Bay Area sales are slowing down. Big time. Real Estate |
- Bay Area sales are slowing down. Big time.
- Penalties of walking away from a home purchase?
- Potentially buying a 4plex as owner-occupied
- Job change with increase in pay - can I get pre-approved for a higher mortgage now?
- $750K loan for apartment complex
- When interest rates go up, do sales of expensive homes slow down faster than sales of cheaper homes?
- Personal information breach?
- Tenant attempted to harm herself during eviction.
- Is my RE agent slow?
- true value of this cash offer?
- No mortgage on title, but sale closes tomorrow
- Would like to end lease as early as possible in order to move into new home
- Things that popped up during home inspection! Advice/help!
- Is buying a home with a sibling or friend any different from buying with a spouse?
- Pros & Cons: Townhomes vs Condo Ownership
- What to expect when buying a home- fix ups, conditions, etc
- Buying: Oxidization on the on-demand propane heat/hot water system
- Bridge Loans, do banks still do them?
- banking experts: do SBA loans require SELLER's tax returns for real estate only deal?
- Can someone help me break down the rules around "Gifts for Closing Costs?" (Upstate NY)
- Mattress and mattress stand left behind into a house I just moved into
- what happens if i don’t sign up for utilities (boston)
- The effect of a large company moving into a town
- Unethical Lender: stolen client and commision
| Bay Area sales are slowing down. Big time. Posted: 01 Nov 2018 01:45 PM PDT SF Bay Area, that is. Is that your experience too? [link] [comments]  |
| Penalties of walking away from a home purchase? Posted: 01 Nov 2018 12:57 PM PDT I have been under contract to purchase a home in Nebraska, but recently a lot of things have gone wrong with both the builder and my lender. We have already not closed on time due to my lender not being able to complete the deal on time, and then transferring to another lender to finish the process. More recently, the seller has been a total ass and to be honest I want nothing to do with the house anymore. I want to walk away from the sale and let the seller keep all my earnest money. He is saying if I due that he will sue me for much more in either damages, or specific performance. I've included the section under Breach, Mediation, and Arbitration from my contract. It does say that both parties acknowledge the deposit is a reasonable estimate for probable loss to the seller. Am I screwed? Can he sue me for more? FROM CONTRACT: "Breach of Agreement by Purchaser. In the event the purchase and sale hereunder is not consummated by reason of Purchaser's default under this Agreement or as a result of the repudiation of this Agreement by Purchaser, the parties hereto agree that, upon receipt of written notice from Seller, Escrow Agent shall deliver the Builder or Escrow Deposit to Seller as full liquidated damages for Purchaser's default. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Purchaser's default, and that the Deposit is intended not as a penalty, but as liquidated damages. The parties further acknowledge that the amount of the Deposit represents a reasonable estimate by the parties of the amount of the probable loss that Seller would be expected to suffer in the event the purchase and sale of the Property is not consummated because of Purchaser's default." EDIT: I have already reached out to an attorney, just wondering what thoughts are until my appointment with him. [link] [comments]  |
| Potentially buying a 4plex as owner-occupied Posted: 01 Nov 2018 04:56 PM PDT I"m about ready to buy my first 4-plex. as this is my first, i'm planning on just moving into one of the units and then it'd be owner-occupied (right?) My question is what happens if it's fully occupied? How many months does the bank give for it to become owner-occupied? do i have to kick someone out for that? Would it be better to wait for one that fits my requirements but is not at full occupancy or happens to be close to one of the tenants leases expiring? Thanks! [link] [comments]  |
| Job change with increase in pay - can I get pre-approved for a higher mortgage now? Posted: 02 Nov 2018 03:39 AM PDT Hey guys, just a short question. Currently make $39k and my wife and I were looking to buy a home in a high cost of living area. We could go as high as $180k, but unfortunately we couldn't find any homes that didn't need major work or were in bad areas, so we put the search on hold. Anyway, I am severely underpaid at my job (contractor) and have applied for a full time role that looks pretty likely! The pay is between $65k-$80k which is between 60% and 100% higher than what I make now. With that sort of pay, we could easily afford to look for homes around $240k, which there are many, and still have lots of extra money to put away into savings and such. My question is, could I be pre-approved for a mortgage around $240k within a few months of getting this new role? I know they like to look at 2 years worth of employment but I wasn't sure how this would affect things. Would hate to have to wait 2 more years to get a half-decent home Thanks [link] [comments]  |
| $750K loan for apartment complex Posted: 01 Nov 2018 09:37 PM PDT Can someone help us find a commercial lender? Our $600K mortgage is maturing soon. The place is worth about $1.6M. Our current lender won't renew with us. I don't know why since we have a long history and better than 50% loan to value. We've applied with a few brokers and were refused. Now we're going with a private lender with crappy terms. Our family trust includes my father with Alzheimer's. He was the victim of some serious elder abuse. His lifelong stellar credit rating was absolutely ruined in 2012. The trust includes two disabled sons with middling credit and virtually no income. We're hoping to borrow $750K to clear up my father's problems. The place more than pays for itself at a decent percentage and nobody wants our money! Any help finding a decent interest-rate loan would be appreciated. [link] [comments]  |
