r/RealEstate 11h ago

The RE market on Long Island is crazy.

0 Upvotes

We're closing on our house at the end of August after a year of looking. We wanted to be in a very specific area near the water, so there wasn't much inventory. There were five other offers on the house, and I feel lucky that we only had to go 100K over asking. I saved a bunch of houses on Zillow thinking "They're never going to get that" when I look at the asking price, and then I see them sell for hundreds of thousands more. I get that LI is an extension of NYC and there's a lot of money here, but how high can it go? Some of these houses were purchased no more than five years ago with some remodeling and are selling for almost $1M more than they were purchased for. It's crazy.

There are definitely some houses that are sitting if they're priced astronomically high from the jump, and I'm seeing price drops, but a price drop from $1.8 to $1.7 on a house purchased for $750 in 2018.

Just an observation on the hyper-local nature of the RE market.


r/RealEstate 9h ago

Homeseller Has anyone had success selling their house with a POA?

0 Upvotes

We gave our real estate agent POA for selling our house because we are out of the country and yet they keep asking us to fill out so much paper work and over night it to them with it notarized. But we cannot overnight with DHL because it would be 100euros a package so that's just crazy! Plus closing is next Monday and why are they giving us this paper work only now? Is this totally normal? Do they need these paper why can't our POA do everything??? Sorry I am very frustrated with this process. It would be nice if they gave us this paper work one month ago!!!


r/RealEstate 21h ago

Land I own 4 acres of undeveloped property

11 Upvotes

There are many landowners of undeveloped property in the same canyon that I own property.

I am trying to figure out how to get a hold of as many of these landowners as possible due to the fact that access to the properties has been cut off for decades however I have a dedicated easement on my grant deed.

I want to work with others to get the easement opened back up and I think they would be interested also especially if they want to sell to the private sector like I do but can't because of the access issue.

I don't know how to go about this because tax records hide the names of people.

I'm looking for strength and numbers here.

Any ideas would be helpful thank you. I'm in California San Diego County.


r/RealEstate 20h ago

Lender messed up badly and is offering a credit—how much should I ask for?

139 Upvotes

I'm using a local bank for the mortgage loan. My loan officer started out very responsive, but his communication started to drop off during the final week. We were supposed to close on Monday, but on Friday afternoon the loan officer reached out to say the loan wasn't ready yet. We rescheduled to Wednesday (tomorrow). Today (Tuesday), I found out that the loan officer had some sort of mental health crisis, was not coming into work during random days, and did not process my loan with the bank's underwriting or legal teams at all.

The Director of Sales and even the COO of the bank reached out today to apologize and they have taken over to try and get this loan approved as quickly as possible, but they weren't able to provide an estimated date to reschedule the closing. I had to resubmit all my documentation because the loan officer never even uploaded it to the bank's portal/share drive.

The last interaction I had with the loan officer was when he called me in a panic and said that I needed to pay off my car loan in order for him to approve the mortgage, since the car loan pushed my DTI ratio just over the edge. I found out from the Director that this was not the case. The auto loan was $40,000, and I suppose I did save money by paying it off early, but this completely drained my savings and I barely have money to even pay for furniture for the house now.

My real estate agent is livid and demanded that the bank offer a credit because of the screwup, which they agreed to. We agreed to discuss it once the loan was serviced and we had a better understanding of the impact of this delay. I think there will be some room to negotiate the credit.

I'm not really sure how to calculate my damages. There may be some penalties for failing to close on time, which will be easy to quantify. I've been living out of a suitcase in my apartment, which has been fully packed since Sunday, and I've been eating out every meal since all my kitchen stuff is packed away. I've had to reschedule movers, contractors, and appliance deliveries multiple times and have burned through two days of PTO because I thought I was moving on Tuesday, then Thursday, and now will need to do it again at some point. I'm obviously very frustrated at the inconvenience of this whole ordeal.

What would be an appropriate credit to ask for and how should I attempt to negotiate it?


r/RealEstate 22h ago

Homebuyer How might one rush home ownership!

0 Upvotes

I'm 19, and I'm looking Into moving out but I don't wanna pay rent as I believe it is a trap ment to keep you from ownership forever. So I'd like to skip the middle step and own. I'm not looking for much just a small place that can't be taken from me! So any tips on how to find one would be greatly appreciated!