Redfin partner agents no longer give a commission refund Real Estate |
- Redfin partner agents no longer give a commission refund
- Manufactured Homes?
- Becoming a real estate agent, need advice and tips! (CA)
- Selling a nice house in a bad neighborhood
- Looking for advice about buying a home for renting out.
- How to best finance a couple of purchases?
- Vicious Cycle - Low Inventory -> High Prices --> Low Inventory, ad infinitum
- (AU) If you had $1m cash how would you invest it in Realestate?
- Need Advice: Buying a house with standing water in basement? (Maryland)
- Selling Rental Property, confused about capital gains
- Buying one unit of a 2 family home
- [NC][Need Advice] - Agent refusing to answer question based on "Fair Housing Act"
- Fence replacement by neighbor [SC]
- Buying a condo/townhome without an existing HOA?
- Advice on ADU in Bay Area
- Under contract, questions about repairs after inspection
- Is it normal to submit your earnest money before receiving a binding contract?
- What is your daily REI work flow?
- [FL] What's the minimum "cash" required to get started buying a home, moving in, fixing it, to then move on and try it again?
- Bank appraisal delayed by contingency repairs?
- Want to buy property in the next 5 years. Help with a 5 year plan?
- Title Companies - How do you prove an HOA doesn't exist in [NY]?
| Redfin partner agents no longer give a commission refund Posted: 23 Feb 2018 09:48 AM PST Just putting this out there in case it informs anyone, because I recently bought a place with Redfin. I was very much expecting a refund, and all sources online make it seem like even with a partner agent you should get a flat $500 for using them as a buyer's agent. This was discontinued somewhat quietly sometime in December it seems. You can see here https://www.redfin.com/real-estate-agents/redfin-partner-agents. My fault for not doing full research but at the time I didn't even know there was a difference between a Redfin and partner agent, and I can't research what I don't know to research. I can't say for sure if this affects selling with partner agents, but from the statement it seems like it does. Edit: Just want to emphasize this is only for "partner" agents on the site, of which there are many. If you work with an official Redfin agent you will still get a refund Location: Atlanta, GA [link] [comments]  |
| Posted: 23 Feb 2018 09:39 PM PST (California) The rental and purchase market here in So Cal is so dismal I am thinking of getting a manufactured home. Between space rent and a mortgage I would actually save ALOT. Even vs renting I would be better off as a 2 bedroom apartment is quite expensive (1600$+). Advice? I know that they don't hold value but I have seen some homes in good parks INCREASING with value especially after being redone (real estate is crazy down here right now). Also will this effect my ability to get an FHA loan at a later date? Thanks! [link] [comments]  |
| Becoming a real estate agent, need advice and tips! (CA) Posted: 24 Feb 2018 01:07 AM PST (Sacramento, California) Im 18 years old but i look alot older 26-28 and attend a university. I want to become an agent, I have done the research and would like advice. Which online classes should I take? What is the best strategy to go about this. I live with my parents and would not have a problem with not having money for the "first 6 months" as I read that a lot throughout the forums. A bit of background information on me, I have been fixing selling flipping cars since i was in middle school. I am a great communicator and not shy at all. Im looking throughout online courses and don't know what is the best? Any recommendations What websites should i use to enroll? What advice would you have for me? [link] [comments]  |
| Selling a nice house in a bad neighborhood Posted: 23 Feb 2018 11:45 AM PST We met with a realtor this week who came to look at our house and come up with a listing price. He said he would get back to us the same day with a number, yet we never heard from him (now it's been 3 days). When we contacted him initially, he called us back right away and was eager to come look at the house. He's actually the same realtor that sold US the house and he was great throughout the whole process. We told him how awful the neighborhood is (hence we want out of here) and now I'm afraid it scared him off. Is it likely that a realtor would give up on a house if it's in a bad area? Now I'm panicking that we won't be able to sell this place. Edit: location is South Florida [link] [comments]  |
| Looking for advice about buying a home for renting out. Posted: 23 Feb 2018 09:54 PM PST We are looking for either a condo, mobile home, or house around 200,000 where we could possibly rent out anywhere in the US. We have 60,000 to put down so does anyone have any recommendations? We currently live in the Seattle area and cannot find anything in the 200,000 dollar range. Also, when does anyone think the housing bubble will pop or will it? Would it be wiser to wait until after? [link] [comments]  |
