Buying my first home, but I Think I’m Seeing Red Flags. Am I Being Neurotic? [upstate ny] Real Estate |
- Buying my first home, but I Think I’m Seeing Red Flags. Am I Being Neurotic? [upstate ny]
- I live in Denver, CO where rent and mortgage are nearly identical, is it wise for me to proceed with purchasing?
- [NC] Do I need a lawyer to add contingencies to a purchase offer?
- Seller disclosure - NJ
- Best way to get real estate license in CA?
- 1.5%/1.5% commission question
- Is my Ex who is a broker committing a crime?
- PA: FSBO contract from buyers agent
- How to make our offer more appealing?
- 30k saved. No current income. Full time student.
- What are some cities in the US worth looking at to purchase rental income property? How would you go about researching this?
- [WA] My mother and I could use some of your expertise
- Need advice. Looking to buy with a contingency.
- How hard is it to get a house demolished and rebuilt?
- Neighbor listed right before we were going to list
- I Would Like To Buy Your House And Close Quickly.
- what happens if a building gets damaged during escrow? (WA)
- Question about Appraisal District
- Backyard that backs up to a ditch and forest beyond versus another neighbor
- {Virginia} Home Insurance
- Sellers got petty and we're just now noticing the level of it all...
- Does it make a difference is a judgment is Satisfied or Partially Satisfied at a Sheriff's sale?
- Reading materials
- Selling All Stucco House (Northeast)
| Buying my first home, but I Think I’m Seeing Red Flags. Am I Being Neurotic? [upstate ny] Posted: 01 May 2018 05:44 PM PDT Some background on what's happened so far... My wife and I are under contract on what will be our first home in upstate New York. Our combined income is about 90k and the offer was for $229K. It's in the upper end of what we wanted to spend. We're putting 5% down. We went to the open house loved it and put in an offer. The first red flag was that the sellers agent contacted my agent and said they had another offer and they submitted a personal statement with their offer and they wanted one from us. So I write something up and send it along and that night we get word that they accepted the offer. Then they call and say "we didn't think the house would sell this fast. Can we do a lease back for the month of June. We're coming from an apartment with a flexible move out date so we say sure. We schedule an inspection for the upcoming Tuesday. Late that Monday they say the owner is sick so they need to push back by a full week. Ok, people get sick. That's fine. So the inspection happens and there's a lot of little stuff which I expected, the house is 60 years old. So some plumbing should be updated, water heater is old, stuff I knew it expected. Then the inspector hits the basement. First thing he finds is mold, in the ceiling. It's all over the place. There was a tarp on the floor with their packed belongings on top. I had moved some at the open house and it looks good. The inspector is suspicious so we move the tarp back and the title floor is a mess. Cracked and peeling. The uncovered area was just fine though. So turns out the floor is asbestos tile and because it's damaged it's gotta come up. So my realtor notifys the seller that some major defects came up on the inspection. The first thing they say is "yeah we knew about the floor and we already made arrangements for it to be taken up after we move out, and that they will only pull up the tile, not take up the glue or do anything else but if the Buyer wants to do it we will give him $500 and our lawnmower which hasn't been turned on in a few years and may not work." From what I can tell the tile removal and sealing of the floor would be $1500-2000. So I counter that and say we want the floor taken out and the floor sealed an we want an amount in escrow as a guarantee that the job gets done, since they are moving out a month after closing. Then the full report comes back and the inspector saw some issues in the roof, specifically some issues with the flashing and exposed nails and notes that the shingles was improperly installed. He estimated it was 15 years into a 20 yr 3 tab roof. So I checked the disclosure form where they noted it as 10 years into a 30 year architectural shingle. So I ask for documentation on the roof and they say they have none. We get the mold assessment done and they recommend that it be treated on some exposed beams and in the partially finished area all the drywall has to come up in the walls and ceiling. Sellers first response is that they will only remove the Sheetrock and won't replace it. They're currently getting estimates. So now I'm looking at roof issues, what I thought was a partially finished basement isn't now. I'm leaning towards eating the cost of the inspections and walking away, but am I overreacting to what is normal with an older house? [link] [comments]  |
