Did I get lied to by a real estate agent and screwed out of a property? Real Estate |
- Did I get lied to by a real estate agent and screwed out of a property?
- Need help on what to do - I may lose my dream house
- In contract phase, but inspection came back with big issues. Walk or continue?
- How should I use $100K?
- During a remodel, when do you give the contractor the final payment?
- Looking to buy my first house... Many questions. Please help.
- Joint Home Ownership
- Home inspection today - Questions you wish you would have asked.
- Estimating property value
- (CA) Home Inspection after purchasing a home and some remodeling?
- (NY) Was Our Offer Too Low?
- Why do banks buy their own property at auction? Why don't they not send them to auction in the first place?
- Questions about keeping current house as rental and buying new house to live in
- Is it better to buy a Foreclosure home? I see prices online for these houses that seem to good to be true?
- Question about appliances conveyed?
- Anyone know how to buy some land and put a prefab/tiny home on it? [NJ]
- First time home buyer looking at a house off-market
- Is sooner better? (CA)
- Where are the listings?!?
- [MA] [Update] Inspections complete on old home with knob and tube
- VA Home Loan (San Diego, CA). Looking for advice.
- What are my options in finding a mortgage (self employed for 8 months)
- Lots of showings, no offers
- Permits?
| Did I get lied to by a real estate agent and screwed out of a property? Posted: 05 Mar 2018 12:49 PM PST A property went into foreclosure a few months ago. Newer home, good area, etc. I wanted it. It opened for bids on Monday so I called the listing agent who wasn't local and he referred me to a local agent. The local agent works for the only real estate firm in our town and it has a BUNCH of agents. So I tell them I want to make a full price cash offer. The agent calls me back an hour later and says that it is a HUD foreclosure so it is not open to investors until after 3 weeks on the market. It was the first day and offers had already come in. They said that I should wait until the deadline passes and it is open to investors then I can purchase. House sold that night. Fast forward a couple of months.... I am talking to an agent with that same real estate firm and that agent tells me about the house they just purchased as an investment property... Yes, same house. Did I get lied to by the original agent? It feels like some sort of collusion so the fellow agent could buy the property. Why would I be unable to buy the property as an investor, but the other guy could? Would appreciate any advice. [link] [comments]  |
| Need help on what to do - I may lose my dream house Posted: 05 Mar 2018 08:07 PM PST I'm looking for advice. I will take everyone's opinions into consideration but please... be honest with me. I'm in Atlanta where there's a housing shortage. Long story short - I put an offer on a 2/2.5 townhouse for $342K and it was appraised for $322K. I offered the seller $332K just to get us moving to the closing date (3/27). She wants me to challenge the appraisal which I refuse to do as it doesn't help me to do so. She said she won't accept my offer if I don't. I do love this house and there aren't many available but I'm still offering her $8,000 more than what the most expensive, largest house sold for a few months ago. It was a 3/3 and 400 square feet larger. I understand she has what I want (the house) but she asked me to move my closing date up a week to accommodate her as she is trying to buy a new house and close the day after ours. She also asked me to let her stay an extra 3 days after closing - which I stupidly agreed to. I felt like being nicer to her would help me - and now she's not being nice at all. Should I go in higher or tell her thanks but no thanks? Both my realtor and hers said they'd take a commission cut to help us reach a doable price for both of us but I feel like the seller is being unreasonable. [link] [comments]  |
| In contract phase, but inspection came back with big issues. Walk or continue? Posted: 05 Mar 2018 09:42 AM PST Put in contract for house above listing price and at max for price buying capabilities. Inspection came back with foundation issues. Mainly, soil erosion. Is that a big red flag to walk? Or is it worth the investment? How appreciation are going up around the area as well. Edit: Location in GA UPDATE: Location in big city of GA. Soil erosion is the foundation issue currently. Causing possible water damage in basement and sloping of floors in parts of home. UPDATE 2: We are in the last day before due diligence to get our earnest money back if we back out and our agent isn't being super supportive of our concern on the house. Not sure how to broach the subject at this point with her. She's made the repairs amendment but to what end should we wait? We don't want to lose that earnest money. It's a dream home with wonderful location and scenery and home layout but these foundation and molding issues are huge issues on a house this price. [link] [comments]  |
