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Cannot do new appraisal as it was done 2 months ago

My preapproval was originally for $390k conventional loan. Then we went into negotiation with the seller and ended at $430k. I received a preapproval letter for this and made the offer. We are going through underwriting, and they can only offer an FHA mortgage based on the downpayment amount and the type of property. We reached out to the seller's agent and found out the house was appraised at $380k less than 2 months ago, and the initial buyer was using FHA. I am working with my agent, broker, lender, google.... but is there any practical thing I can do to get this house? I don't have the amount to fill the gap. submitted by /u/Justbrownsuga [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s7w6gw/cannot_do_new_appraisal_as_it_was_done_2_months/
Recent posts

How to add my wife to the deed of our house in Georgia

Hey all, I am trying to add my wife to the deed of our house in Georgia. We bought it under my name before we got married. I have read that quitclaim deed may be the best process for this, but I'm wondering if I can do on my own, and how? Or should I utilize the real estate company that we closed on our house with? How much are the expected costs? Thanks in advance. submitted by /u/RexUmbrae [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s7sia3/how_to_add_my_wife_to_the_deed_of_our_house_in/

Another real estate agent dilemma. Looking for suggestions.

We’ve been searching for a home in a mid to high-end range in a desirable neighborhood. Our first agent, a friend, wasn’t a good fit. They worked part-time, lacked local market knowledge, and relied on a blanket strategy of submitting 10–15% low ball offers. Over time, we ended up doing most of the work ourselves—finding homes, running comps, and drafting offers—while they simply submitted them. At the start of this year, we switched to a new agent with good reviews. To her credit, she’s knowledgeable about the area, thorough in due diligence, proactive with seller agents, and gives practical guidance on offer structure and contingencies. However, she’s extremely cautious and tends to take the seller agent’s word at face value. There’s little pushback or assertiveness, often defaulting to “this market is crazy, you’ll need to go over asking.” While that’s sometimes true, we’ve missed opportunities where homes sold below asking and we didn’t even submit offers because we were advise...

Made the call to my employer to fire relocation realtor

My move and home-buying process is part of a corporate relocation as part of my new job. I must have a realtor that is “approved” in order for my employer to pay for my relocation benefits related to homebuying in the new city: 100% coverage for closing costs, inspection, and realtor commission fees. The realtor/broker has a buyer-agency agreement with my employer for relocating employees. This agreement applies buyer-agency to the individual realtor OR the broker firm’s designee if for whatever reason the realtor becomes out of the office/unavailable in the home buying process for extended periods of time (vacation, illness, medical leave, etc) This realtor seemed to only care about getting a commission quickly. Things I noticed: • Immediately tried to steer me to new construction. The new construction homes were crappy enough build quality that I was able to find deal-breaking issues immediately walking in. We no longer considered new construction • Did nothing to actually ident...

(MD) How the hell is everyone managing these interest rates?

Seriously. A 60bps increase in a month? Wtf? We were right in the middle of getting a pre-approval and it's completely flipped our math and assumptions upside down. Affordability wise, it's basically knocked us out of competition for the price/tier of home we had been targeting. On lender we spoke with recommended a type of convertible ARM that could be converted to a conventional loan at some time in the future. I'm going to look more into it but I hate the idea of an adjustable rate mortgage. Whatever the case, I have to imagine other prospective buyers are in the same boat. Is anyone else having to find a way to manage through this? submitted by /u/Shakawakahn [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s6cihi/md_how_the_hell_is_everyone_managing_these/

Got 500+ “favorite” listings saved. How do I actually pick what to buy?

So, I’ve been browsing for a while and ended up with 500+ favourited listings in one city across different platforms. Clearly, I can’t just randomly scroll through them all when deciding what to buy. I want to actually funnel them down and make a decision, but I’m not sure the best way to do it. It feels overwhelming, even by just looking at what I have done and what I need to do next. Has anyone here done this efficiently? How do you go from hundreds of saved listings - shortlist - final decision? Any hacks, tools, or frameworks you swear by? Appreciate any advice! submitted by /u/MarionberryTotal2657 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s649g1/got_500_favorite_listings_saved_how_do_i_actually/

Agent trying to convince me that water in basement is “normal”

Hi all, I am in the market to buy and I saw an old house (1887) that was recently flipped. The units were nice but the basement was a hot mess. Abestos covered pipes, old janky electrical with wires all over the place, and a huge puddle in the middle of the concrete floor. She is trying to convince me that the water is completely to be expected in old homes but everything I’m seeing online is saying that it means something will eventually need to be fixed. Can anyone give me some guidance? For context, I’m in New England and we had some big snow storms a few months ago that I’m guessing caused this standing water. submitted by /u/Both-Revenue-4557 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s633nu/agent_trying_to_convince_me_that_water_in/

My home with solar panels ( No loan, no lease)

Hello, I wanted to ask all the realtors here; I plan on building a ground mount system ( if my county approves the permits and what not) on some land near my house. what has been your experience selling a home with solar ( paid off ) or a home with a ground mount system? submitted by /u/Feisty-Journalist497 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1s60ahe/my_home_with_solar_panels_no_loan_no_lease/

Overhead utility line right of way/easement and fence headache. What are my options?

I’ll try and keep this short and sweet because I’m not sure what to do. I’m in the process of buying a non-HOA home where there’s a large easement/right of way in the back with power lines running perpendicular to it. Seller put up a brand new fence that goes between the house and ends right under the power lines. Meanwhile, neighboring fences are set back about 15 feet from them. During and right after the negotiation period I explicitly asked all parties about this, didn’t really hear much other than attorneys were working with the seller on making sure it was approved by the easement owner. This went on for weeks, not really much word back. Meanwhile, because I was very skeptical, I read up on the utility’s right of way requirements. I drove around looking at nearby with the same H-frame power lines and saw some with fences extending underneath. Seemed fine. Some friends even said I was being paranoid. Now we’re days past the contingency period still waiting on hearing back fro...

Sewer line repairs... better to ask seller to repair or to ask for money back?

TLDR: Normally for any repair my preference would be to have seller do a credit or to renegotiate the price so I can get the work done myself but I know sewer repairs can get really expensive and it's kind of like opening a can of worms so I'm not sure if it's better to a.) ask to have it repaired or b.) ask for the money and make sure it gets done right. My inspection found a crack near the outside clean out (close to the sidewalk), areas with "moderate-severe offset effects," and an area with root entry. Those findings are here . Background : Buying a 100 year-old home with the original clay sewer pipe. That's normal here. A seller is never going to replace the line just bc it's the original clay service line. My inspector identified the crack on the initial inspection plus a clog, lots of build up, and some tree roots. I asked the seller to have the line jetted and inspected to ensure it's clear and contiguous with no breaks. Seller's pl...