Supposed to close on Tuesday; pipe burst over the weekend (up to 2" of standing water in the kitchen...) Real Estate |
- Supposed to close on Tuesday; pipe burst over the weekend (up to 2" of standing water in the kitchen...)
- How to get the best possible mortgage (X-post r/personalfinance)
- Zelle Vs. Cozy for collecting rent
- Is there a correlation between unemployment rates and average housing prices
- Buying a home that had multiple cats?
- In need of Building Permit Advice.. Ohio.
- Exclusive right to sell with 3% commission guarantee normal? [TX]
- Any cases of non-licensed people investing in the real estate business itself (not property)?
- BetterMortgage.com
- How to buy property to rent out
- How long should I keep my house on the market before I give up trying to sell?
- NYC Real Estate // Co-op auction question
- Real Estate agent not showing me houses listed by her company
- Project "X". DONE. As promised, here is an update w/ pictures. Commercial to Residential Conversion.
- Help! Builder changed the closing date after I signed the Purchase and Sale Agreement, can I get my earnest money back?
- Planning to purchase home (NC) in early to mid 2019, have begun visiting open houses to get an idea of what we're looking for. Any harm in getting prequalified for a mortgage this early on?
- Home Condo Valuation compared to rent prices
- Advice for after inspections
- House with some upgrades without permits
- Real Estate Attorney Negotiation %
- Viewing tomorrow for a 13 bedroom guesthouse/hotel
- Landlords: Would you consider renting to someone in my situation? (US)
- Civil court/commercial renting question
- First Time Home Buyer in Dallas, TX about to make an offer on a condo and need some advice on what to offer.
| Posted: 04 Nov 2018 04:01 PM PST Just spoke with my realtor. I'm kind of numb. We were supposed to close on our first house on the 6th but we found out that the owner just stopped by the house to assess some repair work he's having done for us in the kitchen. Apparently a subcontractor tightened a pipe too tightly and it burst sometime between Friday and today. Our agent said details are sparse but that there was up to 2" of standing water in the newly tiled kitchen, maybe other rooms as well. He soaked the water and has fans going right now. Obviously were not closing on Tuesday but apparently the owner has to go out of town & won't have someone come in to assess the situation until NEXT Tuesday. That's an immediate red flag; I can't fathom how much worse a water problem can become if left untreated for an entire week even if he has dried the surface water. He is using licensed contractors for the repairs so the contractors insurance should pay for whatever damage has been done but I obviously have some serious concerns about going forward with this sale. We honestly don't know what to do though. Any help is appreciated. EDIT: 1 hour after this was posted the sellers agent let our agent know that the seller is going to cancel the contract. I appreciate your responses. [link] [comments]  |
| How to get the best possible mortgage (X-post r/personalfinance) Posted: 04 Nov 2018 12:11 PM PST My wife and I are preparing to buy our first house. Because I know someone will question if we are in a financially sound position to buy, we're hoping to buy in Virginia for around $350,000 and have a little over $120k in savings, so we are feeling pretty ready to move forward with a 20% down payment, ~$10k in closing costs, and still have a little for expenses when we move in and a healthy emergency fund. We are just starting the process, and our new real estate agent told us to start working on pre-approval for a mortgage. She provided the names of three mortgage brokers that she recommends and encouraged us to interview them and choose the person we are most comfortable with. While I appreciate her guidance, I also want to consider getting a loan directly from a bank or from an online service. I've read a bunch of articles and reddit threads suggesting shopping around and providing cautions for timeframes and daily fluctuating rates. I'm an engineer, so working with details and critical parameters is my thing, but I'm having trouble figuring these out for a mortgage, and what should be compared when shopping around. Obviously, interest rate is the biggest, and I've read that some lenders will advertise base interest vs APR to appear to be the better option (so ensuring an apples-to-apples comparison is necessary). Beyond interest/APR, what other charges/fees/credits are variable in a mortgage? What can I negotiate? Are there some fees that are charged by one lender, and not another? Are there any hidden fees that I can look out for? Do mortgage lenders provide incentives to choose their company over another? What else should I look at when comparing mortgage products to ensure I am getting the best possible loan? [link] [comments]  |
