Skip to main content

Would you buy a house right now? (Details of our offer situation inside too)

Hi all,

I know this market is a gamble right now, and there’s really no blanket sentiment to help in these uncertain times. I’m just hesitant to go on any readily available information from my agent, finance guy, and articles published right now.

Given the current state of the US market, and how rampant coronavirus is, I’m wondering: would YOU buy a house right now?

Here’s our specific situation:

Found a house for 350k (we were approved for 370k), in a rural area. The agent and Zillow both show it’s worth the money (even more by 20k). We walked it and we loved it.

We have great credit, but little capital. So, we are going FHA (we don’t have down), 2k in earnest money. The owner is covering our closing (~9k). Neither of us are at risk of losing jobs, so in that respect we are very fortunate.

Here’s what’s worrisome to me, though:

  1. The homeowner doesn’t have any other offers
  2. He wants this done...now
  3. The market getting worse and being locked in at a rate that’s going to be lower soon (now it’s at 4.1% but honestly I don’t know enough about this stuff to tell if this might change)
  4. On the other hand, no one sells their houses because mortgages are frozen. Or we can’t close because the virus becomes so rampant that no one can work it.

Crazy times, guys. We think we should sign pretty quick, in particular considering some of the other shit I’ve read on here. Just trying to gather as much data as we can. 😬 Thank you!

submitted by /u/anonallamalala
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/fqya9u/would_you_buy_a_house_right_now_details_of_our/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more