2 things. 1) Where did you find your broker for multi unit buildings? 2)How much do you trust/readjust the financials given from the seller? [NJ/NY] Real Estate |
- 2 things. 1) Where did you find your broker for multi unit buildings? 2)How much do you trust/readjust the financials given from the seller? [NJ/NY]
- 60+ Days of real estate headache Cont.
- (NY) Mortgage Rate Dilemma
- Final update on the buyer asking for 20 repairs
- Soon to be graduate looking to start out in real estate
- In process of buying a home. Lender told me lean was approved, I signed letter to lift contingency, but, later lender told me I need to provide documents I do not have
- How much equity is enough equity to get out?
- Our perfect house listed with our realtor--first time homebuyers need advice
- Can I hire a friend to help with a house flip, but only pay him after the house sells legally? [VA]
- Can I Build A 1,200 sq. ft. Home for $100K?
- Stuck in house, looking for selling advice
- Rent to Own questions
- Problem verifying continuing income.
- What to look for - first time buying a coop/condo [NYC]
- Mortgage Rate Negotiation
- Buying Rural Property - Suggestions before we commit (WA)
- Buyers & Sellers I need your help. I am wanting to add more value to my clients.
- First time buyer (MD) - A couple questions
- [Tenants, US-MO] Is this weird?
- What can I do to help my house sell? (TX)
- Carpenter bee infestation?
- Is it normal to purchase HOA bylaws/documents? [Florida]
- Keller Williams Question
- Looking to buy first home. Where do I start?
- Making maintenance easier
| Posted: 07 May 2018 09:31 PM PDT I am having trouble finding a broker. I have looked online on different brokerage sites with no luck. Also, as I think we all know, most sellers lowball their expenses. What do you do to combat this and have conservative numbers. Where do you find your comps for your expenses? Thanks. [link] [comments]  |
| 60+ Days of real estate headache Cont. Posted: 07 May 2018 11:39 PM PDT Hello folks, I'm back and my night mare still continues from the last time I shared my woes with you.```````````````````````` You can catch up here. We are located in Fresno, CA Today, Monday the 7th, should have been the day that the pest certification company comes out to the house to reinspect the repairs listed in the report. The listing agent claimed that the repairs were complete and at 9 am the pest people would be out there and should return the report by 10 since they knew we were in a hurry to complete. Well, the inspection failed. Again. The ONLY thing keeping us from closing escrow was this certification. Essentially something in the bathroom is leaking water underneath the house. And as something in the kitchen sink area is pooling water underneath the house. We were told that these leaks were "fixed" So I called my agent and asked what was happening. He said he got a hold of the seller's agent and he claimed that his son (remember, the seller and the agent are related) was over at the house making the repairs. This conversation took place at 4:30 PM. I asked my agent if we can go see and talk to the seller and ask why these issues weren't fixed properly in the first place. Well, we arrived and the house at 5:00 PM was vacant. So the seller's agent lied to us. And from the looks of it there were NO repairs to be found other than some goop placed at the shower drain to "prevent leaks." I point to the bath tub and water is flowing out of the thing where the cold water knob would be which the know was taken off for some reason. Originally when we looked a the house we noticed that the bath tub and shower fixtures and knobs were non-existent. Coincidence? I think personally think so. I have a feeling that the seller knew about the underlying problems and tried to do quick fixes and ended up making it much worse. But i'm not sure how to prove it. Anyways, we call the seller's agent and didn't answer. I suggested that we call from my iPhone because i know how to block my number. Sure enough he picked up. Talked to him and he said that he was going to try to get a hold of his son and see what was going on. We ended up finding a sign with the broker's name and number on it, so we called to complain. My agent filled the broker in on what was going on. We got a call shortly after from the seller's agent granting us permission to hire a plumber to fix the issue and that he would be willing to set money from the sale in a repair escrow account for necessary repairs. I happened to be good friends with a really good plumber and he came pretty much 15 minutes after i had called. Mind you this is about 6PM, yeah he is a really good friend. He explained to us that there could be a TON of underlying problems and once he starts working on it that a Pandora's box could be opened and more issues could be found along the way. We had him crawl under the house to take a look and from what he could see he estimated about $1500 in repairs. So my agent is currently writing up an addendum for us to sign so that we can close the house before we lose the lock on our loan. Any advice would be greatly appreciated! [link] [comments]  |
| Posted: 07 May 2018 09:10 PM PDT Hi Real Estate, The seller and I have signed the contract and the title search started last week by my lawyer. I'm currently looking for a lender to start the mortgage process. I'm in NY and the mortgage is for about $500,000. I have the following quotes from lenders in my area. As the rates are good, I want to lock the rates, but my lawyer advises against it until the appraisal and survey comes back. I'm wondering what you would do and which lender you would go with? I'm leaning towards lender A, but does the closing really take longer than 60 days in NY?
