Scheduled to close on a home on 4/6; however, I noticed today the insurance is not set to start until 4/19. Why? Ga Real Estate |
- Scheduled to close on a home on 4/6; however, I noticed today the insurance is not set to start until 4/19. Why? Ga
- CA: no contingencies, after accepting seller won't allow inspection
- Buyer hired roof inspector that says we need a new roof; our inspector last year said it’s good for another decade
- Bought a house that no one has lived in in six years. What should I do before I move in?
- US California - changes to amount paid for home
- Is it possible for RE prices to increase at a faster rate than wages over the long term?
- New Realtor- how to close fast?
- I'm on my community's HOA board. We are considering a tot lot in an open section of the community. One of the neighbors has a laundry list of concerns, but I am not sure how valid they are.
- Utah - House with Accessory Apt or New House
- Beginner Needs Advice
- First time buyer - how many showings is "too many"? [MA]
- Purchasing first home! What can I do about seller's unprofessional paint touch-ups?
- Buying my first investment house (23 Yrs. Old)
- Finding good properties?
- Cleaning fee for pet under fair act housing
- Need help to deal with FSBO's house
- (TX) Relocation forcing a move -- is putting 5 to 7% down a bad idea?
- Buyers Agent Lied- What’s My Recourse? (CA)
- [tx] selling house in hot zip code, need advice on telling people before signing contract with listing agent
- [Chicago] 2 flat could be legal 3 flat
- [TX] New homebuying: Lender is changing terms
- What would a new associate at a Real Estate Private Equity be doing day to day?
- Switching over Utilities
| Posted: 30 Mar 2018 10:03 PM PDT So guys, first let me thank everyone for their realistic and kind advice. I've posted on here more than I've ever posted in any other sub and you guys have been nothing but helpful. Backstory: I was suppose to close on our house on 3/22 using USDA loan. Realized 2 days before closing on 3/16, we made more than the allotted amount for our area. Switched loan and did a unilateral extension and scheduled to close on 4/6. So here are two things I learned today. The new loan was approved. I had to go through the entire process over again. The processor asked for a few conditions. One was simple... she asked if my husband was a sr. He's not and that's a mistake with the home insurance agent. She sent her an email attaching us too, however, she sent the email from a bunch of emails back and forth asking the agent to do little things. On 3/12/18, she sent an email stating for her to change the effective date to 4/19/18. This is a red flag bc we found out we were closing on 3/14/18 and then on 3/15/18 they came back and said we made too much and on 3/16/18 they said we would switch the loan type. How is it she sent an email asking her to switch the date to 4/19 as the effective date on March 12th at the time when they were sending us emails and a clear to close? What should I do with this information? Is this normal? Lastly, we have a unilateral extension but the seller will not extend anymore. We have the underwriting approval and sent over the conditions today. She didn't ask for them until 4:30 and I was cramming trying to get them to her before she left. If the next step is to clear the conditions and we're scheduled to close on 4/6/18, why did she change the effective date to the insurance to 4/19/18? I know these are questions to ask my loan processor and I fully intend to do so, however, something about this entire situation hasn't felt right with them at all. The entire process, unfortunately, we're at the final stretch and we need to hold on to the rope so we can close. [link] [comments]  |
| CA: no contingencies, after accepting seller won't allow inspection Posted: 30 Mar 2018 03:10 PM PDT Long time reader, occasional poster, first time poster with this throwaway account. I have a property in escrow in the CA bay area. This will be my new home. This market has an extremely limited supply of housing stock and only non-contingent offers get accepted. All listings are a multiple-offer situation. Seller provided inspection reports (home, roof, termite) prior to listing the house but not specifically a foundation report. We are set to close soon and I wanted to get another inspection for my own peace of mind. Seller's agent is saying they will not allow the inspection. Question: Is there anything I can do about this? Edit: Thanks to the help of the awesome redditors here I read my signed purchase contract (12/15 RPA-CA from CAR) more closely and found the following language that should give me access to the property for 17 days:
I'm not a lawyer, but I believe we still have the right to inspect. We've raised this issue and I'll report back on what happens next. Edit 2: We also have a final verification that is not waived:
Final Edit: I pointed out the above contract terms to my agent and he forwarded them to the seller's agent. They are now acting very friendly again and allowing my inspection as requested (and I'm calling it a final verification). I'm quite unhappy with my agent for not advocating for me on this one -- but hey, he has a commission to lose, right? >:( Thank you very much to all the people who read my post and contributed their thoughts and ideas to help me solve this problem. I really appreciate your help! And I hope the summary in this post helps someone else in the future. Thank you especially to /u/lazinase for getting me focused on what's in my signed CAR contract, and thank you extra especially to /u/BFresh620 whose question prompted me to look for the above specific clauses in the contract -- they were indeed there. [link] [comments]  |