| When interest rates go up, do sales of expensive homes slow down faster than sales of cheaper homes? Posted: 02 Nov 2018 01:42 AM PDT If a lot of home buyers have to lower their expectations, are they more likely to buy a cheaper home, thereby increasing the demand for cheaper homes relative to more expensive homes? Are there any markets where cheaper homes keep going up while more expensive homes sag in price? [link] [comments]  |
| Posted: 01 Nov 2018 05:37 PM PDT Real estate company is contacting people outside of my lease with personal information, is this illegal? What can be done? [link] [comments]  |
| Tenant attempted to harm herself during eviction. Posted: 01 Nov 2018 10:46 PM PDT My SO and I have been working hard to evict his ex girlfriend. She's mentally unstable and has written threats torwards my SO and I on her Twitter account. They broke up because she cheated on him long before I met my SO. The house that she is being evicted from owned by my SO. He moved out because she was toxic and he didn't want to risk being accused of any wrong doing if he stuck around in the same house as her. Last Tuesday when the constable / deputy was performing the eviction / lock out. His ex refused to let anyone in the house and then cut herself on the hand with a kitchen knife. The constable then called paramedics, ambulance and fire truck to come and she was taken away in an ambulance. Wheb we entered the home we found kitchen knives hidden in different places around the house. She was also basically living in her and her dogs filth (think Hoarders). I'm concerned she might return knowing how psychotic she seems. Not sure if that's the best way to describe her. What are your thoughts? [link] [comments]  |
| Posted: 01 Nov 2018 09:36 PM PDT I hired a real estate agent in the town I'm moving to. I'm purchasing a lot in an existing subdivision and intend to build. I told her this Tuesday that I'm ready to make an offer, and gave her a list of builders with floorplans that meet my needs and meet the building restrictions (this is not a new home community - there are a few new and mostly 10 year old houses there). To note, I'm preapproved and have 20% down, so that's not the issue. My agent said she'd get in touch with the builders to find out what's possible. It's now after midnight Thursday (technically Friday) and I haven't heard a thing from her, not even a status update. She told me early on that this "is a process" and said something about determining from the builders how they "require the lot purchase" (something about it being in their name or something). But why can't I just purchase the lot and own it, and then work on the builder? Is all of this normal? The lot has been on the market for 270 days and I've done a boatload of research on it, and it's ideal. I'm afraid at this point that someone else will slide in & buy it while I'm sitting around waiting for her. I know I can find a builder, but I'd feel a LOT better about it if I could at least get the lot under contract. [link] [comments]  |
| true value of this cash offer? Posted: 01 Nov 2018 04:20 AM PDT Trying to figure out whether to sell or hold until spring to sell. Recieved a cash offer for 208k with some additional contingencies added in. The contingencies are: buyer agent comm reduced to 1.5% (my agent comm is 2%); buyer covers up to 3k of my closing/title costs; buyer pays for home warranty; sold as-is (no home inspection); close in 10 days. Its a hot market and the home is estimated at 252k on zillow. with new business development planned for next summer around surrounding area (new shops and restaurants). home is in good condition with no visible problems to remedy. newer roof and new complete hvac (10k put in last year). [link] [comments]  |
| No mortgage on title, but sale closes tomorrow Posted: 01 Nov 2018 06:30 AM PDT I have a property. I have a mortgage on that property. Property has been under contract and is scheduled to close tomorrow. I was supposed to net about $100k. Today I find out that they expect to transfer net funds to me directly, not paying off mortgage. That statement shows I net just under $400k. According to title company, there is no mortgage on title. I do NOT want to delay closing if at all possible. Is there a problem with taking all proceeds and contacting mortgage company after the fact and getting their pay off amount and paying it directly? Net to me will still be around $100k and that is what my tax liability is based on. [link] [comments]  |
| Would like to end lease as early as possible in order to move into new home Posted: 01 Nov 2018 05:18 PM PDT So, we signed a two year lease which expires at the end of April 2019. We are closing on a home next Wednesday. We understand we are obligated to the terms of the lease, but asked the landlord if we could help them find a new tenant prior to the end of our lease. We figured it would help ensure it stays occupied and then maybe we could stop payments a few months early. Landlord finally got back to us and says they were planning on selling the property once our lease is up and are not sure how to proceed. Would there be any loss for them to list the house now assuming we have all our stuff moved anyway? I'd like to help them as much as possible but I'm not sure what to tell them or what their concerns might be at this point. Thanks in advance. [link] [comments]  |