*Lender's Fees are fees on the Loan Estimate in A & B bucket. Thank you for your help! [link] [comments]  |
| Final update on the buyer asking for 20 repairs Posted: 07 May 2018 04:01 AM PDT Alright guys. We have finally reached an agreement here and since a few of you requested I update the final results here is what happened. So I decided to call the buyers bluff and tell my agent we were sticking with the three options. We meant it when we said we wouldn't accept a counter. Later that day I was talking to my dad who told me regrading the area they were referring to would be easy and wouldn't cost any money and he suggested we add that in as a gesture of good will and because that was the last remaining "technical" thing that might be giving this woman some pause. So I told my agent we'd do that too but nothing else. An hour before the deadline my agent finally texts me and says she is agreeing to the repairs we agreed to before + the grading but she still wants us to replace the microwave. After we told her TWO times to take it or leave it and not to ask for anything else AND threw her a freebie, she pushes back and asks for more. Well congratulations, lady. You just won the cheapest microwave they sell at Home Depot and I hope you're okay with a nice white microwave to go with the rest of your pretty stainless steel appliances. I did work it out so that the inspector will be the one looking over our work, not this lady. I was very clear with my agent that I did not want to be liable to deal with ANY nit picking. If the inspector says it was done right, it was done right. End of story. Other than finance related contingencies there are no more "outs" for this woman. She is now contractually obligated to buy our house as long as it appraises for what she's buying it for. She's already been preapproved for the loan. As much as I just wanted to walk away and find someone more reasonable to work with, I just tried to remember this is a financial decision. I don't want to deal with the headache of relisting the house. I don't want to delay our plans of purchasing our lot and building a house. So if that means we have to replace the microwave so we can do all that a month sooner, it's worth it. Plus now I get to screw with the aesthetics of her kitchen and teach her a very valuable lesson about making demands from sellers, especially after they've already told you no twice. Edit to add: A lot of you guys are saying this is likely not the final update. Just popping in to say I'm hoping the rest of the process goes more smoothly than this :/ We're trying to buy some land and we need to close on our home before moving forward, so we were motivated to keep from relisting. This is our second time selling a house but I honestly don't remember any communication with those buyers through out the process it was pretty straight forward. Well.... if anything else comes up I'll be sure to keep ya'll updated. And a celebratory post when we finally close which is still a little over a month away. Thanks for the good luck wishes! [link] [comments]  |
| Soon to be graduate looking to start out in real estate Posted: 07 May 2018 08:58 PM PDT Okay so clearly by the title I am a college student who is graduating in the next couple months and plan on going into real estate. I have applied for a few different positions but am mostly met with the question "are you a certified real estate broker" which I am not. I am in school in Michigan and plan on practicing in Illinois. Can anyone give recommendations to which online schools are credible, cheap, or expensive but worth the money? [link] [comments]  |
| Posted: 07 May 2018 09:31 PM PDT We have been working with a mortgage agent to secure a loan for a condo in San Francisco we put in an offer 2 weeks ago when we wired 3% of sell price to seller's title company. Today at 1PM, after we sent all the documents requested by the underwriter to our mortgage agent, he notified us that our loan is "approved". At 3PM, our real-estate agent sent me a letter to sign to lift the financing contingency on the contract, which we immediately signed. At 5pm, mortgage agent told us that even though the loan is approved, the underwriter requires a letter from my wife's employer confirming that she can work remotely full-time. We cannot provide that letter. My wife works in LA but typically commutes to San Francisco Friday-Sunday depending on whether her manager approves it. Now, the final approval is conditioned on a letter we cannot provide while we have already lifted the financing