How should credit checks work when leasing commercial to business owners? Do you check their business credit, or personal? Real Estate |
- How should credit checks work when leasing commercial to business owners? Do you check their business credit, or personal?
- Adverse possession of town/state land CT, USA
- Buyer has issues with our neighbor erecting wall on their property
- Are condos a bad investment?
- How many showings without an offer indicate you are overpriced?
- How much do budget for maintenance of rental property in snowy area?
- Incredibly stupid hypothetical about buying a first house
- Seller's Agent at Inspection?
- What’s up with Northeast Pennsylvania - Monroe County?
- Bought property. Empty unit electricity is on. Who's paying the bill? Same with common panel.
- Working with buyers vs sellers. Some questions for Realtors.
- Talking to realtor about homes we find online
- Agent refuses to get involved in house we've already been shown by seller's agents?
- Long term bet on the expansion of a city . The paln is to buy farmland around it and wait until it becomes prime residential land. Are there any beurocratic steps potentially harming my plan?Specifically what entity converts farm land to residential? Are there any costs involved for the owner?
- Chances of land being sold out from under Mobile Home Residents.
- Closing Costs/Seller contribution changing 2 days out from closing. Is this normal? [TX]
- Water damage while under contract - loss of use reimbursement?
- Condo vs SFH from future gain perspective
- Remodeling - bad or good idea?
- Condo Developer Pricing Adjustments
- Loan options when financing through private lender?
- Home construction prices, not including land
- Can I get some advice on first mortgage rate
- Is it really that hard to collect the earnest money from buyers that want to cancel?
| Posted: 30 Oct 2018 12:13 AM PDT Asking as a business owner... my personal credit is pretty bad because of some issues that I've been going through, but is unrelated to my business(corporation) credit which is fairly perfect. If I am to rent a commercial property, what should I expect from the landlord? Is it reasonable for them to ask to check my personal credit for a commercial property if I have a corporate EIN for my business with its own credit score? Will they even ask? Or is it common for them to check both? [link] [comments]  |
| Adverse possession of town/state land CT, USA Posted: 30 Oct 2018 01:15 AM PDT Is this ever possible? I live right off of a busy road. My driveway is only technically half on my land, however it's quite obviously been there and being used for at least the last 20 years. The only reason I'm questioning the possibility of this is to have a fallback if they ever widen the road or something similar [link] [comments]  |
| Buyer has issues with our neighbor erecting wall on their property Posted: 29 Oct 2018 08:00 AM PDT Our house here in Albuquerque has been under contract since four days after it went on the market (almost two months ago). We've already conceded $10k to address a sewer issue we were not aware of. We were scheduled to go to closing in three hours. Our agent called this morning to tell us not to go. Now the buyer is freaking out because this weekend our neighbor erected a wall on their side of the property line which encloses their own driveway. I'm pissed at the neighbor myself - could he not have waited a week?? The buyer had a survey done - she saw the property lines. That driveway is on the neighbors property, but she's still claiming the property is not as it was. There is still a driveway with appropriate access to our property. We've literally sold all of our belongings as we're scheduled to hop a flight out of the country this week to nomad for a year. So if this deal does not go through we're super screwed as the house shows amazingly well with our stuff in it, but it's like a husk without our things. I'm trying to contact a real estate attorney, but what else should I know/do? [link] [comments]  |
| Posted: 29 Oct 2018 07:48 PM PDT My mother has recently expressed interest in purchasing a condo. I don't think it's a good idea because, I notice lots of vacant condos in our area. She somehow thinks that there is good resale value on a condo. She only wants to occupy the unit for 2-3 years before selling it, and I feel like she will have a hard time doing so, as there are vacant, uninhabited condos in our area, that no one has ever lived in. Any advice or experience with condos would be appreciated. [link] [comments]  |
