I think we're at a strange point in the new millennium where people fooling themselves about how old their home actually is. Real Estate |
- I think we're at a strange point in the new millennium where people fooling themselves about how old their home actually is.
- Homebuyers, realtors, investors, everyone: tell me about your worst real estate transaction ever. The epic shit show story.
- Realtors buying a home for themselves - advantages?
- [CA] HOW much do I owe if I break the lease?
- Broker Fees Paid by Buyer? What does this clause mean? (PA)
- Should we put down 20% of if we dont have to pay private mortgage insurance?
- Neighbor Dispute, Help Needed!!!
- I am considering putting an offer in on a home in Arizona, should I be worried if I can see the floor joists in the ceiling between the first and second floor?
- Renting just to cover the mortgage?
- Negotiation after Inspection
- Selling my property to a friend
- Putting townhome on rent in Denver , CO. What do I need to know? Learning...
- When to start looking for a new rented house
- Seller's agent showed me houses, interested in making an offer - what to do? (CR)
- Mortgage application struggle - not enough debt
- Real Estate Attorney Question
- Buyer's Agent if just looking at a few homes?
- Lots of uncertainty - would love some advice!
- House next door is being bought by someone who will rent it three people to a room, no background check. Any suggestions for what to do?
- Buying my own home (Houston, TX) in a few months. Worth it to get real estate license?
- What insurance company do you use for multi-family properties?
- I'm having neighbor issues and don't know what I can do. - Update
- First time home buyers considering Fannie Mae property... Please help! (IL)
- Is it possible for us to get a loan or do we have to wait?
- Buying home from parents. What options exist for best possible monetary outcome?
| Posted: 30 Jun 2018 10:07 AM PDT I remember a while back where someone posted somewhere about how when you think about 30 years ago, you think of the 70s. While in reality, 1970 was 50 years ago. I came across this the other day while showing a few small homes to a couple for a starter home. We looked at a new build in the country, a home that was 10 years old, and one that was built in 1980. On paper, 1980 for whatever reason just doesn't sound that old. But that house is almost 40 years old. I think this is causing people to not think straight and overpay for a home that is soon going to need several structural issues, because the whole time they were thinking of it as a "1980" model home instead of a "40 year old" house. Just a thought anyway. Don't fool yourself about age. [link] [comments]  |
| Posted: 30 Jun 2018 05:28 PM PDT We just got bamboozled by a super jerk realtor and I'm sad/discouraged/frustrated. I can't be alone here- make me feel better while I eat comfort food cannolis and pay my storage bill. [MD since location bot wanted to know] [link] [comments]  |
| Realtors buying a home for themselves - advantages? Posted: 30 Jun 2018 09:15 PM PDT I'm a newly licensed real estate agent and I plan on buying a house for myself in the next 6-10 months. Are there any perks of being an agent vs just a buyer? Can I act as my own agent? What happens to the commission? [link] [comments]  |
| [CA] HOW much do I owe if I break the lease? Posted: 30 Jun 2018 05:55 PM PDT Here is the lease agreement, specifically lease termination section I currently pay a rent of $2300 USD per month, I currently live in East Bay, California. In the event that the Tenant breaches contract prior to termination date: In addition to any obligations established in paragraph 32 and 33 of the Residential Lease or Month-to-Month Rental Agreement, the Tenant will be charged a fee of one-half month's rent and be responsible for the pro-rated rent for each day that the property remains vacant. Tenant acknowledges that actual costs associated with lost Rent, rental commissions, marketing expenses, and new applicant screening are difficult to determine and a fee of one-half month's rent is a reasonable and fair amount to cover these expenses. Landlord will waive these fees for early termination on the condition that Tenant utilizes Best Property Management, Inc. as an agent to represent Tenant in acquiring real property or a manufactured home and signs an Exclusive Buyer Representation Agreement (C.A.R Form BRE). Tenant will still be responsible for the pro-rated rent payment for each day that the property remains vacant for up to 30 days. Tenant agrees to allow Landlord to show the property to prospective applicants during the last 30 days of occupancy by appointment [link] [comments]  |
