• Breaking News

    Wednesday, February 28, 2018

    Buyer "pulls out" of Home Sale After Discovering its Porn Past Real Estate

    Buyer "pulls out" of Home Sale After Discovering its Porn Past Real Estate


    Buyer "pulls out" of Home Sale After Discovering its Porn Past

    Posted: 27 Feb 2018 10:24 PM PST

    Seems like writing headlines for the Post must be a great gig...

    Not mentioned in the Arizona listing was the enclosed doggy style run in the back yard.

    Anyone else for some good puns? Hard WOOD? RISING costs? And so on...

    submitted by /u/aRealtorHasNoName
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    Are there quality real estate podcasts out there that are more laidback and focused on creating quality RE portfolios? None of this shoving brokers or lenders down my throat.

    Posted: 28 Feb 2018 01:28 AM PST

    I'm looking at buying my first rental within the next couple months at 19 years old. I love the podcast format and I've found interesting ones for other things I'm interested in, being cars or business, and I'd love to hear any suggestions on real estate podcasts that aren't overly uptight or pushy with private agendas. Podcasts like h3h3 podcast or Joe Rogans are good examples.

    Auto mod gets pissed if I don't say it, so I'm in Ohio.

    submitted by /u/Tyler77i
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    Experience Converting a Single Family into a Two Family Rental...

    Posted: 27 Feb 2018 05:49 PM PST

    A little background..

    I'm looking to purchase a single family home in [NJ] that has 3 floors with the intention of separating this property into a 2 family to rent out. There is currently one kitchen on the 1st floor and one bathroom on each of the 3 floors for a total of 3 bathrooms.

    The end goal would be one 4/bedroom 2/bathroom apartment and one 3/bedroom 1/bathroom apartment.

    Our renovation will be rolled into the mortgage via a 203k loan product.

    I'm hoping to understand some common pitfalls when trying to convert, things to look out for when forecasting the cost of the renovation and any advice from someone whose either successfully or unsuccessfully done this.

    Thanks in advance for your help!!

    submitted by /u/znasty12
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    Advice Needed - Considering selling 1 acre undeveloped land as Owner-Carry loan to buyer at 10% (CA)

    Posted: 27 Feb 2018 09:30 PM PST

    I'm inexperienced when it comes to real estate and my agent told me that a buyer (who happens to be interested in construction) wants to purchase my land at 10% of the purchase price with an Owner-Carry loan (6% rate, balloon interest in 2021, Principal $22,500)

    What are the risks to consider with Owner-Carry loans? I don't know much other than the buyer would be paying me somewhere around $300-400 per month. What are all the things that factor in, like: * How does Insurance work in this situation? * Do I keep the title until the loan is paid off? * What happens if payments are missed. What are my legal remedies? * What else am I missing here?

    Any help appreciated.

    submitted by /u/Lockeye
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    Outrageously cheap property for sale that was recently sold for 4x the current price

    Posted: 28 Feb 2018 03:45 AM PST

    I found my dream property. Dream criteria being VERY cheap with acreage in a specific geographic area. It's currently listed for sale as under $50k with 10acres. It is bank owned. The thing that really confuses me is it shows it was sold late 2017 for $200,000. Could this be some type of foreclosure process of the bank taking it back from the previous owner? I thought if that were the case it would show foreclosure but that word isnt listed anywhere. It looks like some type of short sale was attempted because from early 2016 to early 2017 it went from a listed price of $130,000 to $60,000 with the price dropping each month in between. The house is in need of work, but my goal is to remodel to my taste for long term ownership.

    Edit: the property is in Virginia

    submitted by /u/orchid91617
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    [TN]Relocating to Nashville, Considering purchasing a house but people say there is a bubble.

    Posted: 27 Feb 2018 03:59 PM PST

    My wife and I need to relocate to Nashville, TN. We started looking for somewhere to live and realized housing in Nashville is ridiculously high especially considering the pay in the area for my type of work (software development) is low. I can work remote so not an issue. We decided we would look at purchasing a home (or townhouse) since it was a bit cheaper. We are hearing from friends in the area two reasons why housing prices might be so high. First, the music industry has attracted a lot of wealthy musicians to the area. Second, that there is an extreme housing bubble due to lack of new construction. We could use any advice regarding the area. We are also looking for realtors so if you can help I would be glad to speak with you if you pm me.

    submitted by /u/Shadowvines
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    Is buying a 1br/1ba condo I can't rent out later a bad idea?

    Posted: 28 Feb 2018 02:44 AM PST

    So, I'm living with my parents right now, and I'm kicking around the idea of getting out by buying a 1br/1ba condo. It's only 40k, roughly 20 year old construction. The HOA is only $150 a month. The HOA also has a rule saying that you cannot rent it out.

