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    Friday, December 29, 2017

    [North Carolina] Underground oil tank, soil contamination, our dream home, and a seller who doesn't want to do anything about it. Real Estate

    [North Carolina] Underground oil tank, soil contamination, our dream home, and a seller who doesn't want to do anything about it. Real Estate


    [North Carolina] Underground oil tank, soil contamination, our dream home, and a seller who doesn't want to do anything about it.

    Posted: 28 Dec 2017 06:04 PM PST

    TLDR: We're under contract, there's soil contamination from an underground oil tank, but it may not be a big deal, and the seller doesn't want to remedy the situation. And we really, really want to buy the house. Don't know what to do.

    • We're under contract to buy our dream home. We don't want to walk away, we want this house.
    • There's an old leak from an underground storage tank, revealed by soil test that we did. Progressive wanted this test done as a condition for homeowner's insurance, which is required for the loan. We're assuming another company will go for it anyway.
    • The seller has decided, after discovery of the problem, to accept no responsibility for cleanup or removal of the tank. She just doesnt want to deal with it. She claims it's "not a big deal", and frankly, she's sort of correct. Sort of.
    • The soil contamination was not reported to the state (North Carolina) by the seller or the lab who tested the soil, which, although required, is not strictly pursued by the state. So, while this leak is a material fact that is now out in the open, it will likely not be reported to the state if we decide to go ahead and buy this house. Yes, it will come up in the future if we decide to sell the house and haven't taken care of the problem by then.
    • The tank is 75' from an upslope well. We had the well water tested and it came out clean, not contaminated.
    • The tank is relatively small, 275 gallons, empty, and the contamination level is relatively low (1000ppm, compared to 100ppm state limit). The state official I spoke with seemed to think that this was a pretty typical situation, and not catastrophic or likely to balloon in cost like the horror stories from NJ that you read about. This leak is probably an old one.
    • Cost estimate for total removal and disposal of the tank and contaminated soil is $5,000. The tank is located about 8 feet from the house, near the main electric line, and will even require removing part of a fence and avoiding a septic field with the machinery. Again, the seller does not want to engage in this work prior to sale; she wants this to be our problem. She knew about the tank when she bought the house, but not the leak.

    Now, most of you would immediately say "Walk away if she doesn't have it removed." Fair enough, but this is not your typical market. It's tiny and it's very, very desirable. Lots of competition. This house had 6 other offers the first week it was on the market--we put in our offer on day one, and we weren't alone. Someone else will buy this house, leak and all, without flinching. So, we want it.

    What would YOU do? Ask her for $5000? Closing costs? Bluff?

    submitted by /u/RolandHeyward
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    Challenging an old tax assessment? US - NJ

    Posted: 28 Dec 2017 07:01 PM PST

    Does anyone have experience challenging an assessment that is a year-old? I was reviewing my 2017 assessment, and only now realized that my town thinks I put $50k of improvements into my house that I didn't add. I'm way passed challenging it this year, but I'm wondering if I can challenge it next year and see if I can get it lowered.

    Dumb move on my part, I know, but hopefully it can work

    submitted by /u/Jerelee82
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    Buried oil tank in FL

    Posted: 28 Dec 2017 04:58 PM PST

    My dear MIL in FL, has been living in her house for decades, but knows she will eventually sell it herself, or leave it to her kids to sell. She knows that there is a buried oil tank on the property, and has been worried about what to do, for years.

    Can she just leave the thing in place, disclose whenever the house is sold, and let the buyer deal with it? If that cuts a couple of K off the price, that is not a big deal if it lets her forget about this. Or, will it be a really big issue when sellling, that is worth dealing with now? No idea if there is any corrosion or soil contamination.

    I am up in Northeast so can't be onsite to look into it.

    Thanks in advance for any advice!

    submitted by /u/SlugABug22
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    Don't prepay property taxes per the IRS

    Posted: 28 Dec 2017 08:02 AM PST

    [Chicago] Are there any home warranties that aren't garbage?

    Posted: 28 Dec 2017 03:49 PM PST

    I currently have American Home Shield for a multi-unit building I live in. Their customer service typical wait times are over an hour, even for emergency plumbing issues.

    Are there any home warranties you would recommend that have decent emergency services and also cover "pre-existing" conditions?

    submitted by /u/weaselwardancer
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    Loan Officer Career?

