[Landlord] Applicant says she was under witness protection, scam? Real Estate |
- [Landlord] Applicant says she was under witness protection, scam?
- How to fairly sell my house to my good friend
- Looking to Get a Multi-Family
- Update - nice house in shitty neighborhood (Louisiana)
- VR Will Revolutionize Real Estate
- Where to sell my apartment as a student rental business? (Netherlands)
- Short Sale: Is it normal for them to disregard higher offers?
- [First-time buyer] Kitchen island kits available?
- Negotiate service charges with Real Estate Attorneys?
- [WA] Grandpa's Reverse Mortgage - Buy Through Short Sale?
- HUD house just got incentivized for the $100 down program
- Looking into buying a home
- [LA] How to go about non profit real estate?
- How do I win this prisoner's dilemma?
- Home Sale Contingency with non-refundable $10,000 if we don't sell our house and close on new property within 3 month set date. Are we doing the right thing?
- Graduating college. How do I get my foot in the door?
- Do Real Estate Agents Get Kickbacks from Mortgage Lenders?
- What’s your opinion?
- Loan Triangle -Selling current property with acreage, buying vacant land with money borrowed, and then building on it. How is this logistically done?
- Newly married. Two properties. A survivorship deed/estate?
- [NC] As a seller, questions to ask when offered owner financing?
- New Homes & Builder Warranty [TX]
- Reassessment Procedure - Should I return data card?
| [Landlord] Applicant says she was under witness protection, scam? Posted: 05 Jun 2018 08:27 PM PDT I put up my property since I raised the price and the current tenant doesn't want to pay the new rate. Within days I had a few applicant one that wants the property for a minimum of two years preferably three. The catch is she says she is/was in witness protection program and now doesn't have any background SSN or much. She has a US passport and a Drivers license from a different state. I'm in CA as is the property. I'm going to meet with her to discuss stuff more thoroughly. What are your thoughts? What types of questions should I ask when I meet up with her? I'm not too experience with real estate this is just a older property. [link] [comments]  |
| How to fairly sell my house to my good friend Posted: 05 Jun 2018 06:16 PM PDT I live in the SF Bay Area, and I have a house that is objectively worth quite a bit of money. My good friend has been looking at houses for him and his family, and after suffering through the hell that is house-hunting in this area, has offered to buy my house from me. I'm actually interested in selling. Is there a good process to follow such that both of us are treated fairly, and we don't lose our friendship? Obviously I want to sell for as high a price as possible and he wants to buy it for as low a price as possible. I would rather keep my friendship than sell my house, though, because I genuinely love my house, but the amount of money is probably enough for me to explore the offer. However if it's more likely bad feelings will develop I would just politely refuse his offer. [link] [comments]  |
| Posted: 05 Jun 2018 12:42 PM PDT Just got the news that I'm prequalified for a loan and I'm looking to get a multi-family in the upstate NY. I'm hoping to get a three or four unit and live in one of them. Any tips for maximizing success? Thanks! [link] [comments]  |
| Update - nice house in shitty neighborhood (Louisiana) Posted: 05 Jun 2018 02:26 PM PDT A month later, and we've had half a dozen showings and a couple of cancellations. The cancellations were due to location/neighborhood/surroundings. Folks who can afford this house choose not to live in the neighborhood. Because nobody moves from this neighborhood (everyone loves the trailerhood other than folks who are looking for a 3BR 2BA SFR), I have no idea how much I really need to come down on this house in order to sell it. The house is on a property that is just shy of 2 acres. It is listed as an investment, and the listing indicates that there is another hookup for a mobile home on the back acre. There were showings on Friday, Saturday, and Sunday. All of which listed location, surroundings, and the trailers as reasons why they were not interested. Edited to add: The street is a dead in street. There is one way in and one way out. When a prospective buyer turns into the street, they see this: https://imgur.com/a/0HDj2KU There is no diverting people away from seeing the shitty trailorhood. How does one calculate how much they will come down when they lower the price due to a shitty trailerhood? [link] [comments]  |
| VR Will Revolutionize Real Estate Posted: 06 Jun 2018 02:21 AM PDT Virtual Reality is predicted to be a useful tool in selling properties off-the-plan. Potential buyers will be able to experience fully-immersive, realistic views of what the outcome will be, giving them more confidence. What they see is what they'll get. People will feel like they are in a finished apartment, feel the true dimensions and space and also enjoy the actual views they would see. Start VR, Sydney's first immersive VR for real estate appears to be on the forefront of this. https://startvr.co/revolutionising-virtual-reality-real-estate/ I'm thinking this will massively increase purchases and turnover. Buyers from all over the world will be able to buy with loads of confidence. Any thoughts on this? [link] [comments]  |
