Just passed the CA Real Estate Test! Real Estate |
- Just passed the CA Real Estate Test!
- Buyer isn't happy with their purchase-any recourse?
- Bank seeking foreclosure on my recently deceased father's townhouse
- Best preventive maintenance investment for a house?
- Big surprise in store for homeowners: SALT includes state income tax and property taxes and the sum of these will be capped at 10k.
- Shopping for a home loan
- Jumping into buying a foreclosure in a week.
- Using current rent payment against unsubstantiated arrears
- The accurate use of ‘Fixer Upper’?
- Do I have any room to negotiate on roof condition?
- Any tips for taking the Cal RE Exam
- No Representation on Rental property disclosure document[US-NC]
- Hi everyone, I just recently finished my pre rec courses that you need to take the Texas real estate test and will be taking the test here shortly. Anyone have any advice on how to pass it the first time? I have been told only about 60% of people pass it the first time.
- Canadians' debt could be issue in next downturn: Former CMHC chair
- [FL] Help me understand what my realtor is talking about
- Agent is on 6 week trip; interested in house we toured with him. How to proceed?
- What kind of gift should I give our realtor if we change our mind on home ownership?
- Divorced Couple wants to sell multi-family
- Another dual agency success story
- Real estate prices in your city: duplex / fourplex
- Isn't Multifamily better than SF in every single way?
- Do I need to use capital gains to fund an opportunity zone property?
- Think my agent is shady and want to get some clarification on the bidding process.
| Just passed the CA Real Estate Test! Posted: 02 Nov 2018 07:25 PM PDT Passed the CA Real Estate Test on my first try today! Super excited to get this new career started. I have a local brokerage I plan to work under because I currently work for the brokers property management company and he seems to have good success in commercial real estate. What would all your recommendations be to get things going? I also own an online training business and have let all my clients know, and announcing to family and friends. What're some other things I can do to get things going? Thanks! [link] [comments]  |
| Buyer isn't happy with their purchase-any recourse? Posted: 02 Nov 2018 09:00 AM PDT Recently sold my house in Texas. It is a smaller, older home that we did a lot of updates to. It went under contract the first day it was listed and had multiple back-up offers. Buyer was a bit of a pain and asked for a lot of little repairs, as the buyer was a younger woman who isn't handy, but we made it happen for her and after a few headaches, closed the deal. My realtor went over to the house to get her sign out of the yard and the buyer came out heated. She basically told my realtor that the house was not as nice as she thought it was and there were many things wrong with it that she wants to "fight". Mind you, this is after they have done a walk through and signed. Deal is closed. Her complaints are as follows; Baseboards are dirty/need to be painted. House was not clean (IT WAS, I promise you. That house was as clean as anyone would ever leave it.) We took our porch swing, tree swing and our potted plants. She doesn't like the garage (it has all windows on one side, like a sunroom.) We took decor that was hung on walls (like a bedroom mirror, metal artwork, etc. I do NOT know why she thought we would leave behind personal possessions for her.) She feels like she way overpaid for it and it was nicer when she looked at it the first time. Now, I understand that a house never looks as good once it is empty. Our home was very beautifully decorated and I think when she looked at the house, she may have liked our decor and style too much and didn't pay as much attention to the actual HOUSE; however she did not negotiate any other items other than appliances into her contract. So my realtor basically tells her that we did a great job of cleaning for her, had the yard done, left all appliances requested in her contract, and that if she felt she got a bad deal that she was sorry but it is done. The buyer really seemed upset and now it has me stressed out. Can she come back and try to take any sort of action? The girl seems like a loose cannon. Thoughts? [link] [comments]  |
| Bank seeking foreclosure on my recently deceased father's townhouse Posted: 02 Nov 2018 04:09 PM PDT So the bank in which my father had his first mortgage is seeking foreclosure on his townhouse. A little bit of a backstory on this situation. This is in Tennessee. My father passed away in September of this year. I am his only child and my mother is passed away as well. I am in the middle of probate court with the my probate and estate attorney. The mortgage is past due about 4-5 months now. When I came down here in mid-September, the mortgage was already in a delinquent state and pushed to collections. I tried to pay it current by going to the bank and they would not allow me to since it was in collections. I spoke with collections, and they said they wouldn't accept payments due to me not having executor or administrator privileges over his estate. I received letters of administration shortly after, and spoke with them again about paying it. They said I would need to fill out a Successor of Interest form and mail it back to them. I filled this out, however, because I put No on the question "Is this your primary residency?" , they denied my application for interest to the property. I told them, of course, that this would never have been my primary residency as I am in the U.S. military and don't live close to TN, and that I don't know many grown adults at my age that live with their parents. I told them that I do plan on selling the house. There is a good amount of equity in the house, enough that I could pay off the mortgage that is owed to them and still have some left over. They are seeking foreclosure on the house regardless of this. The amount of the mortgage is very low, but still is enough that I can't pay it off up front which is the only option they are giving me. I don't have the greatest credit in the world, so a loan isn't an option for me. I spoke with my probate and estate attorney and he says something like this is out of his ballpark. Is there any other option I can take here to get the house? Can I fight this at all? Can I try and sell the house without the consent of the lien holder? I'm at a loss for words that this is happening really. The bank isn't budging and it being in the middle of probate doesn't seem to have any effect on this. [link] [comments]  |