| Posted: 30 Mar 2018 05:33 PM PDT So I'm helping my mom sell our current house. First time selling. We've only been here a year, but Mom got a job in Canada she couldn't refuse, so we're selling. We got an offer the first day we listed. They sent over an inspector last week. Then they sent a specialized roof inspector today, who told them the house needs an entirely new roof. I don't believe this, however, because we only bought the house a year ago, and our home inspector said it was in pretty good shape. He said it shouldn't need replacing for a decade. Only minor repairs between now and then to maintain it. I'm worried their roof inspector is biased, that maybe they got a consultation from a roofing company instead of getting a third party inspector. We are now having to pay for another roof inspection to try and disprove their roof inspectors claim. What else can we do about this? We don't want to lose the offer, but we also can't afford to replace the roof, especially when we aren't sure that it really needs replacing. [link] [comments]  |
| Bought a house that no one has lived in in six years. What should I do before I move in? Posted: 30 Mar 2018 05:11 AM PDT I bought a house that no one has live in for the last six years. Any thoughts on things that I need to think about when moving into a house that hasn't been cared for? Here are things I've already done or plan to do in the next couple of days. (a) I just got an electrical inspection cause the electric company required it. (b) clean the gutters (c) hire a cleaner to do a deep cleaning (d) use an insect bomb to kill any pests Edit: House was only vacant for 2.5 years, not six. [link] [comments]  |
| US California - changes to amount paid for home Posted: 31 Mar 2018 04:05 AM PDT A friend recently sold a home but it is in escrow and he decided during escrow even though all documents are signed except for the note secured by deed of trust (since the homeowner agreed to loan money to the borrowed) that he sold the home for too cheap and wanted to charge 15% more than the asking price. The buyer still agreed. But the problem is if the escrow company already sent the docs to the title company so they can record it with the county but the escrow did not close yet is it still possible to change this sale amount? The reason why I ask is because I am afraid the escrow company might be too lazy to make this change and give an excuse not to do it The buyer already notarized but the seller did not notarized yet so i am not sure if the new title can be recorded yet [link] [comments]  |
| Is it possible for RE prices to increase at a faster rate than wages over the long term? Posted: 30 Mar 2018 09:59 AM PDT Home prices have been rising 4-5% per year over wages. How can this continue over decades? It seems like eventually people will have to spend a larger percentage of their income to afford the same level of housing, then eventually they'll have to start downgrading the size/quality of the house they live it. There has to be a breaking point somewhere right? If RE rises faster than wages over the long term then it seems like eventually (even if hundreds of years in the future) everyone will be homeless. [link] [comments]  |
| New Realtor- how to close fast? Posted: 30 Mar 2018 03:42 PM PDT Hey guys, I new to reddit but I have been reading since years. I have a challenge in life I need all the info I can get , so I hope I get some suggestions. I am about to go and get my exam in 5 days. I will pass and I will get my license. But now I am looking into how can I make my first sale fast. I am hard working and I just do things to get me where I need to be. I have been having problems in life and haven't been making good money in a year and I have been waiting for thing moment, so I really want to get down and get it done so I make some money and get some fresh air. So , what would you guys say would be the best way for me to prospect , now , today towards me making my first sale faster ? Anything is appreciated ! I will be calling FSBO tomorrow and letting them know that I will be an agent to be and see how far would that take me ! Thank you ! [link] [comments]  |
| Posted: 30 Mar 2018 05:57 AM PDT This is in Loudoun County VA. From what I can tell, this is a sellers market. Homes in my neighborhood go up for sale, and by the end of the weekend, they have 3-10 bids. I'm on the HOA board, and we have some money to spend that we have been saving for 10+ years. That money was earmarked for a tot lot. Among the list of concerns that my neighbor has regarding the install of a tot lot on a large patch of grass that like 12-15 homes face, he is claiming that it will lower property values. After a quick google search, I cannot find any articles that indicate that a tot lot/playground has adverse negative impact on a community's general property values. Can you help me understand if my neighbor is blowing smoke or has legit concerns? [link] [comments]  |
| Utah - House with Accessory Apt or New House Posted: 30 Mar 2018 08:24 PM PDT Hi Reddit! I'm wondering everyone's opinion on a couple options that I've been thinking about for my future. I'm looking to purchase my first home this next year and essentially I am looking at two options.
