California - 5 bed / 3 ba, $850k "It has become a common practice to allow the seller to stay in the property after closing rent free." Real Estate |
- California - 5 bed / 3 ba, $850k "It has become a common practice to allow the seller to stay in the property after closing rent free."
- Realtor decided closing date without us
- Buyer hasn’t fully agreed to Inspection requests yet - NJ
- Real Estate Appraisers: Average Pay?
- Millersburg, Oregon- Building a home on a flag lot. During due diligence period, found out sewer access is across the street and 24ft underground and the power they advertised as having a meter box in place on the property is missing...
- Northern California Real Estate Market Overheated?
- About to list a home: Critique my description
- Question about buying lender owned foreclosure house at auction
- Co-op is offering chance to buy apartments
- Selling when you compete with new construction?(Oklahoma City)
- Have to lowball just to get a decent return. What would you do?
- Interested in knowing more about the office climate of real estate agents?
- First time homebuyer (NEW YORK)
- What's the difference between "prepaids" and "initial escrow payment at closing" on loan statement (US-OH)?
- Inspection just finished
- Buying three properties at once...
- Can anyone help me understand what's going on with the price of townhouses in Surrey/Langley, BC?
- Escrow question
- Buying an apartment or condo (first timer)
- New build
- Am I overthinking the Oregon market?
- Appraisal issues
- FTHB Possible Slate Roof Damage Steps
- House in Forked river ,NJ
- Real Estate Broker approaching future career direction decision and looking for helpful insight and thoughts.
| Posted: 31 May 2018 03:21 PM PDT Making an offer on a pretty decent house in my same neighborhood. My agent in writing the offer, tells me this: "I would like to note that the seller's agent told me that the seller would like a 2 week rent back after closing. You will see the "Seller License to Remain in Possession Addendum" on page xx of the attachment. It has become a common practice to allow the seller to stay in the property after closing rent free. This also makes your offer look great against other offers because a lot of buyers do not include this in their initial paperwork. I do request that the seller provide a $1,000 security deposit held in escrow for peace of mind that the property is in the same condition as when you first saw it. Please let me know if you have any questions." I wrote back that I would be happy to extend COE 15 or 30 days for this guy to find a place to live but I was not crazy about a rent-back... furthermore, if I did consider a rentback, there is no chance it would be for $0. Am I crazy? Is this really common place? [link] [comments]  |
| Realtor decided closing date without us Posted: 31 May 2018 09:48 AM PDT EDIT for location: INDIANA We made an offer to purchase a home, and in the offer we listed that we had a flexible closing timeline because we currently rent and our lease was not up until July 31. Our inspection turned up a lot of issues, and instead of making repairs, the seller has offered a flat amount in the form of cashiers checks to vendors in lieu of making repairs to the home. Ok fine. The sellers gave us a few estimates, we've needed to gather a few of our own as well, which we've been working on, and have more coming today. I was under the impression we were good to get estimates into next week, with our own vendors. I get a call and a text chain from her today that says closing is set for Monday at 10:00 am. I have no written estimates for the sellers, just verbal, and I've been calling the contractors to get writtens ASAP, but if we don't have them by Monday, we don't get that work paid for...it's health and safety issues too. She texted again saying she looked back in her paperwork and noted that we had a flexible closing date, and that the seller's agent had suggested the 4th and since "it fell within our timline" she agreed to it. We were never consulted on this date and feel caught off guard. How should I handle this? [link] [comments]  |
| Buyer hasn’t fully agreed to Inspection requests yet - NJ Posted: 01 Jun 2018 04:14 AM PDT Home inspection - May 10 Inspection requests sent - May 18 All points still outstanding - June 1 Timeline above. We're selling our first home and I feel like the buyer is being slightly difficult. Home inspection overall was pretty good, outside of a couple of expected, fixable issues. The requests that came over were slightly vague along with a few bizarre, intrusive questions that we pushed back on (seems like the buyer may have been burned in more ways than one) At this point, we're still not agreed upon even the inspection requests though they had the house appraised earlier this week. I'm not sure if they're looking for an out or if they're just being overly cautious to make sure they dont' catch a bad deal. All that aside, what are the ramifications if the seller decides to nix the offer at this point? We haven't pushed back on any of the repairs, just the weird questions that they asked. [link] [comments]  |
