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    Thursday, August 9, 2018

    Title problem: Selling home of 10 years and title company tells me previous owner still has interest in property Real Estate

    Title problem: Selling home of 10 years and title company tells me previous owner still has interest in property Real Estate


    Title problem: Selling home of 10 years and title company tells me previous owner still has interest in property

    Posted: 08 Aug 2018 06:11 PM PDT

    About 10 years ago I purchased a foreclosure home 100% in cash. I've lived in the home for all these years and recently moved, so I put the home on the market. I immediately got a buyer and accepted a bid. After waiting a month, 3 days before closing the title company tells me there is a problem with the title. They are telling me that the bank I purchased the home from never completed some paperwork to finalize the foreclosure and that the previous owner, who only lived in the home for a year before declaring bankruptcy and being foreclosed on still has interest in the home and I am not able to sell the home because of this.

    As far as I understand, the foreclosure was never finalized and the title company tells me the covenant deed was never released. Apparently the previous owner never signed some paperwork. My name is the only name on the deed and public records show me as the owner of the home. I have all the paperwork from closing 10 years ago. The title company still says they can't move forward with the sale. They have suggested I consult an attorney.

    This seems ridiculous to me, and I was wondering if anyone has some insight or has been involved in a similar situation. Thanks.

    submitted by /u/foreclosurefuckup
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    Market cool down

    Posted: 08 Aug 2018 10:25 PM PDT

    I'm noticing some cool down in Seattle market (very few offers being made, offer price below list etc.) how is rest of the country doing?

    submitted by /u/Av1dredditor
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    Seller lied about Asbestos and neglected well water system - advice?

    Posted: 08 Aug 2018 06:37 PM PDT

    I found from Maryland.gov's housing database that the house I'm under contract for is listed as having Asbestos shingling - the seller did not disclose this even after we asked, which was before we began inspections. Clearly at some point a documented inspection found this.

    Additionally, they have neglected their well water system ; they've left their water conditioning system off for an unspecified amount of time (potentially years), the pH is 5.23 (acidic), water is positive for Total Coliform, one pipe appears to be leaking from first floor bathroom, water heater is set for low heat and pressure tank is set to higher than normal pressure. Potentially damaged copper pipes and conditioning system are a big deal. The house is otherwise great!

    Legally, how liable are they for not disclosing asbestos siding? Between the asbestos and the neglected water system, how much power do I have to get them to pay for repairs/vinyl siding to cover Asbestos?

    Note: we have a week left to walk away from this. The contract is "AS IS" after a $10,000 drop from listing price since the owner is traveling soon. Maryland's definition of "AS IS" means they must disclose hazards.

    submitted by /u/Nickdom2
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    Explain Owner Carry Financing please

    Posted: 08 Aug 2018 05:32 PM PDT

    I'm have 25 acres of property under contract. I can probably qualify for the financing traditionally, along with a 350k home, but it might end up tight. The owner has asked if we want to finance the land portion through him.

    What are the benefits and risks? I imagine the interest rate is probably higher, and that alone woild make it cost prohibitive. The owner owns the land outright

    submitted by /u/NewGuyBIGuy
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    Water Damage Found 2 Days Before Closing, Advice?

    Posted: 08 Aug 2018 06:04 PM PDT

    Ok, so I won the bid on a house auction (brick rancher) that was way out of my price range for what I thought was a good deal. The previous owner was an older woman with no animals or next of kin. She forfeited her house to a major bank and a large percentage of the profits are to go to a local church. The house looks immaculate and well taken care. From what I can tell, this woman used the best materials money could buy at the time. Built in 1985 with many well thought out renovations. Now here comes the down-slide. A month before auction (May) the HVAC system took a crap and needed replaced. They installed a brand new TRANE HVAC unit, and at the auction refuted the final bid price and increased it for the cost of the unit. I wasn't crazy about the up-charge and we went back and forth many times until I knew they were tired of negotiating. I didn't want to loose out on a good deal so I accepted and put down the deposit. The contact I signed stated that we were to pay for the final price of the house within 30 days of the sale or I would loose the deposit. It was sold as-is and any damages that occurred within said 30 days would be the responsible of the seller.

