I think the seller is doing something illegal in one of the units! Real Estate |
- I think the seller is doing something illegal in one of the units!
- Will the tax reduction have a negative effect on real-estate prices in states hit the most by it?
- Low appraisal ($55k lower that contract) on the verge of killing our deal.
- Different fields of real estate
- Made an offer on a house owned by a Relocating company. They had already reduced it from 220k to 209k. I offered 207k. What are my chances?[UT]
- Considering purchasing a house.
- Are these fees appropriate? Socal, 655k purchase, 400k mortgage
- Mortgage officer told us FHA suggested we lie...?
- How do you feel about solar panels on roof. Extra CashFlow? [PA]
- I need help! Can a Foreclosure be rescinded/reversed if there was already a pending short sale agreement?
- I'm buying my first house (UK) - Checklist
- Can anybody guesstimate the construction price for a home like this?
- Benefits of Real Estate Agent Course Without Getting License
- [CA] Buying property while divorce is not final
- Risk or Reward? (Condo Dev)
- What percentage of homes are sold in Seattle are off-market?
- Question
- Fema question (Not sure where to post)
| I think the seller is doing something illegal in one of the units! Posted: 01 Dec 2017 06:28 AM PST [ PA ] So I am signed and doing my due diligence. The seller has yet to let us in one of the units. The windows have sheets over the windows but otherwise it looks fine from the outside. Its a great deal in a great area and I will be rehabbing it. We keep trying to schedule another walk through. They keep making up BS why we can go through the property. What are my options without backing out? Thanks! [link] [comments]  |
| Will the tax reduction have a negative effect on real-estate prices in states hit the most by it? Posted: 01 Dec 2017 06:56 PM PST I'm asking because many credits will be reduced, particularly in states like New York and California. [link] [comments]  |
| Low appraisal ($55k lower that contract) on the verge of killing our deal. Posted: 01 Dec 2017 04:20 PM PST We have a full price offer contract on a home with conventional financing. The house had multiple offers within 24 hours. We love the home and have completed inspections. We are now stuck on the appraisal. The appraisal initially came in $65,000 lower than the contract price. uffff. The seller's agent provided new comps to the appraiser and while most were 1-1.5 years old, the appraisal did get revised up to $55k below contract. Still a large drop, but it did throw a bone to the seller. This may be as good as it gets for them. The seller's agent states she knows of multiple appraisers who would appraise the home closer to contract price. Our lender said, "great! let's have a conference call!" Her bluff was called. The neighborhood is transitioning, but homes going for the contract price are usually completely remodeled. This house is over 100 years old and requires some TLC, so it's a bit over priced. We knew that going in, we could afford it and loved it despite the work. We are saving some of our cash reserves to replace the most urgent of repairs (frayed knob and tube wiring mostly). We don't have cash to cover a gap that large. We are only putting 5% down and now covering closing costs. So total cash at closing is around $30k on our end. My question is this... how much variance can you expect from appraisal to appraisal? I understand that there is some flex in appraisals, they are an opinion based in facts. But is it reasonable of the seller to expect a new appraisal to come in $30-55k higher?! I could understand a $10-15k range, but $30-55k?! Seems like it would be a stretch to find the comps. Additionally, the appraisal was revised up after comps from sellers agent. And the seller bragged about having multiple offers. The appraisal we have is valid. I know it's futile to get into the seller's head, but if I had a low appraisal, it could essentially kill any financed deal in the future, unless the buyer wants to be over-leveraged and can bring $$ to close the gap. Or they need a cash buyer who is also willing to over-pay. The market here has softened over the last year in New Orleans. Interestingly, the seller is also selling an adjacent lot. We are thinking of bringing that into the deal to get closer the original contract price, but that won't close the entire gap either. Anyone had to sell a home after a low appraisal killed an earlier deal? I would hate for someone to get the house because they got a more seller-friendly appraisal. [link] [comments]  |
| Different fields of real estate Posted: 01 Dec 2017 07:24 PM PST Real estate is a very wide and diverse industry. There are many different businesses that one could establish industry each with their own responsibilities. In order to broaden my knowledge of the real estate industry, I've come here to ask a horrendously broad question: Asides from development companies and property management companies, what other real estate businesses could one establish? I was reading up on a business that sells real estate for banks that have to foreclose properties. Can anyone elaborate on any of these points? Thank you all very much. Location: USA [link] [comments]  |
