All Forum Posts by: Sang Yi

Just needing some advise from smarter, and more experienced folks on this site.

I'm looking to downsize due to my parents moving back to CA.

I've purchased a SFH Feb 2022 using VA loan for $405k, putting 20% down. I spent 25k to put a full bathroom/closet and spent 12k on new HVAC/furnace on this 2006 built home that failed recently. I bought at the peak and planning to either rent or sell in Feb 2023.

I'm currently looking to buy a condo 2bed/2bath without needing to sell first. I have a pre approval on hand but with higher interest rates and market prices still high for which I see price decrease but nothing pre-pandemic level. Using VA loan No money down. Current rate at 6.875. I'm 100% disabled so no funding fees.

Current home is built 2006. 2200 plus sqft. I don't need this much space. I have 30yr fixed at 3.50 interest rate with about 321k balance left.

I'm looking at options like VA assumable loans if I can secure a condo. I think the VA assumable is for anyone to assume loan. No closing costs for buyers..buyers pay one time va funding fee of 0.5% of mortgage. I have to get my servicer to provide us letter of non-liability of some sort. Only thing for us seller is that if a non veteran takes over that our benefits are tied up to that amount. My Mortgage/Tax/Insurance are $1640/monthly. We are not distressed to sell. We can also rent it out but that seems scary. If I do want to sell, I don't want to lose money.. I bought at 405k and put in total 25k+12k but I don't think I can sell higher. With high interest rates and paying Commissions on agents...I have to list it at $450k but I doubt it will appraise that high.

Need advise on what I should do. Get the condo first which I'm qualified to do so now then rent it out or sell? I would like to get most of my down payment and other costs back.  

I don't need agents to send me any listings. I usually pick out which ones I'm interested.

I gave one agent 1-4 homes to look into and not really feeling good about his responsiveness. I was wondering if I can use another agent to give 5-8 home listings to try to nab something quickly in this crazy sellers market. I would not give them the same homes but should I be upfront with them? I don't plan on signing any exclusive contract. 

I provide the list. They contact the listing agents to get a feel. I don't plan on seeing the property physically. I plan on bidding high with intent on winning with few contingencies. I'm not sure about offering multiple bids simultaneously.

please comment if this is unethical.

Out of state and would prefer the agents go see it for me.

I don't need agents to send me any listings. I usually pick out which ones I'm interested.

I gave one agent 1-4 homes to look into and not really feeling good about his responsiveness. I was wondering if I can use another agent to give 5-8 home listings to try to nab something quickly in this crazy sellers market. I would not give them the same homes but should I be upfront with them? I don't plan on signing any exclusive contract. 

I provide the list. They contact the listing agents to get a feel. I don't plan on seeing the property physically. I plan on bidding high with intent on winning with few contingencies. I'm not sure about offering multiple bids simultaneously.

please comment if this is unethical.

It's VA financing so unfortunately I have several contingencies.

I saw a property listed on MLS that shows as Auction and not active. Listing agent is just a regular real estate listing agent. My agent found out some info but still unclear.

They have a lockbox so buyers can see the property. The property is a townhome in a good location. Needs cosmetic rehab like carpets. Agent replied by stating offers will be highest and best. Appraisals and home inspections are just like regular closing with finance.

listed at $220k start. Nearby townhome comparable shows late Mar 2021 sold for $250k, of course well maintained home. HOA is at $170.

with this crazy market, ive lost out on 2 offers already. I want this but not sure how high I should offer. 

please comment if you know anything about this kind of platform.

My take! Listening to some pros talking about possible inventories coming shortly by end of this year or early next year. I'm not sure about that scenario. I don't believe the feds will allow so many foreclosures to turn the economy upside down. Those that want to sell that's deep in forbearance will not sell if they have to pay back the full mortgage balance. They believe the feds will bail them out somehow. My understanding is that it's not automatic for lenders/bank to work out a deal to modify their mortgage but rather they must qualify in showing income and being able to pay. So, the big question is how many are capable to pay? Are they employed? What's your take??? Will enough inventory be available to put this crazy market back down to earth? I might just rent and just wait. I will not pay CURRENT market price.

Any good real estate agents in Las Vegas? Please contact me.

Just curious to find out which landlord insurance companies are widely used? Big box names? Not sacrificing quality over premium price. Looking for Las Vegas area. Condos differ than townhome or SFH? Please comment.

I know for a Single family the appraisers would use similar comparables. But for a duplex, what they use to compare? I just got my sfh appraises by va and it came in at $147 and I listed at $138 thinking that might be high. Its in Clarksville tn 37042.

Russell B. I didn't counter the cash buyer because I didn't believe they will go that high. They had a chance to put their best after multiple offers and no actions were taken.

Joe S. Yes, I decided to go with the VA offer. My thought process was little speculative but I believe I made the right choice.

When initially determining the list price off comparables that haven't closed but under contract to close. I was thinking $235k but went with $239,900. This is military town so I had a lot of VA and FHA offers. The buyers agent said this buyer lost out on 7 bids already. I'm guessing he's determine and willing. He has a letter attached with his pets and how they will enjoy the spacious backyard, etc...Also, mentioning upstairs bonus room to use as man cave but I'm single story with no upstairs...copy & paste job. Ok..get it. They were paying for all closing and no fixing any minor stuff. My problem was is this going to be appraised at $255k. If the appraisal came in at $230k plus $5500 gap..im in trouble. VA appraisal was done last week and I had to beg our agent to be here to meet the appraiser with 3 comps we used. Long story short. Appraisal came in at contract price so I'm happy. Surprised but happy regardless. I was expecting lower and adding the gap to be somewhere in the 240k-245k range. Good comparables really helped. The VA appraiser that day was complaining to us about how agents are mad the appraisal didn't come out right. Agents only keep talking about how many offers above the prices that they received. Home inspection came out food except a wood rot on the bottom of deck staircase for which they waived and signed both parties.

I bought this home 1 year ago using VA no down. No funding fee. No pm I. I had the seller five us 7k for closing cost and spent 500 appraisal, 250 for inspection and $19.90 at closing escrow. I even thought about using this as a rental in a different forum but quickly realised it was better to sell. Make 35-40k net.