$28k elevator for 4-story condo - worth it? Real Estate |
- $28k elevator for 4-story condo - worth it?
- What's the proper way to respond to buyers who turns their inspection report into a list of demands?
- Offer letters illegal?
- Condo Purchase – Sellers Removed Furniture that was Contracted to Convey [MO]
- Cap Rate - whats good? how do you calculate?
- Do you guys change locks when moving?
- What are the silliest reasons VA financing has killed a deal?
- [IL] Update from "Letting an offer 'sit'"
- How long between offer and being in contract?
- Gentrification does not cause lower-income residents to move more frequently
- Need advice - looking to buy house with retaining wall problem
- Investing in a townhome rental in Austin at a monthly loss for the long term gain
- (MN) Bought condo, had gas leak, found out seller didn’t fix/replace furnace that was requested on amendment
- Rent to own
- Does refinance work in this situation?
- Purchasing house in foreclosure (Illinois)
- Thinking about constructing a in-law unit. Consequences?
- Buy a house now or wait?
- Is my math ($) right on fixer upper vs renting?
- Inspection was done on house I’m buying and I’m conflicted on something. Advice needed!
- 4 Renovation Myths Reality TV Shows Propagate
- Made a Huge Mistake-Advice Needed
- Question about purchasing a house from my dad
- How does an electrical substation affect home value?
- Does anyone know of a website(s) where you can look to see what kinds of crimes happen in a neighborhood and then the demographics of the neighborhood?
| $28k elevator for 4-story condo - worth it? Posted: 02 Jul 2018 02:15 PM PDT I bought a condo but they've only just started construction with the concrete flooring. The builders have a good reputation and they are partnered with a company who can install an in-home elevator. It would however cost me an extra $28k and I'm debating whether I want one or not. I'm still young so going up/down stairs isn't a problem yet, but of course it'd be tiring for anybody to have to go up/down 3 flights of stairs multiple times a day. From an investment perspective, I'm wondering what kind of impact it might have on the long-term value of the condo, does anybody have any thoughts? [link] [comments]  |
| What's the proper way to respond to buyers who turns their inspection report into a list of demands? Posted: 02 Jul 2018 06:15 PM PDT In the process of selling my home. My realtor made a major pricing fumble early on and it has cost me. My house sat on the market for almost 2 months, which is unusual for the area. It eventually got an offer, but far below what I ever imagined it would, and with several concessions on my part on top of that. I think my realtor just wants the deal done at this point and I regretfully gave in to all of their demands upfront, which was an initial concern of mine since I gave away all bargaining power. Another concern of mine was that it's an old home, and the buyers are young/first time homeowners who were only putting down 5%. I feared an extensive inspection list would not go over well with them. They did an inspection and just sent me their counter today. They want to the tune of 8-9k in fixes/repairs, from things like radon mitigation to cosmetic fixes on the deck. Personally, I want to tell them to bug off at this point because they are already objectively getting this house for below comps, and I threw in several other things they asked for to the tune of about 3k in costs to me. Now they want every little thing fixed as well. My realtor is obviously ready to move on with this transaction and is pushing for me to drop the price a further 8k, which I will not do. At that price, I will hold and rent it. I know the buyers are very interested in the house because they spoke to several of my neighbors after an open house and spoke highly of the home, mentioning that our layout (rare for the area/price) was a dream to them. I feel like knowing that, my realtor should be more willing to "go to battle" for me, but she has proven pretty worthless. How do I diplomatically respond to them without being insulting, but also to let them know I'm not interested in being their handyman checkbook? Do I just counter with our original agreement? [link] [comments]  |
| Posted: 02 Jul 2018 06:22 PM PDT I just put a bid on a house and included an offer (or love letter if you prefer that term) and my realtor thought it was great. The offer is 20k above asking and I wanted to express in the letter how much we love the home, etc. and after my realtor submitted the offer she was told by the listing agent that submitting that kind of letter with an offer is illegal. I'm not sure if he's just saying that because he doesn't want that included or because they actually are illegal in New York State. I can't really find anything on it and my realtor hasn't dealt with these before. [link] [comments]  |
