Asked landlord if we could buy our rental, and got a reply. Not sure how to respond. Real Estate |
- Asked landlord if we could buy our rental, and got a reply. Not sure how to respond.
- 1 mortgage for two homes
- How Does A Non-profit Buy A House?
- Why would someone want to buy a beachfront vacation rental condo when they don’t cash flow?
- Teacher couple first time buyers... WHERE DO WE START?
- [CT] Buying a foreclosure from the bank (homepath) Any chance they'll give credit back after inspection?
- [OK] As-is sale; inspection negotiations
- Warehouse Line of Credit: Dodging 2008 mortgage regulations. (discussion)
- How much of sale price do you end up with roughly?(CA, San Bruno)
- Is there circumstances when a real estate license is not needed?
- False advertising
- Experiences with Hauseit or PurpleBricks. Either the 1% or fixed fee selling/broker services?
- We're looking at a house with multiple offers on it... Help.
- Bathroom renovation advice
- Pittsburgh Pa
- (MI) Seller had well/septic inspection - didn't pump septic
- [MA] Absolutely new to home buying and already in a pickle- home not even built yet
- What is the best thing to do in my situation?
- Older friend has rent controlled apartment, can he add me to the lease?
- Negotiating realtor commission question
- (MM) How should I structure a partnership deal to complete the development of a project I'm working on?
- New construction
- How to find houses BEFORE they hit Zillow?
| Asked landlord if we could buy our rental, and got a reply. Not sure how to respond. Posted: 30 Sep 2018 11:46 AM PDT St Clair Shores, Mi We asked our landlord if they would consider selling our rental home to us last week. We got a reply today. He said that they hadn't thought about selling, but if they did, they wouldn't sell it for a penny under 150k. That is close to what we thought. We thought they may come in around 140k. The home is a 3bd, 1.5 bath (half bath in unfinished basement), 2 car garage home. It is a nice home, but will need new windows, wood floors refinished, paint, and some other things done like updates. The kitchen is nice, but isn't what you'd call updated. Appliances are bottom tier and the fridge could stand to be replaced. The bathroom is nice and fairly recently done, but could use a new vanity. The sump pump needs to be replaced because it is totally seized, and the hvac unit needs a humidifier installed. The yard is in need of a massive overhaul, including chain link fencing original to the home (built 1955) replaced. The lawn is almost entirely dirt or ground ivy. The home is in an average to slightly above average middle class neighborhood, very close to a lake, and nearby homes range in price from 90k to a few million (for homes directly on the lake). I'm not sure how much all that matters. According to internet searches, the home last sold in 2014 for 45k. I plan to now move forward with prequalification, but I am unsure how to respond to this price. I feel the price is a bit high, and think we may only be approved for $140k at most. I have never bought a home before and have no idea where to go with this. EDIT TO ADD: https://www.zillow.com/homedetails/22405-Lake-Dr-Saint-Clair-Shores-MI-48082/83618007_zpid/ That home is an exact copy of our home, except that it has been hideously updated, has a finished basement, a much nicer yard, and has carpet in some rooms (ours is all oak flooring minus the kitchen which is budget pergo). Our home has a 3 season room addition on the back which is only accessible from outside or walking through our bedroom, which includes the original sliding glass door (inside). The back room includes a wood burning fireplace, but is unusable for the duration of the winter months. Copy home has no appliances. [link] [comments]  |
| Posted: 30 Sep 2018 11:12 PM PDT Hi guys, I currently rent a home with my inlaws, we share rent and we are thinking about buying a home. We live in a market where most average homes are 160k and up. I unfortunately do not have full time income because I go to school full time, but me and my wife make enough to cover the rent and all of our bills and then some. We would like to buy a home and use my inlaws credit and income. They would like to purchase a home too, to live in. Instead of buying a home for 320k , do you think a lender would allow us to buy, lets say 160-160k homes? Will the down payments be greater? This would be our first home purchase. FHA loans? [link] [comments]  |
