• Breaking News

    Wednesday, November 28, 2018

    Sellers Agent not relating info Real Estate

    Sellers Agent not relating info Real Estate


    Sellers Agent not relating info

    Posted: 27 Nov 2018 06:19 PM PST

    I found out, quite by chance that a decent offer was made on my house. The listing agent NEVER told me about the offer! I just sent her an email asking point blank if there were any offers on the house. Awaiting response, but offer expired. I am furious! WHY would a listing agent do that? In Massachusetts

    submitted by /u/anonymouse_0
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    opt out of title insurance

    Posted: 28 Nov 2018 02:30 AM PST

    is title insurance optional worthwhile. are there any people who opt of it,

    submitted by /u/EILEENROSEBRI
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    How do i evict a tenant not on lease?

    Posted: 27 Nov 2018 07:09 PM PST

    have a tenant whos been living in one of my duplex units for like a year and I need to evict her. Problem is she never signed a lease. Do I just leave a 60 day eviction notice and thats that?

    submitted by /u/jonbemerkin
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    CA Brokers - License Question

    Posted: 27 Nov 2018 04:14 PM PST

    I recently moved from Houston to Los Angeles and am licensed as a salesperson in Texas. I also have a Master in Real Estate. I called Cal BRE today to ask about which education requirements I could bypass and they mentioned that because I have a Masters degree, I could go straight for the broker license and skip the experience requirement. Meanwhile, I could just practice as a broker-associate until I was ready to go out on my own.

    Is there any reason to not go ahead and "go for the gold" with a broker license? Conversely, any reason to only get a salesperson's license now and wait for the upgrade?

    submitted by /u/--TX2CA--
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    Freaking out now after Appraisal

    Posted: 27 Nov 2018 08:09 AM PST

    So i'm in the process of selling my house. We have been doing all we can to sell it to get a new one and they're expecting it to close. well the inspector came back said fix 3 things.... we did those and have them fixed.

    NOW the appraisal happened about 2 weeks ago (11 days) told us to paint a door (in freezing weather) fill in some knockouts in the junction box, and Fix the pressure release on our water heater. okay

    TODAY my Realtor calls and tells us that the house isn't going to appraise at 220k, and that we've wasted all this time and money on trying to get stuff done for the sale to go through...

    The buyer is a early 20's VA loan(thanks to his service) who we are paying a portion of the closing costs. i have no wiggle room to lower my costs.

    How screwed am i?

    EDIT: I'm selling the house for 220k. We orginally were listed at 235k which we were told was comparable to the area we're in

    2nd edit:: well the va appraiser came back finally and said 210 so im probably out of luck. I can't risk any more money

    submitted by /u/blackldr
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    Quick question about prepaids

    Posted: 27 Nov 2018 08:22 PM PST

    Hello /RealEstate.

    I had a very quick question and could use some advice. I bought a condo and am taking out a 30 year fixed loan at $200K at 5.25%. I received my loan application/ estimates and was surprised to see that the lender is expecting me to pay the next 12 months of property tax and home owners insurance as an initial escrow. Is this normal? I get these escrows have to be funded but an entire year upfront at settlement??

    Thanks in advance!!

    submitted by /u/darsh103
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    What is the purpose of realtors listing houses for sale in winter months for just a week or two then unlisting them again?

    Posted: 27 Nov 2018 08:28 AM PST

    I keep noticing this trend around my area, is it just to feel out the market or what?

    submitted by /u/WorkKrakkin
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    [FL] I have a 4 year university degree but never received a high school diploma or GED. Will my degree fulfill the requirements for a real estate sales associate license?

    Posted: 28 Nov 2018 03:08 AM PST

    It was a long and convoluted reason why, but I started at a community college with no GED or HSD, then I got enough transferable credits that Indiana University accepted me. I graduated with a degree in geography.

    Now I'm taking the pre-license course and see this requirement. Anyone know if they'll just accept my college degree?

    submitted by /u/AlwaysCorrects
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    Becoming my Dad's Landlord?

    Posted: 27 Nov 2018 02:17 PM PST

    I know - it sounds like a horrible idea. But hear me out (sorry for the long post):

    I am in my late twenties, and my Dad is pretty broke and alone, living on social security and making money driving Uber. He is in his 60's.

    I have a pretty steady job ($75,000/year) and pretty good credit (800 FICO).

    I located a 2 bedroom apartment in a decent area near a major university which is listed for $90,000. I used to attend this university and am reasonably certain I could rent it for more than double the cost of the mortgage + insurance. What my dad currently pays in rent is a little more than the cost of what the mortgage would be for this home.

    I checked out the place, and it is much nicer than where my dad currently lives and I could not determine any major issue with the home (although I would like to get someone to do a more thorough inspection).

    My dad is a reliable guy, he would not miss rent (>95% probability). But even if he did, I would not be in dire financial straits by any means. I figure when he dies, I can either move in for much less than what I pay in rent, or rent it out.

    It seems to me that I can get my dad in a much nicer apartment which is a little closer to me (geographically) in an area which he can make more money driving Uber in exchange for "free" equity in a rental property for the longer term. I hate that my dad lives where he does.

