Update: critique my house Real Estate |
- Update: critique my house
- Should investors avoid the top realtors?
- [WA] closing a house soon and need help on understanding what are legal rights over an easement
- CA Exam questions
- Builder deviations from plans
- Question: Does Calfha run your credit score themselves or use the Credit Report given to them by your lender?
- Top producing agent or smaller hard working agent to sell property ?
- Detroit, MI -- House Flipping
- Under contract with Sellers for our house. House is 10 years old. Inspector they had come in said roof has wind and hail damage.
- Pessimistic about buying this house?
- Knob & Tube (and legal?) Advice
- [TX] Selling home - Prelisting Inspection found two issues
- How in over your head can you get buying a fixer upper?
- I can pay for about 5% of a down payment, should I try for an FHA loan or a conventional loan with PMI?
- (TX) Being added to title and future loans
- Best online program for obtaining agent license?
- Unique RE Financing Situation, UT, US
- MO-new construction-title company issue
- Builders that allow dual agency?
- (TX)[Buyer] Had a bad experience with buying a new construction. Was I off base?
- [CO] Realtor holding us under contract
- Listing Agents: Would you consider this deal?
- How close is too close to a nuclear power plant?
| Posted: 09 Aug 2018 02:41 PM PDT I wanted to say thanks to everyone who provided feedback last time I posted about my home for sale in Phoenix. We had some work done and relisted it! Here is a link to the new listing. Hope it sells quickly! https://www.zillow.com/homedetails/8135-N-13th-Way-Phoenix-AZ-85020/67400159_zpid/?view=public Here is the original post: https://www.reddit.com/r/RealEstate/comments/90l0px/critique_my_house_for_sale/ [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Should investors avoid the top realtors? Posted: 09 Aug 2018 01:55 PM PDT A lot of these realtors advertise how many houses they sell, the value of all the houses they've sold, etc... But an agent makes money by selling the most expensive homes as fast as the can. Wouldn't the best performing agent be the one looking for the quick check? The one that spends as little time on each client as possible? Seems to me the best agent for the buyer is one who spends a lot of time looking for, and negotiating deals, all of which cuts into their pay. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| [WA] closing a house soon and need help on understanding what are legal rights over an easement Posted: 09 Aug 2018 11:55 PM PDT I come from abroad and have no law knowledge whatsoever so apologies in advance if any of this sounds dumb. I'm 2 weeks away from closing a property. The previous owner of my lot allowed the neighbors on the right to build another driveway in his own property. While I have a ton of other things to worry about now, I can't stop thinking that I'm effectively buying a piece of land, paying its tax and won't be able to enjoy it. I've been told we could recover it back if the neighbors sell off their property or decide to remodel the house. Back in my country, the moment another owner comes in, all easements would need to be re-established. What am I missing? Is there anything I can do? I found the original easement agreement (from the 70s) but IANAL. Appreciate any help. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Aug 2018 05:39 PM PDT Hi all, I'm hoping someone with knowledge on the CA RE salesperson license can help answer these few questions. I've searched on the CalBRE website and couldn't find specifics.
Thanks in advance! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Aug 2018 06:16 PM PDT We are in Northern California, and we are buying a home from a builder. We went through the whole design process and placed a natural gas stub outside near our patio, it cost us $415. Fast forward five months and the home is done. The gas stub is 70ft away on the other side of the house. We pointed the issue out two weeks before final walkthrough. They are now telling us that it couldn't go where we put it because code says no gas lines within 4ft of a door, so they put it in their default location. They didn't ask us about it and the signed paperwork shows it where we wanted it. Also there is a space on the wall at least six foot from a door, about a foot from where we wanted it that would have been fine. They are saying they can't move it at this point. What are my options? I would think they need to make it right or refund the amount it would take a contractor to do it now. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2018 02:30 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Top producing agent or smaller hard working agent to sell property ? Posted: 09 Aug 2018 08:55 AM PDT Would you choose a popular top producing agent with a huge social media reach or a hard working less popular (but successful) real estate agent to sell your home ? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Aug 2018 06:22 PM PDT So I have the unique situation where I was born (proper) and raised (metro) in Detroit. So I actually have a good feel for the neighborhood AND my parents live a few miles away AND my father owns a construction company. I'm not looking to do anything extreme, like this-1 or this-2, I'm looking for something more like this-3 or maybe even closer to this-4. Anyway, I'm wondering what someone would look for in a house to raise value the most. I've always wanted to live in one of the beautiful brick houses in Detroit (which is about 90% of the ones near me, the location I want most, so thats not too far fetched) and I've always wanted to fix up a house. (Bonus: If anyone wants to go on Zillow and look at East English Village and Morning Side for homes they would fix up, I'll take any suggestions!) With that being said, what things should I look for to raise home value the most? I plan to buy a house with about $50k in cash in Feb/Mar because my parents snowbird and they want someone to look after the house, so I can live here for free from now until then. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Aug 2018 05:03 PM PDT Under contract with Sellers for our house. House is 10 years old. Inspector they had come in said roof has wind and hail damage. Live in West Texas, but anytime shingles came out we replaced them. Already selling the house for under 5K asking and under 11K appraisal at local market price. Sellers have 3 more days to make a decision if they want to back out. Our roof deductible is 5K, so replacing it would wipe out anything we would make on the house which we need for where we move to. House was only on the market for 3 days before going under contract. We were trying to sell in 30 days. Recommendations? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Pessimistic about buying this house? Posted: 09 Aug 2018 06:02 PM PDT Hello everyone, I'm about to wrap up the due diligence portion of a home purchase and I think I just need a sanity check about my current financial situation. I am 24 years old. I live in a LCOL area in NC, in a city, but not one of the big ones like Charlotte or Raleigh. I currently earn about 73k a year. My take home pay every month is around 4100 dollars after my deductions for med/den/vis insurance, a contribution to my HSA (1k/yr), contribution to my 401k (9% + 7.5% company match 100% vested), and obviously taxes. I max my roth IRA every year (5500/yr). I don't have any debt (no student loans or car payment), save for my credit card which I pay off every month in full.It is probably worth noting that I graduated from college at 20, so I have had 4+ years of work to save up already. My current rent is around 1325/mo, but I also live alone in one of the most (if not the most) expensive apartment complexes downtown, in an awesome old historic building. For the last 5 months I have been searching for a home. It is currently a seller's market in my area, especially in the relatively popular areas that I have been looking in. Housing costs in these neighborhoods have risen consistently over the past 4 years, but not at an alarming rate, though higher than inflation. I should probably mention that I have always wanted to own a home. I love to garden, entertain, and also have a dog that loves running outside. Anyways, after 5 months of searching and 12 offers on 7 different houses I finally had an offer accepted. It is a 2 bedroom/1 bath, approx 1050sqft home in a great neighborhood. It has been renovated with refinished hardwoods, a brand new kitchen, and other small improvements. It is for all intents and purposes, move in ready. The list price on the home was 143k, but my accepted over was for 147k. This is commonplace in the current market to offer over asking price. My mortgage is thru the bank that my mother works for, which has an awesome first time homebuyer program. It only requires 10% down with no PMI, no origination fee, no points, refund of appraisal fee at closing, and the rate for a 30yr mortgage is 4.25%. As such, with 10% down on a 147k house, my total loan amount is 132,300. My monthly payment (P&I only) is going to be approximately 650 dollars. I estimate my PIMI payment to be around 825 dollars a month. The bank has already appraised the house and it has appraised at the price I offered, so there is no problem there. We have received the results of the home, pest, and radon inspection (nothing major), but require the underwriters to sign off on them before I can close on the home. Numbers related to the home itself --
Numbers related to my income --
Essentially, everything is in place to close on this home with no issues. For some reason, I am still apprehensive about the whole process. I am somewhat risk averse inherently, even though both of my parents work in finance and I (think) I am very financially literate for a 24 year old. I don't see any reason that this house will put me in a financial bind. The inspection results were pretty minor, and my father and I are both skilled at household repairs. I also believe I could rent this house out for ~1100/mo in the current market if I was to need to upgrade homes or move in the future. Is this just me having normal jitters about the process or is it indicative of something larger? Thanks in advance. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Knob & Tube (and legal?) Advice Posted: 09 Aug 2018 02:10 PM PDT I own an historic home (1780s) in MA that I purchased a few years back. I am in the process of prepping to be hit the market, and it has been brought to my attention that there is live knob & tube wiring in the house. It has a new and updated electrical panel, and I think the first floor has updated electrical. However, the 2nd floor and finished attic very likely do not. The basement shows "signs of potential k&t", and a crawl space on the 2nd floor shows what certainly looks like k&t. I informed my realtor, and she put me in touch with a contractor to "quietly kill it" - whatever that means. After speaking with him, it sounds like the electrician that he would be working with is "unlicensed but has worked as an electrician for decades." I'm assuming that if I move forward, no permits would be pulled. The pseudo-electrician is coming out on Monday to assess the situation. I am (clearly) very inexperienced and naive. What are the implications of moving forward with this guy? From cursory internet research, it looks like it could cost me $10-15k to upgrade the electrical through a licensed electrician. Plus, opening the walls of an historic house is always a risk... EDIT: I went