| Posted: 01 May 2018 09:36 AM PDT Income is $51k, single, have $30k saved up and I want to live here for a long time but I want to make the smart decision between renting and buying. I've been pre-approved with a lender for 5% down-conventional, 4.8% apr, looking in the $240k price range. My estimated mortgage on places I'm considering are about $1600-$1700/month with HOA, taxes, insurances all accounted for. And that's what I split with a roommate at the moment in a 2bed/2bath. Looking at the numbers the amount of interest is terrifying, but is owning a better financial decision than renting in my case? EDIT: Of course my agent/lender are saying it's wise, but I'm looking for an unbiased opinion. [link] [comments]  |
| [NC] Do I need a lawyer to add contingencies to a purchase offer? Posted: 02 May 2018 03:39 AM PDT My wife and I are first time homebuyers, and new to the Tar heel state (North Carolina) within the last two years. We've been looking for houses for quite some time, and recently went to see one with a realtor from Redfin. We liked the house more than many others we've sifted through, and asked our realtor to send us a sample offer contract to review as we decided whether to put in an offer on this house. After briefly reviewing the sample contract (Standard Form 2-T/NC Bar Association/NC Association of Realtors), it became clear that it does not include typical contingencies that I'd want included as a buyer (and especially so as a first time buyer). My question is simple: Do I need to have a lawyer review this form and add contingencies that are customized to our offer prior to presenting the offer to the seller? Or is this something that our buyer's agent can or should handle for us. I wouldn't be interested in adding anything out of the ordinary if that helps, just standard contingencies for financing, home inspection, home appraisal, clear title, and homeowner's insurance. Thanks in advance for your help, /r/RealEstate! [link] [comments]  |
| Posted: 02 May 2018 03:09 AM PDT Hey all - how severe does an issue need to be for a seller to disclose an issue? Reason being, Mather has found ever so slight amount of water seepage in his basement after years of living there. There aren't any foundation, structural or mold issues, just a few spots of water seeping through. Just don't want him to get caught off guard when selling his house. [link] [comments]  |
| Best way to get real estate license in CA? Posted: 01 May 2018 12:31 PM PDT Hi all! After a bunch of research lately I've decided I'd like to start investing in real estate ASAP. That being said, I currently lack the reliable income and savings required to move forward with an initial investment. That's where me becoming a real estate agent comes in. I know it's by no means guaranteed income, but I believe I have what it takes to acquire the skills necessary to carve out some space in this active market while gaining invaluable experience about real estate along the way. I'm currently living in San Jose CA with some friends basically rent free, so I can afford to make getting my license my full time job if need be, although I'd ideally like to start doing a ride share job to maximize my income during any free time. How can I get my license as soon as possible while also putting myself in the best position to succeed? Thanks for your time and advice in advance, Tony :) [link] [comments]  |
| Posted: 01 May 2018 10:53 PM PDT Without going too much into the background, I signed a contract with my seller agent that I'd pay 1.5 and 1.5 commission to each side, equalling 3% instead of the "normal" 6%. I have a weird situation with a land trust. Basically I have to sell to someone who is in the trust already or someone who qualifies to be in the trust (low income). If a buyer comes in from the trust and their agent sees it's 1.5%, and the buyer and their agent already have an agreement to have a 3% commission, what happens to the buyer? Do they make up the difference? Can the agent say "nevermind about the contract we had, I'll redo it for 1.5%"? Is that likely? What happens if the buyer doesn't wanna make up the difference and the agent doesn't want to lower to 1.5%? [link] [comments]  |
| Is my Ex who is a broker committing a crime? Posted: 01 May 2018 10:48 PM PDT Technically my fiancé's ex. It appears that he has profits from deals he is involved in go through his adult aged daughter, most likely to avoid taxes, to avoid child support etc etc. He has his business in CA. Is he committing a crime? Would the IRS be interested in this information? Will a forensic accountant discover this in the process of doing a regular analysis? Any insight would be very helpful! Trying to wrap my head around this issue. Thx so much!!! [link] [comments]  |