| Broker Fees Paid by Buyer? What does this clause mean? (PA) Posted: 30 Jun 2018 10:28 PM PDT I was about to make an offer to buy a rental property (This will be my second investment property). The realtor sent me an offer contract via Docusign, and as I reviewed it, I noticed there were fields completed that weren't in the offer for my previous investment property. Here is a screenshot of it (lines 30-35) I might be completely misunderstanding the clause, but does it mean that I, as the buyer, would be responsible for paying 3% or $3,000 to my real estate agent? The property was only $50,000, so my realtor's commission from the seller would've only been $1500. Does that mean I would be on the hook for the other $1500? The seller IS represented by a real estate broker, but I keep getting tripped up by the language in #2B: "Broker's Fee, paid by Buyer to Broker, is as follows." When I asked our realtor about it, she said that it "This is for a for sale by owner or otherwise minimal commission. Does not apply in this deal, however office paperwork I'm required to have signed." She wouldn't annotate the contract to reflect that it wouldn't apply in my deal, and so I never signed the offer, much to the realtor's annoyance. (And mine too frankly, I wanted to put an offer in on the house!) I have a call in with a local real estate attorney for his interpretation of this, but in the meantime, I'm trying to figure out if I'm completely misreading this clause. Here's a blank template of the contract that I found online: http://www.weichertacclaim.com/consumerbusinesschange.pdf The line in question starts at line 25 (#2B). This is a new realtor for me, but from the same local branch that I used for my first investment property. [link] [comments]  |
| Should we put down 20% of if we dont have to pay private mortgage insurance? Posted: 30 Jun 2018 06:03 PM PDT The bank we are using for our loan has a sweet deal where they will 100% finance with no private mortgage insurance requirement. So essentially we dont have to put down 20%. The interest rate for a 15 year loan is 4.125. My real estate agent suggested we put down way 10% and use our funds to fix up the house instead. My wife however feels that we should give the standard 20% so we can pay off the loan sooner rather than later even if we dont have to purchase private mortgage insurance. I fully intend on paying off the mortgage within an 8 year period so its not like I am going give as little as possible and delay in reducing the principle. What do you all recommend? LOCATION: Indiana [link] [comments]  |
| Neighbor Dispute, Help Needed!!! Posted: 30 Jun 2018 09:45 PM PDT We moved into our house in Northern NJ in April. Before we moved in we did the usual inspections of the house and the backyard, and noticed that the retaining wall on the adjacent property of our neighbor was leaning over severely onto our soon to be property, even causing our fence to bend over. The neighbors property is about 1.5-2 feet higher in elevation than ours, so the leaning of about 15 degrees towards our property is pretty severe. The issue is that there are trees right above the retaining wall who's roots are pushing on the wall, making it lean over. We notified the seller (a flipper), who told us that it wasn't their land and that they would call the city and have them issue our neighbor a violation. Neighbor goes to court, pays the fine and court says they have one year to fix it. Fast forward to today, neighbor is finally doing something about it. Tree company comes to start cutting down all of their trees to allow them to start working on the retaining wall. I notice that they forgot to cut one of the trees whose roots come from their side of the property line, and goes through my fence and who's trunk and branches are mostly on my side but originate on theirs. I tell the neighbor she should cut it while they are there and that sets off a whole chain of events. Tree guy says it's our tree even though roots come from their side. Then she brings over her friend who I guess works in real estate (I do as well) and starts telling me how their might be a chance that the retaining wall is actually mine and it's my responsibility, etc, so I pull out the survey which was done in April right before moved in. The survey shows the fence which is being pushed away from the edge of my property by the retaining wall and also property line which is most likely where the retaining wall is now or slightly in front of it. Because it is leaning over s about 15 degrees, if you work your way backwards in time so to speak, when it was upright that was the end of their property and the beginning of mine. Their friend suggested we get the surveyor to come out here and stake out the actual property line so we can see exactly where the property ends. I'm not exactly keen on doing this as they've already accepted responsibility for this issue by paying the fine in court and agreeing to the 1 year to fix it, plus they have had months upon months to get their own survey done to get this issue sorted out, and now at the last minute they're trying to weasel their way out of paying for the retaining wall to be fixed, which will be about 15k from what I understand.. I contacted the attorney who did our closing who we made aware of this issue at the time and he suggested the following:
