We finally did it! We bought a house! Real Estate |
- We finally did it! We bought a house!
- Discussion -- Ratio of parking to bedrooms at condos and other new MDU builds, why is it so low?
- Making an offer on a house with issues (US, GA)
- [NC] Closing on townhome in a week; seller trying to get out of providing glass door...
- (California) Is there any downside to using an inspector recommended by our (buyers) agent?
- "You may not have enough homeowners insurance coverage" Letter- What does this mean? Do I *have* to do it?
- I am currently living in a non conforming bedroom and we are having an inspector look at the house tomorrow. Do I need to move my stuff out as he will need to go into my current room?
- (SD) Selling house, closing in a couple of weeks. Question about the leaving condition of the house....nail holes.
- Anything I can do to get ready for a home appraisal?
- Month past original close date with no end in sight. Do I have any recourse?
- [CA] Factoring in Repairs on Older Home
- What should I look out for in proposals from realtors?
- Real Estate accountant in [PA]
- HOA Inquiry
- MUD District Woes (TX)
- Termite Inspection - Seller vs Buyer = Different
- Why some public schools (belong to ISD) don't show attendance zone available on Zillow?
- Real Estate Investing- Spreadsheets, Ratios, Etc.
- How low is too low? I'm thinking of making a really low ball offer on a fixer upper
- My (23F) parents (50's) offered to sell me a house - Advice wanted ND/MN area
- Financing with possible family equity
- (AR) What would you do in my situation (follow-up post)?
- Securing a Commercial Loan with Little Income
- Getting earnest money back
| We finally did it! We bought a house! Posted: 05 Sep 2018 01:28 PM PDT I just have to share my excitement! After seeing over 25 properties, putting in multiple offers, two failed inspections, and lots of excitement and disappointment, we finally got ourselves a home!! We've been looking for almost nine months. Every time we found a property we loved, someone would offer thousands over list price or offer cash. We almost stopped looking because we were tired of being disappointed. Then out of nowhere we found our home! Coincidentally it was in the same neighborhood as the very first home we put an offer on. Even after having our offer accepted and doing the inspection and appraisal, we refused to get our hopes up just in case. We had some frustrating trouble with closing, and it got pushed back again and again. But here we are! Yesterday we were able to close and we got the keys. We finally did it!!! [link] [comments]  |
| Discussion -- Ratio of parking to bedrooms at condos and other new MDU builds, why is it so low? Posted: 05 Sep 2018 09:42 AM PDT On a trip last month I noticed in West Seattle that they are tearing down SFH bungalows on 8~10ksqft lots and putting up 1-3 new buildings on the lots, each of which is a 3 family, and often times they have no parking or driveway at all, relying completely on street parking -- which is clearly already oversubscribed in these neighborhoods. These are neighborhoods that are not walkable to most jobs, and where public transport is essentially just a single bus route. It's extremely reliant on cars. In my city, across the country, I see the same thing -- suburban towns with 2-3BR condo's that only include 1 parking spot. These are places where there are no buses, and they are 3-5 miles from nearest rail station so you need to drive there. These are also brand new, very large, complexes... so we're not even talking about situations where they are trying to shoehorn units into tiny lots. What is the mindset that goes into this? On the developer side of things I get it, they want to maximize their profit so more living space is more dollars, I assume most people see parking as an afterthought or believe that a restriction on overnight parking on streets/spots isn't really enforced? Why do these municipalities -- particular suburban ones -- not recognize that there needs to be a zoning law connection between parking spaces and bedrooms? I think each condo that isn't within 1/2 mile of mass transit, perhaps excepting studios, ought to be required to provide a minimum of 2 assigned spots for all units, increasing 1:1 for each bedroom over 3. [link] [comments]  |