| Real Estate Appraisers: Average Pay? Posted: 31 May 2018 08:18 AM PDT I work for my family appraisal business. It's a small company, currently two appraisers (one is my dad, who is the owner). I'll be taking my state test this summer to get my license in real estate appraising. I'll be discussing wages in the near future with my dad and would love to get some input on what to expect and/or what to negotiate to? Wages are not widely discussed here, so I really have nothing to go off of. Are there any resources to research averages in commission's and salary's in this field? I'm located in Central New York. EDIT to add location. [link] [comments]  |
| Posted: 31 May 2018 04:43 AM PDT There's also a building that belongs to the property owners in front of our lot that is 1ft on our property according to the corner flags. That could affect resalability. We're also finding out the excavation and hookup costs are gonna be astronomical, because of having to dig so deep under the road. We're trying to talk to the sellers agent, but she doesn't return my agents calls. The city hall is trying to help, but nobody seems to know where the power meter box is. We're considering backing out.. Are these all good enough reasons to back out legally as far as our due diligence period is concerned? (Millersburg, Oregon) [link] [comments]  |
| Northern California Real Estate Market Overheated? Posted: 31 May 2018 08:23 AM PDT I'm wondering if anyone has any thoughts on the Northern California Real Estate market, particularly the Sacramento area. The median price, at $400K currently, has surpassed the pre bubble number of $375K set back in 2005. Obviously that 2005 number was crazy and based upon shaky lending practices and other factors. I took a look at a graph of median prices going back to 1976 and tried to estimate a trend through the 70s, 80s and 90s, when it was more relatively stable. Extending that line, I get a median price of about $325K. Certainly other factors should be considered, i.e., the average new house is bigger and has more amenities than it did in 1976. Then again, that fact would presumably contribute to the trend line. Anecdotally I see other factors, which remind me of the pre bubble days, like crazy amounts of building (supposedly to satisfy a low inventory) and riskier lending practices rearing their ugly head again (albeit not as bad as 2005), homes selling in a matter of days, multiple offers and bidding wars. One reason often cited is the low inventory of homes on the market. If the inventory is so low relative to the needs of the area, where were these people living 3 years ago before the current building boom? The answer I get locally is that these buyers are coming from the San Francisco Bay area. Can that explain the thousands of homes that have been built in the Sacramento Metropolitan area over the last 3 years and the thousands of active building permits? Isn't it true that the SF Bay area is also experiencing a building boom? How do those two ideas coexist? Anyway, just looking for some input. [link] [comments]  |
| About to list a home: Critique my description Posted: 31 May 2018 09:31 PM PDT MAJESTIC GEM NESTLED IN THE HEART OF CHARMING IVYWILD! THIS COMMUNITY PROVIDES SOMETHING FOR EVERYONE - A NEIGHBORHOOD PARK & GARDEN, IVYWILD BREWERY, MONTHLY SOCIAL GATHERINGS, ORGANIZED FAMILY EVENTS, AND MORE. EASY ACCESS TO I-25 AND CLOSE TO VIBRANT DOWNTOWN, THE BROADMOOR, CHEYENNE MOUNTAIN ZOO, MANITOU SPRINGS, AND MORE. THIS LUXURIOUS HOME BOASTS A CAPTIVATING 22FT CATHEDRAL CEILING IN AN OPEN CONCEPT LAYOUT WITH CUSTOM FINISHES THROUGHOUT. THE IMPECCABLE MASTER BEDROOM INCLUDES A RUSTIC ACCENT WALL AND BARN DOOR LEADING TO A 5PC MASTER BATHROOM WITH A JETTED TUB AND ELEGANTLY TILED SHOWER. THREE BEDROOMS WITH VAULTED CEILINGS ARE LOCATED UPSTAIRS ALONG WITH A SPACIOUS ENTERTAINMENT LOFT COMPLETE WITH A BAR, REFRIGERATOR, AND FIREPLACE. TWO ADDITIONAL FULL BATHS AND THE LAUNDRY ROOM EACH INCLUDE CUSTOM TILE DESIGN. THIS HOME ALSO PROVIDES AN ABUNDANCE OF STORAGE SPACE IN THE 7 FT TALL 'CRAWL' SPACE BENEATH THE MAIN LEVEL. THE SPACIOUS KITCHEN COMES WITH GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES INCLUDING A GAS RANGE AND WINE REFRIGERATOR. CHARMING FRENCH DOORS LEAD YOU ONTO THE BACKYARD DECK IN YOUR OWN PRIVATE, SHADED OASIS THAT IS FRESHLY LANDSCAPED. THIS PROPERTY WON'T LAST LONG! [link] [comments]  |
| Question about buying lender owned foreclosure house at auction Posted: 31 May 2018 09:14 PM PDT Forgive me if this is entry level question. I am just starting looking into the possibility of buying a flipper at an Auction. This house is located in a very desirable area, houses around it are multi million dollars. What puzzles me is the starting bid price is under $600,000. My understanding is that this is what the owner owes the bank, right? If that's the case, how come the owner does not just sell the house themselves? If they sell, not only they can pay back bank buy also can make great profit. Would there be other debts related to this property? How and where do I find out all the information about the property? Thank you Edit: location: Bay Area [link] [comments]  |