| Zelle Vs. Cozy for collecting rent Posted: 04 Nov 2018 04:40 AM PST I see Cozy and Zelle being used frequently for rent collection. Do you have experience with both or either or? Which do you prefer? Why? [link] [comments]  |
| Is there a correlation between unemployment rates and average housing prices Posted: 04 Nov 2018 02:14 PM PST With unemployment at all time lows and housing seemingly at all time highs.. is there a correlation between the two?? [link] [comments]  |
| Buying a home that had multiple cats? Posted: 04 Nov 2018 05:08 PM PST I'm a first-time homebuyer. I found a home that I absolutely love, but as soon as I walked in, I could smell "cat." I subsequently confirmed that there are in fact multiple cats living in the home. The home has hard wood flooring (not laminate). On the flooring that is not covered by furniture or rugs, I don't see any suspicious staining that might suggest litter-box issues. But, due to the smell (and reading some horror stories on reddit regarding homes that had pets), I'm concerned that there is some unseen damage caused by cat urine. Is there anything that can be asked or done in advance of purchasing the home--either prior to putting in an offer or during an inspection--to determine whether there is in fact any urine damage from the cats? Note: The market I'm in is very competitive. Most homes receive multiple offers and go for above asking. So, asking for a price reduction is probably unlikely. [link] [comments]  |
| In need of Building Permit Advice.. Ohio. Posted: 05 Nov 2018 12:33 AM PST I bought an investment property. It was a 2 bed 1 bath and I hired a general contractor to help renovate it. He does excellent work, very thorough and knowledgeable but he is not an electrician or plumber. To maximize resale I wanted to add a bed and bath. I will make the home my primary residence for 2 years to minimize capital gains tax. So we started work turning a third garage that had been added in the 80s into a master bedroom with a master bath. We did not pull building permits. We're very close to completion, framing is done,walls are built, drywall is up, new HVAC is run (licensed HVAC did this work), electric and plumbing is installed, insulation is blown in walls and floor, vanity toilet and tub are installed, tile floor in bath is laid. We haven't yet installed carpet nor have I bricked up the original garage exterior door, (which may help them check out the framing without tearing down interior walls). I'm now of the mindset to protect myself in a future sale I should have the building permitted and inspected by the county...just so it's cleaner and has less hassle when I go to resell it in a couple years. My question is, should I finish the work and then wait 6 months, just apologize, plead ignorance and have them come inspect and permit the structure? Or should I stop right away before we go any further and again just apologize and plead ignorance and pull permits? Can I avoid some of the fines by having it done before completion? Any advice or ideas about how county building permits and inspectors work would be greatly appreciated. [link] [comments]  |
| Exclusive right to sell with 3% commission guarantee normal? [TX] Posted: 04 Nov 2018 12:40 PM PST After months of searching online with a realtor we like, my wife flew down to Austin to look at a house we were very serious about (we are relocating so we spent a full day in August and my wife spent a full day last week). After we communicated our intention to put an offer in asap Saturday morning, she sent a draft offer with TAR-1501 form, exclusive right to sell, which, as written, guarantees the filling things: 1. Five months exclusive right to sell (or lease) to us. So if the realtor stops taking our calls and becomes a nun tomorrow, if we buy a house between now and April, she is entitled to commison. 2. We guarantee she will be paid 3% of the deal, regardless of what the sellers agreement says. If the seller agreement gets her more than 3% including rebates,etc, she keeps any extra. If the seller offers less (or none) or fails to pay the agree amount, I must this amount. 3. We have been working with this realtor for 3+ months and the day before we are supposed to write an offer she presents us these terms on a Saturday where there is no chance of procuring a lawyer to review. I plan to back on these as I am uncomfortable with so much of this. I want her to get paid, but this agreement does not help me in any meaningful way and places some huge restrictions and financial obligations on me. Am I off base here? Update: Realtor was totally understanding, limited to this house only, confirmed that the fee was 3% on the listing and struck out the buyer responsibility clause for the fee. She even added cancellation language. This has confirmed that I have a good agent here, I will use her even if this deal doesn't work out. Thank you all for your input! [link] [comments]  |