| How to best finance a couple of purchases? Posted: 23 Feb 2018 08:39 PM PST Hi Guys, long story short I've got two rental properties and I've been saving in preparation for expanding. I've got about $60K in cash , and this year and last year, I made about $27K in business income and $20K in rental income. This is a great market, every few weeks I see something on Zillow for ~$70K that would pull maybe $1,500-2,000/month in rent. Does anyone have any advice about how to best go about financing two or three more properties? I figure I could take the $60K and get two downpayments, to buy two houses with. Or, I could buy a house with cash for a better deal, then refi and get another one. I could also pull about $40K in equity out of the two houses I already own. Does anyone have any thoughts on this? I'd love to hear anyone's opinions...this is a big turning point for me so I don't want to screw it up. Thanks everyone. [link] [comments]  |
| Vicious Cycle - Low Inventory -> High Prices --> Low Inventory, ad infinitum Posted: 23 Feb 2018 01:29 PM PST Theoretically, shouldn't high prices drive an increase in inventory? In my region (Southern Maine) the exact opposite seems to be happening. Those who would otherwise sell their houses (boomers looking to relocate or downsize, families looking to upgrade, etc.) aren't selling, since the prices of replacement units are too high and there's nothing to pick from. This in turn drives prices even higher, since inventory is suppressed. I personally know several boomers who are in this holding pattern. And most of my peers don't have the capital to get onto the lowest rungs of this overheated property ladder. [link] [comments]  |
| (AU) If you had $1m cash how would you invest it in Realestate? Posted: 23 Feb 2018 06:53 PM PST (AU) How much would you leverage? Assume property prices will rise on average 5% a year in the area. [link] [comments]  |
| Need Advice: Buying a house with standing water in basement? (Maryland) Posted: 23 Feb 2018 03:02 PM PST Hello! I am a first-time homebuyer on paper, but have been involved in the home buying and renovating process for about 5 years. I've been trolling reddit to find similar posts but haven't seen anything similar to my situation. I'm considering buying an old house (1930s) in a desirable neighborhood outside of Washington DC. As the house is listed now, it is out of my budget. However, due to some jarring issues with the property, I am confident I can get it for something well in my budget. The biggest issue is standing water in the unfinished basement. What's weird is there is absolutely no smell to the water. The basement isn't musty or humid. No signs of mold in the basement or throughout the house. There's just a ton of water coming in. To be fair, I toured immediately after several inches of rain, which probably emphasized an existing issue. My hunch is that it's being caused by the neighbor's runoff. I think a french drain + a friendly conversation with the neighbor would fix the issue. Am I crazy for even considering this house? If I can get the house at my desired price + cost for the drain, I would still come out on top when it's time to sell. Does anyone have a success (or horror) story? [link] [comments]  |
| Selling Rental Property, confused about capital gains Posted: 23 Feb 2018 02:52 PM PST {Pennsylvania USA} I'll cut to the chase. Bought a house in September 2011 for $24k, moved in and made it my primary residence May 2012. Lived in the house and made renovations (spent ~$20k). Bought a new house in April 2015 and kept original house vacant. From January 2017- Present have been renting it out. Tenants are looking to move out in the spring. Not sure if I should sell it. If I do, am I going to pay capital gains of 15% on it? How does the 2/5 rule apply for me? I lived for 3 years in the home.. and have been owner since 2011. Would my taxes be [Sale Price - (Purchase price + Improvements Cost) ]* 15% ? [link] [comments]  |
| Buying one unit of a 2 family home Posted: 23 Feb 2018 01:57 PM PST I rent one unit of a two family home from an in-law who co owns the entire 2 unit house with someone else. One of the co owners wants to sell the entire thing. The other is more indifferent. I'd like to investigate buying one of the units (which would involve splitting up the mortgage). I don't know much about real estate as I just started looking to buy giving our situation, and I'm wondering where to start to flesh out the sea more and offer a potential proposal—online resource? real estate agent? Lawyer? Accountant? We are preapproved for as much as I'd be willing to pay for one unit. Edit: I should add that the bank didn't account for an extra 30k we receive per year that doesn't count as income in their calculations, so the preapproved amount is definitely within our means. [link] [comments]  |
| [NC][Need Advice] - Agent refusing to answer question based on "Fair Housing Act" Posted: 23 Feb 2018 04:17 PM PST I am not sure if this was the subreddit to post this to, so if you know a better place to ask this I would appreciate the help.