    1br/1ba is perfectly fine for my needs. Sure, I'd like a big yard so i can buy a big dog and a basement to start up a cover band, but I don't have a stable, well-paying career and houses that aren't total fixer uppers are pretty much 100k+ in this area. Not something I could comfortably afford. This is, as long as the HOA doesn't go crazy and start charging $500/month within a few years.

    So, a couple years down the road, I find myself inside of a women, and an accident occurs. I would probably not want to live there anymore. I can't rent it out, do you guys think it'd be hard to sell and recoup my money? I always hear that 2 bedroom places are hard to sell because families don't want them, I imagine a 1 bedroom is even worse. I'm sure it'd be easy to rent out, but I can't do that because of the HOA. Is this a bad buy?

    submitted by /u/zzzerocool
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    Conservatives release blueprint for Trump to wind down both Fannie and Freddie, this could be the return of affordable housing?

    Posted: 27 Feb 2018 10:35 AM PST

    Housing has been in a huge bubble supported by the GSE's Fannie and Freddie offering subprime loans to many homebuyers. It looks like plans are starting to hit to wind these organizations down, which could lead to true price reductions in the housing market in the USA. This is wonderful news for the younger people looking to buy a house in the future, although it won't happen soon enough.

    What are the thoughts on this?

    ( Article here: http://www.washingtonexaminer.com/conservatives-release-blueprint-for-trump-to-eliminate-fannie-mae-freddie-mac/article/2650083 )

    submitted by /u/telmnstr1
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    Interest rates and home prices

    Posted: 28 Feb 2018 12:36 AM PST

    Interest rates are going to rise this year, meaning a monthly mortgage payment will become more expensive. However, this also means that there will be pressure on home prices and home values may go down. How do interest rates factor into timing a home purchase? Should one buy before interest rates go up or after home prices have adjusted? (Northern New Jersey)

    submitted by /u/juniusg
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    Mineral, Oil and Gas Rights Disclosure (Raleigh, NC)

    Posted: 28 Feb 2018 03:48 AM PST

    I just went under contract for a house outside of Raleigh and I'm looking at the MOG disclosure. Numbers 1 and 4 are marked as "No Representation," regarding previous owners severing rights.

    Is that something to worry about? Will my title company do a search for that or is it something extra I have to ask for? The house was built in 1993 and is an established neighborhood.

    Thanks.

    submitted by /u/DarkStarFallOut
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    Relatively Cheap beach property

    Posted: 28 Feb 2018 03:23 AM PST

    Would like to buy some beach properties world wide and was wondering Where is a cheap and foreigner friendly country to purchase?

    submitted by /u/traveladdikt
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    What's your strategy when looking for a house/apartment. Do you only check apps like Trulia and Zillow or do you have an agent that keeps you up to date on what's on the market?

    Posted: 27 Feb 2018 10:17 AM PST

    Asking since I don't have the feeling that these apps are up-to-date. I'm new to looking for an apartment to buy and wonder what the best strategy is. Also, I send out emails to these agents from the apps itself and never heard back from anyone

    submitted by /u/lIllIlllIll
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    Should an occupied home have a lock box?

    Posted: 27 Feb 2018 12:15 PM PST

    So I had a realtor walk in my house while I was home. She did not have an appointment. Fortunately my dogs just happened to be outside so her life was spared. She said she's been trying to schedule a showing and hasn't been able to and that I shouldn't have a lock box unless the home is vacant. My realtors didn't act as if that was an option. (Phoenix)

    submitted by /u/sunrise_d
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    What exactly defines a "livable" home for mortgage/lender purposes? [TX] [First timer]

    Posted: 27 Feb 2018 10:46 PM PST

    I'm a 30 something looking at first time home buying. I live in an area that was devastated by Hurricane Harvey. A LOT of homes had water damage, and I've fallen in love with a home for sale that had feet of water in it. It's been dried out, sheetrock has been hung as well. There are no floors, wall paint, or interior doors. I was told that I probably wouldn't be able to get a lender to lend on the home due to it not being "livable" because of the flooring situation.

    My question is that wouldn't it be more appropriate to buy a home with concrete flooring if I'm planning on doing stained concrete, or epoxy flooring? Does this matter? Is there a way to be able to circumvent the "livable" business?

    submitted by /u/accio_colin_morgan
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    What is the best long term strategy for rei?

    Posted: 27 Feb 2018 06:57 PM PST

    https://www.whitecoatinvestor.com/buy-one-property-a-year-and-retire-early/
    This article had me thinking. Up to this point I figured I'd never pay off any of my mortgages. But this shows how you can build massive, retirement level, cash flow by year 15. Are they doing this right or wrong? Is there a better strategy that works even faster?

    submitted by /u/Freds_Premium
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    Looking to build on purchased lot. Need tips for finding reputable builders???

    Posted: 27 Feb 2018 08:52 PM PST

    I'm looking to build on undeveloped lot with City power, water, and septic utilities. Needs grading, foundation, etc.