| Any cases of non-licensed people investing in the real estate business itself (not property)? Posted: 04 Nov 2018 10:59 PM PST TL;DR: Is there any easy way for a non-licensed individual to invest into a licensee, for the purpose of sharing profit and loss with the licensee's operation (real estate commission)? Literally asking for a friend here. I already advised the friend, and the question is itself rhetorical to how a brokerage system is set up, but in any case I thought it was an interesting question and wanted to check here: My friend (let's call her Jamie) is an engineer in California with a good excess cashflow that she wants to invest into an "exciting" non-financial asset, such as a business. Jamie's sister and her boyfriend (let's call them Bubbles) are both licensed real estate agents in Florida (note: agents; not brokers). The Bubbles are experienced agents with active deal flows, but could use some additional cash to scale up their operations (probably upping advertising costs). What makes this unique is that Jamie wants to invest in the Bubbles, just the way that one would buy a share of a business. Jamie is not interested in taking a stake in Florida real estate, but rather the P&L of the real estate commission income that the Bubbles can create. What are Jamie's options in investing into the Bubbles? Any real life examples? #1) Jamie could obtain a Florida real estate license, then enter into a team agreement with the Bubbles to have a collective P&L. There would have to be a separate legal team agreement where Jamie contributes capital, and the Bubbles bring in the deals and would exclusively work under the team arrangement. But this doesn't seem very ideal as Jamie would carry a high risk with really no control of the business. Just to be farce... yes Jamie could obtain the real estate broker's license and then hire the Bubbles on a salary and that would be the most "complete" solution. #2) Jamie also obtains a Florida real estate license, but then the Bubbles also open up their own brokerage and sign up Jamie under them. There would be a separate legal agreement where Jamie is entitled to every deal that the Bubbles close (but not what other agents close that work for the Bubbles). Here are some other ideas, but they are not investing directly into the business: #3) Loan-type arrangement. An ideal arrangement would be a promissory note where Jamie provides a recurring payment for a number of years, then the Bubbles pay back for another number of years. (e.g. $3000/month for 36 months, then paid back $3500/month for the following 36 months) #4) Flipping homes or other mutual investment. This one is self explanatory, but requires a lot of work and is now shifting into an area that none of them have expertise in. My advice was #2, promissory note, since it puts a ceiling on Jamie's risk (literally all the money involved), but the returns are lower than what the Bubbles are willing to sign up for. Again, Jamie has a high risk appetite and wants high returns. I did explain to Jamie that the industry is unfortunately set up in a way that only the licensees are entitled to a return on the transaction... you have to treat this like a doctor's office or a law firm, where you'd have to be a qualified part of the business to own a part of it. I guess it would also help to explain the bit that real estate commissions actually go to the Broker, and not the real estate agents. Thanks for reading and I'd greatly appreciate any insight out there! [link] [comments]  |
| Posted: 04 Nov 2018 09:05 PM PST |
| How to buy property to rent out Posted: 04 Nov 2018 08:46 PM PST I was thinking about buying some property with a trailer to rent out and was wanting to know what all you need to get to do it as far as insurances and such. I see where people will pay the mortgage with the rent money but is there other expenses you need and should have aside from fixing things. My wife is against it and I'm trying to convince here it's a good idea so anything positive is a plus, I know there can be a lot of negatives thanks [link] [comments]  |
| How long should I keep my house on the market before I give up trying to sell? Posted: 04 Nov 2018 08:29 PM PST I've been trying to sell a house for almost 3 years. I have two houses. The one I live in is paid for and I plan on staying here. The other is the one I'm selling. It's in a bad economy area. Nothing wrong with the house. I'm seriously thinking about just foreclosure but if I end up getting my wages garnished or paying some high taxes it wouldn't be worth it. Money is tight. I'm tired of paying for the house. Idk how long I should keep holding on. [link] [comments]  |