| PA: FSBO contract from buyers agent Posted: 01 May 2018 04:08 PM PDT Hello, I received a good offer on my house and after a few counters we accepted verbally. Their realtor used the standard agreement for the sale of real estate. Do I really need a lawyer to verify things. I've read the small print, read the contingies, understand the commision and the amount of seller assist I will be paying. My only concern is something in there is trying to hurt me but I don't feel that way. I want to protect myself. It is not about the money. My problem no lawyer can see me in the next 24 hours to review the contract. I've called many and sent emails haven't gotten anything. I've compared the contract i received to the one I put on the house an the only difference is they have a longer contingency period 20 days vs 10 but i think this might have to do with the VA Loan? [link] [comments]  |
| How to make our offer more appealing? Posted: 01 May 2018 02:23 PM PDT My husband and I are first time home buyers and have found a home we really like in Georgetown, TX. When we put in an offer on Monday the home had been in the market for 10 days. It started priced at 225k and was changed to 220k after 7 days on the market. We are willing to pay 220k but went in at the top of our planned budget, 215k, and I also wrote up an offer letter. They told us today they got another offer and will be sending over paperwork tonight so we can put in our best and final offer with a decision being made tomorrow. Are there any tips for how to make our offer more appealing without making our mortgage more expensive? [link] [comments]  |
| 30k saved. No current income. Full time student. Posted: 01 May 2018 09:30 PM PDT I worked for 2 years out of college and saved 30k. I just started a full time doctorate program, and had to quit my job because the time commitment. I've taken out 32k in student loans. My credit score is 750. I want to buy a 2-4 unit multifamily home, and be an owner occupant. I plan to use an FHA loan (No larger than 10k down), and have tenant's rent payments more than cover all fixed expenses; taking into account possible repairs and vacancies. Would a lender be willing to finance someone in my position? Is this a viable option? I currently pay $900 a month in rent. With 32 months of school left, the option of buying now and building equity while living for free (ideally) seems like a better option. Located in Ohio. [link] [comments]  |
| Posted: 01 May 2018 08:18 PM PDT |
| [WA] My mother and I could use some of your expertise Posted: 01 May 2018 12:30 PM PDT Not sure if this is the right subreddit to ask for this kind of advice but I know you guys know your stuff and I'm not sure where else to turn I'm going to try to make this as short as possible but I'll provide as much information as I can if any more is needed. A decade or so ago my parents and I lived in Pierce County, WA, in a house that came with an acre of land. After my dad found a new job in a different state, he decided to sell the house but keep the land. Not sure what his plans were for it, but he has been paying the taxes and everything ever since. Unfortunately, he passed away in 2013 from an unexpected heart problem. Overwhelmed with everything that she had to deal with, my mother simply payed the taxes and decided that she would deal with the land when there was time to figure out what to do with it. When this time came, she tried to sell it with a realtor that was recommended to her by her lawyer, but after a lot of back and forth discussion (and an inspection by an engineer) we were told that it would be impossible to build anything on it due to the slope of the lot. It is 1 acre that sits behind several houses and is not connected to the main road as far as I can tell. I am not familiar with how any of this works but I believe the term that was used was "landslide capable 100%". Tried to sell it to the owner of the house that sits right in front of it but he is aware of its low value and offered next to nothing for it before withdrawing his offer completely. Because of this, the realtor that we were involved with said it would be essentially unsellable and that our best bet would be to stop paying the taxes and "let it go into foreclosure". That was originally what my mother decided to do until random letters started coming in the mail from different investment agencies offering to buy the land. This made us question the validity of what we were told, but we assumed that the agencies must not be aware of the current state of the lot. I thought about calling a different realtor and getting a second, updated opinion since there has been more developments in the area since this whole thing happened, but I figured I would seek advice from you guys before I go down that road. I am there are some details that I missed but basically I am having second thoughts about whether or not allowing it to go into foreclosure is the best option for us at this point. If you have any advice I would greatly appreciate it. TL;DR: Own land that was purchased sometime in the 90s, is currently in an unbuildable area and the only advice I got was to allow it to go into foreclosure. Unsure whether or not this is the best possible course of action or if I should go get a second opinion from a different realtor/engineer. Any advice is appreciated [link] [comments]  |