| How many showings without an offer indicate you are overpriced? Posted: 29 Oct 2018 07:37 PM PDT Just as the title says, I am curious how many showings without an offer indicate you are overpriced? I am also very curious how much opinions vary about this! [link] [comments]  |
| How much do budget for maintenance of rental property in snowy area? Posted: 29 Oct 2018 07:33 PM PDT Title says it all. Considering buying a rental/airBNB property in an area with heavy snowfall. Wondering what hidden/extra costs I might want to budget for. Property is a 3bd/2ba near 2 ski mountains with plenty of summer hiking recreation, too. Was thinking of 2% of the price to be safe, but wondering if this is too conservative, especially given that it will be a short term rental as opposed to a monthly one. Thanks! [link] [comments]  |
| Incredibly stupid hypothetical about buying a first house Posted: 29 Oct 2018 07:23 PM PDT Let me preface this by saying it is entirely hypothetical. I am in the process of writing a novel. It's a modern 'Urban-Fantasy' novel, so it's pretty obviously fiction set in a fictional version of Lander, Wyoming. Fiction or not, I want the main character's interactions with normal society to be as plausible and believable as possible. Hence market research. Now, in the story, an 18-year-old boy has lucked into some small amount of supernatural power, and used them to cheat at an Indian Casino on a nearby reservation. He got away with about 194 thousand dollars, and wants to move out of his drunken father's crumbling ghetto hovel. So, with all that in mind, my question becomes: How much can having cash, in hand, ready to pay on the spot, affect one's haggling position on a house purchase? What percentage up or down will an average seller be willing to move with an up-front payment on the table? How will such a sizable up-front payment affect an offered mortgage, and is it possible for a teen with no credit history whatsoever to even get a mortgage or would any bank on earth just laugh him out the door? Thank you for your time, I'm more than grateful for any advice or commentary you can offer. [link] [comments]  |
| Posted: 29 Oct 2018 06:46 PM PDT First time homebuyer. My agent cannot leave her primary job to accompany me to the inspection tomorrow. Seller's agent (not seller) will be there. Since I am paying for the inspection, can I ask him to go elsewhere for the projected 3.5 hours? If not, can I at least expect privacy to speak with the inspector throughout the process? The agent is known to be a Mr. Slick type. I'm not up for small talk, nor for giving him access to any findings until I've had a chance to carefully review everything. Or maybe he'll just unlock and have me contact him when I'm done (not holding my breath). [link] [comments]  |
| What’s up with Northeast Pennsylvania - Monroe County? Posted: 29 Oct 2018 08:42 PM PDT Close to NYC where I'm at, dirt cheap housing prices and low state taxes. Mountains, lakes, skiing etc. Some really nice homes below $150k. Something seems wrong and I don't know anyone that lives there to pick brains. Are there huge unexpected expenses or serious crime problems? Sorry for being naive but I've been looking for a weekend house to spend weekends in within a 3 hr drive from NYC and these houses seem to fit the bill but I can't be the only one wondering why the prices are so depressed. [link] [comments]  |
| Bought property. Empty unit electricity is on. Who's paying the bill? Same with common panel. Posted: 29 Oct 2018 01:46 PM PDT I'm a somewhat experienced owner of rental property, but this question is one I do not know the answer to. Situation: I bought a 2 family. It has 3 panels: common/unit1/unit2 Unit 1 is being paid by Unit 1 tenants. Common and Unit 2 are on, but no idea who is paying for them. Previous owner was a flipper - never took over the service. Unit 2 tenants were deadbeats and evicted. Common panel - no idea the status. What is my incentive to call the electric company and take over either Common or Unit 2 panels? I can see some logic that the common panel is my responsibility, but what if I never call the electric company? (BTW, I just tried to call the electric company so that I could take over the Common panel and was on hold for 30 minutes and gave up. Will try again tomorrow.) UPDATE: Spent another hour on hold, got nothing. I'm just gonna wait until they contact me or a tenant. [link] [comments]  |
| Working with buyers vs sellers. Some questions for Realtors. Posted: 29 Oct 2018 03:04 PM PDT I have some questions for all you lovely agents out there.