| Making an offer on a house with issues (US, GA) Posted: 05 Sep 2018 09:03 AM PDT Not a first-time homebuyer, but it's been a hot minute since I've been through this, so am looking for some perspective. I'm currently a renter. I wasn't looking to buy, but I happened upon an open house in my neighborhood, and I went in just to satiate my curiosity. The house is listed at $280k and, from what I understand, is bank-owned. I was told that the previous homeowner abandoned it. The house has two major issues: 1) The biggest one: The foundation is a mess - the front porch is essentially crumbling. I imagine, though have not confirmed, that it would require a crapton (the technical term) of piers to fix it. I have had piers installed on a home I owned before, so I do understand the costs associated with that. 2) The entire house (all 3,316 square feet of it) needs new flooring. The existing hard floors have been completely destroyed by a dog (or a rabid coyote, I mean, really), so you can only imagine what the carpets smell like. Dear god, whatever you're imagining, it's worse in reality. There are also a few more minor issues - the whole interior needs to be painted, the fence needs to be repaired (but not replaced), it needs a massive amount of yardwork, etc. None of these are deal-breakers for me. The listing history for the house is: - Has been listed 11 times in the last three years but has not sold - Has been under contract 6 times in the last 4 months and relisted each time after 1-2 weeks I'm assuming that this contract/re-listing business is due to the foundation issues that folks are finding upon inspection, but I don't know for sure - the realtor who showed me the house wouldn't say much when I asked, other than, "this house is very popular, it will sell fast." Mmmmmmmmk. Now, to be fair, the house is listed at about $100k-$125k less than similar sized houses in the neighborhood; however, I still think it's overpriced for the amount of work that needs to be done. I estimate it probably needs $30k-$50k worth of work just to get it up to early '00s builder-grade standards. Would the bank/realtor laugh at me if I offered $215k contingent on an inspection? [link] [comments]  |
| [NC] Closing on townhome in a week; seller trying to get out of providing glass door... Posted: 05 Sep 2018 12:20 PM PDT We've been having our townhome built by a big home builder (like top 5 in the US), and expected some small mistakes and schedule changes from day one since they're churning out new homes/townhomes. To give a little background to what our current situation is now, when we met with the design center & talked with pricing with the sales rep, we discussed that the master bathtub/shower option we picked would have a glass door, and we have written evidence and the sales rep agrees. Come to find out the project manager said that he spoke with the manufacturer and we do NOT get a glass door. We reached back out to them, and they (sales rep & design center) were under the impression that we were supposed to get a glass door but I guess their procurement team said that we actually aren't... So, they are now telling us that we can not get a glass door, but they offering to pay for & install a shower curtain rod (thanks?). We would not have chosen a tub/shower if we could not have gotten the glass door, and we don't want a shower curtain. Do we have any real argument or "legalities" to get them to install a glass door for us? I know it seems somewhat insignificant, but they've been sort of bullying us on a few other issues and with ~4months of schedules delays I'm sort of tired of this. Like I said, I know we could just buy our own and install our own, but at this point it's the principal of things. EDIT: I don't understand the downvotes? Is this the wrong place for this? I'm buying my 1st house and am putting a lot of money towards it and would like it how I want it if people think I'm being "petty". [link] [comments]  |
| (California) Is there any downside to using an inspector recommended by our (buyers) agent? Posted: 05 Sep 2018 06:35 PM PDT He also has great yelp reviews. First time homebuyer looking for advice, thanks!! [link] [comments]  |
| Posted: 05 Sep 2018 10:46 PM PDT [US] My mortgage broker sent me a letter saying that I may not have enough homeowners insurance coverage due to the fact that "after recent disasters, we've seen that the cost to rebuild homes has increased." It is pretty vague and doesn't outline any value that i have to raise it to. My question is- do I actually have to raise my coverage or go through the trouble of trying to raise my coverage? I already raised my coverage last year after getting a similar letter and I don't want to go through this shakedown every year. My coverage is equivalent to my mortgage value and my dwelling coverage is the same as my appraisal from 2 years ago. My house has significantly greater land value than home value so if it burned down, I would potentially not bother to replace my dwelling at all. [link] [comments]  |
| Posted: 05 Sep 2018 12:08 PM PDT |
| Posted: 05 Sep 2018 11:42 AM PDT Is it normal to pull nails from picture hangings, repair the small holes, and paint? I have been doing so, and my realtor said small nail holes are expected, and not to worry about it, also the request was not indicated from the home inspection. I am of the opinion that I would like them repaired if I were moving in, and if I were leaving a rental I would repair those items to keep my security deposit. I am just wanting the general consensus of what y'all feel is a good move. The "issue" is I don't have paint for 1 room's colors, and really don't want to paint the entire room (paint matching isnt 100% afterall). [link] [comments]  |
