Selling. Built Dock without permit. How to explain to buyers? Real Estate |
- Selling. Built Dock without permit. How to explain to buyers?
- (ELI5) What happens after 5 years of owning a home? why are the first 5 years the most expensive?
- HOA fees jumped 32% this year. Is this normal? [PDX]
- Current owner/property manager would like to stay on as landlord. Any thoughts? (Texas)
- Changing my mortgage broker after offer was accepted
- Unsure of what is appropriate to ask for after inspection. (IL)
- If you are a rental landlord why would you convert to COOP rather than CONDO (NYC)?
- Opinions about home inspection and negotiation [MI]
- Closed on a condo with an owner-occupied loan 1 month ago. Need to suddenly move for work. Do I need to alert the bank that I need to rent it out?
- [AK]Inappropriate behavior from buyers realtor
- What’s a standard late fee for rent?
- Cost of building a house in Michigan? worth it?
- First time home buyer, we're placing a bid on a house tonight and need to beat another bid that was also placed today. Advice?
- New home construction on paid off lot.
- How bad is it actually to lease a car before buying a home?
- Buying vs. Renting in the Bay Area - Talk Me Out of It
- Wanting to buy but unsure if I'll ever get approved.
- What are you guys using for floor plans?
- First-time buyer, hot market, and losing hope (OR)
- Attorney charging upfront before due diligence? NY
- Branding as an Agent vs. Investor - looking for feedback
- Offer accepted. Have enough time to form LLC.
- (NYC) Looking to rent an apartment in NYC and I found a nice looking place that I would like to take but they want me to move in ASAP and pay even though my current lease isn't up yet.
- Ive been wanting to begin wholesaling real estate but i have some questions that i can’t find an answer to.
| Selling. Built Dock without permit. How to explain to buyers? Posted: 08 Feb 2018 03:45 PM PST Hey I'm looking for general guidance. Obviously I'm looking into it w my town to see what I would need to do to get a permit for my dock I built. It's just a 10x5 ft square with joists under. If I can't get the permit- or don't- would I be able to sell the house and just tell the buyers it does not have a permit? What are the different things that could happen? If they give me a hard time I could just disassemble the dock I suppose but that would be a shame. The water directly below the dock is less than 1ft deep. [link] [comments]  |
| (ELI5) What happens after 5 years of owning a home? why are the first 5 years the most expensive? Posted: 08 Feb 2018 07:47 PM PST |
| HOA fees jumped 32% this year. Is this normal? [PDX] Posted: 08 Feb 2018 09:39 PM PST I bought a condo in Portland, OR 4 years ago, and over that time, the HOA fees have gone up 64%. This first three years weren't drastic, but this year the fees rose 32.5%! I was paying $298 when I moved in and now they are $489. When I asked the HOA why there was such a steep increase this year, their response was that HOA fees were initially low but they needed to raise them due to keeping the the building maintained over time, inflation and the cost of living. (Not a very specific answer.) They claim that what I'm paying is still low comparatively by HOA standards. I'm concerned that this dramatic increase might be indicative of things to come and that fees will continue to rise in this manner (more than the 10% per year increase as in previous years which seemed acceptable.) The owner before me was paying $271, which means that fees increased more than 80% over the course of five years! Am I wrong to be shocked by this increase? Is Is there a way to find out what comparable buildings' HOA fees are in my city? The building is 13 years old and has 13 units, if that's helpful. [link] [comments]  |
| Current owner/property manager would like to stay on as landlord. Any thoughts? (Texas) Posted: 09 Feb 2018 02:24 AM PST I am currently considering purchase of a multi-unit apartment building, the current owner is also the property manager. Any thoughts on keeping him on staff vs hiring my own property manager? [link] [comments]  |
| Changing my mortgage broker after offer was accepted Posted: 08 Feb 2018 10:51 AM PST Our offer was accepted and we received our contract of sale from the attorneys. We'd like to shop around for another lender since the lender for our pre-approval has undesirable rates. Will we have to submit a new pre-approval? How much does this impact us? [link] [comments]  |