We are looking to buy a new home in an area that is about 3 hours away from us. We had just moved to North Carolina not to long ago so we are not familiar with the area we are looking at. We asked the Agent if she could
The response I got was;
I do admit my familiarity with the Fair Housing Law in NC is based on a quick google search, but it seems that the laws are about refusal to rent or sell based on discrimination. I am not sure how my question would apply here as I am looking to buy a house in the area.
Am I off my rocker to believe that the Fair Housing act or laws do not apply here? Am I missing something? [link] [comments]  |
| Fence replacement by neighbor [SC] Posted: 23 Feb 2018 02:58 PM PST Just got a call from my neighbor next to a rental property. He wants to replace the fence between our properties. He will pay for it 100%, give me the good side, and place it it in the same posts holes as the previous fence. Any downside here? [link] [comments]  |
| Buying a condo/townhome without an existing HOA? Posted: 23 Feb 2018 06:25 AM PST [Location: South Carolina] I'm considering making an offer on a condo that's part of a 3-unit building. The original builder has rented out all 3 units for about 10 years, and now wants to sell off the units individually. He is willing to set up an HOA and says that he'll transfer 1/3 control of the HOA to each new owner as the units are purchased. We would be the first buyers, so we'd be largely responsible for the initial running of the HOA. When I applied for a loan, the lender said that this was not something they could finance, as I guess there are some risks. My realtor recommended working with a local lender who may be more willing to work with us on this. Are there any risks/pitfalls I should be aware of before moving forward with this? I'm not crazy about the idea of having to run an HOA and work with the other owners to make decisions about upkeep and maintenance. Is this a bad idea? [link] [comments]  |
| Posted: 23 Feb 2018 01:03 PM PST Hoping for some guidance, I am fairly new to this so if I get terminology wrong or maybe leave out some info that would help please let me know. Also, I'm typing on a phone for now, please forgive. I am looking for advice on the following scenario: My parents own a home in Marin, bought in 2003 for 600k, that is now worth closer to a mil, and they still owe around 380k on it with around 2200/mo in PITI payments. As they are about to retire, their plan requires that they decrease their monthly housing payment to about 1500/mo. My wife and I want to move into the primary residence, and build a detached accessory unit for them to live in down below. New unit would be max 1200sq. ft, but we can go smaller to make it fit the budget if necessary. The lot absolutely meets zoning requirements for this, especially with the recent changes in ADU legislation. The lot is almost a half acre, and there is a very accessible area to build the new unit that complies with setbacks, parking rules, etc.—but it would require some retaining walls due to a significant grade and maybe a pylon style foundation. We would also need to remodel the primary residence a bit to fit our family (3 kids). Currently it is a 1350sqft 2bed 2bath, with an unfinished bedroom downstairs (internal and external access on this one). so we would probably need to build a second story with 2 beds and a bath, or significantly expand the guest bedroom and maybe finish the downstairs a bit more. I am hoping for advice in three areas. Please note, I am not looking for advice on the pros/cons of sharing real estate or investments with family. First, I'm looking for recommendations on prefab vs modular vs manufactured vs custom stick construction for the ADU. I've reviewed a fair number of modular options and the turnkey approach seems to come in significantly under the comparable custom built estimated prices. I am less interested in manufactured/trailer style options as they seem to not appreciate in value the same way. Am I on the right track with aiming for a modular unit? What are the major considerations? Second, the remodel. The timing of this whole thing is a bit nuanced. Plan A is to build the ADU over the next 2 years (Marin timelines are crazy slow), and then rent it out to help increase cash flow for the remodel of the primary unit (rent is likely to be 2500/mo at least). The grandparents can stay in the primary residence and deal with the dust during this time. My family would move in once the remodel is complete, and we can be flexible on timelines to maxmimizd the rent income, but by 2023 at latest. Here's the unanswered questions: given how long my time horizon is, do I apply for all the permits at once? Or stagger? If I go w/ a modular ADU and the company has a comprehensive installation team, they probably wouldn't do the remodel—is there any way to tie these two things together? Or do I need to separate teams, one for the ADU and then another for the remodel? Other considerations? Third question is in regard to financing. Some more context, the current mortgage is 250k w/ another 130k owed on a HELOC. My parents would not render any additional investment going forward outside of their monthly allotment of 2200 which will drop to 1500 in three years. I am thinking through