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HomeOwners & Investors

r/RealEstate

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Posted by
CA Mtg Brkr
3 months ago
286
9.3k comments
92
Posted by7 hours ago

This is a public service announcement for all of those freaking about a slow down in the real estate market (keep in mind that many areas still haven't started slowing down).

A "healthy" real estate market is one where it takes 4-6 months to sell a home. This is how long it takes when there is a stable amount of sellers and buyers in the marketplace.

Sellers and real estate agents who haven't been in the business for a while are going to see that what has occurred over the past few years is not a "typical" real estate market. For sellers....getting 20+ offers in a matter of days for your home is NOT typical. It is also not typical for you to be able to sell for "top dollar" when your home is out dated, has deferred maintenance or economic obsolescence.

For those of you worried that you haven't had a showing or an offer in the first 2 weeks of hitting the market...the first thing to do is speak with your agent to see exactly what efforts they have put forth to market and advertise your home to the public. Is it in the MLS? What is the compensation being offered to outside brokers (I have seen $1 in the past)? Have they sent out mailers to your neighborhood? Have they conducted or do they plan to conduct an open house on the property?

If the property is in the MLS and has been for over 2 weeks, you may want to have a discussion about pricing (I am not suggesting you lower your price....but I am also not suggesting that you price above the last recent sale in today's changing market). Do NOT lower your price every week! If you MUST SELL and think you may be chasing the market downward in your area, do an aggressive price drop to make your home the next one that will sell. If you aren't in a must sell situation, relax and understand.....you may be looking at a 3-6 month window to get your home sold. Stay in tune with the market in your area and adjust your marketing/advertising plan as necessary to achieve your goals.

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43 comments
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Posted by11 hours ago

FHA loan, credit was 740 at pre-approval, we got the clear to close today (Monday) and closing is scheduled for Friday. Lender let me know they will do a final credit and employment check before the transaction finalizes on Friday. I checked my Experian account after hearing that because I have horrible anxiety (turns out for a reason) and saw a collection for $3700 and a 50 pt drop in my score (740 to 690). I called the collections account, turns out it was an accident from my ex husbands dentist and they’re pulling it off my report but it could take 7-30 (THIRTY!!!) days to show up.

Am I going to lose the house?? I’m already medicated for postpartum anxiety and have had panic attacks all day from this so please be kind. This has been such an awful, long process and I don’t even know how I’ll cope if I lose out because of someone else’s mistake.

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17 comments
15
Posted by6 hours ago
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34 comments
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Posted by18 hours ago
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Posted by8 hours ago

My husband and I had an offer accepted on a place in May and closing was slated for June 8. We got all of our contingencies removed with days to spare and were all ready to close when we got word that the sellers had sent the grant deed but it had not been received yet. The sellers are military and currently in Japan. They had sent the document from base, but it took some time to get to the US. Ok, no problem.

Then, when it arrived, it had been filled out incorrectly. Apparently the husband was deployed and the wife filled it out, but she had the incorrect power of attorney? Ok, fine. In the meantime, our rate expires so we need to work with the lender to get a lock extension that the sellers agree to pay for.

So he comes back to base, they fill it out again and send it from Japan. However, they did not overnight because that would require a two hour trip one way. Ok, not great. But the wife gets worried it won’t get here in time so she makes the drive and overnights it a couple days later.

Note the grant deed is here, but the title company is not sure they can accept the notary stamp??!? It was a notary on base apparently but it’s a different kind of stamp. So, here we are, three weeks later, facing another lock expiration soon (and needing to move!) and we don’t know what to do. Has anyone had experience with this? Is there anything I can do to make title accept this? It doesn’t help that our agent is bad and has no advice here. Am I in hell?

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Posted by7 hours ago

The long version: Our inspector noticed some issues with the HVAC system and recommended we get an HVAC person to come check it out. We did so, the whole system needs to be replaced and the current AC unit is too small for the house. The AC doesn't work at all in one of the bedrooms. The seller (Opendoor) is claiming that the repairs needed, and replacing the unit with a larger one is a "cosmetic upgrade" and refuses to credit us for the repairs or even negotiate. I'm at a loss. I don't want to walk away from this house, but their refusal to negotiate is leaving a really bad taste my mouth and I'm preparing myself to do it.

This house was listed way over priced and sat on the market for 100 days while they lowered the price by $60k+. I feel like it's more worth it to them to credit us money for the repairs than it is to send it back onto the market, with all the newly disclosed issues, for it to sit again.

I guess I'm mostly just venting, but if you have any advice I'm open to hearing it.

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50 comments

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Created Jun 11, 2008

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