back and tracked down my home inspection report from when I bought 4 years ago. Buried in the report was a blurb indicating that "evidence of outdated wiring, such as knob & tube, was found and should be inspected by a licensed electrician." My report was 50+ pages, and I did not know what knob & tube was... [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| [TX] Selling home - Prelisting Inspection found two issues Posted: 09 Aug 2018 01:57 PM PDT We are looking at selling our house which is on the south-west side of Houston and wanted to get an idea on any issues that we need to have addressed before listing it. The inspector that had a look made note of two items which he considered major items. The first is a foundation issue which we have a quote of $10,475 to repair. The second is the electrical which is an old "stab lock" panel running aluminum wire. We have not looked into the cost for this replacement and it is not really one of those items which has to be done, it is just something that will always raise a flag. We paid $80,000 for the house it and own it fully, the houses in the area are selling for $130,000 - $150,000 (the zestimate is 138k for whatever that is worth) currently. There is a fair bit of smaller cosmetic issues which I really don't want to bother with (floors, paint, landscaping). The inspector advised us that we should look into just putting it on the market as-is and not bother putting in new flooring and painting. What I am not sure about is if some of these repairs would exceed the minimum property standards for lenders and if we just look for investors. I would rather not have to front the cash for the foundation repairs and I really would be happy with just walking away with $110k for the house and no headaches. How aggressive are investors at pushing the price down? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| How in over your head can you get buying a fixer upper? Posted: 09 Aug 2018 05:52 PM PDT Hi, I'm a young guy moving to the city and am astonished at the price of decent housing. I have moderate experience in home repair such as fixing electrical wiring, painting, replacing floorboards, etc. I've been looking to buy a fixer upper that hasn't been updated since the 70s live in it and possibly rent out a room. The monthly payment on it would be 15% of my paycheck per month it's in a just okay neighborhood. I figure I have about $1000 a month towards repairs. $450 from my paycheck and $550 from a friend who is willing to rent from me if I purchase the place. I know first hand how expensive even small repairs can get and I'm wondering how easy it is to get burnt trying to fix a house up for a year while living in it? What are some ways I can avoid going over budget. Am I getting in over my head or is a fixer upper something anyone can handle with time and a bit of determination? More so, can I learn as I go without the curve being detrimental to my wallet? Location: Atlanta Georgia [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 09 Aug 2018 05:12 PM PDT This will be a household with two related adults paying it. We both have 700+ credit scores and stable jobs. We have been renting for 6+ years in the same house and have never missed a payment. We are looking at houses in the $80,000 and less range. We were working with our bank to get a mortgage but they have been very unhelpful. So, we are going to apply for a mortgage at a different lender in a larger city. Even initial impressions are much more positive. I am in Kay County, Oklahoma. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (TX) Being added to title and future loans Posted: 09 Aug 2018 08:41 PM PDT My fiancé is buying a house and will be adding me to the title most likely after closing. She is solely on the loan. The mortgage broker said that by adding me to title this would affect my DTI in future loan applications, even though I am not on the mortgage. Is this correct? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Best online program for obtaining agent license? Posted: 09 Aug 2018 02:31 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unique RE Financing Situation, UT, US Posted: 09 Aug 2018 12:14 PM PDT Here's the deal. I have a single parcel of 25 acres of farmland under contract. My plan is to build a home on 1 acre, leave the remaining 24 to be leased out to current lessee to be farmed. I'm now exploring the financing options. The land is 150k. The home is 350k. I have 130k in equity and 10k in cash to put towards both combined. The lenders I've spoken with are not very amenable to lending or more than 1 acre for construction loans. The owner is offering to carry financing (and would offer me an advantageous below-market rate), but only for the land, not the construction loan (understandable). How do I approach my lenders about these details? Can I just get a construction loan for building on 1 acre of a 25 acre plot? Would the plots need to be subdivided to enable me to get the financing, and would these be separate loans? I guess the simplest way would just to be to get traditional financing for the entire plot (which I am approved for financially), but of course the lenders aren't good with lending for a house on 25 acres. Any thoughts you have on this complicated problem would be appreciated! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| MO-new construction-title company issue Posted: 09 Aug 2018 03:14 PM PDT Doing a new construction in Missouri..The bank says we are on the good with our disbursements what the title company says we will owe 3000 something dollars towards home owners equity… The VP of the bank who is in charge of our loan says he doesn't think that's right and he doesn't think we will owe that, but the title company person insists that we will...And he has sent us seven wrong budgets up to this point… My question is does anyone know what this homeowners equity is and why we have to pay it at the end of the loan? We paid nearly $4000 in fees at the beginning of the loan and our banker said closing costs can be roped into the loan at the end. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Builders that allow dual agency? Posted: 09 Aug 2018 03:09 PM PDT Charlotte, NC Hi all! I am considering trying to get into new construction home sales, as I have been an independent agent since February and let's just say it's been rough. I knew it'd be hard to get going, but MAN! I guess this is a double-sided question, because even if the builder allows dual affiliation, the BIC would also have to allow it at a firm - but does anyone have any insight on builders and/or real estate brokerages that allow dual affiliation? In my perfect little world, I'd like to keep my real estate license active and continue trying to find and work with clients, but also work as an employee for a builder as it is confirmed income and I am really struggling in that department right now, and I have a background in property management with new construction apartments so it's right up my alley. Thanks! EDIT: Changed dual agency to dual affiliation [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (TX)[Buyer] Had a bad experience with buying a new construction. Was I off base? Posted: 09 Aug 2018 06:38 PM PDT I just walked away from a deal on a great floor plan today and wanted to see if I'm right or if I'm crazy. Basically I've been working with a well known building chain on a new construction. The foundations haven't even been poured yet. Now one thing I was concerned about was whether the HOA bylaws would allow street parking for residents as I'm hoping to take on tenants when the home is built. It turns out that that's prohibited by the bylaws but that's not why I walked away. The builder's selling agent swore up and down that she couldn't possibly get access to the bylaws since that's provided by the title company but was able to provide that five minutes after they withdrew the earnest money from my account. She clearly did have access and since I had been asking about this specific issue at the start of things I feel like she must have known what the answer was and didn't want to lose a potential sale. Since she could easily access the bylaws and chose not to until I had put the earnest money down I'm comfortable calling this a lie. If I'm right about that do you guys think I was right to walk away? I've never bought a house before and with the inability of anyone in the process to give something resembling a straight answer I'm tempted to just shelve home buying for now. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| [CO] Realtor holding us under contract Posted: 09 Aug 2018 02:02 PM PDT My parents have been trying to sell their business in Colorado for a few years now. A couple years ago we got an agent who we had a 1-year contract with. The business didn't sell, but we negotiated another contract with the same agent. We have a string of emails regarding this negotiation, and we agreed on resigning with him for 6 months. However, my parents signed a contract that was dated for the next year (they're an older couple, essentially technologically illiterate, and never signed an electric document before). The email conversation does state that he will have his secretary change the contract to 6 months and resend it to us. Well, after a heated conversation on the phone, he told us that he is withdrawing the property listing. He then emailed us that he is keeping us under contract. Is there anything we can do or are we pretty much screwed until the date of the contract? Thanks for any help. TL;DR Have emails negotiating a 6 month written contract with realtor, but the date was for the next year, not current. Listing has been withdrawn, but he is keeping us under contract. Anything we can do? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Listing Agents: Would you consider this deal? Posted: 09 Aug 2018 01:09 PM PDT If I am buying your client's house, and I have an agent, they are going to make about 90% net proceeds (3% to you, 3% to my agent, 3% closing cost assistance, and 1% title fees). However, if I come in unrepresented and ask you to lower the sales price 2%, your client will actually net more money: 3% listing fees, 3% closing costs, 1% title = Netting 91.14% of the original sales price (98%*93%). Would you recommend this deal to your client? For instance, a $375,000 sales price will have your client walking away with $337,500. However, if I ask you to lower the sales price to $367,500 your client will walk away with $341,775 ($4,275 more). I save because I lowered my mortgage payment $43/mo., and your client saves because he is getting more money. (Asking in Virginia, but would apply to just about anywhere). Edit: to everyone saying they'd do twice the work, let's assume that the buyer is someone in the industry and understands due diligence periods, ordering home inspections, WDI, etc. Unless you can specify the nature of the "extra work" let's assume there isn't any. Edit2: Don't say "you're a liability." How? You don't represent me, so if I had a deficiency or misrepresentation claim it wouldn't be your responsibility to protect me. You'd still work for the seller, and I'm not asking you to be a dual agency. So if you claim I'm a liability, give a specific example of how. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||
| How close is too close to a nuclear power plant? Posted: 09 Aug 2018 12:17 PM PDT Thoughts? Is 1 mile too close? How about 7? Or does it not matter as much as I think it might? [link] [comments]  |
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