the most efficient way to finance the new construction and take over the mortgage. Their heloc has an additional 200k available for construction, but with the tax code now changed to not allow write off heloc interest, I am thinking it might be better to do a cash out refinance and maybe an additional construction loan. I optimistically anticipate the ADU to be around 300k, but I've been warned it may be more. Current household income is ~185k/year, which will probably get to 200k by the time this product is complete. We have 35k cash to get started, and in 2 years theres an additional 3k/mo of cash flow to put towards the project (twins get out of daycare). When we finally move in, we can also funnel an additional 2k/mo into the project from our current rent payment. So, to sum up the numbers: If we did the cash out refi, we would probably aim for a ~600k mortgage. After paying off the heloc we'd have ~220k from cashout + 35k existing cash to begin construction of ADU. So if the ADU is 350k in total, we need maybe a construction loan to cover the 100k difference? Or better to just get a bigger cash out on the refi? Down the line the cash flow opens up, when we move in as Parents monthly payment of 1500 + our 5k available would pay the PITI with hopefully enough to spare to finance the remodel of primary residence. Also there is some cushion from rental income during that interim period. Big question is, does this sequence make sense or seem feasible? Is there a better way, or something I'm not thinking of? If you read this novel, thanks for your time. I appreciate any feedback! [link] [comments]  |
| Under contract, questions about repairs after inspection Posted: 23 Feb 2018 12:44 PM PST Hi All, We're currently under contract on a home, and the sellers have responded to our request for repairs/credits. Property records show it was a flip, and everything looked pretty well done before we put the offer in. Marjory issues that were found; During the inspection, we noticed a small amount of water on the basement floor, which appeared to be coming from one of the basement window wells (we noticed water in a similar spot upon returning to the property). Contractor stated regrading the landscape and adding a french drain/sump pump would remedy this. Another issue that popped up was a leak somewhere in the main soil stack. There's only one upstairs bathroom, but when any water in that bathroom is running (toilet, sink, etc), it leaks right down the soil stack and into the basement. It's not a small leak, so there is very likely a crack in the iron pipe behind the wall somewhere. Plumber estimates drywall removal and pipe removal would cost $4,000. Also, the contractor noticed the chimney was missing a cap, and noted that a section of block has eroded over time and mortar joints showed heavy cracking and areas of improper repair. He suggested rebricking the chimney and fixing the portion under the cap. They came back and told us they'd fix the plumbing themselves, give us $1,500 for "basement water remediation", and completely ignored the repair work on the chimney. My issues are the following: Quality of work: How do we know the plumber/drywall contractors they're using are going to fix it properly? Being that it's a flip, I know they want to just get the job done and get out. Whereas providing us a credit would allow us to oversee the process and make sure any other issues that arise are addressed. Is there any way for us to guarantee quality? Cost factor: the contractor told us regrading the landscaping alone would be $3,500. The chimney was quoted at about $6,000. Being that the house is priced at, and even a bit above, comps in the neighborhood, it doesn't seem right to skip out on repairing essential items. We're only asking that the houses bones be in good working order, I'm not nitpicking the cracked sidewalk, the scratch on the floor etc. what it comes down to is...how do you trust the seller to make essential repairs, especially a flipper? [link] [comments]  |
| Is it normal to submit your earnest money before receiving a binding contract? Posted: 23 Feb 2018 11:49 AM PST Hello everyone, (GA) My husband and I are working on purchasing a foreclosed property in my area. The home is going for well below market value. Three weeks ago, we lost the home in a bidding war, but a few days after like 2 days we were informed that the original buyer that won the bidding war didn't have the finances together. We then started negotiating and paid the original asking price with seller paying 3% closing. Great! Now, after finally signing our portion of the contract two days again, it was sent back to the bank. On Thursday, the next day they asked us to send a picture of our earnest money have have it sent over by the next business day. This wasn't stipulated in the contract. The contract stated after both parties signed we had 3 days to submit earnest money to the attorney. I'm assuming now this is what happened to the other buyer and why they backed out. This home is really a steal so we did it. I asked my agent why haven't we received a binding contract. She said we may get one today or Monday. Is it normal to turn in your earnest money before receiving a signed contract from the seller as well? This is an REO property if that helps. We have also completed our home inspection bc everyone is extremely busy and we only have 7 days after both parties sign to pull out due to an inspection issue. [link] [comments]  |
