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Being Gifted House by Parent: Guidance for Getting Guidance

My father in law is getting older and has accepted that he needs some extra help around. Miraculously, this moment of acceptance coincided with my wife and I house hunting and struggling to get financing, and we're more than happy moving to that area. We both live in different parts of Virginia. We are both successful professionals, her as a well-known artist and I went from the military to IT to college and I'm doing fairly well in the music industry now, so I might pursue that rather than going straight back to a corporate gig. Either way, we both have no debt beyond our current COVID mortgage (golden handcuffs) and two very reasonable car payments, and more than $50k but less than $100k in our collective bank accounts. A few data points: - FIL is onboard with either co-owning the property with my wife and I, or us taking total ownership, whichever works better for our collective planned outcome. His intention was to pass the house to us in his will anyways, just figures u...
Recent posts

To counter back with original offer price or reject their counter?

The heading says it all. We placed an offer on a house that has been on the market for about a month with no offers yet. We offered under asking as there are some things we feel need to be done to the property and the house. Our offer was our best and final. They countered us asking for more. We are not wanting to change our price from original offer. Is it best to counter back with our original asking price? Or should we just reject their counter? To counter with our original ask feels passive aggressive, to reject is sending the same message in my opinion. But genuinely asking, which is better. Our realtor said she thinks to counter back is less harsh, but I think it’s kind of rude to counter back and not change our price.. submitted by /u/Life-Introduction693 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1udkzmv/to_counter_back_with_original_offer_price_or/

Thoughts on manufactured homes

Hello, my fiancée and I (20) both finish school soon and will be ready to move out of our respective parents houses by next year. We make good money in our fields especially for our age and was looking at manufactured homes for a first time buy since they are so cheap. Im curious what the general perception of these houses are and if its worth jumping into one as it would make moving out happen a little quicker or holding out a while longer for a small house. We have big plans for the future so renting is an absolute no-go as we need to build equity as soon as possible. We live in New Hampshire, USA if that changes anything. (average cost of a manufactured home sits around 150k-300k while most starter houses are around 300k-400k) All advice welcome, thank you! submitted by /u/capncrunch1227 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1udbpgh/thoughts_on_manufactured_homes/

Sellers - how do you handle an appraisal coming in lowww low compared to your asking price?

We’re in love with a 1960’s built country brick home on some acreage (the exact acreage isn’t known). The homeowners don’t want to wait for a survey to be completed. We think the appraisal is going to come in anywhere between 40-78k under their asking price (from talking to the appraiser, it’s still pending) there’s no record on when the roof was last done, the septic, or any updates since 1980. They also removed the wood burning furnace. It’s a 3 bed 1 bath. I want the home for whatever it appraises for, obviously not paying over appraisal. If it comes in way under, do you still sell it for that price? Do you wait and hope you can get someone that’s a cash buyer with no appraisal who over pays? submitted by /u/Remarkable_Royal_175 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uddx4m/sellers_how_do_you_handle_an_appraisal_coming_in/

Zero showing requests in first week

What is your approach to this situation? Would you typically consider lowering the price after 1 week? I haven't seen anything come through. No texts. No calls. No emails. Open house this past weekend brought three couples in who seemed to like the place but that is usually taken with a grain of salt obviously. submitted by /u/SonOfQuora [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1ucmrsa/zero_showing_requests_in_first_week/

PSA: As a homebuyer, the free version of Google's AI is surprisingly good for visualizing interior/exterior changes to a house you're considering.

I heard from a coworker a while back that Gemini was surprisingly good at photo editing. I've used it a few times over the past few months while house shopping to visualize changes to houses we were considering but that would need some changes to fit what we like. I wanted to share the results in case this is helpful to others. Notes: This is the free version of Gemini ( gemini.google.com ) The houses shown in the examples already sold. I'm not trying to stealth market anything. Images in the examples This link has each of the images outlined below: https://imgur.com/a/xRqHAPL Example 1: House Needing More Curb Appeal There was a house my wife and I found intriguing except for its low curb appeal (subjective, obviously). I took a Street View screenshot and uploaded it. That's image 1. I told it: "Add some decorative trim to the front of the house around the garage door and windows. Change the color scheme to mostly white with black trim." That led to i...

Made an offer on a house and I’m expecting the sellers to be difficult to work with. What are some steps I can take to protect myself during the closing process?

I’m house shopping in a very hot market where houses typically sell above listing in a matter of days. This is in VA in a HCOL area, as reference a 2000sqft 3B/3B SFH goes for about $800K. Made an offer on a house that fits my needs perfectly. The buyers are still occupying the house and the house is completely filled with junk, it’s basically on the verge of being a hoarder house. (The house itself is still in great shape, it was fully renovated 3 years ago by the previous owners and whoever did those renovations spared no expense in making sure things were done correctly.) The listing agent also does not seem very motivated. When we went to tour the house, the lockbox code was not working and it took about an hour to get in touch with the listing agent (keep in mind this was on a Saturday on the third day of listing). The listing pictures were cellphone pics that the sellers snapped before their move-in, you can even see a thumb in one of the pictures, lol. Listing agent also lied ...

Agent let us down- what’s the recourse, if any?

We recently listed our house with the agent that we previously bought it with 6 yrs ago- had a great experience with her then. Listed going into Memorial weekend- three days on the market we had a lot of good activity… 10 showings, buzzing open house, and 3 offers out the gate. First offer - at asking, no contingencies with 60 day close. Second offer - $10k over asking, contingent on selling home (under contract, post-inspection), 30 day close. Third offer - $5k under, contingent on selling but their employer would buy their house so they could relocate. We preferred the first deal and started those negotiations but they ended up, presumably getting cold feet, and ghosted us. So, we entered into the second offer which is where we currently are hanging out… Second offer possibly lost their buyer. Who knows because we’re still waiting on the LA to give updates. Buyers house is active and seems to be overpriced for their area, with no reductions in 45 days. Our agent, for reasons we...

We did it and I just want to cry tears of joy

I am 26 - my wife is 29 we bought our starter home 5 years ago on my 21st birthday. Idk how we afforded it but we did. Small 2 bed 1 bath starter home. We listed it on the market and got a cash offer with no appraisal or inspection… We struck gold but would be homeless in 30 days. We found a house at the top of our price range 420k that just listed 2 hours before we saw it. Our realtor said we can’t afford it and it’ll go for 500k+++ I told my wife and realtor fuck it we need to win and get aggressive. Put an offer of exactly their asking price and said I need an answer in 5 hours. No more showings I will retract my offer the second 5 hours passes. 4 hours go by and they said yes. The realtor was in disbelief and said she is in shock it worked. This home is 4 beds 2 bad 2000 sq ft with a finished basement on 1 acre and has a pole barn on top of a walk out garage. Inside was immaculate and updated. We looked for 2 weeks… homes as is and shitholes going for 400k I fucking won. Idk...

Mobile home was moved.

We looked at a very tempting home yesterday. 1995 mobile home on 2.25 acres. Huge unattached shop. Huge carport. Good price in a HCOL area. The catch : The listing agent says that the place is ineligible for a mortgage because the mobile home was moved once. Is this a valid reason for all banks to reject a mortgage ? Or are they maybe hiding something else ? Any thoughts specifically on the danger of moving a mobile home ? submitted by /u/Balmerhippie [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uby4aa/mobile_home_was_moved/