| Posted: 05 Mar 2018 07:49 PM PST I've got $100K. Already own three units. Should I get three conventional mortgages, buy cash and refi to buy another one or two (possible in this market), or just hold the cash in case there's a price correction in the next year or so? [link] [comments]  |
| During a remodel, when do you give the contractor the final payment? Posted: 05 Mar 2018 02:57 PM PST Have a condo in Los Angeles where I'm doing a complete remodel. It is about finished except for some final touch-ups and a few other small things. Payment wise, all that is left is the final payment, which is 15% or ~$23k. Do I give him final payment after final touch-ups are complete? Do I hold on to some money even after the project is complete in case problems arise? Do we sign any paperwork after I give him final payment saying he still needs to come fix any problems up to a year after I move in? [link] [comments]  |
| Looking to buy my first house... Many questions. Please help. Posted: 05 Mar 2018 11:36 AM PST Hello all, I am 22 years old, solid job income of around 50,000 a year. My credit is decent I had 1 discrepeancy a few years back where my auto payments stopped coming out of a card for like 6 months, but I payed it off and closed the account out. Also for 2 years I had 90 % of my credit used but made payments 100 % on time everytime. Before I start this home buying process I will have 0 Credit card debt which should leave me at around a 686 - 700 credit score. The only thing I will have out is 2900 in student loans. Will this be enough to potentially get a loan for a decent house? Any other steps I should take? I have to be out by june so do I have to rent to build my credit score more? I live in maryland. I would like to get a house for around 180k to 220k I hope this is reputable with the above information. Thanks for any help, [link] [comments]  |
| Posted: 05 Mar 2018 12:49 PM PST Hey everyone-- I've read through several threads discussing the pitfalls of splitting a mortgage with another party who isn't a spouse. After digesting some of the advice and discussion points, I wanted to create my own thread since I feel like most of these topics don't reflect the situation I'm considering. A bit about myself and those involved: we're all (somewhat :P) young professionals from 29-31 years old, two of us being engineers and the third being in pharma sales. Our incomes are all relatively comparable and competitive for our age & occupation, with specific incomes of $75k, $82k, and $93k. At the moment, two of us have debt from student loans ($10k & $15k) and the third has a car loan (unsure of this amount). Other posts I've seen have been from what I assume are younger, college aged people without steady income and seem to view going in on a house together as a way to create a kickass party atmosphere. Most of the issues I see brought up seem more like things to be cautious of and ready to work through, not insurmountable obstacles (what if you have a fight? what if someone doesn't do the dishes? etc). My group has been approaching this topic as a way for us to all get our feet wet in home ownership, avoid 'wasting' money on rent, and defer financial obstacles that would prevent us from doing this individually. One reason this idea seemed attractive is we're all on the same page for the most part (and I don't mean we like the same music). We're all pretty responsible with our spending, intend to get a thorough ownership contract drawn up and signed by all parties, have open lines of communication regarding money/income/debt, and see this opportunity less as a chance for three friends to move in together and more of a joint business that we can all profit from, if we play our cards right. None of us have any desire to get married or have children, though having an SO move in at some point is always a possibility that we're all ok with. The idea of a wife/husband, 2.5 kids, and white picket fence just doesn't appeal to any of us in the slightest. Major issues I've considered:
I really am not a huge fan of the idea of chaining myself to a mortgage or being reliant on others like this. However, I really haven't heard any issues that are obstacles that couldn't be worked through. I see this as a chance to get into a permanent living situation and be in a property that would be difficult to do alone. Apologies for the small novel, I just want to be thorough and communicate the situation as accurately as possible. Thanks in advance for any advice! edit Located in Denver, btw. [link] [comments]  |
