Author Topic: First Time Second Home Buyer - Advice  (Read 9248 times)

0 Members and 1 Guest are viewing this topic.

Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #30 on: July 07, 2021, 05:12:14 PM »
If you have to move any kind of plumbing fixture/piping, you'll need a permit. Why not bring in a plumbing contractor to get a quote?

Is it common for a contractor to give a quote on a place that is in consideration of being purchased?

I'm still in hypothetical land.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2597
  • -Received: 2081
  • Posts: 10225
  • Gender: Male
Re: First Time Second Home Buyer - Advice
« Reply #31 on: July 07, 2021, 11:03:36 PM »
If you have to move any kind of plumbing fixture/piping, you'll need a permit. Why not bring in a plumbing contractor to get a quote?

Is it common for a contractor to give a quote on a place that is in consideration of being purchased?

I'm still in hypothetical land.

Yeah, if you can see the home you can bring a contractor out with you and get a quote for the work.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #32 on: July 21, 2021, 08:19:14 PM »
Another update:

Considering to expand the real estate net... looking for nearby areas surrounding Irvine for a single level 1 bed / 1 bath ... slightly lower price per square foot but similar nice-ness to Irvine.

Any suggestions?

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2597
  • -Received: 2081
  • Posts: 10225
  • Gender: Male
Re: First Time Second Home Buyer - Advice
« Reply #33 on: July 22, 2021, 09:53:24 AM »
Another update:

Considering to expand the real estate net... looking for nearby areas surrounding Irvine for a single level 1 bed / 1 bath ... slightly lower price per square foot but similar nice-ness to Irvine.

Any suggestions?

Foothill Ranch, Tustin Ranch, Aliso Viejo, and Costa Mesa.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

The following member(s) thanked this post:


Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #34 on: July 22, 2021, 10:02:14 PM »
I'm getting discouraged more and more everyday. It's slim pickings and everything is moving fast.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2597
  • -Received: 2081
  • Posts: 10225
  • Gender: Male
Re: First Time Second Home Buyer - Advice
« Reply #35 on: July 22, 2021, 10:20:37 PM »
I'm getting discouraged more and more everyday. It's slim pickings and everything is moving fast.

Yeah, it's getting worse and worse out there (lower inventory when it should be increasing).  Not a fun time to be a buyer now.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

  • Real Estate Broker & Mortgage Loan Originator
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 12
  • -Received: 229
  • Posts: 1164
Re: First Time Second Home Buyer - Advice
« Reply #36 on: July 22, 2021, 10:58:09 PM »
I'm getting discouraged more and more everyday. It's slim pickings and everything is moving fast.

Yeah, it's getting worse and worse out there (lower inventory when it should be increasing).  Not a fun time to be a buyer now.

Like I mentioned in the other interest rate thread. I foresee this to be a very painful summer for buyers especially at entry level. With rates decreasing, more buyers with FOMO seeking to take advantage. Lower rates also means more refinances and people not wanting to sell and give up their low rate.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2597
  • -Received: 2081
  • Posts: 10225
  • Gender: Male
Re: First Time Second Home Buyer - Advice
« Reply #37 on: July 22, 2021, 11:34:18 PM »
I'm getting discouraged more and more everyday. It's slim pickings and everything is moving fast.

Yeah, it's getting worse and worse out there (lower inventory when it should be increasing).  Not a fun time to be a buyer now.

Like I mentioned in the other interest rate thread. I foresee this to be a very painful summer for buyers especially at entry level. With rates decreasing, more buyers with FOMO seeking to take advantage. Lower rates also means more refinances and people not wanting to sell and give up their low rate.

New inventory YTD June 2021 in Irvine is about the same what new inventory we had YTD June 2019 (last year was an unusual year) so the problem is the huge buyer demand.  It's not just the low end, it's tough to get buyers a home in the $1m to $2m range as well.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #38 on: August 03, 2021, 11:36:20 AM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2597
  • -Received: 2081
  • Posts: 10225
  • Gender: Male
Re: First Time Second Home Buyer - Advice
« Reply #39 on: August 03, 2021, 11:41:40 AM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?


I've seen plenty of "as-is" counters (meaning that the seller won't do any repairs or provide credits in lieu of repairs) but have not seen an all cash offer and all contingencies waived situation yet. I'd tell my clients to pass.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

The following member(s) thanked this post:


Offline sleepy5136

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 4
  • -Received: 31
  • Posts: 314
Re: First Time Second Home Buyer - Advice
« Reply #40 on: August 03, 2021, 12:32:47 PM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?
doesn't matter what market we're in. once you hear "all contingencies waived" in order to get the home, you run.

The following member(s) thanked this post:


Offline Cares

  • Real Estate Broker & Mortgage Loan Originator
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 12
  • -Received: 229
  • Posts: 1164
Re: First Time Second Home Buyer - Advice
« Reply #41 on: August 03, 2021, 03:37:55 PM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?
doesn't matter what market we're in. once you hear "all contingencies waived" in order to get the home, you run.

If you ever want to buy in the Bay Area market and you want a contingency, good luck. You're getting diddly. No contingencies has become the absolute norm up there.

Offline sleepy5136

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 4
  • -Received: 31
  • Posts: 314
Re: First Time Second Home Buyer - Advice
« Reply #42 on: August 03, 2021, 05:21:08 PM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?
doesn't matter what market we're in. once you hear "all contingencies waived" in order to get the home, you run.

If you ever want to buy in the Bay Area market and you want a contingency, good luck. You're getting diddly. No contingencies has become the absolute norm up there.
I have no desire to buy in Bay Area. I'll buy in Hawaii before I buy Bay Area.

Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #43 on: August 03, 2021, 05:47:47 PM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?
doesn't matter what market we're in. once you hear "all contingencies waived" in order to get the home, you run.

If you ever want to buy in the Bay Area market and you want a contingency, good luck. You're getting diddly. No contingencies has become the absolute norm up there.


So it's just a Bay Area thing... for now? I am familiar as I saw what my relatives and friends went through early 2010s and also a Bay Area native.

Offline anteaterscientist

  • Tourist
  • *
  • Thanks
  • -Given: 17
  • -Received: 1
  • Posts: 39
Re: First Time Second Home Buyer - Advice
« Reply #44 on: August 03, 2021, 05:59:31 PM »
Is this a new thing now: sellers only accepting cash offers and all contingencies waived?
The property that was in serious consideration is a townhome (3/3) built in the 80s.

Is it possible attempt an inspection and backing out if the findings would be too costly to buyer to be OK w/ "as-is"?


I've seen plenty of "as-is" counters (meaning that the seller won't do any repairs or provide credits in lieu of repairs) but have not seen an all cash offer and all contingencies waived situation yet. I'd tell my clients to pass.

I missed the one and only open house this weekend and my agent went, seller only interested in all cash and no contingency offers. My agent commented there were 15 groups of people visiting on Sunday.

I think the seller will get what they want from someone. Is the buyer being lead astray or this is what it takes?
This property is under 900k.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


Recent Posts

SimplePortal 2.3.7 © 2008-2021, SimplePortal