First Time Buyer - How much should I consider a bubble burst incoming? Real Estate |
- First Time Buyer - How much should I consider a bubble burst incoming?
- I am looking to buy my 1st home in the next 6 months. I would like it to be an investment. Would renting a room or two be a good way to get a start rather than buying a fixer upper/multiplex? (AZ)
- Gas leak in apartment
- Rebuilding after Bankruptcy
- Question about FHA 203K program
- Inspection revealed issues with roof and siding [MN]
- [CO] Thinking about renting out my basement, want input on what to do beforehand
- Cracks in Foundation - Should I Worry?
- Questionable Lease Agreement (SC, USA)
- Real estate investing
- Lien - How soon after putting a lien on property could the HOA foreclose? Washington
- What is the proper etiquette for letting our real estate agent know about a home we found online?
- FTHB CT after inspection seller is being unreasonable?
- Patio not part of Backyard??
| First Time Buyer - How much should I consider a bubble burst incoming? Posted: 03 Dec 2017 10:25 PM PST Let me start out with my specifics: In Eugene, Oregon. Great credit. Good income (for my market). Already have a down payment worth of cash saved (but nowhere near 20%), and growing with no debt. Renting currently, and want a better living condition, creating equity, etc. Plan to move in about two years, maybe three (with a lot more income) to a different state. Planned to rent this house purchase for mortgage coverage at that time. I was planning to buy a house early next year, but I am now considering the potential housing market. Is there strong reason to wait within my time span? Is there good evidence that I will get a much better deal if I wait till I move in a few years? What are the parameters to consider in this whole thing? I appreciate all input. I have just been a renter up till this time my whole life, so all the ins and outs are a new thing to me. [link] [comments]  |
| Posted: 03 Dec 2017 02:44 PM PST |
| Posted: 03 Dec 2017 07:07 PM PST My husband and I live in a three year old apartment complex, so it is fairly new. Yesterday afternoon, I smelled gas but thought it was because we had just made lunch. We left our home around 4PM and returned at 11:30PM. As soon as we opened the door, it was definitely a gas leak. We called our apartment's 24/7 answering service and they advised us to call the gas company. Gas company came out and detected gas coming from the outlets next to our stove. There was also gas detected in our closet. This is the same wall that is connected to our neighbors. He had us call our answering service to get maintenance out so they could enter the other apartments together. The gas guy turned off the gas while he waited for our maintenance and his supervisor to arrive. When they finally arrived and checked, the meter was no longer detecting gas. The smell was also gone. So they told us to stay and that it was okay. This morning I woke up to the smell of gas. I had things to do so I opened doors and windows and left. We got home about three hours ago and again, gas. We called the gas company first and then the fire department. They came out immediately and said there was definitely a strong odor. Had us call management and the gas company again. It turns out that "the wind blew the gas scent" from a leak in the meters into our windows and doors. We live in the way back of the complex yet no apartment near the actual pipe lines can smell it. I never have had our windows or doors open until today. They said if we smell gas in our apartment this week, not to call them because it's "not a big deal" and that they "will eventually fix it" this week. I don't feel safe staying at home and to top it off, my husband heard the maintenance guy tell the gas company that we are "consistent callers" about issues. This is in fact a lie because we never have had issues with our apartment. What can I do about this? I mean, if there's a smell in our apartment, there's obviously a leak in there, right? Edit: I'm in West Texas. [link] [comments]  |
| Posted: 03 Dec 2017 06:52 AM PST I recently BK'd in Illinois due to toxic real estate assets and debt slowly building up to the break point. Did not happen over night but I've carried the load since the real estate crash but had to throw in the towel. Has anyone in this forum BK'd in business or real estate then restarting with better success? Or is there a forum discussing business success after bankruptcy? [link] [comments]  |