If the surveyor comes out, and the leaning retaining wall is now on our side of the property line, are we now responsible? even though it obviously came from their side and had been leaning for years (other neighbor said it has been like that since the previous owners left in 2013, and has been vacant since) Am I missing anything? Is there any other advice anyone can give me? Thanks in advance!! [link] [comments]  |
| Posted: 30 Jun 2018 09:34 PM PDT Hello, I am not sure if this is the right place to ask this but here goes. I recently found this two-story house in Arizona while hunting for a home and my wife and I absolutely loved it. My realtor mentioned that he had concerns because he could see the floor joists in the ceiling of the first floor, and he wasn't sure if it was natural settling of the house or if it is a structural issue. I have included a couple pictures where you can see the joists showing through the ceiling. I also included an image in the kitchen where you can see one of the stubs through the wall as well. Has anyone seen something like this while shopping for homes and should I be worried about it? If it isn't a problem, is there something I could do to make sure the joists didn't show through the ceiling after I purchased it? Thank you for your help and I apologize that I couldn't provide better pictures! Let me know if you have any questions I can answer. [link] [comments]  |
| Renting just to cover the mortgage? Posted: 30 Jun 2018 09:26 PM PDT While signing escrow papers for a house I bought recently, I was talking to the escrow agent about rentals/real-estate investment. She mentioned to me that she was planning to rent her investment property out just for the monthly mortgage price, stating that it was a great way to build wealth. What's the benefit to this strategy? Reduced tax liability? Thanks for any clarification you guys can provide. [link] [comments]  |
| Posted: 30 Jun 2018 08:52 PM PDT Hi, this is the first time I am buying a home, so I am looking for some advices. I recently put an offer for a condo townhouse in Cleveland area. After several negations, we reach a deal. I did my home inspection and found out that the AC and the furnace are both way past life expectancy. The inspector said that the AC compressor / evaporator unit don't work. The hose going to the unit outside is not cold at all. The condo got some other minor issues, but is pretty solid other than that. But that HVAC system seems to be a big deal. Since it's a seller's market, what are my options? The unit is 2 floors and about 1200 square feet, how do I get an estimate for the pricing since it's smaller than a regular home? [link] [comments]  |
| Selling my property to a friend Posted: 30 Jun 2018 08:18 PM PDT Tenants moved out of my rental property. I decided to sell the property. I have been working on it for three weeks. My target date to put it on market is mid July. My close friend came to help me to do some work on the property. This friend is seriously thinking about buying the property. I haven't signed a contract with re agent. On this route, the selling price is reduced due to no re fee. I plan to have a re lawyer to draw up the contract. However, I am here to listen wisdom and advices on this route. This friend is my long time friend. I am checking on any possible dangers that may hurt our friendship on business matter. [link] [comments]  |
| Putting townhome on rent in Denver , CO. What do I need to know? Learning... Posted: 30 Jun 2018 07:59 PM PDT Friends, I'm considering putting my townhome on rent in zip 80134. What are some of the things I should be aware of? How does that impact my taxes? Do I even report the rent income on taxes or just collect rent, pay the current mortgage and life's good? First time being a landlord so still in infant stage learning about it. Thanks. [link] [comments]  |