both of the homes would be about the same price, $280,000-$300,000. Which one do you think would be the better option? Do you think "House Hacking" living with an accessory apartment is worth it? Do you think the location next to the prison will appreciate enough to make up for the opportunity lost with receiving rent? What are your opinions? Thank you! [link] [comments]  |
| Posted: 30 Mar 2018 07:44 PM PDT So, I've purchase some properties in Hendry County, FL, and have made some money by buying, clearing/cleaning, and reselling the lots. I have equipment, and I want to do more, but the agent I'm working with charges 10%, because the deals are rather small(10k-20k). She's a talker, always making the property seem much better than it is, and I've been clearing some, reaping the reward$. I want to work with a legit realtor(if necessary) and do property renovation on my own. I'm inexperienced, and finding the info I need is difficult online, if not seemingly impossible. If anyone has tips or valuable info I'm all ears. My father died and left the family some money, I'm trying to create something from that. Thank you. [link] [comments]  |
| First time buyer - how many showings is "too many"? [MA] Posted: 30 Mar 2018 07:27 PM PDT I'm a first time home buyer and like most people, the market I'm in is super tight right now. There aren't a lot of homes available for sale, and when something decent and reasonably priced comes along it's usually sold within a couple of days. I've looked at 7 properties so far. I put an offer on one but was outbid, and another I tried to submit an offer for but found out they'd accepted an offer just an hour prior. I've seen a few other properties that I've liked but they just weren't "quite right" - maybe I'm being too picky, but I decided to wait and see if something better comes along. I'm fortunate enough that I'm not in any rush, and I know a lot of new listings will be coming out in spring/summer, so I'm mostly just taking my time and waiting for the right property. However, someone recently told me that I'm lucky my realtor is putting up with me wanting to see so many properties. They said that most buyers find the house that is "the one" within about 10 showings, so my realtor may not want to take me to many more since I've already seen 7 and have only been looking for about a month. My realtor has been awesome and SO helpful, so now I'm feeling guilty for dragging her around to all these showings. I was always under the impression that people tended to shop around a lot before purchasing a house, so I had no idea I was doing anything wrong! So with that in mind, how many showings is too many? I tend to want to see any listing that piques my interest, because I'm finding that pictures often don't tell the whole story, for better or worse. Any advice on narrowing things down so I don't piss off my realtor? [link] [comments]  |
| Purchasing first home! What can I do about seller's unprofessional paint touch-ups? Posted: 30 Mar 2018 07:25 PM PDT Hello there Reddit! My girlfriend and I just purchased our first home! We signed the home owner's contract when the sellers still had furniture in their home, so we couldn't tell exactly what the status of the walls were. Regardless, we purchased the home, with the contract only stating that the holes in the walls would be filled (in the context of the walls). However, after doing an inspection of the home today, post contract and just two weeks before closing, we noticed that the walls had significant amounts of paint touch-ups that were obviously not the same color as the walls. (The paint touch-ups are literally all over the entire home on every wall and looks as if it were a child's painting). We had the impression that we would buy the home "as is" with all of the items to be fixed explicitly stated in our contract. As someone purchasing the home, I expect the house to be in the same condition in which we originally made our offer. Given that these paint touch-ups were not part of the contract and not something that we were expecting to be done, is there anything that we can do at this point of time? Any advice, thoughts, and recommendations are greatly appreciated! Thank you! [link] [comments]  |
| Buying my first investment house (23 Yrs. Old) Posted: 30 Mar 2018 12:54 PM PDT I have some money saved up (about $100K) and want to invest it in my first house. I am 23yrs old and am just now moving to a new city [TN] for a new job paying around $45k/yr base. I have 2 roommates who I know I am going to live with which led me to consider buying a house that we could all live in since I have some savings. The plan would be to have them pay me rent, but idk what I would charge them. This is my first time buying a house so I am also curious what rates I should charge my 2 roommates. I know it depends on the mortgage but I am looking at $400-$500k homes with estimated mortgage prices around $2k/month. I also have access to more capital if need be (obviously would like to avoid this if possible). Would love some input on this if anyone has suggestions. Thanks! [link] [comments]  |
| Posted: 30 Mar 2018 03:21 PM PDT Anything you look for when purchasing a property and how do you utilize the information available on Zillow or other sites to calculate potential ROI. Looking for a location in Southern California and was hoping to get some advice! Thanks in advance [link] [comments]  |