    Today, I went to the house (2 days before closing) to inspect it for any damages that might have occurred. It has been consistently raining for the past month, so I thought the basement might have been flooded. Come to find out someone turned the outside spicket to full blast and left it on for what I can tell maybe a day or two. The water was piling up underneath the house in a crawlspace but never got into the basement. There is mold everywhere and the insulation is ruined. The section above crawlspace was the kitchen (laminate flooring) and the living room (hard wood).

    Well the auctioneer notified the bank rep immediately and said that they would pay for all damages to the house and he said they would honor their end of the deal if we purchased the home. I'm worried about extra costs that might occur but are not so apparent they get fixed in this claim. Because it was sold at auction, there was no home inspection done or papers to review so I don't have something to fall back on legally. I might be SOL if I continue with the closing and there are other major problems. This is my first home buying experience and I'm unsure of what l measures I should take ensure my financial lively-hood and home's value. Any advice on the matter is appreciated. Thanks!

    submitted by /u/thefiremind_tech
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    Question about property management companies

    Posted: 08 Aug 2018 03:39 PM PDT

    I'm about to buy a condo in Virginia. The idea is to pay it off quickly (eg six years) and then have a property management company manage it. Someone told me it was a bad idea because property management companies "look for volume" and will not manage a single property. I feel this is wrong, but couldn't find anything to disprove him. Help me Reddit, you're my only hope!

    submitted by /u/Wicked_gr3y
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    [NJ] Buy (primary residence to live at least 5-8 years) vs comparable Rent for a condo

    Posted: 08 Aug 2018 01:07 PM PDT

    I have been renting for a while in the tri-state area and am looking to buy a condo in Hudson county, NJ. The monthly fees (including HOA, taxes, insurance, mortgage @ 4.5%) is $2,500/month. HOA fees includes elec/gas/heat/water, so there are no additional monthly utilities bills. Similar condos are listed for rent in the area for $1,800-$2,200/month. If I had to move out of the condo for some reason and list it for rent, at a lower rate than my monthly cost, should this condo be considered for purchase? Wouldn't potential homeowners look to rent out at atleast a breakeven price, if not at potential profit?

    edit: added 'insurance' in monthly free breakdown

    submitted by /u/Colombianlion
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    Head Hunting

    Posted: 08 Aug 2018 07:39 AM PDT

    Hi guys

    I'm about to start a new job on a real estate agency in Portugal. The job they required me to do is simple on paper but it's not something I'm trained in doing and it's a bit different from what I see in other agencies in my country.

    They basically want me to persuade other realtors from other big agencies to come work for us. From what I've read this is quite common in the US. Not sure if this is right.

    My question is, how is exactly this done? Are there any guidelines or tips someone experienced in this type of job can offer? Thank you in advance :)

    submitted by /u/AcnologiaSD
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    Family in Urgent Situation

    Posted: 09 Aug 2018 02:42 AM PDT

    My family and I are in an urgent situation. Can anyone recommend a place to stay for 6 weeks that's not overly expensive? I searched on air BNB, but my only options were $4k+ per month. We are living in Michigan.

    Backstory: We moved into a temporary apartment last month while we close on a new house and just recently discovered bed bugs causing my son to have an allergic reaction. We will be moving into our new home mid-September, but need to find somewhere else to live in the meantime following heat treatment. Any suggestions are helpful.

    submitted by /u/AndAvForfedre
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    Swap Houses instead of sell/buy maybe include things like cars

    Posted: 09 Aug 2018 02:31 AM PDT

    its a great business idea to open an estate agent that SWAPs houses instead of buying and selling them. the houses could be a straight swap or money or cars etc... could sweeten the swap. the estate agent gets a commission,

    the benefits would be no morgages or long waits, the swappers find there homes at the same time. also you could swap many more times as you wish, it would be easy.

    submitted by /u/batdrop
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    is there any benefit to being a resident of the state you are purchasing in?