    Posted: 28 Dec 2017 09:16 PM PST

    I work as a real estate title processor at a small company and I have been there for about two months now. I like it, but I don't really have anywhere to go up. I will be in this position for a long time with probably limited earning potential (make $32.5k now). There is a loan officer job posted in my area and I am just wondering if that would be a hard transition from processing to a loan officer position? Any loan officers care to tell me about their job? I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community!

    I am in VA if that matters to anyone.

    Thank you in advance!

    submitted by /u/MDAl0l0
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    ELI5: what does the new tax law mean for homeowners that own rental income properties?

    Posted: 28 Dec 2017 01:43 PM PST

    Does this tax law mean that I can only deduct upto 10K for my primary and rental income properties combined? I'm not sure what this law means to multiple properties owner. Can someone explain this in ELI5?

    submitted by /u/def_struct
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    Are documentation filing fees total BS, or am I crazy?

    Posted: 28 Dec 2017 08:29 AM PST

    Kansas - I'm beginning to look at houses again, working with a new realtor and I've been presented their contract. Like the past few realtors I've worked with, they have a $400 "document filing fee". I've flat-out refused them in the past, and realtors were usually pretty quick to remove it. This current one is adamant that it's a legitimate fee and cannot be negotiated.

    This really strikes me as just as general BS fee (whether it's imposed by the realtor or his broker is irrelevant to me) to collect additional money on top of commissions. Absolutely none of the realtors I've worked with have been able to explain to me exactly what justifies the $400+ they charge for it. What exactly is this fee for, if not just to collect more money? What is costing them $400+ to file?

    submitted by /u/vin5cent0
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    Considering buying a multi-family home with another family member (MA)

    Posted: 28 Dec 2017 07:14 AM PST

    The back story: I live in an apartment in a suburb of Boston where the market has recently experienced a huge increase in the price of homes. My apartment is in a two-family house, but the attic of the home has also been converted into a studio apartment. My three cousins inherited the house when their mother (my great aunt) passed away and we've been renting from them for a few years now. My wife and I have been looking for a house in the area but haven't found anything that fits our budget / needs.

    Happening Now: My cousins have just decided to sell the house for around $680k - I could never afford that on my own (my wife and I were looking more in the $400k range for houses). However, my brother is also interested in buying and has wanted to get a multi-family to get the rental income. He has suggested we make an offer together. He's an HVAC technician / pipefitter and so very useful in terms of fixing up that sort of equipment in homes. He also has a lot of other friends in the trades (electricians, carpenters, etc.) who could be helpful to improve the place. I'm considering his proposal about making an offer together, but for closer to $600k (it would be 50% him, 50% me & my wife). The home has been in the family for many generations at this point and it's in a great area that is really on the rise.

    Questions: Does anyone have any experience owning a home with another person (or people)? What are some things to be aware of? Any advice people can offer would be thoroughly appreciated!

    submitted by /u/lesbianzebra
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    Remote viewing a house.

    Posted: 28 Dec 2017 05:29 PM PST

    KY How common is remote viewing a home these days? For many reasons I will skip I am thinking about doing this. My girlfriend can actually tour the house and we are going to do a facetime or something similar.

    submitted by /u/tempestuscorvus
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    Which contractor to choose?

    Posted: 28 Dec 2017 08:34 PM PST

    My wife and I are wanting to move forward on a home addition that we have been planning for about a year. We have the plans and survey done and had thought we pretty much had a contractor lined up, but recently found out some news that set us back.

    The original guy that we were going to move forward with had done a number of friends houses. They live in the area, we have some common acquaintances, and he was the one that was most responsive and had the best suggestions regarding the project. Doing some digging, I found out that he's being sued by a fairly large company and the court case is going on right now.

    Once I heard that, I started looking at alternative contractors. I had high hopes for 2 of them, but they have been very slow to respond and I've generally been less than impressed with the detail that they go into. One of them has given us a bid, but I can't even get him out to the house to take a look even though he's expressed interest in moving forward. I basically gave him an out in telling him that if he's too busy, then that's fine but just to let me know. He said that he was interested, but he's booked until April and he's been swamped. I know good contractors are busy, but I think I've all but told him that I'm made it clear I'm not a tire kicker and ready to move forward. Maybe this is common though?

    I'm getting to the point where I just want to move forward with someone that can actually communicate and that brings me back to the original guy. He's not asking for anything outrageous...small deposit to start, regular progress draws, lien waivers, etc....there have been no red flags outside of the lawsuit.

