Bought for $140k, sold for $1.5m. Real Estate |
- Bought for $140k, sold for $1.5m.
- Is it just a shady common practice to leave old listings up?
- Is it possible to make a livable income your first year as a real estate agent?
- Appraising a house that doesn't exist?
- What's the lowdown on Redfin from the buyer side?
- [US-IN] Request: Looking into buying a commercial property and there's a HUGE difference between fence and property lines (link to image in description).
- Adding spouse to title?
- Question about Mortgages and marriage (TX)
- [Ohio] Best way to purchase 2 separate, joined units as a not married couple and want to get best deal
- Selling Home and unexpected inspection $$ (Looking for advice)
- [Landlord USA-UT] 1031 Exchange - Can proceeds be used to pay the mortgage on a second investment property?
- At what point a real estate agent is hired?
- Building a deck on a townhouse without one... much value in it?
- What CRM are you using and what features does it lack?
- Can lender appointed appraiser put personal bias into the appraisal report? How are the reports created?
- Searching for a house based on the surrounding values
- Questions about taxes
- Real Estate Attorney Fees
- Appraisal Field Review: What pressure does the field reviewer face?
- Seeking mentor/advice on Rental Property
- Lender increased the Loan Origination Fee because of rising interest rates
| Bought for $140k, sold for $1.5m. Posted: 08 Jun 2018 06:20 PM PDT [DC] I have a close relative who recently sold their primary residence in Arlington, VA for $1.5m, after receiving multiple competing offers. I found out they bought their house in 1999 for $135k. They did some minor renovations over the years but the house is the same house, built a long time ago (well built). My question: how do I find a housing market that will appreciate even just a fraction of this amount over the next 20 years. I know this is a very dumb question, but I'm just astounded that some people can make over a million $ profit on their primary residence just by living in the right neighborhood. Are there any places like that left in the country? [link] [comments]  |
| Is it just a shady common practice to leave old listings up? Posted: 08 Jun 2018 11:28 PM PDT I'm looking to buy my first home and, after searching through hundreds of listings and narrowing things down to about a dozen serious candidates, literally every single one I've inquired about so far either has an accepted offer or is already sold. Zillow is practically useless because of this and Realtor.com isn't any better because "active offer" is where the updates - if any - stop. This is incredibly frustrating and shady. Is it common everywhere or are the realtors in our area particularly bad? Realtors who participate in this subreddit and intentionally misrepresent their listings by leaving them up... why? Thanks. [link] [comments]  |
| Is it possible to make a livable income your first year as a real estate agent? Posted: 08 Jun 2018 06:51 PM PDT |
| Appraising a house that doesn't exist? Posted: 08 Jun 2018 08:47 AM PDT First of all, I wanted to say thanks to this community for all the advice, answers, and tips provided to us in the last 6 months. To say we couldn't have gotten this far without you would be an understatement. This will be a follow-up post to a post I made last week: https://www.reddit.com/r/RealEstate/comments/8ndfc9/building_a_home_and_just_lost_a_bunch_of_square/?st=ji648mc5&sh=dcee3d84 So there is one house that does exist and one that doesn't. The house that doesn't exist is the one that our general contractor agreed to build us 6 months ago when we signed a contract with him. It is a 1500 square foot, 3-bedroom house with an unfinished basement. The house that does exist is a >1300 square foot house that is 85% finished. This house has a smaller master bedroom, a smaller second bedroom, and a third bedroom that is 10 x 9, and can no longer be used as a bedroom. Since I last posted and we brought this to our contractors attention he has said that he is done working for us and is quitting and not giving us any compensation. We have hired a lawyer, who will file a breach of contract motion in the coming days. She has advised us to get an appraiser to determine the difference in value between the house in our plans and the house that has actually been built. This has deemed to be a difficult task. Yesterday afternoon we called 20 appraisers in our area. 19 out of 20 said they couldn't appraise an unfinished house and compare it against a non-existent house. The other guy said maybe. It seems like we're running out of resources and it might not be possible for someone in our area to come out and give us an exact amount on damages that we should be collecting. Does anyone have any idea what to do here? It seems to me that the bank's appraiser, who appraised the "non-existent" house would be able to appraise this one just by looking at a piece of paper and making some calculations. We have called them and are getting the run around about getting our hands on the first appraisal and the name of the company that appraised it to begin with. Is there anyone else that we could hire to do this for us? Since all the appraisers in our area have said no, could we hire someone remotely that is licensed in our state? It seems kind of pointless for someone to come out and appraise an unfinished house, but I don't know anything about this stuff really. Our house is in Southern Indiana, not too far from Louisville. Again, appreciate you guys so much. Thanks for your insight. [link] [comments]  |