| How Does A Non-profit Buy A House? Posted: 01 Oct 2018 03:03 AM PDT Title says it all, The alumni association of my chapters fraternity is looking to purchase a home. Does anyone have any information on how they could accomplish this task? Thanks [link] [comments]  |
| Why would someone want to buy a beachfront vacation rental condo when they don’t cash flow? Posted: 30 Sep 2018 07:10 AM PDT |
| Teacher couple first time buyers... WHERE DO WE START? Posted: 30 Sep 2018 02:07 PM PDT Hi, my future husband and I are both middle school teachers, so I'll let that spell out our income for you. If that's not enough, I'll just say it: Our combined income is roughly $85,000. We live in Denver, CO and are currently trying to figure out how to start looking for a home. First steps? Tips? [link] [comments]  |
| Posted: 30 Sep 2018 12:48 PM PDT Bought a foreclosure from the bank. Closing date is about 2 weeks from now. I had the inspection(s) done, and it did come back with some problems (septic tank being the biggest). This house was listed for sale for 6 months before I bought it. I bid and won the house above asking price - if that matters. Quote for fixing the tank is close to 10% of home price. I've heard from my realtor that banks are the worst to deal with and absolutely never make any concessions to buyers - they sell AS IS (even though this home was not being sold as AS IS). I told my realtor that we'd get some quotes and send that over to the bank and see what they say about giving some credit back. Before I could even get the quotes, she tells me she talked to the bank and the told her AS IS. Not sure how hard she pushed for it, if at all. Obviously realtors have an interest to NOT lower the price. For example - even if they decided to give $10,000 credit - then that's $300 less shell make on commission (right?), so what motivation does she have to actually lower the price? So 2 questions:
Thanks. [link] [comments]  |
| [OK] As-is sale; inspection negotiations Posted: 30 Sep 2018 11:57 AM PDT We were approached to sell our house "as-is" and we agreed to an as-is price. The gentleman had an inspector come out to make sure nothing major was uncovered and protect himself (pretty standard). Nothing major was found, just a punch-list of minor things that are unsurprising and acceptable for a 50 year old house being sold as-is. They are pretty much the same things on our inspection list when we bought the place 4 years ago. He is asking for an addendum to reduce the sale price by 5k. Um, no. Right? Are we unreasonable since we've already come down from 239k (3x-comped listing price should we list it) down to 220k "as-is" listing price. There was nothing that structurally, safety or security-wise that came up, and no major cosmetic or repair issues. Just a bunch of little things that are pretty much inconsequential. And it's an "as-is" sale. We do intend to list it and sell it in a month, but were approached ahead of time for this private sale and would like to go through with it, but were surprised by this ask. Just looking for a sanity check for us first time sellers :) Thanks in advance! [link] [comments]  |
| Warehouse Line of Credit: Dodging 2008 mortgage regulations. (discussion) Posted: 30 Sep 2018 09:54 PM PDT short discription: https://www.youtube.com/watch?v=PFBpDn6oAXM Long, basically says the above are growing and becoming the main form of mortgages: https://www.brookings.edu/wp-content/uploads/2018/03/KimEtAl_Text.pdf Just wanted to open discussion on the thoughts of these practices and see what others think. [link] [comments]  |
| How much of sale price do you end up with roughly?(CA, San Bruno) Posted: 30 Sep 2018 07:45 PM PDT Hi folks, Curious as to the % of the sale price you end up with. Is 92% a safe guesstimate?(6% realtor fees + 2% closing costs for the seller). Ex. - selling a place for $300k would net you $276k(after which you pay out the mortgage you owe). [link] [comments]  |
| Is there circumstances when a real estate license is not needed? Posted: 30 Sep 2018 07:27 PM PDT Is it true that if you represent another person in a real estate transaction and are not paid, that a license is not necessary? [link] [comments]  |
| Posted: 30 Sep 2018 09:57 PM PDT So, the new construction brags that they are backed up to 20,000 acre reserve. What they dont mention is the fact that the logging rights to all those trees is leased and they are all planted. In the next 7 years...all those pine trees will be toilet paper. [link] [comments]  |
| Experiences with Hauseit or PurpleBricks. Either the 1% or fixed fee selling/broker services? Posted: 30 Sep 2018 02:21 PM PDT |
