Property robbed between closing and settlement Real Estate |
- Property robbed between closing and settlement
- What happens in case of failure to secure financing?
- Can someone recommend a good online furniture shop for style, price, and quality?
- Re-Designing
- Was just offered a weekend job holding an open house, seeking legal advice
- Dumb Question: Do buyers’ agents typically require potential buyers to sign an exclusivity contract?
- Buy or hold Houston rental property?
- Gas vs Oil burner
- Looking to rent
- Seller turned off electric 3 weeks ago after inspection without notifying buyer.
- Buying land and building loan (DELAWARE)
- The tragedy of Amazon’s HQ2 selections: Long Island City, NY, and Crystal City, VA
- Land Purchases and Logging
- [US] Girlfriend and I interested in cosigning a mortgage/deed - How should we handle this?
- My mortgage loan estimate says I can shop for lender's title insurance, title settlement fee, and survey.
- Re-financing a conventional loan
- Trust to avoid 10k SALT limit?
- Planning on investing in properties, question about timelines/getting loans
- DTI when factoring in new construction property taxes
- Anyone have experience with Loftium?
- Critique my real estate goal
- Cost of new construction
| Property robbed between closing and settlement Posted: 09 Nov 2018 11:53 PM PST I closed on a fixer upper on Wednesday, and Thursday morning (BEFORE settlement and recording took place and before $$ was turned over to seller) we discovered the house had been robbed and about $9,000 worth of additional damage was done. We are requesting the seller fix it, pay for it, or cancel the transaction. They are threatening to sue for specific performance since we brought it up after closing. Does anyone have any advice??? [link] [comments]  |
| What happens in case of failure to secure financing? Posted: 09 Nov 2018 07:30 PM PST I live in Canada (Québec) (This is my first post on reddit ever so if I break any rules please be understanding) I'm looking to buy a new condo. I have already made an offer on a new development and the preliminary contract that I signed (which the seller hasn't signed yet) said that if I was to fail to secure confirmation of financing within 30 days, my 5% deposit is fully refundable. However since the building is near completion and I was looking to change a few things, the seller now wants me to sign an additional clause that says they get to keep 1.5% of the total price (out of the 5% deposit), in case I fail to secure financing in time (in this case 30 days). I'm pretty sure I can get the mortgage preapproval but on the other hand if any delay should happen I dont want to lose the 1.5% which is quite a lot of money considering the total price. Is this normal practice? I'm not planning on backing out but I also don't want to be taken advantage of because of my lack of experience in these things. I just want a fair deal. What should I do? [link] [comments]  |
| Can someone recommend a good online furniture shop for style, price, and quality? Posted: 09 Nov 2018 07:06 PM PST My wife and I recently bought a condo in Colorado and are in the market for rental-type furniture that's better than average. We plan on renting it out as an STR. I've looked on Wayfair and Joss and Main, but if anyone has had good experiences with anyone specific and would be willing to share, I'm all ears. Cheers. [link] [comments]  |
| Posted: 09 Nov 2018 11:06 PM PST Hey ya'll Quick question, my girlfriend and I just bought a new home this week that's a 2 story and 1,800 SQ remodel project. The one thing we're wanting to do, but have no idea if it's common or even possible is completely re-designing the 2nd story. For context, our house has 4 bedrooms upstairs, and one bathroom. Shoot down the idea if it's batshit crazy, but we were wanting to see if it's possible to completely remodel the top floor. We're wanting to knock down all of the walls and essentially make it an open floor plan, then go and design the bedrooms and bathroom how we want to. Reason for this is because for whatever reason, the house is designed that the bathroom isn't connected to any bedrooms, and there's 2 "bedrooms" the size of offices at 7X7, which is entirely too small for really anything. Instead, even though we'd lose a bit of value, we were wanting to make it a 3 bedroom upstairs and 1 bath, making the bedrooms larger and designed more to our wants, by connecting the bathroom to the master bedroom. Anyone ever done this before or heard of this happening? [link] [comments]  |
| Was just offered a weekend job holding an open house, seeking legal advice Posted: 09 Nov 2018 12:18 PM PST Hi reddit! I just met these two brothers who live out of town and are flipping a house that they bought last year. The repairs are complete and now they are ready to sell, and asked if I would be able to hold an open house for them this weekend since I am approachable. They offered to pay me well. Is there any legal reason why I shouldn't do this? I have no experience in real estate and no license, which concerns me. Thanks in advance! [link] [comments]  |