| What's the lowdown on Redfin from the buyer side? Posted: 08 Jun 2018 12:33 PM PDT I gather Redfin is not a favorite among traditional agencies, but I'm having a hard time figuring out what benefits they even provide to buyers when compared to a standard meatspace agent. Still, they seem to have a few listings in my area that aren't readily available elsewhere, so I'm wondering how much I should keep them in mind. How much of their efficiency savings is actually making it into a buyer's pocket, and other than a web-based focus what specific benefits are they providing vs. other agents? The only specific sell they seem to be making to buyers on their site is scheduling same day appointments, which is about as weak as weaksauce gets. [link] [comments]  |
| Posted: 08 Jun 2018 08:38 PM PDT [US-IN] Here's the graphic I made of the fence and property line. Known information:
Questions:
[link] [comments]  |
| Posted: 08 Jun 2018 11:39 PM PDT If only one spouse is on the mortgage, what is the process of adding the other spouse to the title? Does this happen at closing? Or separately? [oh] [link] [comments]  |
| Question about Mortgages and marriage (TX) Posted: 08 Jun 2018 09:24 PM PDT I currently live in Texas and am married. I want to apply for a home loan but don't want my husband to apply with me because his credit is really bad ( Fico 545). I spoke to a loan officer and she told me in Texas if you are married both spouses must apply. Is this true? I've done research and can't seem to find anything that says that. Any advice is appreciated. Thank you all in advance. [link] [comments]  |
| Posted: 08 Jun 2018 09:28 AM PDT There are 2 units for sale in an up and coming area of my town that my girlfriend and I are interested in investing in. The complex has been recently renovated and is move-in ready, and we could start renting both units right away. However, we are trying to get the best deal on them and wonder if there's any way we should consider structuring an offer that could make it enticing for the seller to sell us both for cheaper than it would cost to sell them separately to 2 owners. Obviously, there would be risks going in as joint purchasers and having both names on both titles, so ideally we could both have our name on the title of one unit. We are open to what could get us the best deal on both properties. My GF will be responding to comments as I'm going to to tour the units [link] [comments]  |
| Selling Home and unexpected inspection $$ (Looking for advice) Posted: 08 Jun 2018 11:39 AM PDT My mom is selling her house in KY and the closing is coming up but regardless of it being in great shape and newly remodeled, the contract was for "as is". After an inspection, she was told that there was an estimated $4,000 worth of repairs needed. I believe that the contract was signed but in any case, if this would be a deal breaker I was hoping for some advice that I could pass on to her. [link] [comments]  |
| Posted: 08 Jun 2018 02:19 PM PDT I have two rental properties that I'd like to sell so I can invest in another larger property. Do the 1031 rules allow me to use the proceeds from the first sale to pay off the loan on the second property? [link] [comments]  |
| At what point a real estate agent is hired? Posted: 08 Jun 2018 05:25 PM PDT We are planning to put our house on sale soon. We started talking to a realtor last week and he got introduced through a mutual friend. We are yet to meet the realtor in person and walk through the property! At this point, all we have done is 1) Exchanged few emails 2) Shared the property address and discussed over phone our timeline and price point. 3) He immediately did some research and did comps and recommended the price point we already had in mind No communication after the first couple of days. Since then, a friend of ours approached (whom we trust) and offered to buy our property for the price we planned to list at minus the commission we would pay had we had hired realtor. We are in Washington state and want to sell without realtor and pass the benefit to the buyer. At what point, a realtor is hired in legal sense? [link] [comments]  |
| Building a deck on a townhouse without one... much value in it? Posted: 08 Jun 2018 05:05 PM PDT First, I'd like some recommendations for materials and cost estimates for building a deck onto a modern 3-story townhouse that does not currently have one but was built to. It has a nice kitchen with sliding doors out the back of the home, but it has a rail right now where the door is and where a deck should be, which would overhang an entrance door below it which, right now, only has a cement square in front of it (it's a regular door, not a slider on the lower level). I prefer to have some stairs to the yard but I don't know if wood is the way to go, if it's cheaper than composite material, and I have no idea about pricing and financing for these things, and I might want to go full concrete to support on the lower level and to have a small patio entrance for that, if possible. A pretty basic, square/rectangle deck, but it would help to have a second entrance/exit from the main level. Can anyone help me get started on the best materials and codes to follow, what to look for when shopping? Does this add value to a home by much/little/none? This is in the Maryland/DC area. Thanks. (Also, I was looking for the "First Time Homebuyer" flair but all I see is "Homebuyer". How do I add "First Time", since there's apparently a whole section on it?) [link] [comments]  |