| Posted: 01 Dec 2017 10:02 PM PST The house is estimated at 220k ish, but reduced to 209k. The listing agent said that this family needs to be relocated by the end of December. Mine is the only current offer, but someone is being shown the house tomorrow. If they make an offer as well, but don't go low like I did, do they just automatically win? Forgive me, because I'm a noob. I really want this place, by the way. [link] [comments]  |
| Considering purchasing a house. Posted: 01 Dec 2017 06:19 PM PST What's the first thing I need to do? I was thinking about going and shopping around for a loan first and getting a pre approval. Is this the right first step? What is the sequence of events usually like? [CA, USA] [link] [comments]  |
| Are these fees appropriate? Socal, 655k purchase, 400k mortgage Posted: 01 Dec 2017 05:02 PM PST I am mainly referring to the part C. Services borrower did shop for. I researched a bit but can't find a solid answer, especially for what our Lender's Title Insurance and Settlement Fee should be. As far as I can tell, the loan tie-in, document prep, and notary fees are BS and need to be contested. [link] [comments]  |
| Mortgage officer told us FHA suggested we lie...? Posted: 01 Dec 2017 04:06 PM PST In the final stages before closing on a 100k house. Boyfriend's dad is cosigner. Apparently the FHA is obsessed with us producing cosigner's original full divorce disclosure from 17 years ago to prove that he does not pay alimony or child support to his re-married ex wife and three children in their thirties who are all married (expect boyfriend who he is cosigning for). We have requested the record from the state but they insist it will take 4-6 weeks to obtain from microfilm in the state's capitol with no exceptions. Our closing date after FOUR extensions is set for December 8th. We have given them his divorce decree, documents that case is closed from county court, a signed letter from Boyfriend's mom stating she is re-married and is owed nothing, an affidavit from the transfer of their martial house to Boyfriend's mom and new husband which states there are no child support or other judgements against him, and a few other documents. After submitting ALL of this proof the mortgage rep decides to tell me Friday afternoon that the FHA underwriter says to LIE and have cosigner sign a document stating he was never married. He refused, rightfully so. What the fuck? Supposedly the FHA won't accept anything other than this divorce disclosure which we have no way of producing for over a month. Are we shit out of luck? Is it normal for a mortgage rep to suggest lying to the federal government? [link] [comments]  |
| How do you feel about solar panels on roof. Extra CashFlow? [PA] Posted: 01 Dec 2017 03:34 PM PST Residental 4unit house, roof needs repaired/replace soon was thinking about solar paneling it. Has anyone done this, is there money to be had? Grants? Credits? Savings on utilities? Thanks!! [link] [comments]  |
| Posted: 01 Dec 2017 08:57 AM PST Hello all, I live in Maryland, and early last month I put in an offer to purchase a short sale that was close to their asking price. The Seller agreed and we both signed and did all necessary paperwork to send to the bank. Today I got call from my Real Estate agent saying the bank moved it into foreclosure instead of Short sale. My real estate agent and the sellers real estate agent are fighting it saying we sent in the paperwork for review as a short sale well before their date of deciding to move it to foreclosure. Which is true, the seller and I signed and agreed to the offer weeks before they moved it to foreclosure status. The bank claims they never got the paperwork from us regarding the short sale offer. The sellers Real estate agent says she continue to call but no one ever answered or got back with her. So my question is how can I help resolve this? If the bank just moved the house to foreclosure can that be rescinded? since we signed before this happened shouldn't they at least review the short sale offer (which is just about what their asking price was for)? My real estate agent says their may be a law where the bank can reverse if its within 30 days but where can I find that information? Im at loss, and annoyed this is even happening. [link] [comments]  |
| I'm buying my first house (UK) - Checklist Posted: 01 Dec 2017 04:02 AM PST I'm on the road to buying my first house, exciting stuff. I want to make a checklist of things so that I don't forget. This can be anything - Driving licence address, Internet, Home Insurance, buy a cat. What are some important things I should definitely have on there? [link] [comments]  |
| Can anybody guesstimate the construction price for a home like this? Posted: 01 Dec 2017 12:52 PM PST
Thanks. [link] [comments]  |
| Benefits of Real Estate Agent Course Without Getting License Posted: 01 Dec 2017 06:25 AM PST I purchased my first home about 1.5 years ago and have a passion for Real Estate investing but don't have any intensions of leaving my full time job any time soon. I don't believe going all in with a RE license in Texas is beneficial for me currently but I have heard the courses have a lot of valuable information. If the $200-$500 worth it for the information? Or is there enough free resoueses out there that I am getting ahead of my self? [link] [comments]  |