| Unsure of what is appropriate to ask for after inspection. (IL) Posted: 08 Feb 2018 04:40 PM PST We had a home inspection on a house we are under contract for, and it seems (from a very inexperienced POV) there were many code violations. We are still very interested in the house, but cannot afford the repairs that would be required to make it safe out of pocket. Our attorney just sent a letter to the seller listing the problems, and attaching the report. I assume they're going to come back from a point of negotiation, but there are a lot of safety and security deal-breakers (again, from my limited POV). We didn't ask for the little piddly stuff, but we couldn't bring ourselves not to mention a lot of the issues. -One of the four electric panels is simply horrible. There's corrosion and evidence of overheating, the wiring is so far from being up to code that it's alarming, and it needs replacement. -An exterior door jamb has rotted through. -The gutters have rotted through and all need replacing. -One of the fireplaces has a flue that's stuck open, draws air from the garage and has a gas line that's rusted through. -There is a badly leaking skylight with a rotten frame that has peeling paint underneath and other signs of water damage. And about a dozen other things. None of them are huge items, but they add up, obviously. I'm worried the seller is simply going to walk away. If that happens, it happens. These are not cosmetic issues, they're not issues of old, worn-out equipment (don't get me started about the boiler which is original to this old house, but that's our problem, as it works) they're code violations, and the code is there for a reason. So, what do you guys think are reasonable things to ask for after a difficult home inspection? [link] [comments]  |
| If you are a rental landlord why would you convert to COOP rather than CONDO (NYC)? Posted: 08 Feb 2018 07:16 PM PST Just curious I see some rental buildings are coops rather than condos. Why would a landlord do that? Condos are worth so much more. [link] [comments]  |
| Opinions about home inspection and negotiation [MI] Posted: 08 Feb 2018 11:18 PM PST Hi guys. First time posting here. First time homebuyer. We are under contract to purchase a home in Michigan. Hot seller's market; low inventory in the area. There were multiple offers on the home; they chose ours because we could offer them some free occupancy after closing. The inspection was yesterday, and went pretty well overall considering the age of the home (built in 1948). The biggest concerns for us are: (1) age of water heater — 20 years old. Still currently working, but yeah; (2) age of AC unit — 16-17 years old. Still currently working. Furnace was replaced in 2012 but they didn't replace the AC; (3) the electrical panel in the basement is in the same room as a bathroom, which is not up to current code. It doesn't appear to be a safety issue, but the inspector was concerned for our selling potential down the road. We are trying to figure out what we should go back to them with. Our circumstances are such that we don't want to be too aggressive, given they accepted our offer out of several including a cash offer, and we have a baby due in June so our timeline is pretty important to us. But we do feel at the very least that the water heater and electrical panel should be immediately addressed. We were thinking maybe asking for the water heater to be replaced and to have an electrician come out to give us options for the electrical panel. On top of that, maybe asking them to pay for a home warranty for a year to cover appliances including the AC, which we can renew and take over if it doesn't happen to croak in the next year. Any advice on how to approach this in a tough buyer's situation right now? [link] [comments]  |
| Posted: 08 Feb 2018 07:04 PM PST Long story short - Bought a place with intent to live in it, but work has suddenly caused us to relocate. This is a conventional loan with 20% down, but requires 1 yr occupancy. HOA has no issues with renting it out. Do I alert the bank about the situation? What is typically the response in these scenarios? Appreciate any help! [link] [comments]  |
| [AK]Inappropriate behavior from buyers realtor Posted: 08 Feb 2018 10:46 PM PST We are in the middle of selling our home. We had a home inspection in which the realtor representing pending buyer was present. My wife and both work so we weren't present at the time. The buyers realtor decided to take photos of dishes from breakfast (2pots soaking a couple plates and glasses), laundry in the laundry baskets, and a couple unmade beds in our children's rooms. Then sent those images to our realtor to complain. This brought up concerns that he may of also sent those to the buyer as well. In my eyes it seems he throwing dirt in our faces for beating his negotiating price and trying to embarrass us into taking his initial offer instead. Is there a legal way to hold him accountable to damaging the the sale? Or at least people to report thia type of behavior to? [link] [comments]  |
| What’s a standard late fee for rent? Posted: 08 Feb 2018 10:40 PM PST I mentioned to a friend that if I am late in my $1600 rent, that my landlord charges me $165 and the. $5+ A day after. No grace period. He thought that the fee was higher than most, and I wasn't sure. I've read that anything above 5% is high? Edit: location is a decent area outside of Philadelphia. [link] [comments]  |
| Cost of building a house in Michigan? worth it? Posted: 08 Feb 2018 01:41 PM PST So I am looking into possibly building a house just outside of Grand Rapids MI. But I am trying to figure how much it would cost and if it's worth it. I have the opportunity to buy 2 acres for 20k and would want about a 1500 sq foot house. I know you are supposed to calculate by the average sq foot cost, but what does that include? does the basement count towards that? the garage? Basically how much do you think it would cost for a 1500 sq ft house with finished basement, and 2 stall garage? Nothing fancy just a simpler style design. [link] [comments]  |