| Need advice. Looking to buy with a contingency. Posted: 01 May 2018 08:00 PM PDT To begin, we own a house in Texas, It's in great shape, only 7 years old and great curb appeal. 1,800 sq ft. We're a family of 4 and just need more space. Theres a house we want that would be perfect for us and our budget. Seller did want $330k for it this past Saturday. Just went on the market today and the seller jumped it to $339k. We've been in talks with this guy and his realtor buddy and I do mean "buddy". Even showed us his house. Seller is a builder and lives in the house while he completes his next build. It's a great house, we dig it, they know it as well. We're motivated to get this done. He builds and his buddy sells it. No big deal right? We sent them an offer with a contingency for 60 day leniency so we could sell our house. Our first offer was for $320k, expecting them to counter. They declined and ceased negotiations until we listed with a realtor. We were planning on "for sale by owner" to sell our house. Hence the ceased negotiations until we list. The thing is, houses in this town go quick. Don't really need a realtor to sell here. Just FB post and word of mouth and you're golden. Neighbors across the street sold and weren't even looking to sell. So, I was thinking that was a ploy for us to use his buddy to list for us. Could be wrong, but, what do I know... Anyway, this whole process just stinks to high heaven of greed and good ol boy back scratcher action. Seller has been known to not budge at all on his counters. Also, since the house is being "lived in" they don't consider it "new" construction. Even though they've only been in it for a few weeks. So no warranty for the buyer. I'm confident we can sell our house and get within a range of what we want. So I guess my quarrel is, has he possibly had a bad experience with a contingency before? I get that he could just as easily sell his house without a contingency to someone else. But, why be a dick about it? Why force us to list before he even resumes talks? I understand that waiting for someone to sell their house before they can buy mine is a pain in the ass and could be time consuming. But what if he doesn't get any bites and the same could be said about selling ours. Also, is he obligated to not accept contracts while we have a contingency? How did our contingency turn into his contingency? [link] [comments]  |
| How hard is it to get a house demolished and rebuilt? Posted: 01 May 2018 07:58 PM PDT We have found a house in the perfect location. But it is in sick bad condition that it would probably be cheaper to knock it down and rebuild than it would be to fix it. Is this something resonable to consider? What all would be involved? Location: Downtown Indianapolis, IN [link] [comments]  |
| Neighbor listed right before we were going to list Posted: 01 May 2018 11:43 AM PDT Our next door neighbor put their property on the market right before us. It is a townhouse and we share a wall. We happen to recently renovate our kitchens a year apart as well. Our kitchen has higher end finishes and features that theirs doesn't but besides that the properties are basically identical. After speaking with our neighbor we know that neither of us are forced to move and will not accept lowball offers. However, we would really like to move in a few months, if we can get a buyer. We have a realtor but would like to hear prospectives from others about how to price our property to achieve asking price. Our market currently has low inventory. [link] [comments]  |
| I Would Like To Buy Your House And Close Quickly. Posted: 01 May 2018 06:58 PM PDT I received a letter addressed to me, homeowner, with the message "I would like to buy your house and close quickly." Attached was a phone number. Tennessee. How should I proceed? Edit: This was a handwritten letter from a notepad that also included a regional phone number. And it was posted. Edit 2: This individual is a licensed realtor. [link] [comments]  |
| what happens if a building gets damaged during escrow? (WA) Posted: 01 May 2018 03:02 PM PDT If according to mutual acceptance agreement seller does not guarantee that the home will be in the same condition it is in at mutual acceptance, then what happens if a tree falls on the house before closing but after inspection contingency? Obviously buyer could walk away but would they lose their earnest money? Is there a window of time when the buyer assumes risk to the house before closing? Anyone have any stories of having problems with this? [link] [comments]  |