    Kinda stalled with where to find a reputable builder and need advice how one would go about this. We have a blueprint we like but are totally open to using one of their floor plans. Would like to know how many quotes should I get, things to avoid, ways to reduce costs???

    I've read checking with locale builders associations to find recommended builders but any other tips would be appreciated! Especially would like to know 'what I would do differently' kinda things? Thanks!!!!

    submitted by /u/viralgorhythm
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    Advice for first time sellers (slower than expected market)

    Posted: 27 Feb 2018 09:49 AM PST

    We are planning to move up from a city condo to a comfortable single-family home in the burbs. We have actually found the home and have an accepted offer. We expected to have a buyer on our condo by now but no offers yet (after 2 weekends of open houses).

    Is there a general slowdown in the area we are not aware of? The realtor can't guarantee results of course, but they seemed very enthusiastic that our place should sell within a week. We waived sales-contingency on our offer to buy because we don't close until April 20th, so we should still have time to sell, but getting increasingly more stressed every day without an offer.

    We can (if forced to) buy he new home before the close of the sale -- because we really love the house and don't want to lose it. I would strongly prefer to avoid that, but we can. Renting is also an option but we're not sure how long to stick it out before changing plans.

    Help?

    Location: Somerville, MA.

    submitted by /u/tweakt
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    All you flippers can go fuck yourselves

    Posted: 27 Feb 2018 12:40 PM PST

    I'm talking to you, the guy who bought a 35,000 dollar house a year ago at auction, put used office carpet in each room, all different colors and piles.

    Painted over everything from the floorboards up in the cheapest white primer you could find, including the doorknobs and outlet covers.

    That "new" bathroom sink was new in the 60's, but it's new to the house!

    You were so cheap that you stuffed broken up drywall and trash in the crawlspace under the porch because you didn't want to pay to have it hauled away.

    You swept drywall dust, nails, screws, trash AND FUCKING RAT POISON into the registers. Fuck the potential home-owner's air quality, right? Using a dust pan is hard, I know.

    Paint over that rotten wood, no one will ever notice. That hung ceiling is just awesome; if you can't see the water damage it must not be there!

    You want 110,000 for it now? Are you fucking kidding me? The only one who is going to buy it is a slumlord who's going to charge 1000 a month for rent to some poor sap that can't find anything better. Enjoy your profit you scumbag.

    submitted by /u/ihateflippers
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    Bloomberg: A Third of U.S. Homebuyers Are Bidding Sight Unseen

    Posted: 27 Feb 2018 11:38 AM PST

    Disclosing Mold

    Posted: 27 Feb 2018 11:35 AM PST

    Hoping this sub can provide some insight into a mold situation I have since I know very little about mold or selling a house. Our house has a cement block foundation and was built in 1960. We were planning on moving later this year and we live in Iowa if that matters.

    So out of the blue our sewer backs up into our finished basement last weekend and all the carpet had to be torn out. 2 ft of drywall is cut out as well so they can get everything cleaned and dried. They found mold growing on the south wall on the cement block. No idea how long it's been there (we've only lived here 2 years) but now it's our problem.

    I was discussing prices with the mold guy, and when I mentioned we are planning on selling the house later this year he said we should just put the drywall back without worrying about treating it. I asked about having to disclose it when selling the property, and he said that wasn't necessary. Keep in mind I signed a form acknowledging that they told me about the discovery of mold a few days ago.

    To me that sounds like lying and like something that could bite us in the ass later. On the other hand, I don't really want to spend money on this if I don't have to. It would cost the company about $1000 to treat the mold, but I would have to get the wall dried first which means renting some dehumidifiers and running them for days or weeks until they say the cement block is dry enough to treat. Also, them treating the mold won't fix the real problem, which is water getting into the foundation in the first place, so it seems kind of pointless anyway.

    submitted by /u/moldinbasement
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    Any safe trailer parks in Boca Raton, FL?

    Posted: 27 Feb 2018 06:44 PM PST

    Are there any trailer parks that are safe near Boca Raton, FL? seems like the two don't go together (safe and trailer parks). I was thinking of buying a trailer and some land in a trailer park so I could start with some real estate investment. What do you all think?

    submitted by /u/housingishopeful484
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    [FL] First time home buyer. Finally got a down payment saved up, and prices are nuts. What to do? Wait for a correction?

    Posted: 27 Feb 2018 06:35 PM PST

    As the title states, I've got some money put together for a down payment. I've started looking over the past couple of weeks, and prices seem exorbitantly high.

    Does anyone think that a correction is coming?

    submitted by /u/Shizzo
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    If I have insider information about a house property, how do I approach it?

    Posted: 27 Feb 2018 12:26 PM PST

    So I didn't want to be an ass but if I know insider information about a property that is on sale but only because an old person passed away and the family wants to get rid of it, how do I use it to my advantage? Say for example the price is 350K$, should I do a super low offer like 300K and see if they bite?

    submitted by /u/HastroX
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