| [CA] Buying property while divorce is not final Posted: 01 Dec 2017 12:00 PM PST Hi! Not sure if this is the right place for this type of question, but here goes: I live in SoCal and have been going through a long divorce which is still not final. We have already determined what part of the community property is separate so there's no "co-mingling finances" issue. However, I've been told I would need my STBX to sign a "Quit Claim" if I ever wanted to buy property while we're still married. This does not seem like a realistic option at the moment... Is there a legal way for me to buy property in this situation? EDIT: Forgot to mention - I am currently renting but need to move out soon as the owner wants to move in himself. Hence the time pressure and need to buy before everything is final. Thanks in advance! [link] [comments]  |
| Posted: 01 Dec 2017 09:49 AM PST Hey Guys, I'll try my best to keep it short while provide relevant details. Looking for places to live. Found great place at face value. While researching potential rental income if we ever moved out - rental incomes didnt align with what we would have thought. Researched further on the building and found a colorful past. 2013 - Building was built approx 2015 - lead developers (2 major firms) are in a public battle - unpaid electrical bills, foreclosure, lawsuits, allegations of theft etc. 2017 - some units are for sale (330 units in building? of which 10 are currently for sale so seems normal) - there was a sale this year which sold for $450/ sq ft - current sales are asking between 380 (all cash only) - 520 sq ft (higher right below penthouse floor). The units I'm looking at are asking 420-450 sq ft. As of two weeks or so ago a new developer and management company has taken over (what ive been told at least). Having spoken to some residents while checking places - they love it. There is new policies from management who seem to be trying to stabilize the building - 20% minimum down, no free and loose loan policies etc etc. In real estate - its always location location location - part of this dev was a commercial mall / outdoor shopping so its literally across the street from a beautiful (Santa Row California like) outdoor mall with Whole Foods, restaurants, nice shops etc etc. This part of the project was sold to an Australian investment firm and i believe the new developer has retained the building/condo rights only. There was a phase 2 and talking with the doorman private (worked there 4+ years) he said the new dev will start & eventually complete phase 2 (another comparable building to be done right next door) in maybe (maybe) 2 years it will be underway etc. units in the building are trading, some break even, some for loss 100K less than last purchase, some for little more than break even (5-10k gain). Any advice on how to minimize my downside here - how do i know the building is okay - check for some kind of assurance bonds by new dev? Any feedback in terms of how to identify if this has bottomed out in price per sq ft? Any feedback in general is greatly appreciated. The risk in general is financial loss. The reward is - if you get in now (and its being stabilized) there is financial gain to be had as well. Location wise i cant see how this will be a problem long term. [link] [comments]  |
| What percentage of homes are sold in Seattle are off-market? Posted: 01 Dec 2017 08:15 AM PST We just moved to Bellevue, WA, one of the hottest real estate markets in the US. We've been looking at open houses every weekend, to get a feel for the different neighborhoods here in Bellevue. Most of the real estate agents we run into are working for big agencies like Windermere and try to lure us to work with them saying they can get us off market properties. In such a hot market, where nearly every listing gets 5-15 offers, and is sold over listing, it'd be a great advantage to get first dibs on a property. Q1. Roughly what percentage of properties are sold this way? i.e. they never get listed on the MLS, seller directly finds a buyer via one of these agencies. Q2. As a buyer, it'd be great if we can work with agents from multiple agencies in parallel. Is something like this possible, or does it have to be an exclusive contract? [link] [comments]  |
| Posted: 01 Dec 2017 10:54 AM PST Hi, I'm 18 years old I live in Illinois, United States and I'm currently trying to get my real estate license to sell houses what type of license do I need, to sell houses? [link] [comments]  |
| Fema question (Not sure where to post) Posted: 30 Nov 2017 07:53 PM PST Not sure the best place to post this bit I'm looking for advice. A house I am part owner in was damaged badly during hurricane Irma. I filed with fema for relief immediately and after going back and forth a couple months I was recently told by the fema contact that they would not be able to help me AT ALL since the house was not my primary residence. Anyone dealt or dealing with this? I don't have money for repairs at all and the longer the house sits the worse it gets (mold,etc.) I feel like im probably screwed and will have to take a major loss on selling the house (my original plan). This was not an official statement I did not receive anything written from fema yet, this is just what the inspector told me to basically just forget about it. What's my next steps if any? [link] [comments]  |
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