| Question about Appraisal District Posted: 01 May 2018 06:13 PM PDT In my area, there are a few landowners looking to sell some property that can only be reached via mail. Is it unethical to use the county's Appraisal District records to find a mailing address to contact them? Edit: location is West Texas [link] [comments]  |
| Backyard that backs up to a ditch and forest beyond versus another neighbor Posted: 01 May 2018 05:54 PM PDT I have the option between two lots, where one house would have no backyard neighbor, it backs up to a ditch and then past that it is shrubs and trees. I'm concerned about potential snakes and other things creeping into my backyard, especially if I get a dog. My other option is having a backyard neighbor, which would be potentially less peaceful. Thoughts? Edit: Houston suburbs [link] [comments]  |
| Posted: 01 May 2018 05:16 PM PDT I am within my 60 day window of closing on my first home, a new construction townhouse. I am currently insured with Geico for my car insurance, but highly considering switching to State Farm and combining home/auto. I sat with a local agent today to do a quote. Can the SME in take a look at the quote and recommend anything I should consider including for the home part? Home price is $260K insurance quote Edit:location added/updated quote [link] [comments]  |
| Sellers got petty and we're just now noticing the level of it all... Posted: 01 May 2018 04:35 PM PDT Hello! I'm located in IL and we just bought a house! After back and forth with the sellers ("we're accepting all offers... But also don't offer anything if its not asking price") and having them repair/replace wiring in the house- we finally got everything closed on and we moved in and wow we couldn't have been happier!! Until things started happening, because- y'know, that's always how it goes!! First the pipes hadn't been flushed out- everything backed up when the washing machine drained- but, whatever, we got it unclogged and the plumbers told us that the seller should have probably done that before even listing it. but- again, whatever. But, now we're discovering something else! In the inspection, it stated that some of the three pronged outlets in the house weren't grounded- the options the inspector gave were: Ground them, label the ungrounded ones , or replace with two pronged. Aaaand guess which one the sellers chose. But it wasn't just the ones that didn't matter. Oh no- they replaced all the appliance outlets with two pronged plugins. Fridge? Check. Air conditioner (Built into the wall. Something THEY installed) check. Washing machine? CHECK. Ugh- I'm guessing there's nothing we can do about this aside from bite the bullet and have an electrician come out- is there? Our fault for not noticing during the final walk through and all that jazz? [link] [comments]  |
| Does it make a difference is a judgment is Satisfied or Partially Satisfied at a Sheriff's sale? Posted: 01 May 2018 04:09 PM PDT I've been reviewing Sheriff's Sales for foreclosed properties in my area. After something sells, the winning bid is posted on-line with a note indicating if the judgment was "satisfied" or "partially satisfied." But, if there was a winning bidder--but the judgment was only partially satisfied--is the buyer expected to pay more than the winning bid to that creditor? (I understand there could be other liens from other parties--over and above the judgement for which it's being auctioned. I'm just asking if one could place a winning bid for the MAIN lien and be expected to pay the MAIN creditor more than the winning bid amount.) Thanks! [link] [comments]  |
| Posted: 01 May 2018 08:22 AM PDT 24YO interested in real estate once student loans are paid off. What daily reading material do you investors digest and recommend? I see the recommended readings on the side bar for books but was more focused on news papers and podcasts. Any suggestions are appreciated. I currently read the WSJ and the morning brew. Cheers, Edit 1: In Washington D.C but not exclusivity considering property here. [link] [comments]  |
| Selling All Stucco House (Northeast) Posted: 01 May 2018 02:12 PM PDT House was built in 1993, looking to sell now. We had an inspector come out to look at the condition and it was not good news because of water damage. Looking at around $30,000+ to remediate all of the issues including Chimney damage, adding Kickout Flashing, windows/doors. Is it worth putting the money in, then selling, or am I better off going to market and negotiating during the sale? Anyone with experience or help would be greatly appreciated. [link] [comments]  |
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