[US] I found out my dad left me and my siblings a house in Nigeria, I'm not sure how to go about selling it. Real Estate |
- [US] I found out my dad left me and my siblings a house in Nigeria, I'm not sure how to go about selling it.
- Unexpected new home price reduction
- [HoustonTX] My dad is going to give me land and Iwanted to know how much it's worth, projected increase or decrease in value over the long term, and some other metrics. Is there a website or software that real estate people have that can give you access to these metrics?
- How to get into development
- Trust/Title Issue
- How to appropriately thank our real estate agent?
- Buying a 90 year old house but reenovated
- First-time condo buyers (TX)
- FHA loan
- Buying a house to resell in five years, would I be liable for unpermitted balcony?
- Selling a house with a small master bathroom
- [CA] Mortgage Credit Recapture Tax is more than the total MCC credit I've received. Is this right? (xpost to r/personalfinance)
- [CAN] Buying our first home on Friday. Do we inspect the septic or skip it?
- should i buy a 135k condo in las vegas, south strip?
- [CA] Is an attorney necessary when purchasing a first home?
- First time landlord tomorrow, SC. Taxes
- North Carolina/Need advice about the legality of disclosing that there may be something wrong with my home before putting it on the market
- Dad died, mom selling investment property, deferment of captital gains tax and etc
- Real Estate Investors in Central Florida Area
- Wood frame or concrete block house in South Florida
- Seller Had Unlicensed Contractor "Repair" Roof
- New construction, mortgage questions
- Hi. This is my first time posting to this sub. Know nothing about real estate. Looking into buying a house in which I’ll be the only source for a down payment. My soon to be fiancé will be living in it as well. Will her debts effect me in the short or long run?
- I'm thinking of getting into seller finance real estate as an investor. Looking for pros/cons
- I (26M) buying a house with my BF (29M) for the first time, worried about our combined credit scores
| Posted: 29 Nov 2017 03:05 PM PST Hey everyone, My dad passed away from cancer on the 14th. I knew he was building a home in Nigeria(I believe it's in Abeokuta or Lagos) a few years ago. When his cancer started to get more aggressive he was telling me stuff I needed to know about the home. But it got aggressive too quickly, so he wasn't really lucid. He left the home to me and my siblings. My dad's closest friends, his niece and nephew have suggested to sell it. They've all tried to build homes in Nigeria but it was too hard because well typical Nigeria(scams, lies, getting cheated). My dad visited the home once per year to make sure it was actually getting done. His home was completed in 2015. They also suggested selling it because they know me and my siblings have only been to Nigeria twice when we were young. We don't speak the language. My dad's mom remarried so only his step siblings remarried and they've only called my dad when they needed money. And the step siblings and their family haven't reached out to us(maybe my mom) at all since his passing. I have the address and the deed, I don't know where to begin to start selling a home in Nigeria. I also been told not to tell any of his family about the home he built as well. As far as I know, they are unaware. I've talked to my brothers and sister, and we are going to sell it. Quite frankly it sucks because I know my dad wanted to retire in this home and he was really excited to go back. But we know it won't get much use by house and can't control anything that happens to the home from the US. Any good sites or companies that handle this sort of thing? [link] [comments]  |
| Unexpected new home price reduction Posted: 29 Nov 2017 06:13 PM PST I've just put a deposit down on a new home in Canada scheduled to be build for January 2019. Had we put the deposit down a week earlier, the house would have been $10,000 cheaper but we accepted that. The builder have just contacted to say they've made a price reduction and we will now get the house for $5,000 less than what we agreed in the contract. Seems too good to be true, am I missing something here? Thanks for your input in advance! [link] [comments]  |
| Posted: 29 Nov 2017 06:22 PM PST |
| Posted: 29 Nov 2017 10:44 AM PST How would you guys recommend a young man get into real estate development? Where should I work and how should I network? Should I take on any small projects to get experience? What should I do? I understand it is a very vague and broad question but all help is appreciated. Location: anywhere in the United States [link] [comments]  |