| Where to sell my apartment as a student rental business? (Netherlands) Posted: 06 Jun 2018 12:00 AM PDT Your thoughts would be welcome on this. I believe my apartment could be sold at a much higher price if I sell it as a working business, with 3 student rooms available for rent. Where would I do this? How? To whom? As an example, I was thinking private student housing associations. Each bedroom could realistically be rented out for enough money that half the price I'm thinking of selling at could be earned back within 5 years. Facilities The apartment has 3 bedrooms, all of them have plumbing - a sink - in them that I had installed. The largest bedroom actually has an en-suite with toilet and shower. The apartment is spacious with a large modern kitchen, plenty of storage space, and each bedroom is generously sized. The largest bedroom has a balcony. Location My apartment is situated in the city centre. It's located on a quiet cul-de-sac, the inside of the apartment is very peaceful. The area of the city that the apartment is in is not the greatest right now, but this area is guaranteed to gentrify within the next 5 years as the local council has concrete plans to invest here. Every mini area within a kilometre of my area is already gentrified, mine is next. The apartment situated very close to the local university, close to other student housing, and 10 mins walk away from the major train station. [link] [comments]  |
| Short Sale: Is it normal for them to disregard higher offers? Posted: 05 Jun 2018 05:58 PM PDT I viewed a house last night that was a short sale. This morning I made an offer of $515k (the listing was at $499k). I have all my financing already lined up. The selling agent told me the bank considers offers one at a time and he couldn't submit my offer. I asked if it was higher than the previous offer, and he said that I was the only one to offer above the asking price. He said that he still can't do anything for me. WTF! You'd think the bank would consider all offers so that they can make the most money. Is this unusual? I get the feeling the selling agent was saving this one for a friend or something. Would contacting the lender or owner directly be a bad idea? Location: Northern California [link] [comments]  |
| [First-time buyer] Kitchen island kits available? Posted: 05 Jun 2018 08:06 PM PDT With all the new townhouses and condos popping up in communities & complexes in and around DC, Maryland and many other states, I'm wondering if there is a market or some place to shop for kitchen island kits? I saw one of the newer places for sale - which typically have a nice kitchen island of some sort (usually with a sink and/or dishwasher or range built in, and often with granite top which is also a breakfast bar) - without one, and the kitchen was pretty big and felt like it was missing. Sure it had plenty of space for a large kitchen table or something but I thought even with a table, it might still be able to fit maybe a 7-foot or 8-foot, 3 stool bar, basically, and it looked awkward without it. Anyway, I know you can hire people to build these things and install them, and I know Home Depot and places like it have some pre-built ones, but they look small and like fancy wine bars or storage, some are on wheels, and these may not work well with the existing cabinetry and aren't permanent. I was wondering if there are kits available to assemble, anchor, stain/paint, and top yourself that might be a little cheaper. Anyone ever done this or have some sources or ideas on this? EDIT: I realize [now, after some quick followup research] that islands are basically [connected] "base cabinets" with granite or some other type of countertop material sitting on top it (fastened somehow, of course) . I still wonder if there are kits that exist where everything is pre-measured, styled, etc. and should already fit, but may need some manual adjustments/leveling/painting/etc. to finish up and complete the install. [link] [comments]  |
| Negotiate service charges with Real Estate Attorneys? Posted: 05 Jun 2018 04:09 PM PDT Hey all, Quick question; first time home buyer in New Jersey. I have 2 real estate attorneys that offer the same services but different final service pricing. We have already started speaking with one via e-mail with general legal questions and would like to not sever a tie with bad blood; however another attorney by recommendation of a family member provides services 400 dollars less. Is the price negotiable? [link] [comments]  |
| [WA] Grandpa's Reverse Mortgage - Buy Through Short Sale? Posted: 05 Jun 2018 10:52 PM PDT Greetings Reddit! This is my first time posting, but I've been an observer for 5+ years now. The story that predates our current situation is a real doozy, so I'll leave that out unless the people call for it. I'm really just looking for some insight on this situation from an expert, as all the information I've come across hasn't been directly applicable. I'm really hoping to come away from this with some "next steps", but I'm fairly confident that my next step is to talk to a lawyer. Thank you in advance! Here's the situation: My grandpa is 88 years old and has a reverse mortgage on his house - the entire value of the property has now been wiped out and he is accruing approximately $1000/month in fees and interest. The total loan amount is now $367,000 (and increasing each month as mentioned). The home is valued on the county website at $501,000. However, since my dad moved out and all of us kids moved away for school