| Dumb Question: Do buyers’ agents typically require potential buyers to sign an exclusivity contract? Posted: 09 Nov 2018 06:57 AM PST As the title says. My wife and I have bought a house once (current home) and never had to sign any contract with the buyer agent. Now we're potentially looking to buy a different home, in a different market, and will be using a different agent. So far, the agent has set up showings and we're supposed to meet at her office on the day of showings. Is she going to ask that we sign a contract? I'm not looking to screw anyone over. I made it perfectly clear to this agent there is a possibility we won't be buying a new home, and explained there are some things outside our control that ultimately will determine whether we need to look for a new house. Let me be clear: If we end up buying a house, we will absolutely use this agent. I just don't like signing contracts. It makes me feel uneasy, like I'm somehow committed to something. Do buyer's agents typically require potential buyers to sign contracts? If so, how long are the contracts typically for? A month? 2 months? Any specific terms I should look for? We're very highly qualified potential buyers and are looking at very high-end homes. Do we have leverage to simply deny signing a contract? I'm sure 25 other buyer agents would love our business. [link] [comments]  |
| Buy or hold Houston rental property? Posted: 09 Nov 2018 05:09 PM PST I have a paid off 1,600 sq ft rental in The Heights (an area that has rapidly gentrified over the last 10 years) in Houston that didn't flood during Harvey. Bought for 277, could probably sell for 375. I charge $2,500 a month, but after taxes, insurance and maintenance I net about $1,200 a month. It's appreciating at a rapid clip but I'm afraid I may hit a ceiling due to the small square footage of the home (should that even be a concern?) After bouncing around a while we are moving back to Houston into a pretty expensive home in the Memorial area. So here's the big ask: Option 1: Sell the rental, pay off our kids college savings and put enough leftover money toward the new home to bring the mortgage payment down to an easy-breezy level. OR Option 2: Hang on to the rental and use the $1,200/month I net to subsidize my new mortgage payment. (This theoretically makes my new mortgage payment the same amount as Option 1 as long as the rental stays rented. It's never gone more than 3 weeks without renters) but then we're still saving for the kids' education. Would love your input! Edit: SELL or hold, whoops! [link] [comments]  |
| Posted: 09 Nov 2018 09:09 PM PST Im an assistant real estate appraiser in NYC. Most homes here use natural gas heat but sometimes I come across homes that still use oil heat, especially on long island. If the oil tank is buried, what's an easy tell tale sign when looking at the boiler, to know if a home uses oil or has been converted to gas? Also, are there any other common boiler oil burners besides Beckett? [link] [comments]  |
| Posted: 09 Nov 2018 10:49 PM PST Hey all, My girlfriend and I are looking to move out of our apartment and rent a home. I make pretty good money, and I think we normally would have no issue getting approved. However, my girlfriends mother has been going through some issues. Long story short, my girlfriends mother owes over $500 in electric bills in my girlfriends name. My question is, should I apply alone or should my girlfriend apply as well? I would hate to miss out on a good opportunity for a home just because of this. Thank you! [link] [comments]  |
| Seller turned off electric 3 weeks ago after inspection without notifying buyer. Posted: 09 Nov 2018 04:28 PM PST Apologies if this question is in the wrong subreddit. My wife and I are under contract to purchase a home. First time either one of us has gone through the process. There's been a lot of issues since we've signed the contract as far as the seller not acting in good faith goes, lots of red flags. The most recent came today when we found out that the seller turned off the electric in the home back on October 22 without notifying our realtor. This happened 4 days after we had an inspection completed on the home. I should mention that this home is in Florida, where humidity and mold love to fester without the AC running at least part of each day. When I voiced my concerns about this towards my realtor, they acted like it was no big deal and it happens all the time. I brought up the fact that by our closing date (November 13) it will be more than 3 weeks that the AC and electric have been off, hence the mold concerns. They didn't really address those concerns at that point, possibly just trying to get the closing done ASAP since we're so close to the signing and like anyone else, they want