| Question about FHA 203K program Posted: 03 Dec 2017 07:52 AM PST What I need to know is if the home value is tied to getting the funds to renovate. I will attempt to clarify: I'm sure I can find an answer tomorrow but this has been bugging me since Friday evening and hoping someone here has more details on how the 203K program loans out. [link] [comments]  |
| Inspection revealed issues with roof and siding [MN] Posted: 03 Dec 2017 08:51 PM PST We put an offer on a house that was accepted after a brief bit of back and forth negotiation. At the inspection it was revealed that the roof & siding were both at the very end of their usable life (inspector gave the siding a 'failing' grade and said the roof was technically functional but would need to be replaced in 2-3 years, give or take 2-3 years). House was built in the late 70's and overall it was a bit tired. Lots of small things to fix and we are happy to do that, but we don't want to deal with two major repairs likely costing $25k within the first couple years! The house is priced pretty middle of the road for the neighborhood. These repairs would add about 10% to the total cost of the house. Is it unreasonable to ask the seller to pay for all (or half) of the repairs to get these large items in a usable state? Or is this unheard of? They seem pretty motivated to sell, and the market is cooling in the neighborhood. Unfortunately our agent seems more interested in making the sale than telling us what is normal for the market. Thoughts would be appreciated [link] [comments]  |
| [CO] Thinking about renting out my basement, want input on what to do beforehand Posted: 03 Dec 2017 12:04 PM PST I have a home built in 1979 in Weld county with a 900 SF semi-unfinished basement that I'm considering renting out. Home was damaged in heavy rain in 2013 when basement that was finished got wet and all the drywall was torn out to prevent mold or other nasties from taking hold. Since purchase I've repainted walls, installed new sump pump system, moved washer/dryer and done a bunch of general cleanup. I'm looking for any "I wish I knew that before I became a landlord" type of advise I can get. Thinking about getting a couple of discreet video cameras and a DVR I can point at the entryway and front drive of the house in case of any funny business/theft as I'm not around the home a ton due to my work schedule, certainly not 24/7. I don't leave expensive valuables lying around but I do have a few video games, TV and other things I certainly wouldn't want stolen that are in the main living room. My backyard has a hot tub and fire pit and I'm curious how I should approach usage/liability of these from a rental contract standpoint? Also curious what the best resources are for determining price I should charge? Prior to closing on this house I was paying $1000/mo for a far crappier 700 sq ft house on a month-to-month lease to give you an idea of what current rental situation is in the town I'm in. Edit: basement has several exterior windows but none have an egress window and steps but will be getting one before I would consider renting it out. [link] [comments]  |
| Cracks in Foundation - Should I Worry? Posted: 03 Dec 2017 08:37 PM PST There's a home I'm currently under contract for that has cracks in the foundation. I have pics from the seller's inspection report and will be getting our own inspection done this week. I'm wondering if I should bring a structural engineer out as well or if this is pretty normal. Thanks in advance! [link] [comments]  |
| Questionable Lease Agreement (SC, USA) Posted: 03 Dec 2017 07:24 PM PST My boyfriend is under a lease at an upscale apartment building in Charleston, SC. His lease is ending and he will be signing on for another six or seven months sometime this week. I have a question about the rental agreement and the legality of it, specifically related to the terms of terminating a lease. [link] [comments]  |
| Posted: 03 Dec 2017 02:26 PM PST For those that have multiple investment properties. I need advice on how to get the properties organized for taxes and liability.