    I have the 20% cash for a down payment without dipping into emergency fund or investments and my dad said he would be into this sort of thing (i have brought it up before).

    I guess what I am asking here is are any things that I could be missing about this sort of thing that would make this a major financial blunder? I have never dealt with real estate before. Is this nuts?

    I would appreciate any insight anyone can provide. Thank you all in advance.

    submitted by /u/AccomplishedBit4
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    New tech platform aimed to help sellers and estate agents

    Posted: 28 Nov 2018 01:23 AM PST

    A startup called InviteAgents is crowdfunding to raise investment for a new platform that could benefit both sellers and buyers in the real estate industry. One of their main investors is a large local estate agency themselves which I thought was interesting.

    Would anyone on here invest in this sort of thing? Full info here > https://simpleweb.co.uk/invite-agents-launch-crowdfunding-campaign/

    submitted by /u/startup_playground
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    Help - In Process of Buying First Home

    Posted: 27 Nov 2018 02:34 PM PST

    Hello,

    I am in the process of buying my first home. I've done my home work to the best of my abilities, but feel like I'm getting lost.

    Tasks that I have completed:

    Got Pre-Approval Letter from Lender.

    Looked at Home with Real Estate Agent.

    Made Offer.

    Negotiated sales price, I was counter offered various times, finally agreed on said price.

    Signed Contract to Purchase w/ Contingencies agreement.

    Gave $1000, earnest.

    Got Home Inspection done.

    In Progress:

    Mortgage Lender is in process of verifying everything to give provide me my loan. Appraisal.

    Where I'm getting lost:

    My Real Estate Agent sends me a P&S agreement, indicating that after I sign, I must give them the 20% down payment the Real Estate Broker can hold the money in escrow. The closing date isn't for another 3 weeks.

    When I asked a few friends for advice, they said you don't give the down payment until closing date, you might give a small portion after signing the P&S but never the lump sum.

    When I asked my Real Estate Agent, she mentioned that I signed the Offer agreement saying I would put the entire down payment when executing the P&S, and there is no way I can change this.

    I feel really uneasy and feel like things aren't even getting done in the correct order. And feel like my money will be held hostage.

    submitted by /u/RedSunS2K
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    Listing agent is lying - how should I go about presenting my offer?

    Posted: 27 Nov 2018 09:00 AM PST

    Emailed an offer to the "listing" agent however he stated they had a full price offer and the $$$ was already in escrow.

    1 month from that day the listing is still up... I had my friend contact him and he states there haven't been any offers...

    I have a feeling he isn't submitting my offer to the owner... how should I go about this? I was going to just mail in my offer directly to the owner.

    submitted by /u/pulseduino
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    Where is the cheapest place to buy land in the US.

    Posted: 27 Nov 2018 09:20 PM PST

    Where can I buy land for really cheap in this country.

    submitted by /u/SupportingTheJews
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    Selling House after 2 years...Tips and Suggestions Please (NorCal/East Bay)

    Posted: 27 Nov 2018 08:57 PM PST

    Bought our house in 2016 for 400k, put 10% down on a 30year fixed at 3% APR. Located in the NorCal / East Bay / Pittsburg / Antioch area (about an hour north of Silicon Valley, an hour east of SF). Current mortgage balance is around $336,000, and total down payment with closing costs were around $49k.

    Wife and I are getting divorced(no kids) and mutually agreed to wait filing paperwork until AFTER we sell the house and get situated (I know this can turn into a whole other mess entirely, but it's mutual and we're still very friendly and amicable and have every intent on continuing so). I've weighed the pros and cons at length, and have come to the resolution that selling the house is the cleanest and best option for both of us to move on after the divorce. I fronted up all the money for the down payment, closing costs, and I pay the mortgage.

    I've already started cleaning and packing up some stuff, and making efforts to improve the curb appeal. Planning on reaching out to realtor agents mid-February, and listing it no later than March.

    I'm super scared and worried that the economy will take a downturn before then. Also super scared that the ex will turn around and lawyer up after the house is sold and it comes time to file the divorce paperwork (but the possibility of this very low...most specifically because she's never been very money savvy...which is a big part of the problem to begin with).

    Sooo...yeah. Lots of moving parts. Any insights and helpful suggestions are very much appreciated.

    submitted by /u/TheAngryEarl
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    Reccomended resources for learning how to be a bird dog?

    Posted: 27 Nov 2018 05:10 PM PST

    It sounds like a great stepping stone, particularly if you lack funds. Anyone with recommendations for resources and how to get my foot in the door?

    submitted by /u/vagabondalex
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    Is 4.6% a good interest rate for a mortgage?

    Posted: 27 Nov 2018 08:22 PM PST

    There’s a fake listing on the house I’m renting

    Posted: 27 Nov 2018 02:16 PM PST

    People have come by twice in the past few weeks asking about renting the house I'm living in and currently renting from the owner, who knew nothing about the listing when I told him about it. Is there anything I can do to report the site it's on or have it taken down? It's not trulia or Zillow or any of the usual rental sites. I don't need people coming around inspecting my home thinking they can move in soon.