| Things that popped up during home inspection! Advice/help! Posted: 01 Nov 2018 08:20 PM PDT Agreed to a price last week, just got the inspection today... seems like there's some asbestos ducting that'll need work, some galvanized pipes that will need to be replaced, and a column post holding up one of the porches is sagging a bit. Question is, I'm still in my inspection contingency period so can I just walk away and get my earnest money back or do I keep to follow through hiring the asbestos $150 to tell me it is what I think it is and $300 for structural inspection? That's before the hot water pipe that I might need changed at some point.. realtor is telling me to go through with it n get all the reports but I can walk away n not spend an extra 600 for something that I know will be a bigger headache down the road if I don't have to. Is I don't like the inspection good enough of an excuse to walk away? [link] [comments]  |
| Is buying a home with a sibling or friend any different from buying with a spouse? Posted: 01 Nov 2018 07:59 PM PDT My sister and I are looking to purchase a multi family house. Is the loan process any different with a sibling vs buying with a spouse? [link] [comments]  |
| Pros & Cons: Townhomes vs Condo Ownership Posted: 01 Nov 2018 07:34 PM PDT First time homebuyer here looking for some advice and direction. I understand that the difference between townhome and condo ownership is that for a townhome you own the building and the land it is on whereas for condos you only own what's inside of the building (i.e: not responsible for roof/windows). Besides from this basic level of understanding, what else are the major differences of owning a townhome versus owning a condo? What are the pros and cons between each type of ownership and does value appreciation differ much between the two? Thank you! 🙏🏼 [link] [comments]  |
| What to expect when buying a home- fix ups, conditions, etc Posted: 01 Nov 2018 11:07 AM PDT I have always bought newer move in ready homes or homes that needed nothing. On home five here , I see a home that is a rare find at $83/sq foot in a highly desirable school district. AC maybe functioning but my guess it is needs replaced. Bathroom window will be replaced, is in shower in this older 70's home, and I'm interested if there is water damage on that wall. I want to make this work, but how does one proceed with getting improvement costs while your in the stage of offers/counter offers? Move in ready homes that are 10-20 years old are $100-$110/sq foot. Over my budget. I can 250k for instance on a move in ready home. Current home is 180k and needs some improvements. [link] [comments]  |
| Buying: Oxidization on the on-demand propane heat/hot water system Posted: 01 Nov 2018 05:54 PM PDT So I'm in contract to purchase a ~120 year old home in the Catskills which had a new on-demand propane-fired heat and hot water system installed 3 years ago. This system runs two circuits, one for domestic hot water, and the other for the radiators in the house. My inspector took a look at the unit and noticed some oxidization/corrosion on some of the copper elements and thought there might be a leak, and suggested I have the sellers service the unit. The sellers agreed, and brought in their plumber, who also installed the unit for them. The plumber says that the oxidization is not as a result of the leak, but instead is caused by a chemical reaction from the anti-freeze used in the radiator circuit. He quoted $600 to drain the system and refill it with straight water, open up the unit and hand-clean the oxidization off of it. However, he recommends not doing that, claiming that this oxidization is common on units of this type and does not cause problems. I do like the idea of using antifreeze in the radiator circuits as an emergency backstop in case the power cuts out when I'm not around. Now, my gut tells me that oxidization is rust and rust is bad and should be removed, but I don't have the surety of knowledge to go up against the plumber, who has great reviews and an endorsement from my agent. Does anyone have experience with units like this, or any advise? [link] [comments]  |
| Bridge Loans, do banks still do them? Posted: 01 Nov 2018 05:26 PM PDT We own a house outright that is appraised at $375,000. We just bought 10 acres appraised at $150,000 that is also fully paid off. Can we use those two assets as collateral/lien to get a Bridge/Construction loan? My credit is only so-so, 690 credit score and I only can work half the year due to military disability. So, it would rely on those assets. I was hoping that with over $500,000 appraised collateral it would be enough to get a Construction loan of $300,000 to build on the new property we bought. Do we have a shot? [link] [comments]  |
| banking experts: do SBA loans require SELLER's tax returns for real estate only deal? Posted: 01 Nov 2018 05:24 PM PDT Throwaway acct for privacy. x-posted to /r/legaladvice as well. My father passed away years ago and I have been running his hobby business at a loss for sentimental reasons. He owned the land and building the business was in, which I am now trying to sell. I have a buyer I have been working with for 6+ months (they, their agent, and their bank have never done a commercial deal before, which is why this has taken so long). They've applied for a SBA-backed loan (I believe in the 7a program but I'm not certain). They've gotten local loan approval from the bank, they've done phase 1 and phase 2 environmentals and we are down to the appraisal in order to get final SBA approval and an actual closing date. After several ridiculous delays with the appraiser, I'm being told that the appraisal cannot go forward on this real estate only deal unless I provide tax returns for the business. The appraiser and I did not get on during the inspection (he was extremely rude and condescending) and I think he is just marking his territory to give me a hard time, but of course I can't prove it. I have been beyond crystal clear since their first view of the property in March(!) that tax returns, P&L, rent rolls, etc would not be provided under any circumstances. The business is not for sale, nor is any of the equipment, nor the concept. They are buying the building and land only and the deal was priced as such. The buyers themselves understand this and have been on board with it since the beginning. They stood shoulder to shoulder with me against the appraiser trying to explain that this was not a business valuation. Does anyone else have experience with this being a SBA thing for a real estate only deal? I would understand if they were buying the business but this seems wildly out of bounds for land only. [link] [comments]  |