This would be for California. [link] [comments]  |
| Lien - How soon after putting a lien on property could the HOA foreclose? Washington Posted: 03 Dec 2017 11:56 AM PST |
| What is the proper etiquette for letting our real estate agent know about a home we found online? Posted: 02 Dec 2017 08:01 PM PST We were preapproved for a loan for our first home a week ago (yay!), and our real estate agent emailed us 3 days ago congratulating us and asking what area we were looking in so she could "get things rolling." I replied within hours and while I don't want to step on our agent's toes or seem pesky, there are a few homes we found online that are in our desired area and budget, and I'd like to start looking at them if possible before somebody else snatches them up. I haven't heard back from her since that email 3 days ago. We're students and have never ever done this before, so we're clueless about realtor etiquette. Is it appropriate to send an email something like "Hey, we were window shopping online and found these homes at X Y and Z St, what do you know about the area?" to let her know we're ready to start, or not? Thanks in advance for any advice! Edit: thank each of you for the replies, we've sent our agent an email about the homes, hopefully we'll have a shot before they go off the market! [link] [comments]  |
| FTHB CT after inspection seller is being unreasonable? Posted: 02 Dec 2017 09:26 PM PST Just either looking to rant or get some advice. We saw a home that had been on the market in June then pulled in Sept then out back on in Nov. We decided to take a look and fell for it. We reviewed the disclosure and noticed they cited siding will eventually need to be replaced. We decided it was not that big of a deal. We reviewed the rest of the home, you can't view the roof from the ground but we could view the garage roof which looked to be in order. After looking over everything we decided it should prolly pass FHA IF the siding was repaired either way we figured we would go 203k to get the siding repaired or replaced if cost exceeded our budget. Well so we make our offer which was 20k below list and it was countered for 5k but we figured thats fine and accepted. We put our first of 2 earnest money checks up and we begin the inspection period. During inspection turns up a whole bunch of issues havc prolly on it's last few legs, some crappy contracting work on some remodeled stuff, some minor mold in the basement few small plumbing leak easy fixable without a plumber think under the sink/sprayer etc. Siding noted which we were aware from the disclosure but then we get hit with the big one the roof. Although inspector couldn't see if it would leak or not he told us it looks like it's the original roof from 40 yrs ago and should be replaced asap especially with winter coming in suspected that if it's not leaking now... It will soon. Everything else was minor and I will willing to overlook most of it, but the roof had me concerned. So I called up a roofing and siding company. They advised me same thing the inspector said about the roof and gave me and estimate for replacement of the roof and repair of the siding about 11k and change with taxes. We provided this to the seller agent, along with the inspection report with pictures. Fast forward to the negotiation since the roof wasn't in the disclosure I decided the seller should fix the roof or issue us a credit for the roof. Approx 8k, mind you our offer included the seller paying closing but I believe the house was over priced by the 20k at original price based on comps, so our offer accounted for that and the siding and them paying closing cost. So our offer is in range of what the house is worth but I feel like the seller tried to pull a fast one since the garage roof is fine but the main house roof isn't. Any case seller comes back and says no to basically everything, won't fix it, won't give credit by dropping the selling price. So we decided we'll give one last go at splitting the difference per my discussion with my wife if this is not accepted we plan to walk away as if the seller is unwilling to compromise I can only imagine what else is going to turn up that he might be hiding. I am I being unreasonable? I mean it's the roof, seller knew from the start it would be fha loan and he even admits to the seller agent that he wasn't aware of all the other problems our inspector found, yet doesn't want to credit or repair? We only agreed to switch to a 203K once we learned about the roof but we want a reduced price our offer didn't account for a bad roof. I don't get it you are willing to lose a deal over 5k worth of credit on a home that's sitting for 6 months as we go into the heavy winter months? When home sales start to slump? Am I wrong at thinking the seller is being unreasonable? Am I being unreasonable? [link] [comments]  |
| Posted: 02 Dec 2017 09:02 PM PST I'm a Buyer of a house where there was an agreement that all "backyard" furniture would be included in the sale. The entire backyard is concrete from corner to corner and continues under the patio cover up to the house. The patio is not a deck, it's just an area that is covered by a patio cover that is attached to the house. There was a lot of furniture in the patio area that I assumed would be included in the sale. After closing and I took possession, I discover that the furniture that was in the patio area is gone. According to the Seller's agent, the Patio is not the Backyard and so Seller never agreed to give that furniture to me. Does that actually sound like a reasonable argument or should they have left that furniture? [link] [comments]  |
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