| Home inspection today - Questions you wish you would have asked. Posted: 05 Mar 2018 05:21 AM PST My home inspection is at 1pm today. What are some things you wish you wish you would have asked at your inspection? What are some things that I should be aware of? [link] [comments]  |
| Posted: 05 Mar 2018 09:18 PM PST I'm looking to start my career in real estate but before I take any steps towards this career I want to make sure I have a good base line of knowledge so I don't loose out on this. I have a decent understanding of what I'm getting myself into and where to start looking but the only thing I'm not really getting is how to estimate property value. What tips can you guys give me besides comparing the property? P.s. I plan on selling property around bay village/Cleveland Ohio. [link] [comments]  |
| (CA) Home Inspection after purchasing a home and some remodeling? Posted: 05 Mar 2018 09:14 PM PST So I made the move of purchasing a home without an inspection. It's my first home purchase so I didn't want to slow down the process. But looking back and doing my research after the fact, people have said to always do a home inspection. Do I still get one now? I basically took the home inspection report from the seller's side and went with that. There was some water damage in the stucco, so we fixed that. Cosmetically, I replaced the floors and did a thorough paint job. [link] [comments]  |
| Posted: 05 Mar 2018 08:59 PM PST My wife and I are looking for a home to call our own. We've been looking for about 2 months now, and found a house that we both love. It is in a great neighborhood, recently renovated, etc. The house is currently listed at $785k, down from $845k in September. It was purchased 2 years ago for $350k by investors. It has been on the market for about 6 months. It had an offer for $775k, but the financing fell through very quickly. The home does not currently have a CO, I suspect the owners are cheap and don't want to pay the increased taxes associated with this. There is only a single comp for sale within a 1 mile radius. The comp is brand new, 50% bigger, much more nicely done, but has higher taxes. It has been on the market for about a year. Started all the way at $950k, but is now at $750k, and isn't getting any offers. The closest not for sale comp is actually across the street. Zillow estimates the value at $700k, but you can't really trust that. Anyway, we made an offer for $700k on the house. Our offer is $350k cash / $350k mortgage. We can cover closing costs, aren't working with a buyer's agent, and can move as quickly as the bank can. After a day, the seller's real estate agent texted us, and told us that the "offer wasn't high enough to warrant a response." Was our offer too low? I figured our strong down payment coupled with the fact that their previous offer went through would at least get them to counter. I don't think it helps that the seller's real estate agent is pretty green, he told us exactly how much the previous offer was. Of course he may be embellishing or even lying, can't really tell. But he is definitely inexperienced. [link] [comments]  |
| Posted: 05 Mar 2018 07:54 PM PST If a buyer defaults the bank forecloses and oens the house. Why do they send it to auction at all? [link] [comments]  |
| Questions about keeping current house as rental and buying new house to live in Posted: 05 Mar 2018 04:03 PM PST Editing to clarify location is Tennessee Hi. I've never been a landlord before but I'm highly motivated to do it now. Here's why: Our current home is in a very, very hot area. It was hot before the downturn, stayed hot during it (and didn't depreciate all that much) and has bounced back AND THEN SOME. It's a 118 year old 1 story, 2br/2ba home in decent to good condition with a nice yard walking distance to a very desirable little downtown with shops, a theater, restaurants, etc. It's in one of the top 10 wealthiest counties in the country, and the local economy is beyond booming and has been the entire 15 years we've lived here. We LOVE it here and never want to leave. However, we've outgrown this house and have a lead on a bigger one at a good price a few miles away. We look at it tomorrow and I have spoken with our mortgage broker who says at a glance we are good to do this. She mentioned using equity to purchase a new home, but I didn't go into detail with her. We have about $160k in equity, new home is $330k. We do have cash but I'd like to keep as much of it as possible liquid. It's not quite enough cash to put 20% down but tbh I'm glad she didn't assume I'd use all of it as a down payment because I would feel very uncomfortable with no