| NYC Real Estate // Co-op auction question Posted: 04 Nov 2018 01:59 PM PST I rent an apartment in a co-op and meeting one of my neighbors, who owns a unit in the co-op, she mentioned how she also bought the unit next to hers which happened to go to auction because the owner of that unit went a bit crazy, stopped taking care of it, among a few other things, and might have been kicked out from how she described it. She ended up buying it in auction at, I think she said, city hall for like $20. Sounds like a once in a lifetime, crazy story, especially in NYC but having heard this one fairytale story, I am interested to learn more. I've googled some stuff but need some more direction in what I need to look into from people who know real estate, specifically NYC real estate and these situations. Not even sure if this is a foreclosure or not. I haven't run into this neighbor since this elevator encounter and thought it would be crazy of me to chase her for more info so I've turned to reddit. If anyone has any info on situations like this or heard of something like this before, I'd love to hear about it. [link] [comments]  |
| Real Estate agent not showing me houses listed by her company Posted: 04 Nov 2018 03:48 PM PST Got in a 3-month contract with an agent from a big-name national real estate company, believe this person works through a franchise. About 60 days in and we've made 2 offers and didn't win a contract. All along the way, when I send her links of houses I'd like to visit, whenever they're from the same company she works with, there's always unavailable, or she ignores the email. But, if it's a listing from a different company, she always follows through. What's the deal? I realize her commission might be less if I buy a house from one of their own brokers listings, but it's just really aggravating. Also, she continually wants to put me in what look like "starter homes". I've told her time and time again the curb appeal means more to mean than a kitchen that I won't use. [link] [comments]  |
| Project "X". DONE. As promised, here is an update w/ pictures. Commercial to Residential Conversion. Posted: 04 Nov 2018 12:31 PM PST |
| Posted: 04 Nov 2018 06:27 PM PST Sorry, if I posted in the wrong forum. I signed a Purchase and Sale Agreement with a closing date of on or before February 20, 2019. The builder sent me an updated contract with a new closing date of on or before March 25th, 2019. Does this new closing date essentially create a new contract? I do not agree to this new date and I have no intention of signing a new contract with the new closing date. Can I get my earnest money back? I am not a lawyer but I know that both parties have to agree in writing to changing the closing date. I do not agree to change the closing date. I want them to either honor the original contract that I signed with the original closing date or give me my earnest money check back. How do I proceed? [link] [comments]  |
| Posted: 04 Nov 2018 02:18 PM PST I'd like to get an idea of what we will qualify for but wondering if we should wait until closer to when we'll actually be buying and get pre-approved or if just getting prequalified at this point in time is okay credit score wise. Thanks [link] [comments]  |
| Home Condo Valuation compared to rent prices Posted: 04 Nov 2018 05:37 PM PST Is there an equation for calculating a purchase price of a Condo from the area's rental prices? A condo building that went under in 08, turned apartments, now selling as condos. The unit I have my eye on rents for approx 1.9k a month and they are asking 375k. Thanks! The price per sq foot is low for the area. HOA 350, which is very low for the area as well. [link] [comments]  |
| Posted: 04 Nov 2018 03:58 PM PST I am a first time homebuyer in Michigan. I have a house under contract right now that had an asking price of $119,900. I negotiated the price to $117,900 which also included the installation of gutters and the seller was already offering $1500 towards a stove and fridge. The house has a new roof,siding, and windows. I got the inspection done yesterday and I'm wonderind how to proceed. These are the issues the inspector found. Furnace is from 1998 and is short cycling. So it's shutting off before getting up to the temperature set on the thermostat. Need to caulk and seal a kickplate on front door. Add some dirt on the back side of the house to keep water away from foundation. There is cement running around most of the house and I need to add caulk into between that and the foundation. The detatched single stall garage roof has a leak on one side where the seller has some soffit removed. They say they are gonna replace the soffit but inspector said that won't solve the issue. Add a pipe to the T & P valve on the water heater (from 1995). Something is leaking a small amount of water behind the toilet. Need to unscrew the bath tub faucet and seal. So i know there will always be stuff wrong with a house and I can fix some of this stuff on my own but I'm looking for advice on what to aks of the seller. I am putting my savings up along with some money from my Dad for the down payment and closing costs. I will still have like 5k going into the house but I can't afford to pay for some of the major items even if I get money knocked off the price of the house because that doesnt go into my pocket. I had a family friend look at the roof and he said I need to get a quote from a stone mason for that work and that the garage wasn't roofed right for this weather from the start. He said if the soffit is put back he could perform a quick fix on that until I want to reroof it in the future which would run about $500. Figure I also need to a quote from a HVAC place about the furncace so know what the acutal issue is. This is what I think I should ask for. Pay for chimney & flash repair. I figured I could figure out the toilet and bathtub stuff or hire a plumber at some point cause that doesn't seem as urgent. Are the demands excessive? [link] [comments]  |