[link] [comments]  |
| Talking to realtor about homes we find online Posted: 29 Oct 2018 02:16 PM PDT We're in the process of selling our home and buying a new place and I have a question about our realtor and houses we find. Our realtor is GREAT. She's super knowledgeable, extremely committed, and comes highly recommended. We used her to buy our current house and LOVED working with her. She went above and beyond the call of duty in every way possible. I'm not really interested in using another realtor, I just want to know if this is normal and how best to address it. As we all know, the market is weird and kind of slow right now. There's not a ton of inventory. It's a weird time to be buying but we're looking for a long-term home and desperately need more space so we're not too stressed out about the market and timing. If this matters, we're about ~1.5-2 weeks from being able to list our home. Any offers we make right now would have to be on contingency. We know that means they wouldn't be likely to be accepted, but houses are sitting longer and dropping in price more frequently, so we would at least like the option to try. Our realtor took us out to look at homes last weekend. Right now we're doing "market education" so we're not yet aggressively looking. She said there wasn't much listed and we went to three houses. But I've been obsessively browsing Redfin for months now and I know there are a lot more houses we would like to see! I'm obviously no realtor but my job is real estate-adjacent so I'd like to think I'm not a complete rube about what's at least worth investigating. Even if the homes end up being terrible, I'd like to look. I tried to bring up some houses to her that I wanted to look at but she never responded to my email. Right now, I have a list of 6-7 homes that I either want to go see or want a good reason why they're a bad choice. Is that annoying? Should I not be trying to guide the home search like that — does it make the realtor feel like I'm trying to do their job or overstepping my bounds? Maybe there is a reason she's not showing us them? What is the best way to talk to my realtor about homes I want to see that she haven't taken us to? Or am I overthinking this? [link] [comments]  |
| Agent refuses to get involved in house we've already been shown by seller's agents? Posted: 29 Oct 2018 09:01 AM PDT Due to delays in getting in contact with the agent from the company we wanted to go through (he had a family emergency) I went ahead and contacted a couple listings on zillow and went to view the houses myself (I have terrible time constraints, so it was important to make hay while the sun shines). Later, the agent got in contact with me and I told him that there were a few more houses I was interested in, but one of the ones I had already seen I would likely be interested in putting an offer on. He told me that since their agent had shown me the property, he wouldn't want to get involved in it at all, and he could only help me with properties he shows me. I am not comfortable with dual-disclosure, and would much rather have someone in my corner. Is this type of situation common for realtors, and is this just his scruples or is this a pretty hard and fast rule? Do I need to just contact more agencies and find one that doesn't mind the situation? I am pretty limited in my options here, it's a very low population area. Edit: I just talked to another (or I could just say the other) realtor in the area, and they echoed what the consensus here is. If I contact the seller's agents and have them agree then they are fine with it. My original realtor was pretty aggressive about it and made it seem like an impossibility, so I am glad this one seems more open to it. The seller's agents were also very pleasant and were not pushy about dual-disclosure so I don't think they will have any problem with me getting my own representation. Thank you all for the insights. [link] [comments]  |
| Posted: 29 Oct 2018 07:00 AM PDT The title pretty much sums it up. I want to make a long term bet on the expansion of a city/town and I figured the best way to do so is to buy farm land around it and keep it productive until the aforementioned expansion makes said land prime real estate land. Now my worry is of course government , so I have a couple of questions: 1) Which entity converts an area from farm land to residential/commercial? 2) As owner would I have to pay for such conversion? 3) Does the Government take something out the deal? 4) Is there a risk of Govt. applying Eminent domain? 5) What are the remedies if the government gets in the way eg. by not converting land 6) Would I be able to develop land myself if I want to? [link] [comments]  |
| Chances of land being sold out from under Mobile Home Residents. Posted: 29 Oct 2018 05:51 PM PDT I live in the Bay Area CA where rents are skyrocketing and home ownership is impossible. IF I can afford anything, it would likely be an OLD mobile home. I have no dependents, so the depreciation of the home is not a big deal. I have not done any research, so these are just musings. Ideally I would find a old mobile home and live in it until I died. There are several in my area. HOWEVER. I would need a 30+ year assurance the property owner would not sell the land out from under me. (Currently there is a landowner who is trying to evict residents and sell his multi-million dollar property. Most have been there 20 years+. They are fighting the sell. So my question is this: Is there anyway I can get a long term assurance I could live out my retirement without the land being sold out from under me? It can cost $10,000+ to "move" a mobile home, so that is not going to happen if I am evicted at 78yo. [link] [comments]  |
| Closing Costs/Seller contribution changing 2 days out from closing. Is this normal? [TX] Posted: 29 Oct 2018 05:44 PM PDT We got our 'final' closing disclosure 4 days out from closing. It all looked good so we wired the money to the title company this morning. Now, this afternoon, less than 48 hrs out from closing, we got an 'updated' disclosure with $1500 tacked on to our closing costs. And it comes from the sellers contribution being lowered by that amount. The contract we signed was for $380K to be financed, with $7500 of that coming back at closing. Now the lender/mortgage broker is telling us that was an estimate and that we have to change it. This is raising the cost of the house by $1500, at the last minute, and we never agreed to this. Is this a normal thing? It seems very wrong to us and we're Wondering if we should just scrap it and start over with different agents and brokers. [link] [comments]  |
| Water damage while under contract - loss of use reimbursement? Posted: 29 Oct 2018 05:34 PM PDT We have been renovating a new house and moved into it just before going on the market with our old condo and accepting an offer after 1 day on the market. We've had a TON of rain here in DFW the last couple months... and there was a leak in our roof on our condo while were under contract. Ceilings and floors were damaged, but we had to ensure the roof was fixed to prevent any further issues before we worked on interior damage. We've been working as fast as possible to get solutions, but it took 3 weeks for the rain to stop enough for a roofer to fix the issue... and it finally got fixed two days before our initial close date... clearly not enough time to pull up and replace hardwoods, sand/stain, redo ceilings, etc. We're extremely lucky with our buyers in that they're sticking with us and we extended closing by a month because we've all been very transparent about wanting a proper, appropriate solution to this. Can I go after my insurance company to work with us on loss of use since we have to carry the condo for another month while we've already moved into our new house? We're accruing mortgage, taxes, HOA dues, utilities, insurance for a month longer than anticipated. [link] [comments]  |
| Condo vs SFH from future gain perspective Posted: 29 Oct 2018 05:31 PM PDT Hi everyone, My SO and I are planning to buy a home the in Bay Area peninsula (Millbrae specifically). We are having a hard time evaluating future gain between a condo and SFH of similar price range.