| Condo Purchase – Sellers Removed Furniture that was Contracted to Convey [MO] Posted: 02 Jul 2018 07:13 AM PDT My wife and I put an offer on a condo that the seller accepted. The contract we signed included conveyance of patio furniture and the fridge. Closing is in a week or so. As we were walking in the door to do some measurements yesterday our agent told us that the seller's sister came by and took the furniture and that the seller doesn't want to ask for it back to avoid family drama. I have no idea when the agent was told but I was miffed. The seller offered to replace it or give us a $200 credit. I feel like this is an attempt on their part to milk more money from us in this deal. The furniture is a 5 piece wrought iron patio set. I found the same one used for $1,050 online. Sets from this manufacturer go from like $800 to $4,500. I told our agent that we expected them to put the furniture back and that we wouldn't be accepting the credit or any replacement furniture because I thought the seller would find the cheapest thing he could. What are my options? Should we postpone closing until they comply? Can I close under protest and sue them in small claims court? I'm confident I can prove the furniture is worth at least $800 based on multiple online postings. If I'm going to sue them, how do I get the seller's address and phone number? Can I ask our agent for it? This is our first home purchase and it's all very stressful so any help would be nice! Edit: Just to clarify - as far as I know only the patio stuff is gone. The fridge should still be there. [link] [comments]  |
| Cap Rate - whats good? how do you calculate? Posted: 02 Jul 2018 08:11 PM PDT I've heard and read so many different ways to calculate cap rate. So I'm asking you fine people for help. My specific example is I have a home where I pay 850/month of mortgage which includes property tax & insurance. I collect 1350 in rent. What is my cap rate? Also what's considered good cap rate? California [link] [comments]  |
| Do you guys change locks when moving? Posted: 02 Jul 2018 05:28 PM PDT Closing on a house in 2 weeks and moving in at the end of the month. Was wondering whether we needed to change the locks or not. Although most times there's no incidents, I've read a few stories a few stories of sellers using their old keys and coming back to "pick up something they forgot" or to outright try to steal from the new owners. What do you guys do regarding the key situation when you move? [link] [comments]  |
| What are the silliest reasons VA financing has killed a deal? Posted: 02 Jul 2018 09:52 AM PDT This is inspired by a recent thread with a frustrated vet. [link] [comments]  |
| [IL] Update from "Letting an offer 'sit'" Posted: 02 Jul 2018 12:42 PM PDT Update: Thanks for all your input, it was really helpful to know I wasn't just being overly sensitive about it. We've decided to withdraw our offer. Now I just really hope she doesn't go back to look at our next door neighbor's house! Some of you may remember a post I made last week here where I basically was reminded that verbal contracts = not the best idea. And now I'm back for some more advice. Since I last posted, the buyer requested to take her dad through our house Saturday morning, and after receiving his blessing, would accept our (updated) final bid of $152,000. This showing with her father was supposed to take place of a formal home inspection. She came back with a couple of questions that made it seem like she was going to accept (wanted me to measure where the washer/dryer hookup is, even though the set is supposed to be part of the sale, per her request; asked whether some storm windows exist; asked the age of the roof; wanted the last 12 months of utilities). At this point things were still verbal, much to my chagrin, and she came back that evening stating she'd accept the bid of $152,000 but she a) wants to be able to plant some of her hostas in my yard prior to closing b) wants a roof inspection c) wanted the Nest thermostat, which I had stated in the realtor's notes as well as in the e-mail that was forwarded onto her with the list of items we would be willing to leave, was not part of the sale. I was ready to kill it over a $200 thermostat. My realtor even told me he'd take the purchase of a new Nest thermostat out of his commission to keep the deal going. We all agreed (though I'm still not sure where we are on a roof inspection and I said absolutely not to her touching my garden before closing) and my husband and I signed the purchase contract, with the agreement that she was to sign the following Monday (her realtor was out of town Sunday). Last night, Sunday, at 7:30 pm I received a text from my realtor stating she'd like to take her ex-husband through our home at 8:30 the following (Monday) morning. We are a family of a work-from-home dad, stay-at-home mom, a 6 year old and an almost 2 year old who likes to sleep til 8:30. I told him it was too short notice and too early from our family, but it wasn't a no for the showing completely, but was curious whether her signing the contract was contingent on this showing. He was pretty sure it was not so we were up until a couple of hours ago, still waiting for that signature. She's now come back and stated she won't sign until she can take her ex through our house tomorrow (Tuesday, a full week since the initial showing) at 8:30 a.m. or 12:30 p.m. I was ready to tell her to take a hike, but after my husband talked me down, I told him she could see it at 12:30 provided it was the final showing, and we must receive the signature tomorrow or we will have to move on. We've spent an entire week tomorrow on a will she/won't she situation and even missed out on a showing from a different interested family that could've taken place today. Is it just me or is this too much? My gut is screaming at me to kill the deal, but my husband isn't ready to. Do you guys deal with this kind of thing regularly? This woman seems exceedingly difficult to deal with and seems to keep changing her mind. She's only got $500 earnest money down and I'm very nervous she'd walk away from the whole thing in the middle of it, potentially after we've found a place to go. Please, any input would be helpful. My realtor is busy currently and my stomach is in knots. Thank you! [link] [comments]  |