available cash. My questions are: generally is this a good idea? I hope I've made my motivation clear - even if we don't ever live in the downtown house again the value will almost certainly continue to rise, and by the time it's paid off we will have a very nice second income from the rent. It's not unheard of for this type of house of this size to rent for over $2k/month due to how desirable the area is. At say $1750 (which would be quite low for the immediate area) we'd clear $600/month after mortgage but I'm not sure how much to assume we'd be paying in upkeep, income taxes on the rental, higher insurance etc. I'd be very happy if it simply paid for itself until the mortgage is paid off, at which point we would either use some of the profit to live on or invest, or sell and invest the entire sale price of the home which could be near half a million or more if current trends more or less continue. Good or bad idea? Advice? [link] [comments]  |
| Posted: 05 Mar 2018 09:26 AM PST I know they are all beat up but if you pay to fix them it will be cheaper than buying a modern house already fixed anyway. So is it SMARTER to buy a Foreclosure home? Whats the catch? FLORIDA [link] [comments]  |
| Question about appliances conveyed? Posted: 05 Mar 2018 07:07 PM PST So we are taking possession of the stove, fridge, washer and dryer in our pending home purchase and I'm a little curious. Especially for the washer and dryer, should I take any extra cleaning precautions? I'm just a tiny bit OCD. Edit: Located in Virginia [link] [comments]  |
| Anyone know how to buy some land and put a prefab/tiny home on it? [NJ] Posted: 05 Mar 2018 11:34 AM PST This is really just an idea I had but I'm from the South, and the longer I stay up here, the more I don't think we'll be leaving. So rather than low $1800/mo on rent (it's a nice apt tho), I'm wondering if it makes sense to invest in some land and do the millenial thing and get a tiny home or a nice prefab put on it? Anyone know where I would even start? Again, this all just an idea after reading one too many blogs. Any ideas? [link] [comments]  |
| First time home buyer looking at a house off-market Posted: 05 Mar 2018 06:33 PM PST (Update for location: Illinois) Hi, I'm looking for some advice on this situation. 2 Years ago, I found a house that I absolutely loved, but I wasn't quite ready to make a move at that time. Now, I'm in the market again and looking at houses with an agent. This house went off market 2 years ago (didn't sell, I'll get to that later), so I asked her if it was possible to see it and find out if the owner is still interested in selling it. We were able to schedule a viewing about a week later (today) and went through the place with the original listed agent and our agent that has been showing us houses. The owner drove off just as we pulled up so I wasn't able to talk to him. So that brings us to my main question(s). What is the best way to approach this situation? The seller wanted 330/320K for the house 2 years ago. Someone made an offer at 315 and the owner was planning on moving out, but the house they were going to move to fell through. Would it be possible to contact the owner directly and see if he is willing to sell without the agent and just work with a real estate lawyer? How much cheaper would that be? Since the house is off the market, the original agent was present to show us around, but I don't think she is active on it since it's off-market, so I would think a big fat commission for answering 1 phone call and showing up wouldn't merit all the money the commission is worth. I wouldn't want to get off on the wrong foot contacting the owner with this type of bargain if he's set on working with an agent, as I am very interested in the property, but if we can both save a boat-load of cash, I'd obviously like that a lot. Thanks for any advice! [link] [comments]  |
| Posted: 05 Mar 2018 07:57 AM PST I am currently 23 living for free at home, I have a full time government job with no debt. I'm under no pressure to move out and am in the position to place a 10% down payment if i choose to buy a home within the next year. I am considering two options;
Is there any benefit to buying a house sooner (other than state of the market) or would I be best severed to continue saving/investing for the time being? [link] [comments]  |
| Posted: 05 Mar 2018 05:53 PM PST I'm in the N/E and getting discouraged with lack of inventory - when do the most houses go on the market? Looking for some anecdotal advice...I keep seeing "Spring" or "after the super bowl" but so far it's the same old houses... [link] [comments]  |
