Damage to Neighbors property due to rain my liability? Real Estate |
- Damage to Neighbors property due to rain my liability?
- What percent of your property value should your salary be
- Having a house built and having second thoughts
- Need Advice For Buying A Home With A Mechanic's Lien
- First Time Real Estate in NJ area (retirement income)
- Myself and two others providing short term loan...need help redditors!
- Should I go through probate for my grandma’s property that is in foreclosure?
- Appraisal Reinspection Question
- If I wanted to build this how much would it cost?
- Please help me decide how to best sell my rental home
- Co-op apartment built on leased land: Looking for info about land owner and should I be panicking? [NY]
- Property Management legality questions.
- Closing cost changes 1 week before closing. Cross post personalfinance
- HUD Inspection for Grant
- is OpenListings.com legit?
- [OH] Order of operations for buying vacant land and building a custom house
- Anyone use Justicemaps.org? Is there a site like this only with newer data? They use 2010 census. Average income map by block.
- BIL selling house, is it wise to offer to keep home automation in house as add-on cost?
- Multi-Unit properties resource?
- Advice for New Real Estate Agent?
- Are there agents for apartments?
- Zillow Call Center???
| Damage to Neighbors property due to rain my liability? Posted: 25 Oct 2018 02:31 PM PDT Hello everyone! This is my first post on reddit and I had a quick question to help out a friend! I will speak on behalf of my friend in first person POV. So my neighbor confronted me regarding flood damage that was caused to her home (guest bedroom, carpet and garage walls). She (neighbor) is claiming that the damage to her property is because my property is on higher elevation than hers and there is no drainage system. She claims to have had "two brick mason estimators come to inspect 'her' property, and according to the city regulations, because the water damage is coming from 'my' property and affecting 'hers,' it's 'my' responsibility to take care of this." Am I liable for this? According to my research, a neighbor is not responsible for damage caused by runoff from naturally occurring rain and land conditions. Are there any scenarios that would make me liable? Or am I even currently liable? thanks for yalls time! I am also located in Dallas, Texas. Extra info: I have not had any improvements done to the home since purchasing it, and I believe the previous owner has not don't any also. [link] [comments]  |
| What percent of your property value should your salary be Posted: 25 Oct 2018 08:35 PM PDT This is a very general question that I know has many variables and can be very different across the board, but generally, compared to your yearly income, how much should your house cost. ie: for people who make $100k a year, how much are they generally spending on a house? Thank you for your answers! [link] [comments]  |
| Having a house built and having second thoughts Posted: 25 Oct 2018 10:10 PM PDT Recently I had a death in the family which forced me to move to the Phoenix area on short notice. I tried renting a place but prices were much higher than what my mortgage would've been on a 200,000 house. I attempted to purchase a house which didn't go well, but I ended up finding a builder who built what I think is a good house and is perfect for my current needs. Though recently looking at the market and having some bad feelings about it in the next 1-3 years, I am afraid of building a house in a new area at the peak of the market and losing my ass on it like I saw so many do in 08. I am at the point where the mortgage company is ready to start signing papers and the house is about half-way built, but I am starting to get worried that I am doing this at the wrong time and for the wrong reasons. I am just looking for second opinions here on if my fears are valid and that I should just rent until the market takes a turn, in which case I can buy at market low, or if I am just having buyers remorse? Also am I able to back out of this deal at this point? I realize I'd lose the money I put down on the house, but 2,000 seems rather negligible considering what I stand to lose if my fears are realized. Also now rental prices seem to be coming down quite a bit at this time too making renting more attractive to me. Thank you all for reading this and any feedback you can provide. [link] [comments]  |