and our own selfish reasons, the home has been degrading. I should mention this is the house I grew up in and I've helped maintain (on and off when I live in the area) my entire 26 years. It's a 4,000 sq ft home including the built on mother-in-law apartment and 3 car garage on just shy of 5 wooded acres and a small pasture. To truly get this house back to shape it needs almost a full remodel - roof, siding, appliances, flooring, some electrical, and various other issues of varying degrees of importance. I paid to have a professional inspection done, so I have the general list. I had a contractor come out and quote a new roof and siding and that alone was nearly $80,000. My reasoning for the short sale is that I believe the repairs needed lower the value of the home below the amount of the loan. I understand that short sales on reverse mortgages are rare, but have been done instead of the alternative foreclosure which is expensive for the lender (I hear this is a more recent trend since '07-'08). I've also read that short sales to family, friends, or business partners are also extremely rare, but NOT illegal. They are instead avoided by lenders for fear of fraud and grouped together as the "Arm's Length Principle". My thought is to have the home appraised. Shop/secure financing. Have my grandpa hire a lawyer to help him apply for a short sale. I hire a lawyer to negotiate/justify the short sale. We buy the house at fair price and begin renovation. My brother and I believe the investment is worth the long term reward as space is limited in our beautiful Evergreen State and this is a great location/lot/home(if repaired). This is all completely new to me as I've never purchased a home, but I've got an open/agile mind and I'm up for the challenge! Any and all advice/insight is welcomed and encouraged! Let me know if you need any further detail! Thank you Reddit for creating this beautiful wealth of collective knowledge. [link] [comments]  |
| HUD house just got incentivized for the $100 down program Posted: 05 Jun 2018 10:46 PM PDT Currently eyeing an amazing HUD house in an amazing neighborhood in Texas with bidding closing on Sunday. I re-checked the HUDHomeStore listing out of curiosity just now and they've added a $100 down sales incentive, which would also be honored for 203k loans. I'm blown away considering I already expected the bidding process to be competitive enough, but now I perceive the competition to have doubled. Now, the property listing disclosure does have 'Plumbing' and 'Foundation' written on the noted property repairs section. My realtor told us the estimate was $5500 for needed repairs, and that the foundation comment was likely the pool (I'm not 100% sure how she got the number, I'm guessing it was from talking to the inspector, but to our understanding the number is not supposed to be made known these days). Of course, nothing is for certain until you get an inspection, get some contractors going, and see if anything snowballs further. But the house is listed as Insured with Escrow, which would assure buyers of minimal needed repairs for livability. As I work towards securing a 203k pre-approval, I ask - what would be the logic behind adding the $100 down sales incentive? Does anyone feel lenders and buyers are seeing the foundation disclosure and are running away? I thought it might be because something is worse than originally suspected and they realized it might be a difficult sale, but it's still listed as Insured with Escrow and any buyer who took a look and decided to back out would just be replaced with the next person in line. Now that I would have some cash freed up to cover overbidding on the property with the $100 down program if desired, I'm having more trouble gaging how aggressive my bid's going to need to be. If anyone has tips on bidding on HUD homes, that would be awesome as well, since with the $100 down you have to bid the full price and it seems like there'd be XX amount of people all with the same bid (even asking for zero help with closing costs) as a result. tl;dr HUD house got incentivized for $100 down program, how does that affect bidding chances, why is the incentive "needed" or why would it be added after a few days on the market, and did the risk (fixing it becoming a complete nightmare) for this property likely just go up? [link] [comments]  |
| Posted: 05 Jun 2018 10:21 PM PDT Hello everyone I curious about my options for home ownership. My issue is that it is all so overwhelming i honestly don't even know where to start. The only things i have done thus far is contact my USDA Guaranteed Loan Specialist for more information on Single Family Housing Guaranteed Loan Program. And there is a house i am kind of looking at. What else should i be doing how do i proceed help etc....... Also I am in South Dakota [link] [comments]  |
| [LA] How to go about non profit real estate? Posted: 05 Jun 2018 09:41 PM PDT I was recently informed that my current landlord's company does the following: rent out properties while the maintenence is completely non profit. My question is : what should I not do if I were to form a non profit strictly for maintaining real estate properties ? In other words is this legal? Thanks a million [link] [comments]  |