contingency on the contract. I just talked to the mortgage agent and he said he has talked to his manager and agreed that she instead provide a self-signed letter stating that she works remotely full-time and occasionally commutes to LA (which is a lie). We pushed back and said she will only sign a letter that states the facts about her current commute situation. We are not sure if the underwriter will like the letter though. I already scheduled a talk with a real-estate attorney tomorrow. In the meantime, though, we are very worried that in case we cannot resolve my wife's residence issue with the underwriter, we might never get back the 3% we paid given that the financial contingency is already lifted. If we lose the 3%, I am not sure who we can legally blame for what happened. Is it my mortgage agent's fault that gave us the wrong information about our mortgage approval? Or is it my real-estate agent's fault because he failed to put our interest first before sending us the letter to lift the contingency? Any [link] [comments]  |
| How much equity is enough equity to get out? Posted: 07 May 2018 12:31 PM PDT My wife and I bought a home 1.5 years ago and are considering selling to move elsewhere for a job opportunity potentially in the next year. I remember hearing you usually want to live in a home 7 years before selling but I know that isn't always the case. For instance, we've been paying extra on our mortgage each month to help pay down the principal faster. If we were to do this today, we believe our current home could sell for a value that would give us between $24k-$35k equity. Given the costs of selling a home (Say maybe 6% of home value? Maybe some closing costs to cover as well?) and the costs of purchasing a home, we'd be in a position that I know is ill-advised with PMI but I'm trying to get an idea of what we should be shooting for as a good time to move. Still a lot of factors for us to consider but we figure we should start thinking about it now if we really want to pursue this opportunity to ensure we are focusing our money in the right places. We are currently living in Iowa and the market has been pretty hot for sellers lately it seems. Looking to move to a smaller town outside of the twin cities (well enough outside to not really be a suburb). [link] [comments]  |
| Our perfect house listed with our realtor--first time homebuyers need advice Posted: 07 May 2018 09:06 PM PDT I'm hoping to get advice about my husband and I buying our first home. We've been looking for a couple months with our realtor, and the place we found today is THE one. We are a little concerned though because it happens to be listed with the agent we've been using, and everything we've read is that buyers should beware a single-agent/dual agent situation. But we appreciate everything she's done for us and it would seem unfair to drop her and take on a different realtor for the house we buy. What would you do in this situation? I'm leaning towards staying with her, but I'm not sure how to make sure we still have a bargaining chip. As a bonus question, our realtor said when we write an offer letter together that I'll need to decide who I will ask to pay closing costs. We are in a small-town California market and I think there will be multiple offers at or near asking price when it opens up at the end of the week. We don't want to miss out on this awesome deal of a house, but we also don't have a ton of cash for closing costs. Do I risk losing the house if I start off asking seller to pay all closing costs? I know there's no way to give perfect advice but I really could use even some general imaginary advice! Give me what you got! [link] [comments]  |
| Can I hire a friend to help with a house flip, but only pay him after the house sells legally? [VA] Posted: 07 May 2018 08:29 PM PDT I have a property that I purchased and I'm currently in the middle of remodeling. The problem is it's taking much longer than I anticipated and the help I was supposed to have is not there (originally my mom was going to help out but is far too busy now with her business, and my grandfather just hit a shit load of health issues). So I thought about maybe hiring a friend or two to speed up the process, however, I don't have the money to pay them right now. Has anyone ever hired someone and had a contract where you kept track of their hours, then paid them once the property sold, or perhaps even a percentage of the profits? Or anything similar? I'm getting burnt out doing this on my own so I'm getting a little desperate. This is my first flip so maybe even if anyone has any other ideas I'd appreciate it. [link] [comments]  |