| When to start looking for a new rented house Posted: 30 Jun 2018 07:45 PM PDT I currently rent a property and have no intention on staying when my contract runs out in October What sort of time do people advice that I start looking for a new place? Also I need to find somewhere that will accept my cats so finding somewhere might take slightly longer that normal Edit - I live in the UK [link] [comments]  |
| Seller's agent showed me houses, interested in making an offer - what to do? (CR) Posted: 30 Jun 2018 07:29 PM PDT So real estate is kind of weird in Costa Rica - I found a listing online and contacted the agent selling the house, have been bugging him with questions for a few weeks, and have had him show me the house three times (in addition to another house). He has done all of the work, but at the end of the day I am considering making an offer well below asking for the following reasons:
He has an obvious conflict of interest here, so in this kind of case, what can I do? He's done all the work on my end, so I feel like he should be compensated for that, but when it comes to coming up with an exact offer price and offer I would like to consult with someone else, to know if I could realistically offer even lower than that which I'm considering, and how realistic my idea is of severing the lot next door and reselling half of it is, and what might be a realistic price for doing so. What happens normally if you have an agent show you houses, including one they represent the seller for, and that happens to be the one you fall in love with? [link] [comments]  |
| Mortgage application struggle - not enough debt Posted: 30 Jun 2018 05:37 AM PDT 26/f/NM purchasing solo and struggling to get approved for financing because of lack of credit lines and minimal employment in 2016. Okay - so I am offering 38% of the downpayment, I have 60% of the cost of the house in assets and was prequalified for a mortgage 2x the cost of the property I put an offer on. I have no debt. 1 credit card I pay off every month, I pay rent (includes all utilities and internet) and I have car insurance. I only started paying for health insurance this year (6 months) because I was still eligible to be on my parent plan prior. My company pays for my phone. So there for— I have almost no expenses. The loan officer asked for 3 lines of credit at least a year old - but that just doesn't exist for me. My rent doesn't count and I don't have other bills in my name to show... they denied my rent payment as a credit line. Accepted the cc and car insurance but that's it. They asked if I could show a Netflix bill even but I don't have that or any other subscriptions. I also didn't have a stable address of employment for most of 2016 because I was traveling and working for ad hoc clients all I charged under $600 for services so I was paid cash and there for didn't issue 1099 or have to claim for taxes and now I have no evidence of income or work for that year. I have been at my current job since March 2017. Should I just wait to buy until I have 2 complete years and everything from 2016 would be irrelevant and miss out on my dream house? I've explored another lender that says they won't require the credit lines but my guess is that the taxes will still be an issue. I did provide normal 2015 taxes though. What can I do? [link] [comments]  |
| Posted: 30 Jun 2018 03:28 PM PDT Thanks in advance for reading this and for any responses. First time home buyer here and I am in the process of (hopefully) buying a house privately. I am getting 5k towards closing, brand new appliances, and my pick of finishes from the seller because I am not using a real estate agent and am saving him money. I was given the agreement of sale yesterday. I had already planned on hiring a real estate attorney to help me with the contract, closing, transfer, and title. So, I was wondering if anyone could give me a ballpark estimate of how much I will be looking at as far as walking me through, explaining and making amendments to the agreement of sale, helping with closing, transfers, and the title? From doing some rough searches online it looks like I'm looking at around 2k. Does that sound about right? Thank you! **Buying in PA** [link] [comments]  |
| Buyer's Agent if just looking at a few homes? Posted: 30 Jun 2018 04:26 AM PDT Seems getting a buyer's agent is smart when buying a home. But what if I would only be looking at one, two, or three homes at most? Would a buyer's agent want to take the time dealing with me given I may not end up buying a home? Realtors here, any feedback on this? Would I be better off just dealing with the Seller's Agent and then use a Real Estate Attorney for making an offer, and of course having that offer contingent on a home inspection, home appraisal, etc? (Apex/Cary [near Raleigh] NC] [link] [comments]  |