| Posted: 29 Nov 2017 07:10 PM PST (Orange County, CA) I'm a bit confused on these terms and the benefits of each. I am listed on a trust on a property and was not given any info on what I should do so I will list facts and events below for all to understand. 2002: Aunt (mom's sister) died. Left her home(Property A) to my mother and I. My mom was to sell her current home and move into Property A and I was supposed to inherit it when my mom passed. BUT my aunt had 2 children and a husband that threatened and fought for the home, so my mom signed her name off the Trust and also signed a paper saying I would also sign when I turned 18. 2004: Aunts husband died leaving his 2 children on the title of the home. 2017: one of my aunt's children passed away leaving the other child on the title to possibly inherit his sister's portion since she had no children. He is a convict who is usually in and out of jail, the house has over $6,000 in tax penalties on it and he has 3 kids. His kids are trying to take over the home. I got a letter in the mail with a document stating that I will sign my name off the Trust to be removed so that there will be no issue when they try selling the home. I was supposed to be given this document when I was 18, I am now 27 and the lawyer that wrote the document said she forgot to send it to me. The document states that I do not have to sign the letter if I don't agree, but that lawyer said I should sign it to make it easier for her so she doesn't have to type up documents and go to court to resolve who gets what. IMO, I think that she has an angle. She has already spoken to my cousin (aunts son) so she may be on his side. I asked her what my benefits would be (if any) if I decide not to sign and she would not give me an answer other than waste money on lawyers and waste her time . I wish not to sign and I know I cannot take over that property, but I firmly know that my cousin and his children do not deserve that home. They mistreated my aunt physically and emotionally and now want that home. So if I do not sign and go to court to get at least a portion of that home (~$480,000 value) then what percentage or portion could I receive? Does a Trust have any power over a Title? I'm really confused. [link] [comments]  |
| How to appropriately thank our real estate agent? Posted: 29 Nov 2017 09:37 PM PST We have been working with a fantastic real estate agent since September. She's been communicative and shown us lots of houses (~15). We've put offers down on 3, gone through home inspections on 2, worked with a lender, and for various reasons things haven't worked out. We have decided to step back from trying to buy for another year or two. How can we thank her for the hard work she has done, despite things not working out? Edit: Pacific Northwest, USA; first time homebuyers using VA loan [link] [comments]  |
| Buying a 90 year old house but reenovated Posted: 30 Nov 2017 12:31 AM PST Listing says they updated floors, doors, kitchen, tiles in bath, fresh paint in and out, roof, plumbing, electrical and more We checked out the house at night time and it seem really nice. However, we can only judge the house by its cosmetics. We dont know anything about structural integrity, electrical, or plumbing. What should we be concerned about when buying an old house like this (it really look like a new house to be honest) Will the inspection be able to detect any major problem? Seattle - VA Loan - First time buyer [link] [comments]  |
| Posted: 29 Nov 2017 09:32 PM PST We are looking to buy a home to build in a new development in a great area near us. We do not have a realtor representing us. Here are some of the facts; is there anything we may be overlooking?:
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| Posted: 29 Nov 2017 05:41 PM PST Hey guys. I talked to a mortgage person awhile back, and explained I wanted to create basically a multi unit building and rent it out. He told me that if it was under 5 entrances or something, then I could qualify for an FHA loan. Does anyone know if this is the case? I have purchased a mobile home, but he said I would still qualify. LOCATION:Missouri. St.louis area. [link] [comments]  |
| Buying a house to resell in five years, would I be liable for unpermitted balcony? Posted: 29 Nov 2017 09:27 AM PST Arizona. I'm in the process of buying a house and the previous owner hired a contractor to turn a sun shade into a second story balcony. The only thing that is up to city code is the window to door conversion, not the balcony. Now if I sell this house in five years without fixing this, and the next owner host a party up there that kills or paralyze someone. Would I be hold responsible? In another word, if I get hurt can I sue the previous owner or contractor? I'm trying to find some leverage for him to fix it. It's a completely sellers market out here. [link] [comments]  |