| Need Advice For Buying A Home With A Mechanic's Lien Posted: 25 Oct 2018 06:51 PM PDT My wife and I are first time home buyers. We've placed multiple offers this past summer but we were constantly outbid due to it being a hot sellers market in New York. We found a house we liked that has been on the market fore awhile which surprised us because it had a good price, in a good neighborhood with a nice interior. We quickly placed an offer which was accepted, but we learned there was a Mechanic's Lien on the house. We decided to get in contract with the seller and the ability to pull out of the purchase agreement if the lien wasn't removed within 60 days the contract was signed. According to our real estate agent, the seller had the court date with the judge and the seller won by a landslide. He gave us confidence and recommended to begin the mortgage commitment while we wait for the court to file the paperwork to remove the lien from the property. We began the mortgage application with our lender and ordered the appraisal. It has been 4 weeks now since we heard the seller won the case but we still haven't received any confirmation or update that the lien was removed from the house. We should have mortgage commitment from our lender in a day or 2, but I am not sure if it is worth continuing with the next steps. My real estate agent recommended to order the survey and title search sometime next week. Should my wife and I wait till the lien clears from the property or should we continue in taking the next steps (i.e. title search) in order to save some time for closing? How long does it take for a lien to get removed from the property? Again my wife and I are first time home buyers so we have no experience with this situation. Any input is greatly appreciated. Thanks! [link] [comments]  |
| First Time Real Estate in NJ area (retirement income) Posted: 25 Oct 2018 05:10 PM PDT Hello All, first time poster long time viewer. Me (23) and my father (64) are looking to invest in real estate as a business for supplementary income. My father is retiring soon and needs about 2-3k net cashflow a month in order to maintain his current lifestyle. As a partnership we will provide 1:1 financing and split any profits down the line so we are looking for a net rent roll after expenses of about 4-6k. We both have about 100k cash each that we are willing to put down for financing however we dont need to use the entirety of it if we can get away with it. Basically what I'm asking is advice from long time investors/landlords in the NJ area which can provide input on areas we can look into with sustainable cap rates that will allow for our goal or maybe things that we should be looking out for. Ideally we would have a collection of 2-4 family homes but finding available ones isnt easy. I've looked through Clifton NJ, Union city NJ, West new york NJ, etc.. found some 2-3 family homes top bottom style for 600-700k each would 2 of these be a viable option? Maybe buy 1 and then wait a few months to save another 30k and buy another and have 2? I scroll through redfin and zillow daily but pickings are hard in the NJ market and id like to have someone with (successfull) experience in NJ to give some input on how to best take advantage of this market. [link] [comments]  |
| Myself and two others providing short term loan...need help redditors! Posted: 26 Oct 2018 02:39 AM PDT Group in my area is flipping a million dollar home. Let's say for now comps look ok. They are asking for 50K they need to finish final work before listing. They want a 6 month loan and are offering generous interest. Myself and two other investors are funding the 50k in equal percentages. Two question
Planning on seeing a Real Estate attorney about it but though folks on here may have some suggestions. [link] [comments]  |
| Should I go through probate for my grandma’s property that is in foreclosure? Posted: 25 Oct 2018 07:03 PM PDT My grandmother had a reverse mortgage that has now gone into foreclosure after her passing. I lived in her house for years before and still do. The mortgage company has already served the foreclosure to the estate and I hired a lawyer who said we had a good chance to keep the property because of how the mortgage company filed paperwork. Well the courts ruled in favor of the mortgage company and pretty much the house will go through with foreclosure and will be forced as a short sale. My grandmas will says to heir to my mom but everyone in my family knew I would be keeping the house it just never got written down. My mom has said this is fine and hasn't been involved but when it goes to short sale my lawyer says she will get any potential difference between the mortgage and sale (he estimated 15-20 k). Is it worth it to go through probate? Will it mean that I am getting a foreclosure on my record?will this effect my credit? Or my mom's? [link] [comments]  |