    Any suggestions in this situation? I've thought about addressing the lawsuit with the one builder, but thought that (if he really was a con-man) he'd just make something up about it being bogus.

    submitted by /u/Byebyeguy
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    Property Investment Pitfalls and Startup?

    Posted: 28 Dec 2017 07:29 AM PST

    I am currently a full time worker, in march i will be reattending collage to persue a buisness management degree. As i will not be able to work full time like i would prefer, and i have a signifigant savings built up, i will be looking into property investments as a way to help toward tuitions. How much should i expect to be spending before i can expect profits, on average? I recognize that it depends on case to case but a ballpark estimate would be appreciated. Also any traps or pitfalls to watch out for would be appreciated.

    As reddit seems to not want to let me post my location, i am in the stockton, CA area.

    submitted by /u/HorrorAvengers1
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    LOS ANGELES: Most cost effective way to buy? Build on a lot? Rehab? Foreclosures?

    Posted: 28 Dec 2017 03:28 PM PST

    [CA]

    Hello. I'm a first time potential buyer looking for a house in LA. I'm trying to sort out the best way to buy a house to get the most for my money. Unlike a lot of buyers I'm not looking for a ready to move in home if it will save money or ultimately increase my property value.

    Finances right now: I have about $150,000 in the bank. I made approx $90,000 this year but I'm freelance so it fluctuates.

    In April/May I will probably have another $100,000 from a project I'm working on but I don't want to consider this amount until it's in my hands of course.

    Credit score is 790.

    So what are my options here? Is it better to build on a lot? Like buy one of those pre-fab houses on Amazon to build somewhere or something.

    And the most obvious scenario would be to buy a fixer upper and hire a contractor to do the rehab.

    Am I forgetting anything? Any other possibilities that I'm not considering? Am I screwed? I'm nervous about investors buying up every good property in cash, I obviously can't afford to buy something outright.

    submitted by /u/hugevag
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    Best way to sell fixer-upper in Bergen Count, NJ

    Posted: 28 Dec 2017 01:15 PM PST

    Hi, I'm looking for tips for how to sell a home "as is" in Bergen County, New Jersey.

    Backstory - a family member who is not able to keep up the home needs to sell. It has "good bones", good roof, great space 4 br / 2.5 bath, finished basement floors are well-done tile, upstairs is wood flooring that will look beautiful once it is sanded down and refinished. Furnace is new, plumbing / electrical are good, but nearly everything else needs attention the current owner is incapable of providing. All baths need updating (new vanity / sinks / faucets), and needs new kitchen and kitchen flooring. Need new windows all around to look updated, has a deck that needs some TLC. Exterior door and garage need to be painted / repaired.

    How do I find a good agent to sell this type of home quickly and receive as much value as possible? Would Homevestors (the ugly house people) be a good option, or are they just low-ball offer vultures? How much below market should we anticipate because of all the TLC required?

    Thanks!

    submitted by /u/midnitewarrior
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    FL mortgage while working out of state

    Posted: 28 Dec 2017 03:36 PM PST

    Hi. My dad wants to buy a house down in Florida and relocate from NY. The thing is he still rents an apartment and is still employed at a union company in NY, he makes around $60k/yr. He started shopping for a mortgage but looks like his only option as not employed in FL is to get a loan for secondary home which requires him to put 10% down. He does not want to pay that much. Is there any way of getting a primary home loan before he actually moves to FL, he does not want to drop his current job until he closes a deal on a house. Or maybe there is any loan that allows him to put 5% or less on a secondary home?

    submitted by /u/magnumpl
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    Pre-paying RE and state taxes for 2018?

    Posted: 28 Dec 2017 07:53 AM PST

    (WA state - Seattle) With the new tax bill going into effect, is anyone else exploring pre-paying local/state taxes since they're capped next year? I manage and operate my rental property as a pass-through currently so I believe I'm capped at deductions. Anyone have any tips on how to treat rental income, local/state taxes, and mortgage interest? Can they be classified as business expenses?

    Seems like the next few years would be a good time to up preventative maintenance to keep net revenues down.

    Has anyone incorporated their RE investments? How do you structure your holding(s)? Is there a value/cashflow limit on how to make the decision to operate as a corporation vs pass-through? Any liability concerns?

    Thoughts?

    submitted by /u/SpellingIsAhful
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    Interested in becoming a Mortgage Broker in Canada (CA)

    Posted: 28 Dec 2017 08:00 AM PST

    I'm interested in the loan and mortgage industry. I'm wondering how hard it is to get a job with a mortgage broker firm after getting a license. How's the mortgage industry doing in Canada? What's the job outlook like? Thanks!

    submitted by /u/wereqryan
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    [US]First time buyer and am receiving large amount of help with downpayment

    Posted: 28 Dec 2017 01:46 PM PST

    As the title says I'm in California and am looking to purchase my first home. It being California I'll be getting help with the down payment. The amount is rather substantial (100k), and I'm not sure about the best way to move forward when getting financing for the home. From my understanding lenders do not like to see large cash/check deposits in my bank statements.

    Looking for some advice on how to best move forward. This might be a /r/personalfinance question, but considering it's for a home loan I figured this would be a good place to ask as well!

    submitted by /u/MyMindisElevated
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    Options for when appraisal comes in below offer

    Posted: 28 Dec 2017 01:13 PM PST

    So if I offered 271K for a house and the appraisal comes in at say 265K what are my options here? Paying 6K extra, will sell work with you now seeing the house is worth less? If I decide I cant swing that 6K and need to walk away will I lose earnest money?

    submitted by /u/yodaface
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    Incentivizing my buyers agent to get a lower price(CA)

    Posted: 28 Dec 2017 01:05 PM PST

    I am hiring a buyers agent to help through the purchase process for some vacant land. The land is listed at $875k. I would like to get the absolute best deal I can and I want my buyers agent being ruthless about negotiating on my behalf.

    My understanding of a typical deal is that my buyers agent would be likely to get a commission of about 3% or $26,250 if the sale goes through at list.

    I would like to structure a deal where I pay the buyers agent a bonus of 5% of the difference between list price and sale price.

    Everyone I've proposed this to has given me a blank stare!?! advise?

    submitted by /u/jondrums
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    Home inspection for newly constructed home?

    Posted: 28 Dec 2017 12:23 PM PST

    Am i supposed to get a home inspection done for a newly built house or do i trust the builders do it for me?

    submitted by /u/amaricooper89
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    First time buyer with VA Loan. Many people told me VA Loan is going to put me at a disadvantage

    Posted: 28 Dec 2017 11:23 AM PST

    I'm looking to purchase in Everett (about 20 miles north of Seattle). I'm starting to see how the VA Loan can put me at a disadvantage even though this area is not nearly as competitive as Seattle

    I see several MLS listing that exclude VA loan as a financing option. I heard sellers avoid VA loan because of the red tapes

    I was wondering if I can get a non VA loan. Pay for the higher interest and Mortgage Insurance until I can refinance using the VA Loan?

    How hard is it to refinance? How hard is it to refinance for a VA Loan?

    submitted by /u/Truth_Moab
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    [MD] Row House Upkeep with no HOA?

    Posted: 28 Dec 2017 11:13 AM PST

    I'm looking at purchasing a row house in Baltimore. I'm used to areas where there aren't any "row houses" and there's usually "townhouse" developments with an HOA that takes care of exterior upkeep and maintenance and also often provides some amenities. These row house neighborhoods have nothing, and most have no HOA whatsoever. This concerns me because I'm not sure how closely integrated the structures are to each other, and how to handle repairing your roof or making changes to your structure without affecting the neighbors, as seeing how there's no HOA I'm assuming there are also no rules or at least anybody to enforce them.

    Does anybody have any insight into how these things work?

    submitted by /u/saltyjohnson
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    TV Wall Mount - Leave it or remove it?

    Posted: 28 Dec 2017 05:55 AM PST

    We're closing in 15 days, so we're starting to pack and remove everything from the walls (pictures, decor, curtain rods, etc), so we can patch and paint. In our living room, we have an outlet and HDMI port for the wall mount TV. Should we just remove the TV and leave the wall mounting bracket? I have the extra hardware, since it's universal. We don't need it and think it will be a big hassle to remove it and then fix the wall. In our contract, there's nothing stating that they're requesting it or that we want to keep it. We specifically stated the items we want to keep and they agreed. I'm thinking of maybe having our realtor talk to theirs and double check if they want it? Don't want any surprises during final walk through.

    First time selling, so sorry if this is a silly question.

    submitted by /u/jaber6
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