| How do I win this prisoner's dilemma? Posted: 05 Jun 2018 08:12 PM PDT Beautiful single family home (primary residence, Maryland) in a desirable neighborhood. 3 credible contracts on the house. One disqualified for unknown reasons. The two in play have escalation clauses. I'm #2 behind a bidder who is willing to go in $10k higher than me. I refused to start a bidding war and kept the escalation low. Seller cancelled both contracts and is demanding a 'best and final' offer tomorrow. I love this dilemma and I hate it. How do I win? It seems that the most irrational bidder has the advantage and the seller only loses if we both walk. I am willing to walk, but I want the house. I've offered a closing date at the seller's convenience but they're holding out for money, which pushes past the value of the home. I don't know if I'm in a winable game! [link] [comments]  |
| Posted: 05 Jun 2018 07:30 PM PDT (Miami, FL)---So, we saw a house that we loved but we have to sell our current house first. They accepted an offer $24,000 below asking (may have been overpriced in my opinion but what do I know). However, this is with a contingency of $10,000. So we have a date approx 3 months from now that we have to perform by or we lose our 10K. The selling agent will be the one selling our house, who feels confident that she can sell our house quickly at "fair market value." We did not come in with a realtor, which sounds stupid, I know. We saw an open house posting and just walked in. So, at this point we don't know if this is typical. My husband just knows that I love the new house and have been wanting to sell our house for a long time. He's starting to feel nervous and I guess I don't blame him. What if we can only close by selling our house for too low of a price? What if we sell our house but the new property doesn't appraise? We would have to overpay or lose our deposit. What if we find a buyer but the deal falls through for whatever reason and we have to start over...getting closer to that deadline? Any advice would be appreciated. Basically, are non refundable home-sale contingencies deposits common practice? ***We would have to sign tomorrow or the Thursday at the very latest. My husband is starting to lean towards telling the realtor to just sell the house....and if the other property is still available....then it was meant to be. He figures that they haven't had an offer in 50 days so there's a chance that this is possible (this could also be because it was a little overpriced). I guess I'm not as positive, I feel like I will lose it...and I love it. He also thinks the realtor says "fair market price" now, but as it gets closer to deadline, she will feel the pressure more and tell us to go lower, naturally. [link] [comments]  |
| Graduating college. How do I get my foot in the door? Posted: 05 Jun 2018 06:58 PM PDT Want to work in real estate. After I receive my B.A. next spring I am going to start classes to get my real estate license. In the mean time, is there any type of work I can do that involves real estate? I just want to get my foot in the door. New to all of this. Thanks a bunch. [link] [comments]  |
| Do Real Estate Agents Get Kickbacks from Mortgage Lenders? Posted: 05 Jun 2018 10:13 AM PDT I'm buying a new house right now. I have two Mortgage quotes. One is from a small lender that my real estate agent recommended. The other is from a large national bank. The loans have the same interest rate, but the one my agent recommended wants 0.5% discount points. Regardless, my agent is pushing pretty hard for the more expensive loan. She says she has had problems with large banks before. She doesn't trust they will honor the rate I was quoted as we move further along. She is concerned the larger bank will not approve me by closing (which is in mid July). She just doesn't trust the large bank. Are these legit reasons to go for the more expensive loan, or do you think there is more going on here? [link] [comments]  |
| Posted: 05 Jun 2018 12:30 PM PDT Massachusetts market Okay so the town is looking at raising the real estate tax by 50% . This causes people to speculate and put their house on the market. In the last 3 yrs 2 houses have sold in the town for over 400k ( both at 405k) within the last month 5 houses over 400k have come on the market. Are we going to see a situation of everyone running for the door and only a few getting out before everyone starts under cutting each other? As of now none of the 5 new listing have sold but a few have reduced their prices. Thoughts? [link] [comments]  |
| Posted: 05 Jun 2018 03:22 PM PDT Colorado, US My husband and I bought a house on 60 acres acres from a family member. We have lived there for about a year and are finding it intolerable. Lots of personal issues with family (who live on both sides surrounding, and it's not worth the stress and drama anymore). Personal issues aside....We're putting the house (2 floors, 1800 sqft on main floor, unfinished basement) and the 60 acres it sits on, on the market. Before the house sells, my parents have generously offered to buy us land in a desirable area using a home equity loan line of credit. There are limited plots available in the area we want to be and we want to move fast to prevent missing out. New plot is 40 acres marketed at $235K. After the house sells, we would like to buy the land from them, and then combine it into a new loan to be able to build with profit funds from sale of our current home. I have a couple of questions about the whole scenario. Engaged our real estate agent to talk through some things but I'm looking to do some independent research on where and how to start so I can have questions ready.
