If we sell our home, do I have to legally disclose plans for the empty lot next to our home? Real Estate |
- If we sell our home, do I have to legally disclose plans for the empty lot next to our home?
- Teaching new mortgage lender a lesson backfires on homeowner
- Medicaid spend down & poor decisions
- Tenants want to stay beyond lease end for a month. Landlord(me) wants them out. What options?
- When making an offer, do you base it on the condition of the roof/HVAC? How?
- Help Searching for only Fee Simple Properties
- Tenant won't remove belongings after move out date (MI)
- Negotiating As-Is after inspections
- (GA) How to verify unemployment pay?
- Lease/Subletting Question
- Would Home Owners / Property Managers / Investors Want to Know How to (DIY) Mouse-Proof their properties/homes?
- Borrowing two home equity loans at once? Buying a rental with one
- 1% rule?
- is it smart to become a real estate agent before getting rental property
- I don’t have income but I can still pay for living area.
- Do Appointment Times matter for showings?
- Homeowners Insurance
- NY Real Estate Equity Fight..what’s your opinion..
- Landlord Wants to Sell - Need Advice
- My parents own their house and want to give it to me. What are my options?
- Buy home with 0 down payment
- Referral agreement question
- First Major Home Buying Setback. Or How Can I Buy A House Now?!
- [PEI CAN] Offer has been accepted, now finding the septic is too close to well for regulation standard
| If we sell our home, do I have to legally disclose plans for the empty lot next to our home? Posted: 06 Jun 2018 06:47 PM PDT Came home today and found several stakes on our property line. We are in a neighborhood, but the green space next to our home is a small community area owned by the HOA or the neighborhood developers. On the other side of the green space is a drainage area that leads to a retention pond or regular pond, not sure which. The area around the pond is small, but has many trees and is not well maintained. After looking around a bit more, I found more stakes close to the road at the pond, as well as near the next closest house to the further side of the pond. It looks like they are surveying the land and marking the property lines for the community plots. It's a little concerning for us since having a neighboring home only on one side is a definite upside and good selling point if we were to sell. We never thought there was enough room beside us to build another house, but since they practically build houses on top of each other now, maybe that was a bad conclusion. I have emailed the HOA and the property manager over the HOA so I am jumping the gun a little with my question, but If they were to be planning to build a house on this land, we would likely sell as it's going to greatly dampen our selling value once something is built. Would this be something we are required to disclose to a buyer? We are located in Alabama, btw. It's definitely a crappy thing to do to someone, but maybe not everyone feels the same about spacing as we do. If the plan is not for a house, but they're surveying it for it's value for some other plan that would hinder our selling value, we may offer to buy the area since we already pay for grass/weed service and mow a large part of it since it effects the look of our property. [link] [comments]  |
| Teaching new mortgage lender a lesson backfires on homeowner Posted: 06 Jun 2018 11:35 AM PDT I am pretty sure this is not pay walled: https://tribunecontentagency.com/article/teaching-new-mortgage-lender-a-lesson-backfires-on-homeowner/?cn-reloaded=1 TLDR: new loan servicer made a mistake, homeowner stopped paying mortgage in protest and is asking if s/he can get away with not paying. "What is the statue of Limitations?" good grief! [link] [comments]  |
| Medicaid spend down & poor decisions Posted: 06 Jun 2018 08:32 PM PDT Need advice: My dad has Alzheimer's and I'm being appointed conservator and guardian. He is my brother's landlord. According to my brother, in 2008 he promised that if my brother and his family continued to pay rent (which covers the mortgage) to live in the farmhouse, that one day my brother will inherit the farm and can then take over the mortgage he's been paying down. Dad and brother have no contract. Two years ago, I asked my brother to please go to mediation with my dad to come out with a legally binding contract showing they both are on the deed to the house and he said "it's none of your concern." In 2016 my dad refinanced the farm without my brother's consent, essentially taking away the eight years of mortgage payments my brother has been paying on the farm. So awful. Fast forward to now. We are about to begin the Medicaid spend down, and my brother will lose the farm because he has no contract. This will put my brother at $0, as if he's never paid a dime toward the mortgage, or any other investment during this time. Is there any scenario where my brother keeps the farm without paying market value for it? In northern Virginia [link] [comments]  |