    Posted: 09 Aug 2018 01:31 AM PDT

    split my time between states, and questioning if it's better to be a WI resident, buying a WI house as a renovation project, or an IL resident.

    submitted by /u/adognamedpenguin
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    Thoughts on using Opendoor to sell my home?

    Posted: 08 Aug 2018 02:58 PM PDT

    My husband and I have been thinking about relocating to another state. We currently live in Las Vegas. We are dreading the idea of having to work with a realtor and doing open houses so we thought this may be a good idea for us. This will be the first home we're selling and we are complete real estate dummies.

    Do you have any thoughts on using Opendoor?

    submitted by /u/meesoMeow
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    Yo Appraisers!

    Posted: 08 Aug 2018 09:35 AM PDT

    Hardest part of becoming an appraiser is finding someone to hang your license with, I'm done with my trainee phase will be getting the designation as Licensed Residential Appraiser within the next couple of weeks and I have a couple questions.

    I know we get paid per appraisal and the more we work the more we earn, I'm 22 and I'm not tied down to much else. Reasonably, what income range should I expect first year solo?

    Will the fact that I'm 22 or only Licensed affect the amount of work that comes my way?

    How is work distributed by AMCS? Do they call your phone and ask for a quote, shop around and then send you an email?

    I'm going to be starting a business I've heard that S-Corp is the way to go but I would like to hear other appraisers thoughts? Taxes, setting up business bank account, etc?

    If you would like to share how much did you make last year? I've googled this and the most common answer is 50-60k however due to the nature of the business I feel that Indeed is providing what Employees make on salary, scrolled through reddit and finally found a 28 YO making 100k ish, would like to get more answers

    What are your views on the future of this business? I've heard a lot of talk about auto valuation like Zwillows Zestimates lol the problem with computers valuing property is they don't take into account things like road noise views rail road tracks corner/culdesac lots and other things you can't really put a number on if your not a experienced human that actually lives in the area, thoughts?

    Thanks for your time and helping the next generation

    With excitement from Cleveland, Ohio

    Ne4short

    submitted by /u/ne4short
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    Real Estate Transaction Issue

    Posted: 08 Aug 2018 05:54 PM PDT

    Ok first time posting. My wife and I had been looking off and on for some lake property in northern Minnesota. Found something we both liked and wasn't too terribly expensive, so we put in an offer. We didn't have our own real estate agent, so just went with the listing agent in a dual agency situation. Two day after submitting our offer and our half of the purchase agreement we got word that the seller accepted and had signed the purchase agreement. We were very happy. Then 4 days later we were reached out to be the seller on social media asking to contact him. We then also got a call from the real estate agent saying that the seller wants to invalidate the purchase and open it up for additional bids. Apparently there was another lower but submitted, and that butter reached out directly to the seller and said he didn't have an opportunity to bid higher after submitting his bid. And that he would have paid a lot more. Then we started to get contacted by the other buyer to negotiate with us via social media. The only way he could have gotten our names was if the seller provided them. Anyway, now the other buyer has started legal proceedings against the real estate agency to force the invalidation of the purchase agreement. We are more than likely going to end up having to get areal estate attorney, but was wondering what our options are here. The real estate agent has said they worked in good faith to both buying parties as well as the selling party. However if the PA is invalidated, I am potentially out quite a bit, as we are financing this by having sold some investments. I had no problem selling the investments and taking some losses because we were ending up with something we both wanted. . But now I would have to re-bid on the property, but at a potentially substantial higher rate. And even then I could still lose out.
    Long and short of it Put offer on property Seller accepted and signed PA Other bidder promised more money to seller Seller now wants to invalidate PA Other bidder starting legal proceedings against real estate agency