| Anything I can do to get ready for a home appraisal? Posted: 05 Sep 2018 12:22 PM PDT My wife and I are currently doing a cash-out refinance on our home to clear some extra cash, and our appraisal is this Friday. Anything we can do (besides a deep clean) to give our house the best shot at coming back at a good valuation? Location is Dallas, TX. Edit: Location added [link] [comments]  |
| Month past original close date with no end in sight. Do I have any recourse? Posted: 05 Sep 2018 07:22 AM PDT I am trying to buy a property with 2 buildings on one lot. Each has its own tax id. My lender does not like this but had not offered a realistic alternative. From my understanding it is still being discussed. Edit: location: upstate ny [link] [comments]  |
| [CA] Factoring in Repairs on Older Home Posted: 05 Sep 2018 01:44 PM PDT I'm househunting for the first time, in a very competitive market where budget has us restricted to a fixer, a tiny home, or a terrible commute. We've found a place has just the right floor plan for us in an area we really like, seemingly in our budget...which means it needs work. Sellers provided inspection reports and while the house is cosmetically fine, pretty much every major system is at or approaching end-of-life: roof is 30 years old, cast-iron pipes are rusting, wiring needs to be updated, A/C is 30 years old, heating is 50 years old...it's a pretty scary list to first-time buyers. The sellers already have multiple offers and are selling as-is, no repairs/credits given. Our agent's advice was to go all-out for this house due to how desirable the neighborhood is, which makes it both great for our lifestyles and a pretty safe investment given property values in the area. When we've raised concerns about whether we can afford to do all this work after paying top-dollar for this place, his response was that the previous owner had lived in the house for decades with no issues - basically, that it's perfectly livable as is, and we can update systems slowly over time as we budget for them. My question is, how much of a risk do we take if we don't update these things right away? Is it dangerous to live in a place with outdated electrical and water systems, and are we risking causing even more expensive damage? Is this just too much work for first-time buyers to sign on for, or are we blowing it out of proportion? Any guidance is appreciated. [link] [comments]  |
| What should I look out for in proposals from realtors? Posted: 05 Sep 2018 03:54 PM PDT So we have asked a few realtors to send us some proposals for selling our house. What do you think is important that should be included and what should we look out for? Any good examples? Thanks... [link] [comments]  |
| Real Estate accountant in [PA] Posted: 05 Sep 2018 03:51 PM PDT So I have started out with a 4 unit multifamily. I now have rental income and a renovation under my belt. So now a feel I need and accountant to help get my cashflow in order. Any suggestions? PS r/accounting is an awful place. [link] [comments]  |
| Posted: 05 Sep 2018 07:31 PM PDT Hello RE, I just moved into a new condo and I've met some of my neighbors. They seem to claim that our HOA is recklessly spending our money on personal gain while neglecting the building. How can we perform a thorough HOA audit and monitor the bank account? Chicago IL [link] [comments]  |
| Posted: 05 Sep 2018 07:26 PM PDT We built/purchased our home in November of last year. When we did, the subdivision claimed to be part of a MUD district but could provide no evidence to back it up. My realtor and I did extensive digging (including calling the place who manages the MUD districts) and they said they couldn't find any MUD district associated with the address/subdivision. I checked all the tax records of the houses in the neighborhood that had already been built for long enough to incur property taxes and no one had paid property taxes. I just checked the appraisal district page, and it's showing us in a MUD! I still don't see where any of our neighbors are paying this, but the 2018 property tax statement isn't out yet. Here's my question: is it legal to start randomly charging a MUD fee when it's never been charged before? Wouldn't they have to get all the existing homeowners to agree to the creation of a MUD district? From the records I can see online, the MUD district number associated with this was formed in 2013. However, no one has been charged fees yet. I'm worried at some point we are going to get a random bill demanding payment, or see it show up on our property taxes. Another thing to note: we pay our water to the city directly, along with sewer. Any advice appreciated. [link] [comments]  |