| Tenants want to stay beyond lease end for a month. Landlord(me) wants them out. What options? Posted: 06 Jun 2018 05:53 AM PDT Hi, I am losing sleep over this one. New landlord in IL. Tenants want to stay for a month after lease ends. I made it clear that we will not renew the lease, which has a term of a year. I don't know by month end if they will move out. What if they don't? They won't have a lease at that time. Will they be trespassing? No lease means I can't evict them, right? I am confused about what to do, or what my options are. Forgive me if I sound clueless, because I am. [link] [comments]  |
| When making an offer, do you base it on the condition of the roof/HVAC? How? Posted: 06 Jun 2018 06:44 PM PDT Northwest Louisiana. Q1: Let's say the price of house is $80,000. Doesn't matter if it's under or priced. Now, through disclosures, if the roof is 17-18 years old and the roofing company says a new one will cost $5k, do you deduct $5k from the ask? Q2: Same scenario, but the roof is 10 years old. Would you deduct $2.5k from the ask? I hope it's clear what I'm trying to accomplish. The house I'm interested in has an HVAC and roof that are 10 years old each. Therefore, I feel the need to deduct $3k x 2 from the ask. Items that I'm factoring in: roof, HVAC, paint, appliances, cabinet doors, flooring, and water heater. [link] [comments]  |
| Help Searching for only Fee Simple Properties Posted: 06 Jun 2018 11:38 PM PDT How do you guys search for fee simple properties and exclude leaseholds? Every time I find a property I like I find out it is a leasehold and it is very obnoxious. So what is your go-to site or method? I live on Oahu in Hi. Thanks. [link] [comments]  |
| Tenant won't remove belongings after move out date (MI) Posted: 06 Jun 2018 09:26 AM PDT If a month to month tenant refuses to remove their personal belongings what are my options for removing those things? This is my personal home that I also reside in. The tenant has been here approximately 6 months. Thanks for the advice. [link] [comments]  |
| Negotiating As-Is after inspections Posted: 06 Jun 2018 09:47 PM PDT We are currently under contract for a home in IL. The home was recently dropped to just under 200k and we offered mid 180s because the systems are on the verge of their average life span (A/C, furnace, water heater) and it hasn't been updated in the bathrooms or kitchen at all. Sellers accepted our bid but countered with as-is and no home warranty. Home has been on the market for over 9 months. While in our inspection period, we've come to discover that the siding has no moisture barrier, there are active termites, a radon mitigation system is needed and it needs a new sewage pump. How do we approach this is we want to move forward? Pest inspection showed there has been previous treatment and they say no major damage. However, this is all based on what they can presently see. The termites are in the basement, below where an improperly installed window is located on the main floor (water doesn't drain off the window and pools in toward house). TLDR: how to approach negotiating with seller that isn't offering anything besides the home at a lower price when we've now found out it has active termites, needs a radon mitigation system, a new sewage pump, no moisture wrap beneath vinyl siding and has been on market for over 9 months. [link] [comments]  |
| (GA) How to verify unemployment pay? Posted: 06 Jun 2018 09:36 PM PDT Tenant says they lost their job and will be getting unemployment. I asked if they could verify it and they said the paper would be there in a week or something. Is there any other way to verify, call, etc? [link] [comments]  |
| Posted: 06 Jun 2018 05:22 PM PDT Washington DC So my aunt and uncle have purchased a second property-- a condo-- as an investment for themselves. They offered that I live in it for a while, which I'd like to but I won't be able to afford rent on my own even if they give me a slight break. Of course getting a roommate is no problem but I am wondering if they should rent the whole place to me and I sublet the other room or if we should have separate leases? They'd prefer I take care of finding a roommate myself and would prefer I have total agency over the process but I am not sure what protects everyone the best. They aren't necessarily going to make me sign a lease, though I think I still may request it. Thoughts? [link] [comments]  |
| Posted: 06 Jun 2018 03:57 PM PDT I've been mouse-proofing homes for clients for almost a year now, and some (not all) are asking if I would teach them how. Is this a good idea to pursue, or do you think most people would just pay to have it done? (CA) [link] [comments]  |
| Borrowing two home equity loans at once? Buying a rental with one Posted: 06 Jun 2018 07:09 PM PDT We are looking to buy a rental property in New York using our equity in our house as downpayment. However, we hadn't planned on doing it very soon, but there is a seemingly great property that just became available, better than we had expected to find. The catch is, we just applied for a home equity loan for our primary residence for repairs. The loan is not confirmed yet, but we signed all the initial paperwork. I am wondering if this will jeopardize our ability to now borrow more equity as a downpayment and we will have to wait for a a duration. There still is more equity to borrow, but do banks frown on this sort of timeline? [link] [comments]  |
| Posted: 06 Jun 2018 09:55 AM PDT I am trying to read up on what makes sense in terms of rentals, and I ran into this gem. Property should rent for at least 1% of its value (including costs associated with bringing it to life). Is this stupid or am I missing something? Please explain how it makes sense, and why would anyone ever sell a property like that. Im in MA if it matters. [link] [comments]  |