| Appraisal Reinspection Question Posted: 25 Oct 2018 06:39 PM PDT I am in the process of buying my first home. So far things have gone rather well other than that my loan processor is probably the nastiest person I've ever met (and I used to work in insurance billing). I had my first hiccup with the appraisal. The value came back fine but I received one condition that needs to be done before I can be marked clear to close. Upstairs there is a door that goes to a flat roof that was used as a porch. Recently the seller re-roofed the area but didn't put the railings back up. My condition reads that a railing must be up or the door must "be fully secured for safety". My real estate agent takes the to mean that a double cylinder deadbolt will solve the problem. I've run it by two appraisers I happen to know and the city inspector and they all feel this should satisfy it. I cannot get a straight answer from my loan processor if this is correct. Her exact quote is "I'm not a door expert". Has anyone experienced something like this? [link] [comments]  |
| If I wanted to build this how much would it cost? Posted: 25 Oct 2018 06:30 PM PDT So for a while I have picked out my dream home that I want to build. But I never thought about how much it would actually cost as the home I picked does not seem that crazy. Could anyone give me a ball park range of what this could possibly be? I showed it to a friend and he laughed saying it would almost be 600,000 or more. I was shocked its only 1 floor and 3 bedrooms. Yeah it takes up alot of space but not that crazy. What do you guys think? Just to reference I am not looking to buy for at least 15 years but I have been thinking about the future and trying to determine what income level I could just settle down on. [link] [comments]  |
| Please help me decide how to best sell my rental home Posted: 25 Oct 2018 05:10 PM PDT Hey! Thanks for helping me out! I really appreciate it I live in Ohio and have a rental in Kansas. Renters are moving out and I'm gonna sell it. I have a few options and I'd like your thoughts. The house needs updated. It was refinanced in July of 2016 and appraised for $115K. I thought that was low so I requested them to take another look at it and they just affirmed the previous amount. The biggest work that needs done is new flooring throughout, painted inside, kitchen cabinet fronts need replaced or repainted depending on how rough they look, and some windows may need replaced. I'm flying there next week to go through it. The house is located in Wichita, and, it's allegedly a seller's market there. So here are my choices:
2. List it with a realtor who will help me know what I need to do to get it into "selling" shape and the price they think it will sell at, all for the retail price of 6%. Put in $10-15K of repairs Hopefully it would list for at least $125-130K. When it's all said and done, I would hope to take home $107K 3. Sell it for a deep discount to someone who wants to put in the money and time to flip it or turn it into a rental. If it appraised for $115K two years ago, without a realtor, my high end would be hoping for someone to buy it for $107K. I have a guy right now offering me $95K. 4. Sell it to the "we buy houses cheap guys"...but I don't trust them. I called them yesterday and they won't work with me until I tell them how much I owe on the mortgage. So I guess I'm looking at what is finding a price between $95-107K. A spread of $12K. So...sell it and be done with it? Sell by owner and keep making payments and putting my friend out? List with a realtor and do the things they suggest to sell it? Is there another option I'm not thinking of? Again, REALLY appreciate all the advice you can give me! Thank you!!! [link] [comments]  |
| Posted: 25 Oct 2018 03:15 PM PDT 2 years ago my husband and I bought our first home, a 2 bedroom co-op. We learned during the sale that it was built on leased land. The lease is for 99 years and expires in 2053. Our real estate agent, lawyer and mortgage guy all said this is pretty normal for our area, and that when it gets closer to the 30 year mark, the lease will be renewed for another 99 years and that's how these things go. Bank initially told us they had just stopped approving mortgages for leased land apartments, then came back and told us that was wrong and everything else went smoothly with the financing. Last month I went to the annual board meeting for the first time (did not go last year). It was brought up that the board is trying to talk to the owner about either buying the land or renewing the lease, and the owner has thus far been unresponsive. Not saying they plan to let the lease expire, just refusing to come to the table and discuss at all. We are 5 years away from the 30 year mark. "But this is not a reason to panic." So I'm panicking a little. Only about a 5th of residents attended and no one else seemed worried. I started thinking maybe I should list the place and try to get out before anyone else catches on. Also wondering if this is par for the course with these types of situations, and I should just wait it out. I love my apartment and I really don't