| Posted: 08 Feb 2018 01:24 PM PST Me and my fiance finally found the perfect house(we've looked at about 10 houses and nothing comes close to this for the price range we want) and we really want to make sure our bid gets accepted. The house just went on the market on Monday, and we looked at it yesterday(Wednesday) evening, and knew once we left that we were pretty sure we were going to put a bid on it. We decided to schedule another visit tonight to take our parents to get some extra sets of eyes on the house to make sure we weren't glaring over any major issues, and to get their opinion. Our agent just informed us that the house received a bid today, but the listing agent will give us a chance to also put a bid in today before giving the bid to the owner. Any advice on how to bid to make sure we get it? Should we bid higher than the listing price? And if so, how much? We're also asking for 6% seller assist. EDIT: We're in suburban Pittsburgh, PA [link] [comments]  |
| New home construction on paid off lot. Posted: 08 Feb 2018 08:19 AM PST Northern Indiana Looking to save to build on our lot that we paid off last year. I'm kinda confused or just don't know if I'm thinking right. Lot cost was 30k I've saved 50k for down payment. In my mind im thinking I've got 80k to put down ( 30k equity in lot) plus the 50k cash. Am I thinking wrong? I can't find a good answer and haven't went to the bank and sat down yet to speak with them. [link] [comments]  |
| How bad is it actually to lease a car before buying a home? Posted: 08 Feb 2018 02:06 PM PST So I am in a tough spot. My current lease is due back this weekend but I am in the market for a home. I am hoping to buy a home in the next few months, but it could end up taking longer of course. That being said, I'm hearing reports that the pull on my credit and increasing my DTI ratio is very bad before applying for a mortgage. How bad is this actually? My only alternative is to buy a total shitbox for $2k - $4k or so, and I really don't want to deal with that. Is getting a $150/mo lease for 2 years really a major difference on what my mortgage rate could be? Or is it moreso the amount of money I could borrow? Alternatively, is there a way to pay cash up front for the entirety of the lease? Would this prevent my issue? I could get a much more reliable car for say $4000 than I could spending $4000 on an old car. Thank you so much for your advice and input. [link] [comments]  |
| Buying vs. Renting in the Bay Area - Talk Me Out of It Posted: 08 Feb 2018 07:38 AM PST My girlfriend and I are currently renting an apartment in San Jose, CA for a cool $2200+/mo (cheap). If we lived anywhere else in the country we would own a home already. Our lease ends in April, should we continue renting or look to buy a home? My plan: Look for a home ~$400k (ugh), put about 10% down, live in the home for at least three years until we look for jobs in more affordable areas of NorCal. My reasoning: We currently spend over $25k/yr on rent. This money is just gone. In three years, that's $75k. Stay with me here. For buying a home to be a bad idea (if I'm thinking about this the right way), our $400k home would have to be worth less than ~$350k in three years (I'm factoring in the cost to sell). Even if we sold for exactly what we paid, minus the costs to sell, we'd still have an extra $50k or so in our pockets. What else am I not thinking about in this situation? If I wanted to speak to a professional about this, would that person be a real estate agent or a financial advisor? [link] [comments]  |
| Wanting to buy but unsure if I'll ever get approved. Posted: 08 Feb 2018 05:10 PM PST So I'm a veteran using the 9/11 GI Bill to get my education in which I understand isn't put for income at all. But I get va disability at 40% a month and work part time while in school. My wife works full time. My credit score is 750-770 range for all 3 credit unions. I was wondering if I should even try to buy a home with the va loan or if I'm joining the never able to own group. As renting is way more expensive then owning. Anybody have any ideas what or how I could pursue this without ant hard pulls on my credit to just get shot down? [link] [comments]  |
| What are you guys using for floor plans? Posted: 08 Feb 2018 04:53 PM PST Looking to have accurate floorplans generated for my current listing. What sort of technology are you currently using for this? [link] [comments]  |