    What would you do?

    submitted by /u/stucknoutofluck
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    Asking a landlord for a pet???

    Posted: 27 Nov 2018 07:57 PM PST

    Sorry if this isn't the appropriate forum for this type of question but I'm a college student and im renting off of a leasing agency that deals mostly with kids from my school. My lease says no pets but I've had bouts of anxiety and depression and my mom along with my therapist have both suggested I adopt a dog to lift my spirits and pretty much just give me a reason to move around throughout the day (I nap A LOT lol) and get out of the house, it might sound kinda silly but I like the idea and I do think it would bring some much needed joy into my life. In this kind of situation how should I address it to the agency regarding asking? I don't wanna be all oh I'm depressed and lonely can I please have a dog, yanno? But I'd like them to understand before they just say no I guess?

    submitted by /u/spicycheeto666
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    Rural Lot Valuation and Order of Steps to Take.

    Posted: 27 Nov 2018 06:14 AM PST

    Hi, I'm a new homeowner on a tiny rural lot (.12ac). The next door neighbor that we're friendly with has offered to sell us the land behind our house (about 1/2 acre). This land is very wet and we're not sure if the town would allow building on it (garage). We want it regardless for the space.

    What should we offer the landowner?

    Do we offer to pay surveying and subdivision costs?

    I know that determining wither or not the lot is buildable will determine its value but where and how do I start?

    Thanks!

    submitted by /u/shackinthewoods
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    Can a seller's agent lie about multiple offers on a home?

    Posted: 27 Nov 2018 08:09 AM PST

    My husband and I placed an offer on a home three days ago. They had no offers on the home at the time and not much foot traffic. The seller's agent persisted that my agent have us place an offer on this home. We placed an offer with a decent price and a later closing date since our lease is not up until the spring. A day later they came back with a 20,000 higher price and a closing date sooner. We decided to sit on it yesterday and now the seller's agent contacted my agent saying that there is a higher offer than ours with a 30 day closing.

    Could this be true or are they playing some weird mind game?

    FIY we are first time home buyers

    submitted by /u/CoolCats4life
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    Buying advertising as gift?

    Posted: 27 Nov 2018 10:37 AM PST

    My wife has been in real estate for about a year and a half. I was thinking about maybe buying some kind of advertising package for her for Xmas. I'm not sure what type would be best bang for the buck. We live in rural PA. Any suggestions? Thank you.

    submitted by /u/dtotheatothevtothee
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    What advice would you give to a first time home buyer?

    Posted: 27 Nov 2018 04:22 PM PST

    Rookie here, with a question about HomeReady loans vs FHA

    Posted: 27 Nov 2018 04:04 PM PST

    (22M) I am taking 3 college courses and working full time. I have been at the same company for about a year. I know you need 2 years for FHA but are you able to use education in there too somehow?

    Secondly, can someone explain HomeReady...I see it is at 3% down, although I would like to go around 10% down and would it help to use collateral? (car title with car worth more than $15k or using my brokerage accounts) I also have +750 credit

    "HomeReady loans are also more advantageous in terms of their monthly insurance premiums. FHA loans don't allow you to cancel mortgage insurance short of refinancing into a conventional mortgage. In contrast, a HomeReady mortgage will give you the option of eliminating mortgage insurance once you build up enough equity —just like any other conventional mortgage loan. In short, the HomeReady mortgage is a way to access low down payments without sacrificing your ability to reduce mortgage insurance costs."

    HomeReady Mortgage Requirements

    • Income less than or equal to the area median income (AMI)
    • Minimum credit score of 620
    • Participation in homeownership education

    ^Why would I not go with this vs wait for the FHA of 2 years needed???? Also, am I able to use a lender that is out of state, on the opposite coast or is that recommended against?

    submitted by /u/noPuttsGiven
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    Build on an Old Gas Station Site?

    Posted: 27 Nov 2018 09:35 AM PST

    I found a relatively big/nice/attractive empty lot in California. It turns out that this site was a gas station before 1950s. In addition, the underground gas tank leaked and polluted the current lot as well as the adjacent lot. So there was a major law suite and cleanup in the 1980s and 1990s. In 2011, there is a letter from California Regional Water Quality Control Board confirming "the completion of site investigation and corrective action for the underground storage tanks ..." .

    Here is a long list of my questions:

    1. Should I try to buy this land and build a house on it or not? Why?
    2. I assumed that, given the closure letter, from local government perspective, the site will be usable same as any regular lot (it is in a residential zoning). Is that correct? Can local government impose any restriction on the site?
    3. If I bought the land, and later on, additional pollution is found, will I be on hook to clean it up? Have something like this happened before? It appears that cleanup was mostly replacing polluted shallow soils with new ones.
    4. Would building foundation more costly since the loose soils introduced? I know no one could give me an accurate figure in this situation. Will the additional cost be within $20-30K or much more than that?

    Thank you so much!

    submitted by /u/melvinma
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