Skip to main content

Advice and empathy for a remorseful first time homeowner

This past summer I purchased my first house. I was able to do this because I qualified for a grant to go towards my down payment but when the money for this grant was gone, it was gone. This restraint plus the very hot housing market pressured me to find a house and make an offer because houses were lasting maybe a week before they were sold. I had an ideal neighborhood but it was too expensive so I bought in an adjacent "up and coming" neighborhood.

My first major disappointment was closing itself. It is a long story but basically the seller showed up, as I was moving into my house, with the police accusing me of breaking into my own house.(He had refused to give me the keys despite "ownership upon closing" and me being a 100% in the right.) Having the seller and his agent (yes his agent) yelling at me and having to explain my right to police was extremely stressful and made me suspicious of everything he had done to the house.

I had a thorough inspection done and knew there were major issues like lead paint on the siding. My first month my neighbors' aggressive dog broke through their fence and attacked my puppy. I put up a very sturdy fence which cost 3k then sewage backed up in my basement and I had to make a 10k repair to the plumbing. I did not have this money on hand so am now paying down a loan with a 8% interest as quickly as I can. One item "fixed" before closing was flagged as being not to code by my plumber. Now I am fighting with the other plumbing company to redo the work properly. I still have the lead paint exterior to deal with and I just can't shake the feeling that I have made a horrible mistake. I was told the neighborhood was "up and coming" and several houses were sold here last summer. The house next to me was flipped and sold but I worry that this area won't continue to appreciate. I also feel like I am dumping all my money into this house when the point was to have affordable living while building equity. Any advice or empathy is appreciated. The stress of this is affecting my sleep.

submitted by /u/worldtraveler42
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ko79wz/advice_and_empathy_for_a_remorseful_first_time/
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