| Selling a house with a small master bathroom Posted: 29 Nov 2017 05:34 PM PST I own a two story house with a full basement built in the 1970s. The house is in suburban Atlanta which is currently a seller's market and we listed it for sale about 5 days ago. So far we've had an open house and 10 showings but no offers as of yet. Before we listed the house our agent thought the house's biggest weakness on the market would be that the laundry room was located in the basement. However almost every single piece of feedback we've been getting from buyers is that, while overall the house is really great, the master bathroom is too small and so the buyer is not interested. Just to give you an idea of the size, this bathroom is roughly the same size as our master bathroom. We remodeled the entire bathroom a few years ago so it looks really great, but the fact remains that it's still small. Our listing agent did a thorough comps analysis that supports our current asking price, but she told us that in our market her rule of thumb is that if a house has gone 2 weeks or 10 showings without an offer then the price is probably too high. A previous agent we interviewed but ended up not hiring also came up with the same asking price. One of the agents who showed our house to a buyer even commented that she was surprised that it was not under contract yet. What are other people's experiences with selling a home with a small master bathroom in an age where buyers expect gigantic bathrooms? [link] [comments]  |
| Posted: 29 Nov 2017 07:58 PM PST Not sure where best to ask this. I'm hoping someone else might have gone through this before. I bought a home in San Diego 2012 and received a Mortgage Credit Certificate for a tax credit of 15% of the interest on a $300k loan at 4% (approx $1800 first year credit). I am planning to sell the house in 2018 after 6 years. Per IRS form 8828, I believe I am subject to the MCC Recapture Tax (lived in house less than 9 years, income increased faster than the 5% per annum limit, gain on the sale will be more than 2X the maximum recapture tax, etc.) As far as I can tell, the Recapture Tax for any year of ownership is always larger than the amount of credit I received. Max recapture tax is 6.25% of $300k original principal = $18,750. Each year of ownership from years 1-5 is 20% of this maximum (i.e., year 1 tax = 20% X 6.25% = $3750, year 2 tax = 40% X 6.25% = $7500, year 3 tax = 60% X 6.25% = $11,250, etc.). But compared to the total credit I received, this recapture tax is always about double (i.e., year 1 credit = $1800, year 1+2 credit = $3600, year 1+2+3 credit = $5400, etc.). It's almost as if the law governing the recapture tax assumes an 8% mortgage interest rate, and any mortgage rate less than that gets penalized. Is this correct? Is this what was intended for the Recapture Tax, that it is more than the total credit received? What recourse do I have with the IRS to only "recapture" the total amount of credit I've received? [link] [comments]  |
| [CAN] Buying our first home on Friday. Do we inspect the septic or skip it? Posted: 29 Nov 2017 06:52 PM PST Hi guys. SO and I are purchasing our first home and we had an inspection done on Saturday and they found that the electrical in the septic was fried. We thought it was going to be a $20,000-$30,000 fix but it ended up being about $3000. No problem, the sellers are going to pay for it. Everything else about he house is in "perfect" condition, give or take a couple of simple fixes, but we are now paranoid that the septic will die out on us in a few years. We have the option of having someone come to the house on Friday to take a look at it and the septic bed to give a time estimate on how much longer it'll be kicking around. The house was built in 1986, meaning it should have 10~ years left. Do we spend another $600 to have it looked at, or do we go ahead and purchase the home? [link] [comments]  |
| should i buy a 135k condo in las vegas, south strip? Posted: 29 Nov 2017 02:56 PM PST less than 600sqf nice though. 1 bed, 1 bath. idk, I'm 25. and want my own place. i have 750 credit score. I have no debt, but only 3k in saving. edit: added info [link] [comments]  |
| [CA] Is an attorney necessary when purchasing a first home? Posted: 29 Nov 2017 06:15 PM PST My wife and I are looking to purchase our first home in the Bay Area. Is a real estate attorney necessary when purchasing a home? Or is a real estate agent sufficient? For those of you who do use the services of a real estate attorney, what do they do? What are the benefits? [link] [comments]  |
| First time landlord tomorrow, SC. Taxes Posted: 29 Nov 2017 06:07 PM PST I'm military and moved to Summerville SC 3 yrs ago and bought a small home for 155k. Lived there 2 1/2 yrs and moved onto base due to job. Renting to a coworker starting tomorrow. Can I get a little help with tax info and a few other financial things? Where / who do some of you use for tax filings, Turbo tax? How many small timers actually calculate your cash inflow/cap rate/ fancy jargon? %17 ($163) of the monthly rent is a "profit," did I screw myself? He does plan on being there for 3yrs. Thanks for any input. [link] [comments]  |