| How long between offer and being in contract? Posted: 02 Jul 2018 09:50 PM PDT There was an offer made on my mother's house which was accepted the next day. The inspection was on day 6 - now on day 11 it is still not in contract - but they want to close 9 days from now. Is this weird? I have been doing maintenance for the house and I would like to know whether to go get my tools/lawnmower. With the holiday - it will be difficult for me to travel the 3 hours to the house with short notice (I work full time and am currently taking care of my house and 2 of my Mom's - I am really ready to reduce this by one). [link] [comments]  |
| Gentrification does not cause lower-income residents to move more frequently Posted: 02 Jul 2018 07:00 PM PDT I came across this interesting article about a study that showed that urban renewal did not cause lower-income residents to move more often. The tone of the conversation seems to assume differently. I am curious what other people think about this. https://www.economist.com/united-states/2018/06/23/in-praise-of-gentrification [link] [comments]  |
| Need advice - looking to buy house with retaining wall problem Posted: 03 Jul 2018 03:40 AM PDT So we love this house, the retaining wall must be fixed in the near future- it will be our problem if we buy the house. We were quoted 50k to fix. The house is listed for 899k. How much would you offer knowing the wall issue ? Westchester New York [link] [comments]  |
| Investing in a townhome rental in Austin at a monthly loss for the long term gain Posted: 02 Jul 2018 08:26 PM PDT I currently live in a 1000 sqft townhome, located in a nice part of Austin (by the Arboretum), which I am looking to either sell or keep as a rental. I am wondering if it makes sense to rent it out if I operate at a monthly loss, assuming that loss is less than the amount that goes to actual principal. My estimated payments while renting it out to a tenant would be: $1250 - Principal & Interest $150 - HOA $50 - Property Management Company $55 - Home Warranty $5 - Renter's Insurance $100 - Incidentals/maintenance of the condo (planning for the worst case) Total: $1610/m It would be reasonable to assume I could potentially get $1400/m, so I would be operating at a $210/m loss, but my current principal is $350/m. Now, the townhome is also very different than a traditional apartment in the sense that it feels like a home. It's also in a nice, quiet area surrounded by nature. The value of the condo has gone up roughly $15000/y. It seems a no brainer that it makes sense to continue operating at a loss if the value is growing at such a rapid rate. But I keep hearing professionals saying that you should never operate at a loss, and the long term investment value is never guaranteed and always a risk. What are your opinions? [link] [comments]  |
| Posted: 02 Jul 2018 08:15 PM PDT Hi all, I'm young first time home buyer and just bought a condo in MN. After inspection on the amendment of things I wanted the seller to fix, one included "inspection, and any repair and/or replace furnace" as the CO levels were high. The seller signed this as did I. On signing day, closed on the house and got the invoice that the seller had an HVAC person come through. Now this is something I missed, on the top of the invoice it said something like "inspection and certification". With all the paperwork I saw that title and thought it'd be good to go. But further down the invoice after rechecking is clearly stated UNSAFE. I called the HVAC guy that did the inspection for the seller and he said that they didn't intend to replace or repair it. Now a month after closing, my furnace had a gas leak in which I had to evacuate. I contacted an HVAC company and got a quote on a replacement. The unit is old and can't be just fixed. Needs to be replaced. Since the seller signed the amendment that explicitallt said to repair and or replace so CO levels are safe, they should be responsible, correct? I believe we signed an arbitration thing also. My realtor wants me to email my quote to him and he'll work with the seller, but what are your thoughts? I'm so stressed out. [link] [comments]  |
| Posted: 02 Jul 2018 05:00 PM PDT Quick question: I am faced with an opportunity to rent to own a home. The owner just wants a down payment to catch up the mortgage back payments and then put all of my monthly "rent" payments towards the actual purchase until I get approved for the loan. Can this legally be done? She basically just wants the place off her hands and I could use a place to live asap. She moved to Florida and the house is in Maine. I know this person well and am not concerned about any shenanigans. Looking for advice. Thanks! [link] [comments]  |