| Termite Inspection - Seller vs Buyer = Different Posted: 05 Sep 2018 07:16 PM PDT Buyer(Me). When I had the inspection done I also had a termite inspection done at my own cost by a local reputable company who is also a relative. They found termites. They took pictures of the termites and the terminateslocation and include it in the inspection report. They sent me the inspection report and I was also there when they did the inspection. I asked for this be one of the repairs before we agreed to purchase the house. Seller(Large company). They did their own termite inspection using a large termite chain. They did not find termites. What should my next course of action be? I don't want to pay for another inspection with a different company but I think that is the only thing I can do. TX [link] [comments]  |
| Why some public schools (belong to ISD) don't show attendance zone available on Zillow? Posted: 05 Sep 2018 07:11 PM PDT I am using Zillow to search houses. It can enable school info on the map. Most public schools show a gray area to indicate the attendance zone. But I also notice a small number of schools with 10/10 score, show No attendance zone available. It still shows Public school. I clicked into one school with No attendance zone available sign, and found that it still belongs to the same independent school district (ISD). Its own website doesn't state the attendance zone either. On the webpage of Application Requirements, it requires Application, Parental Letter of Interest, Utility Bill. On the same webpage it states Selection Criteria for Pre-K/Kindergarten, and says Students will need a total score of 80 and above to be considered for vacancies. I assumed it might be a private school for several seconds, but didn't find tuition information. So what kind of school is it, public without tuition, or private? My guess now is, this is a public school, but the admission is not solely based by home address. This school asks a Utility Bill because your home still needs to be in the same ISD. The kids need to take its admission exam and score high enough to be accepted. Is my guessing correct? If I am correct on this, a kid can live in any place within the area of this ISD, to apply this school, right? This is in TX. Is such school great? How different between this kind of school and the other 10/10 school without admission exam (admission based on home address)? If this type of school is great, how competitive for a kid to get in? Let's assume on Pre-K/Kindergarten and Elementary school first. I'm not familiar with the school system. If anyone can shed some light, I appreciate very much! [link] [comments]  |
| Real Estate Investing- Spreadsheets, Ratios, Etc. Posted: 05 Sep 2018 02:26 PM PDT Hello, I recently began investing in Real Estate [Midwest, US] and ran some rough calculations before purchasing my first rental property, but was wondering what kinds of ratios and/or spreadsheets you use to keep track of your investments. Do any of you use cash flow spreadsheets or run calculations such as CAP rate, cash-on-cash return, NOI, IRR, payback period, NPV, etc? The only numbers I have calculated are the CAP rate to compare investments and the NOI and cash-on-cash return to calculate my returns for year 1. I took vacancy rate into account but not any tax considerations. I'm curious as to how you guys compare and keep track of your investments over time. Are there any other important calculations that you find helpful that I should consider? How do you account for taxes and any tax benefits? How do you calculate returns for years after year 1? I read that returns after year 1 must be treated differently as you no longer have high home improvement costs. I appreciate your help! [link] [comments]  |
| How low is too low? I'm thinking of making a really low ball offer on a fixer upper Posted: 05 Sep 2018 06:05 PM PDT My wife and I just visited a home on a property that we really like (~5 acres). All of the houses on an acreage like that are well out of our price range. We would like to pay no more than $275k for a move in ready home. This particular house is labelled as a "fixer upper" and listed for $250k. We went with our contractor and it was in a lot worse shape than we thought it would be (for that price). Contractor says that we will need to gut the whole house and redo all the interior (~$80K), new roof (no more than $10k), and new heater ($?). He recommended getting it appraised before we make an offer and making them a super low ball offer. The seller gave me some insight into his goals. He's living there with the owner (his mother in law), his wife, and his infant child. He wanted to sell the property as land but couldnt find any takers. He says he decided to start fixing it up and claims to have spent $60k (i doubt it) and he would like to get that back after his mother in law gets the proceeds from the sale. I'm thinking about getting it appraised and making them a cash offer for the appraisal price which my contractor thinks will be around $90k. Is there any chance in heck that they'll take that offer? The guy that was selling the house (son in law of the owner) says that they haven't had many hits and are planning to start "hunkering down for the winter" Edit: House is located in PA between Wilmington and Philadelphia [link] [comments]  |