| Can someone help me break down the rules around "Gifts for Closing Costs?" (Upstate NY) Posted: 01 Nov 2018 09:18 AM PDT Title says part of this. Here is my question. I have a mortgage that is in process, it is my first mortgage I have ever gotten and will be the home that I live in. I recently found out it will involve slightly more money to close than I have on hand... talking a handful of thousands of dollars and less than $10K. I have a family member who I am pretty sure can help me make up the short fall, but they'd want to be paid back (Eventually, but not with too much time passing.) As I am someone who receives periodic bonuses, it would be completely possible to pay this family member back. However, gift paperwork related to gifts for closing costs seem to have language prohibiting this. Can anyone give me any insight of how these documents are viewed by mortgage lenders, and can I still do this with an intention to pay that person back in an unofficial way? Thank you! [link] [comments]  |
| Mattress and mattress stand left behind into a house I just moved into Posted: 01 Nov 2018 08:26 AM PDT College student in Florida here, me and my friends moved into a house in August, we are just renting, and a previous tenant left behind a mattress and mattress stand when he moved out in October 2017. No one he left his stuff here with lives here anymore and now he is trying to claim his stuff back which I have been using as I am a broke college student and capitalized on the opportunity to get a free mattress and mattress stand. So the stuff has been here for a year and he has never said anything about it until now, he knowingly left it here when his old roommates moved out in August and my house isn't his personal storage facility, I don't want to be a dick and be like nah the stuff is mine now but I also don't want to let this kid walk all over me and have just used my house for free storage for a year. I'm thinking about giving him the mattress stand back and telling him we threw the mattress out when we moved in. I guess I just want some input on what you guys would do in this situation, thanks [link] [comments]  |
| what happens if i don’t sign up for utilities (boston) Posted: 01 Nov 2018 03:55 PM PDT hi. throwaway here. just curious. i am living in an apartment with no lease currently, just paying my landlord month to month for rent. i haven't setup the utilities yet. what happens if i don't do that? [link] [comments]  |
| The effect of a large company moving into a town Posted: 01 Nov 2018 11:27 AM PDT I am interested in buying some property in a large town in the UK, the house prices are pretty cheap and the town has good transport links. But the main reason for my interest in this town is due to the fact that an extremely large company is opening a warehouse there. I was wondering how this would affect house and rent prices in the area? My assumption is they would go up due to the increase in potential residents, but as someone new to real estate I am unsure. Thanks [link] [comments]  |
| Unethical Lender: stolen client and commision Posted: 01 Nov 2018 02:52 PM PDT Hey Real Estate Reddit, this is my first post here and need some insightful input as I am fairly young. I basically had shown client properties for around 270-280k over the summer. We ended up having two offers, one that did not get accepted and another she canceled last minute. Starting in September we started to look at homes closer to 300k because the lender approved it as the maximum. Mid-September she gave me the runaround that she was actually going to wait to buy a home because her husband was away and was going to wait for him and look again in December. She never told she was going to go to another agent or that I had done a poor job. (We had a formal agreement signed). At this moment in time I don't even want to waste my time with her but the lender, so here's where it gets interesting. Now its late October and I find out that my "client" did buy a home with another agent and for 100k over what the Lendor originally approved he for. Come to find out that the new agent was the lender's wife who I was working with. Now I believe the lender called her up or somehow communicated that he could help her obtain a house in a higher bracket because she also could supplement cash due to her hindered credit. So you could imagine my heart sunk when I found out all this hard work was snatched up by the person who I gave work to. I imagine this breaks so many regulations and ethical practices and want to put a stop to it because I am fairly certain he has done this to other agents in my area. Other than suing the lender (what specifically could I sue him for other than personal damages?) how could I recover some of the commision or money I lost on this whole ordeal? At the end of the day, all I want is for this to never happen to another agent because it really pissed me off that some guy could lure my client because he's a lender and has his wife as an agent. Also, he just started his own lending, real estate, and insurance firm about a week ago, so I hope Karma comes his way. Thanks and may you all have a blessed day. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment