on track.

 

[ekrev98]

So I just got the call that we lost the house. Supposedly someone went to see the house the day before we did and put in a full price offer that day. My real estate agent said that no one told her that the offer was submitted until she went to submit our offer. She said some BS about since it was a foreclosure and the bank processes the offers that it takes longer than it would if it were just a regular sale and therefore she wouldn't have known in advance anyways. 

How true is that? I feel like she may have dropped the ball and should have put the offer in early AF this morning when we submitted it or at least knew about an offer yesterday when we went to look at the property. This **** feels real bad, man.

Before I even submit offer I always ask the sellers agent whether or not there are offers on the property. That way it enables me to gauge where my offer should be at. How long has your agent been doing real estate and how many properties have she sold?

 

[slicknick951]

How many houses do you typically flip a year

Last year my business partner and I only did 15 properties. Our goal this year is to do 30. The year started off slow due to low inventory but things are picking up. Have the one that is almost completed and 2 right now that are in escrow. I'm checking out 2 pocket listings this weekend that should be good ones and if we can get those, we'll be right on track.

Very nice

 

[glennvagmire]

Last year my business partner and I only did 15 properties. Our goal this year is to do 30. The year started off slow due to low inventory but things are picking up. Have the one that is almost completed and 2 right now that are in escrow. I'm checking out 2 pocket listings this weekend that should be good ones and if we can get those, we'll be right on track.

Do you have your own contracting company? Or do you pay one? How was that process like to find one?

 

[ekrev98]

Do you have your own contracting company? Or do you pay one? How was that process like to find one?

We work with a couple contractors dependent on the job. Starting off we picked a contractor based off referrals and their portfolio. We wanted to see their work beforehand because I'm OCD when it comes to finishes, quality of work, etc... And obviously pricing. And we also wanted a guy who maintained open communication throughout the project. We found a guy who did great work and offered good bids and we've worked with him the last 5 properties and it's worked for us.

I was thinking about getting my contractors license but then I'd have to be insured and bonded and it would be too overwhelming right now.

 

[anaturalwonder]

Nothing against this post, but is there any other forum that you guys frequently visit dealing with RE? A "Niketalk" for RE perhaps?

 

[lilchico4life]

Nothing against this post, but is there any other forum that you guys frequently visit dealing with RE? A "Niketalk" for RE perhaps?

Google "Bigger Pockets".

 

[willie mcfly22]

So my house buying process so far....Me and the lady get approved for 405k. We get FHA. 30yr fixed @4.00. So anyway we start lookin. Find a nice spot in like a week but it's top of our budget. Shoot our shot. Brick. Seller accepted an offer of 10k over. 2 weeks go by, we find another. Pretty nice, remodeled. Comes with allll appliances. We shoot our shot. Hit this time.seller askin 390. We offer 399k. So appraisal time. With FHA they not loaning a dollar over what that appraisal comes back as. So appraisal comes back at 384k. Seller wasn't havin it. He wasn't commin down below 390k. So we walk. Another week goes by, we find another. Seller askin 400k, we offer 5k over asking. They accept. So now we jus waiting for the appraisal and hopefully, fingers crossed, the spot comes back at at least 400k. This FHA like a gift and a curse man...but I'm patient. My lady on the other hand is not lol...

 

[lazyj10]

You in the bay area? it's real out here...

 

[willie mcfly22]

You in the bay area? it's real out here...

Jus outside of it. Fairfield/Vacaville...

 

[lightweight champion]

Jus outside of it. Fairfield/Vacaville...

The prices in Fairfield Vacaville are

Priced at the same amount as Sacramento but its not a major metro area.

 

[willie mcfly22]

Jus outside of it. Fairfield/Vacaville...

The prices in Fairfield Vacaville are

Priced at the same amount as Sacramento but its not a major metro area.

Yea it's crazy in solano county. Sac is actually cheaper for what you get. 400k in Sac gettin you 4-5bds, 2100-2500 sq ft. Vacaville, 1600-1900...actually contemplated heading to sac but the lady didnt want to commute cause she works in Fairfield...

 

[zapatohead408]

I suppose buy

Jus outside of it. Fairfield/Vacaville...

The prices in Fairfield Vacaville are

Priced at the same amount as Sacramento but its not a major metro area.

Yea it's crazy in solano county. Sac is actually cheaper for what you get. 400k in Sac gettin you 4-5bds, 2100-2500 sq ft. Vacaville, 1600-1900...actually contemplated heading to sac but the lady didnt want to commute cause she works in Fairfield...

damn, didn't know houses in Sacramento were going for that much. That's crazy.

 

[zapatohead408]

So my house buying process so far....Me and the lady get approved for 405k. We get FHA. 30yr fixed @4.00. So anyway we start lookin. Find a nice spot in like a week but it's top of our budget. Shoot our shot. Brick. Seller accepted an offer of 10k over. 2 weeks go by, we find another. Pretty nice, remodeled. Comes with allll appliances. We shoot our shot. Hit this time.seller askin 390. We offer 399k. So appraisal time. With FHA they not loaning a dollar over what that appraisal comes back as. So appraisal comes back at 384k. Seller wasn't havin it. He wasn't commin down below 390k. So we walk. Another week goes by, we find another. Seller askin 400k, we offer 5k over asking. They accept. So now we jus waiting for the appraisal and hopefully, fingers crossed, the spot comes back at at least 400k. This FHA like a gift and a curse man...but I'm patient. My lady on the other hand is not lol...

This essentially means you have a check for $405K right? How much did you have down or how does that work?

 

[willie mcfly22]

So my house buying process so far....Me and the lady get approved for 405k. We get FHA. 30yr fixed @4.00. So anyway we start lookin. Find a nice spot in like a week but it's top of our budget. Shoot our shot. Brick. Seller accepted an offer of 10k over. 2 weeks go by, we find another. Pretty nice, remodeled. Comes with allll appliances. We shoot our shot. Hit this time.seller askin 390. We offer 399k. So appraisal time. With FHA they not loaning a dollar over what that appraisal comes back as. So appraisal comes back at 384k. Seller wasn't havin it. He wasn't commin down below 390k. So we walk. Another week goes by, we find another. Seller askin 400k, we offer 5k over asking. They accept. So now we jus waiting for the appraisal and hopefully, fingers crossed, the spot comes back at at least 400k. This FHA like a gift and a curse man...but I'm patient. My lady on the other hand is not lol...

This essentially means you have a check for $405K right? How much did you have down or how does that work?

Yea I basically have a check in my hand. Say I get this house for 405k, I'll have to put 3.5% down, so it's like $14,175 I believe...but say the appraisal comes back at like 395k. If the seller doesn't want to drop their price of $405, i would have to bring that 10k difference in cash plus the $14,175....

 

[willie mcfly22]

I suppose buy

Jus outside of it. Fairfield/Vacaville...

The prices in Fairfield Vacaville are

Priced at the same amount as Sacramento but its not a major metro area.

Yea it's crazy in solano county. Sac is actually cheaper for what you get. 400k in Sac gettin you 4-5bds, 2100-2500 sq ft. Vacaville, 1600-1900...actually contemplated heading to sac but the lady didnt want to commute cause she works in Fairfield...

damn, didn't know houses in Sacramento were going for that much. That's crazy.

It all depends what you want and in what areas. I was looking at west sac and I need 4 bedrooms. That criteria they range from 300-400k. I was jus using that 400k as a comparison...