| Co-op is offering chance to buy apartments Posted: 31 May 2018 02:37 PM PDT I own a studio co-op in an apartment complex right outside New York City. I've owned it for 5 years and am currently renting out to a tenant. Renting it for $1,200 per month and my fixed monthly costs are $375 so it's a nice little source of income. I received a letter that the co-op is offering the chance to buy some "renovated and ready-for-sale", tenant-occupied apartments in the complex. Has to be bought in cash and buyer would have to pay closing costs. I've included a link to the details of all of the units for sale... Does this seem like a wise investment? Has anyone ever heard of a co-op doing this? Why would they be selling all of these? How much above the "Minimum Bid Price" makes sense? The only fixed costs is the monthly maintenance (this includes property taxes). Currently married and live in an apartment 10 minutes away, no kids. Don't need the money anytime soon. Any feedback would be appreciated! [link] [comments]  |
| Selling when you compete with new construction?(Oklahoma City) Posted: 31 May 2018 05:31 AM PDT My listing has been live 2 weeks. We've only had one showing. Our house is in a new construction neighborhood, but there is only one spec home to compete with right now (others have sold as lots pre-build) and it's currently listed $25k below the similar sized new build on our street. (A few thousand below what we paid in 2016) I know this isn't the hottest market, but we have to sell fast (job change) We asked for a new exterior photo since it's cloudy/rainy in the one they're using. (Had photographer listened to his voicemail prior to photo shoot it wouldn't have needed two trips) Asked for open houses at same time as model homes. Should we just fire sale it and kiss our equity goodbye? Is there any other trick? [link] [comments]  |
| Have to lowball just to get a decent return. What would you do? Posted: 31 May 2018 08:26 AM PDT Residing in northwest Louisiana. I'm looking at a handful of $90-95k houses in a B neighborhood. I purchased a foreclosed house in this area for $66,250 2.5 years ago that is providing a decent ROI. I'm interested in another house in the same neighborhood, but after crunching numbers, the only way for me to get a decent ROI is to offer $70k and hope that renovation costs, including closing costs and what not, don't exceed $15k. Even with these numbers, the ROI may only be 5.xx percent. Should I pass? [link] [comments]  |
| Interested in knowing more about the office climate of real estate agents? Posted: 31 May 2018 11:21 AM PDT Hi everyone. I've been curious about becoming involved in real estate and I'm trying to find more info the daily work that real estate agents undertake. I've heard horror stories from friends in NYC who lease out tiny office spaces in Manhattan and then have to hustle to make a sale - is this standard practice? Do most agents have office space? If anyone would be so kind as to shed light on "a day in the life" of an RE I'd be super grateful. [link] [comments]  |
| First time homebuyer (NEW YORK) Posted: 31 May 2018 01:48 PM PDT The house used to be a foreclosure, however it isn't your traditional foreclosure because the bank currently owns it. About to sign contract, I know I need to get an inspector. My lawyer told me there isn't much leeway with banks but the banks broker said if there is anything wrong with the house that we can "figure something out",,,, Does this mean price can still be negotiated if something is found? What are things I need to worry about? Questions I need to ask? Things to look for? The house looks great I have been in it twice. House was built in 2006, all the mechanics are in working order and have been in house since its inception. A good Friend of mine lives 3 houses down. He has the same layout and same build. His house was bought for 490k in 2014. The house next door to him ( 2 houses from me) just sold for 675k, again same build and layout. I appreciate any help as I have done by due diligence just trying to make sure I don't miss anything. Below are the details. THANK YOU! Purchase Price: 605,000 Mortgage Amt: 544,500 Loan term 360 Interest rate 4.5% Down Payment: 60,500 Principal & interest 2758.91 Estimated Monthly Payment 3528.28 [link] [comments]  |
| Posted: 31 May 2018 03:22 PM PDT I am trying to understand the loan estimate sheet. There's two sections that list prepaying for insurance and property taxes. I'm confused because it seems like it's saying the same thing twice, hoping someone can help explain. Here's the two sections: F. Prepaids
and then in the next section, it lists G. Initial escrow payment at closing
So after closing would I not have to pay insurance and property taxes for 1 year, 3 months? Or is it double charging for some reason? Since the totals for those sections are added together on the estimate. [link] [comments]  |