| My (23F) parents (50's) offered to sell me a house - Advice wanted ND/MN area Posted: 05 Sep 2018 05:34 PM PDT Hello all, I am in an interesting position. I recently graduated college and began working a full time job. Throughout college, my parents allowed me to live in one of their rental properties at a discounted rate. I have continued to live here at a higher rental rate with an agreement through my parents. My younger sibling (YS) lives with me as while attending college. My SO and I have reached the step in our relationship where we are looking to move in with each other. My parents are pretty against couples living together before marriage, so I assumed they would not be ok with him moving in with me. Instead, we began searching for apartments to live in together. Today we found an apartment so contacted my mom to let her know I intended to move out, and I intended to complete any repairs for damage I had caused, and of course ensure it is clean. I stressed I had spoken and worked with YS on the different issues on the property and intended to move out in November. My mom answered she understood why I was moving, but asked if I was interested in buying the house, as my dad will be retiring soon and they wish to downsize significantly.She told me they would pay for an appraisal and assist me in getting a loan/down payment. I was a little bit shocked - and did tell while I had savings I don't think I have savings for a down payment but would think about it if she provided annual cost assessments, a list of any repairs, and an estimate on the property cost (I know the appraisal may provide a different number)? The property is a townhome if that makes a difference. I am looking on advice on what the best path to do would be? Pros: Buying a house at my age is quite tempting. The townhome might sell for about $155k when I pull up the two townhomes for sale in the association and similar townhomes. It's about 2,000 square feet, two bedroom 2 1/2 bath, finished den. The pros are the yard for my dog, garage, and the fact all outside work is performed by the association. This includes all snow removal (it snows extremely frequently here). When I ran a mortgage estimate (assuming a 20% dp), the mortgage is actually about the same what I should be paying in rent (I pay discounted while my sister lives here). I intend to be in the area for at least the next five years, and the townhome is located 2 blocks away from where I work. Cons: I anticipate major repairs needing to be done. I know my parents have scheduled to replace all the windows and doors as they are extremely old. The basement has a corner that floods during heavy rain (basement is finished with a vinyl? flooring that is waterproof, it swells if there is a ton of rain. I know the roof may have to be repaired within ten -years. The stairs of the townhouse are actually pretty rotten - which brings me to the biggest con. The Association. The association is basically useless. My stairs have been broken for two years, and they said they did not have any complaints on file until over a year ago. After a guest fell off the stairs due to a broken step, my mom called the association president and sent an email stating the legal issues the association may face in not fulfilling their duties. Four months ago they bought the steps,but apparently they "can't afford" to put them in. My mom informed me the association fees are the lowest in town and it shows. Her other property has an amazing association, and she pays much higher fees but sees significant results. Unfortunately, I can't buy that property as the tenants have a long term lease, and it is much more elder friendly and therefore a retirement option for my parents. The utilities are a pro and a con. My parents stated they would replace the AC with a more updated version (it currently is a wall unit, they want to replace it with a hybrid version that cools off up to 3 rooms?), replacing the stove, and replacing the windows. My heating/cooling bill can be anywhere from $60-$300 depending on the season and how willing I am to be uncomfortable. Last winter we had a polar vortex that brought outside temps to -20 before wind chill, so I heated the house to a toasty 65 degrees only to have a $320 heating bill. In the summer I don't run AC and have automated lights so it is $60. It's the hardest expense to plan for. My other bills are very stable. I know I would have to pick up homeowners insurance and start picking up the HOA fees, which means I can finally attend the HOA meetings (they don't allow renters to be vote/speak, but we can be present). My parents live over 4 hours away and this has made it hard for us to get a voice at the table. I am trying to decide if I would actually save money in this house - the flooring was just replaced, however I foresee needing to repair some parts of the house just due to wear and tear. When I do the math, if I can rustle up a DP, I would be paying $650 a month on housing, averaging utilities. This is a little higher than I intended to spend on rent, but after including my savings rate for a house comes far under what I intended. Am I missing anything here? Thank you preemptively for any advice you are able to offer. Location is the North Dakota Minnesota area in the US [link] [comments]  |