want to move. We bought this place with the intention of staying here until we retire. They also mentioned that the co-op next door (almost identical to ours, I think it actually used to be one complex and then split) is owned by the same company and their lease is up a year before ours. Potentially relevant is the fact that most of the co-op board, including the president, is kind of elderly and there have not been elections in 7 years because they never have enough members in attendance to vote. One of them had asked me to please come to the meeting because she wants off the board and is stuck there. Today I went to City Hall to try to get some information about who owns the land. The owner was listed as the management company (not accurate), but they had another document showing that the lot was sold in 1997 to United Capital Corp., which is a real estate investment company. It looks like from their website that their main focus is hotels/resorts. Since the lease was signed in 1954 (I would assume), then I guess it was transferred over to United Capital when they bought the property? The sale was actually to "AFP Thirty Four Corp." which, from what I can tell, is either a branch of United Capital Corp. or maybe an entity created solely for this sale (not sure). My questions: Sorry this was so long. TIA. [link] [comments]  |
| Property Management legality questions. Posted: 25 Oct 2018 02:22 PM PDT Let me start this out by saying, I know very little about real estate terms, jargon, rules, laws etc. A buddy of mine is the owner of a very small property management firm. Recently he is getting more clients signing up for management who are also looking to rehab apartment units. More then simple turn overs. He is looking to possibly expand that direction. Would he be able to keep the work in house using his maintenance staff, provided they had a signed management contract containing language stating the owner is aware that the staff are NOT licensed contractors-- Instead charging time & material. Does this put him in conflict with the real estate department? If so, what is the penalty like for something like that? Is it a slap on the wrist, or is it something worse? EDIT: should probably add that we're in Arizona. [link] [comments]  |
| Closing cost changes 1 week before closing. Cross post personalfinance Posted: 25 Oct 2018 04:36 PM PDT BLUF: Closing in a week, closing costs seem to have changed a considerable amount. PDFs below of numbers from loan people. I have been working with a lender who has been a nightmare in terms of having all their shit together, and have sent the same documents numerous times to different people, along with requiring me to make multiple trips to the bank for statements, mistakes on paper, the list goes on. I like the rate they gave me and need to get out of my hotel and into this house asap so I stuck it out. Closing is next week. I had been looking at other houses prior to this one, the real estate company has a $2000 earnest money deposit from a previous house that fell through, this new house only required $1000 earnest money, I haven't gotten the other $1000 back. It appears to have been tacked onto this making my deposit $2000, which I'm fine with except for the fact that my closing costs have been changed. The sale agreement was for seller to front 75% of closing costs. Since this number changed, now the agreed upon contribution amount must change. In the most recent document the lender has contribution listed as going from $7800 to $0. I also was told that the cash to close would be around $3000. Closing cost ~$11,300-8475=2825 (-8475 being 75% from seller). After which my $2000 earnest should be removed. Final out of pocket around 1k-1.5k. Am I stupid or missing something? Seems like some fuckery is going on and I'm about to say screw it and forfeit my 1k earnest. Below are the documents I've been tracking and comparing (in order of receipt): Original #s estimate: https://imgur.com/uhrJB8w Most Recent #s after I questioned them: https://imgur.com/J2l7pPQ Closing disclosure with what should be final #s: https://imgur.com/a/sYSm4tN [link] [comments]  |
| Posted: 25 Oct 2018 04:28 PM PDT I am selling my home and under contract with a buyer. The house has already passed appraisal and inspection for third party inspectors, but the buyer must secure a homebuying assistance grant from our county. The grant is contingent on the house passing a HUD inspection. I mentioned this to the guy doing the appraisal on our house and he said, "I didn't see any problems, but those HUD inspectors are very nit-picky." I wasn't worried before he said that... One of the main things I'm concerned about is that we have a bowing wall in our basement, which we disclosed to the buyer. The previous owners said the bowing wall existed before they bought it and it hasn't moved and they also had a structural engineer come in to verify that the wall was stable. We have not noticed any movement during our time in the house (4 years) either. We obviously disclosed this on a written statement to the buyer (neither of us are using an agent), along with any other issues we noticed with the house. Here are my questions: Will they automatically fail the house for foundation issues? Are there common things I can do to improve the inspection results before inspection? Are HUD inspections for home sales really that nit-picky? [link] [comments]  |