| Posted: 31 May 2018 11:35 AM PDT Hi everyone! First time home buyer in Pueblo, CO and I just got the inspection done our potential home. I'm looking for advice on what I should do regarding some of the issues in the house and what we should try to get the seller to cover. The housing market where I'm at is very, very hot. This house was on the market for two weeks and that's very abnormal. Issue one is that there could be some electrical problems. My plan is to ask that the seller have an electrician come out and inspect/fix any potential electrical issues On their dime. Issue two is that the hot water heater is 12-15 years old. Issue three is that the boiler is over 40 years old. There's some other small issues, but they're easy fixes, those are the big ones. What would be reasonable for me to ask the seller to wiggle on and how? I want the house purchase to go through, but those are pretty big potential expenditures. We're also going to get the realtor's input (she's a family friend, so she's got our interests at heart as well), but more information is better! Thanks! [link] [comments]  |
| Buying three properties at once... Posted: 31 May 2018 03:03 PM PDT I plan to buy three properties pretty close to one another and I have 20% down on all three, how would I go about getting a loan knowing that this is my objective? Las Vegas, NV [link] [comments]  |
| Can anyone help me understand what's going on with the price of townhouses in Surrey/Langley, BC? Posted: 31 May 2018 05:45 AM PDT I've been hearing they are growing in value at an insane rate, but when I look it up it seems like 5-6% annually. Can that be right? I've heard they went up 20-30% annually the last couple years, from people who bought, and from mortgage agents and realtors. That seems too high to be true. And I've just seen 11% on bcassessment.ca for Surrey. I'm guessing that's an average of all residential. What's the best way of going about finding out the recent annual gains made by townhouses? [link] [comments]  |
| Posted: 31 May 2018 06:41 PM PDT First : We're FHA borrowers. Cleveland housing market is a sellers market right now. We found a brick two story on the west side that's had a single owner since 1973. Electrical will be updated and small mold eradication in coal room will be taken care if. We have a "hazardous furnace" per our inspection (some older model that's been outlawed due to carbon monoxide output). We asked for $6k in escrow and our agent scoffed at our request. Looks like average furnace and instillation runs $4500 or so. We're looking to save as much cash as possible walking in the door. If they recoup the money and we have a cushion to work with what's the problem. Seller knew we're FHA Electrical - 2100 Mold - unknown at this time Furnace - tbd est. 4500 Are we on target or asking too much of the seller? Why wouldn't our agent advocate for us? These are all major repairs that need to be taken care of to meet FHA requirements - what other options do we have? Thanks so much [link] [comments]  |
| Buying an apartment or condo (first timer) Posted: 31 May 2018 06:22 PM PDT Hi all, There are probably a lot of these kinds of posts, but I'm looking for advice on buying property for the first time. I'm looking in the NE US. I currently live in a pretty expensive part of the NE, but I want to buy an apartment in a cheaper area so that I can devote more of my time to my passions of reading, writing, and traveling. I don't have the funds to do so at this point, but I want to buy an apartment or condo with straight up cash so I don't have to make payments on a loan. I know some people do this for the express purpose of generating passive income, but for me I imagine myself living in the place and potentially renting it out for short periods when I'm out of town. My question is, have any of you done this for the explicit purpose of not having a monthly rental/mortgage payment, thus drastically decreasing the need to work? How did you make it work and do you have advice for actualizing this? [link] [comments]  |
| Posted: 31 May 2018 12:20 PM PDT Location: Durham,NC I'm interested in purchasing in a new development. However there are no available properties but a new phase of building is coming soon. Not sure how it works. Agent told me new property move in could be a year away. Do I have to take mortgage out now and wait 12 months to move in? [link] [comments]  |
| Am I overthinking the Oregon market? Posted: 31 May 2018 01:14 PM PDT Hi All, First time buyer and have been looking around for a few months. I am looking in the central valley area Albany/Monmouth/Jefferson/Corvallis. Housing prices are the highest they have ever been in the area from my research and I feel like it would be a bad time to buy because of that. I also don't have a ton of faith in the current economy, especially with even more trade war/tariffs announced today. I am currently renting for a ridiculously low amount and can afford to wait it out and continue packing away money for a down payment. I have about 10% now. I finally found a house that I really like in my budget, but the price and historic price scare me. The house sold 4 years ago for 100k less than they are asking now and there has been little done as far renovations/improvements go. Am I overthinking this? Being commitment phobic? Ugh. [link] [comments]  |