| is it smart to become a real estate agent before getting rental property Posted: 06 Jun 2018 06:17 PM PDT I'm 20 from Philadelphia paI have a credit score of 704 and I'm a first time buyer me and my girlfriend wants to invest in getting a duplex and rent one floor and possibly the basement out but I want to know would becoming a real estate agent help or make the renting/investing any easier [link] [comments]  |
| I don’t have income but I can still pay for living area. Posted: 06 Jun 2018 06:15 PM PDT As the title says I don't have a job. I am a college student who is moving back home for the summer but I am going to move In with a couple friends for the school next year. I will be getting a job in the summer, and most likely a different one once back in school. I have the money to pay for at least 5+ months rent in advance if needed. On all the applications I have seen I need a proof of income. What should I do in this case? Your help is appreciated. Edit. This is in Ashland Oregon. [link] [comments]  |
| Do Appointment Times matter for showings? Posted: 06 Jun 2018 05:50 AM PDT We still live in our house so things can get a bit awkward. We had a realtor show up an hour earlier than the scheduled time they planned for on showing time today. We've also had realtors stay an hour past their scheduled window, with and without clients. Is this normal? Are the "scheduled times" just a suggestion? [link] [comments]  |
| Posted: 06 Jun 2018 04:46 PM PDT I'm currently buying a house in Illinois, the offer was accepted for 57,500. We are quoting around for homeowners insurance. The location is rural and the house is about 2300 sq/ft. Everywhere I quote is saying dwelling coverage should be between 330,000-450,000. I feel like that is ridiculous and is extremely high coverage. Anyone have any advice? [link] [comments]  |
| NY Real Estate Equity Fight..what’s your opinion.. Posted: 06 Jun 2018 04:33 PM PDT New York Looking for your take on this.... My mother passed away in Nov. I was her sole caregiver and moved in with her during her last few months. My mother lived in a house that she and her brother were gifted from their parents, my grandparents. My mom lived here while my grandmother was still alive and was sole caregiver to her while my uncle lived 500 miles away. In 2002 my mother renovated the whole house. Put 100k in Capital Improvements with my Uncles knowledge and signature on the loan. In 04 my grandma passed. Fast forward 18 yrs later. My Uncle was completely absent from the property. Never did a thing, spent or invested a dime. His name is on the mortgage as 50% owner, my brothers and I are heirs at Law. I live here my default, I'm keeping up the house and bills. There is a mortgage which I've been paying. He is forcing me to sell and wants all the equity. I told him that he shouldn't get all the remaining equity because my mother spent 100k on the house and it wouldn't be worth what it is today. I told him he's 50% owner only and if he wants 50% equity based on the current market value then he should contribute to 50% of the Capital Improvements off of the sale from his portion. He refuses. Says he doesn't have to. Plus now he's refusing to pay his share of taxes moving forward. I only want to do what's fair and equal and It seems to me he just wants to capitalize on all my mom's hard work and money. I did the math and my way ensures a pretty equal split but leaves me with pretty much nothing since there a mortgage. Basically he's saying my mother should absorb the Capital Improvements as her equity. What's your thoughts on this equity position? The house was worth 280 and now it's worth 480. I don't think I'm wrong here in saying he's being ungrateful, greedy, immoral and selfish. To top it off he's leaving me broke and no place to go. We actually have a buyer ready to go. By brothers and I even agreed to come down a little from the 50% just to get it done but he backed out twice after agreeing. It's turned into a mess. [link] [comments]  |
| Landlord Wants to Sell - Need Advice Posted: 06 Jun 2018 08:53 AM PDT My fiance and I have been renting a home for the past year. We knew when we moved in that our landlord would eventually want to sell the house, and we would probably end up buying it. However, there is foundation damage to the home, and one of the basement walls is slightly bowing in but our landlord made it seem that the repairs would be made prior to selling. Two months ago: The housing market in our area booming (Southeastern Wisconsin), and he tells us he wants to sell "right now". Side note: we are four months away from our wedding date and did not plan on purchasing a house at the same time as planning/ paying for a wedding. He tell us that without the repairs to the basement he would sell it to us for X amount of money, a great deal in most respects. Or he would go ahead and make the repairs "plus a few other renovations" and sell it to us for whatever the cost of repairs added on to the original price. We say that we would be more willing to purchase with the repairs, and if he would only just fix the basement wall we would move ahead with purchasing