| Posted: 25 Oct 2018 10:07 AM PDT Has anyone used this website to purchase a home before? What are the pros compared to the traditional Realtor route? [link] [comments]  |
| [OH] Order of operations for buying vacant land and building a custom house Posted: 25 Oct 2018 03:58 PM PDT My husband and I are ready to stop renting. We've been in Northeast Ohio for 5 years and plan to be here for at least 15 years. His job is very stable, I quit mine last year to stay home with our baby, but I'll probably go back to work once the kid(s) are all in school. I've been looking for places to buy and I'm just not finding what I want. We'd like to be within 30 min of his job, but I want to be able to farm a bit, and most of the suburbs around Cleveland have lots that are too small, plus restrictions on chickens, sheep, etc. I also want a passive solar house of reasonable size (no more than 2000 sq ft), and I have yet to find anything close, so it looks like buying empty land and building custom is the only way to get what I'm looking for. What is the right way to do this? Do I talk to a design/build firm first to get a design started and figure out how much construction will cost, or do I find land first then get bank financing, or do I talk to a bank first to figure out what our budget is for land + building? Do I need a realtor for this process? Or a real estate attorney? I'm going to make another post in r/personalfinance with more budget-focused questions, but any help on the correct way to go about this would be appreciated! Thanks! [link] [comments]  |
| Posted: 25 Oct 2018 12:05 PM PDT Out of state investors for example could use this to see average income by block. This is a huge indicator on where the bad and good neighborhood pockets are since a lot of cities are block by block. The problem with Justicemaps is that their data is from the 2010 census. So in 8 years time a lot of areas have evolved for the better or worse. Is there anything similar with more up to date info? Thank you. [link] [comments]  |
| BIL selling house, is it wise to offer to keep home automation in house as add-on cost? Posted: 25 Oct 2018 11:35 AM PDT BIL is about put his house up for sale. Home is presently unoccupied and simply staged. Over the past few years he has easily dropped somewhere in the ballpark of $5k-$8k in home automation components for the entire house. We're talking smart bulbs, z wave dimmer switches, mounted indoor and outdoor Nest cams. Him and his Agent are considering offering (at least in the listing/on the flyer) specifying that the home automation stuff can be removed from the house, and it will take $4k off the purchase price of the home. Their thinking is that most people will not be interested in all the tech in the house. What are your thoughts on this? Is this a good idea? [link] [comments]  |
| Multi-Unit properties resource? Posted: 25 Oct 2018 02:44 PM PDT Newbie interested in investing in real estate. Really interested in places with multiple areas to rent. What is your go to place to find properties? Other than Zillow, what do you use to get updates on houses, listings, etc? Especially for multiunit properties. Thanks! [link] [comments]  |
| Advice for New Real Estate Agent? Posted: 25 Oct 2018 02:40 PM PDT Hi... I'm a brand new real estate agent who is interested in getting some advice for those who have been in the game for a while. What did you do as a new agent that set you up for success? Any help is appreciated as this isn't an easy business to break into! Thank you in advance :) [link] [comments]  |
| Are there agents for apartments? Posted: 25 Oct 2018 10:47 AM PDT I am currently hunting for a new rental residence and have such trouble on my own. I wonder if there's such a thing as a an agent who can collect your needs/budget and do the legwork for you? [link] [comments]  |
| Posted: 25 Oct 2018 12:11 PM PDT Hey fellow agents, I've noticed in my area Zillow has started intercepting my leads through a Zillow call center (I think...?) and asking them questions before they forward them along to me (slightly surprising). This happening to anyone else?? Do you think this will be good for our business? [link] [comments]  |
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