| Cleaning fee for pet under fair act housing Posted: 30 Mar 2018 08:33 AM PDT I understand we can't charge pet fee but can we charge carpet cleaning fee after the tenant move out? Thanks [link] [comments]  |
| Need help to deal with FSBO's house Posted: 30 Mar 2018 02:24 PM PDT Recently, I'm living in Southern California. I found a house near my renting place that is FSBO's. But I'm a first time home buyer and have little experience about buying a house. The house is around 630k based on the research of price around neighborhood. - The owner didn't want to pay commission for the broker. And the owner of the house is also an agent. They want me to deal with them directly without any agent. So, they are pretty much know what to move next. Could you please tell me what to do and how to deal with them? Should I get a buyer agent and how much should I pay? - If not, what should I do to protect me from future loss and gain a better position to deal with them. Seems like they are in a better position compared to mine. I'm lost. [link] [comments]  |
| (TX) Relocation forcing a move -- is putting 5 to 7% down a bad idea? Posted: 30 Mar 2018 02:22 PM PDT We would be first time homebuyers. We relocate in a month for husband's new job and the current plan is to short term rent until we are ready to buy. My husband is sole income after I stopped working (self-employed freelancer) last year. Income isn't the problem here (~$165k), Credit is pretty good, DTI backend is 30. When we start looking, we'll have about $45k total in savings (not counting retirement/college savings). We'd be trying for a $275k house probably, maybe up to 300k based on the school districts we want, and can afford a 15 year mortgage for that price range. Is it financially smart to do this? We could also rent an apartment for longer (6 months as opposed to 3) and save an extra 10-12k, but it still won't bring us up to 20% regardless. [link] [comments]  |
| Buyers Agent Lied- What’s My Recourse? (CA) Posted: 30 Mar 2018 02:05 PM PDT Found my dream house and submitted an offer $5 over-ask with a $10k EMD, 14 day contingencies, and 16 day close when it was one day on the market. The listing agent told us it was a strong offer but in retrospect I wish we had offered more. Seller made us wait 7 days for an answer, and their agent told me realtor to expect a multiple-counter situation. Found at 1:30pm on a Friday (7 days after our offer) that they countered others and declined to counter our offer. Our market (San Diego, Ca) is super competitive right now and my husband and I decided we couldn't live without this house. At 2:47pm I asked my realtor to send a second offer adding another $20k to the offer (so $25k over list), 10 day contingencies, waive termite, and an escalation clause. He replies that he has a showing at 5pm and will send the paperwork to sign after that. I should have demanded he do it right then because he delayed, delayed, delayed until finally sending us the paperwork at 10:30pm, which we signed immediately. The next morning (Saturday) I had heard anything and he wasn't responding to texts/calls. After me calling/texting several times he replied he couldn't talk because he was at the gym but confirmed he submitted our offer and would touch base later. Shortly after that he sent us an email that the property had changed from active to pending, and that it was "too late" to do anything. 2 days later I asked him to send another offer as a backup (why didn't he offer that to begin with??) and add another $10k to the purchase price. He said he would and then half an hour later tells me the listing agent said they are no longer accepting backup offers. I am upset that we had a chance and missed it, and asked him to provide the email with our second offer for my files. After pressing him, he confesses that he never sent our second offer in because he "just about to after breakfast, but saw the status change and knew it was too late" and that submitting our second offer "wouldn't have made a difference." The seller is a flipping company who owned the house 90 days, in pretty sure adding $25k-$35k over-ask would have made a difference. If he had submitted our offer when I asked him on Friday afternoon before they entered escrow, I feel we could have had a chance. I know we could have beat every other offer. I fired that realtor and immediately hired another who submitted our new offer on backup within 30 minutes, but obviously they are in escrow with someone else and there is a slim chance that escrow will fall out. I am absolutely devastated by losing the house and utterly betrayed our realtor would make a decision for us- not submitting the offer- without our knowledge. My question is that this seems like a breech of duty of the realtor by delaying submitting our second offer and then lying to me saying that he did. I'm wondering what recourse is available to me- I saw online that I could file an ethics complaint or a lawsuit. Pros/cons? What would you do in this situation? TL;DR: my buyers agent lied about submitting my offer on a home and the sellers went with another offer, then he neglected to submit an offer on backup saying it was "too late." I am devastated by losing my dream home. Should I file complaint/sue him? [link] [comments]  |