to get paid. So I forced them to move up the final walkthrough from the morning of closing to the day before. We're paying cash and they wanted us to wire the payment first, THEN do the final walkthrough an hour before closing. Not happening. As I said, this is our first time through this process. Are these types of incidents and sketchy appearing behavior typical during home buying? Should I call it off now after repeated red flags and not risk having to pour thousands into repairing mold damage that wasn't there less than a month ago during our inspection? Or am I just being overly paranoid? Thanks. EDIT Thank you for the replies. I didn't want to make this post too long, but it's probably necessary to give a little more background information on what I mean by having repeated issues with the seller:
TLDR, sorry. Just really pissed off right now and needed to vent. [link] [comments]  |
| Buying land and building loan (DELAWARE) Posted: 09 Nov 2018 05:15 AM PST Alright so I'm about to make an offer on a lot. My realtor said I need a pre-approval loan. What type of loan do I need to apply for. Also where should I apply for said loan. I believe we are going to get the land then go through Beracah Homes for the actual house. [link] [comments]  |
| The tragedy of Amazon’s HQ2 selections: Long Island City, NY, and Crystal City, VA Posted: 09 Nov 2018 08:47 AM PST |
| Posted: 09 Nov 2018 11:33 AM PST Currently I live in South Florida and I've been offered an opportunity to purchase a large amount of land in central NY near family. My grandfather and I will be visiting the location over Thanksgiving and speaking with the owners about when the land will become available and possibly conditions of the exchange. I have never owned land let alone property out-of-state. From what I've been told there is a significant amount of profitable hardwood on the land. I'm not quite sure if I am in the right sub or not but if any of you have experience with lumber and logging while living remotely I'd like to hear whatever advice you might have. The property will not be developed for a very long time if at all in my lifetime and the area is not near any real rental/housing opportunity. [link] [comments]  |
| [US] Girlfriend and I interested in cosigning a mortgage/deed - How should we handle this? Posted: 09 Nov 2018 06:35 PM PST We were wondering how to best go about this in terms of tax/legal reasons. Would it be easier to get married and sign a mortgage/deed? Or would we be just fine cosigning the mortgage and deed unmarried? Has anyone else done this? Edit: To clarify more, we planned to get a mortgage and house, but both want an equity stake in it. Almost like a business partnership. How should we go about doing this? [link] [comments]  |
| Posted: 09 Nov 2018 11:35 AM PST What do I search now to actually shop for these? Are these basically set in stone by the lender and maybe the loan estimate just means is that I can just shop for lenders in general? [link] [comments]  |
| Re-financing a conventional loan Posted: 09 Nov 2018 11:41 AM PST I want to do a cash out refinance of the BRRR. I know typically its done on distressed property via hardmoney lender or cash. But, I was wondering if you can do it on conventional loan. Buy a property with low rehab and refinance 80% LTV on the ARV. Has anyone every done the refinance on conventional. Thank you! [link] [comments]  |
| Trust to avoid 10k SALT limit? Posted: 09 Nov 2018 09:18 AM PST I live in a high cost of living area, and the 10k limit of SALT is somewhat non-ideal. My state and local taxes are well above the 10k limit (3x-4x). But doing some Googling I see that people can put their home in a (revocable, I think) trust and then it's possible to have a separate 10k limit for property taxes on the house. I've searched on Reddit for a bit, but I don't see anyone talking about how they've done it. Does no one do this because it's difficult? Is it really only meant for people with 100k+ SALT? I know I should talk to a lawyer, but I'm not ready for that, I just want to get some thoughts from others. Edit: In California [link] [comments]  |
| Planning on investing in properties, question about timelines/getting loans Posted: 09 Nov 2018 02:39 PM PST I am looking into investing in multi-family real estate. I am 27 and currently don't own my own place. My goal is next fall to buy a multi-family property and live in one unit and rent the other(s) out. I am writing down goals, timelines, etc. and long term I am wanting to expand past just one multi-family property. What factors go into how long I will need to own my first place before I can invest? How long could this potentially take? As of now, my goal is to buy by the end of '19 and have a second property by the end of '21 [link] [comments]  |