| Can I Build A 1,200 sq. ft. Home for $100K? Posted: 07 May 2018 07:35 AM PDT My budget is $100K. I have 1 acre that was given to me for FREE. It's in a rural area. I would like a 3/2, 1,200 sq ft home. This is fairly small in my opinion but I don't want a large home. The location is Florida. Can anyone give me any ideas or estimates on if this can be achieved? I'm assuming having the free land will knock the price down significantly. The home would be a standard cottage style home. Maybe 2-Story. I would be hiring a local builder to do it. Thanks in advance! [link] [comments]  |
| Stuck in house, looking for selling advice Posted: 07 May 2018 04:11 PM PDT I've been in my home for about five years. When I first moved in I was in a relationship that I thought was going to last, but it didn't. The last four years I have been able to afford all of my regular bills, but on just one income I have not been able to do much with the house or even grow a savings. I am a single parent of a teenage daughter and I feel like I need to get out of the house before it eats up any last chance of me getting a even a small college fund set up for her. The house isn't in the worst shape ever, but the foundation is going to need some attention from someone who can afford to fix it. I have about 20k in equity if it matters. Tldr; House is too big and too costly for a dad and his daughter. Broke-ass Wisconsin guy needs to sell but can't afford many fix-ups. [link] [comments]  |
| Posted: 07 May 2018 01:31 PM PDT Location: MT We purchased our house (3bed/2ba +1 acres) in rural MT Jan-2017. Now our situation has changed and we're moving to a different state for work. (no relocation benefits) I've had the house advertised for sale by owner with minimal interest, so we were just going to rent it out starting July-2018. But I was hesitant since we'll be out of state landlords and there are no property managers in the area. (I've called around) I was approached by a local couple that would like to rent to own and thought this maybe an option since they'll have the responsibility for maintenance/upkeep. This is the current situation: Current principal $129,865.85 Interest rate 4.5%, 30 yrs Included in payment is insurance $1657.00/yr, property tax $538 and PMI $91.60 (FHA loan) (house appraised for $170,000 when we purchased) Total monthly payment $971.73 I'm thinking I should offer them a lease with purchase requirement (not option to purchase) for say $160,000. The monthly amount paid would be $1,300 and the extra $300 paid each month is a payment towards their down payment. So essentially, they are paying down the house principal each month instead of a big down payment at closing. If I give them a lease for 2-3 years for them to get better credit position, then they should be able to get a mortgage easier. So after 3 years of payment the monthly payment + $300 this is what it will look like: Future principal $111,012.64 Down payment already applied to mortgage $10,800.00 Purchase price $149,200 (160,000-10,800) They would get a mortgage for the $149,200 and we would net $38,188 (149,200-111,012) Is the down payment assumption correct? How does that work in the closing process? [link] [comments]  |
| Problem verifying continuing income. Posted: 07 May 2018 11:10 AM PDT I am a veteran receiving 100% VA disability and SSDI as my only income. My husband is active duty military with 10 years of service. We are in escrow and the lender has requested proof that I will receive my disability for at least 3 years. I am not permanent and total and I never got anything stating that there is an end date in sight for my payments. Has anyone navigated this issue? Why do I have to provide proof when other people can get fired at anytime without notice. We are very well qualified but I feel like this is the last hurdle to jump. [link] [comments]  |
| What to look for - first time buying a coop/condo [NYC] Posted: 07 May 2018 12:37 PM PDT We recently bought one of the worst maintained 1-family homes in nyc, with shortcuts taken everywhere during renovations/extensions, asbestos tiles, leaks, and a recent termite problem. I fixed a ton of these issues on my own and contracted out a lot of the major work. I'm very confident on what to look out for on another house, but now we are looking to buy an apartment and I heard this was a completely different animal - Building Financials, Board meeting minutes, neighbors, Fees, rules, etc. What are some things you wish you knew before buying your first apartment? [link] [comments]  |
