Currently under contract and had the townhouse inspected; apparently the bathroom previously fell through the ceiling. Is this a major issue? Real Estate |
- Currently under contract and had the townhouse inspected; apparently the bathroom previously fell through the ceiling. Is this a major issue?
- Need some advice
- Can you sue a home buyer?
- How long does it take to be evicted?
- Trying to get a place in 30 days.
- [WA] About to purchase a house and plan on renting a room to a close friend. What are the tax implications and other things I should be aware of?
- Finding the perfect home.
- Looking to get a mortgage...
- Leasing Consultants of Reddit, would you consider a position as Property Manager for an apartment complex lesser than the one you are at now?
- Property Records - Determine down payment?
- Septic inspection CT USA
- Selling home prior to the 2 out of 5 years, what will be my capital gain tax
- Title company says I "MUST" either purchase title insurance from them ($100) or get Formal Title Opinion from lawyer of their choosing ($350). This is for a tiny wooded lot that I am paying 5K cash for. Is this common or true? (Minnesota)
- First time home buyers help
- Wisconsin: Thinking about getting a home built, and do not know where to start, or if there are pros/cons.
- [OH] Things to look out for when looking at an old house?
- [GA] What buyers should know about the state's real estate processes & such
- Having to pay for additional time to “keep my rate” after bank keeps extending it themselves.
- Aunt died and there is a possibility we might be able to buy the house from my grandparents, however she was a big smoker and I worry about how clean we can get the house as we have young kids [WA]
- Can I change realtors after my first offer was declined? How does that work?
- Potentially buying home with shared well--seeking experiences, legal and otherwise, with shared wells (personalfinance x-post)
- Found a Home, Do We Need a Buyer Agent? [SC]
- Question for NYC Appraiser.
- Am I comparing the listed sale price to the appraisal price when looking for houses?
| Posted: 30 Jan 2018 03:04 PM PST To expand on the title, we recently had our offer accepted on a townhouse and are under a contract. I went to the house today to meet with the inspector, realtor, and listing agent. The inspector pointed out that the floor in one of the upstairs bathrooms seemed "soft", and that the tiles were slightly moving. The toilet also wasn't completely bolted to the floor. As we were discussing it, the listing agent told us the bathroom had previously fallen through the ceiling. The woman who owned the house was in her 80s and too old to get up and down the stairs, and was completely unaware when a leak sprung in the bathroom. This caused the floor and ceiling to cave. She assured us that all the plumbing had been fixed and double checked, but couldn't give us an answer as to if the floorboards had been replaced and checked for mold. This happened "a while" before the house went on the market. The ceiling was completely redone downstairs and the floor was retiled upstairs, and to access the pipes to fix the plumbing they would have had to basically tear up what was left. This makes me think they replaced the boards underneath? It doesn't really make sense to fix the plumbing but leave the rest a mess. Inspector said it was safe as is unless there's mold, which he can't check. Listing agent said she's going to contact the plumbing company to see what all was done. Basically my question is, should this be a dealbreaker? If there is mold will it be expensive to fix? We really love the townhouse but I don't want my bathroom to end up in my living room. Edit: I just got the report from the inspector, I'll link a screenshot of his comments as well as pictures of the bathroom, shower, and ceiling downstairs Link [link] [comments]  |
| Posted: 30 Jan 2018 06:19 PM PST I am/was a paralegal. I have a BS in Paralegal Studies and just turned 25. I just recently quit my full-time job of being a paralegal because I hated every aspect of the job. I realized only after getting my degree that I do not want to be a paralegal. I am considering getting my real estate license but keep reading comments from people advising against quitting their full time job for it. My plan would be to just get a serving job to cover all my expenses (very minimal: car payment and phone bill) and pursuing real estate full time. I don't want to pay for the course just to fail like I have read so many people do. What do you guys think? Is my plan of serving part time and doing real estate full time a good plan? Or should I just get another full time paralegal job and work real estate part time? TIA! Edit: I am in KY. [link] [comments]  |
| Posted: 30 Jan 2018 02:22 PM PST Edit: Just got a new full-ask offer. Only shifts my schedule back one week. Old buyers are gonna lose earnest money Monday. Fuck em. Original post: Here is my sitch
