Home Buying & Real Estate Thread

[aepps20]

OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it >:

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

Was this your realtor? If so, it might be time to find a new one. I understand your frustration. About 3 years ago I was looking to buy my first home in Denver and I saw this really cool townhouse that was featured in the Colorado parade of homes, by the time my realtor got his act together I lost the house. I was very disappointed at the time but fast forward to 2016 and I'm about to get a brand new home that was better than the one I missed out on. The right house for you and your family will come around again.

 

[monstar]

OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it >:

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

literally just happened to me minus the devastation

market in the bay area moves so quickly.

 

[crcballer55]

 
OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it 

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

Sounds like you made two mistakes. First, you contacted the listing agent, right? If so, get your own buyer's agent and get pre-approved BEFORE you start looking at homes. That will show them you're serious and not just "looking".

Second, I'm guessing by "looking online" it was probably Zillow, right? If so, ditch that site for your actual home search ASAP. Once again, your Realtor should be able to set you up on an MLS search that shows properties the day they hit the market so you'll have a better chance of getting the home you actually want.

 

[SneakerProSr.]

OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it >:

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

The reason I did a new build is because of this.

Everything I saw decent online had 30 offers before I could look at it.

 

[pdino]

 

[capital sb]

Personally I would wait to refi the student loans you want the best rate possible for those mortgage loans.How many inquires do you have currently?

 

[pdino]

^I'm out of position at work, but I reckon I got 5 inquiries, 3 within the last year.

Just wait for June and do everything then ? Mortgage rates at like 9 month low got me feeling anxious

 

[jjs07]

OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it >:

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

I would call the realtor, or whoever the listing agent is and say that you'd like to see the house and you'd consider putting in an offer. Even though the house may still be off the market, the sellers could be all ears to whatever you are bringing to the table at this point. The house being on the market for so long can only work in your favor. Don't give up on it just yet. Try your hardest to try to see the home ASAP. Be persistent and make sure the listing agent reaches out to the seller to let them know that there is some interest regarding their home.

*edit*

A little backstory...my first house, my wife and I put it on the market for 2 months. We had one offer, but the buyers' financing fell through. We weren't in a rush to move, so it wasn't a big deal. We told our realtor that even though our house was technically "off" the market, we'd still accept an offer if something came through. Nothing did, but we officially re-listed a few months later (for the same price) and ended up getting 2 offers on our house, one we accepted, within 3 days.

 

[babygawd]

So I got some kinda good news today. The house that was taken off the market is now just being rented. Which is a good and a bad thing I guess. If they end up renting it out, it'll give me a little time to get my finances together and the realtor said that I can purchase even if there's a tenant and then just wait for their lease to expire and collect rent at the same time if I was able to purchase it. I just hope the renters aren't slobs and just **** the whole place up. 

Hopefully I can get everything together quickly and not have to deal with that, but I guess we'll see.

Thanks for all the good advice from everyone in this thread! 

 

[crcballer55]

 

Take advantage of the refi now. At this point, you KNOW that you'll be saving money by doing that. If you wait until June, rates could go up on those options. In these situations I like to take the advice that it's better to take the known than wait and hope for the unknown.

 

[monstar]

Would you guys ever recommend buying a place before youve ever rented somewhere?

I think its all about goals my man. I have no desire to ever rent other then living at home.

Take advantage of the refi now. At this point, you KNOW that you'll be saving money by doing that. If you wait until June, rates could go up on those options. In these situations I like to take the advice that it's better to take the known than wait and hope for the unknown.

With the market acting up, do you think we are sitting on a bubble that could burst in 2017?

 

[crcballer55]

 

Would you guys ever recommend buying a place before youve ever rented somewhere?

I think its all about goals my man. I have no desire to ever rent other then living at home.

Take advantage of the refi now. At this point, you KNOW that you'll be saving money by doing that. If you wait until June, rates could go up on those options. In these situations I like to take the advice that it's better to take the known than wait and hope for the unknown.

With the market acting up, do you think we are sitting on a bubble that could burst in 2017?

The point is that he already has student loans and an FHA mortgage. If he's able to guarantee a lower rate on both now, why not take advantage of it? If the market drops and he's in a negative equity position then he's stuck with the higher rate. Remember in 2009-2010 when homeowners were underwater. No banks were going to let them refinance in a negative equity position. So in actuality it benefits him both ways since he has a lower rate and can get more equity if the market goes up and if the market goes down it's a more affordable payment if something happens like 2008.