| House with some upgrades without permits Posted: 04 Nov 2018 03:51 PM PST Hello, I recently bought a condo in CA that had some upgrades done without pulling a permit. In the disclosure it was written that there was some upgrade work without permits, mostly cosmetic. Removed a carpet for hardwood, removed a drywall in the kitchen, installed some light fixtures. The biggest work was seems moving the position of the bathroom sink and adding one in the laundry room. While deciding if to buy it or not I didn't think to much of this issue as I was focused on other things and it is my first house, so I think I overlooked the issue. At this point, what could be the effect of this for the future? Could I be in trouble? will it affect re-sale potential or possibility to rent? If yes to any of these questions what are the possible remedies? The inspection report came out pretty clean, so there's no security concern (one of the reasons I overlooked the issue with other things to think about). Thanks [link] [comments]  |
| Real Estate Attorney Negotiation % Posted: 04 Nov 2018 03:46 PM PST Hello, So I recently signed a contract for a property. In the process of buying the house, I had found an issue with the house, so I asked my attorney to get a reduction the overall price of the house. The Attorney wants to take 20% of whatever reduction he gets for negotiating with sellers attorney. What do you think I should do? Is he in the right position to ask for 20% for negotiating the deal? Or should I try to find a different attorney? Along with taking 20% of what I get in the reduction, he would also like his original payment of $1300? [link] [comments]  |
| Viewing tomorrow for a 13 bedroom guesthouse/hotel Posted: 04 Nov 2018 02:46 PM PST Hi guys I'm new to this awesome sub, Wondered if you could help me out.I have a viewing tomorrow for a 13 bedroom hotel that is pretty successful already with its owners wanting to retire. I just wanna be prepared and asked all the questions I'll need to be asking if I was to purchase/ all the information I'll need before striking a deal and what I should look out for (very likely) it costs 1.1million. Thanks in advance [link] [comments]  |
| Landlords: Would you consider renting to someone in my situation? (US) Posted: 04 Nov 2018 02:45 PM PST I have struggled with unemployment in the last year, and my credit completely tanked. My score is about 500 which I know is not good. I also know that a lot of landlords do credit checks. I am looking to relocate to a new city with a better job market. I'll obviously need a place to live though. Would you rent to someone with poor credit, but a written offer of employment which includes what my pay will be? Would you accept a higher deposit? Would a letter of recommendation from a former employer or landlord help? Anything else that would offset the poor credit and not having pay stubs to prove current income? FWIW, I'm looking at single family homes with private landlords, not large apartment complexes. [link] [comments]  |
| Civil court/commercial renting question Posted: 04 Nov 2018 02:39 PM PST Suppose in San Diego, a few companies are renting separate parts of the same building. Company 1 files for chapter 7, company 2 supposedly gets evicted for failing to pay rent. The landlord goes to court against those two companies. Company 2 claims they did not do anything wrong, and they are being targeted by the landlord because company 1 has filed chapter 7. The court ruled for the plaintiff (the landlord). Something does not seem to be adding up, is it possible to file a lawsuit against company 2 and win if company 1 and 2 had entirely separate leases, and company 2 is supposedly faultless? [link] [comments]  |
| Posted: 04 Nov 2018 10:49 AM PST First time home buyer continuing the saga from my original post on buying a condo in Dallas, TX. My last post had some great responses (thanks yall) and now I'm at a point where I'm ready to make an offer. Some background:
My questions are 1.) My realtor and I are planning on starting off about 6% less than list price and I hope to negotiate closing costs (about 5k) into this as well. Is this a typical offer given the length of time on the market or should I adjust higher/lower? 2.) What can I leverage to negotiate the price/closing costs in my favor? 3.) How can I stand out against competitors in the offer process? Any advice is much appreciated and thank you in advance! [link] [comments]  |
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