| Posted: 07 May 2018 09:46 AM PDT I am reading a lot about negotiating a mortgage rate, but I am kind of confused about what is actually negotiable about it. Is it the rate itself or is it the closing costs? I have gotten three different quotes, all of which are within .25% of each other for APR and closing costs within $1000 of each other. The only real difference I see in the monthly rates are the Hazard insurance. These range from $30-150. Where do I approach the negotiation from? Edit: Location is Washington D.C. [link] [comments]  |
| Buying Rural Property - Suggestions before we commit (WA) Posted: 07 May 2018 05:32 PM PDT I've always lived in/near the city, but my wife and I are looking towards retirement, and we found some 80+ acre rural properties that we like. I've bought a few houses before, but always in a city. The places we're looking at have houses and some other accessory structures. All have electricity, water wells, septic, road access, and water rights to a seasonal stream. We're looking at paying cash. We have no intention of turning the places into working farms except maybe for some fun. One of the properties has 50 acres of timber - some might be marketable pine. One property has 2 houses - one that's super old and might turn into a nice air bnb destination. One property has a historic barn that might be a nice wedding venue. What sort of things should we be looking at and what sort of questions should we be asking? The only things that come to mind are title insurance and surveys. What else is important that we're missing? [link] [comments]  |
| Buyers & Sellers I need your help. I am wanting to add more value to my clients. Posted: 07 May 2018 12:36 PM PDT Thank you for taking the time to read my post. I'm a realtor and I'm always trying to figure out how I can provide more value to my clients. I don't want my clients to have an average or even good experience. Im always wanting great experience to the point of them recommending me to their friends and family. I believe if you give more you get more. So I'm always looking to give value. So I would like to ask the buyers and sellers (even agents are welcome to give tips) of reddit for help on how I can improve. My questions are: what do you wish your agents did? What could they have done better? Also, What do you wish your agents didn't do? What other suggestions do you have? Thank you All in advance. 🙏 [link] [comments]  |
| First time buyer (MD) - A couple questions Posted: 07 May 2018 04:19 PM PDT Hi all, I've been lurking on here for about a year, and have picked up tons of good info in that time. I'm beginning to more seriously considered purchasing my first home, and I wanted some feedback based on my situation. I'm in my late 20's, stable job, decent credit. I paid off my car last year, and I'm still chipping away at my student loans. I have an inheritance that's basically been my "nest egg" and ultimately meant to help me buy a home. I plan on using part of this for my downpayment, ideally 20% or so. Currently, I'm most curious about how long the whole home buying process would take for a first timer? I'm looking mostly at townhomes at $300k or less, and my plan is to live there for at most 10 years. From reading I've done, it seems like the loan procedure is what could take the longest of the whole process. I've been browsing the usual online sites for some potential locations (obviously taking the listings with a grain of salt until I see them in person), but I don't have any must haves for what I'm looking for. I'm very familiar with the areas too, so to put it simply I'm looking for my next step up in a home that's something I'm not just throwing money into without it going towards something. My lease is due up soon, which is why I'm interesting in seeing what general timeframe others have experienced. I'm in a spot where I'm considering re-upping my lease for potentially another year, or trying to make it through the buying process in the time I have left. I'm leaning towards renewing my lease, but I figured I'd see what others had to say! Thanks! [link] [comments]  |