    Thanks for reading

    submitted by /u/ndehmer
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    Friend wants to buy a triplex with me and another friend, having extreme doubts? [CAN] [MTL]

    Posted: 08 Aug 2018 09:31 AM PDT

    My friend wants to buy a triplex in Montréal, Canada with me and another one of his friends valued at about $500,000 CAD. He wants us each to drop $10,000 and we would all share 33% ownership, and I would occupy one of the units and pay rent on it (at a discount since I would be a partial owner...) and I would maintain the grounds, etcetera since I would be living there. I'm just failing to see how it's worth it for me to own ONLY 1/3rd while paying rent on top of it? If I were co-owner with only one person I think it would make sense, maybe, but three owners, including myself, for a one building triplex??? I have a bad feeling he's trying to screw me over for his own gain and that I should back out... Does it only make sense to have more than one co-owner if it's a larger unit building and not a triplex? I'm thinking about saying no and just saving my money to buy a triplex of my own in 5-10 years... I have a terrible feeling about this.

    submitted by /u/Annjenette
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    Considering buying a house, but have a rain drainage question

    Posted: 08 Aug 2018 08:13 AM PDT

    Should I be concerned about this set up? You'll notice the pipes in the stone part of the wall. I'm around Rockwall, TX (Dallas area).

    https://imgur.com/a/EVvb7Jl

    submitted by /u/RpTheHotrod
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    Should I have a realtor when building a tract home?

    Posted: 08 Aug 2018 09:57 AM PDT

    My husband and I lived in Tennessee at one time and we built a custom home. Having a realtor was beneficial because we got the cost of some of the upgrades down thanks to the realtors help. We now live in Ohio where the cost of living and taxes are higher. We want to build again but to stay within a budget that we're comfortable with we're looking at a reputable tract builder (instead of custom) in the area. But because it's tract vs custom I don't know if a realtor would be much help. Let me know what you think. Thanks!

    submitted by /u/karalee87
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    Advice: Starting Residential Construction Company

    Posted: 08 Aug 2018 03:54 PM PDT

    I am going to start a residential construction company with my Dad and was hoping Reddit would have some good advice about some aspects of starting a business.

    1. What would be the best way to structure the business? LCC, limited partnership or other form? My dad is a residential builder and his current company (just him and business partner) is structured as an LLC. Based on my research it seems like that is a good option but wanted to confirm. We would be working as general contractors remodeling homes or flipping them.

    2. What will it cost form a company? When people started their businesses were there any unexpected costs you wish you were aware of?

    3. This one is probably a stretch, but for a two person company based in California, what should I expect for health insurance costs, annual accountant costs, lawyer costs? If anyone knows what construction insurance costs are for a residential builder that would be great.

    4. Any general advice for both starting and running a small business, construction business (residential remodels and spec development) and working with a family member (last one especially)? I give more detail about my background below but any advice would be greatly appreciated.

    I'm sure a lot of the people are wondering why my Dad wouldn't know the above information. His business partner handles most of the finances and organization aspects of the construction process. My Dad didn't go to college but has worked every job on a construction site. He is not as good with this stuff, and I am hoping to learn how to do most of this on my own.

    A little background, I currently work in real estate at a small private equity company as an acquisition/ asset management analyst. Prior to this I worked at a bank in a commercial real estate lending division. My Dad has owns his own business working as a residential developer in Southern California. Growing up I saw how hard he worked, but I also saw the flexibility and freedom owning your own company gave you. I would start this company with my Dad in hopes he would teach me how to manage residential construction and I would be entering a field that not too many people my age are (late 20s). I would help my Dad in the financial analysis and organization of the business and one day take over construction management.