| What CRM are you using and what features does it lack? Posted: 08 Jun 2018 04:05 PM PDT Does your brokerage offer a CRM, or do pay for your own? How important is the CRM in your day-to-day operations? Is it just me, or do most of the players in the industry fail to deliver a comprehensive technology stack? What has been your experience? And, if you could have everything you've ever wanted wrapped up into a single platform, what would it do? [link] [comments]  |
| Posted: 08 Jun 2018 02:58 PM PDT [WA State] I'm curious about the details on appraisal reports (for lenders). What calculations are used and what is all involved in these reports/results? Does personal bias come into the picture at all or is it all based on facts, like numbers put into some algorithm? Any insight on how appraisers come up with the numbers they do for the report they send to the lender? [link] [comments]  |
| Searching for a house based on the surrounding values Posted: 08 Jun 2018 01:12 PM PDT I am currently shopping for my first house and the area that I am in has very polarized neighborhoods. Most of the homes I find in my price range are either too run down for me to afford to fix or in a really bad neighborhood. Is there a way to filter my search on any of the websites based on the surrounding value? I haven't seen this on Zillow, trulia, or realtor but I feel like that's something people would find desirable in a search. [link] [comments]  |
| Posted: 08 Jun 2018 12:55 PM PDT We are closing on a new to us home on Thursday, June 14, 2018. I was sent our closing disclosure statement, and I was reviewing our closing costs. Under Adjustments for Items Unpaid by Seller, it lists 2017 Fall taxes, Paid 2018 in the amount of $854.25. If these are for 2017 taxes, then shouldn't the seller be paying them? I am just trying to make sure that everything is showing up correctly. [link] [comments]  |
| Posted: 08 Jun 2018 12:52 PM PDT Hi, apologies if this isn't the right place for this but I was looking into purchasing a home that's considered land leased in Los Angeles, California. As I understand it since it is a land lease, the lending banks need to feel comfortable with the land lease before lending us money so an attorney needs to go over the agreement. My question is: who typically covers this expense? I feel like it would be up to the bank to do their own due diligence. But I am hearing that some banks will pay for it, some banks offer a credit for expenses, and some banks won't do it. Is this true? Also, does this affect the interest rates offered? [link] [comments]  |
| Appraisal Field Review: What pressure does the field reviewer face? Posted: 08 Jun 2018 11:20 AM PDT Imagine an appraisal that came in 1% over the agreed upon sale price. Now, imagine the underwriter requesting a field review of the appraisal as they're concerned by the chosen comps and thinks the appraisal may be high. I'm trying to understand the pressure the field reviewer faces. Does the appraiser conducting the review feel pressure by the underwriter to appraise lower? Does he/she feel collegial pressure not to second guess the initial appraisal? I'm interested in what you've seen, or if you're an appraiser, what your experience has been in similar situations. [edit: If location matters in this kind of a situation, Wisconsin is the state.] [link] [comments]  |
| Seeking mentor/advice on Rental Property Posted: 08 Jun 2018 11:02 AM PDT Hey I'm interested in buying a multiple property to supplement my cash flow but I'm not 100% sure where to start. I've seen dozen of YouTube videos but still I'm hesitant to act. Is there a book or formula that you follow? I would like advice please. About me: active duty military stationed in Florida, over 30, i have one rental property. Thanks [link] [comments]  |
| Lender increased the Loan Origination Fee because of rising interest rates Posted: 08 Jun 2018 06:26 AM PDT I just had an offer accepted on a home in Minnesota and received final numbers for the mortgage from my lender. I had put an offer in another home a month ago which I didn't get, but noticed on the paperwork on that house the Loan Origination Fee was factored at .25% lower. The houses are prices are the same and when I asked about the difference in fees, my lender said it was do to interest rate increases over the past month ago. However, the base interest rate on the loan is the same now as it was a month ago, with the total APR going up just a little bit. Does it make sense that rising interests rates would cause this fee to increase instead of just the base interest rate? [link] [comments]  |
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