| Posted: 30 Mar 2018 07:44 AM PDT We are about to put our house on the market in a really hot zip code in Austin (78757). We chose a realtor and will sign a contract next week. She will be both our listing and buy side agent. We know what prices are going for in our area so her listing price suggestion didn't catch us off guard. Prior to listing it or putting a "coming soon" sign, is it shady to go ahead and tell some neighbors we are selling? Some of them have scooped up other houses in the neighborhood before they hit the market. Should I disclose this to the realtor if We do so? Still want to use her in the buyside. Probably 25-75 chance we get an offer before signing a listing contract if word gets out. Inventory is crazy low. [link] [comments]  |
| [Chicago] 2 flat could be legal 3 flat Posted: 30 Mar 2018 09:53 AM PDT My parents bought a 2 flat near Midway Airport in Chicago, Illinois nearly 15 years ago. It has been a rental property since then. The house was built in I believe the 1930's, early 1940's. About 7-8 years ago from what my father told me an inspector had come by and mentioned that in the basement there was some old plumbing that gave him the suspicion that the building might be a legal 3 flat but had since went unused in that manner (pretty much gutted basement). The inspector told my father he would look into some record to see if his suspicion was true. He got back to my dad and told him he could only find "records" of someone living in there dating back to August 1957. My dad can't remember if the inspector meant someone living in the basement or in general. I'm leaning more toward living in the basement because he then told my dad that if he could find records prior to June 1957 then he could technically say it's a legal 3 flat not a 2 flat. So a few questions, since the inspector may have not looked that deeply into the issue. -Where would I go to find information about the building to see if I can find billing records or building records ? -What would indicate the "basement" being rented in those billing records if I find them ? -What is significant about June 1957, if records were found for August 1957 saying it was a 3 flat? - Where would we go to petition the city to correctly make it a 3 flat if records were found? -Is there someone professional to hire to look into the matter, some sort of investigator ? [link] [comments]  |
| [TX] New homebuying: Lender is changing terms Posted: 30 Mar 2018 07:39 AM PDT Throwaway here While rate shopping, one of the mortgage companies from Costco Financing quoted me a 3% down, 4.25 rate under HomeReady program. I was upfront with them about my income but they did not bat an eye regarding my eligibility for the program. When the loan processor sent me the Commitment letter, there was a line regarding moving to conventional mortgage as I wasnt eligible for HomeReady. I asked them about this and they replied (in email) that the processor and broker will deal with it. Now, I have received a revised term sheet which increase the down payment to 5% and interest to 4.375. Now, both of them have ticked me off. I will be okay with the higher down payment, but I am upset that the interest rate is also being increased. For reference, and I have documentary proof also, that I had 5% down, 4.25% interest rate offers that I rejected. This is also not the first time the broker has made errors or misspoke. Initially, he quoted me a $100 lower PMI rate than it was. Then, he said that the company will pull my credit again before closing and if my score increases to 740 (from 737), then my PMI will go down - there was a $60 difference per month between the two band rates. My question is, do I have any option here or do I just suck it up and count it as a learning experience. My close is on the 20th of April. We have had appraisal done and I also signed amended term sheet to get the survey done. Thanks for yur help! [link] [comments]  |
| What would a new associate at a Real Estate Private Equity be doing day to day? Posted: 30 Mar 2018 12:38 PM PDT Hey, guys I know this is a very broad question. I'm a college senior majoring in Finance. I currently intern at commercial real estate brokerage/investment company. One of my future goals is to get into private equity. I know that it is an extremely competitive field and 9/10 times they would never hire a guy right out of college, because they look for years of experience. My plan was to work in commercial real estate for a few years and get some deals done, then try to get a job at a real estate private equity. Well I have a mentor in my life who is the founder of a decently large real estate private equity (500-900MM in holdings) and he recently called me and told me he may have a job for me. I never thought he would hire me so I never expressed intrest in working for him. This is great and would give me an opportunity to get right into where my future goals are. I am very intimidated though, and I'm wondering what would a new guy at a REPE be doing? Anyone have an idea on that? Thanks [GA] [link] [comments]  |
| Posted: 30 Mar 2018 08:07 AM PDT I've got all the utilities ready to switch over into my name on closing day. Is this something the sellers should be made aware of? I would think yes, but my agent acted like why was I telling him about it. [link] [comments]  |
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