    Any additional advice or insight in starting a business would be great!

    submitted by /u/HustlenGrind123
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    Buying homes at foreclosure auctions

    Posted: 08 Aug 2018 07:39 AM PDT

    I've recently become very interested in the house flipping field. I have a background in carpentry, concrete and HVAC so I can do pretty much all the work myself. However getting to the point where I'm buying a house or finding the ones about to go up for auction is where I'm lacking knowledge. Are there certain websites or newsletters I should sign up for in order to see all the new houses going up for auction in my area? Any information on how to do this would be greatly appreciated.

    submitted by /u/elmiller2
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    How do I unhide homes on Zillow?

    Posted: 08 Aug 2018 06:44 PM PDT

    I'm searching properties and want to see homes I've previously 'hidden'. According to Zillows own help there is a 'hidden home' link in your profile page but I'm not seeing it. Has anyone does this recently that can help me out?

    submitted by /u/nomadseifer
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    Need advice for first-time investor

    Posted: 08 Aug 2018 02:53 PM PDT

    A bit of a brief backstory: I live in the midwest with a pretty average salary of about 50k a year. I live in a home that was given to me and is worth about 300k. I don't have any debts. I have quite a bit of cash i can set aside every month and a credit score in the mid 700's. I really want to get into real-estate investing, but I don't know the optimal strategy for a beginner. flipping, buy and hold, etc. I just feel like I can definitely leverage my assets, salary and credit score to make some sort of move within the world of real estate, but I don't know what it could possibly be. help?

    submitted by /u/pm_me_your_d00bies
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    First time buying home

    Posted: 08 Aug 2018 01:24 PM PDT

    The buyer's realtor asked me if i already have a bank loan setup which i havent because i just want to check the home out. She offered that I use one of her people to setup a bank loan so I can purchase the house more quickly. She said 'joe'will contact me with details. Is this normal? This is CA

    submitted by /u/MyP0stsAreRelatable
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    Mortgage lender rate, PMI issue.

    Posted: 08 Aug 2018 04:44 PM PDT

    Location southern California maybe you guys can help me out in my situation with some insight. I thought I had high 700 FICO score so the lender quoted me an interest rate of 4. 625 with PMI of $86. Once they ran my credit they said my median FICO was 716. I asked them how is this possible and they said they mortgage lenders use a different matrix then credit card companies. The problem is they never charged me $286 because I don't have a 7: 20 FICO score. The loan amount is $520, 000 with a 11% down payment. They are a local direct lender supposedly. My instincts tell me to shop around for another loan.

    submitted by /u/clavo21
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    WA State -- buying a home with unpermitted plumbing, but passed inspection?

    Posted: 08 Aug 2018 04:40 PM PDT

    Hello,

    My partner and I put an offer in on a home that looks great and is priced well-- inspection went well, with minor issues that can be fixed easily. One problem is that the current owner's now deceased husband worked on the plumbing system some time back without a permit. We do not know exactly what was done since it's not visible (septic). This was disclosed by the seller, and she shared an inspection report from the county that stated that there was no permit on the work but it is in good working condition. We are now a bit stuck as to how we should proceed. Please let us know if this is a HARD PASS situation, or if it could possibly work out.

    submitted by /u/ushishishishi
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    Can You Cut Out a Realtor & Deal Directly With the Subdivision Home Builder? (LA)

    Posted: 08 Aug 2018 04:13 PM PDT

    I live in Louisiana. Realtor commission on new construction is 4% usually with half going to the buying agent and half going to the selling agent.

    I know homebuilders in new subdivisions are usually contracted with a selling agent to sell what they build for them, so my question is this:

    Can I deal directly with the homebuilder to negotiate the price to be 4% lower than what comparable houses sell for based upon the fact that in dealing directly with them and cutting out both the buying and selling agent?

    Example:

    "Mr. Homebuilder: House A you just built sold for $500,000 in August 2018. I would like this exact house built for me on land plot X over there but for $480,000 due to you not having to pay 4% to a realtor".

    submitted by /u/EsqueletoBlanco
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