| Lots of uncertainty - would love some advice! Posted: 30 Jun 2018 06:44 AM PDT Hi everyone, This is my first post in r/realestate. My husband and I live in Austin, TX and bought our first house here June 2016. We purchased it for $270k and live in an up and coming neighborhood. I chatted with a realtor and comps around us are now selling for $335-$350k. There's a lot of uncertainty in my case though. First, there's an empty lot next door. On the other side of the lot is my neighbor who lives in a single-family home. There's mostly duplexes on our street. The lot was intended to become an A/B house unit lot but required both me and my neighbor to sign off, which we didn't. They're now selling to a man who wants to build a single-family home with an ADU in the back to rent for additional income. My neighbor has lived in her house for 45 years and is also interested in selling. Hers would be either a tear down or complete fixer upper. Ours was completely renovated before we bought it so no major changes needed for us to do. So my questions are this - if I decide to sell now, does the empty lot really (negatively) affect me now that we know what is going to be built? Does having a house for sale 2 doors down that would be significantly cheaper affect our potential sell price? Should I wait until the house is built and hers has been sold? Edit to add: the lot was empty when we bought it. I'm sure many of you are familiar with the Austin market and how crazy it is. To buy this house, we beat 6 other bidders and had to give the cleanest offer in the history of offers. The seller didn't have to do a damn thing. I just want to make sure I'm not making a mistake in selling either too soon or not soon enough. Also last question - and more of a personal one, how do you "fire" a realtor? Our last one just isn't hustling enough for me and I need to make sure whoever is taking care of our housing has our best interests and I'm just not receiving that quality. Would you want a text, sit down convo, the honest truth or a white lie? Thanks in advance if you've made it all the way down here! [link] [comments]  |
| Posted: 30 Jun 2018 10:21 AM PDT In central Fl. We got l bought our house two years ago for $115k. The house next door got termites about six months ago so the guy living there moved out (we immediately got a termite bond and protection). He's trying to sell it but the bank want $130k. It's definitely not worth that. Lady who owns a house across the street told me she's trying to buy it. She says she's going to try to arrange a short sale. The house she owns across the street is four bedrooms of bunk beds, rented by the bed, no questions asked. Really loud music and shouting all day. Cars constantly coming and going all hours. There's about four constant guys there but otherwise the tenants turn over almost monthly. We've never had trouble with them but having that much noise next door will be a nightmare. Anyone have any suggestions here? Thinking of contacting realtors I know and seeing if any might get involved as an investment opportunity for their contacts. Thinking of contacting local REIA groups to see if anyone might be interested. I don't want to buy it myself because I think the house might be a teardown and that's too big a project for me as a first time investment. Another teardown on the corner just sold for $85k, and last year someone bought a teardown one block over for $75k, took it down to one wall, built it back up and sold it for $235k. Ideas? [link] [comments]  |
| Buying my own home (Houston, TX) in a few months. Worth it to get real estate license? Posted: 30 Jun 2018 01:20 PM PDT Hi reddit, figured this was the best sub to ask my question. My fiance and I are looking for small houses/town homes closer to our place of work in Houston, TX. I'm using multiple online calculators to figure out potential costs e.g. down payments, closing costs, FHA loan costs as well as realtor sites such as redfin and HAR to find potential new homes for us. I'm getting slightly worried with how much these additional costs are stacking up compared to our down payment. Most places say to expect ~3% on closing costs??? Would I be saving significant money by getting my own license? I'm trained as a structural engineer and am familiar with flood plains and the like in our area. Am I screwing myself by doing it myself? Is a realtor THAT much more knowledge in an area I already live? Thanks! [link] [comments]  |
| What insurance company do you use for multi-family properties? Posted: 30 Jun 2018 01:20 PM PDT I have statefarm, but I haven't been happy with them. Any strong recommendations or preferences for your insurance coverage for multifamily units? In the southwest [link] [comments]  |