| We're looking at a house with multiple offers on it... Help. Posted: 30 Sep 2018 02:11 PM PDT The house we're looking at is priced at $185k. The neighbor we met when we looked at the outside said that they had already received an offer above asking and our agent said there are two offers already on the table. We really like this house and want to be able to put down a competitive offer. However, we won't be able to get into the house for a couple more hours and the seller wants to make a decision tonight. Our town is overrun with investors - the city is flipping like crazy right now - so I know that if we choose to put an offer down, that's who we're likely up against. The estimate on Zillow is $189k. I want to have a good price point to put on the table should we decide to make an offer. We've already written a letter to go with our offer so hopefully that will help - but aside from that, what do you think you would put on the table in this situation? I don't want to shoot myself in the foot by offering too much and then the deal falls through if I need to drop the price after the inspection. But I also don't want to offer too low and not even be considered. Is there a usual pot-sweetening percentage investors use to be competitive? Thank you so much for your time! [link] [comments]  |
| Posted: 30 Sep 2018 01:36 PM PDT We are considering some bathroom renovation and would appreciate some advice. 4 BR, 2 1/2 bath house. Master Bathroom has a shower and jacuzzi tub. We would like to increase the size of the smallish shower which we use daily. We almost never use the jacuzzi and removing it would make room for a very nice shower. The second bathroom has a tub. Question is, would future buyers prefer a very nice shower but no tub in master bath, or a smaller shower and jacuzzi. [link] [comments]  |
| Posted: 30 Sep 2018 01:35 PM PDT If i get a 15 yr mortgage can i pay it off in 5 yrs without penalty? Or how does that work. [link] [comments]  |
| (MI) Seller had well/septic inspection - didn't pump septic Posted: 30 Sep 2018 09:34 AM PDT We put an offer in on a house and are going through the inspection process. The seller hired an inspector for the well/septic. Our last house was on city sewage/water so this is new for us. Our realtor sent us the results of the inspection and said that the inspector said he didn't pump the septic because "it didn't need to be." She said she's reaching out to a colleague who knows more about well/septic to get answers but it's the weekend and we haven't heard back. Should we be concerned about this? We weren't sure how to read the results of the inspection. It doesn't seem like there's anything wrong. Here's an image of the septic portion. [link] [comments]  |
| [MA] Absolutely new to home buying and already in a pickle- home not even built yet Posted: 30 Sep 2018 12:19 PM PDT I hope this is the appropriate place to post. Let me know if it isn't. I'm finally in a place where I can start considering home buying. As I was searching through the postings, I can across a home on a large lot. Blueprints and pictures were provided and the price was amazing (120k in an area that averages 260k-360k). I thought that there MUST be a catch, and of course, the house is yet to be built. I tried to look online to see what this meant but its all pretty confusing. A friend of mine told me that they dont want to build the house yet cause they dont have the money and hopes to find someone with enough interest and down payment to start building. I also read online that the price is low now, but can be jacked up. And although it will still be a great price in the end, there are pros and cons of buying pre-built. But these pages don't go into full detail. The demo is house is beautiful and I dont mind negotiating for a house that fits my needs. Its in a great location that is still being developed which is fine with me. I have plenty of time to wait for the house do be built (2yrs+) but not sure what I would be getting into. Is there any guidance to this type of buy? Is it just a scam? Is this price just bait? Thanks so much in advanced. tl;dr for ANSWER: It was most likely the price for the lot. The best way to find out is to contact the agent to see how much it would be for the lot and home. On that note, how long does it usually take for the builders to build the model home once bought? [link] [comments]  |