| Does refinance work in this situation? Posted: 02 Jul 2018 09:42 PM PDT Assume that I'm looking to purchase 500k condo, I have 400k in cash to use as a downpayment. As the situation is right now, that would mean I need to finance 100k, which would give me a VERY low mortgage. After 1-2 years of paying my mortgage, I decide to refinance and withdraw all my money out and use as a down payment for another property. Would I still be able to keep the low mortgage I was paying? [link] [comments]  |
| Purchasing house in foreclosure (Illinois) Posted: 02 Jul 2018 09:13 PM PDT House was in the spouse's name only, as I had a business where they accepted my income, but didn't put me on the loan. It was one of the "Big Short" loans. Going through a divorce, he willingly stopped paying on it, and the foreclosure judgement was just approved. It's going up for auction in 2 months. My question is, can I purchase the house from the lender? I understand once it goes to auction that I, nor can an immediate family member purchase it, but in this limbo period, can I approach the lender and buy it? He's way under water on it, but my four kids grew up here, and I'd like to keep things as stable as possible for them. I'm weighing trying anything to keep the house, vs just buying something similar. Moving is a pain in the ass. I spoke with my RE lawyer, and he said they're not negotiating down principal like they used to, but believes the lender would like to get rid of this house. I wouldn't be interested at the amount he owes, (100k over value), but if I could get fair market, I'd be game. I thought his willingly letting the house fall into foreclosure while he was working by himself out East would be considered egregious by lawyers, but seems to go on deaf ears. But that's a discussion for another sub. Sorry for the small novel. I just have a lot on my plate, and writing is an outlet. [link] [comments]  |
| Thinking about constructing a in-law unit. Consequences? Posted: 02 Jul 2018 06:30 PM PDT My parents have a house in San Jose, CA with a large yard. One idea I have is to put a guest house there and rent it out for some additional income. Of course, I'm paranoid of running afoul of the property tax people and having them reassess the entire property because of this. I read on the news that many people have done this, and I'd like to know the most prudent way to go about this without affecting the tax rate (since this property was purchased 20+ years ago, with an appropriately low tax base). Any advice, or experiences with this appreciated. [link] [comments]  |
| Posted: 02 Jul 2018 10:06 AM PDT 24yo / $16hr full time / 30k savings / preapproved for 4 unit up to $220k Here's my situation. Currently live with family and am slowly losing my mind. I'm ready to have my own space and break away from the nest. However, the local real estate market is drying up (upstate NY). I'm only considering buying a 3 or 4 unit, I want the additional income and I'm interesting in real estate investing long term. There is nothing on the market now that I find particularly interesting but I'd like to make a move before next summer. I know the sellers market is coming to an end but I don't want to wait another 3-4 years for the market to correct. So I guess I have 3 options...
I've heard conflicting advice for real estate investors, one side saying smart investors make their money on the deal (buying a property for less than it's worth) and the other side saying rental income is rental income and if you plan to hold it for the long term then buying at market value isn't that bad. I could buy something now for slightly inflated prices and get cash flow going pretty quick or wait for a better deal but postpone the income and equity build up. Thoughts? [link] [comments]  |
| Is my math ($) right on fixer upper vs renting? Posted: 02 Jul 2018 05:07 AM PDT I am contemplating buying a house to live in for 2 years then FSBO sell, instead of renting a house for those 2 years. I would only do this if I can get the house at $15,000 or more (house on market 60 days so far) below asking. Cary NC region. BUY HOUSE at $200,000. Repaint exterior ($3000)-- it is an ugly as heck brown painted wood exterior; new flooring inside in a few rooms ($4000), redo kitchen cabinets and counter myself ($3000; I have done this before as well as flooring and windows); $3000 (a new window or two), $2000 misc. Market comparables (recent sales) are $230,000 to $260,000 (same year built, same square foot, same ranch style, same lot size, within a few blocks, same #bedrooms and #bathrooms). In two years I sell it for $260,000 after fixing it up with $15,000 in improvements, FSBO sale. The math seems to indicate it could be better to buy a house, if of course I get it below asking and if in two years I could sell it as described. $260,000 sale - $215,000 investment = $45,000 profit - $ 4,800 buyers agent commission = $40,200 - $ 3,200 closing fees when selling (estimate) = $37,000 - $ 4,000 two years of property taxes = $33,000 profit after two years owning and fixing up house RENTING HOUSE -$40,000 cost to rent over two years @ $1666 rent/month +$20,000 investment income over two years after taxes from $200,000 not spent on house = -$20,000 net cost to rent two years over two years home ownership [link] [comments]  |