the house. He agrees, and we wait for him to move ahead with the repairs. We begin to go through the process of getting pre-approved for a home loan. Two days ago: Our landlord reaches out to us and says, "his sisters friend is going through a divorce, sold her house in 2 seconds, and is offering to purchase the house for 20K under assessment without repairs. I told her that you were first and I can't just go booting anyone out." We reply, " As we said we are interested in purchasing the house but would prefer having the repairs done, especially to the basement. If it's a matter of not wanting to do the repairs we would be willing to consider purchasing for what you originally quoted us." He replies, " Ok, let me check, I think I told her it would be this much (more than the original price he quoted us without repairs) but I'll get back to you, stand by." As a bonus, we talked to a realtor friend and she said that most banks/lenders won't even approve a loan for a home with damage that severe (foundation issues). So, what do we do now? Do we get out now and try to find another home? When every house in our neighborhood goes up for sale, it's off the market in a week. Any advice is appreciated. TL:DR - Our landlord is trying to sell us our house which has foundation damage for more than he originally quoted us. Afraid he will keep driving up the price without doing any repairs. Don't know if we can even get a home loan if he doesn't repair the damage. [link] [comments]  |
| My parents own their house and want to give it to me. What are my options? Posted: 06 Jun 2018 03:46 PM PDT i live in california. so my parents own their house and want to give it to me. frankly, i dont want to live there, so im thinking about either rent it out or them just selling it. if i do decide to keep it, what's the best way to transfer it? my dad was brought up the idea of selling it to me. i think, i would take out a loan and buy the house from them, then they would give that money back to me. there must be tax implications in this right? it'd be at least 400,000 dollars. if we dont do this, how does renting it out work? i dont really want to be a landlord, nor do i want to live in this area longer, but i feel like keeping the house is the best thing financially and uh... asset-wise. what do you all think? [link] [comments]  |
| Posted: 06 Jun 2018 03:09 PM PDT I heard that USDA provides 0 down payment home loan. I'm thinking of buying my first home, my PR application is pending (currently on a non-resident visa). Am i eligible? I have SSN, good Credit Score, Work permit, etc. If not, i'm open for other suggestions! Location: OK [link] [comments]  |
| Posted: 06 Jun 2018 03:05 PM PDT Hi, I am about to send out my first two referrals for properties that are outside of my area. I am trying to pick a referral form to use that will work well with docusign and I would appreciate some pointers! I've noticed these forms all seem to ask for the client's full information - but if I send that before getting a signed agreement, what's to stop an agent from taking that information and ignoring the referral agreement? Appreciate any advice! [link] [comments]  |
| First Major Home Buying Setback. Or How Can I Buy A House Now?! Posted: 06 Jun 2018 08:41 AM PDT I went to my credit union a year or so ago, to ballpark what I would need to get that first home. They told me that since I'd been with them for decades, they could get me low 4 something interest rate, and waive mortgage insurance. So I started saving and watching the market. Running all the calculators I could find and finding homes we could afford! After saving, and including money pledged from my folks I finally got around around 20K on hand, and between me and my fiance getting raises, we can make around $1,800 in mortgage payments! At that rate, we could finally get a great home! So I went into the bank yesterday to talk mortgages, and apparently everything has changed... Now, they can only offer me a 5% interest rate and won't waive MI... In other words, the cheapest house within ten miles of me (up and coming liberal city, so ~$300K for a fixer upper in the furthest suburb) would cost over 2 grand a month... We make $75K between us, well over the average family household income, with little debt and have thousands saved! But how can we buy a house now?!?! Are we just gunna have to wait with bated breath for the market to crash again!? Is this normal for the housing market?!? (Also, sorry for the small rant, but I am legitimately wondering what the game-play is for getting a first house these days...) [link] [comments]  |
| Posted: 06 Jun 2018 02:38 PM PDT As the title states, we're in the inspection stage of the purchase and today we found out the septic tank is 31 feet from the well and as of 1993 the distance must be at least 50 feet. One person within the government said that it has been grandfathered in since the home was built in 1991 and as long as the water test comes back negative (for ecoli) we should be fine. Another has said it needs to be fixed costing up to 15k. Has anyone ever experienced this? I'm sure rules change based on location but we're not sure what to do and if we should move forward or pull out. Any advice or knowledge would be greatly appreciated. [link] [comments]  |
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