| What is the best thing to do in my situation? Posted: 30 Sep 2018 07:07 AM PDT So a family friend has been out of the real estate business for a long time hes gotten too old and hes looking to sell away his properties. I bought two of his properties which are duplexes and i'm paying monthly on them and have rented them out (Making about $1750 cash flow on them a month) Now, i'm looking at buying a single family home from him as another rental property. I did an inspection and everything structurally looks good even the roof he said has 6-10 more years on it. Now I have the option of investing everything I have into the house and paying hard cash or buying it from him and making monthly payments. I'd like to just buy it upfront from him hard cash but If I invest all of my cash into it I wouldn't have any savings or anything to invest in another property or have a some backup cash incase I need to fix up one of my rentals. Is there anything I can do? Should I just keep saving until I can pay hard cash and have extra or should I just buy it and make monthly payments on it. I"m new to real estate so really would appreciate any advice. [link] [comments]  |
| Older friend has rent controlled apartment, can he add me to the lease? Posted: 30 Sep 2018 10:05 AM PDT Friend of mine has a rent stabilized apartment in NYC that he's lived in for over 50 years (his parents were the original tenants) paying ~$250/mo for a 2 bedroom apartment where the current market can be 10x that. It's a large chunk of cash the landlord is missing out on and he rightly wants fair market value for his unit. I'm curious what the rules are regarding adding someone to a rent stabilized lease, if any? Can this apartment and the rent be "passed down"? [link] [comments]  |
| Negotiating realtor commission question Posted: 30 Sep 2018 12:50 PM PDT I am trying to get some information on an issue that I am having with my agent. This is in FL. I am trying to buy a house and I made an agreement with my agent that she would get 2% commission and the remainder would be credited back to me, either .5% or 1% depending on what the sellers were offering. After negotiating the final price of the house my portion would be $1550. My realtor is now saying that the max her broker says she can concede to me is $1000 and she didn't know this before. She is also saying that she must pay for a MLS Fee, transaction fee, and half of my home warranty (she negotiated splitting this with the sellers agent on her own instead of asking the sellers to pay for it like I wanted.) She is saying these extra costs count against the concessions. Is what she is telling me right? As long as her broker gets their cut I don't see why they are dictating what she does with her cut. Who is normally responsible for MLS and transaction fee? These seem like normal realtor business expenses and should not be the buyers cost. Can I fire her at this point and go with another agent? We never signed a contract other than the offer to the sellers. I don't want to do this based on the work she has done, but I don't want to get screwed over either. [link] [comments]  |
| Posted: 30 Sep 2018 08:52 AM PDT I know probably not the best place to find the answer. But hear me out. I bought this piece of land, and am in progress to build it into a three-star hotel. While I'm the process, I have been given better opportunities to allocate my budget somewhere else. So, I'm planning to bring in an investor to rotate my cash. I'm wondering what the perfect partnership deal should be. I will use simpler numbers below. The cost of land = 10,000 The cost of building three-star hotel = 12,000 The cash shortage = 5,000 So in this case, would it be fair to him if I give 20% of the project equity for his 5,000? Since this is a hotel project, he will be getting 20% of the profit out of the hotel. From this calculation, his investment will breakeven in 10 years. [link] [comments]  |
| Posted: 30 Sep 2018 07:41 AM PDT I know they don't budge in price. Is it possible to have them pay va funding fee? Closing costs?....without their lender? Right now we are locked in at 3.99...I'd hate to see what their lender offers for 7k towards closing. [link] [comments]  |
| How to find houses BEFORE they hit Zillow? Posted: 30 Sep 2018 05:53 AM PDT Hi! I'm a perspective first time home buyer trying to navigate this crazy market. It seems that every house I see on Zillow/similar websites are already unavailable when I contact the agent, even though I check for updates daily! Is there a way to find out about properties before they are listed online? Am I missing something? Also, any tips for purchasing homes in the "pre-foreclosure" process? Any advice is appreciated! [link] [comments]  |
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