 

[monstar]

The point is that he already has student loans and an FHA mortgage. If he's able to guarantee a lower rate on both now, why not take advantage of it? If the market drops and he's in a negative equity position then he's stuck with the higher rate. Remember in 2009-2010 when homeowners were underwater. No banks were going to let them refinance in a negative equity position. So in actuality it benefits him both ways since he has a lower rate and can get more equity if the market goes up and if the market goes down it's a more affordable payment if something happens like 2008.

Wasnt questioning your advice. I was just asking your opinion on my question around the landscape of 2017.

 

[crcballer55]

 

The point is that he already has student loans and an FHA mortgage. If he's able to guarantee a lower rate on both now, why not take advantage of it? If the market drops and he's in a negative equity position then he's stuck with the higher rate. Remember in 2009-2010 when homeowners were underwater. No banks were going to let them refinance in a negative equity position. So in actuality it benefits him both ways since he has a lower rate and can get more equity if the market goes up and if the market goes down it's a more affordable payment if something happens like 2008.

Wasnt questioning your advice. I was just asking your opinion on my question around the landscape of 2017.

TBH, I'm conflicted. Most bubbled originate in California. While the market is getting pretty high in a lot of areas, listings still seem to be at pretty low levels while the number of potential buyers doesn't seem to be much higher. There's not much I see that indicates a bubble so much as a possible slow decline in prices. If there is, I think it will be due to interest rates more than anything. I see an unprecedented shift in people willing to sell at the normal 5-10 year cycle though due to the historically low interest rates over the past 10 years. Unless there's a need to I'm not sure a lot of people are going to be motivated to sell their home and buy another one with a higher rate. (but I could be wrong there)

 

[Majorbread]

Would you guys ever recommend buying a place before youve ever rented somewhere?

I feel like it would make sense to get a lay of the land while renting for a bit so you know ideal locations, etc

 

[babygawd]

Can I take out an FHA loan that is more than the price of the house? Or can I only take out a loan for the purchase price of the home? Like if I wanted to take out like $10k more or something for updates and stuff, would I be able to do that?

 

[pdino]

Can I take out an FHA loan that is more than the price of the house? Or can I only take out a loan for the purchase price of the home? Like if I wanted to take out like $10k more or something for updates and stuff, would I be able to do that?

Only up to the cost of the house. But you can do a FHA203k loan which is a loan rolled into your mortgage for renovations.

 

[babygawd]

Only up to the cost of the house. But you can do a FHA203k loan which is a loan rolled into your mortgage for renovations.

Ok, thanks! I wonder if that's pretty common or if no one really does that. All of this makes me so nervous LOL

 

[natrix916]

OMG! I've been looking at this house online for two weeks. It's just enough space for my husband and I. Not too expensive, considering this will be our first home. Has a big backyard for my dog. They're asking price is reasonable AND it's been on the market for over a year so I feel like there's probably room for negotiations. I FINALLY call the realtor today to ask some questions and schedule a time to go and see it. The realtor tells me that he loves the house and he was actually just there last week showing it >:

Anyways, I go to look at the listing online this afternoon, and it's OFF the ******* MARKET!

I'm seriously devastated. 

I'm sorry to hear that.

But time is the killer of all deals. I can't stress that enough to my clients when they want to think about it or give it a couple days. In that time, somebody else is ready to put in an offer.

If you have an agent, have them call the listing agent and see if an offer can still be submitted.

that happened to me so many times while I was looking last spring/summer. thankfully my agent put in work for the house we really wanted and eventually got.

Only up to the cost of the house. But you can do a FHA203k loan which is a loan rolled into your mortgage for renovations.

Ok, thanks! I wonder if that's pretty common or if no one really does that. All of this makes me so nervous LOL

i had the option to do an FHA203k loan, but decided against it as we didn't want our mortgage to go up any more. i'm just slowly doing things each week/month. got a few rooms repainted , garage gym set up, and new blinds/shades put in recently. working on new flooring, resurfacing the fire place, and redoing the back yard right now.

hearing about y'alls interest rates in the 3's makes me i'm happy with my % though, for now.

how soon is too soon to refi?

 

[NewWave90]

^^ The earlier the better. If you don't have one already go for a 15 year. The difference won't be as much as one would think.

 

[capital sb]

The difference between a 15 yr and 30 yr is a lot it's a difference of $900/mo for my loan amount.

 

[super t1ght]

How much is your loan? 900 is a lot

 

[NewWave90]

Well that is alot. You can try a 20 year but the difference in rate between a 20 and 30 aren't that significant. You can always just send funds to go directly to principal then refi once it makes sense for you financially.

 

[itshlittt]

is FHA still doing the 97.75% financing? Wouldn't be opposed to 3-4% down as a first time home buyer. opinions?

 

[NewWave90]

Go for it preferably with a 15 year. It was stated before about the pmi on fha loans are more expensive the conventional.