| Financing with possible family equity Posted: 05 Sep 2018 07:59 AM PDT Hi, new to the world of real estate and my family is looking to invest in some multi family units. I would like your thoughts on financing for down payments. I have fair to good credit, you can get multi family properties near me from 200k-400k Here are some options I was thinking:
Would love your opinion, thank you in advance! Edit Location: Central Massachusetts [link] [comments]  |
| (AR) What would you do in my situation (follow-up post)? Posted: 05 Sep 2018 03:33 PM PDT Hello again. My initial post from around a month ago is here TLDR: * Signed contract as buyer
I took the advice of the comments of my last post and sought a lawyer. I contacted EVERY real estate lawyer within 50 miles of me (that didn't specialize in primarily estate law) and the only one who returned a call and was willing to see me wanted to charge me $250 for an hour of consultation. My realtor tried to get me to sign a termination contract that would have waived my right to litigate but I refused and now I'm not answering him until I know what exactly I'm going to do. Basically where I'm at now is I'm going to pursue it in small claims court. I was going to pursue the $1000 I'm out from trying to buy the home, but I was considering asking for some of the rent since it's at a higher rate than my previous lease. Do you think this is acceptable? I was going to be a first time home buyer and I'm not experienced in any of this. Obviously I understand you cannot give me legal advice and I'm not asking you to. Just wondering what you would do in my situation or even your opinion of my situation. Thanks. Edit: I also attempted to contact the AR board of realtors to complain about what my realtor did but the person who handles complaints wasn't in the office for the 4 times I called across two weeks. [link] [comments]  |
| Securing a Commercial Loan with Little Income Posted: 05 Sep 2018 03:22 PM PDT My father is in the days prior to closing on a property that sold for $770k with a LOC of $186k-ish. We were due for a big capital gains tax, so prefer to do a 1031 exchange. The big caveat on really winning big is that he has been unemployed for some time and therefore has very little income from the rental we just sold. His credit score is amazing. We are fortunate enough to have relatives that can loan upwards $200k, if that would be any help. Basically, I am trying to help him secure the largest (as long as it is also the best deal) deal he can that cash flows well. He is hitting retirement age and I am worried that he will not be able to ever be independent because of his late work life events. With that said, what is the best method to securing a commercial loan with little to none income? Ideally it would be a 30% down payment at most, but we would obviously be willing to give as high of a down payment required to secure any sort of loan. Thanks in advance! The property sold in North Jersey and I am looking to purchase in Midwest. [link] [comments]  |
| Posted: 05 Sep 2018 02:13 PM PDT We are almost at closing (21 days from contract date) and just realized there was a term on our loan agreement we don't agree with and can't really use the house the way we intended (not primary). We applied and were qualified for a second home loan. The second house rider says I may not use a property manager to manage the house. We had intended to rent the house out part of the year to be managed by third party management. We had talked about renting to the lender a few times and this condition never came up. Are there any grounds for us to get our earnest money back? We furnished a financing approval letter from letter at 14 days as requested by seller that was our financing contingency. We are frustrated because this was really a lender issue. Edit: the realtor says it is really based on how the lender frames this financing fallout that we can get the earnest money back. The lender says it's a contract between the buyer and seller that involves the earnest money, which is true but it is the lender who had caused this deal to collapse. We are going back and forth with no solution in sight. [link] [comments]  |
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