| Posted: 31 May 2018 09:24 AM PDT Hey everyone need some advice/guidance. I'm in Wisconsin if the laws are different. I have had my house for about 3 years. I wanted to drop my PMI so I called my mortgage they set up a appraiser, I didn't have a say in who. Company shows up, is there for 5 minutes and leaves. We hardly speak. I've never had one before while owning a home so I thought ok. I bought my house for 165. After a few weeks my mortgage denied my request. So I requested more info. I got the appraisal. I was appraised at 155. Company shorted me (Dont have the numbers in front of me) about 400sqft furnished and 350sqft in the basement. Missed some stuff. Like a bathroom in the basement but it's not enclosed/shower is old school hanging on wall so I don't think the shower counts and according to the appraisal company they don't count a toilet for anything. So I filed a dispute through mortgage. A few weeks later I receive another denial with a updated appraisal. Now at 165, still missing about 70sqft of furnished space and 40sqft of basement (unfurnished). The company did not change the comparable houses, they are still at 1200ish sqft, all but one having smaller garages as well. Also in the appraisal was put that our area has a housing shortage and increase in value. I contacted the company and they were super helpful, at first. Promised return call. About two weeks later. Nothing. Made multiple attempts to contact. Wasn't angry or anything just wanted it fixed and some understanding. So now I'm going to file another dispute with my mortgage company. What are my options? I don't want what's not fair but I don't feel like this is fair. Some additional info for what it may be. At 155k my house was 125$/sqft now at 165 it's 105$/sqft these seems odd to me but I don't know how this works. Houses in my neighborhood have been climbing and selling for over what they're worth. Selling around me for 250ish which they are about the same size but have 2 bath. Sadly this company has a ton of 1 star reviews so I'm not sure what I can do to get a fair assessment. TLDR Shorted sqft, updated appraisal still shorted sqft. Disputing with mortgage company because appraisal company won't respond. Options to get this adjusted correctly? Believe the value is to low as well. Full disclaimer. I do not know how appraisals work and I am open to any education/knowledge people want to drop on me! I do not want a unfair assessment just a fair assessment. Thus far I do not feel like they're doing this. [link] [comments]  |
| FTHB Possible Slate Roof Damage Steps Posted: 31 May 2018 04:34 PM PDT Hi, I'm a FTHB in Western Kentucky and we had a big windy storm today and I came home to notice a metal flash hanging off the top of my slate roof. I can't tell if there is enough damage to file a claim. What are the steps to take if you have slate roof damage and in need of repair? Will estimates cost me or should they be free? At what point should my insurance become involved? [link] [comments]  |
| Posted: 31 May 2018 04:22 PM PDT Location of house: forked river, N.J. 08731. First time home buyer. The wifey and I are searching around. We found a house in forked river for 205k, the taxes aren't bad and the mortgage wasn't bad either. However it is under renovation. The lot is, I think, 60x100 or around 6700 sq ft. For us the mortgage is without a doubt affordable. So far everything looks good. My mother brought in the question of why at that price for a current renovated home? How do I go about this? Can I get equity from this house? I don't necessarily care if the value remains the same but I wouldn't want to lose on it. Is there a way to give an idea as to wether the value will go up/decline/remain the same? I'm sure there are things I have to learn when considering buying a house. [link] [comments]  |
| Posted: 31 May 2018 04:13 PM PDT Hi everyone, I have been a broker in NC for just over two years now, early 30's, previous career was having my own marketing firm primarily working in the Real Estate market. Since making the leap into Real Estate I have really taken to it and its been a whirlwind of growth. I started doing general brokerage and marketed myself as an expert in luxury homes and new construction in within new home communities. I put a lot of time into learning that market and was able to make a name for myself fairly quickly. One thing lead to another and I was offered my current position which is exclusively representing a high end luxury home community full time. I have been at that for about a year and a half now and it feels like I have had 10 years of experience crammed into 12 months. This position will be wrapping up in the next 6 months as we sell out the majority of the community and I am facing the decision of whats next. I am trying to do my due diligence before that day comes so I can make a confident decision in my next direction. I essentially have it narrowed down to three paths and I would love to hear others thoughts within the industry and any insight from those that feel one direction may make more sense than the others. If you are still with me then let me break my options down for you haha...
I would love to hear any thoughts those in the industry may have on my decisions. If anyone has faced similar transitions I would love to hear what direction you went and how you feel looking back on it. Any input is much appreciated! [link] [comments]  |
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