| Posted: 29 Nov 2017 06:38 AM PST Thanks in advance for your help. Here's the story: Last spring my wife and I purchased a home, our first. It has wood paneling across all four sides. It was built in 2011. We bought the home in April. By the summer, a form of black mildew, or mold, began to form on the exterior of the wood. I tried washing it off with some soap and water, but that didn't work. For reasons that are completely unrelated to this mildew, my wife and I have decided to sell the home in the upcoming year. (Long story short: it's not the home we want. We want a place with a little more land/less street noise - we bought the wrong place, lesson learned). I had a paint/pressure washer guy today come out and look at it. He said best case scenario it was damp when they put the siding on, moisture got trapped inside and now the moisture works to find its way out. He's just about 100% certain that it's happened before, and the previous owner had it pressure washed and stripped, thus covering up the problem. But that would be a legally okay thing to do, as I understand it. Worst case scenario, there's mold inside the home. The paint guy doesn't think that's the case, but it could be. He recommended hiring a mold expert who will come out and do tests to determine if this is the case. Here's the problem: my wife and I are hesitant to hire this person because if it turns out that we have a serious mold problem, we'll have to disclose that information. We're hesitant to pass the problem on to someone else as it may have been passed on to us, because, well, it's not a cool thing to do, but we may be talking about tens of thousands of dollars or more. So I'm wondering what you would do? 1. Hire the mold guy to figure out what's up? 2. Stay away from the mold guy, get the place looking good, sell the home and be on our way? Thanks again for any thoughts you might share on this. [link] [comments]  |
| Dad died, mom selling investment property, deferment of captital gains tax and etc Posted: 29 Nov 2017 05:01 PM PST Mom selling an investment property. Investment property was purchased with the proceeds of the sale of an inherited property 15yrs ago. There is a balance on the loan. My brother remembers Dad saying that there was a tax advantage of purchasing the investment property and using the inherited money as a down. Was/is the only benefit was that at the time of purchase my Dad deferred the capital gains tax until the sale of current investment? Money is tight for mom so we are looking to answer and do the taxes ourselves. [link] [comments]  |
| Real Estate Investors in Central Florida Area Posted: 29 Nov 2017 10:56 AM PST Hello, I am currently working as a Wildlife Biologist in the Central Florida area and I am looking to move out of working a 8-5 job. I am looking to venture out into Real Estate flipping. I have plenty of construction background and picked a book recently on house flipping and I believe I could make a good living in this field. My question is I would like to start investing in the Central Florida area but I need investors with liquid cash to front my first few flips. I was wondering if anyone knew where to start looking in this area for this? Also, I wouldn't mind working with an established investor in this area to help with some flips to get some insight and knowledge into this area as well. I appreciate any help. Please PM me. [link] [comments]  |
| Wood frame or concrete block house in South Florida Posted: 29 Nov 2017 06:18 AM PST I live in South Florida between West Palm and Fort Lauderdale and looking a couple of house and noticed some of them a wood frame I guess because it says BD & Batten structure. I always wondered whether a wood frame house is something I can buy down here or not. I can think of maybe termite problems but what about insurance and hurricane? I'm from Europe so the idea of a wood house is strange for me and really don't know if this is something worth looking at or just run away. Also having really hard time to find onlince insurance quotes for house, don't want to call insurance agency every single time but the cost of the insurance is a big monthly expense so I'd like to know so I can evaulate that cost as well. [link] [comments]  |
| Seller Had Unlicensed Contractor "Repair" Roof Posted: 29 Nov 2017 04:46 PM PST We bought a house last year in Cleveland, Ohio. Upon inspection of the home, our inspector noticed that there was a 3x5 foot area near the chimney where someone had slathered white silicone instead of shingles and flashing. We brought this to the Seller's attention, and they had a company come out and sign off on the work and the seller produced a warranty for the work. Under the impression that the work was done properly, we bought the house. Now, we are experiencing leaks and have had several other companies out to look at the area and comment about how unprofessional the work was (i.e. using this silicone intended for Commercial roofing on a Residential roof at the bottom of a peak). One of the contractors recommended that we reach out to the city and confirm that the company that performed the work was licensed to work in the city. Upon further investigation, the contractor is not licensed to do work in my city. I dug out the contract that we signed with the seller and read through the language and it says that the seller must have inspected items repaired by a "qualified contractor" in a "professional manner". This work seems to violate both of these rules. I think our best option is pursue action against the seller for misleading us. Do we have a case to make or will it be difficult since we signed off on contingencies/inspection assuming the work was done by a qualified contractor? If we cannot take action against the seller, do we have a case against the contractor? [link] [comments]  |