| I'm having neighbor issues and don't know what I can do. - Update Posted: 30 Jun 2018 12:50 PM PDT So, I made a post about some shithead neighbors of mine who blocked my motorcycle parked on a public street because they apparently feel they are the only ones who should be able to park there. Here is the original post for those who want to read the details (it's a doozy). Today I bring you an update. So, I contacted Code enforcement and they said they can go out and ticket the truck and trailer as the ordinance in our city is a vehicle has to be moved every 72 hours. They did not do this and were given an orange sticker warning them that they need to move the truck and trailer. They did so, but parked a new vehicle in it's place. Right up against the foot peg again. In the middle of the night, when I would have been asleep and no opportunity to move the bike once they got off the foot peg. All I really want to do is move my bike. Today, I realized these asshats adjusted the trip mileage on my bike. I just filled up the bike the day I parked it and it got blocked in. I might have driven it a whopping 10 miles, but when I look at the pictures I took of the bike, it shows 113. What kind of motherf**ker decides they are going to mess with someone's mileage tracker!?! It's on like donkey kong. I am moving my mailbox to the other side of the sidewalk where they are blocking me in. This should cause enough of a problem with the USPS that they are forced to remove their vehicles to leave enough room for them to get in. If USPS doesn't force them out, I'm not sure what else I can do. In the meantime, anybody got any ideas on how to mess with these dicks? Nothing like damaging the vehicles, but something so fucking annoying like adjusting a god damn mileage tracker?!?! I mean, who the hell does that?!?! Okay, rant over. Advice? Oh and I'm in Idaho [link] [comments]  |
| First time home buyers considering Fannie Mae property... Please help! (IL) Posted: 30 Jun 2018 12:44 PM PDT So my boyfriend and I are nursing students currently working at a hospital while we're in school. We're probably dreaming more than we should be, but we came across a $39,000 house that would be gorgeous with the right work. Mortgage/insurance/taxes will be completely affordable. We're renting at $850 now and the mortgage shouldn't be higher than $500, so we'd have $350+ "extra" than we do now. The place definitely needs cosmetic work, and at that price the house certainly has something pretty major going on. I just want to know some of our options here... It's Fannie Mae, so I know they're really specific about what is and is not accepted... But we're first time home buyers, and I know there are special loan opportunities for first timers that I'd like to take advantage of. Help with a down payment would be great so we could put money into what work needs to be done. I've also heard of loans that can combine like a repair loan with the mortgage kinda thing. I've tried looking some stuff up but I'm not sure what Fannie Mae will do... I'd just really appreciate any info. Feel free to crush my dream if need be, too. I drove by it today and fell even more in love, so a reality check is probably a necessity! :) [link] [comments]  |
| Is it possible for us to get a loan or do we have to wait? Posted: 30 Jun 2018 11:15 AM PDT My husband and I just spent the last 2 years road tripping the US making ~30k combined (part-time). We're almost done with the trip and now we want to buy a house. The area we're looking at will be much more expensive to rent than buy. Prior to the trip we had an income of 110k. We are hoping to buy a ~160k house and we currently have 40k in savings. We're both self-employed and have credit scores in the 700s, no debts. Is it too early to look for a realtor? I'm worried our low income the past 2 years will make it impossible to get approved for a loan. [link] [comments]  |
| Buying home from parents. What options exist for best possible monetary outcome? Posted: 30 Jun 2018 10:44 AM PDT I live in the State of OK. I would like to buy my parents house from them, and they are willing to sell it to me for half the price of its expected value. In this example, lets say the house is 120k, and they are willing to sell it to me for 60k. What are the legal, tax and monetary ramifications of this? - Is it possible to sell a house at any price you'd like? - Will there be a full burden of the assessed value in regards to taxes? - How would a loan work in this situation? - What are somethings that perhaps I'm not considering? Thank you for any and all insight! [link] [comments]  |
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