| What is your daily REI work flow? Posted: 23 Feb 2018 09:39 AM PST Maybe you are part time or full time. What does your daily work flow look like? What kind of tools do you use, websites do you use, are you driving and meeting people most of your hours? Another way to think of this is: Let's say you had someone working for you for 4-6 hours a day for free. What would you instruct them to do in order to find deals for you? Last way to think of this. What would you suggest to a new investor that has a full time job in order for them to use their time most efficiently and wisely. [Useful info about me, I am an REI in Indianapolis and looking for my first house/deal. I want to house hack a multifamily.] [link] [comments]  |
| Posted: 23 Feb 2018 09:23 AM PST A long time ago, working in a hotel, I met someone that said they're going to some event/meeting where they can literally buy a house for 8 thousand cash but it's got to be "earnest". Anyhow, the idea was, they buy homes for ridiculous amounts, fix them up and make money. I'm not sure how real this is. I'm looking at about 10k earnest cash in a couple months and I'm thinking about looking deeper into this but I have no real idea where to look (get started). Are there any professionals I can approach with this amount, not look foolish as I would imagine it's small potatoes and make something happen? My idea I hope is simple. Buy any house I can live in for the short term, fix it up and do it again. How does a person get started all while avoiding the most likely pitfalls someone new to this may have to deal with? [link] [comments]  |
| Bank appraisal delayed by contingency repairs? Posted: 23 Feb 2018 09:07 AM PST [Cleveland, Ohio] I reach out to you all because since we finalized on our contract for our house, our realtor has become almost 100% non-responsive. We never liked her before this, but now we realize that she has no real interest in helping us. Anyway, we have an accepted contract and the seller has agreed to repairs based on our contingencies. We had scheduled to close on the house March 22nd, but our bank has delayed the home appraisal until the repairs are completed. There was around $1000 of electrical repairs that were done, but other than that, the remaining repairs are relatively minor. Because our realtor has gone MIA, we've been unable to get an estimate date of completion for repairs and so we have no idea when we will be able to have this appraisal. My question is... what do we do now? I feel as though the remain repairs would have no impact on the appraisal and I don't to further jeopardize our closing date. Am I freaking out over nothing? [link] [comments]  |
| Want to buy property in the next 5 years. Help with a 5 year plan? Posted: 23 Feb 2018 08:32 AM PST So I'm trying to put together a 5 year plan for purchasing a home/property for myself. I would prefer acreage (2+) and I want to stay in the area I was born and raised (Southern Oregon Coast) because my whole family is here. Here are my obstacles: -$600 a month student loan payment (75,000 in total student debt) -Low end of the income spectrum. Unfortunately this is a pretty economically depressed area, and most jobs in my field (Education) pay 35,000 a year or less. I'm single and have no plans of that changing in the next 5 years unless lightning happens to strike, so I can't count on a dual income. I'm prepared at this point to go it alone. I've been saving a good chunk of my paycheck every month, and I figure that in 5 years I will have enough for a down payment of about 50,000. The big problem I'm running into is the loans. The more money I put into my loans, the less I have saved for the down-payment. The less I pay on my loans, the higher my monthly payments are and that is affecting the amount of loan I can get. It seems like there isn't a good solution because if I focus on one it is at the expense of the other. So my dilemma is - put as much money as I can to my loans and worry about the down payment later? Or, keep making the minimum on my loans and save up for a big down-payment. I have great credit (almost 800), but my income just isn't high enough for what I want to buy. Even the cheapest, smallest home on 2 acres is out of my budget without a pretty hefty down payment to bring the cost down. If you have any other tips for making a home more affordable/tips for how to invest savings so they grow, I would love to hear them! [link] [comments]  |
| Title Companies - How do you prove an HOA doesn't exist in [NY]? Posted: 23 Feb 2018 08:04 AM PST I'm in the process of purchasing a single family home that was part of a small development built in the late 1980s in NY. One thing that came up on the title search was an HOA set up by the developer, the HOA was never implemented and is not active (according to everyone that lives there). The title company needs to prove that the HOA is no longer active, and my lawyer says that this is a relatively common event, but I'm curious what form of proof would satisfy the title company? [link] [comments]  |
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