| First-time buyer, hot market, and losing hope (OR) Posted: 08 Feb 2018 08:35 PM PST I recently moved from central New York to Salem, Oregon for work. The job is a great fit and will hopefully be a career position for me, so I'm planning on setting down some roots and staying in the area long-term and I'm looking to buy. My price range is capped at around $225K. The market here is hot. Sellers are receiving multiple offers within a day or two of listing, and houses are going for many thousands over asking. I've been house hunting for two months now, have seen dozens houses, and have been outbid four times. I'm trying to do everything right-- I'm pre-approved for a conventional mortgage, I'm paying my own closing costs, I keep a constant eye on the MLS to see places the day they're listed (if possible) and submit an offer right away if the place is suitable. I'm targeting places at the lower end of my price range to be able to put an offer in well over asking. But none of this is working. I was crushed to miss out on the last property I bid on (I offered $12K over asking, and someone came in higher), and I don't know what else I can try. I'm reluctant to offer $15K+ over asking for fear of the house being appraised lower than the offer-- I can't afford to cover the difference in cash, especially as many of these properties need work (new roof, exterior paint, hot water heater, come without appliances, etc.). The agent I've been working with just keeps saying it's to be expected and the only other thing to do is to be patient or offer more for the down payment, but I can't put any more down and still afford to pay closing costs and keep my emergency fund. What compounds everything is that I've been living in short-term housing (pricey) and can only stay through the end of the month. The rental market is crazy here, too-- I have two dogs and would need a place with a yard, and I haven't found anything under $1500/month, which is outrageous and more than I can afford. I'm worried that if I can't buy a place now, with this part of Oregon continuing to increase in popularity, and with rising interest rates, that by this time next year I'll be priced out of the market entirely. Am I fooling myself by thinking that if I stick with it I'll eventually find something? Or do I just have to come to terms with not being able to afford to buy in a market like this? Is there anything else I can try to increase my odds? I can't offer cash, I can't increase my down payment, and I don't have a compelling story for some sort of cover letter to the sellers (i.e. I'm not an expectant parent or a newlywed couple looking to start a family or a working mother of two... I'm single. I have dogs. That's it.). I'm starting to feel like this is futile and I don't know what to do. [link] [comments]  |
| Attorney charging upfront before due diligence? NY Posted: 08 Feb 2018 07:59 PM PST How normal is this? Attorney is charging 2500 for the real estate due diligence. They want 1500 before they start doing any work and then 1000 at closing. Normal? [link] [comments]  |
| Branding as an Agent vs. Investor - looking for feedback Posted: 08 Feb 2018 06:44 PM PST Hello Reddit.. I'm new to posting on here. Looking for feedback or advice from Realtors that also invest/wholesale/rehab properties. Do you brand your businesses together, or keep your Realtor pipeline separate from the other services or companies you operate? I'm social media saavy, but I dread running two or more content streams or sites..I have a trademark on my brand for both business and my agent nickname. Would really love to hear what you do.. I'm based in Jacksonville, FL. I know some agents that DO build their brands together and not in separate formats.. just want to see how you do it.. thanks! [link] [comments]  |
| Offer accepted. Have enough time to form LLC. Posted: 08 Feb 2018 05:23 PM PST Have an offer accepted in New York. Contract and 10 percent due in 5 days. Does LLC have to be formed by then or have until closing? [link] [comments]  |
| Posted: 08 Feb 2018 05:53 AM PST I found an apartment that I really like in a cool neighborhood for $2500. It has a small extra room I can use as an office/if family want to visit. However, my current lease is not up until the 28th and they want someone to move in ASAP or at least pay for the rent from now. I am considering paying an extra 10/11 days rent so that I can secure the place but I'm not sure that I should. It's been on the market for about 12 days already. I don't know if they'd be able to find someone to move in or pay within the next 20 days but there's a strong possibility that they would. My thought process is to amortize the extra amount as rent so I'd be paying roughly $2600 a month and I don't think I'd be willing to pay that if that was the initial price but on the other hand, I hate waiting until the last minute to find a place and I want the peace of mind knowing I have a place and most places say the same thing - they want someone ASAP. Is this just to get me to pay early? What do you guys think? Also, I can't break my current lease or leave early. I've tried. [link] [comments]  |
| Posted: 08 Feb 2018 03:32 PM PST I have a couple questions which i can't find an answer to online. Such as how does the whole closing process work? Do you have to attend a meeting with the seller and assignee at the title company? How do you make sure the contract is no longer under your name or but the assignees? Do you make them sign both the assignment contract and the purchase contract? How does the earnest money work? Should i be accepting checks, wires, or only cash? [link] [comments]  |
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