Thanks for your help and advice! [link] [comments]  |
| Remodeling - bad or good idea? Posted: 29 Oct 2018 05:18 PM PDT Hello all, I am curious for those of you that know real estate could help me determine if this remodel idea would be good for resale or not. EDIT: I want to do this for us. We don't plan on moving anytime soon, but don't want to ruin the value of or home ***** Right now we have a 3 bed, 2 bath house at around 1260 square feet. I have attached some janky layouts I made up at the bottom. The 3rd "bedroom" is very small. I think someone added on the second bathroom, but with the sacrifice of bedroom size. The 3rd bedroom is also the entrance/exit to the garage. Since it shares a wall with our master bedroom (no bathroom attached), I am wanting to knock out the closet to make it connected and a private sitting/changing room with an attached bathroom. I am wondering if it is a bad idea to sacrifice what may be used as a bedroom? It would make our house a 2 bed, 2 bathroom. I feel like if anything it could be a nursery and it would be attached to the master anyway. Thoughts? ***The measurements are not accurate *** [link] [comments]  |
| Condo Developer Pricing Adjustments Posted: 29 Oct 2018 12:09 PM PDT Has anyone ever been in contract with a new construction condo tower (150 units or more) where the condo developer failed to sell 100% of the units prior to completion? Were any concessions made to the original reservation holders? Were original reservation holders offered better units at time of completion so the developer could adjust the original price sheet? I actually live in a condo tower that went through this in 2008, but the developer never dropped prices because they built the complex with cash and were not forced by a bank to sell the units. They rented the units out until the market returned and finally sold the remaining units 10 years after construction, I would think this is rare. Would the developer ever adjust their price sheet if the market conditions deemed it appropriate? [link] [comments]  |
| Loan options when financing through private lender? Posted: 29 Oct 2018 03:09 PM PDT My girlfriend is financing her home through a private lender. We would like to tear down an old single wide trailer that's on the property and either build a house or get a new modular put in. Since the home is not financed through a bank, what are our options? Also, this may be a bit out of context, but would being married effect this process at all? I plan on co-signing with her for whatever loan we try to get. TIA. [link] [comments]  |
| Home construction prices, not including land Posted: 29 Oct 2018 02:59 PM PDT Hey Redditors, forgive my ignorance with this question: How wildly do home construction (construction--not land) prices vary across the nation? I built a pretty high end urban home in the Midwest last year for about $500k, plus about $100k for the land. Obviously the price of land fluctuates wildly from place to place, but how much does that $500k cost for the labor and materials flex from say, Los Angeles to Texas? Like, if I buy a $300k lot in California, can I expect to build a comparable home for $500k labor and materials? (edit: typo) [link] [comments]  |
| Can I get some advice on first mortgage rate Posted: 29 Oct 2018 11:01 AM PDT |
| Is it really that hard to collect the earnest money from buyers that want to cancel? Posted: 29 Oct 2018 08:04 AM PDT I have a friend in the SF Bay Area who in the last month had her house go on contract. The buyers bought with no contingencies, either inspection or finance. However, 2 weeks later, the buyers wanted to terminate the deal because they claimed they wouldn't be able to get financing because the interest rates went up. I would have assumed she got to keep the earnest money, however, she didn't at all. She consulted a real estate attorney and she was told it would be very hard to keep any of the earnest money, even in such an open/shut case like this. She said that the best case was that she would get a fraction of the money, less than a third, so it wasn't worth the effort. Is it really that hard to collect the earnest money? If you can't use it to enforce the contract, then what's the point of it? [link] [comments]  |
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