| Best preventive maintenance investment for a house? Posted: 02 Nov 2018 11:50 AM PDT Hi reddit, Im a new homeowner (23M) and am currently renting out 4 rooms in a single family home. I am "house-hacking" and living for free, making about $650 / month profit on the rooms against mortgage, insurance, and expenses. I am quite proud of myself as I was living in my car and eating McDonald's for months, haha. To keep as much profit as I can in the future, I plan to keep the house in good shape and would like to reinvest a bit into the home so I don't have major repairs that catch me off guard. Do you all recommend the best ways to invest money in preventative maintenance? Many thanks! [link] [comments]  |
| Posted: 02 Nov 2018 05:22 AM PDT After a few conversations with some friends/coworkers, I don't think people realize that for many, especially those in states with higher taxes, the new tax law results in property tax fully or partially no longer tax deductible given that your state income tax will take up a large part of that 10k cap. [link] [comments]  |
| Posted: 02 Nov 2018 07:17 PM PDT I am a first time home buyer. I am want to get the best home loan rate I can, I know that its been rising in todays market. I am wondering how you guys got your rates, did you shop around from bank to bank? How much has that effected your credit score? Is there any benefit to go with a bank you already with? Thanks for the help! [link] [comments]  |
| Jumping into buying a foreclosure in a week. Posted: 03 Nov 2018 01:49 AM PDT Hi Real Estate Community, I am purchasing an foreclosed apartment in Florida and was wondering if the timeline is suspect. It is in a apt complex but the bank is willing to sell at a 10% discount to market value compared to similar apts in the same complex. I'm thinking something must be wrong with it if there's no other bids and the bank is willing to take a 10% haircut when the housing market is still strong. It will cost me another 10% of the purchase price for renovations. Normally apts in this complex don't stay on the market for more than a month so I don't understand why the bank is this willing to sell. Apparently the previous woman paid 70% of the loan so that could be a factor. Do you think I should be careful going forward and not get stuck with an apt without doing all the normal due diligence? [link] [comments]  |
| Using current rent payment against unsubstantiated arrears Posted: 02 Nov 2018 03:04 PM PDT In June our apartment complex underwent its third change in ownership. From June until July we have a temporary manager who managed our payments and maintenance. In the time of the exchange we had trouble with maintenance trouble with common areas falling to decay and vandalism. In late July early August we finally got our permanent manager and the clean up slowly began. In Early October we get a notice from our new manager that they weren't showing a payment for rent for the month of July, during the exchange. I dig out the records I keep for every payment, notice, change and lease adjustment and quickly find the receipt for the money order used for our July payment. I take this to the new manager and let her make a copy and all is well. Until last week when we received another notice saying we still owed this amount for rent for July?!?! We are emailing at this point to have a record of the conversations. I email the manager asking her why the money order receipt was not sufficient. The reply was simply that the receipt did not have the date printed on it so they could not prove when the payment was made. It did have the money order number so they could check the receipt against their own records. Today, In our mail is a notice from our management that they have applied our payment from October towards the arrears for July and that we are now late in paying our rent for October and expect November to be paid as well. We live in Ky and i've browsed through the Kentucky Revised Statutes to see if there is anything regarding this situation. The only thing I could find was KRS 383.675 which would apply had we not actually paid and they accepted August and September knowing of the default on payment. My only problem with this is that we did pay and we have the receipt, our management has a copy of it but they are saying it was not good enough after it was. The only explanation I can come to is that the temporary management during the exchange did something with the original payment or didn't keep good records so now they cant check our receipt against their records. It was noted by our new manager that the temp manager did have access to their record keeping system but refused to use it, so theres that. Of course this all comes with threats of eviction and threats of taking the issue to court. We are definitely prepared documentation wise for court, but feel this could all be avoided if we could point to a statute or law saying what they've done is wrong. TL;DR: Apartment says we owe rent from July 2018, we have receipt of payment, management accepts receipt then decides not to accept it and takes Oct 2018 rent and applies to "arrears" for July rent, now making October and November owed. [link] [comments]  |
| The accurate use of ‘Fixer Upper’? Posted: 02 Nov 2018 01:57 PM PDT When people label their property 'fixer upper', what level of required repair does it imply? I've seen fixer-uppers that just look outdated and tired, and I've seen 'fixer' that has no drywall or kitchen. Let's say I want to buy a 'fixer-upper' with my spouse. We are two young adults who can put in 20 hrs per week to 'fix' the house. What level of 'fixer-upper' can we realistically pick up? And what should we avoid/hire contractors given we don't have construction experience? [link] [comments]  |