Their earnest money hard date is coming up quick. I also stand to lose several hundred dollars from doing my own inspection and appraisal at the house I want to move to. I am starting a new job and if this all falls thru, I will have to move away from the wife and kids and work out of state while we continue to sell. Can I sue the buyers:
[link] [comments]  |
| How long does it take to be evicted? Posted: 30 Jan 2018 06:23 AM PST So long drawn out story but basically my landlord stopped paying her mortgage and wants me to continue paying her rent. The home was foreclosed as of the 26th (like there was the sale on the steps of the courthouse etc.) How much power does she have over me seeing as now she technically doesn't own the home. How long would the eviction process take if she were to take that route? Edit- Michigan is where i am. [link] [comments]  |
| Trying to get a place in 30 days. Posted: 30 Jan 2018 08:29 PM PST (FL) I started looking at purchasing awhile ago. I looked at a model home in a community in January 2017. They wanted me to improve my credit, not because I wouldn't get a loan but because I would get a better loan with better credit. I worked with their recommended company. My credit has since gone up by about 150 points. I ended up telling them I was out because the process was just taking way too long (over half a year) and the mortgage lady started being rude so I just thought they were wasting my time and had no real interest in selling to me. Now I switched over to another bank and got pre-qualified on a loan but have to use the offer within 30 days. I went to a different realtor, very nice and professional but they want me to take my time as well. I understand that I am new to these people and that it's not their problem, but I am starting to lose patience and just trying to see if anyone can recommend a legitimate company that can make the move in date happen within a month. How long is everyone waiting realistically? I know it's not an overnight transaction but why would the bank give me only 30 days if it's not doable? [link] [comments]  |
| Posted: 31 Jan 2018 01:18 AM PST Everything I'm reading says I should be treating the amount he pays me in monthly rent as income. He'd have free range of the house aside from my bedroom. I plan on drawing up a lease just so there's a paper trail. Do I have to worry about getting special insurance, aside from my homeowners insurance? I've also seen some other posts talking about deprecation of the house if it's partially considered a rental, but not sure how that works out, especially as I'm still living there. Are there other things that might bite me later if I try to sell in a number of years? The area I'm in is growing rapidly so there's a good chance the house will be worth more when I sell it. Generally I'm not sure the best way to go about this that is legal and has the smallest tax/liability impact to me. Curious of everyone's thoughts and advice. [link] [comments]  |
| Posted: 30 Jan 2018 06:21 PM PST This may be long winded but I want to be sure I am asking my question correctly. I am looking to buy my first home in upstate New York. I already know the location down to a few small towns and already have an agent and preapproval for 150k. The problem is finding a property that is actively listed. I've been sent a few homes by the realtor that are not within my price range and/or style of home. So, to help out I've been looking in Zillow and realtor and keep sending the properties to the realtor, not one has been an active listing. For one reason or another I keep finding homes that are already sold or have been taken off the market. Is this normal? Are active MLS properties that elusive? Am I not using the right searches? Just want to know if it's me or the realtor. Thanks for the input. [link] [comments]  |
| Posted: 30 Jan 2018 06:07 PM PST 2015 and 2016 tax return is low. 2017 has not been filed but self-employed income will be a lot higher (about 4 to 5 times). Can I use that 2017 income to get a mortgage? Any easy banks? Should I go with a larger bank or smaller one? [link] [comments]  |
| Posted: 30 Jan 2018 09:23 PM PST For example, would you go from renting two bedrooms for $900/month as a leasing consultant to renting/managing $600 two bedroom apartments as a Property manager?? (OH) [link] [comments]  |
| Property Records - Determine down payment? Posted: 30 Jan 2018 07:48 PM PST I am looking at properties and I am trying to determine how much other units in this townhouse/condo sold for. At the county website I have found the deed, it is labeled "warranty deed with vendor's lien" and includes the amount, lets say 150k for example. How do I determine if that is the total sale price, i.e. is that the total amount the seller/owner received? Or is that just the amount financed by the "vendor" (lender I assume) AFTER down payment? [link] [comments]  |
| Posted: 30 Jan 2018 07:42 PM PST Just trying to get some ideas, we are under contract on a 280k home however the septic inspection has drawn this over the 2 week due diligence and I am starting to get pissed off at our realtor for not being more proactive. We actually found the house yourself our realtor never brought up this house. Anyways we had the septic inspection done with an inspector outside of the realtors inspector list.. something told me to find our own inspector. Anyways our inspector had to go out 3 times and dig up the yard to find the dry well. Anyways 525 bucks later inspector tells us he suspects the tank is cracked and leaking but because the house isn't being occupied full time (maybe once a month for almost 2 yrs and was pumped 2 yrs ago when the owner bought their condo) he can't tell because the tank wasn't full but he said the dry well didn't look like it had been reached in atleast a year.. fast forward he won't certify because he can't verify and basically marks in the report suspected crack in tank. We forward this information on to the realtor who forward on to the sellers agent / sellers. They decide to get their own inspection done ironically they chose someone on the list of recommended inspectors from the realtor and the inspector goes against our inspector and says he does not suspect a crack. We are waiting for the full report to find out if they will certify the system but I am tempted to call bullshit on this its just too weird that a chosen recommended inspector all of a sudden has different findings.. We want the house it's an FHA loan so septic certification is required, we have to go fha due to a bankrupcy i had to do two years ago from being out of work for 2 yrs and had to go thru all my savings when the economy hit the shitter. We were willing to do the whole septic system for 20k under a 203k but we wanted to atleast get compensated for the tankas that was noted by our inspector. Replacing the tank is only 6k.. with the second inspection I don't think we have a leg to stand on to renegotiate. At this point I am thinking we let the second inspector certify and negotiate a home warranty for a year that includes septic tank in the event the thing does fail. Am I wrong in this situation? What would you do beside run away we have looked at way to many houses and I am actually over the whole thing so not really in it with emotion just thinking about the $$. If we had to we could come up with the 20k in 6 months if the thing did fail to do the whole system although it wouldn't have been rolled in the loan and it would suck to put out that much cash. [link] [comments]  |
| Selling home prior to the 2 out of 5 years, what will be my capital gain tax Posted: 30 Jan 2018 07:16 PM PST I bought land 3 years ago and built a house. I received the CO (certificate of occupancy) in mid 2016 and would like to sell the home. I'm assuming the clock starts upon receipt of CO. I do not meet any of the obvious exceptions for the early sale but I know there are case by case which I may have one and i have not met the 2 out of 5. I want to put it up.for sale as my location is in a good area and houses are selling fast in the area and at a premium . I am married. So if I sell early can I get a partial exclusion or would I pay capital gain on the actual gain. This would be around 70k if I were to guess. Looking to see what tax this would incur. TLDR: want to sell house prior to 2 out of 5 rule and want to know capital gain tax that will be owed. [link] [comments]  |
| Posted: 30 Jan 2018 10:08 AM PST I find it odd that I am paying the title company $200 closing fees that supposedly include "title search/title work", and then they want me to pay them another $100 to protect me if they failed to corretly do the work that I paid them $200 to do. I am not interested in debating whether or not it is a good idea or $100 well spent. I am looking for definitive info if the title company is being truthful by telling me, in writing, that I have no option here. Thanks in advance for any help. [link] [comments]  |
| Posted: 30 Jan 2018 02:56 PM PST Ontario Canada We are looking at buying our first home. We. Currently rent a 1900sq ft semi in the city. We have 4 kids. I want to buy a nice country home. It's 265k, 3 acres with a pool and huge deck. New metal roof, central air and wood stove. It's got about 2600sq ft of finished space. It's a 30 minute commute. My wife wants to buy a townhouse. It's only 10 years old, 295k and about 1500sq ft of finished space. It's a 5 minute commute. They are both 4 bedrooms but all of the living areas in the town home are really small. Wife's reasons are keeping kids at same school, older kids being able to keep there jobs, less driving, city water. My reasons are I love the country, I grew up there and it makes me sad to see my boys with there face in a tablet all of time. The house is much bigger, it has only 1 neighbour. The cost of gas and repairs should be offset by the lower mortgage and taxes. Or at least close anyways. I caved in and said ok to the town home. We have a conditional offer and are getting close to remove them but it's really stressing me out! I really don't want to live in such a small area jammed in with a bunch of other people. Any advice? [link] [comments]  |