| DTI when factoring in new construction property taxes Posted: 09 Nov 2018 10:49 AM PST My wife and I are a week away from closing on a home in the Chicago suburbs. We moved to the state from NJ a few months ago when I took a new job. A large portion of my annual income is bonus related, and our lender initially said they couldn't use that when calculating what we'd qualify for, which I understand. We are buying new construction and they are now asking we pay off our car and put an extra few thousand towards the down payment to get to a DTI ratio the underwriter will approve. The reason they've given is an updated property tax estimate which is about ~10k higher than they had from the previous home on the property. It won't prevent us from closing, but it is understandably frustrating getting this info a week prior to closing. I remember reading a post a month or two ago about lenders not being able to use estimates and I was curious if I'm remembering incorrectly. Does anyone have experience in a similar situation or any expertise they might be able to share? Thanks guys [link] [comments]  |
| Anyone have experience with Loftium? Posted: 09 Nov 2018 02:12 PM PST Wife and I are touring a Loftium property tomorrow and could sign the lease, if all goes well. Does anyone have experience using them to rent before? If so, what's your experience been like? Google "loftium", for those who aren't familiar with this new renting concept. [link] [comments]  |
| Posted: 09 Nov 2018 07:19 AM PST Hello everyone. Humor me for a bit. I purchased my primary residence in early 2012. It was a foreclosed home in a working class/middle class neighborhood. I put in some value to it and my plan is to use it as a rental. I purchased this home as a bachelor. Now that I married a few months back our plan is to purchase another home closer to my job in a better neighborhood. We will have 20% down payment around the end if the first quarter of next year. However, we would need to dip into our 401k for a loan. I know is "frowned upon". However, I have a pension plan and we still plan on contributing to our 401k. We are relativity young (in our mid thirties). I believe our rental will cash flow almost 1k per month. We would pay off our rental before we would retire so that would be another source of income in our golden years. What do you guys think? Pie in the sky? Overly optimistic? Thanks in advance! [link] [comments]  |
| Posted: 09 Nov 2018 06:30 AM PST I apologize for my overwhelming ignorance but I'm not afraid to look stupid to learn more. Suffolk county, Long island, NY. My essential question is whether it's possible to construct a very modest 1000 square foot 2 bedroom home for around $150 per square foot. That cost estimate is not including the cost of the land, though the plan would be to do a construction to permanent loan with possibly as much as 80,000 cash to assist in the purchase of the land and the construction together as a downpayment. The land itself could cost as much as 150,000 to 200,000. We were hoping to have a total cost of no more than 350,000. And when I do see these estimates of cost per square foot, are they including things like kitchens and the cost of painting (things I could tackle if necessary), and do they include costs like permits and architectural plans? Basic question posited, more background info follows if needed: My family's plan had been for a while to simply purchase a house in an area we could afford. We rent a small apartment in the same town as my parents. My parents recently threw me for a loop by offering to use around 80,000 of their own money to help us purchase or construct a house near them. They are very close to their granddaughter. They'd rather she not live an hour or more away. We cannot afford to buy a house in this area without their help. They do not have the same incentive to help us buy a house elsewhere, and we would not be comfortable with accepting it. Why not continue renting? We live on Long Island, out east. Rent everywhere is very expensive. I'm also married 12 years. We have a four-year-old daughter. We've been renting a cheap one bedroom to eliminate all credit card debt (done), and to establish an emergency fund (done) and save for a downpayment (in the process). We need two bedrooms. Though we understand that there are more expenses than just a mortgage payment, we would have difficulty finding a house to rent for less than 2500 per month that isn't a seasonal. Also, the decision isn't entirely financial. We want a place to call home now. We've been renting and moving from place to place for a while. Why not buy a house instead of construct in my parent's area? There are currently 3 two-bedroom homes in their area that are under 350k. Despite low taxes here, the value of the land and homes have sky-rocketed, and being able to buy a house before others swoop in with cash offers is difficult. There's also just not a lot of inventory in our price range. Thank you for any insight and any questions are welcome. [link] [comments]  |
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