Pittsburgh real estate update (Fox Chapel, Lawrenceville: middle-class, homebuyer, contractors)

[jea6321]

Originally Posted by Higherho

So far nothing huge was pointed out when I visited. I have inspections next week but I doubt major items will be found. If they are minor, I will take care of it. Granted it is an old, old, home but has all the charm and in great shape. Previous owners did not ruin it by modernizing everything. The mortgage is at the underwriter now, fast track passed our incomes so we’re good there (even with a current mortgage under my belt). My closing costs though, I am still saving but I showed evidence (assets), pays, and savings (current). So hopefully they pass it. I said by the end of January my bank statement will reflect the entire closing costs, but not right now (well the asset evidence shows it but I have to show the deposit into my account).


Yea I hate wasting peoples time, so prior to meeting with the realtor, I got a pre qualification ahead of time.

you should be fine with the underwriting.

Things always show up in inspections. thats what you hire an inspector for, to point out as much material defects as possible. I tell people to just use it as a punchiest of things to do over the first few months or year.

and yes, a prequal letter is a must for me to show someone places unless I know your situation personally or I have worked with you in the past. If someone isn't willing to take 10-15 min out of their schedule to get one, why should I waste hours out of my day to look at properties or dig through listings.

Sounds like you'll most likely close on the house. Congrats. Im happy to see people out making moves in the current market.

[Higherho]

Originally Posted by jea6321

you should be fine with the underwriting.

Thanks! Yea right now the UW will see that I have 85% of the closing costs (90% is in my account at this moment) but by the end of the month I will have it all. Annoying that I simply cannot prove it asap (like just make produce a bank statement automatically instead of waiting). We will see. Have you seen loans get approved without all the closing costs (but a large majority) not covered yet? My closing is in March, I did that as a just in case / time to save kind of thing.

Things always show up in inspections. thats what you hire an inspector for, to point out as much material defects as possible. I tell people to just use it as a punchiest of things to do over the first few months or year.

I agree, that and I feel the most eager to do things to the house during the first two years lol.

and yes, a prequal letter is a must for me to show someone places unless I know your situation personally or I have worked with you in the past. If someone isn't willing to take 10-15 min out of their schedule to get one, why should I waste hours out of my day to look at properties or dig through listings.

Yea I don’t blame you. Literally they just pull a credit report, check income, and see what is in your savings at that time. Not hard but I bet most people don’t like getting a hard query right away (even though it’s good for 90 days). I always felt bad for realtors because basically they don’t get bad until the end of the deal.

Sounds like you'll most likely close on the house. Congrats. Im happy to see people out making moves in the current market.

Thank you and I hope it all goes well! I think I am over worrying, I hate anxiety. We live in a technological world (and I work in tech) that most of these things seem could be known quickly if we use tech correctly.

[BUILD PENN SQUARE]

someone paid $391,000 for a 875 sq ft one bedroom in the strip district - expensive but looks like a nice place



https://www.realtor.com/realestatean...2_M95136-58612

if you're looking for a one bedroom downtown and have $391,000 to spend, can i interest you in this 705 sq ft apartment with no dining area



https://www.realtor.com/realestatean...2_M91529-77445

[eschaton]

Originally Posted by BUILD PENN SQUARE

someone paid $391,000 for a 875 sq ft one bedroom in the strip district - expensive but looks like a nice place



https://www.realtor.com/realestatean...2_M95136-58612

if you're looking for a one bedroom downtown and have $391,000 to spend, can i interest you in this 705 sq ft apartment with no dining area



https://www.realtor.com/realestatean...2_M91529-77445

The first is a brand-spanking new building, and the second is the Luminaire, which is still only a few years old itself. These are not surprising prices. Indeed, if condo units couldn't sell at these prices we wouldn't be seeing new condo buildings constructed at all.

[BUILD PENN SQUARE]

Originally Posted by eschaton

The first is a brand-spanking new building, and the second is the Luminaire, which is still only a few years old itself. These are not surprising prices. Indeed, if condo units couldn't sell at these prices we wouldn't be seeing new condo buildings constructed at all.

this is an impressive sale - $729,999 for a downtown two bedroom in the Lumiere

https://www.realtor.com/realestatean...2_M42115-94667

selling this two bedroom in the same building for $1,325,000 would be even more impressive

https://www.realtor.com/realestatean...2_M97021-19654

[erieguy]

Historic bridge piers are up for sale on Pittsburgh’s Monongahela River

https://www.wesa.fm/arts-sports-cult...ongahela-river

[svband76]

Originally Posted by erieguy

Historic bridge piers are up for sale on Pittsburgh’s Monongahela River

https://www.wesa.fm/arts-sports-cult...ongahela-river

Yeah talk about stupidest idea ever. Lots of people in the market..right.

Bought for $400k a few years ago now attempting a flip of $1.7 million. That's some expensive grey paint..!

https://www.realtor.com/realestatean...7_M45579-05482

[erieguy]

Originally Posted by svband76

Yeah talk about stupidest idea ever. Lots of people in the market..right.

Bought for $400k a few years ago now attempting a flip of $1.7 million. That's some expensive grey paint..!

https://www.realtor.com/realestatean...7_M45579-05482

I’d wager a lot more than gray paint went into it…and folks like gray paint.

[jea6321]

Originally Posted by svband76

Yeah talk about stupidest idea ever. Lots of people in the market..right.

Bought for $400k a few years ago now attempting a flip of $1.7 million. That's some expensive grey paint..!

https://www.realtor.com/realestatean...7_M45579-05482

id love to hear what you think was spent on this one? Large addition plus full gut of the entire structure. I dont think it will sell for more than about 1.2-1.3m personally, but if you think this was just a "slap some paint and laminate flooring down" type of flip, you are highly mistaken.

[gg]

Originally Posted by jea6321

id love to hear what you think was spent on this one? Large addition plus full gut of the entire structure. I dont think it will sell for more than about 1.2-1.3m personally, but if you think this was just a "slap some paint and laminate flooring down" type of flip, you are highly mistaken.

As someone that has flipped a few homes, I can say that person that is doing that home has a set. That is going all in and with a price up that high there become a lot less buyers. They did a very good job with a home that isn't all that great looking. Hope they pull it off.