| [MA] [Update] Inspections complete on old home with knob and tube Posted: 05 Mar 2018 04:24 AM PST Update on this post. Thanks for the awesome advice from everyone. We did end up bringing in an electrician and a mason. Found out that the knob and tube wiring is a LOT more extensive than the original home inspector had observed. This, along with some other features of the house (e.g. 2 fireplaces, one without a liner), will add up to annual home insurance of over $3000 and around $10k worth of immediate repairs. There will also be medium-term repairs including fixing some masonry, taking care of some chipping lead paint, patching up some blisters on the plumbing pipes, etc. I'm so glad we brought in more contractors. We are told this would be a very difficult negotiation since the Seller somehow thinks we've agreed to buying the house "as is". We're actually thinking of walking, since the house was already a stretch for us financially. A few follow-up questions for you all:
[link] [comments]  |
| VA Home Loan (San Diego, CA). Looking for advice. Posted: 05 Mar 2018 02:00 PM PST I am done with renting. I will be in the market around september or october. What do I need to know about VA Home loans? I will only have about $40k to put down. I don't have a realestate agent or a loan officer. I would like to get approved before I start looking. where do I start? What do I look out for? Any guidance is appreciated. Thanks advance. [link] [comments]  |
| What are my options in finding a mortgage (self employed for 8 months) Posted: 05 Mar 2018 05:33 PM PST I'm a self employed auditor that contracts with big banks and live in Texas. I've been self employed for eight months now, and previously I had been doing the same line of work, but under a company, for four years in California. While I was at my old job, I had a $300k house that I was paying the mortgage on. It's since been sold and I am renting an apartment. When my apartment lease ends, I'd like to try to buy a house. I've been looking for one in the range of $120k to $150k and have the means to put down up to a $75K deposit. Kinda figured this would instantly get me approved for a loan, but I've looked into a few today, just random online ones from Zillow (like aimloan.com) and they all want 2 years of work experience since I'm self employed. I don't have any doubt that I can pay the mortgage, especially since it would be about 60% of what my apartment is right now. Are there any specific types of lenders that I would have more success with in getting a mortgage (like local credit unions or a big bank?) [link] [comments]  |
| Posted: 05 Mar 2018 08:19 AM PST Just listed our house last week. FSBO with 2.5% to buyers agent. Sellers market with extremely low inventory. Have had 14 showings thus far. Post-showing feedback from agents has been universally positive "your home is so beautiful...what a great location..etc" even after I asked for critique. Problem is... no offers. It's been all of five days but I'm wondering if there's anything I can do. I'm worried that we screwed up somehow on the initial wave of interest (priced too high, didn't stage well enough, should've waited for the snow to melt?) and finding a buyer will be tough from here on out. Any advice? [link] [comments]  |
| Posted: 05 Mar 2018 04:39 PM PST I'm in the process of purchasing a home. It appears over the past 3-6 years a number of things have been done to the house including, finishing a breezeway, remodeling two bathrooms, remodeling the kitchen (lights windows, cabinets, heating etc), removing a wall between the kitchen/dining room to make it one large eat in kitchen, new plumbing, electrical, and adding central air to the home with duct work (baseboard heating). However, the only permit pulled in the history of the home (built in 1940) is for the deck and it hasn't yet been closed. The home passed appraisal (appraised 10k more than purchase/no questions about work done) and the home inspection report came back very good. The home inspector commented that all the work done was really good professional work and that the air conditioning and duct work was absolutely done by a professional. There were no permits pulled for any of the work done, though the owners say it was done by licensed contractors. Asking for receipts has resulted in none being provided. It is important to note that this is not a flip in the traditional sense, rather someone bought an old home and renovated it completely while living in it over the course of 6 years (appears most of the work was done at the beginning (central air conditioning was installed in 2013)). Ultimately if we plan on living in this house for at least 6-8 years, how big of a deal is no permits? Will this impede our resale in the event we decide to move? EDIT: Home is located in Connecticut. [link] [comments]  |
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