| [Tenants, US-MO] Is this weird? Posted: 07 May 2018 04:17 PM PDT xposted in r/Landlords, we live in Missouri. Hi all, Sorry if this should go on another thread. I'm currently looking for a new place to rent with my boyfriend. We found an ad on Craigslist for a 3 bedroom 2 bath house and the guy who we've been emailing is currently gone for the next 4-5 years doing volunteer work and whatever. He only wants a deposit of $750 which is first months rent. The only reason I don't think it's a scam is because he's not asking for first month, last month, and deposit. The rent for the house also includes all utilities and phone/internet/cable. We've only talked via email, he doesn't have anyone looking after the house so we can't see the inside (red flag?). The pictures of the inside looking amazing, if they're real. He also doesn't care about pets which is awesome for us since we have two medium sized dogs. I just don't know how unusal this is, or if this could be standard if you don't have a company taking care of it for you. Thanks in advance for any input. [link] [comments]  |
| What can I do to help my house sell? (TX) Posted: 07 May 2018 11:51 AM PDT I just wanted to professional advice on if an open house is worth it or not, if it regularly costs more to do one, etc. My realtor is so cryptic in her messages that it I'm not getting any answers (family friend... so I can't just dump her). Any advice? Just FYI we are not living in the house. It's vacant, cleaned up, prettied up, etc. We spent 4 months remodeling so it's good to go on that front. [link] [comments]  |
| Posted: 07 May 2018 03:22 PM PDT We're in Texas. Seller put previous termite infestation and treatment in disclosures. Termite inspection revealed no evidence infestation or professional treatment. We asked seller for clarification/documentation. None was provided. Last day of option period, and they say there was no termite problem, it was carpenter bees. We want to move forward on contract, but do we have any recourse down the line if there are problems from these carpenter bees? The inspection didn't indicate any issues, and now we're out of time to call anyone else out. What should we look for? [link] [comments]  |
| Is it normal to purchase HOA bylaws/documents? [Florida] Posted: 07 May 2018 11:19 AM PDT I am a first time home buyer looking to purchase a condo. I found a townhouse that I am really interested in however I was to review the HOA bylaws, CC&R, and budget before I make an offer. My realtor informed me that the information is available on HomeWiseDocs.com however I would need to pay a fee for each document. The total cost for the HOA Questionnaire, Annual Financials, Bylaws, CC&R, Articles of Incorporation, and Budget documents total about $280. Is this normal to require potential buyers to purchase the HOA documents if they would like to see it? I'm worried if I purchase the documents and I learn information that I don't agree with, that I would be out $280. What if I don't end up putting an offer on the home? What should I do? [link] [comments]  |
| Posted: 07 May 2018 10:32 AM PDT I know about the scripts that Keller Williams provides for leadgen and the emphasis on morning calls but, for the expired listings, how do the realtors get the phone numbers? It seems like they are able to regularly beat me to the punch on expireds, especially when the owner's phone number isn't listed in MLS. [link] [comments]  |
| Looking to buy first home. Where do I start? Posted: 07 May 2018 01:52 PM PDT The house I am interested in is located in a small town in South Dakota. I currently live in California and the plan is to buy the house (my brother and I), fix it up, and rent it. The house is a single family 4 beds/2 baths built in 1919. The description does say "restoration lovers dream" so I know the house needs some work done but don't know exactly how much. I have been to that town several times because I have family that live there. It is a small quiet town. The median listing price for the town is $155k. How can I get the best price for this property? The house was sold back in April of 07 for $79k, again in December of 17 for $75k. Listed for sale in March of this year for $45k, then the price went down to $39k in April, and now at 34k. I have never bought a house before so I do not know much about this. [link] [comments]  |
| Posted: 07 May 2018 01:51 PM PDT [CA] Looking for tips from landlords that manage their own properties, but don't do any maintenance work themselves. Do you use any software or services that make maintenance easier? For example, something that lets you track maintenance that still needs to be done? Something that helps with emergency maintenance so that tenants aren't calling in the middle of the night? Easy ways to get work scheduled between my tenants and handymen? Etc. [link] [comments]  |
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