Home Buying & Real Estate Thread

8,506
7,212
Joined Mar 10, 2013
Q: We put an offer on a house the day of open house, above ask. We haven't received a response but the house was taken off of MLS. Any common reasons a seller would remove it from MLS?

I figure they either got information that would negatively impact inspection or they were just testing market knowing full well they weren't going to sell... thoughts?
 
55,072
77,181
Joined Mar 31, 2011
Q: We put an offer on a house the day of open house, above ask. We haven't received a response but the house was taken off of MLS. Any common reasons a seller would remove it from MLS?

I figure they either got information that would negatively impact inspection or they were just testing market knowing full well they weren't going to sell... thoughts?
Was the house occupied? Might just have multiple offers and don't want anybody else coming through the home.

I assume the OH was over the weekend and you haven't heard back yet?
 
8,506
7,212
Joined Mar 10, 2013
Was the house occupied? Might just have multiple offers and don't want anybody else coming through the home.

I assume the OH was over the weekend and you haven't heard back yet?
Word. Realtor said same thing. Already had good offers and didn’t want people to continue to enquire. Thanks man.
 
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7,676
11,628
Joined Aug 9, 2014
I’m gonna get into the AirBNB game to get my feet wet. Nothing too crazy, want to experiment in a touristy city.
I think you mentioned interest in Miami? Where else are you looking and where do you live?
I’m just curious, I’m no help to you but also wanting to do the same thing. I’m in Tampa, I may grab a short term rental in St Pete (hour from me) bc prices there have not gotten crazy like other beach areas here and it’s easy for me and my fam (2 kids) to enjoy the place for ourselves.
 
26,678
16,199
Joined Jul 13, 2005
I think you mentioned interest in Miami? Where else are you looking and where do you live?
I’m just curious, I’m no help to you but also wanting to do the same thing. I’m in Tampa, I may grab a short term rental in St Pete (hour from me) bc prices there have not gotten crazy like other beach areas here and it’s easy for me and my fam (2 kids) to enjoy the place for ourselves.
I lived in South Beach for a little and did a couple of Airbnb’s. I know certain areas are illegal for short term leases, so looking in areas that are legal. I’m in NYC, gonna have to get a property manager and find cleaning service. Figured a 1 bedroom close to the beach is around 150k. Can advertise that it sleeps 4 (futons etc). I can charge $150-200 a day, more on weekends and be ok. I checked the AirBNBs in that area and there are some terrible ones that charge that much for a studio and are booked 10-20 days of the month.
 
7,676
11,628
Joined Aug 9, 2014
I lived in South Beach for a little and did a couple of Airbnb’s. I know certain areas are illegal for short term leases, so looking in areas that are legal. I’m in NYC, gonna have to get a property manager and find cleaning service. Figured a 1 bedroom close to the beach is around 150k. Can advertise that it sleeps 4 (futons etc). I can charge $150-200 a day, more on weekends and be ok. I checked the AirBNBs in that area and there are some terrible ones that charge that much for a studio and are booked 10-20 days of the month.
150k sounds really low 🤷‍♂️
 
12,003
13,199
Joined Jan 5, 2009
In MIchigan, me and the Wife been looking for over 3 months now. Everytime we put in a offer we get beat or now "appraisal guarentees" seem to be a thing. We are offering OVER ask too.

I am actually getting sick of looking now.
 
8,165
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Joined Dec 29, 2008
How soon can someone refinance? I bought my first home back in August. I got a pretty good rate but hey, it can always be better
 
186
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Joined Aug 12, 2012
Anyone in here ever used a Hard money lender for Flips?

Me and my wife want to get into it and have enough money to pay hold on the interest payments while we do the rehab.

Wanted to see if anyone in here has done a flip with a hard money lender to see how there experience was and if it went well who would you recommend?
Or if you know of any hard money lenders that cover 100% that'll be helpful as well, because I hear there some out there.
 
21,458
9,193
Joined Feb 10, 2003
I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?
 
27,398
19,828
Joined Feb 5, 2013
I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?
without knowing their financial situation
i would check the sales report for your zip code and see how much home values appreciated in value since last year ...zillow has this tool
 
16,829
7,323
Joined May 25, 2001
75k is equity increase over a year is crazy, anywhere other than like California or NYC.

nolo33 nolo33 they have academies where you go to like a 2 day symposium and learn how to do it, then they allow you/help you find flips and you get their approval and they fund the flip and you put in like 5k and do the work and then split the profits. I wish I could remember the name of them. A lot of people on this msg board where using it to get in the game until they had liquidity to do it own their own
 
8,222
1,999
Joined Dec 19, 2008
I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?
RIP CAPITAL GAINS TAX UNLESS THEY LOST ELSEWHERE
 
21,458
9,193
Joined Feb 10, 2003
75k is equity increase over a year is crazy
Here's the thing I'm right outside of Dallas and the economy here hasn't slowed at all.

It's a new subdivision they were maybe the 2nd house in the place.

Thing is the builder just listed a brand new house with the exact same floor plan for 465K, they listed for 455K for essentially the same house just 4.5 months old so who knows.

There are no comparable sales because the homes are too new and anything you are comparing it to age wise is coming in at the price they listed for.

I think they are actually going to get close to it.

I'm paying attention because if they get that much then my house is worth 80-90K more than what I paid in December.
 
8,327
17,687
Joined Apr 9, 2017
In MIchigan, me and the Wife been looking for over 3 months now. Everytime we put in a offer we get beat or now "appraisal guarentees" seem to be a thing. We are offering OVER ask too.

I am actually getting sick of looking now.

Grand Rapids?
 

s0lefunk

Supporter
3,343
1,288
Joined May 31, 2007
Question - Does increase in property value equal personal equity in terms of trying to eliminate PMI early?

Closed on a new construction home in December (signed the contract in May) and see that the builder increased the base price of our model by 60k. That doesn’t include the lot premium and basic, mandatory options. I’m confident the price of those have also gone up.

If I were to get the house reappraised, and show that we have 20% equity in the property based on principle payments made to date and increased property value, could we have PMI removed? That would save us a few hundred a month.
 
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