| Inspection was done on house I’m buying and I’m conflicted on something. Advice needed! Posted: 02 Jul 2018 12:18 PM PDT The house I'm purchasing just had inspection and only had one major issue. The HVAC is original to the house so it's 17 years old. The company said it is in need of repairs and will give an all clear if repairs are done. They highly suggest a new unit though. The seller is only willing to pay for repairs, but they are willing to replace if we pay the difference into the cost of house (about $2,000 more). We already started the underwriting process with our lender so I don't want to change our agreed upon offer to pay more. I'm thinking to just agree to her paying repairs and I'll prepare myself to replace the unit in a few years. (repairs under warranty for 1 year and also have a 1 year hike warranty on major systems) is this the smart move? I'm in South Carolina so it's important to have working air in summer time. [link] [comments]  |
| 4 Renovation Myths Reality TV Shows Propagate Posted: 02 Jul 2018 01:15 PM PDT |
| Made a Huge Mistake-Advice Needed Posted: 02 Jul 2018 02:23 PM PDT We just made a huge mistake on a property we were trying to purchase. I would like to know if there is any chance we could try and get the sellers to go back into escrow with us??? Suggestions if we should or could do anything to bring them back to the table? Or should we just let it go and learn our lesson? Here is what happened: house came up for sale in hot market. Definitely sellers market where we are. Prices rising fast and inventory going in a day or two. The house was reasonably priced. Sellers originally asked to "rent back" for three months at 1800 per month. Also stated they were taking the 5,000 dollar shed on property.. We came in cash, full price, and okay to rent back, and okay on taking shed. Sellers came back and said they had two other offers, ours was best, and if we would give them 90 day escrow so they wouldn't have to rent back, they would choose ours. We agreed. Cut to inspections. Everything looked great except for a few very very minor things. For example, the chimney needed to be cleaned, some roof caulking needed to be done and the dog door they cut into side of house should be fixed. We asked for these repairs. Probably $1,000 at most??? Sellers said no. Our pride immediately flared up and we got all bent out of shape and pulled the contract. Stupid I know. We felt like we had been so accommodating and were not asking for much. But, we shouldn't have thrown the sale over it. I think they had a backup offer and just moved along to the backup offer. Which I know was lower and not cash. This happened on Thursday night and it is now Monday. Can I do anything to get this house back or do I have to just let it go? Any advice is welcome. Thank you. [link] [comments]  |
| Question about purchasing a house from my dad Posted: 02 Jul 2018 08:20 PM PDT Washington State - My parents bought my house 12 years ago from me when my ex and I got divorced. They did this so my kids could stay in their home until they graduated high school and also with the plan to let me buy it back at any point I could plus the 10k they have into it. Currently there is 56k owed on the mortgage. The house is worth in the 220k range. My question to /realestate is can I just get a mortgage for 140k? Sounds crazy but hear me out. I am 43 years old, I have had the same job for 16 years. It's going to end when the owner is 65. That's in 5 years. I don't have a back up plan really. I have a large 401k as I have put in to it since my first job that allowed, and a few IRA's. Plus wife is a nurse at the hospital and also has good retirement. So I am not worried about retirement. With that and my inheritance We will be comfortable. Anyways, I want to use the extra money from the house to buy a tractor and start a part time tractor / excavator business that gives me 5 years to get it moving so I can go full time either before he retires or when. I figure I am letting the equity in the house pay for it. My thinking is probably wrong. But I figure as long as I am not taking 220k out of the house I can always sell it and still walk away on the plus side and still have a tractor and excavator. So is it possible to get a loan like that? [link] [comments]  |
| How does an electrical substation affect home value? Posted: 02 Jul 2018 11:34 AM PDT A duplex I'm looking at is right across from an electrical substation. Low crime area. Close to down town. [link] [comments]  |
| Posted: 02 Jul 2018 04:15 PM PDT Hello. I'm looking into buying a place. And it's hard to tell about some areas. I'm looking to be able to look up specific crimes for a neighborhood. But I also want to be able to look at the demographics for the area based on education, race, age, and gender. Does anyone know some good sites for this? Or recommendations for where I could find this info? Located in the United States. [link] [comments]  |
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