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Canceling Contract During Contingency Period IL

I’m in the contingency process for a home in Illinois. Due to issues found during inspection and the fact that a couple substantial portions of the home not being available for inspection I advised my agent that I wasn’t interested in proceeding forward with the purchase. I was advised by my agent that in order to protect my earnest money I needed to submit my list of requests and wait for the seller’s response. I did as advised and the seller responded a couple days ago with basically no to everything. My agent asked my feelings on going forward, and I again said I wasn’t interested. Since we were so far apart I followed up the other day expecting to hear the deal feel through, but now I’m being told the seller is considering repairs and getting estimates. I’m curious how long do I have to play this game for? I would very much like to pivot and secure some form of housing as my lease ends in a month and a half. I would have been willing to work with them if they didn’t come out with ...
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Parents want to sell their home with DIY remodeling

Hello! So my parents are planning on selling their home within the next year and in the last 20 years of living there they’ve done several DIY remodel projects on it that didn’t involve any contractors, engineering, project planning, permits, etc. My dad is handy, but he does not have any construction/contracting experience so all of these projects look very janky to say the least. I already know most of it is not to code and I fought them before every project to hire someone out. Where do I start with helping them figure out what needs to be done to sell? Do we hire an inspector first? Contact the city? Consult a contractor? In case knowing what was specifically worked on helps to know what/how to address, here’s the list of my dad’s DIY projects: -Full backyard second story deck rebuild with cover attached to roof -cut into the foundation in the basement to install an egress window -two full bathroom remodels including plumbing -built an add on front yard patio cover, also at...
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Help me understand appraisals

I am selling my home and buying another. I got an appraisal for the house I am buying because I paid for that appraisal. My seller does not get that information (I'm told.) How would my realtor, for the home I am selling, know what the appraisal on my home came in as? Can my realtor be representing me and the buyer? submitted by /u/IntrepidMuch [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1urpibf/help_me_understand_appraisals/
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Sold my home. The total cost of selling was 10%. Is that normal?

Sold a home for ~500k. All costs related to selling the home totaled about 10% of the homes value. This includes more than just the realtor fees — things like repairs spent before listing the home (getting it ready to show) and costs incurred while listing the home (remedy requests, buyer asks, etc). Is this a normal number? Or is this high? It does include some deferred maintenance that should have been fixed a while ago so it may be a bit inflated, but I’m trying to figure out what an appropriate number is so that I can use it to discount my current house on my balance sheet moving forward. submitted by /u/JustHere4TheZipLines [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uroikr/sold_my_home_the_total_cost_of_selling_was_10_is/
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Inflation forecast and chances of another ratev hike are back up.

Add of this week especially with the Iran tensions back on, the inflation forecast shot back up. If nothing changes that means an almost certain second rate hike before the end of the year. Inflation + rate hikes would mean high liklihood of an increase in home prices wouldn't it? Just when we were hitting a sight break... submitted by /u/itsthewolfe [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1urlh5k/inflation_forecast_and_chances_of_another_ratev/
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Sudden increase in home prices in my area despite slower market

I’ve been looking to buy a home in a specific zip code since late February. Since then, I’ve gotten a general idea about home price ranges for size/condition/neighborhood through my agent’s comp knowledge and seeing what houses actually sold for/how long they sat on market. Since then interest rates have obviously gone up and houses have been sitting for a lot longer at their list prices. In the last few weeks specifically, pretty much all the houses that have listed have listed 10-30k higher than comparable houses that I’ve seen sell in the same neighborhoods, etc in the last few months. This surprised me because the market in my area has noticeably slowed down since then. I knew that the summer market was supposed to have more buyers shopping, is this trend probably a result of that expectation? Or is it likely just a coincidence? submitted by /u/emilyginger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uqzb5z/sudden_increase_in_home_p...
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Sell our Condo to afford more, or keep for the equity gain?

Hello! My wife and I bought a condo (3b 1b) ~3 years ago for 455k (with 11% down). After refi, we owe outstanding ~360k. We live in the Boston area. We're hoping to start a family in the next couple years, and also want a back yard for our dog. We've gone back and forth about whether to sell our condo and afford a nicer place, or keep it and rent, simply to build equity in it. Obviously our budget changes depending on a sale. Zillow estimates our condo has increased to ~$520k, so with that relative adjustment, and our down payment, we'd be looking at an extra (let's round down) 100k cash. I think I'd be willing to be a landlord, but NOT a property manager, so factoring in the cost of hiring that out does make me lean a bit towards selling. Especially with wanting to have kids, I'd wonder if we'd be signing up for too much stress. But at the same time, in today's market, it feels silly to give up property when it's hard for so many to do so. I gu...
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Selling home as optional partially furnished?

So we’re potentially moving for spouses job in the next 6 months. It would be at least half way cross country and we obviously want to limit what we move with. Is it possible to list the house as optional partially furnished (I’m talking couches, beds, rugs, possibly tvs)? Could that be a potential selling point? Nothing tiny/no trash. Not really looking to make extra money not having the headache of it all would be worth enough. Obviously if they didn’t want it, it would be removed. submitted by /u/rushthetrench [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uqqym7/selling_home_as_optional_partially_furnished/
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Wanting to buy my grandparent’s house but sibling is in disagreement. Is their ask fair?

We live in a very HCOL area and I have the opportunity to buy my grandparent’s house with 1/4 as a gift of equity. Quite frankly that is the only reason I could afford it. I plan for this to be my forever home. This house is owned by my dad and his sister. All are in agreement to sell except my (only) sibling. She is arguing that if they were to keep the house and sell in 10 years instead (they’re in their early 70s), that she would get significantly more money. She is asking for the house to be appraised when they die, and for her to be given the difference in her 1/4 from the estate. Or else she will ‘go nuclear’ (whatever that means). Is this a fair ask? submitted by /u/crash_cove [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1uqm75c/wanting_to_buy_my_grandparents_house_but_sibling/
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