I appreciate any input! [link] [comments]  |
| Newly married. Two properties. A survivorship deed/estate? Posted: 05 Jun 2018 06:21 AM PDT Ohio resident. I was married about a month ago. However, there are two properties in play making this process more difficult. I bought my own home in 2002, where I have lived since then. (I was 20 years old when I bought it ). Where my kid grew up, etc. I owe 53k on house i could sell for approx. $80k, as a guess. The original plan was to try and rent my house out, while moving into my wife's house as described below. It's now seeming it might be too costly to fix the house up enough to get a decent return as a rental. My wife also "has" a property, which her grandfather built. (Sentimental value plays a large role in this as well.) Come to find out, her mother is the true OWNER of the property. My wife tells me there is a "survivorship deed" in place. As far as I can tell, that only means she will not own the property until her mother passes. Which could be 30 years (her grandma lived until over 95). I feel like I am being put in a tough spot here. I would be selling a house I have owned for the better part of 2 decades, only to end up living in a home in which I have no stake (and my wife technically doesn't even own yet). I realize this is complicated, but I will be glad to answer follow-up questions. Does it make any sense to give up on my property for this reason? This is becoming a contentious issue for a couple of newlyweds. TIA [link] [comments]  |
| [NC] As a seller, questions to ask when offered owner financing? Posted: 05 Jun 2018 02:16 PM PDT Hey All, My wife and I have been in our house (in Charlotte, NC) for about 5 years now and since then we have learned two things: 1) this house is too big for us (about 2200sqft, we'd be better suited to half that) and 2) we would like to relocate to New England within the next year or two. Between watching comps and our "zestimate", our house has appreciated a decent amount and we could net 70-90k. Since we're not under any pressure to move, we listed it in zillow as "make me move" just to see if there was any interest. Within about a week a couple that has a business flipping houses contacted us. We've had a few conversations so far - no in person meetings and they have yet to see the property - but they have mentioned being interested in owner financing. I've done some reading into it (haven't talked with any professionals or lawyers yet, that's next) and generally speaking I'm okay with it provided I can get some legit references from these people and have my questions suitably answered. The downside to the location of the property, for us, is that it's fairly far from where we work, so the plan would be to move into an apartment much closer (read: walking/biking distance) to our offices until they are able to sell the house, we get the total net, then buy our next place. We're looking to schedule a face to face meeting with these people sometime next week, and I'm building a list of questions to 1) see if these people are legit, 2) put my mind at ease, 3) make sure this whole deal is totally above water and air tight. If it's not already painfully obvious, this is my first time selling a house, and this house was our first purchase. We just want to do things safely/legally, not get screwed, and maybe even make some money. If this is a horrible idea, tell me now and we'll shut it down and do a conventional sale. Right now, here're some of my questions: (for both you all and the buyers, as well as to add to - it is by no means final)
This is all just off the top of my head so I know there's a lot I'm forgetting I'm sure. I know a lot of these questions are very naive, but I just want to be as informed as possible. Additionally, I know that many of these things, if they came up, would be a breech of contract and we would have to take them to court. Right now that's why getting references is so high on my list, I want to know how their transactions with others (both as buyers and sellers) have gone. Thank you for any insight! [link] [comments]  |
| New Homes & Builder Warranty [TX] Posted: 05 Jun 2018 07:28 AM PDT Hi everyone, hoping you might have some insight on a problem we are having. I live in a community of about 20 homes built in 2016 by the same builder. We have an HOA. (HOA dues are low, basically just maintains a shared gate and driveway and small patch of grass) Everyone is having the same few issues with their house that should be covered by the builder warranty. They have started fixing some of it on a few houses, but largely they just ignore our calls, emails, etc. Then they say its out of the warranty period, even though we have been requesting to have things fixed basically since we moved in. Some people's houses have been in a half repaired state for months. We are thinking the next step is to hire a lawyer collectively to sue them. Is this the right step? Is there anything else we can do to force them to fix our houses? I'm worried about the cost of a lawyer, especially if we don't win the case. We also think our warranty has a forced arbitration clause. Will that affect our chances of winning anything? We discussed each individually fixing the problems through our homeowners insurance. This was my first thought as my deductible is not that high and then the work would definitely get done for a set price. Someone mentioned at our meeting that your homeowners insurance can drop you for something like this - is that true? Whats the point of having insurance if they drop you when you try to fix something/file a claim? [link] [comments]  |
| Reassessment Procedure - Should I return data card? Posted: 05 Jun 2018 08:06 AM PDT I was sent a data card with estimated facts about my property (the same facts that were present when we purchased the home a year ago). The card asks to send back with or without corrections within 21 days. If I choose not to send it back, will it draw attention or a visit from the reassessment team, or would they simply take it as correct and continue on their way with the preassessment figures? Thanks for any guidance. [link] [comments]  |
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