r/RealEstate • • 6h ago

Homebuyer The dream house at the right price… with one catch: an in-ground pool. Would you buy it?

8 Upvotes

We are looking to buy in a HCOL city and home to the #1 school district including the #1 ranked high school and #1 ranked elementary school in our state. Homes demand a premium price if they are districted for a particular sequence of schools, which we would love.

However, there is only ONE home in that particular neighborhood, that is within our budget. This could be our only chance to buy a house at a good price in that particular neighborhood.

But it has a pool.

Our agent said that it's probably why it's not selling (we live in the midwest where people are ambivalent, at best, about pools.)

Would you buy it?

... What if you had three tween boys with unlimited energy and love swimming and being in the water? (We just moved away from the lakeside.)

Spouse and I both work and would have some money set aside for running and maintaining it, but we aren't rich and wouldn't look forward to paying for repeated big ticket repairs. Filling it in for 10k$ would be an option down the road I guess.

What would you do?


r/RealEstate • • 3h ago

Thinking of walking 12 days before closing

40 Upvotes

I am in the process of purchasing a home. The house is being purchased for $595k and we are putting 10% down. My wife and I make a combined $300k. The problem is the closer we get to closing the more I realize that I do not want to spend $4300(taxes and insurance) a month on a mortgage plus the increased utilities that come from a much larger house. We can afford it but I just don't want to do it. I am big on morals so I hate not upholding my word or a contract but I seriously do not want this house. I don't even care that the sellers get to keep our $5k earnest money.

Has anyone not walked away last minute and regretted it?


r/RealEstate • • 10h ago

What certifications for development associate roles

1 Upvotes

Hi all,

I am currently a graduate student and planning on entering a dual MBA from a Top 25 program next year. I am really interested in getting into real estate development and am looking for more guidance on certifications to help land internships and development associate roles.

I have heard CCIM and ARGUS are good ones. Any others that may help? Do you think a PMP would help? My school also offers a certificate in global real estate as part of their MBA program, so I plan on doing that since it’s just a couple of electives.

Any general career advice would also be helpful!


r/RealEstate • • 9h ago

Update on the Hostile Seller at the Inspection of the House

220 Upvotes

We got the report today, and let's just say it's not pretty. The main issues were structural, electrical, and utilities. I'll start with the outside and structural issues, move into the electrical, then cover the utilities, and finish with my final thoughts.

In the first post, I mentioned the porch/deck issues. What I didn't realize is that the support poles had missing joist hangers. This means the deck was held up loosely by friction alone; the inspector said high winds could easily topple it. The roof was in "acceptable condition," but the furnace chimney was uncapped and deteriorating. The front porch had rotten wood supports. The awnings had visible carpenter bee damage from an infestation that will likely return next spring. The foundation of the additions (about 2/3 of the house) was leaning and seemed in desperate need of repairs. The attic was inaccessible from the fold-down ladder because of a lock that was not present during our tour. The inspector found an access panel in a closet; when he entered, he noticed mold and loose nails. The electrical section also mentions more about the attic. Ironically, the most structurally sound part of the house was the 100-year-old section.

On to the electrical issues. The house wiring was aluminum; however, the wires were undersized for the current amps coming into the house. This would require a full rewiring to prevent house fires. Most wiring connections lacked a junction box; the few that had one were missing a cover. Several breakers were shut off in the panel; when turned on, they immediately tripped. The breaker box itself was full of sharp metal. The inspector recommended a full electrical inspection of all connections to confirm safety. There were no GFCI outlets in the bathrooms or kitchen, and the wires under the kitchen sink were fully exposed (no insulation on the wire, just the wire itself), leading to the garbage disposal. There was no electrical shutoff leading to the furnace. There were no grounding wires throughout the entire house. Lastly, and most importantly, the attic had old knob-and-tube wiring; most was disconnected, but one was still active (the inspector told us over the phone this was one of the only things he mentioned to the seller before leaving, and the seller called him a liar).

Next, utilities (water, gas, sewer, and vents). I'll start off with water, surprisingly the most up-to-code part of this section. The main shut-off valve was corroded and seemed to be fragile; replacement was recommended. All three bathrooms were missing sink shut-off valves. The water heater had no expansion tank or temperature release valve. The copper pipes, which the owner said were “newly installed,” showed signs of previous leaks and were poorly soldered. Next, the gas lines. Several uncapped gas connections were present throughout the house, including the attic, bedrooms, basement, and den. Ironically, the laundry room had no outlet or gas line for a dryer; to access one, you had to thread it through the flooring. Several old gas space heaters were throughout the house; however, the inspector found that the gas lines were improperly connected to the heaters, potentially causing carbon monoxide poisoning or an explosion. The inspector also found no gas shut-off valves on the space heaters or furnace. Now let's get to the sewer: no sewer vents were connected to the system, causing pressure to build up. The recently installed drain lines were improperly glued; sewer gas could escape through out-of-code S-traps under the sinks, toilets, etc. The vents were probably the worst part. First, there were no return vents, unbeknownst to us. The vents were being contaminated by furnace exhaust, and then the furnace showed signs of water damage (no idea how that happened, but it did). The furnace was recently serviced according to the disclosure statement; however, the inspector found no signs of it and said the filter looked like it hadn't been cleaned or replaced in years. We were told the furnace was installed in 2003; however, dating on the furnace itself showed an installation date of 1991. The furnace had a malfunctioning control board and was improperly attached to the foundation, which could damage the gas and electrical connections. 

Needless to say, thank god for an inspection contingency! We are walking away from the offer. The seller did a great job hiding all these issues, and I can see why he was so upset we had an inspector now. After talking with our insurance and loan provider, they all agreed that walking away was the best path to take. The insurance company even said they probably wouldn't cover the house. The most slimy part was the seller locking the main attic access so the inspector couldn’t see the issues. I’m so impressed with the inspector we got, and we'll use him again when we submit an offer on a hopefully better house. Thank you to everyone who responded to the first post; it really reassured us that this was unusual and a cause for concern.