| Do I have any room to negotiate on roof condition? Posted: 02 Nov 2018 11:00 AM PDT Currently in Escrow (offered full asking, they have one backup offer slightly lower than ours) and the inspection report said the roof is in "fair condition". One roofing contractor says it will last 8 more years, another says it will last 2 years and cost $16,000 to replace. Obviously, I can't seem to get a roofing contractor to agree. Is there every any success in asking for a credit for this sort of situation? Do I have enough (or any) leverage here? [link] [comments]  |
| Any tips for taking the Cal RE Exam Posted: 02 Nov 2018 09:06 PM PDT I take the test Tuesday and would love any advice anyone could spare! Thank you [link] [comments]  |
| No Representation on Rental property disclosure document[US-NC] Posted: 02 Nov 2018 08:35 PM PDT Hi all I am looking at a duplex property that was supposedly renovated but the seller has listed every disclosure as "No Representation" even to simple questions like when was the dwelling constructed[though they listed it in the ads on RefFin/Zillow etc], dwellings sewage disposal system etc. The seller's agent is claiming that the Seller has lot of properties and doesn't remember what the condition was when the renovation took place. My agent tells me, its a common practice for Rental properties and if anything major turns up during inspection, I can back out of the deal, but thats only "If something turns up during inspection". If there was mold damage that was covered up or something that shows up months after signing. Does the sellers disclosure make him liable, at that point? I cant tell if this is a big red flag or just a busy flipper that didn't bother to keep track of changes being done as he was renovating. Thanks in advance [link] [comments]  |
| Posted: 02 Nov 2018 08:24 PM PDT |
| Canadians' debt could be issue in next downturn: Former CMHC chair Posted: 02 Nov 2018 12:33 PM PDT Describes how Canadian's are getting get a hurtin' real bad in the next market crash because of our housing pricing. [link] [comments]  |
| [FL] Help me understand what my realtor is talking about Posted: 02 Nov 2018 09:47 AM PDT Full disclosure: I'm a first time homebuyer and this sh*t really confuses me I'm attempting to purchase a 1:1 townhouse/condo for less than 100k. I was approved for a 95k conventional loan. My realtor spoke to my lender and the lender sent him a list of the most recent condo purchases they've had approved. My realtor searched for available condos within those developments that fit my criteria and found nothing available. He then said this:
I don't understand honestly. I don't want to use the entire 95k but I have enough to put down 20% on a 70-80k place. And when I do a search I see a number of places in that price range that fit my criteria. Am I just not understanding him? [link] [comments]  |
| Agent is on 6 week trip; interested in house we toured with him. How to proceed? Posted: 02 Nov 2018 05:48 AM PDT Our agent, who is a family member, is out of town for the next 3 weeks (gets back on Thanksgiving), and has been out of town for 3 weeks already. We found a house through him, but our offer was rejected initially because they had accepted another offer that morning. Weeks later, the house has come back on the market, and we are interested in buying it. Is there any way we can buy this house now and still list our family member agent for commission? We are first time buyers, so we are also hesitant to do it without him here as our advocate. We were hoping for some advise. Market is in GA. [link] [comments]  |
| What kind of gift should I give our realtor if we change our mind on home ownership? Posted: 02 Nov 2018 12:27 PM PDT We've been working with a fantastic realtor and put a few bids on houses that didn't pan out. We're now at the stage where we think we'd actually rather just rent and reconsider home ownership again in the future, but I want to be sensitive to the time invested by our realtor. We're initially thinking a card with an Amazon gift card would be reasonable, but am curious what you all think. [link] [comments]  |
| Divorced Couple wants to sell multi-family Posted: 02 Nov 2018 12:23 PM PDT I want to broker a deal of a 9 unit building for a divorced couple. They co own the building but want to sell. Can they each do separate 1031 exchanges? How does that work? [link] [comments]  |
| Another dual agency success story Posted: 02 Nov 2018 07:18 AM PDT |
| Real estate prices in your city: duplex / fourplex Posted: 02 Nov 2018 09:26 AM PDT What is the best city to buy rental properties (not self managed) currently? "Best" as in low cost to buy with good rental rates and good economy / job growth city. I am interested in selling in my inflated market (DFW, TX) and getting into another city. [link] [comments]  |
| Isn't Multifamily better than SF in every single way? Posted: 02 Nov 2018 04:46 PM PDT |
| Do I need to use capital gains to fund an opportunity zone property? Posted: 02 Nov 2018 10:34 AM PDT Do I need to use capital gains to fund an opportunity zone property? Or can I acquire a property with conventional financing, hold for 10+ years, and sell without paying capital gains tax. [link] [comments]  |
| Think my agent is shady and want to get some clarification on the bidding process. Posted: 02 Nov 2018 10:23 AM PDT What's the process to show if your initial bid got rejected? I recently put in an offer for a property that was 6k above the asking price. My buyer's agent contacted me to say that my offer has been rejected but when I asked what was the reason it was rejected, he said that the seller / seller's agent gave no reason. My agent is now asking me to put offer 20k more than the asking price which is not something that I can afford at the moment. Is this the normal process where your initial bid can get rejected without any reason? I don't really trust my buyer agent because when I went in to put the initial offer, I was there with him and his assistant / broker. And when he was telling me about certain terms / things, his broker kept contradicting him saying that it's not true, etc etc. [link] [comments]  |
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