| Posted: 30 Jan 2018 02:45 PM PST I live in Wisconsin. First of all, the big reason I am thinking about getting a home built, is that my mother lives with my wife and kid, and we just need to find a better living arrangement. Mom has to stick around us for various health reasons, so we have been looking at duplexes (or lack there of), but we cannot seem to find one that suits our needs. The thing is, mom only needs a single bedroom house, while the other side will need to be 3 bedroom. It is looking like the best option for us would be to build, but then again I really do not know a lot about real estate and am just looking for some advice. I have not contacted a real estate agent yet, and we are just in the preliminary realm of this decision. We are definitely moving forward, and I would like to hear if anyone has had experience with this situation, has had a house built instead of buying, or just has some general advice. Thanks in advance! [link] [comments]  |
| [OH] Things to look out for when looking at an old house? Posted: 30 Jan 2018 10:55 AM PST I'm considering buying a really old (built in mid 1800's) but small 1 bed 1 bath house as a first time home buyer. The listing price is right in the middle of our budget range. From a first visit, the house seemed well-maintained and very easy to manage. Even though it is really old, there was hardly any noticeable settlement/floor sloping issues so I would imagine the foundation (stone) is on pretty good soil. From that first visit, it seemed to pass our eye test. But what are some things we should look out for (especially in an old historic cottage) before making a serious offer? [link] [comments]  |
| [GA] What buyers should know about the state's real estate processes & such Posted: 30 Jan 2018 07:41 AM PST There is such different terminology, different docs, and different processes in Georgia compared to my former market that that were all at least initially confusing. I feel bad for anyone who moves here from far away, doesn't know anyone, and could get taken advantage of by an agent or FSBO seller in Georgia. Thankfully I got connected with some trustworthy people who deal with the market. There wasn't much on this sub or elsewhere that gave a good overview, so I made this post. Consult with your own real estate and legal professionals before making real estate decisions. Here is what I personally learned about and seemed different to me about Georgia's market: Up Front
Costs
The Due Diligence Process
Closing Time
Some questions I still have out of curiosity:
EDIT: Tax cost correction and grammar. [link] [comments]  |
| Having to pay for additional time to “keep my rate” after bank keeps extending it themselves. Posted: 30 Jan 2018 09:41 AM PST We signed the bank paperwork in December for a lock in rate of $2500. We have submitted everything for underwriting immediately and more than timely, and told we'll get out of underwriting the following day. Two days pass, and we're told the underwriter wants XYZ by the end of the business day..but the email was only sent to us at 3pm. We scramble and do it, and told we should hear again by the next business day. 2 more days go by and we're told we need more. We submit it, wait the 2 days and then told that our rate extension has expired. It wouldn't have expired earlier that day, but the underwriter has a lot of files and can't get to ours h til tomorrow. The rate is not $5100. I call them, ask for an explanation, and told this is how the process works when they need more documents. Even though they keep telling me everything is perfect before they send it over to the underwriter. And now I'm stuck being charged even more. It doesn't seem fair, but I don't know any better. I was going to bring this up to my attorney but she's out for the week. [link] [comments]  |