| New construction, mortgage questions Posted: 29 Nov 2017 03:35 PM PST US, NC We signed the contract on a new house a few weeks ago. The contract was just signed (ratified, maybe?) by the builder this week. By which I mean to say the lot is just an empty lot still. Our realtor recommended a mortgage broker he knows who can apparently get the same deal as the builder's preferred lender (some amount of closing costs). Which, okay, that's fine in theory, and we got a pre-qual letter from them (among others). But today the mortgage broker emailed us to ask if we were ready to sign the loan disclosures now, and if we would prefer to do it electronically or in their office. 1) They literally haven't even broken ground on the house yet. 2) No explanation has been provided of what a loan disclosure is or why we should be signing it when we wouldn't close on any potential mortgage for months. I get that mortgages are complicated and people are dumb and that I can just google it, but I've noticed all the brokers I've dealt with so far (including a larger bank, PNC) are kind of shady, doing stuff like conveniently leaving out mortgage insurance on a loan estimate that would obviously require mortgage insurance. I know I'm at an information disadvantage, and that right now they can do whatever they want with all the numbers in the boxes. I'd planned on getting myself better informed by the time we had a closing date. In short ... what are they trying to get me to sign, and is there any reason for me to do it months ahead of closing, on a house that doesn't even exist in county permits yet? Thanks in advance. [link] [comments]  |
| Posted: 29 Nov 2017 11:37 AM PST She has credit card and student loan debt exceeding a total of 100k. Can her creditors come after me if I own a home she also resides in? When we get married, can they come after me? Edit: I apologize for not giving more of a backstory. I was homeless for almost 4 years and I've worked very hard to get myself into a better place. I'm in Southern California. Thank you in advance for the resources and wonderful people in this sub. I appreciate all advice and criticism. [link] [comments]  |
| I'm thinking of getting into seller finance real estate as an investor. Looking for pros/cons Posted: 29 Nov 2017 10:48 AM PST I have an opportunity to partner with someone already doing this. The way it works is a buyer cannot finance with a bank for certain reasons but they can afford a house. They find a house they want and I buy it in my name with my down payment. The buyer immediately reimburses the down payment. The buyer pays all mortgage and bills regarding the house. Now since the buyer is essentially paying the mortgage to me, I'm charging a higher interest rate than I'm paying, making a monthly profit. Also, the buyer would sign a promissory note to buy the house when they have good enough credit. I believe I'm understanding correctly, if I'm missing anything please fill me in. If you have advice or experience I'd love to hear it as this could be a game changer for me. Edit: in AZ [link] [comments]  |
| I (26M) buying a house with my BF (29M) for the first time, worried about our combined credit scores Posted: 29 Nov 2017 10:21 AM PST My bf and I have been living together in our apartment in the Galleria/Houston, TX area and want to purchase a new build house within the loop in the next year. However, applying together, with his credit score being 690+ and mine 640+, I'm not sure if we can get approved for our budget of $200-225k with good interest rate. He makes about $75k (account manager) and I $70k (an RN) but he also has about $25k in credit card/loan debt on top of his truck loan, while I have about $10k credit card debt and $4k car loan left. We both do not have student loans. He is providing money for downpayment from his 401k and I will help from savings to split it with him 50/50. We are both signing/buying the house so it will be under both our names. Should we take care of both our debts first before ruining our credit by buying a house? Or it doesn't matter? I'm worried that once we get married and combine our credit scores (not sure how that works) that I'll drag him down because of mine. I'm worried that because he still has a lot of debt behind him that we'll struggle with a new mortgage loan on our shoulders. Will credit scores of 690 and 640 be enough for 200-225k mortgage loan or should we work harder to get it up first? Any advice will be appreciated! PS. First time posting here. Sorry if this isn't the right subreddit! TL;DR: Buying a house with my BF, both have low credit scores and worried about getting approved [link] [comments]  |
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