| Posted: 30 Jan 2018 09:34 AM PST My aunt passed away over a year ago and her house is now jointly owned by my grandparents. It's a great property (large plot of land) in a great location, and since my wife and I are in the market to buy, it might make sense for us. The problem is that she and her partner (who also passed away) were big smokers, and every time I go into the house the smell is quite overwhelming. We have three young kids and I want to be sure they would be able to live in a house that won't give them cancer or respiratory diseases in the future. What would need to be done to the house to get it into a livable condition? We are thinking we would need to do some remodeling anyway (the walls are a bit awkward so we would knock some of them down) - would replacing the drywall and vents be sufficient, as well as removing the carpet and cleaning the tiles (plus other surfaces)? She lived in the house for nearly twenty years, and I have to assume she smoked inside the whole time. Curious if we'll be able to salvage this. While I would love to buy the house, I don't want to give myself and my family cancer or some disease while living there (not sure if that's possible, but I'm being extra-cautious). [link] [comments]  |
| Can I change realtors after my first offer was declined? How does that work? Posted: 30 Jan 2018 04:36 PM PST I found a nice house in California that is 100% overpriced based on every single comparable in the neighborhood. I 100% found it myself, and visited it first by contacting the listing agent. I then went a second time to an open house. The house is priced at $825,000. The Zillow estimate is around $750,000, and the average house on the block is valued at about $700-$750,000. However, this house was flipped and is currently owned by an investor, and they're definitely trying to make as much as possible on it. It's been on the market for 30 days and it's just not moving, probably because it's priced high. Shortly after, I found a realtor in the area who had OK reviews. Let's call her Sally. She's never shown me the property, nor have we ever visited it together. However, I did submit my offer through her.
At this point, it became obvious my realtor was not negotiating on my behalf or doing anything whatsoever to get this price down. Yes, the investor has the upper hand and can sit on the property for a while. But there's no way the house will appraise for $825,000. I'm willing to pay no more than $800,000 for it. So, I ended up finding another realtor as I was looking at other properties. I really like this guy. Let's call him Jack. Jack is willing to totally goto bat for us on the original house and says he'll relentlessly pressure the seller and make a case for their price coming down. Sally, on the other hand, never did any of that. She did nothing but funnel offers and responses. I would like to re-engage this original house with my new guy, Jack. However, will Jack be forced to include Sally and split the % with her? I've read about procurement cause, but Sally never showed or found the property for us. She was nothing more than a middle man in our arrangement. And I never signed any buyer's agent exclusivity contract with her. Do I owe Sally anything? Or can I literally just send a new offer through Jack, and let him get to work on this for me? [link] [comments]  |
| Posted: 30 Jan 2018 06:21 AM PST I'm buying a home in CT in a small lake community that has a shared well with the adjacent property (the property I'm buying used to encompass both, but was split off/sold years ago). I love this house, and I even know and get along with the neighbors who own the adjacent property. There has never been a problem with the well. However, they just told me they were thinking of moving this year and renting their home out. I feel like this shared well has now become the Sword of Damocles. I'm looking any professional/legal experiences in dealing with shared wells, advice and worst-case experiences...because ultimately this is pretty crystal-ball. Can you continuously frack a well? Can landlords apply any water-usage restrictions on their tenants? Anyone out there that's had such a terrible shared-well-experience that they'd advise me to run? Or the opposite--problems are easily fixed? Thank you! [link] [comments]  |
| Found a Home, Do We Need a Buyer Agent? [SC] Posted: 30 Jan 2018 05:07 AM PST Found a suitable home and we're thinking about making an offer. What would a buyer agent bring to the table for us? [link] [comments]  |
| Posted: 30 Jan 2018 04:37 AM PST Just got my appraisal back and under the section: Utilities included in unit charge The following are check boxed: Electric, Gas, Water & Sewer Does this mean gas and electric for the co-op are included in the maintenance costs or does it just mean gas and electric for the common areas of the building is covered? [link] [comments]  |
| Am I comparing the listed sale price to the appraisal price when looking for houses? Posted: 30 Jan 2018 06:02 AM PST Not sure how to determine if price of a house is below, average or above what it's really supposed to be. For example if I find a house selling for 400K, but the appraisal fee is only 300K, could I say the house is overpriced and offer to negotiate down to 300K? [link] [comments]  |
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